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Annual Accounts 2002
Kjell AamotCEO
Trond Berger CFO
Stein Yndestad / Elisabeth Blom Tindlund IR
2Annual Accounts 2002
Agenda
Highlights
Key figures
Business areas
Annual Accounts
Outlook
3Annual Accounts 2002
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
4Annual Accounts 2002
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
5Annual Accounts 2002
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
6Annual Accounts 2002
Key figures
Figures in NOK million Q4
2002
Q4
2001
As of Dec 31
2002
As of Dec 31
2001
Operating
revenues
2 055 2 077 7 872 7 972
Operating profit
(EBITA)
136 17 549 272
Profit (loss) before
taxes
115 (105) 329 (387)
Net income (loss) 76 (58) 198 (423)
EPS 1.10 (0.87) 2.87 (6.28)
7Annual Accounts 2002
Operating profit (loss) (EBIT) Newspapers
1) Figures in NOK million
2) Figures in SEK million
Q4
2002
Q4
2001
As of Dec 31
2002
As of Dec 31
2001
Aftenposten 1) (23) (38) 38 (17)
VG 1) 59 31 270 265
SvD 2) (3) (60) (50) (232)
Aftonbladet 2) 36 38 164 98
8Annual Accounts 2002
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
9Annual Accounts 2002
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
10Annual Accounts 2002
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
Real Estate
11Annual Accounts 2002
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
12Annual Accounts 2002
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
13Annual Accounts 2002
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
14Annual Accounts 2002
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
15Annual Accounts 2002
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
16Annual Accounts 2002
Figures in EEK million
Development in Estonia 1998 - 2002
-71,6 -73,2
-38,2
0,8
33,3
-100
-80
-60
-40
-20
0
20
40
60
1998 1999 2000 2001 2002
Eesti Meedia Kanal 2 Estonia total
17Annual Accounts 2002
Operating profit (EBITA) TV/Film & Publishing
1) Figures in NOK million
2) Figures in SEK million
Q4
2002
Q4
2001
As of Dec 31
2002
As of Dec 31
2001
Metronome 2) 8 17 15 34
Sandrew
Metronome 2) *)
38 37 37 51
Publishing 1) 20 16 34 19
TV 2 1) **) 143 49 208 125
*) 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.
18Annual Accounts 2002
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
19Annual Accounts 2002
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
20Annual Accounts 2002
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
21Annual Accounts 2002
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
22Annual Accounts 2002
GW = Goodwill
Income statement Schibsted GroupAs of Dec 31
Q4 01 Q4 02 (NOK mill.) 2002 2001
2 077 2 055 Operating revenues 7 872 7 972
(1 962) (1 825) Operating expenses (6 948) (7 309)
(98) (94) Depreciation (375) (391)
Operating result before GW
17 136 and other revenues and expenses 549 272
(38) (16) Amortisation and write-downs goodwill (63) (85)
2 8 Other revenues and expenses 8 (131)
(19) 128 Operating profit (loss) 494 56
(40) 27 Income from associated companies (67) (338)
(46) (40) Net financial items (98) (105)
(105) 115 Profit (loss) before taxes 329 (387)
47 (39) Taxes (131) (36)
(58) 76 Net income (loss) 198 (423)
23Annual Accounts 2002
Advertising - Paper Editions
1) Column meters2) SEK million
Volume1) Change Revenues ChangeAs of Dec 31 2002 2001-2002 2001-2002
Aftenposten 60 366 (0.6) % 1 211 (9.6) %
Verdens Gang 7 186 (3.2) % 340 (9.3) %
Aftonbladet 2) 9 409 (5.2) % 293 6.5 %
Svenska Dagbladet 2) 20 271 1.5 % 384 (4.0) %
24Annual Accounts 2002
Development in real estate and recruitment markets (rolling 12 months)
0
5
10
15
20
VOLU
ME
1,00
0 co
l.m.
Recruitment market
Real estate market
25Annual Accounts 2002
Development in operating expenses 2002- Compared to corresponding periods in 2001
Figures in NOK million Change Change Change Change Change
Op. expenses Op. expenses Op. expenses Op. expenses Op. expenses
Q1 Q2 Q3 Q4 As of Dec 31
Svenska Dagbladet -28 -18 -31 -32 -110
Aftenposten incl. avis1 * -33 -26 -33 -35 -127
Other, excl. TV/Film -33 -55 -22 -5 -113
Total eff. Prod. and Profitability Program -94 -99 -86 -72 -350
Currency effects SEK (SvD) -16 -14 -13 -13 -56
TV/Film ** 27 64 15 -56 50
Schibsted Total -83 -49 -84 -141 -356
* 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
26Annual Accounts 2002
Result - Schibsted´s Online Newspapers
FINN Norway is included in the figures1) Includes all costs except editorial content
Q4 01 Q4 02 (NOK million) 2002 2001
45 50 Advertising revenues 188 154
3 15 Other revenues 49 31
48 65 Total operating revenues 237 185
(81) (65) Operating expenses 1) (241) (304)
1 (4) Other revenues and expenses (4) (52)
(32) (4) Operating profit (loss) (8) (171)
As of Dec 31
27Annual Accounts 2002
Associated companies
Schibsted´s share:
As of Dec 31
Q4 01 Q4 02 (NOK million) 2002 2001
(41) (20) 20 Min (117) (154)
(5) (4) Regional new spapers (6) 7
(1) 52 TV 2 54 (11)
2 0 SOL 0 (172)
5 (1) Others 2 (8)
(40) 27 Income from associated companies (67) (338)
28Annual Accounts 2002
20 Minutes - proforma1) - Associated company
Q4 01 Q4 02 (EUR million) 2002 2001
5 13 Operating revenues 34 20
(26) (20) Operating costs (68) (71)
(21) (7) Operating profit (loss) (34) (51)
As of Dec 31
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%.
Q4 01 Q4 02 (NOK million) 2002 2001
(41) (20) Our share of 20 Minutes (117) (154)
As of Dec 31
29Annual Accounts 2002
Financial Key Figures
1) Not recalculated according to new classification of operating result 19972) Net interest bearing debt
(%) 2002 2001 2000 1999 1998 1997
Operating margin (EBITA)1) 7.0 3.4 6.2 4.0 7.7 12.0
EBITDA margin1) 11.7 8.3 11.1 9.4 11.9 16.3
Interest bearing debt ratio 2) 26.6 29.9 23.3 31.5 23.8 9.1
Equity ratio 34.2 32.0 37.8 33.3 37.3 50.6
Net interest bearing debt 1 002 1 396 1 168 1 502
Return on total assets (%) 6.7 (3.4) 14.6 3.5 6.1 17.9
Net income (loss) attr. to maj. interests 197 (431) 608 42 172 517
Avarage numbers of shares 68.204 68.689 69.250 69.250 69.250 69.250
EPS 2.87 (6.28) 8.78 0.61 2.48 7.47
Cash flow per share 10.10 5.44 15.15 8.76 9.95 10.00
30Annual Accounts 2002
Financial items
Q4 01 Q4 02 (NOK million) 2002 2001
(20) (13) Net interest income (expense) (82) (85)
(4) 4 Net foreign exchange gains (losses) 43 12
(22) (31) Net gains (losses) on shares etc. (59) (32)
(46) (40) Net financial items (98) (105)
As of Dec 31
31Annual Accounts 2002
Cash Flow / Investments
Q4 01 Q4 02 (NOK m illion) 2002 2001
122 192 Cash flow from operations 689 374
115 230 EBITDA 924 663
141 48 Operational investments 297 387
58 38 Shares and other holdings 159 239
199 86 Total investments 456 626
Interest bearing debt 1 708 2 035
Net interest bearing debt 1 002 1 396
As of Dec 31
32Annual Accounts 2002
Development net interest bearing debt
06/30/01 09/30/01 12/31/01 03/31/02 06/30/02 09/30/02 12/31/02Net interest bearing debt: 1 421 1 638 1 396 1 624 1 713 1 677 1 002 Change from last quarter: 217 -242 228 89 -36 -675
Major cash inflows/outflows in 2002: Q1 Q2 Q3 Q420 Minutes Paris 101 4 color printing unit TTAB 49 Real estate/prod. facilities 26 17 50Dividend 137 Taxes paid 65 49 -28 16Purchase of own shares 16 20 Min Holding AG 5 7 30 25 Sale of property -370
33Annual Accounts 2002
Balance Sheet
(NOK m illion) 2002 2001
Fixed assets 4 696 5 033
Current assets 1 716 1 783
Total assets 6 412 6 816
Equity 2 192 2 182
Provisions 678 628
Long term liabilities 1 712 2 042
Current liabilities 1 830 1 964
Total equity and liabilitites 6 412 6 816
As of Dec 31
34Annual Accounts 2002
Balance Sheet
Dec 31
2002
Dec 31
2001
Dec 31
2002
Dec 31
2001
Deferred tax asset 95 65 Total equity 2 192 2 182 Goodwill and intangible assets 782 868 Tangible fixed assets 2 652 2 991 Pension liabilities 461 462 Investment in associated comp. 822 740 Long term interest bearing debt 1 708 2 035 Investment in shares 94 148 Other long term liabilities and provisions 221 173 Long term receivables 251 221 Total long term liabilities and provisions 2 390 2 670
Total fixed assets 4 696 5 033 Total current liabilities 1 830 1 964
Total current assets 1 716 1 783
Total assets 6 412 6 816 Total equity and liabilities 6 412 6 816
35Annual Accounts 2002
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
36Annual Accounts 2002
Appendices
37Annual Accounts 2002
Circulation development
a) Figures in NOK millionb) Figures in SEK million
Circulation Change Change Circulation Change
2002 2001-2002 revenue 2001-2002
Aftenposten morning ed. 263 016 384 0.1%
Aftenposten evening ed. 163 945 (3 726) (2.2)% 635 a)
Aftenposten Sunday 234 693 4 836 2.1%
Verdens Gang weekdays 390 510 3 002 0.8%
Verdens Gang Sunday 314 422 (2 629) (0.8)%
Aftonbladet weekdays 435 900 34 400 8.6%
Aftonbladet Sunday 489 800 21 800 4.7%
Svenska Dagbladet weekdays 184 600 11 655 6.7%
Svenska Dagbladet Sunday 194 300 8 484 4.6%
}
}
}
}
1 218 a)
1 451 b)
331 b)
0.8%
(0.7)%
6.4%
0.6%
38Annual Accounts 2002
Operating profit (loss)
GW: Goodwill
As of Dec 31before EOI and GW (loss)
(NOK million) 2002 2001 2002 2001 2002 2001 2002 2001
Newpapers 474 239 (73) (127) (22) (21) 379 91
Estonia 16 0 0 0 (18) (25) (2) (25)
TV / Film 26 52 0 4 (16) (30) 10 26
Publishing 34 19 0 (4) (9) (10) 25 5
Other (1) (38) 81 (4) 2 1 82 (41)
Total 549 272 8 (131) (63) (85) 494 56
Operating profit and expenses
Operating profit (loss) Other revenues Goodwill
39Annual Accounts 2002
Cash flow
(NOK m illion) 2002 2001
Profit (loss) before taxes 329 (387)
+ Depreciation and amortisation 438 529
+/- Net changes in pensions (31) (73)
+/- Income from associated companies 110 402
- Taxes payable (157) (97)
Cash flow from operations 689 374
Change in working capital etc. (100) (76)
Cash flow from operating activities 589 298
Cash flow from investing activities (50) (335)
Cash flow before financing activities 539 (37)
Cash flow per share (NOK) 10.10 5.44
As of Dec 31
40Annual Accounts 2002
Newspapers – Operating profit (loss)
GW: Goodwill
Q4 01 Q4 02 (NOK million) 2002 2001
1 523 1 549 Operating revenues 6 082 6 263
(1 526) (1 424) Operating expenses (5 608) (6 024)
Operating profit before GW(3) 125 and other income and expenses 474 239
(5) (6) Amortisation and write-downs goodwill (22) (21)
(17) (73) Other revenues and expenses (73) (127)
(25) 46 Operating profit 379 91
(41) (23) Income from associated companies (123) (152)
Operating margins (EBIT) (10.3)% (5.9)% Aftenposten Group (incl. avis1) 0.8% (3.3)%
7.7% 13.9% Verdens Gang Group 16.7% 16.2%
8.2% 7.7% Aftonbladet Group 9.0% 5.7%
(29.9)% (1.4)% Svenska Dagbladet Group (6.2)% (28.1)%
As of Dec 31
41Annual Accounts 2002
Operating profit (loss)
The operating profit (loss) is for the Aftenposten Group, includes share of result from Schibsted Trykk.
As of Dec 31
Q4 01 Q4 02 (NOK million) 2002 2001
150 163 Circulation revenues 635 630 315 312 Advertising revenues 1 312 1 401 37 42 Other revenues 153 153
502 517 Total operating revenues 2 100 2 184
43 42 Raw materials 164 177 236 234 Personnel expenses 871 881 227 212 Other operating expenses 871 951 21 20 Depreciation 87 84
(10) (32) Royalty 5 37 23 64 Ohter revenues and expenses 64 71
(540) (540) Total operating expenses (2 062) (2 201)
(38) (23) Operating profit (loss) excl. avis 1 38 (17) (11) (8) avis 1 (22) (41) (49) (31) Operating profit (loss) incl. avis 1 16 (58)
42Annual Accounts 2002
Advertising revenue split
Aftenposten ASFigures in NOK million Q4 00 Q1 01 Q2 01 Q3 01 Q4 01 Q1 02 Q2 02 Q3 02 Q4 02
Classified 211 246 247 177 161 183 216 158 140Recruitment 121 141 111 75 74 73 74 51 50Real estate 56 69 101 75 58 79 104 79 65Other classified 34 36 35 27 29 31 38 28 25
Brand/display 179 135 141 103 135 129 131 108 146
Classified -24 % -26 % -13 % -11 % -13 %Recruitment -39 % -48 % -33 % -32 % -32 %Real estate 4 % 14 % 3 % 5 % 12 %Other classified -15 % -14 % 9 % 4 % -14 %
Brand/display -25 % -4 % -7 % 5 % 8 %
Y/Y change:
43Annual Accounts 2002
Ad revenues – Recruitment and Real Estate
Q4 Q1 Q2 Q3
0
50
100
150
200
250
2000 2001 2002 2001 2002 2001 2002 2001 2002
Recruitment Real estate Sum recruitment and real estate
44Annual Accounts 2002
Operating profit (loss)
Q4 01 Q4 02 (NOK mill.) 2002 2001
14 24 Advertising revenues 90 57
1 5 Other revenues 13 6
15 29 Total operating revenues 103 63
(19) (18) Total operating expenses (78) (69)
(4) 11 Operating profit (loss) 25 (6)
As of Dec 31
45Annual Accounts 2002
Operating profit
The operating profit includes VG AS, VG Multimedia AS and Avisretur AS.
Q4 01 Q4 02 (NOK million) 2002 2001
300 316 Circulation revenues 1 218 1 226 97 101 Advertising revenues 370 392 6 7 Other revenues 27 22
403 424 Total operating revenues 1 615 1 640
36 33 Raw materials 129 137 88 95 Personnel expenses 347 342
229 221 Other operating expenses 806 828 7 4 Depreciation 16 20
12 12 Royalty 47 48 (372) (365) Total operating expenses (1 345) (1 375)
31 59 Operating profit 270 265
As of Dec 31
46Annual Accounts 2002
Operating profit
The operating profit is for the Aftonbladet Group.
Q4 01 Q4 02 (SEK million) 2002 2001
367 359 Circulation revenues 1 451 1 364 89 96 Advertising revenues 334 320 7 11 Other revenues 38 32
463 466 Total operating revenues 1 823 1 716
55 58 Raw materials 233 221 84 84 Personnel expenses 339 318
294 284 Other operating expenses 1 075 1 068 6 4 Depreciation 12 25
(14) 0 Ohter revenues and expenses 0 (14)
(425) (430) Total operating expenses (1 659) (1 618) 38 36 Operating profit 164 98
Exchange rate: NOK/SEK 82.00 87.04
As of Dec 30
47Annual Accounts 2002
Operating profit (loss)
The operating profit (loss) is for the Svenska Dagbladet Group
Q4 01 Q4 02 (SEK million) 2002 2001
77 87 Circulation revenues 331 329 104 111 Advertising revenues 392 413
4 1 Other revenues 13 17 16 16 Government subsidies 65 65
201 215 Total operating revenues 801 824
43 41 Raw materials 113 109 87 63 Personnel expenses 230 286
121 109 Other operating expenses 487 565 6 5 Depreciation 21 27 4 0 Other revenues and expenses 0 69
(261) (218) Total operating expenses (851) (1 056) (60) (3) Operating profit (50) (232)
Exchange rate: NOK/SEK 82.00 87.04
As of Dec 31
48Annual Accounts 2002
Operating profit
Q4 01 Q4 02 (NOK million) 2002 2001
205 182 Operating revenues 691 730
(183) (173) Operating expenses (648) (694)
22 9 Operating profit 43 36
As of Dec 31
49Annual Accounts 2002
Advertising development regional newspapers
1) Column meters
Q4 02 Q4 01 Change % Volume1) 2002 2001
7 819 7 157 9.2% Adresseavisen 29 464 28 085
7 122 7 038 1.2% Bergens Tidende 27 010 27 900
3 427 3 372 1.6% Fædrelandsvennen 12 578 13 568
1 583 1 382 14.5% Harstad Tidende 5 910 5 242
6 800 6 764 0.5% Stavanger Aftenblad 24 901 27 148
As of Dec 31
50Annual Accounts 2002
Operating profit (loss) - Estonia
GW: Goodwill
Q4 01 Q4 02 (NOK million) 2002 2001
61 72 Operating revenues 242 220 (61) (64) Operating expenses (226) (220)
Operating profit (loss) before GW
0 8 and other income and expenses 16 0
(12) (5) Amortisation and w rite-dow ns goodw ill (18) (25) (12) 3 Operating profit (loss) (2) (25)
As of Dec 31
51Annual Accounts 2002
Operating profit (loss)
GW: Goodwill
Eesti Meedia Group
Q3 01 Q3 02 (EEK million) 2002 2001
108 130 Operating revenues 449 391 (99) (113) Operating expenses (397) (361)
Operating profit (loss) before GW
9 17 and other income and expenses 52 30
(3) (3) Amortisation and write-downs goodwill (9) (9) 6 14 Operating profit 43 21
As of Dec 31
AS Kanal 2
Q3 01 Q3 02 (EEK million) 2002 2001
13 25 Operating revenues 58 38 (20) (24) Operating expenses (76) (67)
Operating profit (loss) before GW
(7) 1 and other income and expenses (18) (29)
(14) 0 Amortisation and write-downs goodwill 0 (14) (21) 1 Operating profit (loss) (18) (43)
As of Dec 31
Exchange rate NOK / EEK 48.00 51.45
52Annual Accounts 2002
Operating profit (loss) - TV / Film
GW: Goodwill
As of Dec 31
Q4 01 Q4 02 (NOK million) 2002 2001
368 301 Operating revenues 1 131 1 107
(337) (281) Operating expenses (1 105) (1 055)
Operating profit (loss) before GW
31 20 and other income and expenses 26 52
(19) (4) Amortisation and write-downs goodwill (16) (30)
15 0 Other revenues and expenses 0 4
27 16 Operating profit (loss) 10 26
1 53 Income from associated companies 57 (5)
53Annual Accounts 2002
Accounts for Metronome Group. 100% is included in the consolidated accounts. Schibsted owns 65% of the Group.
Operating profit (loss)
Q3 01 Q3 02 (SEK million) 2002 2001
261 190 Operating revenues 747 707
183 124 Raw materials 503 504
37 31 Personnel expenses 133 98
23 20 Other operating expenses 75 56
1 7 Depreciation 21 15
(244) (182) Totalt operating expenses (732) (673)
Operating profit (loss) before GW
17 8 and other income and expenses 15 34
(1) (1) Amortisation and w rite-dow ns GW (3) (2)
16 7 Operating profit 12 32
6.3% 4.2% Operating margin (EBITA) 2.0% 4.9%
Exchange rate NOK/SEK 82.00 87.04
As of Sept 30
54Annual Accounts 2002
Accounts for the Sandrew Metronome Group. Schibsted owns 50% of the Group
Operating profit (loss)
Q4 01 Q4 02 (SEK million) 2002 2001
341 373 Operating revenues 1 270 1 128
194 220 Raw materials 816 671
47 49 Personnel expenses 174 163
44 42 Other operating expenses 159 162
19 24 Depreciation 84 81
(304) (335) Total operating expenses (1 233) (1 077)
Operating profit (loss) before GW 37 38 and other income and expenses 37 51
(36) (2) Amortisation and write-downs GW (6) (42)
10 0 Other revenues and expenses 0 10
11 36 Operating profit 31 19
10.9% 10.2% Operating margin (EBITA) 2.9% 4.5%
Exchange rate NOK/SEK 82.00 87.04
As of Dec 31
55Annual Accounts 2002
Accounts for the TV 2 Group. Schibsted owns 33.3% of the company.
Operating profit (loss) TV Group
Q4 01 Q4 02 (NOK million) 2002 2001
435 486 Operating revenues 1 561 1 503
139 110 Programming expenses 497 521 110 106 Personnel expenses 391 396 120 112 Other operating expenses 404 388
17 15 Depreciation 61 73
(386) (343) Total operating expenses (1 353) (1 378)
49 143 Operating profit (loss) 208 125
(21) 5 Net f inancial items (19) (57)
(7) 2 Income from associated companies (19) (61)
(23) 8 Taxes (4) (36)
(2) 158 Net income (loss) 166 (29)
1 0 Net income (loss) attributable to minority interests 0 2
(1) 158 Net income (loss) attributable to majority interests 166 (27)
As of Dec 31
56Annual Accounts 2002
Operating profit (loss) - Publishing
GW: Goodwill
Q4 01 Q4 02 (NOK m illion) 2002 2001
99 114 Operating revenues 339 320
(84) (94) Operating expenses (305) (301)
Operating result before GW
15 20 and other incom e and expenses 34 19 (2) (2) Amortisation and w rite-dow ns goodw ill (9) (10) (1) 0 Other income and expenses 0 (4) 12 18 Operating profit (loss) 25 5
1 0 Income f rom associated companies 0 (1)
As of Dec 31
57Annual Accounts 2002
Positive results on a monthly basis in Q4 in Spain and Switzerland
• Switzerland:
• 526,000 daily readers (estimate as of Q4 of 650,000, only beaten by Blick)
• Unique readership structure: 55% of the readers are in the age group of 14-34 years
• Revenue growth of 27% from 2001 to 2002 (while the overall market has decreased 25-
30%)
• Second largest online newspaper in Switzerland with 14 million page views per month• Uncertainty with regards to TAMedia’s plans of launching a competitor in March 2003
• Spain:
• Growth in ad revenues of 68% from 2001 to 2002 in a falling market
• Increased prices as well as ad market share (volume) from 4% in 2001 to 5% in 2002
• Metro and 20 Minutos has equal readership numbers in Spania, but 20 Min grows faster
• Only El Pais and El Mundo are larger than 20 Min / Metro
58Annual Accounts 2002
Cost coverage in Paris of approx. 50% in Q4
• Readership of 1,260,000 makes 20 Minutes the second largest newspaper in the
Paris region (Metro: 969,000 readers)
• 20 Minutes is the largest newspaper in the Paris region in the age group of 15-34
years
• Good revenue growth throughout Q3 and Q4. Increase in large advertisers
• Readership numbers is expected to stabilize during 2003, while trend in revenue
growth is expected to continue
The Marketplace
Latvia/Lithuania Schibsted Telecom - mobile services
Poland Pol-Nordica Publishing – publishing house
Inhabitants
Norway: 4.5 mill.
Sweden: 8.9 mill.
Denmark: 5.3 mill.
Switzerland (German): 4 mill.
Paris: 10 mill.
Madrid: 5.2 mill.
Barcelona: 2.5 mill.
Estonia: 1.4 mill.
NorwayVG – No. 1 newspaper
Aftenposten – leading morning newspaper
Sandrew Metronome – movie distribution/production
Scanpix – picture agency
TV 2 – No. 1 commercial TV-channel
Finn.no – classifieds portal
Bokkilden – Internet bookstore
Schibsted Telecom – mobile services
Chr. Schibsted Forlag – publishing house
Bladkompaniet – publishing house
SwedenAftonbladet - no. 1 newspaper in the Nordic region
Svenska Dagbladet – leading morning newspaper
Sandrew Metronome – filmdistribution/production
Metronome – tv/film production
Schibsted Telecom – mobile services
Denmark/Finland
Sandrew Metronome- film distribution/production
Switzerland/Spain/France
20 Min – free newspaper
EstoniaEesti Meedia – media group
Kanal 2 – leading commercial TV-channel
60Annual Accounts 2002
Schibsted - historical development
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
61Annual Accounts 2002
Key statisticsSchibsted’s newspapers - daily readership: 8.3 million1) / daily circulation: more than 3 million1)
VG – 1 400 000 / 390 510 Aftenposten – 738 000 / 263 016
Aftonbladet – 1 438 000 / 435 900 Svenska Dagbladet – 454 000/ 184 600
Estonia – 600 000 / 172 000 20 Minutes Paris - 1 260 000 / 450 000
20 Minuten Swiss – 650 0002)/320 000 20 Minutos Spain – 1 039 0002) / 500 000
Schibsted’s websites - unique visitors January 2003: 13.6 million
Daily newspaper reach Penetration rates Internet/mobile
Sweden 88% Norway Internet 72%
Norway 86% Norway mobile 85%
Germany 78% Sweden Internet 71%
Estonia 68% Sweden mobile 84%
Spain 36%
France 33%
USA 57%
Source: Gallup, Statistisk Sentralbyrå, Statistiska Centralbyrån, World Press Trends 2002, company statistics1) incl. regional newspapers 2) Schibsted’s estimates
62Annual Accounts 2002
• Aftenposten Multimedia 100% • VG Multimedia 100%• Aftonbladet Nya Medier 100%• Svenska Dagbladet Nya Medier 99%• Eesti Meedia 93%
• Schibsted Telecom 100%• Bokkilden 100%• European Media Ventures* 100%
*EMV listed companies are minority owned companies/financial investments
• BiljettDirekt Ticnet AB • Startsiden AS• Crossroads AB• Hugin AS • Basefarm AS • Skiinfo AS• Datek Wireless AS • Safetel ASA• Web Game Corporation• Acta Holding ASA• Strukturkapital AS• Ekonomi 24 AB• Lensway AB• Lovesearch AB• Ingo AB• Mediafabriken AB• Sweden United AB• Future House AS
Internet activities
63Annual Accounts 2002
0
100
200
300
400
500
600
700
99 0 Q1 01 Q2 01 Q3 01 Q4 01 jan.02 mar.02 jun.02 sep.02 jan.03
FINN
Tinde*
Stepstone
Development of the largest online classifieds Norway
* No official statistics released in Q1 and Q2 2001Source: Gallup - figures in 1000 – unique visitors monthly (1999-2001 calculated)
64Annual Accounts 2002
0
250
500
750
1000
1250
1500
1750
2000
96 97 98 99 '00 Q101
Q201
Q301
Q401
'Jan02
'Mar02
'Jun02
'Sept02
'Jan03
VG
Dagbladet
Nettavisen
Aftenposten
Development of the largest online newspapers in Norway
Source: Gallup - figures in 1000 – unique visitors monthly (1996-2001 calculated)
65Annual Accounts 2002
Unique visitors at Schibsted (partially) owned sites Jan 2003
TV2.no 512 000
Nettavisen 1 039 000
FINN.no 660 000
Ticnet.se 150 0003)
Bokkilden 74 000
ABC Startsiden 2 043 000
4 478 000
VG.no 2 037 000
Aftenposten 1 247 000
Aftonbladet.se 3 966 0001)
Svenska Dagbladet.se 517 000
Adresseavisen.no
Bergens Tidende.no 587 000
Stavanger Aftenblad.no
20Minuten.ch
20Minutos.es 770 0002)
20Minutes.fr
9 124 000
Total: 13 602 000
Other
Please note that there is a certain overlap between the sites. Schibsted partially owned sites are included 100%.1) Figure as of December 2002 2)Schibsted’s estimates 3)Calculated Source: Gallup, WIS
Newspapers
66Annual Accounts 2002
Norway – top list unique visitors Jan. 2003
Source: Gallup – figures in 1000
487
506
504
556
1052
805
1467
1655
1681
512
528
603
660
668
712
875
1039
1247
1428
1735
1787
2037
2043
TV2
Online
DinSide
FINN
Spray
Gule Sider
NRK
Nettavisen
Aftenposten
Dagbladet
Kvasir
MSN
VG Nett
Startsiden
'Jan 2003
'Jan 2002
67Annual Accounts 2002
Aftonbladet – unique visitors (monthly)
1440 13531127
1548 1437 14061603 1695
34743614
3 355
38573966
Q1 00 Q2 00 Q3 00 Q4 00 Q1 01 Q2 01 Q3 01 Q4 01 'Jan 02 'Mar 02 'Jun 02 'Sep 02 'Dec 02
Source: WIS - figures in 1000
68Annual Accounts 2002
VG - Unique visitors (monthly)
Source: Gallup - figures in 1000 (1998-2001 average & calculated)
497
812
1296
14951655 1719
1438
1731
2037
1998 1999 2000 2001 'Jan 02 'Mar 02 'Jun 02 'Sep 02 'Jan 03
69Annual Accounts 2002
Aftenposten - Unique visitors (monthly)
Source: Gallup - figures in 1000 including www.oslopuls.no (1998-2001 average & calculated)
251
417508
550
805 806763
888
1247
1998 1999 2000 2001 'Jan 02 'Mar 02 'Jun 02 'Sep 02 'Jan 03
70Annual Accounts 2002
FINN - unique visitors (monthly)
Source: Gallup - figures in 1000
Web Sites www.schibsted.nowww.tv2.no
www.nettavisen.no
ww.sandrewmetronome.se
www.sandrewmetronome.dk
www.sandrewmetronome.no
www.sandrewmetronome.fi
www.kinopalatsi.fi
www.metronome.se
www.meterfilm.se
www.mekano.se
www.mekaniken.se
www.filmlance.se
www.rubicontv.no
www.nordicent.no
www.moland.com
www.metronome.dk
www.bsl.dk
www.bullet.dk
www.metronome.fi
www.witit.se
www.europeanfilmgroup.com
www.bigbrother.no
www.svenskaforlaget.com
www.schibsted-forlag.no
www.sch-ib.no
www.bladkompaniet.no
www.dinepenger.no
www.inpoc.com
www.bokkilden.no
www.primetime.net
www.dagensmedisin.no
www.tique.no
European Media Venture’s companies:
www.skiinfo.no
www.ticnet.se
www.ticnet.no
www.startsiden.no
www.huginonline.no
www.datek.no
www.basefarm.no
www.safetel.no
ww.yabet.com
www.acta.no
www.crossroads.se
www.lovesearch.com
www.ekonomi24.se
www.lensway.se
www.ingo.se
www.mediafabriken.com
www-swedenunited.com
www.aftenposten.no
www.finn.no
www.mediearkivet.no
www.oslopuls.no
www.vg.no
www.avis1.no
www.aftonbladet.se
www.mediearkivet.se
www.svd.se
www.postimees.ee
www.sloleht.ee
www.kroonika.ee
www.kanal2.ee
www.adresseavisen.no
www.trondheimpuls.no
www.bergens-tidende.no
www.bergenpuls.no
www.aftenbladet.no
www.stavangerpuls.no
www.fedrelandsvennen.no
www.20min.ch
www.20min.fr
www.20minutos.es
www.ntb.no
www.scanpix.com
www.picturegate.com
www.tt.se
73Annual Accounts 2002
Schibsted’s 10 major shareholdersAs of Jan 31, 2003 No of shares Ownership, %
1. Blommenholm Industrier 18 083 520 26.11
2. Fidelity 6 800 412 9.82
3. Folketrygdfondet 5 805 900 8.38
4. JP Morgan Chase Bank 4 030 831 5.82
5. Boston Safe Deposit 3 692 944 5.33
6. Marathon Asset Management 3 528 392 5.10
7. Orkla ASA 2 723 431 3.93
8. Avanse 1 571 782 2.27
9. Euroclear Bank 1 243 106 1.79
10. State Street Bank 968 725 1.39
Number of outstanding shares: 69 250 000
Number of shareholders: 5 429
Foreign ownership: 38.99%
¹ 1 133 000 of these shares owned by Schibsted
74Annual Accounts 2002
Investor Information
• Please visit Schibsted’s home pages:
• www.schibsted.no
• Register to subscribe to press releases
• Stein Yndestad, VP IR & Group Treasurer
• stein.yndestad@schibsted.no
• Elisabeth Blom Tindlund, Investor Relations Officer
• elisabeth.blom.tindlund@schibsted.no
• Tel: +47 23106600