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TittelUndertittel
ROLV ERIK RYSSDAL
CEO
LeBoncoin.fr acquisition
and Strategic Direction for Schibsted
Schibsted takes full control over
Leboncoin.fr - top 3 in online classifieds in Europe
• Schibsted increases ownership in Leboncoin.fr to
100% by acquiring 50% of the shares from
SPIR communication
• Full strategic and operational control over the third largest online
classifieds/auction site in Europe
• Clear market leader in online classifieds in France
• Top 10 online site in France – regardless of category
• The transaction strengthens Schibsted’s growth profile and creates fresh
opportunities to develop new online business in France
• Growth rate in first half 2010 122% Y/Y. Revenues EUR 16 million
• EBITDA margin 1st half 2010 59%
• Values Leboncoin.fr at EUR 400 million on 100% basis – equals EBITDA multiple
of 18, based on expected 2010 figures2 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
(5)
-
5
10
15
20
2008 2009 1H 2009 1H 2010
Mil
lio
n E
UR
Revenue EBITDA
Strong revenue growth and high margins 4
years after launch
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction3
+122%
Doubled revenues
expected for 2010
Leboncoin.fr is a result of Schibsted’s roll out
strategy for Online classifieds
• The Swedish Blocket-concept is
launched in 14 countries outside
Sweden
• Leboncoin.fr launched April 2006, and
became profitable in 2008
• Further launches will come
• Aim to utilize the Group’s joint strengths
and capabilities in new and existing
markets
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction4
Leboncoin.fr is only trailing eBay in the
European market. Clear market leader in France in Aucton/Classified
5
Source: AdPlanner data from July 2010,
Google is not included
- 10 000 000 20 000 000
yasni.de
rightmove.co.uk
autoscout24.de
gumtree.com
subito.it
allocine.f r
ebay.com
mobile.de
immobilienscout24.de
ebay.com
ebay.it
ebay.f r
leboncoin.f r
ebay.co.uk
ebay.de
Top European Classified/Auction sites UMV
- 4 000 000 000 8 000 000 000
yasni.de
rightmove.co.uk
autoscout24.de
gumtree.com
subito.it
allocine.f r
ebay.com
mobile.de
immobilienscout24.de
ebay.com
ebay.it
ebay.f r
leboncoin.f r
ebay.co.uk
ebay.de
Top European Classified/Auction sites PV
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Leboncoin.fr is a top 10 site in France
6Source: AdPlanner data from July 2010
Google is not included
- 10 000 000 20 000 000
ebay.fr
pagesjaunes.fr
commentcamarche.net
leboncoin.fr
free.fr
yahoo.com
orange.fr
msn.com
youtube.com
live.com
facebook.com
Top French sites UMV
- 20 000 000 000 40 000 000 000
ebay.fr
pagesjaunes.fr
commentcamarche.net
leboncoin.fr
free.fr
yahoo.com
orange.fr
msn.com
youtube.com
live.com
facebook.com
Top French sites PV
• Top 10 ranking creates opportunity for further growth in display/brand advertising
• Top 3 in page views creates fundament for driving growth for other Schibsted sites in France
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Leboncoin.fr is a strong leader in generalistsVisits Page Views
Google AdPlanner
eBay.fr Leboncoin.fr
Kijiji.fr Vivastreet.fr
annonces.eBay.fr
eBay.fr Leboncoin.fr
Kijiji.fr Vivastreet.fr
annonces.eBay.fr
7 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
France is Schibsted’s largest marketOnline sellers
2009
Online
advertizing 2008
Online
Classifieds 20101)
France
Italy
Spain
Sweden
5.4
1.3
1.4
1.1
Million € Billion € Million
1.8
0.7
0.6
0.4
350- 400
120- 150
120- 150
80- 100
1) Revenues from generalist, cars, real estate and job sites
Source: Eurostat, IAB, Schibsted estimates
GDP 2009
2.6
2.0
1.4
0.4
€ Trillion
Internet
population 2009
30
21
21
6
Million
French online classifieds expected to grow at double-digit rates,
driven by shift to online and increasing internet usage
8 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Leboncoin has potential to monetize the market
position to a larger extent
9
Revenue per entering visit
€, June 2010
Finn
Blocket
Leboncoin
Private
Pro
Advertizing
Total
0.30
0.126
0.028
Source: Schibsted
Revenue per 1000 PV
€, June 2010
11
5.49
0.82
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Deal structure and pricing
• Leboncoin.fr valued at EUR 400 million on 100% basis
• Schibsted acquires 50% of the shares from SPIR Communication
• EBITDA multiple based on expected earnings in 2010 of 18
• Revenue 1st half 2010 EUR 16 million, 122% higher than in 1st half 2009
• EBITDA margin 1st half 2010 59%
• SPIR Communication takes over Schibsted’s 50% of Car & Boat Media,
valued at EUR 120 million on 100% basis
• Car & Boat Media is the leading automotive online site in France
• 2009 revenue of EUR 38 million and EBITDA-margin of 29%. Growth rate in 1st half
2010 was 20%
• EBITDA multiple based on expected earnings in 2010 of 9
• Net cash investment for Schibsted EUR 140 million
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction10
Continued scope for structural growth in France
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction11
INTERNET USERS ECOMMMERCE MARKET
4
11%
15%20%
24%28%
31% 31% 32% 32%
-
10%
20%
30%
40%
50%
2004 2005 2006 2007 2008 2009 2010e 2011e 2012e
Broadband penetration rate
Source: Paul Budde June 2010
55%
48%
36%
24%20%
11%8%
-
10%
20%
30%
40%
50%
60%
2006 2007 2008 2009 2010e 2011e 2012e
3G penetration rate
Source: Paul Budde June 2010
BROADBAND PENETRATION
69
1216
21
27
32
-
10
20
30
40
2004 2005 2006 2007 2008 2009 2010e
-
10%
20%
30%
40%
50%
60%
French eCommerce revenue (left scale)Grow th (right scale)
€bn
Source: Citi Global markets
3G PENETRATION
Source: Mediametrie/NetRatings
32.4 34.0 34.1 34.8 35.5 36.7 37.339.8
-
10
20
30
40
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
-
2%
4%
6%
8%
French internet users (left scale scale) Grow th (right scale)
millions
France Internet advertising spend
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction12
PAID SEARCH SPEND
INTERNET ADVERTISING SPEND
INTERNET DISPLAY SPEND
€m
€m
Source: Enders Aug 2010 Source: Enders Aug 2010
Source: Xerfi, Enders Aug 2010
INTERNET CLASSIFIED SPEND
911
1,257
1,533
1,819 1,867
6.4%
5.6%
3.8%
2.8%
4.7%
-
500
1,000
1,500
2,000
2005 2006 2007 2008 2009
-
2.0%
4.0%
6.0%
8.0%
French Internet advertising spend (left scale)
% total advertising spend (off line and online) (right scale)
237
343
430482 493
26.0%
26.4%26.5%28.0%27.3%
-
200
400
600
800
2005 2006 2007 2008 2009
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
French Internet display spend (left scale)
% French internet advertising spend (right scale)
€m
Source: Enders Aug 2010
217
364410
525572
23.8%
29.0% 26.7% 28.9%30.6%
-
200
400
600
800
2005 2006 2007 2008 2009
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
French paid search spend (left scale)
% French internet advertising spend (right scale)
€m
439
776 765
526
663
48.2%
41.0%42.7%43.2%41.8%
-
200
400
600
800
2005 2006 2007 2008 2009
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
French Internet classif ied spend (left scale)% French internet advertising spend (right scale)
Since last CMD – in September 2008
• Severe market decline starting in
September 2008
• Rapid and forceful response from Schibsted
• Profitability programme of NOK 1.7 billion
• Rights issue of NOK 1.3 billion securing balance
sheet and flexibility
• Non core assets disposed – freeing up NOK 2
billion and tidying up the group structure
• Continued expansion of Online classifieds
• Revenue growth 1H 2010 17%
• Operations in 28 countries
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction13
Schibsted strategy refined
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction14
Online classifieds
Finn.no(owned by
Media Norge)
Schibsted Classified
Media
Hitta (ownedby Schibsted
Sweden)
Media housesScandinavia
Media Norge
VG
Schibsted Sweden
2009 operations
15
Revenue: MNOK 2,627
EBITA: MNOK 591
MNOK 8,657
MNOK 477
Rest of the group:
Media Houses International,
Other and HQ
Revenue: MNOK 1,461
EBITA: MNOK (236)
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Strong margins, market leading positions
16
Revenue
2009
EBITA
2009
Online
share of
revenues
Operations
MNOK
1,961
MNOK 323 16 % No. 1 online and print
tabloid newspaper
MNOK
4,437
MNOK 84 4 % No. 1 regional morning
newspapers in 4 major
cities
MNOK
3,285
MSEK 153 20 % No. 1 online and print
tabloid newspaper
No. 2 morning newspaper
Strong positions in various
online news/services
Schibsted
Sverige
Currency: SEK/NOK 0,8223
Media Houses Scandinavia
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Solid fundament for operational improvements
and online migration
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction17
Media Houses International
18
The Media House
of tomorrow
Media Houses Scandinavia
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
The Media House of tomorrow
19
Distribution
and logistics
Editorial
Sales
Finance
IT
Purchasing
Ad production
Customer
service/CRM
Distribution
and logistics
Core
Industry
19
Media Houses Scandinavia
Support
Past Future
Circulation
Advertising
Editorial
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Systematic approach to optimize sales
20 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Strategy and Customer
Management
Process and Productivity
Sales Talent Management
Metrics and Rewards
Launch – test – adapt – refine!
21 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Some innovations
22 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Getting paid online is a key task
23 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
24
The value of trafficMedia Houses Scandinavia
• New businesses fuelled by
the strong traffic machines
Schibsted controls in
Sweden
• A similar operation is about
to be launched in Norway
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
25
The value of trafficMedia Houses Scandinavia
-40
-20
0
20
40
60
80
100
120
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10
Millio
n S
EK
Revenue EBITA
Schibsted Tillväxtmedier, online services in Sweden
• New businesses fuelled by
the strong traffic machines
Schibsted controls in
Sweden
• A similar operation is about
to be launched in Norway
Schibsted Tillväxtmedier ex. Hitta.se
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
26
European leader in online classifieds
Source: Nielsen Netratings
Highly profitable
#1 positions
Norway
Sweden
France
Spain
Operations in Established phase
Operations in Venture phase
All verticals
Cars +
general
Cars +
general
Jobs
General
Real estate
Cars
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
27
Online classifiedsOverview
Revenue
2009
Underlying
revenue
growth
2009**
EBITA
2009
EBITA*
margin
2009 Operations
MNOK 738 7% MNOK
298
40% Clear market leader in
recruitment, cars, real estate
and generalist in Norway
MNOK 1,389 2% (14% ex Spain
recruitment)
MNOK
581*
42% Clear market leader in several
verticals in Sweden, Spain,
and France
MNOK 116 174% MNOK
(97*)
N/A Growth operations in 15
markets
MNOK 252 30% MNOK 42 17% No. 2 in online directories in
Sweden.
Market leader in terms of
traffic
Established operations
*) EBITDA figures for Schibsted Classified Media. EBITA for Schibsted Classfied Media (group) in
2009 was MEUR 32..
**) Revenue growth is adjusted for currency fluctuations and discontinued operations. Currency
exchange rates 2009: EUR/NOK 8,73, SEK/NOK 0,8223
New ventures
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
28
Overview Q2 2010
Established operations
*) EBITDA figures for Schibsted Classified Media. EBITA for Schibsted Classfied Media (group) in
Q2 2010 was MEUR 11.7.
**) Revenue growth is adjusted for currency fluctuations and discontinued operations. Currency
exchange rates Q2 2010: EUR/NOK 7,91, SEK/NOK 0,8212
New ventures
Revenue
Q2 2010
Underlying
revenue
growth
Q2 2010**
EBITA*
Q2 2010
EBITA*
margin
Q2 2010 Operations
MNOK 258 32% MNOK 121 47% Clear market leader in
recruitment, cars, real estate
and generalist in Norway
MNOK 398 18% MNOK 193 48% Clear market leader in
several verticals in Sweden,
Spain, and France
MNOK 31 63% MNOK (45)* N/A Growth operations in double
digit number of markets
MNOK 68 14% MNOK 17 25% No. 2 in online directories in
Sweden.
Market leader in terms of
traffic
Online Classifieds
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Blocket roll outs to continue
29
Six new countries
during the last 12
months
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
30
The most attractive media company
– through people who, dare,
challenge and create
Strategy and goal setting
Performance management
Recruiting, competence and resources
Feedback and motivation
Summary
• Strong positions in two strategic pillars
1. Strong positions for our Media Houses
- Continued profitability focus
- Focus on innovation and development of new revenue streams
- Broadened footprint particularly online
2. Online classifieds
- High margin business
- Fast growing industry
- Schibsted has unique market leading positions and opportunities and capabilities to
continue the strong growth
• Financial targets, released today, supports strategy
– highlights Schibsted’s ambitions for the next 3-5 years
CMD 2010 - Rolv Erik Ryssdal - Strategic Direction31
Shaping the media of tomorrow.
Today.