At the Board meeting on November 6, the Board of Directors of Schibsted ASA approved the interim financial statement as of September 30, 2008. Please find enclosed the Interim Report for Q3 2008.
Highlights in Q3 2008
(Figures in brackets show the figures for the corresponding period in 2007.)
The Group made a Q3 operating profit (EBITA) of NOK 213 million (257 million), producing an operating margin of 6.7% (8.1%).
The revenues from the Schibsted Group's online activities increased by 22% in Q3. Online activities accounted for 80% of the Group's operating profit (56%).
The Group has implemented a profitability programme with an effect of NOK 500 million on the Group operating profit (EBITA) in 2009.
The financial crisis has had a negative effect on the Group's operating revenues. Developments have been particularly weak in the second half of September. Print classified ads have been especially affected. Operating revenues increased by 0.1% in Q3, of which advertising revenues fell by 3%.
Continued good growth in income from and high margins for online classified ads operations in Scandinavia and Southern Europe.
Product development and price increases for editorial products led to stable circulation revenues for Schibsted despite a reduction in VG's and Aftonbladet's circulation.
A EUR 500 million borrowing facility with a three-year maturity has been signed. This replaces the bridge financing that was established when Trader International Classifieds was acquired in 2006.
SCHIBSTED GROUP -Consolidated results per 30 September 2008
|
Q3 |
|
|
|
Per Q3 |
|
|
|
2007 |
2008 |
|
Figures in NOK mill. |
2008 |
2007 |
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
3 179 |
3 182 |
|
Operating revenues |
10 204 |
9 988 |
|
13 610 |
|
400 |
362 |
|
Operating profit (EBITDA) 1) |
1 372 |
1 353 |
|
1 763 |
|
(143) |
(149) |
|
Depreciations |
(450) |
(423) |
|
(586) |
|
257 |
213 |
|
Operating profit (EBITA) |
922 |
930 |
|
1 177 |
|
(137) |
(18) |
|
Other revenues and expenses |
729 |
67 |
|
77 |
|
74 |
59 |
|
Profit before taxes |
1 388 |
851 |
|
1 078 |
|
1) Operating profit before depreciation, impairment of goodwill and other revenues and expenses |
|
|
|
|
Contact person:
CFO Trond Berger, tel: +47 91 68 66 95
Oslo, 7 November 2008
SCHIBSTED ASA
Jo Christian Steigedal, IR Officer
