Improved efficiency strengthens quarterly EBITDA

Interim report: January - September 2015

Third quarter: July - September 2015

• Total operating revenue amounted to SEK 593 M (744),
a decrease of 20%. Revenue decreased organically by
18% (-14%).
• Revenue from Desktop and Mobile search amounted
to SEK 364 M (465), a decrease of 22%. Revenue
from Desktop and Mobile search decreased organically
by 20% (-11%). Digital search revenue amounted to
SEK 415 M (518), a decrease of 20%. Digital search
revenue decreased organically by 18% (-10%).
• Prepaid revenue as per September 30, 2015, amounted
to SEK 512 M (545), a decrease of 6% compared with
September 30, 2014.
• EBITDA was SEK 134 M (125), an increase of 7%
compared with the third quarter 2014. Earnings were
charged with SEK -1 M (-83) nonrecurring costs,
consisting of SEK -1 M (-41) in restructuring costs,
SEK 0 M (-28) in severance pay, and a net capital loss
of SEK 0 M (-14). The EBITDA margin improved to
22.6% (16.8%).
• Net income for the quarter was strengthened and
amounted to SEK 38 M (-1,820). Income for the
comparison period was affected by impairment losses
totaling SEK -1,799 M.
• Earnings per common share for the quarter improved and
amounted to SEK 0.06 (-18.29) before dilution and SEK
0.04 (–) after dilution.
• Operating cash flow amounted to SEK 12 M (-104), an
improvement of SEK 116 M compared with the third
quarter 2014.

Nine-month period: January–September 2015
• Total operating revenue amounted to SEK 1,859 M
(2,280), a decrease of 18%.
• Revenue from Desktop and Mobile search decreased
organically by 16% (-10%), while total revenue from
Digital search decreased organically by 15% (-7%).
• EBITDA amounted to SEK 276 M (497). Earnings were
charged with SEK -59 M (-18) in nonrecurring costs,
consisting of SEK -47 M (-44) in restructuring costs,
SEK 12 M (-28) in costs for severance pay, and net
capital gains of SEK 0 M (54). The EBITDA margin
was 14.8% (21.8%).
• Net income for the period was SEK -1,174 M (-1,714),
an increase of SEK 540 M. Net income was negatively
affected primarily by impairment losses totaling SEK -1,140 M
(-1,799).
• The renegotiated loan agreement took effect in April
and is divided in three currencies with a tenor through
2018. A lump-sum amortization of debt was made in
April, which converted to Swedish kronor amounted to
approximately SEK 670 M. In June the first scheduled
amortization was made, which converted to Swedish
kronor amounted to approximately SEK 75 M. The
bank loan amounts to approximately SEK 1,621 M per
September 30, 2015.
• Earnings per common share for the period were SEK -4,51
(-17.49) before dilution and SEK -2.56 (–) after dilution.
• Operating cash flow amounted to SEK -31 M (17).

Events during the third quarter
• Adfenix from Gothenburg was named winner in Eniro
Tech Challenge.
• The operations for 118 118 is concentrated to
Norrköping and the office in Kristianstad is closing
down.
• During the third quarter, 62 convertibles were converted
to common shares.
• Fredrik Sandelin was appointed as Eniro’s new CFO,
effective November 1. He succeeds Maria Åkrans, who
has been serving as acting CFO since May 2015.
Events after the end of the reporting period
• No significant events have taken place after the end of
the reporting period.

For more information, please contact

Stefan Kercza, President and CEO, tel: +46 (0) 8 553 310 00
Maria Åkrans, Acting Group CFO, tel: +46 (0) 70 856 64 00

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This 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 8:00 AM CET on October 29, 2015.

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. 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 2,000 employees and has been listed on NASDAQ Stockholm since 2000. During 2014, Eniro’s revenues amounted to SEK 3,002 M and EBITDA was SEK 631 M. More than 88 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.

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