Vend Marketplaces ASA

Annual / Quarterly Financial Statement • Oct 30, 2015

Financials and analytical info as of Q3 2015

Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Operating segment operating revenues
• 1. Operating segment EBITDA
• 1. Schibsted Norge Media house P&L
• 1. Schibsted Sverige Media house P&L
• 1. Online Classifieds P&L
• 1. Circulation volume Media houses Scandinavia

For questions, please contact Schibsted IR:

Jo Christian Steigedal, Head of IRjcs@schibsted.noDirect line: +47 2310 6642Mobile: +47 415 08 733www.schibsted.com/ir

Changes in the restated Financials and analytical info as of Q4 2014:

• 1. In general historical figures before 2013 are not included.
• 1. Operating segments (Revenues and EBITDA):
• a. Media houses International is no longer a separate segment. It is included in Other. This is due to its immaterial size.
• b. Media houses International is included in Other from Q1 2013. Other includes 20 Minutes Spain, Møteplassen, Eesti Media Group until September 2013, Aspiro until March 2015.
• c. Online Classifieds reported as one line. The specification is show under 8. Online Classifieds.
• 1. 20 MIN specification will no longer be included from Q1 2015 (9. 20 Minutes).
• 1. Advertising volume will no longer be included from Q1 2015 (11. Advertising Volume).
• 1. Specification of 8. Online Classifieds:
• a. Finn is included as Norway in the specification of Online Classifieds since Finn now is part of the Schibsted Classified Media reporting structure. The Online Classifieds segment is now the same as Schibsted Classified Media.
• b. Norway and Sweden will also be shown in local currency.
• c. The table shown will only include the consolidated companies (subsidiaries). Joint Ventures and Associated Companies will no longer be proportionately included. JV and AC will however be separately specified (Revenues and EBITDA) as they would have been if they were proportionately included.
• d. Operating revenues per country shows the external revenues. These figures included revenues from other segments in Schibsted Media Group earlier. The external revenues will give a better understanding of the revenue development since the internal revenues may fluctuate when the internal reporting structure changes. The revenues from other segments are now included as a separate line for the Online Classifieds segment as a total.
• e. EBITDA is shown as before; that is excluding management fee. The corporate costs related to management fees are included in Headquarter/Other as before.

NO K m illio n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	OF LO SS STA PR IT A ND TEM ENT	Yea da r to	Yea da te r to te	Ful l ye ar	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	201 5	201 5	SC HIB STE D M ED IA G RO UP	201 5	201 4	201 4	201 3	201 3
d rest ate	d tate res	d tate res	d tate res								3 Q UA RTE R 2 015				d rest ate	d orte rep
452	445	433	440	479	448	463	474	478	456	477	Sub iptio scr n re ven ues	1 4 11	1 39 0	4 1 86	0 1 77	1 78 7
564	577	619	568	541	553	589	538	495	525	526	Cas ual sale s re ven ues	1 54 6	1 68 3	21 2 2	28 2 3	2 3 35
2 0 81	2 3 30	26 2 0	84 2 2	70 2 1	38 2 3	5 1 99	87 2 2	76 2 1	66 2 3	69 2 1	Adv erti sing rev enu es	6 7 11	6 5 03	90 8 7	21 8 7	9 0 17
490	518	503	540	520	495	510	575	545	456	501	Oth er r eve nue s	1 50 2	1 52 5	00 2 1	51 2 0	2 0 93
3 5 87	3 8 70	3 5 81	3 8 32	3 7 10	3 8 34	3 5 57	3 8 74	3 6 94	3 8 03	3 6 73	Op ting era rev enu es	11 170	11 101	14 975	14 870	15 232
(23 0)	(24 1)	1) (20	8) (17	2) (17	9) (17	7) (16	8) (17	1) (16	4) (14	9) (12	Raw teri als, rk i nd f inis hed ods ma wo n p rog res s a go	4) (43	8) (51	6) (69	0) (85	(87 1)
(1 3 49)	(1 3 60)	16) (1 2	89) (1 3	27) (1 4	05) (1 4	55) (1 2	77) (1 4	87) (1 4	60) (1 4	72) (1 3	Per nel son exp ens es	(4 3 19)	(4 0 87)	64) (5 5	14) (5 3	(5 4 74)
(1 7 11)	(1 7 07)	01) (1 7	10) (1 8	01) (1 7	76) (1 6	31) (1 6	66) (1 7	70) (1 6	57) (1 5	16) (1 6	Oth atin er o per g e xpe nse s	(4 8 43)	(5 0 08)	74) (6 7	29) (6 9	(7 2 28)
	- -	-	-	-	-	-	-	-	-	-	Sha f pr ofit (los s) o f as iate d c ies re o soc om pan	-	-	-	-	13
297	562	463	455	410	574	504	453	376	642	556	Gro rati fit ( los s) ss ope ng pro	1 5 74	1 4 88	1 9 41	1 7 77	1 6 72
(11 7)	(11 9)	1) (12	9) (11	4) (11	2) (11	3) (12	8) (11	8) (11	9) (11	9) (12	Dep iatio nd orti ion sat rec n a am	(36 6)	(34 9)	7) (46	6) (47	(49 0)
(26	) (11 )	) (30	) (56	2) (20	6) (21	2) (25	1) (17	354	7) (10	4) (12	Sha f pr ofit (los s) o f jo int v nd ocia ted anie ent re o ure s a ass co mp s	123	0) (67	1) (84	3) (12	-
-	(2)	-	8) (14	(9)	-	(1)	1) (12	(6)	(3)	) (14	Imp airm los ent s	(23	) (10 )	1) (13	0) (15	(15 0)
(7)	8	5) (22	871	45	) (30	88	) (95	267	97	794	Oth er i and nco me ex pen ses	1 15 8	103	8	647	1 16 9
147	438	87	1 0 03	130	216	216	(52 )	873	510	1 0 83	Op ting fit ( los s) era pro	2 4 66	562	510	1 6 75	2 2 01
10	9	11	21	12	17	25	(8)	14	2	23	Fina ncia l inc om e	39	54	46	51	51
(50	) (72 )	) (65	) (49	) (41	) (43	) (42	) (48	) (41	) (72	1) (14	Fina ncia l ex pen ses	(25 4)	(12 6)	4) (17	6) (23	(23 7)
107	375	33	975	101	190	199	(10 8)	846	440	965	Pro fit ( los s) b efo re t axe s	2 2 51	490	382	1 4 90	2 0 15
(46	) (17 1)	1) (11	5) (12	5) (12	2) (16	9) (13	) (83	2) (11	2) (17	3) (15	Tax es	(43 7)	(42 6)	9) (50	3) (45	(45 3)
61	204	(78 )	850	(24 )	28	60	(19 1)	734	268	812	Pro fit ( los s)	1 8 14	64	(12 7)	1 0 37	1 5 62
	- -	-	-	-	-	-	-	-	-	-	Pro fit ( loss ) di ntin ued tion sco op era s		- -	-	-	-
61	204	(78 )	850	(24 )	28	60	(19 1)	734	268	812	Pro fit ( los s)	1 8 14	64	(12 7)	1 0 37	1 5 62
8	19	-	(1)	11	22	14	6	71	29	15	Pro fit ( loss ) at trib ble trol ling int uta to n sts on- con ere	115	47	53	26	26
53	185	) (78	851	) (35	6	46	7) (19	663	239	797	Pro fit ( loss ) at trib ble f th uta to o nt wne rs o e p are	9 1 69	17	0) (18	11 1 0	1 53 6
0,2 5	0,8 6	0,3 6 -	3,9 7	0,1 6 -	0,0 3	0,2 1	0,9 2 -	3,0 8	1 1,1	8 3,6	Ear ning har e (N OK ) s p er s	7,8 8	0,0 8	0,8 4 -	4,7 2	7,1 6
0,2 5	0,8 6	0,3 6 -	3,9 7	0,1 6 -	0,0 3	0,2 1	0,9 2 -	3,0 8	1 1,1	7 3,6	Dilu ted rnin sh (N OK ) ea gs per are	7,8 8	0,0 8	0,8 4 -	4,7 1	7,1 6
0,2 7	0,8 3	0,6 3	0,2 2	0,3 4 -	0,1 3	0,2 7 -	0,2 5 -	2,1 0	2 0,6	6 0,0	OK Ear ning har adj d (N ) uste s p er s e -	2,7 7	-0,4 8	0,7 3 -	1,95	1,95
0,2 7	0,8 3	0,6 3	0,2 2	0,3 4 -	0,1 3	0,2 7 -	0,2 5 -	2,1 0	2 0,6	6 0,0	Dilu ted rnin sh dju sted (N OK ) ea gs per are - a	7 2,7	-0,4 8	0,7 3 -	1,95	1,95

On 8 May 2015, the Annual General Meeting of Schibsted ASA approved a split of the Company's shares and establishing of a new class of B-shares. Average number of shares outstanding is adjusted retrospectively as if shares issued in share split were outstanding also in previous periods presented to give comparable information on Earnings per share.

NO K m illio n
	31. 03	30. 06	30. 09	31. 12	31. 03	30. 06	30. 09	31. 12	31. 03	30. 06	30. 09	31. 12	31. 03	30. 06	30. 09
Ba lan sh t ce ee	201 3	201 3	201 3	201 3	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	201 5	201 5
	d orte rep	d orte rep	d orte rep	d orte rep	d tate res	d tate res	d tate res	d tate res
Inta ible set ng as s	9 3 01	9 6 46	056 10	337 10	21 9 2	61 9 5	58 9 9	212 10	240 10	366 10	074 10	906 11	493 11	855 11	14 511
Inve nd lant d e ipm stm ent ty a ty p ent pro per pro per an qu	19 1 8	95 1 7	59 1 6	07 1 5	12 1 8	88 1 7	51 1 6	99 1 4	64 1 5	08 1 6	73 1 3	87 1 2	39 1 2	96 1 1	1 1 68
Inve s in jo int v nd ocia ted ani stm ent ent ure s a ass co mp es	507	469	478	74 1 0	625	610	578	654	557	548	502	547	51 1 2	99 1 1	969
Oth t as set er n on- cur ren s	322	351	303	297	342	370	354	319	212	195	273	536	515	458	462
No ent set n-c urr as s	949 11	12 261	12 496	13 215	12 000	12 329	12 541	12 684	12 573	12 717	12 222	276 14	498 14	708 14	110 17
Inve ries nto	107	108	52	53	103	104	51	51	52	54	58	56	55	14	13
Tra de and oth ivab les er r ece	2 8 32	2 8 46	24 2 7	23 2 6	97 2 6	02 2 7	15 2 6	14 2 5	58 2 6	27 2 7	03 2 7	97 2 7	56 2 8	84 2 8	3 0 48
Cur t fin ial a ts ren anc sse	64	53	-	28	64	53	-	-	-	-	-	-	-	-	-
Cas h a nd h e ival ent cas qu s	596	1 1 40	561	40 1 2	541	66 1 0	473	02 1 2	307	458	831	745	285	469	2 8 54
Ass held for le ets sa		- -	76	-	-	-	76	-	-	-	-	-	-	-	-
Cu nt a ts rre sse	3 5 99	4 1 47	3 4 13	3 9 44	3 4 05	3 9 25	3 2 15	3 7 67	3 0 17	3 2 39	3 5 92	3 5 98	3 1 96	3 3 67	5 9 15
Tot al a ts sse	15 548	16 408	909 15	159 17	405 15	254 16	756 15	451 16	590 15	956 15	814 15	874 17	694 17	075 18	23 025
Equ ity a ttrib ble f th uta to o nt wne rs o e p are	75 6 0	48 6 2	85 6 0	50 7 8	75 6 0	48 6 2	85 6 0	25 7 3	79 7 1	97 6 8	19 6 4	60 6 5	12 7 0	30 6 9	11 195
Non lling int ntro sts -co ere	281	252	261	261	281	252	261	261	265	187	196	230	241	136	297
Equ ity	6 3 56	6 5 00	6 3 46	8 1 11	6 3 56	6 5 00	6 3 46	7 5 86	7 4 44	7 0 84	6 6 15	6 7 90	7 2 53	7 0 66	11 492
Non t in st-b bor	41 1 9	12 2 7	74 2 5	71 1 9	41 1 9	12 2 7	61 2 5	71 1 9	41 1 9	51 2 5	95 2 4	32 2 1	08 1 9	34 2 3	3 0 12
ing ings tere -cu rren ear row Oth t lia bilit ies	2 0 38	2 0 30	09 2 5	13 2 3	32 2 0	24 2 0	00 2 5	63 2 2	09 2 1	76 2 0	15 2 5	41 3 6	44 2 9	86 2 8	2 8
er n on- cur ren No lia bili ties ent n-c urr	3 9	4 7	5 0	4 2	3 9	4 7	5 0	4 2	4 0	4 6	5 0	5 7	4 8	5 2	17 5 8
	79	42	83	84	73	36	61	34	50	27	10	73	52	20	29
Cur t in st-b ing bor ings tere ren ear row	577	592	549	428	577	592	549	346	137	90	13	696	844	62 1 1	719
Oth nt l iab ilitie er c urre s	4 6 36	4 5 74	80 3 7	36 4 3	99 4 4	26 4 4	49 3 6	85 4 2	59 3 9	55 4 1	76 4 1	15 4 6	45 4 7	27 4 6	4 9 85
Liab ilitie s h eld for sale		- -	151	-	-	-	151	-	-	-	-	-	-	-	-
Cu nt l iab iliti rre es	5 2 13	5 1 66	4 4 80	4 7 64	5 0 76	5 0 18	4 3 49	4 6 31	4 0 96	4 2 45	4 1 89	5 3 11	5 5 89	5 7 89	5 7 04
Tot al e and lia bili ties				17								17	17
ity qu	15 548	16 408	15 909	159	15 405	16 254	15 756	16 451	15 590	15 956	15 814	874	694	18 075	23 025

Schibsted has as of 1 January 2014 implemented IFRS11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 arerestated in the columns "restated" above. The reported figures for 2013 are presented in the columns "reported" above. The restatements are described in the 1st Quarter 2014 Report.

NO K m illio n
	31. 03	30. 06	30. 09	31. 12	31. 03	30. 06	30. 09	31. 12	31. 03	30. 06	30. 09
St f c h f low ate nt me o as s	201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	201 5	201 5
	d tate res	d tate res	d tate res	d tate res
Pro fit ( los s) bef (co ntin uin atio ns) tax ore es g o per - G ain in bus ine bin atio ach iev ed in s and	107	482	515	90 1 4	101	291	490	382	846	86 1 2	2 2 51
ent tag ent on re me asu rem ss com ns es re me asu rem of c ing nsi der atio ont ent co n		-	2) (	2) (	37) (	40) (	40) (	91) (			( 784
+ D eci atio rtis atio nd imp airm los ent epr n, a mo n a ses	117	- 238	362	629	123	235	359	598	- 124	- 246	)
+ / - S har f pr ofit of jo int nd oci d c ies t of div ide nds cei ved ture ate e o ven s a ass om pan , ne re	26	85	125	182	202	445	707	877	) ( 354	) ( 232	389 ( 108 )
- T aid axe s p	( 145	) ( ) 494	) ( 516	) ( 636	) ( 301	) ( 496	) ( 615	) ( 635	) ( 213	) ( 532	( ) 681
Sa les los / ( ins ) no ent set ses ga n-c urr as s	( 1)	( 12)	203	) ( 943	10) (	11) (	) ( 121	) ( 121	) ( 291	) ( 418	( 435 )
Ch e in rkin ital etc ang wo g c ap	( 484	) ( 444 )	) ( 506	4) (	) ( 139	76) (	15) (	220	) ( 130	12	58
Ne sh flo w f tin ctiv itie t ca rom op era g a s	( 380	) ( ) 145	181	716	61) (	348	765	30 1 2	18) (	362	690
Ne sh flow fro m i stin ctiv itie t ca nve s	( 158	) ( 251 )	) ( 478	471	) ( 446	) ( 790	) ( 728	80) ( 1 5	) ( 289	) ( 616	( 1 3
g a Ne sh flow be for e fi cin ctiv itie t ca nan s	( 538	) ( ) 396	) ( 297	87 1 1	) ( 507	) ( 442	37	) ( 350	) ( 307	) ( 254	10) ( 620
g a Ne sh flow fro m f ina nci ivit ies t ca act ng	60	397	) ( 296	16) ( 1 1	) ( 365	) ( 305	) ( 382	) ( 116	) ( 117	20	) 2 7
Effe f ex cha han sh and sh iva len ct o rat ts nge e c ges on ca ca equ	41	87	112	153	23) (	3	26) (	9	36) (	42) (	58 ( 29)
Ne sh flo w f the rio d t ca or pe	( 437 )	88	( 481 )	224	( 895 )	( ) 744	( 371 )	( ) 457	( 460 )	( 276 )	2 1 09
Ca sh and sh iva len of p erio d ts a t st art ca equ	978	978	978	978	02 1 2	02 1 2	02 1 2	02 1 2	745	745	745
Ca sh and sh uiv ale end of rio d nts at ca eq pe	541	1 0 66	497	1 2 02	307	458	831	745	285	469	2 8 54

Schibsted has as of 1 January 2014 implemented IFRS 11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 are restated. The restatements are described in the 1st Quarter 2014 Report.

NO K m illio n
1 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	OP ERA TIN G R EVE NU ES	Yea date r to	Yea date r to	Full yea r	Full yea r	Full yea r
201 3	20 13	20 13	20 13	20 14	20 14	20 14	20 14	20 15	20 15	20 15	SC HIB STE D G RO UP	201 5	20 14	20 14	20 13	20 13
ated rest	d tate res	d tate res	d tate res												ated rest	d orte rep
3 58 7	3 87 0	3 58 1	2 3 83	10 3 7	3 83 4	3 55 7	3 87 4	3 69 4	3 3 80	3 3 67	SC HIB STE D G RO UP	70 11 1	01 11 1	14 9 75	70 14 8	15 2 32
948	1 09 5	4 1 04	7 1 09	1 1 15	5 1 22	5 1 14	0 1 22	9 1 29	9 1 41	4 1 42	ON LIN E C LAS SIF IED S	4 14 2	3 52 1	1 4 74	4 4 18	4 26 5
1 56 7	1 64 0	3 1 49	8 1 63	2 1 54	1 59 1	5 1 47	9 1 60	1 46 5	0 1 45	6 1 33	SC HIB STE D N OR GE ME DIA HO USE	4 25 1	4 60 8	6 2 17	8 6 33	6 36 8
871	918	900	1 1 03	952	946	882	982	886	958	958	SC HIB STE D S VER IGE ME DIA HO USE	2 80 2	2 78 0	2 3 76	0 3 72	3 73 1
246	268	195	125	123	129	111	130	98	55	24	OT HER *	177	363	493	834	1 07 3
92	90	83	90	93	93	90	97	96	91	105	HEA DQ UA RTE RS (Sc hib d A SA and oth rali sed fun ctio ns) ste ent er c	292	276	373	355	355
(13 7)	(14 1)	4) (13	9) (14	1) (15	0) (15	6) (14	4) (16	0) (15	0) (17	4) (17	ON S ELI MIN ATI	(49 4)	(44 7)	1) (61	1) (56	(56 0)

*Media houses International is included in Other from 1st quarter 2013. Other includes 20 Minutes Spain, Møteplassen, Eesti Meedia Group until September 2013, Aspiro until March 2015.

NO K m illio n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	GR OS S O ING OF LO SS) PER AT PR IT ( - E BIT DA	Yea da r to	Yea da te r to te	Ful l ye ar	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	201 5	201 5	SC HIB STE D G RO UP	201 5	201 4	201 4	201 3	201 3
d rest ate	d tate res	d tate res	d tate res												d rest ate	d orte rep
297	562	463	455	410	574	504	453	376	642	556	SC HIB STE D G RO UP	1 5 74	1 4 88	1 9 41	1 7 77	1 6 72
167	310	270	245	313	392	372	325	335	517	444	ON LIN E C LAS SIF IED S	1 2 96	1 0 77	02 1 4	992	862
150	243	177	153	101	176	125	135	68	118	90	SC HIB STE D N OR GE ME DIA HO US E	276	402	537	723	724
54	65	90	145	86	89	104	106	73	109	123	SC STE D S RIG OU SE HIB VE E M ED IA H	305	279	385	354	363
(16 )	1	(19 )	(13 )	(23 )	(16 )	(26 )	(35 )	(26 )	(6)	6	OT HE R*	(26 )	(65 )	(10 0)	(47 )	(49 )
(58 )	(57 )	(55 )	(75 )	(67 )	(67 )	(71 )	(78 )	(74 )	(96 )	(10 7)	HEA DQ UA RTE RS	(27 7)	(20 5)	(28 3)	(24 5)	(22 8)

*Media houses International is included in Other from 1st quarter 2013. Other includes 20 Minutes Spain, Møteplassen, Eesti Media Group until September 2013, Aspiro until March 2015.

NO K m illio n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar		Yea da r to te	Yea da r to te	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3												201 3
d tate res	d tate res	d tate res	d tate res	201 4	201 4	201 4	201 4	201 5	201 5	201 5	Sc hib d N e M ed ia Ho ste org us e	201 5	201 4	201 4	d tate res
137	142	144	163	172	182	165	198	162	152	150	On line sin le c ( VG ) * ne wsp ape rs - g opy	464	519	717	586
73	92	86	106	124	135	130	151	133	145	128	On line bsc ript ion ne wsp ape rs - su new spa per s	406	389	540	357
33	42	42	44	28	36	28	38	42	41	43	Oth nlin atin /on line eli min atio er o e o per g re ven ues ns	126	92	130	161
243	276	272	313	324	353	323	387	337	338	321	Op ting onl ine era rev enu es	996	1 0 00	1 3 87	1 1 04
252	262	263	247	250	256	270	249	239	250	246	Circ ulat ion ing le c rs ( VG ) rev enu es - s opy ne wsp ape	735	776	25 1 0	1 0 24
72	69	64	76	57	59	47	53	45	39	33	Adv erti sing - si le c rs ( VG ) rev enu es ng opy ne wsp ape	117	163	216	281
6	6	6	6	6	6	6	7	7	8	9	Oth sing le c rs ( VG ) er r eve nue s - opy ne wsp ape	24	18	25	24
351	344	344	333	339	319	329	319	329	314	322	Circ ulat ion bsc ript ion rev enu es - su new spa per s	965	987	06 1 3	1 3 72
432	472	353	426	358	387	290	349	295	306	229	Adv erti sing bsc ript ion rev enu es - su new spa per s	830	35 1 0	84 1 3	1 6 83
41	39	35	44	37	39	36	39	35	35	35	Oth sub ipt ion er r eve nue s - scr new spa per s	105	112	151	159
10	11	7	8	7	9	4	6	5	5	4	Elim inat ions /oth s ( VG ) er r eve nue	14	20	26	36
64 1 1	1 2 03	1 0 72	40 1 1	1 0 54	1 0 75	982	1 0 22	955	957	878	Pri atin nt n ew spa per s o per g re ven ues	2 7 90	3 1 11	33 4 1	79 4 5
52	43	45	60	39	37	43	61	38	22		Pub lish ing	60		180
230	255	229	243	234	239	228	243	216	208	- 205	Prin ting	629	119	944	200
(12 2)	(13 7)	5) (12	8) (11	9) (10	3) (11	1) (10	4) (10	) (81	) (75	) (68	Oth er/e limi ions /dis trib utio nat n	(22 4)	701 (32 3)	7) (42	957 (50 2)
1 5 67	1 6 40	1 4 93	1 6 38	1 5 42	1 5 91	1 4 75	1 6 09	1 4 65	1 4 50	1 3 36	Tot al o atin per g re ven ues	4 2 51	4 6 08	6 2 17	6 3 38
											*
(40 4)	(40 9)	2) (39	3) (43	0) (42	9) (42	5) (40	7) (42	5) (40	0) (39	8) (36	On VG line /off line ting ing le c rs ( ) op era ex pen ses - s opy ne wsp ape	63) (1 1	54) (1 2	81) (1 6	(1 6 38)
(82 0)	(81 6)	2) (74	8) (82	3) (81	6) (77	4) (74	5) (79	1) (75	0) (73	2) (69	On line /off line ting ubs crip tion op era ex pen ses - s ne wsp ape rs	73) (2 1	33) (2 3	28) (3 1	(3 2 06)
(51	) (44 )	) (46	) (56	) (42	) (43	) (44	) (56	) (41	) (23	-	Pub lish ing	(64	) (12 9)	5) (18	(19 7)
(21 7)	(22 4)	0) (20	1) (22	6) (21	8) (21	6) (20	4) (22	6) (20	4) (19	5) (18	Prin ting	(58 5)	(64 0)	4) (86	(86 2)
75	96	64	53	50	51	49	28	6	5	) (1	Oth er/e limi ions /dis trib utio nat n	10	150	178	288
(1 4 17)	(1 3 97)	(1 3 16)	(1 4 85)	(1 4 41)	(1 4 15)	(1 3 50)	(1 4 74)	(1 3 97)	(1 3 32)	(1 2 46)	Tot al o atin per g e xpe nse s	(3 9 75)	(4 2 06)	(5 6 80)	(5 6 15)
73	81	92	67	72	83	87	86	53	64	74	EB ITD A s ing le c rs V G ( onl ine/ offl ine) * opy ne wsp ape	191	242	328	313
77	131	76	81	45	104	41	63	41	70	22	EB ITD A s ubs crip tion rs ( onl ine/ offl ine) ne wsp ape	133	190	253	365
1	(1 )	) (1	4	) (3	) (6	) (1	5	) (3	) (1	-	EB ITD A p ubl ishi ng	(4	) (10 )	) (13	3
13	31	29	22	18	21	22	19	10	14	20	EB ITD A p rint ing	44	61	71	95
(14	) 1	) (19	) (21	) (31	) (26	) (24	) (38	) (33	) (29	) (26	EB ITD A o the r/di stri but ion	(88	) (81 )	4) (11	(53 )
150											Tot al E BIT DA
	243	177	153	101	176	125	135	68	118	90		276	402	537	723

Schibsted has as of 1 January 2014 implemented IFRS 11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 are restated. The line item Share of profit (loss) of joint ventures and associated companies is reported from 01.01.13 as part of operating profit, but outside of Gross operating profit (loss). The previously used line item Share of profit (loss) of associated companies is reported as part of Gross operating profit until 31.12.12.

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

* Mittanbud.no is from 1st quarter 2015 no longer part of Online newspaper - VG, it is included in Online Classifieds - Norway.

NO K m illio n
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3		Yea da r to te	Yea da r to te	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3												201 3
d tate res	d tate res	d tate res	d tate res	201 4	201 4	201 4	201 4	201 5	201 5	201 5	Sc hib d N e M ed ia Ho ste org us e	201 5	201 4	201 4	d tate res
											Op ting era rev enu es
465	488	421	457	460	458	415	447	428	425	382	Afte ste npo n	1 2 35	1 3 33	80 1 7	1 8 31
203	210	183	214	188	200	171	203	169	176	156	Ber s T ide nde gen	501	559	762	810
139	147	130	141	130	130	117	118	114	111	97	Sta Aft enb lad van ger	322	377	495	557
91	104	90	99	82	96	85	92	84	90	79	Fæ dre land sve nne n	253	263	355	384
477	490	484	500	492	512	492	513	458	454	442	s G Ver den ang	1 3 54	1 4 96	09 2 0	1 9 51
230	255	229	243	234	239	228	243	216	208	205	Sch ibst ed Nor Try kk ge	629	701	944	957
52	43	45	60	39	37	43	61	38	22	-	Sch ibst ed For lag	60	119	180	200
(90	) (97 )	) (89	) (76	) (83	) (81	) (76	) (68	) (42	) (36	) (25	Oth er/e limi ions /dis trib utio nat n	3) (10	0) (24	8) (30	(35 2)
1 5 67	1 6 40	1 4 93	1 6 38	1 5 42	1 5 91	1 4 75	1 6 09	1 4 65	1 4 50	1 3 36	Tot al	4 2 51	4 6 08	6 2 17	6 3 38
											EB ITD A
47	71	34	30	44	64	26	39	38	52	21	Afte ste	111		173
20	29	21	28		17	4	21	) (5	5	2	npo n Ber s T ide nde	2	134	42	182
11	17	17	16	- 11	16	11		5	4	1	gen Sta Aft enb lad van	10	21	38	98
-	14	3	8	) (10	7	-	- 3	3	9	) (2	ger Fæ dre land sve nne n	10	38 (3 )	-	61
73	81	92	67	72	83	87	86	53	64	74	s G Ver den ang	191		328	25
13	31	29	22	18	21	22	19	10	14	20	Sch ibst ed Nor Try kk ge	44	242 61	80	313 95
1	(1 )	) (1	4	) (3	) (6	) (1	5	) (3	) (1	-	Sch ibst ed For lag	(4	) (10 )	) (5	3
(15	) 1	) (18	) (22	) (31	) (26	) (24	) (38	) (33	) (29	) (26	Oth er/e limi ions /dis trib utio nat n	) (88	) (81	9) (11	(54 )
150	243	177	153	101	176	125	135	68	118	90	Tot al	276	402	537	723

SE K m illio n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar		Yea da r to te	Yea da r to te	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	201 5	201 5	Sc hib d S rig e M ed ia Ho ste ve us e	201 5	201 4	201 4	201 3
d tate res	d tate res	d tate res	d tate res												d tate res
202	205	210	240	240	225	235	253	241	244	256	Sch ibst ed Gro wth es* rev enu	741		953
83	81	80	78	77	69	66	64	60	64	63	of w hich Hit ta r eve nue s	187	700	276	857
213	220	200	251	251	252	219	281	255	295	255	Sch ibst ed Pub lish ing rev enu es	805	212	03 1 0	322
153	156	134	178	171	186	149	193	178	200	176	of w hich Aft onb lade line t on	554	722 506	699	884
17	21	16	28	26	31	27	36	31	41	34	rev enu es of w hich Sv D o nlin	106		120	621
											e re ven ues		84		82
(8	) (8 )	) (15	) (2	) (9	) (4	) (12	) (19	) (11	) (10	) (10	Oth nlin d e limi ions nat er o e re ven ues an	( 31)	(25 )	) (44	(33 )
407	417	395	489	482	473	442	515	485	529	501	On line ting op era rev enu es	1 5 15	1 3 97	12 1 9	08 1 7
271	276	304	277	255	268	286	252	230	248	248	Circ ulat ion Afto nbla det rev enu es	726	809	61 1 0	1 1 28
69	82	68	77	59	73	57	63	46	56	46	Adv erti sing Afto nbla det rev enu es	148	189	252	296
1	2	1	2	1	1	2	3	1	-	1	Oth s A fton blad et er r eve nue	2	4	7	6
116	112	114	109	107	98	103	105	102	96	103	Circ ulat ion SvD rev enu es	301	308	413	451
103	125	82	119	93	102	71	98	79	91	64	Adv erti sing SvD rev enu es	234	266	364	429
17	15	18	21	16	15	16	16	16	15	15	Oth s S vD er r eve nue	46	47	63	71
577	612	587	605	531	557	535	537	474	506	477	New ting spa per op era rev enu es	57 1 4	23 1 6	60 2 1	2 3 81
4	4	3	11	-	13	6	8	6	7	9	Oth nd elim inat ions er r eve nue s a	22	19	27	22
988	1 0 33	985	05 1 1	13 1 0	43 1 0	983	60 1 0	965	42 1 0	987	Tot al o atin per g re ven ues	2 9 94	3 0 39	99 4 0	4 1 11
(18 1)	(18 6)	9) (16	0) (19	2) (18	5) (18	1) (18	8) (19	0) (20	6) (19	0) (19	Sch ibst ed Gro wth * ex pen ses	(58 6)	(54 8)	6) (74	(72 6)
(65	) (65 )	) (55	) (53	) (49	) (46	) (42	) (38	) (44	) (46	) (45	of w hich Hit ta e xpe nse s	(13 5)	(13 7)	5) (17	(23 8)
(74 0)	(77 0)	2) (72	4) (72	5) (73	0) (74	9) (68	0) (73	7) (68	3) (70	2) (66	Sch ibst ed Pub lish ing (pr int a nd onl ine) exp ens es	52) (2 0	64) (2 1	94) (2 8	(2 9 56)
(43 7)	(46 0)	3) (43	4) (43	1) (44	1) (47	3) (43	7) (43	1) (42	3) (43	8) (40	of w hich Aft onb lade t ex pen ses	62) (1 2	45) (1 3	82) (1 7	(1 7 64)
(26 4)	(26 9)	4) (24	5) (25	0) (24	4) (23	3) (21	8) (23	6) (21	4) (22	1) (21	of w hich Sv D e xpe nse s	(65 1)	(68 7)	5) (92	(1 0 32)
(6	) (6 )	6	) (34	) (5	) (19	3	) (17	1	) (24	) (8	Oth nd elim inat ions er e xpe nse s a	(31	) (21 )	) (38	(40 )
(92 7)	(96 2)	5) (88	8) (94	2) (92	4) (94	7) (86	5) (94	6) (88	3) (92	0) (86	Tot al o atin per g e xpe nse s	(2 6 69)	(2 7 33)	78) (3 6	(3 7 22)
21	19	41	50	58	40	54	55	41	48	66	EB ITD A S chib d G th* ste row	155	152	207	131
18	16	25	25	28	23	24	26	16	18	18	of w hich EB ITD A H itta	52		101
50	62	65	132	47	69	65	88	42	98	70	EB ITD A S chib d P ubl ishi ste	210	75	269	84
57	56	74	100	45	57	61	74	34	71	63	ng of w fton hich EB ITD A A blad et	168	181	237	309
	4		22	2	12	4	17	12	19	5	of w hich EB ITD A S vD	36	163	35	287
(11	)	) (14									EB ITD A O the		18		1
(10	) (10 )	) (6	) (25	) (14	) (10	) (3	) (28	) (4	) (27	) (9	r	(40	) (27 )	) (55	(51 )
61	71	100	157	91	99	116	115	79	119	127	Tot al E BIT DA	325		421
751	889	138	302	423	069	988	264	171	199	693	NO K / SE K	354	306	186	389
0,8	0,8	0,9	0,9	0,9	0,9	0,8	0,9	0,9	0,9	0,9		0,9	0,9 160	0,9	0,9 022

Schibsted has as of 1 January 2014 implemented IFRS11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 arerestated. The line item Share of profit (loss) of joint ventures and associated companies is reported from 01.01.13 as part of operating profit, but outside of Gross operating profit (loss). The previously used line item Share of profit (loss) of associated companies is reported as part of Gross operating profit until 31.12.12. The restatements are described in the 1st quarter 2014 Report.

* Servicefinder.se is from 1st quarter 2015 no longer part of Schibsted Growth, it is included in Online Classifieds - Sweden.

EU R m illio	n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar		Yea da r to te	Yea da r to te	Ful l ye ar	Ful l ye ar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	201 5	201 5	On lin e C las sif ied s	201 5	201 4	201 4	201 3
											Rev enu es
121 ,7	136 ,6	,5 124	,6 125	,8 130	,9 141	,8 130	,0 132	,8 142	,4 156	,4 146	Est abl ishe d p has e	445 ,6	403 ,5	,5 535	508 ,4
43, 7	48, 4	3 43,	5 41,	5 44,	5 46,	9 41,	6 37,	3 43,	3 46,	8 39,	- No y* rwa	129 ,4	132 ,9	,5 170	176 ,9
20, 7	24, 6	7 22,	6 22,	6 22,	5 25,	2 23,	8 22,	5 23,	4 27,	3 25,	- Sw ede n**	76,2	71,3	1 94,	90, 6
28, 3	32, 9	0 30,	8 32,	8 35,	6 39,	1 36,	2 39,	9 42,	4 46,	2 43,	- Fr anc e	132 ,5	111 ,5	,7 150	124 ,0
22, 5	22, 8	2 21,	3 21,	9 20,	2 21,	7 20,	9 21,	8 22,	7 24,	2 25,	- Sp ain	72, 7	62, 8	7 84,	87, 8
6,5	7,9	7,3	7,4	7,0	9,1	8,9	10,5	10,3	11,6	12,9	- In atio nal tern	34, 8	25, 0	5 35,	29, 1
2,8	3,0	3,3	3,6	3,4	3,9	4,1	4,6	4,6	5,0	5,7	New ntu ve res	15,3	11,4	16,0	12,7
	0,6 -	0,5	0,3	0,7	0,2	0,7	2,1	0,6	1,0	0,6	r/O Hea dqu the arte r	2,2	1,6	3,7	1,4
2,9	3,4	3,3	3,4	3,2	3,1	2,7	3,5	2,6	3,4	3,0	Ope rati es f oth s in Sc hibs ted Me dia Gro ent ng rev enu rom er s egm up	9,0	9,0	12,5	13,0
127 ,4	143 ,6	131 ,6	132 ,9	138 ,1	149 ,1	138 ,3	142 ,2	150 ,6	165 ,8	155 ,7	Tot al R s (O nlin e C las sifi eds ) ent eve nue se gm	472 ,1	425 ,5	567 ,7	535 ,5
											EB ITD A
56, 8	74, 1	3 64,	5 59,	9 58,	2 68,	3 63,	8 53,	3 59,	1 76,	3 66,	Est abl ishe d v nlin ent ure s o e	201 ,7	190 ,4	,2 244	254 ,7
19,5	27, 3	1 22,	19,8	18,6	2 22,	2 20,	15,6	17,4	6 23,	18,8	- No y** rwa	59, 8	61, 0	6 76,	88, 7
11,2	15, 1	14,2	13,5	13,3	14,9	13,7	13,9	12,2	14,5	15,2	- Sw ede n*	41, 9	41, 9	8 55,	54, 0
19,8	22, 4	2 20,	2 21,	5 24,	2 27,	2 24,	6 25,	3 30,	8 29,	3 24,	- Fr anc e	84, 4	75,9	,5 101	83, 6
5,7	8,3	7,4	3,8	3,4	3,6	5,7	1,3	2,7	7,4	7,6	- Sp ain	17,7	12,7	14,0	25, 2
0,6	1,0	0,4	1,2	) (0,9	0,3	) (0,5	) (2,6	) (3,3	0,8	0,4	- In atio nal tern	(2,1	) (1,1 )	) (3,7	3,2
(30 ,5)	(29 ,6)	,2) (25	,2) (25	,8) (16	,1) (17	,2) (14	,8) (11	,6) (14	,5) (11	,2) (12	New ntu ve res	(38 ,3)	(48 ,1)	,9) (59	(11 0,5 )
(3,9	) (3,8 )	) (4,9	) (4,7	) (4,5	) (3,4	) (4,2	) (4,4	) (5,9	) (4,3	) (5,5	r/O Hea dqu the arte r	(15 ,7)	(12 ,1)	,5) (16	(17 ,3)
22, 4	40, 7	34, 2	29, 6	37, 6	47, 7	9 44,	37, 6	38, 8	60, 4	48, 6	Tot al E BIT DA (On line Cla ssi fied ) ent s s egm	,8 147	130 ,2	167 ,8	126 ,9
7,43	7,62	7,93	4 8,2	5 8,3	1 8,2	7 8,2	9 8,5	3 8,6	5 8,5	4 9,1	NO K / EU R	8,7 7	8,2 8	5 8,3	7,8 1
											The fig s b elow ref lect the ntri but ion by J oint Ve and As iate d ntu ure co res soc Com ies if w e h ad soli dat ed the anie orti tely pan con co mp s p rop ona :
2,2 (2,2	2,6 ) (3,0 )	2,3 ) (2,6	3,2 ) (8,4	3,7 ,6) (22	4,2 ,8) (26	4,6 ,3) (26	5,4 ,9) (24	5,3 ,1) (10	6,1 ,8) (11	5,4 (10	Rev enu es EB ITD A	16,8 (32 ,3)	7,9 (49	17,9 ) (10 0,6	10,3 (16
								42. 0*		,4)	In t he soli dat ed Fina ncia l St f th e S chib sted Me dia Gro he ate nt o up t con me ults of the Jo int V nd A ciat ed Com ies ised ent res ure s a sso pan are rec ogn as follo ws: Sha ofit of Joi Ven nd Ass oci d C ies nt ture ate	16,7	,4)	4,3	,2)
(2,5	) (3,3 )	) (3,0	) (8,9	,0) (23	,8) (27	,9) (28	,6) (24		,2) (13	(12 ,1)	f pr (lo ss) re o s a om pan *Q1 15 i nclu ding in o le o f EU R 5 mill ion 20 2.3 ga n sa		(50 ,8)	) (10	(17 ,7)
325	369	343	342	371	382	346	322	373	396	365	NO NO RW AY fig s in K m illio n* ure Rev enu es	1 13 4	1 09 9	1 1 42	1 37 9
145	208	175	163	155	182	167	133	150	203	172	EB ITD A	525	504	637	691
											SW ED EN figu in SEK mi llio n** res
175	211	197	200	201	231	214	211	221	255	238	Rev enu es	714	646	857	783
90	124	116	118	118	135	126	129	115	135	143	EB ITD A	393	379	508	448

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

***Servicefinder.se is included in SWEDEN from 1st quarter 2015

1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar
201 3	201 3	201 3	201 3	201 4	201 4	201 4	201 4	201 5	201 5	201 5	C irc lat ion lum Y T D u vo e
221 77 6 196 53 3	218 99 4 194 26 6	9 214 82 6 190 32	6 214 02 2 190 47	2 226 61 7 220 26	9 225 43 0 220 09	1 222 21 1 217 44	8 221 65 0 217 46	1 216 98 4 213 30	0 214 81 7 211 27	5 212 05 2 208 38	Aft ste en po n Mo rnin diti g e on Su nda diti y e on
73 798 74 687	73 837 74 343	73 103 73 430	73 736 73 606	75 463 74 032	74 936 73 298	74 136 72 393	73 640 72 470	70 543 69 587	69 478 68 606	68 929 68 007	Be Tid end rge ns e We ekd edi tion ay Su nda diti y e on
59 412	59 176	58 645	59 262	58 289	58 354	58 362	58 544	56 324	55 532	55 286	Sta r A fte nb lad van ge We ekd edi tion ay
35 117	35 043	35 008	34 845	34 487	34 356	34 321	34 064	33 612	31 960	33 116	Fæ dre lan dsv en nen We ekd edi tion ay
168 83 0 167 95 9	166 97 4 166 46 5	5 167 42 0 160 57	0 164 43 3 159 57	2 141 21 5 148 29	1 139 88 3 146 07	5 138 91 4 138 77	8 138 18 7 136 16	0 119 76 9 110 63	9 118 08 3 108 96	2 115 42 5 102 70	VG We ekd edi tion ay Su nda diti y e on
182 00 3 196 89 1	182 50 0 196 30 0	0 181 70 0 197 00	5 176 47 0 191 40	0 152 30 0 159 60	0 151 80 0 160 70	0 151 50 0 161 00	0 146 20 0 155 60	3 123 22 6 126 10	3 122 38 4 129 59	9 122 64 3 129 27	Aft bla det on We ekd edi tion ay Su nda diti y e on
166 90 0 171 40 0	164 50 0 169 20 0	159 60 0 165 00 0	159 00 0 164 40 0	164 20 0 169 20 0	159 40 0 163 50 0	156 40 0 160 90 0	157 20 0 161 60 0	156 30 0 160 00 0	153 50 0 157 20 0	150 45 154 65	Sv ka Da bla det * ens g 0 We ekd edi tion ay Su nda diti 0 y e on

*The circulation volume for Svenska Dagbladet has been changed according to the official Swedish way of counting volume for subscription newspapers. Historical figures for 2014 have been restated.