Interim Financial Statement Q1 2013

Schibsted ASA (SCH) , Published 30/04/2013 07:00:00

Today, Schibsted Media Group released its Q1 2013 report, which shows operating revenues of NOK 3.7 billion. The gross operating profit (EBITDA) was NOK 274 million. Excluding Online classifieds Investment phase, the EBITDA was NOK 514 million, compared to NOK 564 million in the same period in 2012. The Online classifieds operations increased their revenues with 11 percent. The revenues of the media houses in Norway declined by 5 percent whereas the Swedish media houses increased revenues by 2 percent.

– I am satisfied that Schibsted Media Group in the first quarter of 2013 has continued to develop according to our strategy, given the challenging markets we operate in. In the first quarter, 45 percent of our revenues and 63 percent of our operating profit was generated by online operations, CEO Rolv Erik Ryssdal says.

– This achievement is a result of significant investments in digital operations over time both in the media houses and in online classifieds. We still have high ambitions, and in this last quarter we invested substantial amounts. Our Online classifieds New Ventures invested NOK 100 million more than in the same period last year. Our Established online classifieds operations continue to grow well, and they maintain or strengthen their market positions. Nevertheless, we believe we can broaden their market positions further, and focus on developing new offerings, Rolv Erik Ryssdal says.

– In our media houses, print products still contribute with considerable profits. That is a good achievement in a market where the structural changes put significant pressure on print revenues. The transition program we announced last fall results in material cost reductions in Q1, which curb the margin decline for these units. In parallel, we continue to focus on building digital competence in our organizations and to constantly develop our online newspapers. Our most digitized newspapers VG and Aftonbladet are main drivers for the development of mobile platforms and web-tv in the Norwegian and Swedish markets, Rolv Erik Ryssdal says.

– The development of digital newspaper subscription models is another important area for us. We have positive results from implementation of a print/online bundled subscription product in Fædrelandsvennen a year ago. Last week a similar model was introduced in Svenska Dagbladet, and most of our newspapers will follow later this year, CEO Rolv Erik Ryssdal says.

Highlights of Q1 2013
(Figures in brackets refer to the corresponding period in 2012. Underlying figures are adjusted for currency effects and acquisitions and divestments.)

  • Group operating revenues were unchanged, underlying, compared to Q1 2012.  Online classifieds revenues grew 11 percent underlying; 16 percent growth excluding the Spanish online classifieds operations
  • Group EBITDA ex Investment phase of NOK 514 million (564 million); earnings growth in Online classifieds but decline in Media houses 
  • Online classifieds report 16 percent EBITDA margin; 41 percent EBITDA margin excluding Investment phase
    • Continued strong growth and high margins in the French market leader
    • Stable performance in the key established operations in Norway and Sweden
    • Early Easter, cold weather in Scandinavia and temporary operational instability hurt growth rates in Q1
    • Steady growth in Italy, Austria and Ireland. and new sites in Established phase
    • Spanish operations hurt by weak economy and job market
    • Strong traffic growth and improved market positions in new markets, including Brazil
  • Online growth and cost reductions curb the margin decline in Scandinavian media houses
    • Good Online growth in both Norway and Sweden, particularly from mobile activities
    • Continued decline in Print advertising as the migration to online continues. Negative Easter effect
    • Cost reductions in print activities; comprehensive transition program on track 
    • VG and Aftonbladet maintain revenues and increase profitability as a result of online growth
Q1 Q1 FY
 (MNOK) 2013 2012 2012
Operating revenues       3,670       3,603     14,763
Gross operating profit (EBITDA) 274 424 2,043
EBITDA margin 7 % 12 % 14 %
Gross operating profit (EBITDA) ex. Investment phase         514         564       2,573
EBITDA margin ex. Investment phase 14 % 16 % 18 %
Profit (loss) before taxes         107         274         620
Adjusted Earnings per share (EPS)        0.55        1.57        8.59

Schibsted invites to an analyst and press conference at Apotekergaten 10, Oslo, 30 April 2013 at 09.00 CET. The presentation will be transmitted live as a webcast on

A conference call with Q&A linked to the Q1 2013 results will take place 30 April 2013 at 14:00 CET. Please dial in at the following numbers:

International: +44(0)20 7136 2051
From Norway: 800 56054
Conference code: 4563132

Contact person:
Trond Berger, CFO. Tel: +47 916 86 695

Oslo, 30 April 2013

Jo Christian Steigedal
VP Investor Relations


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.