Vend Marketplaces ASA

Annual Report • Mar 21, 2014

Financials and analytical info as of Q4 2013 RESTATED

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. Operating segment EBITA
• 1. Schibsted Norge P&L RESTATED
• 1. Schibsted Sverige P&L RESTATED
• 1. Schibsted Classified Media P&L RESTATED
• 1. 20 Minutes P&L RESTATED
• 1. Circulation volume Media houses Scandinavia
• 1. Advertising volume Media houses Scandinavia

For questions, please contact Schibsted IR:

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

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 PROFIT AND LOSS STATEMENT 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 SCHIBSTED MEDIA GROUP 2013 2012 2012 2011 2010 2009 restated restated restated restated 4 QUARTER 2013 restated reported 302 294 284 305 304 305 296 302 310 301 404 411 422 399 417 434 445 420 428 448 452 424 431 437 458 452 437 440 Subscription revenues 1,787 1,744 1,744 1,741 1,672 1,426 1,207 1,185 754 745 832 779 759 754 816 743 718 703 817 733 680 685 744 687 635 677 696 633 600 627 653 598 566 581 621 567 Casual sales revenues 2,335 2,478 2,478 2,641 2,796 2,971 3,072 3,110 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 2,144 2,409 2,087 2,377 Advertising revenues 9,017 8,654 8,654 8,427 7,687 6,341 6,752 6,779 629 597 581 729 466 428 414 512 473 457 514 563 425 416 411 361 402 396 353 418 411 469 465 542 502 529 509 553 Other revenues 2,093 1,887 1,887 1,569 1,613 2,007 1,820 2,536 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 3,670 3,971 3,654 3,937 Operating revenues 15,232 14,763 14,763 14,378 13,768 12,745 12,851 13,610 (571) (521) (506) (611) (400) (386) (343) (377) (330) (318) (338) (385) (305) (295) (268) (324) (288) (306) (284) (281) (266) (258) (253) (280) (235) (247) (205) (184) Raw materials, work in progress and finished goods (871) (1,057) (1,057) (1,159) (1,192) (1,371) (1,506) (2,209) (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) (1,388) (1,401) (1,254) (1,431) Personnel expenses (5,474) (5,226) (5,241) (4,960) (4,711) (4,533) (4,590) (4,438) (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) (1,776) (1,780) (1,759) (1,913) Other operating expenses (7,228) (6,471) (6,471) (6,113) (5,702) (5,280) (5,324) (5,349) 35 55 33 26 21 57 29 (180) (42) (34) 2 7 5 13 7 11 6 13 5 15 9 15 1 9 3 12 1 (3) Share of profit of associated companies 13 34 34 39 36 (67) 399 554 400 410 410 567 340 41 133 331 489 541 418 652 567 562 439 675 522 549 424 600 518 501 274 555 437 406 Gross operating profit (loss) 1,672 2,043 2,028 2,185 2,199 1,494 1,358 1,763 (139) (141) (143) (163) (143) (145) (141) (163) (136) (147) (186) (193) (152) (143) (155) (138) (129) (126) (126) (124) (116) (120) (123) (120) (120) (122) (125) (123) Depreciation and amortisation (490) (479) (479) (505) (588) (662) (592) (586) Gross operating profit (loss) after depreciation 260 413 257 247 267 422 199 (122) (3) 184 303 348 266 509 412 424 310 549 396 425 308 480 395 381 154 433 312 283 and amortisation 1,182 1,564 1,549 1,680 1,611 832 (25) (8) (7) (9) (1,542) (72) (5) (4) (80) (18) (6) (25) (61) (4) (1) (7) (179) - - (1) (547) - (2) - (148) Impairment loss (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) 1,393 Other income and expenses 1,169 (287) (257) (50) 1,909 (236) 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) 147 439 87 1,528 Operating profit (loss) 2,201 729 744 1,439 3,410 35 20 32 6 33 19 12 24 176 (8) 17 21 21 139 4 16 15 40 14 13 11 14 8 82 10 9 11 21 Financial income 51 115 115 82 180	2008 2007
	(73) 149
	766 1,177
	(33)
	482 102
	435 (310) 1,246
	206 88 93
(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) (73) (65) (49) Financial expenses (237) (224) (176) (190) (191) (362) (518) (311)
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 1,500 Profit (loss) before taxes 2,015 620 683 1,331 3,399	279 (740) 1,028
(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) Taxes (453) (426) (443) (499) (468)	(94) (169) (291)
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) 1,375 Profit (loss) 1,562 194 240 832 2,931	185 (909)
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) 1,375 Profit (loss) 1,562 194 240 832 2,931	512 (870) 737
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) Profit (loss) attributable to non-controlling interests 26 53 55 90 137	117 36 102
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) 1,376 Profit (loss) attributable to owners of the parent 1,536 141 185 742 2,794	395 (906) 635
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) 12.82 Earnings per share (NOK) 14.32 1.32 1.73 7.00 27.04 4.74 (13.95) 9.52
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) 12.82 Diluted earnings per share (NOK) 14.31 1.32 1.73 6.99 27.01 4.74 (13.94) 9.49
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 Earnings per share - adjusted (NOK) 3.90 8.18 8.41 8.76 9.72 4.42 2.79 8.31
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 Diluted earnings per share - adjusted (NOK) 3.90 8.17 8.40 8.75 9.71 4.42 2.79 8.28

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.

Schibsted has in the fourth quarter of 2011 made an adjustment to the classification of expenditure incurred in ongoing development and upgrading of the Group's web sites within Schibsted Classified Media.

This results in a somewhat larger share of the expenditure being recognised as an expense (maintenance) and a somewhat smaller part being recognised as an asset (improvement). The first three quarters of 2011 are adjusted to reflect this change.

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
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
																					reported reported reported reported reported restated 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
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
Investments in 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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

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.

Schibsted has in the fourth quarter of 2011 made an adjustment to the classification of expenditure incurred in ongoing development and upgrading of the Group's web sites within Schibsted Classified Media. This results in a somewhat larger share of the expenditure being recognised as an expense (maintenance) and a somewhat smaller part being recognised as an asset (improvement). The first three quarters of 2011 are adjusted to reflect this change.

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
Statement of cash flows	2007	2008	2009	2010	2010	2010	2010	2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013
												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	2,015
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)
+ Depreciation, amortisation and impairment losses	619	2,260	876	170	319	500	706	133	260	393	696	116	236	360	1,055	120	244	372	643
+ / - Share of profit of associated companies, net of dividends received	(79)	182	104	(5)	(8)	(15)	(23)	(6)	2	-	(14)	24	11	10	10	(3)	30	39	43
- Taxes paid	(203)	(217)	(206)	(58)	(140)	(149)	(111)	(57)	(350)	(372)	(346)	(231)	(496)	(587)	(628)	(145)	(494)	(516)	(636)
Sales losses / (gains) non-current assets	(311)	(880)	(424)		1 (523)	(524)	(581)	(35)	(52)	(55)	(63)	(1)	(2)		- (65)	(1)	(12)	203	(1,468)
Change in working capital etc.	91	96	16	(180)	(247)	(329)	69	(193)	(57)	(130)	12	(9)	11	9	340	(456)	(414)	(458)	40
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	(378)	(164)	153	635
Net cash flow from investing activities	(937)	(418)	778	(74)	616	534	(724)	(74)	(170)	(338)	(330)	(89)	(196)	(268)	(400)	(158)	(213)	(417)	477
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	(536)	(377)	(264)	1,112
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	398	(296)	(1,059)
Effect of exchange rate changes on cash and cash equivalents	-	-	(47)	(3)	(2)	-	(3)	-	(5)	(1)	-	(8)	(13)	(19)	(31)	41	88	114	156
Net cash flow for the period	(1,398)	(95)	508	(632)	(565)	(596)	(605)	9	191	197	128	257	(187)	41	253	(435)	109	(446)	209
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	1,031	1,031	1,031	1,031
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	596	1,140	585	1,240

Schibsted has as of 1 January 2013 adopted the mandatory amendments to IAS 19 Employment Benefits. The amendments are applied retrospectively and comparable figures for 2012 are restated.

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

Schibsted has in the fourth quarter of 2011 made an adjustment to the classification of expenditure incurred in ongoing development and upgrading of the Group's web sites within Schibsted Classified Media. This results in a somewhat larger share of the expenditure being recognised as an expense (maintenance) and a somewhat smaller part being recognised as an asset (improvement). The first three quarters of 2011 are adjusted to reflect this change.

1 quarter 2011	2 quarter 2011	3 quarter 2011	4 quarter 2011	1 quarter 2012	2 quarter 2012	3 quarter 2012	4 quarter 2012	1 quarter 2013	2 quarter 2013	3 quarter 2013	2013	4 quarter OPERATING REVENUES SCHIBSTED GROUP	Full year 2013	Full year 2012	Full year 2011
3,496	3,758	3,380	3,744	3,603	3,825	3,524	3,811	3,670	3,971	3,654		3,937 SCHIBSTED GROUP	15,232	14,763	14,378
756 277	837 305	784 278	821 275	871 316	958 325	906 318	912 307	965 332	1,114 376	1,063 350		1,123 ONLINE CLASSIFIEDS 348 FINN	4,265 1,406	3,647 1,266	3,198 1,135
479 1,611	532 1,687	506 1,531	546 1,700	555 1,660	633 1,653	588 1,503	605 1,669	633 1,575	738 1,649	713 1,501		775 Schibsted Classified Media 1,643 SCHIBSTED NORGE MEDIA HOUSE	2,859 6,368	2,381 6,485	2,063 6,529
864	948	854	945	831	920	877	910	874	921	902		1,034 SCHIBSTED SVERIGE MEDIA HOUSE	3,731	3,538	3,611
242	276	206	280	228	252	185	274	215	256	150		107 MEDIA HOUSES INTERNATIONAL	728	939	1,004
96	119	75	120	87	100	53	108	68	88	56		106 20 Minutes	318	348	410
144	154	131	161	140	152	131	165	147	167	93		- Eesti Meedia Group	407	588	590
2	3	-	(1)	1		- 1	1	-	1	1		1 Other/eliminations	3	3	4
63	48	38	41	49	84	89	95	86	82	89		88 OTHER	345	317	190
63	48	38	41	49	84	89	95	86	82	89		88 Other/eliminations	345	317	190
50	82	81	83	87	87	82	91	92	90	83		90 HEADQUARTERS	355	347	296
50	82	81	83	87	87	82	91	92	90	83		90 Schibsted ASA and other centralised functions	355	347	296
(90)	(120)	(114)	(126)	(123)	(129)	(118)	(140)	(137)	(141)	(134)		(148) ELIMINATIONS	(560)	(510)	(450)

With effect from the first quarter of 2012, the Group's division into operating segments is changed.

Comparable figures for 2011 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 GROSS OPERATING PROFIT (LOSS) - EBITDA	Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	SCHIBSTED GROUP	2013	2012	2011
				restated	restated	restated	restated							restated
439	675	522	549	424	600	518	501	274	555	437		406 SCHIBSTED GROUP	1,672	2,043	2,185
235	307	250	201	228	313	300	259	150	287	250		175 ONLINE CLASSIFIEDS	862	1,100	993
130	147	139	118	152	161	158	151	145	208	175		163 FINN	691	622	534
105	160	111	83	76	152	142	108	5	79	75		12 Schibsted Classified Media	171	478	459
208	282	219	217	204	218	174	176	149	243	178		154 SCHIBSTED NORGE MEDIA HOUSE	724	772	926
66	115	101	163	75	121	114	119	57	69	87		150 SCHIBSTED SVERIGE MEDIA HOUSE	363	429	445
(4)	24	(9)	27	(21)	7	(15)	26	(14)	20	(14)		10 MEDIA HOUSES INTERNATIONAL	2	(3)	38
(15)	2	(18)	11	(27)	(13)	(23)	15	(23)	(3)	(20)		9 20 Minutes	(37)	(48)	(20)
12	22	9	16	6	20	8	11	9	23	7		- Eesti Meedia Group	39	45	59
(1)		-	-	-	- -	-	-	-		- (1)		1 Other	-	-	(1)
3	4	6	8	(2)	(11)	(8)	(18)	(11)	(16)	(11)		(13) OTHER	(51)	(39)	21
3	4	6	8	(2)	(11)	(8)	(18)	(11)	(16)	(11)		(13) Other/eliminations	(51)	(39)	21
(69)	(57)	(45)	(67)	(60)	(48)	(47)	(61)	(57)	(48)	(53)		(70) HEADQUARTERS	(228)	(216)	(238)
(69)	(57)	(45)	(67)	(60)	(48)	(47)	(61)	(57)	(48)	(53)		(70) Schibsted ASA and other centralised functions	(228)	(216)	(238)

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

The restatements are described in the 1st

are restated. Quarter 2013 Report.

With effect from the first quarter of 2012, the Group's division into operating segments is changed. Comparable figures for 2011 are restated.

Schibsted has in the fourth quarter of 2011 made an adjustment to the classification of expenditure incurred in ongoing development and upgrading of the Group's web sites within Schibsted Classified Media.

This results in a somewhat larger share of the expenditure being recognised as an expense (maintenance) and a somewhat smaller part being recognised as an asset (improvement). The first three quarters of 2011 are adjusted to reflect this

change.

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter		4 quarter GROSS OPERATING PROFIT (LOSS) AFTER	Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	DEPRECIATION AND AMORTISATION - EBITA	2013	2012	2011
				restated	restated	restated	restated					SCHIBSTED GROUP		restated
310	549	396	425	308	480	395	381	154	433	312		283 SCHIBSTED GROUP	1,182	1,564	1,680
192	266	206	157	192	277	263	224	114	251	210		136 ONLINE CLASSIFIEDS	711	956	821
123	140	131	110	144	154	151	143	137	201	165		153 FINN	656	592	504
69	126	75	47	48	123	112	81	(23)	50	45		(17) Schibsted Classified Media	55	364	317
145	231	166	166	153	166	122	124	98	190	126		101 SCHIBSTED NORGE MEDIA HOUSE	515	565	708
55	103	89	151	63	112	101	108	46	57	75		135 SCHIBSTED SVERIGE MEDIA HOUSE	313	384	398
(13)	14	(16)	18	(29)	(1)	(23)	18	(23)	12	(21)		9 MEDIA HOUSES INTERNATIONAL	(23)	(35)	3
(17)	-	(19)	9	(28)	(14)	(25)	14	(25)	(4)	(22)		8 20 Minutes	(43)	(53)	(27)
5	14	3	9	(1)	13	2	4	2	16	2		- Eesti Meedia Group	20	18	31
(1)	-		- -	-	-	-	-	-		- (1)		1 Other	-	-	(1)
2	3	6	7	(3)	(17)	(11)	(23)	(15)	(19)	(14)		(17) OTHER	(65)	(54)	18
2	3	6	7	(3)	(17)	(11)	(23)	(15)	(19)	(14)		(17) Other/eliminations	(65)	(54)	18
(71)	(68)	(55)	(74)	(68)	(57)	(57)	(70)	(66)	(58)	(64)		(81) HEADQUARTERS	(269)	(252)	(268)
(71)	(68)	(55)	(74)	(68)	(57)	(57)	(70)	(66)	(58)	(64)		(81) Schibsted ASA and other centralised functions	(269)	(252)	(268)

Schibsted has as of 1 January 2013 adopted the mandatory amendments to IAS 19 Employment Benefits. The amendments are applied retrospectively and comparable figures for 2012

are restated.

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

With effect from the first quarter of 2012, the Group's division into operating segments is

changed.

Comparable figures for 2011 are restated.

Schibsted has in the fourth quarter of 2011 made an adjustment to the classification of expenditure incurred in ongoing development and upgrading of the Group's web sites within Schibsted Classified

Media.

This results in a somewhat larger share of the expenditure being recognised as an expense (maintenance) and a somewhat smaller part being recognised as an asset (improvement). The first three quarters of 2011 are adjusted to reflect this change.

Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2		Q3	Q4	Full year	Full year	Full year	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4		Full year Full year Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013		2013	2013 Schibsted Norge Media House	2013	2012	2011	2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013		2013 Schibsted Norge Media House	2013	2012	2011
																												Operating revenues
76	93	81	110	106	111	106	131		137	142	144	163 Online newspapers - single copy (VG)	586	454	360	522	527	459	510	522	502	441	489	469	493	426		461 Aftenposten	1,849 1,954 2,018
53	60	50	66	68	71	62		77	73	92	86	106 Online newspapers - subscription newspapers	357	278	229	225	233	205	238	231	231	196	229	203	210	183		214 Bergens Tidende	810	887	901
9	8	15	19	14	19	22		31	33	42	42	44 Other online operating revenues/online eliminations	161		86 51	154	158	139	163	160	155	135	154	139	147	130		141 Stavanger Aftenblad	557	604	614
138	161	146	195	188	201	190	239		243	276	272	313 Operating revenues online	1,104	818	640	96	107	96	104	99	105	91	101	91	104	90		99 Fædrelandsvennen	384	396	403
																447	490	473	496	472	487	473	488	477	490	484		500 Verdens Gang	1,951 1,920 1,906
268	280	295	272	272	273	282	266		252	262	263	247 Circulation revenues - single copy newspapers (VG)	1,024	1,093	1,115	244	258	249	264	272	269	251	261	230	255	229		243 Schibsted Norge Trykk			957 1,053 1,015
87	94	81	98	80	87	70		75	72	69	64	76 Advertising revenues - single copy newspapers (VG)	281	312	360	55	56	56	74	53	46	54	68	52	43	45		60 Schibsted Forlag	200	221	241
6	8	5	4	4	6	9		5	6	6	6	6 Other revenues - single copy newspapers (VG)	24		24 23	(132)	(142)	(146)	-149	-149	-142	-138	-121	-86	-93	-86		-75 Other/eliminations/distribution	(340)	(550)	(569)
340	329	349	345	355	333	342	341		351	344	344	333 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	1,575	1,649	1,501		1,643 Total	6,368	6,485	6,529
551	581	451	546	532	527	404	491		432	472	353	426 Advertising revenues - subscription newspapers	1,683	1,954	2,129
54	55	48	55	55	60	54		62	45	44	40	48 Other revenues - subscription newspapers	177	231	212													EBITDA ex share of profit (loss) of associated companies
10	15	11	12	10	10	6		11	10	11	7	8 Eliminations/other revenues (VG)	36		37 48	69	99	54	57	66	60	35	48	46	71	34		30 Aftenposten	181	209	279
												1,316 1,362 1,240 1,332 1,308 1,296 1,167 1,251 1,168 1,208 1,077 1,144 Print newspapers operating revenues	4,597	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 Stavanger Aftenblad	61	68	81
55	56	56	74	53	46	54		68	52	43	45	60 Publishing	200	221	241	4	14	6	3	(2)	2	-	7	-	14	3		8 Fædrelandsvennen	25	7	27
244	258	249	264	272	269	251	261		230	255	229	243 Printing	957	1,053	1,015	56	87	89	78	67	82	87	74	73	81	92		67 Verdens Gang	313	310	310
												(142) (150) (160) (165) (161) (159) (159) (150) (118) (133) (122) (117) Other/eliminations/distribution	(490)	(629)	(617)	16	18	23	18	25	25	32	16	13	31	29		22 Schibsted Norge Trykk	95	98	75
																-	1	5	8	-	-	2	(2)	1	(1)	(1)		4 Schibsted Forlag	3	-	14
												1,611 1,687 1,531 1,700 1,660 1,653 1,503 1,669 1,575 1,649 1,501 1,643 Total operating revenues	6,368	6,485	6,529	12	(6)	(3)	(11)	(6)	(7)	(19)	(10)	(14)	1	(19)		(22) Other/eliminations/distribution	(54)	(42)	(8)
																207	281	217	218	202	216	173	178	150	243	176		153 Total	722	769	923

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Full year Full year Full year Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 Schibsted Norge Media House 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2012 2011 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 76 93 81 110 106 111 106 131 137 142 144 163 Online newspapers - single copy (VG) 586 454 360 522 527 459 510 522 502 441 489 469 493 426 53 60 50 66 68 71 62 77 73 92 86 106 Online newspapers - subscription newspapers 357 278 229 225 233 205 238 231 231 196 229 203 210 183 9 8 15 19 14 19 22 31 33 42 42 44 Other online operating revenues/online eliminations 161 86 51 154 158 139 163 160 155 135 154 139 147 130 138 161 146 195 188 201 190 239 243 276 272 313 Operating revenues online 1,104 818 640 96 107 96 104 99 105 91 101 91 104 90 447 490 473 496 472 487 473 488 477 490 484
	2013 Schibsted Norge Media House
	Operating revenues
	461 Aftenposten
	214 Bergens Tidende
	141 Stavanger Aftenblad
	99 Fædrelandsvennen
	500 Verdens Gang
268 280 295 272 272 273 282 266 252 262 263 247 Circulation revenues - single copy newspapers (VG) 1,024 1,093 1,115 244 258 249 264 272 269 251 261 230 255 229	243 Schibsted Norge Trykk
87 94 81 98 80 87 70 75 72 69 64 76 Advertising revenues - single copy newspapers (VG) 281 312 360 55 56 56 74 53 46 54 68 52 43 45	60 Schibsted Forlag
6 8 5 4 4 6 9 5 6 6 6 6 Other revenues - single copy newspapers (VG) 24 24 23 (132) (142) (146) -149 -149 -142 -138 -121 -86 -93 -86	-75 Other/eliminations/distribution
340 329 349 345 355 333 342 341 351 344 344 333 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 1,575 1,649 1,501	1,643 Total
551 581 451 546 532 527 404 491 432 472 353 426 Advertising revenues - subscription newspapers 1,683 1,954 2,129
54 55 48 55 55 60 54 62 45 44 40 48 Other revenues - subscription newspapers 177 231 212	EBITDA ex share of profit (loss) of associated companies
10 15 11 12 10 10 6 11 10 11 7 8 Eliminations/other revenues (VG) 36 37 48 69 99 54 57 66 60 35 48 46 71 34	30 Aftenposten
1,316 1,362 1,240 1,332 1,308 1,296 1,167 1,251 1,168 1,208 1,077 1,144 Print newspapers operating revenues 4,597 5,022 5,250 31 46 26 42 32 35 22 30 20 29 21	28 Bergens Tidende
19 22 17 23 20 19 14 15 11 17 17	16 Stavanger Aftenblad
55 56 56 74 53 46 54 68 52 43 45 60 Publishing 200 221 241 4 14 6 3 (2) 2 - 7 - 14 3	8 Fædrelandsvennen
244 258 249 264 272 269 251 261 230 255 229 243 Printing 957 1,053 1,015 56 87 89 78 67 82 87 74 73 81 92	67 Verdens Gang
(142) (150) (160) (165) (161) (159) (159) (150) (118) (133) (122) (117) Other/eliminations/distribution (490) (629) (617) 16 18 23 18 25 25 32 16 13 31 29	22 Schibsted Norge Trykk
- 1 5 8 - - 2 (2) 1 (1) (1)	4 Schibsted Forlag
1,611 1,687 1,531 1,700 1,660 1,653 1,503 1,669 1,575 1,649 1,501 1,643 Total operating revenues 6,368 6,485 6,529 12 (6) (3) (11) (6) (7) (19) (10) (14) 1 (19)	(22) Other/eliminations/distribution
207 281 217 218 202 216 173 178 150 243 176	153 Total
(391) (403) (384) (418) (405) (405) (386) (414) (404) (409) (392) (433) Online/offline operating expenses - single copy newspapers (VG) (1,638) (1,610) (1,596)
(875) (844) (795) (887) (893) (875) (792) (871) (825) (821) (747) (832) Online/offline operating expenses - subscription newspapers (3,225) (3,431) (3,401)
(55) (55) (51) (66) (53) (46) (52) (70) (51) (44) (46) (56) Publishing (197) (221) (227)
(228) (240) (226) (246) (247) (244) (219) (245) (217) (224) (200) (221) Printing (862) (955) (940)
145 136 142 135 140 133 119 109 72 92 60 52 Other/eliminations/distribution 276 501 558
1 1 2 (1) 2 2 1 (2) (1) - 2 1 Share of profit (loss) of associated companies 2 3 3
(1,403) (1,405) (1,312) (1,483) (1,456) (1,435) (1,329) (1,493) (1,426) (1,406) (1,323) (1,489) Total operating expenses (5,644) (5,713) (5,603)
56 87 89 78 67 82 87 74 73 81 92 67 EBITDA single copy newspapers VG (online/offline) 313 310 310
123 181 103 125 117 116 70 100 76 131 76 81 EBITDA subscription newspapers (online/offline) 364 403 532
- 1 5 8 - - 2 (2) 1 (1) (1) 4 EBITDA publishing 3 - 14
16 18 23 18 25 25 32 16 13 31 29 22 EBITDA printing 95 98 75
12 (6) (3) (11) (7) (7) (18) (10) (13) 1 (20) (21) EBITDA other/distribution (53) (42) (8)
1 1 2 (1) 2 2 1 (2) (1) - 2 1 EBITDA from associated companies 2 3 3
208 282 219 217 204 218 174 176 149 243 178 154 Total EBITDA 724 772 926

Schibsted has as of 1 January 2013 adopted the mandatory amendments to IAS 19 Employment Benefits. The amendments are applied retrospectively and comparable figures for 2012 are restated.

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

SEK 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					Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013 Schibsted Sverige Media House	2013	2012	2011
141	156	156	168	163	169	185	187	202	205	210	240 Schibsted Growth revenues	857	704	621
83	90	84	86	86	87	87	88	83	81	80	78 of which Hitta revenues	322	348	343
144	180	146	208	171	216	170	227	213	220	200	251 Schibsted Publishing revenues	884	784	678
102	121	100	140	121	148	119	159	153	156	134	178 of which Aftonbladet online revenues	621	547	463
9	13	7	17	13	18	14	22	17	21	16	28 of which SvD online revenues	82	67	46
(9)	(4)	(6)	(10)	(7)	(16)	(9)	(4)	(8)	(8)	(15)	(2) Other online revenues and eliminations	(33)	(36)	(29)
276	332	296	366	327	369	346	410	407	417	395	489 Online operating revenues	1,708	1,452	1,270
320	346	347	319	294	321	320	290	271	276	304	277 Circulation revenues Aftonbladet	1,128	1,225	1,332
91	116	96	113	84	117	92	86	69	82	68	77 Advertising revenues Aftonbladet	296	379	416
6	5	9	8	3	4	5	5	5	5	3	6 Other revenues Aftonbladet	19	17	28
127	127	128	128	125	119	123	121	116	112	114	109 Circulation revenues SvD	451	488	510
128	140	106	141	120	123	91	125	103	125	82	119 Advertising revenues SvD	429	459	515
18	18	18	23	18	18	17	20	17	15	18	21 Other revenues SvD	71	73	77
690	752	704	732	644	702	648	647	581	615	589	609 Newspaper operating revenues	2,394	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		992 1,036		987 1,109 Total operating revenues	4,124	4,125	4,177
(114)	(133)	(119)	(137)	(136)	(141)	(144)	(164)	(181)	(186)	(169)	(190) Schibsted Growth expenses	(726)	(585)	(503)
(63)	(67)	(57)	(59)	(64)	(67)	(66)	(68)	(65)	(65)	(55)	(53) of which Hitta expenses	(238)	(265)	(246)
(773)	(819)	(761)	(773)	(745)	(797)	(723)	(756)	(744)	(773)	(724)	(728) Schibsted Publishing expenses (print and online)	(2,969)	(3,021)	(3,126)
(484)	(514)	(475)	(456)	(457)	(492)	(449)	(458)	(441)	(463)	(435)	(438) of which Aftonbladet expenses	(1,777)	(1,856)	(1,929)
(259)	(270)	(253)	(279)	(258)	(266)	(243)	(261)	(264)	(269)	(244)	(255) of which SvD expenses	(1,032)	(1,028)	(1,061)
(16)	(22)	(11)	(26)	(15)	(15)	(5)	(19)	(6)	(6)	6	(35) Other expenses and eliminations	(41)	(54)	(75)
6	14	3	19	8	13	-	11	3	5	(5)	8 Share of profit of associated companies	11	32	42
(897)	(960)	(888)	(917)	(888)	(940)	(872)	(928)	(928)	(960)	(892)	(945) Total operating expenses	(3,725)	(3,628)	(3,662)
27	23	37	31	27	28	41	23	21	19	41	50 EBITDA Schibsted Growth	131	119	118
20	23	27	27	22	20	21	20	18	16	25	25 of which EBITDA Hitta	84	83	97
61	113	89	167	70	121	95	118	50	62	65	132 EBITDA Schibsted Publishing	309	404	430
35	74	77	124	45	98	87	82	57	56	74	100 of which EBITDA Aftonbladet	287	312	310
23	28	6	30	18	12	2	27	(11)	4	(14)	22 of which EBITDA SvD	1	59	87
(19)	(19)	(10)	(27)	(17)	(20)	(7)	(14)	(10)	(10)	(6)	(26) EBITDA Other	(52)	(58)	(75)
6	14	3	19	8	13	-	11	3	5	(5)	8 EBITDA from associated companies	11	32	42
75	131	119	190	88	142	129	138	64	76	95	164 Total EBITDA	399	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 NOK / SEK									0.9022	0.8589	0.8631

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		Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	Schibsted Classified Media	2013	2012	2011
												Revenues
55.2	61.5	59.0	63.9	70.2	80.9	75.9	77.8	81.4	92.6	85.5		89.6 Established phase	349.1	304.8	239.5
18.1	20.9	18.4	19.0	19.4	24.9	23.2	21.3	22.7	27.1	25.1		25.2 - 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 - France	124.3	97.7	64.1
24.0	24.9	24.0	26.1	29.5	30.6	28.3	29.9	30.3	32.5	30.3		31.6 - International	124.7	118.3	99.0
5.1	5.8	5.3	6.2	2.6	2.8	2.8	3.2	2.8	3.2	3.3		4.6 New ventures	13.9	11.4	22.4
1.1	1.3	1.2	1.1	1.2	1.3	1.1	1.1	0.9	1.0	1.0		0.4 Print	3.3	4.7	4.7
(0.7)	(0.6)	(0.4)	(0.8)	(0.5)	(1.2)	(0.3)	-	(0.1)	-	0.1		(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 Total revenues	365.8	318.9	264.1
												EBITDA
24.0	31.7	30.6	32.4	30.3	42.0	38.5	35.5	37.3	47.4	42.9		40.2 Established ventures online	167.8	146.3	118.7
10.5	12.4	11.3	9.4	10.5	15.1	13.6	9.9	11.2	15.1	14.2		13.5 - 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 - France	83.6	66.7	44.8
4.9	8.3	7.5	9.6	5.2	8.8	7.9	8.6	6.3	9.9	8.5		5.5 - International	30.2	30.5	30.3
(8.9)	(9.3)	(15.0)	(19.7)	(18.4)	(20.2)	(17.1)	(15.2)	(32.3)	(32.2)	(29.5)		(34.1) New ventures	(128.1)	(70.9)	(52.9)
0.1	0.3	0.2	0.3	0.3	0.4	0.3	0.2	0.2	0.1	0.1		0.1 Print	0.5	1.2	0.9
(1.7)	(2.2)	(1.6)	(2.4)	(2.1)	(2.1)	(2.4)	(5.8)	(4.5)	(4.9)	(4.0)		(4.5) 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 Total EBITDA	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 NOK / EUR	7.81	7.48	7.79

701 Search changed to Associated company with ownership 33 percent from December 2013. Proportionate consolidated figures for 701 Search for December 2013 are included in Revenues and EBITDA in this table.

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		Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	20 Minutes Spain	2013	2012	2011
4.5	5.9	3.2	5.0	3.6	4.1	1.9	4.1	2.5	3.5	1.8		3.3 Operating revenues Print	11.1	13.7	18.6
0.9	1.0	0.6	1.2	0.8	1.0	0.6	1.3	0.9	1.0	0.7		1.2 Operating revenues Online	3.8	3.7	3.7
5.4	6.9	3.8	6.2	4.4	5.1	2.5	5.4	3.4	4.5	2.5		4.5 Operating revenues	14.9	17.4	22.3
(6.8)	(7.3)	(5.4)	(6.4)	(7.0)	(7.1)	(4.4)	(5.8)	(5.1)	(5.1)	(4.1)		(4.5) Operating expenses	(18.8)	(24.3)	(25.9)
(1.4)	(0.4)	(1.6)	(0.2)	(2.6)	(2.0)	(1.9)	(0.4)	(1.7)	(0.6)	(1.6)		0.0 Total EBITDA	(3.9)	(6.9)	(3.6)
7.82	7.83	7.77	7.76	7.59	7.56	7.39	7.36	7.43	7.62	7.93		8.24 NOK / EUR	7.81	7.48	7.79

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		Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	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 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 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 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) 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 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 NOK / EUR	7.81	7.48	7.79

*Includes 100% of 20Minutes France. Schibsted owns 50%.

1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013		2013 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 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 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 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 Sunday edition
												Stavanger Aftenblad
63,604	63,471	63,248	63,283	62,025	61,886	61,501	61,636	59,412	59,176	58,645		59,262 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 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 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 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 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 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 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 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		Full year	Full year	Full year
2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	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 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 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 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 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 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 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 Fædrelandsvennen	15,082	16,582	17,754