Vend Marketplaces ASA · OSL:VEND
Vend Marketplaces ASA — Schibsted — Investor Day (2004)
21 slides from Vend Marketplaces ASA's investor day presentation, 2004
Slide 1: Finance
Finance Trond Berger CFO ScHIBSTED
Slide 2: Agenda
Agenda Financial overview Dividend and share buyback Group bylaws and The Tinius Trust Capital Markets Day 2004 2
Slide 3: Agenda
Agenda Financial overview Dividend and share buyback Group bylaws and The Tinius Trust Capital Markets Day 2004 3
Slide 4: Income statement Schibsted Group
Income statement Schibsted Group As of 31 Mar (NOK m illion) 2004 2003 2003 Operating revenues 2,270 2,029 8,555 Operating expenses (1,999) (1,768) (7,422) Depreciation (89) (83) (354) Operating profit (EBITA) 182 178 779 Amortisation and write-downs goodwill (19) (15) (61) Other revenues and expens
Slide 5: Historical EBITA margin
Historical EBITA margin Operating revenues NOK billion 8.3 8.6 8.8 8.0 7.9 EBITA margin Percent Target: 12.0% 2000 2001 2002 2003 LTM 9.1 8.9 7.0 EBITA 6.2 NOK million 3.4 779 783 513 549 272 2000 2001 2002 2003 LTM 2000 2001 2002 2003 LTM Capital Markets Day 2004 5
Slide 6: Key financial figures
Key financial figures As of 31 Mar (%) 2004 2003 2003 2002 2001 2000 1999 EBITA margin 8.0 8.8 9.1 7.0 3.4 6.2 4.0 EBITDA margin 12.0 12.9 13.2 11.7 8.3 11.1 9.4 Interest bearing debt ratio 1) 25.0 24.6 23.5 26.6 29.9 23.3 31.5 Equity ratio 2) 36.3 35.9 36.6 34.1 32.0 37.8 33.3 Net interest bearing
Slide 7: Financial targets
Financial targets Average over a business cycle Target 2004 Analysts’ consensus Net operating margin (EBITA) 12 % 9% Return on total assets1) 15 % 11 % Long-term target for profitable organic growth 7% n/a Equity ratio 35 % 39 % (min. 25 %) Financial restrictions for economic flexibility Restriction
Slide 8: Development in real estate and recruitment markets
Development in real estate and recruitment markets (rolling 12 months) 20 Real estate 18 Recruitment 16 Volume (1.000 col. meter) 14 12 10 8 6 4 2 0 81 83 85 87 89 91 93 95 97 99 01 03 Capital Markets Day 2004 8
Slide 9: Balance sheet
Balance sheet As of 31 Mar (NOK m illion) 2004 2003 2003 Fixed assets 4,914 4,741 4,836 Current assets 1,754 1,599 2,080 Total assets 6,668 6,340 6,916 Equity 2,423 2,274 2,530 Provisions 488 657 713 Long term liabilities 1,732 1,358 1,626 Current liabilities 2,025 2,051 2,047 Total equity and liabi
Slide 10: Balance sheet
Balance sheet As of 31 Mar As of 31 Dec As of 31 Mar 2004 2003 (NOK m illion) Deferred tax assets 2004 2003 90 2003 87 Fixed assets Goodwill 4,914 4,741 1,065 4,836 779 Other intangible fixed assets 157 154 Current assets Intangible fixed assets 1,754 1,599 1,312 2,080 1,020 Total assets 6,668 6,340
Slide 11: Financial capacity
Financial capacity NOK million Schibsted has 1,143 additional loan capacity in excess of NOK 2 billion given the covenants of the new loan facility 2,191 4,572 The debt level could be 3,429 increased another NOK 1 billion for four quarters 1,238 Current NIBD at 3.0x NIBD at 4.0x NIBD EBITDA1) EBITDA
Slide 12: International Financial Reporting Standards
International Financial Reporting Standards Goodwill • No amortisation, write-downs if impaired • Effect also on income from associated companies Share based payment • Fair value measured at grant date to be charged to expense over vesting period Business combinations • Requirements to identify and
Slide 13: Cash flow
Cash flow (NOK m illion) 2003 2002 2001 Profit (loss) before taxes 681 271 (387) Depreciation, amortisation and w rite-dow ns 418 438 529 Net change in pensions (10) (31) (73) Income from associated companies 34 110 402 Taxes payable (139) (157) (97) Cash flow from operations 984 631 374 Change in w
Slide 14: Cash flow
Cash flow Goodwill amortization will increase this year following (NOK m illion) 2003 2002 2001 the acquisition of Blocket and 20 Minutes Profit (loss) before taxes 681 271 (387) Depreciation, amortisation and w rite-dow ns 418associated Income from 438 companies 529 will improve as 20 Net change in
Slide 15: Agenda
Agenda Financial overview Dividend and share buyback Group bylaws and The Tinius Trust Capital Markets Day 2004 15
Slide 16: Dividend per share 1994-2003
Dividend per share 1994-2003 NOK per share Dividend policy Steadily increasing dividend following increased profits 3.00 Both dividend level and repurchase of shares will be seen in relation to strategic alternatives 2.00 2.00 2.00 CAGR 94-03: 11% 1.75 1.75 1.75 1.50 1.30 1.15 1994 1995 1996 1997 19
Slide 17: Dividend payout ratio
Dividend payout ratio Percent Schibsted 20 largest Norwegian companies* 289 73 69 43 42 40 38 37 33 31 33 32 25 27 26 26 26 25 23 22 22 n/a 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 * Median of dividend payout ratio for the 20 largest companies on Oslo Stock Exchange Source: Company rep
Slide 18: Share buyback
Share buyback The board is authorized to buy back up to 10% of all outstanding shares Share buyback will depend on: • Capital structure • Alternative investments If strategic investments are limited, this will increase likelihood of share buyback or higher dividends Capital Markets Day 2004 18
Slide 19: Agenda
Agenda Financial overview Dividend and share buyback Group bylaws and The Tinius Trust Capital Markets Day 2004 19
Slide 20: Schibsted's articles of association
Schibsted’s articles of association ”Shareholders owning 25% or more of the Company´s share capital shall have the right to appoint one of the Board members elected by the shareholders” No shareholder may own or vote at the Annual General Meeting in respect of more than 30% of the shares Changes in
Slide 21: The Tinius Trust – securing editorial freedom
The Tinius Trust – securing editorial freedom Statement from Mr. Tinius Nagell-Erichsen: The Schibsted Group shall continue to be a media group and be managed pursuant to the same editorial and commercial principles as it is today. In relation to Aftenposten and Verdens Gang, the purpose is to maint