Vend Marketplaces Asa · OSL:VEND
Vend Marketplaces Asa — Schibsted — Investor Day (March 2006)
200 slides from Vend Marketplaces Asa's investor day presentation, Mar 24, 2006
Slide 1: Agenda
Agenda Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook 1
Slide 2: Schibsted's Vision
SCHIBSTED’S VISION CHIBSTED
Slide 3: Schibsted's vision from 1995
Schibsted’s vision from 1995 Schibsted's vision is to be a leading Scandinavian media company by being the preferred content supplier to consumers and advertisers, irrespective of their choice of media.
Slide 4: Speed of change increasing – technology examples
SPEED OF CHANGE INCREASING – TECHNOLOGY EXAMPLES Introduction of new technology in USA 120 100 Telephone 80 60 Cable TV Million Radio users 40 20 0 Internet (World Wide TV Web) 1995 2000 1965 2005 1935 1945 1970 1975 1985 1980 1950 1955 1930 1990 1940 1960 1925 1920 Source: Morgan Stanley, The Inter
Slide 5: Schibsted's new competitive situation
Schibsted’s new competitive situation will make it more difficult to ”rest on the laurels”
Slide 6: 7% annual nominal organic growth is not unrealistic
7 % ANNUAL NOMINAL ORGANIC GROWTH IS NOT AN UNREALISTIC AMBITION Newspapers are threatened Several new growth opportunities
Slide 7: Foundations Ambitions Synthesis
Foundations Ambitions Columns SYNTHESIS
Slide 8: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 9: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 10: Google to comply with China censorship
Google to comply with China censorship actively censor results in order to avoid angering the already highly popular in China, with a market share second only to locally based but Nasdaq-listed rival Baidu.com. However, the executive said Google found speed and A)CHIBSTED
Slide 11: Russland
RUSSLAND CHIBSTED
Slide 12: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 13: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 14: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 15: Gyro Gearloose
Gyro Gearloose Petter Smart Uppfinnar-Jocke
Slide 16: Schibsted will become Europe's most innovative media group
5. Schibsted will become Europe`s most innovative media group… • Innovation will be based on the established market positions and know-how in the consumer market. Newspapers are becoming multimedia houses Online traffic will be used to create new market positions. • We will focus on exporting new pr
Slide 17: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 18: Leading in understanding changes in media usage
6. Schibsted will become a leading group in Europe in understanding changes in media usage … • Both consumers and advertisers are changing their media habits faster and more radically than earlier. • The impact of new media habits on traditional media is just as important as on electronic media. • T
Slide 19: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 20: Encourage risktaking and remove fear of failure
ENCOURAGE RISKTAKING AND REMOVE FEAR OF FAILURE No “Only through failure can precious failure, experience be learned. But be no sure to always learn from your learning mistakes. Failure by itself is not necessarily failure.” – Sochiro Honda, cofounder “At Disney, we also feel that the only Safe to w
Slide 21: Failing is good as long as it doesn't become a habit
”Failing is good as long as it doesnt become a habit” - Michael Eisner CEO of Disney
Slide 22: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 23: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 24: Synthesis: Schibsted will become
10 Synthesis 5 6 7 8 9 Schibsted will become Growth Market and sales Organisation Corporate Finance A leading group development Europe's most in Europe in A leading group A group A leading innovative understanding in Europe in with an open, media group media group, changes in developing including in
Slide 25: Most attractive media group in Europe through people
“Schibsted will be the most attractive media group in Europe through people who dare, who challenge and who create!”
Slide 26: Shaping the media of tomorrow. Today!
”Shaping the media of tomorrow. Today!”
Slide 27: Main activities: implementation of vision
MAIN ACTIVITIES: IMPLEMENTATION OF VISION • Continue extensive communication • European Best Practice; • create thorough understanding and engagement for necessary improvements
Slide 28: European best practice
EUROPEAN BEST PRACTICE • WHO IS NO. 1? EXTENSIVE AND • HOW GOOD ARE WE? PRACTICAL WORK • HOW CAN WE BECOME THE BEST?
Slide 29: Vision work priorities
THE VISION WORK WILL FOCUS ON MANY THEMES; THE FIRST FOUR PRIORITIES ARE: 1th half-year 2006 2nd half-year 2006 • Corporate • Innovation governance • Sales • Finance and risk • Market management • Organisation • Corporate development • Constant operations improvement* * Pilot study starting now
Slide 30: Main activities: implementation of vision
MAIN ACTIVITIES: IMPLEMENTATION OF VISION • Continue extensive communication • European Best Practice; • create wide understanding and engagement for necessary improvements • Strategy work; • Prioritizing with stronger consistency • Better understanding of changes in media usage and technology • Wha
Slide 31: Strategy work: major themes
STRATEGY WORK: MAJOR THEMES Online news Norway Future scenarios Mobile media landscape Sweden Search/classifieds International TV
Slide 32: Agenda
Agenda Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook
Slide 33: Growth in Swedish total ad market
Growth in Swedish total ad market Y-o-y growth, percent 14,0% 12,0% 12,0% 10,0% 8,0% 7,0% 6,0% 6,0% 5,1% 4,0% 2,0% 0,4% 0,0% -2,0% -4,0% -4,0% -6,0% -6,0% -8,0% 05 06 04 00 01 02 03 20 20 20 20 20 20 20 Growth in January of +15,2% - internet not included Source: IRM
Slide 34: Expected growth in 2006
Expected growth in 2006 Y-o-y growth in Swedish ad market, percent 25,0% 23,0% 20,0% 15,0% 10,0% 10,0% 7,0% 5,0% 5,0% 5,0% 0,0% l et s TV rs ai er rn M pe ap te ct pa sp In ire ee ew D Fr N Source: IRM Dec 2005
Slide 35: Online brands in Sweden
Online brands in Sweden ViktKlubb. se DAU Hae WALLA «i Hue TASTELINE.COM | SVERIGES FRAMSTA SAJT OM MAT OCH pRYcK = SvD Melt blecket... Sveriges storsta Kop & Silj marknad JOBB A)CHIBSTED
Slide 36: Top 20 Swedish sites
Top 20 Swedish sites Week 10, million unique visitors 1. Aftonbladet.se 3,6 2. MSN.se 3,5 3. Blocket.se 2,1 4. Eniro.se (yellow pages) 1,7 5. Expressen.se 1,6 6. Lunarstorm.se 1,5 Schibsted has 7. Hitta.se 1,1 37% of top 20 8. Passagen.se 1,1 traffic 9. SvT.se 1,1 10. Spray.se 0,9 ………. 16. N24.se 0,
Slide 37: Cross links is the key
Aftonbladet Cross links is the key Google etc N24.se Blocket.se SvD.se 1’ 1’ Leta.se Tasteline.com Jobb24
Slide 38: Circulation, Aftonbladet and Expressen
Circulation, Aftonbladet and Expressen Why: Competition from free papers and the net 525 000 475 000 425 000 375 000 325 000 275 000 nov-05 nov-04 nov-03 nov-02 nov-01 nov-00 feb-06 feb-05 feb-04 feb-03 aug-05 feb-02 aug-04 feb-01 aug-03 feb-00 aug-02 aug-01 aug-00 maj-05 maj-04 maj-03 maj-02 maj-01
Slide 39: Offline and online readership
Offline and online readership .se Daily readership, thousands Only online version Both Only paper version 3000 2500 2000 1500 1000 500 0 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 1999 2000 2001 2002 2003 2004 2005 Source: Orvesto
Slide 40: Aftonbladet.se has more visits than largest news sites
Aftonbladet.se has more visits than the largest Swedish news sites put together .se Unique visits, week 9 2006 16,903,803 16,697,290 814,877 1,083,137 1,217,506 1,971,588 1,297,835 1,825,549 2,909,111 5,577,687 Source: Kiaindex - Insight XE and SiteCensus, 2005 w9, Dagens Nyheter, 2006 w9
Slide 41: Update Aftonbladet group
Update Aftonbladet group • Print ads - continued growth from high level • Circulation - down 4% in February • Cost increase due to new initiatives • Internet ads - very strong growth • Web-TV - more than 500,000 visitors per week • Hitta.se - according to plan, now steady over 1 million visitors per
Slide 42: Financials classified ads
Financials classified ads As of 31 Dec (NOK m illion) 2005 2004 Advertising revenues 172 131 Other revenues 6 5 Total operating revenues 178 136 Total operating expenses (105) (90) Operating profit (EBITA) 73 46
Slide 43: Financials 1999 – 2005
Financials 1999 – 2005 NOK million Revenue 135 Operating profit 110 85 60 22% 13% 3% 35 -16% -65% 6% -15% 10 -15 -40 1999 2000 2001 2002 2003 2004 2005
Slide 44: Update Svenska Dagbladet Group
Update Svenska Dagbladet Group • Highest circulation increase in Sweden in 2005 • Increased market share in principal market Stockholm Q1: • Print ads - strong growth and continued increase in market share • Circulation – up 7% in February - 12 consecutive months of increase • Launch of updated Sund
Slide 45: Svenska Dagbladet, circulation growth
Svenska Dagbladet, circulation growth Y-o-y increase in circulation per month in 2005, percent 10 % 10 % 9% 8% 8% 8% 7% 6% 6% 5% 5% 5% 4% 0% 0% b ar p r ay n jul Au g p v c n b Fe M A M Ju Se No De Ja Fe Source: TS
Slide 46: n24.se - New business news site
n24.se - New business news site • n24.se - new business news site - was launched on 4 October 2005 • Cooperation between Aftonbladet and Svenska Dagbladet • Separate organization with 13 own business journalists • Strong results in ad sales • Cost base of approx. 24 million SEK yearly • Positive res
Slide 47: Strong position after few weeks of operation
Strong position after few weeks of operation • Utilizing strong position of aftonbladet.se and svd.se to build internet traffic • Traffic has grown unexpectedly fast – n24.se has had more unique visitors than di.se for several consequtive weeks Unique weekly visitors Thousands di.se n24.se 600 500 4
Slide 48: Leading Market Position in the Nordic Region
Leading Market Position in the Nordic Region Acquired companies: -Mgage -Picofun UK 2% -Mobilehits Spain 2% US 2% -Emode iTouch (For-side) Baltic States 5% -Cellus Danmark 10% -SMS AS -Schibsted Mobile Finland 15% -Boomi Monstermob (London Stock Exchange) Norway 43% Jamba Sweden 19% 123 Multimedia (
Slide 49: Substantial profit improvement
Substantial profit improvement • Revenues of approx. SEK 125 million in Q4 – SEK 408 million in 2005 • Operating profit (EBITDA) of SEK 14.8 million in Q4 – 30% increase over Q3 • The objective of the Board of Directors is to obtain an EBITDA of at least SEK 55 million (proforma SEK 46 million) in 2
Slide 50: Slow start 2006
Slow start 2006 • Development turned around from 2004 – revenues grew 27% to SEK 946 million in 2005 • Improved operating profit (EBITA) in 2005 - SEK 25 million (SEK 16 million) • The Nordic production market is growing – increased competition among TV channels lead to increased demand Update Q1: •
Slide 51: On track again
On track again • 2005 a year of change – cinemas in Sweden sold and Scandinavian video distribution agreement with Warner terminated • Operating profit (EBITA) in 2005 of SEK -17 million (SEK 18 million) Update Q1: • 2006 started according to plan • Expected to contribute with reasonable profit in 2
Slide 52: Agenda
Agenda Vision Sweden Hitta.se Norway International Newspapers in TV format Organic growth Finance Outlook
Slide 53: Slide 53
Slide 54: Operating margin, Eniro Sverige
Operating margin, Eniro Sverige 50% 40% 30% 20% 10% 0% 1998 1999 2000 2001 2002 2003 2004
Slide 55: This is hitta.se
This is hitta.se 1. Fixed line phone numbers and addresses to all companies in Sweden. 2. All companies are listed for free in at least one business (search word) and possible to find by searching with that word. 3. Info pages to all companies, with possibility for companies to purchase more space a
Slide 56: Marketing
Marketing Print TV sponsoring Out doors Banner ads Radio
Slide 57: Unique web browsers per week
Unique web browsers per week, InSight XE, SiteCensus 2 000 000 1 800 000 1 600 000 1 400 000 1 200 000 1 000 000 800 000 600 000 63% 400 000 200 000 20% 0 37 39 41 43 45 47 49 51 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 1 3 5 7 9 11 hitta.se eniro.se (total) Estimated
Slide 58: Hitta.se screenshot
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Slide 59: Hitta.se screenshot
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Slide 60: Hitta.se screenshot
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Slide 61: Google search results screenshot
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Slide 62: Hitta.se screenshot
P™ Laqa till nya ; z uppgifter <“ si Nummerupplysningen pa natet [47am A 51726 uppgifter Vad séker du? Visste du... ...att du : kan soka efter platser i Fler séksatt: jrormokare ; fabat "Var? Bransch Ange ett personnamn, féretag, sékord eller nummer T ex frisérer Skolor, kyrkor och ay Var? idrottspl
Slide 63: Sorry to disappoint you, but we don't communicate…
Sorry to disappoint you, but we don’t communicate… … how big our sales force is. This is the single most important signal to Eniro for them to realize how strong we are becoming. … the growth rate of our sales force. But we are growing fast, trust me. … growth rate of sales volume. Again, trust me,
Slide 64: Agenda
Agenda Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook 1
Slide 65: Some general trends in Scandinavian media
Some general trends in Scandinavian media • Increased pressure on tabloid newspaper circulation Consumers • Continued strong growth in internet usage • Internet may be as great a threat to TV as to newspapers 2
Slide 66: TV is hit harder than the newspapers
TV is hit harder than the newspapers Young people are switching from TV to Broadband is an important trigger the net Percentage of online users indicating Percentage of online users aged 15 to 24 decrease in TV viewing indicating decrease in use, Sweden TV 41 Newspapers 19 3 Source: JupiterResearch
Slide 67: Increased differentiation of media usage
Increased differentiation of media usage • Focus on background and analysis Newspapers • Edited news summary • Continuous production – always updated Online • On demand – consumers can access the content when it suits them Moving • Demand for video outside TV prime time in the evening leads to pictu
Slide 68: Some general trends in Scandinavian media
Some general trends in Scandinavian media • Increased pressure on tabloid newspaper circulation Consumers • Continued strong growth in internet usage • Internet may be as great a threat to TV as to newspapers • Continued strong growth in online advertising Advertisers • Online advertising is becomin
Slide 69: Time spent vs. share of brand advertising in Norway
Time spent vs. share of brand advertising in Norway TV Share of brand advertising spend Newspapers Percent Internet 41,7 39,4 38,5 38,8 36,1 35,7 35,1 36,5 34,1 35,0 6,0 1,5 2,3 3,2 4,1 2001 2002 2003 2004 2005 6 Note: MIO is estimated to cover 90% of brand advertising in the Norwegian market Source
Slide 70: Brand advertising paper vs. online
Brand advertising paper vs. online Revenues in brand advertising in Norway 2005, million NOK 2 102 354 Daily press Internet 7 Note: MIO is estimated to cover 90% of brand advertising in the Norwegian market Source: MIO
Slide 71: Development of online advertising
Development of online advertising Traditional Pay per click Pay per banner ads (PPC) transaction • Advertising will be a variable • Advertisers pay per • Advertisers pay per cost for click generated transaction advertisers generated • Considerable share of advertising on FINN Travel Advertisers Time
Slide 72: Some general trends in Scandinavian media
Some general trends in Scandinavian media • Increased pressure on tabloid newspaper circulation Consumers • Continued strong growth in internet usage • Internet may be as great a threat to TV as to newspapers • Continued strong growth in online advertising Advertisers • Online advertising is becomin
Slide 73: Continued circulation decline
Continued circulation decline • Continued circulation decline – average daily circulation reduced by 30,000 copies 10
Slide 74: Readership on- and offline
Readership on- and offline Daily readers, thousands 1,847 1,877 1,655 1,692 1,571 1,522 491 540 Only online 1,481 1,403 279 358 1,391 222 9 1,393 35 123 179 70 13 46 79 143 185 213 259 306 375 410 Both 1371 1323 1242 1215 1158 1136 1118 1028 981 927 Only offline 96/97 97/98 98/99 99/00 00/01 01/02 0
Slide 75: Circulation development for VG
Circulation development for VG Yearly average circulation on weekdays, thousand copies 450 400 350 300 250 200 150 100 50 0 85 87 89 91 93 95 97 99 01 03 05 19 19 19 19 19 19 19 19 20 20 20 12 Source: MBL
Slide 76: Continued circulation decline
Continued circulation decline • Continued circulation decline – average daily circulation reduced by 30,000 copies • Q1 ad revenues in the newspaper reduced by more than 10% y-on-y • Increase in discounts led to lower ad revenues even if volume increased • Measures taken to reduce fixed costs by app
Slide 77: No dark skies
No dark skies • Experiments to capitalize on traffic with new pricing models for brand advertising 14
Slide 78: Good price development
Good price development NOK thousands Front page top banner ad Price per 24h 160 140 120 100 80 60 40 20 0 2003 2004 2005 2006 15
Slide 79: No dark skies
No dark skies • Experiments to capitalize on traffic with new pricing models for brand advertising • Y-o-y growth in advertising revenues of 75% in 2005 – strong growth continues in 2006 • Stronger focus on Web-TV in 2006 – good acceptance in the market • Increased importance of user generated conte
Slide 80: Financials 1998 – 2005
Financials 1998 – 2005 NOK millions 125 Revenue Operating profit 100 75 42% 50 29% 25 12% -110% -120% -65% -93% -15% 0 -25 1998 1999 2000 2001 2002 2003 2004 2005 17
Slide 81: Growth online – softer development on paper
Growth online – softer development on paper • Stable circulation development for the morning edition • Mixed picture on the advertising side – overall advertising revenues in the newspaper on level with Q1 2005 • Continued growth in recruitment • Real estate and brand advertising slower than expecte
Slide 82: Launch of N24.no
Launch of N24.no • N24.no – new business news site – will be launched on April 18th • Owned 60% by Aftenposten and 40% by VG • The short term goal is to become the largest and most frequently updated business news site in Norway • The long term ambition is to become the largest player within busines
Slide 83: Migration of classified advertising – Real estate
Migration of classified advertising – Real estate Number of ads, thousands, 12-month rolling average 100 90 80 70 60 50 40 30 20 10 0 2001 2002 2003 2004 2005 20
Slide 84: Migration of classified advertising – Recruitment
Migration of classified advertising – Recruitment Number of ads, thousands, 12-month rolling average 60 50 40 30 20 10 0 2001 2002 2003 2004 2005 21
Slide 85: Price development – recruitment and real estate advertising
Price development – recruitment and real estate advertising Price per ad, rolling 12 months average, index Q1 1998=100 180 160 Real estate Recruitment 140 120 100 Tabloid version and price increase 80 60 40 20 0 98 99 00 01 02 03 04 05 22 19 19 20 20 20 20 20 20
Slide 86: Launch and learn
“Launch and learn” Development Vision Experience and knowledge (learning loops) Development of: • Cost • Organisation • Product • Technology Time 23
Slide 87: FINN is a Great Place to Work
FINN is a Great Place to Work • Management is competent at leading the company - 95% (88%) • There are good and unique personnel offerings – 84% (78%) • Everybody has an opportunity for extra reward – 87% (77%) • I feel important at work – 95% (86%) • Coworkers care for each others – 97% (83%) • Pro
Slide 88: FINN has a very strong market position
FINN has a very strong market position Market share* Bundling with newspaper 51% Limited Recruitment 90% Limited Real estate 80% Limited Cars 25 *Estimated share of total number of items available for sale in 2005
Slide 89: Financials 2000 – 2005
Financials 2000 – 2005 NOK millions 275 Revenues 250 Operating profit 225 200 175 43% 150 40% 125 33% 100 24% 75 50 -10% -42% 25 0 -25 2000 2001 2002 2003 2004 2005 26
Slide 90: Brand advertising on FINN
Brand advertising on FINN Share of revenues in brand advertising in 2005, percent Share of revenue growth 04-05 1% 43% 73% Brand advertising made up 23% of total revenues in 2005 46 17 1 Recruitment Cars Real estate 27
Slide 91: Launch of FINN Travel in February
Launch of FINN Travel in February • Offers search among different travel related services in Norway and abroad • Demand for a complete market place within the travel segment – no players have managed to establish a strong footprint • Several initiatives exist but no winners have emerged • Internatio
Slide 92: Growth opportunities
Growth opportunities • Brand advertising contributed to 35% of FINN’s revenue growth in 2005 – expected further growth in brand advertising of almost 90% in 2006 • Recruitment had the most significant growth in number of ads in 2005 – volume in recruitment expected to grow in 2006 • New verticals li
Slide 93: Why Schibsted goes for search
Why Schibsted goes for search • Online ad market is growing fast – search and directories make up an increasing share of total market • In the short term directories will contribute with most of the revenues – represent a substantial market where Schibsted has no prior position • In the longer term
Slide 94: Search open up for new customer groups
Search open up for new customer groups Price of ad/ Size of advertiser Current online offer Search online offer Accumulated number of ads/ Number of advertisers 31
Slide 95: Online advertising forecasts
Online advertising forecasts – search is expected to be important Online advertising in Europe, EUR billions 6,6 0,2 CAGR: 0,8 5,6 42% 0,2 0,7 4,1 0,1 2,9 0,6 2,4 E-mail 2,3 1,6 0,1 Classifieds 0,4 Paid search 0,7 2,7 2,3 1,8 Display 1,1 2004 2005 2006E 2007E 32 Source: Jupiter Research
Slide 96: Composition of the product
Composition of the product • Yellow pages Directories • White pages • Maps Structured • Pictures information • News search • Lexica Norwegian Sesam web Unstructured • Norwegian web index information International • Platefood - Best of Web web 33
Slide 97: Dynamic GUI and search result
Dynamic GUI and search result Rules and knowledge Fast Search PPC Unstructured Web News Images Directory content Structured News Map content B2B Best of web Classified international Lexica 34
Slide 98: Schibsted's competitive advantages
Schibsted’s competitive advantages • Frequently updated news and web search • Exploiting Schibsted content • Free access to 20% of Mediearkivet – archive of all newspaper articles in Norway since 1985 – rest will be obtained against a fee • News feed from Retriever news agency • Exclusive deals with
Slide 99: Relevant web (Sesam screenshot)
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Slide 100: Sesam screenshot
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Slide 101: Future development
Future development • Continued improved quality of Norwegian web search • Rich media search • Music and video search • Search in user generated content • Personal storage combined with search • Integrated services • Own PPC platform 38
Slide 102: Part of search
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Slide 103: Most advanced Mobile Search – Q2 06
Most advanced Mobile Search – Q2 06 Will be added to Telenor Mobil’s wap portals (500,000 monthly users) 40
Slide 104: Status and priorities going forward
Status and priorities going forward • Sesam had 231,600 unique users in week 11 – an increase of 34% from the first official measurement in week 1 • Internettkatalogen had 96,800 unique users in week 11 • Increasing user loyalty • Continuous monitoring of user behaviour and preferences • Continuous
Slide 105: Agenda
Agenda Vision Sweden Norway International Newspapers on TV Organic growth Finance Outlook
Slide 106: Agenda
Agenda Vision Sweden Norway International Overview Country by country presence Outlook international expansion Newspapers on TV Organic growth Finance Outlook
Slide 107: Overview of Schibsted International
Overview of Schibsted International • Total revenues of EUR 99 million in 2005 • EBITA of EUR 1 million in 2005 • Number of employees is 1,191 • Spain 20 Minutes – free newspaper Compraventa.com – classified ads service • France 20 Minutes – free newspaper • Austria Willhaben.at – online classified
Slide 108: Agenda International
Agenda International Overview Country by country presence Outlook international expansion Internationalization rationale Status Q1 2006 Summary
Slide 109: Schibsted in Estonia, Overview
Schibsted in Estonia, Overview • AS Postimees • Postimees – morning newspaper with highest circulation – 60,000 sold copies and readership of 239,000 • Postimees launched in Russian • www.postimees.ee – 140,000 unique visitors per week • AS SL Õhtuleht L.T. • SL Õhtuleht – tabloid newspaper with hig
Slide 110: Financials Estonia
Financials Estonia Eesti Meedia & Kanal2, Revenues and operating profit, EEK million Revenues Operating profit 800 700 600 700 500 594 564 506 400 429 396 368 381 300 200 47,6 43,9 76,9 100 24,6 -50,4 -22,0 0 -74,3 -73,2 -100 1998 1999 2000 2001 2002 2003 2004 2005 EBIT-margin -18,8% -19,9% -13,2% -
Slide 111: Schibsted in Lithuania, Overview ŽLG
Schibsted in Lithuania, Overview ŽLG • UAB purnalu Leidybos Grupe • pmones – weekly magazine with highest circulation – 95,000 sold copies • Laima – magazine with highest advertising revenues • UAB Ekstra pinios • L.T. –tabloid newspaper with circulation of 20,000
Slide 112: Financials Lithuania ŽLG
Financials Lithuania ŽLG Figures represent 100% of ZLG Group, Schibsted ownership is 66,7% As of Dec 31 (EUR m illion) 2005 2004 Operating revenues 3,7 1,3 Operating expenses 3,4 1,4 EBITA 0,3 (0,1)
Slide 113: Update Spain
Update Spain • 20 Minutes has become the most read general newspaper in Spain with approx. 2,3 million daily readers • Competition in the Spanish market has increased – fourth free sheet ADN launched 1 March • In a competitive market 20 Minutes maintains revenue growth - growth of 13% in Q4 and 19%
Slide 114: #1 general newspaper in Spain
#1 general newspaper in Spain – approx. 2.3 million daily readers Thousands Readership development Readership in Madrid 2500 Abc 310 2000 Marca 406 1500 El Mundo 467 El País 751 1000 Que 787 500 Metro 809 0 20 Minutos 1 019 t1 t2 t3 t1 t2 t3 t1 t2 t3 t1 t2 t3 t1 t2 t3 01 01 01 02 02 02 03 03 03 04 0
Slide 115: Number of ads in database - Spanish classified services
Number of ads in database - main Spanish classified ads services 600 000 500 000 400 000 Loquo Compraventa 300 000 Intoko Segunda Mano 200 000 100 000 Merger between Intoko and Loquo - Mar-05 Apr-05 May-05 Sep-05 Nov-05 Dec-05 Jun-05 Jul-05 Aug-05 Oct-05 Jan-06 Source: Company web sites
Slide 116: Strong development in traffic for Compraventa.com
Strong development in traffic for Compraventa.com Unique visitors per month, thousands 700 600 500 400 300 200 100 0 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Segundamano.es CompraVenta.com Loquo.com Source: Nielsen Netview
Slide 117: Financials Spain
Financials Spain Figures represent 100% of 20 Minutes Spain and 100% of Compraventa.com - Schibsted ownership is 80% of 20 Minutes Spain and 80% of Compraventa.com As of Dec 31 (EUR m illion) 2005 2004 Operating revenues 31,7 26,7 Operating expenses 31,9 21,9 EBITA (0,2) 4,8 As of Dec 31 (EUR m illi
Slide 118: Update France
Update France • 20 Minutes is for the first time included in official French readership statistics • The second largest general newspaper • The largest general newspaper among readers aged 15-34 • Among the most loyal readers • Solid revenue growth – 23% in Q4 and 45% in 2005 • Competition in the Fr
Slide 119: 20 Minutes is the clear leader in the target group in France
20 Minutes is the clear leader in the target group in France Readership in March 2006, thousand readers Readership in target group – Overall readership 15 to 34 year olds 1 899 1 006 1 885 676 1 771 590 1 330 564 1 225 255 Note: Figures do not include Strasbourg and Nantes Source: EPIQ March 2006; E
Slide 120: Financials France
Financials France Figures represent 50% of 20 Minutes in France, Schibsted ownership is 50% As of Dec 31 (EUR m illion) 2005 2004 Operating revenues (50 %) 15,8 10,9 Operating costs (50 %) 20,1 17,1 EBITA (4,3) (6,2) Note: Figures are reported exclusive of barter
Slide 121: Agenda International
Agenda International Overview Country by country presence Outlook international expansion Internationalization rationale Status Q1 2006 Summary
Slide 122: Rationale international expansion
Rationale international expansion • Growth potential for Schibsted larger internationally than in Norway and Sweden • Schibsted has strong online positions and unique experience in development of online concepts • Schibsted has strong positions and unique experience in free newspapers • How can Schi
Slide 123: Schibsted's potential internationalization initiatives
Schibsted’s potential internationalization initiatives Examples • 20 Minutes Print • 20 Minutes Week • Calle20 Editorial content driven • N24 Online • Consumer sites • News aggregators • Communities International • Multichannel Classified ads • Single channel online • B2C • C2C Advertising content d
Slide 124: Schibsted's potential internationalization initiatives
Schibsted’s potential internationalization initiatives Editorial Content Advertising Content Driven Products Driven Products Print Classifieds Online from The mobile Classified The mobile Classified Search and editorial papereditorial to the net phone asphone a as a ads move ads online directories p
Slide 125: Possible entry strategies
Possible entry strategies 1. Stand alone operations 2. JVs Successful System sales Schibsted initiatives 4. Acquisitions 3. Technology and knowledge export
Slide 126: Geographical areas of interest
Geographical areas of interest Likelihood High Low Stand alone JV Acquisition 20 Minutes presence Rest of Europe Rest of the world
Slide 127: Agenda International
Agenda International Overview Country by country presence Outlook international expansion Internationalization rationale Status Q1 2006 Summary
Slide 128: Editorial Content Driven Products - status Q1 2006
Editorial Content Driven Products - status Q1 2006 • Small acquisition of free weekly newspaper in Russia • Repositioning of tabloid LT in Lithuania • New launches of 20 Minutes • Ambitions for 20minutes.es and 20minutes.fr • New editorial verticals
Slide 129: Small acquisition of Russian free sheet
Small acquisition of Russian free sheet • From 2004 to 2005 the total Russian media ad spending increased by 28% - from USD 3.9 billion to USD 5.0 billion • Acquisition of majority in Regional Independent Newspapers (RIN) • Operates the free sheet Moi rayon – Saint Petersburg’s second largest newspa
Slide 130: Repositioning of tabloid LT in Lithuania
Repositioning of tabloid LT in Lithuania ŽLG • New brand • New design • New journalism
Slide 131: 20 Minutes online
20 Minutes online • In Scandinavia Schibsted has transformed strong offline positions and strong brands into leading online positions • 20 Minutes is established as a strong offline brand - number one tool for updates and orientation in the young urban target group in France and Spain • 20 Minutes w
Slide 132: New launches of 20 Minutes
New launches of 20 Minutes • German launch on hold • Evaluation of 1-2 smaller countries for launch of 20 Minutes • Weekly / thematic editions of 20 Minutes being considered
Slide 133: Advertising Content Driven Products - status Q1 2006
Advertising Content Driven Products - status Q1 2006 • Launch of C2C classified ads service Willhaben.at in Austria in January 2006 - cooperation with local media house Styria • Launch of multicategory classified ads service Willhaben.at in Q2 2006 • Launch of classified ads service in Croatia and S
Slide 134: Overall status Advertising Content Driven Products
Overall status Advertising Content Driven Products as per 1.1.2006 Consulting clients in Europe: 4 countries Consulting clients outside of Europe: 4 countries Technology, Adex and consulting Technology, and consulting Technology, Adex and consulting Technology, Consulting, JV Stand alone Technology,
Slide 135: Launch of Willhaben.at
Launch of Willhaben.at • Launch of Willhaben.at in January 2006 – already over 15,600 ads in the database • Export of the FINN concept – similar product • C2C – includes miscellaneous ads • B2C – recruitment, real estate and cars to be launched during Q2 • Technology provided by FINN Tech • 50/50 JV
Slide 136: Willhaben.at screenshot
Angebote Nachfragen Zu verschenken ————@e i < $“ccwY ee E-mail: Passwort: Passwort vergessen? Never Benutzer? ee — willhaben-Cade: [ satan —————— Angebote T Detailsuche ) GEEED ( Anzeigenverwattung ) (Kontakt) (Hilfe ) — ey Sammiungen/ Kunst (2) Samaunaen stuns (1431) a} Baby/ Kind (1237) o Elektron
Slide 137: Hebbes.be screenshot
i Tweedehands auto’s en occasie motore , huizen en appartementen te koop en te huur Fil Rediger is Favoritter Yerktay Hielp Het grootste zoekertjesaanbod ¥ind het op Hebbes.be ! Immo 18685 panden Bedrijfseigendom 2094 bedrijfseigendommen Varia e-mail: . \ Sy 105992 variazoekerties paswoord: Paswoord
Slide 138: Kalaydo.de screenshot
rosoft Internet Explorer provided by Schibsted Fil Rediger is Favoritter Yerktay Hielp Mein Kalaydo | Uberuns | Impressum | Hilfe »Immobilien_ Sie haben etwas zu » ktpl. yverkaufen, Zu oe verschenken, oder Sie | suchen nach einem besonderen Objekt? E-Mail: » Nutzen Sie das Angebot | Anzeigen: 5271 A
Slide 139: Agenda International
Agenda International Overview Country by country presence Outlook international expansion Internationalization rationale Status Q1 2006 Summary
Slide 140: Summary International
Summary International • Growth potential largest internationally • Export of Editorial and Advertising Content Driven Products – examples: • Free newspaper concepts 2-3 launches in 2006 • Online editorial concepts • Classified ads services 2-3 launches in 2006 • Search and directories • JV with loca
Slide 141: Why does VG TV work? Schibsted presentation Paris
WHY DOES Schibsted presentation Paris March 24th Espen Egil Hansen Managing editor VG Multimedia Norway
Slide 142: VG TV quote from NRK report
“If you wonder what media of the future will look like, you can start by studying VG TV and then think about the possibilities in their concept.” From an Internal report from Norway's largest TV and radio station NRK
Slide 143: New players are backed by text based media
• The new players are backed by text based media • The ability to produce and publish content independent of time. From an Internal report from Norway's largest TV and radio station NRK
Slide 144: Within / outside timeline
WITHIN timeline OUTSIDE timeline ACTIVE PASSIVE THEY decide when and what I decide when I should watch and what I will watch
Slide 145: Vision
VISION: will deliver moving pictures WHEN news happens will be available when it is convenient for the user I decide when will set a new standard for how video news and what I will are published, presented and watch consumed
Slide 146: From analog to digital
FROM ANALOG TO DIGITAL: VG: One of the best selling newspapers in the world. VG Nett: Largest internet site in Norway. VG Mobil. Largest mobile internet site.
Slide 147: From analog to digital: daily readers
FROM ANALOG TO DIGITAL: 1027 950 1 027 000 daily readers 724 586 455 382 307 193 97 17 44 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Q4 05
Slide 148: Revenue/operating result
121 FROM ANALOG TO DIGITAL: Revenue/operating result: 66 121/52 million NOK 48 52 36 22 19 6 -5 2001 2002 2003 2004 2005 -20
Slide 149: From analog to digital
FROM ANALOG TO DIGITAL: • Largest daytime medium •86% of traffic through frontpage • Operating results 2005: 52 mill NOK • Profit margin 2005: 43%
Slide 150: Any potential for VG TV?
16 % Any potential for VG TV? % o f V G .n o 's re a d e rs u s in g V G T V 14 % 12 % INTERNET TV 10 % Time spent 35% 66% POTENTIAL! 8% 6% Advertising 11% 89% 4% POTENTIAL! 2% 0% n o v .0 5 fe b .0 6 m a r.0 5 m a i.0 5 ju n .0 5 a u g .0 5 s e p .0 5 d e s .0 5 ja n .0 6 a p r.0 5 o k t.0 5 ju l.0
Slide 151: Any potential for VG TV?
Any potential for VG TV? Mira shows her 387.903 moves views NU NU NU M M BE M BE BE R R R 1 1 1 Week 3 - 2006
Slide 152: How we do it
How we do it Building expectation
Slide 153: It happens right now!
It happens Fs ee pe right now!
Slide 154: Why wait for the evening news?
Why wait for the evening news?
Slide 155: Want some more information?
Want some more information? 101 articled about Toska 780 articles, illustrations and videos about NOKAS
Slide 156: The return of DumDum Boys
The return of DumDum Boys NEWSPAPER MOBILE
Slide 157: The return of DumDum Boys
The return of DumDum Boys LIVE CHAT
Slide 158: The return of DumDum Boys
The return of DumDum Boys READER BLOG
Slide 159: Reader involvement
READER INVOLVMENT • 8000 bloggers in five months • 32 000 articles • 260 000 comments • 26 000 pictures • …and one baby! HOUSE BUILDING IN PAKISTAN ANY POLAR BEARS TODAY? COPACABANA NEWS
Slide 160: Even the prime minister blogs along
Even the prime minister blogs along
Slide 161: 2200 and the Tsunami
2200 and the Tsunami SMS beats the wire MMS beats the photo agencies Readers become our reporters
Slide 162: Readers VG
Video from VGTV-user wee - Stengte nettside, ¢ Hya vil DU skrive om? Opprett din egen blogg! Leer mer om bloggen! Klikk for & lese Sveriges utenrikeminster stengte en nettside som viste trekker hun seg. + LESERBLOGG: Fotoaibum: ] Restaurantguiden Tipperesuttater Morten M. Dilbert VG-shop Jobb i VG I
Slide 163: …and some times we make it really simple
…and some times we make it really, really simple! “If you wonder what media of the future will look like, you can start by studying VG TV and then think about the possibilities in their concept.”
Slide 164: VG TV quote
“If you wonder what media of the future will look like, you can start by studying VG TV and then think about the possibilities in their concept.”
Slide 165: VG contact details
“If you E-mail: wonder how espen.egil.hansen@vg.no media of the future will Blogg: www.vgb.no/3 look Sms: +47like, you can start 90985006 by studying News? VG TV Send to 2200@vg.no SMS/MMS: 2200 tel: 22000000 and then think about the possibilities that lays in their concept.”
Slide 166: Agenda
Agenda Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook 1
Slide 167: Schibsted's main challenge
Schibsted’s main challenge Schibsted ASA Grow th (NOK m illion) 2004 2005 04-05 Operating revenues 9 690 9 832 1,5 % EBITA excl. new projects 940 1 140 21,3 % Share price 20 March 190,00 EV/EBITA 05 13,8 Online activities Grow th Traditional m edia Grow th (NOK m illion) 2004 2005 04-05 (NOK m illio
Slide 168: Focus on organic growth
Focus on organic growth • Schibsted is in an expansion phase following several years of consolidation • There are few attractive acquisition targets in the niches where Schibsted sees the largest potential • Through sustained focus on online activities since the .com heydays, the group has developed
Slide 169: Two axis of expansion
Two axis of expansion • Use current market position to launch new New products Products isk R • Incremental product development on • Launch of successful Scandinavian existing products concepts in new markets Existing Current New Geographic markets 4
Slide 170: Areas of focus
Areas of focus • Exploit traffic potential on Scandinavian media sites to enter the Online search directories market and directories • Building position in the increasingly important online search market Online • Exploit knowledge of classified markets and services to export classifieds FINN and Blo
Slide 171: New projects by area of investment
New projects by area of investment Share of spending in 2006, percent Offline projects 15 Other online 15 Online search and 45 projects directories 25 International online classifieds 6
Slide 172: Project selection criteria
Project selection criteria Local market • Marketing power presence • Access to knowledge of local market • Possibilities to generate traffic Market • Internet/broadband penetration dynamics • Use of internet products • Advertising market in general and online • No clear market leader in attractive n
Slide 173: The timing is now…
The timing is now… • Continental Europe is lagging Scandinavia in broadband penetration – development patterns are expected to follow the Scandinavian • All leading positions have not yet been taken – attractive niche positions are still open to challengers • Online advertising is still in an early
Slide 174: Fewer households are online in Southern Europe
Fewer households are online in Southern Europe Online household penetration, 2005 77 74 70 60 53 49 46 43 41 Spain Italy France Austria Germany UK Denmark Norway Sweden 9 Source: Jupiter Research
Slide 175: Online advertising has not yet taken off in Southern Europe
Online advertising has not yet taken off in Southern Europe Online advertising revenues per capita, EUR, 2004 16,77 15,92 2,96 2,33 Norway Sweden France Spain 10 Source: IRM
Slide 176: …and we believe Schibsted has the right skills
…and we believe Schibsted has the right skills • Experience from some on the most advanced online markets in the world • Schibsted has demonstrated entrepreneurial skills and stamina in developing online services in Scandinavia • Several years of online experience have generated a unique and valuabl
Slide 177: Development of Schibsted's online services
Development of Schisted’s online services Operating revenues Operating profit (EBITA) 857 CAGR 99-05: 568 48% 352 237 195 185 190 159 80 51 -4 -50 -87 -171 1999 2000 2001 2002 2003 2004 2005 12
Slide 178: Risk profile – criteria
Risk profile – criteria Risk level Local market presence Low Medium High • Marketing power • Market knowledge • Traffic generation Market dynamics • Internet/broadband penetration • Use of internet products • Advertising market – general/online Competitive situation • No clear market leader in attra
Slide 179: Risk profile – examples
Risk profile – examples Risk level Low Medium High New markets Combined with price increase Hurdle rate 5-10 10-20 20+ Percent 14
Slide 180: Free media goes through three phases
Free media goes through three phases Distribution audience Revenues Phase 1 Optimize circulation Phase 2 Phase 3 Readership growth Revenue growth Time 15
Slide 181: New projects
New projects Projects Key success factors • Identify segments 1. Build traffic • Obtain critical mass • Establish leading 2. Document position in targeted traffic segment • Increase/introduce 3. Capitalize on pricing users 16
Slide 182: Costs relating to new initiatives in 2005
Costs relating to new initiatives in 2005 Million NOK 4-9 6 7 21 31 160-165 38 53 Sesam New projects Hitta.se Projects based Web-TV n24 Other Total 2005 in Aftenposten on 20 Minutter Aftonbladet projects and FINN and Blocket 17
Slide 183: Accumulated costs relating to new initiatives in 2006
Accumulated costs relating to new initiatives1) in 2006 NOK million 400 350 300 250 200 150 100 50 0 Q1 Q2 Q3 Q4 18 1) Including costs relating to planned new initiatives – additional initiatives could be defined during the year. Approx. 85 % of total costs are related to online activities.
Slide 184: Costs by type
Costs by type Share of total costs in 2006, percent SESAM EXAMPLE Administrative 5 Technology Sales and and product 25 35 marketing 35 Personnel 19
Slide 185: Revenue and operating profit – new projects
Revenue and operating profit – new projects NOK million ROUGH ESTIMATE 2000 1500 Revenues 1000 500 Operating profit (EBITA) 0 -500 -1000 2005 2006 2007 2008 2009 2010 20
Slide 186: New project portfolio
New project portfolio Project portfolio • Sesam Norway • Sesam Sweden 45 % • Hitta • Compraventa.com • Project portfolio diversified • Online classifieds – Slovenia across geographies and niches • Online classifieds – Croatia 25 % • Willhaben.at • Individual projects could be • Marcheconclu.fr close
Slide 187: Agenda
Agenda Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook 22
Slide 188: Balance sheet
Balance sheet As of Dec 31 (NOK m illion) 2005 2004 Non-current assets 5 667 5 303 Current assets 2 268 2 112 Total assets 7 935 7 415 Equity 3 221 2 431 Non-current liabilities 1 969 2 489 Current liabilities 2 745 2 495 Total equity and liabilitites 7 935 7 415 23
Slide 189: Balance sheet
Balance sheet NOK million As of Dec 31 As of 31 Dec (NOK m illion) (NOK million) 2005 2004 2005 2004 Non-current assets Deferred taxes 5 667 5 311 303 331 Current assets Intangible assets 2 268 21,406 112 1,273 Investment property 198 201 Total assets Property, plant and equipment 7 935 71,931 415 2
Slide 190: Financial capacity
Financial capacity NOK million • Schibsted has additional loan capacity of approx. 1 123 NOK 3.5 billion given the covenants of the loan facility • Alma Media process 4 492 demonstrated 2 530 strong financing capacity and 3 369 flexibility 839 Current NIBD at 3.0x NIBD at 4.0x NIBD EBITDA1) EBITDA2)
Slide 191: Cash Flow / Investments
Cash Flow / Investments As of Dec 31 Q4 04 Q4 05 (NOK m illion) 2005 2004 285 182 Cash flow from operations 1 255 1 044 403 320 EBITDA 1 321 1 316 84 151 Operational investments 363 215 420 169 Shares and other holdings 693 1 130 504 320 Total investments 1 056 1 345 Interest bearing debt 1 571 1 83
Slide 192: Cash flow
Cash flow (NOK m illion) 2005 2004 Profit (loss) before taxes 1 177 476 Income from associated companies (194) (84) Dividends received from associated companies 157 60 Taxes paid (232) (135) Sales losses / (gains) fixed assets (371) (58) Depreciation, amortisation and w rite-dow ns intangible and ta
Slide 193: 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 194: Dividend and share buybacks
Dividend and share buybacks • The Board proposes dividend of NOK 4.25 per share: • An increase of 31% over the 2004 dividend (NOK 3.25 per share) • 23% of the cash flow per share • 33% of earnings per share (EPS) • Share buyback will be considered in order to adjust capital structure • Schibsted int
Slide 195: Dividend development 1994-2005
Dividend development 1994-2005 NOK per share Dividend policy • Steadily increasing dividend following 4,25 increased profits • Both dividend level and repurchase of shares will be seen in relation to strategic alternatives 3,25 3,00 CAGR 94-05: 13% 2,00 2,00 2,00 1,75 1,75 1,75 1,50 1,30 1,15 1994 1
Slide 196: Effect of share buyback
Effect of share buyback Reduksjon Change i egenkapital in equity ratio and og net økning gjeld debt ved tilbakekjøp following shareav aksjer buybacks 45 1 200 40 1 000 net debt ratio (percent) 35 30 800 % mill. Egenkapital 25 Gjeld iin 600 Change 20 Equity 15 400 10 200 5 0 - 1,0 % 2,0 % 3,0 % 4,0 %
Slide 197: Agenda
Agenda Vision Sweden Norway International Newspapers in TV format Organic growth Finance Outlook 1
Slide 198: Outlook (1/2)
Outlook (1/2) • Continued strong development for the online operations • Strong development for Hitta.se • Circulation challenges and weak advertising revenues for VG in Q1 2006 • Average daily circulation reduced by approx. 30,000 copies • Advertising revenues reduced by approx. 10% y-o-y in Q1 • M
Slide 199: Outlook (2/2)
Outlook (2/2) • Slightly disappointing start of 2006 for Metronome Film & Television • Cost increase and good revenue growth for 20 Minutes Spain – decline in operating profit in Q1 2006 – expected break even for 2006 as a whole • Slow start of the year for 20 Minutes France – good revenue growth an
Slide 200: Schibsted brands and companies
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