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Quarterly Results Q1 2011

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Quarterly Results Q1 2011 Quarterly results Q1 2011 Rolv Erik Ryssdal, CEO Trond Berger, CFO Terje Seljeseth, CEO Schibsted Classified Media Disclaimer This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted asa ("Schibsted" or the "Company") exclusively for information purposes, and does not constitute an offer to sell or the solicitation of an offer to buy any financial instruments. Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions contained herein are fair and reasonable, however no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability is accepted for any such information or opinions. To get back, This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward- looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation. There may have been changes in matters which affect the Company subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed. The Company does not intend, and does not assume any obligation, to update or correct any information included in this presentation. Turn off ’CLASSIFICED’ via 2. Deactivate by clicking off the Q1 2011 2 Agenda . Q1 highlights . Media Houses in Q1 . Online classifieds in Q1 To get back, . Income statement and Financials . Schibsted Classified Media . Outlook Q1 2011 highlights . Continued profit improvement and top line growth in Q1 . EBITDA NOK 447 million (418 in Q1 2010). Revenue growth 7% . Strong quarter for Online operations. Online classifieds revenue growth of 28%. Good online growth in Media houses . Additional new ventures in Schibsted Classified Media To get back, approaching break even . Increased investments in new Online classifieds positions by NOK 32 million Y/Y, building platform for further growth and value creation . Scandinavian advertising markets continue to improve . Advertising revenues in Media houses increased 8% . Media Norge merger approved . Challenging circulation volume for single copy sold newspapers . Improved market positions on mobile and web Turn off ’CLASSIFICED’ via 2. Deactivate by clicking off the Q1 2011 4 Q1 2011 highlights Underlying Revenue Change EBITDA margin Q1 2011 y/y* Q1 11 Q1 10 Group 3 496 7 % 13 % 13 % To get back, Media Houses Scandinavia 2 436 2 % 10 % 11 % Media Houses International 242 7 % -2 % -3 % Online Classifieds 830 28 % 31 % 30 % Turn off ’CLASSIFICED’ via *) Growth adjusted for acquisitions, divestments and currency fluctuations 2. Deactivate by clicking off the Q1 2011 5 Revenue split Q1 2011 Total revenue MNOK 3,496 Media Houses Online online classifieds 11 % To get back, 24 % Media Houses Media offline Houses advertising other 28 % 7 % Media Houses Media single copy Houses 18 % subscription 13 % Turn off ’CLASSIFICED’ via 2. Deactivate by clicking off the Q1 2011 6 Continued EBITDA growth in Q1 600 92 (32) 500 46 (30) (23) 447 418 (13) (11) 400 Increased investment in 300 Blocket roll outs To get back, 200 Million NOK Million 100 0 VG Other 2010 Online other Finn Online classifieds EBITDA Q1 EBITDA Established SCH Sverige SCH Investments Media Houses Media classifieds New New classifieds Media Norge ex ex Norge Media Turn off ’CLASSIFICED’ via Q1 2011 EBITDA 2. Deactivate by clicking off the Q1 2011 7 Q1 2011 operations Online classifieds Media Houses Finn.no (owned by Media Norge Media Norge) To get back, Schibsted Classified VG Media Hitta (owned by Schibsted Sverige Schibsted Sverige) International Key figures Q1 2011: Revenue: MNOK 830 MNOK 2,678 Other/eliminations: Revenue MNOK -12 EBITDA: MNOK 261 MNOK 244 EBITDA MNOK -58 Turn off ’CLASSIFICED’ via 2. Deactivate by clicking off the Q1 2011 8 Agenda . Q1 highlights . Media Houses in Q1 . Online classifieds in Q1 To get back, . Income statement and Financials . Schibsted Classified Media . Outlook Media Houses Improvement for morning newspapers, challenging volume development for tabloids +3%* 3000 30 % 2500 25 % 2000 20 % 1500 15 % MNOK 1000 10 % 500 5 % 0 0 % -500 -5 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011 Revenue EBITDA margin *) Underlying growth, adjusted for currency effects, acquired/divested operations. Note: 2009 and 2010 figures are from Business Areas Media Houses Scandinavia/International. Q1 2011 10 Media Houses Scandinavia Improved markets and firm cost control in Media Norge . Q1 advertising revenues in Media Norge media houses Media Norge media houses increased 9% 1200 30 % 1000 25 % . Recruitment +10% 800 20 % . Real estate +8% 600 15 % 400 10 % MNOK 13% . Circulation revenues increased 1% as a result of 200 5 % To get back, price increases. Circulation volume declined 2% 0 0 % Q1 10 Q1 11 . EBITDA NOK 150 million (NOK 104 million) Revenues EBITDA margin . Strong performance for online newspapers contribute to the improvement . Collaboration projects continue to enhance efficiency. Aftenposten launched iPad edition in Q1. Will be introduced as a paid for product in Q2 Turn off ’CLASSIFICED’ via 2. Deactivate by clicking off the Q1 2011 11 Media Houses Scandinavia Broad improvement in Media Norge media houses Aftenposten group Bergens Tidende Stavanger Aftenblad Fædrelandsvennen 600 30 % 300 30 % 180 30 % 120 30 % 6% 500 25 % 250 +8% 25 % 150 +9% 25 % 100 +4% 25 % 400 20 % 200 20 % 120 20 % 80 20 % To get back, 13 % 13 % 14 % 300 15 % 150 13 % 15 % 90 15 % 60 15 % 200 7 % 10 % 100 10 % 60 10 % 40 10 % 4 % 3 % 3 % 100 5 % 50 5 % 30 5 % 20 5 % 0 0 % 0 0 % 0 0 % 0 0 % Q1 10 Q1 11 Q1 10 Q1 11 Q1 10 Q1 11 Q1 10 Q1 11 Revenue EBITDA margin Revenue EBITDA margin Revenue EBITDA margin Revenue EBITDA margin EBITDA figures excluding associated companies. Printing activities were carved out of the Media Houses as of Q1 2011. 2010 Turn off ’CLASSIFICED’ via figures are calculated for comparison purpose. 2. Deactivate by clicking off the Q1 2011 12 Merger with Media Norge . Merger finalized and effective as of 12 May 2011 . Improving the opportunity for cooperation across the Schibsted group . Values Media Norge at NOK 7,25 bn. including cash. Main assets: 1. Media Houses Aftenposten, Bergens Tidende, Stavanger Aftenblad, and Fædrelandsvennen – each clear leaders in their respective markets, and with potential for further operational To get back, improvements 2. 50.01% of Finn.no – fast growing clear market leader in Online classifieds in Norway . Close to half of the value linked to online activities . Increasing Schibsted’s exposure to Finn.no from 83% to 90% . Settlement for the merger 1/3 cash and 2/3 shares in Schibsted ASA . One shareholder, representing 0.2% of the shares in Media Norge, has filed a law suit contesting that the merger is invalid . Schibsted’s legal advisors consider the claim to be without legal basis Turn off ’CLASSIFICED’ via 2. Deactivate by clicking off the Q1 2011 13 Media Houses Scandinavia Circulation decline for print newspapers in Sweden Schibsted Sverige media house* 1000 50 % . Schibsted Sverige Q1 EBITDA SEK 57 million 800 40 % (78 million) 600 30 % . Reduced single copy circulation volume puts MSEK 400 6% 20 % pressure on circulation revenues 200 10 % . 19% online growth*. Strong growth and To get back, 0 0 % Q1 10 Q1 11 profit development for online growth portfolio Revenues EBITDA margin (Schibsted Tillväxtmedier) Svenska Dagbladet group . Q1 EBITDA SEK 23 million (SEK 22 million) 300 60 % 250 50 % . Print advertising revenue increased 3% 200 40 % 150 30 % . Investor Relations advertising segment has been MSEK 100 8% 20 % substantially reduced due to regulatory change 50 10 % 0 0 % . Circulation revenues increased 2% in Q1, Q1 10 Q1 11 helped by price increases Revenues EBITDA margin Turn off ’CLASSIFICED’ via 2. Deactivate by clicking off the Q1 2011 14 *) Excluding Hitta.se, which is reported as part of the Business Area Online classified Media Houses Scandinavia Circulation volume decline hampers Aftonbladet Print 500 50 % . Q1 EBITDA SEK 27 million (SEK 42 million) 400 40 % . Advertising revenue increased by 2% 300 30 % MSEK 200 20 % . Circulation revenues declined due to 12% volume 6% 100 10 % decline and scale down of low margin supplements. Revenue decline of 10% excluding supplements To get back, 0 0 % Q1 10 Q1 11 . Cost reduced by 8% because of lower volumes and Revenues EBITDA margin reduced marketing investments Online 120 60 % . Revenue reduced by 2% in Q1. Affected negatively 100 50 % with 4 million of one off adjustment of revenue 80 40 % . Q1 EBITDA SEK 8 million (SEK 21 million) 60 30 % MSEK 40 8% 20 % . 8% EBITDA margin (20%) in Q1. Increased activity 20 10 % level and development cost result in margin pressure 0 0 % Q1 10 Q1 11 . iPad version of the daily newspaper launched in April 2011 Turn off ’CLASSIFICED’ via Revenues EBITDA margin 2. Deactivate by clicking off the Q1 2011 15 Media Houses Scandinavia Challenging circulation, advertising decline in VG Print .
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