Vend Marketplaces Asa · OSL:VEND
Vend Marketplaces Asa — Schibsted — Investor Day (2008)
21 slides from Vend Marketplaces Asa's investor day presentation, 2008
Slide 1: Financials
Financials Trond Berger, CFO Schibsted
Slide 2: Increasingly an online company
Increasingly an online company Adjusted EBITA* LTM pr Q2 08 Online share of adjusted EBITA* rolling 12 months average pr Q2 08 1400 100 % 1200 80 % 1000 60 % 800 Online 60% 40 % 600 20 % 400 200 0% 2002 2003 2004 2005 2006 2007 2008 0 -20 % P rint Online Online Live pictures Other To tal newspapers
Slide 3: Growth drivers 1: Organic projects
Growth drivers 1: Organic projects • Strong focus on expansion through organic growth, as acquisitions have been regarded challenging the last years • Total spend 2005 to Q2 2008 NOK 1.5 billion • 66% share to online, 28% to print, 6% to TV • Target for 2008: NOK 300-350 million • Main projects in 2
Slide 4: Schibsted Søk (Search) refocused
Schibsted Søk (Search) refocused • First priority is to attack Norwegian online directories market • Run by the Finn organization • Strong traffic development. 670,000 unique visitors (week 35), an increase of 55% compared with one year ago • Attacking online market of approx NOK 1 billion (2007) •
Slide 5: Growth drivers 2: Acquisition strategy
Growth drivers 2: Acquisition strategy • Multiples on online companies have come down EV/EBITDA 2008 consensus estimates 25 • Value creating acquisitions more feasible for Schibsted 23 • Acquisitions will mainly be in online operations or 21 in operations that can create a basis for 19 developing on
Slide 6: Loan agreements allow headroom for acquisitions
Loan agreements allow headroom for acquisitions Net interest bearing debt (mill NOK) 4500 4,5 • Strong balance sheet secures 4118 4022 financial flexibility 4000 4,0 3692 3500 3164 3,5 • Covenants allow net interest 3000 3,0 bearing debt of 3 times EBITDA (4 times for four quarters) 2500 2,5 2000 2,
Slide 7: Refinancing of loans progresses well
Refinancing of loans progresses well • Bridge loan of EUR 400 million extended last year due to Media Norge – the facility expires by end of September • Refinancing process is started and agreement with DnB NOR and Nordea to extend the Bridge loan until new syndicated 5 year facility is established
Slide 8: Balance sheet details – overview
Balance sheet details – overview As of June 30 (NOK m illion) 2008 2007 2007 Non-current assets 12 839 11 983 12 245 Current assets 3 438 3 262 3 434 Non-current assets held for sale 0 0 312 Total assets 16 277 15 245 15 991 Equity 5 370 5 207 4 963 Non-current liabilities 4 743 2 879 3 566 Current
Slide 9: Balance sheet details – Non current assets
Balance sheet details – Non current assets As of AsJune 30 30 of June (NOK(NOK m illion) m illion) 2008 2007 2008 2007 2007 2007 Non-current Intangible assets assets 12 839 11 983 79 8 326 12344 245 8 093 Current assets 3 438 3 262 3 434 Investment property and property, plant and equipm. 1 689 2 07
Slide 10: Cash flow and investments
Cash flow and investments • Normal maintenance CAPEX of NOK 400-500 million • LTM CAPEX NOK 582 million As of June 30 2000 50 % (NOK m illion) 2008 2007 2007 1800 45 % 1600 40 % Profit (loss) before taxes 1 329 777 1 028 1400 35 % + Depreciation and amortisation 308 280 619 +/-Net changes in pension
Slide 11: Shareholder policy
Shareholder policy • Maximize shareholder return through long-term growth in share price and dividend • The Board of Directors will seek to obtain a pricing that to the best possible extent reflects the long-term profit generating capabilities of the group • Schibsted’s capital structure should be s
Slide 12: Key elements in Articles of Association
Key elements in Articles of Association • Protect editorial freedom • Negative control with ¼ of shares • No shareholder can own or vote for more than 30% of shares • Shareholders owning 25% or more has the right to appoint one member of the Board of directors
Slide 13: The Tinius Trust
The Tinius Trust • The Tinius Trust controls 26.1% of the shares through a “golden share” in Blommenholm Industrier AS • Managed by a board of trustees • Chairman Ole Jacob Sunde (also chairman of Schibsted) • John A. Rein (lawyer) • Per Egil Hegge (former editor in Aftenposten) • Each have appointe
Slide 14: Dividends and buy backs
Dividends and buy backs Dividend Share buy backs 7,00 70 % • Annual General Meeting 6,00 60 % May 2008 renewed the proxy to buy back up to 5,00 50 % 10% of shares 4,00 40 % CAGR • 1.5 million shares bought 97-07 back for NOK 230 million in 3,00 30 % 13% 2008 2,00 20 % • Total number of own shares in
Slide 15: Restructuring Spain/Italy
Restructuring Spain/Italy Spain • 14 print classifieds titles left in Spain. 61 closed down in 2008 • 232 employees in print operations, down from 347 in May 2008. Restructuring cost in Q2 2008 of NOK 33 million • Restructuring cost in case of full close down of classifieds print EUR 5-7 mill Italy
Slide 16: Online growth among analysts still expected to be high
Online growth among analysts still expected to be high Online ad revenue growth Online share of ad revenues 100 % 35 % 30 % 80 % 25 % 60 % 20 % 40 % 15 % 10 % 20 % 5% 0% 0% 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010 Spain France Norway Spain France Sweden Estonia WE online Norway Sweden
Slide 17: Advertising forecast Norway and Sweden
Advertising forecast Norway and Sweden Norway total growth Norway categories online Norway total share of ad rev. 60 % 160 % 150 % 50 % 49 % 140 % 45 % 43 % 50 % 42 % 42 % 45 % 40 % 40 % 120 % 38 % 100 % 35 % 35 % 40 % 30 % 34 % 100 % 31 % 33 % 30 % 80 % 80 % 24 % 30 % 80 % 25 % 20 % 60 % 60 % 52 %
Slide 18: Advertising forecast Spain and France
Advertising forecast Spain and France Spain total growth Spain categories online Spain total share of ad rev. 100 % 92 % 160 % 30 % 25 % 25 % 140 % 134 % 24 % 23 % 80 % 25 % 22 % 21 % 120 % 60 % 55 % 92 % 20 % 100 % 40 % 80 % 66 % 15 % 25 % 26 % 27 % 64 % 11 % 55 % 9% 60 % 48 % 20 % 10 % 7% 9 %7 % 9
Slide 19: Advertising forecast Estonia
Advertising forecast Estonia Estonia total growth Estonia categories online Estonia total share of ad rev. 140 % 140 % 50 % 126 % 126 % 45 % 44 % 120 % 120 % 43 % 40 % 40 % 39 % 37 % 36 % 100 % 100 % 35 % 80 % 80 % 30 % 65 % 65 % 25 % 60 % 60 % 20 % 40 % 40 % 13 % 13 % 33 % 35 % 33 % 35 % 15 % 40 %
Slide 20: Wrap up financials
Wrap up financials • Online share of revenues and earnings increases sharply • Continued growth efforts through organic initiatives and acquisitions • Strong balance sheet, refinancing of loans progresses well
Slide 21: Capital Markets Day Barcelona
Capital Markets Day Barcelona 08 ScHIBSTED