Schibsted ASA (SCH) - Interim Financial Statement Q2 2010
(Thomson Reuters ONE) -
Today Schibsted ASA (SCH) released its Q2 2010 report, which shows operating
revenues of NOK 3.52 billion, underlying a growth of 6 per cent compared to the
same period in 2009. Advertising revenues contributed with a growth of 15 per
cent. The operating profit (EBITA) in Q2 was NOK 509 million. This is the best
quarterly result ever for Schibsted.
- We are happy to be able to show such good results after 18 months in which all
of us have made a collective effort to turn every stone in order to strengthen
the company for the future. The results produced in the second quarter of 2010
shows that Schibsted is a solid company that is able to secure both good
development for our media houses and at the same time continued growth and high
profitability in our online classifieds operations, CEO of Schibsted Rolv Erik
Ryssdal says.
Ryssdal says that the Group's comprehensive profitability programme is the main
reason behind the profitability improvement.
- We carried out additional profitability measures of NOK 150 million in the
second quarter, bringing the total up to NOK 1.5 billion. This means that we are
slightly ahead of schedule; hence, we will be able to implement profitability
measures totaling NOK 1.7 billion by the end of 2011, Ryssdal states.
- We have also been helped by the advertising markets, which have leveled out or
expanded in most of our markets, Ryssdal says.
In Q2 2010 Schibsted's advertising revenues increased underlying by 15 per cent
compared to the same period in 2009. Circulation revenues decreased by 4 per
cent, mainly as a consequence of falling circulation volumes for single copy
sold tabloid newspapers.
- We are concerned about the decline in circulation volume for single copy sold
newspapers, VG and Aftonbladet in particular. We are also placing considerable
attention to the question of how to charge for digital content, since this will
be a reality anytime soon, Ryssdal says.
Highlights in Q2 2010
(Figures in brackets refer to the corresponding period in 2009.)
Record results in Q2
· In Q2 2010, the Group made an operating profit (EBITA) of NOK 509 million
(184 million) - Schibsted's best quarterly result ever.
· Operating margin (EBITA) of 14 per cent (6%).
· The improvement is due to continued online growth combined with the effect
of the Group's profitability programme and improvements in the Scandinavian
advertising markets.
· Underlying growth in operating revenues of 6 per cent.
· The underlying advertising revenues rose by 15 per cent compared to Q2
2009, driven by improvements in online operations and in most print categories
in Scandinavia.
· The Media Houses Scandinavia increased their underlying revenues by 3 per
cent in Q2. The margin increased from 2 to 7 per cent, driven by cost cuts and
stronger advertising markets.
· Schibsted continued with its profitability programme in Q2. The accumulated
effect of the measures is NOK 1.5 billion since 2008. The measures have taken
effect slightly more quickly than planned and the programme is expected to
produce a total effect of NOK 1.7 billion by the end of 2011.
Good growth and higher margins for Online Classifieds
· Schibsted's Online Classifieds business area achieved underlying growth in
operating revenues of 21 per cent in Q2. This growth came from both established
markets and the portfolio of newly established classified ads websites.
· Online Classifieds increased its operating margin (EBITA) from 21 to 30 per
cent in Q2.
Refinancing in place
· Schibsted has refinanced its loan portfolio and entered into new long-term
loan agreements with a total amount of EUR 500 million.
· The new facilities mean a much lower net interest margin compared to the
level during the past year.
Q2 Q2 1. half-year Full yr.
2009 2010 (MNOK) 2010 2009 2009
2,996 3,515 Operating revenues 6,773 5,915 12,745
331 652 EBITDA 1,070 464 1,494
184 509 EBITA( 1)) 775 181 832
(92) 963 Profit (loss) before taxes 1,214 (139) 279
3.57 6.87 Earnings per share (EPS) 8.32 2.86 4.74
0.48 3.44 Adjusted Earnings per share 4.84 1.17 4.42
(EPS)
Contact person:
Trond Berger, CFO. Tel: +47 916 86 695
Oslo, 13 August 2010
SCHIBSTED ASA
Jo Christian Steigedal
VP Investor Relations
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1437766]
2nd Quarter 2010:
http://hugin.info/131/R/1437766/382439.pdf
Presentation of 2nd Quarter 2010:
http://hugin.info/131/R/1437766/382440.pdf
Financial and analytical info:
http://hugin.info/131/R/1437766/382441.xls
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Source: Schibsted via Thomson Reuters ONE
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Datum: 13.08.2010 - 07:01 Uhr
Sprache: Deutsch
News-ID 39568
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