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Schibsted (OSL:SCH) At the Board meeting on November 6, the Board of Directors of Schibsted ASA approved the interim financial statement as of September 30, 2008. Please find enclosed the Interim Report for Q3 2008.
Highlights in Q3 2008 (Figures in brackets show the figures for the corresponding period in 2007.)
* The Group made a Q3 operating profit (EBITA) of NOK 213 million (257 million), producing an operating margin of 6.7% (8.1%). * The revenues from the Schibsted Group's online activities increased by 22% in Q3. Online activities accounted for 80% of the Group's operating profit (56%). * The Group has implemented a profitability programme with an effect of NOK 500 million on the Group operating profit (EBITA) in 2009. * The financial crisis has had a negative effect on the Group's operating revenues. Developments have been particularly weak in the second half of September. Print classified ads have been especially affected. Operating revenues increased by 0.1% in Q3, of which advertising revenues fell by 3%. * Continued good growth in income from and high margins for online classified ads operations in Scandinavia and Southern Europe. * Product development and price increases for editorial products led to stable circulation revenues for Schibsted despite a reduction in VG's and Aftonbladet's circulation. * The new products Finn Reise, Hitta.se and Leboncoin.fr made a positive contribution to the Q3 operating profit. * It has been proposed to postpone the stock exchange listing of Media Norge for up to seven years. The company is planned to be formally established during the first half of 2009. Schibsted proposes to increase Schibsted's its ownership interest in Finn.no through the purchase of 38% of Finn.no from Media Norge. * A EUR 500 million borrowing facility with a three-year maturity has been signed. This replaces the bridge financing that was established when Trader International Classifieds was acquired in 2006.
SCHIBSTED GROUP -Consolidated results per 30 September 2008
Q3 Per Q3 2007 2008 Figures in NOK mill. 2008 2007 2007
3 179 3 182 Operating revenues 10 204 9 988 13 610 Operating profit (EBITDA) 400 362 1) 1 372 1 353 1 763 (143) (149) Depreciations (450) (423) (586) 257 213 Operating profit (EBITA) 922 930 1 177 Other revenues and (137) (18) expenses 729 67 77 74 59 Profit before taxes 1 388 851 1 078 1) Operating profit before depreciation, impairment of goodwill and other revenues and expenses
