Schibsted ASA (SCHA/SCHB) - Interim Financial Statement Q3 2015

Today, Schibsted Media Group released its Q3 2015 report.

"I am pleased to see that the positive development both in revenues and profitability continued for our major online classifieds sites in Q3 2015. Spain and France performed particularly well in the quarter", CEO Rolv Erik Ryssdal says.

"For our Media Houses, changes in consumer behavior and the advertising markets are affecting our operations significantly. Our operations continue to perform well given the very challenging landscape", Rolv Erik Ryssdal says.

"We are focusing on increased speed of online product development. Our joint efforts in building advanced data driven advertising solutions prove more and more relevant. At the same time, I am satisfied to see that all our companies are able to adjust their cost base significantly, when total revenues decline," Ryssdal says.

"During Q3 2015 we strengthened our financial muscles considerably through a new issue of B-shares of close to NOK 2.7 billion. This is strengthening our ability to execute on our strategy to create value through in-market consolidation in the markets we currently operate.  We believe this type of consolidation will contribute to create better market places for buyers and sellers," Rolv Erik Ryssdal says.

"Schibsted has over the last few quarters increased our efforts within digital product development and technology considerably. This will continue, and form the basis for good products for consumers and businesses. It is an important part of our strategy for future growth," CEO Rolv Erik Ryssdal says.

Highlights of Q3 2015
(Figures in brackets refer to corresponding quarter in 2014.)

• EBITDA of NOK 556 million, a growth of 10 percent.
• Online classifieds revenues grew by 24 percent, whereas the EBITDA grew 19 percent. EBITDA margin of 31 percent (32%); 41 percent (44%) excluding investments in New Ventures.
• 15-20 percent online classifieds medium to long term revenue growth target maintained
  • 20 percent revenue growth in France in Q3
  • Accelerating revenue growth in Spain to 22 percent, and improved EBITDA margins.
• Capital increase of NOK 2.7 billion strengthened Schibsted's ability to execute on ambition of in-market consolidation.
  • New, strong leader formed in Ireland through combination with Distilled Media. Number one in real estate, generalist and cars.
• Continued strong growth in key performance indicators in most Investment phase markets such as Brazil, Chile and Finland.
  • 81 percent growth in number of visits in September in the portfolio outside Europe.
  • Significant investments result in leading position in terms of downloads for mobile-only classifieds app Shpock in UK, Germany and Austria.
• Mixed development in Media houses.
  • Continued overall growth in online revenues.
  • Total circulation revenues for subscription newspapers in Norway declined 2 percent, curbed by online growth.
  • Print advertising continued to decline. Significant reductions in cost base; cost reductions to continue.
  • Steady growth and margin improvement for personal finance and price comparison services.
• Investments in digital product development and technology ramping up. Good pipeline of new products to be launched during the coming 12-18 months in various geographies.

Schibsted invites to an analyst and press conference at Apotekergaten 10, Oslo, 30 October 2015 at 09:00 CET. The presentation will be held in English and transmitted live as a video webcast on www.schibsted.com/ir.

A conference call with Q&A linked to the Q32015 numbers will take place 30 October  2015 at 14:00 CET. Please dial in at the following numbers:

Norway: 800 56 053
UK: 0800 279 4992
USA: 1877 280 2296
International: +44(0)20 3427 1907

Conference ID is 5369448

Contact persons:
Trond Berger, CFO. Tel: +47 916 86 695
Jo Christian Steigedal, Head of IR. Tel: +47 415 08 733

Oslo, 30 October 2015
SCHIBSTED ASA

Jo Christian Steigedal
Head of IR