Eniro interim report January - September 2017
NiNE-MONTH PERIOD: JANUARy–SEPTEMBER 2017
- Total operating revenue amounted to SEK 1,221 M (1,488), a decrease of 18%. Excluding Print, discontinued during 2017, total operating revenue decreased 16%.
- EBITDA decreased by 61% to SEK 140 M (356). The EBITDA margin was 11.5% (23.9%).
- Net income for the period was SEK -148 M (-824).
- Earnings per ordinary share for the period were SEK -0.31 (-1.79) before and after dilution.
THIRD quarter: JULY–SEPTEMBER 2017
- Total operating revenue amounted to SEK 365 M (488), a decrease of 25%. Excluding Print, discontinued during 2017, total operating revenue decreased 19%.
- EBITDA decreased by 56% to SEK 46 M (104). The EBITDA margin was 12.6% (21.3%). EBITDA amounted to SEK 39 M (116) during the second quarter and SEK 55 M (136) during the first quarter.
- Net income for the period was SEK -44 M (30).
- Earnings per ordinary share for the period were SEK -0.09 (0.03) before and after dilution.
- Eniro’s new offer is now rolling out in Sweden, Norway and Denmark.
- Further efforts to reduce costs are intensified and cost levels for 2018 will be reduced by over SEK 100 M.
EVENTS AFTER THE END OF THE REPORTING PERIOD
- On October 5, 2017, Eniro communicated that the exchange offers will be completed at a lower acceptance level than 95%. The exchange offers have been accepted by preference shareholders with a total holding corresponding to approximately 74.12% of all outstanding preference shares and by holders of convertible loans with a total holding corresponding to approximately 88.89% of the outstanding nominal value of the convertible loans in Eniro.
- On October 9, 2017, Eniro communicated that the lending banks had subscribed for and been issued 483,870,966 Class B ordinary shares in Eniro with weak voting power, with payment through set-off of approximately SEK 150 M in bank loans in the set-off issue.
- On October 23, 2017, Eniro communicated the terms for the cash issue. As a part of Eniro’s recapitalization plan, with authorization from the Extraordinary General Meeting on 7 June 2017, the Board of Directors of Eniro AB has resolved on a cash issue of class A ordinary shares of up to SEK 278,295,701 million with preferential rights for existing owners of class A ordinary shares (excluding holders of paid subscribed shares from the exchange offers). The subscription price has been set at SEK 0.075 per class A ordinary share. The proceeds from the cash issue will be used to pay off bank loans. In addition, Eniro’s lending banks will write down bank loans of SEK 275 M.
|Net income for the period||-44||30||-148||-824||-186||-862|
|Cash flow from operating activities||-5||18||-1||142||74||217|
|Interest-bearing net debt excluding convertible bond and pension obligations||-1,268||-1,239||-1,268||-1,239||-1,268||-1,217|
The information in this report is such that Eniro AB (publ) is obligated to disclose pursuant to EU Market Abuse Regulation. This information was submitted for publication, by agency of the contact persons below, at 21.45 (CET) on October 25, 2017.
Örjan Frid, President and managing director, tel +46 705 611 615