Vend Marketplaces ASA

Financials and analytical info as of Q4 2017

Contents (each item on separate tabs):

1. Profit and loss statement
1. Balance sheet
1. Cash flow
1. Operating segment operating revenues
1. Media House Norway P&L
1. Media House Sweden P&L
1. Online Classifieds Proforma P&L
1. Circulation volume Media Houses

For questions, please contact Schibsted IR:

Jo Christian Steigedal, Head of IR [email protected] Mobile: +47 415 08 733

NOK million																				SCHIBSTED MEDIA GROUP
																				1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter CONDENSED CONSOLIDATED	Full year	Full year	Full year		Full year Full year Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017		2017 INCOME STATEMENT	2017	2016	2015	2014	2013	2013
restated	restated	restated	restated																						restated	reported

452	445	433	440	479	448	463	474	478	456	477	490	506	529	528	533	541	551	553		572 Subscription revenues	2,218	2,096	1,901	1,864	1,770	1,787
564	577	619	568	541	553	589	538	495	525	526	504	485	481	470	429	416	427	439		393 Casual sales revenues	1,675	1,865	2,050	2,221	2,328	2,335
2,081	2,330	2,026	2,284	2,170	2,338	1,995	2,287	2,176	2,366	2,169	2,430	2,377	2,559	2,301	2,523	2,480	2,748	2,543		2,831 Advertising revenues	10,602	9,760	9,141	8,790	8,721	9,017
490	518	503	540	520	495	510	575	545	456	501	523	515	545	499	574	562	601	625		658 Other revenues	2,447	2,133	2,025	2,100	2,051	2,093
3,587	3,870	3,581	3,832	3,710	3,834	3,557	3,874	3,694	3,803	3,673	3,947	3,883	4,114	3,798	4,059	4,000	4,327	4,161	-	4,455 Operating revenues		16,943 15,854 15,117 14,975 14,870 15,232
(230)	(241)	(201)	(178)	(172)	(179)	(167)	(178)	(161)	(144)	(129)	(141)	(129)	(129)	(118)	(124)	(107)	(110)	(102)		(113) Raw materials and finished goods	(432)	(500)	(575)	(696)	(850)	(871)
																				(1,349) (1,360) (1,216) (1,389) (1,427) (1,405) (1,255) (1,477) (1,487) (1,460) (1,372) (1,565) (1,562) (1,568) (1,396) (1,615) (1,546) (1,606) (1,487) (1,678) Personnel expenses	(6,317)		(6,141) (5,884) (5,564) (5,314) (5,474)
																				(1,711) (1,707) (1,701) (1,810) (1,701) (1,676) (1,631) (1,766) (1,670) (1,557) (1,616) (1,799) (1,771) (1,780) (1,712) (1,819) (1,913) (1,917) (1,789) (1,969) Other operating expenses	(7,588)		(7,082) (6,642) (6,774) (6,929) (7,228)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-				-	-	Share of profit (loss) of joint ventures and associates	-	-	-	-	-	13
																			-
297	562	463	455	410	574	504	453	376	642	556	442	421	637	572	501	434	694	783	-	695 Gross operating profit (loss)	2,606	2,131	2,016	1,941	1,777	1,672
(117)	(119)	(121)	(119)	(114)	(112)	(123)	(118)	(118)	(119)	(129)	(132)	(123)	(132)	(127)	(147)	(145)	(156)	(158)		(175) Depreciation and amortisation	(634)	(529)	(498)	(467)	(476)	(490)
(26)	(11)	(30)	(56)	(202)	(216)	(252)	(171)	354	(107)	(124)	(71)	(43)	(40)	(43)	(45)	(58)	(11)	(15)		(29) Share of profit (loss) of joint ventures and associates	(113)	(171)	52	(841)	(123)	-
																0	(0)	-	-	Impairment loss goodwill	-	-	-	-
-	(2)	-	(148)		(9) -	(1)	(121)	(6)	(3)	(14)	(465)	-	(39)	(16)	(25)	(0)	(9)	(2)		(38) Impairment loss	(49)	(80)	(488)	(131)	(150)	(150)
	(7) 8	(225)	871		45 (30)	88	(95)	267	97	794	(79)	(24)	(69)	(32)	11	(3)	1,286	194		28 Other income and expenses	1,505	(114)	1,079	8	647	1,169
147	438	87	1,003	130	216	216	(52)	873	510	1,083	(305)	231	357	354	295	228	1,805	802		479 Operating profit (loss)	3,315	1,237	2,161	510	1,675	2,201
(40)	(63)	(54)	(28)	(29)	(26)	(17)	(56)	(27)	(70)	(118)	20	(12)	2	38	(7)	(12)	(70)	(23)	-	(66) Net Financial Items	(171)	21	(195)	(128)	(185)	(186)
107	375	33	975	101	190	199	(108)	846	440	965	(285)	219	359	392	288	216	1,735	779		414 Profit (loss) before taxes	3,144	1,258	1,966	382	1,490	2,015
																			-
(46)	(171)	(111)	(125)	(125)	(162)	(139)	(83)	(112)	(172)	(153)	(138)	(144)	(166)	(195)	(194)	(174)	(352)	(226)		(207) Taxes	(958)	(699)	(575)	(509)	(453)	(453)
61	204	(78)	850	(24)	28	60	(191)	734	268	812	(423)	75	193	197	94	43	1,383	553		207 Profit (loss)	2,186	559	1,391	(127)	1,037	1,562

																				Profit (loss) attributable to:
	8 19	-	(1)		11 22	14		6 71	29	15	13	21	38	23	12	12	10	22		11 Non-controlling interests	55	94	128	53	26	26
53	185	(78)	851	(35)	6	46	(197)	663	239	797	(436)	54	155	174	82	30	1,373	531		196 Owners of the parent	2,130	465	1,263	(180)	1,011	1,536
																				Earnings per share (NOK)
0.25	0.86	(0.36)	3.97	(0.16)	0.03	0.21	(0.92)	3.08	1.11	3.68	(1.93)	0.24	0.69	0.77	0.36	0.13	6.07	2.35		0.85 Basic	9.36	2.05	5.79	(0.84)	4.72	7.16
0.25	0.86	(0.36)	3.97	(0.16)	0.03	0.21	(0.92)	3.08	1.11	3.67	(1.92)	0.24	0.69	0.77	0.36	0.13	6.06	2.34		0.85 Diluted	9.35	2.05	5.78	(0.84)	4.71	7.16
0.27	0.83	0.63	0.22	(0.34)	0.13	(0.27)	(0.25)	2.10	0.62	0.06	0.41	0.29	1.04	0.93	0.44	0.15	0.96	1.45		0.88 Basic - adjusted	3.43	2.70	3.17	(0.73)	1.95	1.95
0.27	0.83	0.63	0.22	(0.34)	0.13	(0.27)	(0.25)	2.10	0.62	0.06	0.41	0.29	1.04	0.93	0.44	0.15	0.96	1.45		0.88 Diluted - adjusted	3.43	2.69	3.16	(0.73)	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.

NOK million
	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	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017
STATEMENT OF FINANCIAL POSITION	reported	reported	reported	reported	restated	restated	restated	restated

Intangible assets	9,301	9,646	10,056	10,337	9,221	9,561	9,958	10,212	10,240	10,366	10,074	11,906	11,493	11,855	14,511	14,292	14,054	13,920	13,470		14,100 14,835 16,456 16,084 16,983
Investment property and property, plant and equipment	1,819	1,795	1,659	1,507	1,812	1,788	1,651	1,499	1,564	1,608	1,373	1,287	1,239	1,196	1,168	1,137	1,116	1,069	1,043		1,019 1,020 1,004 1,009			988
Investments in joint ventures and associates	507	469	478	1,074	625	610	578	654	557	548	502	547	1,251	1,199	969	929	942	964	978	954		929 4,519 4,481 4,514
Other non-current assets	322	351	303	297	342	370	354	319	212	195	273	536	515	458	462	425	315	346	463	353	352	441	414	364
Non-current assets	11,949	12,261	12,496	13,215	12,000	12,329	12,541	12,684	12,573	12,717	12,222	14,276	14,498	14,708	17,110	16,783	16,427	16,299	15,954		16,426 17,136 22,420 21,987 22,850
Trade receivables and other current assets	2,939	2,954	2,776	2,676	2,800	2,806	2,666	2,565	2,710	2,781	2,761	2,853	2,911	2,898	3,061	2,942	2,972	2,779	2,804		2,714 2,860 3,059 3,091 3,141
Current financial assets	64	53	-	28	64	53	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash and cash equivalents	596	1,140	561	1,240	541	1,066	473	1,202	307	458	831	745	285	469	2,854	1,891	1,624	1,411	1,388	1,268	751	495		783 1,626
Assets held for sale		- -	76	-	-	-	76	-	-	-	-	-	-	-	-	-	-	-	-	-
Current assets	3,599	4,147	3,413	3,944	3,405	3,925	3,215	3,767	3,017	3,239	3,592	3,598	3,196	3,367	5,915	4,833	4,596	4,190	4,192		3,982 3,610 3,553 3,873 4,767
Total assets	15,548	16,408	15,909	17,159	15,405	16,254	15,756	16,451	15,590	15,956	15,814	17,874	17,694	18,075	23,025	21,616	21,023	20,489	20,146		20,408 20,747 25,974 25,860 27,617
Equity attributable to owners of the parent	6,075	6,248	6,085	7,850	6,075	6,248	6,085	7,325	7,179	6,897	6,419	6,560	7,012	6,930	11,195	10,776	10,676	10,276	9,878		10,235 10,394 11,638 11,549 14,793
Non-controlling interests	281	252	261	261	281	252	261	261	265	187	196	230	241	136	297	314	332	322	287	305	323	257	252	261
Equity	6,356	6,500	6,346	8,111	6,356	6,500	6,346	7,586	7,444	7,084	6,615	6,790	7,253	7,066	11,492	11,090	11,008	10,598	10,165		10,540 10,717 11,895 11,802 15,054
Non-current interest-bearing borrowings	1,941	2,712	2,574	1,971	1,941	2,712	2,561	1,971	1,941	2,551	2,495	2,132	1,908	2,334	3,012	2,365	1,856	1,838	1,822		1,814 2,313 5,510 5,203 4,212
Other non-current liabilities	2,038	2,030	2,509	2,313	2,032	2,024	2,500	2,263	2,109	2,076	2,515	3,641	2,944	2,886	2,817	2,743	2,500	2,493	2,793		2,447 2,450 2,610 2,732 2,586
Non-current liabilities	3,979	4,742	5,083	4,284	3,973	4,736	5,061	4,234	4,050	4,627	5,010	5,773	4,852	5,220	5,829	5,108	4,356	4,331	4,615		4,261 4,763 8,121 7,935 6,798
Current interest-bearing borrowings	577	592	549	428	577	592	549	346	137	90	13	696	844	1,162	719	318	557	541	540	528	28	626	626	28
Other current liabilities	4,636	4,574	3,780	4,336	4,499	4,426	3,649	4,285	3,959	4,155	4,176	4,615	4,745	4,627	4,985	5,100	5,102	5,019	4,826		5,079 5,240 5,332 5,497 5,736
Liabilities held for sale		- -	151	-	-	-	151	-	-	-	-	-	-	-	-	-	-	-
Current liabilities	5,213	5,166	4,480	4,764	5,076	5,018	4,349	4,631	4,096	4,245	4,189	5,311	5,589	5,789	5,704	5,418	5,659	5,560	5,366		5,607 5,268 5,958 6,124 5,764
Total equity and liabilities	15,548	16,408	15,909	17,159	15,405	16,254	15,756	16,451	15,590	15,956	15,814	17,874	17,694	18,075	23,025	21,616	21,023	20,489	20,146		20,408 20,747 25,974 25,860 27,617

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

described in the 1st Quarter 2014 Report.

NOK million
	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	31.12	31.03	30.06	30.09	31.12
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017
STATEMENT OF CASH FLOWS	restated	restated	restated	restated
Profit (loss) before taxes	107	482	515	1,490	101	291	490	382	846	1,286	2,251	1,966	219	578	970	1,258	216	1,952	2,730	3,144
Gain on remeasurement in business combinations achieved in stages and remeasurement
of contingent consideration	-	-	(2)	(2)	(37)	(40)	(40)	(91)	-	-	(784)	(778)	-	-	-	-	-	-	-	-
Depreciation, amortisation and impairment losses	117	238	362	629	123	235	359	598	124	246	389	1,000	123	294	437	609	145	309	470	685
Net effect pension liabilities													(61)	(46)	(29)	(65)	(87)	(74)	(77)	(91)
Share of loss (profit) of joint ventures and associates, net of dividends received	26	85	125	182	202	445	707	877	(354)	(232)	(108)	(25)	43	102	155	199	58	87	102	134
Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)	(681)	(738)	(179)	(366)	(521)	(577)	(178)	(525)	(678)	(828)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(1)	(12)	203	(943)	(10)	(11)	(121)	(121)	(291)	(418)	(435)	(437)	(24)	(35)	(80)	(137)	-	(1,310)	(1,547)	(1,697)
Change in working capital and provisions	(484)	(444)	(506)	(4)	(139)	(76)	(15)	220	(130)	12	58	5	47	274	69	219	6	(88)	(46)	(57)
Net cash flow from operating activities	(380)	(145)	181	716	(61)	348	765	1,230	(18)	362	690	993	168	801	1,001	1,506	159	351	954	1,290
Net cash flow from investing activities	(158)	(251)	(478)	471	(446)	(790)	(728)	(1,580)	(289)	(616)	(1,310)	(1,513)	(166)	(487)	(677)	(1,248)	(675)	(4,161)	(4,144)	- (4,546)
Net cash flow before financing activities	(538)	(396)	(297)	1,187	(507)	(442)	37	(350)	(307)	(254)	(620)	(520)	2	314	324	258	(516)	(3,811)	(3,190)	(3,256)
Net cash flow from financing activities	60	397	(296)	(1,116)	(365)	(305)	(382)	(116)	(117)	20	2,758	1,683	(251)	(771)	(819)	(877)	(6)	3,018	2,704	3,558
Effect of exchange rate changes on cash and cash equivalents	41	87	112	153	(23)	3	(26)	9	(36)	(42)	(29)	(17)	(18)	(23)	(8)	(4)	4	18	1	55
Net increase (decrease) in cash and cash equivalents	(437)	88	(481)	224	(895)	(744)	(371)	(457)	(460)	(276)	2,109	1,146	(267)	(480)	(503)	(623)	(518)	(774)	(486)	357
Cash and cash equivalents at start of period	978	978	978	978	1,202	1,202	1,202	1,202	745	745	745	745	1,891	1,891	1,891	1,891	1,268	1,268	1,268	- 1,268
Cash and cash equivalents at end of period	541	1,066	497	1,202	307	458	831	745	285	469	2,854	1,891	1,624	1,411	1,388	1,268	751	495	783	1,626

From Q4 2017, the net effect of pension liabilities is presented as a separate line item in the statement of cash flows. Comparable figures for 2016 and 2017 are restated. For previous periods, the effect is included in changes in working capital and provisions.

From Q4 2017, the line items Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration and Sales (losses (gains) non-current assets are coblined into one line item Sales losses (gains) noncurrent assets and other non-cash losses(gains).

NOK million 1 quarter 2014	2 quarter 2014	3 quarter 2014	4 quarter 2014	1 quarter 2015	2 quarter 2015	3 quarter 2015	4 quarter 2015	1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	3 quarter 2017	4 quarter OPERATING REVENUES SCHIBSTED MEDIA GROUP	Full year 2017	Full year 2016	Full year 2015	Full year 2014
3,710	3,834	3,557	3,874	3,694	3,803	3,673	3,947	3,883	4,114	3,798	4,059	4,000	4,327	4,161	4,455 SCHIBSTED MEDIA GROUP	16,943	15,854	15,117	14,975
377	387	353	329	379	402	372	350	391	448	405	406	463	507	485	474 ONLINE CLASSIFIEDS NORWAY	1,929	1,650	1,503	1,446
210	228	208	217	218	254	251	264	257	294	260	241	242	283	269	257 ONLINE CLASSIFIEDS SWEDEN	1,051	1,052	987	863
570	614	591	682	709	774	808	911	994	1,042	982	1,067	1,121	1,248	1,222	1,376 ONLINE CLASSIFIEDS INTERNATIONAL	4,966	4,085	3,202	2,457
1,546	1,594	1,480	1,617	1,472	1,458	1,344	1,449	1,330	1,384	1,258	1,421	1,314	1,359	1,300	1,409 MEDIA HOUSE NORWAY	5,382	5,393	5,723	6,237
952	946	882	979	883	954	952	1,082	1,013	1,089	997	1,046	958	1,061	1,000	1,058 MEDIA HOUSE SWEDEN	4,077	4,145	3,871	3,759
212	224	202	227	194	146	129	91	104	93	92	96	123	132	173	190 OTHER/HEADQUARTERS	618	385	560	865
(157)	(159)	(159)	(177)	(161)	(185)	(183)	(200)	(206)	(236)	(196)	(218)	(221)	(263)	(289)	(308) ELIMINATIONS	(1,080)	(856)	(729)	(652)

Other/Headquarter includes Møteplassen, 20 Minutes Spain until June 2015, Aspiro until March 2015 and central product

and tech

NOK million 1 quarter 2014	2 quarter 2014	3 quarter 2014	4 quarter 2014	1 quarter 2015	2 quarter 2015	3 quarter 2015	4 quarter 2015	1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	3 quarter 2017	4 quarter GROSS OPERATING PROFIT (LOSS) - EBITDA SCHIBSTED MEDIA GROUP	Full year 2017	Full year 2016	Full year 2015	Full year 2014
410	574	504	453	376	642	556	442	421	637	572	501	434	694	783	695 SCHIBSTED MEDIA GROUP	2,606	2,131	2,016	1,941
155	181	168	133	150	203	172	127	146	200	174	138	158	175	208	163 ONLINE CLASSIFIEDS NORWAY	705	658	652	637
107	119	109	114	101	117	136	153	130	160	146	111	107	126	148	123 ONLINE CLASSIFIEDS SWEDEN	504	547	507	449
55	98	101	89	90	203	143	74	159	177	167	189	161	315	324	349 ONLINE CLASSIFIEDS INTERNATIONAL	1,149	692	510	343
101	176	125	136	68	119	90	121	45	143	112	139	119	152	153	128 MEDIA HOUSE NORWAY	552	439	398	538
89	89	105	108	74	110	124	114	86	130	153	138	101	139	165	168 MEDIA HOUSE SWEDEN	573	507	422	391
(97)	(89)	(104)	(127)	(107)	(110)	(109)	(147)	(145)	(173)	(180)	(214)	(213)	(213)	(216)	-236 OTHER/HEADQUARTERS	(878)	(712)	(473)	(417)

Other/Headquarter includes Møteplassen, 20 Minutes Spain until June 2015, Aspiro until March 2015 and central product and tech

1 quarter 2014	2 quarter
		3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	Full year	Full year	Full year	Full year
	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017 MEDIA HOUSE NORWAY	2017	2016	2015	2014
172	182	165	198	162	152	150	167	162	163	160	198	205	216	203	240 Online newspapers - single copy (VG)*	863	683	631	717
124	135	130	151	133	145	128	146	139	159	139	178	153	155	153	170 Online newspapers - subscription newspapers	631	615	552	540
32	39	33	46	49	49	51	49	40	42	37	39	42	42	42	66 Other online operating revenues/online eliminations	192	158	198	150
328	356	328	395	344	346	329	362	341	364	336	415	400	412	398	476 Operating revenues online	1,687	1,456	1,381	1,407
250	256	270	249	239	250	246	246	223	222	211	211	196	194	198	181 Circulation revenues - single copy newspapers (VG)	769	867	981	1,025
57	59	47	53	45	39	33	39	31	27	21	31	22	21	19	18 Advertising revenues - single copy newspapers (VG)		80 110	156	216
6	6	6	7	7	8	9	6	7	6	6	3	4	4	5	4 Other revenues - single copy newspapers (VG)		17 22	30	25
339	319	329	319	329	314	322	316	313	322	316	311	293	298	291	288 Circulation revenues - subscription newspapers	1,171	1,262	1,281	1,306
358	387	290	349	295	306	229	269	217	229	167	223	166	175	144	171 Advertising revenues - subscription newspapers	655	836	1,099	1,384
37	39	36	39	35	35	35	36	33	32	36	34	22	7	16	19 Other revenues - subscription newspapers		64 135	141	151
7	9	4	6	5	5	4	5	5	4	3	6	4	5	3	5 Eliminations/other revenues (VG)		17 18	19	26
1,054	1,075	982	1,022	955	957	878	917	829	842	760	819	707	704	677	686 Print newspapers operating revenues	2,773	3,250	3,707	4,133

164	163	170	200	173	155	137	170	160	178	162	187	207	243	225	247 Other/eliminations -	923	687	635	697
1,546	1,594	1,480	1,617	1,472	1,458	1,344	1,449	1,330	1,384	1,258	1,421	1,314	1,359	1,300	1,409 Total operating revenues	5,382	5,393	5,723	6,237
(420)	(429)	(405)	(427)	(405)	(390)	(368)	(382)	(371)	(358)	(335)	(364)	(343)	(352)	(341)	(372) Online/offline operating expenses - single copy newspapers (VG)*	(1,407)	(1,428)	(1,545)	(1,681)
(813)	(776)	(744)	(795)	(751)	(730)	(692)	(714)	(698)	(686)	(629)	(675)	(602)	(568)	(559)	(609) Online/offline operating expenses - subscription newspapers	(2,337)	(2,688)	(2,887)	(3,128)
(212)	(213)	(206)	(259)	(248)	(219)	(194)	(232)	(216)	(197)	(183)	(243)	(250)	(287)	(248)	(301) Other/eliminations	(1,086)	(839)	(893)	(890)
(1,445)	(1,418)	(1,355)	(1,481)	(1,404)	(1,339)	(1,254)	(1,328)	(1,285)	(1,241)	(1,147)	(1,282)	(1,195)	(1,206)	(1,148)	(1,281) Total operating expenses	(4,830)	(4,955)	(5,325)	(5,699)

72	83	87	86	53	64	74	81	57	64	66	85	88	87	87	76 EBITDA single copy newspapers VG (online/offline)*	339	272	272	328
45 (16)	104 (11)	41 (3)	63 (13)	41 (26)	70 (15)	22 (6)	53 (13)	4 (16)	56 23	30 16	71 (17)	32 (1)	68 (2)	46 20	40 EBITDA subscription newspapers (online/offline) 12 EBITDA other/eliminations	185	161 28 6	186 (60)	253 (43)

101	176	125	136	68	119	90	121	45	143	112	139	119	152	153	128 Total EBITDA	552	439	398	538
858	880	785	858	792	800	714	767	702	742	658	746	634	635	605	648 Total Revenues Subscription Newspapers	2,522	2,848	3,073	3,381
492	512	492	513	458	454	442	463	428	422	401	449	431	439	428	447 Total Revenues VG	1,746	1,700	1,817	2,009

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

SEK million
1 quarter 2014	2 quarter 2014	3 quarter 2014	4 quarter 2014	1 quarter 2015	2 quarter 2015	3 quarter 2015	4 quarter 2015	1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	3 quarter 2017	4 quarter 2017	MEDIA HOUSE SWEDEN	Full year 2017	Full year 2016	Full year 2015	Full year 2014
239	224	232	248	238	240	250	258	263	275	290	322	317	342	318		320 Schibsted Growth revenues*	1,297	1,150	986	943
77	69	66	64	60	64	63	65	63	64	62	68	62	67	21	-	of which Hitta revenues	151	257	252	276
251	252	219	281	255	295	255	339	283	339	294	366	253	302	274		337 Schibsted Publishing revenues	1,165	1,282	1,144	1,003
171	186	149	193	178	200	176	229	202	230	199	257	197	230	215	260	of which Aftonbladet online revenues	902	888	783	699
26	31	27	36	31	41	34	48	43	46	40	58	40	49	40	53	of which SvD online revenues	183	187	154	120
(9)	(4)	(12)	(19)	(11)	(10)	(10)	(15)	(12)	(14)	(16)	(21)	3	-	-		(9) Other online revenues and eliminations	(6)	(63)	(46)	(44)
481	472	439	510	482	525	495	582	534	600	568	667	573	644	592		648 Online operating revenues	2,456	2,369	2,084	1,902
255	268	286	252	230	248	248	224	227	225	227	204	206	210	210		187 Circulation revenues Aftonbladet	813	883	950	1,061
59	73	57	63	46	56	46	51	32	45	37	43	33	38	36		39 Advertising revenues Aftonbladet	146	157	199	252
1	1	2	3	1	-	1	1	1	2	1	1	-	-	-		0 Other revenues Aftonbladet	0	5	3	7
107	98	103	105	102	96	103	104	102	99	103	104	103	98	105		104 Circulation revenues SvD	410	408	405	413
93	102	71	98	79	91	64	90	73	82	57	81	66	73	53		72 Advertising revenues SvD	265	293	324	364
16	15	16	16	16	15	15	15	15	13	18	17	15	13	13		16 Other revenues SvD	57	63	61	63
531	557	535	537	474	506	477	485	450	466	443	450	423	433	417		419 Newspaper operating revenues	1,692	1,809	1,942	2,160
1	14	9	10	6	7	9	12	9	16	11	12	17	20	13		11 Other revenues and eliminations	62	48	34	34
1,013	1,043	983	1,057	962	1,038	981	1,079	993	1,082	1,022	1,129	1,013	1,096	1,022		1,078 Total operating revenues	4,210	4,226	4,060	4,096
(182)	(182)	(180)	(193)	(196)	(191)	(183)	(202)	(211)	(210)	(203)	(247)	(251)	(265)	(220)		(235) Schibsted Growth expenses*	(972)	(871)	(772)	(737)
(49)	(46)	(42)	(38)	(44)	(46)	(45)	(44)	(45)	(48)	(45)	(50)	(51)	(52)	(17)	-	of which Hitta expenses	(120)	(188)	(179)	(175)
(735)	(740)	(689)	(730)	(687)	(703)	(662)	(738)	(687)	(727)	(660)	(725)	(634)	(641)	(606)		(633) Schibsted Publishing expenses (print and online)	(2,514)	(2,799)	(2,790)	(2,894)
(441)	(471)	(433)	(437)	(421)	(433)	(408)	(440)	(418)	(437)	(403)	(439)	(405)	(410)	(396)		(395) of which Aftonbladet expenses	(1,606)	(1,697)	(1,702)	(1,782)
(240)	(234)	(213)	(238)	(216)	(224)	(211)	(242)	(216)	(224)	(200)	(237)	(214)	(214)	(193)		(216) of which SvD expenses	(837)	(877)	(893)	(925)
(2)	(22)	3	(17)	1	(24)	(8)	(25)	(10)	(16)	(2)	(8)	(22)	(46)	(27)		(39) Other expenses and eliminations	(134)	(36)	(56)	(38)
(919)	(944)	(866)	(940)	(882)	(918)	(853)	(965)	(908)	(953)	(865)	(980)	(906)	(952)	(853)		(907) Total operating expenses	(3,619)	(3,706)	(3,618)	(3,669)
57	42	52	55	42	49	67	56	52	65	87	75	66	78	97		85 EBITDA Schibsted Growth*	326	279	214	206
28	23	24	26	16	18	18	21	18	16	17	18	11	15	5	-	of which EBITDA Hitta	31	69	73	101
47	69	65	88	42	98	70	86	46	78	77	91	42	93	86		122 EBITDA Schibsted Publishing	343	292	296	269
45	57	61	74	34	71	63	65	44	65	61	66	31	68	65	91	of which EBITDA Aftonbladet	255	236	233	237
2	12	4	17	12	19		5 15	17	16	18	23	11	20	18	29	of which EBITDA SvD	78	74	51	35
(10)	(12)	-	(26)	(4)	(27)	(9)	(28)	(13)	(14)	(7)	(17)	(1)	(26)	(14)		(36) EBITDA Other	(78)	(51)	(68)	(48)
94	99	117	117	80	120	128	114	85	129	157	149	106	144	169		171 Total EBITDA	591	520	442	427
0.9423	0.9069	0.8988	0.9264	0.9171	0.9199	0.9693	1.0036	1.0213	1.0048	0.9769	0.9262	0.9453	0.9674	0.9782		0.9812 NOK / SEK	0.9680	0.9823	0.9525	0.9186
486	528	494	511	455	504	471	505	462	502	464	505	436	478	461		486 Total Revenues Aftonbladet	1,861	1,933	1,935	2,019
242	246	217	255	228	243	216	257	233	240	218	260	225	234	212		245 Total Revenues SvD	915	951	944	960

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

EUR million									1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter									Full year Full year Full year		Full year
2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	ONLINE CLASSIFIEDS - PROFORMA	2017	2016	2015	2014
																REVENUES
																Including contribution from joint ventures and associates as if we had consolidated the companies proportionately
133.9	144.9	133.6	135.3	146.1	160.2	150.3	154.2	163.3	179.8	167.1	178.3	191.6	203.4	196.4		203.2 Developed phase	794.6	688.5	610.8	547.7
44.5 22.6	46.5 25.5	41.9 23.2	37.6 22.8	43.3 23.5	46.3 27.4	39.8 25.3	36.2 26.2	39.7 26.4	46.1 30.4	41.9 27.3	43.2 25.9	50.3 26.1	51.8 29.3	50.5 27.8		48.5 - Norway 25.8 - Sweden	201.2 109.0	170.9 110.0	165.6 102.4	170.5 94.1
35.8	39.6	36.1	39.2	42.9	46.4	43.2	47.2	51.1	54.2	50.5	58.2	61.6	64.2	62.0		69.6 - France	257.4	214.0	179.7	150.7
20.9 10.1	21.2 12.1	20.7 11.7	21.9 13.8	22.8 13.6	24.7 15.4	25.2 16.8	26.3 18.3	26.8 19.3	28.0 21.1	27.2 20.2	28.7 22.3	32.0 21.6	34.6 23.5	34.5 21.5		36.6 - Spain 22.8 - Other (formerly "International")	137.7 89.3	110.7 82.9	99.0 64.1	84.7 47.7

4.3	5.1	5.5	6.2	6.0	6.9	6.8	7.7	8.6	10.8	11.5	13.8	15.5	17.6	20.7		23.0 Investment phase	76.7	44.7	27.3	21.2
138.2	150.0	139.1	141.5	152.1	167.1	157.1	161.8	171.9	190.6	178.6	192.1	207.1	221.0	217.1		226.2 TOTAL REVENUES	871.3	733.2	638.1	568.8
																EBITDA
																Including contribution from joint ventures and associates as if we had consolidated the companies proportionately
58.1	66.8	60.5	51.0	57.3	72.8	65.1	59.6	68.2	80.0	73.9	70.7	76.4	89.3	89.0		84.6 Developed phase	339.3	292.8	254.9	236.4
18.6	22.2	20.2	15.6	17.4	23.6	18.8	13.7	15.6	21.7	19.2	15.6	19.3	22.2	23.1		17.8 - Norway	82.3	72.1	73.5	76.6
12.9	14.5	13.2	13.3	11.7	13.7	14.9	16.4	14.1	17.7	16.8	13.5	13.3	15.4	16.2		13.3 - Sweden	58.2	62.1	56.7	53.8
24.0 2.9	26.6 3.3	23.6 5.2	24.7 0.5	29.6 2.2	28.8 6.7	23.7 7.3	25.1 6.4	35.1 3.9	31.2 7.3	27.9 7.8	35.0 4.7	37.5 4.8	39.8 8.0	37.2 10.6		38.1 - France 11.0 - Spain	152.5 34.4	129.2 23.7	107.3 22.6	98.9 11.9
(0.2)	0.1	(1.6)	(3.0)	(3.6)	(0.1)	0.5	(1.9)	(0.5)	2.1	2.2	1.9	1.6	3.9	1.9		4.3 - Other (formerly "International")	11.7	5.7	(5.1)	(4.7)

(39.3)	(42.3)	(39.9)	(35.5)	(24.3)	(23.7)	(22.0)	(25.6)	(25.6)	(22.7)	(22.4)	(22.9)	(28.1)	(20.9)	(14.3)		(16.3) Investment phase	(79.6)	(93.6)	(95.6)	(157.0)
18.8	24.4	20.6	15.6	33.1	49.0	43.2	34.0	42.6	57.3	51.5	47.8	48.3	68.4	74.8		68.2 TOTAL EBITDA	259.6	199.2	159.3	79.4

8.35	8.21	8.27	8.59	8.63	8.55	9.14	9.34	9.53	9.32	9.29	9.04	8.99	9.37	9.35		9.62 NOK / EUR	9.33	9.29	8.91	8.35

																NORWAY Developed phase - figures in NOK million
371	382	346	322	373	396	365	338	378	429	390	390	452	486	472		459 Revenues External	1,869	1,587	1,472	1,421
377	387	353	329	379	402	372	350	391	448	405	406	463	507	485		474 Revenues including from other segments in Schibsted Media Group	1,929	1,650	1,503	1,446
155	181	168	133	150	203	172	127	149	202	178	141	173	209	216		170 EBITDA	768	670	652	637
																SWEDEN Developed phase - figures in SEK million
201	231	214	211	221	255	238	244	247	282	259	252	248	283	265		252 Revenues External	1,048	1,040	958	857
223	252	230	234	238	276	258	264	252	292	265	261	256	291	274		261 Revenues including from other segments in Schibsted Media Group	1,082	1,070	1,036	939
114	131	121	123	110	127	141	152	132	164	160	131	126	149	155		131 EBITDA	561	587	530	489
																Developed Phase - Split Subsidiaries and Joint Ventures/Associates
57.5	66.5	60.8	50.3	56.9	72.6	64.6	58.7	67.8	78.7	73.3	69.9	75.5	88.3	88.3		84.2 EBITDA Subsidiaries	336.3	289.7	252.8	235.1
0.6	0.3	(0.3)	0.7	0.4	0.2	0.5	0.9	0.4	1.3	0.6	0.8	0.9	1.0	0.7		0.4 EBITDA Joint Ventures and Associates	3.0	3.1	2.0	1.3

(16.9)	(16.1)	(14.1)	(13.3)	(14.6)	(12.1)	(11.8)	(18.8)	(21.5)	(19.9)	(19.7)	(19.9)	(26.1)	(19.8)	(12.8)		Investment Phase - Split Subsidiaries and Joint Ventures/Associates (15.7) EBITDA Subsidiaries	(74.3)	(81.0)	(57.3)	(60.4)
(22.4)	(26.2)	(25.7)	(22.2)	(9.7)	(11.6)	(10.2)	(6.8)	(4.1)	(2.8)	(2.7)	(3.0)	(2.0)	(1.1)	(1.5)		(0.7) EBITDA Joint Ventures and Associates	(5.3)	(12.6)	(38.3)	(96.6)

																Reconciliation of Online classifieds pro forma information and Operating segments in
																accordance with financial statements

1,157	1,229	1,152	1,228	1,306	1,430	1,431	1,525	1,642	1,784	1,647	1,714	1,825	2,039	1,976		2,106 Online Classifieds operating revenues in Operating segments (in NOK)	7,946	6,787	5,692	4,766
138.7 3.6	149.7 4.2	139.3 4.3	143.0 5.2	151.4 4.5	167.2 4.6	156.5 4.0	163.3 5.0	172.4 5.3	191.4 6.0	177.2 6.8	189.8 7.8	203.1 8.4	217.6 8.8	211.4 10.0		219.0 Online Classifieds operating revenues in Operating segment disclosure (EUR) 11.1 Operating revenues from joint ventures and associates	851.1 38.3	730.8 25.9	638.4 18.1	570.7 17.3
(0.7)	(0.2)	(0.7)	(2.2)	(0.6)	(1.0)	(0.6)	(0.5)	(0.2)	(0.7)	(0.2)	(0.3)	(0.2)	(0.2)	(0.0)		(0.0) Operating revenues from other Online Classifieds companies	(0.5)	(1.4)	(2.7)	(3.8)
(3.4)	(3.7)	(3.8)	(4.5)	(3.2)	(3.7)	(2.8)	(6.0)	(5.6)	(6.1)	(5.2)	(5.2)	(4.3)	(5.2)	(4.2)		(3.9) Eliminations	(17.6)	(22.1)	(15.7)	(15.4)
138.2	150.0	139.1	141.5	152.1	167.1	157.1	161.8	171.9	190.6	178.6	192.1	207.1	221.0	217.1		226.2 Pro forma operating revenues	871.3	733.2	638.1	568.8

317	398	378	336	341	523	451	354	435	537	487	438	427	616	680		635 Online Classifieds gross operating profit in Operating segments (in NOK)	2,358	1,897	1,669	1,429
38.0	48.5	45.7	39.1	39.5	61.1	49.3	37.9	45.6	57.7	52.5	48.4	47.5	65.8	72.8		66.1 Online Classifieds EBITDA in Operating segment disclosure (EUR)	252.1	204.2	187.8	171.3
(21.8)	(25.9)	(26.0)	(21.5)	(9.3)	(11.4)	(9.7)	(5.9)	(3.7)	(1.5)	(2.1)	(2.2)	(1.1)	(0.1)	(0.8)		(0.3) EBITDA from joint ventures and associates	(2.3)	(9.5)	(36.3)	(95.3)
2.6	1.8	0.9	(2.0)	2.9	(0.7)	3.6	2.0	0.7	1.1	1.1	1.6	2.0	2.7	2.7		2.4 EBITDA from other Online Classifieds companies	9.9	4.5	7.8	3.4
18.8	24.4	20.6	15.6	33.1	49.0	43.2	34.0	42.6	57.3	51.5	47.8	48.3	68.4	74.8		68.2 Pro forma EBITDA	259.6	199.2	159.3	79.4

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	Circulation volume YTD
																				Aftenposten 221,776 218,994 214,829 214,026 226,612 225,439 222,211 221,658 216,981 214,810 212,055 211,769 209,357 209,248 209,619 210,472 221,646 221,409 221,757 225,269 Morning edition 196,533 194,266 190,326 190,472 220,267 220,090 217,441 217,460 213,304 211,277 208,382 208,194 204,963 204,669 204,607 207,109 218,657 208,600 218,483 222,347 Sunday edition
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	70,220 71,157	69,162 69,123	68,635 0	68,445 0	69,067 0	70,233 0	70,238 0	71,452 0		Bergens Tidende* 72,782 Weekday edition 0 Sunday edition
59,412	59,176	58,645	59,262	58,289	58,354	58,362	58,544	56,324	55,532	55,286	55,412	54,775	54,929	55,358	55,450	55,267	55,374	56,778		Stavanger Aftenblad 57,343 Weekday edition
35,117	35,043	35,008	34,845	34,487	34,356	34,321	34,064	33,612	31,960	33,116	32,739	32,241	32,077	32,097	32,104	31,970	31,985	32,713		Fædrelandsvennen 33,096 Weekday edition
			168,830 166,974 167,425 164,430 141,212 139,881 138,915 138,188 119,760 118,089 115,422 112,716 102,924 101,015 167,959 166,465 160,570 159,573 148,295 146,073 138,774 136,167 110,639 108,963 102,705 101,317									87,688	87,003	98,204 83,483	96,987 83,027	83,351 73,300	83,238 72,935	82,309 65,662		VG** 82,015 Weekday edition 64,638 Sunday edition
			182,003 182,500 181,700 176,475 152,300 151,800 151,500 146,200 123,223 122,383 122,649 118,900 100,151 196,891 196,300 197,000 191,400 159,600 160,700 161,000 155,600 126,106 129,594 129,273 125,140 100,360 102,366										98,977	98,835 98,346	95,353 98,817	76,968 79,269	77,529 82,090	77,906 78,987		Aftonbladet 76,400 Weekday edition 76,500 Sunday edition
166,900 171,400	164,500 169,200	159,600 165,000	159,000 164,400	164,200 169,200	159,400 163,500	156,400 160,900	157,200 161,600	156,300 160,000	153,500 157,200	150,450 154,650	151,600 156,000	154,000 157,500	152,300 155,300	148,500 151,700	155,300 158,300	160,721 163,403	158,273 160,863	155,110 157,887		Svenska Dagbladet* 150,113 Weekday edition 153,062 Sunday edition

*The last Sunday edition of Bergens Tidende was published 20 March 2016

** The definition of circulation has changed (MBL) and 2016 figures are adjusted

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3738_rns_2018-02-08_423fadb7-3080-4df6-a52e-44e92830b6ac.pdf

Financials and analytical info as of Q4 2017

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