Vend Marketplaces ASA

Annual Report • Oct 26, 2018

For detalis on the new reporting structure, please see press release from 26 March 2018

Financials and analytical info as of Q3 2018

Contents (each item on separate tabs):

• 1. Profit and loss statement
• 1. Balance sheet
• 1. Cash flow
• 1. Operating segment overview
• 1. MARKETPLACES
• 1. PUBLISHING
• 1. GROWTH

For questions, please contact Schibsted IR:

Jo Christian Steigedal, Head of IR jcs@schibsted.no Mobile: +47 415 08 733

www.schibsted.com/ir

506 529 528 533 541 551 553 572 580 576 590 Subscription revenues 1,746 1,646 485 481 470 429 416 427 439 393 374 377 375 Casual sales revenues 1,125 1,282 2,377 2,559 2,301 2,523 2,480 2,748 2,543 2,831 2,752 2,991 2,749 Advertising revenues 8,491 7,771 515 545 499 574 562 601 625 658 651 659 644 Other revenues 1,954 1,789 3,883 4,114 3,798 4,059 4,000 4,327 4,161 4,455 4,357 4,602 4,358 Operating revenues 13,317 12,488 (129) (129) (118) (124) (107) (110) (102) (113) (102) (101) (97) Raw materials and finished goods (300) (319) (1,562) (1,568) (1,396) (1,615) (1,546) (1,606) (1,487) (1,678) (1,706) (1,661) (1,518) Personnel expenses (4,884) (4,639) (1,771) (1,780) (1,712) (1,819) (1,913) (1,917) (1,789) (1,969) (1,939) (1,945) (1,878) Other operating expenses (5,762) (5,619) - - - - - - Share of profit (loss) of joint ventures and associates - - 421 637 572 501 434 694 783 695 610 895 865 Gross operating profit (loss) 2,371 1,911 - - - (123) (132) (127) (147) (145) (156) (158) (175) (172) (175) (181) Depreciation and amortisation (528) (459) (43) (40) (43) (45) (58) (11) (15) (29) (6) 30 1 Share of profit (loss) of joint ventures and associates 25 (84) 0 (0) - - (0) 0 0 Impairment loss goodwill 0 - - (39) (16) (25) (0) (9) (2) (38) (5) (125) (0) Impairment loss (130) (11) (24) (69) (32) 11 (3) 1,286 194 28 (10) (2) (6) Other income and expenses (18) 1,478 231 357 354 295 228 1,805 802 479 417 623 678 Operating profit (loss) 1,719 2,835 (12) 2 38 (7) (12) (70) (23) (66) (28) (30) (27) Net Financial Items (85) (105) 219 359 392 288 216 1,735 779 414 389 593 652 Profit (loss) before taxes 1,634 2,730 (144) (166) (195) (194) (174) (352) (226) (207) (220) (277) (222) Taxes (720) (752) 75 193 197 94 43 1,383 553 207 169 315 429 Profit (loss) 914 1,978 Profit (loss) attributable to: 21 38 23 12 12 10 22 11 11 20 19 Non-controlling interests 50 44 82 30 1,373 531 196 158 295 1,934 54 155 174 410 Owners of the parent 864 Earnings per share (NOK) 0.24 0.69 0.77 0.36 0.13 6.07 2.35 0.85 0.67 1.24 1.72 Basic 3.62 8.55	2017	Full year	2017	Year to date Year to date 2018	SCHIBSTED MEDIA GROUP 3 quarter CONDENSED CONSOLIDATED INCOME STATEMENT	2018	2 quarter 2018	1 quarter 2018	4 quarter 2017	3 quarter 2017	2 quarter 2017	1 quarter 2017	4 quarter 2016	3 quarter 2016	2 quarter 2016	1 quarter 2016
	2,218
	1,675
	10,602
	2,447
	16,943
	(432)
	(6,317)
	(7,588)
	-
	2,606
	(634)
	(113)
	-
	(49)
	1,505
	3,315
	(171)
	3,144
	(958)
	2,186
	55
	2,130
	9.36
0.24 0.69 0.77 0.36 0.13 6.06 0.85 0.66 1.72 Diluted 3.62	9.35		8.54				1.24			2.34
0.29 1.04 0.93 0.44 0.15 0.96 1.45 0.88 0.72 1.76 1.74 Basic - adjusted 4.22 2.55	3.43
0.29 1.04 0.93 0.44 0.15 0.96 1.45 0.88 0.72 1.76 1.74 Diluted - adjusted 4.21 2.55	3.43

Year to date	Year to date	Full year	Full year
2018	2017	2017	2016
1,746	1,646	2,218	2,096
1,125	1,282	1,675	1,865
8,491	7,771	10,602	9,760
1,954	1,789	2,447	2,133
13,317	12,488	16,943	15,854
(300)	(319)	(432)	(500)
(4, 884)	(4,639)	(6, 317)	(6, 141)
(5, 762)	(5,619)	(7, 588)	(7,082)
2,371	1,911	2,606	2,131
(528)	(459)	(634)	(529)
25	(84)	(113)	(171)
0
(130)	(11)	(49)	(80)
(18)	1,478	1,505	(114)
1,719	2,835	3,315	1,237
(85)	(105)	(171)	21
1,634	2,730	3,144	1,258
(720)	(752)	(958)	(699)
914	1,978	2,186	559
50	44	55	94
864	1,934	2,130	465
3.62	8.55	9.36	2.05
3.62	8.54	9.35	2.05
4.22	2.55	3.43	2.70
4.21	2.55	3.43	2.69

NOK million
	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018
STATEMENT OF FINANCIAL POSITION	reported	reported	reported	reported	restated	restated	restated	restated
Intangible assets	9,301		9,646 10,056 10,337		9,221	9,561			9,958 10,212 10,240 10,366 10,074 11,906 11,493 11,855 14,511 14,292 14,054 13,920 13,470 14,100 14,835 16,456 16,084 16,983 16,637 16,284 16,303
Investment property and property, plant and equipment	1,819	1,795	1,659	1,507	1,812	1,788	1,651	1,499	1,564	1,608	1,373	1,287	1,239	1,196	1,168	1,137	1,116	1,069	1,043		1,019 1,020 1,004 1,009 988 938 885 855
Investments in joint ventures and associates	507	469	478	1,074	625	610	578	654	557	548	502	547	1,251	1,199	969	929	942	964	978		954 929 4,519 4,481 4,514 4,285 3,947 3,827
Other non-current assets	322	351	303	297	342	370	354	319	212	195	273	536	515	458	462	425	315	346	463		353 352 441 414 364 368 373 380
Non-current assets									11,949 12,261 12,496 13,215 12,000 12,329 12,541 12,684 12,573 12,717 12,222 14,276 14,498 14,708 17,110 16,783 16,427 16,299 15,954 16,426 17,136 22,420 21,987 22,850 22,228 21,488 21,365
Trade receivables and other current assets	2,939	2,954	2,776	2,676	2,800	2,806	2,666	2,565	2,710	2,781	2,761	2,853	2,911	2,898	3,061	2,942	2,972	2,779	2,804		2,714 2,860 3,059 3,091 3,141 2,962 2,916 2,974
Current financial assets	64	53	-	28	64	53	-		- -	-	-	-	-	-	-	-	-	-	-	-
Cash and cash equivalents	596	1,140	561	1,240	541	1,066	473	1,202	307	458	831	745	285	469	2,854	1,891	1,624	1,411	1,388		1,268 751 495 783 1,626 1,805 1,688 1,974
Assets held for sale	-	-	76	-	-	-	76		- -	-	-	-	-	-	-	-	-	-	-	-
Current assets	3,599	4,147	3,413	3,944	3,405	3,925	3,215	3,767	3,017	3,239	3,592	3,598	3,196	3,367	5,915	4,833	4,596	4,190	4,192		3,982 3,610 3,553 3,873 4,767 4,767 4,604 4,948
Total assets									15,548 16,408 15,909 17,159 15,405 16,254 15,756 16,451 15,590 15,956 15,814 17,874 17,694 18,075 23,025 21,616 21,023 20,489 20,146 20,408 20,747 25,974 25,860 27,617 26,995 26,092 26,313
Equity attributable to owners of the parent	6,075	6,248	6,085	7,850	6,075	6,248	6,085	7,325	7,179	6,897	6,419	6,560	7,012				6,930 11,195 10,776 10,676 10,276			9,878 10,235 10,394 11,638 11,549 14,793 14,397 13,730 13,989
Non-controlling interests	281	252	261	261	281	252	261	261	265	187	196	230	241	136	297	314	332	322	287		305 323 257 252 261 278 272 250
Equity	6,356	6,500	6,346	8,111	6,356	6,500	6,346	7,586	7,444	7,084	6,615	6,790	7,253				7,066 11,492 11,090 11,008 10,598 10,165 10,540 10,717 11,895 11,802 15,054 14,675 14,001 14,240
Non-current interest-bearing borrowings	1,941	2,712	2,574	1,971	1,941	2,712	2,561	1,971	1,941	2,551	2,495	2,132	1,908	2,334	3,012	2,365	1,856	1,838	1,822		1,814 2,313 5,510 5,203 4,212 3,906 3,855 3,852
Other non-current liabilities	2,038	2,030	2,509	2,313	2,032	2,024	2,500	2,263	2,109	2,076	2,515	3,641	2,944	2,886	2,817	2,743	2,500	2,493	2,793		2,447 2,450 2,610 2,732 2,586 2,434 2,376 2,397
Non-current liabilities	3,979	4,742	5,083	4,284	3,973	4,736	5,061	4,234	4,050	4,627	5,010	5,773	4,852	5,220	5,829	5,108	4,356	4,331	4,615		4,261 4,763 8,121 7,935 6,798 6,340 6,231 6,249
Current interest-bearing borrowings	577	592	549	428	577	592	549	346	137	90	13	696	844	1,162	719	318	557	541	540	528			28 626 626		28 328 366 361
Other current liabilities	4,636	4,574	3,780	4,336	4,499	4,426	3,649	4,285	3,959	4,155	4,176	4,615	4,745	4,627	4,985	5,100	5,102	5,019	4,826		5,079 5,240 5,332 5,497 5,736 5,652 5,494 5,464
Liabilities held for sale	-	-	151	-	-	-	151		- -	-	-	-	-	-	-	-	-	-
Current liabilities	5,213	5,166	4,480	4,764	5,076	5,018	4,349	4,631	4,096	4,245	4,189	5,311	5,589	5,789	5,704	5,418	5,659	5,560	5,366		5,607 5,268 5,958 6,124 5,764 5,980 5,860 5,825
Total equity and liabilities			15,548 16,408 15,909 17,159 15,405 16,254 15,756 16,451 15,590 15,956 15,814 17,874 17,694 18,075 23,025 21,616 21,023 20,489 20,146 20,408 20,747 25,974 25,860 27,617 26,995 26,092 26,313

NOK million
	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018
STATEMENT OF CASH FLOWS	restated	restated	restated	restated
Profit (loss) before taxes	107	482	515	1,490	101	291	490	382	846	1,286	2,251	1,966	219	578	970	1,258	216	1,952	2,730	3,144	389	982	1,634
Gain on remeasurement in business combinations achieved in stages and remeasurement of
contingent consideration		- -	(2)	(2)	(37)	(40)	(40)	(91)	-	-	(784)	(778)	-		- -		- -	-	-	-	-	-	-
Depreciation, amortisation and impairment losses	117	238	362	629	123	235	359	598	124	246	389	1,000	123	294	437	609	145	309	470	685	177	477	658
Net effect pension liabilities													(61)	(46)	(29)	(65)	(87)	(74)	(77)	(91)	(70)	(66)	(54)
Share of loss (profit) of joint ventures and associates, net of dividends received	26	85	125	182	202	445	707	877	(354)	(232)	(108)	(25)	43	102	155	199	58	87	102	134	6	1	15
Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)	(681)	(738)	(179)	(366)	(521)	(577)	(178)	(525)	(678)	(828)	(194)	(411)	(599)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(1)	(12)	203	(943)	(10)	(11)	(121)	(121)	(291)	(418)	(435)	(437)	(24)	(35)	(80)	(137)	-	(1,310)	(1,547)	(1,697)	(7)	(7)	(20)
Change in working capital and provisions	(484)	(444)	(506)	(4)	(139)	(76)	(15)	220	(130)	12	58	5	47	274	69	219	6	(88)	(46)	(57)	33	(90)	(184)
Net cash flow from operating activities	(380)	(145)	181	716	(61)	348	765	1,230	(18)	362	690	993	168	801	1,001	1,506	159	351	954	1,290	335	885	1,451
Net cash flow from investing activities	(158)	(251)	(478)	471	(446)	(790)	(728)	(1,580)	(289)	(616)	(1,310)	(1,513)	(166)	(487)	(677)	(1,248)	(675)	(4,161)	(4,144)	(4,546)	(158)	(370)	(596)
Net cash flow before financing activities	(538)	(396)	(297)	1,187	(507)	(442)	37	(350)	(307)	(254)	(620)	(520)	2	314	324	258	(516)	(3,811)	(3,190)	(3,256)	177	515	855
Net cash flow from financing activities	60	397	(296)	(1,116)	(365)	(305)	(382)	(116)	(117)	20	2,758	1,683	(251)	(771)	(819)	(877)	(6)	3,018	2,704	3,558	15	(436)	(477)
Effect of exchange rate changes on cash and cash equivalents	41	87	112	153	(23)	3	(26)	9	(36)	(42)	(29)	(17)	(18)	(23)	(8)	(4)	4	18	1	55	(13)	(18)	(30)
Net increase (decrease) in cash and cash equivalents	(437)	88	(481)	224	(895)	(744)	(371)	(457)	(460)	(276)	2,109	1,146	(267)	(480)	(503)	(623)	(518)	(774)	(486)	357	179	62	348
Cash and cash equivalents at start of period	978	978	978	978	1,202	1,202	1,202	1,202	745	745	745	745	1,891	1,891	1,891	1,891	1,268	1,268	1,268	1,268	1,626	1,626	1,626
Cash and cash equivalents at end of period	541	1,066	497	1,202	307	458	831	745	285	469	2,854	1,891	1,624	1,411	1,388	1,268	751	495	783	1,626	1,805	1,688	1,974

2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter				Full year	Full year
2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	SCHIBSTED MEDIA GROUP	2018	2017	2017	2016
										REVENUES
4,113	3,798	4,060	4,000	4,327	4,161	4,455	4,357	4,602			13,317	12,488	16,943	15,854
1,708	1,566	1,621	1,721	1,932	1,864	1,995	2,009	2,214			6,319	5,517	7,512	6,467
2,171	1,949	2,137	1,964	2,084	1,978	2,134	2,024	2,083			6,060	6,027	8,160	8,309
403	415	436	436	470	460	470	456	455			1,364	1,366	1,835	1,641
79	79	82	110	119	161	178	185	186			548	389	568	329
-248	-211	-216	-230	-279	-302	-322	-317	-336			-974	-811	-1,133	-892
										EBITDA
636	573	501	434	694	783	695	610	895			2,371	1,911	2,606	2,132
531	475	416	409	608	656	623	603	789			2,147	1,674	2,297	1,849
202	176	207	157	216	218	204	113	165			463	591	795	663
79	105	91	79	84	127	102	101	121			334	290	392	335
-176	-182	-213	-211	-214	-218	-235	-207	-178			-573	-644	-879	-715
											4,358 SCHIBSTED MEDIA GROUP 2,096 MARKETPLACES 1,953 PUBLISHING 453 GROWTH 177 OTHER AND HEADQUARTERS -321 ELIMINATIONS 865 SCHIBSTED MEDIA GROUP 755 MARKETPLACES 186 PUBLISHING 112 GROWTH -188 OTHER AND HEADQUARTERS		Year to date Year to date

NOK million 1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	3 quarter 2017	4 quarter 2017	1 quarter 2018	2 quarter 2018	3 quarter 2018	MARKETPLACES	2018	Year to date Year to date 2017	Full year 2017	Full year 2016
1,572	1,708	1,566	1,621	1,721	1,932	1,864	1,995	2,009	2,214		Total Marketplaces 2,096 Total operating revenues	6,319	5,517	7,512	6,467
				14%	13%	19%	17%	11%	14%		12% YOY revenue growth (currency adjusted)	12%		16%
1,145 427	1,177 531	1,091 475	1,205 416	1,312 409	1,324 608	1,207 656	1,372 623	1,407 603	1,426 789		1,340 Operating expenses 755 EBITDA	4,173 2,147	3,843 1,674	5,215 2,297	4,618 1,849
27%	31%	30%	26%	24%	31%	35%	31%	30%	36%		36% EBITDA-margin	34%	30%	31%	29%
1,472	1,595	1,465	1,514	1,617	1,811	1,740	1,850	1,876	2,071		Total developed phase 1,959 Operating revenues	5,906	5,168	7,018	6,046
				15%	14%	18%	16%	10%	14%		12% YOY revenue growth (currency adjusted)	12%		16%
834 638	867 728	797 667	904 610	953 664	995 816	939 801	1,054 796	1,101 775	1,141 931		1,060 Operating expenses 899 EBITDA	3,301 2,605	2,887 2,281	3,941 3,077	3,402 2,644
43%	46%	46%	40%	41%	45%	46%	43%	41%	45%		46% EBITDA-margin	44%	44%	44%	44%
											France developed phase
487	506	469	527	555 21%	609 20%	587 24%	676 21%	704 18%	750 21%		705 Operating revenues 17% YOY revenue growth (local currency)	2,158 23%	1,750	2,426 21%	1,989
153	215	210	210	218	236	242	307	310	346		321 Operating expenses	976	696	1,003	789
334 69%	291 57%	259 55%	316 60%	337 61%	373 61%	345 59%	369 55%	394 56%	404 54%		384 EBITDA 54% EBITDA-margin	1,182 55%	1,054 60%	1,423 59%	1,200 60%
											Norway developed phase
352	401	352	346	392	435	409	393	408	503		456 Operating revenues	1,367	1,236	1,628	1,451
209	207	187	223	11% 238	9% 242	16% 218	13% 243	4% 236	16% 268		11% YOY revenue growth 236 Operating expenses	11% 740	697	12% 940	827
143 41%	193 48%	165 47%	123 35%	154 39%	193 44%	191 47%	150 38%	172 42%	235 47%		220 EBITDA 48% EBITDA-margin	627 46%	539 44%	688 42%	624 43%
239	276	244	230	229	268	256	249	221	244		Sweden developed phase 230 Operating revenues	695	753	1,002	989
				3%	1%	5%	3%	-6%	-5%		-5% YOY revenue growth (local currency)	-8%		3%
109 130	114 162	89 155	104 126	105 124	120 148	102 154	116 133	119 101	116 128		100 Operating expenses 130 EBITDA	335 359	327 425	443 559	416 573
54%	59%	63%	55%	54%	55%	60%	54%	46%	53%		56% EBITDA-margin	52%	57%	56%	58%
											Spain developed phase
255	261	253	260	288 20%	324 23%	323 27%	352 27%	365 18%	386 17%		385 Operating revenues 17% YOY revenue growth (local currency)	1,136 22%	935	1,287 24%	1,029
218	193	180	217	245	249	223	245	274	262		262 Operating expenses	799	717	963	809
37 15%	68 26%	72 29%	43 16%	43 15%	75 23%	99 31%	106 30%	91 25%	124 32%		123 EBITDA 32% EBITDA-margin	338 30%	218 23%	324 25%	220 21%
											Other Developed phase
139	152	146	152	154	176	165	180	178	189		183 Operating revenues	550	495	674	588
145	137	131	149	15% 147	14% 148	14% 154	12% 142	9% 162	6% 150		9% YOY revenue growth (currency adjusted) 140 Operating expenses	11% 451	450	14% 592	562
-6 -5%	15 10%	15 10%	3 2%	7 4%	27 15%	11 7%	38 21%	16 9%	40 21%		44 EBITDA 24% EBITDA-margin	99 18%	45 9%	83 12%	26 4%
73	89	88	99	97	114	121	147	129	140		Investment phase 130 Operating revenues	399	331	478	349
279	275	270	279	34% 325	26% 296	37% 240	42% 292	30% 273	25% 253		10% YOY revenue growth (currency adjusted) 238 Operating expenses	21% 763	862	35% 1,154	1,102
-205	-186	-182	-179	-228	-182	-120	-145	-143	-113		-108 EBITDA	-364	-531	-676	-753
-279%	-210%	-208%	-180%	-236%	-160%	-99%	-99%	-111%	-80%		-83% EBITDA-margin	-91%	-160%	-141%	-216%
26	24	14	7	7	7	3	-1	4	3		Marketplaces other / HQ 7 Operating revenues / eliminations	13	17	16	71
32	35	24	22	34	32	28	26	33	33		43 Operating expenses	108	94	120	113
-6	-11	-10	-15	-27	-25	-24	-28	-29	-30		-36 EBITDA	-95	-76	-104	-42
50	56	63	70	75	83	93	107	106	121		Proportional result from Joint Ventures and Associates 119 Operating revenues	345	251	358	240
				50%	42%	54%	51%	45%	51%		43% YOY revenue growth (currency adjusted)	46%		48%
86 (35)	70 (14)	83 (20)	90 (20)	86 (10)	83 (1)	100 (7)	110 (3)	90 16	103 18		93 Operating expenses 26 EBITDA	286 60	269 -18	379 (21)	329 -89
4	12	6	7	8	10	7	4	8	8		9 - EBITDA Developed phase	25	24	28	29
(39) -70%	(26) -25%	(25) -31%	(27) -28%	(18) -13%	(10) -1%	(14) -8%	(6) -3%	8 15%	10 15%		16 - EBITDA Investment phase 22% EBITDA-margin	34 17%	-42 -7%	(49) -6%	-117 -37%
											Total Marketplaces including Joint Ventures and Associates
1,622	1,764	1,629	1,691	1,796	2,015	1,957	2,102	2,115	2,335		2,214 Operating revenues	6,665	5,768	7,870	6,707
1,231	1,247	1,174	1,295	15% 1,397	14% 1,407	20% 1,308	19% 1,482	13% 1,497	16% 1,528		13% YOY revenue growth (currency adjusted) 1,433 Operating expenses	14% 4,458	4,112	17% 5,594	4,947
392 642	517 740	455 673	396 618	399 672	608 826	649 807	620 800	619 783	806 939		781 EBITDA 909 - EBITDA Developed phase	2,206 2,630	1,656 2,305	2,276 3,105	1,760 2,673
(244)	(212)	(207)	(206)	(247)	(193)	(134)	(152)	(135)	(103)		(91) - EBITDA Investment phase	-329	-573	(725)	-870
24%	29%	28%	23%	22%	30%	33%	29%	29%	35%		35% EBITDA-margin	33%	29%	29%	26%
9.53	9.32	9.29	9.04	8.99	9.37	9.35	9.62	9.63	9.55		Currency rates 9.58 EUR/NOK	9.59	9.23	9.33	9.29
1.02	1.00	0.98	0.93	0.95	0.97	0.98	0.98	0.97	0.92		0.92 NOK / SEK	0.94	0.96	0.97	0.98
											France developed phase in EUR
51.2	54.3	50.5	58.3	61.8	65.0	62.7	70.3	73.0	78.5		73.6 Operating revenues	225	189	259.8	214
16	23	23	23	21% 24	20% 25	24% 26	21% 32	18% 32	21% 36		17% YOY revenue growth 34 Operating expenses	19% 102	75	21% 107	85
35.1 69%	31.2 57%	27.9 55%	35.0 60%	37.5 61%	39.8 61%	36.9 59%	38.3 55%	40.9 56%	42.3 54%		40.1 EBITDA 54% EBITDA-margin	123 55%	114 60%	152.5 59%	129 60%
26.8	28.0	27.2	28.8	32.1	34.6	34.5	36.6	37.9	40.4		Spain developed phase in EUR 40.2 Operating revenues	119	101	137.8	111
				20%	23%	27%	27%	18%	17%		17% YOY revenue growth	17%		24%
22.9 3.9	20.8 7.3	19.4 7.8	24.0 4.7	27.3 4.8	26.6 8.0	23.9 10.6	25.5 11.1	28.5 9.5	27.4 13.0		27.4 Operating expenses 12.8 EBITDA	83 35	78 23	103.2 34.5	87 24
15%	26%	29%	16%	15%	23%	31%	30%	25%	32%		32% EBITDA-margin	30%	23%	25%	21%
											Sweden developed phase in SEK
234	274	250	248	242 3%	277 1%	262 5%	254 3%	229 -6%	264 -5%		250 Operating revenues -5% YOY revenue growth	742 -5%	781	1,035 3%	1,007
107 128	113 161	91 159	112 136	111 131	124 153	105 157	118 136	124 105	125 139		109 Operating expenses 141 EBITDA	358 384	340 441	458 577	423 584
54%	59%	63%	55%	54%	55%	60%	54%	46%	53%		56% EBITDA-margin	52%	56%	56%	58%

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter		Year to date Year to date		Full year	Full year
2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	PUBLISHING	2018	2017	2017	2016
											Total Publishing
2,052	2,171	1,949	2,137	1,964	2,084	1,978	2,134	2,024	2,083		1,953 Operating revenues	6,060	6,027	8,160	8,309
590	660	574	696	624	690	648	771	716	779		680 - online	2,175	1,963	2,734	2,520
1,463	1,512	1,375	1,440	1,340	1,394	1,330	1,363	1,308	1,304		1,273 - offline	3,885	4,064	5,427	5,789
				-4%	-4%	1%	0%	3%	0%		-1% YOY revenue growth	1%		-2%
1,974	1,969	1,773	1,930	1,807	1,868	1,760	1,929	1,911	1,918		1,767 Operating expenses	5,597	5,436	7,365	7,647
78	202	176	207	157	216	218	204	113	165		186 EBITDA	463	591	795	663
4%	9%	9%	10%	8%	10%	11%	10%	6%	8%		10% EBITDA-margin	8%	10%	10%	8%
											VG (Verdens Gang)
428	422	402	449	431	439	428	447	443	459		443 Operating revenues	1,346	1,298	1,746	1,700
162	163	160	198	205	216	203	240	235	255		238 - online	728	623	863	683
266	259	242	251	226	224	225	207	208	204		205 - offline	618	675	882	1,017
				1%	4%	6%	0%	3%	5%		4% YOY revenue growth	4%		3%
370	358	336	363	343	352	341	372	363	377		349 Operating expenses	1,090	1,036	1,407	1,428
57	63	66	85	88	87	87	76	80	82		94 EBITDA	256	263	339	272
13%	15%	16%	19%	21%	20%	20%	17%	18%	18%		21% EBITDA-margin	19%	20%	19%	16%
											Aftonbladet
477	510	459	474	419	470	457	484	415	434		392 Operating revenues	1,240	1,346	1,830	1,920
209	234	197	241	190	226	213	259	215	228		195 - online	638	629	887	880
268	276	262	233	230	244	244	225	199	206		197 - offline	602	718	943	1,040
				-5%	-4%	0%	-4%	-3%	-3%		-9% YOY revenue growth (currency adjusted)	-5%		-3%
431	442	396	410	387	400	391	391	379	381		370 Operating expenses	1,130	1,177	1,568	1,680
46	68	63	63	32	70	67	93	35	53		22 EBITDA	110	169	262	240
10%	13%	14%	13%	8%	15%	15%	19%	9%	12%		6% EBITDA-margin	9%	13%	14%	12%
											Subscription based newspapers (Norway and Sweden)
926	967	854	963	867	902	837	919	859	886		825 Operating revenues	2,570	2,606	3,525	3,710
183	205	179	232	200	211	199	230	218	230		221 - online	670	610	840	798
743	762	675	731	667	691	638	689	640	656		604 - offline	1,901	1,995	2,685	2,911
				-6%	-7%	-2%	-5%	-1%	-2%		-1% YOY revenue growth	-1%		-5%
907	903	814	876	826	819	774	853	828	825		750 Operating expenses	2,403	2,419	3,272	3,500
18	64	40	87	41	83	62	67	30	61		75 EBITDA	167	187	253	210
2%	7%	5%	9%	5%	9%	7%	7%	4%	7%		9% EBITDA-margin	6%	7%	7%	6%
											Publishing other / HQ
222	272	234	251	247	273	256	283	308	303		293 Operating revenues / eliminations	904	777	1,060	980
266	266	228	280	252	297	254	315	340	334		298 Operating expenses	973	804	1,118	1,039
-44	7	6	-28	-5	-24	2	-31	-33	-31		-5 EBITDA	-69	-27	-59	-59

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter		Year to date Year to date		Full year	Full year
2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	GROWTH	2018	2017	2017	2016
											Total Growth
387	403	415	436	436	470	460	470	456	455		453 Operating revenues	1,364	1,366	1,835	1,641
				12%	17%	11%	8%	5%	-3%		-1% YOY revenue growth	0%		12%
328	323	310	344	356	387	333	367	354	334		342 Operating expenses	1,030	1,076	1,443	1,306
60	79	105	91	79	84	127	102	101	121		112 EBITDA	334	290	392	335
15%	20%	25%	21%	18%	18%	28%	22%	22%	27%		25% EBITDA-margin	24%	21%	21%	20%
											Lendo Group
105	109	125	120	147	165	201	191	215	208		221 Operating revenues	644	513	704	459
				40%	52%	60%	60%	46%	26%		10% YOY revenue growth	26%		53%
27	35	52	53	55	60	91	87	95	84		84 EBITDA	263	206	293	168
26%	33%	41%	44%	37%	37%	45%	45%	44%	41%		38% EBITDA-margin	41%	40%	42%	37%
											Hitta (divested Q3 2017)
64	64	61	63	59	65	21					Operating revenues		145	145	252
18	16	17	16	10	15	5					EBITDA		30	30	67
29%	25%	28%	26%	18%	23%	22%					EBITDA-margin		21%	21%	27%
											Total Growth excl. Hitta
323	339	354	373	377	405	439	470	456	455		453 Operating revenues	1,364	1,221	1,690	1,389
				17%	20%	24%	26%	21%	12%		3% YOY revenue growth	12%		22%
42	63	88	75	69	69	122	102	101	121		112 EBITDA	334	260	362	268
13%	19%	25%	20%	18%	17%	28%	22%	22%	27%		25% EBITDA-margin	24%	21%	21%	19%