All right. Welcome to the presentation of our results. As usual, it's Mr. Trond Berger, the CFO, and myself, Rolv Erik Ryssdal, CEO, that are presenting. I know that there are more than usual of you that are following along with us by webcast, since many people are on holiday, so I'm going to try to speak clearly and comprehensively. I will move straight into the presentation here. The heading this time is that we have mixed results in Q2, but that we're very well positioned for future online classifieds growth in particular. I would underscore that we're following a long-term strategy to build up our portfolio of classifieds, and there can be fluctuations from quarter to quarter, but the long-term plan is in place, and I feel that we're right on track.
We say that it's a mixed results during Q2, this is compared with Q2 last year, where the results in Norway, first and foremost, were lower than they were last year. For classifieds, the situation is such that we have a good development trend, both in France and Sweden. These are the main, big sites there. FINN has been developing its strategy for long-term growth. I'm going to come back to this. We are starting to reach the end of the cooperation agreement that we have in France. We see that the French real property market is exciting. We are continuing. In Italy and Spain, in particular, we're building up traffic in order to gain even stronger positions there. If we continue investments in emerging markets, particularly in Brazil, this is bringing in good results.
When it comes to media houses, I have to say they are growing online, but like all other print media, they are then colored by the loss of advertising on paper, so that we're both pushing on the accelerator and the brake at the same time. We're trying to develop our digital portfolio at the same time as we're cutting costs. There's a good development trend, as we can see in the growth media. This slide is something we show as often as we can. This is just to show that the digital part of Schibsted is gaining importance all the time. You see the figures here, 54% is the online share now, compared with 46% earlier. This was the same figure that we had the preceding quarter.
The second quarter is traditionally strong for print, so that this developing development is taking place very quickly. We see this when we look at the share here that's growing for classifieds of the overall result, that it's gaining ground continuously. Let's take a look at online classifieds in more detail. We have put in quite a bit of illustration, illustrative material here to show our positions. We're trying to give a little bit more complete information. This overview here shows the countries where Schibsted is, has absolutely the majority of its revenues in classifieds. These dark areas is where we have leading positions, and we're in different phases, as we'll come back to.
As you can see, when we look at the population of Europe, there's a significant GDP here and large internet advertising spend, which is important. That gives us a very good prognosis for growth in future. If we look at where our positions are in the different countries, it varies a little bit from one country to the next. One point here is that In most of these countries, we've been cautious. We're in an early phase when it comes to revenues and monetization. We're at a high level in Norway and medium to high in Sweden. Generally, in the other countries, the level of monetization that we have on our sites is low. This illustrates very well that there is a very exciting potential.
This slide shows what we've said before on Capital Markets Day, that we are working on a long-term development of our classifieds portfolio, we feel that the pace of growth there in the medium to long term is in this interval. It will vary a little bit from quarter to quarter and from year to year, certainly. If we look at these large sites, they are delivering well. I'm going to come back to them in a moment. Then we have this group called Other Established, these other markets. There, the top line growth and the profit development does not look impressive now. The main part there is Spain. In Spain, we're pursuing the strategy that we have told about a year or so ago when we took over the control of the large operations in Spain.
We said, "All right, here we are going to invest in traffic. We're going to be reducing monetization. We see that's exactly what we're doing. I'll come back to Spain in a minute as well. There we see the development is positive, I think, and there's a lot going on on the micro side there, and that has an impact on these figures. If we look at the other ones, Subito, Done Deal, and so on, willhaben, they are growing both in terms of revenue and EBITDA. More than 30% growth. If we look at the individual sites in France, there's good development. Leboncoin continues to do well and continues to make progress. What's interesting there is that there are many different parts of the site that are doing very well.
The market for display advertising in France has not been particularly exciting this year, but we're seeing growth of more than 30% there, so that this is a site with, it's a professional site, and we're getting even more professional there. Then we're preparing to expand on the market, and we feel that we can improve our situation even further. When it comes to real estate on Capital Markets Day, we spoke about the traffic that we have. As you can see, we have good traffic, a good position in traffic there. SeLoger is the main competitor, and we have worked with SPiD for marketing, that agreement will expire at the end of this year. We have a strong position in large parts of France. SeLoger has a good position, in particular in the lucrative Parisian market, and clearly they are the leader.
When it comes to values in revenues, they have a strong position. We believe that there is an exciting potential there for leboncoin to develop also the other parts of the sites. We feel that in coming years, leboncoin will gain a larger part of this market. Otherwise, leboncoin also has a strong position in the car market, a good market share, and they have the most cars, as you can see. I think it's more than 100,000 cars, more than the others when it comes to professionals, dealers, and more with private cars. This doesn't mean that we're hooked into all the car dealers because we have a lot of sales that have been generated by our own offices.
If we now can get out and visit the major dealers, I think there's even more available potential there. That brings me to FINN and Blocket. I think I was very clear in my last presentation that the results that you saw from FINN were very strong and that it was impacted by several factors that are outside of our control. For example, when Easter comes and the weather. I don't know that everybody outside of Norway understands that Norway generally has 10 days of Easter holiday, and this impacts our activities, so that if you look at FINN and Blocket, it's better to look at the overall development in the first half of the year rather than just the quarter.
What I can say about FINN is that the site is developing well, and there's a lot of new launches that are very exciting for us, and there's a few things otherwise that have an impact on our figures during this quarter. In addition to the Easter effect, as we call it, and the weather effect, which is significant for FINN. The job market in Norway has been slightly weaker, and I'll come back to that in one moment. We decided to have free market. This freemium strategy we've introduced has led to good traffic increases, but both of these segments have revenues, both jobs and the old marketplace have high margins, and this has an impact on the short-term results, and that will continue to be the case for the rest of the year.
If we take a look at how things have gone, we would say we feel that it's a good idea to strengthen FINN's overall, this freemium strategy. The head of FINN was here at the beginning of the year, he said he thought we would increase traffic significantly, it looks like we are doing just precisely that. We said that the goal was to have 3x , threefold the volume growth, I believe that we are certainly on track with that. That this traffic development, we're satisfied with that, it's very important. If we look at the jobs market, the job ads, you see that the number of job vacancy, both with the Norwegian Labour and Welfare Service and others, is lower now than it was a year ago, this decline in volume has an impact on FINN revenues.
In FINN, there's a very good atmosphere because they have a very strong position in Norway. They're now working actively at developing the next generation of marketplace. It's going to be even easier to use with this freemium concept. There's going to be payment solutions we're working with launching these at the end of this year or beginning of next year. This is customer-to-customer or consumer-to-consumer payments, and we see new versions of mobile sites and apps. The new versions is going to have a lot more social mechanisms. For example, the app and that has now been launched, you can go in and communicate with. If you're a buyer, you can communicate directly with the sale-seller through the app. As time passes, you can also build up profiles and say, "Okay, is this a credible salesperson?" Then you can rate each other.
Gradually, there'll be ratings involved too, and then the content that will be offered will be more personalized. This is mainly linked to the mobile phones because the screens have a different size, and people have more rapid access to content that's more relevant for the user. There's a lot of exciting work that's taking place in FINN on this, so that FINN is really working on long-term further growth. The results this year are going to be impacted by the same factors as they have been impacted by in Q2, unless there is some tremendous change in Norway in the short term, and we don't predict that. Let's look at Blocket then. Blocket has a good, stable, steady growth.
The Easter holiday in Sweden is not as long in Sweden as in Norway. That has an impact on the quarters as well. The fact that it's been a very mild spring also has an impact. There's a lot of work going on in Blocket with developing the real estate verticals and the job verticals. We have to put a new real estate site into play. That's exciting. 47% of the total real estate ads are now on Blocket Bostad. This is really a good boost for the traffic that many of the real estate agents put their properties out on Blocket first, and they have about a fourth of the market, represent nearly a fourth of the market.
We've acquired StepStone, and altogether then, we're working in the long term to take a number one position in the job market in Sweden. There are several players involved there, and the competition is keen, but with StepStone, we're working in the long term to improve our position and gain a number one position. On to Spain. I said by way of introduction that we are working to develop traffic in the long term. When we acquired this a year ago, we said to this to you and not least to our own managers on-site there, we've said that what we have to work at in the long term is increasing traffic. Traffic is everything, and we know that if we get that, then we'll get exciting business opportunities. That we've done a lot of hand work, as it were.
We have taken away many of the ads that were too large, the formats were wrong, they were too big, and we they, because they slowed down the speed, so that we've increased the speed now, and we've made things more simple and easier solutions, more convenience for the users. We see that from our development now. There's good growth in traffic in all of these sites. In particular, InfoJobs and Fotocasa are developing very well. We are then working with Milanuncios, where we are dealing with the competition authorities, and we expect to close this acquisition in Q3, Milanuncios. When it comes to InfoJobs, this shows how the development in the macro market is in Spain when it comes to employment.
I feel like I'm seeing for the first time in several years a more clear trend when it comes to the macro conditions, macro factors in Spain, where these business confidence surveys are picking up. They're better than they've been for a long time. We see unemployment is starting to decline a little bit, and we see signs of recovery here, most certainly, that are lasting. We see this in the development of the number of jobs that are available in the InfoJobs database. It'll be really exciting to follow along now with what happens in future there. Otherwise, in Europe, we continue to work with these sites that we have. I recently visited willhaben in Austria, and we own about 50% of that. That's the only place where we have a copy of...
It's based on FINN technology, and it's developing very well. It's a leader in property, real estate, and it shares leadership in cars, and it also leads in the generalist market. Ireland is also an exciting site. We've bought that. Italy, Subito, it's growing and developing well, but they have competition from others. We see that now we have taken a better lead from them. When it comes to Finland, it's still early days, but they have established a good position, and we are leading for the generalist market in Finland. As regards emerging markets, the initial investments are significant. They're larger than last quarter. The main driver of that, for this increase in investments, has been Brazil.
The investments are evaluated on an ongoing basis, we've gotten good response and good effects from the investments that we've made in the form of traffic development, traffic trends. Almost everywhere, no matter where you are, people have mobiles, the mobile apps and the mobile market is growing very quickly. We've had a good result over the past year. If we look at the overall traffic, we've done very well, we see this overall. If you look at the other emerging markets, you see also that there's. This is a selection of some of the sites that we have, and the overall development in the number of ads has these very impressive figures. A little bit about mobile development. This is a site that's called Shpock, and it is a pure play mobile site.
It was started by two smart young people in Austria, and then it gained ground there and in Germany and now in the U.K. This is the next generation site. What we've said is that they're very good. We have to learn from them, and we'd like to take part in this, so that we have invested in this, and we own approximately half of this so that we still have a path to full control. We think this is exciting in several areas. We get exposure to markets where we haven't been before. This is early days still, but we are learning how they think and how the mobile sites are being developed, and we take that on board now ourselves as we start to introduce the next generation of our own mobile sites and apps.
That we have now something called the next generation app, which is now being launched. We're in the process of being launched. It'll be launched on most of our sites in the next six to eight months. It contains a lot more user-friendliness, more pictures, in-app communication as we move along, and more personalization of the content. This is important for us to work with this R&D, the research and development part of classifieds. That brings us then to media houses. For media houses, there are no great surprises, I have to say. The digital transition continues, some more than others. I'll come back to that. We, like everyone else, are impacted by the fact that print advertising is declining, and that is just a fact of the Norwegian market and quite a bit this year.
On the positive side, we can say that our circulation revenues are maintained unchanged and increasing here and there. This is what I meant about having one foot on the accelerator and one foot on the brakes at the same time. We're doing that. We feel that we have a good momentum into digitization. There's a lot of development that's taking place in our media. Let's start with VG and Aftonbladet. Both of them have seen growth on the top line here, and they have good margins. This is partly facilitated by the situation that they have in print, but they also have large growth on the digital editions, and the advertising there is important. Online advertising, 70%.
The fact that they're such clear leaders is very good, not least when there are big events like the World Football Championships, the soccer championships. Even though Norway and Sweden didn't have teams there, it nonetheless has good impact on the sale of ads. If we look at the subscription newspapers, there were some worries after the last quarter that we saw in the media. This gives a little longer-term perspective and a somewhat more positive trend. What I'd like to say is that here there are a lot of exciting product development work that is being done. These media houses, what we would like to have even better, Well, we see that online advertising growth is 13%, but we would have liked to see it be even better.
A special gratification is if we look at the overall advertising revenues, they're stable, and in some cases, they're even going up. Now when Aftenposten launches new products, they've had many new products recently, where you can, for example, get a digital subscription during the week and a print edition during the weekend. We see that there are a lot of people that are subscribing to that, and it brings the average age down also. The print, the subscription newspapers have a difficult situation. We see that there's a certain Easter effect, certainly. That trend was worse in the second quarter than in the first quarter than the second quarter, but it is something that will continue to be difficult in future as well.
We're working on both sides of this, and we have a very close eye that we keep on cost-cutting and at same time as we're focusing on what we have to focus on being digital. Product development is taking place full speed ahead. During the football World Cup, this was a high point, particularly for VG and Aftonbladet, where they had a lot of exciting live reports on what was going on, and that was very popular, both with the organizers and with the readers. These media houses are working also to expand their web TV efforts. You see that a lot of advertisers are interested in this, and they feel that for the media houses overall, we are still going to have a pressure on the margins in the time ahead, certainly.
The long-term prognosis is the same. What makes me an optimist about the newspapers is the development and this reach that we have, and it's been... When we're talking about ecosystems, for example, and development, we see then really what catchment area our media houses and classifieds actually reach. We have a very large daily reach, and what we're working with is to develop the ad products so that we can develop all the way across all of our media. The ad products, Facebook and Google are formidable competitors. They are good at targeted advertising. They also have a lot of personalized services and things that we, where there's room for improvement.
We have new products coming, we have to say, "Well, we have to get better at having all of our job vacancies in one database, offering them targeted provision of services." We feel that if we're going to drive development further in the Norwegian market, we have to be even better at this. Here we're very satisfied with the large database of users that we have managed to get through SPiD, it gives us very valuable data on our users, it allows us to develop better services both for them and for the advertisers. This is going to be an important area for us in the time ahead. By way of conclusions, let's look at the growth media. This, we saw a little dip, it has become a very significant business activity.
We bought Compricer in Sweden last year. The overall development, in particular in Sweden, we see that the development for this portfolio is very promising and exciting. We see that there's a lot more that we can do in this market. That is my report on operations. We can come back to questions afterwards. I'll give the floor to Trond Berger, the CFO.
Thank you, Rolf. This is a quarter with significant investments. We are continuing to have strong growth in new ventures. This leads to a result that is stable compared with the same quarter of last year, adjusted for the investments that we've made and the marketplaces, a number of the established activities. We can certainly see a reflection of the negative effects of Easter. The general trends that we've seen, we're very satisfied with.
We're also introducing some new measures, not least in FINN. If we look at the EBITDA development from the year-on-year development trend, it's somewhat lower contribution from Norway because of the print market, that things have gone as expected there. In Sweden, we have actually managed to do a little bit better, and Aftonbladet is part of this. Then we have adjusted our accounting when it comes to new markets, so that where we had joint ventures previously with Telenor and another company, then these investments are now being taken in as a second, as a separate line under EBITDA. This is because of the new IFRS rules that apply from 2014, and we talked about those in Q1 this year. If we look at our income statement, we see there's a flat development trend when it comes to revenues.
Otherwise, as I mentioned, there's stable growth in the EBITDA, as I mentioned. Then we have the deficit from our investments in new markets, and we've done some restructuring that I'll come back to in a moment. Otherwise, there's not a lot to say about the other costs. I'll come back to this issue of tax in a little while. We are dependent on having an ongoing program on cost measures in order to maintain healthy profitability, and we do this all the way across all of our activities. In our media houses, this is particularly important with the trend that we see in the market. In Norway, we have a program that is in place now for adapting to the market situation.
This also means that we have to maintain this healthy profitability from the media houses in Norway and that we are going to manage to maintain the margins a little bit more on a par with what we've seen over the past years. We have now made big investments, and we think that we have been good at this balance, and we will continue to be so. We still have a little bit of restructuring left, about NOK 100 million in the current year, and this means that we have to make downsize some of our activities to reduce the headcount. We have just gone through a refinancing situation. We're very happy with that.
We have a five to seven-year facility, this is with significantly lower margins than what we have had with comparable refinancing processes previously, if you go back two or three years, we are very pleased with this. It gives a very good foundation for further growth and the long-term profile for our launches. We have a good underlying cash flow, we're moving Aftenposten now into the VG building. This will increase some costs for the co-location in this particular half of the year, they'll be moving in in August, September. Normalized, we'll have a level of about NOK 400 million for the CapEx, as you can see. We have an underlying tax rate, which is about, well, you can see the figures here. We are cautious or prudent.
We are cautious when it comes to bringing in the deficits on the investments that we make in the emerging markets because that has an impact on the accounts when you see them making a profit later. Now with this about 30% tax rate, that is adjusted then when we get in the profits from these emerging markets. That was the financial aspects, Rolv Erik. Would you please take us through the outlook?
Thank you. There's no big surprises here. We are continuing to work with the long-term platform that we have. We are trying to develop our classified sites in a way that we feel is good in the long term. We feel that as time passes, we have a very exciting portfolio, not least in Europe, that we can continue to work on.
While both leboncoin and Blocket are working on, in different verticals, FINN is working to develop the next generation of marketplace with new business opportunities and new services. I believe also that we're going to be continuing to develop our emerging portfolio with a high level of investment, the same level as we've seen thus far, as long as they're good investments that are going to generate wealth, create value. We see that some of what is under the three largest sites in Europe, I think we're going to see exciting future developments there, especially in Spain. We are really looking forward to seeing what happens over the next 12-18 months. When it comes to the outlook, I would say that for the media houses, we will continue to invest in digital transition, and we will continue to develop online growth.
I think that we're going to be trying to accelerate the pace where we see opportunities to do so. At the same time, we're working with our cost-cutting processes. This is the accelerator and brake at the same time. We are optimistic, I have to say, about where, what kind of progress we can make in the next few years. There's a lot of hard work ahead of us, a lot of challenges, but we believe that our media houses are in a good and exciting position. That was then what we wanted to present to you today. I will open the floor to questions. Question? Market Securities. It seems like the progression for a stronger basis is going well, and your financial outlook is good.
Might it be possible to spin off Spain as a separate segment where we could see, take advantage of the positive effects that come? We've chosen not to do this yet because of competition, but at some point in time, perhaps we would consider that. That's a very relevant question, and it's certainly possible that that will take place over time. Thank you. Another question about Spain. Will there be a change in the price strategy if you take over Milanuncios ? We'll have to examine that. As long as the competition authorities are involved, we're not working, there's no working together with them, but we're thinking about making perhaps some kind of common products, and I'm thinking in particular for the display market, that we might be able to have some new products. Sweden, then.
What are the price for housing ads for on Blocket, and what's the strategy there? Mr. Berger, answer. In Sweden, we mainly have a free model in order to build up traffic and familiarity. Later, there will be a payment of SEK 500, and I think we've talked about that going back for a year. We think with the agreement that we've gotten with some realtors in Sweden to build up volume and have a good price and so on, this is exciting. Our first priority has been to build volume and not to gain on price in future, but that might change in future, certainly.
Question if you or answer, rather, if you look at FINN real estate and you see it's not the ad that costs, it's those that want to offer loan products or financing insurance products and so on are very interested in advertising on those sites. Other questions? Question about FINN, this premium model, we've seen an increase in the what's offered, but have you seen a change in the trend for consumers? Has it been more difficult to be seen as in someone who places an ad? Well, there have been more users of the FINN marketplace. I don't think I have the exact figures for that in my head, but there's been a good increase. I have not taken note of any complaints from people who have placed ads thus far.
If companies feel that they are not seen well enough, that their visibility isn't good enough, well, Mr. Berger. Well, the freemium ads that we have in the other verticals is something that we see that's an interesting possibility in future. It works well in other markets. We think that there's also a good possibility for that in FINN. Question, Trond, you mentioned that you thought about a number of different measures in relation to FINN. Can you tell us what's going on? Mr. Berger, these measures, what are you thinking of? I'm thinking about the profitability.
Answer. Well, when it comes to FINN, we've said that we expect that there will be growth from 5% to 10% in future in the medium to long term. What we're doing now is building up the next generation marketplace to build strong volumes on the marketplace services.
We're going to introduce more advanced products, more sophisticated, and that will lead to more opportunities in future ensuring payment solutions and so on. We're very optimistic about FINN, the position that FINN has in its profitability and growth in the long term.
This may be a silly question about the details, but can you say a little bit more about the joint ventures? Are you willing to say more about that at this point, Mr. Berger?
Answer. No. We very intentionally, because of the competition, are a little reticent about details, especially in Brazil and a number of other markets. We're spending a lot of money. You order your market campaigns a time ahead. If we say anything about what we expect to be spending over the next few quarters, we're giving information to our competitors about our market plans, and we don't want to do that.
We wish we could do that to the financial markets, but it's a very, that would be a poor business choice. More questions? Did you have a question, sir? No? All right. If not, we wish everyone a wonderful day and a very nice summer. Thank you so much for following along with the webcast.