Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Norway
  4. Oslo Bors
  5. Schibsted ASA
  6. News
  7. Summary
    SCHA   NO0003028904

SCHIBSTED ASA

(SCHA)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Schibsted : Q1 2021 Report

05/06/2021 | 01:07am EST

Interim Report Q1 2021

January - March

THE QUARTER IN BRIEF

Schibsted started 2021 with a strong first quarter, despite continued uncertainty from the COVID-19 pandemic. Driven by underlying1 revenue growth of 8 percent and cost savings, we achieved a strong EBITDA of NOK 594 million in Q1, up from NOK 285 million in the same period last year.

The jump in EBITDA was driven by all business areas, while in particular News Media had another strong quarter, where underlying2 revenues grew 3 percent in combination with lower costs. The revenue growth in News Media was due to continued strong growth in digital subscriptions, in addition to a

significant improvement in digital advertising.

In Nordic Marketplaces, underlying¹ revenues returned to a 6 percent growth driven by an improvement in the Job vertical in Norway, and a strong March month across all markets. Real estate in Norway and the Motor vertical in Norway and Sweden were still somewhat negatively affected by less need for upsell products due to lower inventory levels and high demand, but volume trends have improved throughout the quarter. Looking at Finland, the Oikotie integration was successfully completed and underlying¹ classifieds revenues increased compared to last year driven by a recovery in Jobs, combined with good progress in Real

estate and Motor.

In Next, Lendo's profitability improved slightly compared to the first quarter last year despite lower underlying² revenues, which were negatively affected by COVID-19 effects in Sweden. Similar to previous quarters, Distribution and Prisjakt recorded strong growth driven by increased online shopping trends.

On the back of these strong results and our priorities, which we presented at our virtual Capital Markets Day in March, I am excited about our long-term possibilities for growth and value creation which lie ahead of us.

- Kristin Skogen Lund, CEO

  1. Revenue growth on a foreign exchange neutral basis adjusted for business combinations (see Definitions and reconciliations)
  2. Revenues on a foreign exchange neutral basis (see Definitions and reconciliations)

2

  • Underlying¹ revenue growth of 8 percent YoY ensured strong quarterly EBITDA of NOK 594 million, more than doubled from Q1 last year and 42 percent above Q1 2019
  • Nordic Marketplaces: Underlying¹ revenues returned to YoY growth of 6 percent after three quarters of flat or declining revenues, driven by the Job vertical in Norway. EBITDA margin of 50 percent in Norway and 42 percent in Sweden.
  • News Media: Strong EBITDA margin of 11 percent driven by higher revenues and cost savings. The revenue growth was due to strong growth in digital subscriptions as well as a significant improvement in digital advertising.
  • Financial Services: Robust EBITDA margin of 20 percent in Lendo, despite underlying² revenue decline of 6 percent YoY driven by negative COVID-19 effects in Sweden.
  • Growth: Strong underlying² revenue growth of 36 percent YoY thanks to strong growth in Distribution and Prisjakt which have benefited from increased online shopping trends.

First quarter

Year

(NOK million)

2021

2020

Change

2020

Schibsted Group

Operating revenues

3,401

3,026

12%

12,908

- of which digital

2,108

1,826

15%

7,893

EBITDA

594

285

>100%

2,126

EBITDA margin

17%

9%

16%

Operating revenues per segment

Nordic Marketplaces

877

743

18%

3,181

News Media

1,845

1,770

4%

7,459

Financial Services

279

293

(5%)

1,100

Growth

744

544

37%

2,517

EBITDA per segment

Nordic Marketplaces

360

298

21%

1,336

News Media

205

37

>100%

750

Financial Services

50

38

32%

203

Growth

35

(19)

>100%

109

Other/Headquarters

(56)

(69)

19%

(272)

Historical income statement figures have been re-presented

Alternative performance measures (APMs) used in this report

due to the classification of Adevinta as a separate item under

are described at the end of the report.

"Discontinued operations" (see Note 7).

3

Operating segments

First quarter

Year

(NOK million)

2021

2020

Change

2020

Classifieds revenues

702

594

18%

2,486

Advertising revenues

107

101

6%

449

Other revenues

67

49

38%

246

Operating revenues

877

743

18%

3,181

EBITDA

360

298

21%

1,336

EBITDA margin

41%

40%

42%

Nordic Marketplaces delivered revenue growth across all three countries and the revenue development continued to improve from last quarter, primarily driven by the Job vertical in Norway.

Oikotie figures were included from mid-July 2020 onwards and affected the revenue growth positively. On a foreign exchange

neutral basis, and adjusting the Q1 2020 figures with comparable figures for Oikotie, revenues increased 6 percent compared to Q1 last year.

EBITDA increased compared to Q1 last year driven by higher revenues, and margin increased slightly.

Marketplaces Norway

First quarter

Year

(NOK million)

2021

2020

Change

2020

Classifieds revenues

430

383

12%

1,520

Advertising revenues

49

50

(2%)

200

Other revenues

54

48

14%

214

Operating revenues

533

480

11%

1,934

EBITDA

268

211

27%

914

EBITDA margin

50%

44%

47%

Revenue growth in Marketplaces Norway accelerated compared to last quarter, delivering 11 percent growth compared to Q1 last year. The growth was primarily driven by the Job vertical due to higher volumes and improved ARPA.

While Nettbil continued to grow well compared to Q1 last year, "traditional" Motor revenues and Real estate were affected by lower inventory levels and high demand, but volume trends have improved throughout the quarter. Similar to previous

quarters, Travel declined significantly due to travel restrictions, with revenues NOK 15 million below Q1 last year.

Advertising revenues ended up 2 percent below Q1 last year driven by a slow start in Q1 while revenues in March were above the same month last year.

EBITDA margin increased significantly compared to Q1 last year due to higher revenues and a stable cost base.

Marketplaces Sweden

First quarter

Year

(SEK million)

2021

2020

Change

2020

Classifieds revenues

206

204

1%

829

Advertising revenues

40

39

2%

176

Other revenues

4

1

>100%

15

Operating revenues

249

244

2%

1,020

EBITDA

104

102

2%

446

EBITDA margin

42%

42%

44%

Revenues in Marketplaces Sweden increased by 2 percent on a foreign exchange neutral basis. Driven by lower inventory and volume, Motor decreased slightly compared to Q1 last year

while revenues from Jobs, Real estate rentals and advertising increased.

EBITDA margin was stable compared to Q1 last year.

4

Marketplaces Finland

First quarter

Year

(EUR million)

2021

2020

Change

2020

Classifieds revenues

6.2

1.0

>100%

11.3

Advertising revenues

1.8

1.2

45%

6.4

Other revenues

1.2

0.0

>100%

2.5

Operating revenues

9.2

2.3

>100%

20.2

EBITDA

0.3

0.3

1%

2.3

EBITDA margin

4%

15%

12%

Above table consists of Schibsted's Finnish Marketplaces, Tori and Oikotie. Oikotie figures were included from mid-July 2020 onwards, driving the growth compared to Q1 last year. Adjusting Q1 2020 figures with comparable figures for Oikotie, classifieds revenues increased year-on-year in Q1 somewhat

across all verticals except Generalist, while advertising revenues saw a slight decline.

Reported EBITDA in line with last year due to increased investments in product and marketing.

First quarter

Year

(NOK million)

2021

2020

Change

2020

Advertising revenues

607

554

10%

2,377

-of which digital

450

372

21%

1,694

Subscription revenues

699

632

11%

2,658

-of which digital

310

243

28%

1,088

Casual sales

273

306

(11%)

1,256

Other revenues

266

278

(5%)

1,168

Operating revenues

1,845

1,770

4%

7,459

Personnel expenses

(650)

(660)

(2%)

(2,551)

Other expenses

(989)

(1,073)

(8%)

(4,158)

Operating expenses

(1,639)

(1,733)

(5%)

(6,709)

EBITDA

205

37

>100%

750

EBITDA margin

11%

2%

10%

News Media continued the strong performance from last quarter with increase in both revenue and EBITDA margin compared to Q1 last year. The foreign exchange neutral revenue growth of 3 percent was driven by significant growth in digital subscriptions and digital advertising. Digital subscriptions saw growth in both volume and ARPU, whereas the growth in digital advertising was mostly driven by volume.

Continued COVID-19 restrictions affected both print advertising and casual sales, resulting in weaker numbers compared to Q1 last year.

The cost reduction program of NOK 500 million is still progressing well and variable costs have been lower due to remote work.

EBITDA increased by NOK 169 million compared to Q1 last year, and margin was strong at 11 percent.

Split revenue per brand

First quarter

Year

(NOK million)

2021

2020

Change

2020

VG

456

404

13%

1,768

Aftonbladet

376

340

11%

1,502

Subscription Newspapers

775

780

(1%)

3,178

Other

237

247

(4%)

1,010

Operating revenues

1,845

1,770

4%

7,459

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Schibsted ASA published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2021 05:06:02 UTC.


© Publicnow 2021
All news about SCHIBSTED ASA
12/06Adevinta wins “Technology Deal of the Year” at TMT M&A Awards 2021
AQ
12/02SCHIBSTED : Future Report 2022 launch event
PU
12/01Adevinta ASA (ADE) - Adevinta sells Gumtree UK and Motors.co.uk to O3 Industries and No..
AQ
12/01Adevinta ASA (ADE) – Adevinta sells Gumtree UK and Motors.co.uk to O3 Industries ..
AQ
11/30Adevinta ASA (ADE) - Capital Markets Day 2021 presentation
AQ
11/30Adevinta ASA (ADE) - Adevinta launches "Growing at Scale", its new strategic plan desig..
AQ
11/30Adevinta ASA (ADE) - Adevinta launches “Growing at Scale”, its new strategi..
AQ
11/29SCHIBSTED : Introducing the Schibsted FAST Framework
PU
11/25Adevinta ASA (ADE) - Updated Articles of Association Following Exchange of Class B Shar..
AQ
11/25Adevinta revamps growth strategy as Q3 lags on car woes
RE
More news
Analyst Recommendations on SCHIBSTED ASA
More recommendations
Financials
Sales 2021 14 595 M 1 612 M 1 612 M
Net income 2021 61 695 M 6 813 M 6 813 M
Net Debt 2021 6 649 M 734 M 734 M
P/E ratio 2021 1,45x
Yield 2021 0,55%
Capitalization 82 816 M 9 084 M 9 146 M
EV / Sales 2021 6,13x
EV / Sales 2022 5,59x
Nbr of Employees 5 000
Free-Float 69,4%
Chart SCHIBSTED ASA
Duration : Period :
Schibsted ASA Technical Analysis Chart | SCHA | NO0003028904 | MarketScreener
Technical analysis trends SCHIBSTED ASA
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 380,80 NOK
Average target price 514,00 NOK
Spread / Average Target 35,0%
EPS Revisions
Managers and Directors
Kristin Skogen Lund Chief Executive Officer
Ragnar Kårhus Chief Financial Officer
Ole Jacob Sunde Chairman
Sven Størmer Thaulow Chief Data & Technology Officer
Christian Ringnes Independent Director
Sector and Competitors
1st jan.Capi. (M$)
SCHIBSTED ASA3.96%9 084
INFORMA PLC-12.62%9 547
PEARSON PLC-11.67%6 000
LAGARDÈRE S.A.12.40%3 635
KADOKAWA CORPORATION52.20%3 493
DAILY MAIL AND GENERAL TRUST PLC46.31%3 289