Schibsted ASA (SCHA/SCHB) - Detailed stock exchange notice - Schibsted increases ownership in fast growing online classifieds market leader in Brazil, OLX, to 50 percent
(Thomson Reuters ONE) -
Detailed Stock Exchange announcement - addition to the notice release 11 May
2017 "Schibsted increases ownership in fast growing online classifieds market
leader in Brazil, OLX, to 50 percent."
Key financial information for the Brazilian operation (Silver Brazil JVCO BV and
subsidiaries) and the Chilean operation (Yapo.cl SpA) is disclosed in the table
below (figures for 100% of the operations).
+-------------------------+---------------+--------------------+
| NOK million | Brazil | Chile |
+-------------------------+-------+-------+------+------+------+
| | 2016 | 2015 | 2016 | 2015 | 2014 |
+-------------------------+-------+-------+------+------+------+
| Operating revenues | 216 | 97 | 35 | 17 | 7 |
+-------------------------+-------+-------+------+------+------+
| Operating profit (loss) | (208) | (474) | (19) | (42) | (33) |
+-------------------------+-------+-------+------+------+------+
| Net profit (loss) | (230) | (486) | (13) | (48) | (33) |
+-------------------------+-------+-------+------+------+------+
| Non-current assets | 1,868 | 1,558 | 3 | 2 | 6 |
+-------------------------+-------+-------+------+------+------+
| Current assets | 131 | 132 | 16 | 17 | 8 |
+-------------------------+-------+-------+------+------+------+
| Equity | 1,776 | 1,346 | (90) | (82) | (32) |
+-------------------------+-------+-------+------+------+------+
Before the transaction, the Brazilian and Chilean operations were both joint
ventures of Schibsted accounted for using the equity method of accounting. The
financial information presented is based on the financial reporting used in
recognizing those operations in the consolidated accounts of Schibsted in the
relevant periods. Silver Brazil JVCO BV was established in January 2015 when the
Brazilian operation of Schibsted and Telenor merged with the Brazilian operation
of Naspers and the financial information presented is for the combined entity
for the period after establishing. The non-current assets in Brazil are
primarily intangible assets recognized in connection with the January 2015
combination of operations. After the transaction, the Brazilian operation will
still be a joint venture accounted for under the equity method of accounting and
50% of its net profit will be recognized as share of profit (loss) of joint
ventures by Schibsted. The Chilean operation will be consolidated.
701 Search has been an associate of Schibsted. The share of net loss recognized
in the consolidated financial statements of Schibsted under the equity method of
accounting is NOK 174 million, NOK 15 million and NOK 34 million for the years
2014, 2015 and 2016, respectively. The figures are not comparable as certain
markets were transferred from 701 Search in January 2015.
Gains of approximately NOK 1.3 billion will be recognized in the consolidated
financial statements of Schibsted in upon closing, which is expected in Q2
2017 related to gain on sale of 701 Search and gain on remeasurement of
previously held ownership interest in the Chilean operation. Total assets,
primarily in the line items investments in joint ventures and intangible assets,
will increase by approximately NOK 4.8 billion as a result of ownership
interests acquired and remeasurement of previously held ownership interests.
Board members of Silver Brazil JVCO BV: Martin J Scheepbouwer, Ariel Lebowits,
Ragnar H Korsaeth, Olivier F Aizac, Alejandro C.F. Oxenford and Gianpaolo
Santorsola
CEO of Silver Brazil JVCO BV (in operating entity Bomnegocio Atividades):
Andries Oudshoorn.
Number of employees in Silver Brazil JVCO BV and subsidiaries: 483
Board of Yapo.cl SpA: Juan Elias
CEO of Yapo.cl SpA: Juan Elias
Number of employees in Yapo.cl SpA: 99
Oslo, 16 May 2017
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 Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Schibsted via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 16.05.2017 - 08:55 Uhr
Sprache: Deutsch
News-ID 543482
Anzahl Zeichen: 5074
contact information:
Town:
Oslo
Kategorie:
Business News
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