Eniro’s year-end report 2017 - translation

Tue, Feb 13, 2018 18:05 CET Eniro publishes the year-end report for the full year 2017. The report is available on the company’s website www.enirogroup.com.  FULL YEAR: JANUARy–DECEMBER 2017 Total operating revenue amounted...

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Eniro publishes the year-end report for the full year 2017. The report is available on the company’s website www.enirogroup.com. 

FULL YEAR: JANUARy–DECEMBER 2017

  • Total operating revenue amounted to SEK 1,595 M (1,967), a decrease of 19%. Excluding Print, which was discontinued during 2017, total operating revenue decreased 16%.
  • EBITDA decreased by 60% to SEK 173 M (428). The EBITDA margin was 10.8% (21.8%).
  • Net income for the period was SEK 76 M (-862).
  • Earnings per ordinary share for the period were SEK 0.05 (-1.88) before and after dilution.
  • A new scalable business model was launched, entailing a more comprehensive customer offering and a transition to subscription-based contracts.
  • The year was charged with high, nonrecurring costs amounting to SEK -70 M (-12). Of these, SEK -31 M (-12) pertained to restructuring costs, SEK -25 M (0) consulting costs mainly related to the work on Eniro’s recapitalization, and SEK -14 M (0) in costs pertaining to a dispute with Fonecta.

FOURTH quarter: OCTOBER–DECEMBER 2017

  • Total operating revenue amounted to SEK 374 M (479), a decrease of 22%. Excluding Print, which was discontinued during 2017, total operating revenue decreased 14%.
  • EBITDA decreased by 54% to SEK 33 M (72). The EBITDA margin was 8.8% (15.0%).
  • Net income for the period was SEK 224 M (-38).
  • Earnings per ordinary share for the period were SEK 0.06 (-0.10) before and after dilution.
  • The financial position improved strongly following the completed recapitalization. Interest-bearing net debt declined by more than SEK 800 M, of which SEK 275 M comprised a debt write-off, generating a positive effect on financial items in the income statement. Equity increased to SEK 1,097 M (468).
  • The new offering continues to be implemented in Sweden, Norway and Denmark, with increased intensity particularly in Norway.
  • An action program to further reduce costs ahead of 2018 was largely completed in December and costs in 2018 are expected to be reduced by more than SEK 100 M.
  • The Board of Directors proposes that the 2018 Annual General Meeting resolve to not pay any dividend – neither for common nor preference shares.

EVENTS AFTER THE END OF THE REPORTING PERIOD

  • On January 8, 2018, the Board of Eniro resolved to appoint from among their number Joachim Berner as new Chairman in conjunction with Björn Björnsson’s departure from the Board at his own request.  

 

Oct-Dec Oct-Dec Jan-Dec Jan-Dec
SEK M 2017 2016 2017 2016
Operating revenue 374 479 1,595 1,967
EBITDA 33 72 173 428
Adjusted EBITDA 51 77 243 440
Operating income -9 25 -67 -664
Net income for the period 224 -38 76 -862
Cash flow from operating activities 6 75 5 217
Interest-bearing net debt excluding convertible bond and pension obligations -575 -1,217 -575 -1,217

 
For more information, please contact:

Örjan Frid, President and CEO, Eniro, tel. +46-70 561 1615

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 08.30 on February 9, 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, printed directories, directory assistance and SMS services. Each week Eniro Group’s digital services have 8 million unique visitors. Eniro Group has about 1,700 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.