108% revenue growth for Mobile search. Multiscreen revenue rose 4%. Adjusted EBITDA on par with same period a year ago. Improved cash flow. Fourth quarter: October–December 2013
· Revenue for Mobile search grew organically by 108% (95%). · Total multiscreen revenue (Desktop search, Mobile search and Campaign products) rose organically by 4% (5%). · 34% of total product and company searches were performed via mobile channel in Q4. · Organic revenues decreased by 8% (-13%). Total operating revenue amounted to SEK 1,024 M (1,091), a decrease of 6%. · Adjusted EBITDA increased to 284 M (283) and is negatively effected with SEK 25 M in costs from synthetic shares. The margin was 27.7% (25.9%). Earnings were charged with SEK 64 M (19) in restructuring costs. EBITDA amounted to SEK 220 M (308). · Income for the period amounted to SEK -25 M (56), incl. SEK 99 M in impairment losses. · Earnings per common share were SEK -0.33 (0.44). · Operating cash flow increased to SEK 207 M (161).
Full year: January–December 2013
· Total operating revenue amounted to SEK 3,660 M (3,999), a decrease of 8%. Multiscreen revenue accounted for 80% (73) of total advertising revenue. · Adjusted EBITDA amounted to SEK 956 M (976), corresponding to an EBITDA margin of 26.1% (24.4%). Earnings include a negative effect of SEK 40 M from synthetic shares. EBITDA amounted to SEK 849 M (976), corresponding to an EBITDA margin of 23.2% (24.4%) . · Including SEK 104 M in impairment losses, income for the year amounted to SEK 234 M (241) · Earnings per common share were SEK 1.84 (2.09). · Operating cash flow increased to SEK 329 M (299).
Events during the fourth quarter
· Eniro extended its cooperation agreement with Google for another two years. The agreement is expected to result in a doubling of Eniro’s revenue from sales of keyword advertising in 2014. · The market trend for directory assistance services continues to be negative. To adjust surplus values carried on the balance sheet for Voice Norway, an impairment loss of SEK 91 M was recognized during the quarter.
Events after the end of the period
· Adjusted EBITDA for 2014 is expected to be on par with 2013. Cost savings for 2014 are expected to be at least SEK 200 M.
For more information, please contact: Johan Lindgren, CEO, tel: +46 8 553 310 01 Mattias Lundqvist, CFO, tel: +46 8 553 310 04 Cecilia Lannebo, Head of Investor Relations, tel: +46 722 208 277, email: 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 publication at 08.00 CET on February 7, 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.
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