Quarterly results Q1 2011 Rolv Erik Ryssdal , CEO Trond Berger , CFO - - PowerPoint PPT Presentation

Quarterly results Q1 2011

Rolv Erik Ryssdal, CEO Trond Berger, CFO Terje Seljeseth, CEO Schibsted Classified Media

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Disclaimer

This presentation (hereinafter referred to as the "presentation") has been prepared by Schibsted asa ("Schibsted" or the "Company") exclusively for information purposes, and does not constitute an offer to sell

• r the solicitation of an offer to buy any financial instruments.

Reasonable care has been taken to ensure that the information and facts stated herein are accurate and that the opinions contained herein are fair and reasonable, however no representation or warranty, express or implied, is given by or on behalf of the Company, any of its directors, or any other person as to the accuracy

• r completeness of the information or opinions contained in this document and no liability is accepted for any

such information or opinions. This presentation includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimates and projections of the Company or assumptions based on information available to the Company. Such forward- looking information and statements reflect current views with respect to future events and are subject to risks, uncertainties and assumptions. The Company cannot give any assurance as to the correctness of such information and statements. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this presentation. There may have been changes in matters which affect the Company subsequent to the date of this

• presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any

implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of the Company have not since changed. The Company does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

Q1 2011 2

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Agenda

• Q1 highlights
• Media Houses in Q1
• Online classifieds in Q1
• Income statement and

Financials

• Schibsted Classified

Media

• Outlook

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• Continued profit improvement and top line growth in Q1
• EBITDA NOK 447 million (418 in Q1 2010). Revenue growth 7%
• Strong quarter for Online operations.
• Online classifieds revenue growth of 28%.

Good online growth in Media houses

• Additional new ventures in Schibsted Classified Media

approaching break even

• Increased investments in new Online classifieds positions by

NOK 32 million Y/Y, building platform for further growth and value creation

• Scandinavian advertising markets continue to improve
• Advertising revenues in Media houses increased 8%
• Media Norge merger approved
• Challenging circulation volume for single copy sold newspapers
• Improved market positions on mobile and web

Q1 2011

Q1 2011 highlights

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Q1 2011

Q1 2011 highlights

Revenue Q1 2011 EBITDA margin Q1 11 Q1 10 Underlying Change y/y*

*) Growth adjusted for acquisitions, divestments and currency fluctuations

Group 3 496 7 % 13 % 13 % Media Houses Scandinavia 2 436 2 % 10 % 11 % Media Houses International 242 7 %

• 2 %
• 3 %

Online Classifieds 830 28 % 31 % 30 %

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Media Houses

• nline

11 % Media Houses

• ffline

advertising 28 % Media Houses subscription 13 % Media Houses single copy 18 % Media Houses

• ther

7 % Online classifieds 24 %

Q1 2011

Revenue split Q1 2011

Total revenue MNOK 3,496

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418 447 46 (30) (13) (11) 92 (32) (23) 100 200 300 400 500 600

EBITDA Q1 2010 Media Norge ex Finn VG SCH Sverige Media Houses

• ther

Online classifieds Established Online classifieds New Investments Other EBITDA Q1 2011

Q1 2011

Continued EBITDA growth in Q1

Million NOK

Increased investment in Blocket roll outs

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Q1 2011

Q1 2011 operations

Revenue: MNOK 830 MNOK 2,678 EBITDA: MNOK 261 MNOK 244

Other/eliminations: Revenue MNOK -12 EBITDA MNOK -58

Online classifieds Media Houses

Finn.no (owned by Media Norge) Media Norge Schibsted Classified Media VG Hitta (owned by Schibsted Sverige) Schibsted Sverige International Key figures Q1 2011:

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,

Agenda

• Q1 highlights
• Media Houses in Q1
• Online classifieds in Q1
• Income statement and

Financials

• Schibsted Classified

Media

• Outlook

• 5 %

0 % 5 % 10 % 15 % 20 % 25 % 30 %

• 500

500 1000 1500 2000 2500 3000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011

Revenue EBITDA margin

Improvement for morning newspapers, challenging volume development for tabloids

Media Houses

Q1 2011

MNOK

+3%*

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0 % 5 % 10 % 15 % 20 % 25 % 30 % 200 400 600 800 1000 1200

Q1 10 Q1 11

Revenues EBITDA margin

• Q1 advertising revenues in

Media Norge media houses increased 9%

• Recruitment +10%
• Real estate +8%
• Circulation revenues increased 1% as a result of

price increases. Circulation volume declined 2%

• EBITDA NOK 150 million (NOK 104 million)
• Strong performance for online newspapers

contribute to the improvement

• Collaboration projects continue to enhance

efficiency.

• Aftenposten launched iPad edition in Q1. Will be

introduced as a paid for product in Q2

Q1 2011

Improved markets and firm cost control in Media Norge

Media Houses Scandinavia

Media Norge media houses

13% MNOK

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7 % 13 % 0 % 5 % 10 % 15 % 20 % 25 % 30 % 100 200 300 400 500 600 Q1 10 Q1 11 Revenue EBITDA margin 13 % 13 % 0 % 5 % 10 % 15 % 20 % 25 % 30 % 50 100 150 200 250 300 Q1 10 Q1 11 Revenue EBITDA margin 4 % 14 % 0 % 5 % 10 % 15 % 20 % 25 % 30 % 30 60 90 120 150 180 Q1 10 Q1 11 Revenue EBITDA margin 3 % 3 % 0 % 5 % 10 % 15 % 20 % 25 % 30 % 20 40 60 80 100 120 Q1 10 Q1 11 Revenue EBITDA margin

Q1 2011

Broad improvement in Media Norge media houses

Media Houses Scandinavia

Aftenposten group Bergens Tidende Stavanger Aftenblad Fædrelandsvennen

6% +8% +9% +4%

EBITDA figures excluding associated companies. Printing activities were carved out of the Media Houses as of Q1 2011. 2010 figures are calculated for comparison purpose.

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Q1 2011

Merger with Media Norge

• Merger finalized and effective as of 12 May 2011
• Improving the opportunity for cooperation across the Schibsted group
• Values Media Norge at NOK 7,25 bn. including cash. Main assets:

1.

Media Houses Aftenposten, Bergens Tidende, Stavanger Aftenblad, and Fædrelandsvennen – each clear leaders in their respective markets, and with potential for further operational improvements

2.

50.01% of Finn.no – fast growing clear market leader in Online classifieds in Norway

• Close to half of the value linked to online activities
• Increasing Schibsted’s exposure to Finn.no from 83% to 90%
• Settlement for the merger 1/3 cash and 2/3 shares in Schibsted ASA
• One shareholder, representing 0.2% of the shares in Media Norge, has filed a

law suit contesting that the merger is invalid

• Schibsted’s legal advisors consider the claim to be without legal basis

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0 % 10 % 20 % 30 % 40 % 50 % 60 % 50 100 150 200 250 300

Q1 10 Q1 11

Revenues EBITDA margin

0 % 10 % 20 % 30 % 40 % 50 % 200 400 600 800 1000

Q1 10 Q1 11

Revenues EBITDA margin

• Schibsted Sverige Q1 EBITDA SEK 57 million

(78 million)

• Reduced single copy circulation volume puts

pressure on circulation revenues

• 19% online growth*. Strong growth and

profit development for online growth portfolio (Schibsted Tillväxtmedier)

Q1 2011

Circulation decline for print newspapers in Sweden

Media Houses Scandinavia

Schibsted Sverige media house* Svenska Dagbladet group

• Q1 EBITDA SEK 23 million (SEK 22 million)
• Print advertising revenue increased 3%
• Investor Relations advertising segment has been

substantially reduced due to regulatory change

• Circulation revenues increased 2% in Q1,

helped by price increases

*) Excluding Hitta.se, which is reported as part of the Business Area Online classified

6% 8% MSEK MSEK

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0 % 10 % 20 % 30 % 40 % 50 % 60 % 20 40 60 80 100 120

Q1 10 Q1 11

Revenues EBITDA margin

0 % 10 % 20 % 30 % 40 % 50 % 100 200 300 400 500

Q1 10 Q1 11

Revenues EBITDA margin

• Q1 EBITDA SEK 27 million (SEK 42 million)
• Advertising revenue increased by 2%
• Circulation revenues declined due to 12% volume

decline and scale down of low margin supplements. Revenue decline of 10% excluding supplements

• Cost reduced by 8% because of lower volumes and

reduced marketing investments

Q1 2011

Circulation volume decline hampers Aftonbladet

Media Houses Scandinavia

Print Online

• Revenue reduced by 2% in Q1. Affected negatively

with 4 million of one off adjustment of revenue

• Q1 EBITDA SEK 8 million (SEK 21 million)
• 8% EBITDA margin (20%) in Q1. Increased activity

level and development cost result in margin pressure

• iPad version of the daily newspaper

launched in April 2011

6% 8% MSEK MSEK

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0 % 10 % 20 % 30 % 40 % 50 % 20 40 60 80

Q1 10 Q1 11

Revenues EBITDA margin

0 % 10 % 20 % 30 % 40 % 50 % 100 200 300 400 500

Q1 10 Q1 11

Revenues EBITDA margin

• Circulation revenues decreased by 6% in Q1 Y/Y as

a consequence of continued circulation decline

• Circulation volume decline of 12% on weekdays
• Print advertising revenues decreased 9% after

volume decline and price pressure

• Negative Easter effect of around NOK 2 million
• EBITDA NOK 45 million (NOK 66 million)

Q1 2011

Challenging circulation, advertising decline in VG

Media Houses Scandinavia

Print VG.no

• 3% growth in revenues, excluding Nettby, that was

closed down in December 2010

• Advertising revenues increased by 9%, whereas
• ther revenues declined
• EBITDA NOK 14 million (NOK 20 million). EBITDA

margin 22% (28%)

• Strong traffic growth for digital products, particularly

smart phone version

12% 22% MNOK MNOK

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Single copy sold newspapers – The Q1 2011 facts

2011 2010 Change Print volume decline: 10-12% EBITDA

• print
• online

35 27 8 63 42 21

• 28
• 15
• 13

2011 2010 Change Print volume decline: 12% EBITDA

• print
• online

56 45 8 86 66 17

• 30
• 21
• 9

Media Houses Scandinavia

• Reduced circulation revenue due to

volume decline

• Operating expenses on print

reduced

• Increased operating expenses
• nline due to more cost allocated to
• nline and product development
• Reduced circulation revenue due to

volume decline

• Operating expenses reduced on print
• Increased operating expenses online

due to product development and periodisation of bonuses

Q1 2011 17

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• 1. Efforts to slow down the circulation volume decline
• Adapt and improve the products
• Optimize the cover price structure,

price increases will be considered

• 2. Adjust the cost base to the revenue development.
• Optimization of the organization
• Optimization of printing, distribution and business terms
• 3. Efforts to further increase the digital revenues
• Monetizing the rapid growing mobile traffic
• Experiment with user paid tablet versions
• Further increase sales efficiency for web versions

Single copy sold newspapers – Actions

Media Houses Scandinavia

Q1 2011 18

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Good growth in France and Baltics. Still challenging in Spain

• 30 %

0 % 30 % 60 % 90 %

• 3

3 6 9 Q1 10 Q1 11

Revenue EBITDA margin

• 15 %

0 % 15 % 30 % 45 %

• 5

5 10 15 Q1 10 Q1 11

Revenue EBITDA margin

0 % 10 % 20 % 30 % 40 % 5 10 15 20 Q1 10 Q1 11

Revenue EBITDA margin

Baltics France* Spain

• Good advertising growth in Estonia, partly helped

by elections

• Particularly good growth for Kanal 2
• Firm cost control and margin improvement
• Tough competition in the free newspaper market

met by increased distribution for 20 Minutes

• 12% revenue growth, but flat margin development

due to increased coverage

• Continued good growth in traffic and revenue for
• nline activities
• Continued harsh market environment in Spain
• Revenues declined 11%
• Flat cost development result in margin decrease
• Good development for online activities

Media Houses International

*) Chart illustrates 100% of the company. Schibsted owns 50%

9%

• 7%
• 26%

Q1 2011 19

,

Agenda

• Q1 highlights
• Media Houses in Q1
• Online classifieds in Q1
• Income statement and

Financials

• Schibsted Classified

Media

• Outlook

0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 200 300 400 500 600 700 800 900 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009 2010 2011 Revenue EBITDA margin EBITDA margin ex SCM New Ventures

Continued strong growth and margin improvement

Online classifieds

Q1 2011

MNOK

+28%*

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0 % 10 % 20 % 30 % 40 % 50 % 60 % 50 100 150 200 250 300

Q1 10 Q1 11

Revenues EBITDA margin

• EBITDA of NOK 131 million in Q1* (NOK 88 mill)
• Q1 EBITDA margin 47% (42%)
• Operating revenues NOK 277 million,

a growth of 31%, helped by volume and price, as well as new revenue models

• Recruitment 45%
• Real estate 14%
• Car 32%
• Finn Torget (generalist) 25%
• Finn Reise (travel) 46%
• Increased market share in brand/display

advertising, which comprises around ¼ of Finn.no revenues

Q1 2011

Strong growth and high margins maintained in Finn.no

Online classifieds

Finn.no

47% MNOK

*) EBITDA excluding associated companies

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0 % 20 % 40 % 60 % 80 % 100 % 50 100 150 200

Q1 10 Q1 11

Revenues EBITDA margin

• EBITDA of SEK 90 million in Q1 (SEK 84 mill)
• Q1 operating margin 56% (59%)
• Operating revenues SEK 161 million, a growth of

14% driven by volume, price adjustments and new products

• Good development for new e-commerce platform

launched in Q3 2010

Q1 2011

Stable growth rate and high margins in Blocket/Bytbil

Online classifieds

Blocket/Bytbil

56% MSEK

Source for traffic data: KIA Index

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0 % 20 % 40 % 60 % 80 % 10 20 30 40

Q1 10 Q1 11

Revenues EBITDA margin

• EBITDA EUR 14.5 million in Q1 (EUR 10.0 mill)
• EBITDA margin 39% vs 37%**
• 29% growth in revenues compared to Q1 2010 on

a comparable base

• Spain: Continued good trend
• Growth both for Anuntis (car, real estate and

generalist) and for InfoJobs (recruitment)

• Increased marketing spend in Anuntis
• Leboncoin.fr: Strong growth and high margins

Q1 2011

Strong growth and margin development in Spain and France

Online classifieds

SCM International*

39% MEUR

*) SCM International operations include Spain, Latin-America and

• France. Chart illustrates development for the current portfolio, i.e.

including 100% of Leboncon.fr and excluding Car&Boat Media. **) 2010 margin of 37% refers to the continued operations: Spain/LatAm, and 100% of Leboncoin.fr, but not Car&Boat Media.

Note: Source for traffic figures is Google AdPlanner

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• Continued strong growth and

high margins in Q1 2011

• Revenues increased 81% Y/Y
• 6 billion page views in March

2011, a growth of 59%

• The second largest online

site in France by page views (Google not measured)

Q1 2011

Leboncoin.fr a top three

• nline site in France

commentcamarche.net 160 000 000 pagesjaunes.fr 310 000 000 msn.com 720 000 000 free.fr 880 000 000 yahoo.com 1 400 000 000 live.com 2 000 000 000 youtube.com 3 600 000 000

• range.fr

5 900 000 000 leboncoin.fr 6 000 000 000 facebook.com 40 000 000 000

Top 10 Sites, France Page Views, March

Note: Source for traffic figures is Google AdPlanner

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Established European footprint combined with growth opportunities

Highly profitable #1 positions

Norway Sweden France Spain

All verticals Cars + general Cars + general Jobs General Real estate Cars

Operations in Established phase Operations in Investment phase

Online classifieds

Q1 2011 26

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Agenda

• Q1 highlights
• Media Houses in Q1
• Online classifieds in Q1
• Income statement and

Financials

• Schibsted Classified

Media

• Outlook

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• Revenues NOK 3.5 billion (3.3 billion)
• Total revenue underlying +7% Y/Y
• Advertising revenue Online classifieds and Media Houses +14%
• Operating profit (EBITDA) NOK 447 million (NOK 418 million)
• Includes NOK 32 million in increased investment in

Online classifieds roll outs

• Net financials NOK -29 million (NOK -27 million)
• Net income NOK 194 million (NOK 171 million)

Income statement Schibsted Group – headlines for Q1 2011

Q1 2011 28

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(NOK million) Q1 2011 Q1 2010 2010 2009 Operating revenues 3,496 3,258 13,768 12,745 Operating expenses (3,055) (2,845) (11,605) (11,184) Income from associated companies 6 5 36 (67) Gross operating profit (EBITDA ) 447 418 2,199 1,494 Depreciation and amortization (137) (152) (588) (662) Gross operating profit after depreciation and amortisation (previously EBITA) 310 266 1,611 832 Impairment loss (4) (18) (110) (161) Other revenues and expenses 12 30 1,909 (236) Operating profit (loss) 318 278 3,410 435 Net financial items (29) (27) (11) (156) Profit (loss) before taxes 289 251 3,399 279 Taxes (95) (80) (468) (94) Net income (loss) 194 171 2,931 185 EPS (NOK) 1.53 1.45 27.04 4.74 EPS - adjusted (NOK) 1.41 1.41 9.72 4.42

Q1 2011

Income statement Schibsted Group

Linked to Sandrew Metronome scale down and divestments Reduced due to divestments

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Q1 2011

Continued cyclical recovery, but not yet back to peak levels

Print advertising – Schibsted’s Scandinavian newspapers

Million NOK

Print advertising revenues for Aftenposten, Bergens Tidende, Stavanger Aftenblad, Fædrelandsvennen, Svenska Dagbladet, and Aftonbladet.

• 200

400 600 800 1 000 1 200

2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 Q1 Q2 Q3 Q4

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Key financial figures

Q1 2011

Earnings per share Cash flow from operations per share CAPEX Net interest bearing debt

NOK NOK

CAPEX (million NOK) and CAPEX/Sales (%) Net interest bearing debt (NOK) and Ratio of Net interest bearing debt/LTM EBITDA

Note: NIBD/EBITDA according to bank definition.

3,2 8,04 4,24 4,45 2,43 8,99 4,12 4,20 2,40 2 4 6 8 10 12 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 128 109 65 88 71 84 96 176 118 4 4 2 2 2 2 3 5 3 50 100 150 200 250 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 4852 4149 3102 2554 2389 1501 1337 1820 1990 3,9 3,7 2,4 1,7 1,4 0,7 0,6 0,8 0,9 1000 2000 3000 4000 5000 6000 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111

• 0,71

3,57 1,46 0,62 1,45 6,87 1,99 16,72 1,53

• 4

4 8 12 16 20 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111

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• NIBD/EBITDA 0.9 at end of Q1
• Total liquidity reserve of NOK 3.9

billion

• Effect of Media Norge transaction

in Q2 2011:

• NOK 345 million in cash payment
• Number of treasury shares will be

reduced with approx 4 million. Free float increased from 70% to 74%

Q1 2011

Strong balance sheet, free float increased

Debt maturity profile

• Mill. NOK
• 500

1 000 1 500 2 000 2 500 3 000 3 500 < 1 yr < 2 yrs < 3 yrs < 4 yrs < 5 yrs > 5 yrs

Other interest-bearing debt Bonds and CP's Drawn bankfacilities Undrawn bankfacilities

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• Dividend proposed at

NOK 3.00 per share

• 100% increase since

last year

• Equals NOK 324

million based on total number of shares issued

Q1 2011

Increased dividend proposed

1,39 1,39 1,59 1,59 1,59 2,39 2,59 3,39 3,99 4,78 0,00 1,50

3,00

0,00 0,50 1,00 1,50 2,00 2,50 3,00 3,50 4,00 4,50 5,00 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*

*) Proposed by the Board of Directors Dividend pr. share adjusted for effect of rights issue in 2009

NOK per share

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Q1 2011

Tight cost control in Media Houses, increased marketing within online

2845 3055 47 (34) (6) 61 142 2700 2800 2900 3000 3100

Operating cost Q1 10 Currency Divestments Raw materials Personnell Marketing & other expenses Operating cost Q1 11

Main increase in SCM and Finn.no Head count increase in Online operations. Reductions in print Higher paper prices, but lower volume

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• NOK 1.7 billion profitability programme was

delivered by Q4 2010

• Efforts to streamline operations and reduce expenses

continues in 2011

• Continuous Improvement projects (Lean) across the Group
• Shared service centres are established in Norway and Sweden
• All Norwegian printing operations gathered in a dedicated

company

• Tight control of headcount development – one of the most

important cost drivers Q1 2011

Continued efforts to streamline

• perations and reduce cost

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• As of Q1 2011 focus in presentations and comments will

be put on EBITDA

• A better measure for underlying performance and cash

flow

• The most common measure for comparing valuation

multiples and performance between companies in the media industry

• EBITDA for operating units are available for historical

reference

• Overview of future development for acquisition related

amortizations is available at schibsted.com/ir

Q1 2011

Main comments related to EBITDA development as of Q1 2011

36

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Agenda

• Q1 highlights
• Media Houses in Q1
• Online classifieds in Q1
• Income statement and

Financials

• Schibsted Classified

Media

• Outlook

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• Why do we believe so strongly in online classifieds?
• How do we look at our portfolio of assets?
• How is it going?

Schibsted Classified Media

• today’s topics

Q1 2011 38

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Online classifieds has a great audience potential…

aftenposten.no 1 500 000 startsiden.no 1 600 000 msn.com 1 900 000 dagbladet.no 1 900 000 nrk.no 2 000 000 gulesider.no 2 000 000 live.com 2 400 000 finn.no 2 600 000 vg.no 2 800 000 facebook.com 3 500 000 eniro.se 3 500 000 hitta.se 3 800 000 msn.com 4 200 000 blocket.se 4 200 000 aftonbladet.se 4 600 000 live.com 5 100 000 youtube.com 5 600 000 facebook.com 6 100 000 blogspot.com 3 100 000 swedbank.se 3 200 000 pagesjaunes.fr 16 000 000 commentcamarche.net 16 000 000 yahoo.com 16 000 000 free.fr 19 000 000 msn.com 19 000 000 leboncoin.fr 20 000 000

• range.fr

21 000 000 live.com 28 000 000 youtube.com 28 000 000 facebook.com 34 000 000

Source all figures: Doubleclick Ad Planner, March 2011 Google.com/adplanner – List by audience

Top 10 Sites, Norway Unique Users, March Top 10 Sites, Sweden Unique Users, March Top 10 Sites, France Unique Users, March

Q1 2011 39

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…and a superior ability to create page views!

gulesider.no 34 000 000 aftenposten.no 50 000 000 finn.no 890 000 000 facebook.com 3 700 000 000 msn.com 81 000 000 nrk.no 81 000 000 dagbladet.no 110 000 000 startsiden.no 120 000 000 vg.no 160 000 000 live.com 170 000 000 swedbank.se 550 000 000 youtube.com 960 000 000 blocket.se 1 100 000 000 facebook.com 7 200 000 000 blogspot.com 61 000 000 hitta.se 61 000 000 eniro.se 67 000 000 msn.com 210 000 000 aftonbladet.se 280 000 000 live.com 490 000 000 yahoo.com 1 400 000 000 live.com 2 000 000 000 youtube.com 3 600 000 000

• range.fr

5 900 000 000 leboncoin.fr 6 000 000 000 facebook.com 40 000 000 000 commentcamarche.net 160 000 000 pagesjaunes.fr 310 000 000 msn.com 720 000 000 free.fr 880 000 000

Top 10 Sites, Norway Page Views, March Top 10 Sites, Sweden Page Views, March Top 10 Sites, France Page Views, March

Source all figures: Doubleclick Ad Planner, March 2011 Google.com/adplanner – List by audience

Q1 2011 40

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Very attractive economics in online classifieds – but you need to become #1!

Sources: Margin: Company reports and presentations Size vs #2:Pageviews(AdPlanner), active objects where applicable, company

• presentations. EBITDA 2010

except AutoTrader 2008

1x 3—5x 8—10x 100% 0% 5–30% 30–50% 50–70% Size versus second player EBITDA margin

High margins for players that are much larger than #2

Q1 2011 41

The Blocket Concept life stages

Traction Phase

(Teenager)

They start having ambitions, establish their own identity and want to become self-sustaining

Established Phase

(Adult)

Market leaders aiming for world class and earning money to support the family

StartupPhase

(Baby)

All babies start off the same, they play around, grow fast and cost a lot of money!

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Our assets - what is their “job”?

Asset phase

Established phase Investment phase

Stage 2

(Traction phase) Investment phase

Stage 1

(Startup phase)

Assets (not exhaustive)

• Blocket
• Infojobs Spain
• Anuntis Spain
• Leboncoin
• Subito.it
• Willhaben.at
• Mudah.my
• Kapaza.be
• Infojobs.it /com.br
• Tori.fi
• Tutti.ch
• CustoJusto.pt
• Jofogas.hu
• Ayosdito.ph
• Berniaga.com
• Dinkos.com.au

Main focus

• Create/maintain value

leadership based on sustained volume leadership

• Gain clear volume

leadership

• Grow strongly and establish

a clear path to leadership

Q1 2011 43

Traction Phase

(Teenager)

They start having ambitions, establish their own identity and want to become self-sustaining

Established Phase

(Adult)

Market leaders aiming for world class and earning money to support the family

StartupPhase

(Baby)

All babies start off the same, they play around, grow fast and cost a lot of money!

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Established phased assets: Doing their job very well!

0 % 25 % 50 % 75 % 100 % 50 100 150 200

Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

Revenues EBITA margin

Sweden

MSEK 0 % 20 % 40 % 60 % 80 % 100 % 5 10 15 20 25 30 35 40

Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11

Revenues EBITDA margin

International*

MEUR 39% 57%

*) SCM International operations include Spain, Latin-America and France. Chart illustrates development for the current portfolio, i.e. including 100% of Leboncon.fr and excluding Car&Boat Media.

Q1 2011 45

StartupPhase

(Baby)

All babies start off the same, they play around, grow fast and cost a lot of money!

Traction Phase

(Teenager)

They start having ambitions, establish their own identity and want to become self-sustaining

Established Phase

(Adult)

Market leaders aiming for world class and earning money to support the family

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• 50 000 000

100 000 000 150 000 000 200 000 000 250 000 000 300 000 000 350 000 000 400 000 000 0903 0904 0905 0906 0907 0908 0909 0910 0911 0912 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1101 1102 1103

willhaben ebay.at Page Views / Month, Doubleclick Ad Planner

willhaben catching up with ebay.at

Q1 2011 47

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Subito catching up with ebay.it

• 200 000 000

400 000 000 600 000 000 800 000 000 1 000 000 000 1 200 000 000 0901 0902 0903 0904 0905 0906 0907 0908 0909 0910 0911 0912 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1101 1102 1103

Subito eBay.it Page Views / Month, Doubleclick Ad Planner

Q1 2011 48

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CustoJusto catching up with OLX.pt

• 10 000 000

20 000 000 30 000 000 40 000 000 50 000 000 60 000 000 70 000 000 80 000 000 90 000 000 100 000 000 0903 0904 0905 0906 0907 0908 0909 0910 0911 0912 1001 1002 1003 1004 1005 1006 1007 1008 1009 1010 1011 1012 1101 1102 1103

CustoJusto OLX.pt Page Views / Month, Doubleclick Ad Planner

Q1 2011 49

Traction Phase

(Teenager)

They start having ambitions, establish their own identity and want to become self-sustaining

Established Phase

(Adult)

Market leaders aiming for world class and earning money to support the family

StartupPhase

(Baby)

All babies start off the same, they play around, grow fast and cost a lot of money!

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We have systematically established competence sharing programs within our group Also sharing knowledge between companies in different stages of development

A network of sites and hubs – sharing best practice, creating value

Worldwide network of experts

Q1 2011 51

,

Agenda

• Q1 highlights
• Media Houses in Q1
• Online classifieds in Q1
• Income statement and

Financials

• Schibsted Classified

Media

• Outlook

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• Scandinavia: Continued firm advertising markets for Media Houses,

and good growth for online classifieds expected.

• International: Continued strong growth for online classifieds expected
• Continued weak trend expected for single copy sold newspapers. More

stable circulation expected for subscription based newspapers

• Increasing contribution to revenues and profits from Schibsted

Tillväxtmedier online services in Sweden

• Online classifieds operations in Italy, Austria expected to reach break

even in Q4 2011 or Q1 2012

• Targeted investments in new positions for Schibsted Classified Media

will continue. Good development in existing sites, and investment in 2011 will be in the previously communicated range of NOK 300-400 million. Q1 2011

Outlook

53

Q1 2011

54

Appendices

Q1 2011

Spreadsheet containing detailed Q1 2011 and Historical and analytical Information can be downloaded from www.schibsted.com/ir

55

Q1 2011

Schibsted ASA basic data

Ticker Oslo Stock Exchange: SCH Reuters: SBST.OL Bloomberg: SCH NO Number of shares (31 March 2011) 108,003,615 Treasury shares (31 March 2011) 4,082,837 Number of shares outstanding 103,920,778 Free float* 70 % Share price (31 March 2011) NOK 162.30 Market cap (31 March 2011) NOK 19.6 bn., EUR 2.2 bn., USD 3.2 bn., GBP 1.9 bn. Average daily trading volume LTM 306,300 shares

*) Total number of shares excluding treasury shares and shares owned by Blommenholm Industrier AS.

56

Q1 2011

Top 20 shareholders

Data as of 31 March 2011. Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

Rank Name Holding Share

1 Blommenholm Industrier AS 28,188,589 26.1 % 2 Folketrygdfondet 8,010,212 7.4 % 3 JPMorgan Chase Bank * 7,038,490 6.5 % 4 Schibsted ASA 3,943,337 3.7 % 5 Bank Of New York Mellon * 3,745,428 3.5 % 6 NWT Media As 2,962,619 2.7 % 7 State Street Bank And Trust Co. * 2,021,259 1.9 % 8 Orkla ASA 1,900,000 1.8 % 9 JPMorgan Chase Bank * 1,285,043 1.2 % % of foreign shareholders 44.4 % 10 Vital Forsikring ASA 1,277,352 1.2 % Number of shareholders 4,857 11 Clearstream Banking S.A. * 1,268,780 1.2 % Number of shares 108,003,615 12 Goldman Sachs Int. - Equity - * 1,248,631 1.2 % Shares ow ned by Schibsted 4,230,440 13 State Street Bank and Trust Co. * 1,107,909 1.0 % 14 Skandinaviska Enskilda Banken * 1,086,385 1.0 %

Largest countries of ownership

15 Citibank N.A. (London Branch) * 1,047,047 1.0 % Norw ay 55.6 % 16 State Street Bank and Trust Co. * 900,021 0.8 % United Kingdom 14.4 % 17 JPMorgan Chase Bank * 868,937 0.8 % USA 12.3 % 18 SHB Institutional Sales Stockholm 841,000 0.8 % Luxembourg 4.6 % 19 BNP Paribas Secs Services Paris * 835,515 0.8 % Sw eden 3.1 % 20 SHB Stockholm Clients Account * 825,809 0.8 % France 2.7 % Source: VPS *) Nominee accounts

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Q1 2011

Shareholder analysis

The shareholder ID data is provided by RD: IR and VPS, through the Nominee ID service. The data is obtained through the analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Schibsted share register. Whilst every reasonable effort is made to verify all data, neither RD:IR nor VPS can guarantee the accuracy

• f the analysis.

Source: RD: IR and VPS, through the Nominee ID service. Data as of 12 January 2011.

Updated information at: www.schibsted.com/en/ir/Share/Shareholders/

Rank Fund Manager Shares 1 Blommenholm Industrier AS 28,188,589 26.10 26.10 2 Folketrygdfondet 8,010,212 7.42 8.03 3 Fidelity Investments 7,982,193 7.39 5.23 4 Tw eedy Brow ne 5,393,419 4.99 4.99 5 Taube Hodson Stonex Partners 5,190,468 4.81 4.93 6 Schibsted ASA 4,082,837 3.78 3.79 7 Handelsbanken Asset Management 3,220,828 2.98 2.96 8 NWT Media ASA 2,962,619 2.74 2.74 9 BlackRock 1,943,656 1.80 1.52 10 Orkla ASA 1,900,000 1.76 1.76 11 Nordea Fonder (Finland) 1,657,605 1.53 1.70 12 Nordea Asset Management 1,558,317 1.44 1.37 13 Sw edbank Robur 1,405,119 1.30 1.06 14 State Street (C) 1,337,274 1.24 1.11 15 Adelphi Capital 1,283,691 1.19 1.20 16 Vital Forsikring ASA 1,279,297 1.18 1.16 17 People's Bank of China 1,217,611 1.13 1.13 18 TT International Investment Management 1,075,041 1.00 1.17 19 DnB NOR Asset Management 1,074,519 0.99 1.14 20 Amundi Asset Management 1,006,204 0.93 0.45 21 Rational Asset Management 933,000 0.86 0.86 22 National Australia (C) 887,233 0.82 0.82 23 KLP 819,195 0.76 0.78 24 Storebrand Investments 784,763 0.73 0.86 25 Nordea Fonder (Sw eden) 774,451 0.72 0.83 % at 12/01/11 % at 14/04/11

58

Circulation development - YTD

Circulation Change Change Circulation Change

Per Q1

2011 2010-2011 revenue 2010-2011 Media Norge weekdays 418 599 (9 091) (2,1)% Media Norge Sunday 289 833 (5 388) (1,8)% Verdens Gang weekdays 207 620 (29 546) (12,5)% Verdens Gang Sunday 202 133 (7 239) (3,5)% Aftonbladet weekdays Aftonbladet Sunday Svenska Dagbladet weekdays 189 800 (9 900) (5,0)% Svenska Dagbladet Sunday 194 100 (9 600) (4,7)% 268 320 (6,3)% a) 0,9 % (14,0)% a) b) 330

}

127 b) 2,4 %

} }

a) Figures in NOK million b) Figures in SEK million

Q1 2011 59

Advertising – Print editions

1) Column meters 2) SEK million

Volume1) Change Revenues Change Per Q1 2011 2010-2011 (NOK million) 2010-2011

Media Norge

32 184 11,3 % 524 10,8 %

Verdens Gang

2 674 (5,8) % 87 (13,9) %

Aftonbladet 2)

3 857 (14,3) % 91 2,2 %

Svenska Dagbladet 2)

5 824 (4,0) % 128 3,2 %

Q1 2011 60

Advertising revenues Media Norge

Q1 2011

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Offline advertising revenues 648 696 519 574 481 489 393 503 471 543 428 550 524 Aftenposten 350 380 251 293 250 248 198 256 237 279 216 277 271 Bergens Tidende 133 152 105 124 103 105 88 112 106 116 94 123 115 Stavanger Aftenblad 116 111 110 106 85 86 68 89 85 97 78 100 91 Fædrelandsvennen 50 52 54 52 43 49 39 46 44 51 40 50 47 Real estate 109 134 83 69 70 89 66 69 67 94 71 63 71 Aftenposten 76 92 54 46 47 59 43 46 46 66 48 40 49 Bergens Tidende 17 19 13 10 9 11 9 10 8 10 8 9 8 Stavanger Aftenblad 9 13 8 8 8 10 6 7 7 10 8 8 7 Fædrelandsvennen 7 9 9 5 5 9 7 6 6 8 7 6 7 Recruitment 178 173 108 111 104 85 70 86 105 103 79 101 115 Aftenposten 100 97 62 63 60 48 38 48 57 56 45 54 63 Bergens Tidende 29 30 17 17 16 15 12 15 19 18 14 20 22 Stavanger Aftenblad 38 36 23 24 21 18 15 18 23 22 15 21 23 Fædrelandsvennen 11 11 7 7 6 5 4 5 6 7 5 6 7 Online advertising 37 44 35 33 33 36 34 44 44 46 38 46 51 Aftenposten 18 25 17 14 18 21 18 24 22 24 20 20 22 Bergens Tidende 10 9 9 9 8 8 8 10 13 11 10 13 13 Stavanger Aftenblad 6 7 6 7 4 5 5 6 6 7 5 9 11 Fædrelandsvennen 3 3 3 3 3 3 3 4 3 4 3 4 5 2008 2009 2010 2011

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Advertising revenue split Aftenposten print newspaper

Q1 2011

Aftenposten AS Figures in NOK million Q1 07 Q2 07 Q3 07 Q4 07 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Total classified 228 233 193 193 208 215 141 135 137 128 106 121 129 147 117 123 143 Recruitment 113 106 79 93 100 97 62 63 60 48 38 48 57 56 45 54 63 Real estate 80 103 87 71 76 92 54 46 47 59 43 46 46 66 48 40 49 Other classified 35 24 27 30 32 26 26 26 29 22 24 26 26 24 25 29 31 Brand 78 85 61 74 68 81 50 67 44 49 40 48 46 53 37 61 57 Retail 74 75 65 96 72 84 59 95 68 73 52 86 61 75 61 91 69

• Unspes. market

2 1 1 1

• 5

1

• 2
• 1
• 1

Total classified 15 % 19 % 22 % 10 %

• 9 %
• 8 %
• 27 %
• 30 %
• 34 %
• 40 %
• 25 %
• 11 %
• 6 %

15 % 10 % 2 % 11 % Recruitment 21 % 16 % 12 % 2 %

• 12 %
• 9 %
• 22 %
• 32 %
• 40 %
• 51 %
• 38 %
• 24 %
• 5 %

18 % 17 % 12 % 11 % Real estate 10 % 26 % 39 % 20 %

• 5 %
• 11 %
• 38 %
• 35 %
• 38 %
• 36 %
• 19 %

1 %

• 3 %

12 % 10 %

• 14 %

7 % Other classified 9 % 5 % 8 % 15 %

• 9 %

8 %

• 4 %
• 11 %
• 8 %
• 17 %
• 6 %
• 2 %
• 11 %

13 % 0 % 12 % 19 % Brand 7 % 13 % 17 %

• 3 %
• 12 %
• 5 %
• 17 %
• 9 %
• 36 %
• 40 %
• 21 %
• 29 %

4 % 9 %

• 9 %

27 % 25 % Retail 9 % 4 % 10 % 10 %

• 2 %

12 %

• 9 %
• 1 %
• 6 %
• 13 %
• 11 %
• 9 %
• 10 %

2 % 16 % 5 % 13 % Y/Y change:

62

Key financial figures

2011 2010 2010 2009 Operating profit (EBITDA) (NOK million) 447 418 2 199 1 494 Operating margins (%): Operating margin (EBITDA) 12.8 12.8 16.0 11.7 Operating margin before ass. companies 8.7 8.0 11.4 7.0 Operating margin (EBITA) 8.9 8.2 11.7 6.5 EPS (NOK) 1.53 1.45 27.04 4.74 Cash flow from operations (NOK million) 250 251 2 039 1 610 Cash flow from operations per share (NOK) 2.40 2.43 19.73 19.34 Net income attr. to major interests 159 149 2 794 395 Average number of shares (1 000) 104,000 103,303 103,338 83,256

Per Q4 Per Q1

Q1 2011 63

Capital structure

2011 2010 2010 2009 Investments (NOK million): Operational investments (capex) 118 71 427 390 Shares and other holdings 20 3 1 880 196 Interest bearing debt (NOK million) 2 657 3 018 2 478 3 809 Net interest bearing debt (NOK million) 1 990 2 389 1 820 2 554 Interest bearing debt ratio (%) 15.9 21.2 15.0 25.0 Equity ratio(%) 1) 42.8 37.4 42.4 34.7

Per Q4 Per Q1

1) Treasury shares are offset against equity

Q1 2011 64

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Market leading newspapers in Norway and Sweden

492 544 821 962 1 078

*) Sum of Bergens Tidende (232), Stavanger Aftenblad (169), Fædrelandsvennen (101) Source: TNS Gallup 2011 Forbruker & Media 11/01 ¹ Norwegian population of 3,963,000 aged 12 or older

884 663 431 315 266 502

Schibsted owns six of top ten newspapers in Norway

Daily readership (‘000) Penetration¹ Daily readership (‘000) Penetration²

Source: Orvesto 2010:3 – weekdays Individual figures for Expressen, GT and Kvällsposten are not published. Schibsted estimate of Expressens readership is around 600,000. ² Swedish population of 7,150,000 aged 15 to 79

Schibsted owns two of top seven paid newspapers in Sweden

Schibsted’s titles

22% 17% 11% 8% 7% 15% 13% 11% 8% 7%

Other M:NO*

13%

Q1 2011 65

, Turn off ’CLASSIFICED’ via Site Million Unique visitors Site Million Unique visitors 1 Aftonbladet 5.5 1 VG Nett 3.7 2 MSN.se 5.5 2 Finn.no 2.7 3 Hotmail 4.9 3 NRK.no 2.5 4 blocket.se 4.7 4 Dagbladet.no 2.3 5 hitta.se 4.0 5 MSN 2.3 6 Eniro.se 2.7 6 Startsiden 2.2 7 Expressen 2.5 7 Gule Sider 1.4 8 Aftonbladet WebbTV 1.9 8 SOL 1.4 9 DN.se 1.6 9 Aftenposten.no 1.2 10 hemnet.se 1.4 10 Nettavisen 1.2 11 svt.se 1.3 11 TV2 1.2 12 svd.se 1.2 12 Blogg.no 1.1 13 Tradera 1.1 13 Kvasir 0.9 14 svtplay.se 1.0 14 ABCnyheter 0.9 15 Bloglovin 1.0 15 Klikk.no 0.8 16 di.se 1.0 16 Kjendis.no 0.8 17 mobil.aftonbladet.se 1.0 17 Opplysningen 1881 0.6 18 tv.nu 1.0 18 E24.no 0.6 19 SR.se 0.9 19 DinSide.no 0.5 20 e24.se 0.8 20 NAV 0.5 21 Dayviews.com 0.8 21 Seher.no 0.4 22 prisjakt.nu 0.7 22 Bergens Tidende 0.4 23 Klart.se 0.7 23 Dn.no 0.4 24 SL 0.6 24 Adressa.no 0.4 25 familjeliv.se 0.6 25 Online 0.4 Schibsted share of top 25 44 % Schibsted share of top 25 28 % = Schibsted sites

Q1 2011

Market leading positions

• nline in Norway and Sweden

Sweden

Source: TNS Gallup, Kiaindex Note: Week 18 of 2011

Norway

66

, Turn off ’CLASSIFICED’ via 361 588 1 116 1 607 2 522 500 1000 1500 2000 2500 3000 Sydsvenskan GP DN Expressen, GT, Kvällsposten Aftonbladet

Q1 2011

Daily reach for Media Houses in Sweden – print and online

Number of daily readers for media house online and print platforms Source: SIFO approved calculation of Orvesto internet, Ovesto day and Orvesto consumer. Svenska Dagbladet is not included in the survey.

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Q1 2011

Number 1 positions in Spain, France and Italy

• No. 1 recruitment
• No. 1 cars
• No. 1/2 real estate
• No. 3 recruitment

Market position Site

• No. 3 news site
• No. 1 generalist classifieds
• No. 1 in recruitment
• No. 1 general merchandise
• No. 5 news site
• No. 1 general merchandise

France

Market

Spain Italy

Source: Google AdPlanner, Unique Visitors (France/Italy, cookies)

68

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1839 Chr. Schibsted Forlag (publishing house) founded 1860 Christiania Adresseblad launched in Oslo – renamed Aftenposten in 1861 1966 Takeover of VG 1989 Reorganisation from a private family company to a limited company 1992 Listing at the Oslo Stock Exchange with a growth strategy declaration 1992 First TV and film investments 1995 First New Media/Internet investments 1995 First investments in Kanal 2 in Estonia 1996 Acquisition of Aftonbladet 1998 Acquisition of Svenska Dagbladet 1998 Investment in Eesti Meedia Group 1999 Launch of the free newspaper concept 20 Minutes 2000 Launch of Finn 2003 Acquisition of Blocket

Q1 2011

Historical development

2005 Acquisition of Hitta.se 2005 Launch of Sesam and acquisition of Internettkatalogen 2006 Schibsted International Classifieds & Search – launch of Willhaben.at and LeBoncoin.fr 2006 Acquisition of selected assets of Trader Classified Media (International Classifieds Acquired) 2006 Divestment of ownership in TV 2 2006 Divestment of ownership TV4 2007 Media Norge approved by Schibsted’s general meeting 2009 Rolv Erik Ryssdal new CEO 2009 Media Norge established 2009 Increased ownership in Finn.no and InfoJobs.net 2009 Non core activities Metronome, Retriever, Basefarm, Teleadress divested 2010 Increased ownership in Leboncoin.fr from 50% to 100%

See also: http://www.schibsted.com/en/About-Schibsted/History/

69

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• Visit Schibsted’s homepages
• www.schibsted.com/ir
• Jo Christian Steigedal, VP Investor Relations

jcs@schibsted.no Tel: +47 2310 6600 Q1 2011

Investor information

Schibsted ASA Apotekergaten 10, P.O. Box 490 Sentrum, NO-0105 Oslo Tel: +47 23 10 66 00. Fax: +47 23 10 66 01. E-mail: schibsted@schibsted.no www.schibsted.com

70

Q1 2011

71