Change in accounting principles

Schibsted ASA (SCH) , Published 07/08/2003 10:06:35

Schibsted ASA has in relation to the reporting of the result for the first half of 2003, decided to change the accounting principle for foreign exchange effects. The company has earlier reported in net profit all foreign currency gains / losses relating to assets and liabilities in foreign currencies on a current basis. Taking effect from the 2nd quarter 2003, Schibsted will recognise all foreign currency gains / losses relating to liabilities hedging investments in foreign units directly in equity. This change in principle will neutralise a large part of the accounting exposure to foreign exchange fluctuations from the 2nd quarter 2003 and onwards. The accounts for previous periods restated to facilitate comparison will also have reduced foreign exchange gains and losses compared to the figures reported earlier.
Oslo, 7 August 2003
Gisle Glück Evensen
Investor Relations