Interim report January September. October

Transcription

1 Interim report January September October

2 July September 2008 Highlights Norway is on rolling 12 months larger on online than on offline with continued high margins Operating revenues in Q3 amounted SEK 1,480 M EBITDA in Q3 amounted SEK 478 M Continued stable margins Write down intangible assets, SEK 1.2 billion related to the Norwegian operations Macro situation Eniro is not yet effected by the financial turbulence Historically more resilient than other media forms

3 July September 2008 Highlights Good online organic growth in the quarter, 14 percent Main drivers Sweden, 18 percent and Norway, 14 percent Online revenues contributed with 40 percent of total Group revenues Continuously good traffic figures with all time high traffic numbers in eniro.se and eniro.fi Decrease in offline revenues Third quarter positively impacted by publications moved into the quarter Mixed development in the different markets Organic decline, 12 percent New format for GS in Sweden has been well received Approximately 50% monthly reach in Sweden Voice amounted SEK 237 M, organic decline of 1 percent Slightly lower call volumes in the quarter

4 Eniro.se vs Hitta.se Eniro Hitta w 14 w 18 w 22 w 26 w 30 w 34 w 38 w 42 Source: TNS Metrix, Gemius, Eniro Analysis

5 Market outlook In our market outlook for 2008 we expect Group revenues to grow organically with a strong growth in online revenues more than offsetting the decline in print revenues Operational EBITDA in 2008, excluding capital gains and restructuring effects, is expected to be in the range of SEK 2,050-2,100 M

6 Strategy update CMD Nov 6 From Print Dependency Opportunities

7 Q&A s From Print Dependency Opportunities

8 Appendix

9 Eniro Group Q Jul-Sep Jan-Sep Oct/Sep 2007/ Sek M % %org % %org % Operating revenues Online revenues Voice revenues Offline revenues EBITDA EBITDA margin % Operational EBITDA Jan-Dec Earnings before tax n.a n.a n.a. Net income from continuing operations n.a n.a n.a. Net income n.a n.a n.a. Cash flow from operating activities

10 Sweden excluding voice 34 %* Jul-Sep Jan-Sep Okt/Sep Jan-Dec SEK M % % % % 2007/ 2007 org org 2008 Total Revenue Online revenues Offline revenues EBITDA EBITDA Margin, % * Share of total revenues rolling 12 months 2007/08 Total revenues increased organically by 5 % Strong online growth, eniro.se reached another all time high numbers of unique browsers in the quarter EBITDA amounted to SEK 185 M Continued high margins as a result of higher revenues, cost control and timing in cost

11 Sweden Voice 9%* Jul-Sep Jan-Sep Okt/Sep Jan-Dec SEK M % % % % 2007/ 2007 org org 2008 Revenues EBITDA EBITDA Margin % * Share of total revenues rolling 12 months 2007/08 Revenue decreased organically by 4 % Lower call volumes in the quarter EBITDA amounted SEK 42 M

12 Norway 30 %* Jul-Sep Jan-Sep Okt/Sep Jan-Dec SEK M % % org % % org 2007/ Total Revenue Online revenues Voice revenues Offline revenues EBITDA EBITDA Margin, % * Share of total revenues rolling 12 months 2007/08 Total revenues declined organically by 6 percent Online revenues grew organically by 14 %, driven by strong growth in gulesider.no Rolling 12 months, online revenues exceeded 50 percent of total revenues with continued high margins EBITDA amounted SEK 222 M

13 Denmark 11%* Jul-Sep Jan-Sep Okt/Sep Jan-Dec SEK M % % % % 2007/ 2007 org org 2008 Total Revenue Online revenues Offline revenues EBITDA n.a n.a EBITDA Margin, % * Share of total revenues rolling 12 months 2007/08 Total revenues increased organically by 3 % Online revenues grew organically by 7 % The slower integration of Krak impacted online growth Order intake picked up in the quarter Offline revenues increased organically by 1 percent Gained market shares EBITDA amounted SEK 23 M

14 Finland 9%* Jul-Sep Jan-Sep Okt/Sep Jan-Dec SEK M % % % % 2007/ 2007 org org 2008 Total Revenue Online revenues Voice revenues Offline revenues EBITDA EBITDA Margin, % * Share of total revenues rolling 12 months 2007/08 Total revenues declined organically by 3 % Online revenues increases by 4 Eniro.fi developed well, while B2B yritystele.fi had a weak performance EBITDA amounted to SEK 0 M

15 Poland 7%* Jul-Sep Jan-Sep Oct/Sep Jan-Dec SEK M % % % % 2007/ 2007 org org 2008 Total Revenue Online revenues Offline revenues EBITDA n.a EBITDA Margin, % * Share of total revenues rolling 12 months 2007/08 The major part of the Polish directories are published in Q4 EBITDA amounted SEK 21 M

16 Balance sheet Balance sheet Eniro Group 30-sep 30-sep (SEK M) Total assets whereof total goodwill whereof goodwill Norway whereof cash Equity Net debt Net debt/ebitda, times Net debt/ebitda, times excl. capital gains Return on equity, % Balance sheet Parent Company, SEK M Sep 30, 2008 Sep 30, 2007 Equity whereof unrestricted

17 Financing position as of September 30, 2008 Outstanding credit facility as of September 30, 2008 NOK M whereof NOK M hedged until maturity (August 2012) and NOK 750 M with floating interest rates EUR 80 M SEK 3,457 M whereof SEK M hedged until maturity (August 2012) DKK 400 M Net debt / EBITDA As of September 30, 2008: 4.7 (excluding capital gains 4.9) Repayment of Loans SEK 475 M annually

18 Shareholders September 30, 2008 Ownership by country Ownership by country Others 13,9% USA 14,5% Sweden 46,6% UK 25% Largest shareholders Hermes Focus Asset Management 10.3 Fidelity funds 10.0 F&C Asset Management 5.3 SHB/SPP Fonder 4.6 Fjärde AP-fonden 4.3 Swedbank Robur fonder 4.0 SEB Fonder 3.3 Richmond Capital LLP 3.1 Skandia Liv 2.3 Zenit Fond 2.1 Others 50.7 Total Source: SIS Ägarservice