Interim Financial Statement Q2 2011

Schibsted ASA (SCH) , Published 12/08/2011 07:00:00

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Today Schibsted ASA (SCH) released its Q2 2011 report, which shows operating revenues of NOK 3.8 billion, underlying an increase of 6 per cent compared to the same period in 2010. Advertising revenues contributed with a growth of 9 per cent. EBITDA in Q2 was NOK 683 million, compared to NOK 652 million in the same period in 2010.


– Q2 2011 was a good quarter for Schibsted Media Group. We achieved an improvement compared with last year, when we experienced low newsprint prices and an advertising market in strong growth. The improvement is mainly due to increased profitability within online classifieds. However, the Media Norge newspapers also produce better results than in the same period in 2010. VG managed to maintain a good level of profitability through price increases, a higher number of publishing days, and by closely monitoring the cost level, CEO Rolv Erik Ryssdal says.


– Development work is important both in the Media houses and in Online classifieds. In our Media houses, we put a lot of effort into developing new mobile services, iPad editions, and other user payment models, he says.


– The expansion within Online classifieds carries on. This summer we have kicked off a significant initiative in Brazil, one of the most exciting growth markets in the world. A Brazilian version of our online classifieds concept Blocket is launched, and we had a good start by building on the operations we already had, owned  through our Spanish subsidiary Anuntis, Mr Ryssdal says.


– On 22 July, Norway suffered a brutal and tragic terrorist attack. On behalf of the entire Schibsted Media Group, I wish to express our deepest sympathy with all those affected by this crime and their friends and family. As a media company, Schibsted has a special role to play in our democratic society, and I’m very proud of the way the employees of our media houses handled the dramatic hours and days following the attack, says CEO Rolv Erik Ryssdal.


Highlights in Q2 2011
(Figures in brackets refer to the corresponding period in 2010.)


Improvement in result and good growth in revenues

  • Underlying growth in operating revenues of 6 per cent.
  • The Group’s EBITDA was NOK 683 million in Q2 2011, compared to NOK 652 million in the record-strong Q2 2010. After adjusting for increased investments in Online Classifieds, the profits rose by NOK 59 million.
  • EBITDA margin of 18 per cent (19%).
  • Increased investment in rolling out Online Classifieds and product development in established businesses, such as
  • Underlying growth of 9 per cent in advertising revenues, primarily driven by strong progress online.


Media houses continue to report good earnings

  • Media Houses Scandinavia achieved underlying growth of 3 per cent in their revenues in Q2
  • Continued improvement in the profits of Media Norge’s regional newspapers.
  • The fall in circulation for single-copy sales newspapers is partly compensated by price increases and cost cuts.
  • Several of Schibsted Tillväxtmedier in Sweden’s suc-cessful online concepts were launched in Norway by the newly formed company, Schibsted Vekst.


Strong growth and improved margins for Online Classifieds

  • Underlying growth of 22 per cent in Online Classifieds’ operating revenues. This took place in both established markets and the portfolio of newly created classified ads websites.
  • Growth of 34 per cent in the EBITDA of established Schibsted Classified Media operations.
  • The Schibsted Media Group is increasing its focus on Online Classifieds in new markets and this debited the EBITDA by NOK 73 million in Q2. This is NOK 28 million more than in Q2 2010, mainly due to increased marketing activities.
  • is continuing to increase its traffic volume and revenues and is one of Europe’s largest Online Classifieds sites.
  • Positive developments for in Italy and in Austria.
  • The Blocket concept was launched in Brazil in July 2011 under the name



Q2 Q2          1. half-year Full year
2010 2011 (MNOK) 2011 2010 2010
3,515 3,758 Operating revenues       7,254       6,773     13,768
652 683 Gross operating profit (EBITDA) 1,130 1,070 2,199
509 549 Gross operating profit after depreciation and amortization (EBITA)         859         775       1,611
        963 548 Profit (loss) before taxes         837       1,214       3,399
6.87 3.22 Earnings per share (EPS)        4.76        8.32       27.04
3.44 3.19 Adjusted Earnings per share (EPS)        4.62        4.84        9.72
CAPEX     213 155 427
Cash flow from operations per share (NOK) 7.51 11.42 19.73
Net interest bearing debt (NIBD) 2,297 1,501 1,820
Net interest bearing debt/EBITDA last 12 months 1.0 0.7 0.8
Equity share   40.1 % 39.7 % 42.4 %



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


Oslo, 12 August 2011


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.