At the Board Meeting on August 16, the Board of Directors of Schibsted ASA approved the interim financial statement as of June 30, 2007. Please find enclosed the Interim Report for 2nd Quarter 2007.
Information on the internet:
Schibsted’s web site: http://www.schibsted.com
HUGIN Online: http://www.huginonline.no/SCH
Highlights (Figures in brackets show the figures for the corresponding period in 2006.)
- The Group achieved a record Q2 result, with an operating profit (EBITA) of NOK 413 million (295 million) producing an operating margin of 12% (11%). Adjusting for investments in new projects gives a operating profit of NOK 570 million (380 million)
- Increased investments in new projects debited the profit and loss account by NOK 157 million (85 million) in Q2
- The revenues from the Group’s online activities increased by 43% in Q2 (before acquisitions of subsidiaries). These activities accounted for 40% of the Group’s operating profit (EBITA) (after acquisitions of subsidiaries)
- The revenues from the online activities of International Classifieds (ex-Trader) increased by 48 %
- Strong growth in operating profit for FINN and Blocket
- Strong sales growth and a leading market position for Hitta
- Good advertising revenues and improved circulation situation for the print editions of VG, Aftenposten and Svenska Dagbladet
- Decline in operating profit for the print edition of Aftonbladet. Q2 2006 was strong due to the Football World Cup. The price increase to SEK 10 and cost cuts will have a positive effect on the profits for the 2nd half-year
- Slower growth in the advertising revenues of Aftonbladet Nya Medier
- Aftonbladet’s results is considerably affected by the investments in Punkt SE and TV7
- Negotiations are taking place with various players in the market regarding divestment of TV7
- A major assessment of the strategic direction of Schibsted Søk (search) has been initiated, with the objective to secure a substantial improvement in the companies operating profit during the following years
- The sale of the head office in Apotekergaten 10 in Oslo in Q2 produced a gain of NOK 198 million
- The Media Norge partners have appealed against the Norwegian Media Authority’s decision to stop the Media Norge merger. A final decision is expected during the autumn of 2007.
GROUP RESULT (main figures)
|
Q2 2006
|
Q2 2007
|
Figures in NOK million
|
As of June 30, 2007
|
As of June 30, 2006
|
31.12. 2006
|
|
2697
|
3450
|
Operating revenues
|
6809
|
5254
|
11 648
|
|
384
|
554
|
Operating profit (EBITDA) 1)
|
953
|
640
|
1 452
|
|
(89)
|
(141)
|
Depreciations
|
(280)
|
(178)
|
(439)
|
|
295
|
413
|
Operating profit (EBITA)
|
673
|
462
|
1 013
|
|
14
|
191
|
Other revenues and expenses
|
204
|
125
|
1 492
|
|
298
|
547
|
Profit before taxes
|
777
|
560
|
2 413
|
1) Operating profit before depreciation, impairment of goodwill and other revenues and expenses.
Oslo, 17 August, 2007
The full Interim Report for 1st Quarter 2007 including tables and the Presentation of 1st Quarter 2007 can be downloaded from the following links: