Vend Marketplaces ASA

Annual / Quarterly Financial Statement • Apr 14, 2015

Financials and analytical info as of Q4 2014RESTATED

Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Operating segment operating revenues RESTATED
• 1. Operating segment EBITDA RESTATED
• 1. Schibsted Norge Media house P&L
• 1. Schibsted Sverige Media house P&L
• 1. Online Classifieds P&L RESTATED
• 1. 20 Minutes P&L (will not be included from Q1 2015)
• 1. Circulation volume Media houses Scandinavia
• 1. Advertising volume Media houses Scandinavia (will not be included from Q1 2015)

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.

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).
• 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	OF LO SS ST PR IT A ND AT EM EN T	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	SC HIB ST ED M ED IA GR OU P	201 4	201 3	201 3
d tate res	d tate res	d tate res	d tate res					4 Q UA RT ER 20 14		d tate res	d orte rep
452	445	433	440	479	448	463	474	Su bsc rip tion rev enu es	1 8 64	1 7 70	1 7 87
564	577	619	568	541	553	589	538	Ca l sa les sua rev enu es	2 2 21	2 3 28	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	Ad tisi ver ng rev enu es	8 7 90	8 7 21	9 0 17
490	518	503	540	520	495	510	575	Oth er rev enu es	2 1 00	2 0 51	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	Op tin era g r eve nue s	14 975	14 870	15 232
( 230	) ( ) 241	) ( 201	) ( 178	) ( 172	) ( 179	) ( 167	) ( 178	Raw ials ork in and fin ish ed ds ter ma pro gre ss goo , w	) ( 696	) ( 850	( ) 871
( 1 3 49)	( 1 3 60)	16) ( 1 2	89) ( 1 3	27) ( 1 4	05) ( 1 4	55) ( 1 2	77) ( 1 4	Per nel son ex pen ses	( 5 5 64)	( 5 3 14)	( 5 4 74)
( 11) 1 7	( 07) 1 7	01) ( 1 7	10) ( 1 8	01) ( 1 7	76) ( 1 6	31) ( 1 6	66) ( 1 7	Oth atin er o per g e xpe nse s	( 74) 6 7	( 29) 6 9	( 28) 7 2
	- -	-	-	-	-	-	-	Sh of fit ( f as los s) o iate d c ies are pro soc om pan	-	-	13
297	562	463	455	410	574	504	453	Gro tin rof it ( los s) ss op era g p	1 9 41	1 7 77	1 6 72
( 117	) ( 119 )	) ( 121	) ( 119	) ( 114	) ( 112	) ( 123	) ( 118	De cia tion d a rtis atio pre an mo n	( 467	) ( 476 )	( 490 )
( 26)	( 11)	30) (	56) (	) ( 202	) ( 216	) ( 252	) ( 171	Sh of fit ( los s) o f jo int nd oci d c ies ture ate are pro ven s a ass om pan	) ( 841	) ( 123	-
-	( 2)	-	) ( 148	9) (	-	1) (	) ( 121	Imp airm los ent s	( 131	) ( 150 )	( 150 )
( 7)	8	) ( 225	871	45	30) (	88	95) (	Oth er i d e nco me an xpe nse s	8	647	1 1 69
147	438	87	1 0 03	130	216	216	( 52)	Op tin rof it ( los s) era g p	510	1 6 75	2 2 01
10	9	11	21	12	17	25	8) (	Fin ial inc anc om e	46	51	51
( 50)	( 72)	65) (	49) (	41) (	43) (	42) (	48) (	Fin ial anc exp ens es	( 174	) ( 236 )	( 237 )
107	375	33	975	101	190	199	( 108 )	Pro fit ( los s) bef tax ore es	382	1 4 90	2 0 15
( 46)	( 171 )	) ( 111	) ( 125	) ( 125	) ( 162	) ( 139	83) (	Tax es	( 509	) ( 453 )	( 453 )
61	204	( 78)	850	( 24)	28	60	( 191 )	Pro fit ( los s)	( 127 )	1 0 37	62 1 5
	- -	-	-	-	-	-		Pro fit ( los s) dis tinu ed rati con ope ons		- -	-
61	204	( 78)	850	( 24)	28	60	( 191 )	Pro fit ( los s)	( 127 )	1 0 37	1 5 62
8	19	-	1) (	11	22	14	6	Pro fit ( los s) a ttrib ble lling int uta to ntro sts non -co ere	53	26	26
53	185	78) (	851	35) (	6	46	) ( 197	Pro fit ( los s) a ttrib ble f th uta to nt ow ner s o e p are	) ( 180	11 1 0	1 5 36
0, 50	1, 72	73) ( 0,	94 7,	32) ( 0,	06 0,	43 0,	84) ( 1,	Ea rnin sh ( NO K) gs per are	( 67) 1,	9, 43	14, 32
0, 50	1, 72	73) ( 0,	93 7,	32) ( 0,	06 0,	43 0,	84) ( 1,	NO Dilu ted rnin sh ( K) ea gs per are	( 1, 67)	9, 42	14, 31
0, 55	1, 65	26 1,	44 0,	69) ( 0,	26 0,	53) ( 0,	49) ( 0,	Ea rnin sh dju d ( NO K) ste gs per are - a	( 1, 46)	3, 90	3, 90
0, 55	1, 65	26 1,	44 0,	69) ( 0,	26 0,	53) ( 0,	49) ( 0,	Dilu ted rnin sh dju d ( NO K) ste ea gs per are - a	46) ( 1,	90 3,	3, 90

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
Ba lan sh t ce ee	201 3	201 3	201 3	201 3	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4
	d orte rep	d orte rep	d orte rep	d orte rep	d tate res	d tate res	d tate res	d tate res
Inta ngi ble set as s	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	11 906
Inv d p pla nd ipm est nt p erty erty nt a ent me rop an rop equ	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	1 2 87
Inv in join d a cia ted ani est nts t ve ntu me res an sso co mp es	507	469	478	74 1 0	625	610	578	654	557	548	502	547
Oth t as set er n on- cur ren s	322	351	303	297	342	370	354	319	212	195	273	536
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	14 276
Inv orie ent s	107	108	52	53	103	104	51	51	52	54	58
Tra de and oth iva ble er r ece s	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	56 2 7
Cu t fin ial a ts rren anc sse	64	53		28	64	53						97
Ca sh and sh iva lent ca s	596	1 1 40	- 561	40 1 2	541	66 1 0	- 473	- 02 1 2	- 307	- 458	- 831	-
equ Ass he ld f ale ets or s		-	76				76					745
Cu nt a ts rre sse	3 5 99	- 4 1 47	13 3 4	- 3 9 44	- 05 3 4	- 25 3 9	3 2 15	- 67 3 7	- 3 0 17	- 39 3 2	- 92 3 5	- 3 5 98
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	17 874
Equ ity a ttrib ble f th uta to nt ow ner s o e p are	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	6 5 60
No roll ing inte ont ts n-c res	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	6 7 90
No nt i t-be arin g b win nte n-c urre res orro gs	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	2 1 32
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	3 6 41
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	5 7 73
Cu t in st-b ing bor ing tere rren ear row s	577	592	549	428	577	592	549	346	137	90	13	696
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	4 6 15
Lia bilit ies held for le sa		- -	151	-	-	-	151	-	-	-	-	-
Cu nt l iab iliti rre es	5 2 13	5 1 66	80 4 4	64 4 7	76 5 0	18 5 0	49 4 3	31 4 6	96 4 0	45 4 2	89 4 1	5 3 11
Tot al e ity and lia bili ties qu	15 548	16 408	909 15	159 17	405 15	254 16	756 15	451 16	590 15	956 15	814 15	17 874

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

Schibsted has as of 1 January 2013 adopted the mandatory amendments to IAS 19 Employment Benefits.

NO K m illio n
	31 .03	30 .06	30 .09	31 .12	31 .03	30 .06	30 .09	31 .12
S f c h f low ta te t o m en as s	20 13	20 13	20 13	20 13	20 14	20 14	20 14	20 14
	ed tat res	ed tat res	ed tat res	ed tat res
Pro fit ( los s) be for (c tin uin ion s) e t rat ax es on g o pe	10 7	48 2	5 51	90 1 4	1 10	1 29	0 49	38 2
Pro fit ( los s) be for di tin d o ion e t rat ax es sc 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	3 12	5 23	9 35	59 8
+ / - S ha of fit of jo int d a iat ed ies of div ide nd eiv ed ntu et re pro ve res an ss oc co mp an , n s r ec	26	85	5 12	2 18	2 20	5 44	7 70	87 7
- T id ax es pa	( 14 5)	( 49 4)	6) ( 51	6) ( 63	1) ( 30	6) ( 49	5) ( 61	( 63 5)
Sa les lo / ( ins ) n nt ts ss es ga on -cu rre as se	( 1)	( 12 )	3 20	3) ( 94	) ( 10	) ( 11	1) ( 12	( 12 1)
Ch in ork ing ita l e tc. an ge w ca p	( 48 4)	( 44 4)	6) ( 50	4) (	9) ( 13	) ( 76	) ( 15	22 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	1 2 30
h f fro Ne low inv tin ctiv itie t c as m es g a s	( 15 8)	( 25 1)	8) ( 47	1 47	6) ( 44	0) ( 79	8) ( 72	( 1 5 80 )
Ne h f low be for e f ina ing tiv itie t c as nc ac s	( 53 8)	( 39 6)	7) ( 29	87 1 1	7) ( 50	2) ( 44	37	( 35 0)
Ne h f low fro fin cin ctiv itie t c as m an g a s	60	39 7	6) ( 29	) ( 1 1 16	5) ( 36	5) ( 30	2) ( 38	( 11 6)
Eff f e ha ch h a nd sh uiv ale t o ate nts ec xc ng e r an ge s o n c as ca eq	41	87	2 11	3 15	) ( 23	3	) ( 26	9
Ne h f low fo he rio d t c r t as pe	( 43 7)	88	( 48 1)	22 4	( 89 5)	( 74 4)	( 37 1)	( 45 7)
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	02 1 2	02 1 2	02 1 2	1 2 02
Ca sh d c h e iva len d o f p eri od ts at an as qu en	54 1	1 0 66	49 7	1 2 02	30 7	8 45	83 1	74 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.

Schibsted has as of 1 January 2013 adopted the mandatory amendments to IAS 19 Employment Benefits.

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	OP ING ES ER AT RE VE NU	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	SC HIB ST ED GR OU P	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 5 87	3 8 70	3 5 81	3 8 32	3 7 10	3 8 34	3 5 57	3 8 74	SC HIB ST ED GR OU P	975 14	870 14	232 15
948	1 0 95	1 0 44	1 0 97	1 1 51	1 2 25	1 1 45	1 2 20	ON LIN E C LA SS IFIE DS	4 7 41	4 1 84	4 2 65
1 5 67	1 6 40	1 4 93	1 6 38	1 5 42	1 5 91	1 4 75	1 6 09	SC ST NO RG HO US HIB ED E M ED IA E	6 2 17	6 3 38	6 3 68
871	918	900	1 0 31	952	946	882	982	SC HIB ST ED SV ER IGE M ED IA HO US E	3 7 62	3 7 20	3 7 31
246	268	195	125	123	129	111	130	OT HE R*	493	834	1 0 73
92	90	83	90	93	93	90	97	HE AD QU AR TE RS ( Sc hib d A SA d o the alis ed fun ctio ns) ste ntr an r ce	373	355	355
( 137 )	( 141 )	( 134 )	( 149 )	( 151 )	( 150 )	( 146 )	( 164 )	TIO NS EL IMI NA	( 611 )	( 561 )	( 560 )

*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.

N O	K m	illio n

1 q rte ua r	2 q rte ua r	3 q rte ua r	4 q rte ua r	1 q rte ua r	2 q rte ua r	3 q rte ua r	4 q rte ua r	G R O S S O PE RA TIN G PR O FIT ( L O S S ) - EB ITD A	Fu ll y ea r	Fu ll y ea r	Fu ll y ea r
20 13	20 13	20 13	20 13	20 14	20 14	20 14	20 14	S C HIB S TE D G R O U P	20 14	20 13	20 13
d tat res e	d tat res e	d tat res e	d tat res e							d tat res e	d ort rep e
29 7	5 6 2	46 3	45 5	41 0	5 74	5 0 4	45 3	S C S G O HIB TE D R U P	1 9 41	1 7 77	1 6 72
16 7	3 10	27 0	24 5	3 13	3 9 2	3 72	3 25	O C S S S NL INE LA IFI ED	1 4 0 2	9 9 2	8 6 2
15 0	24 3	17 7	15 3	10 1	17 6	12 5	13 5	S C S O G O S HIB TE D N R E M ED IA H U E	5 3 7	72 3	72 4
5 4	6 5	9 0	14 5	8 6	8 9	10 4	10 6	S C S S G O S HIB TE D VE RI E M ED IA H U E	3 8 5	3 5 4	3 6 3
( 16 )	1	( 19 )	( 13 )	( 23 )	( 16 )	( 26 )	( 3 5 )	O TH ER *	( 10 0 )	( 47 )	( 49 )
( ) 5 8	( 7) 5	( ) 5 5	( ) 75	( 7) 6	( 7) 6	( ) 71	( ) 78	HE AD Q U AR TE R S	( ) 28 3	( ) 24 5	( ) 22 8

*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.

	Full y ear	Full year	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4		Full y ear	Full year
		2013	2013	2013	2013	2013							2013
Sch ibst ed N Me dia Hou orge se	2014	resta ted	resta ted	resta ted	resta ted	resta ted	2014	201 4	201 4	201 4	Sch ibst ed N Me dia Hou orge se	2014	resta ted
											Ope ratin g rev enue s
			477	490	484	500	492	512	492	513	Verd ens G ang	9	2 00 1 95 1
			11	17	17	16	11	16	11	-	Stav r Afte nblad ange		38 61
													80
				1 (1)	(1)	4	(3)	(6)	(1)	5	Schi bsted Forl ag		(5) 3
			150	243	177	153	101	176	125	135	Tota l	537	723

1 qua rter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	2 qu arter	3 qu arter	4 qu arter		Full y ear	Full year	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4		Full y ear	Full year
2013	2013	2013	2013							2013	2013	2013	2013	2013							2013
ted resta	ted resta	ted resta	ted resta	2014	201 4	201 4	201 4	Sch ibst ed N Me dia Hou orge se	2014	ted resta	ted resta	ted resta	ted resta	ted resta	2014	201 4	201 4	201 4	Sch ibst ed N Me dia Hou orge se	2014	ted resta
																			Ope ratin g rev enue s
	137 142	144	163	172	182	165	198	Onlin sing le co py (V G) e new spap ers -		586 717	465	488	421	457	460	458	415	447	Afte ten npos		1 1 780 1 83
	73 92	86	106	124	135	130	151	Onlin subs cripti e new spap ers - on ne wspa pers	540	357	203	210	183	214	188	200	171	203	Berg ens T idend e		810 762
	33 42	42	44	28	36	28	38	Othe r onli erati es/o nline elim inatio ne op ng re venu ns	130	161	139	147	130	141	130	130	117	118	Stav r Afte nblad ange		557 495
	243 276	272	313	324	353	323	387	Ope ratin line g rev enue s on		1 104 1 387	91	104	90	99	82	96	85		92 F ædre lands venn en		384 355
											477	490	484	500	492	512	492	513	Verd ens G ang	9	2 00 1 95 1
	252 262	263	247	250	256	270	249	Circu lation - si ngle ers ( VG) reve nues copy new spap	5 1 02	1 024	230	255	229	243	234	239	228	243	Sch ibste d No rge T rykk		957 944
	72 69	64	76	57	59	47	53	Adve rtisin s - si ngle ers ( VG) g rev enue copy new spap	216	281	52	43	45	60	39	37	43		61 S chibs ted F orlag		200 180
	6 6	6	6	6	6	6	7	Othe VG) s - si ngle ers ( r rev enue copy new spap	25	24	-90	-97	-89	-76	(83)	(81)	(76)	(68)	Othe r/elim inatio ns/di stribu tion	) (308	(352
	351 344	344	333	339	319	329	319	Circu lation bscri ption reve nues - su new spap ers	6 1 30	1 372	1 567	1 64 0	1 49 3	1 63 8	1 54 2	1 59 1	1 47 5	1 60	9 T otal	6 21 7	6 33 8
	432 472	353	426	358	387	290	349	Adve rtisin bscri ption g rev enue s - su new spap ers	4 1 38	1 683
	41 39	35	44	37	39	36	39	Othe bscri ption r rev enue s - su new spap ers		159 151									EBIT DA
	10 11	7	8	7	9	4	6	Elimi natio ns/ot her r ues ( VG) even		36 26	47	71	34	30	44	64	26		39 A ftenp oste n		182 173
	1 164 1 203	1 072	1 140	1 054	1 075	982	1 022	Print ting new spap ers o pera reve nues	3	9 4 13 4 57	20	29	21	28	-	17	4		21 B ns Ti dend erge e		98 42
											11	17	17	16	11	16	11	-	Stav r Afte nblad ange		38 61
	52 43	45	60	39	37	43	61	Publ ishin g		200 180	-	14	3	8	(10)	7	-	3	Fæd relan dsve nnen		25 -
	230 255	229	243	234	239	228	243	Print ing		957 944	73	81	92	67	72	83	87		86 V erde ns G ang		313 328
	(122 ) (137 )	) (125	) (118	) (109	) (113	) (101	) (104	Othe r/elim inatio ns/di stribu tion		) (427 ) (502	13	31	29	22	18	21	22		19 S chibs ted N Tryk k orge		80 95
												1 (1)	(1)	4	(3)	(6)	(1)	5	Schi bsted Forl ag		(5) 3
	1 567 1 640	1 493	1 638	1 542	1 59 1	1 475	1 609	Tota l ope ratin g rev enue s	7	8 6 21 6 33		1 (15)	(18)	(22)	(31)	(26)	(24)	(38)	Othe r/elim inatio ns/di stribu tion	) (119	(54)
											150	243	177	153	101	176	125	135	Tota l	537	723
	(404 ) (409 )	) (392	) (433	) (420	) (429	) (405	) (427	Onlin (VG) e/off line o ting e sing le co pera xpen ses - py ne wspa pers	1) (1 68	(1 63 8)
	(820 ) (816 )	) (742	) (828	) (813	) (776	) (744	) (795	Onlin e/off line o ting e subs cripti pera xpen ses - on ne wspa pers	28) (3 1	(3 20 6)
	(51) (44)	(46)	(56)	(42)	(43)	(44)	(56)	Publ ishin g	)	) (185 (197
	(217 ) (224 )	) (200	) (221	) (216	) (218	) (206	) (224	Print ing	)	) (864 (862
	75 96	64	53	50	51	49	28	Othe r/elim inatio ns/di stribu tion		288 178
	- -	-	-	-				Shar e of profit (loss ) of a iated panie ssoc com s	-	-
7)	(1 41 (1 39 7)	6) (1 31	5) (1 48	1) (1 44	5) (1 41	0) (1 35	4) (1 47	Tota l ope ratin g ex pens es	0)	5) (5 68 (5 61
	73 81	92	67	72	83	87	86	EBIT DA s ingle ers V G (o nline /offlin e) copy new spap	328	313
	77 131	76	81	45	104	41	63	EBIT DA s ubsc riptio ers ( onlin e/off line) n new spap	253	365
	1 (1)	(1)	4	(3)	(6)	(1)	5	EBIT DA p ublis hing		(5) 3
	13 31	29	22	18	21	22	19	EBIT DA p rintin g		95 80
	(14) 1	(19)	(21)	(31)	(26)	(24)	(38)	EBIT DA o ther/ distri butio n	)	(53) (119
	- -	-	-	-	-	-	-	EBIT DA f ciate d co nies rom asso mpa		- -
150	243	177	153	101	176	125	135	Tota l EB ITDA	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.

Schibsted has as of 1 January 2013 adopted the mandatory amendments to IAS 19 Employment Benefits. The amendments are applied retrospectively and comparable figures for 2012 are restated. The restatements are described in the 1st Quarter 2013 Report.

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

year )14	Full year 2013
	restated
953	857
276	322
1 003	884
699	621
120	82
(44)	(33)
$\blacksquare$ 912	1708
061 1	128 1
252	296
7	6
413	451
364	429
63	71
2 160	2 3 8 1
27	22
4 0 9 9	4 1 1 1
(746)	(726)
(175)	(238)
(2894)	(2956)
(1782)	(1764)
(925)	(1032)
(38)	(40)
(3678)	(3722)
207	131
101	84
269	309
237	287
35	1
(55)	(51)
421	389
106

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		Ye o d ar t ate	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	On l ine C las i f ie ds s	201 4	201 3
								Re ven ues
121 7	136 6	5 124	6 125	8 130	9 141	8 130	0 132	Est abl ish ed has p e	535 5	508 4
, 43, 7	, 48, 4	, 3 43,	, 5 41,	, 5 44,	, 5 46,	, 9 41,	, 6 37,	- N orw ay	, 170 5 ,	, 176 9 ,
20, 7	24, 6	7 22,	6 22,	6 22,	5 25,	2 23,	8 22,	- S den we	94, 1	90, 6
28, 3	32, 9	0 30,	8 32,	8 35,	6 39,	1 36,	2 39,	- F ran ce	150 7 ,	124 0 ,
22, 5	22, 8	2 21,	3 21,	9 20,	2 21,	7 20,	9 21,	- Sp ain	84, 7	87, 8
6, 5	7, 9	3 7,	4 7,	0 7,	1 9,	9 8,	5 10,	- In atio nal tern	35, 5	29, 1
2, 8	3, 0	3 3,	6 3,	4 3,	9 3,	1 4,	6 4,	Ne ent w v ure s	16, 0	12, 7
-	0, 6	5 0,	3 0,	7 0,	2 0,	7 0,	1 2,	Oth He adq ter/ uar er	3, 7	1, 4
2, 9	3, 4	3 3,	4 3,	2 3,	1 3,	7 2,	5 3,	Op ting fro the s in Sc hib d M edi a G ent ste era rev enu es m o r se gm rou p	5 12,	13, 0
127 4 ,	143 6 ,	131 6 ,	132 9 ,	138 1 ,	149 1 ,	138 3 ,	142 2 ,	To tal Re ( On line Cl ifie ds nt) ven ues ass seg me	567 7 ,	535 5 ,
								EB ITD A
56, 8	74, 1	3 64,	5 59,	9 58,	2 68,	3 63,	8 53,	Est abl ish ed nlin ture ven s o e	244 2	254 7
19, 5	27, 3	1 22,	8 19,	6 18,	2 22,	2 20,	6 15,	- N orw ay	, 76, 6	, 88, 7
11, 2	15, 1	2 14,	5 13,	3 13,	9 14,	7 13,	9 13,	- S den we	55, 8	54, 0
19, 8	22, 4	2 20,	2 21,	5 24,	2 27,	2 24,	6 25,	- F ran ce	101 5	83, 6
5, 7	8, 3	4 7,	8 3,	4 3,	6 3,	7 5,	3 1,	- Sp ain	, 14, 0	25, 2
0, 6	1, 0	4 0,	2 1,	9) ( 0,	3 0,	5) ( 0,	6) ( 2,	- In atio nal tern	( 3, 7)	3, 2
( 5) 30,	( 6) 29,	2) ( 25,	2) ( 25,	8) ( 16,	1) ( 17,	2) ( 14,	8) ( 11,	Ne ent ure s w v	( 9) 59,	( 5) 110 ,
( 9) 3,	( 8) 3,	9) ( 4,	7) ( 4,	5) ( 4,	4) ( 3,	2) ( 4,	4) ( 4,	He adq ter/ Oth uar er	( 5) 16,	( 3) 17,
22, 4	40, 7	34, 2	29, 6	37, 6	47, 7	44, 9	37, 6	To tal EB ITD A ( On line Cl ifie ds nt) ass seg me	167 8 ,	126 9 ,
7, 43	7, 62	93 7,	24 8,	35 8,	21 8,	27 8,	59 8,	NO K / EU R	8, 35	7, 81
								Th e fi bel ref lec t th ribu tion by Jo int Ve d A cia ted ont ntu gur es ow e c res an sso 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)	3 2, 6) ( 2,	2 3, 4) ( 8,	7 3, 6) ( 22,	2 4, 8) ( 26,	6 4, 3) ( 26,	5, 4 ( 24, 9)	Re ven ues EB ITD A	17, 9 ( 100 6) ,	10, 3 ( 16, 2)
								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 nis ed ntu res res an sso mp es are re cog as foll ow s:
( 5) 2,	( 3) 3,	0) ( 3,	9) ( 8,	0) ( 23,	8) ( 27,	9) ( 28,	( 6) 24,	Sh of ofi t ( los s) o f Jo int Ven d A cia ted Co ani tur are pr es an sso mp es	( 3) 104 ,	( 7) 17,

								NO RW AY fig s in NO K m illio ure n
325	369	343	342	371	382	346	322	Re ven ues	1 4 21	1 3 79
145	208	175	163	155	182	167	133	EB ITD A	637	691
								SW ED EN fig s in SE K m illio ure n
175	211	197	200	201	231	214	211	Re ven ues	857	783
90	124	116	118	118	135	126	129	EB ITD A	508	448

Year to date	Full year
2014	2013
535,5	508,4
170,5 94,1 150,7 84,7 35,5	176,9 90,6 124,0 87,8 29,1
16,0	12,7
3,7	1,4
12,5	13,0
567,7	535,5
244,2 76,6 55,8 101,5 14,0 (3,7)	254,7 88,7 54,0 83,6 25,2 3,2
(59, 9)	(110,5)
(16, 5)	(17,3)
167,8	126,9
8,35	7,81

EUR million

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		Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	20 Min s S in ute pa	201 4	201 3
2, 5	3, 5	1, 8	3, 3	2, 5	3, 4	2, 0	3,	Op 0 ting Pri nt era rev enu es	10, 9	11, 1
0, 9	1, 0	0, 7	1, 2	0, 9	1, 1	0, 8	1,	3 Op ting On line era rev enu es	4, 1	3, 8
3, 4	4, 5	2, 5	4, 5	3, 4	4, 5	2, 8	4, 3	Op tin era g r eve nue s	15, 0	14, 9
( 1) 5,	( 1) 5,	( 1) 4,	( 5) 4,	( 9) 4,	( 5) 5,	( 2) 5,	( 3,	6) Op ting era ex pen ses	( 2) 19,	( 8) 18,
( 1, 7)	( 0, 6)	( 1, 6)	0, 0	( 1, 5)	( 1, 0)	( 2, 4)	0, 7	To tal EB ITD A	( 4, 2)	( 3, 9)
7, 43	7, 62	93 7,	24 8,	35 8,	21 8,	27 8,	59 8,	NO K / EU R	8, 35	7, 81

EUR million

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		Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	20 Min s F ce* ute ran	201 4	201 3
10, 0	12, 9	7, 7	14, 9	9, 7	11, 0	6, 1	13,	Op 3 ting Pri nt era rev enu es	40, 1	45, 5
1, 4	1, 4	1, 2	2, 0	1, 4	1, 6	1, 2	2,	2 Op ting On line era rev enu es	6, 4	6, 0
11, 4	3 14,	8, 9	16, 9	11, 1	12, 6	3 7,	15, 5	Op tin era g r eve nue s	46, 5	51, 5
( 0) 14,	( 8) 13,	( 7) 10,	( 6) 14,	( 2) 13,	( 0) 12,	( 8) 8,	( 11,	7) Op ting era ex pen ses	( 7) 45,	( 1) 53,
( 2, 6)	0, 5	( 1, 8)	2, 3	( 2, 0)	0, 6	( 1, 5)	3, 8	To tal EB ITD A	0, 9	( 1, 6)
7, 43	7, 62	93 7,	24 8,	35 8,	21 8,	27 8,	59 8,	NO K / EU R	8, 35	7, 81

This sheet will not be included from Q1 2015

*Includes 100% of 20Minutes France. Schibsted owns 50%. Schibsted has as of 1 January 2014 implemented IFRS 11 Joint Arrangements and is no longer using the proportionate consolidation. In consolidated figures Joint ventures is consolidated at equity method.

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
2013	201 3	201 3	201 3	201 4	201 4	201 4	201 4	Circ ulat ion vol e Y TD um
								Afte sten npo
221 776	218 994	829 214	026 214	609 227	927 226	727 223	658 221	Morn ing e ditio n
196 533	194 266	326 190	472 190	789 220	866 220	317 218	460 217	Sun day editi on
								Berg Tide nde ens
73 7 98	73 8 37	73 1 03	73 7 36	75 4 63	74 9 36	74 1 36	73 6	40 W eekd ditio ay e n
74 6 87	74 3 43	73 4 30	73 6 06	74 0 32	73 2 98	72 3 93	72 4 70 S	unda y ed ition
								Stav er A ften blad
59 4 12	76	45	62	89	54	62		ang 44 W eekd ditio n
	59 1	58 6	59 2	58 2	58 3	58 3	58 5	ay e
								Fæd rela ndsv
								enn en
35 1 17	35 0 43	35 0 08	34 8 45	34 4 87	34 3 56	34 3 21	34 0	64 W eekd ditio ay e n
								VG
168 830	166 974	425 167	430 164	212 141	881 139	915 138	188 138	Wee kday edit ion
167 959	166 465	570 160	573 159	295 148	073 146	774 138	167 136	Sun day editi on
								Afto nbla det
182 003	182 500	700 181	475 176	300 152	800 151	500 151	200 146	Wee kday edit ion
196 891	196 300	000 197	400 191	600 159	700 160	000 161	600 155	Sun day editi on
								Sve nska Dag blad et
166 900	164 500	159 600	159 000	152 300	148 200	144 600	145 300	We ekda y ed ition
171 400	169 200	165 000	164 400	157 900	153 500	149 500	150 000	Sun day editi on

1 q te ua r r	2 te q ua r r	3 te q ua r r	4 te q ua r r	1 q te ua r r	2 te q ua r r	3 te q ua r r	4 te q ua r r		Fu l l y ea r	Fu l l y ea r
2 0 1 3	2 0 1 3	2 0 1 3	2 0 1 3	2 0 1 4	2 0 1 4	2 0 1 4	2 0 1 4	P i d i i l t t r n a e r s n g o m e v v u	2 0 1 4	2 0 1 3
2 7 8 1	3 0 0 4	5 2 8 7	8 3 1 1	5 2 6 9	5 2 8 0	4 2 2 7	1 2 7 4	G V	1 0 5 1 5	1 1 7 7 8
3 4 9 9	4 8 9 4	8 3 8 4	2 4 6 7	4 3 9 2	5 4 7 5	7 3 9 0	8 4 6 9	A f b la de * to t n	1 7 2 8 4	1 6 9 1 3
5 3 0 6	6 4 9 9	8 4 7 7	5 6 1 0	2 5 1 7	0 5 2 6	3 4 2 9	5 5 2 0	Sv D	1 9 9 3 0	2 2 6 8 8
1 5 4 5 8	1 5 8 3 4	0 1 4 9 1	3 1 6 4 4	0 1 3 0 1	2 1 5 1 7	3 1 1 2 3	9 1 3 4 3	A f te te np os n	5 2 8 5 4	6 2 6 4 5
5 6 2 2	6 5 1 6	2 5 4 9	5 5 8 1	0 4 7 5	9 5 6 1	8 4 0 4	5 4 9 9	Be T i de de rg en s n	1 9 4 1 2	2 3 4 4 5
4 6 5 4	5 2 0 5	7 3 9 5	8 4 9 5	0 4 0 5	6 4 6 1	9 4 7 6	8 3 7 4	S A f b la d ta te va ng er n	1 7 1 8 3	1 8 7 7 4
3 2 6 4	4 4 0 0	7 3 4 3	1 3 9 8	5 2 9 0	2 3 9 9	5 3 2 4	1 3 2 7	Fæ dr lan ds e ve nn en	1 3 4 1 3	1 5 0 8 2

* The print advertising volume of 1 quarter 2014 has been corrected

This sheet will not be included from Q1 2015