Schibsted ASA

Schibsted ASA is the parent company of the Group. The company’s accounts have been presented in accordance with the Norwegian Accounting Act and generally accepted accounting practices in Norway (NGAAP).

The operating revenues were NOK 42 million (36 million). The ordinary operating expenses of NOK 230 million (248 million) relate to Group administration services. The company made an operating loss of NOK 188 million (loss of 212 million) before impairment loss and other revenues and expenses in 2010. The financial items came to NOK 1,438 million (1,313 million).  The financial items mainly consist of dividend of NOK 596 million received from Media Norge and group contributions of NOK 763 million received from Group companies. The pre-tax profit on ordinary operations came to NOK 1,250 million (1,067 million).

Schibsted ASA had distributable equity of NOK 4,495 million (3,481 million) at 31 December 2010.

Schibsted ASA had 90 (97) employees at the end of the year, 15 (27) of whom were trainees seconded to Group companies. The Group’s CEO is Schibsted ASA’s President and CEO.

The Board of Schibsted ASA proposes allocating the profit for the year as follows:

Group contributions to subsidiaries total NOK 567 million.