At the Board meeting on May 8th, the Board of Directors of Schibsted ASA approved the interim financial statement as of 31 March 2008. Please find enclosed the Interim Report for 1st Quarter 2008.
Information on the internet: http://www.schibsted.com/ir
Highlights (Figures in brackets show the figures for the corresponding period in 2007.)
- The Group achieved a Q1 2008 operating profit (EBITA) of NOK 283 million (260 million), producing an operating margin of 8.2% (7.7%).
- Schibsted sold the VG building in Oslo city centre in Q1, realising a gain of NOK 842 million (other revenues and expenses).
- The revenues from the Group’s online activities increased by 29% in Q1. Online activities accounted for 61% of the Group’s operating profit (46%).
- Good growth in profits (EBITA) for FINN, VG Nett, Aftonbladet Nya Medier and Blocket/Bytbil.
- The migration from print to online newspapers continues. Price increases are maintaining VG’s and Aftonbladet’s circulation revenues.
- Slightly weaker development for recruitment and real estate advertisements in Aftenposten.
- Strong development for 20 Minutes in France. A readership record but challenging advertising market in Spain.
- Schibsted’s Board of Directors has decided to gather all of the Group’s classified ads business outside Norway under one management in a central subsidiary, Schibsted Classified Media AS.
- Strong growth in revenue from Schibsted Classified Media’s online activities. The efforts to build new market positions are continuing. The revenues from printed publications are declining.
- Schibsted reduced the costs of organic projects in Q1 from NOK 163 million last year to NOK 99 million this year.
- The fact that Easter fell in Q1 this year is estimated to have reduced the operating revenues by around NOK 70 million
Consolidated results (main figures)
Operating profit (EBITDA) 1)
Operating profit (EBITA)
Other revenues and expenses
Profit before taxes
1) Operating profit before depreciation, impairment of goodwill and other revenues and expenses
Oslo, 8 May 2008
The full Interim Report for 1st Quarter 2008 including tables and the Presentation of 1st Quarter 2008 can be downloaded from the following links: