Today, Schibsted Media Group released its Q4 2018 report. The revenue grew 6
percent to NOK 4,742 million, whereas the EBITDA grew 29 percent to NOK 897
million.
"After onboarding Schibsted at the beginning of December 2018, I am proud and
happy to be able to present a strong set of Q4 results. An EBITDA of NOK 897
million is our highest quarterly profit ever, and it is 29 percent higher than
in the same period in 2017," CEO Kristin Skogen Lund says.
"The improved profitability was driven by both our Marketplaces operations,
where revenue and margins continued to grow well, and our Publishing operations,
where the revenue grew in combination with good cost control," CEO Kristin
Skogen Lund says.
"Within Marketplaces, our French operation delivered solid revenue growth in Q4
combined with margin improvement. At the same time, the operations in Norway and
Spain continued their strong development. Sweden is still on the soft side, but
we see an improved trajectory in underlying KPIs. Across many of our operations,
we see strong growth in revenue from the verticals, whereas display advertising
shows weaker trends," CEO Kristin Skogen Lund says.
"Once again we continued to reduce our investment phase losses, even though OLX
in Brazil concentrated a large part of their annual marketing spend in Q4. The
cost reduction in Shpock has continued, as we have communicated earlier," CEO
Kristin Skogen Lund says.
"When it comes to Publishing, I am impressed by the Q4 achievement, with
improved profitability, supported by strong growth in digital subscription
revenue and digital advertising sales. The foundation of this positive
development is the high standards of quality and relevance which guide our
editorial teams. Also in Q4, we have been able to set the public agenda both in
Norway and Sweden on several occasions," CEO Kristin Skogen Lund says.
"The operations in Schibsted Growth had a soft development in terms of revenue
and profits in Q4. The successful loan comparison site, Lendo, continues to be a
key growth driver in this segment though partly curbed by the Norwegian market
due to new regulatory initiatives. Lendo has been expanded into the Danish
market, and we believe it is possible to repeat Lendo's success both here and in
other geographies," CEO Kristin Skogen Lund says.
Highlights of Q4 2018
* Marketplaces: Revenues continue to grow, and profits increase
* Revenues up 14 percent*; EBITDA margin up 3%-points to 32 percent*
* Revenues from verticals grew 20 percent, while the growth in display
advertising revenues was lower than in previous quarters
* France, Spain, Norway and Brazil with solid growth in Q4
* Margin improvement in France in Q4 - Leboncoin.fr EBITDA margin 62
percent (57%)
* In Q1 2019, Schibsted acquired 10 percent of SCM Spain, increasing the
ownership to 100 percent
* Investment phase losses continued to decline in Q4 compared to Q4 2017
* Publishing: Growing revenues driven by digital products
* 3 percent total revenue increase in Q4; strong digital growth and 10
percent EBITDA margin (10%)
* Schibsted Growth: Continues to expand
* Continued growth for Lendo, but with lower rate than in previous
quarters. Launched in Denmark in Q4, which affects margins negatively in
the ramp-up phase
* Prisjakt with strong development in 2018, full-year revenue of NOK 308
million (+18% growth) and 31% EBITDA margin
* The operating profit and net profit of the group is negatively affected by a
non-cash impairment loss of NOK 601 million in Yapo (Chile) and Compricer
(Sweden). Adjusted EPS increased 109% to NOK 1.84
* Spin off of the international marketplaces operations on track for separate
listing as of 10 April 2019
* Kristin Skogen Lund onboarded as new CEO of Schibsted 1 December
* Dividend of NOK 2.00 per share proposed for 2018
*) Including proportionate share of JVs, adjusted for currency
Fourth quarter (NOK million) Year
2017 2018 SCHIBSTED MEDIA GROUP 2018 2017
4,455 4,742 Operating revenues 18,059 16,943
695 897 EBITDA 3,268 2,606
16 % 19 % EBITDA margin 18 % 15 %
840 975 EBITDA excl. Investment phase 3,709 3,282
19 % 21 % EBITDA margin excl. Investment phase 21 % 20 %
Schibsted invites to an analyst and press conference at Akersgata 55, Oslo, 13
February 2019 at 10:00 CET (NOTE: NEW TIME). The presentation will be held in
English and transmitted live as a video webcast on
https://www.schibsted.com/ir/. CEO Kristin Skogen Lund, CEO of MPI Rolv Erik
Ryssdal and EVP CFO Trond Berger will present at the analyst and press
conference.
A conference call with Q&A linked to the Q4 2018 numbers will take place 13
February 2019 at 14:00 CET. The session will be held in English.
NOTE: To avoid waiting time when connecting to the call, please use the below
link 5-10 minutes prior to start time, where you will be asked to type in your
phone number and registration details. The Event Conferencing system will
automatically call you back on the phone number you provide and place you into
the event. Please note that the link will become active 15 minutes prior to the
event: Link to join call: https://bit.ly/2t8UP5N
For manual dial-in, use the following number (note that this connection might
take more time): +47 2350 0187. Passcode: 200225. For additional phone number,
please visit https://www.schibsted.com/ir/.
Contact persons:
Trond Berger, CFO. Tel: +47 916 86 695
Jo Christian Steigedal, Head of IR. Tel: +47 415 08 733
Oslo, 13 February 2019
SCHIBSTED ASA
Jo Christian Steigedal
Head of IR
This information is subject to the disclosure requirements pursuant to section
5 -12 of the Norwegian Securities Trading Act.