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Schibsted (OSL:SCH) At the Board meeting on August 14, the Board of Directors of Schibsted ASA approved the interim financial statement as of June 30, 2008. Please find enclosed the Interim Report for first i half-year 2008.
Highlights in Q2 2008 (Figures in brackets show the figures for the corresponding period in 2007.)
* The Group achieved a Q2 operating profit (EBITA) of NOK 426 million (413 million), producing an operating margin of 11.9% (12.0%). * The revenues from the Schibsted Group's online activities increased by 30% in Q2. Online activities accounted for 54% of the Group's operating profit (40%). * Good growth in profits (EBITA) for FINN, Aftonbladet Nya Medier and Blocket/Bytbil. * The migration from print to online newspapers continues. Price increases have ensured growth in Aftenposten's, VG's and Aftonbladet's circulation revenues. * Setback for recruitment and real estate advertising in Aftenposten. Greater focus on measures to improve profitability. * Positive contribution from the new Hitta and FINN Reise operations. * Strong developments for 20 Minutes in France. A readership record but the advertising market in Spain is challenging. * Good growth in the revenue from Schibsted Classified Media's online activities. Efforts to build new market positions are continuing. * Spain's macroeconomic developments are weak. The advertising market for print media is weaker, and this affects Schibsted Classified Media and 20 Minutes. * Total other revenues and expenses of NOK -95 million are primarily linked to the intensified restructuring of Schibsted Classified Media's printed publications and the closure of Punkt SE. Last year's Q2 figures included a gain of NOK 198 million on the sale of real estate. * Planning for IPO of Media Norge in the autumn of 2008 continues. The development in the markets is constantly monitored.
SCHIBSTED GROUP -Consolidated results first half-year 2008
Q2 1 half-year 2007 2008 Figures in NOK mill. 2008 2007 2007
3 450 3 574 Operating revenues 7 022 6 809 13 610 Operating profit (EBITDA) 554 578 1) 1 010 953 1 763 (141) (152) Depreciations (301) (280) (586) 413 426 Operating profit (EBITA) 709 673 1 177 191 (95) Other revenues and expenses 747 204 77 547 258 Profit before taxes 1 329 777 1 078 1) Operating profit before depreciation, impairment of goodwill and other revenues and expenses
The report will be presented by Schibsted management at Schibsted's head office in Apotekergaten 10, Oslo, 15 August at 10.00.
