Eniro AB interim report January – March 2020

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Eniro publishes the interim report for the first quarter 2020. The report is available on the company's website www.enirogroup.com. This is an unofficial translation for convenience purposes only.


  • Total operating revenue amounted to SEK 229 M (275), a decrease of 17%. Adjusted for divested units, the decrease was 8%.
  • EBITDA amounted to SEK 19 M (24). The EBITDA margin was 8.3% (8.7%). Adjusted EBITDA amounted to SEK 19 M (24).
  • Net income for the period was SEK -652 M (-38), and was charged with an impairment of intangible assets of SEK 600 M.
  • Earnings per ordinary share for the period were SEK -9.81 (-0.59) before and after dilution.
  • The review of the long-term capital structure by the Board of Directors led to a proposal in January 2020 concerning a new recapitalization of the Parent Company that would include such measures as an exchange of convertible promissory notes and bonds for newly issued preference shares. On March 27, 2020, it was confirmed that the recapitalization proposal set forth had not gained the required acceptance and the Board determined in accordance with Chapter 25, Section 13 of the Companies Act that a balance sheet for liquidation purposes would be drawn up for the Parent Company, Eniro AB.
  • A company reorganization pertaining to the Parent Company, Eniro AB, was initiated on March 30, 2020.
  • The COVID-19 pandemic struck in parallel with the recapitalization, and Eniro also suffered from the financial consequences. New sales were negatively affected, and projects that were a condition for previous plans had to be postponed. In light of the changed assumptions, on March 31 the Board of Directors decided on an impairment to goodwill of SEK 600 M. The Parent Company’s shares in its subsidiaries were impaired by SEK 648 M on the same date, which resulted in the shareholders’ equity in the Parent Company being exhausted.
  • As a result of the COVID-19 pandemic, a number of measures were initiated in March to counter the direct negative effect on Eniro’s additional sales and new customer sales.


  • To counter the effects of the ongoing COVID-19 pandemic, corporate management has begun implementing cost-saving measures in all areas. There are no recruitments as regards earlier vacancies, and employee numbers are being reduced in all parts of the Group.
  • In accordance with the regulations in Chapter 25, Section 15 of the Companies Act, the balance sheet for liquidation purposes, as well as the auditor’s statement, will be presented at an initial meeting for liquidation purposes. This initial meeting for liquidation purposes will coincide with the Annual General Meeting.
  • The Annual General Meeting of Eniro AB (publ) has been postponed until 16 June 2020.
Jan–Mar Jan–Mar Apr–Mar Jan–Dec
SEK M 2020 2019 2019/20 2019
Operating revenue 229 275 1,014 1,060
EBITDA 19 24 71 76
Adjusted EBITDA 19 24 87 92
Operating income -615 -20 -991 -396
Net income for the period -652 -38 -1,248 -634
Cash flow from operating activities -6 9 36 51
Interest-bearing net debt excluding convertible bond and pension obligations 966 966 966 920

For more information, please contact:

Magdalena Bonde, Group President and CEO, tel +46 8 553 310 00, magdalena.bonde@eniro.com

Anne Langbraaten, Group CFO, tel +46 8 553 310 00, anne.langbraaten@eniro.com

This information is information that Eniro AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 16.45 CET on May 14, 2020.

Eniro is a Nordic company that helps small and medium-sized companies with digital marketing. Eniro also has a search service that aggregates, filters and presents information to help individuals find and come into contact with each other and with companies. The company has about 1,000 employees and operates in Sweden, Norway, Denmark and Finland through the local domains eniro.se, gulesider.no, krak.dk and degulesider.dk, and each week, Eniro Group's digital services have about 4.7 million unique visitors. Eniro is listed on Nasdaq Stockholm [ENRO] and its head office is located in Stockholm.

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