At the Board meeting on 12 November 2009, the Board of Directors of Schibsted ASA approved the Interim Financial Statement as of 30 September 2009. Please find enclosed the Interim Report for Q3 2009.
Highlights in Q3 2009
Increased earnings in Q3 2009
The profitability programme is on schedule
(Figures in brackets show the figures for the corresponding period in 2008.)
In Q3 2009, the Group’s operating profit (EBITA) improved by 52 per cent to NOK 303 million
The improvement was due to a significant contribution from the Group’s profitability programme and continued growth in online activities.
Q3 operating revenues increased by 10 per cent to NOK 3.27 billion. The increase was mainly due to Media Norge being included in the consolidated accounts as of Q3 2009. Underlying growth rate was -2 per cent.
Underlying growth rate for advertising revenues was -7 per cent compared to the same period in 2008.
Schibsted’s online activities continue to grow, in spite of weak markets. Online operating revenues increased by 17 per cent in Q3. The operating margin was 21 per cent.
Schibsted’s increases its exposure towards profitable online classified sites. The ownership in Finn.no is expected to be increased to 80 per cent in Q4. The share of InfoJobs.net is increased to 98.5 per cent in Q3.
Schibsted’s profitability programme is intended to produce a NOK 1 billion effect in 2009. The programme is on track, and had in Q3 a NOK 300 million effect compared to Q3 2008. In total, the profitability programme has had a NOK 700 million effect. The programme has resulted in the number of employees being cut by 650 in the first nine months of 2009.
Schibsted is continuing its efforts to focus on core operations and free up capital. Retriever was sold for SEK 115 million in Q3. Sales processes for Schibsted Trykk’s property in Oslo and Schibsted’s shareholding in Aspiro AB are initiated.
Media Norge was established in 25 June 2009 and has been consolidated in Schibsted’s income statement as of Q3.
In July 2009, Schibsted carried out a successful rights issue, and raised approx NOK 1.3 billion in new equity. At the end of Q3, the key figure net interest-bearing debt was 2.4 times EBITDA for the past 12 months.
Operating profit (EBITA) 1)
Other revenues and expenses
Profit before taxes
1) Operating profit before impairment loss and other revenues and expenses.
CFO Trond Berger, tel: +47 91 68 66 95
Oslo, 13 November 2009
Jo Christian Steigedal
VP Investor Relations