Vend Marketplaces ASA

Quarterly Report • Jul 19, 2016

Q2 2016

CEO ROLV ERIK RYSSDAL EVP CFO TROND BERGER

19 July 2016

Q2 2016 HIGHLIGHTS

• Continued positive development for online classifieds
• Solid revenue growth and good margins in France and Spain
• Sustained growth in Norway, continued good momentum in Sweden
• Strong progress and reduced investment spend in emerging markets
• Challenging advertising markets, tight cost control in media houses
• Strong inflow of digital subscribers
• Improved margin level as a result of cost savings
• Continued ramp up of product and technology competence

BROAD REVENUE AND EBITDA GROWTH IN ONLINE CLASSIFIEDS

Key developed markets revenue growth Y/Y

*) 18 percent adjusted for currency fluctuations

STEADY GROWTH, STRONG MARKETING PUSH TO DRIVE RECRUITMENT MONETIZATION FRANCE

France

• Continued progress in monetizing the leading traffic position in the real estate market
• Solid growth for cars driven by price optimization and volume
• Strong volume and traffic position in recruitment – significant marketing push to prepare improved product launch in Q3/Q4
• Online recruitment market value approx EUR 130-140 million

GROWTH CURBED BY POLITICAL UNCERTAINTY SPAIN

• 13% revenue growth in Q2 Y/Y
• Revenue growth across all verticals, but reduced momentum in jobs due to political uncertainty
• Good development for display ads
• Continued marketing push in Q2
• Increased focus on product development going forward

NORWAY

REVENUE GROWTH IN ALL CLASSIFIEDS VERTICALS

• Solid revenue growth in cars and jobs due to volume and price effect
• Soft volume development in real estate due to few objects for sale in the market
• Good contribution to growth from personal finance
• Continued decline in display advertising. New targeted products expected to mitigate trend going forward

SOLID GROWTH IN PROFESSIONAL REVENUES IN CARS AND JOBS SWEDEN

Sweden

• Good revenue growth from auto and jobs verticals – driven by volume and price
• Continued good growth for display advertising
• Low marketing spend in the quarter supports EBITDA margin
• Hemnet acquisition process terminated

STEADY, HIGH GROWTH IN OTHER DEVELOPED OPERATIONS DEVELOPED PHASE - OTHER

Other developed operations

• Continued high growth rate in Other developed operations
• Good growth momentum in Italy, Austria and Ireland
• Double-digit and improving margins in Austria and Ireland
• Continued high marketing investments in Italy

Pro forma figures, including established operations in Italy, Ireland, Hungary and Colombia. Proportionate share of Joint Ventures and Associates in Austria and Malaysia.

STRONG KPI GROWTH IN BRAZIL – MONETIZATION RAMPING UP

• Clear traffic leadership in online classifieds; 44% growth in visits Y/Y
• Revenues ramping up driven by display advertising, listing fees in cars and real estate and premium features
• Reduced losses as a result of revenue growth and lower marketing spend

10

CONTINUED TARGETED INVESTMENT IN THE NATIVE APP SHPOCK

• Continued investments in native market place app Shpock
• Main investments in UK, Germany and Italy
• Building new, attractive young user groups
• Activating new reservoirs of items for sale; fashion, baby & child, home & garden, leisure & sports, etc. ⁰

Capturing traffic market share in UK Average Daily App Users, (1000)

Source: Comscore Mobile Metrix; mobile app users only

MEDIA HOUSES

GOOD GROWTH IN ONLINE ADVERTISING AND DIGITAL SUBSCRIPTIONS VG AND AFTONBLADET

VG+Aftonbladet

• Good growth in digital subscribers. Aftonbladet Plus has 280,000 and VG+ 85,000 subscribers
• Continued solid revenue growth for web-tv.
• 15% growth in digital revenues in Sweden (local currency); 7% growth in Norway. New, targeted ad products well received

STRONG GROWTH FOR DIGITAL SUBSCRIPTIONS

Number of digital subscribers

Total number of subscribers

SOLID GROWTH IN CIRCULATION REVENUES, SIGNIFICANT DECLINE IN ADVERTISING SUBSCRIPTION NEWSPAPERS NORWAY

• 11 percent growth in circulation revenues
• Advertising still soft
• Print advertising revenues -25%
• Online advertising revenues -22%
• Operating expenses reduced by 6%; NOK 44 million
• New, targeted digital ad products to be launched

BROAD-BASED GROWTH AND MARGIN IMPROVEMENT FOR SCHIBSTED GROWTH

• Schibsted Growth Sweden 15 percent revenue growth
• Personal finance, particularly Lendo, key driver for revenue growth and EBITDA
• Continued strong growth for price comparison

PRODUCT & TECHNOLOGY

Q2 2016

CONTINUING TO BUILD PRODUCT AND TECH COMPETENCE

Marketplace platform Media platform Advertising platform

Providing top class products, improve innovation and reduce time to market

FINANCE

Q2 INCOME STATEMENT SCHIBSTED GROUP

(NOK million)	Q2 2016	Q2 2015	Y/Y comparison negatively
Operating revenues	4,114	3,803	affected by consolidation of
Operating expenses	(3,477)	(3,161)	Shpock as of Sept 2015.
Gross operating profit (EBITDA) ex Investment phase	831	753	Declining loss Y/Y as a result of
Gross operating profit (EBITDA)	637	642	lower Online classifieds
Depreciation and amortization	(132)	(119)	investments in JVs and ACs
Share of profit (loss) of JVs and associates	(40)	(107)
Impairment loss	(39)	(3)	Mainly driven by close-down of
Other income and expenses	(69)	97	printing plant in Stavanger
Operating profit (loss)	357	510	Primarily restructuring cost
Net financial items	2	(70)	related to headcount reduction in
			Media Houses Norway
Profit (loss) before taxes	359	440
Taxes	(166)	(172)	Affected by positive currency effects of NOK 23 million
Profit (loss)	193	268
EPS (NOK)	0.69	1.11
EPS - adjusted (NOK)	1.04	0.62

EBITDA DEVELOPMENT IN Q2

EXCLUDING INVESTMENT PHASE

EBITDA IMPROVEMENT IN ALL KEY OPERATING SEGMENTS

EBITDA ex Investment phase

CONTINUED ORGANIC INVESTMENTS – STEADY GROWTH IN USER METRICS

Investment phase spend

Total, including proportionate share of JVs and associates

• Main drivers for investment spend are Mexico and Shpock. Significant potential for value creation
• Reduced investments in Brazil, Chile and early stage European markets

DIGITAL INVESTMENTS IN 2016

Online classifieds Investment phase

• Continue to follow strategy to establish #1 positions in markets
• Continued high investments in Shpock
• Total investments (consolidated + JVs and ACs) of EUR 80-100 million, as previously communicated

Product and technology development

• Increased investments compared to 2015, as previously communicated.
• EBITDA of the HQ/Other segment, which includes Product & Tech, estimated to be negative NOK 650-700 million in the full year 2016

KEY FINANCIAL FIGURES

NOK NOK million

CAPEX Net interest bearing debt

Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q1 16 Q2 16

CAPEX (NOK million) and CAPEX/Sales (%) Net interest bearing debt (NOK) and Ratio of Net interest bearing debt/LTM EBITDA

Earnings per share - adjusted Net cash flow from operating activities

Note:

0,4 0,4 0,4 0,5

NIBD/EBITDA

0

UNDERLYING TAX RATE OF AROUND 31%

• Reported tax rate may deviate significantly from the nominal tax rates in our markets. The main reasons are:
• Share of profit (loss) of joint ventures and associates being reported net of tax
• Unrecognised tax benefits from tax losses in Online Classifieds Investment phase operations
• Non-deductible expenses or non-taxable gains

	1H 2016
Reported profit (loss) before taxes	578
Share of profit (loss) of joint ventures and associated companies	83
Other losses for which no deferred tax benefit is recognised*	378
Non-deductible expenses and non-taxable gains	(35)
"Adjusted" tax base	1,004
Taxes	310
Adjusted effective tax rate (310/1,004)	31%

*) Mainly Online Classifieds Investment phase that are not in JVs or associates.

STABLE, STRONG FINANCIAL POSITION

• Diversified debt structure both by maturity and sources
• Option exercised to extend the maturity of an EUR 300 million bank facility from 2020 to 2021
• Total undrawn bank facilities of EUR 425 million
• Net Interest Bearing Debt NOK 968 million
• NIBD/EBITDA* at 0.5x end of Q2

*) NIBD/EBITDA according to bank definition.

Debt maturity profile

KEY TAKE-AWAYS

• Continued positive development for online classifieds
• Solid revenue growth and good margins in France and Spain
• Sustained growth in Norway, continued good momentum in Sweden
• Strong progress and reduced investment spend in emerging markets
• Challenging advertising markets, tight cost control in media houses
• Strong inflow of digital subscribers
• Improved margin level as a result of cost savings
• Continued ramp up of product and technology competence

SAVE THE DATE! SCHIBSTED INVESTOR DAYS 2016 LONDON 27 SEPTEMBER NEW YORK 28 SEPTEMBER

Q2 2016 29

APPENDICES

Spreadsheet containing detailed Q2 2016 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

KEY OPERATIONS – ONLINE CLASSIFIEDS

Second quarter				1 half year	FY
2015	2016	Norway Dev. phase (MNOK)	2016	2015	2015
396	429	Operating revenues	807	769	1,472
203	202	EBITDA	351	353	652
51 %	47 %	EBITDA margin	43 %	46 %	44 %
Second quarter				1 half year	FY
2015	2016	Sweden Dev. phase (MSEK)	2016	2015	2015
255	282	Operating revenues	529	476	958
127	164	EBITDA	296	237	530
50 %	58 %	EBITDA margin	56 %	50 %	55 %
Second quarter				1 half year	FY
2015	2016	France (MEUR)	2016	2015	2015
46.4	54.2	Operating revenues	105.3	89.3	179.7
28.8	31.2	EBITDA	66.3	58.4	107.3
62 %	58 %	EBITDA margin	63 %	65 %	60 %
Second quarter				1 half year	FY
2015	2016	Spain (MEUR)	2016	2015	2015
24.7	28.0	Operating revenues	54.8	47.5	99.0
6.7	7.3	EBITDA	11.2	8.9	22.6
27 %	26 %	EBITDA margin	20 %	19 %	23 %

KEY OPERATIONS – MEDIA HOUSES

Norway Sweden

Second quarter			1 half year	FY
2015	2016 Verdens Gang (MNOK)	2016	2015	2015
454	422 Operating revenues	850	912	1,817
302	259 of which offline	525	598	1,186
152	163 of which online	325	314	631
64	64 EBITDA	121	117	272
14 %	15 % EBITDA margin	14 %	13 %	15 %

Second quarter		Subscription		1 half year	FY
2015	2016	newspapers (MNOK)	2016	2015	2015
800	742	Operating revenues	1,444	1,592	3,073
655	583	of which offline	1,146	1,314	2,521
145	159	of which online	298	278	552
70	56	EBITDA	60	111	186
9 %	8 %	EBITDA margin	4 %	7 %	6 %

Second quarter				1 half year
2015	2016	Aftonbladet (MSEK)	2016	2015	2015
504	502	Operating revenues	964	959	1,935
304	272	of which offline	532	581	1,152
200	230	of which online	432	378	783
71	65	EBITDA	109	105	233
14 %	13 %	EBITDA margin	11 %	11 %	12 %
Second quarter				1 half year
2015	2016	SvD (MSEK)	2016	2015	2015
243	240	Operating revenues	473	471	944
19		16 EBITDA	33	31	51
8 %	7 %	EBITDA margin	7 %	7 %	5 %
Second quarter		Schibsted Growth		1 half year	FY
2015	2016	(MSEK)	2016	2015	2015
240	275	Operating revenues	538	478	986
49	65	EBITDA	117	91	214
20 %	24 %	EBITDA margin	22 %	19 %	22 %

CASH FLOW

CASH FLOW
	First ha	lf ye a r
(NOK million)	2016	2015
Profit (loss) before taxes	578	1,286
Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration	-	-
Depreciation, amortisation and impairment losses	294	246
Share of profit of joint ventures and associates, net of dividends received	102	(232)
Taxes paid	(366)	(532)
Sales losses (gains) non-current assets	(35)	(418)
Change in working capital	228	12
Net cash flow from operating activities	801	362	Mainly Capex and acquisition of
Net cash flow from investing activities	(487)	(616)	subsidiaries
Net cash flow before financing activities	314	(254)
Net cash flow from financing activities	(771)	20	Mainly debt repayment and dividend
Effects of exchange rate changes on cash and cash equivalents	(23)	(42)
Net increase (decrease) in cash and cash equivalents	(480)	(276)
Cash and cash equivalents at start of period	1,891	745
Cash and cash equivalents at end of period	1,411	469

FINANCIAL KEY FIGURES

	Per Q2		Full year
Schibsted Media Group	2016	2015	2015
Gross operating profit (EBITDA) (NOK million)	1 058	1 018	2 016
Gross operating profit (EBITDA) ex. Investment phase (NOK million)	1 466	1 261	2 560
Operating margins (%):
Operating margin (EBITDA)	13	14	13
Operating margin (EBITDA) ex. Investment phase	19	17	17
EPS (NOK)	0.93	4.20	5.79
Net cash flow from operating activities (NOK million)	801	362	993
Cash flow from operating activities per share (NOK)	3.54	1.68	4.56
Profit attributable to owners of the parent	209	902	1 263
Average number of shares (1 000)	226,035	214,867	218,135

CAPITAL STRUCTURE

	Per Q2		Full year
Schibsted Media Group	2016	2015	2015
Investments (NOK million):
Operational investments (capex)	345	254	460
Shares and other holdings	269	1 089	1 797
Interest bearing borrowings (NOK million)	2 379	3 496	2 683
Net interest bearing debt (NOK million)	968	3 027	792
Interest bearing debt ratio (%)	1 2	1 9	1 2
Equity ratio(%) 1)	5 2	3 9	5 1
1) Treasury shares are offset against equity

CONTINUED GOOD GROWTH OF KPIs IN INVESTMENT PHASE PORTFOLIO

Approved new ads per day Investment phase portfolio +40% Y/Y*

*) The graph include figures for (alphabetical order): Avito.ma, Chotot, Jofogas, Kapaza, Kufar, OLX Brazil, Shpock, Segundamano.mx, Tori.fi and Yapo. Proportionate share of new ads for JVs and ACs. Note: Shpock is not included in the data.

REVENUE AND EBITDA SPLIT Q2 2016

Revenue split EBITDA* ex Investment phase split

BASIC INFORMATION

	A-share	B-share
Ticker Oslo Stock Exchange: Reuters: Bloomberg:	SCHA SBSTA.OL SCHA:NO	SCHB SBSTB.OL SCHB:NO
Number of shares (13 July 2016)	108,003,615	118,803,976
Treasury shares (13 July 2016)	293,011	395,935
Number of shares outstanding	107,710,604	118,408,041
Free float*	74%	76%
Share price (13 July 2016)	NOK 255.90	NOK 244.10
Average daily trading volume (shares)**	250,200	180,700
Market Cap total (13 July 2016)	NOK 56.5 bn., EUR 6.1 bn., USD 6.7 bn., GBP 5.1 bn.

*) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS. **) Since 1 June 2015

SHAREHOLDER REGISTER

As of 26 June 2016

Rank Name	SCHA	SCHB	Total	Share
1 Blommenholm Industrier AS	28,188,589	28,598,589	56,787,178	25.0 %
2 Folketrygdfondet	5,944,520	9,466,428	15,410,948	6.8 %
3 J.P. Morgan Chase Bank N.A. London*	3,682,283	5,107,283	8,789,566	3.9 %
4 NWT Media AS	4,133,300	4,306,000	8,439,300	3.7 %
5 Deutsche Bank AG*	715,705	5,298,687	6,014,392	2.7 %
6 The Northern Trust Company Ltd.*	3,300,000	2,422,000	5,722,000	2.5 %
7 UBS AG, London Branch*	2,899,139	2,505,726	5,404,865	2.4 %
8 UBS AG, London Branch*	2,172,984	2,189,447	4,362,431	1.9 %
9 State Street Bank and Trust Co.*	2,111,360	2,207,253	4,318,613	1.9 %
10 Goldman Sachs & Co.*	879,227	3,246,736	4,125,963	1.8 %
11 J.P. Morgan Chase Bank N.A. London*	1,760,994	1,760,994	3,521,988	1.6 %
12 Clearstream Banking S.A.*	1,712,857	1,602,978	3,315,835	1.5 %
13 State Street Bank & Trust Company*	1,692,826	1,399,605	3,092,431	1.4 %
14 State Street Bank and Trust Company*	1,441,868	1,623,853	3,065,721	1.4 %
15 Morgan Stanley & Co. International*	1,834,705	1,004,100	2,838,805	1.3 %
16 The Northern Trust Co.*	1,414,097	1,298,354	2,712,451	1.2 %
17 The Bank Of New York Mellon*	1,027,856	1,492,765	2,520,621	1.1 %
18 J.P. Morgan Chase Bank, N.A., London*	1,631,617	598,870	2,230,487	1.0 %
19 Adelphi Investment Funds Public	1,155,964	976,527	2,132,491	0.9 %
20 J.P. Morgan Chase Bank Na*	1,034,373	860,944	1,895,317	0.8 %

Shareholders	SCHA	SCHB
% of foreign shareholders**	57.2 %	58.3 %
Number of shareholders	4,720	4,492
Number of shares	108,003,615	118,803,976
Shares ow ned by Schibsted	293,011	395,935

Largest country of ownership A+B
Norw ay**	42.2 %
United Kingdom	26.0 %
USA	17.4 %
Belgium	5.0 %
Sw eden**	4.7 %
Luxembourg	2.2 %
**) NWT Media AS is counted as a Sw edish

shareholder.

Source: VPS

*) Nominee accounts

SHAREHOLDERANALYSIS

Rank Name	% of	A Shares	B Shares	Total
	capital			shares
1 Blommenholm Industrier AS	25.04 %	28,188,589	28,598,589	56,787,178
2 Baillie Gifford & Co.	8.46 %	9,405,455	9,792,988	19,198,443
3 Folketrygdfondet	6.79 %	5,944,520	9,466,428	15,410,948
4 Adelphi Capital LLP	4.23 %	5,077,856	4,521,314	9,599,170
5 Capital World Investors	3.88 %	3,682,283	5,107,283	8,789,566
6 NWT Media AS	3.72 %	4,133,300	4,306,000	8,439,300
7 Luxor Capital Group, L.P.	3.59 %	1,319,602	6,816,536	8,136,138
8 Caledonia (Private) Investments Pty Limited	2.83 %	3,402,911	3,016,921	6,419,832
9 Alecta pensionsförsäkring, ömsesidigt	2.52 %	3,300,000	2,422,000	5,722,000
10 Tybourne Capital Management (HK) Limited	1.96 %	1,903,480	2,543,681	4,447,161
11 Marathon Asset Management LLP	1.75 %	1,929,964	2,037,958	3,967,922
12 Pelham Capital Ltd	1.68 %	0	3,809,851	3,809,851
13 BlackRock Institutional Trust Company, N.A.	1.61 %	1,730,391	1,919,030	3,649,421
14 The Vanguard Group, Inc.	1.49 %	1,600,151	1,771,438	3,371,589
15 SAFE Investment Company Limited	1.37 %	1,531,269	1,585,289	3,116,558
16 Platinum Investment Management Ltd.	1.33 %	1,420,026	1,591,055	3,011,081
17 Sw edbank Robur Fonder AB	1.31 %	1,424,600	1,535,714	2,960,314
18 KLP Forsikring	1.10 %	931,961	1,565,089	2,497,050
19 Eton Park Capital Management, L.P.	1.01 %	1,706,286	586,470	2,292,756
20 Mitsubishi UFJ Trust and Banking Corporation	0.99 %	1,229,797	1,024,594	2,254,391

Source: Nasdaq OMX. Data as of 26 June 2016.

The shareholder ID data are provided by Nasdaq OMX. The data are obtained through the analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Schibsted share register. Whilst every reasonable effort is made to verify all data, neither Nasdaq OMX or Schibsted can guarantee the accuracy of the analysis.

Updated information at:

www.schibsted.com/en/ir/Share/Shareholders/

INVESTOR INFORMATION

Visit Schibsted's web site www.schibsted.com

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

Anders Christian Rønning IRO anders.christian.ronning@schibsted.no +47 916 05 660

Schibsted ASA Apotekergaten 10, P.O. Box 490 Sentrum, NO-0105 Oslo Tel: +47 23 10 66 00. E-mail: schibsted@schibsted.no