First quarter: January–March 2014
94% revenue growth for Mobile search. Multiscreen revenue as a share of total advertising revenue continued to rise, to 90% (82%). Adjusted EBITDA for first quarter in line with full-year forecast.
- Revenue for Mobile search grew organically by 94% (100%).
- Total multiscreen revenue (Desktop search, Mobile search and Campaign products) rose organically by 3% (4%).
- 44% of total product and company searches performed via mobile channel in Q1.
- Organic revenues decreased by 7% (-7%). Total operating revenue amounted to SEK 792 M (886), a decrease of 11%.
- EBITDA amounted to SEK 227 M (170), including capital gains of SEK 62 M. Adjusted EBITDA amounted to 169 M (183) and was negatively effected by approximately SEK 9 M in costs for synthetic shares. The adjusted EBITDA margin was 21.3% (20.7%). Earnings were charged with SEK 4 M (13) in restructuring costs.
- Income for the period amounted to SEK 71 M (89).
- Earnings per common share were SEK 0.59 (0.75).
- Operating cash flow was negative SEK 53 M (88). Cash flow decreased as a result of a lower pace of customer penetration work during the first quarter and as a result of payments for restructuring measures that were expensed during the fourth quarter of 2013.
Events during the first quarter
- Eniro further concentrated its business towards digital local search with the divestments of InTouch and Scandinavia Online AS in Norway. Capital gains during the first quarter amounted to approximately SEK 62 M.
- Eniro launched a new, significantly improved search service that features a number of new functionalities and marketable products.
- Eniro entered into a franchise partnership in United Arab Emirates with Etisalat, the world’s 13th largest telecom operator. Through the agreement, Eniro will broaden its revenue base and take a step towards offering external companies active in other geographic markets the opportunity to license Eniro’s local search platform.
For more information, please contact:
Johan Lindgren, President and CEO, Tel +46 8 553 310 01
Cecilia Lannebo, Head of Investor Relations, Tel: +46 722 208 277, email: firstname.lastname@example.org
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 publication at 08.00 CET on April 25, 2014.
Eniro is a search company that aggregates, filters and organizes local information. Our growth is driven by users’ increasing mobility and multiscreen behavior, where we are at the forefront with modern technical solutions. For more than 100 years Eniro has helped people find local information and companies find customers. Today it is a multiscreen solution – our users search for information using their smart phones, tablets and desktops. This creates great business opportunities for us as the local search company. Mobile advertising is today the fastest growing part of Eniro’s business. Eniro is the local search engine. A smart shortcut to what you need, no matter where you are or where you are going.
Eniro is one of the largest search companies in the Nordic region and Poland. The company has approximately 2,800 employees and has been listed on NASDAQ OMX Stockholm since 2000. During 2013, Eniro’s revenues amounted to SEK 3,660 M and EBITDA was SEK 849 M. More than 80 percent of Eniro’s advertising revenues come from multiscreen channels. The company’s headquarters are located in Stockholm, Sweden. More on Eniro at www.enirogroup.com.
Eniro – Discover local. Search local.