7/16/2020

speaker
Operator
Conference Operator

Good day and welcome to SHRIPSET ASA Q2 2020 conference call and Q&A. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jan Bajot, MINECA Head of IOR. Please go ahead, sir.

speaker
Jan Boye
Head of Investor Relations

Good afternoon. Thank you for joining us today for the Q&A session for our Q2 results. On the call with me today is our CEO, Kristin Skogenlund, our CFO, Ragnar Korhuis, and our EVP for Nordic Marketplaces and CEO for Finn, Kristian Plintsel-Halvorsen. This morning, we held our webcast presentation for the Q2 results, and the recording is available on our IA website. And with that, I would like to hand over to Kristin.

speaker
Kristin Skogenlund
Chief Executive Officer

Thank you, Jan Boye, and welcome, everyone. I am pleased to report that we, despite the COVID-19, delivered solid financial results this quarter, and our measures enable us to safeguard our employees and continue to deliver fully functional and relevant services to our customers through this time. During the second quarter, revenues have improved, and EBTA for Shipstead, excluding Aravinta, was knocked down. 498 million, which is significantly better than the first quarter. Furthermore, I'm excited that we have come to an agreement with Sanoma to acquire their Finnish multivertical online marketplace Oikotie. And with this acquisition, we strengthen our position in jobs and real estate in Finland, and we are confident that this acquisition will help us create more value for all our stakeholders going forward. During the second quarter, our Nordic marketplaces have seen a revenue decline driven by lower volumes, specifically in April and May, while temporary cost savings secured still solid margins. In June, volumes have continued to recover in all verticals, and motor seems to be rather resilient, actually, showing year-on-year volume growth for June in both Norway and Sweden. If we look at news media, revenues from digital subscriptions showed strong growth. Advertising revenues declined significantly year-on-year, driven by COVID, but yes, performance was strong given the market environment, and this is due to focused product development and high sales activity. I think this again was enabled by our decision to not do group-wide temporary layoffs back in March, but rather focus on the possibilities for the mid-term. EBTA is down year on year, but improved significantly compared to the first quarter with a strong margin of 8%. The announced cost program is on track and implementation has started. If you look at lender, we have seen an underlying revenue decline this quarter, but trends have also here improved in June. And finally, our e-commerce businesses distribution in Prisjakt had had a tailwind from the changes in consumer behavior during the COVID pandemic and recorded strong revenue growth in the second quarter. So with that, operator, I'll turn back to you, and I hope you can organize our Q&A session, please.

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