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Earnings Release • Feb 13, 2015

Schibsted ASA (SCH) - Interim Financial Statement Q4 2014

Schibsted ASA (SCH) - Interim Financial Statement Q4 2014

Today, Schibsted Media Group released its Q4 2014 report, showing operating

revenues of NOK 3.87 billion. The Online classifieds segment increased its

revenues with 11 percent. The gross operating profit (EBITDA) was NOK 453

million (455 million).

"Q4 2014 was an eventful quarter for Schibsted. An important milestone was our

agreement with Naspers. Together, we will form joint ventures in several

important emerging markets, with Brazil as the biggest. A merger of two large

classifieds sites significantly increases the value for the consumers in a

market. More items for sale will be available on one site, and for sellers more

buyers will see your ad. We expect that forming the joint ventures will increase

the probability for being able to create clear market leaders in a more

efficient manner," CEO Rolv Erik Ryssdal says.

"The joint venture agreement means that we will reduce our investment spend

considerably in 2015. It also frees up resources we will use in order to further

strengthen the development of both our fully owned established operations and in

operations in an earlier stage," Rolv Erik Ryssdal says.

"In Q4 we saw continued solid top line growth and stable operating margin from

our French online classifieds site Leboncoin.fr. The site now focuses on taking

a good position in the French real estate market. Our Spanish operations grew

revenues for the first quarter in almost three years. Having now closed the

acquisition of Milanuncios.com, I see a positive outlook for our Spanish

operations in 2015.  A soft spot in the Q4 report is Finn.no, where the revenue

development is disappointing. Our decision to boost traffic by turning the

private part of the generalist vertical into freemium and the negative

development in the Norwegian recruitment market slowed down Finn's revenue

development," Rolv Erik Ryssdal says.

"Our media houses continue to develop well online. VG and Aftonbladet combined

produce stable margins and close to stable revenues as a result of their success

online. Subscription based newspapers face some more headwind from print

advertising decline. However, they have positive circulation trends as a result

of well received, innovative online products," Rolv Erik Ryssdal says.

"To support both the online classifieds and the media houses, we are

strengthening our efforts within digital development. Centralized teams for

online platforms, login services and advertising technology are being

established. We are convinced that this will be a vital building block for

continued success in the online market. In 2015, these initiatives will imply

additional operating expenses for Schibsted," CEO Rolv Erik Ryssdal says.

Highlights of Q4 2014

(Figures in brackets refer to the corresponding period in 2013.)

* Stable EBITDA of NOK 453 million (455 million). Excluding investments in New

Ventures in Online classifieds, the Group EBITDA was NOK 559 million (672

million).

* Online classifieds EBITDA margin of 27 percent (22%), 37 percent (44%)

excluding investments in New Ventures

* 20 percent revenue growth and stable margins in France. Real estate

monetization to be gradually ramped up as the cooperation agreement with

Spir expired at the end of the quarter.

* Revenue growth for the first quarter in 11 quarters in Spain. Improved

macro and better traffic development and the integration of

Milanuncios.com creates platform for revenue growth.

* Strong growth in volume as a result of freemium strategy for Finn.no.

Revenue growth hampered by weak employment market in Norway.

* Joint ventures established with Naspers in four key emerging markets,

including Brazil. Will speed up the development towards profitability

and reduce the investments required.

* Continued strong growth in key performance indicators in most markets

like Brazil, Chile and Finland. Significant uplift in traffic and user

engagement in Morocco after merger with Avito.

* Schibsted has agreed with Naspers to take over their operation in

Hungary. Schibsted will sell its operations in Romania and Portugal to

Naspers.

* Continued good traction in Germany for the mobile-only classifieds app

Shpock.

* The traffic development is strong in most sites in the portfolio.

* Mixed development in Media houses.

* Strong online positions and tight cost control secure stable revenue

development and firm margins for VG and Aftonbladet. Mobile and web TV

main contributors to digital growth.

* Increased subscription revenues for morning newspapers as a result of

attractive digital products, which is offsetting some of the print

advertising decline.

* Accelerated print advertising decline. Continuous work on adapting cost

base.

* Steady growth and margin improvement for personal finance services.

* Dividend proposed at NOK 3.50 per share for 2014.

Q4 Q4     Full year

2013* 2014  (MNOK) 2014 2013*

3,832 3,874 Operating revenues   14,975   14,870

455 453 Gross operating profit (EBITDA) 1,941 1,777

12 % 12 % EBITDA margin 13 % 12 %

Gross operating profit (EBITDA) ex.

672 559 Investment phase   2,444   2,647

18 % 15 % EBITDA margin ex. Investment phase 16 % 18 %

Share of profit (loss) of joint ventures and

(56)   (171) associated companies   (841)   (123)

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975   (108) Profit (loss) before taxes   382   1,490

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*) Restated figures

Schibsted invites to an analyst and press conference at Apotekergaten 10, Oslo,

13 February 2015 at 09:00 CET. The presentation will be held in English and

transmitted live as a video webcast on www.schibsted.com/ir.

A conference call with Q&A linked to the Q4 2014 numbers will take place 13

February 2015 at 14:00 CET. Please dial in at the following numbers:

International: +44(0)20 3427 1912

From Norway: 800 56 054

Conference code: 5331731

Contact persons:

Trond Berger, CFO. Tel: +47 916 86 695

Jo Christian Steigedal, VP Investor Relations. Tel: +47 415 08 733

Anders Christian Rønning, Investor Relations Officer. Tel: +47 916 56 660

Oslo, 13 February 2015

SCHIBSTED ASA

Jo Christian Steigedal

VP Investor Relations

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1894337]