annual accounts 2002 kjell aamot ceo

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


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


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


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


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)


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


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


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


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


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


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


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


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


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


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


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.


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


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


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


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


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)


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) %


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


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


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


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)



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


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


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


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


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


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


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


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


Appendices


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%


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


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


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


(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



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)


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:


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



Q4 01 Q4 02 (NOK mill.) 2002 2001

14 24 Advertising revenues 90 57

1 5 Other revenues 13 6


(19) (18) Total operating expenses (78) (69)

(4) 11 Operating profit (loss) 25 (6)

As of Dec 31


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


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


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



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



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



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


Operating profit

Q4 01 Q4 02 (NOK million) 2002 2001


(183) (173) Operating expenses (648) (694)


As of Dec 31


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


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



GW: Goodwill

Eesti Meedia Group

Q3 01 Q3 02 (EEK million) 2002 2001




(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



(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


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)




15 0 Other revenues and expenses 0 4

27 16 Operating profit (loss) 10 26

1 53 Income from associated companies 57 (5)


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


Q3 01 Q3 02 (SEK million) 2002 2001


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)



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


6.3% 4.2% Operating margin (EBITA) 2.0% 4.9%

Exchange rate NOK/SEK 82.00 87.04

As of Sept 30


Accounts for the Sandrew Metronome Group. Schibsted owns 50% of the Group


Q4 01 Q4 02 (SEK million) 2002 2001


194 220 Raw materials 816 671

47 49 Personnel expenses 174 163

44 42 Other operating expenses 159 162



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


10.9% 10.2% Operating margin (EBITA) 2.9% 4.5%

Exchange rate NOK/SEK 82.00 87.04

As of Dec 31


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


139 110 Programming expenses 497 521 110 106 Personnel expenses 391 396 120 112 Other operating expenses 404 388



49 143 Operating profit (loss) 208 125

(21) 5 Net f inancial items (19) (57)


(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


Operating profit (loss) - Publishing

GW: Goodwill

Q4 01 Q4 02 (NOK m illion) 2002 2001


(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


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


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


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


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


• 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


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)


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)


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


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


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


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


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


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

http://www.mekaniken.se/svenska/main.htm


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


Investor Information

• Please visit Schibsted’s home pages:

• www.schibsted.no

• Register to subscribe to press releases

• Stein Yndestad, VP IR & Group Treasurer

• [email protected]

• Elisabeth Blom Tindlund, Investor Relations Officer

• [email protected]

• Tel: +47 23106600

annual accounts 2002 kjell aamot ceo

Documents

losses of nok

total value of nok

q4annual accounts

releasedannual accounts

nok million2 figures

total sales value of

online marketsannual

key figuresannual accounts