Vend Marketplaces Asa · OSL:VEND
Vend Marketplaces Asa — Schibsted — Investor Day (2008)
17 slides from Vend Marketplaces Asa's investor day presentation, 2008
Slide 1: Media Norge
Media Norge Birger Magnus, EVP Schibsted 1
Slide 2: Establishment of Media Norge
Establishment of Media Norge • Challenging market conditions reinforces strategic rationale • Long and bumpy road so far • Difficult market conditions call for IPO postponement 2
Slide 3: Background
Background • The regional media-companies are especially important to the broad and unique Norwegian media-diversity • The Norwegian media-landscape and especially the printed newspapers, face great challenges from global players and media-owners without editorial motivation or tradition • In five y
Slide 4: The strong rationale is still valid
The strong rationale is still valid The regional newspapers are facing a common challenge – both advertisers and users are migrating from printed to online news and content • Large share of classified ads have already migrated online • The younger generations are reading less printed newspapers Join
Slide 5: Media Norge – structure and vision
Media Norge – structure and vision 50.1 % 100 % 88.7 % Media Norge aims to become the leading media company in Norway – characterised by capacity for innovation and the systematic development of new products in all available channels – both regionally and nationally 5
Slide 6: Media Norge will be a national media house with a strong regional presence
Media Norge will be a national media house with a strong regional presence • The Media Norge headquarters will be located in Bergen • Regional centers of excellence will be established based on available competencies and resources • At least three of the board members elected by employees, including
Slide 7: …with attractive positions in Norway’s most important regions
…with attractive positions in Norway’s most important regions Top 10 – largest cities Top 10 – wealthiest counties Thousands, 2007 GDP per capita, NOK thousands, 2007 Oslo 857 Oslo/ Akershus 451 Bergen 224 Rogaland 336 Stavanger 186 Hordaland 324 Trondheim 157 Sør-Trøndelag 290 Fredrikstad/ 100 Sogn
Slide 8: …and a strong cash flow
…and a strong cash flow Revenue 1H 08 EBITDA 1H 08 1H 07 in brackets 1H 07 in brackets 368 (282) 239 (216) 180 385 (141) (362) 556 44 69 (34) (528) 2699 2640 (108) 524 587 115 (134) 1153 (1167) 139 (170) AP BT STA FVN Finn Total 1H 07 AP BT STA FVN Finn Total 1H 07 8 Note: Proforma, not consolidated
Slide 9: Synergy potential communicated to the market in 2007
Synergy potential communicated to the market in 2007 NOK million PRELIMINARY TBD 17-21 67-92 285-313 200 Increased IT, ad Editorial, print New media Total advertising production, call and distribution revenues center, casual sales, support functions 9
Slide 10: Operational areas with identified synergy potential
Operational areas with identified synergy potential 10
Slide 11: Successful integration of national ad sales
Successful integration of national ad sales National ad sales ”Fire Store” • Two separate sales forces targeting the • Center of excellence same customers integrated in the • Regional or multi regional footprint Aftenposten media house • One common sales force • Jointly covering the most important u
Slide 12: Dividend policy
Dividend policy ”Media Norge aims to practise a dividend policy that results in the group’s direct yield being competitive both in the Norwegian market and amongst European media companies. The general guideline of the group is that dividends shall be equivalent to 35-60% of post-tax earnings, but i
Slide 13: Pro-forma shareholder structure
Pro-forma shareholder structure 13
Slide 14: A long and bumpy road
A long and bumpy road 2006 August Schibsted announces talks between Aftenposten, Bergens Tidende, Adresseavisen, Fædrelandsvennen and Stavanger Aftenblad about a potential merger December Schibsted board of directors approves merger plans 2007 February Extraordinary general meetings in the media hou
Slide 15: Equity markets are difficult
Equity markets are difficult 15
Slide 16: …and the trends in some ad markets are challenging
…and the trends in some ad markets are challenging Ad revenues in Aftenposten, 12 months rolling average, NOK million 600 500 400 Recruitment Real estate 300 200 100 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 16
Slide 17: The IPO has been postponed
The IPO has been postponed • The project board of Media Norge has decided that the IPO of the new company will not be carried out this autumn • The timing will be evaluated further • The process of preparing the IPO of Media Norge has proceeded as planned • The reason for the postponing is the devel