Vend Marketplaces ASA

Financials and analytical info as of Q1 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

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 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter PROFIT AND LOSS STATEMENT Full year Full year Full year Full year Full year Full year Full year Full year Full 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 SCHIBSTED MEDIA GROUP 2013 2013 2012 2012 2011 2010 2009 2008 2007 restated restated restated restated restated restated restated restated 1 QUARTER 2014 restated reported restated reported 302 294 284 305 304 305 296 302 310 301 404 411 422 399 417 434 445 420 428 448 452 424 431 437 452 445 433 440 479 Subscription revenues 754 745 832 779 759 754 816 743 718 703 817 733 680 685 744 687 635 677 696 633 600 627 653 598 564 577 619 568 541 Casual sales revenues 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 Advertising revenues 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 Other revenues 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 Operating revenues (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) Raw materials, work in progress and finished goods (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) Personnel expenses (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) Other operating expenses 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 of profit (loss) of associated companies - 13 34 34 39 36 (67) (73) 399 554 400 410 410 567 340 41 133 331 489 541 418 652 567 562 439 675 522 549 424 600 518 501 297 562 463 455 410 Gross operating profit (loss) (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) Depreciation and amortisation - - - - - (26) (11) (30) (56) (202) Share of profit (loss) of joint ventures and associated companies (123) - - - - - - - (25) (8) (7) (9) (1 542) (72) (5) (4) (80) (18) (6) (25) (61) (4) (1) (7) (179) - - (1) (547) - (2) - (148) (9) Impairment loss (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 Other income and expenses 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 Operating profit (loss) 1 675 2 201 729 35 20 32 6 33 19 12 24 176 (8) 17 21 21 139 4 16 15 40 14 13 11 14 8 82 10 9 11 21 12 Financial income 51 51 115 115 82 180 206 88 (78) (77) (78) (78) (87) (86) (138) (207) (118) (101) (72) (71) (48) (69) (30) (44) (44) (42) (59) (45) (57) (61) (51) (55) (50) (72) (65) (49) (41) Financial expenses 230 547 74 177 1 055 253 46 (2 094) (47) (92) 250 168 251 963 343 1 842 289 548 342 152 274 432 338 (424) 107 375 33 975 101 Profit (loss) before taxes 1 490 2 015 620 (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) Taxes (453) (453) (426) (443) (499) (468) 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) Profit (loss) 1 037 1 562 194 240 (848) 1 320 (647) (1 675) 11 4 9 15 7 320 - - - - - - - - - - - - - - - - - - - Profit (loss) discontinued operations - - - - - - 327 39 160 384 52 141 898 185 25 (1 978) (46) 257 188 113 171 759 235 1 766 194 367 229 42 175 281 219 (481) 61 204 (78) 850 (24) Profit (loss) 1 037 1 562 194 240 (848) 1 320 (320) (1 636) 44 2 34 22 31 8 14 (17) - 26 42 49 22 49 29 37 35 26 21 8 9 16 14 14 8 19 - (1) 11 Profit (loss) attributable to non-controlling interests 26 26 53 55 90 137 117 36 116 382 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) Profit (loss) attributable to owners of the parent 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) Earnings per share (NOK) 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) Diluted earnings per share (NOK) 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) Earnings per share - adjusted (NOK) 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) Diluted earnings per share - adjusted (NOK)	NOK million
1 770 1 787 1 744 1 744 1 741 1 672 1 426 1 207 1 185 2 328 2 335 2 478 2 478 2 641 2 796 2 971 3 072 3 110 8 721 9 017 8 654 8 654 8 427 7 687 6 341 6 752 6 779 2 051 2 093 1 887 1 887 1 569 1 613 2 007 1 820 2 536 14 870 15 232 14 763 14 763 14 378 13 768 12 745 12 851 13 610 (850) (871) (1 057) (1 057) (1 159) (1 192) (1 371) (1 506) (2 209) (5 314) (5 474) (5 226) (5 241) (4 960) (4 711) (4 533) (4 590) (4 438) (6 929) (7 228) (6 471) (6 471) (6 113) (5 702) (5 280) (5 324) (5 349) 1 777 1 672 2 043 2 028 2 185 2 199 1 494 1 358 1 763 (476) (490) (479) (479) (505) (588) (662) (592) (586) - (33) 102 744 (241) 1 799 (397) (1 076) 1 246 (236) (237) (224) (176) (190) (191) (362) (518) (311) 683 (349) 1 788 (553) (1 506) 1 028 (94) (169) (291) - 102 635 9,43 14,32 1,32 1,73 7,00 27,04 4,74 (13,95) 9,52 9,42 14,31 1,32 1,73 6,99 27,01 4,74 (13,94) 9,49 3,90 3,90 8,18 8,41 8,76 9,72 4,42 2,79 8,31 3,90 3,90 8,17 8,40 8,75 9,71 4,42 2,79 8,28













																				149










																				93




																				737


																				737

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 million
	31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12 01.01		31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12 31.03
Balance sheet	2007	2007	2007	2007	2008	2008	2008	2008	2009	2009	2009	2009	2010	2010	2010	2010	2011	2011	2011	2011	2012	2012	2012	2012	2012	2012	2012	2012	2012	2013	2013	2013	2013	2013	2013	2013	2013	2014
																																				reported reported reported reported reported restated restated restated restated restated reported reported reported reported restated restated restated restated

Intangible assets				7 960 7 934 7 742 8 093 8 183 8 326 8 627 7 617 6 698 7 940 7 630 7 222 6 999 7 041 6 532 9 728 9 771 9 699 9 864 9 611 9 600 9 555 9 442 9 113 9 611 9 600 9 555 9 442 9 113 9 301 9 646 10 056 10 337 9 221 9 561 9 958 10 212 10 240
Investment property and property plant and equipment				2 179 2 075 2 070 1 720 1 728 1 689 1 666 1 615 1 551 2 819 2 728 2 522 2 457 2 131 2 082 2 112 2 089 2 061 2 029 1 992 1 969 1 948 1 899 1 845 1 992 1 969 1 948 1 899 1 845 1 819 1 795 1 659 1 507 1 812 1 788 1 651 1 499 1 564
Investments in joint ventures and associated companies 1 180 1 552 1 953 2 001 2 025 2 362 2 730 2 743 2 552 433 415 411 422 432 453 465 474 458 461 492 452 460 465 488 483 443 451 456 488 507 469 478 1 074 625 469 478 654 557
Other non-current assets	437	422	424	431																																432 462 427 717 754 890 879 697 679 597 606 485 505 488 479 414 418 370 466 306 414 418 370 466 306 322 351 303 297 342 511 454 319 212
Non-current assets				11 756 11 983 12 189 12 245 12 368 12 839 13 450 12 692 11 555 12 082 11 652 10 852 10 557 10 201 9 673 12 790 12 839 12 706 12 833 12 509 12 439 12 333 12 272 11 752 12 500 12 430 12 324 12 263 11 752 11 949 12 261 12 496 13 215 12 000 12 329 12 541 12 684 12 573

Inventories	119	122	121	123																																128 129 143 164 133 150 145 138 128 127 136 139 135 136 139 143 138 138 137 117 143 138 138 137 117 107 108 52 53 103 104 51 51 52
Trade and other receivables				2 313 2 341 2 268 2 466 2 525 2 556 2 475 2 781 2 369 2 777 2 611 2 490 2 483 2 633 2 404 2 504 2 522 2 431 2 395 2 406 2 504 2 524 2 495 2 447 2 406 2 504 2 524 2 495 2 447 2 832 2 846 2 724 2 623 2 697 2 702 2 615 2 514 2 658
Current financial assets	71	3	3	3	4	3	6													7 38 443 490 485 461 441 485 426 541 554 509 500 446 474 368								3 500 446 474 368			3 64 53		- 28 64 53			-	-	-
Cash and cash equivalents	1 011	796	754	842																																657 750 728 747 671 1 286 865 1 255 623 690 644 650 659 841 847 778 1 035 591 819 1 031 778 1 035 591 819 1 031 596 1 140 561 1 240 541 1 066 473 1 202 307
Assets held for sale	-	-	-	312	-	-	-	-	-	-	-	-	-		- 534	-	-	-		- -		- -	-	-	-	-	-	-	-	-		- 76	-	-	-	-	-	-
Current assets				3 514 3 262 3 146 3 746 3 314 3 438 3 352 3 699 3 211 4 656 4 111 4 368 3 695 3 891 4 203 3 719 3 857 3 962 3 890 3 827 4 123 3 727 3 819 3 598 3 827 4 123 3 727 3 819 3 598 3 599 4 147 3 413 3 944 3 405 3 925 3 139 3 767 3 017

Total assets				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 15 680 16 451 15 590

Equity attributable to owners of the parent				4 924 4 980 4 957 4 770 5 475 5 227 5 213 3 617 3 462 3 729 5 119 4 837 4 881 5 286 5 434 6 677 6 830 6 559 6 411 6 502 6 528 6 329 6 453 5 492 6 324 6 333 6 134 6 258 5 864 6 075 6 248 6 085 7 850 6 075 6 248 6 085 7 325 7 179
Non-controlling interests	285	227	182	193																																221 143 172 124 126 436 396 437 451 312 318 329 315 129 143 157 185 209 245 248 156 182 206 242 245 281 252 261 261 281 252 261 261 265
Equity				5 209 5 207 5 139 4 963 5 696 5 370 5 385 3 741 3 588 4 165 5 515 5 274 5 332 5 598 5 752 7 006 7 145 6 688 6 554 6 659 6 713 6 538 6 698 5 740 6 480 6 515 6 340 6 500 6 109 6 356 6 500 6 346 8 111 6 356 6 500 6 346 7 586 7 444

Non-current interest-bearing borrowings	365	573	1 116	757																																743 1 725 2 468 5 418 4 883 4 539 3 508 3 405 2 684 1 865 725 1 906 2 076 2 589 2 619 1 907 2 441 2 410 2 031 2 124 1 907 2 441 2 410 2 031 2 124 1 941 2 712 2 574 1 971 1 941 2 712 2 561 1 971 1 941
Other non-current liabilities	2 253	2 306	2 271	2 809																																2 969 3 018 3 099 1 672 1 566 2 156 2 097 2 230 2 088 2 173 2 284 2 533 2 372 2 386 2 631 2 592 2 549 2 575 2 569 2 481 2 762 2 738 2 764 2 758 2 112 2 038 2 030 2 509 2 313 2 032 2 024 2 500 2 263 2 109
Non-current liabilities				2 618 2 879 3 387 3 566 3 712 4 743 5 567 7 090 6 449 6 695 5 605 5 635 4 772 4 038 3 009 4 439 4 448 4 975 5 250 4 499 4 990 4 985 4 600 4 605 4 669 5 179 5 174 4 789 4 236 3 979 4 742 5 083 4 284 3 973 4 736 5 061 4 234 4 050

Current interest-bearing borrowings	4 336	4 117	3 724	4 206																																3 082 3 050 2 731 726 642 902 459 404 334 333 1 279 572 581 578 506 523 271 48 333 347 523 271 48 333 347 577 592 549 428 577 592 549 346 137
Other current liabilities	3 107	3 042	3 085	3 256																																3 192 3 114 3 119 4 834 4 087 4 976 4 184 3 907 3 814 4 123 3 731 4 492 4 522 4 427 4 413 4 655 4 588 4 489 4 460 4 658 4 655 4 588 4 489 4 460 4 658 4 636 4 574 3 780 4 336 4 499 4 426 3 649 4 285 3 959
Liabilities held for sale	-	-	-	-		- -	-	-	-	-	-	-	-		- 105	-	-	-		- -		- -	-	-	-	-	-	-	-	-		- 151	-	-	-	-	-	-
Current liabilities				7 443 7 159 6 809 7 462 6 274 6 164 5 850 5 560 4 729 5 878 4 643 4 311 4 148 4 456 5 115 5 064 5 103 5 005 4 919 5 178 4 859 4 537 4 793 5 005 5 178 4 859 4 537 4 793 5 005 5 213 5 166 4 480 4 764 5 076 5 018 4 198 4 631 4 096
Total equity and liabilities				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 15 605 16 451 15 590

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.

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 million
	31.12	31.12	31.12	31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12	31.3	30.6	30.9	31.12	31.03
Statement of cash flows	2007	2008	2009	2010	2010	2010	2010	2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014
																		restated restated restated restated restated restated restated restated

Profit (loss) before taxes (continuing operations)	970	(740)	279				251 1 214 1 557 3 399	289			837 1 179 1 331	274		706 1 044	620	107	482		515 1 490	101
Profit (loss) before taxes discontinued operations	58	56	335		- -		- -	-	-		- -		- -	-		-	-	- -	-	-
- Gain from remeasurement of previously held equity interest in
business combination achieved in stages	-	-	-		- -		- (1 518)	-	-		- -	(48)	(57)	(57)	(57)		-	- (2)	(2)	(37)
+ Depreciation, amortisation and impairment losses	619	2 260	876	170	319	500	706	133	260	393	696	116	236		360 1 055	117	238	362	629	123
+ / - Share of profit of joint ventures and associated companies, net of dividends received	(79)	182	104	(5)	(8)	(15)	(23)	(6)	2	-	(14)	24	11	10	10	26	85	125	182	202
- Taxes paid	(203)	(217)	(206)	(58)	(140)	(149)	(111)	(57)	(350)	(372)	(346)	(231)	(496)	(587)	(628)	(145)	(494)	(516)	(636)	(301)
Sales losses / (gains) non-current assets	(311)	(880)	(424)	1	(523)	(524)	(581)	(35)	(52)	(55)	(63)	(1)	(2)		- (65)	(1)	(12)	203	(943)	(10)
Change in working capital etc.	91	96	16	(180)	(247)	(329)	69	(193)	(57)	(130)	12	(9)	11	9	340	(484)	(444)	(506)	(4)	(139)
Net cash flow from operating activities	1 145	757	980	179			615 1 040 1 941	131			640 1 015 1 616	125	409		779 1 275	(380)	(145)	181	716	(61)
Net cash flow from investing activities	(937)	(418)	778	(74)	616	534	(724)	(74)	(170)	(338)	(330)	(89)	(196)	(268)	(400)	(158)	(251)	(478)	471	(446)
Net cash flow before financing activities	208	339	1 758				105 1 231 1 574 1 217	57	470		677 1 286	36	213	511	875	(538)	(396)		(297) 1 187	(507)
Net cash flow from financing activities	(1 606)	(434)	(1 203)				(734) (1 794) (2 170) (1 819)	(48)	(274)		(479) (1 158)	229	(387)	(451)	(591)	60	397		(296) (1 116)	(365)
Effect of exchange rate changes on cash and cash equivalents	-	-	(47)	(3)	(2)	-	(3)	-	(5)	(1)	-	(8)	(13)	(19)	(31)	41	87	112	153	(23)
Net cash flow for the period	(1 398)	(95)	508	(632)	(565)	(596)	(605)	9	191	197	128	257	(187)	41	253	(437)	88	(481)	224	(895)

Cash and cash equivalents at start of period	2 240	842	747				1 255 1 255 1 255 1 255	650	650	650	650	778	778	778	778	978	978	978		978 1 202
Cash and cash equivalents at end of period	842	747	1 255	623	690	659	650	659	841	847		778 1 035	591		819 1 031		541 1 066		497 1 202	307

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 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 OPERATING REVENUES	Full year	Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014	SCHIBSTED GROUP	2013	2013	2012	2011
								restated	restated	restated	restated			restated	reported

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 SCHIBSTED GROUP	14 870	15 234	14 763	14 378

756	837	784	821	871	958	906	912	948	1 095	1 044	1 097		1 151 ONLINE CLASSIFIEDS	4 184	4 265	3 647	3 198
277	305	278	275	316	325	318	307	332	376	350	348		376 FINN	1 406	1 406	1 266	1 135
479	532	506	546	555	633	588	605	616	719	694	749		775 Schibsted Classified Media	2 778	2 859	2 381	2 063

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 SCHIBSTED NORGE MEDIA HOUSE	6 338	6 368	6 485	6 529

864	948	854	945	831	920	877	910	871	918	900	1 031		952 SCHIBSTED SVERIGE MEDIA HOUSE	3 720	3 731	3 538	3 611

242	276	206	280	228	252	185	274	160	186	106	37		31 MEDIA HOUSES INTERNATIONAL	489	730	939	1 004
96	119	75	120	87	100	53	108	26	34	21	36		29 20 Minutes	117	318	348	410
144	154	131	161	140	152	131	165	134	151	84	-		- Eesti Meedia Group	369	407	588	590
2	3		- (1)		1	- 1	1		- 1	1	1		2 Other/eliminations	3	5	3	4
63	48	38	41	49	84	89	95	86	82	89	88		92 OTHER	345	345	317	190

63	48	38	41	49	84	89	95	86	82	89	88		92 Other/eliminations	345	345	317	190
50	82	81	83	87	87	82	91	92	90	83	90		93 HEADQUARTERS	355	355	347	296
50	82	81	83	87	87	82	91	92	90	83	90		93 Schibsted ASA and other centralised functions	355	355	347	296

(90)	(120)	(114)	(126)	(123)	(129)	(118)	(140)	(137)	(141)	(134)	(149)		(151) ELIMINATIONS	(561)	(560)	(510)	(450)

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 GROSS OPERATING PROFIT (LOSS) - EBITDA	Full year	Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014	SCHIBSTED GROUP	2013	2013	2012	2011
				restated	restated	restated	restated	restated	restated	restated	restated			restated	reported	restated
439	675	522	549	424	600	518	501	297	562	463	455		410 SCHIBSTED GROUP	1 777	1 672	2 043	2 185
235	307	250	201	228	313	300	259	167	310	270	245		313 ONLINE CLASSIFIEDS	992	862	1 100	993
130	147	139	118	152	161	158	151	145	208	175	163		155 FINN	691	691	622	534
105	160	111	83	76	152	142	108	22	102	95	82		158 Schibsted Classified Media	301	171	478	459

208	282	219	217	204	218	174	176	150	243	177	153		101 SCHIBSTED NORGE MEDIA HOUSE	723	724	772	926

66	115	101	163	75	121	114	119	54	65	90	145		86 SCHIBSTED SVERIGE MEDIA HOUSE	354	363	429	445

(4)	24	(9)	27	(21)	7	(15)	26	(5)	17	(8)		-	(12) MEDIA HOUSES INTERNATIONAL	4	2	(3)	38
(15)	2	(18)	11	(27)	(13)	(23)	15	(14)	(5)	(16)	(1)		(13) 20 Minutes	(36)	(37)	(48)	(20)
12	22	9	16		6 20	8	11	9	22	9		-	- Eesti Meedia Group	40	39	45	59
(1)		-	-	-	-	-	- -	-	-	(1)	1		1 Other	-	-	-	(1)

3	4	6		8 (2)	(11)	(8)	(18)	(11)	(16)	(11)	(13)		(11) OTHER	(51)	(51)	(39)	21
3	4	6		8 (2)	(11)	(8)	(18)	(11)	(16)	(11)	(13)		(11) Other/eliminations	(51)	(51)	(39)	21

(69)	(57)	(45)	(67)	(60)	(48)	(47)	(61)	(58)	(57)	(55)	(75)		(67) HEADQUARTERS	(245)	(228)	(216)	(238)
(69)	(57)	(45)	(67)	(60)	(48)	(47)	(61)	(58)	(57)	(55)	(75)		(67) Schibsted ASA and other centralised functions	(245)	(228)	(216)	(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.

	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													Full year	Full year	Full year	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1		Full year Full year Full year
								2013	2013	2013	2013			2013											2013	2013	2013	2013			2013
2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated	restated		2014 Schibsted Norge Media House	restated	2012	2011	2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated	restated		2014 Schibsted Norge Media House	restated	2012	2011
																														Operating revenues
76	93	81	110	106	111	106	131	137	142		144	163	172 Online newspapers - single copy (VG)	586	454	360	522	527	459	510	522	502	441	489	465	488	421		457	460 Aftenposten	1 831 1 954 2 018

53	60	50	66	68	71	62	77	73		92	86	106	124 Online newspapers - subscription newspapers	357	278	229	225	233	205	238	231	231	196	229	203	210	183		214	188 Bergens Tidende	810	887	901
9	8	15	19	14	19	22	31	33		42	42	44	28 Other online operating revenues/online eliminations	161	86	51	154	158	139	163	160	155	135	154	139	147	130		141	130 Stavanger Aftenblad	557	604	614
138	161	146	195	188	201	190	239	243	276		272	313	324 Operating revenues online	1 104	818	640	96	107	96	104	99	105	91	101	91	104	90		99	82 Fædrelandsvennen	384	396	403
																	447	490	473	496	472	487	473	488	477	490	484		500	492 Verdens Gang	1 951 1 920 1 906
268	280	295	272	272	273	282	266	252	262		263	247	250 Circulation revenues - single copy newspapers (VG)	1 024	1 093	1 115	244	258	249	264	272	269	251	261	230	255	229		243	234 Schibsted Norge Trykk		957 1 053 1 015
87	94	81	98	80	87	70	75	72		69	64	76	57 Advertising revenues - single copy newspapers (VG)	281	312	360	55	56	56	74	53	46	54	68	52	43	45		60	39 Schibsted Forlag	200	221	241
6	8	5	4	4	6	9	5		6	6	6	6	6 Other revenues - single copy newspapers (VG)	24	24	23	(132)	(142)	(146)	-149	-149	-142	-138	-121	-90	-97	-89		-76	-83 Other/eliminations/distribution	(352)	(550)	(569)
340	329	349	345	355	333	342	341	351	344		344	333	339 Circulation revenues - subscription newspapers	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 Total	6 338	6 485	6 529
551	581	451	546	532	527	404	491	432	472		353	426	358 Advertising revenues - subscription newspapers	1 683	1 954	2 129
54	55	48	55	55	60	54	62	41		39	35	44	37 Other revenues - subscription newspapers	159	231	212														EBITDA
10	15	11	12	10	10	6	11	10		11	7	8	7 Eliminations/other revenues (VG)	36	37	48	69	99	54	57	66	60	35	48	47	71	34		30	44 Aftenposten	182	209	279
													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 Print newspapers operating revenues	4 579	5 022	5 250	31	46	26	42	32	35	22	30	20	29	21		28	- Bergens Tidende	98	119	145
																	19	22	17	23	20	19	14	15	11	17	17		16	11 Stavanger Aftenblad	61	68	81
55	56	56	74	53	46	54	68	52		43	45	60	39 Publishing	200	221	241	4	14	6	3	(2)	2	-	7	-	14	3		8	(10) Fædrelandsvennen	25	7	27
244	258	249	264	272	269	251	261	230	255		229	243	234 Printing	957	1 053	1 015	56	87	89	78	67	82	87	74	73	81	92		67	72 Verdens Gang	313	310	310
													(142) (150) (160) (165) (161) (159) (159) (150) (122) (137) (125) (118) (109) Other/eliminations/distribution	(502)	(629)	(617)	16	18	23	18	25	25	32	16	13	31	29		22	18 Schibsted Norge Trykk	95	98	75
																	-	1	5	8	-	-	2	(2)	1	(1)	(1)		4	(3) Schibsted Forlag	3	-	14
													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 Total operating revenues	6 338	6 485	6 529	12	(6)	(3)	(11)	(6)	(7)	(19)	(10)	(14)	1	(19)		(22)	(31) Other/eliminations/distribution	(54)	(42)	(8)
																	207	281	217	218	202	216	173	178	151	243	176		153	101 Total	723	769	923

NOK 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						Full year	Full year	Full year	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
								2013	2013	2013	2013		2013											2013	2013	2013	2013
2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated	restated	2014 Schibsted Norge Media House	restated	2012	2011	2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated

76	93	81	110	106	111	106	131	137	142	144	163	172 Online newspapers - single copy (VG)	586	454	360	522	527	459	510	522	502	441	489	465	488	421	457		460 Aftenposten
53	60	50	66	68	71	62	77	73	92	86	106	124 Online newspapers - subscription newspapers	357	278	229	225	233	205	238	231	231	196	229	203	210	183	214		188 Bergens Tidende
9		8 15	19	14	19	22	31	33	42	42	44	28 Other online operating revenues/online eliminations	161	86	51	154	158	139	163	160	155	135	154	139	147	130	141		130 Stavanger Aftenblad
138	161	146	195	188	201	190	239	243	276	272	313	324 Operating revenues online	1 104	818	640		96 107	96	104	99	105	91	101	91	104	90	99		82 Fædrelandsvennen
268	280	295	272	272	273	282	266	252	262	263	247	250 Circulation revenues - single copy newspapers (VG)	1 024	1 093	1 115	244	258	249	264	272	269	251	261	230	255	229	243		234 Schibsted Norge Trykk
87	94	81	98	80	87	70	75	72	69	64	76	57 Advertising revenues - single copy newspapers (VG)	281	312	360		55 56	56	74	53	46	54	68	52	43	45	60		39 Schibsted Forlag
6		8	5	4 4		6	9 5		6 6	6	6	6 Other revenues - single copy newspapers (VG)	24	24	23	(132)	(142)	(146)	-149	-149	-142	-138	-121	-90	-97	-89	-76		-83 Other/eliminations/distribution
340	329	349	345	355	333	342	341	351	344	344	333	339 Circulation revenues - subscription newspapers	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 Total
551	581	451	546	532	527	404	491	432	472	353	426	358 Advertising revenues - subscription newspapers	1 683	1 954	2 129
54	55	48	55	55	60	54	62	41	39	35	44	37 Other revenues - subscription newspapers	159	231	212														EBITDA
10	15	11	12	10	10		6 11	10	11	7	8	7 Eliminations/other revenues (VG)	36	37	48		69 99	54	57	66	60	35	48	47	71	34	30		44 Aftenposten
												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 Print newspapers operating revenues	4 579	5 022	5 250		31 46	26	42	32	35	22	30	20	29	21	28		- Bergens Tidende
55	56	56	74	53	46	54	68	52	43	45	60	39 Publishing	200	221	241		4 14	6	3	(2)	2	-	7	-	14	3	8		(10) Fædrelandsvennen
244	258	249	264	272	269	251	261	230	255	229	243	234 Printing	957	1 053	1 015		56 87	89	78	67	82	87	74	73	81	92	67		72 Verdens Gang
												(142) (150) (160) (165) (161) (159) (159) (150) (122) (137) (125) (118) (109) Other/eliminations/distribution	(502)	(629)	(617)		16 18	23	18	25	25	32	16	13	31	29	22		18 Schibsted Norge Trykk

												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 Total operating revenues	6 338	6 485	6 529		12 (6)	(3)	(11)	(6)	(7)	(19)	(10)	(14)	1	(19)	(22)		(31) Other/eliminations/distribution

												(391) (403) (384) (418) (405) (405) (386) (414) (404) (409) (392) (433) (420) Online/offline operating expenses - single copy newspapers (VG)		(1 638) (1 610) (1 596)
												(875) (844) (795) (887) (893) (875) (792) (871) (820) (816) (742) (828) (813) Online/offline operating expenses - subscription newspapers		(3 206) (3 431) (3 401)
(55)	(55)	(51)	(66)	(53)	(46)	(52)	(70) (228) (240) (226) (246) (247) (244) (219) (245) (217) (224) (200) (221) (216) Printing	(51)	(44)	(46)	(56)	(42) Publishing	(197) (862)	(221) (955)	(227) (940)
145	136	142	135	140	133	119	109	75	96	64	53	50 Other/eliminations/distribution	288	501	558
1		1	2 (1)	2		2	1 (2)	-	-	-	-	- Share of profit (loss) of associated companies	-	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) Total operating expenses		(5 615) (5 713) (5 603)

56	87	89	78	67	82	87	74	73	81	92	67	72 EBITDA single copy newspapers VG (online/offline)	313	310	310
123	181	103	125	117	116	70	100	77	131	76	81	45 EBITDA subscription newspapers (online/offline)	365	403	532
-		1	5	8 -	-		2 (2)		1 (1)	(1)	4	(3) EBITDA publishing	3	-	14
16 12	18 (6)	23 (3)	18 (11)	25 (7)	25 (7)	32 (18)	16 (10)	13 (14)	31 1	29 (19)	22 (21)	18 EBITDA printing (31) EBITDA other/distribution	95 (53)	98 (42)	75 (8)
1		1	2 (1)	2		2	1 (2)	-	-	-	-	- EBITDA from associated companies	-	3	3

208	282	219	217	204	218	174	176	150	243	177	153	101 Total EBITDA	723	772	926

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

SEK 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		Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014	Schibsted Sverige Media House	2013	2012	2011
								restated	restated	restated	restated

141	156	156	168	163	169	185	187	202	205	210	240		240 Schibsted Growth revenues	857	704	621
83	90	84	86	86	87	87	88	83	81	80	78	77	of which Hitta revenues	322	348	343
144	180	146	208	171	216	170	227	213	220	200	251		251 Schibsted Publishing revenues	884	784	678
102	121	100	140	121	148	119	159	153	156	134	178	171	of which Aftonbladet online revenues	621	547	463
	9 13		7 17	13	18	14	22	17	21	16	28	26	of which SvD online revenues	82	67	46
(9)	(4)	(6)	(10)	(7)	(16)	(9)	(4)	(8)	(8)	(15)	(2)		(9) Other online revenues and eliminations	(33)	(36)	(29)
276	332	296	366	327	369	346	410	407	417	395	489		482 Online operating revenues	1 708	1 452	1 270

320	346	347	319	294	321	320	290	271	276	304	277		255 Circulation revenues Aftonbladet	1 128	1 225	1 332
91	116	96	113	84	117	92	86	69	82	68	77		59 Advertising revenues Aftonbladet	296	379	416
	6 5		9	8	3 4	5	5	1	2	1	2		1 Other revenues Aftonbladet	6	17	28
127	127	128	128	125	119	123	121	116	112	114	109		107 Circulation revenues SvD	451	488	510
128	140	106	141	120	123	91	125	103	125	82	119		93 Advertising revenues SvD	429	459	515
18	18	18	23	18	18	17	20	17	15	18	21		16 Other revenues SvD	71	73	77
690	752	704	732	644	702	648	647	577	612	587	605		531 Newspaper operating revenues	2 381	2 641	2 878

	6 7		7	9	5 11	7	9	4	4	3	11	-	Other revenues and eliminations	22	32	29
972	1 091	1 007	1 107	976	1 082	1 001	1 066	988	1 033	985	1 105		1 013 Total operating revenues	4 111	4 125	4 177

(114)	(133)	(119)	(137)	(136)	(141)	(144)	(164)	(181)	(186)	(169)	(190)		(182) Schibsted Growth expenses	(726)	(585)	(503)
(63)	(67)	(57)	(59)	(64)	(67)	(66)	(68)	(65)	(65)	(55)	(53)		(49) of which Hitta expenses	(238)	(265)	(246)
(773)	(819)	(761)	(773)	(745)	(797)	(723)	(756)	(740)	(770)	(722)	(724)		(735) Schibsted Publishing expenses (print and online)	(2 956)	(3 021)	(3 126)
(484)	(514)	(475)	(456)	(457)	(492)	(449)	(458)	(437)	(460)	(433)	(434)		(441) of which Aftonbladet expenses	(1 764)	(1 856)	(1 929)
(259)	(270)	(253)	(279)	(258)	(266)	(243)	(261)	(264)	(269)	(244)	(255)		(240) of which SvD expenses	(1 032)	(1 028)	(1 061)
(16)	(22)	(11)	(26)	(15)	(15)	(5)	(19)	(6)	(6)	6	(34)		(5) Other expenses and eliminations	(40)	(54)	(75)
	6 14		3 19		8 13	-	11	-	-	-	-	-	Share of profit of associated companies	-	32	42
(897)	(960)	(888)	(917)	(888)	(940)	(872)	(928)	(927)	(962)	(885)	(948)		(922) Total operating expenses	(3 722)	(3 628)	(3 662)

27	23	37	31	27	28	41	23	21	19	41	50		58 EBITDA Schibsted Growth	131	119	118
20	23	27	27	22	20	21	20	18	16	25	25	28	of which EBITDA Hitta	84	83	97
61	113	89	167	70	121	95	118	50	62	65	132		47 EBITDA Schibsted Publishing	309	404	430
35	74	77	124	45	98	87	82	57	56	74	100	45	of which EBITDA Aftonbladet	287	312	310
23	28		6 30	18	12	2	27	(11)	4	(14)	22	2	of which EBITDA SvD	1	59	87
(19)	(19)	(10)	(27)	(17)	(20)	(7)	(14)	(10)	(10)	(6)	(25)		(14) EBITDA Other	(51)	(58)	(75)
	6 14		3 19		8 13	-	11	-	-	-	-	-	EBITDA from associated companies	-	32	42

75	131	119	190	88	142	129	138	61	71	100	157		91 Total EBITDA	389	497	515
0,8828	0,8682	0,8492	0,8537	0,8570	0,8485	0,8760	0,8539	0,8751	0,8889	0,9138	0,9302		0,9423 NOK / SEK	0,9022	0,8589	0,8631

Report.

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							Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014	Schibsted Classified Media	2013	2012	2011
													Revenues
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 Established phase	352,4	309,5	244,3
18,1	20,9	18,4	19,0	19,4	24,9	23,2	21,3	22,7	27,1	25,1	25,2		25,0 - Sweden	100,1	88,8	76,4
13,1	15,7	16,6	18,7	21,3	25,4	24,4	26,6	28,4	33,0	30,1	32,8		35,8 - France	124,3	97,7	64,1
25,1	26,2	25,2	27,3	30,7	31,9	29,4	31,0	31,2	33,5	31,3	32,0		30,9 - International	128,0	123,0	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 New ventures	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 HQ/Eliminations	(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 Total revenues	365,8	318,9	264,2
													EBITDA including Joint Ventures and Associated Companies
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 Established ventures online	168,3	147,5	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 - Sweden	54,0	49,1	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 - France	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 - International	30,7	31,7	31,2
(8,9)	(9,3)	(15,0)	(19,7)	(18,4)	(20,2)	(17,1)	(15,2)	(32,3)	(32,2)	(29,5)	(34,1)		(39,2) New ventures	(128,1)	(70,9)	(52,9)
(1,7)	(2,2)	(1,6)	(2,4)	(2,1)	(2,1)	(2,4)	(5,8)	(4,5)	(4,9)	(4,0)	(4,5)		(5,3) HQ/Eliminations	(17,9)	(12,4)	(7,9)
13,5	20,5	14,2	10,6	10,1	20,1	19,3	14,7	0,7	10,4	9,5	1,7		(3,6) Total EBITDA including Joint Ventures and Associated Companies	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 NOK / EUR	7,81	7,48	7,79

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

The figures below reflect the contribution by Joint Ventures and Associated

				Companies to the proforma statement:
2,2	2,6	2,3	3,2	3,7 Revenues	10,3
(2,2)	(3,0)	(2,6)	(8,4)	(22,6) EBITDA	(16,2)

In the consolidated Financial Statement of the Schibsted Media Group the results of the Joint Ventures and Associated Companies are recognised as follows:

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

Print is included in Established phase - international

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 Full year Full year Full year 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 20 Minutes Spain 2013 2012 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 Operating revenues Print 11,1 13,7 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 Operating revenues Online 3,8 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 Operating revenues 14,9 17,4 (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) Operating expenses (18,8) (24,3) (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) Total EBITDA (3,9) (6,9) 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 NOK / EUR 7,81 7,48 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 Full year Full year

		2011

		18,6
		3,7
		22,3

		(25,9)

		(3,6)
		7,79






	Full year
2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 20 Minutes France* 2013 2012		2011

						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								Full year	Full year Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014	20 Minutes France*	2013	2012	2011

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 Operating revenues Print	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 Operating revenues Online	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 Operating revenues	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) Operating expenses	(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) Total EBITDA	(1,6)	1,5	2,5
7,82	7,83	7,77	7,76	7,59	7,56	7,39	7,36	7,43	7,62	7,93	8,24		8,35 NOK / EUR	7,81	7,48	7,79

*Includes 100% of 20Minutes France. Schibsted owns 50%. Schibsted has as of 1 January 2014 implemented IFRS 11 Joint Arrangements and is no longer using the proportionate consolidation. In consolidated figures Joint ventures is consolidated at equity method.

							1 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
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014 Circulation volume YTD

												Aftenposten
												239 324 238 509 235 659 235 795 230 776 230 142 225 245 225 981 221 776 218 994 214 829 214 026 227 609 Morning edition
												210 819 209 542 205 781 206 645 203 039 201 561 195 719 197 590 196 533 194 266 190 326 190 472 220 789 Sunday edition
							105 156 104 114 101 776 101 754 100 375 99 086 95 447 96 100	-	-	-	-	Afternoon edition

												Bergens Tidende
80 594	80 363	79 252	79 467	77 833	77 748	77 257	76 817	73 798	73 837	73 103	73 736	75 463 Weekday edition
79 995	79 479	79 890	78 371	78 668	78 286	77 447	76 950	74 687	74 343	73 430	73 606	74 032 Sunday edition

63 604	63 471	63 248	63 283	62 025	61 886	61 501	61 636	59 412	59 176	58 645	59 262	Stavanger Aftenblad 58 289 Weekday edition

												Fædrelandsvennen
35 983	35 903	35 791	36 603	34 114	33 989	35 225	35 441	35 117	35 043	35 008	34 845	34 487 Weekday edition

												VG
												207 620 210 315 215 531 211 588 189 165 189 926 190 539 188 353 168 830 166 974 167 425 164 430 141 212 Weekday edition
												202 133 201 845 199 234 198 105 187 643 185 381 179 156 179 434 167 959 166 465 160 570 159 573 148 295 Sunday edition

												Aftonbladet
												244 700 243 300 246 900 240 600 213 500 212 900 213 100 207 300 182 003 182 500 181 700 176 475 152 300 Weekday edition
												281 100 278 500 279 400 272 100 240 000 235 800 236 100 228 200 196 891 196 300 197 000 191 400 159 600 Sunday edition

												Svenska Dagbladet
												189 800 190 100 185 100 185 600 182 400 179 700 175 000 174 400 166 900 164 500 159 600 159 000 152 300 Weekday edition
												194 100 193 600 188 400 188 900 187 700 185 000 180 700 179 800 171 400 169 200 165 000 164 400 157 900 Sunday edition

							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							Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014	Print advertising volume	2013	2012	2011
2 674	3 054	2 721	3 080	2 457	2 944	2 596	2 716	2 781	3 004	2 875	3 118	2 695 VG		11 778	10 713	11 529
3 857	4 871	4 387	5 213	4 156	5 360	3 978	4 231	3 499	4 894	3 848	4 672		2 458 Aftonbladet	16 913	17 725	18 328
5 824	6 882	5 554	6 536	5 828	5 783	5 047	6 122	5 306	6 499	4 778	6 105	5 172 SvD		22 688	22 780	24 796
													17 132 19 311 14 796 17 953 17 472 20 078 15 186 18 214 15 458 15 834 14 910 16 443 13 010 Aftenposten	62 645	70 950	69 192
5 854	6 886	5 293	6 304	6 045	6 431	5 006	5 484	5 622	6 516	5 492	5 815		4 750 Bergens Tidende	23 445	22 966	24 337
5 184	6 001	4 824	5 470	5 323	5 563	4 379	5 075	4 654	5 205	3 957	4 958		4 050 Stavanger Aftenblad	18 774	20 340	21 479
4 014	5 243	4 089	4 408	4 112	4 687	3 753	4 030	3 264	4 400	3 437	3 981		2 905 Fædrelandsvennen	15 082	16 582	17 754

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3738_rns_2014-05-07_9837ed7c-464c-4a98-9821-472f57226adf.pdf

Financials and analytical info as of Q1 2014

Contents (each item on separate tabs):

For questions, please contact Schibsted IR:

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

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