Schibsted’s net interest bearing debt was NOK 1.7 billion as at 31 December 2011, and is marginally lower than at the end of the previous year.
Schibsted refinanced its loan facilities and issued bond loans in 2010, while at the beginning of 2011 a loan was taken out with the Norwegian Export Credit Agency. At the end of 2011, Schibsted has a diversified loan portfolio in relation to both lenders and terms to maturity. Most of the Group’s borrowing and borrowing limits are long-term and mature in 2013 and 2015.
Schibsted’s borrowing facilities and bank loans are subject to financial conditions linked to the ratio of net interest-bearing debt to gross operating profit (EBITDA). This ratio was 0.75 at the end of 2011 and is well within the conditions set for the Groups’s financial loans.
The Group’s liquidity reserve consisted of long-term unutilised borrowing limits and cash reserves, and amounted to NOK 4 billion at the end of the year. This gives a liquidity reserve of 28 per cent of annual revenues.