Earnings Release • Apr 28, 2023
Earnings Release
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28.4.2023 07:00:00 CEST | Schibsted | Half yearly financial reports and audit reports / limited reviews
Today, Schibsted released its Q1 2023 results.
"For Schibsted, 2023 started off with an underlying¹ revenue growth of 1 per cent in Q1, driven by Nordic Marketplaces and Growth & Investments. EBITDA was subdued by higher personnel costs, cost inflation and revenue mix, ending at NOK 423 million, down 12 per cent compared to Q1 last year," CEO Kristin Skogen Lund says.
"Nordic Marketplaces, which is dominating our Group EBITDA and market valuation, made important progress in its transition to a new, vertical-based operating model. This transition will unlock significant user and customer value over time as we presented at our Capital Markets Day in March. In the first quarter, underlying² revenues increased by 6 per cent thanks to solid classifieds revenue growth across all verticals except Jobs, while advertising was down due to market headwinds. EBITDA ended at NOK 420 million, 5 per cent below last year due to revenue mix and increased costs from new hires last year," CEO Kristin Skogen Lund says.
"As outlined at our Capital Markets Day, our News Media operations in Norway and Sweden were affected by continued pressure in the print business, market headwinds in advertising, and general cost increases in a high inflationary environment. Despite continued strong, double-digit revenue growth in digital subscriptions, underlying² revenues in News Media decreased by 2 per cent in Q1. EBITDA was break-even, above the issued trading update driven by better advertising performance in Norway in late March. We expect continued volatile and tough advertising markets in the short-term, particularly in Sweden, and need to constantly adapt our cost base to the reduced revenues. This is addressed by the announced cost programme which will accelerate throughout the year," CEO Kristin Skogen Lund says.
"Growth & Investments continued its upbeat trend across the portfolio from last quarter, with underlying¹ high single-digit revenue growth and improved profitability in Lendo and Prisjakt. In line with the announced new strategy for Lendo, focusing on profit growth, operations in Finland, Italy and Spain were ceased which will improve profitability throughout the year," CEO Kristin Skogen Lund says.
"As a fearless force for change, my team and I will continue to seize the opportunities which arise in more uncertain times, and adapt our organisation to the current, more uncertain market environment, with an increased emphasis on efficiency and cost control. In this context, the successful transformation in Nordic Marketplaces, to strengthen our existing classifieds offerings and to accelerate the transition to transactional offerings, is a top priority. And we will continuously explore and develop options to reduce our ownership in Adevinta in a value creating way for our shareholders," CEO Kristin Skogen Lund says.
| First quarter | Year | |||
|---|---|---|---|---|
| (NOK million) | 2023 | 2022 | Change | 2022 |
| Schibsted Group | ||||
|---|---|---|---|---|
| Operating revenues | 3,776 | 3,648 | 4% | 15,272 |
| - of which digital | 2,670 | 2,458 | 9% | 10,563 |
| EBITDA | 423 | 480 | (12%) | 2,406 |
| EBITDA margin | 11% | 13% | 16% |
Alternative performance measures used in this release are described and presented in the section Definitions and reconciliations in the quarterly report.
Publication of the Q1 results including interim report, presentation and financials and analytical information.
CEO Kristin Skogen Lund and CFO Ragnar Kårhus will present the Q1 results as a virtual 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://channel.royalcast.com/landingpage/hegnarmedia/20230428\_4/
It will not be possible to physically attend the presentation.
For the Q&A, participants can send in written questions via Slido. Link: https://www.slido.com Event code: 2760202 It will not be possible to ask questions by phone.
Press/media can reach out to Schibsted's Head of External & CEO Communication, Øyvind Vormeland Salte ( [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.
Oslo, 28 April 2023 SCHIBSTED ASA
¹ Foreign exchange neutral basis and including pro-forma revenues for 3byggetilbud.dk A/S before Schibsted ownership ² Foreign exchange neutral basis
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Schibsted is a family of digital brands with a strong Nordic position, and more than 5,000 employees. Millions of people enjoy interacting with our companies every day through our online marketplaces such as FINN, Blocket and Oikotie; our media houses including Aftenposten, VG and Aftonbladet; and digital services like Lendo. We also help new promising businesses grow. Our joint mission of empowering people in their daily lives is rooted in the values of our media heritage and a legacy of bold change. At our best, we are a fearless force for change in a society built on trust and transparency.
Schibsted is listed on Oslo Børs and has a sizable investment in Adevinta, a company that was spun off and publicly listed as a separate company on Oslo Børs in 2019.
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