The distribution of dividend and opportunity to buy back shares are regarded as suitable ways to adapt the capital structure. The Group’s dividend policy is to pay out 25-40 per cent of the Group’s cash flow per share. In periods of weak economic conditions, the dividend level is maintained as long as the group’s capital structure permits. Such a dividend level will mean that Schibsted’s direct yield is competitive in both the Norwegian market and among European media companies.
The Board has decided to propose to the General Meeting on 13 May 2011 to pay dividend for 2010 of NOK 3.00 per share. Depending on the general meeting’s decision, the dividend will be paid on 26 May 2011 to those registered as shareholders on the general meeting date.
The general meeting has authorised Schibsted’s Board to buy back up to 10 per cent of the company’s shares. The buy backs will take place in the market over time and must be seen in connection with Schibsted’s dividend policy, investment opportunities and long-term views on its capital structure. The Board will ask the general meeting to allow the authorisation for the coming period to also be used in an acquisition situation. No shares were repurchased in the market in 2010.