Vend Marketplaces ASA

Transaction in Own Shares • May 3, 2018

Financials and analytical info as of Q1 2018 (new structure)

Contents (each item on separate tabs):

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

For detalis on the new reporting structure, please see press release from 26 March 2018 www.schibsted.com/ir

For questions, please contact Schibsted IR:

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

Espen Risholm, IRO espen.risholm@schibsted.com Mobile: +47 924 80 248

NOK million																				SCHIBSTED MEDIA GROUP
																				1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter 2 quarter 3 quarter 4 quarter 1 quarter CONDENSED CONSOLIDATED	Full year	Full year	Full year		Full year Full year Full year
2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	2018 INCOME STATEMENT	2017	2016	2015	2014	2013	2013
restated	restated	restated	restated																						restated	reported
452	445	433	440	479	448	463	474	478	456	477	490	506	529	528	533	541	551	553	572	580 Subscription revenues	2.218	2.096	1.901	1.864	1.770	1.787
564	577	619	568	541	553	589	538	495	525	526	504	485	481	470	429	416	427	439	393	374 Casual sales revenues	1.675	1.865	2.050	2.221	2.328	2.335
2.081	2.330	2.026	2.284	2.170	2.338	1.995	2.287	2.176	2.366	2.169	2.430	2.377	2.559	2.301	2.523	2.480	2.748	2.543	2.831	2.752 Advertising revenues	10.602	9.760	9.141	8.790	8.721	9.017
490	518	503	540	520	495	510	575	545	456	501	523	515	545	499	574	562	601	625	658	651 Other revenues	2.447	2.133	2.025	2.100	2.051	2.093
3.587	3.870	3.581	3.832	3.710	3.834	3.557	3.874	3.694	3.803	3.673	3.947	3.883	4.114	3.798	4.059	4.000	4.327	4.161	4.455	4.357 Operating revenues		16.943 15.854 15.117 14.975 14.870 15.232
(230)	(241)	(201)	(178)	(172)	(179)	(167)	(178)	(161)	(144)	(129)	(141)	(129)	(129)	(118)	(124)	(107)	(110)	(102)	- (113)	(102) Raw materials and finished goods	(432)	(500)	(575)	(696)	(850)	(871)
																				(1.349) (1.360) (1.216) (1.389) (1.427) (1.405) (1.255) (1.477) (1.487) (1.460) (1.372) (1.565) (1.562) (1.568) (1.396) (1.615) (1.546) (1.606) (1.487) (1.678) (1.706) Personnel expenses	(6.317)					(6.141) (5.884) (5.564) (5.314) (5.474)
																				(1.711) (1.707) (1.701) (1.810) (1.701) (1.676) (1.631) (1.766) (1.670) (1.557) (1.616) (1.799) (1.771) (1.780) (1.712) (1.819) (1.913) (1.917) (1.789) (1.969) (1.939) Other operating expenses	(7.588)					(7.082) (6.642) (6.774) (6.929) (7.228)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-				-	-	Share of profit (loss) of joint ventures and associates	-	-	-	-	-	13
297	562	463	455	410	574	504	453	376	642	556	442	421	637	572	501	434	694	783	695	610 Gross operating profit (loss)	2.606	2.131	2.016	1.941	1.777	1.672
(117)	(119)	(121)	(119)	(114)	(112)	(123)	(118)	(118)	(119)	(129)	(132)	(123)	(132)	(127)	(147)	(145)	(156)	(158)	(175)	(172) Depreciation and amortisation	(634)	(529)	(498)	(467)	(476)	(490)
(26)	(11)	(30)	(56)	(202)	(216)	(252)	(171)	354	(107)	(124)	(71)	(43)	(40)	(43)	(45)	(58)	(11)	(15)	(29)	(6) Share of profit (loss) of joint ventures and associates	(113)	(171)	52	(841)	(123)	-
																0	(0)	-	-	(0) Impairment loss goodwill	-	-	-	-
-	(2)	-	(148)	(9)	-	(1)	(121)	(6)	(3)	(14)	(465)	-	(39)	(16)	(25)	(0)	(9)	(2)	(38)	(5) Impairment loss	(49)	(80)	(488)	(131)	(150)	(150)
	(7) 8	(225)	871	45	(30)	88	(95)	267	97	794	(79)	(24)	(69)	(32)	11	(3)	1.286	194	28	(10) Other income and expenses	1.505	(114)	1.079	8	647	1.169
147	438	87	1.003	130	216	216	(52)	873	510	1.083	(305)	231	357	354	295	228	1.805	802	479	417 Operating profit (loss)	3.315	1.237	2.161	510	1.675	2.201
(40)	(63)	(54)	(28)	(29)	(26)	(17)	(56)	(27)	(70)	(118)	20	(12)		2 38	(7)	(12)	(70)	(23)	(66)	(28) Net Financial Items	(171)	21	(195)	(128)	(185)	(186)
107	375	33	975	101	190	199	(108)	846	440	965	(285)	219	359	392	288	216	1.735	779	414	389 Profit (loss) before taxes	3.144	1.258	1.966	382	1.490	2.015
(46)	(171)	(111)	(125)	(125)	(162)	(139)	(83)	(112)	(172)	(153)	(138)	(144)	(166)	(195)	(194)	(174)	(352)	(226)	(207)	(220) Taxes	(958)	(699)	(575)	(509)	(453)	(453)
	61 204	(78)	850	(24)	28	60	(191)	734	268	812	(423)	75	193	197	94	43	1.383	553	207	169 Profit (loss)	2.186	559	1.391	(127)	1.037	1.562
																				Profit (loss) attributable to:
	8 19	-	(1)	11	22	14	6	71	29	15	13	21	38	23	12	12	10	22	11	11 Non-controlling interests	55	94	128	53	26	26
	53 185	(78)	851	(35)	6	46	(197)	663	239	797	(436)	54	155	174	82	30	1.373	531	196	158 Owners of the parent	2.130	465	1.263	(180)	1.011	1.536
																				Earnings per share (NOK)
0,25	0,86	(0,36)	3,97	(0,16)	0,03	0,21	(0,92)	3,08	1,11	3,68	(1,93)	0,24	0,69	0,77	0,36	0,13	6,07	2,35	0,85	0,67 Basic	9,36	2,05	5,79	(0,84)	4,72	7,16
0,25	0,86	(0,36)	3,97	(0,16)	0,03	0,21	(0,92)	3,08	1,11	3,67	(1,92)	0,24	0,69	0,77	0,36	0,13	6,06	2,34	0,85	0,66 Diluted	9,35	2,05	5,78	(0,84)	4,71	7,16
0,27	0,83	0,63	0,22	(0,34)	0,13	(0,27)	(0,25)	2,10	0,62	0,06	0,41	0,29	1,04	0,93	0,44	0,15	0,96	1,45	0,88	0,72 Basic - adjusted	3,43	2,70	3,17	(0,73)	1,95	1,95
0,27	0,83	0,63	0,22	(0,34)	0,13	(0,27)	(0,25)	2,10	0,62	0,06	0,41	0,29	1,04	0,93	0,44	0,15	0,96	1,45	0,88	0,72 Diluted - adjusted	3,43	2,69	3,16	(0,73)	1,95	1,95

On 8 May 2015, the Annual General Meeting of Schibsted ASA approved a split of the Company's shares and establishing of a new class of B-shares. Average number of shares outstanding is adjusted retrospectively as if shares issued in share split were outstanding also in previous periods presented to give comparable information on Earnings per share.

NOK million
	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	2018
STATEMENT OF FINANCIAL POSITION	reported	reported	reported	reported	restated	restated	restated	restated
Intangible assets	9.301	9.646	10.056	10.337	9.221	9.561	9.958	10.212	10.240	10.366	10.074	11.906	11.493	11.855	14.511	14.292	14.054	13.920	13.470			14.100 14.835 16.456 16.084 16.983 16.637
Investment property and property, plant and equipment	1.819	1.795	1.659	1.507	1.812	1.788	1.651	1.499	1.564	1.608	1.373	1.287	1.239	1.196	1.168	1.137	1.116	1.069	1.043			1.019 1.020 1.004 1.009		988	938
Investments in joint ventures and associates	507	469	478	1.074	625	610	578	654	557	548	502	547	1.251	1.199	969	929	942	964	978	954		929 4.519 4.481 4.514 4.285
Other non-current assets	322	351	303	297	342	370	354	319	212	195	273	536	515	458	462	425	315	346	463	353	352	441	414	364	368
Non-current assets	11.949	12.261	12.496	13.215	12.000	12.329	12.541	12.684	12.573	12.717	12.222	14.276	14.498	14.708	17.110	16.783	16.427	16.299	15.954			16.426 17.136 22.420 21.987 22.850 22.228
Trade receivables and other current assets	2.939	2.954	2.776	2.676	2.800	2.806	2.666	2.565	2.710	2.781	2.761	2.853	2.911	2.898	3.061	2.942	2.972	2.779	2.804			2.714 2.860 3.059 3.091 3.141 2.962
Current financial assets	64	53	-	28	64	53	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash and cash equivalents	596	1.140	561	1.240	541	1.066	473	1.202	307	458	831	745	285	469	2.854	1.891	1.624	1.411	1.388	1.268	751	495			783 1.626 1.805
Assets held for sale	-	-	76	-	-		- 76	-	-	-	-	-	-	-	-	-	-	-	-	-
Current assets	3.599	4.147	3.413	3.944	3.405	3.925	3.215	3.767	3.017	3.239	3.592	3.598	3.196	3.367	5.915	4.833	4.596	4.190	4.192			3.982 3.610 3.553 3.873 4.767 4.767
Total assets	15.548	16.408	15.909	17.159	15.405	16.254	15.756	16.451	15.590	15.956	15.814	17.874	17.694	18.075	23.025	21.616	21.023	20.489	20.146	20.408	20.747	25.974	25.860	27.617	26.995
Equity attributable to owners of the parent	6.075	6.248	6.085	7.850	6.075	6.248	6.085	7.325	7.179	6.897	6.419	6.560	7.012	6.930	11.195	10.776	10.676	10.276	9.878			10.235 10.394 11.638 11.549 14.793 14.397
Non-controlling interests	281	252	261	261	281	252	261	261	265	187	196	230	241	136	297	314	332	322	287	305	323	257	252	261	278
Equity	6.356	6.500	6.346	8.111	6.356	6.500	6.346	7.586	7.444	7.084	6.615	6.790	7.253	7.066	11.492	11.090	11.008	10.598	10.165			10.540 10.717 11.895 11.802 15.054 14.675
Non-current interest-bearing borrowings	1.941	2.712	2.574	1.971	1.941	2.712	2.561	1.971	1.941	2.551	2.495	2.132	1.908	2.334	3.012	2.365	1.856	1.838	1.822			1.814 2.313 5.510 5.203 4.212 3.906
Other non-current liabilities	2.038	2.030	2.509	2.313	2.032	2.024	2.500	2.263	2.109	2.076	2.515	3.641	2.944	2.886	2.817	2.743	2.500	2.493	2.793			2.447 2.450 2.610 2.732 2.586 2.434
Non-current liabilities	3.979	4.742	5.083	4.284	3.973	4.736	5.061	4.234	4.050	4.627	5.010	5.773	4.852	5.220	5.829	5.108	4.356	4.331	4.615			4.261 4.763 8.121 7.935 6.798 6.340
Current interest-bearing borrowings	577	592	549	428	577	592	549	346	137	90	13	696	844	1.162	719	318	557	541	540	528	28	626	626	28	328
Other current liabilities	4.636	4.574	3.780	4.336	4.499	4.426	3.649	4.285	3.959	4.155	4.176	4.615	4.745	4.627	4.985	5.100	5.102	5.019	4.826			5.079 5.240 5.332 5.497 5.736 5.652
Liabilities held for sale	-	-	151	-	-	-	151	-	-	-	-	-	-	-	-	-	-	-
Current liabilities	5.213	5.166	4.480	4.764	5.076	5.018	4.349	4.631	4.096	4.245	4.189	5.311	5.589	5.789	5.704	5.418	5.659	5.560	5.366			5.607 5.268 5.958 6.124 5.764 5.980
Total equity and liabilities	15.548	16.408	15.909	17.159	15.405	16.254	15.756	16.451	15.590	15.956	15.814	17.874	17.694	18.075	23.025	21.616	21.023	20.489	20.146			20.408 20.747 25.974 25.860 27.617 26.995

Schibsted has as of 1 January 2014 implemented IFRS

11 Joint Arrangements. The standard is applied retrospectively and comparable figures for 2013 are

restated 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.

NOK million
	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03	30.06	30.09	31.12	31.03
CONDENSED CONSOLIDATED	2013	2013	2013	2013	2014	2014	2014	2014	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	2018
STATEMENT OF CASH FLOWS	restated	restated	restated	restated
Profit (loss) before taxes	107	482	515	1.490	101	291	490	382	846	1.286	2.251	1.966	219	578	970	1.258	216	1.952	2.730	3.144	389
Gain on remeasurement in business combinations achieved in stages and remeasurement of
contingent consideration	-	-	(2)	(2)	(37)	(40)	(40)	(91)	-	-	(784)	(778)	-	-	-	-	-	-	-	-	-
Depreciation, amortisation and impairment losses	117	238	362	629	123	235	359	598	124	246	389	1.000	123	294	437	609	145	309	470	685	177
Net effect pension liabilities													(61)	(46)	(29)	(65)	(87)	(74)	(77)	(91)	(70)
Share of loss (profit) of joint ventures and associates, net of dividends received	26	85	125	182	202	445	707	877	(354)	(232)	(108)	(25)	43	102	155	199	58	87	102	134	6
Taxes paid	(145)	(494)	(516)	(636)	(301)	(496)	(615)	(635)	(213)	(532)	(681)	(738)	(179)	(366)	(521)	(577)	(178)	(525)	(678)	(828)	(194)
Sales losses (gains) non-current assets and other non-cash losses (gains)	(1)	(12)	203	(943)	(10)	(11)	(121)	(121)	(291)	(418)	(435)	(437)	(24)	(35)	(80)	(137)	-	(1.310)	(1.547)	(1.697)	(7)
Change in working capital and provisions	(484)	(444)	(506)	(4)	(139)	(76)	(15)	220	(130)	12	58	5	47	274	69	219	6	(88)	(46)	(57)	33
Net cash flow from operating activities	(380)	(145)	181	716	(61)	348	765	1.230	(18)	362	690	993	168	801	1.001	1.506	159	351	954	1.290	335
Net cash flow from investing activities	(158)	(251)	(478)	471	(446)	(790)	(728)	(1.580)	(289)	(616)	(1.310)	(1.513)	(166)	(487)	(677)	(1.248)	(675)	(4.161)	(4.144)	(4.546)	(158)
Net cash flow before financing activities	(538)	(396)	(297)	1.187	(507)	(442)	37	(350)	(307)	(254)	(620)	(520)	2	314	324	258	(516)	(3.811)	(3.190)	(3.256)	177
Net cash flow from financing activities	60	397	(296)	(1.116)	(365)	(305)	(382)	(116)	(117)	20	2.758	1.683	(251)	(771)	(819)	(877)	(6)	3.018	2.704	3.558	15
Effect of exchange rate changes on cash and cash equivalents	41	87	112	153	(23)	3	(26)	9	(36)	(42)	(29)	(17)	(18)	(23)	(8)	(4)	4	18	1	55	(13)
Net increase (decrease) in cash and cash equivalents	(437)	88	(481)	224	(895)	(744)	(371)	(457)	(460)	(276)	2.109	1.146	(267)	(480)	(503)	(623)	(518)	(774)	(486)	357	179
Cash and cash equivalents at start of period	978	978	978	978	1.202	1.202	1.202	1.202	745	745	745	745	1.891	1.891	1.891	1.891	1.268	1.268	1.268	1.268	1.626
Cash and cash equivalents at end of period	541	1.066	497	1.202	307	458	831	745	285	469	2.854	1.891	1.624	1.411	1.388	1.268	751	495	783	1.626	1.805

From Q4 2017, the net effect of pension liabilities is presented as a separate line item in the statement of cash flows. Comparable figures for 2016 and 2017 are restated. For previous periods, the effect is included in changes in working capital and provisions.

From Q4 2017, the line items Gain on remeasurement in business combinations achieved in stages and remeasurement of contingent consideration and Sales (losses (gains) non-current assets are coblined into one line item Sales losses (gains) noncurrent assets and other non-cash losses(gains).

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Full year	Full year
2016	2016	2016	2016	2017	2017	2017	2017	2018	SCHIBSTED MEDIA GROUP	2017	2016
									REVENUES
3.883	4.113	3.798	4.060	4.000	4.327	4.161	4.455		4.357 SCHIBSTED MEDIA GROUP	16.943	15.854
1.572	1.708	1.566	1.621	1.721	1.932	1.864	1.995		2.009 MARKETPLACES	7.512	6.467
2.052	2.171	1.949	2.137	1.964	2.084	1.978	2.134		2.024 PUBLISHING	8.160	8.309
387	403	415	436	436	470	460	470		456 GROWTH	1.835	1.641
89	79	79	82	110	119	161	178		185 OTHER AND HEADQUARTERS	568	329
-217	-248	-211	-216	-230	-279	-302	-322		-317 ELIMINATIONS	-1.133	-892
									EBITDA
421	636	573	501	434	694	783	695		610 SCHIBSTED MEDIA GROUP	2.606	2.132
427	531	475	416	409	608	656	623		603 MARKETPLACES	2.297	1.849
78	202	176	207	157	216	218	204		113 PUBLISHING	795	663
60	79	105	91	79	84	127	102		101 GROWTH	392	335
-143	-176	-182	-213	-211	-214	-218	-235		-207 OTHER AND HEADQUARTERS	-879	-715

NOK million 1 quarter 2016	2 quarter 2016	3 quarter 2016	4 quarter 2016	1 quarter 2017	2 quarter 2017	3 quarter 2017	4 quarter 2017	1 quarter 2018	MARKETPLACES	Full year 2017	Full year 2016
1.572	1.708	1.566	1.621	1.721	1.932	1.864	1.995		Total Marketplaces 2.009 Total operating revenues	7.512	6.467
				14 %	13 %	19 %	17 %		11 % YOY revenue growth (currency adjusted)	16 %
1.145 427	1.177 531	1.091 475	1.205 416	1.312 409	1.324 608	1.207 656	1.372 623		1.407 Operating expenses 603 EBITDA	5.215 2.297	4.618 1.849
27 %	31 %	30 %	26 %	24 %	31 %	35 %	31 %		30 % EBITDA-margin	31 %	29 %
									Total developed phase
1.472	1.595	1.465	1.514	1.617	1.811 14 %	1.740 18 %	1.850 16 %		1.876 Operating revenues 10 % YOY revenue growth (currency adjusted)	7.018 16 %	6.046
834	867	797	904	15 % 953	995	939	1.054		1.101 Operating expenses	3.941	3.402
638 43 %	728 46 %	667 46 %	610 40 %	664 41 %	816 45 %	801 46 %	796 43 %		775 EBITDA 41 % EBITDA-margin	3.077 44 %	2.644 44 %
487	506	469	527	555	609	587	676		France developed phase 704 Operating revenues	2.426	1.989
				21 %	20 %	24 %	21 %		18 % YOY revenue growth (local currency)	21 %
153 334	215 291	210 259	210 316	218 337	236 373	242 345	307 369		310 Operating expenses 394 EBITDA	1.003 1.423	789 1.200
69 %	57 %	55 %	60 %	61 %	61 %	59 %	55 %		56 % EBITDA-margin	59 %	60 %
									Norway developed phase
352	401	352	346	392	435 9 %	409 16 %	393 13 %		408 Operating revenues 4 % YOY revenue growth	1.628 12 %	1.451
209	207	187	223	11 % 238	242	218	243		236 Operating expenses	940	827
143 41 %	193 48 %	165 47 %	123 35 %	154 39 %	193 44 %	191 47 %	150 38 %		172 EBITDA 42 % EBITDA-margin	688 42 %	624 43 %
239	276	244	230	229	268	256	249		Sweden developed phase 221 Operating revenues	1.002	989
				3 %	1 %	5 %	3 %		-6 % YOY revenue growth (local currency)	3 %
109 130	114 162	89 155	104 126	105 124	120 148	102 154	116 133		119 Operating expenses 101 EBITDA	443 559	416 573
54 %	59 %	63 %	55 %	54 %	55 %	60 %	54 %		46 % EBITDA-margin	56 %	58 %
									Spain developed phase
255	261	253	260	288	324	323	352		365 Operating revenues	1.287	1.029
218	193	180	217	20 % 245	23 % 249	27 % 223	27 % 245		18 % YOY revenue growth (local currency) 274 Operating expenses	24 % 963	809
37	68	72	43	43	75	99	106		91 EBITDA	324	220
15 %	26 %	29 %	16 %	15 %	23 %	31 %	30 %		25 % EBITDA-margin	25 %	21 %
139	152	146	152	154	176	165	180		Other Developed phase 178 Operating revenues	674	588
				15 %	14 %	14 %	12 %		9 % YOY revenue growth (currency adjusted)	14 %
145 -6	137 15	131 15	149 3	147 7	148 27	154 11	142 38		162 Operating expenses 16 EBITDA	592 83	562 26
-5 %	10 %	10 %	2 %	4 %	15 %	7 %	21 %		9 % EBITDA-margin	12 %	4 %
									Investment phase
73	89	88	99	97	114	121	147		129 Operating revenues	478	349
279	275	270	279	34 % 325	26 % 296	37 % 240	42 % 292		30 % YOY revenue growth (currency adjusted) 273 Operating expenses	35 % 1.154	1.102
-205	-186	-182	-179	-228	-182	-120	-145		-143 EBITDA	-676	-753
-279 %	-210 %	-208 %	-180 %	-236 %	-160 %	-99 %	-99 %		-111 % EBITDA-margin	-141 %	-216 %
26	24	14	7	7	7	3	-1		Marketplaces other / HQ 4 Operating revenues / eliminations	16	71
32	35	24	22	34	32	28	26		33 Operating expenses	120	113
-6	-11	-10	-15	-27	-25	-24	-28		-29 EBITDA	-104	-42
50	56	63	70	75	83	93	107		Proportional result from Joint Ventures and Associates 106 Operating revenues	358	240
				50 %	42 %	54 %	51 %		45 % YOY revenue growth (currency adjusted)	48 %
	70 86 (14) (35)	83 (20)	90 (20)	86 (10)	83 (1)	100 (7)	110 (3)	16 EBITDA	90 Operating expenses	379 -21	329 -89
	12 4	6	7	8	10	7	4	8	- EBITDA Developed phase	28	29
-70 %	(26) (39) -25 %	(25) -31 %	(27) -28 %	(18) -13 %	(10) -1 %	(14) -8 %	(6) -3 %	8	- EBITDA Investment phase 15 % EBITDA-margin	-49 -6 %	-117 -37 %
1.622	1.764	1.629	1.691	1.796	2.015	1.957	2.102		Total Marketplaces including Joint Ventures and Associates 2.115 Operating revenues	7.870	6.707
				15 %	14 %	20 %	19 %		13 % YOY revenue growth (currency adjusted)	17 %
1.231	1.247 517 392	1.174 455	1.295 396	1.397 399	1.407 608	1.308 649	1.482 620	619 EBITDA	1.497 Operating expenses	5.594 2.276	4.947 1.760
	740 642	673	618	672	826	807	800	783	- EBITDA Developed phase	3.105	2.673
24 %	(212) (244) 29 %	(207) 28 %	(206) 23 %	(247) 22 %	(193) 30 %	(134) 33 %	(152) 29 %		(135) - EBITDA Investment phase 29 % EBITDA-margin	-725 29 %	-870 26 %
									Currency rates
9,53	9,32	9,29	9,04	8,99	9,37	9,35	9,62		9,63 EUR/NOK	9,33	9,29
1,02	1,00	0,98	0,93	0,95	0,97	0,98	0,98		0,97 NOK / SEK	0,97	0,98
									France developed phase in EUR
	54,3 51,2	50,5	58,3	61,8 21 %	65,0 20 %	62,7 24 %	70,3 21 %		73,0 Operating revenues 18 % YOY revenue growth	260 21 %	214
16	23	23	23	24	25	26	32		32 Operating expenses	107 153	85 129
69 %	31,2 35,1 57 %	27,9 55 %	35,0 60 %	37,5 61 %	39,8 61 %	36,9 59 %	38,3 55 %	40,9 EBITDA	56 % EBITDA-margin	59 %	60 %
									Spain developed phase in EUR
	28,0 26,8	27,2	28,8	32,1	34,6	34,5	36,6		37,9 Operating revenues	138	111
22,9	20,8	19,4	24,0	20 % 27,3	23 % 26,6	27 % 23,9	27 % 25,5		18 % YOY revenue growth 28,5 Operating expenses	24 % 103	87
	7,3 3,9	7,8	4,7	4,8	8,0	10,6	11,1	9,5 EBITDA		35	24
15 %	26 %	29 %	16 %	15 %	23 %	31 %	30 %		25 % EBITDA-margin	25 %	21 %
	274 234	250	248	242	277	262	254		Sweden developed phase in SEK 229 Operating revenues	1.035	1.007
				3 %	1 %	5 %	3 %		-6 % YOY revenue growth	3 %
	113 107 161 128	91 159	112 136	111 131	124 153	105 157	118 136	105 EBITDA	124 Operating expenses	458 577	423 584
54 %	59 %	63 %	55 %	54 %	55 %	60 %	54 %		46 % EBITDA-margin	56 %	58 %

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Full year	Full year
2016	2016	2016	2016	2017	2017	2017	2017	2018	PUBLISHING	2017	2016
									Total Publishing
2.052	2.171	1.949	2.137	1.964	2.084	1.978	2.134		2.024 Operating revenues	8.160	8.309
590	660	574	696	624	690	648	771		716 - online	2.734	2.520
1.463	1.512	1.375	1.440	1.340	1.394	1.330	1.363		1.308 - offline	5.427	5.789
				-4 %	-4 %	1 %	0 %		3 % YOY revenue growth	-2 %
1.974	1.969	1.773	1.930	1.807	1.868	1.760	1.929		1.911 Operating expenses	7.365	7.647
78	202	176	207	157	216	218	204		113 EBITDA	795	663
4 %	9 %	9 %	10 %	8 %	10 %	11 %	10 %		6 % EBITDA-margin	10 %	8 %
									VG (Verdens Gang)
428	422	402	449	431	439	428	447		443 Operating revenues	1.746	1.700
162	163	160	198	205	216	203	240		235 - online	863	683
266	259	242	251	226	224	225	207		208 - offline	882	1.017
				1 %	4 %	6 %	0 %		3 % YOY revenue growth	3 %
370	358	336	363	343	352	341	372		363 Operating expenses	1.407	1.428
57	63	66	85	88	87	87	76		80 EBITDA	339	272
13 %	15 %	16 %	19 %	21 %	20 %	20 %	17 %		18 % EBITDA-margin	19 %	16 %
									Aftonbladet
477	510	459	474	419	470	457	484		415 Operating revenues	1.830	1.920
209	234	197	241	190	226	213	259		215 - online	887	880
268	276	262	233	230	244	244	225		199 - offline	943	1.040
				-5 %	-4 %	0 %	-4 %		-3 % YOY revenue growth (currency adjusted)	-3 %
431	442	396	410	387	400	391	391		379 Operating expenses	1.568	1.680
46	68	63	63	32	70	67	93		35 EBITDA	262	240
10 %	13 %	14 %	13 %	8 %	15 %	15 %	19 %		9 % EBITDA-margin	14 %	12 %
	967	854	963	867	902	837	919		Subscription based newspapers (Norway and Sweden) 859 Operating revenues	3.525	3.710
926	205	179	232	200	211	199	230		218 - online	840	798
183	762	675	731	667	691	638	689		640 - offline	2.685	2.911
743
				-6 %	-7 %	-2 %	-5 %		-1 % YOY revenue growth	-5 %
907	903	814	876	826	819	774	853		828 Operating expenses	3.272	3.500
18	64	40	87	41	83	62	67		30 EBITDA	253	210
2 %	7 %	5 %	9 %	5 %	9 %	7 %	7 %		4 % EBITDA-margin	7 %	6 %
									Publishing other / HQ
222	272	234	251	247	273	256	283		308 Operating revenues / eliminations	1.060	980
266	266	228	280	252	297	254	315		340 Operating expenses	1.118	1.039
-44	7	6	-28	-5	-24	2	-31		-33 EBITDA	-59	-59

NOK million
1 quarter	2 quarter	3 quarter	4 quarter	1 quarter	2 quarter	3 quarter	4 quarter	1 quarter		Full year	Full year
2016	2016	2016	2016	2017	2017	2017	2017	2018	GROWTH	2017	2016
									Total Growth
387	403	415	436	436	470	460	470		456 Operating revenues	1.835	1.641
				12 %	17 %	11 %	8 %		5 % YOY revenue growth	12 %
328	323	310	344	356	387	333	367		354 Operating expenses	1.443	1.306
60	79	105	91	79	84	127	102		101 EBITDA	392	335
15 %	20 %	25 %	21 %	18 %	18 %	28 %	22 %		22 % EBITDA-margin	21 %	20 %
									Lendo Group
105	109	125	120	147	165	201	191		215 Operating revenues	704	459
				40 %	52 %	60 %	60 %		46 % YOY revenue growth	53 %
27	35	52	53	55	60	91	87		95 EBITDA	293	168
26 %	33 %	41 %	44 %	37 %	37 %	45 %	45 %		44 % EBITDA-margin	42 %	37 %
									Hitta (divested Q3 2017)
64	64	61	63	59	65	21			Operating revenues	145	252
18	16	17	16	10	15	5			EBITDA	30	67
29 %	25 %	28 %	26 %	18 %	23 %	22 %			EBITDA-margin	21 %	27 %
									Total Growth excl. Hitta
323	339	354	373	377	405	439	470		456 Operating revenues	1.690	1.389
				17 %	20 %	24 %	26 %		21 % YOY revenue growth	22 %
42	63	88	75	69	69	122	102		101 EBITDA	362	268
13 %	19 %	25 %	20 %	18 %	17 %	28 %	22 %		22 % EBITDA-margin	21 %	19 %