Vend Marketplaces ASA — Interim / Quarterly Report 2010

Nov 12, 2010

SCHIBSTED
MEDIA GROUP

SHAPING
THE MEDIA
OF TOMORROW.
TODAY.

Q3

Interim report 3rd quarter 2010

OPERATING REVENUES (bn)

EBITA

EPS ADJUSTED (NOK)

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Content

Group profit developments 4
Media Houses Scandinavia 4
Media Houses International 7
Online Classifieds 8
Cash flow and capital factors 9
Profitability programme 10
Future prospects 10
Income statement 11
Balance sheet 12
Cash flow statement 13
Statement of changes in equity 14
Notes 15
Key figures 21
Quarterly results 21

Rolv Erik Ryssdal
CEO

“It is a pleasure for us in Schibsted Media Group to report third quarter figures that show a strong improvement in the results compared to the equivalent period in 2009.

"The improvement is a result of both hard work on profitability improvement measures throughout the Group and growth in our media houses and online classifieds activities.

"In the third quarter, we were able to grow our profits at the same time as we increased our efforts to roll out new online classifieds activities outside our traditional core markets. This ensures that the Schibsted Media Group is building a strong foundation for innovation and growth in its operations combined with good value creation for its owners.

"We will continue to spend a lot of time and energy on positioning ourselves in a changing media sector. For example, we can see a negative trend for single-copy sales of newspapers and it will be very important to continue working on user-payment models for digitally distributed newspapers," says Mr Ryssdal.

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Schibsted Media Group – Q3 2010

Q3 2009	Q3 2010 (MNOK)	As of Q3		Full yr. 2009
		2010	2009
3,264	3,288 Operating revenues	10,061	9,179	12,745
489	567 EBITDA	1,637	953	1,494
303	412 EBITA 1)	1,187	484	832
250	343 Profit (loss) before taxes	1,557	111	279
1.46	1.99 Earnings per share (EPS)	10.31	4.32	4.74
1.37	2.27 Adjusted Earnings per share (EPS)	7.11	2.78	4.42
CAPEX		251	302	390
Cash flow from operations per share (NOK)		15.54	15.03	19.34
Net interest bearing debt (NIBD)		1,337	3,102	2,554
Net interest bearing debt/EBITDA last 12 months		0.6	2.4	1.7
Equity share		41.5 %	35.0 %	34.7 %

1) Operating profit before impairment loss and other revenues and expenses.

	Revenue Q3 2010	Underlying growth	EBITA margin
			Q3 2010	Q3 2009
Group	3,288	5 %	13 %	9 %
Media Houses Scandinavia	2,337	2 %	12 %	7 %
Media Houses International	207	10 %	-5 %	-16 %
Online classifieds	740	20 %	28 %	31 %

Highlights in Q3 2010

(Figures in brackets refer to the corresponding period in 2009.)

Continued improvement in results in Q3

• In Q3 2010, the Group made an operating profit (EBITA) of NOK 412 million (303 million).
• Operating margin (EBITA) of 13 per cent (9%).
• Underlying growth in operating revenues of 5 per cent. Reported growth was 1 per cent, negatively affected by currency and divestments.
• The improvement is due to continued online growth combined with the effect of the Group's profitability programme and positive developments in the Scandinavian advertising markets.
• Underlying growth of 15 per cent in the Media Houses' and Online Classifieds' advertising revenues compared to Q3 2009, driven by improvements in the online activities and most print categories in Scandinavia.

Growth and higher margins for Media Houses

• Underlying growth of 2 per cent in the Media Houses Scandinavia revenues in Q3. Advertising revenues rose by 15 per cent.
• The EBITA margin increased from 7 to 12 per cent driven by cost cuts and stronger positions, especially online, and improved advertising markets.
• Strong developments in Schibsted Tillväxtmedier's online services in Sweden, such as consumer financing, price comparisons and a TV guide. These activities are growing sharply based on the Schibsted Media Group's strong traffic and brand positions. Corresponding activities established in Norway.

Good growth in Online Classifieds. Higher roll-out rate in new markets.

• Underlying growth of 20 per cent in Schibsted Media Groups Online Classifieds operating revenues in Q3. This growth came from both established markets and the portfolio of newly launched classifieds websites.
• Operating profit (EBITDA) increased by 30 per cent for Schibsted Classified Media activities in Established phase.
• The Schibsted Media Group is increasing its roll-out rate in new markets and this debited the operating profit by NOK 73 million in Q3, NOK 28 million more than in Q2 2010 and NOK 49 million more than in Q3 2009.
• In Q3, Schibsted Media Group agreed to increase its stake in Leboncoin.fr from 50 to 100 per cent, giving it full control over one of Europe's biggest online classified sites.

New visual profile and name

• Schibsted has introduced the name Schibsted Media Group and a new visual profile in to reflect the Group's profile as innovative, future-oriented and responsible.
• Schibsted Media Group's profitability programme continued in Q3. Since 2008, the measures have had an accumulated effect of NOK 1.6 billion, compared to NOK 1.5 billion as at the end of Q2 2010. The programme is expected to produce an accumulated effect of NOK 1.7 billion by the end of 2010.

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Group profit developments

Operating revenues and EBITA margin

Operating revenues by category

Main features in Q3 2010 compared to Q3 2009:

• Underlying growth of 5 per cent in operating revenues, driven by good growth in the Scandinavian advertising markets and progress in the Online Classifieds' operations. Reported growth of 1 per cent, negatively affected by the sale of operations in Q4 2009 and the first half of 2010.
• Underlying growth of 15 per cent in advertising revenues.

• Circulation revenues dropped by 5 per cent.

• The Group achieved an operating profit (EBITA) of NOK 412 million (303 million). This is Schibsted's best ever Q3 operating profit.

• EBITA margin of 13 per cent (9%). The increase was due to growth in online activities and the Scandinavian advertising markets and to cost cuts caused by the profitability programme and lower newsprint prices.

• Other revenues and expenses debited the Q3 accounts by NOK 18 million. In Q3 2009, other revenues and expenses credited the accounts by NOK 6 million.

• Schibsted continued to strengthen its established market positions in the online classifieds sector in Q3. Editorial activities on the whole maintained or strengthened their market positions.

• The advertising markets in Norway and Sweden continued to improve for both print publications and online activities in Q3. This applies to both brand adverts and classified ads. The Spanish market was weak while the French market is growing.

Schibsted Media Group

• Schibsted has started to use the name Schibsted Media Group in order to strengthen its profile as a modern, international media group with ambitions to maintain its ability to be innovative and achieve profitable growth.
• A new visual identity has been developed and the Group's new logo has been created by the Schibsted Media Group.
• The company is not changing its name in a legal sense. The Oslo Stock Exchange ticker code of SCH remains the same.

Media Houses Scandinavia

Q3	Q3		As of Q3		Full yr.
2009	2010	(MNOK)	2010	2009	2009
2 320	2 337	Operating revenues	7 160	6 137	8 657
172	269	EBITA	766	275	477

Main features in Q3 2010 compared to Q3 2009:

• Underlying growth in operating revenues of 2 per cent. This growth resulted from improved advertising markets in both Norway and Sweden and progress for online newspapers and services in Norway and Sweden.
• Reported growth in income of 1 per cent, negatively affected by the divestment of operations in Q4 2009 and the first half of 2010.
• Strong growth in the Scandinavian advertising markets, especially the Swedish market.
• Operating margin (EBITA) of 12 per cent (7%). The increase was due to the effects of the profitability programme, lower newsprint prices and higher advertising revenues.
• Positive developments for Schibsted Tillväxtmedier growth companies supplying web-based services in Sweden. A corresponding company has been created in Norway in order to utilise established operations' strong traffic positions and brand names in the same way.

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Media Norge media house

Media Norge owns leading subscription-based newspapers in four of Norway's largest cities: Oslo, Bergen, Stavanger and Kristiansand. Each newspaper also has online editions which are leading in their markets.

Q3 2009*	Q3 2010	Media Norge ex. Finn.no (MNOK)	As of Q3		Full yr. 2009*
			2010	2009*
Operating revenues
463	497	Advertising revenues	1,682	1,578	2,180
337	341	Circulation revenues	996	993	1,318
242	203	Other revenues	603	762	952
1,042	1,041	Total revenues	3,281	3,333	4,450
28	83	EBITA	250	26	84
Circulation weekdays (copies) 1)			420,977	430,464	431,026
Adv. volume (column meters) 1)			96,709	91,854	124,594

1) Total Aftenposten, Bergens Tidende, Stavanger Aftenblad and Fædrelandsvennen
*) Figures for 2009 for comparison purpose, and include Schibsted Trykk.

Media Norge has been consolidated as a subsidiary of the Schibsted Group since Q3 2009. Schibsted owned as of 30 September 2010 80.44 per cent of the shares in Media Norge. Media Norge acquired 60 per cent of Schibsted Trykk AS from Schibsted on 1 January 2010.

Main features in Q3 2010 compared to Q3 2009:

• Advertising revenues increased by 7 per cent.
• Good growth in most advertising categories. Recruitment ads increased by 13 per cent while real estate ads grew by 9 per cent.
• Circulation revenues rose by 1 per cent as a result of price increases. The circulation volume declined slightly.
• All four media houses improved their operating profits following cost cuts due to the profitability programme and lower newsprint prices.
• Operating margin (EBITA) of 8 per cent (3%) in a seasonally weak quarter.
• Strong profit improvement for Media Norge's online newspapers.

Aftenposten:

• Operating revenues fell by 2 per cent to NOK 484 million.
• Operating profit (EBITA) of NOK 35 million (13 million).

Bergens Tidende:

• Operating revenues increased by 3 per cent to NOK 238 million.
• Operating profit (EBITA) of NOK 28 million (8 million).

Stavanger Aftenblad:

• Operating revenues up 7 per cent to NOK 150 million.
• Operating profit (EBITA) of NOK 15 million (-5 million).

Fædrelandsvennen:

• Operating revenues up 6 per cent to NOK 110 million.
• Operating profit (EBITA) of NOK 11 million (1 million).

Verdens Gang (VG)

Verdens Gang publishes Norway's clearly leading single-copy sales newspaper. The online edition, VG.no, is the largest online newspaper in Norway and among the largest websites irrespective of category.

Q3 2009	Q3 2010	Verdens Gang (MNOK)	As of Q3		Full yr. 2009
			2010	2009
Operating revenues
88	93	Advertising revenues	299	280	385
338	300	Circulation revenues	859	927	1,236
4	5	Other revenues	15	20	24
67	66	VG Multimedia revenues	219	228	305
4	9	Other revenues online	22	9	13
498	472	Total revenues	1,416	1,462	1,961
100	88	EBITA	254	243	323
89	77	of which print	203	192	255
12	16	of which VG Multimedia	56	51	69
Circulation weekdays (copies)			238,715	266,183	262,374
Adv. volume (column meters)			8,675	8,116	11,146
Unique users VG.no (million)			3.5	3.2	3.3

Main features in Q3 2010 compared to Q3 2009:

• The VG Group's operating revenues fell by 5 per cent, driven by a reduction in the print edition's circulation volume. Continued good growth online.
• The VG Group's operating profit (EBITA) declined by 12 per cent.
• EBITA margin of 19 per cent (20%).

VG print edition

• The weekday circulation volume for VG's print edition fell by 10 per cent to 238,715 copies in the nine first months of the year.
• The circulation revenues fell by 11 per cent in Q3 isolated compared to Q3 2009, as a result of declining circulation volume. The single-copy price for the Saturday edition was increased from NOK 17 to NOK 20 as from 4 September 2010.

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• The print edition's advertising revenues rose by 6 per cent as a result of higher volumes.
• The print edition's costs fell by 6 per cent due to the profitability programme, the decline in circulation volume and lower newsprint prices.
• The print edition's operating margin (EBITA) was 19 per cent (21%).

VG Multimedia

• VG Multimedia's revenues fell by 1 per cent. There is good growth in the revenues of the core product, VG.no, but Nettby.no's revenues are declining as a result of weak traffic volume developments.
• The EBITA margin increased from 18 to 24 per cent as a result of higher advertising sales for VG.no and lower operating costs.
• Maintained its position as Norway's absolutely largest website measured in traffic volume throughout the quarter.

Schibsted Sverige

Schibsted Sverige consists of three key business areas: Aftonbladet Hierta (print-based single-copy sales and online newspaper), Svenska Dagbladet (print-based morning and online newspaper) and Schibsted Tillväxtmedier (web-based growth companies). Hitta.se is a part of Schibsted Tillväxtmedier but is reported as part of the Online Classifieds business area.

Aftonbladet

Q3 2009	Q3 2010	Aftonbladet (MSEK)	As of Q3		Full yr. 2009
			2010	2009
600	622	Operating revenues	1,835	1,767	2,409
525	526	of which print newspaper	1,514	1,518	2,042
75	96	of which online newspaper	321	249	367
59	104	EBITA	258	129	197
50	82	of which print newspaper	183	100	129
9	22	of which online newspaper	75	29	68
Adv. volume (column meters)			14,379	12,706	18,158
Unique users. Aftonbladet.se (million)			5.0	4.3	4.4

Main features in Q3 2010 compared to Q3 2009:

• The operating revenues rose by 4 per cent as a result of increased print and online advertising revenues and a higher single-copy sales price for the print edition.

• Operating profit (EBITA) up 76 per cent.

• Operating margin (EBITA) 17 per cent (10%).

• Aftonbladet's print newspaper circulation revenues fell by 5 per cent as a result of a lower paid-for circulation and smaller volume of additional products. The increase in the single-copy sales price from SEK 10 to SEK 11 as from 20 December 2009 has had a positive effect. The paid-for circulation volume developments in Q3 followed the same trend as in the first half of 2010 compared to the equivalent period in 2009.

• Print edition advertising revenues up 17 per cent.
• Print edition costs down 7 per cent as a result of the profitability programme and lower newsprint prices.

• Print edition operating margin 16 per cent (10%).

• Aftonbladet Nya Medier (online newspaper) revenues rose by 28 per cent as a result of good advertising sales.

• EBITA margin up from 12 to 23 per cent as a result of good sales developments.
• Strong increase in traffic. The traffic volume in the first nine months of the year was 16 per cent higher than in the same period in 2009. Made clear its position as Sweden's leading news website by far.

Svenska Dagbladet (SvD)

Q3 2009	Q3 2010	SvD (MSEK)	As of Q3		Full yr. 2009
			2010	2009
236	258	Operating revenues	831	774	1,079
(5)	9	EBITA	64	(31)	(17)
Circulation weekdays (copies)			191,722	194,791	195,400
Adv. volume (column meters)			19,728	11,566	23,788
Unique users SvD.se (million)			0.9	0.7	0.7

Main features in Q3 2010 compared to Q3 2009:

• Operating revenues up 9 per cent.

• Operating margin 3 per cent (-2%).

• Svenska Dagbladet's print edition increased its operating revenues by 8 per cent.

• Circulation revenues rose by 4 per cent as a result of price increases.
• The weekday circulation volume fell by 2 per cent during the first nine months of the year compared to the same period in 2009.
• Advertising revenues up 15 per cent. Sharp increase for real estate classified ads.

Schibsted Tillväxtmedier

Main features in Q3 2010 compared to Q3 2009:

• Schibsted Tillväxtmedier consists of a portfolio of web-based growth companies. These companies benefit greatly from the strong traffic positions and brands of established operations in Sweden.
• 7 per cent growth in operating revenues for Schibsted Tillväxtmedier's operations excluding Hitta.
• Good growth and improvement in results for most of the portfolio companies, which in total make a positive contribution to the operating profit (EBITA).

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Media Houses International

Q3	Q3		As of Q3		Full yr.
2009	2010	(MNOK)	2010	2009	2009
206	207	Operating revenues	706	783	1 074
(32)	(10)	EBITA	(9)	(63)	(34)

Main features in Q3 2010 compared to Q3 2009:

• Unchanged operating revenues. After correcting for the effect of a weaker EURO/NOK exchange rate, there was growth of 10 per cent. The operating revenues declined in Spain as a result of weak advertising markets, while the operations in France and the Baltic region are growing.
• Improved operating profit (EBITA) due to the effects of the profitability programme in Spain and the Baltic region and good cost control in 20 Minutes in France.

20 Minutes

Q3	Q3		As of Q3		Full yr.
2009	2010	20 Minutes (MEUR)	2010	2009	2009
8.9	9.3	Operating revenues	36.0	36.8	52.9
(2.9)	(1.8)	EBITA	(1.4)	(6.2)	(3.2)

Main features in Q3 2010 compared to Q3 2009:

• 25 per cent increase in 20 Minutes France's operating revenues. Growth in comparable revenues of 16 per cent.
• Q3 is 20 Minutes' seasonally weakest quarter. The company made an operating loss of EUR 1.3 million, compared to a loss of EUR 2.2 million in Q3 2009.
• The print newspaper had an EBITA margin of close to 10 per cent rolling last twelve months.
• Maintained its position as the most-read newspaper, with 2.7 million readers daily.
• Positive developments for the online activities. The operating revenues more than doubled in Q3.
• 12 per cent reduction in 20 Minutes Spain's operating revenues in a weak market.
• Sharp cost cuts resulted in a reduction in the operating loss (EBITA) from EUR 1.8 million in Q3 2009 to EUR 1.1 million in Q3 2010.
• Maintained its position as the most-read newspaper, with 2.3 million readers daily.
• Continued good growth for online activities. Operations are close to break even.

Eesti Meedia Group (Baltics)

Q3	Q3		As of Q3		Full yr.
2009	2010	Baltics (MEEK)	2010	2009	2009
229	258	Operating revenues	807	786	1,069
(3)	9	EBITA	17	12	22

Main features in Q3 2010 compared to Q3 2009:

• The Baltic market is improving and Schibsted companies' operating revenues increased by 13 per cent.
• EBITA margin 3 per cent (-1%).

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Online Classifieds

Q3 2009	Q3 2010	(MNOK)	As of Q3		Full yr. 2009
			2010	2009
649	740	Operating revenues	2,167	1,983	2,627
198	207	EBITA	589	426	591

Main features in Q3 2010 compared to Q3 2009:

• Schibsted has strong, profitable positions in the Online Classifieds markets in Norway, Sweden, France and Spain. This business area also includes a portfolio of websites in an Investment Phase in a number of different markets.
• Online Classifieds did well in all markets in Q3 2010.
• Underlying growth in operating revenues of 20 per cent (after adjusting for exchange rate fluctuations, the closure of print publications and acquired and sold operations). The reported revenue grew by 14 per cent despite being negatively affected by the stronger NOK against the euro.
• EBITA margin of 28 per cent, compared to 31 per cent in Q3 2009. The margins increased for Established Phase operations as a result of higher revenues combined with good cost control. Increased investments in Investment Phase operations had a negative effect on the margin.

Finn.no

Q3 2009	Q3 2010	Finn.no (MNOK)	As of Q3		Full yr. 2009
			2010	2009
201	242	Operating revenues	711	578	764
91	112	EBITA	314	211	278
Unique users (average million)			2.3	1.8	1.9

Main features in Q3 2010 compared to Q3 2009:

• Operating revenues up 20 per cent.
• Real estate ads grew by 20 per cent in Q3. Car ads and recruitment ads increased by 10 per cent and 30 per cent respectively. The growth was mainly due to a combination of price and volume. Newcomers Finn Torget (marketplace) and Finn Reise (travel) also did well, with growth of 23 per cent and 43 per cent respectively.
• EBITA margin of 46 per cent (45%).
• Good developments and increased shares in the brand advertising market.

Hitta.se

Q3 2009	Q3 2010	Hitta.se (MSEK)	As of Q3		Full yr. 2009
			2010	2009
74	91	Operating revenues	252	216	306
11	35	EBITA	69	17	51
Unique users (average million)			3.3	2.7	2.5

Main features in Q3 2010 compared to Q3 2009:

• 23 per cent growth in operating revenues. Hitta increases its market shares in the online directory market.
• EBITA margin of 38 per cent compared to 15 per cent in Q3 2009.
• Stable growth in sales. Hitta.se is now larger than its main competitor measured in traffic volume.

Schibsted Classified Media

Q3 2009	Q3 2010	SCM (MEUR)	As of Q3		Full yr. 2009
			2010	2009
Operating revenues
20.3	22.0	Spain	66.6	63.0	84.0
13.2	16.7	Sweden	48.5	38.4	51.8
6.2	9.2	France	27.1	14.3	21.9
-	-	Other	-	1.4	1.4
39.7	47.9	Total revenues Established phase	142.2	117.1	159.1
2.5	3.7	Revenues Investment phase	10.8	10.6	13.3
2.0	1.5	Print	4.4	11.4	12.9
0.5	(0.2)	HQ and eliminations	(0.5)	1.3	1.3
44.7	52.9	Total revenues	156.9	140.4	186.6
EBITDA
7.9	8.8	Spain	24.1	20.8	28.4
8.4	10.6	Sweden	30.1	23.5	31.2
2.2	4.6	France	12.8	5.3	8.7
-	-	Other	-	(1.7)	(1.7)
18.5	24.0	Total EBITDA Established phase	67.0	47.9	66.6
(2.7)	(9.2)	EBITDA Investment phase	(19.6)	(6.8)	(11.1)
0.9	0.3	Print	0.5	(0.8)	(0.6)
(0.1)	(2.1)	HQ and eliminations	(5.5)	(2.6)	(2.9)
16.6	13.0	Total EBITDA	42.4	37.7	52.0
(3.0)	(2.9)	Depreciation & amortization	(9.6)	(7.6)	(10.9)
(2.4)	(1.8)	Amortization of excess values	(5.3)	(7.2)	(9.6)
11.2	8.3	EBITA	27.5	22.9	31.5

Main features in Q3 2010 compared to Q3 2009:

• Underlying growth in operating revenues of 17 per cent. The reported growth of 18 per cent was positively affected by exchange rate fluctuations.

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• The EBITDA margin for Established Phase operations rose from 47 to 50 per cent in Q3 2010. The considerable increase in investments in new operations (Investment Phase) had a negative effect on the operating profit (EBITDA).
• SCM has strengthened or maintained its strong online traffic positions in all markets.
• In Q3, Schibsted agreed to increase its stake in France's Leboncoin.fr from 50 to 100 per cent through buying out its partner, Spir Communication. This agreement values Leboncoin.fr at EUR 400 million. Spir will take over Schibsted's 50 per cent stake in Car & Boat Media.

Established Phase

• Underlying growth in operating revenues of 16 per cent.
• EBITDA margin of 50 per cent (47%).

Spain:

• 8 per cent growth in operating revenues. Anuntis Segundamano's revenues increased a lot while InfoJobs.net's revenues declined compared to Q3 2009.
• EBITDA margin of 40 per cent (39%). Cost cuts and the growth in Anuntis Segundamano's revenues contributed to this improvement.
• InfoJobs.net is maintaining its clear market leader position as regards traffic volume and number of ads in the Spanish market. The other websites' traffic volumes also increased.

Sweden:

• Blocket/Bytbil's operating revenues rose by 14 per cent to SEK 157 million.
• The growth is driven by increased volume, the development of new sources of income and strong developments for brand ads.
• Operating profit (EBITA) of SEK 97 million, up 13 per cent. The EBITA margin remained unchanged at 62 per cent.
• Blocket continues to increase its traffic volume and had 4.5 million unique visitors a week in Q3 2010 (source: KIA Index).

France:

• Good underlying growth in operating revenues for both Leboncoin.fr and Car & Boat Media. Underlying revenue growth of 46 per cent. Leboncoin.fr achieved revenues of EUR 4.5 million, a growth of 86 per cent.
• EBITDA margin of 50 per cent versus a comparable 35 per cent in Q3 2009. - Continued strong growth in Leboncoin.fr's traffic volume. 4.9 billion page views in October 2010 (source: OJD Internet)

Investment phase

• Continued good developments in traffic and ad volumes.
• Significantly increased investments compared to previous quarters in 2010, through both the establishment of operations in new markets and marketing in previously established markets.
• Total operating loss (EBITDA) of EUR 9.2 million (2.7 million).
• Schibsted Classified Media companies in the Investment Phase have activities in a total of 15 countries. In most of these countries, operations are based on the successful Swedish Blocket concept.
• New operations in Schibsted Classified Media are reported as companies in the investment phase until they have reported an operating profit (EBITDA) for at least four successive quarters.

Cash flow and capital factors

Main features of the first nine months of 2010 compared to the first nine months of 2009:

The net cash flow from operations in the first nine months of 2010 came to NOK 1,040 million, compared to NOK 315 million in the first nine months of 2009. Stronger developments in ordinary operations are the main reason for this increase.

The net cash flow from investing activities amounted to NOK 496 million (301 million). The Group sold shares for NOK 837 million (943 million) in the first nine months of 2010, of which NOK 702 million was related to the sale of shares in Sandakerveien 121. During the same period, the Group invested NOK 251 million (302 million) in tangible and intangible fixed assets and NOK 93 million (168 million) in shares.

The net cash flow from financing activities was NOK -2,132 million (498 million) in the first nine months of 2010, mainly due to the repayment of interest-bearing debt.

The carrying amount of the Group's assets fell by NOK 1,344 million to NOK 13,876 million in the first nine months of 2010. This reduction is mainly due to sale of shares, from which the proceeds have been used to pay down interest-bearing debt. The Group's net interest-bearing debt fell by NOK 1,217 million to NOK 1,337 million in the first nine months of the year. At the end of Q3 2010, the ratio of net interest-bearing debt to EBITDA (NIBD/EBITDA) was 0.6 according to the banks' definition.

The Group's equity ratio was 42 per cent at the end of the first nine months of 2010, compared to 35 per cent at the end of Q4 2009.

The net financial items in the income statement for the first nine months of 2010 came to NOK 17 million, compared to NOK -106 million for the corresponding period in 2009. The Group's net interest expense was NOK 84 million in the first nine months of 2010 (213 million). The reduction in interest expense is mainly due to the repayment of interest-bearing debt but is also because of the lower interest rates in the first nine months of 2010 compared to the equivalent period in 2009. The gain on the sale of shares in Point Carbon made a positive contribution of approximately NOK 100 million to other financial items.

Schibsted has refinanced its operations and entered into new loan agreements which came into force on 31 August 2010. A new long-term loan facility with total drawing rights

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of EUR 500 million has been arranged. This is divided into two tranches of EUR 175 million and EUR 325 million with terms of three and five years respectively. In addition, the Group has arranged a 364-day facility with a total framework of NOK 1,000 million. Schibsted aims to issue loans in the bond market during the coming year and the latter facility will gradually be scaled down as bond loans are issued. The new facilities will mean a considerable reduction in the net interest margin compared to that which the company has paid during the past year.

Profitability programme

Since the end of 2008, Schibsted has implemented an extensive profitability programme that has been planned in detail and anchored and initiated in the Group's subsidiaries. In Q2 2010, the profitability programme's target was increased from NOK 1.6 billion to NOK 1.7 billion. The programme is being carried out as planned but the measures are taking effect slightly more quickly than expected. At the end of Q3 2010, the effect was NOK 1.6 billion compared to the cost base in 2008. The programme is expected to be completed with a total effect of NOK 1.7 billion by the end of 2010.

The number of employees affected by the profitability programme in the form of downsizing in Q3 2010 was around 40. The profitability programme has thus in total resulted in around 1,440 fewer employees.

Future prospects

Schibsted's advertising revenues are highly dependent on developments in real-economy indicators such as GDP growth and unemployment.

The Scandinavian advertising markets are expected to continue improving although remaining volatile. Developments

vary from category to category. Online classifieds operations are expected to do better than print publications. The Swedish advertising market was particularly strong in Q3 2010 and several media's ad sales surpassed their record levels in 2008. Schibsted Media Group expects continued good developments based on its strong positions in both the online and print sectors.

Tabloid newspapers are subject to pressure on their circulation as a result of the migration to online news media. The weak trend is expected to continue. More stable circulation developments are expected for subscription-based newspapers.

In Schibsted's other main markets – Spain, France and the Baltic region – the structural transition to online media is expected to continue to support the development of Schibsted's activities. However, independent macroeconomic forecasts show few signs of any short-term improvement in the advertising markets, and the markets in Spain are particularly demanding.

Schibsted is continuing to focus on costs and measures to improve profitability. The profitability programme is expected to have an effect of around NOK 1.7 billion by the end of 2010. Of this, an effect of NOK 1.6 billion had been achieved by the end of Q3 2010.

The Group is continuing to make targeted investments in online growth positions. Schibsted Classified Media expects companies in the development phase to debit its accounts by around NOK 250 million in 2010 as a whole. This means larger investments in the second half of 2010 than in the first half-year as a result of increased marketing and the launch of new operations. The work of strengthening and further developing number one positions for print and online newspapers and online services will also continue. The Group is particularly working on developing user-payment products and systems for online newspapers.

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Condensed consolidated income statement (unaudited)

1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
2009	2010 (NOK million)	2010	2009	2009
3,264	3,288 Operating revenues	10,061	9,179	12,745
(338)	(268) Raw materials, work in progress and finished goods	(868)	(986)	(1,371)
(1,105)	(1,039) Personnel expenses	(3,428)	(3,279)	(4,533)
(186)	(155) Depreciation and amortisation	(450)	(469)	(662)
(1,334)	(1,421) Other operating expenses	(4,153)	(3,887)	(5,280)
	Operating profit before income from associated companies,
301	405 impairment loss and other revenues and expenses	1,162	558	899
2	7 Income from associated companies	25	(74)	(67)
	Operating profit before impairment loss
303	412 and other revenues and expenses	1,187	484	832
(4)	(25) Impairment loss	(49)	(81)	(161)
6	(18) Other revenues and expenses	402	(186)	(236)
305	369 Operating profit (loss)	1,540	217	435
17	4 Financial income	164	185	206
(72)	(30) Financial expenses	(147)	(291)	(362)
250	343 Profit (loss) before taxes	1,557	111	279
(62)	(108) Taxes	(392)	(39)	(94)
188	235 Net income (loss) continuing operations	1,165	72	185
-	- Net income (loss) discontinued operations	-	327	327
188	235 Net income (loss)	1,165	399	512
42	29 Net income (loss) attributable to non-controlling interests	100	68	117
146	206 Net income (loss) attributable to owners of the parent	1,065	331	395
1.46	1.99 Earnings per share (NOK)	10.31	4.32	4.74
1.46	1.99 Earnings per share continuing operations (NOK)	10.31	0.05	0.81
1.46	1.99 Diluted earnings per share (NOK)	10.30	4.32	4.74
1.46	1.99 Diluted earning per share continuing operations (NOK)	10.30	0.05	0.81
1.37	2.27 Earnings per share - adjusted (NOK)	7.11	2.78	4.42
1.37	2.27 Diluted earnings per share - adjusted (NOK)	7.10	2.78	4.42

Condensed consolidated statement of comprehensive income (unaudited)

1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
2009	2010 (NOK million)	2010	2009	2009
188	235 Net income (loss)	1,165	399	512
72	39 Change in fair value of investments available for sale	(56)	211	207
(60)	23 Translation differences, net of tax	(85)	(137)	(470)
200	297 Comprehensive income	1,024	473	249
44	34 Comprehensive income attributable to non-controlling interests	107	70	116
156	263 Comprehensive income attributable to owners of the parent	917	403	133

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Condensed consolidated balance sheet (unaudited)

| (NOK million) | 30.9
2010 | 30.9
2009 | 31.12
2009 |
| --- | --- | --- | --- |
| Intangible assets | 6,532 | 7,630 | 7,222 |
| Investment property and property, plant and equipment | 2,082 | 2,728 | 2,522 |
| Investments in associated companies | 453 | 415 | 411 |
| Other non-current assets | 606 | 879 | 697 |
| Non-current assets | 9,673 | 11,652 | 10,852 |
| Inventories | 136 | 145 | 138 |
| Trade and other receivables | 2,404 | 2,611 | 2,490 |
| Current financial assets | 485 | 490 | 485 |
| Cash and cash equivalents | 644 | 865 | 1,255 |
| Assets held for sale | 534 | - | - |
| Current assets | 4,203 | 4,111 | 4,368 |
| Total assets | 13,876 | 15,763 | 15,220 |
| Equity attributable to owners of the parent | 5,434 | 5,119 | 4,837 |
| Non-controlling interests | 318 | 396 | 437 |
| Equity | 5,752 | 5,515 | 5,274 |
| Non-current interest-bearing borrowings | 725 | 3,508 | 3,405 |
| Other non-current liabilities | 2,284 | 2,097 | 2,230 |
| Non-current liabilities | 3,009 | 5,605 | 5,635 |
| Current interest-bearing borrowings | 1,279 | 459 | 404 |
| Other current liabilities | 3,731 | 4,184 | 3,907 |
| Liabilities held for sale | 105 | - | - |
| Current liabilities | 5,115 | 4,643 | 4,311 |
| Total equity and liabilities | 13,876 | 15,763 | 15,220 |

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Condensed consolidated cash flow statement (unaudited)

| (NOK million) | 1.1 - 30.9
2010 | 1.1 - 30.9
2009 | 1.1 - 31.12
2009 |
| --- | --- | --- | --- |
| Profit (loss) before taxes (continuing operations) | 1,557 | 111 | 279 |
| Profit (loss) before taxes discontinued operations | - | 335 | 335 |
| + Depreciation, amortisation and impairment losses | 500 | 592 | 876 |
| + / - Net changes in pensions | (44) | 54 | 118 |
| + / - Income from associated companies | (15) | 105 | 104 |
| - Taxes payable | (392) | (47) | (102) |
| Cash flow from operations | 1,606 | 1,150 | 1,610 |
| Sales losses / (gains) non-current assets | (524) | (374) | (424) |
| Change in working capital etc. | (42) | (461) | (253) |
| Net cash flow from operating activities | 1,040 | 315 | 933 |
| Net cash flow from investing activities | 496 | 301 | 148 |
| Net cash flow before financing activities | 1,536 | 616 | 1,081 |
| Net cash flow from financing activities | (2,132) | (498) | (573) |
| Net increase (decrease) in cash and cash equivalents | (596) | 118 | 508 |
| Cash and cash equivalents at start of period | 1,255 | 747 | 747 |
| Cash and cash equivalents at end of period | 659 | 865 | 1,255 |

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Condensed consolidated statement of changes in equity (unaudited)

1.1 - 30.9 2010	Equity attributable to owners of the parent	Non-controlling interests	Equity
(NOK million)
Equity at start of period	4,837	437	5,274
Comprehensive income	917	107	1,024
Transactions with the owners	(320)	(226)	(546)
Capital increase	-	1	1
Share-based payment	7	-	7
Dividends	(155)	(199)	(354)
Change in treasury shares	-	-	-
Additions, disposals and change in ownership of subsidiaries and associated companies	(172)	(28)	(200)
Equity at end of period	5,434	318	5,752
1.1 - 30.9 2009	Equity attributable to owners of the parent	Non-controlling interests	Equity
---	---	---	---
(NOK million)
Equity at start of period	3,617	124	3,741
Comprehensive income	403	70	473
Transactions with the owners	1,099	202	1,301
Capital increase	1,252	-	1,252
Share-based payment	5	-	5
Dividends	-	(48)	(48)
Change in treasury shares	(2)	-	(2)
Additions, disposals and change in ownership of subsidiaries and associated companies	(156)	250	94
Equity at end of period	5,119	396	5,515
1.1 - 31.12 2009	Equity attributable to owners of the parent	Non-controlling interests	Equity
---	---	---	---
(NOK million)
Equity at start of period	3,617	124	3,741
Comprehensive income	133	116	249
Transactions with the owners	1,087	197	1,284
Capital increase	1,252	-	1,252
Share-based payment	5	-	5
Dividends	-	(43)	(43)
Change in treasury shares	(2)	-	(2)
Additions, disposals and change in ownership of subsidiaries and associated companies	(168)	240	72
Equity at end of period	4,837	437	5,274

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Notes

Note 1 Significant accounting policies

The condensed consolidated interim financial statements comprise Schibsted ASA and its subsidiaries and the Group's shares in associated companies and joint ventures. The interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements does not include all the information required in complete annual financial statements and should be read in conjunction with Schibsted's Annual Report 2009.

The Group applies, prospectively from 1 January 2010, the new IFRS 3 Business Combinations (revised) and the new IAS 27 Consolidated and Separate Financial Statements (revised).

The amendments to IFRS 3 affect the accounting for business combinations achieved in stages, non-controlling interests, acquisition-related costs and contingent consideration.

The amendments to IAS 27 affect the accounting for changes in ownership interest in a subsidiary (without loss of control) and loss of control of a subsidiary, as well as attribution of losses of a subsidiary to owners of the parent and to the non-controlling interests.

The Groups segments are changed as of Q2 2010. The change of the segments is to simplify and streamline the group structure and communication and is also a consequence of the strategic development and management structure. Comparable figures for previous periods are restated.

Except the above mentioned, the interim financial statements are prepared using the same accounting policies and methods of computation as in the 2009 financial statements.

Note 2 Changes in the composition of the group

In May 2010, Schibsted sold the building used by Schibsted Trykk AS in Sandakerveien 121 in Oslo through the sale of 100% of the shares in Sandakerveien 121 AS. Proceeds from the sale were NOK 702 million, and the gain from the sale of NOK 416 million is included in Other revenues and expenses. Lease-back agreements for the building have been entered into.

In July 2010, Schibsted sold its shares in Scanpix Norge AS. The gain form the sale of NOK 6 million is included in Other revenues and expenses.

The Group has invested NOK 50 million during the first three quarters of 2010 related to acquisition of subsidiaries and joint ventures, mainly related to a 51% ownership share in Lendo AB, a 50% ownership share in Car4You GmbH and a 50,1% ownership share in Flytteportalen AS. Lendo AB is a Swedish Internet-based provider of loans in the private market, Car4You GmbH is an Austrian car portal and Flytteportalen AS is a Norwegian Internet-based change of address service. Preliminary allocation of the purchase price to assets acquired and liabilities assumed has resulted in recognition of goodwill and intangible assets (net of tax) of NOK 70 million.

Non-controlling interests are measured at the proportionate share of the acquiree's identifiable net assets. When Schibsted is obligated to acquire ownership interests from non-controlling interests, a financial liability is recognised with a corresponding adjustment to equity.

Schibsted has, during the first three quarters of 2010 invested NOK 38 million related to increased ownership shares in subsidiaries. The purchase price is charged to equity in accordance with (new) IAS 27.

In the 3rd quarter of 2010, Schibsted entered into agreements with SPIR Communications where Schibsted acquires 50% of the shares of Editions Aixoises Multimédia SAS and Schibsted disposes of 50% of the shares of Car & Boat Media Holding SAS. Editions Aixoises Multimédia SAS operates Leboncoin.fr, the leading online classifieds site in France, while Car & Boat Media Holding SAS operates Lacentrale.fr and Caradisiac.fr, which are market leading automotive sites in France. The agreements are expected to be closed in the 4th quarter of 2010.

Schibsted has owned 50% in both Editions Aixoises Multimédia SAS and Car & Boat Media Holding SAS, and the investments have been accounted for as joint ventures.

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As per the end of 3rd quarter 2010, Schibsted's investment in Car & Boat Media Holding SAS is classified as "Held for sale". The major classes of assets and liabilities related to this operation classified as held for sale are as follows:

Non-current assets	489
Current assets	45
Assets held for sale	534
Non-current liabilities	60
Current liabilities	45
Liabilities held for sale	105

Cash and cash equivalents (NOK 15 million) included in assets held for sale, is included in Cash and cash equivalents at the end of 3rd quarter 2010 in the consolidated cash flow statement.

The agreement values Schibsted's 50 % ownership share in Car & Boat Media SAS at EUR 60 million.

The acquisition of 50 % of Editions Aixoses Multimédia SAS, based on a valuation of this ownership interest at EUR 200 million, and the change from joint venture to subsidiary will imply that Schibsted's previously held ownership interest of 50 % shall be remeasured at its acquisition-date fair value. A gain shall, in accordance with (new) IFRS 3, be recognised in profit or loss (gain from remeasurement of previously held equity interest in a step acquisition).

The transactions are expected to lead to recognition of gains of approximately NOK 1500 million related to gain on disposal of ownership interest in Car & Boat Media Holding SAS and gain from remeasurement of previously held equity interest in Editions Aixoses Multimédia SAS. The gains will be recognised when the transactions are closed.

Sandakerveien 121 AS, Scanpix Norge AS and Lendo AB are included in the segment Media Houses Scandinavia. Car4You GmbH, Flytteportalen AS, Editions Aixoses Multimédia SAS and Car & Boat Media Holding SAS are included in the segment Online Classifieds.

Note 3 Information about segments

Schibsted reports three operating segments; Media Houses Scandinavia, Media Houses International and Online Classifieds.

Segment Media Houses Scandinavia includes Media Norge, VG, Schibsted Sverige and the Group's publishing operations. Media Norge comprises Aftenposten, Bergens Tidende, Stavanger Aftenblad and Fædrelandsvennen. Schibsted Sverige comprises the media houses Aftonbladet and Svenska Dagbladet, and a portfolio of internet based growth companies (Schibsted Tillväxtmedier except Hitta).

Segment Media Houses International comprises 20 Minutes Spain, 20 Minutes France and Eesti Meedia.

Segment Online Classifieds comprises Schibsted Classified Media, Finn and Hitta.

Other comprises operations not included in the three operating segments, mainly Sandrew Metronome and Basefarm.

Headquarters comprises the Group's headquarters Schibsted ASA and its centralised finance function, Schibsted Finans AS.

Eliminations comprises inter-segment sales. Transactions between segments are made on normal commercial terms.

The division into operating segments correspond to management structure and internal reporting to the chief operating decision maker, defined as the President and CEO. The division reflects an allocation based partly on kind of operation and partly on geographical location.

Schibsted uses Operating profit as measure of profit or loss for each segment.

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Financial statement items allocated to segments are shown below:

| 1.7 - 30.9 2010
(NOK million) | Media Houses
Scandinavia | Media Houses
International | Online
Classifieds | Other | Head-
quarters | Eliminations | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Operating revenues from external customers | 2,314 | 198 | 720 | 56 | - | - | 3,288 |
| Operating revenues from other segments | 23 | 9 | 20 | - | 6 | (58) | - |
| Operating revenues | 2,337 | 207 | 740 | 56 | 6 | (58) | 3,288 |
| Operating expenses | (1,997) | (208) | (486) | (42) | (53) | 58 | (2,728) |
| Depreciation and amortisation | (79) | (9) | (46) | (20) | (1) | - | (155) |
| Operating profit before income from associated companies, impairment loss and other revenues and expenses | 261 | (10) | 208 | (6) | (48) | - | 405 |
| Income from associated companies | 8 | - | (1) | - | - | - | 7 |
| Operating profit before impairment loss and other revenues and expenses | 269 | (10) | 207 | (6) | (48) | - | 412 |
| Impairment loss | (25) | - | - | - | - | - | (25) |
| Other revenues and expenses | (18) | - | - | - | - | - | (18) |
| Operating profit | 226 | (10) | 207 | (6) | (48) | - | 369 |
| 1.1 - 30.9 2010
(NOK million) | Media Houses
Scandinavia | Media Houses
International | Online
Classifieds | Other | Head-
quarters | Eliminations | Total |
| Operating revenues from external customers | 7,093 | 679 | 2,107 | 180 | 2 | - | 10,061 |
| Operating revenues from other segments | 67 | 27 | 60 | 1 | 24 | (179) | - |
| Operating revenues | 7,160 | 706 | 2,167 | 181 | 26 | (179) | 10,061 |
| Operating expenses | (6,178) | (687) | (1,429) | (151) | (183) | 179 | (8,449) |
| Depreciation and amortisation | (242) | (28) | (148) | (30) | (2) | - | (450) |
| Operating profit before income from associated companies, impairment loss and other revenues and expenses | 740 | (9) | 590 | - | (159) | - | 1,162 |
| Income from associated companies | 26 | - | (1) | - | - | - | 25 |
| Operating profit before impairment loss and other revenues and expenses | 766 | (9) | 589 | - | (159) | - | 1,187 |
| Impairment loss | (30) | - | (19) | - | - | - | (49) |
| Other revenues and expenses | 403 | - | (1) | - | - | - | 402 |
| Operating profit | 1,139 | (9) | 569 | - | (159) | - | 1,540 |
| 1.7 - 30.9 2009
(NOK million) | Media Houses
Scandinavia | Media Houses
International | Online
Classifieds | Other | Head-
quarters | Eliminations | Total |
| Operating revenues from external customers | 2,295 | 200 | 633 | 136 | - | - | 3,264 |
| Operating revenues from other segments | 25 | 6 | 16 | 2 | 4 | (53) | - |
| Operating revenues | 2,320 | 206 | 649 | 138 | 4 | (53) | 3,264 |
| Operating expenses | (2,062) | (227) | (395) | (104) | (42) | 53 | (2,777) |
| Depreciation and amortisation | (88) | (11) | (56) | (30) | (1) | - | (186) |
| Operating profit before income from associated companies, impairment loss and other revenues and expenses | 170 | (32) | 198 | 4 | (39) | - | 301 |
| Income from associated companies | 2 | - | - | - | - | - | 2 |
| Operating profit before impairment loss and other revenues and expenses | 172 | (32) | 198 | 4 | (39) | - | 303 |
| Impairment loss | (3) | - | (1) | - | - | - | (4) |
| Other revenues and expenses | 17 | (2) | (9) | - | - | - | 6 |
| Operating profit | 186 | (34) | 188 | 4 | (39) | - | 305 |

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WWW.SCHIBSTED.COM/IR

| 1.1 - 30.9 2009
(NOK million) | Media Houses
Scandinavia | Media Houses
International | Online
Classifieds | Other | Head-
quarters | Eliminations | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Operating revenues from external customers | 6,058 | 768 | 1,936 | 415 | 2 | - | 9,179 |
| Operating revenues from other segments | 79 | 15 | 47 | 12 | 22 | (175) | - |
| Operating revenues | 6,137 | 783 | 1,983 | 427 | 24 | (175) | 9,179 |
| Operating expenses | (5,603) | (813) | (1,400) | (338) | (172) | 174 | (8,152) |
| Depreciation and amortisation | (189) | (33) | (156) | (88) | (3) | - | (469) |
| Operating profit before income from associated companies, impairment loss and other revenues and expenses | 345 | (63) | 427 | 1 | (151) | (1) | 558 |
| Income from associated companies | (70) | - | (1) | (3) | - | - | (74) |
| Operating profit before impairment loss and other revenues and expenses | 275 | (63) | 426 | (2) | (151) | (1) | 484 |
| Impairment loss | (8) | (15) | (58) | - | - | - | (81) |
| Other revenues and expenses | (111) | (4) | (35) | (5) | (31) | - | (186) |
| Operating profit | 156 | (82) | 333 | (7) | (182) | (1) | 217 |
| 1.1 - 31.12 2009
(NOK million) | Media Houses
Scandinavia | Media Houses
International | Online
Classifieds | Other | Head-
quarters | Eliminations | Total |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Operating revenues from external customers | 8,550 | 1,054 | 2,557 | 582 | 2 | - | 12,745 |
| Operating revenues from other segments | 107 | 20 | 70 | 14 | 34 | (245) | - |
| Operating revenues | 8,657 | 1,074 | 2,627 | 596 | 36 | (245) | 12,745 |
| Operating expenses | (7,840) | (1,065) | (1,822) | (458) | (243) | 244 | (11,184) |
| Depreciation and amortisation | (277) | (43) | (213) | (125) | (4) | - | (662) |
| Operating profit before income from associated companies, impairment loss and other revenues and expenses | 540 | (34) | 592 | 13 | (211) | (1) | 899 |
| Income from associated companies | (63) | - | (1) | (3) | - | - | (67) |
| Operating profit before impairment loss and other revenues and expenses | 477 | (34) | 591 | 10 | (211) | (1) | 832 |
| Impairment loss | (30) | (15) | (74) | (42) | - | - | (161) |
| Other revenues and expenses | (152) | (12) | (44) | 6 | (34) | - | (236) |
| Operating profit | 295 | (61) | 473 | (26) | (245) | (1) | 435 |

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Note 4 Other revenues and expenses

Other revenues and expenses include:

1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
2009	2010 (NOK million)	2010	2009	2009
(35)	- Restructuring costs	(25)	(231)	(319)
41	6 Gains (losses) on sale of subsidiaries and associated companies	5	45	83
-	- Gains on sale of fixed assets	416	-	-
-	- Gain on curtailment and settlement of pension obligations	30	-	-
-	(24) Other	(24)	-	-
6	(18) Total	402	(186)	(236)

Restructuring costs in 2010 relates to co-localisation in Sweden.

Gain on sale of subsidiaries of NOK 5 million relates to Finn Foto Prosjekter AS (NOK -1 million) and Scanpix Norge AS (NOK 6 million).

Gain on sale of fixed assets of NOK 416 million relates to sale of property used by Schibsted Trykk AS, see note 2.

A new law regarding Agreement-based pension (AFP) in Norway was approved on 19 February 2010. Schibsted has accounted for the old AFP-plan as a defined benefit plan. The new AFP-plan is a defined benefit multi-employer plan, but if sufficient information is not available, it will be accounted for as if it were a defined contribution plan. A gain of NOK 30 million is recognised in the 1 quarter 2010 related to curtailment and settlement of obligations recognised related to the old AFP-plan in relation to employees being comprised by the new AFP-plan.

Settlement in a court case between Dagbladet Medialab and Nettby resulted in a cost of NOK 24 million.

Note 5 Net financial items

Net financial items consist of:

1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
2009	2010 (NOK million)	2010	2009	2009
(58)	(21) Net interest expenses	(84)	(213)	(247)
10	(1) Net foreign exchange gains (losses)	13	163	169
(7)	(4) Net other financial income (expenses)	88	(56)	(78)
(55)	(26) Net financial items	17	(106)	(156)

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Note 6 Discontinued operations

Schibsted sold on 28 April 2009 100% of the shares of Metronome Film & Television AB. Metronome Film & Television AB is with effect from 2 quarter 2009 presented in a separate line in the consolidated income statement as Discontinued operations. The following amounts of revenues, expenses and gain on sale is included in Net income discontinued operations:

1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
2009	2010 (NOK million)	2010	2009	2009
-	- Operating revenues	-	258	258
-	- Operating expenses	-	(246)	(246)
-	- Operating profit	-	12	12
-	- Profit before taxes	-	12	12
-	- Taxes	-	(5)	(5)
-	- Gain on sale (net of tax)	-	320	320
-	- Net income discontinued operations	-	327	327
-	- Earnings per share discontinued operations (NOK)	-	4.27	3.93
-	- Diluted earnings per share discontinued operations (NOK)	-	4.27	3.93

Note 7 Shares and options outstanding

The development in the number of shares and options outstanding and average number of shares outstanding is as follows:

1.7 - 30.9	1.7 - 30.9	1.1 - 30.9	1.1 - 30.9	1.1 - 31.12
2009	2010	2010	2009	2009
64,549,859	103,303,474 Shares outstanding at start of period	103,303,474	64,589,359	64,589,359
-	31,169 Decrease in treasury shares	31,169	-	-
-	- Increase in treasury shares	-	(39,500)	(39,500)
38,753,615	- Issue of shares	-	38,753,615	38,753,615
103,303,474	103,334,643 Shares outstanding at end of period	103,334,643	103,303,474	103,303,474
4,700,141	4,668,972 Number of treasury shares at end of period	4,668,972	4,700,141	4,700,141
99,933,594	103,319,736 Average number of shares outstanding	103,308,954	76,500,237	83,256,121
99,933,594	103,403,727 Average number of shares outstanding - diluted	103,399,999	76,500,237	83,263,070
627,500	537,500 Options outstanding at start of period	582,500	662,500	662,500
-	- Granted	-	-	150,000
-	- Exercised	-	-	-
(45,000)	(7,500) Expired and forfeited	(52,500)	(80,000)	(230,000)
582,500	530,000 Options outstanding at end of period	530,000	582,500	582,500
-	- Purchase of treasury shares (NOK million)	-	(2)	(2)
-	- Sale of treasury shares (NOK million)	-	-	-

Effective from May 12 2010, one option gives the right to subscribe for 1.256 shares, compared to previously 1 share per option.

Decreased number of treasury shares in 3rd quarter 2010 is treasury shares allotted to leading employees related to share based remuneration.

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Key figures

| | 1.1 - 30.9
2010 | 1.1 - 30.9
2009 | 1.1 - 31.12
2009 |
| --- | --- | --- | --- |
| Financial key figures | | | |
| EBITDA | 1,637 | 953 | 1,494 |
| EBITA | 1,187 | 484 | 832 |
| Operating margin: | | | |
| EBITDA | 16.3 % | 10.4 % | 11.7 % |
| EBITA | 11.8 % | 5.3 % | 6.5 % |
| Operating margins business areas (EBITA) | | | |
| Media Houses Scandinavia | 10.7 % | 4.5 % | 5.5 % |
| Media Houses International | (1.3 %) | (8.0 %) | (3.2 %) |
| Online Classifieds | 27.2 % | 21.5 % | 22.5 % |
| Equity ratio | 41.5 % | 35.0 % | 34.7 % |
| Interest-bearing borrowings (NOK million) | 2,004 | 3,967 | 3,809 |
| Net interest-bearing borrowings (NOK million) | 1,337 | 3,102 | 2,554 |
| Cash flow from operations per share (NOK) | 15.54 | 15.03 | 19.34 |
| Circulation | | | |
| Aftenposten, morning edition, weekdays | 238,401 | 243,423 | 243,188 |
| Aftenposten, evening edition, weekdays | 103,466 | 112,411 | 111,566 |
| Aftenposten, Sunday | 208,783 | 212,058 | 212,835 |
| Verdens Gang, weekdays | 238,715 | 266,183 | 262,374 |
| Verdens Gang, Sunday | 211,008 | 222,345 | 221,349 |
| Svenska Dagbladet, weekdays | 191,722 | 194,791 | 195,400 |
| Svenska Dagbladet, Sunday | 195,961 | 204,414 | 204,900 |
| Advertising volumes
(column meters) | | | |
| Aftenposten | 51,389 | 48,448 | 65,356 |
| Verdens Gang | 8,675 | 8,116 | 11,146 |
| Aftonbladet | 14,379 | 12,706 | 18,158 |
| Svenska Dagbladet | 19,278 | 16,551 | 23,788 |

Quarterly results

| (NOK million) | 1.1 - 31.3
2009 | 1.4 - 30.6
2009 | 1.7 - 30.9
2009 | 1.10 - 31.12
2009 | 1.1 - 31.3
2010 | 1.4 - 30.6
2010 | 1.7 - 30.9
2010 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Operating revenues | 2,919 | 2,996 | 3,264 | 3,566 | 3,258 | 3,515 | 3,288 |
| Operating profit before income from associated companies, impairment loss and other revenues and expenses | 39 | 218 | 301 | 341 | 261 | 496 | 405 |
| Operating profit before impairment loss and other revenues and expenses | (3) | 184 | 303 | 348 | 266 | 509 | 412 |
| Operating profit (loss) | (105) | 17 | 305 | 218 | 278 | 893 | 369 |
| Profit (loss) before taxes | (47) | (92) | 250 | 168 | 251 | 963 | 343 |
| Net income (loss) | (46) | 257 | 188 | 113 | 171 | 759 | 235 |

WWW SCHIBSTED.COM/IR

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S

SCHIBSTED

MEDIA GROUP

Schibsted ASA
Apotekergaten 10,
P.O. Box 490 Sentrum
NO-0105 Oslo

Tel: +47 23 10 66 00.
Fax: +47 23 10 66 01.
E-mail: schibsted@schibsted.no
www.schibsted.com

Investor information:
www.schibsted.com/ir

Financial calendar

Q3 report 2010:	12 November 2010
Q4 report 2010:	18 February 2011
Q1 report 2011:	13 May 2011
Annual General Meeting	13 May 2011
Q2 report 2011:	12 August 2011
Q3 report 2011:	11 November 2011

For information regarding conferences, roadshows etc., please visit www.schibsted.com/en/ir/Financial-calendar/

WWW.SCHIBSTED.COM/IR PAGE 22