ENIRO Q1 REPORT Johan Lindgren, CEO Mattias Lundqvist, CFO Cecilia Lannebo, Head of IR

Transcription

1 ENIRO Q1 REPORT Johan Lindgren, CEO Mattias Lundqvist, CFO Cecilia Lannebo, Head of IR

2 FINANCIAL HIGHLIGHTS, Q Revenues SEK 959 M (966), a decline of 0,7% (-24). Organically revenues declined by 8 percent (-13) Online/mobile revenues increased by 2% (-2) organically Digital media share in Eniro 77 percent excl Voice (73) Cost reductions SEK 67 M part of the SEK 200 M communicated for the full year 2012 EBITDA SEK 156 M (122), EBITDA margin of 16,3% (12,6) Adjusted EBITDA SEK 160 M (134) Cash flow SEK 13 M (-78) Interest bearing net debt SEK 3,515 M (3,775), (Q4 3,535) Net debt/ebitda 3.3 (3.3) (Q4 3.4) 2

3 PROS AND CONS IN THE Q1 REPORT Pros Cons Total revenue development Adjusted revenue guidance for 2012 Group EBITDA Organic sales development Cash-flow and working capital Prepaid development quarter over quarter Cost savings Net debt slightly lowered Development of Danish operation Conditions in bank agreements fulfilled Additional repayment of SEK 158 M EBITDA guidance remains 3

4 REVENUE BY CATEGORY AND COUNTRY Revenue by category Revenue by country % % % +15% -20% -11% % +42% -9% -10% Sweden Norway Denmark Finland Poland Q Q Q Q

5 ORGANIC DEVELOPMENT 15% 10% 5% 0% -5% -10% -15% -20% -25% Total Online 5

6 ONLINE/MOBILE Total revenues increases 7 percent (SEK 23 M contribution from De Gule Sider) Organic development +2 percent SHARE OF TOTAL REVENUES REVENUES, SEK M 53% Q1 Q2 Q3 Q Q Q Revenues, SEK M Organic development % 2-2 Share of Eniro %

7 PRINT Total revenues decreased -9 percent Organic development -30 percent Evaluation of future strategy regarding De Gule Sider print books SHARE OF TOTAL REVENUES 18% REVENUES, SEK M Q1 Q2 Q3 Q Q Q Revenues, SEK M Organic development % Share of Eniro %

8 MEDIA PRODUCTS Total revenues increased 15 percent Organic development 14 percent, a ramp up in growth is expected during H2 Eniro Deals to be managed via third party Eniro Buy & Sell sevice divested SHARE OF TOTAL REVENUES REVENUES SEK M 80 6% Q1 Q2 Q3 Q4 Q Q Revenues, SEK M Organic development % Share of Eniro %

9 VOICE Total revenues decreased 11 percent Organic development -11 percent Q1 EBITDA SEK 57 M (53), an EBITDA margin of 31,1 percent (25,9) Decision not to complete the acquisition of the DA company SHARE OF TOTAL REVENUES REVENEUS, SEK M 19% Q1 Q2 Q3 Q4 Q Q Revenues, SEK M Organic development % EBITDA, SEK M Share of Eniro %

10 ACTIVITIES IN THE PERIOD Corporate Implementation of the acquisition De Gule Sider in Denmark Communication of Eniro not completing the acquisition of in Sweden Change in accounting principles in pension obligations and reporting structure Eniro Deals will be hosted through third-party co-operation Divesture of Eniro Buy & Sell service Completion and implementation of Eniro brand project Product Launch of Eniro for ipad Print re-scooping Strengthened position within the strong growing mobile segment Build-up of sales force within Mediaproducts 10

11 FINANCIAL GUIDELINES DE GULE SIDER, DENMARK Estimated turnover for FY 2012 of some SEK 100 M (Order intake 12 rolling months higher) Estimated EBITDA impact for 2012 above SEK 10 M Consolidation of Danish operation 11

12 THE TURNAROUND PLAN Organic revenue decline less than 15% Organic revenue decline close to 10 percent Returning to total revenue growth Total cost base reduction of approx SEK 350 M vs. total costs Actuals in line with guidance Total cost base reduction of approx SEK 350 M vs. total costs Actual top-line in line with guidance Cost reductions ahead of guidance, 458 MSEK EBITDA 2012 inline with outcome 2011 Total cost base reduction of approx SEK 200 M vs. total costs ) Assuming unchanged currencies and for comparable units 2) The planned cost savings do not include effects from divestments and acquisition of operations, or the higher third-party costs that arose as a result of the strategic shift in the revenue mix to higher revenues from third-party partnerships. 12

13 REVENUE BRIDGE Q % 1, Reported revenues 2011 Divested business Currency effects Moved publications Organic baseline 2011 Online/ mobile Print Media Other Voice Revenues ex. acq Acq. Reported revenues Q Revenue effect from divested operations, currency and moved publications, totaled SEK 49 M Revenues decreased by 8% organically Revenues from digital 77% of total Eniro excl Voice Voice down -11% organically, but margin up to 31,1% due to price increase and high efficiency 13

14 COST SAVINGS Operating costs 2011 Divested 3 rd party cost Currency effect Organic baseline 2012 Net Savings Q1 Adj Operating cost 2012 YTD Acquired Operating cost 2012 YTD Cost Including dgs Total savings SEK 67 M in Q Of which Staff SEK 30 M, Print and Paper SEK 10 M, Marketing SEK 13 M 960 MSEK in cost savings during the last two and a half year 14

15 Revenue overview Revenues by category / SEK M Jan-Mar Jan-Mar % Apr-Mar Jan-Dec Total revenues Directories Online/mobile Print Media products Other products Voice Revenues by country / SEK M Jan-Mar Jan-Mar % Apr-Mar Jan-Dec Total revenues Sweden Norway Denmark Finland Poland

16 EBITDA overview EBITDA by revenue area / SEK M Jan-Mar Jan-Mar % Apr-Mar Jan-Dec Total EBITDA Directories Voice Other of which items affecting comparability Restructuring costs Other items affecting comparability Total adjusted EBITDA

17 PREPAID REVENUES; BALANCE SHEET Prepaid revenues in line with Q4 17

18 CHANGE IN NET DEBT Analysis of interest bearing net debt months months / SEK M Jan-Mar Jan-Mar Apr-Mar Jan-Dec Opening balance Operating cash flow Acquisitions and divestments Share issue Translation difference and other changes Closing balance Net debt /EBITDA adjusted for other items affecting comparability, times 3,3 3,3 3,3 3,4 Operating cash flow in Q1 increased by 91 MSEK Net debt/ebitda 3.3 (6.8) Q

19 FOCUS IN ENIRO Focus areas Meaning Main initiatives 2012 Market position With the customer in focus, we develop our services and make our advertisers searchable 24/7 Updated brand platform Desirable product portfolio Leading in mobile Attractive employer Quality Stability, relevance and simplicity in all that we do Content program Quality in focus Web analytics Improved customer experience Culture program Profitable growth Eniro grows with focus on both revenues and costs Priority of existing customers Sales channel optimization Cost optimization 19

20 MEDIA MARKET DEVELOPMENT IN SWEDEN IRM forecasts for 2012 slightly adjusted Growth within online/internet media continues to outperform market average Eniro within the long-tail mass market segment for small- medium sized companies % 15 12, ,3 6,2 7,8 10 5,6 1,5 8,4 4,8-0,1 (-0,4ppt) , , E 2012E Source: IRM -12,5 20

21 OUTLOOK FOR 2012 Revenues Total revenue growth in 2012 EBITDA EBITDA for 2012 in line with 2011 Cost reductions Net cost reductions 1 of SEK 200 M in 2012 Dividend and capital structure Priority will be given to the reduction of net debt 1) The planned cost savings do not include effects from divestments and acquisition of operations, or the higher third-party costs that arose as a result of the strategic shift in the revenue mix to higher revenues from third-party partnerships. 21

22 APPENDIX

23 YELLOW USAGE eniro.se Weekly sessions, monthly average User se essions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 23

24 YELLOW USAGE gulesider.no Weekly sessions, monthly average User ses ssions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 24

25 YELLOW USAGE Krak Denmark Weekly sessions, monthly average User se essions Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 25

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