Schibsted ASA (SCHA/SCHB) – Schibsted to report Adevinta as discontinued operations and releases re-presented historical financials
Following the announcement on 21 July 2020, that Adevinta entered into a definitive agreement to acquire eBay Classifieds Group, Schibsted determined that Adevinta met the criteria for the classification of held-for-sale accounting and discontinued operations.
Accordingly, Adevinta's financial results will be presented in Schibsted's consolidated financial statements as discontinued operations beginning in Q3 2020 and until the deal is closed. Closing of the transaction is expected by Q1 2021, and is subject to eBay Classifieds Group Dutch Works Council approval, shareholder approval in Adevinta, and regulatory approvals and customary closing obligations.
After closing, Adevinta will, according to the equity method, come in with its proportional share of the net profit under “Share of profit (loss) of joint ventures and associates”.
Please refer to the attached file for re-presented historical financial results. A MS Excel file of the same tables can be downloaded at schibsted.com/ir.
Alternative performance measures used in the attached file are described and presented in the section Definitions and reconciliations in the quarterly report for Q2 2020.
Oslo, 23 October 2020
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act