Interim report January-March 2013
Sharply increased net profit and cash flow as well as higher rate of growth for Online. The debt objective has been achieved and long-term financing has been secured.
First quarter: January–March 2013
- Online revenues grew organically by 4 percent, a doubling over the previous year. Of the total product and company searches, the mobile channel accounts for 25 percent.
- The digital media proportion of total revenues is growing and amounts to 79 percent (69), excluding Voice.
- Total operating revenues amounted to SEK 886 M (959), down 8 percent (decrease: 1). Currency effects, divested businesses and discontinued directory publications had a negative effect of approximately 5 percent.
- EBITDA is increasing and amounted to SEK 170 M (156), a margin of 19.2 percent (16.3). Adjusted EBITDA excluding capital gains and restructuring was SEK 183 M (160).
- Net profit increased to SEK 89 M (loss: 39).
- The objective that net debt in relation to EBITDA should not exceed a multiple of 2.5 has been achieved.
- Earnings per common share for the period were strengthened and amounted to SEK 0.75 (-0.39).
- Operating cash flow increased SEK 75 M to SEK 88 M (13).
Events during the first quarter
- Eniro Norge AS is consolidating the Norwegian market for directory-information services through a merger with the low-price brand challenger, 1888. The deal is expected to increase Eniro’s revenues by SEK 50 M and raise EBITDA by approximately SEK 20 M on an annual basis.
Following the close of the period
- Eniro has renegotiated the company’s loans more than a year in advance of them reaching maturity. All six banks in the company’s bank consortium (Danske Bank, DNB, Handelsbanken, Nordea, SEB and Swedbank) are included in the preliminary agreement which is valid for three years with an extension of four years when SEK 800 M of the bank loan is replaced by a corporate bond. The loan is in an amount of SEK 3 billion and has been provided at interest-rate terms in line with previous agreement. The loan agreement will entail a more flexible repayment rate, increased operating flexibility and an continued future possibility of paying dividends on the company’s common shares.
- Eniro is acquiring a majority of one of the Nordic region’s largest blogger networks, Bloggerfy. Through the acquisition, Eniro is establishing a strong position in social advertising channels in Sweden and Norway. The purchase consideration is SEK 0.5 M.
For more information, please contact:
Johan Lindgren, President and CEO, Tel: +46 8 553 311 14
Mattias Lundqvist, CFO, Tel: +46 8 553 310 04
Cecilia Lannebo, Head of Investor Relations, Tel: +46 722 208 277, e-mail: email@example.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 April 25, 2013.