SCH Q1 2011 presentation FINAL

Document Sample
SCH Q1 2011 presentation FINAL Powered By Docstoc
					Quarterly results
Q1 2011
Rolv Erik Ryssdal, CEO
Trond Berger, CFO
Terje Seljeseth,
CEO Schibsted Classified Media
Disclaimer
This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted asa
("Schibsted" or the "Company") exclusively for information purposes, and does not constitute an offer to sell
or the solicitation of an offer to buy any financial instruments.

Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that
the opinions contained herein are fair and reasonable, however no representation or warranty, express or
implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy
or completeness of the information or opinions contained in this document and no liability is accepted for any
such information or opinions.

This presentation includes and is based on, among other things, forward-looking information and statements.
Such forward-looking information and statements are based on the current expectations, estimates and
projections of the Company or assumptions based on information available to the Company. Such forward-
looking information and statements reflect current views with respect to future events and are subject to
risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such
information and statements. Several factors could cause the actual results, performance or achievements of
the Company to be materially different from any future results, performance or achievements that may be
expressed or implied by statements and information in this presentation.

There may have been changes in matters which affect the Company subsequent to the date of this
presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any
implication that the information contained herein is correct as of any time subsequent to the date hereof or
that the affairs of the Company have not since changed.

The Company does not intend, and does not assume any obligation, to update or correct any information
included in this presentation.




                                                                                          Q1 2011                2
    Agenda
   Q1 highlights
   Media Houses in Q1
   Online classifieds in Q1
   Income statement and
    Financials
 Schibsted Classified
    Media
 Outlook
   Q1 2011 highlights
 Continued profit improvement and top line growth in Q1
   EBITDA NOK 447 million (418 in Q1 2010). Revenue growth 7%
 Strong quarter for Online operations.
   Online classifieds revenue growth of 28%.
    Good online growth in Media houses
   Additional new ventures in Schibsted Classified Media
    approaching break even
   Increased investments in new Online classifieds positions by
    NOK 32 million Y/Y, building platform for further growth and value creation

 Scandinavian advertising markets continue to improve
   Advertising revenues in Media houses increased 8%

 Media Norge merger approved
 Challenging circulation volume for single copy sold newspapers
 Improved market positions on mobile and web

                                                                      Q1 2011     4
Q1 2011 highlights
                                                                            Underlying
                                                                    Revenue Change     EBITDA margin
                                                                    Q1 2011    y/y*    Q1 11 Q1 10
      Group                                                             3 496      7%       13 %    13 %

      Media Houses Scandinavia                                          2 436      2%       10 %    11 %
      Media Houses International                                             242   7%        -2 %   -3 %
      Online Classifieds                                                     830   28 %     31 %    30 %




*) Growth adjusted for acquisitions, divestments and currency fluctuations


                                                                                          Q1 2011      5
Revenue split Q1 2011
Total revenue MNOK 3,496

                            Media
                            Houses
             Online         online
           classifieds       11 %
              24 %
                                       Media
                                      Houses
Media                                  offline
Houses                               advertising
 other                                 28 %
  7%
                Media
               Houses        Media
             single copy     Houses
                18 %       subscription
                              13 %


                                                   Q1 2011   6
                                       Million NOK




                                 100
                                         200
                                               300
                                                                   400
                                                                                  500
                                                                                              600




                             0
              EBITDA Q1

                                                                         418
                2010


           Media Norge ex
                                                                                46


                Finn


                      VG
                                                                                (30)




             SCH Sverige
                                                                           (13)




            Media Houses
                                                                         (11)




               other

                Online
              classifieds
                                                                                       92




              Established

                Online
                                                  Increased
                                                investment in




           classifieds New
                                                                                       (32)




                                               Blocket roll outs




             Investments


                    Other
                                                                                 (23)




Q1 2011
                                                                                                    Continued EBITDA growth in Q1




          EBITDA Q1 2011
                                                                            447




7
Q1 2011 operations
Online classifieds           Media Houses

      Finn.no (owned by
                                 Media Norge
      Media Norge)

      Schibsted Classified
                                 VG
      Media

      Hitta (owned by
                                 Schibsted Sverige
      Schibsted Sverige)

                                 International

Key figures Q1 2011:
Revenue:         MNOK 830                  MNOK 2,678     Other/eliminations:
                                                          Revenue MNOK -12
EBITDA:          MNOK 261                    MNOK 244      EBITDA MNOK -58




                                                        Q1 2011            8
    Agenda
   Q1 highlights
   Media Houses in Q1
   Online classifieds in Q1
   Income statement and
    Financials
 Schibsted Classified
    Media
 Outlook
       Media Houses
       Improvement for morning newspapers,
       challenging volume development for tabloids
                                                                                                               +3%*
          3000                                                                                                                    30 %

          2500                                                                                                                    25 %

          2000                                                                                                                    20 %
MNOK




          1500                                                                                                                    15 %

          1000                                                                                                                    10 %

             500                                                                                                                  5%

                  0                                                                                                               0%

           -500                                                                                                                   -5 %
                               Q1               Q2               Q3                Q4                Q1   Q2    Q3    Q4   Q1

                                                      2009                                                 2010            2011

                                                                      Revenue                         EBITDA margin
       *) Underlying growth, adjusted for currency effects, acquired/divested operations.
       Note: 2009 and 2010 figures are from Business Areas Media Houses Scandinavia/International.




                                                                                                                             Q1 2011     10
    Media Houses Scandinavia
    Improved markets and firm
    cost control in Media Norge
   Q1 advertising revenues in                                Media Norge media houses
    Media Norge media houses increased 9%                     1200                           30 %
                                                              1000                           25 %
       Recruitment +10%                                       800                           20 %




                                                       MNOK
       Real estate +8%                                        600                           15 %
                                                               400                           10 %
                                                                                   13%
   Circulation revenues increased 1% as a result of           200                           5%
    price increases. Circulation volume declined 2%              0                           0%
                                                                      Q1 10        Q1 11

   EBITDA NOK 150 million (NOK 104 million)                         Revenues    EBITDA margin

     Strong performance for online newspapers
        contribute to the improvement

   Collaboration projects continue to enhance
    efficiency.

   Aftenposten launched iPad edition in Q1. Will be
    introduced as a paid for product in Q2




                                                                                Q1 2011             11
         Media Houses Scandinavia
         Broad improvement in
         Media Norge media houses

Aftenposten group                    Bergens Tidende                      Stavanger Aftenblad                 Fædrelandsvennen
600                          30 %    300                          30 %    180                         30 %    120                         30 %
                6%
500                          25 %    250            +8%           25 %    150           +9%           25 %    100           +4%           25 %
400                          20 %    200                          20 %    120                         20 %     80                         20 %
                     13 %                    13 %         13 %                                14 %
300                          15 %    150                          15 %     90                         15 %     60                         15 %
200      7%                  10 %    100                          10 %     60                         10 %     40                         10 %
                                                                                   4%                                  3%         3%
100                          5%       50                          5%       30                         5%       20                         5%
 0                           0%        0                          0%        0                         0%        0                         0%
        Q1 10        Q1 11                   Q1 10     Q1 11                      Q1 10       Q1 11                   Q1 10       Q1 11

      Revenue        EBITDA margin         Revenue        EBITDA margin         Revenue       EBITDA margin         Revenue       EBITDA margin




         EBITDA figures excluding associated companies.
         Printing activities were carved out of the Media Houses as of Q1 2011. 2010
         figures are calculated for comparison purpose.


                                                                                                              Q1 2011                12
   Merger with Media Norge
 Merger finalized and effective as of 12 May 2011
 Improving the opportunity for cooperation across the Schibsted group
 Values Media Norge at NOK 7,25 bn. including cash. Main assets:
   1. Media Houses Aftenposten, Bergens Tidende, Stavanger Aftenblad, and Fædrelandsvennen –
       each clear leaders in their respective markets, and with potential for further operational
       improvements
   2. 50.01% of Finn.no – fast growing clear market leader in Online classifieds in Norway
    Close to half of the value linked to online activities

 Increasing Schibsted’s exposure to Finn.no from 83% to 90%
 Settlement for the merger 1/3 cash and 2/3 shares in Schibsted ASA
 One shareholder, representing 0.2% of the shares in Media Norge, has filed a
   law suit contesting that the merger is invalid
 Schibsted’s legal advisors consider the claim to be without legal basis


                                                                                  Q1 2011           13
  Media Houses Scandinavia
  Circulation decline for print
  newspapers in Sweden
       Schibsted Sverige media house*
       1000                                                  50 %                     Schibsted Sverige Q1 EBITDA SEK 57 million
       800                                                   40 %                      (78 million)
MSEK




       600                                                   30 %
                                                                                      Reduced single copy circulation volume puts
       400                                                   20 %
                                            6%                                         pressure on circulation revenues
       200                                                   10 %
         0                                                   0%                       19% online growth*. Strong growth and
                     Q1 10                 Q1 11                                       profit development for online growth portfolio
                  Revenues              EBITDA margin
                                                                                       (Schibsted Tillväxtmedier)


       Svenska Dagbladet group                                                        Q1 EBITDA SEK 23 million (SEK 22 million)
       300                                                   60 %
       250                                                   50 %                     Print advertising revenue increased 3%
       200                                                   40 %
                                                                               
MSEK




       150                                                   30 %                      Investor Relations advertising segment has been
       100                                  8%               20 %                      substantially reduced due to regulatory change
        50                                                   10 %
         0                                                   0%                       Circulation revenues increased 2% in Q1,
                    Q1 10                  Q1 11
                                                                                       helped by price increases
                  Revenues              EBITDA margin



  *) Excluding Hitta.se, which is reported as part of the Business Area Online classified
                                                                                                                  Q1 2011               14
  Media Houses Scandinavia
  Circulation volume decline
  hampers Aftonbladet
       Print
        500                            50 %      Q1 EBITDA SEK 27 million (SEK 42 million)
        400                            40 %
                                              
MSEK




                                                  Advertising revenue increased by 2%
        300                            30 %
        200                            20 %      Circulation revenues declined due to 12% volume
                             6%                   decline and scale down of low margin supplements.
        100                            10 %
                                                  Revenue decline of 10% excluding supplements
         0                             0%
                Q1 10       Q1 11
                                                 Cost reduced by 8% because of lower volumes and
                Revenues   EBITDA margin          reduced marketing investments


       Online
        120                            60 %
                                                 Revenue reduced by 2% in Q1. Affected negatively
        100                            50 %       with 4 million of one off adjustment of revenue
         80                            40 %
                                              
 MSEK




                                                  Q1 EBITDA SEK 8 million (SEK 21 million)
         60                            30 %
         40                  8%        20 %      8% EBITDA margin (20%) in Q1. Increased activity
         20                            10 %       level and development cost result in margin pressure
          0                            0%
                Q1 10       Q1 11                iPad version of the daily newspaper
                                                  launched in April 2011
                Revenues   EBITDA margin


                                                                              Q1 2011            15
   Media Houses Scandinavia
  Challenging circulation,
  advertising decline in VG
       Print                                      Circulation revenues decreased by 6% in Q1 Y/Y as
        500                             50 %
                                                   a consequence of continued circulation decline
        400                             40 %
                                                  Circulation volume decline of 12% on weekdays
MNOK




        300                             30 %
        200                   12%       20 %
                                                  Print advertising revenues decreased 9% after
        100                             10 %
                                                   volume decline and price pressure
             0                          0%
                 Q1 10       Q1 11                        Negative Easter effect of around NOK 2 million

                 Revenues   EBITDA margin         EBITDA NOK 45 million (NOK 66 million)

        VG.no                                     3% growth in revenues, excluding Nettby, that was
        80                              50 %       closed down in December 2010

        60                              40 %               Advertising revenues increased by 9%, whereas
 MNOK




                             22%        30 %                other revenues declined
        40
                                        20 %
        20
                                                  EBITDA NOK 14 million (NOK 20 million). EBITDA
                                        10 %
                                                   margin 22% (28%)
         0                              0%
                 Q1 10       Q1 11                Strong traffic growth for digital products, particularly
                                                   smart phone version
                 Revenues   EBITDA margin


                                                                                   Q1 2011             16
 Media Houses Scandinavia
Single copy sold newspapers –
The Q1 2011 facts
                                      Reduced circulation revenue due to
Print volume decline: 10-12%          volume decline
                   2011 2010 Change  Operating expenses on print
                                        reduced
EBITDA            35    63    -28
- print           27    42    -15     Increased operating expenses
- online           8    21    -13       online due to more cost allocated to
                                        online and product development

                                      Reduced circulation revenue due to
Print volume decline: 12%               volume decline
                   2011 2010 Change    Operating expenses reduced on print
EBITDA               56   86  -30      Increased operating expenses online
- print              45   66  -21       due to product development and
- online              8   17   -9
                                        periodisation of bonuses

                                                         Q1 2011        17
  Media Houses Scandinavia

  Single copy sold newspapers –
  Actions
1. Efforts to slow down the circulation volume decline
     Adapt and improve the products
     Optimize the cover price structure,
      price increases will be considered


2. Adjust the cost base to the revenue development.
     Optimization of the organization
     Optimization of printing, distribution and business terms


3. Efforts to further increase the digital revenues
     Monetizing the rapid growing mobile traffic
     Experiment with user paid tablet versions
     Further increase sales efficiency for web versions

                                                           Q1 2011   18
Media Houses International
Good growth in France and Baltics.
Still challenging in Spain                                                20                           40 %
Baltics         Good advertising growth in Estonia, partly helped        15                           30 %
                 by elections                                             10                           20 %
                                                                                              9%
                                                                            5                          10 %
                     Particularly good growth for Kanal 2
                                                                            0                          0%
                Firm cost control and margin improvement                        Q1 10      Q1 11
                                                                                 Revenue       EBITDA margin


France*         Tough competition in the free newspaper market           15                           45 %
                 met by increased distribution for 20 Minutes             10                           30 %
                                                                            5                          15 %
                12% revenue growth, but flat margin development                             -7%
                                                                            0                          0%
                 due to increased coverage
                                                                           -5                          -15 %
                Continued good growth in traffic and revenue for                Q1 10      Q1 11
                 online activities                                               Revenue       EBITDA margin


Spain           Continued harsh market environment in Spain                9                          90 %
                                                                            6                          60 %
                     Revenues declined 11%
                                                                            3                          30 %
                                                                                            -26%
                Flat cost development result in margin decrease            0                          0%
                                                                           -3                          -30 %
                Good development for online activities                          Q1 10      Q1 11
                                                                                 Revenue       EBITDA margin
                                                    *) Chart illustrates 100% of the company. Schibsted owns 50%

                                                                                Q1 2011                   19
    Agenda
   Q1 highlights
   Media Houses in Q1
   Online classifieds in Q1
   Income statement and
    Financials
 Schibsted Classified
    Media
 Outlook
       Online classifieds
   Continued strong growth and
   margin improvement
                                                                                                            +28%*
       900                                                                                                                      90 %
       800                                                                                                                      80 %
       700                                                                                                                      70 %
       600                                                                                                                      60 %
       500                                                                                                                      50 %
MNOK




       400                                                                                                                      40 %
       300                                                                                                                      30 %
       200                                                                                                                      20 %
       100                                                                                                                      10 %
              0                                                                                                                 0%
                             Q1                  Q2                  Q3                     Q4   Q1    Q2    Q3     Q4   Q1

                                                        2009                                             2010            2011

                        Revenue                           EBITDA margin                          EBITDA margin ex SCM New Ventures
       *) Underlying growth, adjusted for currency effects, acquired/divested operations.




                                                                                                                         Q1 2011       21
    Online classifieds
    Strong growth and
    high margins maintained in Finn.no
   EBITDA of NOK 131 million in Q1* (NOK 88 mill)            Finn.no

   Q1 EBITDA margin 47% (42%)                                300                              60 %
                                                              250                              50 %
   Operating revenues NOK 277 million,                       200                              40 %
                                                                                     47%
    a growth of 31%, helped by volume and price, as




                                                       MNOK
                                                              150                              30 %
    well as new revenue models                                100                              20 %
                                                               50                              10 %
       Recruitment 45%
                                                                0                              0%
       Real estate 14%                                                 Q1 10       Q1 11

       Car 32%                                                         Revenues   EBITDA margin
       Finn Torget (generalist) 25%
       Finn Reise (travel) 46%
   Increased market share in brand/display
    advertising, which comprises around ¼ of Finn.no
    revenues



    *) EBITDA excluding associated companies


                                                                                Q1 2011            22
    Online classifieds
    Stable growth rate and
    high margins in Blocket/Bytbil
   EBITDA of SEK 90 million in Q1 (SEK 84 mill)             Blocket/Bytbil
                                                             200                          100 %
   Q1 operating margin 56% (59%)                                                         80 %
                                                             150
   Operating revenues SEK 161 million, a growth of          100
                                                                                          60 %




                                                      MSEK
                                                                                56%       40 %
    14% driven by volume, price adjustments and new          50                           20 %
    products
                                                               0                          0%
   Good development for new e-commerce platform                    Q1 10       Q1 11

    launched in Q3 2010                                             Revenues   EBITDA margin




    Source for traffic data: KIA Index



                                                                            Q1 2011            23
    Online classifieds

    Strong growth and margin
    development in
    Spain and France
   EBITDA EUR 14.5 million in Q1 (EUR 10.0 mill)                 SCM International*
                                                                  40                                                      80 %
        EBITDA margin 39% vs 37%**
                                                                  30                                                      60 %
   29% growth in revenues compared to Q1 2010 on




                                                           MEUR
                                                                  20                                                      40 %
    a comparable base
                                                                                                       39%
                                                                  10                                                      20 %
   Spain: Continued good trend
                                                                  0                                                       0%
     Growth both for Anuntis (car, real estate and                            Q1 10                   Q1 11
      generalist) and for InfoJobs (recruitment)
                                                                               Revenues             EBITDA margin
     Increased marketing spend in Anuntis

   Leboncoin.fr: Strong growth and high margins


                                                                  *) SCM International operations include Spain, Latin-America and
                                                                  France. Chart illustrates development for the current portfolio, i.e.
                                                                  including 100% of Leboncon.fr and excluding Car&Boat Media.
                                                                  **) 2010 margin of 37% refers to the continued operations:
                                                                  Spain/LatAm, and 100% of Leboncoin.fr, but not Car&Boat Media.
    Note: Source for traffic figures is Google AdPlanner


                                                                                         Q1 2011                            24
  Leboncoin.fr a top three
  online site in France
                                                                                 Top 10 Sites, France
                                                                                 Page Views, March
 Continued strong growth and                                   facebook.com                        40 000 000 000

  high margins in Q1 2011
                                                                 leboncoin.fr                  6 000 000 000

   Revenues increased 81% Y/Y
                                                                    orange.fr                  5 900 000 000

   6 billion page views in March
                                                                 youtube.com           3 600 000 000
     2011, a growth of 59%
                                                                     live.com       2 000 000 000
   The second largest online
     site in France by page views                                 yahoo.com        1 400 000 000


     (Google not measured)                                             free.fr    880 000 000


                                                                    msn.com       720 000 000


                                                               pagesjaunes.fr    310 000 000


                                                         commentcamarche.net     160 000 000

  Note: Source for traffic figures is Google AdPlanner


                                                                         Q1 2011                     25
   Online classifieds

  Established European footprint
  combined with growth opportunities
Highly profitable #1 positions

                    All verticals   Norway

                    Cars +
                    general         Sweden

                    Cars +
                    general         France

                    Jobs

                    General
                                      Spain
                    Real estate

                    Cars



  Operations in Established phase
  Operations in Investment phase



                                              Q1 2011   26
    Agenda
   Q1 highlights
   Media Houses in Q1
   Online classifieds in Q1
   Income statement and
    Financials
 Schibsted Classified
    Media
 Outlook
  Income statement Schibsted Group
  – headlines for Q1 2011
 Revenues NOK 3.5 billion (3.3 billion)
   Total revenue underlying +7% Y/Y
   Advertising revenue Online classifieds and Media Houses +14%
 Operating profit (EBITDA) NOK 447 million (NOK 418 million)
   Includes NOK 32 million in increased investment in
     Online classifieds roll outs
 Net financials NOK -29 million (NOK -27 million)
 Net income NOK 194 million (NOK 171 million)




                                                     Q1 2011    28
Income statement Schibsted Group
(NOK million)                                   Q1 2011    Q1 2010       2010      2009
Operating revenues                                3,496      3,258     13,768     12,745
Operating expenses                               (3,055)    (2,845)   (11,605)   (11,184)
Income from associated companies                     6          5          36        (67)
Gross operating profit (EBITDA )                   447        418       2,199      1,494
Depreciation and amortization                      (137)      (152)      (588)      (662)   Reduced due to
                                                                                            divestments
Gross operating profit after depreciation and
amortisation (previously EBITA)                     310        266      1,611        832
Impairment loss                                      (4)       (18)      (110)      (161)
Other revenues and expenses                          12         30      1,909       (236)   Linked to Sandrew
                                                                                            Metronome scale
Operating profit (loss)                             318        278      3,410        435    down and
Net financial items                                 (29)       (27)       (11)      (156)   divestments

Profit (loss) before taxes                          289        251      3,399        279
Taxes                                               (95)       (80)      (468)       (94)
Net income (loss)                                   194        171      2,931        185

EPS (NOK)                                          1.53       1.45      27.04       4.74
EPS - adjusted (NOK)                               1.41       1.41       9.72       4.42




                                                                                  Q1 2011              29
              Continued cyclical recovery,
              but not yet back to peak levels
              Print advertising – Schibsted’s Scandinavian newspapers
              1 200

              1 000
Million NOK




               800

               600

               400

               200

                 -
                         2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011

                                      Q1                             Q2                             Q3                            Q4
                Print advertising revenues for Aftenposten, Bergens Tidende, Stavanger Aftenblad, Fædrelandsvennen, Svenska Dagbladet, and Aftonbladet.



                                                                                                                              Q1 2011                     30
     Key financial figures
     Earnings per share                                                     Cash flow from operations per share
     NOK                                                                    NOK
20                                                                        12
                                                           16,72
16                                                                        10                                               8,99
                                                                                           8,04
12                                                                         8

 8                                           6,87                          6
                                                                                                   4,24    4,45                   4,12   4,20
                 3,57
 4                                                  1,99                   4       3,2
                        1,46          1,45                         1,53                                            2,43                         2,40
                               0,62
 0                                                                         2
         -0,71
-4                                                                         0
         Q109    Q209   Q309   Q409   Q110   Q210   Q310   Q410    Q111            Q109    Q209    Q309    Q409    Q110    Q210   Q310   Q410   Q111


                                                                                                                                         Note:
     CAPEX                                                                  Net interest bearing debt                                    NIBD/EBITDA
     CAPEX (million NOK) and CAPEX/Sales (%)                                Net interest bearing debt (NOK) and                          according to
                                                                            Ratio of Net interest bearing debt/LTM EBITDA                bank definition.
250                                                                       6000
                                                                                    4852
                                                                          5000
200                                                         176                             4149
                                                                          4000
150       128                                                                                       3102
                                                                    118   3000
                  109                                                                                       2554    2389
                                                     96
100                             88            84                                                                                                1990
                                                                                                                                         1820
                         65            71                    5            2000                                             1501
            4      4                                                                 3,9    3,7                                   1337
                                                      3              3                              2,4
 50                       2      2      2      2                          1000                              1,7     1,4
                                                                                                                            0,7    0,6    0,8    0,9

     0                                                                         0
          Q109   Q209   Q309   Q409   Q110   Q210   Q310   Q410    Q111             Q109    Q209    Q309   Q409    Q110    Q210   Q310   Q410   Q111



                                                                                                                          Q1 2011                  31
  Strong balance sheet,
  free float increased
 NIBD/EBITDA 0.9 at end of Q1                 Debt maturity profile
                                                       3 500
 Total liquidity reserve of NOK 3.9                   3 000
  billion
                                                       2 500
 Effect of Media Norge transaction




                                           Mill. NOK
                                                       2 000
  in Q2 2011:
                                                       1 500
   NOK 345 million in cash payment
                                                       1 000
   Number of treasury shares will be
                                                        500
     reduced with approx 4 million. Free
     float increased from 70% to 74%                      -
                                                                  < 1 yr < 2         <3     <4     <5      >5
                                                                         yrs         yrs    yrs    yrs     yrs
                                                              Other interest-bearing debt   Bonds and CP's
                                                              Drawn bankfacilities          Undrawn bankfacilities




                                                                              Q1 2011                    32
 Increased dividend proposed
 Dividend proposed at    5,00
                                   NOK per share
                                                                                                      4,78


                          4,50
 NOK 3.00 per share       4,00
                                                                                              3,99




 100% increase since     3,50                                                        3,39

                                                                                                                              3,00
                          3,00
 last year                2,50                                        2,39
                                                                              2,59




 Equals NOK 324          2,00
                                                1,59 1,59 1,59
                                                                                                                      1,50

 million based on total   1,50   1,39 1,39


                          1,00
 number of shares         0,50

 issued                   0,00    1998
                                                                                                              0,00



                                         1999

                                                 2000

                                                        2001

                                                               2002

                                                                       2003

                                                                               2004

                                                                                       2005

                                                                                               2006

                                                                                                       2007

                                                                                                               2008

                                                                                                                       2009

                                                                                                                               2010*
                           *) Proposed by the Board of Directors
                           Dividend pr. share adjusted for effect of rights issue in 2009



                                                                                Q1 2011                                         33
Tight cost control in Media Houses,
increased marketing within online
                                                                         Main increase in
                                                                         SCM and Finn.no
3100                                                                                                               3055
                                             Head count increase in
                                                                                             142
                                               Online operations.
3000                                          Reductions in print

                                                                                61
2900                           47         (34)
       2845                                              (6)

2800                                                                       Higher paper
                                                                         prices, but lower
                                                                              volume
2700
                               Currency




                                                                                             Marketing & other
                                                                                Personnell
                                                         Raw materials
        Operating cost Q1 10




                                           Divestments




                                                                                                                     Operating cost Q1 11
                                                                                                expenses         Q1 2011                    34
  Continued efforts to streamline
  operations and reduce cost
 NOK 1.7 billion profitability programme was
  delivered by Q4 2010
 Efforts to streamline operations and reduce expenses
  continues in 2011
   Continuous Improvement projects (Lean) across the Group
   Shared service centres are established in Norway and Sweden
   All Norwegian printing operations gathered in a dedicated
    company
   Tight control of headcount development – one of the most
    important cost drivers



                                                      Q1 2011     35
  Main comments related to EBITDA
  development as of Q1 2011
 As of Q1 2011 focus in presentations and comments will
  be put on EBITDA
   A better measure for underlying performance and cash
    flow
   The most common measure for comparing valuation
    multiples and performance between companies in the
    media industry
 EBITDA for operating units are available for historical
  reference
 Overview of future development for acquisition related
  amortizations is available at schibsted.com/ir

                                                Q1 2011     36
    Agenda
   Q1 highlights
   Media Houses in Q1
   Online classifieds in Q1
   Income statement and
    Financials
 Schibsted Classified
    Media
 Outlook
  Schibsted Classified Media
  - today’s topics

 Why do we believe so strongly in online classifieds?

 How do we look at our portfolio of assets?

 How is it going?




                                               Q1 2011   38
            Online classifieds has a great audience
            potential…
                 Top 10 Sites, Norway                                         Top 10 Sites, Sweden                               Top 10 Sites, France
                 Unique Users, March                                          Unique Users, March                                Unique Users, March
facebook.com                            3 500 000          facebook.com                         6 100 000       facebook.com                    34 000 000


        vg.no                       2 800 000               youtube.com                        5 600 000         youtube.com                 28 000 000


       finn.no                    2 600 000                       live.com                   5 100 000               live.com                28 000 000


      live.com                   2 400 000                 aftonbladet.se                   4 600 000               orange.fr             21 000 000


  gulesider.no                2 000 000                         blocket.se                4 200 000              leboncoin.fr            20 000 000


        nrk.no                2 000 000                          msn.com                  4 200 000                 msn.com              19 000 000


 dagbladet.no                 1 900 000                            hitta.se              3 800 000                     free.fr           19 000 000


     msn.com                  1 900 000                           eniro.se              3 500 000                 yahoo.com             16 000 000


 startsiden.no              1 600 000                       swedbank.se                 3 200 000        commentcamarche.net            16 000 000


aftenposten.no             1 500 000                       blogspot.com                3 100 000               pagesjaunes.fr           16 000 000

   Source all figures: Doubleclick Ad Planner, March 2011 Google.com/adplanner – List by audience


                                                                                                                         Q1 2011                     39
            …and a superior ability to create page views!
                 Top 10 Sites, Norway                                         Top 10 Sites, Sweden                                Top 10 Sites, France
                 Page Views, March                                            Page Views, March                                   Page Views, March
facebook.com                             3 700 000 000     facebook.com                         7 200 000 000   facebook.com                         40 000 000 000


       finn.no                   890 000 000                    blocket.se                  1 100 000 000         leboncoin.fr                  6 000 000 000


      live.com             170 000 000                      youtube.com                  960 000 000                 orange.fr                  5 900 000 000


        vg.no              160 000 000                      swedbank.se              550 000 000                 youtube.com            3 600 000 000


 startsiden.no          120 000 000                               live.com          490 000 000                       live.com       2 000 000 000


 dagbladet.no           110 000 000                        aftonbladet.se        280 000 000                       yahoo.com        1 400 000 000


        nrk.no        81 000 000                                 msn.com         210 000 000                            free.fr    880 000 000


     msn.com          81 000 000                                  eniro.se     67 000 000                            msn.com       720 000 000


aftenposten.no      50 000 000                                     hitta.se    61 000 000                       pagesjaunes.fr    310 000 000


  gulesider.no      34 000 000                             blogspot.com        61 000 000              commentcamarche.net        160 000 000

   Source all figures: Doubleclick Ad Planner, March 2011 Google.com/adplanner – List by audience


                                                                                                                          Q1 2011                     40
Very attractive economics in online classifieds –
but you need to become #1!

        EBITDA margin
                        High margins for players that are
         100%           much larger than #2


       50–70%




        30–50%




        5–30%


                                                                    Sources: Margin: Company
                                                                    reports and presentations
                                                                    Size vs
          0%                                                        #2:Pageviews(AdPlanner),
                 1x                    3—5x                 8—10x   active objects where
                                                                    applicable, company
                                                                    presentations. EBITDA 2010
                         Size versus second player                  except AutoTrader 2008



                                                            Q1 2011                41
The Blocket Concept life stages




      StartupPhase                       Traction Phase                    Established Phase
              (Baby)                            (Teenager)                             (Adult)
 All babies start off the same, they    They start having ambitions,        Market leaders aiming for world
 play around, grow fast and cost a     establish their own identity and   class and earning money to support
            lot of money!              want to become self-sustaining                  the family
   Our assets - what is their “job”?
Asset phase         Main focus                      Assets (not exhaustive)

Established phase   • Create/maintain value         • Blocket
                    leadership based on             • Infojobs Spain
                    sustained volume leadership     • Anuntis Spain
                                                    • Leboncoin

Investment phase    • Gain clear volume             • Subito.it
Stage 2             leadership                      • Willhaben.at
(Traction phase)                                    • Mudah.my
                                                    • Kapaza.be
                                                    • Infojobs.it /com.br

Investment phase    • Grow strongly and establish   • Tori.fi
Stage 1             a clear path to leadership      • Tutti.ch
(Startup phase)                                     • CustoJusto.pt
                                                    • Jofogas.hu
                                                    • Ayosdito.ph
                                                    • Berniaga.com
                                                    • Dinkos.com.au

                                                           Q1 2011            43
     StartupPhase                       Traction Phase                    Established Phase
             (Baby)                            (Teenager)                             (Adult)
All babies start off the same, they    They start having ambitions,        Market leaders aiming for world
play around, grow fast and cost a     establish their own identity and   class and earning money to support
           lot of money!              want to become self-sustaining                  the family
Established phased assets:
Doing their job very well!
       Sweden                                                           International*
       200                                               100 %          40                                                                   100 %

                                                                        35
                                                                                                                                             80 %




                                                                 MEUR
       150                                               75 %           30

                                                                        25
MSEK




                                                                                                                                             60 %
       100                                               50 %           20
                                                57%
                                                                        15                                                                   40 %
                                                                                                                                  39%
       50                                                25 %           10
                                                                                                                                             20 %
                                                                         5

         0                                               0%              0                                                                   0%
             Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11                        Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

                     Revenues          EBITA margin                                        Revenues                 EBITDA margin

                                                                             *) SCM International operations include Spain, Latin-America and France.
                                                                             Chart illustrates development for the current portfolio, i.e. including 100% of
                                                                             Leboncon.fr and excluding Car&Boat Media.




                                                                                                                Q1 2011                             45
     StartupPhase                       Traction Phase                   Established Phase
             (Baby)                            (Teenager)                           (Adult)
All babies start off the same, they    They start having ambitions,      Market leaders aiming for world
play around, grow fast and cost a     establish their own identity and    class and earning money to
           lot of money!              want to become self-sustaining           support the family
willhaben catching up with ebay.at
               Page Views / Month, Doubleclick Ad Planner

                             willhaben                          ebay.at
 400 000 000

 350 000 000

 300 000 000

 250 000 000

 200 000 000

 150 000 000

 100 000 000

  50 000 000

          -
                                                                                     1001




                                                                                                                                                                                1102
               0903
                      0904
                             0905
                                    0906
                                           0907
                                                  0908
                                                         0909
                                                                0910
                                                                       0911
                                                                              0912


                                                                                            1002
                                                                                                   1003
                                                                                                          1004
                                                                                                                 1005
                                                                                                                        1006
                                                                                                                               1007
                                                                                                                                      1008
                                                                                                                                             1009
                                                                                                                                                    1010
                                                                                                                                                           1011
                                                                                                                                                                  1012
                                                                                                                                                                         1101


                                                                                                                                                                                       1103
                                                                                                                                                                                        Q1 2011   47
Subito catching up with ebay.it

                 Page Views / Month, Doubleclick Ad Planner
                               Subito                      eBay.it
 1 200 000 000


 1 000 000 000


  800 000 000


  600 000 000


  400 000 000


  200 000 000


            -




                                                                                                                                                                                  1012
                 0901
                        0902
                               0903
                                      0904
                                             0905
                                                    0906
                                                           0907
                                                                  0908
                                                                         0909
                                                                                0910
                                                                                       0911
                                                                                              0912
                                                                                                     1001
                                                                                                            1002
                                                                                                                   1003
                                                                                                                          1004
                                                                                                                                 1005
                                                                                                                                        1006
                                                                                                                                               1007
                                                                                                                                                      1008
                                                                                                                                                             1009
                                                                                                                                                                    1010
                                                                                                                                                                           1011


                                                                                                                                                                                         1101
                                                                                                                                                                                                1102
                                                                                                                                                                                                       1103
                                                                                                                                                                                     Q1 2011                  48
CustoJusto catching up with OLX.pt

                Page Views / Month, Doubleclick Ad Planner
                        CustoJusto                            OLX.pt
  100 000 000

   90 000 000

   80 000 000

   70 000 000

   60 000 000

   50 000 000

   40 000 000

   30 000 000

   20 000 000

   10 000 000

           -
                 0903




                                                                                                                   1005
                        0904
                               0905
                                      0906
                                             0907
                                                    0908
                                                           0909
                                                                  0910
                                                                         0911
                                                                                0912
                                                                                       1001
                                                                                              1002
                                                                                                     1003
                                                                                                            1004


                                                                                                                          1006
                                                                                                                                 1007
                                                                                                                                        1008
                                                                                                                                               1009
                                                                                                                                                      1010
                                                                                                                                                             1011
                                                                                                                                                                    1012
                                                                                                                                                                           1101
                                                                                                                                                                                  1102
                                                                                                                                                                                         1103
                                                                                                                                                                              Q1 2011           49
     StartupPhase                       Traction Phase                    Established Phase
             (Baby)                            (Teenager)                             (Adult)
All babies start off the same, they    They start having ambitions,        Market leaders aiming for world
play around, grow fast and cost a     establish their own identity and   class and earning money to support
           lot of money!              want to become self-sustaining                  the family
     A network of sites and hubs –
     sharing best practice, creating value




Worldwide network of experts
We have systematically established competence sharing programs within our group
Also sharing knowledge between companies in different stages of development




                                                                              Q1 2011   51
    Agenda
   Q1 highlights
   Media Houses in Q1
   Online classifieds in Q1
   Income statement and
    Financials
 Schibsted Classified
    Media
 Outlook
  Outlook
 Scandinavia: Continued firm advertising markets for Media Houses,
  and good growth for online classifieds expected.
 International: Continued strong growth for online classifieds expected
 Continued weak trend expected for single copy sold newspapers. More
  stable circulation expected for subscription based newspapers
 Increasing contribution to revenues and profits from Schibsted
  Tillväxtmedier online services in Sweden
 Online classifieds operations in Italy, Austria expected to reach break
  even in Q4 2011 or Q1 2012
 Targeted investments in new positions for Schibsted Classified Media
  will continue. Good development in existing sites, and investment in
  2011 will be in the previously communicated range of NOK 300-400
  million.

                                                         Q1 2011       53
          54
Q1 2011
Appendices
Spreadsheet containing detailed Q1 2011 and Historical and analytical
Information can be downloaded from www.schibsted.com/ir




                                                          Q1 2011       55
Schibsted ASA basic data
Ticker                                       Oslo Stock Exchange: SCH
                                             Reuters: SBST.OL
                                             Bloomberg: SCH NO

Number of shares (31 March 2011)                 108,003,615
Treasury shares (31 March 2011)                    4,082,837
Number of shares outstanding                     103,920,778

Free float*                                              70 %
Share price (31 March 2011)                      NOK 162.30
Market cap (31 March 2011)                   NOK 19.6 bn., EUR 2.2 bn.,
                                             USD 3.2 bn., GBP 1.9 bn.

Average daily trading volume LTM                      306,300 shares

*) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS.




                                                                                    Q1 2011          56
Top 20 shareholders
  Rank Name                                  Holding           Share
      1 Blommenholm Industrier AS             28,188,589       26.1 %
      2 Folketrygdfondet                       8,010,212        7.4 %
      3 JPMorgan Chase Bank *                  7,038,490        6.5 %
      4 Schibsted ASA                          3,943,337        3.7 %
      5 Bank Of New York Mellon *              3,745,428        3.5 %
      6 NWT Media As                           2,962,619        2.7 %
      7 State Street Bank And Trust Co. *      2,021,259        1.9 %
      8 Orkla ASA                              1,900,000        1.8 %
      9 JPMorgan Chase Bank *                  1,285,043        1.2 %    % of foreign shareholders          44.4 %
     10 Vital Forsikring ASA                   1,277,352        1.2 %    Number of shareholders              4,857
     11 Clearstream Banking S.A. *             1,268,780        1.2 %    Number of shares             108,003,615
     12 Goldman Sachs Int. - Equity - *        1,248,631        1.2 %    Shares ow ned by Schibsted       4,230,440
     13 State Street Bank and Trust Co. *      1,107,909        1.0 %
     14 Skandinaviska Enskilda Banken *        1,086,385        1.0 %    Largest countries of ownership
     15 Citibank N.A. (London Branch) *        1,047,047        1.0 %    Norw ay                            55.6 %
     16 State Street Bank and Trust Co. *        900,021        0.8 %    United Kingdom                     14.4 %
     17 JPMorgan Chase Bank *                    868,937        0.8 %    USA                                12.3 %
     18 SHB Institutional Sales Stockholm        841,000        0.8 %    Luxembourg                          4.6 %
     19 BNP Paribas Secs Services Paris *        835,515        0.8 %    Sw eden                             3.1 %
     20 SHB Stockholm Clients Account *          825,809        0.8 %    France                              2.7 %
 Source: VPS

 *) Nominee accounts

Data as of 31 March 2011. Updated information at: www.schibsted.com/en/ir/Share/Shareholders/


                                                                                                  Q1 2011             57
Shareholder analysis
Rank Fund Manager                               Shares         % at     % at
                                                           14/04/11 12/01/11
   1 Blommenholm Industrier AS                28,188,589     26.10    26.10
   2 Folketrygdfondet                          8,010,212      7.42      8.03
   3 Fidelity Investments                      7,982,193      7.39      5.23
   4 Tw eedy Brow ne                           5,393,419      4.99      4.99
   5 Taube Hodson Stonex Partners              5,190,468      4.81      4.93
   6 Schibsted ASA                             4,082,837      3.78      3.79
   7 Handelsbanken Asset Management            3,220,828      2.98      2.96
   8 NWT Media ASA                             2,962,619      2.74      2.74
   9 BlackRock                                 1,943,656      1.80      1.52
  10 Orkla ASA                                 1,900,000      1.76      1.76
  11 Nordea Fonder (Finland)                   1,657,605      1.53      1.70
  12 Nordea Asset Management                   1,558,317      1.44      1.37
  13 Sw edbank Robur                           1,405,119      1.30      1.06
  14 State Street (C)                          1,337,274      1.24      1.11   Source: RD: IR and VPS, through the
  15 Adelphi Capital                           1,283,691      1.19      1.20   Nominee ID service. Data as of 12
  16 Vital Forsikring ASA                      1,279,297      1.18      1.16   January 2011.
  17 People's Bank of China                    1,217,611      1.13      1.13   The shareholder ID data is provided by RD: IR and VPS, through the
                                                                               Nominee ID service. The data is obtained through the analysis of
  18 TT International Investment Management    1,075,041      1.00      1.17   beneficial ownership and fund manager information provided in
  19 DnB NOR Asset Management                  1,074,519      0.99      1.14   replies to disclosure of ownership notices issued to all custodians on
                                                                               the Schibsted share register. Whilst every reasonable effort is made
  20 Amundi Asset Management                   1,006,204      0.93      0.45   to verify all data, neither RD:IR nor VPS can guarantee the accuracy
                                                                               of the analysis.
  21 Rational Asset Management                  933,000       0.86      0.86
  22 National Australia (C)                     887,233       0.82      0.82
                                                                               Updated information at:
  23 KLP                                        819,195       0.76      0.78
                                                                               www.schibsted.com/en/ir/Share/Shareholders/
  24 Storebrand Investments                     784,763       0.73      0.86
  25 Nordea Fonder (Sw eden)                    774,451       0.72      0.83




                                                                                                             Q1 2011                                58
Circulation development - YTD
                              Circulation Change    Change         Circulation      Change
Per Q1                           2011     2010-2011                  revenue      2010-2011
Media Norge w eekdays
Media Norge Sunday
                                418 599
                                289 833
                                           (9 091)
                                           (5 388)
                                                      (2,1)%
                                                      (1,8)%   }         330 a)       0,9 %



Verdens Gang w eekdays
Verdens Gang Sunday
                                207 620
                                202 133
                                          (29 546)
                                           (7 239)
                                                     (12,5)%
                                                      (3,5)%   }         268 a)      (6,3)%



Aftonbladet w eekdays
                                                                         320 b)     (14,0)%
Aftonbladet Sunday


Svenska Dagbladet w eekdays
Svenska Dagbladet Sunday
                                189 800
                                194 100
                                           (9 900)
                                           (9 600)
                                                      (5,0)%
                                                      (4,7)%   }         127 b)       2,4 %




a) Figures in NOK million
b) Figures in SEK million




                                                                   Q1 2011            59
Advertising – Print editions
                         Volum e 1)     Change       Revenues        Change
Per Q1                   2011         2010-2011   (NOK m illion)   2010-2011

Media Norge                32 184        11,3 %            524        10,8 %

Verdens Gang                2 674       (5,8) %             87      (13,9) %
              2)
Aftonbladet                 3 857      (14,3) %             91         2,2 %
                    2)
Svenska Dagbladet           5 824       (4,0) %            128         3,2 %

                                                        1) Column meters
                                                        2) SEK million




                                                          Q1 2011          60
Advertising revenues Media Norge
                                         2008                         2009                         2010               2011
                               Q1     Q2      Q3     Q4     Q1     Q2      Q3     Q4     Q1     Q2      Q3     Q4      Q1
Offline advertising revenues    648    696     519    574    481    489     393    503    471    543     428    550     524
Aftenposten                     350    380     251    293    250    248     198    256    237    279     216    277     271
Bergens Tidende                 133    152     105    124    103    105      88    112    106    116      94    123     115
Stavanger Aftenblad             116    111     110    106     85     86      68     89     85     97      78    100      91
Fædrelandsvennen                 50     52      54     52     43     49      39     46     44     51      40     50      47

 Real estate                    109    134     83      69     70     89     66      69     67     94     71      63      71
 Aftenposten                     76     92     54      46     47     59     43      46     46     66     48      40      49
 Bergens Tidende                 17     19     13      10      9     11      9      10      8     10      8       9       8
 Stavanger Aftenblad              9     13      8       8      8     10      6       7      7     10      8       8       7
 Fædrelandsvennen                 7      9      9       5      5      9      7       6      6      8      7       6       7

 Recruitment                    178    173    108     111    104     85     70      86    105    103     79     101     115
 Aftenposten                    100     97     62      63     60     48     38      48     57     56     45      54      63
 Bergens Tidende                 29     30     17      17     16     15     12      15     19     18     14      20      22
 Stavanger Aftenblad             38     36     23      24     21     18     15      18     23     22     15      21      23
 Fædrelandsvennen                11     11      7       7      6      5      4       5      6      7      5       6       7

Online advertising               37     44     35      33     33     36     34      44     44     46     38      46      51
Aftenposten                      18     25     17      14     18     21     18      24     22     24     20      20      22
Bergens Tidende                  10      9      9       9      8      8      8      10     13     11     10      13      13
Stavanger Aftenblad               6      7      6       7      4      5      5       6      6      7      5       9      11
Fædrelandsvennen                  3      3      3       3      3      3      3       4      3      4      3       4       5




                                                                                            Q1 2011                   61
Advertising revenue
split Aftenposten print newspaper
Aftenposten AS
Figures in NOK million   Q1 07   Q2 07   Q3 07   Q4 07   Q108     Q208     Q308    Q408    Q109    Q209    Q309    Q409    Q110     Q210   Q310   Q410    Q111

Total classified          228     233     193     193      208      215     141     135     137     128     106     121      129     147    117    123     143
Recruitment               113     106      79      93      100       97      62      63      60      48      38      48       57      56     45     54      63
Real estate                80     103      87      71       76       92      54      46      47      59      43      46       46      66     48     40      49
Other classified           35      24      27      30       32       26      26      26      29      22      24      26       26      24     25     29      31

Brand                      78      85      61      74       68       81      50      67      44      49      40      48       46      53     37     61      57

Retail                     74      75      65      96       72       84      59      95      68      73      52      86       61      75     61     91      69

Unspes. market              0       2       1       0        1        1       0       -5      1       -2      -1      -1

Y/Y change:

Total classified         15 %    19 %    22 %    10 %      -9 %     -8 %   -27 %   -30 %   -34 %   -40 %   -25 %   -11 %     -6 %   15 %   10 %     2%    11 %
Recruitment              21 %    16 %    12 %     2%     -12 %     -9 %    -22 %   -32 %   -40 %   -51 %   -38 %   -24 %    -5 %    18 %   17 %    12 %   11 %
Real estate              10 %    26 %    39 %    20 %     -5 %    -11 %    -38 %   -35 %   -38 %   -36 %   -19 %     1%     -3 %    12 %   10 %   -14 %    7%
Other classified          9%      5%      8%     15 %     -9 %      8%      -4 %   -11 %    -8 %   -17 %    -6 %    -2 %   -11 %    13 %    0%     12 %   19 %

Brand                     7%     13 %    17 %     -3 %   -12 %     -5 %    -17 %    -9 %   -36 %   -40 %   -21 %   -29 %     4%      9%    -9 %   27 %    25 %

Retail                    9%      4%     10 %    10 %     -2 %     12 %     -9 %    -1 %    -6 %   -13 %   -11 %    -9 %   -10 %     2%    16 %    5%     13 %




                                                                                                                       Q1 2011                       62
Key financial figures
                                                Per Q1               Per Q4
                                              2011       2010      2010       2009
Operating profit (EBITDA) (NOK million)        447        418      2 199       1 494


Operating margins (%):
Operating margin (EBITDA)                      12.8       12.8      16.0        11.7
Operating margin before ass. companies          8.7        8.0      11.4         7.0
Operating margin (EBITA)                        8.9        8.2      11.7         6.5


EPS (NOK)                                      1.53       1.45     27.04        4.74
Cash flow from operations (NOK million)        250        251      2 039       1 610
Cash flow from operations per share (NOK)      2.40       2.43     19.73       19.34
Net income attr. to major interests            159        149      2 794        395
Average number of shares (1 000)            104,000   103,303    103,338      83,256




                                                                                       Q1 2011   63
Capital structure
                                                         Per Q1              Per Q4
                                                      2011        2010    2010        2009
     Investments (NOK million):
     Operational investments (capex)                  118          71     427         390
     Shares and other holdings                         20           3    1 880        196


     Interest bearing debt (NOK million)             2 657    3 018      2 478    3 809
     Net interest bearing debt (NOK million)         1 990    2 389      1 820    2 554


     Interest bearing debt ratio (%)                  15.9        21.2    15.0        25.0
                       1)
     Equity ratio(%)                                  42.8        37.4    42.4        34.7

1)       Treasury shares are offset against equity




                                                                                        Q1 2011   64
Market leading newspapers in
Norway and Sweden
 Schibsted owns six of top ten                                                       Schibsted owns two of top seven paid
 newspapers in Norway                                                                newspapers in Sweden

 Daily readership (‘000)                                Penetration¹                 Daily readership (‘000)                                  Penetration²

                                                              22%                                                                   1 078            15%
                                         884


                                                              17%                                                                962                 13%
                                       663



                                   431                        11%                                                             821                    11%



                               315                             8%                                                      544                            8%



                             266                               7%                                                     492                             7%


    Other M:NO*                  502                          13%                                                                                  Schibsted’s titles



                                                                                     Source: Orvesto 2010:3 – weekdays
*) Sum of Bergens Tidende (232), Stavanger Aftenblad (169), Fædrelandsvennen (101)   Individual figures for Expressen, GT and Kvällsposten are not published. Schibsted
Source: TNS Gallup 2011 Forbruker & Media 11/01                                      estimate of Expressens readership is around 600,000.
¹ Norwegian population of 3,963,000 aged 12 or older                                 ² Swedish population of 7,150,000 aged 15 to 79




                                                                                                                             Q1 2011                         65
Market leading positions
online in Norway and Sweden
                             Million                                    Million
Sweden                      Unique      Norway                         Unique
  Site                      visitors         Site                      visitors
1 Aftonbladet                     5.5    1   VG Nett                         3.7
2    MSN.se                      5.5     2   Finn.no                         2.7
3    Hotmail                     4.9     3   NRK.no                         2.5
4    blocket.se                  4.7     4   Dagbladet.no                   2.3
5    hitta.se                    4.0     5   MSN                            2.3
6 Eniro.se                       2.7     6   Startsiden                     2.2
7 Expressen                      2.5     7   Gule Sider                     1.4
8 Aftonbladet WebbTV             1.9     8   SOL                            1.4
9    DN.se                       1.6     9   Aftenposten.no                 1.2
10   hemnet.se                   1.4    10   Nettavisen                     1.2
11   svt.se                      1.3    11   TV2                            1.2
12   svd.se                      1.2    12   Blogg.no                       1.1
13   Tradera                     1.1    13   Kvasir                         0.9
14   svtplay.se                  1.0    14   ABCnyheter                     0.9
15   Bloglovin                   1.0    15   Klikk.no                       0.8
16   di.se                       1.0    16   Kjendis.no                     0.8
17   mobil.aftonbladet.se        1.0    17   Opplysningen 1881              0.6
18   tv.nu                       1.0    18   E24.no                         0.6
19 SR.se                         0.9    19   DinSide.no                     0.5
20 e24.se                        0.8    20   NAV                            0.5
21 Dayviews.com                  0.8    21   Seher.no                       0.4
22 prisjakt.nu                   0.7    22   Bergens Tidende                0.4
23 Klart.se                      0.7    23 Dn.no                            0.4
24 SL                            0.6    24 Adressa.no                       0.4
25 familjeliv.se                 0.6    25 Online                           0.4

Schibsted share of top 25      44 %     Schibsted share of top 25         28 %

     = Schibsted sites
                                        Source: TNS Gallup, Kiaindex
                                        Note: Week 18 of 2011
                                                                                   Q1 2011   66
Daily reach for Media Houses in
Sweden – print and online

                      Aftonbladet                                                            2 522




     Expressen, GT, Kvällsposten                                          1 607




                              DN                               1 116




                              GP                  588




                    Sydsvenskan             361



                                    0       500         1000       1500       2000        2500       3000
Number of daily readers for media house online and print platforms
Source: SIFO approved calculation of Orvesto internet, Ovesto day and Orvesto consumer.
Svenska Dagbladet is not included in the survey.


                                                                                                       Q1 2011   67
Number 1 positions in Spain,
France and Italy
Market   Site   Market position

                No. 1 recruitment

                No. 1 generalist classifieds
Spain           No. 1 cars

                No. 1/2 real estate

                No. 3 news site

                No. 3 recruitment

                No. 1 general merchandise
France
                No. 5 news site

                                                    Source:
                                                    Google AdPlanner,
                No. 1 in recruitment                     Unique Visitors
Italy                                                    (France/Italy,
                No. 1 general merchandise                cookies)



                                               Q1 2011         68
Historical development
1839 Chr. Schibsted Forlag (publishing house)      2005 Acquisition of Hitta.se
     founded
                                                   2005 Launch of Sesam and acquisition of
1860 Christiania Adresseblad launched in Oslo –         Internettkatalogen
     renamed Aftenposten in 1861
                                                   2006 Schibsted International Classifieds & Search –
1966 Takeover of VG                                     launch of Willhaben.at and LeBoncoin.fr
1989 Reorganisation from a private family          2006 Acquisition of selected assets of Trader Classified
     company to a limited company                       Media (International Classifieds Acquired)
1992 Listing at the Oslo Stock Exchange with a     2006 Divestment of ownership in TV 2
     growth strategy declaration
                                                   2006 Divestment of ownership TV4
1992 First TV and film investments
                                                   2007 Media Norge approved by Schibsted’s general
1995 First New Media/Internet investments               meeting
1995 First investments in Kanal 2 in Estonia       2009 Rolv Erik Ryssdal new CEO
1996 Acquisition of Aftonbladet                    2009 Media Norge established
1998 Acquisition of Svenska Dagbladet              2009 Increased ownership in Finn.no and InfoJobs.net
1998 Investment in Eesti Meedia Group              2009 Non core activities Metronome, Retriever,
                                                        Basefarm, Teleadress divested
1999 Launch of the free newspaper concept 20
     Minutes                                       2010 Increased ownership in Leboncoin.fr from 50% to
                                                        100%
2000 Launch of Finn

2003 Acquisition of Blocket                       See also: http://www.schibsted.com/en/About-Schibsted/History/


                                                                             Q1 2011                 69
  Investor information
 Visit Schibsted’s homepages
   www.schibsted.com/ir
 Jo Christian Steigedal, VP Investor Relations
  jcs@schibsted.no
  Tel: +47 2310 6600



                                   Schibsted ASA
                Apotekergaten 10, P.O. Box 490 Sentrum, NO-0105 Oslo
                  Tel: +47 23 10 66 00. Fax: +47 23 10 66 01. E-mail:
                               schibsted@schibsted.no
                                  www.schibsted.com




                                                                        Q1 2011   70
          71
Q1 2011

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:65
posted:5/23/2011
language:English
pages:71