Today Schibsted ASA (SCH) released its Q1 2010 report, which shows operating revenues of NOK 3.25 billion, underlying an increase of 1 per cent compared to the same period in 2009. Operating profit (EBITA) was NOK 266 million. In the same period in 2009 the operating profit was negative with NOK 3 million.
Schibsted’s advertising revenues increased by underlying 6 per cent in the first quarter of 2010 compared with the same period in 2009. Circulation revenues declined underlying with 3 per cent.
– We are satisfied with further improving our results this quarter. First and foremost it is our profitability programme that is yielding good effects, CEO of Schibsted Rolv Erik Ryssdal says.
– During Q1 2010, Schibsted has realized an additional amount of NOK 150 million through the profitability this programme. The total accumulated effect for the programme is now up to NOK 1.35 billion since it started at the beginning of 2009. We continue towards the target of an accumulated effect of NOK 1.6 billion in 2011, Ryssdal says.
– Certain parts of the advertising market indicate steps forward, especially in the online segment. Several of our online sites are growing both in terms of traffic and income. Some newspapers also show improving income in during the first quarter of 2010. However, there is still a considerable degree of uncertainty in the market,, states Ryssdal.
Highlights for Q1 2010
(Figures in brackets refer to the corresponding period for 2009.)
· In Q1 2010, the Group an operating profit (EBITA) of NOK 266 million (-3 million).
· The increase is due to continued online growth combined with the effects of the Group’s profitability programme.
· Underlying increase in operating revenues was 1 per cent.
· Advertising revenues rose by underlying 6 per cent compared to Q1 2009, driven by improvements in online activities and in certain print categories.
· Schibsted’s revenues from online activities rose sharply. In Q1, the operating revenues from online classifieds increased underlying by 16 per cent and the operating margin (EBITA) came to 23 per cent (15%). Online newspapers increased their operating revenues underlying by 17 per cent and achieved an operating margin (EBITA) of 4 per cent (-1%).
· Schibsted continued with its profitability programme in Q1. Since 2008, the measures have had an accumulated effect of NOK 1.35 billion. The target of an accumulated effect of NOK 1.6 billion by the end of 2011 remains in force.
· Schibsted is continuing its efforts to focus on core operations and free up capital. In Q2 Schibsted Trykk’s property in Oslo sold for NOK 760 million.
· There is a continued focus on developing Schibsted’s online classified ads activities. Websites based on the Blocket concept were launched in Switzerland and Hungary and thus now exist in 11 markets outside Sweden.
| Q1 | Full year | ||
| (MNOK) | 2010 | 2009 | 2009 |
| Operating revenues | 3,258 | 2,919 | 12,745 |
| EBITDA | 418 | 133 | 1 494 |
| EBITA 1) | 266 | (3) | 832 |
| Profit (loss) before taxes | 251 | (47) | 279 |
| Earnings per share (EPS) | 1.45 | (0.71) | 4.74 |
| Adjusted Earnings per share (EPS) | 1.41 | 0.69 | 4.42 |
1) Operating profit before impairment loss and other revenues and expenses.
In connection with the release of the quarterly results, Schibsted invites to a presentation today, 12th May 2010 at 09.00 CET at the Schibsted premises in Apotekergaten 10 Oslo. An English language video recording of the presentation is available at the Schibsted web pages www.schibsted.com/ir. A conference call with Q&A will be held at 14.00 CET.
Please find attached interim report, presentation material, and spreadsheet with financial and analytical information.
Contact person:
Trond Berger, CFO. Tel: +47 916 86 695
Oslo, 12 Mai 2010
SCHIBSTED ASA
Jo Christian Steigedal
VP Investor Relations