Schibsted : Schibsted ASA (SCH) - Interim Financial Statement Q1 2013

    Schibsted : Schibsted ASA (SCH) - Interim Financial Statement Q1 2013

Today, Schibsted Media Group released its Q1 2013 report, which shows
operating revenues of NOK 3.7 billion. The gross operating profit (EBITDA) was
NOK 274 million. Excluding Online classifieds Investment phase, the EBITDA was
NOK 514 million, compared to NOK 564 million in the same period in 2012. The
Online classifieds operations increased their revenues with 11 percent. The
revenues of the media houses in Norway declined by 5 percent whereas the
Swedish media houses increased revenues by 2 percent.

- I am satisfied that Schibsted Media Group in the first quarter of 2013 has
continued to develop according to our strategy, given the challenging markets
we operate in. In the first quarter, 45 percent of our revenues and 63 percent
of our operating profit was generated by online operations, CEO Rolv Erik
Ryssdal says.

- This achievement is a result of significant investments in digital
operations over time both in the media houses and in online classifieds. We
still have high ambitions, and in this last quarter we invested substantial
amounts. Our Online classifieds New Ventures invested NOK 100 million more
than in the same period last year. Our Established online classifieds
operations continue to grow well, and they maintain or strengthen their market
positions. Nevertheless, we believe we can broaden their market positions
further, and focus on developing new offerings, Rolv Erik Ryssdal says.

- In our media houses, print products still contribute with considerable
profits. That is a good achievement in a market where the structural changes
put significant pressure on print revenues. The transition program we
announced last fall results in material cost reductions in Q1, which curb the
margin decline for these units. In parallel, we continue to focus on building
digital competence in our organizations and to constantly develop our online
newspapers. Our most digitized newspapers VG and Aftonbladet are main drivers
for the development of mobile platforms and web-tv in the Norwegian and
Swedish markets, Rolv Erik Ryssdal says.

- The development of digital newspaper subscription models is another
important area for us. We have positive results from implementation of a
print/online bundled subscription product in Fædrelandsvennen a year ago. Last
week a similar model was introduced in Svenska Dagbladet, and most of our
newspapers will follow later this year, CEO Rolv Erik Ryssdal says.

Highlights of Q1 2013
(Figures in brackets refer to the corresponding period in 2012. Underlying
figures are adjusted for currency effects and acquisitions and divestments.)

  oGroup operating revenues were unchanged, underlying, compared to Q1 2012.
    Online classifieds revenues grew 11 percent underlying; 16 percent growth
    excluding the Spanish online classifieds operations
  oGroup EBITDA ex Investment phase of NOK 514 million (564 million);
    earnings growth in Online classifieds but decline in Media houses
    
  oOnline classifieds report 16 percent EBITDA margin; 41 percent EBITDA
    margin excluding Investment phase

       oContinued strong growth and high margins in the French market leader
         Leboncoin.fr
       oStable performance in the key established operations in Norway and
         Sweden
       oEarly Easter, cold weather in Scandinavia and temporary operational
         instability hurt growth rates in Q1
       oSteady growth in Italy, Austria and Ireland. Mudah.my and
         Haznaltauto.hu new sites in Established phase
       oSpanish operations hurt by weak economy and job market
       oStrong traffic growth and improved market positions in new markets,
         including Brazil
         

  oOnline growth and cost reductions curb the margin decline in Scandinavian
    media houses

       oGood Online growth in both Norway and Sweden, particularly from
         mobile activities
       oContinued decline in Print advertising as the migration to online
         continues. Negative Easter effect
       oCost reductions in print activities; comprehensive transition program
         on track
       oVG and Aftonbladet maintain revenues and increase profitability as a
         result of online growth

                                                    Q1          Q1          FY
(MNOK)                                           2013        2012        2012
Operating revenues                          3,670  3,603   14,763
Gross operating profit (EBITDA)                    274         424       2,043
EBITDA margin                                      7 %        12 %        14 %
Gross operating profit (EBITDA) ex.
Investment phase                            514  564  2,573
EBITDA margin ex. Investment phase                14 %        16 %        18 %
Profit (loss) before taxes                  107  274  620
Adjusted Earnings per share (EPS)           0.55  1.57  8.59

Schibsted invites to an analyst and press conference at Apotekergaten 10,
Oslo, 30 April 2013 at 09.00 CET. The presentation will be transmitted live as
a webcast on www.schibsted.com/ir.

A conference call with Q&A linked to the Q1 2013 results will take place 30
April 2013 at 14:00 CET. Please dial in at the following numbers:

International: +44(0)20 7136 2051
From Norway: 800 56054
Conference code: 4563132

Contact person:
Trond Berger, CFO. Tel: +47 916 86 695

                             Oslo, 30 April 2013
                                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 Q1 2013
Presentation of 1st Quarter 2013
1st Quarter 2013

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Source: Schibsted via Thomson Reuters ONE
HUG#1697499
 
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