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Eniro missed earning targets once again

Thursday, 25 October 2012
Scandinavian search engine company, Swedish-based Eniro will not achieve the goal of increased revenue growth, including acquisitions, in 2012.

The Nordic region’s largest local search company says in its interim report that "the pace of the decline in revenue is expected to slow in the fourth quarter."

Eniro however, insisted that the company should be able to achieve strong EBITDA and positive operating cash flow. Eniro’s earnings before tax improves to Skr188 million compared with a loss of Skr310 same period a year ago.

The Company increases its cost-savings target for 2012 to Skr250 million against the previous target of reduce costs by Skr200 million in 2012.

According to the report, Eniro says it has with great success launched a new mobile app for local searches. The user response to the app has been highly favourable, with more than one million downloads, and it is making a positive contribution to Eniro’s traffic performance. The app, which has a completely new user-friendly interface, is a result of Eniro’s initiative on local searches via mobile phones

It summary numbers are as follows

THIRD QUARTER: JULY-SEPTEMBER 2012

FIRST NINE MONTHS: JANUARY-SEPTEMBER 2012

•    Total operating revenues amounted to SEK 948 M (1,012), down 6 (-11) percent. Excluding negative currency effects of approximately SEK 30 M, the decline was 3 percent. The early publication of catalogs had a positive impact on total revenues of about SEK 15 M. Organically, revenues declined 8 (-8) percent
•    Total Online revenues increased 4 percent during the quarter, 1 percent of which was organic.
•    The share of digital media revenues was 74 (65) percent, excluding for Voice for the rolling 12-month period
•    EBITDA totaled SEK 261 M (269), equal to an EBITDA margin of 27.5 percent (26.6)
•    Earnings per ordinary share for the period amounted to SEK 0.57 SEK (-3.38)
•    Operating cash flow improved by SEK 78 M and amounted to SEK 25 M (-53)
Source: Eniro

•    Total operating revenues amounted to SEK 2,908 M (3,129), down 7 (-19) percent
•    Total Online revenues increased 6 percent during the period, 1 percent of which was organic
•    EBITDA totaled SEK 668 M (710), equal to an EBITDA margin of 23.0 percent (22.7)
•    Earnings per ordinary share for the period amounted to SEK 1.68 SEK (-3.09)
•    Operating cash flow improved by SEK 215 M and amounted to SEK 138 M (-77)

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