Enskilda Securities Nordic Seminar 2005 20. januar 2005 Kjell Aamot CEO Stein Yndestad IR

Enskilda Securities Nordic Seminar 2005

20. januar 2005

Kjell AamotCEO

Stein Yndestad IR

2Enskilda Securities Nordic Seminar 2005

Q3 Highlights

Schibsted’s best Q3 ever

Strong development for online activities continues

Record-high results in Aftonbladet

Good development in 20 Minutes continues

Growth in the recruitment market – Aftenposten proceeds to

deliver improved results

Solid results for VG even with a somewhat weaker circulation

Weak quarter for TV-production, while Sandrew Metronome

and Publishing have improved Q3 results from last year


History

1836

Established

1992 1999 20031989

Restructuring

Listed on Oslo

Stock Exchange

Grow

th &

expansion

Focus &

consolidation

Consolidation

New growth?


Strategy

Previous announced strategy to be continued – financials

and market position enables increased focus on growth

Growth through both acquisitions and organic growth

• The Group’s strong position and competitive advantages as a basis

• Acquisitions complementing and strengthening already existing positions

• New media and free newspaper engagements

Financial targets unchanged


Financial targets – over a business cycle

EBITA-margin 12%

EBITDA-margin 16%

Return on equity 22%

Return on assets 15%

Long term target for organic profitable growth 7%

Equity ratio 35% (min. 25%)

Net interest bearing debt/EBITDA 3

Minimum net cashflow from operations after maintenance

capex (before dividend)

NOK 400 million


Strong BrandsContentKnow-howMarketing CapacityStrong Cash FlowExecution Skills

New BusinessOpportunities

Newspapers

TV-production

Publishing

Film Rights

Internet (www)

Mobile Internet

Broadband

Build on core activities for continuous development

Off-line Positions

Online Platforms

Stand by strategic position as of 1995


-23,1%

-19,9%

-17,6%

-12,9%-11,3%

-9,6%-8,6%

-7,5%-7,3%-5,5%-5,5%-5,2%

-4,2%-2,9%-2,3%-2,1%

-0,3%

-25 %

-20 %

-15 %

-10 %

-5 %

0 %

5 %

10 %

15 %

Circulation decline puts pressure on the newspapers and emphasizes the need to create new platforms for growth

Development of number of sold copies per capita (1999-2003)

Isla

ndBe

lgiu

mPo

rtug

alAu

stria

Gre

ece

Den

mar

kGer

man

yNor

way

Luxe

mbu

rg UK

Switz

erla

nd

Fran

ce

Italy

Net

herla

nds

Swed

en

2,2%

29,2%US

A

Spai

n

Finl

and

Irela

nd

Source: World Association of Newspapers, Global insight


Charles Darwin

”It is not the strongest of the species that

survive, nor the most intelligent, but the

one most responsive to change.”


Strategic repositioning

2004

Pro

du

ct s

cop

e

Geographic focus area

Newspapers

Elektronic

media

Norway Scandinavia Europe

1995


The great conserns in 2001

Online


Value trigers at the end of 2004

m.fl.



A 20 Minutes edition goes through three phases

Time

Distribution audience Revenues

Phase 1:Optimize circulation

Phase 3Revenue growth

Phase 2Readership growth


0

250

500

750

1 000

1 250

1 500

1 750

2 000 2000 2001 2002 2003 2004

Zurich Bern

Basle

Madrid

BarceloneParis Sevilla Zaragoza

Lille

Lyon

Marseille

Valence

Alicante

Luzern

Toulouse

Bordeaux

Circulation development

Malaga

2005


The development of 10 – 13 year olds, who read a newspaper more than once per week (Switzerland)

10 – 13 yearsGerman-speaking

Switzerland

20 Minuten und die Kids

1997 2001 2002

100%

50%

25%

75%

85%Before

20minutes

After20minutes

Source:Special survey – “Kids & News“


And the concept is proving itself by attracting advertisers targeting the young, problematic readers!

CocaCola on a front page ad!


Online


Operating revenues – rolling 12 months

2%Online activities

2001 2004

100%=8 223

100%=9 256

6%

For the year of 2001 the online activities had an operating loss incl. restructuring

costs of NOK -171 million

Share of online activities increasesNOK million

Operating profit (EBITA)

Q3 2004

100%= 196

100%=182

14%27%

Q4 2003

Q1 2004

Q2 2004

100%=270

100%=165

2%

18% Online activities

Accumulated EBITA as of Q3 2004 of NOK 119 million


-30

0

30

60

90

120

150

180

2000 2001 2002 2003 LTM

Revenue

Operating profit

Financials 2000 – 2004

-42% -10%

36%

NOK million

24%

33%

*

*As of 30 September 2004


Successful launch of the new format

• The positive development within recruitment ads continues

• Operating profit (EBITA) in the newspaper improved by NOK 25 million from Q3

last year (adjusted for royalty)

• Revenue development in ad markets in Q3 compared to the corresponding

period last year:

• Recruitment: + 14.5%

• Real estate: - 19.3%

• High turnover of properties as well as more objects sold directly from the Internet

• Brand/display: - 2%

• Supplements: + 50%


Pricing in the new Aftenposten

New pricing model will be introduced based on

response and effect

• The response of a tabloid full page is close to the

response of a full page in broadsheet. Therefore

priced to 75-85% of full page in broadsheet

• Response increases non-proportional with the

size of the ad – reflected in prices

• Introducing a new measurement method for ad

effects

Brand/display

ads

Classified

ads

Evening

issue

No short term impact

Positive long term

impacts due to new

readers

Competitive

advantage, especially

towards TV

Prises mainly unchanged, discount on larger ads, like for

brand/display ads. Differenciated pricing of recruitement ads

Same model as the morning edition

Focus moved from modular to fraction of pageDeveloped in close cooperation with advertisers


Migration of classified advertising – Real estate

0

1000

2000

3000

4000

5000

6000

7000

8000

2001

2002

2003

2004

Number of ads, 12-month rolling average


Migration of classified advertising – Recruitment

0

500

1000

1500

2000

2500

3000

3500

4000

4500

2001

2002

2003

2004

Number of ads, 12-month rolling average


The steady cash cows


0

500

1000

1500

2000

2500

Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3

1999 2000 2001 2002 2003

Only online versionBothOnly paper version

Readership on- and offline

Q1

2004

.se

Daily readership, thousands


Readership on- and offline

1370 1322 1242 1215 1158 1136 1118

79 136 185 213 258

70130 179 222

279

4614

8 35

96/97 97/98 98/99 99/00 00/01

1,3911,481 1,522

1,403

1,655

Source:Gallup – 96/97 represents Forbruker & Media 02/97

01/02 02/03

1,571

1,392

Only online versionBothOnly paper version

Daily readership, thousands


Alma Media


ILTALEHTI MTV3 KAUPPALEHTI

AAMULEHTI

SATAKUNNANKANSA

LAPIN KANSA

POHJOLANSANOMAT

KAINUUNSANOMAT

SUOMENPAIKALLISSANOMAT

SUBTV

RADIO NOVA(74%)

MTV Interactive

BALANCECONSULTING

BALTIC NEWSSERVICE

CLASSIFIED SERVICES

TV4 (23,4%)

BROAD-CASTING

ALPRESS BIGMEDIA

SERVICESGROUP

ADMINISTRATION

TALENTUM (31,7%)

Alma Media Corporation Alma Media Group

ALMA MEDIAINFORMATION SYS.

NEW VENTURES

ACTA PRINT (36%)

LEHDENTEKIJÄT

STARFUNDS FINLAND (51%)


Strategic fit

Strategic principles for growth

The two companies have similar business, with Alma being stronger in TV, and complementary geographic presence

• Within the core operations• Mainly within areas that will reduce the

dependency on business cycles• Strategic control possible over time• Synergies with existing operations

• Complementary geographic exposure to Schibsted

• Advanced in new media – MTV3.fi is the largest media site in Finland

• Limited exposure to offline classifieds, but a strong online presence within real estate and cars

• Stronger than Schibsted in TV


Schibsteds run for Alma Media

During the summer Schibsted conducted negotiations with the

larges institutional owners in Finland to buy 34% of the votes.

• Not able to agree on the conditions

• The negotiations probably reached Bonnier

A second attempt to buy the institutions holdings during the

fall/winter did not result in a deal

Schibsted decidet it was no longer fruitfull to wait, a bid for Alma

Media was launched on the 21th of December

The offer was 11,40 for series 1 and 10,70 for series 2, a premium of

55% and 35% on the 12-month volume-weighted average trading

price


Broadcasting is the gemstone of Alma Media

Schibsted key interest is the broadcasting division

The board initiated a process to restructure the Broadcasting

division in November.

Some likely buyers were contacted. Schibsted was for some reason

not contacted.

Potential buyers signed the NDA almost immediately after

Schibsteds offer was announced.

Our Tender Offer puts us in a difficult position.


Share price of Alma Media, Series 1

5,00

6,00

7,00

8,00

9,00

10,00

11,00

12,0022

.12.

2003

22.0

1.20

04

22.0

2.20

04

22.0

3.20

04

22.0

4.20

04

22.0

5.20

04

22.0

6.20

04

22.0

7.20

04

22.0

8.20

04

22.0

9.20

04

22.1

0.20

04

22.1

1.20

04

22.1

2.20

04

Sh

are

pri

ce,

€

Series I share closing price 22 December 2003 - 19 January 2005

12-month weighted average price of series I share on 20 December 2004

Offer price


What happens now ?

Schibsted may withdraw the offer

• The MAC will probably be invoced

Schibsted completes the tender offer:

• If acceptance is more than 33,3%, Schibsteed becomes a major owner of Alma

• If accemptance is bellow 33,3%, Schibsted may choose to accept the shares

offered.

Schibsted is comfortable with the holdings in TV4. Could be of

strategic value depending on the outcome of the Broadcasting sale in

Alma Media.

Schibsted may choose to place a bid for Almas TV4 shares separately


Outlook

Positive expectations to Aftenposten in relation to the change to tabloid format

The tabloids are expected to continue to deliver strong results

Further challenges for Svenska Dagbladet

A good Q4 in 20 Minutes expected, increased competition

Positive development for the online activities – expected to represent approx. 20% of the Group’s operating profit (EBITA)

Improved outlook for TV/Film

Parliament’s report regarding new media legislation represents small improvements for Schibsted


Appendices


Ownership structure in Nordic TV

TV 2

Schibsted

A-Pressen

Egmont

Norway

TV Norge

SBS

TV 3

MTG

TV 4

Sweden

Kanal5

SBS

TV 3

MTG

TV 2

The Government

Denmark

TVDanmark 1&2

SBS

TV 3

MTG

Proventus

MTV 3

Alma Media

Finland

Nelonen 4

Sanoma

MTG

Other

SBS

Schibsted

Other

Alma Media

Bonnier


Operating profit (loss) (EBITA) Newspapers

Q3 Q3 1) Figures in NOK million

2) Figures in SEK million

As of Sept 30

2003 2004 2004 2003 2003

(28) (10) Aftenposten 1) 104 46 66

105 109 VG 1) 291 299 355

0 (13) Svenska Dagbladet 2) (25) 9 12

56 87 Aftonbladet 2) 227 158 211


Number of unique users improved by 53% in September

• Record of more than 100,000 active ads simultaneously and 1,365,000

unique users in September

• Operating profit (EBITA) in Q3 of NOK 17 million (NOK 15 million)

• Turnover improved by 29% to NOK 44 million in Q3:

• Recruitment: + 33%

• Real estate: + 18%

• Cars: + 50%

• Continued strong growth and increased traffic within all segments


Solid results and the success on the net continues

• Schibsted’s most profitable company (nominal terms)

• Operating revenues and EBITA-margin in Q3 at same levels as

last year

• Circulation on weekdays reduced by 3.7% as of September

compared to same time last year

• Maintains its strong market share

• Operating margin (EBITA) of 25% (2%) for the online newspaper

in Q3


Low ad revenues continues to weaken the result

• Ad revenues in Q3 reduced from the corresponding period last

year to SEK 65 million (SEK 85 million)

• Positive development in circulation revenues - amounts to SEK 96

million (SEK 92 million)

• The tough competition in Stockholm continues

• No negative effects so far for SvD from the change of Dagens Nyheter

to tabloid format

• SvD.se with a postitive development – record high number of

uniqe visitors in September of 643,000

• ”New SvD”– a further upgrade of the editorial product will be

launched on November 8th


Record-high results in Aftonbladet

• Operating revenues increased by 15% compared to Q3 2003

• Operating margin (EBITA) of 16% (12%) in Q3

• Circulation on weekdays increased by 3,300 copies from last year

• The gap towards Expressen was 94,400 by the end of September

• Continues to take market shares in the advertising market

• Ad revenues increased by 83% to SEK 153 million in Q3 incl. online activities


Aftonbladet strengthenes its online position

• Online activities comprises now of Aftonbladet Nya Medier, Blocket.se

and BytBil (as of July 1st 2004)

• Represents 33% (15%) of Aftonbladet’s total ad revenues in Q3

• Increased gap compared to the amount of visitors of the main competitors

• Development of new products continues, e.g. paid services like “the

Weight Club” and “Plus”


Operating profit (EBITA) TV/Film & Publishing

Q3 Q3 1) Figures in NOK million

2) Figures in SEK million

As of Sept 30

2003 2004 2004 2003 2003

(4) (10) Metronome 2) 9 25 56

(16) 8 Sandrew Metronome 2) *) (8) 1 41

8 11 Publishing 1) 13 17 35

11 4 TV 2 Group 1) **) (EBIT) 45 104 195

*) Figures for 100% of Sandrew Metronome Group. Schibsted owns 50% of the company

**) Schibsted owns 33.3% of the company


Operating revenues in line with last year, but weaker results

• Disappointing results from the major focus on interactive TV in Norway,

Sweden and Estonia – the expected positive development in Q3 did not occur

• Turn around in the Norwegian production company Rubicon after decreasing

order quantity and negative development. New management in place in Q3,

but 2004 is not expected to be a good year

• The Swedish TV production operations of Metronome maintains a solid

market position, but margins squeezed due to severe competition


Substantial improvement in results compared to last year

• Improved results in both the cinema and distribution operations compared to

last year

• Positive development within domestic films, especially in Norway and Sweden

• Competition authorities finishes review of the sale of cinemas in Sweden in

December/January

• Blockbusters ”Harry Potter III” and ”Troia” on DVD/video in Q4

• New distribution agreement with Warner as of June 2005 – reorganization of

the video/DVD distribution of Sandrew Metronome

• Distribution of Warner’s and SM’s films operated by Warner

• Warner responsible for sales and logistics

• No influence on SM’s distribution of Warner’s cinema films in the Nordic countries


Improved operating profit and generally stable operations

• Coordination of operations and resources in the merged Norwegian publishing houses proceeds according to plan

• Profit improvement in Q3 despite logistical problems throughout main parts of the year due to sale of international books

• Improved sale of Norwegian books in an overall decreasing market for books so far this year

• Stable circulation figures of the magazines Dine Penger, Maison and 4U – and Pondus close to a monthly sale of 70,000 copies

• Q4 is the most important quarter in terms of book sales – expectations associated with the new books Pondus and Petter Solberg


TV Group

Olympics and Kanal 24 with negative influence on Q3

results

• Increased costs due to broadcasting of summer olympics

• Operating profit for the TV channel in Q3 of NOK 6 million (NOK 22

million)

• The subsidiaries TV 2 Nettavisen og TV 2 Interaktiv delivers improved

operating profits of NOK 0 million (NOK -4 million) and NOK 1 million

(NOK -3 million) in Q3

• Sale of share in TVNorge gives a profit of NOK 82.7 million

• Further write down of TV 2’s investment in Kanal 24 is by NOK 60 million

in Q3 – total exposure for TV 2 is presently close to NOK 55 million


Income statement Schibsted Group

Q3 03 Q3 04 (NOK mill.) 2004 2003 2003

2 031 2 336 Operating revenues 6 930 6 229 8 555

(1 824) (2 078) Operating expenses (6 041) (5 382) (7 422)

(90) (93) Depreciation (272) (264) (354)

117 165 Operating profit (EBITA) 617 583 779

(15) (26) Amortisation and write-downs goodwill (68) (45) (61)

0 (4) Other revenues and expenses (91) 0 (17)

102 135 Operating profit (EBIT) 458 538 701

3 34 Income from associated companies 85 5 34

(9) 0 Net financial items (30) (27) (54)

96 169 Profit before taxes 513 516 681

(25) (51) Taxes (154) (155) (197)

71 118 Net income 359 361 484

1.02 1.53 EPS (NOK) 4.53 5.08 6.92

As of Sept 30


Advertising – Paper Editions

Volume 1) Change Revenues ChangeAs of Sept 30 2004 2003-2004 2003-2004

Aftenposten 50 228 4,8 % 809 (5.5)%

Verdens Gang 5 157 (5.5)% 270 (5.3)%

Aftonbladet 2) 10 447 37.8% 301 32.0%

Svenska Dagbladet 2) 12 373 (14.2)% 229 (24.4)%

1) Column meters

2) SEK million


Development in real estate and recruitment markets (rolling 12 months)

0

5

10

15

20

81 83 85 87 89 91 93 95 97 99 01 03

VO

LU

ME

1.0

00 c

ol.m

.

Recruitment market

Real estate market


Operating profit (loss) – Online activities

Q3 03 Q3 04 (NOK mill.) 2004 2003 2003

68 119 Advertising revenues 339 198 269

20 24 Other revenues 69 52 83

88 143 Total operating revenues 408 250 352

(73) (99) Operating expenses (289) (202) (301)

15 44 Operating profit (loss) 119 48 51

As of Sept 30

Includes FINN, Bytbil, Mediearkivene and Retriever. Finnmer/Blocket is included from Q3 2003. The results are included in the Newspaper division.


Multimedia – Operating profit (loss) (EBITA)

Q3 03 Q3 04 (NOK million) 2004 2003 2003

Operating revenues

35 61 Schibsted Mobile 145 87 122

8 9 Bokkilden 22 22 30

88 143 Online activities 408 250 352


Operating profit (EBITA)

2 2 Schibsted Mobile 3 (2) (6)

(2) (3) Bokkilden (7) (7) (10)

15 44 Online activities 119 48 51

15 43 Total operating profit (EBITA) 115 39 35

As of Sept 30


Associated companies

Q3 03 Q3 04 (NOK million) 2004 2003 2003

(22) 0 20 Minutes 1) (11) (64) (75)

17 16 Regional new spapers 2) 42 32 45

7 18 TV 2 2) 27 36 61

0 0 Write-dow n in Kanal 24 (25) 0 0

1 0 Others 52 1 3


As of Sept 30

Schibsted’s share

1) To 29.02.04 included

2) Schibsted’s share of the result in TV 2 and the regional newspapers is adjusted for the write-down of Kanal 24.


Operating profit (loss) – proforma

20 Minutes is consolidated as a subsidiary from 1 March 2004. Figures include 20 Minutes Group (Switzerland and Spain) as well as 50% of 20 Minutes France.


Positive operating profit (EBITA) despite a seasonally weak quarter

• EUR 0.4 million in Q3

Close down of operations in Spain and France during the vacation

period

Largest newspaper in Switzerland with 782,000 daily readers (Blick

736,000 readers)

• 46.5% of readers in the age of 14 to 34 years

Expect stronger competition from established players in Spain

Not yet included in official readership surveys in France -

influences revenues negatively - may delay break-even

Launches in Bordeaux and Toulouse in September with circulation

of approx. 30,000 copies in each city

Growth in all markets


Operating revenues and profit development

(10,0)

(5,0)

-

5,0

10,0

15,0

20,0

25,0

EU

R m

illio

n

Operating revenues EBITA

2002

Q1 Q2 Q3 Q4

2003

Q1 Q2 Q3 Q4

2004

Q1 Q2 Q3


Key financial figures

1) Net interest bearing debt2) Holdings of own shares are offset against equity3) LTM


Financial items

Q3 03 Q3 04 (NOK million) 2004 2003 2003

(8) (18) Net interest income (expense) (47) (29) (37)

(1) 4 Net foreign exchange gains (losses) 0 1 1

0 14 Net gains (losses) on shares etc. 17 1 (18)

(9) 0 Net financial items (30) (27) (54)

As of Sept 30


Cash Flow / Investments

Q3 03 Q3 04 (NOK million) 2004 2003 2003

181 235 Cash flow from operations 754 739 984

207 258 EBITDA 889 847 1 133

57 42 Operational investments 131 201 263

17 96 Shares and other holdings 710 29 209

74 138 Total investments 841 230 472

Interest bearing debt 1 884 1 381 1 624

Net interest bearing debt 1 227 877 734

As of Sept 30


Balance sheet

(NOK million) 2004 2003 2003

Fixed assets 5 089 4 776 4 836

Current assets 2 127 1 619 2 080

Total assets 7 216 6 395 6 916

Equity 2 749 2 593 2 530

Provisions 547 688 713

Long term liabilities 1 943 1 203 1 626

Current liabilities 1 977 1 911 2 047

Total equity and liabilitites 7 216 6 395 6 916

As of Sept 30


IFRS

Standards and interpretations of these might be changed

Expect to choose solutions creating minimum differences where

options exist (accounting principles and transitional provisions)

Business combinations / Goodwill

• No amortisation of goodwill

• Goodwill may have to be reclassified to and be amortised as Other intangible

assets

• Limited requirements to reclassify goodwill acquired prior to 01.01.2004

• Amortisation in 2004 related to goodwill acquired prior to Jan 01, 2004 of

approx. NOK 60 million


IFRS – cont’d

Pensions

• Limited effect on profits and equity expected for Norwegian plans, cf.

immaterial actuarial gains / losses as of Dec 31, 2003

• Uncertainty regarding accounting practice for Swedish plans

Share based payment

• Expensing of fair value of options with expected impact on profits of NOK 1-3

million (2004)

Dividends

• Timing of recognition as liability / increased equity at year end


Circulation development – YTD

Circulation Change Change Circulation Change

2004 2003-2004 revenue 2003-2004

Aftenposten morning ed. 249 400 (6 700) (2.6)%

Aftenposten evening ed. 147 800 (8 000) (5.1)% 464 a) (5.3)%

Aftenposten Sunday 219 400 (12 900) (5.6)%

Verdens Gang weekdays 370 499 (14 318) (3.7)%

Verdens Gang Sunday 312 649 (4 341) (1.4)%

Aftonbladet weekdays 446 000 3 300 0.7%

Aftonbladet Sunday 499 000 5 000 1.0%

Svenska Dagbladet weekdays 178 700 (1 063) (0.6)%

Svenska Dagbladet Sunday 190 400 843 0.4%

920 a)

1104 b)

287 b)

(6.1)%

0.7%

8.7%

}

}

}

}a) Figures in NOK millionb) Figures in SEK million


Operating profit (loss)

As of Sept 30

(NOK million) 2004 2003 2004 2003 2004 2003 2004 2003

Newpapers 609 499 (90) 0 (44) (18) 475 481

Baltics 16 20 0 0 (10) (10) 6 10

TV/Film 4 22 0 0 (8) (12) (4) 10

Publishing 13 17 (1) 0 (7) (6) 5 11

Other (25) 25 0 0 1 1 (24) 26

Total 617 583 (91) 0 (68) (45) 458 538

(EBIT)(EBITA)Operating profit Other revnues Goodwill Operating profit

and costs


Actual results vs. analysts’ expectations

(NOK mill.)

Operating revenues 2 336 2 244

Operating profit (EBITA) 165 147

Operating profit (EBIT) 135 122

Pretax profit 169 144

TDN consensusActual


Cash flow

(NOK million) 2004 2003 2003

Profit (loss) before taxes 513 516 681

+ Depreciation and amortisation 340 309 418

+/- Net changes in pensions 38 (13) (10)

+/- Income from associated companies 17 64 34

- Taxes payable (154) (137) (139)

Cash flow from operations 754 739 984

Change in working capital etc. (117) (157) (30)

Cash flow from operating activities 637 582 954

Cash flow from investing activities (783) (279) (410)

Cash flow before financing activities (146) 303 544

Cash flow per share (NOK) 11.12 10.88 14.53

As of Sept 30


Newspapers – Operating profit (loss)

Q3 03 Q3 04 (NOK million) 2004 2003 2003

1 589 1 831 Operating revenues 5 387 4 810 6 511

(1 464) (1 664) Operating expenses (4 778) (4 311) (5 883)


(6) (17) Amortisation and write-downs goodwill (44) (18) (24)

0 (3) Other revenues and expenses (90) 0 (17)

119 147 Operating profit (EBIT) 475 481 587

(5) 10 Income from associated companies 26 (34) (31)

Operating margins (EBITA)

(6.6)% 6.7% Aftenposten Group (incl. avis1) 6.2% 2.4% 2.6%

22.8% 23.8% Verdens Gang Group 23.1% 22.7% 20.3%

11.0% 15.9% Aftonbladet Group 14.4% 11.0% 11.2%

0.0% 7.9% Svenska Dagbladet Group (4.5)% 1.4% 1.4%

As of Sept 30


Operating profit (loss)

Q3 03 Q3 04 (NOK million) 2004 2003 2003

161 158 Circulation revenues 464 490 653 266 282 Advertising revenues 955 959 1 277 36 42 Other revenues 122 109 151

463 482 Total operating revenues 1 541 1 558 2 081

28 24 Raw materials 79 97 127 248 225 Personnel expenses 636 677 907 212 227 Other operating expenses 671 665 885 19 16 Depreciation 51 55 74

(16) 0 Royalty 0 18 22 (491) (492) Total operating expenses (1 437) (1 512) (2 015)

(28) (10) Operating profit (EBITA) 104 46 66 (3) (3) avis 1 (8) (9) (12)

(31) (13) Operating profit (EBITA) incl. avis 1 96 37 54

As of Sept 30

The operating profit (loss) is for the Aftenposten Group.


Operating profit – the newspaper

Q3 03 Q3 04 (NOK million) 2004 2003 2003

161 158 Circulation revenues 464 490 653 230 232 Advertising revenues 809 856 1 138 35 36 Other revenues 108 105 141


28 24 Raw materials 79 97 127 234 205 Personnel expenses 585 639 865 202 213 Other operating expenses 628 633 836 17 14 Depreciation 45 50 67

(16) 0 Royalty 0 18 22 (465) (456) Total operating expenses (1 337) (1 437) (1 917)

(39) (30) Operating profit (EBITA) 44 14 15

As of Sept 30

Figures for Aftenposten AS (the newspaper)


Advertising revenue split

The figures are for the newspaper Aftenposten AS.

Aftenposten ASFigures in NOK million Q2 01 Q3 01 Q4 01 Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 Q4 04 Q1 04 Q2 04 Q3 04

Total classified 247 177 161 183 216 158 139 178 173 119 122 149 143 113Recruitment 111 75 74 73 74 51 50 58 46 37 43 56 46 42Real estate 101 75 58 79 104 79 65 91 98 62 57 67 74 50Other classified 35 27 29 31 38 28 24 28 29 21 21 26 23 21

Total brand/display 141 103 135 129 131 108 145 130 144 110 160 146 140 119Brand/display 123 92 113 113 106 90 118 105 115 88 126 113 104 86Supplements 18 11 22 16 25 18 27 25 29 22 33 33 36 33

Unspes. market -5 -2 4 0 0 1 0 1 0 1 0 0 0 -1

Total classified -24 % -26 % -13 % -11 % -14 % -3 % -20 % -25 % -12 % -16 % -17 % -5 %Recruitment -39 % -48 % -33 % -32 % -32 % -21 % -38 % -27 % -13 % -4 % 1 % 14 %Real estate 4 % 14 % 3 % 5 % 12 % 15 % -6 % -22 % -12 % -26 % -25 % -19 %Other classified -15 % -14 % 9 % 4 % -17 % -10 % -24 % -25 % -13 % -7 % -21 % 0 %

Total brand/display -25 % -4 % -7 % 5 % 7 % 1 % 10 % 2 % 10 % 12 % -3 % 8 %Brand/display -29 % -10 % -14 % -3 % 4 % -7 % 8 % -2 % 7 % 8 % -10 % -2 %Supplements 9 % 81 % 39 % 66 % 22 % 53 % 18 % 25 % 21 % 32 % 25 % 50 %

Y/Y change:


Pricing in the new Aftenposten

New pricing model will be introduced based on

response and effect

• The response of a tabloid full page is close to the

response of a full page in broadsheet. Therefore

priced to 75-85% of full page in broadsheet

• Response increases non-proportional with the

size of the ad – reflected in prices

• Introducing a new measurement method for ad

effects

Brand/display

ads

Classified

ads

Evening

issue

No short term impact

Positive long term

impacts due to new

readers

Competitive

advantage, especially

towards TV

Prises mainly unchanged, discount on larger ads, like for

brand/display ads. Differenciated pricing of recruitement ads

Same model as the morning edition

Focus moved from modular to fraction of pageDeveloped in close cooperation with advertisers


Operating profit

Q3 03 Q3 04 (NOK million) 2004 2003 2003

31 42 Advertising revenues 122 90 121

3 2 Other revenues 6 8 14


(19) (27) Total operating expenses (74) (59) (91)


As of Sept 30


Operating profit

Q3 03 Q3 04 (NOK million) 2004 2003 2003

356 341 Circulation revenues 920 980 1 300 97 108 Advertising revenues 314 315 426 7 8 Other revenues 23 19 27


31 31 Raw materials 80 84 112 94 97 Personnel expenses 261 257 362

212 217 Other operating expenses 617 624 857 5 3 Depreciation 8 12 16

13 0 Royalty 0 38 51 (355) (348) Total operating expenses (966) (1 015) (1 398)


As of Sept 30

The operating profit includes VG AS, VG Multimedia AS and Avisretur AS


Operating profit

Q3 03 Q3 04 (SEK million) 2004 2003 2003

380 377 Circulation revenues 1 104 1 096 1 457 84 153 Advertising revenues 426 264 380 10 14 Other revenues 42 34 55



264 293 Other operating expenses 872 797 1 088 2 2 Depreciation 6 6 8

(418) (457) Total operating expenses (1 345) (1 236) (1 681) 56 87 Operating profit (EBITA) 227 158 211

Exchange rate: NOK/SEK 91.99 86.5 87.69

As of Sept 30

The operating profit is for the Aftonbladet Group


275 000

325 000

375 000

425 000

475 000

525 000

jan.

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Aftonbladet Expressen/GT/KvP

Circulation 2000 – 2004

Circulation

Per publishing day

Gap


Operating profit

Q3 03 Q3 04 (SEK million) 2004 2003 2003

92 96 Circulation revenues 287 264 359 85 65 Advertising revenues 236 308 424 5 1 Other revenues 3 8 7

16 16 Government subsidies 49 49 65 198 178 Total operating revenues 575 629 855


122 116 Other operating expenses 351 365 489 3 4 Depreciation 12 12 16

(198) (191) Total operating expenses (600) (620) (843) 0 (13) Operating profit (loss) (EBITA) (25) 9 12

Exchange rate: NOK/SEK 91.99 86.5 87.69

As of Sept 30

The operating profit (loss) is for the Svenska Dagbladet Group


Operating profit

Q3 03 Q3 04 (NOK million) 2004 2003 2003

162 168 Operating revenues 487 490 662



As of Sept 30


Advertising development regional newspapers

Q3 03 Q3 04 Change 2003

6 865 9 581 39.6% Adresseavisen 30 963

5 930 7 109 19.9% Bergens Tidende 26 909

3 146 3 618 15.0% Fædrelandsvennen 13 532

1 470 1 445 (1.7)% Harstad Tidende 6 277

5 613 6 471 15.3% Stavanger Aftenblad 26 213

Figures represent volume measured in column meters, excl. supplements


Operating profit (EBITA) in Q3 of NOK 2 million (3 million)

• Turnover growth of 15% in Q3

Generally weak ad market in Q3

Printing plant problems due to new equipment not yet solved

Kanal 2 has success with the relaunched news as of August –

market leader in Prime Time

Stable good operation for the magazines in Lithuania

• Relaunch of magazine in August reduces the result

ŽLGThe Baltics


Operating profit – Baltics

GW: Goodwill

Q3 03 Q3 04 (NOK million) 2004 2003 2003

65 75 Operating revenues 232 209 288 (62) (73) Operating expenses (216) (189) (260)


(3) (4) Amortisation and write-downs GW (10) (10) (13) 0 (2) Operating profit (loss) (EBIT) 6 10 15

As of Sept 30

ŽLG


Operating profit – Baltics

GW: Goodwill

Exchange rate NOK / EEK 53.87 50.65 51.13

Eesti Meedia Group

Q3 03 Q3 04 (EEK million) 2004 2003 2003

109 117 Operating revenues 363 352 474 (98) (105) Operating expenses (324) (308) (417) 11 12 Operating profit (EBITA) 39 44 57

(1) (1) Amortisation and write-downs GW (4) (5) (7) 10 11 Operating profit (EBIT) 35 39 50

As of Sept 30

AS Kanal 2

Q3 03 Q3 04 (EEK million) 2004 2003 2003

14 14 Operating revenues 61 62 91 (20) (21) Operating expenses (70) (67) (94) (6) (7) Operating profit (loss) (EBITA) (9) (5) (3)

As of Sept 30


Operating profit (loss) – TV/Film

GW: Goodwill

Q3 03 Q3 04 (NOK million) 2004 2003 2003

251 279 Operating revenues 901 872 1 258

(260) (285) Operating expenses (897) (850) (1 192)


(4) (3) Amortisation and write-downs GW (8) (12) (16)

(13) (9) Operating profit (EBIT) (4) 10 50


As of Sept 30


Operating profit

Q3 03 Q3 04 (SEK million) 2004 2003 2003


110 113 Raw materials 398 395 543

28 27 Personnel expenses 84 88 121

14 18 Other operating expenses 48 46 64

5 4 Depreciation 13 14 17

(157) (162) Total operating expenses (543) (543) (745)


(1) (1) Amortisation and w rite-dow ns GW (2) (2) (3)

(5) (11) Operating profit (EBIT) 7 23 53

2.6% (6.8)% Operating margin (EBITA) 1.6% 4.4% 7.0%

Exchange rate NOK/SEK 91.99 86.5 87.69

As of Sept 30

Accounts for Metronome Group. 100% is included in the consolidated accounts. Schibsted owns 65%

GW: Goodwill


Operating profit

Q3 03 Q3 04 (SEK million) 2004 2003 2003

245 307 Operating revenues 857 880 1 272

161 196 Raw materials 541 562 798

41 43 Personnel expenses 132 131 178

38 37 Other operating expenses 122 122 166

21 23 Depreciation 70 64 89

(261) (299) Total operating expenses (865) (879) (1 231)

(16) 8 Operating profit (EBITA) (8) 1 41

(1) (2) Amortisation and w rite-dow ns GW (5) (4) (6)

(17) 6 Operating profit (EBIT) (13) (3) 35

(6.5)% 2.3% Operating margin (EBITA) (1.0)% 0.1% 3.2%

Exchange rate NOK/SEK 91.99 86.50 87.69

As of Sept 30

Accounts for the Sandrew Metronome Group. Schibsted owns 50% of the Group. 50% is included in the consolidated accounts for Schibsted.


Q3 03 Q3 04 (NOK million) 2004 2003 2003

320 365 Operating revenues 1 235 1 137 1 618

107 147 Programming expenses 502 395 543 99 103 Personnel expenses 351 316 441 91 100 Other operating expenses 306 285 391 12 11 Depreciation 31 37 48

(309) (361) Total operating expenses (1 190) (1 033) (1 423)

11 4 Operating profit (loss) 45 104 195

15 89 Net f inancial items 86 16 15

0 (75) Income from associated companies (106) (6) (10)

(4) 0 Taxes 1 (3) (13)

22 18 Net income (loss) 26 111 187

As of Sept 30

Accounts for the TV 2 Group. Schibsted owns 33.3% of the company

Operating profit (loss) TV Group


Operating profit – Publishing

GW: Goodwill

Q3 04 Q3 04 (NOK million) 2004 2003 2003



8 11 Operating profit (EBITA) 13 17 35 (2) (3) Amortisation and w rite-dow ns GW (7) (6) (9) 0 (1) Other revenues and expenses (1) 0 0 6 7 Operating profit (EBIT) 5 11 26

As of Sept 30


Our markets

NorwayVG – no. 1 newspaper

Aftenposten – leading morning newspaper

Finn.no – no. 1 classifieds portal

Sandrew Metronome – movie distribution/production

Scanpix – picture agency

Bokkilden – Internet bookstore

Schibsted Mobile – mobile services

Schibsted Forlagene – publishing house

TV 2 – no. 1 commercial TV-channel

SwedenAftonbladet - no. 1 newspaper in the Nordic area

Svenska Dagbladet – leading morning newspaper

Blocket – no. 1 classifieds portal

Sandrew Metronome – movie distribution/production

Metronome – tv/film production


Denmark/Finland

Sandrew Metronome - movie distribution/production


Switzerland/Spain/France

20 Minutes – free newspaper

EstoniaEesti Meedia – media groupKanal 2 – leading commercial TV-channel

Latvia/LithuaniaSchibsted Mobile – mobile servicesZLG -- publishing house


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


0

250

500

750

1000

1250

1500

1750

2000

2250

2500

2750

3000

3250

3500

VG

Dagbladet

Aftenposten

Nettavisen2)

Development of the largest online newspapers in Norway

Unique monthly visitors, figures in thousands

Note:1996-2001 calculated based on weekly visitors1)Includes TV 2 and Nettavisen2)Nettavisen reported separately until September 2003Source:Gallup RedMeasure

TV 21)


455

483

509

889

785

840

1187

1552

1336

1822

1463

2009

467

579

653

754

1108

1114

1199

1367

1516

1815

2407

2423

2433

2655

3043

Telenor Mobil

Start

Online

DinSide.no

SOL

NRK.no

FINN

Gule Sider

Aftenposten.no

Kvasir

Dagbladet.no

TV2

Startsiden

MSN

VG

June 2004

June 2003

Norway – top list unique visitors March 2004


Aftonbladet – unique visitors (monthly)

1440 13531127

1548 1437 14061603 1695

3474 36143355

3857 3966

4730

3887

55405686

5997

5480

Q100

Q200

Q300

Q400

Q101

Q201

Q301

Q401

Jan02

Mar02

Jun02

Sep02

Dec02

Mar03

Jun03

Sep03

Jan04

Mar04

Jun04

Source: WIS - figures in thousands


Web Addresses www.schibsted.nowww.20min.fr

www.20minutos.es

www.ntb.no

www.scanpix.com

www.picturegate.com

www.tt.se

www.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.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.startsiden.no

www.huginonline.no

www.datek.no

www.basefarm.no

www.aftenposten.no

www.finn.no

www.mediearkivet.no

www.oslopuls.no

www.di.no

www.vg.no

www.avis1.no

www.aftonbladet.se

www.blocket.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

ŽLG


Top 20 shareholders

Number of shares outstanding3: 69,250,000Number of shareholders: 4,790 Foreign ownership: 44.1%

As of Oct 25, 2004 Number of shares Ownership (%)

1. Blommenholm Industrier 18,083,520 26.11

2. State Street Bank & Client O D 7,405,347 10.69

3. Folketrygdfondet 5,264,150 7.6

4. Capital Reseach 4,598,200 6.645. Marathon Asset Management 1) 2) 4,238,761 6.12

6. Mellon Bank 4,152,282 6.00

7. J P Morgan Chase Bank Clients T 3,356,976 4.85

8. Vital Forsikring ASA 1,711,146 2.47

9. Fidelity 1) 2) 1,329,500 1.92

10. Orkla ASA 1,147,931 1.66

11. J P Morgan Chase Bank Fid 963,150 1.39

12. The Northers Trust C Treaty 806,405 1.16

13. J P Morgan Chase Bank Schroders Lux 708,550 1.02

14. DnB NOR Norge 689,081 1.00

15. Guri Scotford 650,000 0.94

16. The Northern Trust C Usl 539,228 0.78

17. State Street Bank & Client O F 505,596 0.73

18. J P Morgan Chase Bank Omnibus 486,032 0.70

19. Verdipapirfondet Avanse 465,616 0.67

20. J P Morgan Chase Bank S/A 427,997 0.62

1) The company is buying via nominee

accounts. Their holdings may appear twice if the buy via others on the list 2) As of Sept 10, 2004 3) 1,380,470 of these shares

owned by Schibsted ASA


Investor Information

• Please visit Schibsted’s home pages:

• www.schibsted.no

• Register to subscribe to press releases

• Catharina Thorenfeldt. VP IR & Group Treasurer

• [email protected]

• Elisabeth Blom Tindlund. Investor Relations Officer

• [email protected]

• Tel: +47 23106600

Documents

Enskilda Securities Nordic Seminar 2005 20. januar 2005 Kjell Aamot CEO Stein Yndestad IR