Schibsted ASA (SCH) - Interim Financial Statement Q3 2011
(Thomson Reuters ONE) -
Today Schibsted ASA (SCH) released its Q3 2011 report, which shows operating
revenues of NOK 3.4 billion, underlying an increase of 5 per cent compared to
the same period in 2010. Advertising revenues contributed with a growth of 9 per
cent. EBITDA in Q3 was NOK 531 million, compared to NOK 567 million in the same
period in 2010.
- Q3 2011 was a satisfactory quarter for Schibsted Media Group. Our Online
Classifieds business continues to show good revenue and earnings growth in spite
of higher in-vestment in rolling out business operations in new markets. Our
Media Houses are showing slightly weaker earnings compared with very good
results in Q3 last year, but they are still showing good overall margins, the
structural decline of single copy sold newspapers taken into consideration. The
new marketplaces we are launching online in Scandinavia are performing well, in
particular thanks to good help from the strong online positions of our media
houses and online classifieds businesses, CEO Rolv Erik Ryssdal says.
- In recent months, unrest in the world economy has had an impact on the
performance of our most important advertising markets. Schibsted experienced a
slight decline in the advertising revenues from print newspapers in Q3. The
structural shift in the direction of digital media continues. We are continuing
our efforts to reinforce our editorial and commercial products in combination
with tight cost control. This work is even more important now in these uncertain
times. In Q3 we announced measures that will entail an annual reduction in our
costs in the range of NOK 190-210 million, Rolv Erik Ryssdal says.
- The established Online Classifieds businesses Finn, Blocket and Leboncoin
continue to grow. Schibsted's international expansion in the Online Classifieds
area continues. Our Brazilian version of the Blocket concept is well underway.
In Italy, Austria and Malaysia we are nearing the end of the investment phase
and will soon be entering a profitable phase as market leaders, says CEO Rolv
Erik Ryssdal.
Highlights in Q3 2011
(Figures in brackets refer to the corresponding period in 2010.)
Revenue growth and high margins in Q3
* Underlying growth in operating revenues of 5 per cent.
* Group EBITDA was NOK 531 million in Q3 2011 (NOK 567 million).
* Adjusted for increased investments in Online Classifieds, EBITDA was NOK
575 million.
* Advertising revenues rose underlying 9 per cent, driven primarily by an
improvement in online operations.
* Net interest-bearing debt remained stable compared to Q2 2011.
Good earnings and online growth in media houses
* Media Houses Scandinavia achieved underlying reve-nue growth of 1 per cent
in Q3. The EBITDA margin was 13 per cent, which is considered to be a good
result given the structural decline of single copy newspapers.
* Declining circulation for single-copy sales newspapers partly compensated
for by price increases and cost cuts.
* Cost reductions with an annual effect of NOK 190-210 million for the
Scandinavian newspaper operations de-cided. Effects to be realised during
2012 -2014, primarily in 2012.
* Good revenue and earnings improvement for the online operations in the media
houses. Online consumer services related to e-commerce and personal finance
in Sweden showed particularly good growth. Corresponding concepts are being
established in Norway.
Strong growth and high margins for Online Classifieds
* Underlying operating revenue growth of 18 per cent for Online Classifieds.
* EBITDA growth of 33 per cent for established Schibsted Classified Media
operations.
* Stronger focus on growth in new markets for Schibsted Classified Media.
Blocket concept introduced in additional new countries in Q3 2011, including
Brazil.
* Growth initiatives had an impact of NOK 117 million on the Q3 EBITDA. This
is NOK 44 million more than in Q3 2010, primarily as a result of increased
marketing.
* Leboncoin.fr continues to show growth in traffic and revenues and is one of
Europe's largest online classifieds businesses.
* Acquisition of the online classifieds market leader in Ireland DoneDeal.ie.
* Subito.it in Italy and Willhaben.at in Austria have rein-forced their
positions as market leaders, and break even is expected in Q4 2011.
Q3 Q3 As of Q3 Full year
2010 2011 (MNOK) 2011 2010 2010
3 288 3 380 Operating revenues 10 634 10 061 13 768
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Gross operating profit
567 531 (EBITDA) 1 661 1 637 2 199
Gross operating profit
after depreciation and
412 397 amortization (EBITA) 1 256 1 187 1 611
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Profit (loss) before
343 343 taxes 1 180 1 557 3 399
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1,99 1,95 Earnings per share (EPS) 6,71 10,31 27,04
Adjusted Earnings per
2,27 2,01 share (EPS) 6,62 7,11 9,72
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CAPEX 291 251 427
Cash flow from operating activities per
share (NOK) 9,84 10,07 18,78
Net interest bearing debt (NIBD) 2 245 1 337 1 820
Net interest bearing debt/EBITDA last 12
months 1,0 0,6 0,8
Equity share 39,2 % 41,5 % 42,4 %
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Schibsted invites to an analyst and press conference at Apotekergaten 10, Oslo,
11. november 2011 09.00 CET. The presentation will be transmitted live as a
webcast on schibsted.com/ir.
A conference call with Q&A linked to the Q3 2011 results will take place 11
November 2011 at 14:00 CET. Please dial in at the following numbers:
International: +44 (0)20 7136 2055
From Norway: 800 56053
Conference code: 4086001
Contact person:
Trond Berger, CFO. Tel: +47 916 86 695
Oslo, 11 November 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 3rd Quarter 2011:
http://hugin.info/131/R/1563077/484467.pdf
3rd Quarter 2011:
http://hugin.info/131/R/1563077/484466.pdf
Financials and analytical info Q3 2011:
http://hugin.info/131/R/1563077/484468.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#1563077]
Unternehmensinformation / Kurzprofil:
Datum: 11.11.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 86843
Anzahl Zeichen: 8738
contact information:
Town:
Oslo
Kategorie:
Business News
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