Improved profitability – continued measures to reverse trend in digital revenue

I am happy to report that our efficiency improvement measures are having an effect. The EBITDA margin is now 27% (14.7%). We work hard to carry out a number of measures to reverse the trend in our digital revenue. During the past quarter we launched our advertising subscription service and renewed our reseller agreement with Google in Sweden. We have also intensified our measures to strengthen the customer base. We have continued high traffic to our search sites, with more than 8.1 million visitors every week.

Working with revenue-enhancing as well as efficiency-improvement measures is the key to capitalizing on the favorable position we have in the growing market for local digital search.

Adjusted EBITDA up 14%

We see that our efficiency improvement measures are having an effect. Adjusted EBITDA improved by 14% during the quarter, to SEK 119 M. The adjusted EBITDA margin was 23.6%. EBITDA also improved, by 46%, to SEK 136 M.

Sales during the first quarter decreased by 20% to SEK 504 M. Revenue still needs to be improved, but we are seeing a slight recovery in order bookings. Compared with the fourth quarter of 2015, sales decreased by 13%. Revenue from Desktop/Mobile search amounted to SEK 356 M. Compared with the fourth quarter of 2015, this represents an increase of just under 3%.

Since we are striving to offer customers attractive, comprehensive digital market solutions, it is gratifying to note that average revenue per customer has increased somewhat. In our Swedish core business, eniro.se, average revenue per customer grew 3%. We are seeing the same tendency for the first contracts signed in our pilot launch of subscription advertising. 

Stefan Kercza, President and CEO



First quarter January - March 2016

  •         Total operating revenue amounted to SEK 504 M (632), a decrease of 20%.
  •         Revenue from Desktop/Mobile search amounted to SEK 356 M (430), a decrease of 17%.
  •         Prepaid revenue amounted to SEK 502 M (577) as per March 31, 2016, a decrease of 13% compared with the level at March 31, 2015.
  •         Adjusted EBITDA rose 14% to SEK 119 M (104). The adjusted EBITDA margin was 23.6% (16.5%).
  •         EBITDA grew 46% to SEK 136 M (93). The EBITDA margin was 27.0% (14.7%).
  •         Net income for the period was SEK -2 M (-27), an improvement of SEK 25 M.
  •         Earnings per common share for the period were SEK -0.03 (-0.39) before dilution and SEK -0.02 (-) after dilution.
  •         Cash flow from operating activities increased to SEK 65 M (60). 
  Jan-Mar Jan-Mar Apr-Mar Jan-Dec
SEK M 2016 2015 % 2015/16 2015
Operating revenue 504 632 -20 2,310 2,438
EBITDA 136 93 46 426 383
Adjusted EBITDA 119 104 14 469 454
Net income -2 -27 93 -1,100 -1,125
Cash flow from operating activities 65 60 8 183 178
Operating cost -371 -544 -32 -1,884 -2,057
Interest-bearing net debt -1,211 -2,188 -45 -1,211 -1,241


Conference call / Webcast

A web-cast telephone conference will be held at 10:00 CET today, where CEO and President Stefan Kercza and CFO Fredrik Sandelin will present the results for the first quarter 2016. A possibility will be given to ask questions via the webcast and follow the presentation material live. The webcast, which afterwards also will be available on demand, will be accessible at http://financialhearings.nu/?160427/eniro.

To participate in the conference call, and thereby be able to ask questions, please call one of the following numbers:

SE: +46 (0) 8 566 426 66 or

UK: +44 (0) 20 300 898 15

The presentation material will be published before the conference starts on Eniro’s website, www.enirogroup.com under Investor Relations. The webcast, and later the recorded version of the webcast and the conference call, will also be accessible via Eniro’s website.


Eniro AB (publ) is required to make this information public in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was released for publication on April 27 2016 at 08.00AM (CET). 

For more information, please contact:

Stefan Kercza, President and CEO, tel: +46 (0) 8 553 310 00

Fredrik Sandelin, CFO, tel: +46 (0) 8 553 310 00

Eniro is a leading search company for individuals and businesses in the Nordic region. With quality-assured content and an unrivalled 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 8.1 million unique visitors who perform 14.5 million searches. Eniro Group has about 2,000 employees and operations in Sweden, Norway, Denmark, Finland and Poland. The company is listed on Nasdaq OMX Stockholm [ENRO] and headquartered in Stockholm. In 2015, revenues amounted to SEK 2,438 M, with a profit before depreciation (EBITDA) of SEK 383 M. More on Eniro at www.enirogroup.com  

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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.