Vend Marketplaces ASA

Earnings Release • May 3, 2018

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q1 2018

Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q1 2018

Today, Schibsted Media Group released its Q1 2018 report. Revenues grew 9

percent to NOK 4,357 million, whereas EBITDA grew 41 percent to NOK 610 million.

The effect of new revenue recognition in IFRS 15 implementation on Operating

revenues and EBITDA for Group is NOK -22 million in Q1. Adjusted for this

effect, Group revenues is 4,378 million, adjusted EBITDA is NOK 632 million

"In Q1 we continued to further improve profitability and cash flow, driven by

strong growth in Marketplaces and Schibsted Growth. EBITDA increased by 41

percent and we reduced our capital investments," CEO Rolv Erik Ryssdal says.

"In our Marketplaces division, we continued to increase revenue, particularly in

the professional verticals. Revenue growth in Q1 was 14 percent, adjusted for

currency fluctuations. Our EBITDA improved by 47 percent. The development was

particularly strong in Leboncoin.fr, Finn in Norway and our Spanish business.

Our joint venture in Brazil is growing fast, and was profitable in Q1. At the

same time, we reduced the losses in our investment phase operations

considerably. We are pleased by this good result, particularly when activity in

our markets was negatively affected by Easter and cold weather in Europe,"

Ryssdal says.

"Our Publishing business also saw higher digital revenues. VG and Aftonbladet

are growing well in terms of digital advertising, whereas the growth of

Aftenposten, Svenska Dagbladet and the rest of our subscription papers is driven

by digital subscriptions. High quality editorial products lie at the heart of

our Publishing division, and I am proud to say that our newsrooms have collected

several awards for investigative journalism during the last months," Ryssdal

says.

"In Q1, we are for the first time reporting Schibsted Growth as a separate

segment. This unit has developed into a significant value driver for Schibsted,

and it is time to create more transparency regarding its future development. Our

most important driver is the personal finance company Lendo, which is growing

rapidly across all its markets. In total, revenue growth for Q1 was 46 percent

and EBITDA margin reached 44 percent," Ryssdal says.

"Across our operations, we continue to strengthen our efforts within product and

technology development. We are developing joint platforms and common components

in order to take advantage of our global scale. At the same time, we will

continue to maintain important capabilities in the local operations in order to

innovate efficiently and adapt rapidly to market demand," CEO Rolv Erik Ryssdal

says.

Highlights of Q1 2018

* Marketplaces: Revenues continue to increase

* Revenues up 14%* (17% in NOK); EBITDA margin up 6%-points to 30%

* Driving monetization by broadening product portfolio and footprint in

verticals

* France, Spain, Norway and Brazil all showing strong developments in Q1

* Reducing investment phase losses

* Publishing: Continued digital growth

* Growing digital subscriptions revenue with 26% in Q1; digital

advertising revenues +7%

* Total revenue +3%, EBITDA margin 6% - managing the structural change, as

expected

* Schibsted Growth: Continues to expand

* Revenues up 21% to NOK 456m. EBITDA margin increased to 22%

* Personal finance portal Lendo increased revenues by 46% with 44% EBITDA

margin

* New accounting standards:

* The effect of IFRS 15 implementation on Operating revenue and EBITDA for

Group is NOK -22 million in Q1 2018. This effect will ease off in the

coming quarters, and the effect for Q2 to Q4 is expected to be less

significant

* IFRS 16 for leases will be implemented Q1 2019. Current lease expenses

indicate that this will have a positive impact of EBITDA in the

magnitude of NOK 500 million

*) Including proportionate share of JVs, adjusted for currency and negative IFRS

15 impact.

First

quarter Schibsted Media Group Full year

2017 2018  (MNOK) 2017

4,000 4,357 Operating revenues 16,943

434 610 Gross operating profit (EBITDA) 2,606

11 % 14 % EBITDA margin 15 %

662 754 Gross operating profit (EBITDA) ex. Investment phase 3,297

17 % 18 % EBITDA margin ex. Investment phase 20 %

Schibsted invites to an analyst and press conference at Akersgata 55 (note: new

address), Oslo, 3 May 2018 at 09:00 CET. The presentation will be held in

English and transmitted live as a video webcast on www.schibsted.com/ir. CEO

Rolv Erik Ryssdal, EVP CFO Trond Berger and CEO Schibsted Marketplaces Sondre

Gravir will present at the analyst and press conference.

A conference call with Q&A linked to the Q1 2018 numbers will take place 3 May

2018 at 14:00 CET. Please dial in at the following numbers:

Norway: +47 2350 0296

Sweden: +46 (0)8 5065 3942

USA: +1 323-794-2423

UK/International: +44 (0)330 336 9411

Conference ID is 9386521.

A recording of the conference call will be made available at

www.schibsted.com/ir.

Contact persons:

Trond Berger, CFO. Tel: +47 916 86 695

Jo Christian Steigedal, Head of IR. Tel: +47 415 08 733

Oslo, 3 May 2018

SCHIBSTED ASA

Jo Christian Steigedal

Head of IR

This information is subject to the disclosure requirements pursuant to section

5 -12 of the Norwegian Securities Trading Act.