Interim Report Second Quarter 2003 July 17, 2003

Transcription

1 Interim Report Second Quarter 23 July 17, 23

2 Q2 at a glance Structural changes vs 22 Tampere business consolidated from Q1 23 Respons (Eniro ) consolidated from May 1, 23 Closure of Windhager in 22 End of KPN agreement in 22 Operational differences vs 22 Costs for Groupwide projects of 26 MSEK H1 allocated to Business areas from HQ Changes in publication dates, primarily in Sweden Continued weak market conditions Strong margin and cash flow improvement Revenue EBITDA Earnings before tax Cash flow from current operations Q2 23 1, Q2 22 1, %

3 Sweden consolidated Share of total Revenue 22/3 52% Offline Online Total revenue EBITDA EBITDA margin, % AprJun JanJun JulJun JanDec % % 22/3 22 % ,796 1, ,136 1,1 2,482 2, , , Key points Acquisition of Respons finalized, consolidated from May 1 Decline in offline revenues mainly attributable to changes in publication dates, also impacting EBITDA negatively Certain decline for niche products more vulnerable in weak markets Eniro.se launched strong Internet traffic development Strengthened market positions in all media channels

4 Sweden Excluding voice Offline Online Total revenue EBITDA EBITDA margin, % 46 AprJun JanJun % % Voice* AprJun Offline JanJun Online ,2 1,1 7 Total revenue EBITDA EBITDA margin, % Strong online growth Costs for Groupwide projects of,, 9 MSEK in Q2 and 18 MSEK in H1 Solid margin Smart Meetings divested,, annual sales of 15 MSEK * Consolidated from May 1, 23

5 eniro.se eniro.se launched midmay Combines local and global search; Yellow Pages Private Persons Map and route directions Global web search Launch supported by strong market activities Strong traffic development >2 unique visitors Total number of unique visitors on Eniro sites in Sweden > 4 3 6% of the Swedish web universe eniro.dk launched in April also with a good traffic development eniro.fi and eniro.no next in line

6 Nordic AprJun JanJun JulJun JanDec Share of total Revenue 22/3 Offline % Online Total revenue EBITDA % % 22/3 22 % ,217 1, EBITDA margin, % Key points Eniro.dk launched demonstrating a strong traffic trend Significant improvement in EBITDA (+ 39 MSEK) in Finland, synergies from the Helsinki directory had a large impact on Q2 Strong revenue growth 8% in Q2, in Norway due to improved sales of Yellow Pages search Online

7 Central Europe* Share of total Revenue 22/3 15% Offline Online Total revenue EBITDA EBITDA margin, % Key points AprJun JanJun JulJun JanDec % % 22/3 22 % Continued weak market conditions in both Poland and Germany Decline in offline/cdrom in WLW compensated by online/internet Continued growth in Poland and WLW both in traffic and customers Growth in Q2 largely timingrelated *Excluding Windhager

8 Eastern Europe AprJun JanJun JulJun JanDec % % 22/3 22 % Share of Revenue 22/3 Offline % Online Total revenue EBITDA EBITDA margin, % Key points Focus on the Moscow market Continued tough competition, primarily in the Baltics

9 Market outlook The uncertainty regarding the trend of business conditions in Eniro s key markets is ongoing. Uncertainty will continue to prevail during 23 in Eniro s most important markets, including the Swedish market, which accounts for just over 5 % of revenues.

10 Summary Weak market conditions prevail Strengthened market positions in most markets Balanced portfolio productwise and geographically New products launched combining local and global search; eniro.se and eniro.dk Emphasized focus on online initiatives Solid margin and strong cash flow Solid platform for further development

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12 Background information Consolidated financials Revenues EBITDA Revenues by quarter EBITDA by quarter Balance sheet Cash flow Shareholders The Share

13 Consolidated financials INCOME STATEMENT AprJun JanJun JulJun JanDec /3 22 REVENUES 1,296 1,312 2,189 2,188 4,738 4,737 growth % Whereof Offline 84 1,41 1,276 1,479 3,212 3,415 growth % Whereof Online ,526 1,322 growth % Online share EBITDA margin KEY RATIOS 3 Jun 23 1,1 23 NET INCOME EPS, SEK Dec 31 Dec Equity / Asset Ratio % ,426 Net Debt 1,828 1, Net Debt / EBITDA times

14 Revenues REVENUES, MSEK % % JulJun JanDec % JanJun AprJun / ,446 1, ,737 2,482 1, ,738 1, , , , , ,188 Sweden Nordic Denmark Finland Norway Central Europe Wer liefert was? Windhager Poland Eastern Europe Other Total

15 EBITDA AprJun JanJun JulJun JanDec % 2223 % 22 Apr % 2/March 22/ % EBITDA, REVENUES, MSEK MSEK JanMarch Full Year Sweden ,167 1,176 1 Nordic Denmark Finland Norway Central Europe Wer liefert was? Windhager Poland Eastern Europe Other Total ,

16 Revenues by quarter SEK M Q2/3 Q1/3 Q4/2 Q3/2 Q2/2 Q1/2 Q4/1 Q3/1 Total 1, , , , Sweden , , Sweden excl. voice , , Sweden voice 116 Nordic excl.sweden Denmark Finland Norway Central Europe Wer liefert was? Windhager Poland Eastern Europe Other % of annual revenues 41% 13% 28% 18% 42% 14%

17 EBITDA by quarter SEK M Q2/3 Q1/3 Q4/2 Q3/2 Q2/2 Q1/2 Q4/1 Q3/1 Total Sweden Sweden excl. voice Sweden voice 25 Nordic excl. Sweden Denmark Finland Norway Central Europe Wer liefert was? Windhager Poland Eastern Europe Other % of annual EBITDA 37% 6% 35% 23% 56% 3%

18 Balance sheet MSEK June 3, 23 Dec 31, 22 Assets Goodwill Other fixed assets Total fixed assets Total current assets Total assets 5, ,82 1,72 7,54 4, ,165 2,155 7,32 Shareholders equity Provisions Interestbearing longterm liabilities Current liabilities Total shareholders equity provisions and liabilities Net debt 3, ,87 1, 7,54 2,426 3, ,696 1,23 7,32 1,828

19 Cash flow AprJun JanJun JulJun JanDec /3 22 Operating Income before financial items Depreciation and amortization ,239 1,267 Other noncash items Interest Paid Taxes Paid Cash flow from current operations before changes in working capital Change In Working Capital Cash flow from current operations Investments in fixed assets Investment i subsidiaries , Cash flow from investment operations , Changes in loans Dividend Cash flow from financing operations Cash flow Change In Net Debt (= increase)

20 Shareholders Owners per country June 3, 23 ( ) Main shareholders June 3, 23 UK 17.7% (23.%) Sweden 31.3% (28.%) Other 12.3% (13.6%) USA 38.7% (35.4%) Fidelity K Capital Hermes SEB fonder Robur Nordea SHB/SPP Funds Första APfonden SEB Trygg Försäkring 11.2% 4.9% 4.8% 3.4% 3.3% 3.% 2.3% 1.9% 1.8%

21 Share price performance 23