Schibsted ASA (SCH) - Interim Financial Statement Q4 2014
(Thomson Reuters ONE) -
Today, Schibsted Media Group released its Q4 2014 report, showing operating
revenues of NOK 3.87 billion. The Online classifieds segment increased its
revenues with 11 percent. The gross operating profit (EBITDA) was NOK 453
million (455 million).
"Q4 2014 was an eventful quarter for Schibsted. An important milestone was our
agreement with Naspers. Together, we will form joint ventures in several
important emerging markets, with Brazil as the biggest. A merger of two large
classifieds sites significantly increases the value for the consumers in a
market. More items for sale will be available on one site, and for sellers more
buyers will see your ad. We expect that forming the joint ventures will increase
the probability for being able to create clear market leaders in a more
efficient manner," CEO Rolv Erik Ryssdal says.
"The joint venture agreement means that we will reduce our investment spend
considerably in 2015. It also frees up resources we will use in order to further
strengthen the development of both our fully owned established operations and in
operations in an earlier stage," Rolv Erik Ryssdal says.
"In Q4 we saw continued solid top line growth and stable operating margin from
our French online classifieds site Leboncoin.fr. The site now focuses on taking
a good position in the French real estate market. Our Spanish operations grew
revenues for the first quarter in almost three years. Having now closed the
acquisition of Milanuncios.com, I see a positive outlook for our Spanish
operations in 2015. A soft spot in the Q4 report is Finn.no, where the revenue
development is disappointing. Our decision to boost traffic by turning the
private part of the generalist vertical into freemium and the negative
development in the Norwegian recruitment market slowed down Finn's revenue
development," Rolv Erik Ryssdal says.
"Our media houses continue to develop well online. VG and Aftonbladet combined
produce stable margins and close to stable revenues as a result of their success
online. Subscription based newspapers face some more headwind from print
advertising decline. However, they have positive circulation trends as a result
of well received, innovative online products," Rolv Erik Ryssdal says.
"To support both the online classifieds and the media houses, we are
strengthening our efforts within digital development. Centralized teams for
online platforms, login services and advertising technology are being
established. We are convinced that this will be a vital building block for
continued success in the online market. In 2015, these initiatives will imply
additional operating expenses for Schibsted," CEO Rolv Erik Ryssdal says.
Highlights of Q4 2014
(Figures in brackets refer to the corresponding period in 2013.)
* Stable EBITDA of NOK 453 million (455 million). Excluding investments in New
Ventures in Online classifieds, the Group EBITDA was NOK 559 million (672
million).
* Online classifieds EBITDA margin of 27 percent (22%), 37 percent (44%)
excluding investments in New Ventures
* 20 percent revenue growth and stable margins in France. Real estate
monetization to be gradually ramped up as the cooperation agreement with
Spir expired at the end of the quarter.
* Revenue growth for the first quarter in 11 quarters in Spain. Improved
macro and better traffic development and the integration of
Milanuncios.com creates platform for revenue growth.
* Strong growth in volume as a result of freemium strategy for Finn.no.
Revenue growth hampered by weak employment market in Norway.
* Joint ventures established with Naspers in four key emerging markets,
including Brazil. Will speed up the development towards profitability
and reduce the investments required.
* Continued strong growth in key performance indicators in most markets
like Brazil, Chile and Finland. Significant uplift in traffic and user
engagement in Morocco after merger with Avito.
* Schibsted has agreed with Naspers to take over their operation in
Hungary. Schibsted will sell its operations in Romania and Portugal to
Naspers.
* Continued good traction in Germany for the 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 stable revenue
development 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.
* Steady growth and margin improvement for personal finance services.
* Dividend proposed at NOK 3.50 per share for 2014.
Q4 Q4 Full year
2013* 2014 (MNOK) 2014 2013*
3,832 3,874 Operating revenues 14,975 14,870
455 453 Gross operating profit (EBITDA) 1,941 1,777
12 % 12 % EBITDA margin 13 % 12 %
Gross operating profit (EBITDA) ex.
672 559 Investment phase 2,444 2,647
18 % 15 % EBITDA margin ex. Investment phase 16 % 18 %
Share of profit (loss) of joint ventures and
(56) (171) associated companies (841) (123)
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975 (108) Profit (loss) before taxes 382 1,490
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*) Restated figures
Schibsted invites to an analyst and press conference at Apotekergaten 10, Oslo,
13 February 2015 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 Q4 2014 numbers will take place 13
February 2015 at 14:00 CET. Please dial in at the following numbers:
International: +44(0)20 3427 1912
From Norway: 800 56 054
Conference code: 5331731
Contact persons:
Trond Berger, CFO. Tel: +47 916 86 695
Jo Christian Steigedal, VP Investor Relations. Tel: +47 415 08 733
Anders Christian Rønning, Investor Relations Officer. Tel: +47 916 56 660
Oslo, 13 February 2015
SCHIBSTED ASA
Jo Christian Steigedal
VP Investor Relations
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Presentation of 4th Quarter 2014:
http://hugin.info/131/R/1894337/671554.pdf
Financials and analytical info Q4 2014:
http://hugin.info/131/R/1894337/671555.pdf
4th Quarter 2014:
http://hugin.info/131/R/1894337/671553.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#1894337]
Unternehmensinformation / Kurzprofil:
Datum: 13.02.2015 - 07:01 Uhr
Sprache: Deutsch
News-ID 371469
Anzahl Zeichen: 8703
contact information:
Town:
Oslo
Kategorie:
Business News
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