Vend Marketplaces ASA

Annual Report • Apr 15, 2016

Financials and analytical info as of Q4 2015

Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Operating segment operating revenues
• 1. Operating segment EBITDA
• 1. Media house Norway P&L
• 1. Media house Sweden P&L
• 1. Online Classifieds Pro-forma P&L
• 1. Circulation volume Media houses Scandinavia

For questions, please contact Schibsted IR:

Jo Christian Steigedal, Head of IRjcs@schibsted.noMobile: +47 415 08 733www.schibsted.com/ir

Changes in the restated Financials and analytical info as of Q1 2016:

As announced 19 February 2016, Schibsted Media Group will adjust the reporting structure as of the report for Q1 2016.

The main change is that the previous Online classifieds segment now is split in three separate segments. Additionally, Schibsted will going forward report pro-forma figures for the Online classifieds operations including the proportional share of revenues and EBITDA from associates (including joint ventures). In the pro-forma figures for the Developed phase, a split of revenues and EBITDA for France, Norway, Sweden, Spain and International operations is given, as before. Also, the Investment phase operations are shown separately, as before.

This spreadsheet is amended in order to reflect the new reporting format.

NO K m illio n
1 q ter uar 201 3 rest ate d	2 q ter uar 20 13 tate d res	3 q ter uar 20 13 tate d res	4 q ter uar 20 13 tate d res	1 q ter uar 20 14	2 q ter uar 20 14	3 q ter uar 20 14	4 q ter uar 20 14	1 q ter uar 20 15	2 q ter uar 20 15	3 q ter uar 20 15	4 q ter uar 20 15	CO ND ENS ED CO NS OL IDA TE D INC OM E S TAT EM ENT SC STE IA G RO HIB D M ED UP	Full ye ar 201 5	Fu ll ye ar 20 14	Fu ll ye ar 20 13 rest ate d	Full ye ar 20 13 orte d rep
452 564 2,0 81 490 3,5 87	445 577 2,3 30 518 3,8 70	433 619 26 2,0 503 81 3,5	440 568 84 2,2 540 32 3,8	479 541 70 2,1 520 10 3,7	448 553 38 2,3 495 34 3,8	463 589 5 1,99 510 57 3,5	474 538 87 2,2 575 74 3,8	478 495 76 2,1 545 94 3,6	456 525 66 2,3 456 03 3,8	477 526 69 2,1 501 73 3,6	490 504 30 2,4 523 47 3,9	Sub iptio scr n re ven ues Cas ual sale s re ven ues Adv erti sing rev enu es Oth er r eve nue s Op ting era rev enu es	1,90 1 2,0 50 9,1 41 2,0 25 15, 117	1,86 4 2,2 21 8,7 90 2,1 00 14, 975	0 1,77 28 2,3 21 8,7 51 2,0 70 14,8	1,78 7 2,3 35 9,0 17 2,0 93 15, 232
(23 0) (1,3 49) (1,7 11)	(24 1) (1,3 60) (1,7 07) - -	1) (20 16) (1,2 01) (1,7 -	8) (17 89) (1,3 10) (1,8 -	2) (17 27) (1,4 01) (1,7 -	9) (17 05) (1,4 76) (1,6 -	7) (16 55) (1,2 31) (1,6 -	8) (17 77) (1,4 66) (1,7 -	1) (16 87) (1,4 70) (1,6 -	4) (14 60) (1,4 57) (1,5 -	9) (12 72) (1,3 16) (1,6 -	1) (14 65) (1,5 99) (1,7 -	Raw teri als, rk in nd f inis hed ods ma wo pro gre ss a go Per nel son exp ens es Oth atin er o per g e xpe nse s Sha f pr ofit (los s) o f as iate re o soc s	5) (57 (5,8 84) (6,6 42)	6) (69 (5,5 64) (6,7 74) - -	0) (85 14) (5,3 29) (6,9 -	(87 1) (5,4 74) (7,2 28) 13
297	562	463	455	410	574	504	453	376	642	556	442	Gro rati fit ( los s) ss ope ng pro	2,0 16	1,94 1	77 1,7	1,6 72
(11 7) (26 - (7)	(11 9) ) (11 ) (2) 8	1) (12 ) (30 - 5) (22	9) (11 ) (56 8) (14 871	4) (11 2) (20 (9) 45	2) (11 6) (21 - ) (30	3) (12 2) (25 (1) 88	8) (11 1) (17 1) (12 ) (95	8) (11 354 (6) 267	9) (11 7) (10 (3) 97	9) (12 4) (12 ) (14 794	2) (13 ) (71 5) (46 ) (79	Dep iatio nd orti sat ion rec n a am Sha f pr ofit (los s) o f as iate re o soc s Imp airm los ent s Oth er i and nco me ex pen ses	(49 8) 52 (48 8) 1,07 9	(46 7) (84 1) (13 1) 8	6) (47 3) (12 0) (15 647	(49 0) - (15 0) 1,16 9
147	438	87	03 1,0	130	216	216	) (52	873	510	3 1,08	5) (30	Op ting fit ( los s) era pro	2,1 61	510	75 1,6	2,2 01
(40 107	) (63 ) 375	) (54 33	) (28 975	) (29 101	) (26 190	) (17 199	) (56 8) (10	) (27 846	) (70 440	8) (11 965	20 5) (28	Net Fin ial I tem anc s Pro fit ( los s) b efo re t axe s	(19 5) 1,9 66	(12 8) 382	5) (18 90 1,4	(18 6) 2,0 15
(46	) (17 1)	1) (11	5) (12	5) (12	2) (16	9) (13	) (83	2) (11	2) (17	3) (15	8) (13	Tax es	(57 5)	(50 9)	3) (45	(45 3)
61	204	) (78	850	) (24	28	60	1) (19	734	268	812	3) (42	Pro fit ( los s)	1,3 91	(12 7)	37 1,0	1,5 62
	- -	-	-	-	-	-	-	-	-	-	-	Pro fit ( loss ) di ntin ued tion sco op era s		- -	-	-
61	204	) (78	850	) (24	28	60	1) (19	734	268	812	3) (42	Pro fit ( los s)	1,3 91	(12 7)	37 1,0	1,5 62
8 53	19 185	- ) (78	(1) 851	11 ) (35	22 6	14 46	6 7) (19	71 663	29 239	15 797	13 6) (43	Pro fit ( los s) a ttri but abl e to : Non lling int ntro sts -co ere Ow s of the t ner pa ren	128 1,26 3	53 (18 0)	26 11 1,0	26 1,53 6
0.2 5 0.2 5 0.2 7 0.2 7	0.8 6 0.8 6 0.8 3 0.8 3	36) (0. 36) (0. 3 0.6 3 0.6	7 3.9 7 3.9 2 0.2 2 0.2	6) (0.1 6) (0.1 4) (0.3 4) (0.3	3 0.0 3 0.0 3 0.1 3 0.1	1 0.2 1 0.2 7) (0.2 7) (0.2	2) (0.9 2) (0.9 5) (0.2 5) (0.2	8 3.0 8 3.0 0 2.1 0 2.1	1 1.1 1 1.1 2 0.6 2 0.6	8 3.6 7 3.6 6 0.0 6 0.0	3) (1.9 2) (1.9 1 0.4 1 0.4	Ear nin sh (N OK ) gs per are Bas ic Dilu ted Bas ic - adju sted Dilu ted djus ted - a	5.7 9 5.7 8 3.1 7 3.1 6	(0.8 4) (0.8 4) (0.7 3) (0.7 3)	4.7 2 4.7 1 1.95 1.95	7.1 6 7.1 6 1.9 5 1.9 5

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

NO K m illio n
	31.0 3	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
CO ND EN SE D C ON SO LID AT ED	201 3	20 13	20 13	20 13	20 13	20 13	20 13	20 13	20 14	20 14	20 14	20 14	20 15	20 15	20 15	20 15
ST AT EM EN T O F F INA NC IAL PO SIT ION	rted repo	orte d rep	orte d rep	orte d rep	tate d res	tate d res	tate d res	tate d res
Inta ngib le a ts sse	9,30 1	9,64 6	56 10,0	37 10,3	1 9,22	1 9,56	8 9,95	12 10,2	40 10,2	66 10,3	74 10,0	06 11,9	93 11,4	55 11,8	11 14,5	14,2 92
Inve d p lant d eq uipm stm ent pert rty p ent pro y an rope an	19 1,8	5 1,79	9 1,65	7 1,50	2 1,81	8 1,78	1 1,65	9 1,49	4 1,56	8 1,60	3 1,37	7 1,28	9 1,23	6 1,19	8 1,16	1,13 7
Inve stm ents in a ciat sso es	507	469	478	4 1,07	625	610	578	654	557	548	502	547	1 1,25	9 1,19	969	929
Oth ent ets er n on- curr ass	322	351	303	297	342	370	354	319	212	195	273	536	515	458	462	425
Non t as set -cu rren s	11,9 49	12,2 61	96 12,4	13,2 15	00 12,0	29 12,3	12,5 41	84 12,6	73 12,5	12,7 17	22 12,2	76 14,2	98 14,4	08 14,7	10 17,1	16,7 83
Tra de ivab les and oth nt a ts rece er c urre sse	39 2,9	4 2,95	6 2,77	6 2,67	0 2,80	6 2,80	6 2,66	5 2,56	10 2,7	1 2,78	1 2,76	3 2,85	11 2,9	8 2,89	1 3,06	2,94 2
Cur fina ncia l as rent sets	64	53	-	28	64	53	-	-	-	-	-	-	-	-	-
Cas h an d ca sh e quiv alen ts	596	1,14 0	561	0 1,24	541	6 1,06	473	2 1,20	307	458	831	745	285	469	4 2,85	- 1,89 1
Ass ets held for sal e		-	76	-	-	-	76	-	-	-	-	-	-	-	-
Cur t as set ren s	3,59 9	- 4,14 7	13 3,4	4 3,94	5 3,40	5 3,92	15 3,2	7 3,76	17 3,0	9 3,23	2 3,59	8 3,59	6 3,19	7 3,36	15 5,9	- 4,83 3
Tot al a ts sse	15,5 48	16,4 08	09 15,9	59 17,1	05 15,4	54 16,2	56 15,7	51 16,4	90 15,5	56 15,9	14 15,8	74 17,8	94 17,6	75 18,0	25 23,0	21,6 16
Equ ity a ttrib utab le to of the ent ow ners par	75 6,0	8 6,24	5 6,08	0 7,85	5 6,07	8 6,24	5 6,08	5 7,32	9 7,17	7 6,89	19 6,4	0 6,56	12 7,0	0 6,93	95 11,1	10,7 76
Non trol ling inte rest -con s	281	252	261	261	281	252	261	261	265	187	196	230	241	136	297	314
Equ ity	6,35 6	6,50 0	6 6,34	8,1 11	6 6,35	0 6,50	6 6,34	6 7,58	4 7,44	7,08 4	6,6 15	0 6,79	3 7,25	6 7,06	92 11,4	11,0 90
Non inte -be arin g bo ings rent rest -cur rrow	41 1,9	12 2,7	4 2,57	1 1,97	1 1,94	12 2,7	1 2,56	1 1,97	1 1,94	1 2,55	5 2,49	2 2,13	8 1,90	4 2,33	12 3,0	2,36 5
Oth liab ilitie ent er n on- curr s	2,03 8	2,03 0 2	9 2,50	13 2,3	2 2,03	4 2,02	0 2,50	3 2,26	9 2,10	6 2,07	15 2,5	1 3,64	4 2,94 2	6 2,88	17 2,8	2,74 3
Non t lia bilit ies -cu rren	3,97 9	4,74	3 5,08	4 4,28	3 3,97	6 4,73	1 5,06	4 4,23	0 4,05	7 4,62	10 5,0	3 5,77	4,85	0 5,22	9 5,82	5,10 8
Cur inte -be arin g bo ings rent rest rrow	577	592	549	428	577	592	549	346	137	90	13	696	844	2 1,16	719	318
Oth nt li abil ities er c urre	4,63 6	4,57 4	0 3,78	6 4,33	9 4,49	6 4,42	9 3,64	5 4,28	9 3,95	5 4,15	6 4,17	15 4,6	5 4,74	7 4,62	5 4,98	5,10 0
Liab ilitie s he ld fo le r sa		- -	151	-	-	-	151	-	-	-	-	-	-	-	-	-
Cur t lia bilit ies ren	5,2 13	5,16 6	0 4,48	4 4,76	6 5,07	18 5,0	9 4,34	1 4,63	6 4,09	5 4,24	9 4,18	11 5,3	9 5,58	9 5,78	4 5,70	5,4 18
Tot al e qui ty a nd liab ilitie s	15,5 48	16,4 08	09 15,9	59 17,1	05 15,4	54 16,2	56 15,7	51 16,4	90 15,5	56 15,9	14 15,8	74 17,8	94 17,6	75 18,0	25 23,0	21,6 16

Schibsted has as of 1 January 2014 implemented IFRS

11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 arerestated in the columns "restated" above. The reported figures for 2013 are presented in the columns "reported" above. The restatements are

described in the 1st Quarter 2014 Report.

NO	K m	illio n

	31 .03	30 .06	30 .09	31 .12	31 .03	30 .06	30 .09	31 .12	31 .03	30 .06	30 .09	31 .12
C O S C O S O N D E N E D N L I D A T E D	20 13	20 13	20 13	20 13	20 14	20 14	20 14	20 14	20 15	20 15	20 15	20 15
S T A T E M E N T O F C A S H F L O W S	ed tat res	ted sta re	ted sta re	ted sta re
Pro fit ( los s) bef (c inu ing tio ns) ta ont ore xes op era	107	48 2	515	0 1, 49	101	1 29	0 49	2 38	6 84	6 1, 28	1 2, 25	1, 96 6
- G ain in bus ine bin atio ach iev ed in s and ent tag ent on re me asu rem ss com ns es re me asu rem
of ting nsi de ion ent rat con co		- -	2) (	2) (	) ( 37	) ( 40	) ( 40	91) (	-	-	) ( 784	( ) 778
+ D iati isa tio nd imp air los ort nt ep rec on , am n a me ses	117	23 8	2 36	629	123	5 23	9 35	8 59	124	6 24	9 38	1, 000
+ / - S har f p rof it o f jo int d a cia ted ies f d ivid end ive d ntu t o e o ve res an sso co mp an , ne s r ece	26	85	125	182	202	5 44	707	7 87	) ( 354	) ( 232	) ( 108	( 25 )
- T aid axe s p	( 145	) ( 494 )	6) ( 51	) ( 636	1) ( 30	6) ( 49	) ( 615	) ( 635	) ( 213	) ( 532	1) ( 68	( 738 )
Sa les los / ( ins ) n nt a ts ses ga on -cu rre sse	( 1)	( 12)	203	) ( 943	10) (	11) (	) ( 121	) ( 121	1) ( 29	8) ( 41	5) ( 43	( 7) 43
Ch e in rkin ital et ang wo g c ap c.	( 484	) ( ) 444	6) ( 50	4) (	) ( 139	76) (	15) (	0 22	) ( 130	12	58	5
Ne h f low fro tin cti vit ies t c as m op era g a	( 380	) ( 145 )	181	6 71	61) (	348	765	230 1,	18) (	2 36	690	99 3
Ne sh flow fro m i stin ctiv itie t ca nve g a s	( 158	) ( 1) 25	8) ( 47	1 47	6) ( 44	) ( 790	) ( 728	0) ( 1, 58	9) ( 28	) ( 616	0) ( 1, 31	( ) 1, 513
Ne sh flow be for e f ina nci ivit ies t ca act ng	( 53 8)	( 39 6)	7) ( 29	187 1,	7) ( 50	2) ( 44	37	0) ( 35	7) ( 30	) ( 254	) ( 620	( 52 0)
Ne sh flow fro m f ina nci ivit ies t ca act ng	60	39 7	6) ( 29	) ( 1, 116	5) ( 36	5) ( 30	2) ( 38	) ( 116	) ( 117	20	758 2,	1, 683
Eff of cha cha ash d c ash uiv ale ect te nts ex nge ra nge s o n c an eq	41	87	112	153	) ( 23	3	) ( 26	9	) ( 36	) ( 42	) ( 29	( 17)
Ne h f low fo r th eri od t c as e p	( 43 7)	88	( 48 1)	224	( 89 5)	( 744 )	( 37 1)	( 45 7)	( 46 0)	( 27 6)	2, 109	1, 146
Ca sh and sh uiv ale of riod nts at st art ca eq pe	978	978	978	978	202 1,	202 1,	202 1,	202 1,	745	745	745	745
Ca sh d c h e iva len d o f p eri od ts at an as qu en	54 1	1, 06 6	49 7	1, 202	307	458	83 1	745	285	46 9	2, 85 4	1, 89 1

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

NO K m illio n
1 q rte ua r	2 q rte ua r	3 q rte ua r	4 q rte ua r	1 q rte ua r	2 q rte ua r	3 q rte ua r	4 q rte ua r	OP ER AT ING R EV EN UE S	Fu ll y ea r	Fu ll y ea r
20 14	20 14	20 14	20 14	20 15	20 15	20 15	20 15	SC ST GR OU HIB ED M ED IA P	20 15	20 14
3, 71 0	3, 83 4	7 3, 55	4 3, 87	4 3, 69	3 3, 80	3 3, 67	7 3, 94	SC HIB ST ED M ED IA GR OU P	15 11 7 ,	14 97 5 ,
37 7	38 7	3 35	9 32	9 37	2 40	2 37	0 35	ON E C SS S N OR LIN LA IFI ED WA Y	1, 50 3	1, 44 6
21 0	22 8	8 20	7 21	8 21	4 25	1 25	4 26	ON LIN E C LA SS IFI ED S S WE DE N	98 7	86 3
57 0	61 4	1 59	2 68	9 70	4 77	8 80	1 91	ON LIN E C LA SS IFI ED S I NT ER NA TIO NA L	3, 20 2	2, 45 7
1, 54 6	1, 59 4	0 1, 48	7 1, 61	2 1, 47	8 1, 45	4 1, 34	9 1, 44	ME DIA HO US E N OR WA Y	5, 72 3	6, 23 7
95 2	94 6	2 88	9 97	3 88	4 95	2 95	2 1, 08	HO US E S ME DIA WE DE N	3, 87 1	3, 75 9
21 2	22 4	2 20	7 22	4 19	6 14	9 12	91	OT HE R/H EA DQ UA RT ER S	56 0	86 5
( 15 7)	( 15 9)	9) ( 15	7) ( 17	1) ( 16	5) ( 18	3) ( 18	0) ( 20	TIO NS EL IM INA	( 72 9)	( 65 2)

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

N O K m illio n
1 q rte ua r	2 q rte ua r	3 q rte ua r	4 q rte ua r	1 q rte ua r	2 q rte ua r	3 q rte ua r	4 q rte ua r	G R O S S O PE RA TIN G PR O FIT ( L O S S ) - EB ITD A	Fu ll y ea r	Fu ll y ea r
20 14	20 14	20 14	20 14	20 15	20 15	20 15	20 15	S C HI B S TE D ME DIA G R O U P	20 15	20 14
0 41	57 4	04 5	3 45	37 6	64 2	6 55	2 44	S C HI B S TE D ME DIA G R O U P	2, 01 6	94 1, 1
15 5	18 1	16 8	13 3	15 0	20 3	17 2	12 7	O NL IN E C LA S S IFI ED S N O RW AY	65 2	6 37
10 7	11 9	10 9	11 4	10 1	11 7	13 6	15 3	O C S S S S NL IN E LA IFI ED W ED EN	5 07	44 9
55	9 8	10 1	8 9	9 0	20 3	3 14	74	O NL IN E C LA S S IFI ED S INT ER NA TI O NA L	0 51	34 3
10 1	17 6	12 5	13 6	6 8	11 9	9 0	12 1	ME DIA H O U S E N O RW AY	3 9 8	5 3 8
8 9	8 9	10 5	10 8	74	11 0	12 4	11 4	O S S ME DIA H U E W ED EN	42 2	3 91
( 97 )	( 8 9 )	( 10 4)	( 12 7)	( 10 7)	( 11 0 )	( 10 9 )	( 14 7)	O TH ER / HE AD Q U AR TE R S	( 47 3 )	( 41 7)

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

NO K m illi on
1 q rte ua r	2 q rte ua r	3 q rte ua r	4 q rte ua r	1 q rte ua r	2 q rte ua r	3 q rte ua r	4 q rte ua r		Fu ll y ea r	Fu ll y ea r
20 14	20 14	20 14	20 14	20 15	20 15	20 15	20 15	M E D I A H O U S E N O R W A Y	20 15	20 14
17 2	18 2	5 16	8 19	2 16	2 15	0 15	7 16	On line ing le c ( VG ) * ne ws pa pe rs - s op y	63 1	71 7
12 4	13 5	0 13	1 15	3 13	5 14	8 12	6 14	On line ub rip tio ne ws pa pe rs - s sc n n ew sp ap ers	55 2	54 0
32	39	33	46	49	49	51	49	Ot he nlin ing es/ line el im ina tio rat r o e o pe re ve nu on ns	19 8	15 0
32 8	35 6	32 8	39 5	34 4	34 6	32 9	36 2	Op tin nli era g r ev en ue s o ne	1, 38 1	1, 40 7
25 0	25 6	0 27	9 24	9 23	0 25	6 24	6 24	Cir lat ion sin le c ( VG ) cu re ve nu es g op y n ew sp ap ers -	98 1	1, 02 5
57	59	47	53	45	39	33	39	Ad rtis ing ing le c ( VG ) ve re ve nu es - s op y n ew sp ap ers	15 6	21 6
6	6	6	7	7	8	9	6	Ot he ing le c ( VG ) r re ve nu es - s op y n ew sp ap ers	30	25
33 9	31 9	9 32	9 31	9 32	4 31	2 32	6 31	Cir lat ion ub rip tio cu re ve nu es - s sc n n ew sp ap ers	1, 28 1	1, 30 6
35 8	38 7	0 29	9 34	5 29	6 30	9 22	9 26	Ad rtis ing ub rip tio ve re ve nu es - s sc n n ew sp ap ers	1, 09 9	1, 38 4
37	39	36	39	35	35	35	36	Ot he ub rip tio r re ve nu es - s sc n n ew sp ap ers	14 1	15 1
7	9	4	6	5	5	4	5	Eli mi tio ns/ oth s ( VG ) na er rev en ue	19	26
05 1, 4	07 1, 5	98 2	02 2 1,	95 5	95 7	87 8	91 7	Pr int tin ne ws pa pe rs op era g r ev en ue s	3, 70 7	13 3 4,
16 4	16 3	0 17	0 20	3 17	5 15	7 13	0 17	Ot he r/e lim ina tio ns	63 5	69 7
1, 54 6	1, 59 4	1, 48 0	1, 61 7	1, 47 2	1, 45 8	1, 34 4	1, 44 9	To tal tin op era g r ev en ue s	5, 72 3	6, 23 7
( 42 0)	( 42 9)	5) ( 40	7) ( 42	5) ( 40	0) ( 39	8) ( 36	2) ( 38	On VG line /of flin ing ing le c ( ) * rat e o pe ex pe ns es - s op y n ew sp ap ers	( 1, 54 5)	( 1, 68 1)
( 3) 81	( 6) 77	4) ( 74	5) ( 79	1) ( 75	0) ( 73	2) ( 69	4) ( 71	On line /of flin ing ub rip tio rat e o pe ex pe ns es - s sc n n ew sp ap ers	( 7) 2, 88	( 8) 3, 12
( 21 2)	( 21 3)	6) ( 20	9) ( 25	8) ( 24	9) ( 21	4) ( 19	2) ( 23	Ot he r/e lim ina tio ns	( 89 3)	( 89 0)
( 1, 44 5)	( 1, 41 8)	( 1, 35 5)	( 1, 48 1)	( 1, 40 4)	( 1, 33 9)	( 1, 25 4)	( 1, 32 8)	To tal tin op era g e xp en se s	( 5, 32 5)	( 5, 69 9)
72	83	87	86	53	64	74	81	EB ITD A s ing le c VG (o nlin e/o ffli ) * op y n ew sp ap ers ne	27 2	32 8
45	10 4	41	63	41	70	22	53	EB ITD A s ub rip tio (o nlin e/o ffli ) sc n n ew sp ap ers ne	18 6	25 3
( 16	) ( ) 11	3) (	) ( 13	) ( 26	) ( 15	6) (	) ( 13	EB ITD A o the r/e lim ina tio ns	( ) 60	( ) 43
10 1	17 6	12 5	13 6	68	11 9	90	12 1	To tal E BIT DA	39 8	53 8
85 8	88 0	78 5	85 8	79 2	80 0	71 4	76 7	To tal R s S ub rip tio n N ev en ue sc ew sp ap ers	3, 07 3	3, 38 1
49 2	2 51	49 2	3 51	8 45	45 4	2 44	46 3	To tal R s V G ev en ue	81 1, 7	2, 00 9

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

SE K m illio n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar		Ful l ye ar	Ful l ye ar
201 4	201 4	201 4	201 4	201 5	201 5	201 5	201 5	M E D I A H O U S E S W E D E N	201 5	201 4
239	224	232	248	238	240	250	258	Sch ibs ted Gr th r s* ow eve nue	986	943
77	69	66	64	60	64	63	65	of w hic h H itta rev enu es	252	276
251	252	219	281	255	295	255	339	Sch ibs ted Pu blis hin g re ven ues	1, 144	1, 003
171	186	149	193	178	200	176	229	of w hic h A fton bla det line on rev enu es	783	699
26	31	27	36	31	41	34	48	of w hic h S vD line on rev enu es	154	120
( 9)	( 4)	12) (	19) (	11) (	10) (	10) (	15) (	Oth nlin d e lim ina tion er o e re ven ues an s	( 46)	( 44)
481	472	439	510	482	525	495	582	On line tin op era g r eve nue s	2, 084	1, 902
255	268	286	252	230	248	248	224	Cir cul atio Af bla det ton n re ven ues	950	1, 061
59	73	57	63	46	56	46	51	Ad tisi Aft onb lad et ver ng rev enu es	199	252
1	1	2	3	1	-	1	1	Oth Aft onb lad et er rev enu es	3	7
107	98	103	105	102	96	103	104	Cir cul atio Sv D n re ven ues	405	413
93	102	71	98	79	91	64	90	Ad tisi Sv D ver ng rev enu es	324	364
16	15	16	16	16	15	15	15	Oth Sv D er rev enu es	61	63
531	557	535	537	474	506	477	485	Ne tin ws pap er op era g r eve nue s	942 1,	2, 160
1	14	9	10	6	7	9	12	Oth and eli min atio er rev enu es ns	34	34
1, 013	1, 043	983	057 1,	962	038 1,	981	079 1,	To tal tin op era g r eve nue s	4, 060	4, 096
( 182	) ( ) 182	) ( 180	) ( 193	) ( 196	) ( 191	) ( 183	) ( 202	Sch ibs ted Gr th e s* ow xpe nse	( ) 772	( ) 737
( 49)	( 46)	42) (	38) (	44) (	46) (	45) (	44) (	of w hic h H itta ex pen ses	( 179 )	( 175
( 735	) ( ) 740	) ( 689	) ( 730	) ( 687	) ( 703	) ( 662	) ( 738	Sch ibs ted Pu blis hin s (p rint d o nlin e) g e xpe nse an	) ( 2, 790	) ( ) 2, 894
( 441	) ( 471 )	) ( 433	) ( 437	) ( 421	) ( 433	) ( 408	) ( 440	of w hic h A fton bla det ex pen ses	) ( 1, 702	( 1, 782
( 240	) ( ) 234	) ( 213	) ( 238	) ( 216	) ( 224	) ( 211	) ( 242	of w hic h S vD ex pen ses	( ) 893	) ( ) 925
( 2)	( 22)	3	17) (	1	24) (	8) (	25) (	Oth nd elim ina tion er e xpe nse s a s	( 56)	( 38)
( 919	) ( 944 )	) ( 866	) ( 940	) ( 882	) ( 918	) ( 853	) ( 965	To tal tin op era g e xpe nse s	( 3, 618 )	( 3, 669 )
								*
57	42	52	55	42	49	67	56	A S Gro EB ITD chi bst ed wth	214	206
28	23	24	26	16	18	18	21	of w hic h E BIT DA Hi tta	73	101
47	69	65	88	42	98	70	86	EB ITD A S chi bst ed Pub lish ing	296	269
45	57	61	74	34	71	63	65	of w hic h E BIT DA Af bla det ton	233	237
2	12	4	17	12	19	5	15	of w hic h E BIT DA Sv D	51	35
( 10)	( 12)	-	26) (	4) (	27) (	9) (	28) (	EB ITD A O the r	( 68)	( 48)
94	99	117	117	80	120	128	114	To tal EB ITD A	442	427
0.9 423	0.9 069	988 0.8	264 0.9	171 0.9	199 0.9	693 0.9	036 1.0	NO K / SE K	0.9 525	0.9 186
486	528	494	511	455	504	471	505	To tal Re Af bla det ton ven ues	1, 935	2, 019
242	246	217	255	228	243	216	257	To tal Re Sv D ven ues	944	960

Full year	Full year
2015	2014
986	943
252	276
1,144	1,003
783	699
154	120
(46)	(44)
2,084	1,902
950	1,061
199	252
3	7
405	413
324	364
61	63
1,942	2,160
34	34
4,060	4,096
(772)	(737)
(179)	(175)
(2,790)	(2,894)
(1,702)	(1,782)
(893)	(925)
(56)	(38)
(3,618)	(3,669)
214	206
73	101
296	269
233	237
51	35
(68)	(48)
442	427
0.9525	0.9186
1.025	ኃ በ10

944	960

EU R m illio	n
1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar	1 q ter uar	2 q ter uar	3 q ter uar	4 q ter uar		Ful l ye ar	Ful l ye ar
201 4	201 4	201 4	201 4	201 5	201 5	201 5	201 5	O C S S S - O O N L I N E L A I F I E D P R F R M A	201 5	201 4
								RE VE NU ES
								(Inc ludi ibut ion from As iate if w e ha d co lida ted the ies ortio ly ontr nate ng c soc s as nso com pan prop
133 .9	144 .9	.6 133	.3 135	.1 146	.2 160	.3 150	.2 154	De vel d p has ope e	610 .8	547 .7
44. 5	46. 5	9 41.	6 37.	3 43.	3 46.	8 39.	2 36.	- N * orw ay	165 .6	170 .5
22. 6	25. 5	2 23.	8 22.	5 23.	4 27.	3 25.	2 26.	- S den ** we	102 .4	94. 1
35. 8	39. 6	1 36.	2 39.	9 42.	4 46.	2 43.	2 47.	- F ran ce	179 .7	150 .7
20. 9	21. 2	7 20.	9 21.	8 22.	7 24.	2 25.	3 26.	- Sp ain	99. 0	84. 7
10. 1	12. 1	7 11.	8 13.	6 13.	4 15.	8 16.	3 18.	- In atio nal tern	64. 1	47. 7
4.3	5.1	5.5	6.2	6.0	6.9	6.8	7.7	Inv has est nt p me e	27. 3	21. 2
138 .2	150 .0	139 .1	141 .5	152 .1	167 .1	157 .1	161 .8	TO S TA L R EV EN UE	638 .1	568 .8
								EB ITD A
								(Inc ludi ibut ion from As iate if w e ha d co lida ted the ies ortio ly ontr nate ng c soc s as nso com pan prop
58. 1	66. 8	5 60.	0 51.	3 57.	8 72.	1 65.	6 59.	De vel d p has ope e	254 .9	236 .4
18. 6	22. 2	2 20.	6 15.	4 17.	6 23.	8 18.	7 13.	- N * orw ay	73. 5	76. 6
12. 9	14. 5	2 13.	3 13.	7 11.	7 13.	9 14.	4 16.	- S den ** we	56. 7	53. 8
24. 0	26. 6	6 23.	7 24.	6 29.	8 28.	7 23.	1 25.	- F ran ce	107 .3	98. 9
2.9	3.3	5.2	0.5	2.2	6.7	7.3	6.4	- Sp ain	22. 6	11. 9
( 0.2	) 0.1	1.6) (	) ( 3.0	) ( 3.6	) ( 0.1	0.5	1.9) (	- In atio nal tern	( ) 5.1	( ) 4.7
( 3) 39.	( 3) 42.	9) ( 39.	5) ( 35.	3) ( 24.	7) ( 23.	0) ( 22.	6) ( 25.	Inv has est nt p me e	( 6) 95.	( .0) 157
18. 8	24. 4	20. 6	15. 6	33. 1	49. 0	43. 2	34. 0	TO TA L E BIT DA	159 .3	79. 4
8.3 5	8.2 1	7 8.2	9 8.5	3 8.6	5 8.5	4 9.1	4 9.3	NO K / EU R	8.9 1	8.3 5
								NO RW AY De vel ed has fig s in NO K m illio n* op p e - ure
371	382	346	322	373	396	365	338	Re Ex nal ter ven ues	1, 472	1, 421
377	387	353	329	379	402	372	350	Re In clu din fro the ts i n S chi bs ted Me dia Gr ven ues g m o r s egm en oup	1, 503	1, 446
155	181	168	133	150	203	172	127	EB ITD A	652	637
201	231	214	211	221	255	238		SW ED EN De vel ed has fig s in SE K m illio n** op p e - ure Re Ex nal
							244	ter ven ues	958	857
223	252	230	234	238	276	258	264	Re In clu din fro the ts i n S chi bs ted Me dia Gr ven ues g m o r s egm en oup	1, 036	939
114	131	121	123	110	127	141	152	EB ITD A	530	489

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

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

Circulation volume YTD

Bergens Tidende

Stavanger Aftenblad

Fædrelandsvennen

	4 q ter uar	3 q ter uar	2 q ter uar	1 q ter uar	4 q ter uar	3 q ter uar	2 q ter uar	1 q ter uar	4 q ter uar	3 q ter uar	2 q ter uar	1 q ter uar
	201 5	201 5	201 5	201 5	201 4	201 4	201 4	201 4	201 3	201 3	201 3	201 3
Aft ste en po n
Mo rnin diti	769 211	055 212	810 214	981 216	658 221	211 222	439 225	612 226	026 214	829 214	218 994	221 776
g e on Su nda diti	, 194 208	, 382 208	, 277 211	, 304 213	, 460 217	, 441 217	, 090 220	, 267 220	, 472 190	, 326 190	, 194 266	, 196 533
y e on	,	,	,	,	,	,	,	,	,	,	,	,
Be Tid end rge ns
We ekd edi tion ay	70, 220	68, 929	69, 478	70, 543	73, 640	74, 136	74, 936	75, 463	73, 736	73, 103	73, 837	73, 798
Su nda diti y e on	71, 157	68, 007	68, 606	69, 587	72, 470	72, 393	73, 298	74, 032	73, 606	73, 430	74, 343	74, 687
We ekd edi tion ay	55, 412	55, 286	55, 532	56, 324	58, 544	58, 362	58, 354	58, 289	59, 262	58, 645	59, 176	59, 412
Fæ dre lan dsv en
We ekd edi tion ay	32, 739	33, 116	31, 960	33, 612	34, 064	34, 321	34, 356	34, 487	34, 845	35, 008	35, 043	35, 117
VG
We ekd edi tion ay	716 112 ,	422 115 ,	089 118 ,	760 119 ,	188 138 ,	915 138 ,	881 139 ,	212 141 ,	430 164 ,	425 167 ,	166 974 ,	168 830 ,
Su nda diti y e on	317 101 ,	705 102 ,	963 108 ,	639 110 ,	167 136 ,	774 138 ,	073 146 ,	295 148 ,	573 159 ,	570 160 ,	166 465 ,	167 959 ,
Aft bla det on
We ekd edi tion ay	900 118 ,	649 122 ,	383 122 ,	223 123 ,	200 146 ,	500 151 ,	800 151 ,	300 152 ,	475 176 ,	700 181 ,	182 500 ,	182 003 ,
Su nda diti y e on	140 125 ,	273 129 ,	594 129 ,	106 126 ,	600 155 ,	000 161 ,	700 160 ,	600 159 ,	400 191 ,	000 197 ,	196 300 ,	196 891 ,
We ekd edi tion	151 600	150 450	153 500	156 300	157 200	156 400	159 400	164 200	159 000	159 600	164 500	166 900
ay Su nda diti	, 156 000	, 154 650	, 157 200	, 160 000	, 161 600	, 160 900	, 163 500	, 169 200	, 164 400	, 165 000	, 169 200	, 171 400
y e on	,	,	,	,	,	,	,	,	,	,	,	,

Svenska Dagbladet*