Schibsted ASA (SCH) - Interim Financial Statement Q1 2012
(Thomson Reuters ONE) -
Today Schibsted ASA released its Q1 2012 report, which shows operating revenues
of NOK 3.6 billion, underlying and increase of 5 per cent compared to the same
period in 2011. The Online classifieds operations increased their revenues by
19 per cent. The media house operations in Schibsted Norge increased their
revenues by 3 per cent, while Schibsted Sverige decreased its revenues by 2 per
cent, underlying.
EBITDA in Q1 2012 was NOK 421 million, compared to NOK 439 million in Q1 2011.
The result includes spending on new ventures in Online classifieds of NOK 140
million (NOK 70 million in Q1 2011). The EBITDA margin was 12 per cent.
- We are pleased Schibsted Media Group was able to achieve a good and stable
financial performance in a quarter in which we substantially increased our
investment in our online classifieds businesses, at a time when the markets for
printed newspapers are under pressure, CEO Rolv Erik Ryssdal says.
- We continued to implement our strategy of continuous growth and strengthening
our foundations within online classifieds and other digital services in Q1. We
have combined this with good quality and cost control in the media houses'
traditional operations, Ryssdal says.
- The online classifieds ventures are bearing fruit. In France our revenues are
still growing strongly and our market position is getting stronger every day.
The operations in Italy and Austria, which started from scratch a few years ago,
are established as market leaders and are experiencing good growth, the CEO
states.
- Our media houses are experiencing strong trends in the direction of web and
mobile platforms, both with respect to media consumption and advertising
revenues. This trend gained further momentum in Q1 2012 and the risk of a
further fall in printed advertising appears to have grown, Rolv Erik Ryssdal
says.
- The establishment of Schibsted Norge, in which all our Norwegian operations
have been gathered in one organization under one management team, is intended to
help increase collaboration and strengthen product development in the Group.
This will help ensure good quality and profitability in the future, Ryssdal
says.
- The general economic situation in Spain has deteriorated in the last few
months, and our operations there are impacted by this. The situation is being
closely monitored, CEO Rolv Erik Ryssdal says.
Highlights in Q1 2012
(Figures in brackets refers to the same period in 2011)
* 19 per cent growth for Online Classifieds and stable high margins in
established businesses.
* Stable growth in the media houses in Norway and Sweden.
* Underlying growth in the Group's operating revenues of 5 per cent.
* The Group's EBITDA was NOK 421 million in Q1 2012 (NOK 439 million).
* Adjusted for growth initiatives that have been expensed in Online
Classifieds, EBITDA was NOK 561 mill. (NOK 509 mill).
* The profit before taxes was NOK 310 million (289 million).
Strong growth and high margins for Online Classifieds
* Underlying growth of 19 per cent in operating revenues for Established phase
operations in Schibsted Classified Media. Finn.no grew by 18 per cent.
* Operating revenues for Leboncoin.fr increased 63 per cent in Q1, and the
website is one of Europe's largest online classifieds sites measured by
traffic.
* The EBITDA was reduced with NOK 140 million due to growth initiatives in Q1.
This is NOK 70 million more than in Q1 2011 and the increase is primarily
due to increased marketing.
* Subito.it in Italy and Willhaben.at in Austria strengthened their positions
as market leaders.
Steady, good results for the media houses in Norway and Sweden
* The circulation of single-copy newspapers decline was partly compensated for
by price increases and cost reductions.
* The printed newspapers' fall in advertising revenues was compensated for by
good growth in online revenues. Mobile services in particular experienced
especially good traffic and revenue growth.
* Cost control in the media houses is good. The cost reduction programme
announced in 2011 is gradually taking effect.
* Positive development in online consumer services related to e-commerce and
personal finance in Sweden. Similar concepts are currently being established
in Norway.
* Schibsted Norge has been established. This unit comprises VG, Schibsted
Forlag and the operations that previously constituted Media Norge.
Q1 Q1 FY
(MNOK) 2012 2011 2011
Operating revenues 3,603 3,496 14,378
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Gross operating profit (EBITDA) 421 439 2,185
Gross operating profit after depreciation
and amortization 305 310 1,680
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Profit (loss) before taxes 310 289 1,331
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Earnings per share (EPS) 1.78 1.53 7.00
Adjusted Earnings per share (EPS) 1.41 1.41 8.76
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CAPEX 79 110 354
Cash flow from operating activities per
share (NOK) 1.17 1.26 15.24
Net interest bearing debt 1,662 1,990 1,642
Net interest bearing debt/EBITDA last 12
months 0.8 0.9 0.8
Equity ratio 40.5 % 42.8 % 40.8 %
--------------------------------------------
Schibsted invites to an analyst and press conference at Apotekergaten 10, Oslo,
11 May 2012 at 09.00 CET. The presentation will be transmitted live as a webcast
on www.schibsted.com/ir.
A conference call with Q&A linked to the Q1 2012 results will take place 11 May
2012 at 14:00 CET. Please dial in at the following numbers:
International: +44 (0)20 7784 1036
From Norway: 800 56053
Conference code: 2293647
Contact person:
Trond Berger, CFO. Tel: +47 916 86 695
Oslo, 11 May 2012
SCHIBSTED ASA
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.
Financials and analytical info Q4 2011:
http://hugin.info/131/R/1611238/512416.xls
1st Quarter 2012:
http://hugin.info/131/R/1611238/512412.pdf
Presentation of 1st Quarter 2012:
http://hugin.info/131/R/1611238/512414.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Schibsted via Thomson Reuters ONE
[HUG#1611238]
Unternehmensinformation / Kurzprofil:
Datum: 11.05.2012 - 07:03 Uhr
Sprache: Deutsch
News-ID 145412
Anzahl Zeichen: 8532
contact information:
Town:
Oslo
Kategorie:
Business News
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