Eniro interim report January – March 2018

Eniro publishes the interim report for the first quarter 2018. The report is available on the company’s website www.enirogroup.com. 

FIRST quarter: JaNUARY–MARCH 2018

  • Total operating revenue amounted to SEK 354 M (432), a decrease of 18%. Excluding Print, which was discontinued during 2017, total operating revenue decreased 15%.
  • EBITDA decreased by 19% to SEK 48 M (59). The EBITDA margin was 13.6% (13.7%).
  • Net income for the period was SEK 3 M (-51).
  • Earnings per ordinary share for the period were SEK 0.00 (-0.10) before and after dilution.
  • Eniro has applied the new accounting standard IFRS 15 (Revenue from Contracts with Customers) as of January 2018. All comparative figures for 2017 have been restated accordingly.
  • A new scalable business model was launched, entailing a more comprehensive customer offering and a transition to subscription-based contracts.
  • The new offering continues to be implemented in the Scandinavian countries. At the end of the quarter, this comprised more than 60% of the customers in Sweden, Norway and Denmark.
  • The action program to further reduce costs in 2018 by more than SEK 100 M has largely been implemented.
  • After successfully contributing to Eniro’s recapitalization, Fredrik Sandelin is leaving his position as CFO at Eniro. The new CFO will be Hassan Tabrizi, who will take up the post in August.
  • The Board of Directors proposes that the 2018 Annual General Meeting resolve to not pay any dividend – neither for common nor preference shares.

 

Jan-Mar     Jan-Mar* Apr-Mar Jan-Dec*
SEK M 2018 2017 2017/18 2017
Operating revenue 354 432 1,571 1,649
EBITDA 48 59 215 226
Adjusted EBITDA 49 66 279 296
Operating income 9 -41 36 -14
Net income for the period 3 -51 178 -124
Cash flow from operating activities           -11 10 -16 5
Interest-bearing net debt excluding convertible bond and pension obligations -618 -1,228 -618 -575

* Retrospective restatement of financial statements in accordance with IFRS 15 Revenue from Contracts with Customers

For more information, please contact:

Örjan Frid, President and CEO, Eniro, tel. +46-70 561 1615

This information is information that Eniro AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.30 on April 25, 2018.

Eniro is a leading search company for individuals and businesses in the Nordic region. With quality-assured content and an unrivaled user experience, Eniro inspires local discoveries and makes local communities thrive. Eniro’s content is available through Internet and mobile services, printed directories, directory assistance and SMS services. Each week Eniro Group’s digital services have 8 million unique visitors. Eniro Group has about 1,600 employees and operations in Sweden, Norway, Denmark, Finland and Poland. The company is listed on Nasdaq Stockholm [ENRO] and headquartered in Stockholm. More on Eniro at enirogroup.com. 

About Us

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 search companies in the Nordic region and Poland. The company has approximately 2,000 employees and has been listed on NASDAQ Stockholm since 2000. During 2014, Eniro revenues amounted to SEK 3,002m and EBITDA was SEK 631m. Approximately 88 percent of Eniro advertising revenues come from multiscreen channels. The company’s headquarters are located in Stockholm, Sweden. More on Eniro at www.enirogroup.com. Eniro – Discover local. Search local.

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