Schibsted ASA (SCHA/SCHB) - Impairment loss and Other income and expenses in Q4 2015
(Thomson Reuters ONE) -
Schibsted Media Group's full year 2015 financial statement will be published 19
February 2016. Schibsted announces today that the regular impairment testing at
year end 2015 has resulted in an impairment loss related to intangible values of
NOK 465 million, which will be recorded in the Q4 2015 financial statement. This
is primarily driven by impairment loss related to the Group's subscription based
newspapers in Norway. Impairment losses are included in Operating profit (EBIT),
but do not affect Gross operating profit (EBITDA). The impairment testing has
resulted in no impairment loss for Schibsted's Online classifieds operations.
On a full year 2015 basis, the impairment loss will be more than offset by a
gain of NOK 858 million on remeasurement of previously held ownership in new
subsidiaries, primarily Shpock (Finderly), which was recorded in Q3 2015 and a
gain of a gain on sale of NOK 450 million related to Schibsted's agreement with
Naspers, Telenor and Singapore Press Holdings, recorded in Q1 2015.
The valuation of the Group's intangible assets is based on the value of expected
future cash flows. The background for the impairment is the negative development
over the last few years for print newspapers, and that the negative trend for
Schibsted's Norwegian subscription based newspapers has continued in 2015.
Digital revenues increased, but it is not sufficient to offset the decline in
revenues from print products. After the impairment, the total carrying amount of
Schibsted's subscription based newspapers in Norway is around NOK 1 billion, of
which around NOK 200 million is related to goodwill. Most of the value came into
Schibsted's balance sheet in connection with the consolidation of the
subscription newspaper market that was completed in 2009.
In the Q4 2015 results, Schibsted expects to book Other income and expenses of
approximately NOK -80 million. This is primarily affected by restructuring
provisions linked to Schibsted's continuous work on cost adaptions in the media
houses to align the cost base to the changes in the markets.
Contact persons:
Trond Berger, EVP CFO. Mobile: +47 916 86 695
Jo Christian Steigedal, Head of IR. Mobile: +47 415 08 733
Oslo, 3 February 2016
SCHIBSTED ASA
Jo Christian Steigedal
Head of IR
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Schibsted via GlobeNewswire
[HUG#1983262]
Unternehmensinformation / Kurzprofil:
Datum: 03.02.2016 - 08:36 Uhr
Sprache: Deutsch
News-ID 448275
Anzahl Zeichen: 3357
contact information:
Town:
Oslo
Kategorie:
Business News
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