Vend Marketplaces ASA

Quarterly Report • Oct 30, 2014

Financials and analytical info as of Q3 2014

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

For questions, please contact Schibsted IR:

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

NOK m	illion
	1 quarte r 2 q	uarter	3 quart er 4	quarter	1 quart er 2	quarter	3 quart	er 4 quarter	1 quart	er 2 quarter	3 quart	er 4 quarter	1 quart	er 2 quarter	3 quart	er 4 quarter	1 quart 2 q er	uarter	3 quart er 4	quarter	1 quart er 2	quarter	3 quart er 4	quarter	1 quart	er 2 quarter	3 quart er 4	quarter	1 quart er 2	quarter	3 quart er PR OFIT A ND LOS S STAT EMENT	Year to date Ye	ar to da	te Fu ll year	Full yea r F	ull year	Full yea r Fu	ll year	Full yea r F	ull year	Full yea r Fu	ll year
	2007 2007		2007	2007	2008	2008	2008	2008	2009	2009	2009	2009	2010	2010	2010	2010	2011	2011	2011	2011	2012	2012	2012	2012	2013	2013	2013	2013	2014	2014	2014 S CHIBST ED MED IA GRO UP	2014	2013	2013	2013	2012	2012	2011	2010	2009	2008	2007
																					restated	restated	restated	restated	restated	restated	restated	restated			3 QUAR TER 20 14		restated	restated	d r reporte	estated	d reporte
	302	294	284	305	304	305	296	302	310	301	404	411	422	399	417	434	445	420	428	448	452	424	431	437	452	445	433	440	479	448	463 Subscri ption re venues		1.330 1.390	1.770	1.787	1.744	1.744	1.741	1.672	1.426	1.207	1.185
		745	832	779	759	754	816	743	718	703	817	733	680	685	744	687	635	677	696	633	600	627	653	598	564	577	619	568	541	553	589 Casual sales re venues			2.328	2.335	2.478	2.478	2.641	2.796	2.971	3.072
	754	1.814	1.482	1.809	1.727	1.911	1.440	1.674	1.418	1.535	1.529	1.859	1.731	2.015	1.716	2.225	2.014	2.265	1.903	2.245	2.140	2.305	1.975	2.234	2.081	2.330	2.026	2.284	2.170	2.338	1.995 Advertis ing reve nues		1.760 1.683	8.721	9.017	8.654	8.654	8.427	7.687	6.341	6.752	3.110
	1.674	597	581	729	466	428	414	512	473	457	514	563	425	416	411	361	402	396	353	418	411	469	465	542	490	518	503	540	520	495	510 Other re venues		6.437 6.503	2.051	2.093	1.887	1.887	1.569	1.613	2.007	1.820	6.779
	629 3.359																																1.511 1.525									2.536
		3.450	3.179	3.622	3.256	3.398	2.966	3.231	2.919	2.996	3.264	3.566	3.258	3.515	3.288	3.707	3.496	3.758	3.380	3.744	3.603	3.825	3.524	3.811	3.587	3.870	3.581	3.832	3.710	3.834	3.557 Operati ng reve nues	11.101	11.038	14.870	15.232	14.763	14.763	14.378	13.768	12.745	12.851	13.610
	(571)	(521)	(506)	(611)	(400)	(386)	(343)	(377)	(330)	(318)	(338)	(385)	(305)	(295)	(268)	(324)	(288)	(306)	(284)	(281)	(266)	(258)	(253)	(280)	(230)	(241)	(201)	(178)	(172)	(179)	(167) Raw ma terials, w ork in p and finis hed goo ds rogress	(518)	(672)	(850)	(871)	(1.057)	(1.057)	(1.159)	(1.192)	(1.371)	(1.506)	(2.209)
	(1.086)	(1.114)	(1.019)	(1.219)	(1.101)	(1.126)	(1.020)	(1.343)	(1.113)	(1.061)	(1.105)	(1.254)	(1.200)	(1.189)	(1.039)	(1.283)	(1.255)	(1.260)	(1.129)	(1.316)	(1.321)	(1.329)	(1.192)	(1.384)	(1.349)	(1.360)	(1.216)	(1.389)	(1.427)	(1.405)	(1.255) Personn el expen ses		(3.925) (4.087)	(5.314)	(5.474)	(5.226)	(5.241)	(4.960)	(4.711)	(4.533)	(4.590)	(4.438)
	(1.338)	(1.316)	(1.287)	(1.408)	(1.366)	(1.376)	(1.292)	(1.290)	(1.301)	(1.252)	(1.334)	(1.393)	(1.340)	(1.392)	(1.421)	(1.549)	(1.520)	(1.530)	(1.450)	(1.613)	(1.601)	(1.653)	(1.562)	(1.655)	(1.711)	(1.707)	(1.701)	(1.810)	(1.701)	(1.676)	(1.631) Other o perating expens es		(5.119) (5.008)	(6.929)	(7.228)	(6.471)	(6.471)	(6.113)	(5.702)	(5.280)	(5.324)	(5.349)
	35	55	33	26	21	57	29	(180)	(42)	(34)	2	7	5	13	7	11	6	13	5	15	9	15	1	9	-	-	-	-	-	-	Share o f profit ( loss) of associa ted com panies -	-	-	-	13	34	34	39	36	(67)	(73)	149
	399	554	400	410	410	567	340	41	133	331	489	541	418	652	567	562	439	675	522	549	424	600	518	501	297	562	463	455	410	574	504 G erating profit ( loss) ross op	1.488	1.322	1.777	1.672	2.043	2.028	2.185	2.199	1.494	1.358	1.763
	(139)	(141)	(143)	(163)	(143)	(145)	(141)	(163)	(136)	(147)	(186)	(193)	(152)	(143)	(155)	(138)	(129)	(126)	(126)	(124)	(116)	(120)	(123)	(120)	(117)	(119)	(121)	(119)	(114)	(112)	(123) Depreci ation an d amort isation		(357) (349)	(476)	(490)	(479)	(479)	(505)	(588)	(662)	(592)	(586)
																				-	-	-	-	-		(11) (26)	(30)	(56)	(202)	(216)	(252) Share o f profit ( loss) of joint ven tures an d assoc iated co mpanies	(670)	(67)	(123)	-	-	-	-	-	-	-	-
			(25)	(8)		(7)	(9)	(1.542)	(72)	(5)	(4)	(80)	(18)	(6)	(25)	(61)	(4)	(1)	(7)	(179)	-	-	(1)	(547)	-	(2)	-	(148)	(9)	-	(1) Impairm ent loss		(2) (10)	(150)	(150)	(548)	(548)	(191)	(110)	(161)	(1.558)	(33)
	13	191	(112)	10	842	(95)	(18)	(247)	(30)	(162)	6	(50)	30	390	(18)	1.507	12	2	(2)	(62)	12	(1)	(13)	(285)	(7)	8	(225)	871	45	(30)	88 Other in nd expe come a nses		(224) 103	647	1.169	(287)	(257)	(50)	1.909	(236)	482	102
	273	604	120	249	1.109	320	172	(1.911)	(105)	17	305	218	278	893	369	1.870	318	550	387	184	320	479	381	(451)	147	438	87	1.003	130	216	216 O peratin g profit (loss)	562	672	1.675	2.201	729	744	(241)	1.799	(397)	(1.076)	1.246
	35	20	32	6	33	19	12	24	176	(8)	17	21	21	139	4	16	15	40	14	13	11	14	8	82	10	9	11	21	12	17	25 Financia l income		30 54	51	51	115	115	82	180	206	88	93
	(78)	(77)	(78)	(78)	(87)	(86)	(138)	(207)	(118)	(101)	(72)	(71)	(48)	(69)	(30)	(44)	(44)	(42)	(59)	(45)	(57)	(61)	(51)	(55)	(50)	(72)	(65)	(49)	(41)	(43)	(42) Financia l expens es		(187) (126)	(236)	(237)	(224)	(176)	(190)	(191)	(362)	(518)	(311)
	230	547	74	177	1.055	253	46	(2.094)	(47)	(92)	250	168	251	963	343	1.842	289	548	342	152	274	432	338	(424)	107	375	33	975	101	190	199 P rofit (lo ss) befo re taxes	490	515	1.490	2.015	620	683	(349)	1.788	(553)	(1.506)	1.028
	(70)	(163)	(22)	(36)	(168)	(72)	(30)	101	(6)	29	(62)	(55)	(80)	(204)	(108)	(76)	(95)	(181)	(113)	(110)	(99)	(151)	(119)	(57)	(46)	(171)	(111)	(125)	(125)	(162)	(139) Taxes		(328) (426)	(453)	(453)	(426)	(443)	(499)	(468)	(94)	(169)	(291)
					887	181	16	(1.993)	(53)	(63)	188	113	171	759	235	1.766	194	367	229	42	175	281	219	(481)	61	204	(78)	850	(24)	28	60 Pro fit (loss )	64	187	1.037	1.562	194	240	(848)	1.320	(647)	(1.675)	737
						11 4	9	15	7	320	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	Profit (lo ss) disc ontinued operati ons -		- -	-	-	-	-	-	-	327	39	-
	160	384	52	141	898	185	25	(1.978)	(46)	257	188	113	171	759	235	1.766	194	367	229	42	175	281	219	(481)	61	204	(78)	850	(24)	28	60 Pro fit (loss )	64	187	1.037	1.562	194	240	(848)	1.320	(320)	(1.636)	737
		2	34	22	31	8	14	(17)	-	26	42	49	22	49	29	37	35	26	21	8	9	16	14	14	8	19	-	(1)	11	22	14 Profit (lo ss) attri butable to non-c ontrollin g intere sts	47	27	26	26	53	55	90	137	117	36
	44	382	18	119	867	177	11	(1.961)	(46)	231	146	64	149	710	206	1.729	159	341	208	34	166	265	205	(495)	53	185	(78)	851	(35)	6	46 Profit (lo ss) attri butable to owne rs of the parent	17	160	1.011	1.536	141	185	742	2.794	395	(906)	102
	116																																									635
		5,71	0,26	1,80	13,21	2,73	0,16			3,57	1,46	0,62	1,45	6,87	1,99	16,72	1,53	3,22	1,94	0,32	1,55	2,47	1,91		0,50	1,72		7,94		0,06	0,43			9,43	14,32	1,32	1,73	7,00	27,04	4,74
	1,74							(30,35)	(0,71)															(4,62)			(0,73)		(0,32)		Earning s per sh are (NO K)		1,49 0,16								(13,95)	9,52
	1,74	5,69	0,26	1,80	13,20	2,73	0,16	(30,35)	(0,71)	3,57	1,46	0,62	1,45	6,86	1,99	16,70	1,52	3,22	1,94	0,32	1,55	2,47	1,91	(4,61)	0,50	1,72	(0,73)	7,93	(0,32)	0,06	0,43 Diluted earning s per sh are (NO K)		1,49 0,16	9,42	14,31	1,32	1,73	6,99	27,01	4,74	(13,94)	9,49
	1,52	3,65	1,73	1,43	2,04	3,91	0,51	(3,71)	0,69	0,48	1,37	1,51	1,41	3,44	2,27	2,61	1,41	3,20	2,00	2,14	1,35	2,47	2,00	2,36	0,55	1,65	1,26	0,44	(0,69)	0,26	(0,53) Earning s per sh are - ad justed ( NOK)		3,46 (0,97)	3,90	3,90	8,18	8,41	8,76	9,72	4,42	2,79	8,31
	1,52	3,63	1,72	1,43	2,04	3,90	0,51	(3,71)	0,69	0,48	1,37	1,51	1,41	3,43	2,27	2,61	1,41	3,19	2,00	2,14	1,34	2,47	2,00	2,36	0,55	1,65	1,26	0,44	(0,69)	0,26	(0,53) Diluted earning s per sh are - ad justed ( NOK)	(0,96)	3,46	3,90	3,90	8,17	8,40	8,75	9,71	4,42	2,79	8,28

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 line item Share of profit (loss) of joint ventures and associated companies is reported from 01.01.13 as part of operating profit, but outside of Gross operating profit (loss). The previously used line item Share of profit (loss) of associated companies is reported as part of Gross operating profit until 31.12.12. The affected items in the profit or loss statement are Operating revenues, Raw materials and finished goods, Personnel expenses, Other operating expenses, Share of profit (loss) of associated companies, Depreciation and amortisation, Other income and expenses, Financial expenses and Taxes. The restatements are described in further detail in the 1st Quarter 2014 Report.

Schibsted has as of 1 January 2013 adopted the mandatory amendments to IAS 19 Employment Benefits. The amendments are applied retrospectively and comparable figures for 2012 are restated. The affected items in the profit or loss statement are Personnel expenses, Other income and expenses, Financial expenses and Taxes. The restatements are described in further detail in the 1st Quarter 2013 Report.

NOK m illion
Balan ce sh eet	31.03 2007	30.06 2007	30.09 2007	31.12 2007	31.03 2008	30.06 2008	30.09 2008	31.12 2008	31.03 2009	30.06 2009	30.09 2009	31.12 2009	31.03 2010	30.06 2010	30.09 2010	31.12 2010	31.03 2011	30.06 2011	30.09 2011	31.12 2011 reporte	31.03 2012 d rep orted	30.06 2012 report ed re	30.09 2012 ported	31.12 2012 report ed re	01.01 2012 stated	31.03 2012 restat ed r	30.06 2012 estated	30.09 2012 restat ed r	31.12 2012 estated	31.03 2013 report	30.06 2013 ed re ported	30.09 2013 report	31.12 2013 ed re ported	31.03 2013 restat	30.06 2013 ed r estated	30.09 2013 restat	31.12 2013 ed r estated	31.03 2014	30.06 2014	30.09 2014
Intang ible as sets Investm ent pro perty a nd pro perty p lant an d equi pment Investm ents in joint v enture s and associ ated co mpanie s Other non-cu rrent a ssets Non-c urrent asset s	2. 1.18 11.756	7.960 7.934 179 2.075 0 1.552 437 422 11.983	7.742 2.070 1.953 424 12.189	8.093 1.720 2.001 431 12.245	8.183 1.728 2.025 432 12.368	8.326 1.689 2.362 462 12.839	8.627 1.666 2.730 427 13.450	7.617 1.615 2.743 717 12.692	6.698 1.551 2.552 754 11.555	7.940 2.819 433 890 12.082	7.630 2.728 415 879 11.652	7.222 2.522 411 697 10.852	6.999 2.457 422 679 10.557	7.041 2.131 432 597 10.201	6.532 2.082 453 606 9.673	9.728 2.112 465 485 12.790	9.771 2.089 474 505 12.839	9.699 2.061 458 488 12.706	9.864 2.029 461 479 12.833	9.611 1.992 492 414 12.509	9.600 1.969 452 418 12.439	9.555 1.948 460 370 12.333	9.442 1.899 465 466 12.272	9.113 1.845 488 306 11.752	9.611 1.992 483 414 12.500	9.600 1.969 443 418 12.430	9.555 1.948 451 370 12.324	9.442 1.899 456 466 12.263	9.113 1.845 488 306 11.752	9.301 1.819 507 322 11.949	9.646 1.795 469 351 12.261	10.056 1.659 478 303 12.496	10.337 1.507 1.074 297 13.215	9.221 1.812 625 342 12.000	9.561 1.788 610 370 12.329	9.958 1.651 578 354 12.541	10.212 1.499 654 319 12.684	10.240 1.564 557 212 12.573	10.366 1.608 548 195 12.717	10.074 1.373 502 273 12.222
Invento ries Trade and ot her rec eivable s Curren t finan cial as sets Cash a nd cas h equiv alents Assets held f or sale Curren t asse ts	3.514	119 122 2.313 2.341 71 3 1.011 796 - - 3.262	121 2.268 3 754 - 3.146	123 2.466 3 842 312 3.746	128 2.525 4 657 - 3.314	129 2.556 3 750 - 3.438	143 2.475 6 728 - 3.352	164 2.781 7 747 - 3.699	133 2.369 38 671 - 3.211	150 2.777 443 1.286 - 4.656	145 2.611 490 865 - 4.111	138 2.490 485 1.255 - 4.368	128 2.483 461 623 - 3.695	127 2.633 441 690 - 3.891	136 2.404 485 644 534 4.203	139 2.504 426 650 - 3.719	135 2.522 541 659 - 3.857	136 2.431 554 841 - 3.962	139 2.395 509 847 - 3.890	143 2.406 500 778 - 3.827	138 2.504 446 1.035 - 4.123	138 2.524 474 591 - 3.727	137 2.495 368 819 - 3.819	117 2.447 3 1.031 - 3.598	143 2.406 500 778 - 3.827	138 2.504 446 1.035 - 4.123	138 2.524 474 591 - 3.727	137 2.495 368 819 - 3.819	117 2.447 3 1.031 - 3.598	107 2.832 64 596 - 3.599	108 2.846 53 1.140 - 4.147	52 2.724 - 561 76 3.413	53 2.623 28 1.240 - 3.944	103 2.697 64 541 - 3.405	104 2.702 53 1.066 - 3.925	51 2.615 - 473 76 3.215	51 2.514 - 1.202 - 3.767	52 2.658 - 307 - 3.017	54 2.727 - 458 - 3.239	58 2.703 - 831 - 3.592
Total a ssets		15.270 15.245	15.335	15.991	15.682	16.277	16.802	16.391	14.766	16.738	15.763	15.220	14.252	14.092	13.876	16.509	16.696	16.668	16.723	16.336	16.562	16.060	16.091	15.350	16.327	16.553	16.051	16.082	15.350	15.548	16.408	15.909	17.159	15.405	16.254	15.756	16.451	15.590	15.956	15.814
Equity attribu table t rs of th nt o owne e pare Non-co ntrollin g inter ests Equity	4.924 5.209	4.980 285 227 5.207	4.957 182 5.139	4.770 193 4.963	5.475 221 5.696	5.227 143 5.370	5.213 172 5.385	3.617 124 3.741	3.462 126 3.588	3.729 436 4.165	5.119 396 5.515	4.837 437 5.274	4.881 451 5.332	5.286 312 5.598	5.434 318 5.752	6.677 329 7.006	6.830 315 7.145	6.559 129 6.688	6.411 143 6.554	6.502 157 6.659	6.528 185 6.713	6.329 209 6.538	6.453 245 6.698	5.492 248 5.740	6.324 156 6.480	6.333 182 6.515	6.134 206 6.340	6.258 242 6.500	5.864 245 6.109	6.075 281 6.356	6.248 252 6.500	6.085 261 6.346	7.850 261 8.111	6.075 281 6.356	6.248 252 6.500	6.085 261 6.346	7.325 261 7.586	7.179 265 7.444	6.897 187 7.084	6.419 196 6.615
Non-cu rrent in bearin g borro wings terest- Other rrent li abilitie non-cu s Non-c urrent liabili ties	365 2.253 2.618	573 2.306 2.879	1.116 2.271 3.387	757 2.809 3.566	743 2.969 3.712	1.725 3.018 4.743	2.468 3.099 5.567	5.418 1.672 7.090	4.883 1.566 6.449	4.539 2.156 6.695	3.508 2.097 5.605	3.405 2.230 5.635	2.684 2.088 4.772	1.865 2.173 4.038	725 2.284 3.009	1.906 2.533 4.439	2.076 2.372 4.448	2.589 2.386 4.975	2.619 2.631 5.250	1.907 2.592 4.499	2.441 2.549 4.990	2.410 2.575 4.985	2.031 2.569 4.600	2.124 2.481 4.605	1.907 2.762 4.669	2.441 2.738 5.179	2.410 2.764 5.174	2.031 2.758 4.789	2.124 2.112 4.236	1.941 2.038 3.979	2.712 2.030 4.742	2.574 2.509 5.083	1.971 2.313 4.284	1.941 2.032 3.973	2.712 2.024 4.736	2.561 2.500 5.061	1.971 2.263 4.234	1.941 2.109 4.050	2.551 2.076 4.627	2.495 2.515 5.010
Curren t intere st-bea ring bo rrowing s Other t liabili ties curren Liabilit ies hel d for s ale Curren t liabil ities	4.336 3.107 7.443	4.117 3.042 - - 7.159	3.724 3.085 - 6.809	4.206 3.256 - 7.462	3.082 3.192 - 6.274	3.050 3.114 - 6.164	2.731 3.119 - 5.850	726 4.834 - 5.560	642 4.087 - 4.729	902 4.976 - 5.878	459 4.184 - 4.643	404 3.907 - 4.311	334 3.814 - 4.148	333 4.123 - 4.456	1.279 3.731 105 5.115	572 4.492 - 5.064	581 4.522 - 5.103	578 4.427 - 5.005	506 4.413 - 4.919	523 4.655 - 5.178	271 4.588 - 4.859	48 4.489 - 4.537	333 4.460 - 4.793	347 4.658 - 5.005	523 4.655 - 5.178	271 4.588 - 4.859	48 4.489 - 4.537	333 4.460 - 4.793	347 4.658 - 5.005	577 4.636 - 5.213	592 4.574 - 5.166	549 3.780 151 4.480	428 4.336 - 4.764	577 4.499 - 5.076	592 4.426 - 5.018	549 3.649 151 4.349	346 4.285 - 4.631	137 3.959 - 4.096	90 4.155 - 4.245	13 4.176 - 4.189
Total e quity a nd liab ilities	15.270	15.245	15.335	15.991	15.682	16.277	16.802	16.391	14.766	16.738	15.763	15.220	14.252	14.092	13.876	16.509	16.696	16.668	16.723	16.336	16.562	16.060	16.091	15.350	16.327	16.553	16.051	16.082	15.350	15.548	16.408	15.909	17.159	15.405	16.254	15.756	16.451	15.590	15.956	15.814

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.

Schibsted has as of 1 January 2013 adopted the mandatory amendments to IAS 19 Employment Benefits. The amendments are applied retrospectively and comparable figures for 2012 are restated in the columns "restated" above. The reported figures for 2012 are presented in the columns "reported" above. The restatements are described in the 1st Quarter 2013 Report.

NOK milli on
	31.1 2	31.1 2	31.1 2	31.0 3	30.0 6	30.0 9	31.1 2	31.0 3	30.0 6	30.0 9	31.1 2	31.0 3	30.0 6	30.0 9	31.1 2	31.0 3	30.0 6	30.0 9	31.1 2	31.0 3	30.0 6	30.0 9
Sta tem ent of c ash flow s	2007	200 8	200 9	201 0	201 0	201 0	201 0	201 1	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4
												ted resta	ated rest	ated rest	ated rest	ated rest	ated rest	ated rest	ated rest
Profi t (los s) be fore s (co ntinu ing o tions ) taxe pera	970	) (740	279	251	4 1.21	7 1.55	9 3.39	289	837	9 1.17	1 1.33	274	706	4 1.04	620	107	482	515	0 1.49	101	291	490
Profi t (los s) be fore taxe s dis cont inued ratio ope ns		58 56	335	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
- Ga in fro t of p revio usly held equit y inte in bu sines rest m re mea sure men s
binat ion a chiev ed in stag com es		- -	-	-	-	-	8) (1.51	-	-	-	-	(48)	(57)	(57)	(57)	-	-	(2)	(2)	(37)	(40)	(40)
+ De iation ortis ation and imp airm ent lo prec , am sses	619	0 2.26	876	170	319	500	706	133	260	393	696	116	236	360	5 1.05	117	238	362	629	123	235	359
+ / - Shar e of profi t of j oint v entu nd a iated panie t of d ivide res a ssoc com s, ne	nds ived rece	(79) 182	104	(5)	(8)	(15)	(23)	(6)	2	-	(14)	24	11	10	10	26	85	125	182	202	445	707
- Tax aid es p	)	(203 (217 )	) (206	(58)	) (140	) (149	) (111	(57)	) (350	) (372	) (346	) (231	) (496	) (587	) (628	) (145	) (494	) (516	) (636	) (301	) (496	(615 )
Sale s los ses / (gai ns) n t ass ets on-c urren	)	(311 (880 )	) (424	1	) (523	) (524	) (581	(35)	(52)	(55)	(63)	(1)	(2)	-	(65)	(1)	(12)	203	) (943	(10)	(11)	(121 )
Chan ge in king capit al et wor c.		91 96	16	) (180	) (247	) (329	69	) (193	(57)	) (130	12	(9)	11	9	340	) (484	) (444	) (506	(4)	) (139	(76)	(15)
Net cash flow from ratin tiviti ope g ac es	5	1.14 757	980	179	615	0 1.04	1 1.94	131	640	5 1.01	6 1.61	125	409	779	5 1.27	) (380	) (145	181	716	(61)	348	765
Net c ash flow from inve sting activ ities	)	(937 (418 )	778	(74)	616	534	) (724	(74)	) (170	) (338	) (330	(89)	) (196	) (268	) (400	) (158	) (251	) (478	471	) (446	) (790	(728 )
Net c ash flow befo re fin ancin tivitie g ac s		208 339	8 1.75	105	1 1.23	4 1.57	7 1.21	57	470	677	6 1.28	36	213	511	875	) (538	) (396	) (297	7 1.18	) (507	) (442	37
Net c ash flow from fina ncing activ ities	(1.60 6)	(434 )	3) (1.20	) (734	4) (1.79	0) (2.17	9) (1.81	(48)	) (274	) (479	8) (1.15	229	) (387	) (451	) (591	60	397	) (296	6) (1.11	) (365	) (305	(382 )
Effec t of e xcha rate chan ash and cash ivale nts nge ges on c equ	-	-	(47)	(3)	(2)	-	(3)	-	(5)	(1)	-	(8)	(13)	(19)	(31)	41	87	112	153	(23)	3	(26)
Net cash flow for the p eriod	(1.39 8)	(95)	508	) (632	) (565	) (596	) (605	9	191	197	128	257	) (187	41	253	) (437	88	) (481	224	) (895	) (744	(371 )
Cash and h eq uival ents at st art o f per iod cas	0	2.24 842	747	5 1.25	5 1.25	5 1.25	5 1.25	650	650	650	650	778	778	778	778	978	978	978	978	2 1.20	2 1.20	1.20 2
Cas h an d ca sh e quiv alen ts at end of p eriod		842 747	5 1.25	623	690	659	650	659	841	847	778	5 1.03	591	819	1 1.03	541	6 1.06	497	2 1.20	307	458	831

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.

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

1 qu arte r	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	O PER ATI NG REV ENU ES	Yea date r to	Yea date r to	Ful l yea r	Ful l yea r
201 1	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	SCH IBS GR OUP TED	201 4	201 3	201 3	201 3
								ated rest	d tate res	d tate res	d tate res						ated rest	d tate res	d orte rep
3.49 6	3.75 8	0 3.38	3.74 4	3 3.60	3.82 5	3.52 4	3.81 1	3.58 7	0 3.87	3.58 1	2 3.83	0 3.71	3.83 4	3.55 7	SCH IBS TED GR OUP	01 11.1	11.0 38	70 14.8	15.2 32
756	837	784	821	871	958	906	912	948	5 1.09	4 1.04	7 1.09	1 1.15	5 1.22	5 1.14	ONL INE CL ASS IFIE DS	3.52 1	3.08 7	4 4.18	4.26 5
277	305	278	275	316	325	318	307	332	376	350	348	376	388	353	FIN N	1.11 7	1.05 8	6 1.40	1.40 6
479	532	506	546	555	633	588	605	616	719	694	749	775	837	792	Sch ibste d C lass ified Me dia	2.40 4	2.02 9	8 2.77	2.85 9
1.61 1	1.68 7	1 1.53	0 1.70	0 1.66	3 1.65	3 1.50	9 1.66	7 1.56	0 1.64	3 1.49	8 1.63	2 1.54	1 1.59	5 1.47	SCH IBS TED NO RGE ME DIA HO USE	08 4.6	0 4.70	8 6.33	6.36 8
864	948	854	945	831	920	877	910	871	918	900	1.03 1	952	946	882	SCH IBS TED SV ERI GE MED IA H OUS E	80 2.7	9 2.68	0 3.72	3.73 1
242	276	206	280	228	252	185	274	160	186	106	37	31	38	23	OUS ES ONA MED IA H INT ERN ATI L	92	452	489	728
96	119	75	120	87	100	53	108	26	34	21	36	29	37	23	20 M inut es	89	81	117	318
144	154	131	161	140	152	131	165	134	151	84	-	-	-	-	Ees ti M eed ia G roup		369 -	369	407
2	3	-	(1)	1	-	1	1	-	1	1	1	2	1	-	Oth er/e limin atio ns	3	2	3	3
63	48	38	41	49	84	89	95	86	82	89	88	92	91	88	OTH ER	271	257	345	345
63	48	38	41	49	84	89	95	86	82	89	88	92	91	88	Oth er/e limin atio ns	271	257	345	345
50	82	81	83	87	87	82	91	92	90	83	90	93	93	90	DQU ERS HEA ART	276	265	355	355
50	82	81	83	87	87	82	91	92	90	83	90	93	93	90	Sch ibste d AS A an d ot her trali sed fun ctio cen ns	276	265	355	355
	(90) (120 )	) (114	) (126	) (123	) (129	) (118	) (140	) (137	) (141	) (134	) (149	) (151	) (150	) (146	ELIM INA TIO NS	(447	) (412 )	) (561	(560 )

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 line item Share of profit (loss) of joint ventures and associated companies is reported from 01.01.13 as part of operating profit, but outside of Gross operating profit (loss). The previously used line item Share of profit (loss) of associated companies is reported as part of Gross operating profit until 31.12.12.

1 qu arte r	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	G ROS S O PER ATIN G P ROF IT (L OSS ) - E BITD A	Yea date r to	Yea date r to	Ful l yea r	Ful l yea r	Ful l yea	Full
201 1	1	1	1	2	2	2	2	3	3	3	3	4	4	4	SCH IBST ED G ROU P	2014	3	3	3	r 2	year
	201	201	201	201	201	201	201	201	201	201	201	201	201	201			201	201	201	201	201 1
				ted resta	ated rest	ated rest	ated rest	ated rest	ated rest	ated rest	ated rest						ted resta	ated rest	d orte rep	ated rest
439	675	522	549	424	600	518	501	297	562	463	455	410	574	504	SCH IBST ED G ROU P	1.48 8	1.32 2	1.77 7	1.67 2	2.04 3	2.18 5
235	307	250	201	228	313	300	259	167	310	270	245	313	392	372	ONL CLA SSI S INE FIED	1.07 7	747	992	862	1.10 0	993
130	147	139	118	152	161	158	151	145	208	175	163	155	182	167	FINN	504	528	691	691	622	534
105	160	111	83	76	152	142	108	22	102	95	82	158	210	205	Sch ibste d Cl assi fied Med ia	573	219	301	171	478	459
208	282	219	217	204	218	174	176	150	243	177	153	101	176	125	SCH IBST ED NOR GE MED IA H OUS E	402	570	723	724	772	926
66	115	101	163	75	121	114	119	54	65	90	145	86	89	104	SCH IBST ED S VER IGE ME DIA HOU SE	279	209	354	363	429	445
	(4) 24	(9)	27	(21)	7	(15)	26	(5)	17	(8)		(12)	(9)	(16)	MED IA H OUS ES I NTE RNA TIO NAL	(37)	4	4	2	(3)	38
(15)	2	(18)	11	(27)	(13)	(23)	15	(14)	(5)	(12)	- (1)	(13)	(9)	(13)	20 M inute s		(31) (35)	(32)	(37)	(48)	(20)
12	22	9	16	6	20	8	11	9	22	5					Gro Eest i Me edia			36	39	45
	-									(1)	- 1	- 1	-	- (3)	up Othe r		36 -				59
	(1)	-	-	-	-	-	-	-	-				-				(1) (2)	-	-	-	(1)
	3														OTH ER
	4 3 4	6 6	8 8	(2)	(11)	(8)	(18)	(11)	(16)	(11)	(13)	(11)	(7)	(10)	Othe r/elim inati	(28)	(38)	(51)	(51)	(39)	21
				(2)	(11)	(8)	(18)	(11)	(16)	(11)	(13)	(11)	(7)	(10)	ons		(38) (28)	(51)	(51)	(39)	21
(69)	(57)	(45)	(67)	(60)	(48)	(47)	(61)	(58)	(57)	(55)	(75)	(67)	(67)	(71)	HEA DQU ART ERS	(205 )	(170 )	(245 )	(228 )	(216 )	(238 )
	(69) (57)	(45)	(67)	(60)	(48)	(47)	(61)	(58)	(57)	(55)	(75)	(67)	(67)	(71)	Sch ibste d AS A an d ot her ralis ed f ions cent unct	5) (20	) (170	) (245	) (228	) (216	(238 )

The restatements are described in the 1st Quarter 2014 Report.

Schibsted has as of 1 January 2014 implemented IFRS 11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 are restated.

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

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

1 quarte r 2 q	uarter	3 quart er 4	quarter	1 quart er 2	quarter	3 quart er 4	quarter	1 quart er 2	quarter	3 quart er 4	quarter	1 quart	er 2 quarter	3 quart er		Year to date	Year to date	Full yea	Full yea r	Full yea r	r	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3		Year to date Y	ear to d ate F	ull year	Full yea	r F ull year
								2013	2013	2013	2013						2013	2013												2013	2013	2013	2013						2013	2013
2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated	restated	2014	2014	S 2014	chibst ed No rge Me dia Ho use	2014	restated	restated	2012	2011		2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated	restated	2014	2014	S 2014	chibst ed No rge Me dia Ho use	2014	restated	restated	2012	2011
																																					Operati ng reve nues
	76	81	110	106	111	106	131	137	142	144	163	172	182	165	Online n (VG) ers - sin gle copy ewspap		423 519	586	454	360		522	527	459	510	522	502	441	489	465	488	421	457	460	458	415 Af	tenpost en	1.374 1.333		1.831	1.954	2.018
	53	50	66	68	71	62	77	73	92	86	106	124	135	130	Online n bscriptio ewspap ers - su n newsp apers	389	251	357	278	229		225	233	205	238	231	231	196	229	203	210	183	214	188	200	171 Be	rgens T idende		596 559	810	887	901
	9	15	19	14	19	22	31	33	42	42	44	28	36	28	Other o nline op erating s/online elimina tions revenue	92	117	161	86	51		154	158	139	163	160	155	135	154	139	147	130	141	130	130	117 St	Aftenbl ad avanger		416 377	557	604	614
138	161	146	195	188	201	190	239	243	276	272	313	324	353		323 Op erating es onlin revenu e	1.000	791	1.104	818		640		107 96	96	104	99	105	91	101	91	104	90	99	82	96		85 Fæ dreland svennen		285 263	384	396	403
																							447 490	473	496	472	487	473	488	477	490	484	500	492	512	492 Ve	rdens G ang	1.451 1.496		1.951	1.920	1.906
	268	295	272	272	273	282	266	252	262	263	247	250	256	270	Circulat (VG) ion reve single c nues - opy new spapers	776	777	1.024	1.093	1.115		244	258	249	264	272	269	251	261	230	255	229	243	234	239	228 Sc	hibsted Norge T rykk	701	714	957	1.053	1.015
	87	81	98	80	87	70	75	72	69	64	76	57	59	47	(VG) Advertis ing reve ingle co nues - s py news papers	163	205	281	312	360		55	56	56	74	53	46	54	68	52	43	45	60	39	37		43 Sch ibsted F orlag		140 119	200	221	241
	6	5	4	4	6	9	5	6	6	6	6	6	6	6	Other re - single rs (VG) venues copy ne wspape	18	18	24	24	23		(132)	(142)	(146)	-149	-149	-142	-138	-121	-90	-97	-89	-76	(83)	(81)	(76)	Other/e liminatio ns/distri bution	(240)	(276)	(352)	(550)	(569)
	340	349	345	355	333	342	341	351	344	344	333	339	319	329	Circulat ion reve ubscript ion new nues - s spapers	987	1.039	1.372	1.371		1.363	1.611	1.687	1.531	1.700	1.660	1.653	1.503	1.669	1.567	1.640	1.493	1.638	1.542	1.591	1.475 T	otal	4.608	4.700	6.338	6.485	6.529
	551	451	546	532	527	404	491	432	472	353	426	358	387	290	Advertis ing reve ubscript ion new nues - s spapers	1.035	1.257	1.683	1.954		2.129
	54	48	55	55	60	54	62	41	39	35	44	37	39	36	Other re - subsc ription n venues ewspap ers		115 112	159	231		212																EBITDA
	10	11	12	10	10	6	11	10	11	7	8	7	9	4	Elimina tions/ot her reve nues (V G)		28 20	36	37	48		69	99	54	57	66	60	35	48	47	71	34	30	44	64		26 Afte nposten		152 134	182	209	279
	1.362	1.240	1.332	1.308	1.296	1.167	1.251	1.164	1.203	1.072	1.140	1.054	1.075		982 Pr int new ting rev spaper s opera enues	3.111	3.439	4.579	5.022		5.250		46 31	26	42	32	35	22	30	20	29	21	28	-	17	4	Bergens Tidend e		70 21	98	119	145
																							19 22	17	23	20	19	14	15	11	17	17	16	11	16		11 Sta Aftenbla d vanger		45 38	61	68	81
	55	56	74	53	46	54	68	52	43	45	60	39	37	43	Publish ing		140 119	200	221	241		4	14	6	3	(2)	2	-	7	-	14	3	8	(10)	7	-	Fædrela ndsvenn en		17 (3)	25	7	27
	244	249	264	272	269	251	261	230	255	229	243	234	239	228	Printing		714 701	957	1.053	1.015		56	87	89	78	67	82	87	74	73	81	92	67	72	83		87 Ver dens Ga ng		246 242	313	310	310
	(142)	(160)	(165)	(161)	(159)	(159)	(150)	(122)	(137)	(125)	(118)	(109)	(113)	(101)	Other/e liminatio ns/distri bution		(384) (323)	(502)	(629)	(617)		16	18	23	18	25	25	32	16	13	31	29	22	18	21		22 Sch ibsted N orge Try kk	61	73	95	98	75
																							1 -	5	8	- -		2	(2)	1	(1)	(1)	4	(3)	(6)	(1)	Schibst ed Forla g		(1) (10)	3	-	14
	1.687	1.531	1.700	1.660	1.653	1.503	1.669	1.567	1.640	1.493	1.638	1.542	1.591	1.475 T	otal ope rating r evenue s	4.608	4.700	6.338	6.485		6.529		(6) 12	(3)	(11)	(6)	(7)	(19)	(10)	(15)	1	(18)	(22)	(31)	(26)	(24)	Other/e liminatio ns/distri bution	(81)	(32)	(54)	(42)	(8)
																						207	281	217	218	202	216	173	178	150	243	177	153	101	176		125 To tal	402	570	723	769	923

NOK m	illion
1 quarte	r 2 q uarter	3 quart	er 4	quarter	1 quart er 2	quarter	3 quart	er 4 quarter	1 quart	er 2 quarter	3 quart	er 4 quarter	1 quart	er 2 quarter	3 quart er	Year to date	Year to date	Full yea r	Full yea	Full yea r r	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
									2013	2013	2013	2013					2013	2013											2013	2013	2013	2013
2011	2011	2011		2011	2012	2012	2012	2012	restated	restated	restated	restated	2014	2014	S chibst ed No rge Me dia Ho 2014 use	2014	restated	restated	2012	2011	2011	2011	2011	2011	2012	2012	2012	2012	restated	restated	restated	restated	2014	2014	2014
	76	93 81		110	106	111	106	131	137	142	144	163	172	182	Online n (VG) 165 ers - sin gle copy ewspap		423 519	586	454	360	522	527	459	510	522	502	441	489	465	488	421	457	460	458		415 Af tenpost
	53	60 50		66	68	71	62	77	73	92	86	106	124	135	Online n 130 bscriptio ewspap ers - su n newsp apers	389	251	357	278	229	225	233	205	238	231	231	196	229	203	210	183	214	188	200		171 Be rgens T
	9	8 15		19	14	19	22	31	33	42	42	44	28	36	Other o 28 nline op erating s/online elimina tions revenue	92	117	161	86	51	154	158	139	163	160	155	135	154	139	147	130	141	130	130		117 St avanger
	138	161	146	195	188	201	190	239	243	276	272	313	324	353	323 Op erating es onlin revenu e	1.000	791	1.104	818	640		107 96	96	104	99	105	91	101	91	104	90	99	82	96		85 Fæ dreland
																						490
	268	280 295		272	272	273	282	266	252	262	263	247	250	256	Circulat ion reve single c (VG) 270 nues - opy new spapers	776	777	1.024	1.093	1.115	244	258	249	264	272	269	251	261	230	255	229	243	234	239		228 Sc hibsted
	87	94 81		98	80	87	70	75	72	69	64	76	57	59	Advertis ing reve ingle co (VG) 47 nues - s py news papers	163	205	281	312	360		55 56	56	74	53	46	54	68	52	43	45	60	39	37		43 Sch ibsted F
	6	8 5		4	4	6	9	5	6	6	6	6	6	6	Other re - single rs (VG) 6 venues copy ne wspape	18	18	24	24	23	(132)	(142)	(146)	-149	-149	-142	-138	-121	-90	-97	-89	-76	(83)	(81)	(76)	Other/e
	340	329 349		345	355	333	342	341	351	344	344	333	339	319	Circulat ion reve ubscript ion new 329 nues - s spapers	987	1.039	1.372	1.371	1.363	1.611	1.687	1.531	1.700	1.660	1.653	1.503	1.669	1.567	1.640	1.493	1.638	1.542	1.591		1.475 T otal
	551	581 451		546	532	527	404	491	432	472	353	426	358	387	Advertis ing reve ubscript ion new 290 nues - s spapers	1.035	1.257	1.683	1.954	2.129
	54	55 48		55	55	60	54	62	41	39	35	44	37	39	Other re - subsc ription n 36 venues ewspap ers		115 112	159	231	212																EBITDA
	10	15 11		12	10	10	6	11	10	11	7	8	7	9	Elimina tions/ot her reve nues (V G) 4		28 20	36	37	48	69	99	54	57	66	60	35	48	47	71	34	30	44	64		26 Afte nposten
	1.316	1.362	1.240	1.332	1.308	1.296	1.167	1.251	1.164	1.203	1.072	1.140	1.054	1.075	982 Pr int new ting rev spaper s opera enues	3.111	3.439	4.579	5.022	5.250		46 31	26	42	32	35	22	30	20	29	21	28	-	17	4	Bergens
																						22
	55	56 56		74	53	46	54	68	52	43	45	60	39	37	Publish ing 43		140 119	200	221	241	4	14	6	3	(2)	2	-	7	-	14	3	8	(10)	7	-	Fædrela
	244	258 249		264	272	269	251	261	230	255	229	243	234	239	228 Printing		714 701	957	1.053	1.015	56	87	89	78	67	82	87	74	73	81	92	67	72	83		87 Ver dens Ga
	(142)	(150) (160)		(165)	(161)	(159)	(159)	(150)	(122)	(137)	(125)	(118)	(109)	(113)	(101) Other/e liminatio ns/distri bution		(384) (323)	(502)	(629)	(617)	16	18	23	18	25	25	32	16	13	31	29	22	18	21		22 Sch ibsted N
																						1
	1.611	1.687	1.531	1.700	1.660	1.653	1.503	1.669	1.567	1.640	1.493	1.638	1.542	1.591	1.475 T otal ope rating r evenue s	4.608	4.700	6.338	6.485	6.529		(6) 12	(3)	(11)	(6)	(7)	(19)	(10)	(15)	1	(18)	(22)	(31)	(26)	(24)	Other/e
																					207
	(391)	(403) (384)		(418)	(405)	(405)	(386)	(414)	(404)	(409)	(392)	(433)	(420)	(429)	(405) Online/o ffline op erating s - sing le copy pers (VG expense newspa	) (1.254)	(1.205)	(1.638)	(1.610)	(1.596)
	(875)	(844) (795)		(887)	(893)	(875)	(792)	(871)	(820)	(816)	(742)	(828)	(813)	(776)	(744) Online/o ffline op erating s - subs cription expense newspa pers	(2.333)	(2.378)	(3.206)	(3.431)	(3.401)
	(55)	(55) (51)		(66)	(53)	(46)	(52)	(70)	(51)	(44)	(46)	(56)	(42)	(43)	(44) Publish ing		(141) (129)	(197)	(221)	(227)
	(228)	(240) (226)		(246)	(247)	(244)	(219)	(245)	(217)	(224)	(200)	(221)	(216)	(218)	(206) Printing		(641) (640)	(862)	(955)	(940)
	145	136 142		135	140	133	119	109	75	96	64	53	50	51	49 Other/e liminatio ns/distri bution		235 150	288	501	558
	1	1 2		(1)	2	2	1	(2)	-	-	-	-	-		Share o f profit ( loss) of associa ted com panies	-	-	-	3	3
	(1.403) (	1.405)	(1.312)	(1.483)	(1.456)	(1.435)	(1.329)	(1.493)	(1.417)	(1.397)	(1.316)	(1.485)	(1.441)	(1.415)	(1.350) Total o peratin g expen ses	(4.206)	(4.130)	(5.615)	(5.713)	(5.603)
	56	87 89		78	67	82	87	74	73	81	92	67	72	83	87 EBITDA single c VG (on line/offli ne) opy new spapers	242	246	313	310	310
	123	181 103		125	117	116	70	100	77	131	76	81	45	104	41 EBITDA subscr iption ne rs (onlin e/offline ) wspape	190	284	365	403	532
	-	1 5		8	-	-	2	(2)	1	(1)	(1)	4	(3)	(6)	(1) EBITDA publish ing		(1) (10)	3	-	14
	16	18 23		18	25	25	32	16	13	31	29	22	18	21	22 EBITDA printing		73 61	95	98	75
	12	(6) (3) 1 2		(11)	(7) 2	(7) 2	(18) 1	(10)	(14)	1	(19)	(21)	(31)	(26)	(24) EBITDA other/d istributio n EBITDA from as sociated nies		(32) (81)	(53)	(42) 3	(8)
	1			(1)				(2)	-	-	-	-	-	-	compa -		- -	-		3
	208	282	219	217	204	218	174	176	150	243	177	153	101	176	125 To tal EBIT DA	402	570	723	772	926

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 line item Share of profit (loss) of joint ventures and associated companies is reported from 01.01.13 as part of operating profit, but outside of Gross operating profit (loss). The previously used line item Share of profit (loss) of associated companies is reported as part of Gross operating profit until 31.12.12.

The restatements are described in the 1st Quarter 2014 Report.

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

SEK mil lion
1 qu arte r 201 1	2 qu arte r 201 1	3 qu arte r 201 1	4 qu arte r 201 1	1 qu arte r 201 2	2 qu arte r 201 2	3 qu arte r 201 2	4 qu arte r 201 2	1 qu arte r 201 3	2 qu arte r 201 3	3 qu arte r 201 3	4 qu arte r 201 3	1 qu arte r 201 4	2 qu arte r 201 4	3 qu arte r Sch ibst ed Sve rige Me dia Hou 201 4 se	Yea r to d ate 2014	Yea r to d ate 201 3	Full yea r 201 3	Full yea r 201 2	Full yea r 201 1
								ted resta	ated rest	ated rest	ated rest					ted resta	ated rest
141	156	156	168	163	169	185	187	202	205	210	240	240	225	235 Sch ibste d Gr owth reve nues	700	617	857	704	621
83	90	84	86	86	87	87	88	83	81	80	78	77	69	66 of w hich Hitt a rev enue s	212	244	322	348	343
144	180	146	208	171	216	170	227	213	220	200	251	251	252	Sch ibste d Pu blish ing r 219 even ues	722	633	884	784	678
102	121	100	140	121	148	119	159	153	156	134	178	171	186	149 of w hich Afto nbla det o nline reve nues	506	443	621	547	463
	9 13	7	17	13	18	14	22	17	21	16	28	26	31	27 of w hich SvD onli ne re venu es	84	54	82	67	46
	(9) (4)	(6)	(10)	(7)	(16)	(9)	(4)	(8)	(8)	(15)	(2)	(9)	(4)	Othe (12) r onl ine r and elim inati even ues ons		(31) (25)	(33)	(36)	(29)
276	332	296	366	327	369	346	410	407	417	395	489	482	473	442 Onli ting ne o pera rev enu es	1.39	1.21 9 7	8 1.70	2 1.45	1.27 0
320	346	347	319	294	321	320	290	271	276	304	277	255	268	286 Circ ulati es A ftonb lade t on re venu	809	851	8 1.12	5 1.22	1.33 2
91	116	96	113	84	117	92	86	69	82	68	77	59	73	57 Adv ertis ing r Afto nbla det even ues	189	219	296	379	416
	6 5	9	8	3	4	5	5	1	2	1	2	1	1	Othe s Aft onbl adet 2 r rev enue		4 4	6	17	28
127	127	128	128	125	119	123	121	116	112	114	109	107	98	103 Circ ulati es S vD on re venu	308	342	451	488	510
128	140	106	141	120	123	91	125	103	125	82	119	93	102	71 Adv ertis ing r SvD even ues	266	310	429	459	515
18	18	18	23	18	18	17	20	17	15	18	21	16	15	Othe s Sv 16 D r rev enue	47	50	71	73	77
690	752	704	732	644	702	648	647	577	612	587	605	531	557	535 New ratin spa per ope g re ven ues	3 1.62	6 1.77	2.38 1	2.64 1	2.87 8
	6 7	7	9	5	11	7	9	4	4	3	11	-	13	6 Othe d eli mina tions r rev enue s an	19	11	22	32	29
972	1.09 1	1.00 7	1.10 7	976	2 1.08	1.00 1	6 1.06	988	3 1.03	985	1.10 5	3 1.01	3 1.04	983 Tota l op ing erat reve nue s	3.03	9 3.00 6	1 4.11	4.12 5	4.17 7
	(114 ) (133 )	) (119	) (137	) (136	) (141	) (144	) (164	) (181	) (186	) (169	) (190	) (182	) (185	) (181 Sch ibste d Gr owth exp ense s	(548	) (536 )	) (726	) (585	(503 )
	(63) (67)	(57)	(59)	(64)	(67)	(66)	(68)	(65)	(65)	(55)	(53)	(49)	(46)	(42) of w hich Hitt a ex pens es	(137	) (185 )	) (238	) (265	(246 )
	(773 ) (819 )	) (761	) (773	) (745	) (797	) (723	) (756	) (740	) (770	) (722	) (724	) (735	) (740	) (689 Sch ibste d Pu blish ing e (prin t and onli ne) xpen ses	64) (2.1	2) (2.23	6) (2.95	1) (3.02	(3.12 6)
	(484 ) (514 )	) (475	) (456	) (457	) (492	) (449	) (458	) (437	) (460	) (433	) (434	) (441	) (471	) (433 of w hich Afto nbla det e xpen ses	45) (1.3	0) (1.33	4) (1.76	6) (1.85	(1.92 9)
	(259 ) (270 )	) (253	) (279	) (258	) (266	) (243	) (261	) (264	) (269	) (244	) (255	) (240	) (234	SvD ) (213 of w hich exp ense s	(687	) (777 )	2) (1.03	8) (1.02	(1.06 1)
	(16) (22)	(11)	(26)	(15)	(15)	(5)	(19)	(6)	(6)	6	(34)	(5)	(19)	Othe d eli mina tions 3 r exp ense s an		(6) (21)	(40)	(54)	(75)
	6 14	3	19	8	13	-	11	-	-	-	-	-	-	Sha re of fit of ocia ted c anie pro ass omp s -		-	-	32
															-				42
	(897 ) (960 )	) (888	) (917	) (888	) (940	) (872	) (928	) (927	) (962	) (885	) (948	) (922	) (944	) (867 Tota l op erat ing expe nses	(2.73	3) (2.77 4)	2) (3.72	8) (3.62	(3.66 2)
27	23	37	31	27	28	41	23	21	19	41	50	58	40	54 EBIT DA S chib sted Gro wth	152		131	119
20	23	27	27	22	20	21	20	18	16	25	25	28	23	24 of w hich EB ITDA Hitt a	75	81	84	83	118
61	113	89	167	70	121	95	118	50	62	65	132	47	69	DA S 65 EBIT chib sted Pub lishi	181	59	309	404	97
35	74	77	124	45	98	87	82	57	56	74	100	45	57	ng of w hich EB ITDA Afto nbla det 61	163	177	287	312	430
23	28	6	30	18	12	2	27	(11)	4	(14)	22	2	12	4 of w hich EB ITDA SvD		187 (21) 18	1	59	310
	(19)	(10)	(27)	(17)	(20)	(7)	(14)	(10)	(10)	(6)	(25)	(14)	(10)	(3) EBIT DA O ther			(51)	(58)	87
	(19) 6 14	3	19	8	13		11							EBIT DA f ciate d co nies		(26) (27)		32	(75)
						-		-	-	-	-	-	-	rom asso mpa -	-	-	-		42
75	131	119	190	88	142	129	138	61	71	100	157	91	99	116 Tota l EB ITDA	306		389	497
														NOK / SE K		232	22		515
0,88 28	0,86 82	92 0,84	37 0,85	70 0,85	85 0,84	60 0,87	39 0,85	51 0,87	89 0,88	38 0,91	02 0,93	23 0,94	69 0,90	88 0,89	0,91 60	0,89 26	0,90	89 0,85	0,86 31

Schibsted has as of 1 January 2014 implemented IFRS11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 arerestated. The line item Share of profit (loss) of joint ventures and associated companies is reported from 01.01.13 as part of operating profit, but outside of Gross operating profit (loss). The previously used line item Share of profit (loss) of associated companies is reported as part of Gross operating profit until 31.12.12. The restatements are described in the 1st Quarter 2014 Report.

EUR mi llion
1 qu arte	r 2 rter qua	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart	er	Yea date r to	Yea date r to	Ful l ye ar	Ful l ye ar	Ful l ye ar
201 1	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	Sc hib d C las sifi ed Me dia ste	201 4	201 3	201 3	201 2	201 1
															Rev enu es
56,3	62,8	60,2	65,0	71,4	82,2	77,0	78,9	82,3	93,6	86,5	90,0	91,7	,6 100	93,9	Esta blis hed pha se	286 ,2	262 ,4	,4 352	,5 309	244 ,3
18,1	20,9	18,4	19,0	19,4	24,9	23,2	21,3	22,7	1 27,	1 25,	25,2	25,0	27,7	25,4	- Sw ede n	78,1	74,9	,1 100	88,8	76,4
13,1	15,7	16,6	18,7	21,3	25,4	24,4	26,6	28,4	33,0	1 30,	32,8	35,8	39,6	1 36,	- Fr anc e	111 ,5	91,5	,3 124	97,7	64, 1
25,	1 26,2	25,2	27,3	30,7	31,9	29,4	31,0	31,2	33,5	31,3	32,0	30,9	33,3	32,4	- Int tion al erna	96,6	96,0	,0 128	,0 123	103 ,8
5,1	5,8	5,3	6,2	2,6	2,8	2,8	3,2	2,8	3,2	3,3	4,6	4,3	5,1	5,6	New ture ven s	15,0	9,3	13,9	11,4	22,4
	(0,7 ) (0,6 )	) (0,4	) (0,8	) (0,5	) (1,2	) (0,3	-	) (0,1	-	0,1	) (0,5	0,5	0,5	0,8	HQ/ Elim inat ions		- 1,8	) (0,5	) (2,0	(2,5 )
60,7	68,0	65,1	70,4	73,5	83,8	79,5	82,1	85,0	96,8	89,9	94,1	96,5	106 ,2	100	,3 Tot al re ven ues	303 ,0	271 ,7	365 ,8	318 ,9	264 ,2
															EBI TDA inc ludi ng J oint Ve and As iate d C ies ntu res soc om pan
24,1	32,0	30,8	32,7	30,6	42,4	38,8	35,7	37,5	47,5	43,0	40,3	40,9	46,3	42,8	Esta blis hed line ture ven s on	130 ,0	128 ,0	,3 168	,5 147	119 ,6
10,5	12,4	11,3	9,4	10,5	15,1	13,6	9,9	11,2	15,1	14,2	13,5	13,3	14,9	13,7	- Sw ede n	41,9	40,5	54,0	1 49,	43,6
8,6	11,0	11,8	13,4	14,6	18,1	17,0	17,0	19,8	22,4	20,2	21,2	24,5	27,2	24,2	- Fr anc e	75,9	62,4	83,6	66,7	44,8
5,0	8,6	7,7	9,9	5,5	9,2	8,2	8,8	6,5	10,0	8,6	5,6	3,1	4,2	4,9	- Int tion al erna	12,2	25, 1	30,7	31,7	31,2
	(8,9 ) (9,3 )	0) (15,	7) (19,	4) (18,	2) (20,	1) (17,	2) (15,	3) (32,	2) (32,	5) (29,	1) (34,	2) (39,	3) (43,	9) (39,	New ture ven s	(122 ,4)	(94, 0)	,1) (128	9) (70,	(52, 9)
	(1,7 ) (2,2 )	) (1,6	) (2,4	) (2,1	) (2,1	) (2,4	) (5,8	) (4,5	) (4,9	) (4,0	) (4,5	) (5,3	) (4,3	) (4,5	HQ/ Elim inat ions	(14, 1)	(13, 4)	9) (17,	4) (12,	(7,9 )
13,5	20,5	14,2	10,6	10,1	20,1	19,3	14,7	0,7	10,4	9,5	1,7	(3,6 )	(1,3 )	(1,6	d C ) T l EB ITD A in clud ing Join t Ve and As iate ies ota ntu res soc om pan	(6,5 )	20,6	22,3	64,2	58,8
7,82	7,83	7,77	7,76	7,59	7,56	7,39	7,36	7,43	7,62	7,93	8,24	8,35	1 8,2	8,27	NOK / E UR	8,28	7,66	7,81	7,48	7,79
															For info tion the abo ve f igur rofo ref lect ing that Joi rma pur pos es, es a re p rma Ven d A ciat ed C anie e in clud ed u sing iona ture port te s an sso omp s ar pro soli dati con on.	nt
															The figu belo flec t the tribu tion by Join t Ve nd A ciat ntur res w re con es a sso	ed

2,2	2,6	2,3	3,2	3,7	4,2	4,6	Rev enu es	12,5	7,1	10,3
(2,2 )	(3,0 )	) (2,6	) (8,4	6) (22,	8) (26,	(26,	3) E BIT DA	(75, 7)	(7,8 )	(16, 2)
							In th lida ted Fina ncia l Sta of th e Sc hibs ted Med ia G the tem ent e co nso roup lts o f the Joi nt V and Ass ocia ted Com ies gnis ed a entu resu res pan are reco s follo ws:
(2,5 )	(3,3 )	) (3,0	) (8,9	0) (23,	8) (27,	(28, 9)	Sha f pr ofit (los s) o f Jo int Ven d A ciat ed C anie ture re o s an sso omp s	(79, 7)	(8,8 )	(17, 7)

Print is included in Established phase - international

EUR mill ion
1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	2 qu arter	3 qu arter		Year to d ate	Yea r to d ate	Full yea r	Full yea r	Full yea r
2011	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	20 M inute s Sp ain	2014	201 3	201 3	201 2	201 1
4,5	5,9	3,2	5,0	3,6	4,1	1,9	4,1	2,5	3,5	1,8	3,3	2,5	3,4	1,9	Ope ratin s Pri nt g rev enue	7,8	7,8	11,1	13,7	18,6
0,9	1,0	0,6	1,2	0,8	1,0	0,6	1,3	0,9	1,0	0,7	1,2	0,9	1,1	0,9	Ope ratin s On line g rev enue	2,9	2,6	3,8	3,7	3,7
5,4	6,9	3,8	6,2	4,4	5,1	2,5	5,4	3,4	4,5	2,5	4,5	3,4	4,5	2,8	Ope ratin g rev enue s	10,7	10,4	14,9	17,4	22,3
(6,8)	(7,3 )	(5,4 )	(6,4 )	(7,0 )	(7,1 )	(4,4 )	(5,8 )	(5,1 )	(5,1 )	(4,1 )	(4,5 )	(4,9 )	(5,5 )	(4,2	) Op erati ng e xpen ses	(14, 6)	(14, 3)	(18, 8)	(24, 3)	(25, 9)
(1,4)	(0,4 )	(1,6 )	(0,2 )	(2,6 )	(2,0 )	(1,9 )	(0,4 )	(1,7 )	(0,6 )	(1,6 )	0,0	(1,5 )	(1,0 )	(1,4	) To tal E BITD A	(3,9)	(3,9 )	(3,9 )	(6,9 )	(3,6 )
	7,82 7,83	7,77	7,76	7,59	7,56	7,39	7,36	7,43	7,62	7,93	8,24	8,35	8,21	8,27	NOK / EU R		7,66 8,28	7,81	7,48	7,79

EUR mill ion
1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	2 qu arter	3 qu arter	4 qu arter	1 qu arter	2 qu arter	3 qu arter		Year to d ate	Yea r to d ate	Full yea r	Full yea r	Full yea r
2011	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	20 M inute s Fra nce*	2014	201 3	201 3	201 2	201 1
12,5	15,2	10,4	16,6	13,2	14,6	8,4	16,8	10,0	12,9	7,7	14,9	9,7	11,0	6,1	Ope ratin s Pri nt g rev enue	26,8	30,6	45,5	53,0	54,7
1,1	1,4	1,4	2,0	1,1	1,6	0,8	1,9	1,4	1,4	1,2	2,0	1,4	1,6	1,2	Ope ratin s On line g rev enue	4,2	4,0	6,0	5,4	5,9
13,6	16,6	11,8	18,6	14,3	16,2	9,2	18,7	11,4	14,3	8,9	16,9	11,1	12,6	7,3	Ope ratin g rev enue s	31,0	34,6	51,5	58,4	60,6
(14,5 )	(15, 3)	(12, 9)	(15, 4)	(16, 2)	(15, 5)	(11, 7)	(13, 5)	(14, 0)	(13, 8)	(10, 7)	(14, 6)	(13, 2)	(12, 0)	(8,8	) Op erati ng e xpen ses	(34, 0)	(38, 5)	(53, 1)	(56, 9)	(58, 1)
(0,9)	1,3	(1,1 )	3,2	(1,9 )	0,7	(2,5 )	5,2	(2,6 )	0,5	(1,8 )	2,3	(2,0 )	0,6	(1,5	) To tal E BITD A	(2,9)	(3,9 )	(1,6 )	1,5	2,5
	7,82 7,83	7,77	7,76	7,59	7,56	7,39	7,36	7,43	7,62	7,93	8,24	8,35	8,21	8,27	NOK / EU R		7,66 8,28	7,81	7,48	7,79

*Includes 100% of 20Minutes France. Schibsted owns 50%. Schibsted has as of 1 January 2014 implemented IFRS 11 Joint Arrangements and is no longer using the proportionate consolidation. In consolidated figures Joint ventures is consolidated at equity method.

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1 qu arte	r 2 rter qua	3 qu arte	r 4 rter qua	1 qu arte	r 2 rter qua	3 qu arte	r 4 rter qua	1 qu arte	r 2 rter qua	3 qu arte	r 4 rter qua	1 qu arte	r 2 rter qua	3 qu arte r
2011	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	Circ ulat ion vol e Y TD um
239. 324 210. 819	238. 509 209. 542	659 235. 781 205.	795 235. 645 206.	776 230. 039 203.	142 230. 561 201.	245 225. 719 195.	981 225. 590 197.	776 221. 533 196.	994 218. 266 194.	829 214. 326 190.	026 214. 472 190.	609 227. 789 220.	927 226. 866 220.	727 223. 317 218.	Afte sten npo Morn ing e ditio n Sun day editi on
105. 156	104. 114	776 101.	754 101.	375 100.	86 99.0	47 95.4	00 96.1	-	-	-	-				Afte n ed ition rnoo
80.5 94 79.9 95	80.3 63 79.4 79	79.2 52 79.8 90	79.4 67 78.3 71	77.8 33 78.6 68	77.7 48 78.2 86	77.2 57 77.4 47	76.8 17 76.9 50	73.7 98 74.6 87	73.8 37 74.3 43	73.1 03 73.4 30	73.7 36 73.6 06	75.4 63 74.0 32	74.9 36 73.2 98	74.1 72.3	Berg Tide nde ens 36 W eekd ditio ay e n 93 S unda y ed ition
63.6 04	63.4 71	63.2 48	63.2 83	62.0 25	61.8 86	61.5 01	61.6 36	59.4 12	59.1 76	58.6 45	59.2 62	58.2 89	58.3 54	58.3	Stav er A ften blad ang 62 W eekd ditio ay e n
35.9 83	35.9 03	35.7 91	36.6 03	34.1 14	33.9 89	35.2 25	35.4 41	35.1 17	35.0 43	35.0 08	34.8 45	34.4 87	34.3 56	34.3	Fæd rela ndsv enn en 21 W eekd ditio ay e n
207. 620 133	210. 315 201. 845	531 215. 234 199.	588 211. 105 198.	165 189. 643 187.	926 189. 381 185.	539 190. 156 179.	353 188. 434 179.	830 168. 959 167.	974 166. 465 166.	425 167. 570 160.	430 164. 573 159.	212 141. 295 148.	881 139. 073 146.	915 138. 774 138.	VG Wee kday edit ion Sun day editi
202. 244. 700 281. 100	243. 300 278. 500	900 246. 400 279.	600 240. 100 272.	500 213. 000 240.	900 212. 800 235.	100 213. 100 236.	300 207. 200 228.	003 182. 891 196.	500 182. 300 196.	700 181. 000 197.	475 176. 400 191.	300 152. 600 159.	800 151. 700 160.	500 151. 000 161.	on Afto nbla det Wee kday edit ion Sun day editi on
189. 800 194. 100	190 .100 193 .600	185 .100 188 .400	185 .600 188 .900	182 .400 187 .700	179 .700 185 .000	175 .000 180 .700	174 .400 179 .800	166 .900 171 .400	164 .500 169 .200	159 .600 165 .000	159 .000 164 .400	152 .300 157 .900	148 .200 153 .500	144 .600 149 .500	Sve nska Dag blad et We ekda y ed ition Sun day editi on

1 qu arte	r 2 rter qua	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er	4 q uart er	1 q uart er	2 q uart er	3 q uart er		Yea date r to	Ye dat ar to e	Ful l ye ar	Ful l ye ar	Ful l ye ar
201 1	201 1	201 1	201 1	201 2	201 2	201 2	201 2	201 3	201 3	201 3	201 3	201 4	201 4	201 4	Pri dve rtis ing lum nt a vo e	201 4	201 3	201 3	201 2	201 1
2.67 4	3.05 4	1 2.72	0 3.08	7 2.45	4 2.94	6 2.59	16 2.7	1 2.78	4 3.00	5 2.87	18 3.1	5 2.69	5 2.80	4 2.27	VG	7.77 4	8.66 0	78 11.7	13 10.7	11.5 29
3.85 7	4.87 1	7 4.38	13 5.2	6 4.15	0 5.36	8 3.97	1 4.23	9 3.49	4 4.89	8 3.84	2 4.67	4 3.92	5 4.75	7 3.90	Afto nbla det *	586 12.	41 12.2	13 16.9	25 17.7	18.3 28
5.82 4	6.88 2	4 5.55	6 6.53	8 5.82	3 5.78	7 5.04	2 6.12	6 5.30	9 6.49	8 4.77	5 6.10	2 5.17	0 5.26	3 4.29	SvD	14.7 25	16.5 83	88 22.6	80 22.7	24.7 96
17.1 32	19.3 11	96 14.7	53 17.9	72 17.4	78 20.0	86 15.1	14 18.2	58 15.4	34 15.8	10 14.9	43 16.4	10 13.0	72 15.1	33 11.2	Afte sten npo	415 39.	02 46.2	45 62.6	50 70.9	69.1 92
5.85 4	6.88 6	3 5.29	4 6.30	5 6.04	1 6.43	6 5.00	4 5.48	2 5.62	6 6.51	2 5.49	15 5.8	0 4.75	19 5.6	8 4.04	Ber s Ti den de gen	417 14.	30 17.6	45 23.4	66 22.9	24.3 37
5.18 4	6.00 1	4 4.82	0 5.47	3 5.32	3 5.56	9 4.37	5 5.07	4 4.65	5 5.20	7 3.95	8 4.95	0 4.05	16 4.6	9 4.76	Sta Afte nbla d van ger	435 13.	16 13.8	74 18.7	40 20.3	21.4 79
4.0 14	5.24 3	9 4.08	8 4.40	12 4.1	7 4.68	3 3.75	0 4.03	4 3.26	0 4.40	7 3.43	1 3.98	5 2.90	2 3.99	5 3.24	Fæd rela nds ven nen	142 10.	01 11.1	82 15.0	82 16.5	17.7 54