Vend Marketplaces ASA · OSL:VEND
Vend Marketplaces ASA — Schibsted — Investor Day (2010)
32 slides from Vend Marketplaces ASA's investor day presentation, 2010
Slide 1: Leboncoin.fr acquisition and Strategic Direction for Schibsted
LeBoncoin.fr Tittel acquisition and Strategic Direction for Schibsted Undertittel ROLV ERIK RYSSDAL CEO
Slide 2: Schibsted takes full control over Leboncoin.fr
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 Eur
Slide 3: Strong revenue growth and high margins 4 years after launch
Strong revenue growth and high margins 4 years after launch 20 +122% 15 Million EUR 10 5 - Doubled revenues (5) 2008 2009 1H 2009 1H 2010 expected for 2010 Revenue EBITDA 3 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 4: Leboncoin.fr is a result of Schibsted's roll out strategy
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 ca
Slide 5: Leboncoin.fr is only trailing eBay in the European market
Leboncoin.fr is only trailing eBay in the European market. Clear market leader in France in Aucton/Classified Top European Classified/Auction sites UMV Top European Classified/Auction sites PV ebay.de ebay.de ebay.co.uk ebay.co.uk leboncoin.f r leboncoin.f r ebay.f r ebay.f r ebay.it ebay.it ebay.co
Slide 6: Leboncoin.fr is a top 10 site in France
Leboncoin.fr is a top 10 site in France Top French sites UMV Top French sites PV facebook.com facebook.com live.com live.com youtube.com youtube.com msn.com msn.com orange.fr orange.fr yahoo.com yahoo.com free.fr free.fr leboncoin.fr leboncoin.fr commentcamarche.net commentcamarche.net pagesjaunes.f
Slide 7: Leboncoin.fr is a strong leader in generalists
Leboncoin.fr is a strong leader in generalists Visits Page Views eBay.fr Leboncoin.fr eBay.fr Leboncoin.fr Kijiji.fr Vivastreet.fr Kijiji.fr Vivastreet.fr annonces.eBay.fr annonces.eBay.fr 7 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction Google AdPlanner
Slide 8: France is Schibsted's largest market
France is Schibsted’s largest market GDP 2009 Internet Online sellers Online Online population 2009 2009 advertizing 2008 Classifieds 20101) € Trillion Million Million € Billion € Million France 2.6 30 5.4 1.8 350- 400 Italy 2.0 21 1.3 0.7 120- 150 Spain 1.4 21 1.4 0.6 120- 150 Sweden 0.4 6 1.1 0.4
Slide 9: Leboncoin has potential to monetize the market position further
Leboncoin has potential to monetize the market position to a larger extent Revenue per entering visit Revenue per 1000 PV €, June 2010 €, June 2010 Private Finn 0.30 11 Pro Advertizing Total Blocket 0.126 5.49 Leboncoin 0.028 0.82 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction 9 Source: Schibste
Slide 10: Deal structure and pricing
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 1 st half 2009 • EBITDA margin 1st h
Slide 11: Continued scope for structural growth in France
Continued scope for structural growth in France INTERNET USERS ECOMMMERCE MARKET millions €bn 39.8 34.8 35.5 36.7 37.3 40 60% 40 32.4 34.0 34.1 8% 32 27 50% 30 6% 30 21 40% 20 4% 16 20 30% 12 10 2% 9 20% 10 6 - - 10% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 - - 2008 2008 2009 2009 2009 2009 2010 2010 2004 2005 2006
Slide 12: France Internet advertising spend
France Internet advertising spend INTERNET ADVERTISING SPEND INTERNET CLASSIFIED SPEND €m €m 1,867 776 765 2,000 1,819 8.0% 800 663 100.0% 1,533 6.4% 526 80.0% 1,500 1,257 6.0% 600 5.6% 439 911 60.0% 1,000 4.7% 4.0% 400 48.2% 41.8% 43.2% 42.7% 3.8% 41.0% 40.0% 500 2.8% 2.0% 200 20.0% - - - 0.0% 2005
Slide 13: Since last CMD – in September 2008
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 billi
Slide 14: Schibsted strategy refined
Schibsted strategy refined 14 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 15: 2009 operations
2009 operations Revenue: MNOK 2,627 MNOK 8,657 EBITA: MNOK 591 MNOK 477 Online Media houses classifieds Scandinavia Finn.no (owned by Media Norge Media Norge) Schibsted Classified VG Media Rest of the group: Media Houses International, Other and HQ Hitta (owned Schibsted by Schibsted Revenue: MNOK 1
Slide 16: Strong margins, market leading positions
Media Houses Scandinavia Strong margins, market leading positions Revenue EBITA Online Operations 2009 2009 share of revenues MNOK MNOK 323 16 % No. 1 online and print 1,961 tabloid newspaper MNOK MNOK 84 4% No. 1 regional morning 4,437 newspapers in 4 major cities Schibsted MNOK MSEK 153 20 % No. 1
Slide 17: Solid fundament for operational improvements and online migration
Media Houses International Solid fundament for operational improvements and online migration 17 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 18: The Media House of tomorrow
Media Houses Scandinavia The Media House of tomorrow 18 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 19: The Media House of tomorrow
Media Houses Scandinavia The Media House of tomorrow Past Future Core Editorial Editorial Sales Finance Circulation IT Advertising Purchasing Ad production Customer service/CRM Support Distribution Distribution and logistics and logistics Print Print Industry 19 CMD 2010 - Rolv Erik Ryssdal - Strate
Slide 20: Systematic approach to optimize sales
Systematic approach to optimize sales Strategy and Customer Management Process and Productivity Sales Talent Management Metrics and Rewards 20 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 21: Launch – test – adapt – refine!
Launch – test – adapt – refine! 21 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 22: Some innovations
Some innovations 22 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 23: Getting paid online is a key task
Getting paid online is a key task 23 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 24: The value of traffic
Media Houses Scandinavia The value of traffic • New businesses fuelled by the strong traffic machines Schibsted controls in Sweden • A similar operation is about to be launched in Norway 24 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 25: The value of traffic: Schibsted Tillväxtmedier
Media Houses Scandinavia The value of traffic Schibsted Tillväxtmedier, online services in Sweden 120 • New businesses fuelled by the strong traffic machines 100 Schibsted controls in 80 Sweden 60 • A similar operation is about Million SEK 40 to be launched in Norway 20 0 -20 -40 Q1 08 Q2 08 Q3 08 Q
Slide 26: European leader in online classifieds
European leader in online classifieds Highly profitable #1 positions Norway All verticals Sweden Cars + general France Cars + general Jobs General Spain Real estate Cars Operations in Established phase 26 2010 - Rolv Erik Ryssdal - Strategic Direction CMD Source: Nielsen Netratings Operations in Ven
Slide 27: Online classifieds overview
Overview Online classifieds Underlying revenue EBITA* Revenue growth EBITA margin 2009 2009** 2009 2009 Operations MNOK 738 7% MNOK 40% Clear market leader in 298 recruitment, cars, real estate and generalist in Norway MNOK 1,389 2% MNOK 42% Clear market leader in several (14% ex Spain 581* vertical
Slide 28: Online Classifieds overview Q2 2010
Online Classifieds Overview Q2 2010 Underlying revenue EBITA* Revenue growth EBITA* margin Q2 2010 Q2 2010** Q2 2010 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 ve
Slide 29: Blocket roll outs to continue
Blocket roll outs to continue Six new countries during the last 12 months 29 CMD 2010 - Rolv Erik Ryssdal - Strategic Direction
Slide 30: The most attractive media company – through people who dare, challenge and create
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 30
Slide 31: Summary
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 - S
Slide 32: Shaping the media of tomorrow. Today.
Shaping the media of tomorrow. Today.