Earnings Release • May 6, 2021
Earnings Release
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Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q1 2021
6.5.2021 07:00:01 CEST | Schibsted | Half yearly financial reports and audit
reports / limited reviews
Today, Schibsted released its Q1 2021 results
Strong start to 2021
"Schibsted started 2021 with a strong first quarter, despite continued
uncertainty from the COVID-19 pandemic. Driven by underlying¹ revenue growth of
8 percent and cost savings, we achieved a strong EBITDA of NOK 594 million in
Q1, up from NOK 285 million in the same period last year," CEO Kristin Skogen
Lund says.
"The jump in EBITDA was driven by all business areas, while in particular News
Media had another strong quarter, where underlying² revenues grew 3 percent in
combination with lower costs. The revenue growth in News Media was due to
continued strong growth in digital subscriptions, in addition to a significant
improvement in digital advertising," CEO Kristin Skogen Lund says.
"In Nordic Marketplaces, underlying¹ revenues returned to a 6 percent growth
driven by an improvement in the Job vertical in Norway, and a strong March month
across all markets. Real estate in Norway and the Motor vertical in Norway and
Sweden were still somewhat negatively affected by less need for upsell products
due to lower inventory levels and high demand, but volume trends have improved
throughout the quarter. Looking at Finland, the Oikotie integration was
successfully completed and underlying¹ classifieds revenues increased compared
to last year driven by a recovery in Jobs, combined with good progress in Real
estate and Motor," CEO Kristin Skogen Lund says.
"In Next, Lendo's profitability improved slightly compared to the first quarter
last year despite lower underlying² revenues, which were negatively affected by
COVID-19 effects in Sweden. Similar to previous quarters, Distribution and
Prisjakt recorded strong growth driven by increased online shopping trends," CEO
Kristin Skogen Lund says.
"On the back of these strong results and our priorities, which we presented at
our virtual Capital Markets Day in March, I am excited about our long-term
possibilities for growth and value creation which lie ahead of us," CEO Kristin
Skogen Lund says.
Highlights of the quarter
* Underlying¹ revenue growth of 8 percent YoY ensured strong quarterly EBITDA
of NOK 594 million, more than doubled from Q1 last year and 42 percent above
Q1 2019
* Nordic Marketplaces: Underlying¹ revenues returned to YoY growth of 6 percent
after three quarters of flat or declining revenues, driven by the Job
vertical in Norway. EBITDA margin of 50 percent in Norway and 42 percent in
Sweden.
* News Media: Strong EBITDA margin of 11 percent driven by higher revenues and
cost savings. The revenue growth was due to strong growth in digital
subscriptions as well as a significant improvement in digital advertising.
* Financial Services: Robust EBITDA margin of 20 percent in Lendo, despite
underlying² revenue decline of 6 percent YoY driven by negative COVID-19
effects in Sweden.
* Growth: Strong underlying² revenue growth of 36 percent YoY thanks to strong
growth in Distribution and Prisjakt which have benefited from increased
online shopping trends.
(NOK million) | Q1 2021 | Q1 2020 | Change | | Year 2020
Schibsted Group | | | | |
Operating revenues | 3,401 | 3,026 | 12% | | 12,908
- of which digital | 2,108 | 1,826 | 15% | | 7,893
EBITDA | 594 | 285 | >100% | | 2,126
EBITDA margin | 17% | 9% | | | 16%
Alternative performance measures used in this release are described and
presented in the section Definitions and reconciliations in the quarterly
report.
Webcast presentation including Q&A 6 May at 09:00 CET
CEO Kristin Skogen Lund and CFO Ragnar Kårhus will present the Q1 results as a
live webcast, including a Q&A session. The presentation and following Q&A
session will be held in English. The webcast can be viewed live at:
https://bit.ly/3sy1Wkt.
For the Q&A, participants can send in written questions via Slido at:
https://app.sli.do/event/7hqfchpw. It will not be possible to ask questions by
phone.
As a result of the COVID-19 pandemic, it will not be possible to attend the
presentation in person at our headquarters in Oslo.
Press/media can reach out to Schibsted's Head of External Communications & Brand
Management, Nathalie Kåvin ([email protected]), to set up separate
one-on-one interviews with CEO Kristin Skogen Lund.
A recording of the presentation will be available on our IR website shortly
after the live webcast has ended.
¹ Revenue growth on a foreign exchange neutral basis adjusted for business
combinations
² Revenues on a foreign exchange neutral basis
Oslo, 6 May 2021
SCHIBSTED ASA
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
* Jann-Boje Meinecke, VP, Head of Investor Relations, +47 941 00 835,
* Malin Langtvet, Investor Relations Officer, +47 916 86 710, [email protected]
* Nathalie Kåvin, Head of External Communications & Brand Management, +47 934
01 363, [email protected]
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/534/695/Download%20announcement%2
0as%20PDF.pdf
Interim Report Q1 2021.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/534/692/Interim%20Report%20Q1%202
021.pdf
Results Presentation Q1 2021.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/534/693/Results%20Presentation%20
Q1%202021.pdf
Financials and Analytical Info Q1 2021.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/534/694/Financials%20and%20Analyt
ical%20Info%20Q1%202021.pdf
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