Schibsted ASA (SCH) - Interim Financial Statement Q1 2011
(Thomson Reuters ONE) -
Today Schibsted ASA (SCH) released its Q1 2011 report, which shows operating
revenues of NOK 3.5 billion, underlying an increase of 7 per cent compared to
the same period in 2010. Advertising revenues contributed with a growth of 14
per cent. EBITDA in Q1 was NOK 447 million, a growth of 7 per cent compared to
the same period in 2010.
- I am very pleased to announce that for the seventh consecutive quarter
Schibsted Media Group can present a quarterly result ahead of what we achieved
in the same period in the previous year. This is the highest profit we have ever
posted in a first quarter, CEO Rolv Erik Ryssdal says.
- While we had some help from the advertising markets this first quarter, credit
is equally due to the hard efforts invested in product development and
strengthening our market positions within Online Classifieds and large sections
of our Media House operations. A high level of cost control is also a key factor
for all operations, Mr. Ryssdal states.
The merger between Schibsted and Media Norge was resolved in Q1, and it was
closed on 12 May.
- The merger is an important event for us. I personally believe that this merger
is the best solution for all interested parties. Our Media House and Online
Classifieds operations represent our two strategic pillars, and Media Norge has
developed strong positions within both areas. The fact that the media houses in
Media Norge, and the website Finn.no, performed well in Q1 is very encouraging,
says Rolv Erik Ryssdal.
- The media industry is changing more rapidly than ever before. Our goal is to
be at the forefront of the developments that shape both us and the rest of the
industry. During the first months of 2011, we recorded an increase in both
traffic and income from Online Classifieds and other Internet markets. The
subscription-based newspapers are thriving, while the circulation volume for
single copy newspapers has seen a substantial decline. We work in a dynamic
industry and have to make continuous adaptations to our operations, CEO Rolv
Erik Ryssdal says.
Highlights in Q1 2011
(Figures in brackets refer to the corresponding period in 2010.)
Improvement in result and good growth in revenues
* Underlying growth in operating revenues of 7 per cent.
* In Q1 2011, the Group made an EBITDA of NOK 447 million (418 million). This
is the best result ever achieved by Schibsted Media Group in a first
quarter.
* EBITDA margin of 13 per cent (13 %).
* Increased investment in the roll-out of online classified advertisements and
product development for established operations such as Finn.no.
* Underlying growth in advertising revenues of 14 per cent driven by
significant progress in online operations and growth for printed newspapers
in Scandinavia.
Media houses continue to report good earnings
* Underlying growth of 2 per cent in the Media Houses Scandinavia revenues in
Q1.
* Strong improvement in the results of Media Norge's regional newspapers.
* The fall in circulation volumes for single copy newspapers is partly
outweighed by price increases and cost reductions.
* Positive development for web-based growth companies in Norway and for
Schibsted Tillväxtmedier in Sweden.
Strong growth and improved margins for Online Classifieds
* Underlying growth in operating revenues of 28 per cent for Online
Classifieds. This took place in both established markets and the portfolio
of newly created classified advertisement websites.
* Growth of 34 per cent in the EBITDA of established Schibsted Classified
Media operations.
* The Schibsted Media Group is maintaining its rapid roll-out rate in new
markets and this lowered the EBITDA by NOK 70 million in Q1. This is NOK 32
million more than in Q1 2010, mainly due to increased marketing activities.
* Leboncoin.fr continues to increase both traffic and revenues and is one of
the largest Online Classifieds businesses in Europe.
* 31 per cent growth in revenues and improved margin for Finn.no, with other
established operations also reporting healthy gains.
Q1 Full year
(MNOK) 2011 2010 2010
Operating revenues 3 496 3 258 13 768
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Gross operating profit (EBITDA) 447 418 2 199
Gross operating profit after depreciation
and amortization (EBITA) 310 266 1 611
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Profit (loss) before taxes 289 251 3 399
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Earnings per share (EPS) 1,53 1,45 27,04
Adjusted Earnings per share (EPS) 1,41 1,41 9,72
--------------------------------------------------------------------------------
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CAPEX 118 71 427
Cash flow from operations per share (NOK) 2,40 2,43 19,73
Net interest bearing debt (NIBD) 1 990 2 389 1 820
Net interest bearing debt/EBITDA last 12
months 0,9 1,3 0,8
Equity share 42,8 % 37,4 % 42,4 %
---------------------------------------------
Contact person:
Trond Berger, CFO. Tel: +47 916 86 695
Oslo, 13 May 2011
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 1st Quarter 2011:
http://hugin.info/131/R/1515519/451787.xls
1st Quarter 2011:
http://hugin.info/131/R/1515519/451784.pdf
Presentation of 1st Quarter 2011:
http://hugin.info/131/R/1515519/451786.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(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#1515519]
Unternehmensinformation / Kurzprofil:
Datum: 13.05.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 54629
Anzahl Zeichen: 7679
contact information:
Town:
Oslo
Kategorie:
Business News
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