NHST Media Group - Quarterly Report 2nd quarter 2016

Highlights for the quarter

• Revenues increased by 12 % to MNOK 364 in the quarter. Adjusted for one-off effects and the addition of Morgenbladet, revenues increased by 3 %.
• Revenues in the Norwegian and global news publications increased by 11 % to MNOK 275. Before on-off effects and the consolidation of Morgenbladet, there was a 2 % decline in revenues.
• Media service revenues increased by 16 % to MNOK 90.
• The second quarter remained challenging for advertising revenue with a 10 % decrease in revenue. However, the decrease was significantly lower than in the first quarter, which saw a decrease of 19 %.
• The EBITDA for the quarter was a profit of MNOK 38. Adjusted for restructuring costs of MNOK 16, sales gains of MNOK 19 and consolidated/deconsolidated businesses the increase was MNOK 4.
• The quarter saw an operating profit of MNOK 26, an increase of MNOK 6.
• As of April, Morgenbladet has been integrated in Norwegian Publications after NHST’s acquired 90.1 % of the shares, while TDN Finans and Intstream have been sold.
• The previously announced productivity improvement program is being implemented, and the target has been increased to MNOK 75 (previously MNOK 60) in annual productivity improvements.
• There is extensive ongoing digital product developments in the group and in the second quarter MNOK 13 was capitalised as investments in products and technology. The new products and product improvements in Mynewsdesk have been completed and are ready to be launched, while the ’One Intrafish’ product was launched in the second quarter.