Schibsted ASA (SCH) - Interim Financial Statement Q3 2014
(Thomson Reuters ONE) -
Today, Schibsted Media Group released its Q3 2014 report, showing operating
revenues of NOK 3.56 billion. The Online classifieds segment increased its
revenues underlying with 8 percent, 10 percent excluding Spain. The gross
operating profit (EBITDA) was NOK 504 million (463 million).
"In Schibsted, we continue to focus on long term growth, and we are spending
time and resources on strengthening our digital capabilities and develop our
technological fundament. In October, we published our first Future Report, where
we share some of the key trends that influence us and showcase some of the
exciting things going on in our group," CEO Rolv Erik Ryssdal says.
"In Q3, the growth in online revenues and traffic continued. 55 percent of
Schibsted's revenues came from online products, which is a growth from 48
percent in the same period last year," Rolv Erik Ryssdal says.
"Our Online classifieds operations have strengthened its market positions in the
important French market, and we see good results of our many changes and
improvements in Spain. At the same time we experience some headwind from the
markets in Norway. In particular, the decline in the recruitment market is
affecting the revenue growth rates there. I find it reassuring that Finn.no
maintain high profit margins and at the same time keep working on innovation and
development of the online market place of the future. This will ensure future
revenue growth," Rolv Erik Ryssdal says.
"Schibsted continues its program of organic investments in new markets. We see
strong growth in traffic across the portfolio, including markets like Brazil,
Chile and Indonesia. As these markets mature, we will build significant value in
these markets. Monetization is gradually being ramped up, and in Q3 the revenue
growth rate in the investment phase portfolio was close to 70 percent," Rolv
Erik Ryssdal says.
"Our Media Houses face significant challenges, as the print advertising market
continues to decline rapidly. Our job is to adapt the cost base to the market
development, and at the same time make sure we are at the forefront when it
comes to online product offerings. Consumers and advertisers are embracing the
changes we do, and it is encouraging to see that the subscription numbers for
our newspapers show a positive trend as a result of our digital products," CEO
Rolv Erik Ryssdal says.
Highlights of Q3 2014
(Figures in brackets refer to the corresponding period in 2013.)
* EBITDA of NOK 504 million (463 million). Excluding investments in New
Ventures in Online classifieds, the Group EBITDA was NOK 623 million (673
million).
* Online classifieds EBITDA margin of 32 percent (26%), 44 percent (47%)
excluding investments in New Ventures
* 20 percent revenue growth and stable margins in France. Real estate
monetization to be gradually ramped up.
* Strong growth in volume as a result of freemium strategy for Finn.no.
Revenue growth hampered by weak employment market in Norway.
* Improved macro and better traffic development in Spain creates platform
for revenue growth. The acquisition of Milanuncios is still being
processed by the competition authorities. Schibsted expects that the
acquisition will be cleared by the authorities during Q4 2014.
* InfoJobs.net in Spain returned to growth in Q3, as the macro environment
in Spain improves.
* Building valuable market positions through investments in traffic growth
in new markets. Strong growth in key performance indicators in most
markets, including Brazil. In Chile and Finland, our online classifieds
sites have gained a market leadership position.
* Continued good traction in Germany and UK for mobile only classifieds
app Shpock.
* The traffic development is strong in most sites in the portfolio.
* Mixed development in Media houses.
* Strong online positions and tight cost control secure overall revenue
growth and firm margins for VG and Aftonbladet. Mobile and web TV main
contributors to digital growth.
* Increased subscription revenues for morning newspapers as a result of
attractive digital products, which is offsetting some of the print
advertising decline.
* Accelerated print advertising decline. Continuous work on adapting cost
base to the development.
* Steady growth and margin improvement for personal finance services.
Q3 Q3 As of Q3 FY
2013* 2014 (MNOK) 2014 2013* 2013*
3,581 3,557 Operating revenues 11,101 11,038 14,870
463 504 Gross operating profit (EBITDA) 1,488 1,322 1,777
13 % 14 % EBITDA margin 13 % 12 % 12 %
Gross operating profit (EBITDA) ex.
673 623 Investment phase 1,885 1,975 2,647
19 % 18 % EBITDA margin ex. Investment phase 17 % 18 % 18 %
Share of profit (loss) of joint
(30) (252) ventures and associated companies (670) (67) (123)
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33 199 Profit (loss) before taxes 490 515 1,490
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Schibsted invites to an analyst and press conference at Apotekergaten 10, Oslo,
30 October 2014 at 09:00 CET. The presentation will be held in English and
transmitted live as a video webcast on www.schibsted.com/ir.
A conference call with Q&A linked to the Q3 2014 numbers will take place 30
October 2014 at 14:00 CET. Please dial in at the following numbers:
International: +44(0)20 3427 1905
From Norway: 800 56053
Conference code: 3958665
Contact persons:
Trond Berger, CFO. Tel: +47 916 86 695
Jo Christian Steigedal, VP Investor Relations. Tel: +47 415 08 733
Oslo, 30 October 2014
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.
Presentation of 3rd Quarter 2014:
http://hugin.info/131/R/1866948/655911.pdf
Financials and analytical info Q3 2014:
http://hugin.info/131/R/1866948/655914.pdf
3rd Quarter 2014:
http://hugin.info/131/R/1866948/655910.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1866948]
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