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Annual Accounts 2002 Kjell Aamot CEO

Annual Accounts 2002 Kjell Aamot CEO

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Annual Accounts 2002 Kjell Aamot CEO

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  1. Annual Accounts 2002 Kjell AamotCEO Trond Berger CFO Stein Yndestad / Elisabeth Blom Tindlund IR

  2. Agenda • Highlights • Key figures • Business areas • Annual Accounts • Outlook 2

  3. Delivered on ambitious goals for 2002 • EBITA-margin in 2002 of 7% despite losses from journalist strike in Q2 and a weak advertising market • Improved financial flexibility • Net interest bearing debt considerably reduced • Maintained and improved market positions in offline and online markets 3

  4. Highlights • Further actions to improve profitability in Aftenposten implemented • Sale of properties in Akersgaten for a total value of NOK 370 million • Strong results for the single copy newspapers due to record-high circulation figures • Aftonbladet and Svenska Dagbladet with improved competitive positions 4

  5. Highlights • 20 Minutes with positive results on a monthly basis in Q4 in Spain and Switzerland • Substantial improvement in results of the Group’s online activities (incl. Finn.no) • TV 2 with one of the best years in the channel’s history • The Board of Directors’ suggested dividend : NOK 2,- per share • Corporate Governance 5

  6. Key figures 6

  7. Operating profit (loss) (EBIT) Newspapers 7

  8. Productivity and Profitability Program carried out in a difficult market situation • Ad revenues in 2002 reduced by 10% compared to 2001 • The market for real estate ads is still very strong and does to some extent compensate for the drop in recruitment ads • Relocation to more cost efficient premises in Biskop Gunnerus gt. 14 will provide new initiatives • Circulation in 2002 of 263,016 copies on weekdays, an increase of 384 copies compared to 2001 • avis1 with an operating loss in 2002 of NOK -22 million, an improvement of NOK 19 million from 2001 8

  9. Further procedures and cost reductions implemented in Aftenposten to secure adequate profitability • Profitability improvement of NOK 200 million, of which NOK 160 million is due to cost reductions • Profitability improvement for 2003 of NOK 80-90 million excl. inflation • Further staff reduction of 100 man-years 9

  10. Real Estate • Sale of property to Entra Eiendom with a total sales value of NOK 370 million • Net profit of approx. NOK 80 million • Yearly improvement in profit before taxes for the Schibsted Group of approx. NOK 30 million, mainly due to reduced rental costs in Aftenposten • Entra Eiendom acquires Schibsted Drift AS with approx. 30 employees at book value • Approx. 10,000 sq.m. released 10

  11. Operating margin (EBIT) of 24% for FY2002 and increasing • Operating profit of NOK 11 million in Q4 and NOK 25 million for FY2002 compared to a losses of NOK 4 million and NOK 6 million in the corresponding periods in 2001 • Operating revenues increased by 95% in Q4 and 64% for the year compared to the same periods in 2001 • Market position strengthened in all business areas • FinnTech established in cooperation with Daily Mail General Trust in Q4 11

  12. Strengthens market position with a record-high circulation in 2002 of 390,510 copies • Twice the size of its competitor • Decrease in ad revenues of 9% in 2002 compared to the previous year • Operating expenses reduced for Q4 as well as for the year compared to 2001 – high degree of cost control • Cover price increase as of November 1st on weekdays Monday to Friday • VG Multimedia with continued strong traffic development and improved results 12

  13. Substantial reduction in operating expenses while the market position improves • A lower cost level established – operating expenses down SEK 43 million in Q4 and SEK 136 million as of Q4 (excl. non-recurring costs) compared to same periods in 2001 • Circulation on weekdays 184,600, an increase of 11,655 copies from 2001 • Major increase in circulation revenues in Q4 from SEK 77 million in 2001 to SEK 87 million in 2002 • Circulation revenues marginally increased for FY2002 due to a higher share of subscription discounts • Ad revenues reduced by 4% in 2002 compared to 2001 – better than development in the overall total ad market 13

  14. Largest newspaper in the Nordic region and the best operating profit ever • Maintains its strong position vis-à-vis Expressen/GT/Kvällsposten • Circulation on weekdays of 435,900, constitutes an increase of 34,400 copies from 2001 • Gap vs. Expressen by the end of the year: 87,000 copies • Circulation revenues increased from SEK 1,364 in 2001 to SEK 1,451 in 2002 • Ad revenues 6% higher in 2002 compared to 2001, due to among other a higher average price on ads • Aftonbladet.se maintains its clear market position – more visitors than the sum of the other largest news sites 14

  15. Positive development continues and improved cost coverage in all countries • 20 Minutes is presently Europe’s 8 most read newspaper with approx. 3 million daily readers • Total circulation of 1.25 million copies • Despite weak ad markets throughout Europe 20 Min shows strong growth in revenues and market shares in all three countries • Schibsted’s share of result • NOK -20 million in Q4 and NOK -117 million for FY2002 compared to NOK -41 million and NOK -154 million in the corresponding periods in 2001 • APAX invested in the project at a premium and has in that connection a loss protection • Structural changes during 2003 not unlikely 15

  16. Development in Estonia 1998 - 2002 Figures in EEK million 16

  17. Operating profit (EBITA) TV/Film & Publishing *) Figures for the Sandrew Metronome Group. Schibsted owns 50% of the company. **) Figures for the TV 2 Group. Schibsted owns 33.3% of the company. 17

  18. Improved Nordic market position for the Metronome companies in a difficult market for TV/film production • Operating revenues increased by 5.6% in 2002 compared to the previous year – mainly due to the acquisition of European Film Group (commercials) at year-end 2001 • Metronome-growth within TV production in Sweden, but a decline in Norway and Denmark – production of commercials weak throughout Scandinavia in 2002 • Close down of production company for digital content charges SEK 11 million to the accounts in 2002 • Expect some improvement in the TV production market in the Nordic region in 2003 18

  19. Video and DVD distribution with strong growth in the Nordic region – but a weak cinema year has negative impact on results • Operating revenues increased by 12.5% in 2002 to SEK 1,270 million • Growth in 2002 within video and DVD, with good profits. Major growth in DVD, Sandrew Metronome with approx. 20% of the market in Scandinavia in 2002 • Very few blockbusters – with one exception – lead to an operating loss for the cinema operation in the first three quarters of the year • A strong Q4 with ”Harry Potter and the Chamber of Secrets”, seen by 2.4 million at cinemas in the Nordic countries at the end of 2002 • Morten Kongrød (44) with background from Schibsted employed as new CEO of Sandrew Metronome as of March 1st 2003 19

  20. Schibsted Book and Magazine Publishing • Rekord-high results for Schibsted’s publishing companies • Schibsted Book and Magazine Publishing with the best operating profit ever for the year of 2002: NOK 34 million comared to NOK 19 million in 2001 • Growth in operating revenues of 5.7% to NOK 339 million – operating margin of 10.1%, up from 5.9% in 2001 • Expect continued growth and good profitability by focusing on niches within publishing and a broader cooperation between the existing companies 20

  21. TV • One of the best years in the history of TV 2 • The TV 2 Group with operating revenues of NOK 1,561 million in 2002, an increase of 3.9% from the previous year • Operating margin for 2002 of 13.3% • Net income for 2002 of NOK 166 million compared to a net loss of NOK 29 million in 2001 • Rekord-high ad revenues in Q4 • Substantial improvement in subsidiaries • Highest average market share (viewers) ever: 32.2% • Positive turnaround and development in TVNorge • Good level of ad supply at the start of 2003 21

  22. Income statement Schibsted Group GW = Goodwill 22

  23. Advertising - Paper Editions 1) Column meters 2) SEK million 23

  24. Development in real estate and recruitment markets (rolling 12 months) 24

  25. Development in operating expenses 2002 - Compared to corresponding periods in 2001 * The operating profit (loss) is for the Aftenposten Group, incl. share of result from Schibsted Trykk ** Acquisition of European Film Group 2nd half of 2001 25

  26. Result - Schibsted´s Online Newspapers FINN Norway is included in the figures 1) Includes all costs except editorial content 26

  27. Associated companies Schibsted´s share: 27

  28. 20 Minutes - proforma1)- Associated company 1) Consolidation of Schibsted’s total investment in 20 Minutes. Schibsted´s ownership in 20 Min Holding AG and 20 Minutes France SAS is 41%. 28

  29. Financial Key Figures 1) Not recalculated according to new classification of operating result 1997 2) Net interest bearing debt 29

  30. Financial items 30

  31. Cash Flow / Investments 31

  32. Development net interest bearing debt 32

  33. Balance Sheet 33

  34. Balance Sheet 34

  35. Outlook • Focus on improvement of core operations as well as positioning for possible structural changes in the industry • Financial flexibility substantially improved • Expect continued weak ad markets in 2003 • Expect VG and Aftonbladet to maintain their clear leadership positions in the Norwegian and Swedish single copy market • Svenska Dagbladet with continued circulation growth • Positive development in Eesti Meedia and 20 Minutes continues • Companies within the TV/Film area are expected to maintain their market positions – prospects for 2003 is somewhat better than the previous year 35

  36. Appendices 36

  37. Circulation development • Figures in NOK million • Figures in SEK million 37

  38. Operatingprofit (loss) GW: Goodwill 38

  39. Cash flow 39

  40. Newspapers – Operating profit (loss) GW: Goodwill 40

  41. Operating profit (loss) The operating profit (loss) is for the Aftenposten Group, includes share of result from Schibsted Trykk. 41

  42. Advertising revenue split 42

  43. Ad revenues – Recruitment and Real Estate Q4 Q1 Q2 Q3 43

  44. Operating profit (loss) 44

  45. Operating profit The operating profit includes VG AS, VG Multimedia AS and Avisretur AS. 45

  46. Operating profit The operating profit is for the Aftonbladet Group. 46

  47. Operating profit (loss) The operating profit (loss) is for the Svenska Dagbladet Group 47

  48. Operating profit 48

  49. Advertising development regional newspapers 1) Column meters 49

  50. Operating profit (loss) - Estonia GW: Goodwill 50