Earnings Release • Nov 4, 2016
Earnings Release
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| Schibsted Media Group - Highlights 3 |
|
|---|---|
| Operational development4 | |
| Online Classifieds |
4 |
| Online Classifieds International |
4 |
| Online Classifieds Sweden |
5 |
| Online Classifieds Norway | 5 |
| Media Houses including Growth |
6 |
| Media House Norway |
6 |
| Media House Sweden |
6 |
| Product and Technology | 7 |
| Group overview7 | |
| Profit and Loss |
7 |
| Cash flow and capital factors | 8 |
| Outlook8 | |
| Condensed consolidated income statement |
10 |
| Key figures |
18 |
| Definitions and reconciliations | 19 |
ROLV ERIK RYSSDAL CEO
In Q3 2016 Schibsted reported its highest ever gross operating profit number for a third quarter. This was a result of continuing revenue growth and improved profitability margins in the online classifieds operations as well as online growth and significant cost reductions in the media houses.
In Online classifieds, we see continued high growth rates in France and steady high single digit growth in Scandinavia. As previously communicated, the growth in Spain has slowed down as a result of economical conditions. Other Developed operations, like Italy, Austria and Ireland are all growing well, and producing positive EBITDA for the second consecutive quarter.
It is particularly pleasing to see that the operations in emerging markets, for example in Brazil, are showing great progress in terms of monetization. The combined losses in our joint venture operations in investment phase are reduced with more than 75 percent since Q3 2015. In Europe, our native app Shpock is repetitively setting new records in terms of traffic and engagement, and producing good return on the investments made there.
Schibsted's build-up of product and technology capabilities is progressing well, and new products and functionalities are being introduced regularly. In Q3, our new advertising platform was ramped further up, and within online classifieds, centrally developed components, like messaging functionality for marketplace apps, are being rolled out across our portfolio. Also, our next generation classifieds platform was launched in the first test market, Greece.
Our newspapers in Norway and Sweden continue to face negative revenue development driven by rapid decline in print advertising. In Q3 we have managed to adapt the cost base fast enough to increase the EBITDA margin. It is also encouraging to see the number of digital subscribers growing rapidly. We believe this will be an important revenue driver for quality media in the future.
The operations in Schibsted Growth continue to develop well. This goes for both personal finance sites, like Lendo, and price comparison.
currency
(Figures in brackets refer to the corresponding period in 2015)
Schibsted Media Group operates online classifieds companies in 24 markets. Operations in Norway, Sweden, France, Spain, Italy, Austria, Ireland, Malaysia, Colombia and Hungary are in Developed phase, whereas online classifieds sites in Investment phase operate in several other countries.
The figures presented are pro forma figures, using proportional consolidation of joint ventures and associates. For IFRS figures, please see Note 3 (Operating segment disclosures). An overview of definitions and reconciliations is provided at the end of the report.
| Online Classifieds Revenues | FY | ||
|---|---|---|---|
| 2016 | 2015 | 2015 | |
| 155.8 | 132.5 | 179.7 | |
| 82.0 | 72.7 | 99.0 | |
| 127.7 | 129.4 | 165.6 | |
| 84.1 | 76.2 | 102.4 | |
| 60.6 | 45.8 | 64.1 | |
| 510.2 | 456.6 | 610.8 | |
| 30.9 | 19.7 | 27.3 | |
| 541.1 | 476.3 | 638.1 | |
| FY | |||
| 2016 | 2015 | 2015 | |
| 94.2 | 82.1 | 107.3 | |
| 19.0 | 16.2 | 22.6 | |
| 56.5 | 59.8 | 73.5 | |
| 48.6 | 40.3 | 56.7 | |
| 3.8 | -3.2 | -5.1 | |
| 222.1 | 195.2 | 254.9 | |
| -70.7 | -70.0 | -95.6 | |
| 159.3 | |||
| 2016 Pro forma (MEUR) 50.5 France 27.2 Spain 41.9 Norway 27.3 Sweden 20.2 Other 167.1 Total Developed phase 11.5 Investment phase 178.6 Total Online Classifieds revenue Online Classifieds EBITDA 2016 Pro forma (MEUR) 27.9 France 7.8 Spain 19.2 Norway 16.8 Sweden 2.2 Other 73.9 EBITDA Developed phase -22.4 Investment phase |
As of Q3 As of Q3 51.5 EBITDA 151.4 125.3 |
Main figures in Q3 2016 compared to Q3 2015:
Operating revenue growth was 15 percent in NOK terms. The growth rate was the same when adjusting for currency fluctuations in Q3.
Visible operational leverage in several units. Increased EBITDA margin for Developed phase operations to 44 percent (43%) in Q3.
Investment phase revenues growth accelerated to 69 percent, year over year. The negative EBITDA of Investment phase operations was EUR 22.4 million in Q3 2016, compared to EUR 22.0 million in Q3 2015.
Online Classifieds International comprises all online classifieds operations outside Scandinavia. The segment had consolidated revenues of NOK 982 million in Q3, up from NOK 808 million in Q3 2015. The revenue increase is broad-based, and all sites are growing. Consolidated EBITDA is NOK 167 million in Q3 2016 compared to NOK 143 million in Q3 2015.
Operating revenues grew by 17 percent in Q3. EBITDA margin was 55 percent (55%). The revenue growth is driven by real estate and cars. Marketing expenses significantly higher than last year due to the launch of jobs vertical, of which monetization measures were started in October 2016.
Leboncoin continue to show improvement in monetization in the real estate segment. Real estate revenues grew by 43 percent in Q3 compared to the same period last year. Leboncoin real estate is the market leader in France in terms of number of listings and traffic.
In the car segment, revenue progress is also good and Leboncoin holds a solid leadership position in terms of number of listings, traffic and number of dealers. Leboncoin shows consistent growth in monetization with revenues from cars growing by 16 percent in Q3 compared to the same period last year.
In September, Schibsted announced the acquisition of MB Diffusion, the leading online classifieds market place for agricultural and construction equipment in France. The company has strong synergies with Leboncoin in France, and has an international presence with prospects for further growth.
Spain
Operating revenues in Spain increased by 8 percent in Q3 to EUR 27 million. The lower growth rate in Spain this quarter is primarily a result of reduced momentum for digital display advertising and some slowdown in jobs due to macroeconomic conditions. The positions in the verticals are broadly maintained. Revenue growth is expected to improve in 2017 as a result of product developments.
EBITDA in Q3 was EUR 7.8 million (7.3 million). The EBITDA margin was 29 percent in Q3, stable from the same period in 2015. Marketing expenses were relatively high in Q3, and the intention is to continue with significant marketing spend in order to support growth in the competitive generalist segment.
The growth of operating revenues in Other Developed operations was 20 percent in Q3 2016. The revenue increase was particularly driven by continued good performance in Italy, Ireland and Austria.
Operating expenses increased 10 percent. EBITDA for Other Developed operations in total was positive.
The Investment phase portfolio continues to develop strongly in Q3 both in terms of revenue and traffic growth. The revenue growth was 69 percent year over year, compared to 56 percent in Q2 2016.
The investments (EBITDA loss) amounted to EUR 22.4 million, EUR 0.3 million lower than Q2 2016.
The investment level in OLX.br in Brazil is materially reduced compared to Q3 2015. This is due to both reduced marketing spending and increased revenues. The overall cost level was lower in Q3 2016 than in Q3 2015. The growth is driven by professional revenues in classifieds, due to new monetization efforts being launched, with listing fees for car dealers and real estate agents.
Hungary's leading generalist site Jofogas.hu continues to grow revenues in Q3, driven by new up-sell features and introduction of insertion fees in several categories. The site is leading in terms of traffic and content in generalist, real estate, jobs and cars.
Tori.fi in Finland is experiencing significant traffic and revenue growth. Investment levels are maintained in order to strengthen the foundation for future revenue growth.
Schibsted sees good potential for value creation in the Mexican market, and investments remain high.
Segundamano.mx is focusing on consolidating the leading market position in key states, showing strong traffic numbers.
Schibsted is at the forefront of the development of mobileonly marketplaces with the native app Shpock. Shpock expands the market and attracts new user groups and items. It is among the most downloaded apps in the shopping category in large markets like Germany and the UK, and is experiencing an exponential growth in ad listings in these markets. Shpock launched in Italy late 2015, and the start has been promising.
Sweden's operating revenues were SEK 259 million, which represented a growth of 9 percent. The main drivers of growth were car and job verticals, while display advertising also grew well.
EBITDA was SEK 160 million (141 million) in Developed phase, implying an EBITDA margin of 62 percent (59%). Servicefinder, which is a marketplace for services has experienced a softer development, and has curbed the revenue growth rate and the margin expansion of the Swedish operations.
Mobile share of visits is above 65 percent and continues to grow. Professional ad volume continue to show good growth, especially in the car segment.
Revenue growth of 7 percent in Q3. Revenues are growing in all classified verticals, especially cars and jobs. Personal finance continues to show promising growth. Display advertising sales are still soft.
The traffic development for Finn.no is positive, and the volume of classifieds listings in the generalist segment increased 33 percent in Q3 compared to the same period in 2015.
EBITDA was NOK 178 million (172 million) in Developed phase, implying an EBITDA margin of 46 percent (47%).
Main figures in Q3 2016 compared to Q3 2015.
Revenues declined 6 percent in Q3 compared to last year. The decline is mainly due to a continued soft advertising market. EBITDA increased by 24 percent in Q3, driven by overall cost measures. Circulation revenues are stable due to solid growth in digital subscription revenues.
Verdens Gang publishes the leading single-copy newspaper in Norway. The online edition, VG.no, is the largest online newspaper in Norway and among the leading websites irrespective of category.
| Third quarter | As of Q3 | FY | ||
|---|---|---|---|---|
| 2015 | 2016 Verdens Gang (MNOK) | 2016 | 2015 | 2015 |
| 442 | 401 Operating revenues | 1,251 | 1,354 | 1,817 |
| 292 | 241 of which offline |
766 | 890 | 1,186 |
| 150 | 160 of which online |
485 | 464 | 631 |
| 74 | 66 EBITDA | 187 | 191 | 272 |
| 17 % | 16 % EBITDA margin | 15 % | 14 % | 15 % |
| Subscription | FY | ||||
|---|---|---|---|---|---|
| 2015 | 2016 newspapers (MNOK) | 2016 | 2015 | 2015 | |
| 714 | 658 Operating revenues | 2,102 | 2,306 | 3,073 | |
| 586 | 519 | of which offline | 1,665 | 1,900 | 2,521 |
| 128 | 139 | of which online | 437 | 406 | 552 |
| 22 | 30 EBITDA | 90 | 133 | 186 | |
| 3 % | 5 % EBITDA margin | 4 % | 6 % | 6 % |
Operating revenues declined by 8 percent in Q3.
Advertising revenues declined by 28 percent. The decline in print advertising revenues was 27 percent, whereas online advertising revenues decreased by 30 percent.
Online subscription volumes are developing positively, and passed 100,000 pure digital subscribers in the beginning of October. Total circulation revenues increased 7 percent in Q3 compared to the same quarter last year, driven by growth in digital subscriptions and price increases.
The EBITDA margin was 5 percent (3%). Total operating expenses were reduced by 9 percent as a result of declining volumes and continuous work on adapting the cost base to the markets.
Revenues increased 4 percent in SEK terms in Q3 compared to the same period last year. Online revenues are growing at a faster pace than the decline in print. All the main business units in Media House Sweden had online revenue growth in Q3 2016. Print advertising revenues continue to decline. Total EBITDA increased 23 percent in Q3 compared to last year. Schibsted Growth had 30 percent improvement in EBITDA in Q3 2016 compared to the same quarter last year.
Aftonbladet is the leading media house in both print and online news in Sweden. Aftonbladet's single-copy newspaper is Sweden's largest newspaper, and Aftonbladet.se is the clear leader in online news.
| 292 | 241 | of which offline | 766 | 890 | 1,186 | Third quarter | As of Q3 | FY | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 150 | 160 | of which online | 485 | 464 | 631 | 2015 | 2016 Aftonbladet (MSEK) | 2016 | 2015 | 2015 | |
| 74 | 66 EBITDA | 187 | 191 | 272 | 471 | 464 Operating revenues | 1,428 | 1,430 | 1,935 | ||
| 17 % | 16 % EBITDA margin | 15 % | 14 % | 15 % | 295 | 265 | of which offline | 797 | 876 | 1,152 | |
| Online revenues continue with the improvement in Q3 2016. | 176 | 199 | of which online | 631 | 554 | 783 | |||||
| 63 | 61 EBITDA | 170 | 168 | 233 | |||||||
| Mobile and Web-TV advertising is growing while desktop still | 13 % | 13 % EBITDA margin | 12 % | 12 % | 12 % | ||||||
| in December 2015. | declines. The growth in mobile advertising is seen in both programmatic and direct sales, and is helped by product improvements such as geo-targeting. The number of subscribers to the VG+ premium digital subscription product is growing rapidly, and revenues from digital subscription grew to all time high in Q3. The sale of the print newspaper continued to decline rapidly, but the revenue decline was curbed by cover price increase |
Both operating revenues and EBITDA are largely flat compared to 2015. Online revenues increased by 13 percent in Q3. Print advertising revenues dropped by 20 percent in the quarter. Print advertising represents 8 percent of total revenues in Aftonbladet. Print circulation volume on weekdays declined by 19 percent in the quarter. The rate of decline has been stable at 19 percent over the last seven quarters. |
|||||||||
| The EBITDA margin was 16 percent (17%). Operating costs were reduced with 9 percent. |
(13%). | Operating expenses are reduced by 1 percent in Q3 2016 compared to Q3 2015. The EBITDA margin was 13 percent |
|||||||||
| Subscription-based newspapers Norway | Subscription-based newspaper - | ||||||||||
| The Subscription-based newspapers include the media | Svenska Dagbladet (SvD) | ||||||||||
| houses in four of the largest cities in Norway: Aftenposten, Bergens Tidende, Fædrelandsvennen and Stavanger |
Svenska Dagbladet is the second largest subscription newspaper in Sweden and holds a particularly strong position in the Stockholm region. |
||||||||||
| Third quarter | Subscription | As of Q3 | FY |
| Third quarter | As of Q3 | FY | ||
|---|---|---|---|---|
| 2015 | 2016 SvD (MSEK) | 2016 | 2015 | 2015 |
| 216 | 218 Operating revenues | 691 | 687 | 944 |
| 5 | 18 EBITDA | 51 | 36 | 51 |
| 2 % | 8 % EBITDA margin | 7 % | 5 % | 5 % |
Operating revenues grew 1 percent in Q3 compared to the same period in 2015.
Circulation revenues are boosted by an underlying positive volume development for digital subscribers. Total circulation revenues increased by 5 percent in Q3 compared to 2015. Svenska Dagbladet now has more than 34,000 digital-only subscribers at the end of Q3.
The print advertising revenues decreased 11 percent. The market continued its structural migration from print advertising. Total online revenues grew 18 percent.
SvD's EBITDA increased from SEK 5 million in Q3 2015 to SEK 18 million in Q3 2016. Operating costs were down 5 percent in the quarter.
Schibsted Growth consists of a portfolio of web-based growth companies. These companies benefit from the strong traffic positions and brands of Schibsted's established operations in Sweden.
| Third quarter | Schibsted Growth | As of Q3 | FY | |
|---|---|---|---|---|
| 2015 | 2016 (MSEK) | 2016 | 2015 | 2015 |
| 250 | 290 Operating revenues | 828 | 728 | 986 |
| 67 | 87 EBITDA | 204 | 158 | 214 |
| 27 % | 30 % EBITDA margin | 25 % | 22 % | 22 % |
Total reported revenue growth including Hitta was 16 percent in Q3 2016.
The personal finance services, particularly Lendo, is an important driver of the revenues and EBITDA growth.
EBITDA margin of 30 percent (27%), and total EBITDA was up SEK 20 million to SEK 87 million in Q3.
Schibsted is investing significant resources in product and technology development as part of the Group's strategy.
There are five main areas of investments:
A common technological foundation across the Group will drive accelerated innovation through rapid experimentation and faster rollout of new products. Many products are initially soft launched on smaller sites to test the product viability and minimize risk. The products will be personalized through data-driven optimizations and tailored user experiences.
Schibsted's new advertising technology is based on a strategic partnership with Appnexus. It will include the platform for a highly scalable advertising network, which may be a viable alternative to other established players in the market. Schibsted sees the opportunity to include other online publishers in the network. This will create mutual benefits and improve the scale and efficiency of the advertising products.
Main figures in Q3 2016 compared to Q3 2015:
Group consolidated revenues increased 3 percent in Q3. Total consolidated online classifieds revenues (Norway, Sweden and International) grew by 15 percent in Q3 in NOK terms. Media house Norway revenues declined by 6 percent in Q3. Media House Sweden revenues increased by 5 percent in Q3.
Consolidated operating expenses increased by 3 percent in Q3. Adjusted for currency, operating expenses grew 1 percent in Q3. The increased share of online classifieds investment spending fully consolidated, general growth in online classifieds and phasing of marketing spending in established operations negatively influences operating expense growth. There is continuous work in the media houses to adapt the cost base to the market, where print advertising declines and online increases. Within the online activities, costs are increasing as a result of product and technology development, sales and marketing.
Consolidated EBITDA ex. Investment phase was NOK 756 million (672 million) in Q3 2016.
Group EBITDA margin ex. Investment phase was 20 percent (19%) in Q3.
Please refer to the notes to the Condensed consolidated financial statement for a detailed breakdown of the line items impairment loss, other income and expenses and net financial items. Additionally, non-GAAP accounting definitions are provided at the end of the report.
The currency adjusted revenue growth rate for the Group was 3 percent in Q3.
Total revenue growth for all three online classifieds segments combined, adjusted for currency effects was 15 percent in Q3.
Total decline for both media house segments combined, adjusted for currency effects was 2 percent in Q3.
Schibsted gained final approval from the French competition authorities on 1 January 2016 to sell our 50 percent stake in freesheet newspaper 20 Minutes France to Belgian media group Groupe Rossel. The transaction closed 7 January 2016.
EFTA's surveillance authority ESA on 25 January 2016 approved the Norwegian government's proposal to introduce a zero VAT rate for electronic news services, with effect from 1 March 2016. The measure is designed to bring the VAT treatment of electronic news services in line with that applicable to printed newspapers, where the existing zero VAT rate will remain in place unchanged. The final rules regarding delimitation of the definition for electronic news services are unfinished.
Schibsted announced in May 2015 an offer to acquire the largest online classifieds site for real estate in Sweden, Hemnet. During 2016, the agreement has been under scrutiny by The Swedish Competition Authority (SCA). A set of commercially acceptable remedies were offered. It is Schibsted's view that the SCA's initial concerns have been alleviated as a result of these remedies and that Schibsted would be the best owner of Hemnet both from the perspective of Swedish consumers and from the realtors' viewpoint.
However, the SCA has informed Schibsted that the authority will not clear the transaction in its current form. Schibsted has on this background concluded that the acquisition process will be terminated.
Schibsted still considers the Swedish real estate market to be attractive, and will now consider other alternatives for its presence in the market.
At the Capital Markets Day on 27 September 2016, Schibsted announced the acquisition of MB Diffusion, the leading online classifieds market place for agricultural and construction equipment in France. The company has strong synergies with Leboncoin in France, and has an international presence with prospects for further growth. The revenues of the company was EUR 10.8 million in the full year 2015.
Main figures in first three quarters of 2016 compared to the first three quarters of 2015:
Net cash flow from operating activities was NOK 1,001 million in the first three quarters of 2016, compared to NOK 690 million in the first three quarters of 2015. The change is largely related to increased gross operating profit and reduced tax payments.
Net cash outflow from investing activities was NOK 677 million in the first three quarters of 2016, compared to NOK 1,310 million in the first three quarters of 2015. The decrease is mainly related to reduced net cash outflows from investments in joint ventures and associates and reduced net cash outflows from acquisition and sale of subsidiaries, partly offset by increased investments in fixed and intangible assets.
Net cash outflow from financing activities was NOK 819 million in the first three quarters of 2016, compared a net cash inflow of NOK 2,758 million in the first three quarters of 2015. The cash inflow in 2015 included a capital increase of NOK 2,635 million. In addition, interest bearing debt is repaid in 2016 compared to increased borrowings in 2015.
The carrying amount of the Group's assets decreased by NOK 1,470 million to NOK 20,146 million during the first three quarters of 2016. The Group's net interest bearing debt increased by NOK 182 million to NOK 974 million. The
Group's equity ratio was 50 percent at the end of the third quarter of 2016 and 51 percent at the end of 2015.
Schibsted ASA repaid a loan of EUR 25 million from Eksportfinans at maturity end of January.
Schibsted has two long term revolving credit facilities of totally EUR 425 million. As of 30 September none of these facilities were drawn. After exercising the last extension option, the final maturity of the EUR 300 million revolving credit facility is 14 July 2021. No other changes has been made to the main loan portfolio.
After the issue of B shares in September 2015, the liquidity reserve is much higher than before. Including cash and cash equivalents, the liquidity reserve at the end of Q3 2016 was NOK 5.2 billion.
Schibsted sees continued revenue growth potential and a good margin outlook for its portfolio of developed online classifieds sites. On a medium to long-term horizon the target for annual revenue growth remains at 15-20 percent.
Our leading French site Leboncoin.fr holds significant longterm potential in new verticals and products, such as real estate and jobs. An improved product offering in the job vertical has been launched in Q3/Q4 2016.
Our Spanish operations experienced a slowdown in revenue growth in Q3 2016. Revenue growth is expected to reaccelerate in 2017 as a result of product enhancements and better market conditions.
Our strategy of building online classifieds positions in new markets as well as new product rollouts in existing markets will continue as long as key metrics like traffic, user engagement and brand recognition continue to develop well compared to business plans and competitors. Continued investments are planned in native apps, like Shpock, and the online classifieds operations in the last quarter of 2016. In other markets overall, increased monetization and reduced marketing spend implies reduced net investment spend. The positive trend in terms of profitability development in Brazil is expected to continue during 2017. In total, investments in full year 2016 are expected to be in the range EUR 90-95 million (compared to EUR 95.6 million in 2015). In 2017, the investments are expected to go significantly down.
Note that the investments are effecting profitability and, the impact is split between consolidated companies, joint ventures and associates.
The media houses in Schibsted will continue the transformation into world-class digital media houses based on strong editorial products. Schibsted is rolling out a new media platform that gives a user-first perspective and encompasses the entire newsroom production process. It is highly scalable across all media companies and allows publishers to leap into a digital-only newsroom.
Overall, the structural digital shift and the transformation process are expected to continue. Schibsted will remain focused on digital product development combined with cost adaptions, with the aim to produce continued healthy cash flows and operating margins. However, if the current advertising market trends persists, further margin contraction is likely during the coming 12 months.
The build-up of Schibsted's global technology and product development resources is ongoing, and the aim is to facilitate the digital transformation and the strategy of forming identity-based ecosystems. Schibsted has strong traffic positions and great brands in Scandinavia covering a broad range of online services. We intend to use these strong national ecosystems as a basis for developing products that improves the ability to offer targeted advertising, and personalized products for consumers both
within online classifieds and news. The advertising technology, based on a strategic partnership with Appnexus, may be a viable alternative to other established players in the market, and represent an opportunity for new revenue sources, for example in the fast growing market for programmatic advertising.
The ramp up and organizational change related to product and technology will increase the efficiency and reduce timeto-market for new services both for online classifieds operations, for media houses and adjacent services. Investments will increase, as previously communicated, compared with 2015. EBITDA of the Other/Headquarters segment, which includes product and technology investments, is estimated to be negative NOK 650-700 million in the full year 2016. The investment level is likely to go slightly up on a full year basis in 2017, before we are able to take out efficiency effects and reduce duplication of efforts in 2018.
| Third quarter | First three quarters | Year | |||
|---|---|---|---|---|---|
| 2015 | 2016 (NOK million) | 2016 | 2015 | 2015 | |
| 3,673 | 3,798 Operating revenues | 11,795 | 11,170 | 15,117 | |
| (129) | (118) Raw materials and finished goods | (376) | (434) | (575) | |
| (1,372) | (1,396) Personnel expenses | (4,526) | (4,319) | (5,884) | |
| (1,616) | (1,712) Other operating expenses | (5,263) | (4,843) | (6,642) | |
| 556 | 572 Gross operating profit (loss) | 1,630 | 1,574 | 2,016 | |
| (129) | (127) Depreciation and amortisation | (382) | (366) | (498) | |
| (124) | (43) Share of profit (loss) of joint ventures and associates | (126) | 123 | 52 | |
| (14) | (16) Impairment loss | (55) | (23) | (488) | |
| 794 | (32) Other income and expenses | (125) | 1,158 | 1,079 | |
| 1,083 | 354 Operating profit (loss) | 942 | 2,466 | 2,161 | |
| (118) | 38 Net financial items | 28 | (215) | (195) | |
| 965 | 392 Profit (loss) before taxes | 970 | 2,251 | 1,966 | |
| (153) | (195) Taxes | (505) | (437) | (575) | |
| 812 | 197 Profit (loss) | 465 | 1,814 | 1,391 | |
| Profit (loss) attributable to: | |||||
| 15 | 23 Non-controlling interests | 82 | 115 | 128 | |
| 797 | 174 Owners of the parent | 383 | 1,699 | 1,263 | |
| Earnings per share in NOK: | |||||
| 3.68 | 0.77 Basic | 1.70 | 7.88 | 5.79 | |
| 3.67 | 0.77 Diluted | 1.69 | 7.88 | 5.78 | |
| 0.06 | 0.93 Basic - adjusted | 2.26 | 2.77 | 3.17 | |
| 0.06 | 0.93 Diluted - adjusted | 2.26 | 2.77 | 3.16 |
| Third quarter | First three quarters | Year | ||
|---|---|---|---|---|
| 2015 | 2016 (NOK million) | 2016 | 2015 | 2015 |
| 812 | 197 Profit (loss) | 465 | 1,814 | 1,391 |
| 233 | (305) Remeasurements of defined benefit pension liabilities | (310) | 282 | 563 |
| (63) | 77 Income tax relating to remeasurements of defined benefit pension liabilities |
78 | (76) | (151) |
| 1 | - Share of other comprehensive income of joint ventures and associates |
5 | (1) | 5 |
| 171 | (228) Items not to be reclassified subsequently to profit or loss | (227) | 205 | 417 |
| 661 | (376) Exchange differences on translating foreign operations | (727) | 392 | 446 |
| (41) | 14 Hedges of net investments in foreign operations | 76 | (37) | (79) |
| 11 | (3) Income tax relating to hedges of net investments in foreign operations |
(19) | 10 | 21 |
| - | (1) Share of other comprehensive income of joint ventures and associates |
5 | - | - |
| 631 | (366) Items to be reclassified subsequently to profit or loss | (665) | 365 | 388 |
| 802 | (594) Other comprehensive income | (892) | 570 | 805 |
| 1,614 | (397) Comprehensive income | (427) | 2,384 | 2,196 |
| Comprehensive income attributable to: | ||||
| 27 | 15 Non-controlling interests | 63 | 115 | 129 |
| 1,587 | (412) Owners of the parent | (490) | 2,269 | 2,067 |
| 30 September | 31 December | ||
|---|---|---|---|
| (NOK million) | 2016 | 2015 | 2015 |
| Intangible assets Investment property and property, plant and equipment Investments in joint ventures and associates Other non-current assets |
13,470 1,043 978 463 |
14,511 1,168 969 462 |
14,292 1,137 929 425 |
| Non-current assets | 15,954 | 17,110 | 16,783 |
| Trade receivables and other current assets | 2,804 | 3,061 | 2,942 |
| Cash and cash equivalents | 1,388 | 2,854 | 1,891 |
| Current assets | 4,192 | 5,915 | 4,833 |
| Total assets | 20,146 | 23,025 | 21,616 |
| Equity attributable to owners of the parent | 9,878 | 11,195 | 10,776 |
| Non-controlling interests | 287 | 297 | 314 |
| Equity | 10,165 | 11,492 | 11,090 |
| Non-current interest-bearing borrowings | 1,822 | 3,012 | 2,365 |
| Other non-current liabilities | 2,793 | 2,817 | 2,743 |
| Non-current liabilities | 4,615 | 5,829 | 5,108 |
| Current interest-bearing borrowings | 540 | 719 | 318 |
| Other current liabilities | 4,826 | 4,985 | 5,100 |
| Current liabilities | 5,366 | 5,704 | 5,418 |
| Total equity and liabilities | 20,146 | 23,025 | 21,616 |
| Third quarter | First three quarters | Year | ||
|---|---|---|---|---|
| 2015 | 2016 (NOK million) | 2016 | 2015 | 2015 |
| 965 | 392 Profit (loss) before taxes | 970 | 2,251 | 1,966 |
| (784) | - Gain on remeasurement in business combinations achieved in stages and | - | (784) | (778) |
| remeasurement of contingent consideration | ||||
| 143 | 143 Depreciation, amortisation and impairment losses | 437 | 389 | 1,000 |
| 124 | 53 Share of profit of joint ventures and associates, net of dividends received | 155 | (108) | (25) |
| (149) | (155) Taxes paid | (521) | (681) | (738) |
| (17) | (45) Sales losses (gains) non-current assets | (80) | (435) | (437) |
| 46 | (188) Change in working capital | 40 | 58 | 5 |
| 328 | 200 Net cash flow from operating activities | 1,001 | 690 | 993 |
| (98) | (166) Purchase of intangible assets and property, plant and equipment | (511) | (352) | (460) |
| (266) | (2) Acquistion of subsidiaries, net of cash acquired | (122) | (691) | (753) |
| (1) | 6 Proceeds from sale of intangible assets and property, plant and equipment | 9 | 59 | 34 |
| 14 | 2 Proceeds from sale of subsidiaries, net of cash sold | 1 | 444 | 470 |
| (272) | (30) Net sale of (investment in) other shares | (54) | (704) | (722) |
| (71) | - Net change in other investments | - | (66) | (82) |
| (694) | (190) Net cash flow from investing activities | (677) | (1,310) | (1,513) |
| (366) | 10 Net cash flow before financing activities | 324 | (620) | (520) |
| 161 | (2) Net change in interest-bearing loans and borrowings | (287) | 830 | (212) |
| (42) | (2) Change in ownership interests in subsidiaries | (65) | (152) | (188) |
| 2,635 | - Capital increase | - | 2,635 | 2,634 |
| 4 | 5 Net sale (purchase) of treasury shares | 16 | 12 | 16 |
| (20) | (49) Dividends paid | (483) | (567) | (567) |
| 2,738 | (48) Net cash flow from financing activities | (819) | 2,758 | 1,683 |
| 13 | 15 Effects of exchange rate changes on cash and cash equivalents | (8) | (29) | (17) |
| 2,385 | (23) Net increase (decrease) in cash and cash equivalents | (503) | 2,109 | 1,146 |
| 469 | 1,411 Cash and cash equivalents at start of period | 1,891 | 745 | 745 |
| 2,854 | 1,388 Cash and cash equivalents at end of period | 1,388 | 2,854 | 1,891 |
| First three quarters 2016 (NOK million) |
Equity attributable to owners of the parent |
Non- controlling interests |
Equity |
|---|---|---|---|
| Equity at start of period | 10,776 | 314 | 11,090 |
| Comprehensive income | (490) | 63 | (427) |
| Transactions with the owners | (408) | (90) | (498) |
| Share-based payment | 35 | - | 35 |
| Dividends paid to owners of the parent | (396) | - | (396) |
| Dividends to non-controlling interests | 9 | (88) | (79) |
| Change in treasury shares | 16 | - | 16 |
| Business combinations | - | 9 | 9 |
| Loss of control of subsidiaries | - | (1) | (1) |
| Changes in ownership of subsidiaries that do not result in a loss of control | (70) | (10) | (80) |
| Share of transactions with the owners of joint ventures and associates | (2) | - | (2) |
| Equity at end of period | 9,878 | 287 | 10,165 |
| First three quarters 2015 | Equity attributable to owners of |
Non- controlling interests |
Equity | |
|---|---|---|---|---|
| (NOK million) | the parent | |||
| Equity at start of period | 6,560 | 230 | 6,790 | |
| Comprehensive income | 2,269 | 115 | 2,384 | |
| Transactions with the owners | 2,366 | (48) | 2,318 | |
| Capital increase | 2,635 | - | 2,635 | |
| Share-based payment | 50 | - | 50 | |
| Dividends paid to owners of the parent | (376) | - | (376) | |
| Dividends to non-controlling interests | 15 | (191) | (176) | |
| Change in treasury shares | 12 | - | 12 | |
| Business combinations | - | 106 | 106 | |
| Loss of control of subsidiaries | - | (3) | (3) | |
| Changes in ownership of subsidiaries that do not result in a loss of control | 23 | 40 | 63 | |
| Share of transactions with the owners of joint ventures and associates | 7 | - | 7 |
| Equity at end of period | 10,776 | 314 | 11,090 | |
|---|---|---|---|---|
| Share of transactions with the owners of joint ventures and associates | 7 | - | 7 | |
| Changes in ownership of subsidiaries that do not result in a loss of control | (208) | 38 | (170) | |
| Loss of control of subsidiaries | - | (3) | (3) | |
| Business combinations | - | 111 | 111 | |
| Change in treasury shares | 16 | - | 16 | |
| Dividends to non-controlling interests | 15 | (191) | (176) | |
| Dividends paid to owners of the parent | (376) | - | (376) | |
| Share-based payment | 55 | - | 55 | |
| Capital increase | 2,640 | - | 2,640 | |
| Transactions with the owners | 2,149 | (45) | 2,104 | |
| Comprehensive income | 2,067 | 129 | 2,196 | |
| Equity at start of period | 6,560 | 230 | 6,790 | |
| (NOK million) | the parent | |||
| attributable to owners of |
controlling interests |
|||
| Year 2015 | Equity | Non- | Equity |
Schibsted ASA is a public limited company incorporated and domiciled in Norway. The address of its registered office is Apotekergata 10, N-0107 Oslo, Norway. The A-shares and B-shares of Schibsted ASA are listed on the Oslo Stock Exchange under tickers SCHA and SCHB. Schibsted Media Group (Schibsted or the Group) consists of Schibsted ASA and its subsidiaries.
Schibsted Media Group is an international media group with leading positions within online classifieds and strong positions within media houses. The major businesses are in Norway, Sweden, France and Spain, but the Group also has operations in other countries in Europe, Latin America, Asia and Africa.
The condensed consolidated interim financial statements comprise the Group and the Group's interests in joint ventures and associates. The interim financial statements have been prepared in compliance with IAS 34 Interim Financial Reporting. The condensed interim financial statements do not include all information and disclosures required in the annual financial statements and should be read in conjunction with the Group's Annual financial statements as at 31 December 2015.
The accounting policies adopted in preparing these interim financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2015.
In November 2015, Schibsted Media Group presented a new organisation model with new geographies and stronger global functions. Consequently, changes are made to operating segments reported with effect from the first quarter of 2016. Comparable figures for previous periods are restated.
Schibsted has recognised actuarial losses of NOK 232 million net of tax related to remeasurement of defined benefit pension liabilities. The amount is recognised in Other comprehensive income and is mainly related to changes in financial assumptions.
The condensed consolidated interim financial statements for the first three quarters of 2016 were authorised for issue by the Board of Directors on 3 November 2016. The interim financial statements are unaudited.
Business combinations 2016:
Schibsted has during the three first quarters of 2016 invested NOK 122 million related to acquisition of subsidiaries and businesses (business combinations), of which NOK 120 million is settlement of contingent consideration related to prior year's business combinations, primarily Compricer AB (Media House Sweden). Investments related to business combinations during the three first quarters of 2016 amount to NOK 16 million, net NOK 2 million adjusted for cash in acquired companies.
Other changes in the composition of the Group 2016:
Schibsted has during the three first quarters of 2016 invested NOK 68 million related to increased ownership interests in subsidiaries. The amount invested is primarily related to increase in ownership interest in ServiceFinder Sverige AB (Online Classifieds Sweden) from 69.95% to 100%.
In January 2016, Schibsted closed the sale of its 50% interest in the joint venture 20 Minutes France S.A.S. A gain of NOK 24 million is recognised in the line item Other income and expenses.
In September 2016, Schibsted entered into an agreement to acquire MB Diffusion, the leading online classifieds market place for agricultural and construction equipment in France. The company has strong synergies with Leboncoin.fr in France and has an international presence with prospects for further growth. The acquisition was closed in October 2016.
Schibsted reports five operating segments; Online Classifieds (Norway, Sweden and International) and Media Houses (Norway and Sweden). As a consequence of the new organisational model, operating segments are changed from 1 January 2016, and restated retrospectively to give comparable information.
Online Classifieds Norway comprices Finn and Mittanbud.
Online Classifieds Sweden comprices Blocket, BytBil and Servicefinder.
Online Classifieds International comprices the Group's online classifieds operations world wide. The segment includes operations in Europe, Asia, Latin America and Africa. The main operations in Europe are in France, Spain and Italy.
Media House Norway comprises the media houses VG, Aftenposten, Bergens Tidende, Stavanger Aftenblad and Fædrelandsvennen, printing and distribution operations, and the publishing house Schibsted Forlag (sold in June 2015).
Media House Sweden comprises Publishing, where Aftonbladet and Svenska Dagbladet are the main units, and Schibsted Growth, a portfolio of internet-based growth companies (including the online directory service Hitta).
Other / Headquarters comprises operations not included in the five reported operating segments, including Mötesplatsen, Aspiro (sold in March 2015), 20 Minutes in Spain (sold in July 2015) and 20 Minutes in France (sold in January 2016), as well as the Group's headquarter Schibsted ASA and centralised functions including Product and Technology.
Eliminations comprise intersegment sales. Transactions between operating segments are conducted on normal commercial terms.
The division into operating segments corresponds to the management structure and the internal reporting to the Group's chief operating decision maker, defined as the CEO. The division reflects an allocation based partly on the type of operation and partly on geographical location.
In the operating segment information presented, Gross operating profit (loss) is used as measure of operating segment profit or loss. For internal control and monitoring, Operating profit (loss) is also used as measure of operating segment profit or loss.
| Third quarter 2016 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Online Classifieds | Media Houses | Other / | ||||||
| (NOK million) | Norway | Sweden | International | Norway | Sweden | Headquarters | Eliminations | Total |
| Operating revenues from external customers | 390 | 253 | 957 | 1,219 | 955 | 24 | - | 3,798 |
| Operating revenues from other segments | 15 | 7 | 25 | 39 | 42 | 68 | (196) | - |
| Operating revenues | 405 | 260 | 982 | 1,258 | 997 | 92 | (196) | 3,798 |
| Gross operating profit (loss) | 174 | 146 | 167 | 112 | 153 | (180) | - | 572 |
| Operating profit (loss) | 166 | 148 | 74 | 63 | 114 | (211) | - | 354 |
| First three quarters 2016 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Online Classifieds | Media Houses | Other / | ||||||
| (NOK million) | Norway | Sweden | International | Norway | Sweden | Headquarters | Eliminations | Total |
| Operating revenues from external customers | 1,197 | 788 | 2,929 | 3,844 | 2,968 | 69 | - | 11,795 |
| Operating revenues from other segments | 47 | 23 | 89 | 128 | 131 | 220 | (638) | - |
| Operating revenues | 1,244 | 811 | 3,018 | 3,972 | 3,099 | 289 | (638) | 11,795 |
| Gross operating profit (loss) | 520 | 436 | 503 | 300 | 369 | (498) | - | 1,630 |
| Operating profit (loss) | 496 | 418 | 260 | 76 | 259 | (567) | - | 942 |
| Third quarter 2015 (restated) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Online Classifieds | Media Houses | Other / | ||||||
| (NOK million) | Norway | Sweden | International | Norway | Sweden | Headquarters | Eliminations | Total |
| Operating revenues from external customers | 365 | 231 | 803 | 1,318 | 923 | 33 | - | 3,673 |
| Operating revenues from other segments | 7 | 20 | 5 | 26 | 29 | 96 | (183) | - |
| Operating revenues | 372 | 251 | 808 | 1,344 | 952 | 129 | (183) | 3,673 |
| Gross operating profit (loss) | 172 | 136 | 143 | 90 | 124 | (109) | - | 556 |
| Operating profit (loss) | 164 | 135 | 768 | 35 | 99 | (118) | - | 1,083 |
| First three quarters 2015 (restated) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Online Classifieds | Media Houses | Other / | ||||||
| (NOK million) | Norway | Sweden | International | Norway | Sweden | Headquarters | Eliminations | Total |
| Operating revenues from external customers | 1,134 | 668 | 2,263 | 4,206 | 2,707 | 192 | - | 11,170 |
| Operating revenues from other segments | 19 | 55 | 28 | 68 | 82 | 277 | (529) | - |
| Operating revenues | 1,153 | 723 | 2,291 | 4,274 | 2,789 | 469 | (529) | 11,170 |
| Gross operating profit (loss) | 525 | 354 | 436 | 277 | 308 | (326) | - | 1,574 |
| Operating profit (loss) | 497 | 351 | 1,410 | 120 | 251 | (163) | - | 2,466 |
| Year 2015 (restated) | ||||||||
|---|---|---|---|---|---|---|---|---|
| Online Classifieds | Media Houses | Other / | ||||||
| (NOK million) | Norway | Sweden | International | Norway | Sweden | Headquarters | Eliminations | Total |
| Operating revenues from external customers | 1,472 | 913 | 3,149 | 5,628 | 3,753 | 202 | - | 15,117 |
| Operating revenues from other segments | 31 | 74 | 53 | 95 | 118 | 358 | (729) | - |
| Operating revenues | 1,503 | 987 | 3,202 | 5,723 | 3,871 | 560 | (729) | 15,117 |
| Gross operating profit (loss) | 652 | 507 | 510 | 398 | 422 | (473) | - | 2,016 |
| Operating profit (loss) | 614 | 490 | 1,374 | (298) | 296 | (315) | - | 2,161 |
| Third quarter | First three quarters | Year | ||
|---|---|---|---|---|
| 2015 | 2016 (NOK million) | 2016 | 2015 | 2015 |
| - | (16) Impairment loss goodwill | (16) | - | (430) |
| (14) | - Impairment loss other intangible assets and property, plant and equipment | (39) | (32) | (44) |
| - | - Impairment loss investments in associates | - | 9 | (14) |
| (14) | (16) Total impairment loss | (55) | (23) | (488) |
Impairment losses in 2016 are related to operations being closed down.
| Third quarter | First three quarters | Year | ||
|---|---|---|---|---|
| 2015 | 2016 (NOK million) | 2016 | 2015 | 2015 |
| - 14 |
(36) Restructuring costs 4 Gain (loss) on sale of subsidiaries, joint ventures and associates |
(145) 39 |
(43) 428 |
(141) 422 |
| - | - Gain (loss) on sale of intangible assets, property, plant and equipment and investment property |
- | 3 | 3 |
| 858 | - Gain from remeasurement of previously held equity interests in business combinations achieved in stages |
- | 858 | 858 |
| (4) | 1 Acquisition-related costs | (17) | (14) | (34) |
| (74) | (1) Other | (2) | (74) | (29) |
| 794 | (32) Total other income and expenses | (125) | 1,158 | 1,079 |
Restructuring costs in the first three quarters of 2016 are mainly related to structural measures within Media Houses. NOK 91 million are related to the restructuring of Media House Norway.
Gain (loss) on sale of subsidiaries, joint ventures and associates in the first three quarters of 2016 includes a gain of NOK 24 million from the sale of the joint venture 20 Minutes France S.A.S. See note 2.
| Third quarter | First three quarters | Year | ||
|---|---|---|---|---|
| 2015 | 2016 (NOK million) | 2016 | 2015 | 2015 |
| (22) | (18) Net interest income (expenses) | (51) | (80) | (97) |
| (95) (1) |
16 Net foreign exchange gain (loss) 40 Net other financial income (expenses) |
46 33 |
(129) (6) |
(80) (18) |
| (118) | 38 Net financial items | 28 | (215) | (195) |
Net other financial income (expenses) in third quarter 2016 includes a gain of NOK 41 million from sale of equity instruments.
The development in the number of shares outstanding:
| Third quarter | First three quarters | Year | ||
|---|---|---|---|---|
| 2015 | 2016 | 2016 | 2015 | 2015 |
| 214,973,268 - - 136,676 10,800,361 |
226,118,645 Shares outstanding at start of period - Decrease in treasury shares before share split - Share split 30,058 Decrease in treasury shares after share split - Capital increase |
225,928,308 - - 220,395 - |
107,421,397 17,014 107,438,411 233,122 10,800,361 |
107,421,397 17,014 107,438,411 251,125 10,800,361 |
| 225,910,305 | 226,148,703 Shares outstanding at end of period | 226,148,703 | 225,910,305 | 225,928,308 |
| 897,286 | 658,888 Treasury shares at end of period | 658,888 | 897,286 | 879,283 |
| 226,807,591 | 226,807,591 Total number of shares issued | 226,807,591 | 226,807,591 | 226,807,591 |
| 216,781,503 | 226,138,463 Average number of shares outstanding used for calculating Earnings per share |
226,069,898 | 215,511,940 | 218,135,315 |
The share capital of Schibsted ASA is NOK 113,403,795.50 divided on 108,003,615 A-shares with a nominal value of NOK 0.50 and 118,803,976 B-shares with a nominal value of NOK 0.50. Shares outstanding at 30 September 2016 comprise 107,720,001 A-shares and 118,428,702 B-shares.
Decrease in treasury shares is related to shares transferred to employees in connection with an employee share saving plan and other share-based payment arrangements. Consideration received related to treasury shares sold amounts to NOK 16 million.
| First three quarters | Year | ||
|---|---|---|---|
| 2016 | 2015 | 2015 | |
| (NOK million) | Restated * | Restated * | |
| Pro forma Online Classifieds | |||
| Operating revenues Developed phase (EUR million) | 510.2 | 456.6 | 610.8 |
| EBITDA Developed phase (EUR million) | 222.1 | 195.2 | 254.9 |
| EBITDA margin Developed phase | 44 % | 43 % | 42 % |
| EBITDA Investment phase (EUR million) | (70.7) | (70.0) | (95.6) |
| Operating revenues for operating segments | |||
| Online Classifieds Norway | 1,244 | 1,153 | 1,503 |
| Online Classifieds Sweden | 811 | 723 | 987 |
| Online Classifieds International | 3,018 | 2,291 | 3,202 |
| Media House Norway | 3,972 | 4,274 | 5,723 |
| Media House Sweden | 3,099 | 2,789 | 3,871 |
| EBITDA Group | |||
| EBITDA excl. Investment phase | 2,222 | 1,933 | 2,560 |
| EBITDA (gross operating profit (loss)) | 1,630 | 1,574 | 2,016 |
| Operating margin | |||
| EBITDA excl. Investment phase | 19 % | 18 % | 17 % |
| EBITDA (gross operating profit (loss)) | 14 % | 14 % | 13 % |
| Operating margins operating segments (EBITDA) | |||
| Online Classifieds Norway | 42 % | 46 % | 43 % |
| Online Classifieds Sweden | 54 % | 49 % | 51 % |
| Online Classifieds International | 17 % | 19 % | 16 % |
| Media House Norway | 8 % | 6 % | 7 % |
| Media House Sweden | 12 % | 11 % | 11 % |
| Equity ratio | 50 % | 50 % | 51 % |
| Interest-bearing borrowings | 2,362 | 3,731 | 2,683 |
| Net interest-bearing debt | 974 | 877 | 792 |
| Cash flow from operating activities | 1,001 | 690 | 993 |
| Cash flow from operating activities per share (NOK) | 4.43 | 3.20 | 4.56 |
| CAPEX | 511 | 352 | 460 |
* Operating segments are changed from 1 January 2016, and restated retrospectively to give comparable information.
| First quarter |
Second quarter |
Third quarter |
Fourth quarter |
First quarter |
Second quarter |
Third quarter |
|
|---|---|---|---|---|---|---|---|
| (NOK million) | 2015 | 2015 | 2015 | 2015 | 2016 | 2016 | 2016 |
| Operating revenues | 3,694 | 3,803 | 3,673 | 3,947 | 3,883 | 4,114 | 3,798 |
| Gross operating profit (loss) | 376 | 642 | 556 | 442 | 421 | 637 | 572 |
| Operating profit (loss) | 873 | 510 | 1,083 | (305) | 231 | 357 | 354 |
| Profit (loss) before taxes | 846 | 440 | 965 | (285) | 219 | 359 | 392 |
| Profit (loss) | 734 | 268 | 812 | (423) | 75 | 193 | 197 |
This section includes definitions and reconciliations of financial measures presented in this report. These financial measures are included as they provide information of our financial performance in addition to the financial statements presented in accordance with IFRS.
Gross operating profit (loss)
Gross operating profit (loss) / Operating revenues
Online classifieds operations in investment phase are defined as operations in growth phase with large investments in market positions, immature monetization rate and sustainable profitability has not been reached.
| 556 | 572 Total EBITDA | 1,630 | 1,574 | 2,016 |
|---|---|---|---|---|
| (8) | (1) EBITDA Investment phase Other | (19) | (21) | (30) |
| (108) | (183) EBITDA Investment phase Online Classifieds | (573) | (338) | (514) |
| 672 | 756 EBITDA excl. Investment phase | 2,222 | 1,933 | 2,560 |
| 2015 | 2016 (NOK million) | 2016 | 2015 | 2015 |
| Third quarter | First three quarters | Year |
The table includes all online classifieds sites. Subsidiaries are fully consolidated. Joint ventures and associates are proportionally consolidated based on Schibsted ownership. Figures are converted to EUR using monthly average exchange rates.
| Third quarter | First three quarters | Year | ||
|---|---|---|---|---|
| 2015 | 2016 (EUR million) | 2016 | 2015 | 2015 |
| 43.2 | 51.5 Pro forma EBITDA Online Classifieds | 151.4 | 125.3 | 159.3 |
| 9.7 | 2.1 Effect proportionate consolidation of joint ventures and associates | 7.3 | 30.4 | 36.3 |
| (3.4) | (1.1) Headquarter costs and other | (2.9) | (5.6) | (7.8) |
| 49.5 | 52.5 EBITDA online classifieds | 155.8 | 150.1 | 187.8 |
| 451 | 487 EBITDA online classifieds in NOK million | 1,459 | 1,315 | 1,669 |
Growth rates adjusted for currency effects are calculated using the same foreign exchange rates for the period last year and this year.
| Third quarter | First three quarters | Year | ||
|---|---|---|---|---|
| 2015 | 2016 (NOK million) | 2016 | 2015 | 2015 |
| 797 | 174 Profit (loss) attributable to owners of the parent | 383 | 1,699 | 1,263 |
| (794) | 32 Other income and expenses | 125 | (1,158) | (1,079) |
| 14 | 16 Impairment loss | 55 | 23 | 488 |
| Taxes and Non-controlling interests related to Other income and | ||||
| (5) | (11) expenses and Impairment loss |
(52) | 33 | 19 |
| 12 | 211 Profit (loss) attributable to owners of the parent - adjusted | 511 | 597 | 691 |
| 0.06 | 0.93 Earnings per share – adjusted (NOK) | 2.26 | 2.77 | 3.17 |
| 0.06 | 0.93 Diluted earnings per share – adjusted (NOK) | 2.26 | 2.77 | 3.16 |
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: [email protected] www.schibsted.com
Investor information: www.schibsted.com/ir
| Q4 report 2016 | 8 February 2017 |
|---|---|
| Q1 report 2017 | 12 May 2017 |
| Annual General Meeting | 12 May 2017 |
| Q2 report 2017 | 18 July 2017 |
| Q3 report 2017 | 3 November 2017 |
| For information regarding conferences, roadshows etc., please visit www.schibsted.com/en/ir/Financial-calendar/ |
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