Eniro’s interim report January – September 2018
Eniro publishes the interim report for the first nine months 2018. The report is available on the company’s website www.enirogroup.com. This is an unofficial translation for convenience purposes only.
THIRD QUARTER: July – September 2018
- Total operating revenue amounted to SEK 356 M (388), a decrease of 8%. Excluding Print, which was discontinued during 2017, total operating revenue decreased 7%.
- EBITDA amounted to SEK 60 M (62). The EBITDA margin was 16.9% (16.0%).
- Net income for the period was SEK -21 M (-32).
- Earnings per ordinary share for the period were SEK -0.33 (-5.08) before and after dilution.
- At the end of the quarter, about 85% of the customers in Sweden, Norway and Denmark were included in the new business model with a broader offering based on subscription-based contracts.
- In September 2018, Eniro entered a binding agreement to sell its wholly owned Polish subsidiary, Eniro Polska, to the Polish company Equinox Investments. The transaction is expected to be completed by the end of October at the latest.
Nine-month period: JANUARY – September 2018
- Total operating revenue amounted to SEK 1,073 M (1,265), a decrease of 15%. Excluding Print, which was discontinued during 2017, total operating revenue decreased 12%.
- EBITDA decreased by 7% to SEK 169 M (182). The EBITDA margin was 15.8% (14.4%).
- Net income for the period was SEK -31 M (-108).
- Earnings per ordinary share for the period were SEK -0.51 (-18.53) before and after dilution.
- Operating costs were SEK 175 M lower than in the year-earlier period, largely due to the completed cost-saving program.
- Eniro Finland acquired Finnish company Elisa’s outsourcing operation for customer service and corporate switchboard outsourcing business. This acquisition strengthens Eniro’s position as the leading developer and provider of customer service solutions in Finland.
EVENTS AFTER THE BALANCE SHEET DATE
- At the beginning of October, all of Eniro’s bank loans of a nominal value of SEK 925 M were replaced with a bond loan in Eniro AB of SEK 989 M, which means an additional financing of approximately SEK 64 M. The bond loan will extend with no negative effects on liquidity in the form of repayment or coupon payments until the end of 2021.
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Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Oct-Sep | Jan-Dec |
| SEK M | 2018 | 2017* | 2018 | 2017* | 2017/18 | 2017* |
| Operating revenue | 356 | 388 | 1,073 | 1,265 | 1,457 | 1,649 |
| EBITDA | 60 | 62 | 169 | 182 | 213 | 226 |
| Adjusted EBITDA | 62 | 80 | 171 | 234 | 233 | 296 |
| Operating income | 21 | 19 | 52 | -16 | 54 | -14 |
| Net income for the period | -21 | -32 | -31 | -108 | 201 | 124 |
| Cash flow from operating activities | 9 | -5 | 18 | -1 | 24 | 5 |
| Interest-bearing net debt excluding convertible bond and pension obligations | -668 | -1,268 | -668 | -1,268 | -668 | -575 |
* Retrospective restatement of financial statements in accordance with IFRS 15 Revenue from Contracts with Customers
For more information, please contact:
Örjan Frid, President and CEO, tel. +46-70 561 1615
This information is information that Eniro AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.30 on October 30, 2018.
Eniro is a leading search company for individuals and businesses in the Nordic region. With quality-assured content and an unrivaled 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 million unique visitors. Eniro Group has about 1,700 employees and operations in Sweden, Norway, Denmark, Finland and Poland. The company is listed on Nasdaq Stockholm [ENRO] and headquartered in Stockholm. More on Eniro at enirogroup.com.