Eniro’s year-end report 2018 - translation

Eniro publicerar bokslutskommuniké för 2018. Rapporten finns att ladda ned på bolagets hemsida www.enirogroup.com.

FOURTH QUARTER: OCTOBER – DECEMBER 2018  

• Total operating revenue amounted to SEK 320 M (384), a decrease of 17%. Excluding Print, which was discontinued during 2017, total operating revenue decreased 16%.
• EBITDA amounted to SEK 37 M (44). The EBITDA margin was 11.6% (11.5%). Adjusted EBITDA amounted to SEK 38 M (62)
• The Board of Directors resolved to conduct non-cash flow-affecting impairment of the value of goodwill by SEK -565 million, based on factors including an anticipated transfer of future cash flows from current operations.
• Net income for the period was SEK -542 M (232).
• Earnings per ordinary share for the period were SEK -8.16 (10.39) before and -8.16 (10.18) after dilution.
• At the end of the quarter, about 95% of the customers in Sweden, Norway and Denmark were included in the new business model with a broader offering based on subscription-based contracts.
• 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, and that will extend with no negative effects on liquidity in the form of repayment or coupon payments until the end of 2021, to which adds an additional financing of approximately SEK 64 M.
• In October 2018, the divestment of the wholly owned Polish subsidiary, Eniro Polska, to the Polish company Equinox Investments was completed. The transaction generated a capital gain of SEK 44 million and a cash-flow effect of SEK +16 million.

• At the beginning of December, Eniro and PRI reached agreement, entailing that PRI reduces its claim on collateral from SEK 200 M to SEK 182 M for a period up to 30 September 2020. Thus, for Eniro this means a time-limited improved cash of SEK 18 M. In return, PRI receives a mortgage on the company's assets up to SEK 35 M, and in accordance with the bond terms and conditions, receive priority ahead of the bondholders.

• The Board of Directors proposes to the 2019 AGM that no dividend be paid on ordinary or preference shares.

FULL YEAR – JANUARY - DECEMBER 2018  

• Total operating revenue amounted to SEK 1,393 M (1,649), a decrease of 16%. Excluding Print, which was discontinued during 2017, total operating revenue decreased 13%.
• EBITDA decreased by 9% to SEK 206 M (226). The EBITDA margin was 14.8% (13.7%).
• The Board of Directors resolved to conduct non-cash flow-affecting impairment of the value of goodwill by SEK -568 million, based on factors including an anticipated transfer of future cash flows from current operations
• Net income for the period was SEK -573 M (124).
• Earnings per ordinary share for the period were SEK -8.69 (10.09) before and after dilution.
• Operating costs were SEK 233 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.

* Retrospective restatement of financial statements in accordance with IFRS 15 Revenue from Contracts with Customers

For more information, please contact:

Örjan Frid, CEO Eniro, Tel 08-553 310 00 

Hassan Tabrizi, CFO, Tel 08-553 310 00

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 21:50 on February 11, 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, directory assistance and SMS services. Each week Eniro Group’s digital services have 6 million unique visitors. Eniro Group has about 1,100 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.