Schibsted ASA (SCH) - Valuation of Finn.no AS

At point of establishment of Finn.no the employees were given the opportunity to purchase B-shares in the company. A put option was agreed upon for the employees and a call option for the A-shareholders, with opportunity of exercising the option in the first quarter of 2003. In connection with this a valuation of Finn.no has been carried out. The value of the company is set at NOK 380 million. The employees are given the opportunity to sell their shares at 80% of this value or keep the shares for two years and then sell at an updated valuation. As of today the employees own a total of 3% of the company.

 

In 2002 Finn.no AS has operating revenues of NOK 103 million and an operating profit of NOK 25 million.