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Eniro AB year-end report 2019

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FOURTH QUARTER: OCTOBER – DECEMBER 2019

  • Total operating revenue amounted to SEK 246 M (320), a decrease of 23%. Adjusted for divested units, the decrease was 11%.
  • EBITDA amounted to SEK 22 M (37). EBITDA was positively impacted in an amount of SEK 12 M compared with the preceding year as a result of IFRS 16. The EBITDA margin was 8.9% (11.6%). Adjusted EBITDA amounted to SEK 20 M (38). The IFRS 16 effect above was reversed in adjusted EBITDA.
  • Net income for the period was SEK -45 M (-557). The impairment of intangible assets of SEK 570 M  that was made in the fourth quarter of the preceding year essentially accounts for the difference in earnings between the quarters.
  • Earnings per ordinary share for the period were SEK -0.69 (-8.38) before and after dilution.
  • Restructuring costs, pertaining to the streamlining of the sales organization, amounted to SEK 10 M (1) in the fourth quarter.
  • The Board of Directors proposes to the 2020 AGM that no dividend be paid on ordinary or preference shares.

FULL-YEAR: JANUARY – DECEMBER 2019

  • Total operating revenue amounted to SEK 1,060 M (1,393), a decrease of 24%. Adjusted for divested units, the decrease was 9%.
  • EBITDA amounted to SEK 76 M (206), including the loss on the divestment of shares in a subsidiary of SEK 32 M. EBITDA was positively impacted in an amount of SEK 40 M compared with the preceding year as a result of IFRS 16. The EBITDA margin was 7.2% (14.8%). Adjusted EBITDA amounted to SEK 92 M (209). The IFRS 16 effect above was reversed in adjusted EBITDA.
  • On October 28, 2019, the Board of Directors resolved to make a non-cash impairment of the value of goodwill of SEK 306 M, after which the loss for the period amounted to SEK -634 M (-588).
  • Earnings per ordinary share for the period were SEK -9.57 (-8.91) before and after dilution.
  • Eniro divested the Proff companies to Asiakastieto Group Plc and UC AB, upon which a cash purchase consideration of SEK 120 M plus interest SEK 3 M was paid on the closing date, July 1, 2019. Eniro subsequently called for arbitration against Asiakastieto Group Plc and UC AB regarding the claim for additional purchase consideration and accrued but not paid interest.
  • Restructuring costs, pertaining to the streamlining of the sales organization, amounted to SEK 24 M (2) for the full year.

EVENTS AFTER THE BALANCE SHEET DATE

  • The Board of Directors of Eniro AB is proposing a plan for a new recapitalization, entailing an exchange of convertibles and bonds for redeemable preference shares of a new Class A and has called an Extraordinary General Meeting on Monday, March 2, 2020, please see press release 2020-01-29.
  • For efficiency reasons, the Board has decided to adjust the recapitalisation schedule and move the Annual General Meeting to May 29, 2020.

 

  •   Oct-dec Oct-dec Jan-Dec Jan-Dec
    SEK M 2019 2018 2019 2018
    Operating revenue 1 060 1 393 1 060 1 393
    EBITDA 76 206 76 206
    Adjusted EBITDA 92 209 92 209
    Operating income -396 -513 -396 -513
    Net income -634 -588 -634 -588
    Cash flow from operating activities 51 45 51 45
    Interest-bearing net debt excluding convertible bond and pension obligations -920 -822 -920 -822
  •  

* Effects of IFRS 16 Leases are included in 2019 but not in 2018. For more information, see Note 1

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