Interim report January-September 2016

Eniro third quarter: July-September 2016

  • Total operating revenue amounted to SEK 488 M (593), a decrease of 18%.
  • Revenue from Desktop/Mobile search amounted to SEK 320 M (364), a decrease of 12%.
  • Prepaid revenue amounted to SEK 408 M (512) as per September 30, 2016, a decrease of 20%.
  • EBITDA decreased by 22% to SEK 104 M (134). The EBITDA margin was 21.3% (22.6%).
  • Adjusted EBITDA decreased by 7% to SEK 126 M (135). The adjusted EBITDA margin was 25.8% (22.8%).
  • Net income for the period was SEK 30 M (38), a decrease of 21%.
  • Earnings per common share for the period were SEK 0.03 (0.06) before dilution and SEK 0.03 (0.05) after dilution.
  • Cash flow from operating activities was SEK 18 M (29).
  • During the quarter, the composition of the Group Management Team was changed to strengthen sales efforts and increase focus on the company’s customer offering. The Group Management Team now comprises Örjan Frid, President and CEO; Fredrik Sandelin, CFO; and Mattias Wedar, Head of Nordic Sales.
  • Eniro has begun implementation of a new business model with a changed customer offering.
  • The Board has initiated negotiations with Eniro’s creditors.
  • The Board will propose to the 2017 Annual General Meeting to decide that no share dividend be paid , nor for common or preference shares.   
  • The Board is working to refine the Group.

Company and capital structure

Eniro’s board of directors is of the opinion that Eniro will not be able to fulfill all of the key ratio covenants of its loan agreements at year-end 2016. In addition, the Board believes that Eniro will not be able to meet the loan amortization payments that are required under the terms of its current loans by the second quarter 2017. The Board has initiated negotiations with Eniro’s creditors to adapt the company’s loan terms and other capital structure to the new business model and the company’s long-term ability to repay. Eniro’s creditors consist of a consortium of six banks. These negotiations are expected to continue during the rest of the year. The Board is currently of the opinion that it will be possible to adapt the company’s capital structure.

The Board continues to work for a refinement of the Group and is evaluating possible divestments of non-strategic businesses.

Web-cast telephone conference 

A web-cast telephone conference will be held today at 10:00 CET. CEO and President Örjan Frid and CFO Fredrik Sandelin will present the results for the third quarter 2016. A possibility will be given to ask questions. The webcast, which afterwards also will be available on demand, will be accessible at presentation material will be published before the conference starts on Eniro’s website, under Investor Relations.

To participate in the conference call, and thereby be able to ask questions, please call one of the following numbers:
SE: +46 (0) 8 5664 2690
UK: +44 (0) 20 3008 9804

For further information, please contact:

Örjan Frid                                              Fredrik Sandelin

President and CEO                               CFO
Tel.: +46-8-553 310 00                          Tel.: +46-8-553 310 00

The information in this interim 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 above, at 08:00 (CET) on October 28, 2016.

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 1,700 employees and operations in Sweden, Norway, Denmark, Finland and Poland. The company is listed on Nasdaq OMX Stockholm [ENRO] and headquartered in Stockholm. More on Eniro at

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 Eniro – Discover local. Search local.