QUARTERLY RESULTS Q1 2015 CEO Rolv Erik Ryssdal, CFO Trond Berger 8 May 2015
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 or 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 or 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 2015 2
AGENDA ■ Offer to acquire Hemnet.se ■ Online Classifieds ■ Media Houses ■ Finance ■ Summary Q1 2015 3
EXPANDING IN SWEDISH REAL ESTATE ONLINE CLASSIFIEDS HEMNET A PRIME ASSET IN SWEDEN ■ Clear market leader: ■ 2x the traffic of its closest competitor ■ 100% of listing objects ■ 51% unaided brand awareness* ■ 2014 revenues SEK 162 million, EBITDA SEK 34 million ■ Listing fees introduced 1 July 2013 ■ Good growth rate and synergies with Blocket Bostad expected *) Source: KIA index, SCM Brand Tracker Q1 2015 4
LEADER IN A EUR 24 MILLION ONLINE MARKET WITH GROWTH POTENTIAL – 80-85% OF MARKETING SPEND STILL ON PRINT SWEDISH REAL ESTATE MARKET ■ Business model aligns interest between realtors and Hemnet ■ Total real estate marketing spending in Sweden is EUR 160 million. Approx 15%-20% is online* ■ In connection with the acquisition, the current owners will enter into a cooperation regarding future use and development of the site Q1 2015 5 *Source: Schibsted internal assessment
OFFER TO ACQUIRE MARKET LEADER HEMNET.SE EXPANDING IN SWEDISH REAL ESTATE Ownership structure ■ Schibsted has made a conditional offer for 100 percent of Hemnet.se Accepted bid ■ Values Hemnet at SEK 1,500 million (EV) ■ Offer conditional on Schibsted 25% 25% 34% 16% acquiring all shares and approval by the Swedish Competition Authority Q1 2015 6
AGENDA ■ Offer to acquire Hemnet.se ■ Online Classifieds ■ Media Houses ■ Finance ■ Summary Q1 2015 7
ONLINE CLASSIFIEDS 8
A GLOBAL LEADER IN ONLINE MARKETPLACES… ■ 6,800 Employees ■ 15bn Revenue (NOK) ■ 26 Countries ■ #1 in General Classifieds in 24 markets ■ Reaching >200m people worldwide Q1 2015 9
VALUE CREATION THROUGH IN-MARKET FOCUS ■ Continued organic growth in key online classifieds markets ■ Solid development in France – tapping into the real estate market ■ Fast growing revenues and traffic in Italy ■ Strong development in Shpock – entering new markets ■ Bolt on acquisitions leverage existing traffic position and strengthens verticals ■ Offer to acquire Swedish real estate market leader Hemnet.se ■ Integration of Milanuncios in Spain well under way ■ Structural agreements strengthens market positions and boosts traffic ■ Successful merger with OLX in several emerging markets, including Brazil Q1 2015 10
STRONG TRAFFIC GROWTH BOTH IN EUROPE AND IN EMERGING MARKETS IN Q1 Traffic growth European portfolio* Traffic growth outside Europe** Y/Y growth Y/Y growth 1,200,000,000 350,000,000 20% in March 89% in March 300,000,000 1,000,000,000 Monthly visits Monthly visits 250,000,000 800,000,000 200,000,000 600,000,000 150,000,000 400,000,000 100,000,000 200,000,000 50,000,000 0 0 Mar May Jul Sep Nov Mar May Jul Sep Nov Mar May Jul Sep Nov Mar Jan Jan Jan Jan Mar May Sep Nov Mar May Sep Nov Mar May Sep Nov Mar Jan Jul Jan Jul Jan Jul Jan 2012 2013 2014 2015 2012 2013 2014 2015 *) Finn, Blocket, BytBil, Coches.net, Donedeal IE, Fotocasa, Hasznaltauto, Infojobs Italy, Infojobs Spain, Jofogas, **) Avito, OLX Brazil, Chotot, Fincaraiz, Infojobs Brasil, Mudah, Segundamano MX, Tayara, Yapo.cl Kapaza, Kufar, Leboncoin, Milanuncios, Motos.net, Segundamano, Subito, Tocmai, Tori, Willhaben Q1 2015 11 Source: Internal figures/KeyWe/Google Analytics for Milanuncios
STEADY, HIGH GROWTH RATE – SOLID MARGINS IN FRANCE France ■ Steady growth with good contribution from +20% 50 100% key revenue drivers: 40 80% ■ Display advertising growth of 31% Million EUR (local+national) - market share of 1.5% 71% 70% 30 68% 60% ■ Continued growth for premium features and 20 40% professional listing fees - real estate and cars 10 20% ■ Continued traffic growth; 12% Y/Y (visits per day*) 0 0% Q1 13 Q1 14 Q1 15 Revenues EBITDA margin Q1 2015 12 *) Source: Leboncoin internal data
REAL ESTATE STAND-ALONE PRODUCT WELL RECEIVED IN THE MARKET ■ Gradual ramp up of new revenues, starting ■ Real estate in Q1 2015 with an uplift of high ARPU customers automatic upload link customers control their ■ own ■ Strong growth in direct customers inventory on the site – ■ 25,000 real estate agents in a fragmented including ■ market. Leboncoin has a strong position statistics outside Paris ■ Around 1/3 of the market is C2C ■ ■ Main revenue uplift expected in 2016, as main sales season is in the autumn Total real estate market value ~EUR 300 million online, ~EUR 500 million including print* *Source: Schibsted Q1 2015 13 internal assessment
SPAIN BACK TO REVENUE GROWTH OF 10%* ■ Revenue growth driven by macro and internal improvement ■ Jobs important growth driver ■ Improved efficiency in the sales teams and lower churn ■ Product development and integration of Milanuncios lay the foundation for increased monetization in the coming quarters *Underlying growth Q1 2015 14
CONTINUED IMPROVEMENTS IN EMPLOYMENT DRIVE VOLUME AND REVENUE GROWTH Sale of new contracts +33% Y/Y in Q1 for InfoJobs – deferred revenue model Traffic development (million visits) Registered unemployment New job posts per week in InfoJobs 40 2,500 7,000.000 35 6,000.000 2,000 30 5,000.000 25 1,500 4,000.000 20 3,000.000 1,000 15 2,000.000 10 500 5 1,000.000 0 0.000 0 May-2013 Jul-2013 Sep-2013 Nov-2013 Jan-2014 Mar-2014 May-2014 Jul-2014 Sep-2014 Nov-2014 Jan-2015 Mar-2015 2005T1 2005T4 2006T3 2007T2 2008T1 2008T4 2009T3 2010T2 2011T1 2011T4 2012T3 2013T2 2014T1 2014T4 1-2013 9-2013 17-2013 25-2013 33-2013 41-2013 49-2013 5-2014 13-2014 21-2014 29-2014 37-2014 45-2014 1-2015 9-2015 Q1 2015 15
100 120 140 160 180 Total Monthly Visits indexed (May 2013 – Mar 2015) 20 40 60 80 0 May-2013 SOLID TRAFFIC GROWTH FOR ALL SITES Jul-2013 Web Sep-2013 Nov-2013 Jan-2014 m. site Mar-2014 May-2014 Jul-2014 Apps Sep-2014 Nov-2014 Jan-2015 Mar-2015 100 120 140 160 180 20 40 60 80 0 May-2013 Jul-2013 Web Sep-2013 Nov-2013 Jan-2014 m. site Mar-2014 May-2014 Jul-2014 Apps Sep-2014 Nov-2014 Jan-2015 Mar-2015 100 120 140 160 180 20 40 60 80 0 May-2013 Jul-2013 Web Sep-2013 Nov-2013 Source traffic data: SCM internal figures Jan-2014 m. site Mar-2014 May-2014 Jul-2014 Apps Sep-2014 Nov-2014 Jan-2015 Mar-2015 100 120 140 160 180 20 40 60 80 0 mai.13 jul.13 sep.13 Web nov.13 jan.14 m. site mar.14 mai.14 jul.14 App Q1 2015 sep.14 nov.14 jan.15 mar.15 16 16
STRONG TRAFFIC AND REVENUE GROWTH FOR ITALIAN MARKET LEADER SUBITO.IT Total Monthly Revenues indexed Total Monthly Visits indexed (Jan 2010 – Mar 2015) (Jan 2010 – Mar 2015) 1.000 600 46% YoY revenue Apps m.site Web 500 800 growth in Q1 2015 3.6x Kijiji.it desktop traffic 400 3.5x Kijiji.it app downloads 600 300 400 200 200 100 0 0 jan-10 jul-10 jan-11 jul-11 jan-12 jul-12 jan-13 jul-13 jan-14 jul-14 jan-15 jul-15 Jan-10 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Heavy marketing investments in Q1 15, to be maintained throughout the year. Source: SCM Internal figures, Comscore, AppAnnie Q1 2015 17
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