Vend Marketplaces ASA

Annual / Quarterly Financial Statement • Feb 13, 2015

Financials and analytical info as of Q4 2014

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 P&L
• 1. Schibsted Sverige P&L
• 1. Schibsted Classified Media P&L
• 1. 20 Minutes P&L
• 1. Circulation volume Media houses Scandinavia
• 1. Advertising volume Media houses Scandinavia

For questions, please contact Schibsted IR:

Jo Christian Steigedal, VP Investor Relations jcs@schibsted.no Direct line: +47 2310 6642 Mobile: +47 415 08 733 www.schibsted.com/ir

NOK m	illion
1 quarte	r 2 q uarter	3 quart	er 4 quarter	1 quart	er 2 quarter	3 quart	er 4 quarter	1 quart	er 2 quarter	3 quart	er 4 quarter	1 quart	er 2 quarter	3 quart	er 4 quarter	1 quart er	2 q uarter	3 quart	er 4 quarter	1 quart	er 2 quarter	3 quart er 4	quarter	1 quart er 2	quarter	3 quart er 4	quarter	1 quart er 2	quarter	3 quart er 4	PROFIT AND L OSS ST ATEME NT quarter	Full yea r Fu	ll year	Full yea r F	ull year	Full yea r Fu	ll year	Full yea	r F
2007	2007	2007	2007	2008	2008	2008	2008	2009	2009	2009	2009	2010	2010	2010	2010	2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014	2014	2014	2014 S CHIBST ED MED IA GRO UP	2014	2013	2013	2012	2012	2011	2010
																				restated	restated	restated	restated	restated	restated	restated	restated				4 QUAR TER 20 14		restated	d r reporte	estated	d reporte
	302 294	284	305	304	305	296	302	310	301	404	411	422	399	417	434	445	420	428	448	452	424	431	437	452	445	433	440	479	448	463	474 Subscri ption re venues		1 770 1 864	1 787	1 744	1 744	1 741	1 672	1 426
	754 745	832	779	759	754	816	743	718	703	817	733	680	685	744	687	635	677	696	633	600	627	653	598	564	577	619	568	541	553	589	538 Casual sales re venues		2 328 2 221	2 335	2 478	2 478	2 641	2 796	2 971
	1 674 1 814	1 482	1 809	1 727	1 911	1 440	1 674	1 418	1 535	1 529	1 859	1 731	2 015	1 716	2 225	2 014	2 265	1 903	2 245	2 140	2 305	1 975	2 234	2 081	2 330	2 026	2 284	2 170	2 338	1 995	2 287 Advertis ing reve nues		8 721 8 790	9 017	8 654	8 654	8 427	7 687	6 341
	629 597	581	729	466	428	414	512	473	457	514	563	425	416	411	361	402	396	353	418	411	469	465	542	490	518	503	540	520	495	510	575 Other re venues		2 051 2 100	2 093	1 887	1 887	1 569	1 613	2 007
	3 359 3 450	3 179	3 622	3 256	3 398	2 966	3 231	2 919	2 996	3 264	3 566	3 258	3 515	3 288	3 707	3 496	3 758	3 380	3 744	3 603	3 825	3 524	3 811	3 587	3 870	3 581	3 832	3 710	3 834	3 557	3 874 Operati ng reve nues	14 975	14 870	15 232	14 763	14 763	14 378	13 768
	(571) (521)	(506)	(611)	(400)	(386)	(343)	(377)	(330)	(318)	(338)	(385)	(305)	(295)	(268)	(324)	(288)	(306)	(284)	(281)	(266)	(258)	(253)	(280)	(230)	(241)	(201)	(178)	(172)	(179)	(167)	(178) Raw ma terials, w ork in p and finis hed goo ds rogress	(696)	(850)	(871)	(1 057)	(1 057)	(1 159)	(1 192)	(1 371)
	(1 086) (1 114)	(1 019)	(1 219)	(1 101)	(1 126)	(1 020)	(1 343)	(1 113)	(1 061)	(1 105)	(1 254)	(1 200)	(1 189)	(1 039)	(1 283)	(1 255)	(1 260)	(1 129)	(1 316)	(1 321)	(1 329)	(1 192)	(1 384)	(1 349)	(1 360)	(1 216)	(1 389)	(1 427)	(1 405)	(1 255)	(1 477) Personn el expen ses		(5 314) (5 564)	(5 474)	(5 226)	(5 241)	(4 960)	(4 711)	(4 533)
	(1 338) (1 316)	(1 287)	(1 408)	(1 366)	(1 376)	(1 292)	(1 290)	(1 301)	(1 252)	(1 334)	(1 393)	(1 340)	(1 392)	(1 421)	(1 549)	(1 520)	(1 530)	(1 450)	(1 613)	(1 601)	(1 653)	(1 562)	(1 655)	(1 711)	(1 707)	(1 701)	(1 810)	(1 701)	(1 676)	(1 631)	(1 766) Other o perating expens es		(6 929) (6 774)	(7 228)	(6 471)	(6 471)	(6 113)	(5 702)	(5 280)
	35 55	33	26	21	57	29	(180)	(42)	(34)	2	7	5	13	7	11	6	13	5	15	9	15	1	9	-	-	-	-	-	-	-	Share o f profit ( loss) of associa ted com panies -	-	-	13	34	34	39	36	(67)
	399 554	400	410	410	567	340	41	133	331	489	541	418	652	567	562	439	675	522	549	424	600	518	501	297	562	463	455	410	574	504	453 G erating profit ( loss) ross op	1 941	1 777	1 672	2 043	2 028	2 185	2 199
	(139) (141)	(143)	(163)	(143)	(145)	(141)	(163)	(136)	(147)	(186)	(193)	(152)	(143)	(155)	(138)	(129)	(126)	(126)	(124)	(116)	(120)	(123)	(120)	(117)	(119)	(121)	(119)	(114)	(112)	(123)	(118) Depreci ation an d amort isation		(476) (467)	(490)	(479)	(479)	(505)	(588)	(662)
																			-						(11) (26)	(30)	(56)	(202)	(216)	(252)	(171) Share o f profit ( loss) of joint ven tures an d assoc iated co mpanies	(841)	(123)
			(8)		(7)	(9)	(1 542)	(72)	(5)	(4)	(80)	(18)	(6)	(25)	(61)	(4)	(1)	(7)	(179)	-	-	- (1)	- (547)		(2)		(148)	(9)		(1)	(121) Impairm ent loss			- (150)	- (548)	- (548)	- (191)	- (110)	(161)
	191		(25) 10	842						6		30	390		1 507	12	2			- 12	-			-	8	-	871	45	-	88	Other in		(150) (131)	1 169				1 909
	13 273	(112)			(95)	(18)	(247) (1 911)	(30) (105)	(162)		(50)			(18)				(2)	(62)		(1)	(13)	(285) (451)	(7)		(225)			(30)		(95) nd expe come a nses (52) O peratin g profit (loss)		647 8		(287)	(257)	(50)		(236)
	604	120	249	1 109	320	172			17	305	218	278	893	369	1 870	318	550	387	184	320	479	381		147	438	87	1 003	130	216	216		510	1 675	2 201	729	744	1 439	3 410
	35 20	32	6	33	19	12	24	176	(8)	17	21	21	139	4	16	15	40	14	13	11	14	8	82	10	9	11	21	12	17	25	(8) Financia l income		51 46	51	115	115	82	180	206
	(78) (77)	(78)	(78)	(87)	(86)	(138)	(207)	(118)	(101)	(72)	(71)	(48)	(69)	(30)	(44)	(44)	(42)	(59)	(45)	(57)	(61)	(51)	(55)	(50)	(72)	(65)	(49)	(41)	(43)	(42)	(48) Financia l expens es		(236) (174)	(237)	(224)	(176)	(190)	(191)	(362)
	230 547	74	177	1 055	253	46	(2 094)	(47)	(92)	250	168	251	963	343	1 842	289	548	342	152	274	432	338	(424)	107	375	33	975	101	190	199	(108) P rofit (lo ss) befo re taxes	382	1 490	2 015	620	683	1 331	3 399
	(70) (163)	(22)	(36)	(168)	(72)	(30)	101	(6)	29	(62)	(55)	(80)	(204)	(108)	(76)	(95)	(181)	(113)	(110)	(99)	(151)	(119)	(57)	(46)	(171)	(111)	(125)	(125)	(162)	(139)	(83) Taxes		(453) (509)	(453)	(426)	(443)	(499)	(468)	(94)
				887	181	16	(1 993)	(53)	(63)	188	113	171	759	235	1 766	194	367	229	42	175	281	219	(481)	61	204	(78)	850	(24)	28	60	(191) P rofit (lo ss)	(127)	1 037	1 562	194	240	832	2 931
					11 4	9	15	7	320	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	Profit (lo ss) disc ontinued operati ons		- -	-	-	-	-	-	327
	160 384	52	141	898	185	25	(1 978)	(46)	257	188	113	171	759	235	1 766	194	367	229	42	175	281	219	(481)	61	204	(78)	850	(24)	28	60	(191) P rofit (lo ss)	(127)	1 037	1 562	194	240	832	2 931
	44	2 34	22	31	8	14	(17)	-	26	42	49	22	49	29	37	35	26	21	8	9	16	14	14	8	19	-	(1)	11	22	14	6 Profit (lo ss) attri butable to non-c ontrollin g intere sts	53	26	26	53	55	90	137	117
	116 382	18	119	867	177	11	(1 961)	(46)	231	146	64	149	710	206	1 729	159	341	208	34	166	265	205	(495)	53	185	(78)	851	(35)	6	46	(197) Profit (lo ss) attri butable to owne rs of the parent	(180)	1 011	1 536	141	185	742	2 794	395
	1,74 5,71	0,26	1,80	13,21	2,73	0,16	(30,35)	(0,71)	3,57	1,46	0,62	1,45	6,87	1,99	16,72	1,53	3,22	1,94	0,32	1,55	2,47	1,91	(4,62)	0,50	1,72	(0,73)	7,94	(0,32)	0,06	0,43	(1,84) Earning s per sh are (NO K) Diluted		9,43 (1,67)	14,32	1,32	1,73	7,00	27,04	4,74
	1,74 5,69	0,26	1,80	13,20	2,73	0,16	(30,35)	(0,71)	3,57	1,46	0,62	1,45	6,86	1,99	16,70	1,52	3,22	1,94	0,32	1,55	2,47	1,91	(4,61)	0,50	1,72	(0,73)	7,93	(0,32)	0,06	0,43	(1,84) earning s per sh are (NO K)		9,42 (1,67)	14,31	1,32	1,73	6,99	27,01	4,74
	1,52 3,65	1,73	1,43	2,04	3,91	0,51	(3,71)	0,69	0,48	1,37	1,51	1,41	3,44	2,27	2,61	1,41	3,20	2,00	2,14	1,35	2,47	2,00	2,36	0,55	1,65	1,26	0,44	(0,69)	0,26	(0,53)	(0,49) Earning s per sh are - ad justed ( NOK)		3,90 (1,46)	3,90	8,18	8,41	8,76	9,72	4,42
	1,52 3,63	1,72	1,43	2,04	3,90	0,51	(3,71)	0,69	0,48	1,37	1,51	1,41	3,43	2,27	2,61	1,41	3,19	2,00	2,14	1,34	2,47	2,00	2,36	0,55	1,65	1,26	0,44	(0,69)	0,26	(0,53)	(0,49) Diluted earning s per sh are - ad justed ( NOK)	(1,46)	3,90	3,90	8,17	8,40	8,75	9,71	4,42

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 affected items in the profit or loss statement are Operating revenues, Raw materials and finished goods, Personnel expenses, Other operating expenses, Share of profit (loss) of associated companies, Depreciation and amortisation, Other income and expenses, Financial expenses and Taxes. The restatements are described in further detail 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 affected items in the profit or loss statement are Personnel expenses, Other income and expenses, Financial expenses and Taxes. The restatements are described in further detail in the 1st Quarter 2013 Report.

Balanc e shee t	31.03 2007	30.06 2007	30.09 2007	31.12 2007	31.03 2008	30.06 2008	30.09 2008	31.12 2008	31.03 2009	30.06 2009	30.09 2009	31.12 2009	31.03 2010	30.06 2010	30.09 2010	31.12 2010	31.03 2011	30.06 2011	30.09 2011	31.12 2011 reported	31.03 2012 reported	30.06 2012 reported	30.09 2012 reported	31.12 2012 reported	01.01 2012 restated	31.03 2012 restated	30.06 2012 restated	30.09 2012 restated	31.12 2012 restated	31.03 2013 reported	30.06 2013 reported	30.09 2013 reported	31.12 2013 reported	31.03 2013 restated	30.06 2013 restated	30.09 2013 restated	31.12 2013 restated	31.03 2014	30.06 2014	30.09 2014	31.12 2014
Intangible assets Investme nt prope rty and p roperty p lant and equipme nt Investme nts in joi nt ventur es and a ssociated compan ies Other no n-curren t assets Non-cur rent ass ets	2 179 1 180 11 756	7 960 7 934 2 075 1 552 437 422 11 983	7 742 2 070 1 953 424 12 189	8 093 1 720 2 001 431 12 245	8 183 1 728 2 025 432 12 368	8 326 1 689 2 362 462 12 839	8 627 1 666 2 730 427 13 450	7 617 1 615 2 743 717 12 692	6 698 1 551 2 552 754 11 555	7 940 2 819 433 890 12 082	7 630 2 728 415 879 11 652	7 222 2 522 411 697 10 852	6 999 2 457 422 679 10 557	7 041 2 131 432 597 10 201	6 532 2 082 453 606 9 673	9 728 2 112 465 485 12 790	9 771 2 089 474 505 12 839	9 699 2 061 458 488 12 706	9 864 2 029 461 479 12 833	9 611 1 992 492 414 12 509	9 600 1 969 452 418 12 439	9 555 1 948 460 370 12 333	9 442 1 899 465 466 12 272	9 113 1 845 488 306 11 752	9 611 1 992 483 414 12 500	9 600 1 969 443 418 12 430	9 555 1 948 451 370 12 324	9 442 1 899 456 466 12 263	9 113 1 845 488 306 11 752	9 301 1 819 507 322 11 949	9 646 1 795 469 351 12 261	10 056 1 659 478 303 12 496	10 337 1 507 1 074 297 13 215	9 221 1 812 625 342 12 000	9 561 1 788 610 370 12 329	9 958 1 651 578 354 12 541	10 212 1 499 654 319 12 684	10 240 1 564 557 212 12 573	10 366 1 608 548 195 12 717	10 074 1 373 502 273 12 222	11 906 1 287 547 536 14 276
Inventori es Trade an d other r eceivabl es Current f inancial a ssets Cash an d cash e quivalen ts Assets h eld for sa le Current assets		119 122 2 313 2 341 71 3 1 011 796 - - 3 514 3 262	121 2 268 3 754 - 3 146	123 2 466 3 842 312 3 746	128 2 525 4 657 - 3 314	129 2 556 3 750 - 3 438	143 2 475 6 728 - 3 352	164 2 781 7 747 - 3 699	133 2 369 38 671 - 3 211	150 2 777 443 1 286 - 4 656	145 2 611 490 865 - 4 111	138 2 490 485 1 255 - 4 368	128 2 483 461 623 - 3 695	127 2 633 441 690 - 3 891	136 2 404 485 644 534 4 203	139 2 504 426 650 - 3 719	135 2 522 541 659 - 3 857	136 2 431 554 841 - 3 962	139 2 395 509 847 - 3 890	143 2 406 500 778 - 3 827	138 2 504 446 1 035 - 4 123	138 2 524 474 591 - 3 727	137 2 495 368 819 - 3 819	117 2 447 3 1 031 - 3 598	143 2 406 500 778 - 3 827	138 2 504 446 1 035 - 4 123	138 2 524 474 591 - 3 727	137 2 495 368 819 - 3 819	117 2 447 3 1 031 - 3 598	107 2 832 64 596 - 3 599	108 2 846 53 1 140 - 4 147	52 2 724 - 561 76 3 413	53 2 623 28 1 240 - 3 944	103 2 697 64 541 - 3 405	104 2 702 53 1 066 - 3 925	51 2 615 - 473 76 3 215	51 2 514 - 1 202 - 3 767	52 2 658 - 307 - 3 017	54 2 727 - 458 - 3 239	58 2 703 - 831 - 3 592	56 2 797 - 745 - 3 598
Total as sets	15 270	15 245	15 335	15 991	15 682	16 277	16 802	16 391	14 766	16 738	15 763	15 220	14 252	14 092	13 876	16 509	16 696	16 668	16 723	16 336	16 562	16 060	16 091	15 350	16 327	16 553	16 051	16 082	15 350	15 548	16 408	15 909	17 159	15 405	16 254	15 756	16 451	15 590	15 956	15 814	17 874
Equity at tributable rs of the to owne parent Non-con trolling in terests Equity	4 924	4 980 285 227 5 209 5 207	4 957 182 5 139	4 770 193 4 963	5 475 221 5 696	5 227 143 5 370	5 213 172 5 385	3 617 124 3 741	3 462 126 3 588	3 729 436 4 165	5 119 396 5 515	4 837 437 5 274	4 881 451 5 332	5 286 312 5 598	5 434 318 5 752	6 677 329 7 006	6 830 315 7 145	6 559 129 6 688	6 411 143 6 554	6 502 157 6 659	6 528 185 6 713	6 329 209 6 538	6 453 245 6 698	5 492 248 5 740	6 324 156 6 480	6 333 182 6 515	6 134 206 6 340	6 258 242 6 500	5 864 245 6 109	6 075 281 6 356	6 248 252 6 500	6 085 261 6 346	7 850 261 8 111	6 075 281 6 356	6 248 252 6 500	6 085 261 6 346	7 325 261 7 586	7 179 265 7 444	6 897 187 7 084	6 419 196 6 615	6 560 230 6 790
Non-curr ent intere st-bearin g borrow ings Other no t liabilitie n-curren s Non-cur rent liab ilities	365 2 253	573 2 306 2 618 2 879	1 116 2 271 3 387	757 2 809 3 566	743 2 969 3 712	1 725 3 018 4 743	2 468 3 099 5 567	5 418 1 672 7 090	4 883 1 566 6 449	4 539 2 156 6 695	3 508 2 097 5 605	3 405 2 230 5 635	2 684 2 088 4 772	1 865 2 173 4 038	725 2 284 3 009	1 906 2 533 4 439	2 076 2 372 4 448	2 589 2 386 4 975	2 619 2 631 5 250	1 907 2 592 4 499	2 441 2 549 4 990	2 410 2 575 4 985	2 031 2 569 4 600	2 124 2 481 4 605	1 907 2 762 4 669	2 441 2 738 5 179	2 410 2 764 5 174	2 031 2 758 4 789	2 124 2 112 4 236	1 941 2 038 3 979	2 712 2 030 4 742	2 574 2 509 5 083	1 971 2 313 4 284	1 941 2 032 3 973	2 712 2 024 4 736	2 561 2 500 5 061	1 971 2 263 4 234	1 941 2 109 4 050	2 551 2 076 4 627	2 495 2 515 5 010	2 132 3 641 5 773
Current i nterest-b earing bo rrowings Other cu rrent liab ilities Liabilities held for sale Current liabilitie s	4 336 3 107	4 117 3 042 - - 7 443 7 159	3 724 3 085 - 6 809	4 206 3 256 - 7 462	3 082 3 192 - 6 274	3 050 3 114 - 6 164	2 731 3 119 - 5 850	726 4 834 - 5 560	642 4 087 - 4 729	902 4 976 - 5 878	459 4 184 - 4 643	404 3 907 - 4 311	334 3 814 - 4 148	333 4 123 - 4 456	1 279 3 731 105 5 115	572 4 492 - 5 064	581 4 522 - 5 103	578 4 427 - 5 005	506 4 413 - 4 919	523 4 655 - 5 178	271 4 588 - 4 859	48 4 489 - 4 537	333 4 460 - 4 793	347 4 658 - 5 005	523 4 655 - 5 178	271 4 588 - 4 859	48 4 489 - 4 537	333 4 460 - 4 793	347 4 658 - 5 005	577 4 636 - 5 213	592 4 574 - 5 166	549 3 780 151 4 480	428 4 336 - 4 764	577 4 499 - 5 076	592 4 426 - 5 018	549 3 649 151 4 349	346 4 285 - 4 631	137 3 959 - 4 096	90 4 155 - 4 245	13 4 176 - 4 189	696 4 615 - 5 311
Total eq uity and liabilitie s	15 270	15 245	15 335	15 991	15 682	16 277	16 802	16 391	14 766	16 738	15 763	15 220	14 252	14 092	13 876	16 509	16 696	16 668	16 723	16 336	16 562	16 060	16 091	15 350	16 327	16 553	16 051	16 082	15 350	15 548	16 408	15 909	17 159	15 405	16 254	15 756	16 451	15 590	15 956	15 814	17 874

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

NOK million

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 in the columns "restated" above. The reported figures for 2012 are presented in the columns

"reported" above. The restatements are described in the 1st Quarter 2013 Report.

NOK milli on
	31.1 2	31.1 2	31.1 2	31.0 3	30.0 6	30.0 9	31.1 2	31.0 3	30.0 6	30.0 9	31.1 2	31.0 3	30.0 6	30.0 9	31.1 2	31.0 3	30.0 6	30.0 9	31.1 2	31.0 3	30.0 6	30.0 9
Sta tem ent of c ash flow s	2007	200 8	200 9	201 0	201 0	201 0	201 0	201 1	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4
												ted resta	ated rest	ated rest	ated rest	ated rest	ated rest	ated rest	ated rest
Profi t (los s) be fore s (co ntinu ing o tions ) taxe pera	970	) (740	279	251	4 1 21	7 1 55	9 3 39	289	837	9 1 17	1 1 33	274	706	4 1 04	620	107	482	515	0 1 49	101	291	490
Profi t (los s) be fore taxe s dis cont inued ratio ope ns	58	56	335	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
- Ga in on nt in busin omb inatio hieve d in stag rem easu reme ess c ns ac es
and nt of tinge nt co nside ratio reme asur eme con n		- -	-	-	-	-	8) (1 51	-	-	-	-	(48)	(57)	(57)	(57)	-	-	(2)	(2)	(37)	(40)	(40)
+ De iation ortis ation and imp airm ent lo prec , am sses	619	0 2 26	876	170	319	500	706	133	260	393	696	116	236	360	5 1 05	117	238	362	629	123	235	359
+ / - Shar e of profi t of j oint v entu nd a iated panie t of d ivide res a ssoc com s, ne	nds ived rece	(79) 182	104	(5)	(8)	(15)	(23)	(6)	2	-	(14)	24	11	10	10	26	85	125	182	202	445	707
- Tax aid es p	)	(203 (217 )	) (206	(58)	) (140	) (149	) (111	(57)	) (350	) (372	) (346	) (231	) (496	) (587	) (628	) (145	) (494	) (516	) (636	) (301	) (496	(615 )
Sale s los ses / (gai ns) n t ass ets on-c urren	)	(311 (880 )	) (424	1	) (523	) (524	) (581	(35)	(52)	(55)	(63)	(1)	(2)	-	(65)	(1)	(12)	203	) (943	(10)	(11)	(121 )
Chan ge in king capit al et wor c.		91 96	16	) (180	) (247	) (329	69	) (193	(57)	) (130	12	(9)	11	9	340	) (484	) (444	) (506	(4)	) (139	(76)	(15)
Net cash flow from ratin tiviti ope g ac es	5	1 14 757	980	179	615	0 1 04	1 1 94	131	640	5 1 01	6 1 61	125	409	779	5 1 27	) (380	) (145	181	716	(61)	348	765
Net c ash flow from inve sting activ ities	)	(937 (418 )	778	(74)	616	534	) (724	(74)	) (170	) (338	) (330	(89)	) (196	) (268	) (400	) (158	) (251	) (478	471	) (446	) (790	(728 )
Net c ash flow befo re fin ancin tivitie g ac s		208 339	8 1 75	105	1 1 23	4 1 57	7 1 21	57	470	677	6 1 28	36	213	511	875	) (538	) (396	) (297	7 1 18	) (507	) (442	37
Net c ash flow from fina ncing activ ities	(1 60 6)	(434 )	3) (1 20	) (734	4) (1 79	0) (2 17	9) (1 81	(48)	) (274	) (479	8) (1 15	229	) (387	) (451	) (591	60	397	) (296	6) (1 11	) (365	) (305	(382 )
Effec t of e xcha rate chan ash and cash ivale nts nge ges on c equ	-	-	(47)	(3)	(2)	-	(3)	-	(5)	(1)	-	(8)	(13)	(19)	(31)	41	87	112	153	(23)	3	(26)
Net cash flow for the p eriod	(1 39 8)	(95)	508	) (632	) (565	) (596	) (605	9	191	197	128	257	) (187	41	253	) (437	88	) (481	224	) (895	) (744	(371 )
Cash and h eq uival ents at st art o f per iod cas	0	2 24 842	747	5 1 25	5 1 25	5 1 25	5 1 25	650	650	650	650	778	778	778	778	978	978	978	978	2 1 20	2 1 20	1 20 2
Cas h an d ca sh e quiv alen ts at end of p eriod	842	747	5 1 25	623	690	659	650	659	841	847	778	5 1 03	591	819	1 1 03	541	6 1 06	497	2 1 20	307	458	831

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. The amendments are applied retrospectively and comparable figures for 2012 are restated. The restatements are described in the 1st Quarter 2013 Report.

1 qu arte r 201 1	2 q uart er 1	3 q uart er 1	4 q uart er 1	1 q uart er 2	2 q uart er 2	3 q uart er 2	4 q uart er 2	1 q uart er 3	2 q uart er 3	3 q uart er 3	4 q uart er 3	1 q uart er 4	2 q uart er 4	3 q uart er 4	4 q uart er 4	O NG ES PER ATI REV ENU SCH IBS TED GR OUP	Full yea r 201 4	Ful l yea r 3	Ful l yea r
	201	201	201	201	201	201	201	201 ated rest	201 d tate res	201 d tate res	201 d tate res	201	201	201	201			201 ated rest	201 3 d orte rep
3 49 6	3 75 8	0 3 38	4 3 74	3 3 60	5 3 82	4 3 52	1 3 81	7 3 58	0 3 87	1 3 58	2 3 83	0 3 71	4 3 83	7 3 55	4 3 87	SCH IBS TED GR OUP	14 9 75	14 8 70	15 2 32
756	837	784	821	871	958	906	912	948	5 1 09	4 1 04	7 1 09	1 1 15	5 1 22	5 1 14	0 1 22	ONL INE CL ASS IFIE DS	4 74	1 4 18	4 26
277	305	278	275	316	325	318	307	332	376	350	348	376	388	353	329	FIN N	1 44	4 6 1 40 6	5 1 40 6
479	532	506	546	555	633	588	605	616	719	694	749	775	837	792	891	Sch ibste d C lass ified Me dia	3 29 5	2 77 8	2 85 9
1 61 1	1 68 7	1 1 53	0 1 70	0 1 66	3 1 65	3 1 50	9 1 66	7 1 56	0 1 64	3 1 49	8 1 63	2 1 54	1 1 59	5 1 47	9 1 60	SCH IBS TED NO RGE ME DIA HO USE	17 6 2	8 6 33	6 36 8
864	948	854	945	831	920	877	910	871	918	900	1 03 1	952	946	882	982	SCH IBS TED SV ERI GE MED IA H OUS E	62 3 7	0 3 72	3 73 1
242	276	206	280	228	252	185	274	160	186	106	37	31	38	23	39	MED IA H OUS ES INT ERN ATI ONA L	131	489	728
96	119	75	120	87	100	53	108	26	34	21	36	29	37	23	39	20 M inut es	128	117	318
144	154	131	161	140	152	131	165	134	151	84	-	-	-	-	-	Ees ti M eed ia G roup		369 -	407
2	3	-	(1)	1	-	1	1	-	1	1	1	2	1	-	-	Oth er/e limin atio ns	3	3	3
63	48	38	41	49	84	89	95	86	82	89	88	92	91	88	91	OTH ER	362	345	345
63	48	38	41	49	84	89	95	86	82	89	88	92	91	88	91	Oth er/e limin atio ns	362	345	345
50	82	81	83	87	87	82	91	92	90	83	90	93	93	90	97	DQU ERS HEA ART	373	355	355
50	82	81	83	87	87	82	91	92	90	83	90	93	93	90	97	Sch ibste d AS A an d ot her trali sed fun ctio cen ns	373	355	355
	(90) (120 )	) (114	) (126	) (123	) (129	) (118	) (140	) (137	) (141	) (134	) (149	) (151	) (150	) (146	) (164	ELIM INA TIO NS	(611	) (561 )	(560 )

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.

1 qu arte r 201 1	2 q uart er 201 1	3 q uart er 201 1	4 q uart er 201 1	1 q uart er 201 2	2 q uart er 201 2	3 q uart er 201 2	4 q uart er 201 2	1 q uart er 201 3	2 q uart er 201 3	3 q uart er 201 3	4 q uart er 201 3	1 q uart er 201 4	2 q uart er 201 4	3 q uart er 201 4	4 q uart er 201 4	G ROS S O PER ATIN G P ROF IT (L OSS ) - E BITD A SCH IBST ED G ROU P	Full year 2014	Ful l yea r 201 3	Ful l yea r 201 3	Ful l yea r 201 2	Ful l yea r 201
				resta ted	rest ated	rest ated	rest ated	rest ated	rest ated	rest ated	rest ated							resta ted	orte d rep	rest ated	1
439	675	522	549	424	600	518	501	297	562	463	455	410	574	504	453	SCH IBST ED G ROU P	1 94 1	1 77 7	1 67 2	2 04 3	2 18 5
235	307	250	201	228	313	300	259	167	310	270	245	313	392	372	325	ONL INE CLA SSI FIED S	1 40 2	992	862	1 10 0	993
130	147	139	118	152	161	158	151	145	208	175	163	155	182	167	133	FINN	637	691	691	622	534
105	160	111	83	76	152	142	108	22	102	95	82	158	210	205	192	Sch ibste d Cl assi fied Med ia	765	301	171	478	459
208	282	219	217	204	218	174	176	150	243	177	153	101	176	125	135	SCH IBST ED NOR GE MED IA H OUS E	537	723	724	772	926
66	115	101	163	75	121	114	119	54	65	90	145	86	89	104	106	SCH IBST ED S IGE HOU SE VER ME DIA	385	354	363	429	445
(4) (15) 12	24 2 22 (1) -	(9) (18) 9 -	27 11 16 -	(21) (27) 6 -	7 (13) 20 -	(15) (23) 8 -	26 15 11 -	(5) (14) 9 -	17 (5) 22 -	(8) (12) 5 (1)	- (1) - 1	(12) (13) - 1	(9) (9) - -	(16) (13) - (3)	2 (1) - 3	MED IA H OUS ES I NTE RNA TIO NAL 20 M inute s Eest i Me edia Gro up Othe r	(35)	4 (32) (36) 36 - - 1	2 (37) 39 -	(3) (48) 45 -	38 (20) 59 (1)
3	4	6	8	(2)	(11)	(8)	(18)	(11)	(16)	(11)	(13)	(11)	(7)	(10)	(37)	OTH ER	(65)	(51)	(51)	(39)	21
3	4	6	8	(2)	(11)	(8)	(18)	(11)	(16)	(11)	(13)	(11)	(7)	(10)	(37)	Othe r/elim inati ons		(51) (65)	(51)	(39)	21
(69)	(57) (69) (57)	(45) (45)	(67) (67)	(60) (60)	(48) (48)	(47) (47)	(61) (61)	(58) (58)	(57) (57)	(55) (55)	(75) (75)	(67) (67)	(67) (67)	(71) (71)	(78) (78)	DQU ERS HEA ART Sch ibste d AS A an d ot her ralis ed f ions cent unct	(283 ) 3) (28	(245 ) ) (245	(228 ) ) (228	(216 ) ) (216	(238 ) (238 )

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

Schibsted has as of 1 January 2014 implemented IFRS 11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 are restated.

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 arerestated.

The restatements are described in the 1st Quarter 2013 Report.

1 quarte r 2 q	uarter	3 quart er 4	quarter	1 quart	er 2 quarter	3 quart	er 4 quarter	1 quart er 2	quarter	3 quart	er 4 quarter	1 quart	er 2	quarter	3 quart er 4	quarter		Full yea r	Full yea r	Full yea	Full yea r r	Q1		Q2	Q3	Q4 Q1		Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4		Full yea r F	ull year	Full yea r F	ull year
								2013	2013	2013	2013								2013												2013	2013	2013	2013							2013
2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated	restated	2014	2014		2014	S 2014	chibst ed No rge Me dia Ho use	2014	restated	2012	2011	2011		2011	2011 2011		2012	2012	2012	2012	restated	restated	restated	restated	2014	2014	2014	S 2014	chibst ed No rge Me dia Ho use	2014	restated	2012	2011
																																							Operati ng reve nues
	76	81	110	106	111	106	131	137	142	144	163	172	182		165	198	Online n ers - sin gle copy (VG) ewspap		586 717	454	360	522		527	459	510	522	502	441	489	465	488	421	457	460	458	415	447 Af	tenpost en		1 831 1 780	1 954	2 018
	53	50	66	68	71	62	77	73	92	86	106	124	135		130	151	Online n bscriptio ewspap ers - su n newsp apers	540	357	278	229	225		233	205	238	231	231	196	229	203	210	183	214	188	200	171	203 Be	rgens T idende		810 762	887	901
	9	15	19	14	19	22	31	33	42	42	44	28	36		28	38	Other o nline op erating s/online elimina tions revenue	130	161	86	51	154		158	139	163	160	155	135	154	139	147	130	141	130	130	117	118 St	Aftenbl ad avanger		557 495	604	614
138	161	146	195	188	201	190	239	243	276	272		313	324	353	323	387 Op	erating es onlin revenu e	1 387	1 104	818		640	107 96		96	104	99	105	91	101	91	104	90	99	82	96	85	92 Fæ	dreland svennen		384 355	396	403
																							447	490	473	496	472	487	473	488	477	490	484	500	492	512	492	513 Ve	rdens G ang		1 951 2 009	1 920	1 906
268		295	272	272	273	282	266	252	262	263	247	250	256		270	249	Circulat ion reve single c (VG) nues - opy new spapers	1 025	1 024	1 093	1 115		244	258	249	264	272	269	251	261	230	255	229	243	234	239	228	243 Sc	hibsted Norge T rykk	944	957	1 053	1 015
	87	81	98	80	87	70	75	72	69	64	76	57	59		47	53	Advertis ing reve ingle co (VG) nues - s py news papers	216	281	312	360		55	56	56	74	53	46	54	68	52	43	45	60	39	37	43	61 Sch	ibsted F orlag		200 180	221	241
	6	5	4	4	6	9	5	6	6	6	6	6	6		6	7	Other re - single rs (VG) venues copy ne wspape	25	24	24	23	(132)		(142)	(146)	-149	-149	-142	-138	-121	-90	-97	-89	-76	(83)	(81)	(76)	(68) Other/e	liminatio ns/distri bution	(308)	(352)	(550)	(569)
340		349	345	355	333	342	341	351	344	344	333	339	319		329	319	Circulat ion reve ubscript ion new nues - s spapers	1 306	1 372	1 371	1 363		1 611	1 687	1 531	1 700	1 660	1 653	1 503	1 669	1 567	1 640	1 493	1 638	1 542	1 591	1 475	1 609 T	otal	6 217	6 338	6 485	6 529
551		451	546	532	527	404	491	432	472	353	426	358	387		290	349	Advertis ing reve ubscript ion new nues - s spapers	1 384	1 683	1 954	2 129
	54	48	55	55	60	54	62	41	39	35	44	37	39		36	39	Other re - subsc ription n venues ewspap ers		159 151	231		212																	EBITDA
	10	11	12	10	10	6	11	10	11	7	8	7	9		4	6	Elimina tions/ot her reve nues (V G)		36 26	37	48	69		99	54	57	66	60	35	48	47	71	34	30	44	64	26	39 Afte	nposten		182 173	209	279
	1 362	1 240	1 332	1 308	1 296	1 167	1 251	1 164	1 203	1 072		1 140	1 054	1 075	982	1 022	Print ne ating re wspape rs oper venues	4 133	4 579	5 022	5 250		46 31		26	42	32	35	22	30	20	29	21	28	-	17	4	21 Berg	ens Tid ende		98 42	119	145
																							19	22	17	23	20	19	14	15	11	17	17	16	11	16	11	-	Stavang er Aften blad		61 38	68	81
	55	56	74	53	46	54	68	52	43	45	60	39	37		43	61	Publish ing		200 180	221	241	4		14	6	3	(2)	2	-	7	-	14	3	8	(10)	7	-	3	Fædrela ndsvenn en		25 -	7	27
244		249	264	272	269	251	261	230	255	229	243	234	239		228	243	Printing		957 944	1 053	1 015	56		87	89	78	67	82	87	74	73	81	92	67	72	83	87	86 Ver	dens Ga ng		313 328	310	310
	(142)	(160)	(165)	(161)	(159)	(159)	(150)	(122)	(137)	(125)	(118)	(109)		(113)	(101)	(104)	Other/e liminatio ns/distri bution		(502) (427)	(629)	(617)	16		18	23	18	25	25	32	16	13	31	29	22	18	21	22	19 Sch	ibsted N orge Try kk	80	95	98	75
																								1	5	8 -		-	2	(2)	1	(1)	(1)	4	(3)	(6)	(1)	5 Schibst	ed Forla g		3 (5)	-	14
	1 687	1 531	1 700	1 660	1 653	1 503	1 669	1 567	1 640	1 493		1 638	1 542	1 591	1 475	1 609 T	otal ope rating r evenue s	6 217	6 338	6 485	6 529		- (6) 12		(3)	(11)	(6)	(7)	(19)	(10)	(15)	1	(18)	(22)	(31)	(26)	(24)	(38) Other/e	liminatio ns/distri bution	(119)	(54)	(42)	(8)
																							207	281	217	218	202	216	173	178	150	243	177	153	101	176	125	135 To	tal	537	723	769	923

NOK m	illion
1 quarte	r 2 q uarter	3 quart	er 4 quarter	1 quart	er 2 quarter	3 quart	er 4 quarter	1 quart	er 2	quarter	3 quart er 4	quarter	1 quart	er 2 quarter	3 quart	er 4 quarter	Full yea r	Full yea r	Full yea r	Full yea r	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
								2013		2013	2013	2013						2013											2013	2013	2013	2013
2011								restated		restated	restated	restated	2014			chibst ed No dia Ho		restated	2012										restated	restated	restated	restated	2014
	2011	2011	2011	2012	2012	2012	2012							2014	2014	S rge Me 2014 use	2014			2011	2011	2011	2011	2011	2012	2012	2012	2012						2014	2014	2014
		93 81	110	106	111	106	131	137		142	144	163	172	182	165	198 Online n ers - sin			454	360	522	527	459	510
	76	60 50	66	68	71	62	77	73		92	86	106	124	135	130	gle copy (VG) ewspap 151 Online n		586 717 357	278	229	225	233	205	238	522	502	441	489	465	488	421	457	460	458	415	447 Af	tenpost
	53	8 15	19	14	19	22	31	33		42	42	44	28	36	28	bscriptio ewspap ers - su n newsp apers 38 Other o s/online elimina tions	540	161	86	51	154	158	139	163	231	231	196	229	203	210	183	214	188	200	171	203 Be	rgens T
	9 138															nline op erating revenue es onlin	130			640			96	104	160	155	135	154	139	147	130	141	130	130	117	118 St	avanger dreland
		161 146	195		188 201		190	239	243	276	272	313	324	353	323	387 Op erating revenu e	1 387	1 104	818			107 96 490			99	105	91	101	91	104	90	99	82	96	85	92 Fæ
		280 295	272	272	273	282	266	252		262	263	247	250	256	270	249 Circulat ion reve single c (VG) nues -		1 024	1 093	1 115	244													239		243 Sc	hibsted
	268	94 81	98	80	87	70	75	72		69	64	76	57	59	47	opy new spapers 53 Advertis ing reve ingle co (VG) nues - s	1 025 216	281	312	360	55	258 56	249 56	264 74	272 53	269 46	251 54	261 68	230 52	255 43	229 45	243 60	234 39	37	228 43	61 Sch	ibsted F
	87	8 5	4	4	6	9	5	6		6	6	6	6	6	6	py news papers 7 Other re - single rs (VG) venues	25	24	24	23	(132)	(142)	(146)	-149	-149	-142	-138	-121	-90	-97	-89	-76	(83)	(81)	(76)	(68)	Other/e
	6	329 349	345	355	333	342	341	351		344	344	333	339	319	329	copy ne wspape 319 Circulat ion reve ubscript ion new nues - s	1 306	1 372	1 371																		otal
	340	581 451	546	532	527	404	491	432		472	353	426	358	387	290	spapers 349 Advertis ing reve ubscript ion new nues - s	1 384	1 683	1 954	1 363	1 611	1 687	1 531	1 700	1 660	1 653	1 503	1 669	1 567	1 640	1 493	1 638	1 542	1 591	1 475	1 609 T
	551	55 48	55	55	60	54	62	41		39	35	44	37	39	36	spapers 39 Other re - subsc ription n venues ers			231	2 129																	EBITDA
	54	15 11	12	10	10	6	11	10		11	7	8	7	9	4	ewspap 6 Elimina tions/ot her reve nues (V G)		159 151	37	212 48	69	99	54	57	66	60	35	48	47	71	34	30	44	64	26	39 Afte	nposten
	10 1 316															Print ne ating re wspape rs oper		36 26		5 250			26	42	32	35	22	30	20	29	21	28		17	4		21 Berg ens Tid
		1 362 1 240	1 332		1 308 1 296		1 167	1 251	1 164	1 203	1 072	1 140	1 054	1 075	982	1 022 venues	4 133	4 579	5 022			46 31 22											-
		56 56	74	53	46	54	68	52		43	45	60	39	37	43	61 Publish ing			221	241	4	14	6	3	(2)	2		7		14	3	8	(10)	7		3	Fædrela
	55	258 249	264	272	269	251	261	230		255	229	243	234	239	228	243 Printing		200 180	1 053	1 015	56	87	89	78	67	82	- 87	74	- 73	81	92	67	72	83	- 87	86 Ver	dens Ga
	244 (142)	(150) (160)	(165)	(161)	(159)	(159)	(150)	(122)		(137)	(125)	(118)	(109)	(113)	(101)	(104) Other/e liminatio ns/distri bution		957 944 (502) (427)	(629)	(617)	16	18	23	18	25	25	32	16	13	31	29	22	18	21	22	19 Sch	ibsted N
																						1
	1 611	1 687 1 531	1 700		1 660 1 653		1 503	1 669	1 567	1 640	1 493	1 638	1 542	1 591	1 475	1 609 T otal ope rating r evenue	6 217	6 338	6 485	6 529		(6) 12	(3)	(11)	(6)	(7)	(19)	(10)	(15)	1	(18)	(22)	(31)	(26)	(24)	(38)	Other/e
																s					207
	(391)	(403) (384)	(418)	(405)	(405)	(386)	(414)	(404)		(409)	(392)	(433)	(420)	(429)	(405)	(427) Online/o ffline op erating s - sing le copy pers (VG ) expense newspa	(1 681)	(1 638)	(1 610)	(1 596)
	(875)	(844) (795)	(887)	(893)	(875)	(792)	(871)	(820)		(816)	(742)	(828)	(813)	(776)	(744)	(795) Online/o ffline op erating s - subs cription expense newspa pers	(3 128)	(3 206)	(3 431)	(3 401)
	(55)	(55) (51)	(66)	(53)	(46)	(52)	(70)	(51)		(44)	(46)	(56)	(42)	(43)	(44)	(56) Publish ing		(197) (185)	(221)	(227)
	(228)	(240) (226)	(246)	(247)	(244)	(219)	(245)	(217)		(224)	(200)	(221)	(216)	(218)	(206)	(224) Printing		(862) (864)	(955)	(940)
	145	136 142	135	140	133	119	109	75		96	64	53	50	51	49	28 Other/e liminatio ns/distri bution		288 178	501	558
	1	1 2	(1)	2	2	1	(2)	-		-	-	-	-			Share o f profit ( loss) of associa ted com panies	-	-	3	3
	(1 403) (	1 405) (1 312)	(1 483)		(1 456) (1 435)		(1 329)	(1 493)	(1 417)	(1 397)	(1 316)	(1 485)	(1 441)	(1 415)	(1 350)	(1 474) Total o peratin g expen ses	(5 680)	(5 615)	(5 713)	(5 603)
		87 89	78	67	82	87	74	73		81	92	67	72	83	87	VG (on line/offli 86 EBITDA single c ne)	328	313	310
	56	181 103	125	117	116	70	100	77		131	76	81	45	104	41	opy new spapers e/offline 63 EBITDA subscr iption ne rs (onlin )	253	365	403	310
	123	1 5	8			2	(2)	1		(1)	(1)	4	(3)	(6)	(1)	wspape EBITDA publish ing 5				532
	-	18 23	18	- 25	- 25	32	16	13		31	29	22	18	21	22	EBITDA printing 19		3 (5)	- 98	14
	16 12	(6) (3)	(11)	(7)	(7)	(18)	(10)	(14)		1	(19)	(21)	(31)	(26)	(24)	(38) EBITDA other/d istributio n		95 80 (53) (119)	(42)	75 (8)
		1 2	(1)	2	2	1	(2)	-		-	-	-	-	-	-	EBITDA from as sociated nies compa -			3
	1																	- -		3
	208	282 219	217		204 218		174	176	150	243	177	153	101	176	125	135 To tal EBIT DA	537	723	772	926

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.

SEK mil lion
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	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		Full year	Full yea r	Full yea r	Full yea r
201 1	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	Sch ibst ed Sve rige Me dia Hou se	2014	201 3	201 2	201 1
								ted resta	ated rest	ated rest	ated rest							ted resta
141	156	156	168	163	169	185	187	202	205	210	240	240	225	235	253	Sch ibste d Gr owth reve nues	953	857	704	621
83	90	84	86	86	87	87	88	83	81	80	78	77	69	66	64	of w hich Hitt a rev enue s	276	322	348	343
144	180	146	208	171	216	170	227	213	220	200	251	251	252	219	281	Sch ibste d Pu blish ing r even ues	1 00 3	884	784	678
102	121	100	140	121	148	119	159	153	156	134	178	171	186	149	193	of w hich Afto nbla det o nline reve nues	699	621	547	463
9	13	7	17	13	18	14	22	17	21	16	28	26	31	27	36	of w hich SvD onli ne re venu es	120	82	67	46
	(9) (4)	(6)	(10)	(7)	(16)	(9)	(4)	(8)	(8)	(15)	(2)	(9)	(4)	(12)	(19)	Othe r onl ine r and elim inati even ues ons		(33) (44)	(36)	(29)
276	332	296	366	327	369	346	410	407	417	395	489	482	473	442	515	Onli ting ne o pera rev enu es	1 91 2	1 70 8	2 1 45	1 27 0
320	346	347	319	294	321	320	290	271	276	304	277	255	268	286	252	Circ ulati es A ftonb lade t on re venu	1	8 1 12	5 1 22	1 33
91	116	96	113	84	117	92	86	69	82	68	77	59	73	57	63	Adv ertis Afto nbla det	1 06 252		379	2
																ing r even ues		296		416
6	5	9	8	3	4	5	5	1	2	1	2	1	1	2	3	Othe s Aft onbl adet r rev enue	7	6	17	28
127	127	128	128	125	119	123	121	116	112	114	109	107	98	103	105	Circ ulati es S vD on re venu	413	451	488	510
128	140	106	141	120	123	91	125	103	125	82	119	93	102	71	98	Adv ertis ing r SvD even ues	364	429	459	515
18	18	18	23	18	18	17	20	17	15	18	21	16	15	16	16	Othe s Sv D r rev enue	63	71	73	77
690	752	704	732	644	702	648	647	577	612	587	605	531	557	535	537	New ratin spa per ope g re ven ues	0 2 16	2 38 1	2 64 1	2 87 8
6	7	7	9	5	11	7	9	4	4	3	11	-	13	6	8	Othe d eli mina tions r rev enue s an	27	22	32	29
972	1 09 1	1 00 7	1 10 7	976	2 1 08	1 00 1	6 1 06	988	3 1 03	985	1 10 5	3 1 01	3 1 04	983	0 1 06	Tota l op ing erat reve nue s	4 09 9	4 11 1	4 12 5	4 17 7
)	(114 (133 )	) (119	) (137	) (136	) (141	) (144	) (164	) (181	) (186	) (169	) (190	) (182	) (185	) (181	) (198	Sch ibste d Gr owth exp ense s	(746	) (726 )	) (585	(503
	(63) (67)	(57)	(59)	(64)	(67)	(66)	(68)	(65)	(65)	(55)	(53)	(49)	(46)	(42)	(38)	of w hich Hitt a ex pens es	(175	) (238 )	) (265	(246
)	(773 (819 )	) (761	) (773	) (745	) (797	) (723	) (756	) (740	) (770	) (722	) (724	) (735	) (740	) (689	) (730	Sch ibste d Pu blish ing e (prin t and onli ne) xpen ses	94) (2 8	6) (2 95	1) (3 02	(3 12 6)
)	(484 (514 )	) (475	) (456	) (457	) (492	) (449	) (458	) (437	) (460	) (433	) (434	) (441	) (471	) (433	) (437	of w hich Afto nbla det e xpen ses	82) (1 7	4) (1 76	6) (1 85	(1 92 9)
)	(259 (270 )	) (253	) (279	) (258	) (266	) (243	) (261	) (264	) (269	) (244	) (255	) (240	) (234	) (213	) (238	SvD of w hich exp ense s		2) (925 ) (1 03	8) (1 02	(1 06 1)
	(16) (22)	(11)	(26)	(15)	(15)	(5)	(19)	(6)	(6)	6	(34)	(5)	(19)	3	(17)	Othe d eli mina tions r exp ense s an		(40) (38)	(54)	(75)
6	14	3	19	8	13	-	11	-	-	-	-	-	-	-	-	Sha re of fit of ocia ted c anie pro ass omp s	-	-	32	42
)	(897 (960 )	) (888	) (917	) (888	) (940	) (872	) (928	) (927	) (962	) (885	) (948	) (922	) (944	) (867	) (945	Tota l op erat ing expe nses	(3 67 8)	(3 72 2)	8) (3 62	(3 66 2)
27	23	37	31	27	28	41	23	21	19	41	50	58	40	54	55	EBIT DA S chib sted Gro wth	207	131	119	118
20	23	27	27	22	20	21	20	18	16	25	25	28	23	24	26	of w hich EB ITDA Hitt a	101	84	83	97
61	113	89	167	70	121	95	118	50	62	65	132	47	69	65	88	DA S EBIT chib sted Pub lishi ng	269	309	404	430
35	74	77	124	45	98	87	82	57	56	74	100	45	57	61	74	of w hich EB ITDA Afto nbla det	237	287	312	310
23	28	6	30	18	12	2	27	(11)	4	(14)	22	2	12	4	17	of w hich EB ITDA SvD	35	1	59	87
	(19) (19)	(10)	(27)	(17)	(20)	(7)	(14)	(10)	(10)	(6)	(25)	(14)	(10)	(3)	(28)	EBIT DA O ther		(51) (55)	(58)	(75)
6	14	3	19	8	13	-	11	-	-	-	-	-	-	-	-	EBIT DA f ciate d co nies rom asso mpa	-	-	32	42
75	131	119	190	88	142	129	138	61	71	100	157	91	99	116	115	Tota l EB ITDA	421	389	497	515
0,88 28	0,86 82	92 0,84	37 0,85	70 0,85	85 0,84	60 0,87	39 0,85	51 0,87	89 0,88	38 0,91	02 0,93	23 0,94	69 0,90	88 0,89	64 0,92	NOK / SE K	0,91 86	0,90 22	89 0,85	0,86 31

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.

EUR mi llion
1 qu arte	r 2 rter qua	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er		Yea date r to	Ful l ye ar	Ful l ye ar	Ful l ye ar
201 1	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	Sc hib d C las sifi ed Me dia ste	201 4	201 3	201 2	201 1
																Rev enu es
56,3	62,8	60,2	65,0	71,4	82,2	77,0	78,9	82,3	93,6	86,5	90,0	91,7	,6 100	93,9	,1 100	Esta blis hed pha se	386 ,3	352 ,4	,5 309	244 ,3
18,1	20,9	18,4	19,0	19,4	24,9	23,2	21,3	7 22,	1 27,	1 25,	25,2	25,0	7 27,	25,4	1 25,	- Sw ede n	103 ,2	100 ,1	88,8	76,4
13,1	15,7	16,6	18,7	21,3	25,4	24,4	26,6	28,4	33,0	1 30,	32,8	35,8	39,6	1 36,	39,2	- Fr anc e	150 ,7	124 ,3	97,7	64, 1
23,5	24,3	23,3	24,4	23,9	1 24,	22,3	1 23,	22,5	23,0	21,2	21,8	20,9	21,2	7 20,	21,9	- Sp ain	84,7	88,5	93,4	95,5
1,6	1,9	1,9	2,9	6,8	7,8	7,1	7,9	8,7	10,5	10,1	10,2	10,0	12,1	11,7	13,9	- Int tion al erna	47,7	39,5	29,6	8,3
5,1	5,8	5,3	6,2	2,6	2,8	2,8	3,2	2,8	3,2	3,3	4,6	4,3	5,1	5,6	6,1	New ture ven s	21, 1	13,9	11,4	22,4
(0,7	) (0,6 )	) (0,4	) (0,8	) (0,5	) (1,2	) (0,3	-	) (0,1	-	0,1	) (0,5	0,5	0,5	0,8	3,0	HQ/ Oth er/E limi nati ons	4,8	(0,5 )	(2,0 )	(2,5 )
60,7	68,0	65,1	70,4	73,5	83,8	79,5	82,1	85,0	96,8	89,9	94,1	96,5	106 ,2	100 ,3	109 ,2	Tot al r eve nue s	412 ,2	365 ,8	318 ,9	264 ,2
																EBI TDA inc lud ing Joi nt V d A ciat ed C ies ent ure s an sso om pan
24,1	32,0	30,8	32,7	30,6	42,4	38,8	35,7	37,5	47,5	43,0	40,3	40,9	46,3	42,8	38,9	Esta blis hed line ture ven s on	168 ,9	168 ,3	,5 147	119 ,6
10,5	12,4	11,3	9,4	10,5	15,1	13,6	9,9	11,2	15,1	14,2	13,5	13,3	14,9	13,7	13,9	- Sw ede n	55,8	54,0	1 49,	43,6
8,6	11,0	11,8	13,4	14,6	18,1	17,0	17,0	19,8	22,4	20,2	21,2	24,5	27,2	24,2	25,6	- Fr anc e	101 ,5	83,6	66,7	44,8
4,9	8,3	7,8	9,2	4,7	7,8	7,4	7,2	5,7	8,3	7,4	3,8	3,4	3,6	5,7	1,3	- Sp ain	14,0	25,2	1 27,	30,2
0,1	0,3	) (0,1	0,7	0,8	1,4	0,8	1,6	0,8	1,7	1,2	1,8	) (0,3	0,6	) (0,8	) (1,9	- Int tion al erna	(2,4	) 5,5	4,6	1,0
(8,9	) (9,3 )	0) (15,	7) (19,	4) (18,	2) (20,	1) (17,	2) (15,	3) (32,	2) (32,	5) (29,	1) (34,	2) (39,	3) (43,	9) (39,	0) (34,	New ture ven s	(156 ,4)	(128 ,1)	(70, 9)	(52, 9)
(1,7	) (2,2 )	) (1,6	) (2,4	) (2,1	) (2,1	) (2,4	) (5,8	) (4,5	) (4,9	) (4,0	) (4,5	) (5,3	) (4,3	) (4,5	) (7,8	HQ/ Oth er/E limi nati ons	(21, 9)	(17, 9)	(12, 4)	(7,9 )
13,5	20,5	14,2	10,6	10,1	20,1	19,3	14,7	0,7	10,4	9,5	1,7	(3,6 )	(1,3 )	(1,6 )	(2,9 )	Tot al E BIT DA incl udi ng J oin t Ve and As iate d C ies ntu res soc om pan	(9,4 )	22,3	64,2	58,8
7,82	7,83	7,77	7,76	7,59	7,56	7,39	7,36	7,43	7,62	7,93	8,24	8,35	1 8,2	8,27	8,59	NO K / EUR	8,35	7,81	7,48	7,79

For information purposes, the above figures are proforma reflecting that Joint Ventures and Associated Companies are included using proportionate consolidation.

The figures below reflect the contribution by Joint Ventures and Associated

							Com ies to th ofor stat nt: pan e pr ma eme
2,2	2,6	2,3	3,2	3,7	4,2	4,6	5,4 Rev enu es	17,9	10,3
(2,2 )	(3,0 )	) (2,6	) (8,4	6) (22,	8) (26,	3) (26,	(24, 9) EBI TDA	(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:

(3,3)(2,5) (3,0) (8,9) (23,0) (27,8) (28,9) (24,6) Share of profit (loss) of Joint Ventures and Associated Companies (17,7) (104,3)

Print is included in Established phase - international

	17,9	$\begin{bmatrix} 10,3 \ 16,2 \end{bmatrix}$
	(100, 6)
a Group the
.

mpanies

EUR	milli on
1 qu	arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	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 yea r	Full yea r	Full yea r
	2011	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	20 M inute s Sp ain	2014	201 3	201 2	201 1
	4,5	5,9	3,2	5,0	3,6	4,1	1,9	4,1	2,5	3,5	1,8	3,3	2,5	3,4	2,0	3,0	Ope ratin s Pr int g rev enue	10,9	11,1	13,7	18,6
	0,9	1,0	0,6	1,2	0,8	1,0	0,6	1,3	0,9	1,0	0,7	1,2	0,9	1,1	0,8	1,3	Ope s On ratin line g rev enue	4,1	3,8	3,7	3,7
	5,4	6,9	3,8	6,2	4,4	5,1	2,5	5,4	3,4	4,5	2,5	4,5	3,4	4,5	2,8	4,3	Ope ratin g re venu es	15,0	14,9	17,4	22,3
	(6,8)	(7,3 )	(5,4 )	(6,4 )	(7,0 )	(7,1 )	(4,4 )	(5,8 )	(5,1 )	(5,1 )	(4,1 )	(4,5 )	(4,9 )	(5,5 )	(5,2 )	(3,6	) Op erati ng e xpen ses	(19, 2)	(18, 8)	(24, 3)	(25, 9)
	(1,4)	(0,4 )	(1,6 )	(0,2 )	(2,6 )	(2,0 )	(1,9 )	(0,4 )	(1,7 )	(0,6 )	(1,6 )	0,0	(1,5 )	(1,0 )	(2,4 )	0,7	Tota l EB ITDA	(4,2)	(3,9 )	(6,9 )	(3,6 )
		7,82 7,83	7,77	7,76	7,59	7,56	7,39	7,36	7,43	7,62	7,93	8,24	8,35	8,21	8,27	8,59	NOK / EU R		7,81 8,35	7,48	7,79

EUR	milli on
	1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	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 yea r	Full yea r	Full yea r
	2011	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	20 M inute s Fr * ance	2014	201 3	201 2	201 1
	12,5	15,2	10,4	16,6	13,2	14,6	8,4	16,8	10,0	12,9	7,7	14,9	9,7	11,0	6,1	13,3	Ope ratin s Pr int g rev enue	40,1	45,5	53,0	54,7
	1,1	1,4	1,4	2,0	1,1	1,6	0,8	1,9	1,4	1,4	1,2	2,0	1,4	1,6	1,2	2,2	Ope ratin s On line g rev enue	6,4	6,0	5,4	5,9
	13,6	16,6	11,8	18,6	14,3	16,2	9,2	18,7	11,4	14,3	8,9	16,9	11,1	12,6	7,3	15,5	Ope ratin g re venu es	46,5	51,5	58,4	60,6
	(14,5 )	(15, 3)	(12, 9)	(15, 4)	(16, 2)	(15, 5)	(11, 7)	(13, 5)	(14, 0)	(13, 8)	(10, 7)	(14, 6)	(13, 2)	(12, 0)	(8,8 )	(11,	7) O ting pera expe nses	(45, 7)	(53, 1)	(56, 9)	(58, 1)
	(0,9)	1,3	(1,1 )	3,2	(1,9 )	0,7	(2,5 )	5,2	(2,6 )	0,5	(1,8 )	2,3	(2,0 )	0,6	(1,5 )	3,8	Tota l EB ITDA	0,9	(1,6 )	1,5	2,5
		7,82 7,83	7,77	7,76	7,59	7,56	7,39	7,36	7,43	7,62	7,93	8,24	8,35	8,21	8,27	8,59	NOK / EU R		7,81 8,35	7,48	7,79

*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 rter qua	3 qu arte	r 4 rter qua	1 qu arte	r 2 rter qua	3 qu arte	r 4 rter qua	1 qu arte	r 2 rter qua	3 qu arte	r 4 rter qua	1 qu arte	r 2 rter qua	3 qu arte	r 4 rter qua
2011	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	Circ ulat ion vol e Y TD um
239 324 210 819 105 156	238 509 209 542 104 114	659 235 781 205 776 101	795 235 645 206 754 101	776 230 039 203 375 100	142 230 561 201 86 99 0	245 225 719 195 47 95 4	981 225 590 197 00 96 1	776 221 533 196 -	994 218 266 194 -	829 214 326 190 -	026 214 472 190 -	609 227 789 220	927 226 866 220	727 223 317 218	658 221 460 217	Afte sten npo Morn ing e ditio n Sun day editi on Afte n ed ition rnoo
80 5 94 79 9 95	80 3 63 79 4 79	79 2 52 79 8 90	79 4 67 78 3 71	77 8 33 78 6 68	77 7 48 78 2 86	77 2 57 77 4 47	76 8 17 76 9 50	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 72 4	Berg Tide nde ens 40 W eekd ditio ay e n 70 S unda y ed ition
63 6 04	63 4 71	63 2 48	63 2 83	62 0 25	61 8 86	61 5 01	61 6 36	59 4 12	59 1 76	58 6 45	59 2 62	58 2 89	58 3 54	58 3 62	58 5	Stav er A ften blad ang 44 W eekd ditio ay e n
35 9 83	35 9 03	35 7 91	36 6 03	34 1 14	33 9 89	35 2 25	35 4 41	35 1 17	35 0 43	35 0 08	34 8 45	34 4 87	34 3 56	34 3 21	34 0	Fæd rela ndsv enn en 64 W eekd ditio ay e n
207 620 202 133	210 315 201 845	531 215 234 199	588 211 105 198	165 189 643 187	926 189 381 185	539 190 156 179	353 188 434 179	830 168 959 167	974 166 465 166	425 167 570 160	430 164 573 159	212 141 295 148	881 139 073 146	915 138 774 138	188 138 167 136	VG Wee kday edit ion Sun day editi on
244 700 281 100	243 300 278 500	900 246 400 279	600 240 100 272	500 213 000 240	900 212 800 235	100 213 100 236	300 207 200 228	003 182 891 196	500 182 300 196	700 181 000 197	475 176 400 191	300 152 600 159	800 151 700 160	500 151 000 161	200 146 600 155	Afto nbla det Wee kday edit ion Sun day editi on
189 800 194 100	190 100 193 600	185 100 188 400	185 600 188 900	182 400 187 700	179 700 185 000	175 000 180 700	174 400 179 800	166 900 171 400	164 500 169 200	159 600 165 000	159 000 164 400	152 300 157 900	148 200 153 500	144 600 149 500	145 300 150 000	Sve nska Dag blad et We ekda y ed ition Sun day editi on

1 qu arte	r 2 rter qua	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er		Full yea r	Ful l ye ar	Ful l ye ar	Ful l ye ar
201 1	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	Pri nt a dve rtis ing lum vo e	201 4	201 3	201 2	201 1
2 67 4	3 05 4	1 2 72	0 3 08	7 2 45	4 2 94	6 2 59	16 2 7	1 2 78	4 3 00	5 2 87	18 3 1	5 2 69	5 2 80	4 2 27	1 2 74	VG	10 5 15	11 7 78	13 10 7	11 5 29
3 85 7	4 87 1	7 4 38	13 5 2	6 4 15	0 5 36	8 3 97	1 4 23	9 3 49	4 4 89	8 3 84	2 4 67	4 3 92	5 4 75	7 3 90	8 4 69	Afto nbla det *	284 17	13 16 9	25 17 7	18 3 28
5 82 4	6 88 2	4 5 55	6 6 53	8 5 82	3 5 78	7 5 04	2 6 12	6 5 30	9 6 49	8 4 77	5 6 10	2 5 17	0 5 26	3 4 29	5 5 20	SvD	19 9 30	22 6 88	80 22 7	24 7 96
17 1 32	19 3 11	96 14 7	53 17 9	72 17 4	78 20 0	86 15 1	14 18 2	58 15 4	34 15 8	10 14 9	43 16 4	10 13 0	72 15 1	33 11 2	39 13 4	Afte sten npo	854 52	45 62 6	50 70 9	69 1 92
5 85 4	6 88 6	3 5 29	4 6 30	5 6 04	1 6 43	6 5 00	4 5 48	2 5 62	6 6 51	2 5 49	15 5 8	0 4 75	19 5 6	8 4 04	5 4 99	Ber s Ti den de gen	412 19	45 23 4	66 22 9	24 3 37
5 18 4	6 00 1	4 4 82	0 5 47	3 5 32	3 5 56	9 4 37	5 5 07	4 4 65	5 5 20	7 3 95	8 4 95	0 4 05	16 4 6	9 4 76	8 3 74	Sta Afte nbla d van ger	183 17	74 18 7	40 20 3	21 4 79
4 0 14	5 24 3	9 4 08	8 4 40	12 4 1	7 4 68	3 3 75	0 4 03	4 3 26	0 4 40	7 3 43	1 3 98	5 2 90	2 3 99	5 3 24	1 3 27	Fæd rela nds ven nen	413 13	82 15 0	82 16 5	17 7 54