Schibsted ASA (SCH) - Interim Financial Statement Q2 2011
(Thomson Reuters ONE) -
Today Schibsted ASA (SCH) released its Q2 2011 report, which shows operating
revenues of NOK 3.8 billion, underlying an increase of 6 per cent compared to
the same period in 2010. Advertising revenues contributed with a growth of 9 per
cent. EBITDA in Q2 was NOK 683 million, compared to NOK 652 million in the same
period in 2010.
- Q2 2011 was a good quarter for Schibsted Media Group. We achieved an
improvement compared with last year, when we experienced low newsprint prices
and an advertising market in strong growth. The improvement is mainly due to
increased profitability within online classifieds. However, the Media Norge
newspapers also produce better results than in the same period in 2010. VG
managed to maintain a good level of profitability through price increases, a
higher number of publishing days, and by closely monitoring the cost level, CEO
Rolv Erik Ryssdal says.
- Development work is important both in the Media houses and in Online
classifieds. In our Media houses, we put a lot of effort into developing new
mobile services, iPad editions, and other user payment models, he says.
- The expansion within Online classifieds carries on. This summer we have kicked
off a significant initiative in Brazil, one of the most exciting growth markets
in the world. A Brazilian version of our online classifieds concept Blocket is
launched, and we had a good start by building on the operations we already had,
owned through our Spanish subsidiary Anuntis, Mr Ryssdal says.
- On 22 July, Norway suffered a brutal and tragic terrorist attack. On behalf of
the entire Schibsted Media Group, I wish to express our deepest sympathy with
all those affected by this crime and their friends and family. As a media
company, Schibsted has a special role to play in our democratic society, and I'm
very proud of the way the employees of our media houses handled the dramatic
hours and days following the attack, says CEO Rolv Erik Ryssdal.
Highlights in Q2 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 6 per cent.
* The Group's EBITDA was NOK 683 million in Q2 2011, compared to NOK 652
million in the record-strong Q2 2010. After adjusting for increased
investments in Online Classifieds, the profits rose by NOK 59 million.
* EBITDA margin of 18 per cent (19%).
* Increased investment in rolling out Online Classifieds and product
development in established businesses, such as Finn.no.
* Underlying growth of 9 per cent in advertising revenues, primarily driven by
strong progress online.
Media houses continue to report good earnings
* Media Houses Scandinavia achieved underlying growth of 3 per cent in their
revenues in Q2
* Continued improvement in the profits of Media Norge's regional newspapers.
* The fall in circulation for single-copy sales newspapers is partly
compensated by price increases and cost cuts.
* Several of Schibsted Tillväxtmedier in Sweden's suc-cessful online concepts
were launched in Norway by the newly formed company, Schibsted Vekst.
Strong growth and improved margins for Online Classifieds
* Underlying growth of 22 per cent in Online Classifieds' operating revenues.
This took place in both established markets and the portfolio of newly
created classified ads websites.
* Growth of 34 per cent in the EBITDA of established Schibsted Classified
Media operations.
* The Schibsted Media Group is increasing its focus on Online Classifieds in
new markets and this debited the EBITDA by NOK 73 million in Q2. This is NOK
28 million more than in Q2 2010, mainly due to increased marketing
activities.
* Leboncoin.fr is continuing to increase its traffic volume and revenues and
is one of Europe's largest Online Classifieds sites.
* Positive developments for Subito.it in Italy and Willha-ben.at in Austria.
* The Blocket concept was launched in Brazil in July 2011 under the name
Bomnegocio.com
Q2 Q2 1. half-year Full year
2010 2011 (MNOK) 2011 2010 2010
3,515 3,758 Operating revenues 7,254 6,773 13,768
--------------------------------------------------------------------------------
Gross operating profit
652 683 (EBITDA) 1,130 1,070 2,199
Gross operating profit
after depreciation and
509 549 amortization (EBITA) 859 775 1,611
--------------------------------------------------------------------------------
963 548 Profit (loss) before taxes 837 1,214 3,399
--------------------------------------------------------------------------------
6.87 3.22 Earnings per share (EPS) 4.76 8.32 27.04
Adjusted Earnings per
3.44 3.19 share (EPS) 4.62 4.84 9.72
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CAPEX 213 155 427
Cash flow from operations per share (NOK) 7.51 11.42 19.73
Net interest bearing debt (NIBD) 2,297 1,501 1,820
Net interest bearing debt/EBITDA last 12
months 1.0 0.7 0.8
Equity share 40.1 % 39.7 % 42.4 %
---------------------------------------------
Contact person:
Trond Berger, CFO. Tel: +47 916 86 695
Oslo, 12 August 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.
Presentation of 2nd Quarter 2011:
http://hugin.info/131/R/1538071/469711.pdf
2nd Quarter 2011:
http://hugin.info/131/R/1538071/469710.pdf
Financials and analytical info 2nd Quarter 2011:
http://hugin.info/131/R/1538071/469712.xls
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#1538071]
Unternehmensinformation / Kurzprofil:
Datum: 12.08.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 57201
Anzahl Zeichen: 7775
contact information:
Town:
Oslo
Kategorie:
Business News
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