Weak sales performance in Sweden had a negative impact on revenue and earnings
for the quarter. Organizational changes and actions have been carried out.
Changed full-year guidance.
· Revenue for Mobile search grew organically by 58% (101%).
· Total multiscreen revenue (Desktop search, Mobile search and Campaign
products) decreased organically
by 5% (2%). Revenue was negatively affected by weak sales in Sweden.
· 27% of total searches performed via mobile channel in Q2.
· Organic revenues decreased by 10% (-4%). Total operating revenue amounted to
SEK 793 M (893).
· EBITDA amounted to SEK 194 M (234) and includes a capital gain of
approximately SEK 6 M from the sale of Krak Markedsdata and revaluation of
provisions for synthetic shares totaling approximately SEK 4 M. Adjusted EBITDA
amounted to SEK 187 M (247). The adjusted EBITDA margin was 23.6% (27.7%).
· Income for the period amounted to SEK 73 M (80), and earnings per common
share were SEK 0.59 (0.66).
· Operating cash flow improved by SEK 71 M to SEK 174 M (103). During the
quarter, SEK 186 M in bank borrowings was repaid.
Six-month period: January–June 2014
· Multiscreen revenues decreased organically by 1% (3%). Total operating
revenue amounted to SEK 1,585 M (1,779), a decrease of 11% (-9%).
· EBITDA amounted to SEK 421 M (404), corresponding to an EBITDA margin of
26.6% (22.7%). Adjusted EBITDA amounted to SEK 356 M (430).
· Income for the period was SEK 144 M (169), and earnings per common share
were SEK 1.18 (1.41).
· Operating cash flow was SEK 121 M (191).
Events during the second quarter
· As a result of weak sales performance in Sweden, Eniro has carried out
management changes. Stefan Kercza, President of Eniro Denmark, has been named as
acting President of eniro.se.
· Eniro further concentrated its business on digital local search with the
divestment of Krak Markedsdata in Denmark. The capital gain amounted to
approximately SEK 6 M.
Events after the end of the reporting period
· Eniro has signed an agreement to acquire Idium, one of the leading media
agencies in Norway. The acquisition complements and strengthens Eniro’s offering
in the Campaign products revenue area.
· As a result of weak earnings performance during the second quarter, the full
-year forecast has been revised. The new forecast for the full-year 2014 is for
adjusted EBITDA of SEK 850 M.
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:
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 July 16, 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
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.
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