Decision from the Exchange’s Disciplinary Committee
Nasdaq Stockholm’s Disciplinary Committee has rendered its decision in two matters referred to the Committee by Nasdaq OMX Stockholm (the “Exchange”). The Disciplinary Committee has found that Eniro has contravened certain items of the Exchange’s member rules and that Eniro therefore shall pay a fine to the Exchange equal to three annual fees to the Exchange.
In the matter regarding the incorrect accounting that was caused by the former CEO, which the company discovered and corrected during 2014, the Disciplinary Committee has concluded that the disclosures and financial reporting of the company has been incorrect as a result of the errors. At the same time, the Disciplinary Committee stresses that Eniro, as a consequence of the CEO’s actions, was put in a distressing situation and that the error related to a question of periodization and a relatively limited amount. In September 2014, Eniro reported its former CEO to the police authority.
In the matter regarding Eniro’s adjustment in May 2015 of its full-year forecast, the Disciplinary Committee emphasizes that it has not been argued that Eniro knowingly published an incorrect forecast. Nor does the Disciplinary Committee question the statement that a rapid and unexpected negative trend occurred soon after the report for the first quarter was published. Thus, the matter merely related to a question of judgement in which the Disciplinary Committee has found that Eniro should have made a different assessment and adjusted its forecast already on 24 April when the report for the first quarter 2015 was published.
̶ Eniro has come to the same conclusion as the Exchange in relation to the incorrect accounting. The company therefore adjusted its accounting already in 2014 and reported the former CEO to the police authority. As regards the adjustment of the forecast, we note that the Disciplinary Committee sees no reason to doubt that the board of Eniro has spent considerable time and gravity on the forecast issue and emphasizes that the company has not knowingly published an incorrect forecast. Further, the disciplinary committee does not question that a rapid and unexpected negative trend occurred soon after the report for the first quarter was published, notes Eniro’s chairman of the board Lars-Johan Jarnheimer.
For further information, please contact:
Lars-Johan Jarnheimer, chairman, tel. +46 8 553 310 00
Stefan Kercza, President and CEO, tel. +46 8 553 310 00
This information is such that Eniro AB (publ) is obligated to disclose pursuant to the Financial Instruments Trading Act and/or the Securities Market Act. Submitted for publication on June 29, 2015, at 8.30 a.m. CET.
Eniro is a search company that aggregates, filters and organizes local information. Our growth is driven by users’ increasing mobility and multiscreen behavior, where we are at the forefront with modern technical solutions. For more than 100 years Eniro has helped people find local information and companies find customers. Today it is a multiscreen solution – our users search for information using their smart phones, tablets and desktops. Mobile advertising is today the fastest growing part of Eniro’s business. Eniro is the local search engine. A smart shortcut to what you need, no matter where you are or where you are going.
Eniro is one of the largest local search companies in the Nordic region. The company has approximately 2,300 employees and has been listed on Nasdaq OMX Stockholm since 2000. During 2014, Eniro’s revenues amounted to SEK 3,002 M and EBITDA was SEK 631 M. Approximately 88 percent of Eniro’s advertising revenues come from multiscreen channels. The company’s headquarters are located in Stockholm, Sweden. More on Eniro at www.enirogroup.com.