Eniro repays SEK 193 M of bank debt
As announced earlier, Eniro has today redeemed its existing interest-rate swaps. The company has repaid approximately SEK 193 M bilateral loan to Nordea. The repayment represents part of the total SEK 1.2 billion that Eniro will be repaying during the current year. Following the repayment to Nordea, the company’s loan portfolio comprises solely of loans carrying variable interest rates (3 months). The loan is distributed equally between the six banks that are included in Eniro’s bank consortium.
The company’s indebtedness continues to be reduced according to plan. As a result of the reduced borrowing and lower interest rates, the company’s interest costs in 2013 will decline by approximately SEK 100 M, compared with 2012. If all other factors remain equal, lower interest costs, combined with lower costs of approximately SEK 280 M for planned amortization of intangible assets, profit after tax in 2013 will improve by some SEK 380 M, compared with the current year.
“It is with great satisfaction that we now continue to reduce our borrowing. Being able to reduce borrowing by SEK 1.2 billion in 2012 through our own efforts, combined with a successful issue of preferential shares, demonstrates the strength of our business model. Viewed overall, a stable EBITDA, an unchanged investment level and working capital that is under control will generate strong cash flow,” says Johan Lindgren, President and CEO of Eniro.
For more information, please contact:
Johan Lindgren, President and CEO, Tel: +46 8 553 310 01
Mattias Lundqvist, CFO, Tel: +46 8 553 310 04
Cecilia Lannebo, Head of Investor Relations, Tel: +46 722 208 277, email: cecilia.lannebo@eniro.com
The information is such that Eniro AB (publ) is required to disclose in accordance with the Swedish Financial Instruments Trading Act and/or the Swedish Securities Market Act. The information was submitted for publishing at 08:00 a.m. on August 21, 2012.
Eniro is the Nordic region’s largest local search company. Both consumers and companies can use Eniro’s services to easily locate where to buy services and products – regardless of whether the channel is internet, catalog or mobile. Advertisers can actively market themselves to interested consumers, find new customers and increase sales.
Eniro has approx. 3,500 employees in the Nordic region and Poland and has been listed on Nasdaq OMX Stockholm since 2000. During 2011, Eniro’s revenues amounted to SEK 4,323 M and EBITDA was
SEK 991 M. Headquarter is located in Stockholm, Sweden. More on Eniro at www.eniro.com