Vend Marketplaces ASA

Financials and analytical info as of Q2 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 [email protected] 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 2 q er	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	PROFIT AND L OSS ST ATEME NT quarter	Year to	date Ye ar to da	te Fu ll year	Full yea	r F ull year	Full yea	r Fu ll year	Full yea r F	ull year
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 S CHIBST ED MED IA GRO UP	2014	2013	2013	2013	2012	2012	2011	2010	2009
																				restated	restated	restated	restated	restated	restated	restated	restated		2 QUAR TER 20 14		restated	restated	reporte	d r estated	d reporte
	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 Subscri ption re venues			1,770	1,787	1,744	1,744	1,741	1,672	1,426	1,207
	302 745	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 Casual sales re venues		897 927	2,328	2,335	2,478	2,478	2,641	2,796	2,971	3,072
	754 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 Advertis ing reve nues		1,141 1,094 4,411 4,508	8,721	9,017	8,654	8,654	8,427	7,687	6,341	6,752
	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 Other re venues		1,008 1,015	2,051	2,093	1,887	1,887	1,569	1,613		2,007 1,820
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 Operati ng reve nues	7,544	7,457	14,870	15,232	14,763	14,763	14,378	13,768		12,745

	(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) Raw ma terials, w ork in p and finis hed goo ds rogress	(351)	(471)	(850)	(871)	(1,057)	(1,057)	(1,159)	(1,192)		(1,371) (1,506)
	(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) Personn el expen ses		(2,709) (2,832)	(5,314)	(5,474)	(5,226)	(5,241)	(4,960)	(4,711)		(4,533) (4,590)
	(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) Other o perating expens es		(3,418) (3,377)	(6,929)	(7,228)	(6,471)	(6,471)	(6,113)	(5,702)		(5,280) (5,324)
	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) (73)
399																													erating profit ( loss) ross op
	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 G	984	859	1,777	1,672	2,043	2,028	2,185	2,199		1,494
	(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) Depreci ation an d amort isation		(236) (226)	(476)	(490)	(479)	(479)	(505)	(588)		(662) (592)
																			-	-	-	-	-		(11) (26)	(30)	(56)	(202)	(216) Share o f profit ( loss) of joint ven tures an d assoc iated co mpanies	(418)	(37)	(123)	-	-	-	-	-		-
			(25) (8)		(7)	(9)	(1,542)	(72)	(5)	(4)	(80)	(18)	(6)	(25)	(61)	(4)	(1)	(7)	(179)	-	-	(1)	(547)	-	(2)	-	(148)	(9)	Impairm ent loss -		(2) (9)	(150)	(150)	(548)	(548)	(191)	(110)		(161) (1,558)
	13 191	(112)	10	842	(95)	(18)	(247)	(30)	(162)	6	(50)	30	390	(18)	1,507	12	2	(2)	(62)	12	(1)	(13)	(285)	(7)	8	(225)	871	45	(30) Other in nd expe come a nses		1 15	647	1,169	(287)	(257)	(50)	1,909		(236) 482
273	604	120	249	1,109	320	172	(1,911)	(105)	17	305	218	278	893	369	1,870	318	550	387	184	320	479	381	(451)	147	438	87	1,003	130	216 O peratin g profit (loss)	346	585	1,675	2,201	729	744	(241)	1,799		(397)
						12	24			17	21	21		4				14		11	14					11	21	12	17 Financia l income										206
	35 20 (77)	32 (78)	6 (78)	33 (87)	19 (86)	(138)	(207)	176 (118)	(8) (101)	(72)	(71)	(48)	139 (69)	(30)	16 (44)	15 (44)	40 (42)	(59)	13 (45)	(57)	(61)	8 (51)	82 (55)	10 (50)	9 (72)	(65)	(49)	(41)	(43) Financia l expens es		19 29	51 (236)	51 (237)	115 (224)	115 (176)	82 (190)	180 (191)		88 (362) (518)
230	(78) 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 P rofit (lo ss) befo re taxes	291	(122) (84) 482	1,490	2,015	620	683	(349)	1,788		(553)

	(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) Taxes		(217) (287)	(453)	(453)	(426)	(443)	(499)	(468)		(94) (169)
				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 Pro fit (loss )	4	265	1,037	1,562	194	240	(848)	1,320		(647)

160					11 4	9	15	7	320	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	Profit (lo ss) disc ontinued operati ons -		- -	-	-	-	-	-	-		327 39
	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 Pro fit (loss )	4	265	1,037	1,562	194	240	(848)	1,320		(320)
	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 Profit (lo ss) attri butable to non-c ontrollin g intere sts	33	27	26	26	53	55	90	137		117 36
	44 116 382	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 Profit (lo ss) attri butable to owne rs of the parent	(29)	238	1,011	1,536	141	185	742	2,794		395 (906)

	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 Earning s per sh are (NO K)		2.22 (0.27)	9.43	14.32	1.32	1.73	7.00	27.04		4.74 (13.95)
	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 Diluted earning s per sh are (NO K)		2.22 (0.27)	9.42	14.31	1.32	1.73	6.99	27.01		4.74 (13.94)
	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 Earning s per sh are - ad justed ( NOK)		2.20 (0.43)	3.90	3.90	8.18	8.41	8.76	9.72		4.42 2.79
	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 Diluted earning s per sh are - ad justed ( NOK)	(0.43)	2.20	3.90	3.90	8.17	8.40	8.75	9.71		4.42 2.79

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.

NOK m illion
Balan ce sh eet	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 reporte	31.03 2012 d rep orted	30.06 2012 report	30.09 2012 ed re ported	31.12 2012 report ed re	01.01 2012 stated	31.03 2012 restat	30.06 2012 ed r estated	30.09 2012 restat	31.12 2012 ed r estated	31.03 2013 report	30.06 2013 ed re ported	30.09 2013 report	31.12 2013 ed re ported	31.03 2013 restat ed r	30.06 2013 estated	30.09 2013 restat ed r	31.12 2013 estated	31.03 2014	30.06 2014
Intang ible as sets Investm ent pro perty a nd pro perty p lant an d equi pment Investm ents in joint v enture s and associ ated co mpanie s Other non-cu rrent a ssets Non-c urrent asset s	2, 1,18 11,756	7,960 7,934 179 2,075 0 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
Invento ries Trade and ot her rec eivable s Curren t finan cial as sets Cash a nd cas h equiv alents Assets held f or sale Curren t asse ts	3,514	119 122 2,313 2,341 71 3 1,011 796 - - 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
Total a ssets		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
Equity attribu table t rs of th nt o owne e pare Non-co ntrollin g inter ests Equity	4,924 5,209	4,980 285 227 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
Non-cu rrent in bearin g borro wings terest- Other rrent li abilitie non-cu s Non-c urrent liabili ties	365 2,253 2,618	573 2,306 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
Curren t intere st-bea ring bo rrowing s Other t liabili ties curren Liabilit ies hel d for s ale Curren t liabil ities	4,336 3,107 7,443	4,117 3,042 - - 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
Total e quity a nd liab ilities	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

Schibsted has as of 1 January 2014 implemented IFRS 11 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. 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 mill ion
	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
Sta tem ent of h fl cas ows	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
												ted resta	ated rest	ated rest	ated rest	ated rest	ated rest	ated rest	ated rest

Prof it (lo ss) b efore 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
Prof it (lo ss) b efore s dis inue d op erati taxe cont ons	58	56	335	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
- G ain f nt of ious ly he ld eq uity inter est i n bu sine rom reme asur eme prev ss
bina tion achi eved in s tage com s		- -	-	-	-	-	18) (1,5	-	-	-	-	(48)	(57)	(57)	(57)	-	-	(2)	(2)	(37)	(40)
+ De iatio ortis ation and imp airm ent l prec n, am osse s	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
+ / - Sha re of fit of join and ocia ted c anie t of d t ven tures pro ass omp s, ne	ivide ived nds rece	(79) 182	104	(5)	(8)	(15)	(23)	(6)	2	-	(14)	24	11	10	10	26	85	125	182	202	445
- Ta paid xes	(203 )	(217 )	) (206	(58)	) (140	) (149	) (111	(57)	) (350	) (372	) (346	) (231	) (496	) (587	) (628	) (145	) (494	) (516	) (636	) (301	(496 )
Sale s los / (ga ins) ent a sset ses non- curr s	(311 )	(880 )	) (424	1	) (523	) (524	) (581	(35)	(52)	(55)	(63)	(1)	(2)	-	(65)	(1)	(12)	203	) (943	(10)	(11)
Cha in w orkin pital etc. nge g ca		91 96	16	) (180	) (247	) (329	69	) (193	(57)	) (130	12	(9)	11	9	340	) (484	) (444	) (506	(4)	) (139	(76)
Net cash flow from ratin tivit ies ope g ac	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

Net cash flow from inve sting acti vitie s	(937 )	(418 )	778	(74)	616	534	) (724	(74)	) (170	) (338	) (330	(89)	) (196	) (268	) (400	) (158	) (251	) (478	471	) (446	(790 )
Net cash flow befo re fin anci ctivi ties ng a		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 )
Net cash flow from fina ncin tiviti g ac es	(1,60 6)	(434 )	3) (1,20	) (734	4) (1,79	0) (2,17	19) (1,8	(48)	) (274	) (479	8) (1,15	229	) (387	) (451	) (591	60	397	) (296	16) (1,1	) (365	(305 )
Effec t of e xcha chan ash and cash ivale rate nts nge ges on c equ		- -	(47)	(3)	(2)	-	(3)	-	(5)	(1)	-	(8)	(13)	(19)	(31)	41	87	112	153	(23)	3
Net cash flow for the peri od	(1,39 8)	(95)	508	(632 )	(565 )	(596 )	(605 )	9	191	197	128	257	(187 )	41	253	(437 )	88	(481 )	224	(895 )	(744 )

Cas h an d ca sh e quiv alen t of perio d ts at star	2,24 0	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	1,20 2
Cas h an d ca sh e quiv alen ts a t en d of iod per	842	747	1,25 5	623	690	659	650	659	841	847	778	1,03 5	591	819	1,03 1	541	1,06 6	497	1,20 2	307	458

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.

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	OPE RAT ING RE VEN UES SCH IBS TED GR OU P	Yea date r to 201 4	Yea date r to 201 3	Ful l ye ar 201 3	Ful l ye ar 201 3
								ated rest	d tate res	d tate res	d tate res					ated rest	d tate res	d orte rep
3,49 6	3,75 8	3,38 0	3,74 4	3,60 3	3,82 5	3,52 4	3,81 1	3,58 7	3,87 0	3,58 1	3,83 2	3,71 0	3,83 4	SCH IBS TED GR OU P	7,54 4	7,45 7	14,8 70	15,2 32
756	837	784	821	871	958	906	912	948	1,09 5	1,04 4	1,09 7	1,15 1	1,22 5	ON LIN E C LAS SIF IED S	2,37 6	2,04 3	4,18 4	4,26 5
277	305	278	275	316	325	318	307	332	376	350	348	376	388	FIN N	764		6 1,40	1,40
																708		6
479	532	506	546	555	633	588	605	616	719	694	749	775	837	Sch ibst ed C lass ified Me dia	1,61 2	1,33 5	8 2,77	2,85 9
1,61 1	1,68 7	1,53 1	1,70 0	1,66 0	1,65 3	1,50 3	1,66 9	1,56 7	1,64 0	1,49 3	1,63 8	1,54 2	1,59 1	SCH IBS TED NO RGE ME DIA HO USE	3,13 3	3,20 7	6,33 8	6,36 8
864	948	854	945	831	920	877	910	871	918	900	1,03	952	946	SCH IBS TED SV ERI GE ME DIA HO USE	1,89 8	1,78 9	3,72 0	3,73
											1							1
242														ME DIA HO USE S IN TER NAT ION AL
	276	206	280	228	252	185	274	160	186	106 21	37	31	38	20 M inut	69	346	489 117	728
96	119	75	120	87	100	53	108	26	34		36	29	37	es	66	60		318
144	154	131	161	140	152	131	165	134	151	84	-	-	-	Ees ti M eed ia G roup		285 -	369	407
2	3	-	(1)	1	-	1	1	-	1	1	1	2	1	Oth er/e limi nati ons	3	1	3	3

63	48	38	41	49	84	89	95	86	82	89	88	92	91	OTH ER	183	168	345	345
63	48	38	41	49	84	89	95	86	82	89	88	92	91	Oth er/e limi nati ons	183	168	345	345

50	82	81	83	87	87	82	91	92	90	83	90	93	93	HEA DQU ART ERS	186	182	355	355
50	82	81	83	87	87	82	91	92	90	83	90	93	93	Sch ibst ed A SA and oth alis ed f tion entr er c unc s	186	182	355
																		355
(90)	(120 )	(114 )	(126 )	(123 )	(129 )	(118 )	(140 )	(137 )	(141 )	(134 )	(149 )	(151 )	(150	) EL IMIN ATI ONS	(301 )	(278 )	(561 )	(560 )

1 qu arte r	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	1 q uart er	2 q uart er	G ROS S O PER ATI NG PRO FIT (LO SS) - E BIT DA	Yea date r to	Yea date r to	Ful l yea r	Ful l yea r	Ful l 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	SCH IBS TED GR OUP	201 4	201 3	201 3	201 3	201 2	201 1
				ated rest	d tate res	d tate res	d tate res	d tate res	d tate res	d tate res	d tate res					ated rest	d tate res	d orte rep	d tate res
439	675	522	549	424	600	518	501	297	562	463	455	410	574	SCH IBS TED GR OUP	984	859	7 1,77	2 1,67	3 2,04	2,18 5
235	307	250	201	228	313	300	259	167	310	270	245	313	392	ONL CL ASS DS INE IFIE	705	477	992	862	0 1,10	993
130	147	139	118	152	161	158	151	145	208	175	163	155	182	FIN N	337	353	691	691	622	534
105	160	111	83	76	152	142	108	22	102	95	82	158	210	Sch ibste d C lass ified Me dia	368	124	301	171	478	459
208	282	219	217	204	218	174	176	150	243	177	153	101	176	SCH IBS NO RGE HO USE TED ME DIA	277	393	723	724	772	926
66	115	101	163	75	121	114	119	54	65	90	145	86	89	SCH IBS TED SV ERI GE MED IA H OUS E	175	119	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) - -	MED IA H OUS ES INT ERN ATI ONA L 20 M inut es Ees ti M eed ia G roup Oth er	) (21	12 (19) (22) 31 - - 1	4 (32) 36 -	2 (37) 39 -	(3) (48) 45 -	38 (20) 59 (1)
3 3	4 4	6 6	8 8	(2) (2)	(11) (11)	(8) (8)	(18) (18)	(11) (11)	(16) (16)	(11) (11)	(13) (13)	(11) (11)	(7) (7)	OTH ER Oth er/e limin atio ns		(27) (18) (27) (18)	(51) (51)	(51) (51)	(39) (39)	21 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)	HEA DQU ART ERS Sch d AS fun ibste A an d ot her trali sed ctio cen ns	(134 ) 4) (13	(115 ) ) (115	) (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	Year to date	Year to date	Full yea	Full yea r	Full yea r r	Q1	Q2	Q3	Q4	Q1 Q2	Q3		Q4	Q1 Q2	Q3		Q4	Q1	Q2	date Y	ear to d ate F	ull year	Full yea r F	ull year
								2013		2013	2013	2013				2013	2013											2013 2013	2013		2013				2013	2013
2011	2011	2011	2011	2012	2012	2012	2012	restated		restated	restated	restated	2014	S chibst ed No rge Me dia Ho 2014 use	2014	restated	restated	2012	2011	2011	2011	2011	2011	2012 2012	2012		2012	restated restated	restated		restated	2014	S chibst ed No rge Me dia Ho 2014 use	2014	restated	restated	2012	2011
																																	Operati ng reve nues
	76	81	110	106	111	106	131	137		142	144	163	172	182 Online n ers - sin gle copy (VG) ewspap		279 354	586	454	360	522	527	459	510	522	502	441	489	465	488	421	457	460	458 Af tenpost en		953 918	1,831	1,954	2,018
	53	50	66	68	71	62	77	73		92	86	106	124	135 Online n bscriptio ewspap ers - su n newsp apers	259	165	357	278	229	225	233	205	238	231	231	196	229	203	210	183	214	188	200 Be rgens T idende		413 388	810	887	901
	9	15	19	14	19	22	31	33		42	42	44	28	36 Other o nline op erating s/online elimina tions revenue	64	75	161	86	51	154	158	139	163	160	155	135	154	139	147	130	141	130	130 St Aftenbl ad avanger		286 260	557	604	614
138	161	146	195	188	201	190	239	243		276	272	313	324	353 Op erating es onlin revenu e	677	519	1,104	818	640		107 96	96	104	99	105	91	101	91	104	90	99	82	96 Fæ dreland svennen		195 178	384	396	403
																					447 490	473	496	472	487	473	488	477	490	484	500	492	512 Ve rdens G ang	967 1,004		1,951	1,920	1,906
	268	295	272	272	273	282	266	252		262	263	247	250	256 Circulat ion reve single c (VG) nues - opy new spapers	506	514	1,024	1,093	1,115	244	258	249	264	272	269	251	261	230	255	229	243	234	239 Sc hibsted Norge T rykk		485 473	957	1,053	1,015
	87	81	98	80	87	70	75	72		69	64	76	57	59 Advertis ing reve ingle co (VG) nues - s py news papers	116	141	281	312	360	55	56	56	74	53	46	54	68	52	43	45	60	39	37 Sch ibsted F orlag		95 76	200	221	241
	6	5	4	4	6	9	5	6		6	6	6	6	6 Other re - single rs (VG) venues copy ne wspape	12	12	24	24	23	(132)	(142)	(146)	-149	-149	-142	-138	-121	-90	-97	-89	-76	(83)	(81) Other/e liminatio ns/distri bution		(187) (164)	(352)	(550)	(569)
	340	349	345	355	333	342	341	351		344	344	333	339	319 Circulat ion reve ubscript ion new nues - s spapers	658	695	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 T otal	3,133	3,207	6,338	6,485	6,529
	551	451	546	532	527	404	491	432		472	353	426	358	387 Advertis ing reve ubscript ion new nues - s spapers	745	904	1,683	1,954	2,129
	54	48	55	55	60	54	62	41		39	35	44	37	39 Other re - subsc ription n venues ewspap ers		80 76	159	231	212														EBITDA
	10	11	12	10	10	6	11	10	11		7	8	7	9 Elimina tions/ot her reve nues (V G)		21 16	36	37	48	69	99	54	57	66	60	35	48	47	71	34	30	44	64 Afte nposten		118 108	182	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 Print ne ating re wspape rs oper venues	2,129	2,367	4,579	5,022	5,250		46 31	26	42	32	35	22	30	20	29	21	28	-	17 Bergens Tidend e		49 17	98	119	145
																					19 22	17	23	20	19	14	15	11	17	17	16	11	16 Sta Aftenbla d vanger		28 27	61	68	81
	55	56	74	53	46	54	68	52		43	45	60	39	37 Publish ing		95 76	200	221	241	4	14	6	3	(2) 2	-		7 -	14	3		8	(10)	7 Fædrela ndsvenn en		14 (3)	25	7	27
	244	249	264	272	269	251	261	230		255	229	243	234	239 Printing		485 473	957	1,053	1,015	56	87	89	78	67	82	87	74	73	81	92	67	72	83 Ver dens Ga ng		154 155	313	310	310
	(142)	(160)	(165)	(161)	(159)	(159)	(150)	(122)		(137)	(125)	(118)	(109)	(113) Other/e liminatio ns/distri bution		(259) (222)	(502)	(629)	(617)	16	18	23	18	25	25	32	16	13	31	29	22	18	21 Sch ibsted N orge Try kk		39 44	95	98	75
																					1 -	5	8	- -		2	(2)	1 (1)	(1)		4	(3)	(6) Schibst ed Forla g		- (9)	3	-	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 T otal ope rating r evenue s	3,133	3,207	6,338	6,485	6,529		(6) 12	(3)	(11)	(6) (7)		(19)	(10)	(15) 1	(18)		(22)	(31)	(26) Other/e liminatio ns/distri bution		(14) (57)	(54)	(42)	(8)
																				207	281	217	218	202	216	173	178	150	243	177	153	101	176 To tal	277	393	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	Year to date	Year to date	Full yea	Full yea r	Full yea r r	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
								2013	2013	2013	2013				2013	2013											2013	2013	2013	2013					2013
2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated	restated	2014	S chibst ed No rge Me dia Ho 2014 use	2014	restated	restated	2012	2011	2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated	restated	2014	2014	S chibst ed No rge Me dia Ho use	2014	restated
																																	Operati ng reve nues
	76	93 81	110	106	111	106	131	137	142	144	163	172	182 Online n ers - sin gle copy (VG) ewspap		279 354	586	454	360	522	527	459	510	522	502	441	489	465	488	421	457	460		458 Af tenpost en		953 918
	53	60 50	66	68	71	62	77	73	92	86	106	124	135 Online n bscriptio ewspap ers - su n newsp apers	259	165	357	278	229	225	233	205	238	231	231	196	229	203	210	183	214	188		200 Be rgens T idende		413 388
	9	8 15	19	14	19	22	31	33	42	42	44	28	36 Other o nline op erating s/online elimina tions revenue	64	75	161	86	51	154	158	139	163	160	155	135	154	139	147	130	141	130		130 St Aftenbl ad avanger		286 260
	138	161 146	195	188	201	190	239	243	276		272 313	324	353 Op erating es onlin revenu e	677	519	1,104	818	640		107 96	96	104	99	105	91	101	91	104	90	99	82		96 Fæ dreland svennen		195 178
																				447 490	473	496	472	487	473	488	477	490	484	500	492		512 Ve rdens G ang		967 1,004
	268	280 295	272	272	273	282	266	252	262	263	247	250	256 Circulat ion reve single c (VG) nues - opy new spapers	506	514	1,024	1,093	1,115	244	258	249	264	272	269	251	261	230	255	229	243	234		239 Sc hibsted Norge T rykk		485 473
	87	94 81	98	80	87	70	75	72	69	64	76	57	59 Advertis ing reve ingle co (VG) nues - s py news papers	116	141	281	312	360	55	56	56	74	53	46	54	68	52	43	45	60	39		37 Sch ibsted F orlag		95 76
	6	8 5	4	4	6	9	5	6	6	6	6	6	6 Other re - single rs (VG) venues copy ne wspape	12	12	24	24	23	(132)	(142)	(146)	-149	-149	-142	-138	-121	-90	-97	-89	-76	(83)	(81)	Other/e liminatio ns/distri bution		(187) (164)
	340	329 349	345	355	333	342	341	351	344	344	333	339	319 Circulat ion reve ubscript ion new nues - s spapers	658	695	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 T otal	3,133	3,207
	551	581 451	546	532	527	404	491	432	472	353	426	358	387 Advertis ing reve ubscript ion new nues - s spapers	745	904	1,683	1,954	2,129
	54	55 48	55	55	60	54	62	41	39	35	44	37	39 Other re - subsc ription n venues ewspap ers		80 76	159	231	212															EBITDA
	10	15 11	12	10	10	6	11	10	11	7	8	7	9 Elimina tions/ot her reve nues (V G)		21 16	36	37	48	69	99	54	57	66	60	35	48	47	71	34	30	44		64 Afte nposten		118 108
	1,316	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 Print ne ating re wspape rs oper venues	2,129	2,367	4,579	5,022	5,250		46 31	26	42	32	35	22	30	20	29	21	28	-	17	Bergens Tidend e		49 17
																				19 22	17	23	20	19	14	15	11	17	17	16	11		16 Sta Aftenbla d vanger		28 27
	55	56 56	74	53	46	54	68	52	43	45	60	39	37 Publish ing		95 76	200	221	241	4	14	6		3 (2)	2	-	7	-	14	3	8	(10)	7	Fædrela ndsvenn en		14 (3)
	244	258 249	264	272	269	251	261	230	255	229	243	234	239 Printing		485 473	957	1,053	1,015	56	87	89	78	67	82	87	74	73	81	92	67	72		83 Ver dens Ga ng		154 155
	(142)	(150) (160)	(165)	(161)	(159)	(159)	(150)	(122)	(137)	(125)	(118)	(109)	(113) Other/e liminatio ns/distri bution		(259) (222)	(502)	(629)	(617)	16	18	23	18	25	25	32	16	13	31	29	22	18		21 Sch ibsted N orge Try kk		44
																				1 -		5	8 -	-	2	(2)	1	(1)	(1)	4	(3)	(6)	Schibst ed Forla g		- (9)
	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 T otal ope rating r evenue s	3,133	3,207	6,338	6,485	6,529	207	(6) 12	(3)	(11)	(6)	(7)	(19)	(10)	(15)	1	(18)	(22)	(31)	(26)	Other/e liminatio ns/distri bution		(14) (57)
		(403) (384)	(418)	(405)	(405)	(386)	(414)	(404)	(409)	(392)	(433)	(420)	(429) Online/o ffline op erating s - sing le copy pers (VG )	(849)	(813)	(1,638)	(1,610)			281	217	218	202	216	173	178	150	243	177	153	101		176 To tal	277	393
	(391)	(844) (795)	(887)	(893)	(875)	(792)	(871)	(820)	(816)	(742)	(828)	(813)	expense newspa (776) Online/o ffline op erating s - subs cription		(1,636)	(3,206)	(3,431)	(1,596)
	(875)	(55) (51)	(66)	(53)	(46)	(52)	(70)	(51)	(44)	(46)	(56)	(42)	expense newspa pers (43) Publish ing	(1,589)		(197)	(221)	(3,401)
	(55)														(95) (85)			(227)
	(228)	(240) (226)	(246)	(247)	(244)	(219)	(245)	(217)	(224)	(200)	(221)	(216)	(218) Printing		(441) (434)	(862)	(955)	(940)
	145	136 142	135	140	133	119	109	75	96	64	53	50	51 Other/e liminatio ns/distri bution		171 101	288	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) Total o peratin g expen ses	(2,856)	(2,814)	(5,615)	(5,713)	(5,603)
		87 89	78	67	82	87	74	73	81	92	67	72	EBITDA line/offli 83		154	313	310
	56	181 103	125	117	116	70	100	77	131	76	81	45	single c VG (on ne) opy new spapers EBITDA subscr e/offline 104	155	208	365	403	310
	123	1 5	8			2		1			4		iption ne rs (onlin ) wspape EBITDA	149		3		532
	-	18 23	18	- 25	- 25	32	(2) 16	13	(1) 31	(1) 29	22	(3) 18	(6) publish ing EBITDA printing 21		- (9)	95	- 98	14
	16 12	(6) (3)	(11)	(7)	(7)	(18)	(10)	(14)	1	(19)	(21)	(31)	(26) EBITDA other/d istributio n		44 39 (13) (57)	(53)	(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 To tal EBIT DA	277	393	723	772	926

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

SEK mil lion
1 qu arte r	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	1 q uart er	2 q uart er		Yea date r to	Yea date r to	Ful l yea r	Ful l yea r	Ful l 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	Sch Sv ibs ted erig e M edi a H ous e	201 4	201 3	201 3	201 2	201 1
								ated rest	d tate res	d tate res	d tate res					ated rest	d tate res

141	156	156	168	163	169	185	187	202	205	210	240	240	225	Sch ibste d G h re rowt ven ues	465	407	857	704	621
83	90	84	86	86	87	87	88	83	81	80	78	77	69	of w hich Hitt a re ven ues	146	164	322	348	343
144	180	146	208	171	216	170	227	213	220	200	251	251	252	Sch ibste d Pu blish ing r eve nue s	503	433	884	784	678
102	121	100	140	121	148	119	159	153	156	134	178	171	186	of w hich Afto nbla det onlin e re ven ues	357	309	621	547	463
9	13	7	17	13	18	14	22	17	21	16	28	26	31	of w hich SvD onl ine r eve nue s	57	38	82	67	46
	(9) (4)	(6)	(10)	(7)	(16)	(9)	(4)	(8)	(8)	(15)	(2)	(9)	(4)	Othe line d el imin atio r on reve nue s an ns	) (13	(16)	(33)	(36)	(29)
276	332	296	366	327	369	346	410	407	417	395	489	482	473	Onl ine ratin ope g re ven ues	955	824	8 1,70	2 1,45	1,27 0

320	346	347	319	294	321	320	290	271	276	304	277	255	268	Circ ulati s Af tonb lade t on r eve nue	523	547	8 1,12	5 1,22	1,33 2
91	116	96	113	84	117	92	86	69	82	68	77	59	73	s Af Adv ertis ing r tonb lade t eve nue	132	151	296	379	416
6	5	9	8	3	4	5	5	1	2	1	2	1	1	Othe fton es A blad et r rev enu		2 3	6	17	28
127	127	128	128	125	119	123	121	116	112	114	109	107	98	Circ s Sv ulati D on r eve nue	205	228	451	488	510
128	140	106	141	120	123	91	125	103	125	82	119	93	102	Adv ertis ing r s Sv D eve nue	195	228	429	459	515
18	18	18	23	18	18	17	20	17	15	18	21	16	15	Othe es S vD r rev enu	31	32	71	73	77
690	752	704	732	644	702	648	647	577	612	587	605	531	557	New ratin spa per ope g re ven ues	88 1,0	9 1,18	2,38 1	2,64 1	2,87 8

6	7	7	9	5	11	7	9	4	4	3	11	-	13	Othe nd e limin atio r rev enu es a ns	13	8	22	32	29

972	1,09 1	7 1,00	7 1,10	976	2 1,08	1 1,00	6 1,06	988	3 1,03	985	5 1,10	3 1,01	3 1,04	Tota l op ing erat reve nue s	2,05	6 2,02 1	1 4,11	5 4,12	4,17 7

	(114 ) (133 )	) (119	) (137	) (136	) (141	) (144	) (164	) (181	) (186	) (169	) (190	) (182	) (185	Sch ibste d G h ex rowt pen ses	(367	) (367 )	) (726	) (585	(503 )
	(63) (67)	(57)	(59)	(64)	(67)	(66)	(68)	(65)	(65)	(55)	(53)	(49)	(46)	of w hich Hitt a ex pen ses	(95)	(130 )	) (238	) (265	(246 )
	(773 ) (819 )	) (761	) (773	) (745	) (797	) (723	) (756	) (740	) (770	) (722	) (724	) (735	) (740	Sch ibste d Pu blish ing e (pri nt a nd o nline ) xpe nses	75) (1,4	10) (1,5	56) (2,9	21) (3,0	(3,1 26)
	(484 ) (514 )	) (475	) (456	) (457	) (492	) (449	) (458	) (437	) (460	) (433	) (434	) (441	) (471	of w Afto hich nbla det expe nses	(912	) (897 )	64) (1,7	56) (1,8	(1,9 29)
	(259 ) (270 )	) (253	) (279	) (258	) (266	) (243	) (261	) (264	) (269	) (244	) (255	) (240	) (234	SvD of w hich exp ense s	(474	) (533 )	32) (1,0	28) (1,0	(1,0 61)
	(16) (22)	(11)	(26)	(15)	(15)	(5)	(19)	(6)	(6)	6	(34)	(5)	(19)	Othe and elim inati r ex pen ses ons		(12) (24)	(40)	(54)	(75)
6	14	3	19	8	13	-	11	-	-	-	-	-	-	Sha f pro fit o f as soci ated ies re o com pan	-	-	-	32	42

	(897 ) (960 )	) (888	) (917	) (888	) (940	) (872	) (928	) (927	) (962	) (885	) (948	) (922	) (944	Tota l op ing erat exp ens es	(1,8 66)	(1,8 89)	22) (3,7	28) (3,6	(3,6 62)

27	23	37	31	27	28	41	23	21	19	41	50	58	40	EBIT DA Sch ibste d G h rowt	98	40	131	119	118
20	23	27	27	22	20	21	20	18	16	25	25	28	23	of w hich EB ITDA Hitt a	51	34	84	83	97
61	113	89	167	70	121	95	118	50	62	65	132	47	69	EBIT DA Sch ibste d Pu blish ing	116	112	309	404	430
35	74	77	124	45	98	87	82	57	56	74	100	45	57	of w hich EB ITDA Afto nbla det	102	113	287	312	310
23	28	6	30	18	12	2	27	(11)	4	(14)	22	2	12	of w SvD hich EB ITDA		(7) 14	1	59	87
	(19) (19)	(10)	(27)	(17)	(20)	(7)	(14)	(10)	(10)	(6)	(25)	(14)	(10)	Othe EBIT DA r		(20) (24)	(51)	(58)	(75)
6	14	3	19	8	13	-	11	-	-	-	-	-	-	EBIT DA f ocia ted ies rom ass com pan	-	-	-	32	42

75	131	119	190	88	142	129	138	61	71	100	157	91	99	Tota l EB ITDA	190	132	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	NOK / SE K	0.92 46	0.88 20	22 0.90	89 0.85	0.86 31

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		Yea date r to	Ye dat ar to e	Fu ll ye ar	Fu ll ye ar	Fu ll 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	Sc d C hib las sif ied Me dia ste	201 4	201 3	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	Esta blis hed pha se	192 .3	175 .9	.4 352	.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	0 25.	7 27.	- Sw ede n	52. 7	49.8	.1 100	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	- Fr anc e	75.4	61.4	.3 124	97.7	64. 1
25. 1	26.2	25.2	27.3	7 30.	31.9	29.4	31.0	31.2	33.5	31.3	32.0	30.9	33.3	- Int tion al erna	64.2	64.7	.0 128	.0 123	103 .8
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	New ture ven s	9.4	6.0	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	HQ/ Elim inat ions	1.0	(0.1 )	) (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	Tot al r eve nue s	202 .7	181 .8	365 .8	318 .9	264 .2
														EBI TDA inc lud ing Joi nt V d A ciat ed Com ies ent ure s an sso 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	Esta blis hed line ture ven s on	87.2	85.0	.3 168	.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	- Sw ede n	28.2	26.3	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	- Fr anc e	51. 7	42.2	83.6	66.7	44.8
5.0	8.6	7.7	9.9	5.5	9.2	8.2	8.8	6.5	10.0	8.6	5.6	3.1	4.2	- Int tion al erna	7.3	16.5	7 30.	7 31.	31.2
(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	New ture ven s	(82 .5)	(64 .5)	.1) (128	.9) (70	(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	HQ/ Elim inat ions	(9.6	) (9.4 )	.9) (17	.4) (12	(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 )	Tot al E BIT DA incl udi Joi nt V d A ciat ed Com ies ent ng ure s an sso pan	(4.9 )	11.1	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	NO K / EUR	8.28	7.52	1 7.8	7.48	7.79
														For info tion the abo ve f igur rofo ref lect ing that Joi nt rma pu rpos es, es a re p rma Ven d A ciat ed C anie e in clud ed u sing iona ture port te s an sso omp s ar pro soli dati con on.
														The figu belo flec t the tribu tion by Join t Ve nd A ciat ed ntur res w re con es a sso Com ies to th ofor stat nt: pan e pr ma eme
								2.2	2.6	2.3	3.2	3.7	4.2	Rev enu es EBI TDA	7.9	4.8	10.3
								(2.2	) (3.0 )	) (2.6	) (8.4	.6) (22	(26 .8)	In th lida ted Fina ncia l Sta of th e S chib sted Me dia Gro he tem ent up t e co nso lts o f the Joi nt V and As iate d C anie nise d as entu resu res soc omp s ar e re cog follo ws:	(49 .4)	(5.2 )	(16 .2)

(3.3)

(2.5 )	) (3.0	) (8.9	.0) (23	(27 .8) Sha f pr ofit (lo ss) of J oin t Ve and As iate d C ani ntu re o res soc omp es	(50 .8)	(5.8 )	(17 .7)

Print is included in Established phase - international

EUR mill ion
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		Yea date r to	Ful l yea r	Ful l yea r	Ful l 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	20 M inut es S pain	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	Ope ratin Prin t g re ven ues	5.9	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	Ope ratin Onli g re ven ues ne	2.0	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	Ope ratin g re ven ues	7.9	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	) Op ing e erat xpen ses	(10 .4)	(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	) To tal E BITD A	(2.5 )	(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	NOK / EU R	8.28	7.81	7.48	7.79
EUR mill ion
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		Yea date r to	Ful l yea r	Ful l yea r	Ful l 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	20 M inut es F e* ranc	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	Ope ratin Prin t g re ven ues	20. 7	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	Ope Onli ratin g re ven ues ne	3.0	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	Ope ratin g re ven ues	23.7	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) O ting pera expe nses	(25. 2)	(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	Tota l EB ITDA	(1.4 )	(1.6 )	1.5	2.5

7.83

*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
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	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,	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 73,2 98 S	Berg Tide nde ens 36 W eekd ditio ay e n 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	Stav er A ften blad ang 54 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	Fæd rela ndsv enn en 56 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,	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,	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	Sve nska Dag blad et We ekda y ed ition Sun day editi on

1 qu arte	r 2 arte qu	r 3 arte qu	r 4 arte qu	1 qu arte r	r 2 arte qu	r 3 arte qu	r 4 arte qu	1 qu arte r	r 2 arte qu	r 3 arte qu	r 4 arte qu	1 qu arte r	r 2 arte qu r		Yea date r to	Ye o da ar t te	Fu ll ye ar	Fu ll ye ar	Fu ll ye ar
201 1	20 11	20 11	20 11	20 12	20 12	20 12	20 12	20 13	20 13	20 13	20 13	20 14	20 14	Pri nt adv ert isin olu g v me	201 4	20 13	20 13	20 12	20 11
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	VG	5,50 0	5,78 5	78 11,7	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	Afto nbla det *	79 8,6	3 8,39	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	SvD	10,4 32	11,8 05	88 22,6	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	Afte sten npo	,182 28	92 31,2	45 62,6	50 70,9	69, 192
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	16 6,5	2 5,49	15 5,8	0 4,75	19 5,6	Ber s T iden de gen	,369 10	38 12,1	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	Sta Aft enb lad van ger	66 8,6	9 9,85	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	Fæ dre land sve nne n	97 6,8	4 7,66	82 15,0	82 16,5	17,7 54

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3738_rns_2014-07-18_94fc3913-700a-4d51-946c-c18b732cdf7b.pdf

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