Eniro Group

Interim / Quarterly Report • Jul 15, 2011

Interim report January-June 2011

STOCKHOLM, July 15, 2011

Second quarter: April – June 2011

• Operating revenues totaled SEK 1,151 M (1,442), an organic decline of 8 percent
• Online revenues rose for the first time since 2009
• EBITDA amounted to SEK 285 M (397), negatively affected by a nonrecurring cost of SEK 36 M for pension premiums
• Net income amounted to SEK 55 M (-108)
• Net income per share amounted to SEK 0.55 (-6.60)
• Operating cash flow amounted to SEK 54 M (115), negatively affected by a nonrecurring payment of SEK 70 M for pension premiums
• Additional and planned amortization totaled SEK 209 M
• Cost saving target for 2011 increased by SEK 50 M to SEK 250 M

First six months: January – June 2011

• Operating revenues totaled SEK 2,117 M (2,709), an organic decline of 10 percent
• EBITDA amounted to SEK 405 M (567)
• Net income amounted to SEK 2 M (-102)
• Net income per share amounted to 0.02 SEK (-6.23)
• Operating cash flow amounted to SEK -24 M (54), negatively affected by a payment of SEK 70 M for pension premiums and SEK 101 M for additional tax

SEK M	2011	2010		2011	2010		2010/2011	2010
	Apr-Jun	Apr-Jun	%	Jan-Jun	Jan-Jun	%	Jul-Jun	Jan-Dec
Operating revenues	1,151	1,442	-8*	2,117	2,709	-10*	4,734	5,326
EBITDA	285	397	-28	405	567	-29	443	605
EBIT	165	269	-39	172	304	-44	-4,308	-4,176
Net income	55	-108	n/a	2	-102	n/a	-4,516	-4,620
Operating cash flow	54	115	-53	-24	54	n/a	73	151
Total operating cost	865	1,082	-20	1,712	2,185	-22	3,735	4,208
Interest-bearing net debt	3,930	6,418	-39	3,930	6,418	-39	3,930	3,951

* Organic development is adjusted for currency, publication shifts, acquisitions and divestments.

Johan Lindgren, Eniro's President and CEO, commented:

Eniro is now half way through the turnaround plan that was set in fall 2010. Similar to other media companies, Eniro finds itself in a process of change caused by the transition from printed to digital media. However, compared with similar companies, we have made significant progress in that printed media currently accounts for a low percentage of our revenues.

Our overall objective continues to be to turn around the negative revenue trend by increasing the attractiveness of our core services, broadening the offer and improving our sales efficiency, while implementing cost adjustments. We continued our work according to this plan in the second quarter. The organic revenue decline during the second quarter amounted to 8 percent, an improvement compared with the first quarter. Profitability was also improved and in Voice the EBITDA margin increased to 36 percent after a price increase in the Swedish operation.

Online revenues reported growth for the first time since 2009, organically online increased by 10 percent. The order intake for online services is also increasing. Mobile services remain the product with the highest growth rate for both sales and usage, and we have strong positions in the growing Scandinavian mobile advertising markets.

During the second quarter we made several improvements of our core services, resulting in higher usability and better quality of search, We have further introduced Proff in all of Scandinavia, differentiated the mobile offering and improved our online service in Poland. A key strategic move was made in May with the launch of Deals, signaling Eniro's first ever participation in the transaction between buyer and seller. With our large and diversified customer base, high usage, strong brands and large sales force, we have an excellent starting point in the growing coupon market and we are very pleased with the Deals venture to date.

We are working on the challenge of improving our sales efficiency at the same time as the complexity of our product range is increasing. Several efficiency-enhancing measures have been taken. For example, our Swedish customer service center, which receives more than 1,000 calls a day, has started conducting sales activities, and the sales process in relation to certain customer segments has been partly automated.

The rate of saving has exceeded plans and we increase the target for this year's savings by SEK 50 M. In view of our current attractive product portfolio and good market conditions, we have at the same time decided to increase investments in additional sales personnel to enhance our sales activities during the second half of the year, primarily in search word marketing. We also expect increased costs for third party collaborations and increased investment in the mobile channel.

In line with our strategy of focusing on profitable core operations, Findexa Forlag, an operation in Norway that publishes a number of niche publications and has not been reporting profitability in recent years, was sold. The divestment will not have a significant impact on our operations.

The revenue forecast remains unchanged while the cost target for 2011 is increased. For 2011, a single-digit organic revenue decline is expected. We estimate an organic improvement in the third quarter and a decline in the fourth quarter, which has more scheduled print publications. A turnaround to organic revenue growth is expected in 2012. Cost reductions are expected to total SEK 250 M in 2011. In 2012, the cost base is estimated to be reduced by an additional SEK 200 M.

Johan Lindgren, President and CEO

Group summary

Second-quarter results

Operating revenues during the second quarter totaled SEK 1,151 M (1,442). Revenues of SEK 128 M from divested operations in Finland were included in the second quarter of 2010. The organic revenue decline during the second quarter of 2011 was 8 percent.

The organic decline in operating revenues was 9 percent for Directory Scandinavia, 4 percent for Voice and 19 percent for Poland.

Online revenues (―deferral method‖) rose 10 percent organically, while Print (―publication method‖) fell 28 percent organically. The percentage of online revenues in relation to total revenues for Directory Database Services was 63 percent.

The rate of cost savings exceeded plans. Total operating costs were SEK 81 M lower than during the second quarter of the preceding year, adjusted for divested operations and exchange rate effects. During the second half of the year investments will be made in the mobile distribution channel and in increasing sales personnel for intensified sales activities.

The number of employees declined during the quarter by 100 and totaled 3,698 at June 30, 2011.

Operating Revenues

SEK M 2011 2010 2011 2010 2010/11 2010 Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jul-Jun Jan-Dec Directories Scandinavia 862 995 1 582 1 892 3 403 3 713 Voice 241 258 446 493 921 968 Poland 48 61 89 118 336 365 Finland Directories - 128 - 206 74 280 Total 1 151 1 442 2 117 2 709 4 734 5 326

Revenue by category *)

SEK M	2011	2010	2011	2010	2010/11	2010
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Online	488	458	942	947	1 903	1 908
Print	285	428	458	743	1 101	1 386
Total Directory Database services	773	886	1 400	1 690	3 004	3 294
Media products	44	44	91	82	182	173
Other products	45	65	91	120	217	246
Total Directories Scandinavia	862	995	1 582	1 892	3 403	3 713
Voice	241	258	446	493	921	968
Poland	48	61	89	118	336	365
Finland Directories	-	128	-	206	74	280
Total Group	1 151	1 442	2 117	2 709	4 734	5 326
*) see heading "Other information" regarding revenue distribution betw een online and print

EBITDA

SEK M	2011	2010	2011	2010	2010/11	2010
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Directories Scandinavia	239	288	341	418	864	941
Voice	87	94	139	177	302	340
Poland	-14	-11	-33	-25	37	45
Finland Directories	-	57	-	52	-661	-609
Other	-27	-31	-42	-55	-99	-112
Total EBITDA	285	397	405	567	443	605
of which items affecting comparability
Restructuring cost	-14	-22	-26	-40	-66	-80
Other items affecting comparability	-36	37	-36	37	-654	-581
Total adjusted EBITDA	335	382	467	570	1 163	1 266

Eniro — Interim report January-June 2011 Page 3

EBITDA for the quarter amounted to SEK 285 M (397), negatively affected by the nonrecurring cost of SEK 36 M for pension premiums. EBITDA in 2010 included a capital gain of SEK 37 M from the divestment of Suomi24. The EBITDA margin totaled 25 percent (28).

Adjusted EBITDA, excluding restructuring cost and costs affecting comparability, amounted to SEK 335 M (382).

First half-year results

Operating revenues for the first half of the year amounted to SEK 2,117 M (2,709). The first half of 2010 included revenues of SEK 206 M from divested operations in Finland. The organic revenue decline for the first half of 2011 was 10 percent.

Total operating costs were SEK 207 M lower than during the first half of 2010, adjusted for divested operations and exchange rate effects.

EBITDA for the first half of 2011 amounted to SEK 405 M (567), negatively affected by lower operating revenues. The EBITDA margin fell to 19 percent (21).

Adjusted EBITDA, excluding restructuring cost and other items affecting comparability, amounted to SEK 467 M (570).

Directories Scandinavia

Directories Scandinavia includes all search services in the distribution channels online, directory and mobile in Sweden, Norway and Denmark including such brands as eniro.se, Gula Sidorna, Din Del, Gule Sider, kvasir.no, krak.dk, eniro.dk, Mostrup Grøne Vejviser and Den Røde Lokalbog. Directories Scandinavia accounted for around 74 percent of Eniro's revenues in 2010, excluding divested Finnish operations.

Second-quarter results

Operating revenues for Directories Scandinavia amounted to SEK 862 M (995), an organic decline of 9 percent. Prepaid revenues in the balance sheet were 4 percent higher at June 30, 2011 compared with the same date in 2010.

Online revenues from Directory Database services rose 10 percent organically and revenues from Print fell 28 percent organically. Revenues from Media products increased 4 percent organically, and Other products declined 27 percent organically.

May and June saw the launch of Eniro Deals, Gule Sider Deals and Krak Deals, which are discounted coupon offers to Internet users in Sweden, Norway and Denmark. This is a new business model for Eniro, under which the company is involved in the transaction between the buyer and the seller for the very first time. The coupon market is expanding and Deals enables Eniro to advantageously leverage its assets, such as its high usage and brand knowledge, as well as its large customer base and sales force. The introduction of Deals has been positive and related revenues are reported in the media products category.

Operating revenues in the Swedish market declined organically by 6 percent.

Operating revenues in the Norwegian market fell 13 percent organically. Publication shifts in printed directories entailed a negative revenue effect of SEK 25 M in Norway.

In Denmark, revenues declined 8 percent organically.

EBITDA from Directories Scandinavia amounted to SEK 239 M (288) and was negatively affected by a nonrecurring cost of SEK 36 M for pension premiums. The EBITDA margin was 28 percent (29).

Adjusted EBITDA amounted to SEB 285 M (302).

First half-year result

Operating revenues for Directories Scandinavia amounted to SEK 1,582 M (1,892), an organic decline of 11 percent.

Operating revenues in the Swedish market fell organically by 5 percent. Compared with the end of the first half of 2010, the number of Swedish advertisers fell 12 percent.

Operating revenues in the Norwegian market declined 17 percent organically. The number of customers in Norway fell 7 percent compared with June 30, 2010.

Revenues in Denmark declined 12 percent organically.

EBITDA for Directories Scandinavia amounted to SEK 341 M (418) and the EBITDA margin was 22 percent (22).

Adjusted EBITDA amounted to SEK 397 M (449).

Directories Scandinavia

SEK M	2011	2010	2011	2010	2010/11	2010
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Operating revenues	862	995	1 582	1 892	3 403	3 713
Sw eden	417	438	754	805	1 639	1 690
Norw ay	316	411	626	821	1 232	1 427
Denmark	129	146	202	266	532	596
EBITDA	239	288	341	418	864	941
EBITDA margin, %	27,7	28,9	21,6	22,1	25,4	25,3
of which items affecting comparability
Restructuring cost	-10	-14	-20	-31	-44	-55
Other items affecting comparability	-36	-	-36	-	9	45
Total adjusted EBITDA	285	302	397	449	899	951
EBITDA margin, %	33,1	30,4	25,1	23,7	26,4	25,6

Voice

The segment Voice includes directory assistance services Eniro 118 118 in Sweden, 1880 in Norway and 0 100 100 in Finland. Voice accounted for approximately 19 percent of Eniro's revenues in 2010 excluding divested Finnish operations.

Second-quarter results

The market for personal search services is undergoing major changes. While competition is increasing, traditional voice services are declining. Eniro is focusing on enhancing Voice services with the objective of offering a personal search service that encourages increased usage, while working actively on price models.

Operating revenues for Voice amounted to SEK 241 M (258), an organic decline of 4 percent. Volumes declined in all markets due to the increasing number of smartphones. For revenues in Sweden, the volume decline was largely offset by a price increase in May.

EBITDA amounted to SEK 87 M (94), positively impacted by the Swedish price increase and cost adjustments. The EBITDA margin was 36 percent (36)

First half-year result

Operating revenues from Voice totaled SEK 446 M (493), an organic decline of 6 percent. Volumes declined in all markets but were partly offset by price increases.

EBITDA amounted to SEK 139 M (177) and the EBITDA margin was 31 percent (36).

2011	2010	2011	2010	2010/11	2010
Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
241	258	446	493	921	968
142	147	260	278	529	547
25	36	48	68	110	130
74	75	138	147	282	291
87	94	139	177	302	340
36,1	36,4	31,2	35,9	32,8	35,1
0	0		- 1	0	- 1
-	-		-	-	-
87	94	139	178	302	341
36,1	36,4	31,2	36,1	32,8	35,2

Poland

The segment Poland includes Eniro's print and online operations in Poland under the brand Panorama Firm. Poland accounted for around 7 percent of Eniro's revenues in 2010, excluding divested Finnish operations.

Second-quarter results

The Polish market is displaying a structural downturn in printed media. Eniro has a strong market position in print in Poland and is taking initiatives to improve its online offering. However, the Polish market for online services is not as well developed as the market in Scandinavia.

A limited number of Polish directories were published during the second quarter. Operating revenues for Poland amounted to SEK 48 M (61), an organic decline of 19 percent, due to lower demand for printed directories. Online revenues rose 18 percent from a low level.

The sales organization was reviewed during the second quarter and resulted in a number of efficiency-enhancing activities aimed at increasing the percentage of online revenues: new sales procedures, new hardware and a more target-oriented customer segment.

EBITDA for Poland amounted to SEK -14 M (-11).

2011	2010	2011	2010	2010/11	2010
Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
48	61	89	118	336	365
-14	-11	-33	-25	37	45
-29,2	-18,0	-37,1	-21,2	11,0	12,3
0	-	0	-	-	-
-	-	-	-	-	-
-14	-11	-33	-25	37	45
-29,2	-18,0	-37,1	-21,2	11,0	12,3

First half-year result

The order intake for the first half of 2011 declined year-onyear due to the structural decline in print.

A limited number of Polish directories were published during the first and second quarters. Operating revenues for Poland amounted to SEK 89 M (118), an organic decline of 18 percent, due to lower demand for printed directories.

EBITDA for Poland amounted to SEK -33 M (-25).

Earnings, cash flow and financial position for first half-year

Earnings

Operating income for the first half-year amounted to SEK 172 M (304).

Net financial items amounted to SEK -196 M (-146) and were negatively affected by higher interest rates and an exchange rate loss of SEK 6 M (gain: 25 M) and positively affected by lower indebtedness.

Earnings before tax amounted to a loss of SEK 24 M (profit: 158).

Net income per share amounted to 0.02 SEK (-6.23).

Taxes

For the first half-year, tax revenue of SEK 26 M (expense: 260) was recognized. Tax revenue of SEK 2 M (expense: 284) was recognized for the second quarter.

As a result of loss carryforwards from the liquidation of the German company Eniro Windhager GmbH, Eniro is not expected to pay any income tax in Sweden in the years ahead.

The underlying tax rate for the most recent twelve months was 20 percent (16).

Investments

For the first half of the year, Eniro's net investments in business operations, including online investments, amounted to about SEK 60 M (111).

Cash flow

Operating cash flow for the first half of the year declined to SEK -24 M (54), negatively affected by a nonrecurring payment of SEK 70 M for pension premiums, lower EBITDA and higher tax payments.

Tax payments amounted to SEK 184 M (122) and included SEK 101 M in additional tax regarding the period 2001-2005 in the subsidiary Eniro Holding AS (Findexa Norway AS), according to the final ruling from the Norwegian tax authority received in 2010.

Cash flow from financing activities was affected by amortization of the new facility totaling SEK 263 M, of which planned amortization of SEK 100 M was paid in June

Financial position

Refinancing of credit facilities was carried out on January 13, 2011. The terms of the new facility are described on pages 67-68 in the annual report for 2010.

The Group's interest-bearing net debt amounted to SEK 3,930 M on June 30, 2011, compared with SEK 3,960 M on March 31, 2011.

On June 30, 2011, the outstanding debt under the credit facility amounted to NOK 1,482 M, DKK 79 M and SEK 2,465 M. Of this facility, amounts of NOK 1,350 M and SEK 360 M are hedged at a fixed interest rate until August 2012, corresponding to approximately 45 percent of the outstanding debt.

At the end of June 2011, Eniro had an unutilized credit facility of SEK 238 M. Cash and cash equivalents and unutilized credit facilities amounted to SEK 679 M.

At the end of the second quarter 2011, the Group's indebtedness, expressed as interest-bearing net debt in relation to EBITDA, excluding other items affecting comparability, amounted to 3.6, compared with 3.5 on March 31, 2011.

Holdings of treasury shares

Following the conclusion of the share-saving program, Eniro held 3,266 treasury shares at June 30, 2011. The average holding of treasury shares during the second quarter was 3,818.

Other information

Reduced retirement benefit obligations

During the second quarter, Eniro reduced its pension liabilities in the balance sheet by paying insurance premiums to Alecta. This led to a nonrecurring cost of SEK 36 M, mainly due to actuarial losses being recognized according to IFRS. The payment of pension premiums amounted to SEK 70 M.

Market outlook for 2011 and 2012

Operating revenues

For 2011, the company expects a single-digit organic revenue decline. A turnaround to organic revenue growth is expected in 2012.

Costs

The total net cost reduction in 2011 is expected to be SEK 250 M compared with the cost base in 2010, excluding the effects from the divestments and restructuring of the online and offline operations in Finland. The cost attributable to pension obligations during the second quarter is included in the total cost reductions.

In 2012, total costs are estimated to be SEK 200 M lower compared with the total costs in 2011.

The planned cost savings exclude the effects of divestments of operations.

Capital structure

The target is a net debt in relation to EBITDA not exceeding a multiple of three.

Dividend

Priority will be assigned to the reduction of net debt in accordance with the net debt/EBITDA target.

Employees

On June 30, 2011, the number of full-time employees was 3,698, compared with 3,798 on March 31, 2011. The number of employees by country is presented in the table below.

Full time employees end of period

	2011	2010	2010
	Jun. 30	Jun. 30	Dec. 31
Sw eden including Other	900	1 005	920
Norw ay	650	779	728
Denmark	351	411	377
Directories Scandinavia including Other	1 901	2 195	2 025
Sw eden	370	434	414
Norw ay	61	74	71
Finland	451	398	355
Voice	882	906	840
Poland	915	1 130	1 038
Finland Directories	-	340	26
Total Group	3 698	4 571	3 929

Board of Directors

Eniro's Annual General Meeting on April 29, 2011 elected a new Board of Directors. Lars-Johan Jarnheimer was elected new Chairman of the Board. Fredrik Arnander, Ketil Eriksen and Cecilia Daun Wennborg were elected new members of the Board and Thomas Axén and Harald Strømme were reelected.

Divestments

In line with the strategy of focusing on profitable core operations, Eniro agreed to divest all of its assets in Findexa Forlag, including its five-year right to the Findexa brand. Findexa Forlag publishes the Grenseguiden publication, a number of niche magazines and export periodicals, as well as operating the e-commerce portal nortrade.com. Findexa Forlag generated revenues of approximately SEK 35 million and reported an EBITDA loss of about SEK 5 M in 2010. The effective date for the transaction, which is not expected to yield a capital gain, is September 1, 2011

Eniro also sold the operation in Guiden Västerbotten, which publishes local monthly magazines in northern Sweden and was part of the Din Del local directory operations. The sale took place in May and generated a marginal capital loss.

Accounting policies from 2011

This interim report has been prepared in accordance with the International Financial Reporting Standards (IFRS), as recognized by the European Union (EU). The structure of the interim report complies with IAS 34 Interim Financial Reporting.

Improvements to IFRSs 2011 (Issued by IASB in May 2010)

• IAS 24, ―Related party disclosures‖ (approved: July 2010).
• IAS 32 (Amendment) ―Financial instruments: Classification of rights issues‖ (approved: December 2009).
• IFRIC 14 (Amendment) ―The limit on a defined benefit asset, minimum funding requirements and their interaction‖ (approved: July 2010).
• IFRIC 19, ―Extinguishing financial liabilities with equity instruments‖ (approved: July 2010).

A detailed description of the accounting policies applied by Eniro is presented in the 2010 Annual Report.

Revenue distribution for combination packages

As of 2010, a joint sales force sells combination packages that include all of Eniro's distribution channels. Sales of the new combination packages began in February 2010 in Sweden and Norway and will gradually comprise a greater share of consolidated sales.

The Eniro Group has two main principles for revenue recognition. Revenues attributable to Internet services (online) are distributed over the period during which the service is provided, normally 12 months (deferral method). Revenues from Directories (print) are recognized when the directory is published (publication method). Revenues from the combined packages will be distributed according to the revenue-recognition principles based on the value of commercial use either derived from price lists or customer surveys. The outcome of the two revenue recognition methods is reported quarterly from the first quarter of 2010 and depends on the value of the components of the two packages. As of the second quarter 2011, these revenue categories are named Online and Print.

Publication dates

Revenues from the sale of printed directories are recognized when the various directories are published. Changes in planned publication dates can thus affect comparisons. In a comparison between 2011 and 2010, the net effect on operating revenue deriving from changed publication dates is estimated to total SEK -36 M. See table below for distribution between quarters and markets.

Revenue effect of moved publication 2011 compared with 2010

	Q1	Q2	Q3	Q4	YTD 2011
Sweden	-13	3	14	-5	-1
Norway	10	-25	12	-12	-15
Denmark	-19	6	-9	2	-20
Poland	-1	1	0	0	0
Total effect	-23	-15	17	-15	-36

Risks and uncertainties

Eniro has an annual process for conducting risk analysis, Enterprise Risk Management, which encompasses all parts of the business. Eniro strives to efficiently identify, evaluate and manage risks within the dimensions of industry and market risks, commercial risks, operational risks, financial risks, compliance risks linked to laws and regulations and financial reporting risks.

Refer to pages 30-33 of the annual report for 2010, for a detailed description of the factors that could affect Eniro's business, financial position and net income. The principal risks and uncertainties facing the Group in 2011 are the impact of the economy on demand, the ability to broaden product offerings and increase sales efficiency and an alignment of the cost base.

Certification by the Board of Directors and the President

The Board of Directors and the President certify that the sixmonth report provides an accurate overview of the Parent Company's and the Group's operations, financial position and results, and that it describes the significant risks and uncertainties faced by the Parent Company and the companies in the Group.

Stockholm, July 15, 2011

Lars-Johan Jarnheimer Chairman of the Board of Directors

Member of the Board

Cecilia Daun Wennborg Member of the Board

Ketil Eriksen Member of the Board

Jonas Svensson Member of the Board

Lina Alm Member of the Board

Johan Lindgren President and CEO

This report has not been reviewed by the company's auditors.

For further information, please contact:

Johan Lindgren, President and CEO Tel: +46 8 553 310 01

Mattias Lundqvist, CFO Tel: +46 70-555 14 90

Lena Schattauer, Acting Head of IR Tel: +46 70-595 51 00

Eniro AB (publ) SE-169 87 Stockholm Corp. reg. no. 556588-0936

www.eniro.com

Financial calendar 2011-2012

Interim report Jan-Sep 2011	October 27, 2011
Year-end report 2011	February 9, 2012
Interim report Jan-mar 2012	April 25, 2012
Annual General Meeting 2012	April 25, 2012
Interim report Jan-Jun 2012	July 13, 2012
Interim report Jan-Sep 2012	October 25, 2012

Fredrik Arnander

Thomas Axén Member of the Board

Harald Strømme Member of the Board

Susanne Olin Jönsson Member of the Board

Eniro — Interim report January-June 2011 Page 10

Consolidated Income Statement

	------- 3 months --------		------- 6 months -------		------- 12 months -------
	2011	2010	2011	2010	2010/11	2010
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Operating revenues:
Gross operating revenues	1 157	1 448	2 129	2 725	4 763	5 359
Advertising tax	- 6	- 6	-12	-16	-29	-33
Operating revenues	1 151	1 442	2 117	2 709	4 734	5 326
Costs:
Production costs	-306	-424	-597	-816	-1 363	-1 582
Sales costs	-305	-421	-637	-887	-1 394	-1 644
Marketing costs	-146	-164	-293	-323	-611	-641
Administration costs	-142	-137	-253	-293	-555	-595
Product development costs	-85	-64	-164	-129	-298	-263
Other revenues/costs	- 1	37	0	43	-556	-513
Impairment of assets	- 1	-	- 1	-	-4 265	-4 264
Operating income before interest and taxes *	165	269	172	304	-4 308	-4 176
Financial items, net	-112	-93	-196	-146	-613	-563
Earnings before tax	53	176	-24	158	-4 921	-4 739
Income tax	2	-284	26	-260	405	119
Net income	55	-108	2	-102	-4 516	-4 620
Attributable to:
Equity holders of the parent company	55	-108	2	-102	-4 516	-4 620
Non controlling interest	-	0	-	0	0	0
Net Income	55	-108	2	-102	-4 516	-4 620
Net income per share, SEK **
- before dilution	0,55	-6,60	0,02	-6,23	-74,64	-248,43
- after dilution	0,55	-6,60	0,02	-6,23	-74,64	-248,42
Average number of shares before dilution, 000s	100 177	16 364	100 177	16 364	60 503	18 597
Average number of shares after dilution, 000s	100 177	16 365	100 177	16 365	60 503	18 598
* Depreciations are included w ith	-10	-18	-21	-36	-52	-67
* Amortizations are included w ith	-109	-110	-211	-227	-434	-450
* Impairment are included w ith	- 1	-	- 1	-	-4 265	-4 264
* Depreciations, Amortizations & Impairment total	-120	-128	-233	-263	-4 751	-4 781

** calculated on result attributable to equity holders of the parent company

Report of comprehensive income

	------- 3 months --------
	2011	2010	2011	2010	2010/11	2010
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Net income	55	-108	2	-102	-4 516	-4 620
Other comprehensive income
Foreign currency translation differences	202	-223	139	-547	-138	-824
Hedging of cash flow	13	-23	34	-120	106	-48
Hedging of net investments	-62	84	-36	296	238	570
Share-savings program - value of services provided	-	0	-	- 2	2	-
Change in non controlling interest	-	- 3	-	- 3	-	- 3
Tax attributable to components in comprehensive income	12	-16	0	-46	-91	-137
Other comprehensive income, net of income tax	165	-181	137	-422	117	-442
Total comprehensive income	220	-289	139	-524	-4 399	-5 062
Attributable to:
Equity holders of the parent company	220	-286	139	-521	-4 399	-5 059
Non controlling interest	-	- 3		- 3	-	- 3
Total comprehensive income	220	-289	139	-524	-4 399	-5 062

Consolidated balance sheet

	2011	2010	2010
SEK M	Jun. 30	Jun. 30	Dec. 31
Assets
Non-current assets
Tangible assets	74	98	84
Intangible assets	8 315	13 729	8 336
Deferred income tax assets	396	229	323
Financial assets	71	237	101
Total non-current assets	8 856	14 293	8 844
Current assets
Accounts receivable	592	718	842
Current income tax receivables	3	72	29
Other non-interest bearing receivables	373	437	415
Other interest bearing receivables	2	10	7
Cash and cash equivalents	441	293	450
Total current assets	1 411	1 530	1 743
TOTAL ASSETS	10 267	15 823	10 587
Equity and liabilities
Equity
Share capital	2 504	323	2 504
Additional paid in capital	4 767	4 527	4 767
Reserves	5	-110	-132
Retained earnings	-3 668	848	-3 670
Equity, share holders parent company	3 608	5 588	3 469
Non controlling interest	-	0	-
Total equity	3 608	5 588	3 469
Non-current liabilities
Borrow ings	4 019	6 948	3 915
Retirement benefit obligations	161	193	212
Other non-interest bearing liabilities	2	58	2
Deferred income tax liabilities	323	794	353
Provisions	29	33	34
Total non-current liabilities	4 534	8 026	4 516
Current liabilities
Accounts payable	136	152	173
Current income tax liabilities	42	127	190
Other non-interest bearing liabilities	1 657	1 757	1 804
Provisions	40	64	64
Borrow ings	250	109	371
Total current liabilities	2 125	2 209	2 602
TOTAL EQUITY AND LIABILITIES	10 267	15 823	10 587

Interest-bearing net debt

	2011	2010	2010
SEK M	Jun. 30	Jun. 30	Dec. 31
Borrow ings excluding derivatives	-4 230	-6 721	-4 213
Derivative financial instruments *	-39	-157	-73
Retirement benefit obligations	-161	-193	-212
Other current interest bearing receivables	2	10	7
Cash and cash equivalents	441	293	450
Other assets **	18	14	17
Interest-bearing net debt incl. interest rate swaps	-3 969	-6 754	-4 024
Less: market value interest sw aps	39	336	73
Interest bearing net debt	-3 930	-6 418	-3 951
* included in financial assets (positive market value) and borrow ings (negative market value)

** included in non current financial assets

Changes in equity

		Additional			Total equity shareholders	Non
	Share	paid in		Retained	parent	controlling	Total
SEK M	Capital	capital	Reserves	earnings	company	interest	equity
Opening balance as per January 1, 2010	323	4 529	307	950	6 109	3	6 112
Total comprehensive income	-	- 2	-417	-102	-521	- 3	-524
Closing balance as per June 30, 2010	323	4 527	-110	848	5 588	0	5 588
Opening balance as per January 1, 2011	2 504	4 767	-132	-3 670	3 469	-	3 469
Total comprehensive income	-	-	137	2	139		139
Closing balance as per June 30, 2011	2 504	4 767	5	-3 668	3 608	-	3 608

Cash flow statement

		------- 3 months --------			------- 6 months ------- ------- 12 months -------
	2011	2010	2011	2010	2010/11	2010
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Operating income before interest and taxes	165	269	172	304	-4 308	-4 176
Depreciations, amortizations and impairment	120	128	233	263	4 751	4 781
Other non-cash items	-95	-24	-116	-68	500	548
Financial items, net	-89	-79	-179	-156	-583	-560
Income taxes paid	-19	-44	-184	-122	-288	-226
Cash flow from current operations before
changes in working capital	82	250	-74	221	72	367
Changes in net w orking capital	- 3	-65	110	-56	171	5
Cash flow from current operations	79	185	36	165	243	372
Divestment of group companies
and associated companies	1	48	27	48	5	26
Purchases and sales of non-current assets, net	-25	-70	-60	-111	-170	-221
Cash flow from investing activities	-24	-22	-33	-63	-165	-195
New loans raised	-	-	4 536	131	4 733	328
Loans paid back	-209	-211	-4 543	-272	-7 032	-2 761
Share issue	-	-	- 9	-	2 380	2 389
Cash flow from financing activities	-209	-211	-16	-141	81	-44
Cash flow	-154	-48	-13	-39	159	133
Total cash and cash
equivalents at beginning of period	587	348	450	350	293	350
Cash flow Exchange difference in cash and cash equivalents	-154 8	-48 - 7	-13 4	-39 -18	159 -11	133 -33
Total cash and cash equivalents at end of period	441	293	441	293	441	450

Analysis of interest bearing net debt

	------- 3 months --------				------- 6 months ------- ------- 12 months -------
	2011	2010	2011	2010	2010/11	2010
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Opening balance	-3 960	-6 623	-3 951	-6 645	-6 418	-6 645
Operating cash flow	54	115	-24	54	73	151
Acquisitions and divestments	1	48	27	48	5	26
Share issue	-	-	- 9	-	2 380	2 389
Translation difference and other changes	-25	42	27	125	30	128
Closing balance	-3 930	-6 418	-3 930	-6 418	-3 930	-3 951
Net debt /EBITDA adjusted for other
items affecting comparability, times	3,6	4,3	3,6	4,3	3,6	3,3

Operating Revenues by business unit and country

	------- 3 months --------			------- 6 months -------	------- 12 months -------
	2011	2010	2011	2010	2010/11	2010
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Total operating revenues	1 151	1 442	2 117	2 709	4 734	5 326
Directories Scandinavia	862	995	1 582	1 892	3 403	3 713
Sw eden	417	438	754	805	1 639	1 690
Norw ay	316	411	626	821	1 232	1 427
Denmark	129	146	202	266	532	596
Voice	241	258	446	493	921	968
Sw eden	142	147	260	278	529	547
Norw ay	25	36	48	68	110	130
Finland	74	75	138	147	282	291
Poland	48	61	89	118	336	365
Finland Directories	-	128	-	206	74	280

EBITDA by business unit

	------- 3 months --------			------- 6 months -------		------- 12 months -------
	2011	2010	2011	2010	2010/11	2010
SEK M	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
EBITDA Total	285	397	405	567	443	605
Margin, %	25	28	19	21	9	11
Directories Scandinavia	239	288	341	418	864	941
Margin, %	28	29	22	22	25	25
Voice	87	94	139	177	302	340
Margin, %	36	36	31	36	33	35
Poland	-14	-11	-33	-25	37	45
Margin, %	-29	-18	-37	-21	11	12
Finland Directories	-	57	-	52	-661	-609
Margin, %		45		25	-893	-218
Other (Head office & group-wide projects)	-27	-31	-42	-55	-99	-112
Depreciations, Amortizations and impairment	-120	-128	-233	-263	-4 751	-4 781
EBIT Total	165	269	172	304	-4 308	-4 176
Margin, %	14	19	8	11	-91	-78

Operating Revenues by quarter

	2011	2011	2010	2010	2010	2010	2009	2009
SEK M	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
Operating revenues
Total	1 151	966	1 482	1 135	1 442	1 267	1 966	1 500
Directories Scandinavia	862	720	1 033	788	995	897	1 387	1 088
Sw eden	417	337	519	366	438	367	781	452
Norw ay	316	310	323	283	411	410	392	438
Denmark	129	73	191	139	146	120	214	198
Voice	241	205	225	250	258	235	258	269
Sw eden	142	118	127	142	147	131	141	150
Norw ay	25	23	28	34	36	32	33	31
Finland	74	64	70	74	75	72	84	88
Poland	48	41	190	57	61	57	231	90
Finland Directories	-	-	34	40	128	78	90	53

EBITDA by quarter

	2011	2011	2010	2010	2010	2010	2009	2009
SEK M	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3
EBITDA by quarter
Total	285	120	409	-371	397	170	557	404
Directories Scandinavia	239	102	288	235	288	130	478	339
Voice	87	52	70	93	94	83	40	103
Poland	-14	-19	77	- 7	-11	-14	110	17
Finland Directories	-	-	- 5	-656	57	- 5	-40	-28
Other	-27	-15	-21	-36	-31	-24	-31	-27

Key ratios

	2011	2010	2010
SEK M	Jun. 30	Jun. 30	Dec. 31
Equity, average 12 months, SEK M *	3 076	5 834	4 275
Return on equity, 12 months, % *	-147	- 2	-108
Interest-bearing net debt, SEK M	-3 930	-6 418	-3 951
Debt/equity ratio, times	1,09	1,15	1,14
Equity/assets ratio, %	35	35	33
Interest-bearing net debt/EBITDA , times	8,9	4,2	6,5
Net debt /EBITDA adjusted for other items affecting comparability, times	3,6	4,3	3,3

	------- 3 months -------- ------- 6 months ------- ------- 12 months -------
	2011	2010	2011	2010	2010/11	2010
SEK M		Apr-Jun Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Operating margin - EBITDA, %	25	28	19	21	9	11
Operating margin - EBIT, %	14	19	8	11	-91	-78
Cash Earnings SEK M	175	20	235	161	235	161

			------- 6 months ------- ------- 12 months -------
	2011	2010	2010
	Jan-Jun	Jan-Jun	Jan-Dec
Average number of full-time employees, period	3 769	4 743	4 437
Number of full-time employees on the closing date	3 698	4 571	3 929

*calculated on result attributable to equity holders of the parent company

Key ratios per share before dilution

					------- 3 months -------- ------- 6 months ------- ------- 12 months -------
	2011	2010	2011	2010	2010/11	2010
		Apr-Jun Apr-Jun	Jan-Jun	Jan-Jun	Jul-Jun	Jan-Dec
Operating revenues, SEK	11,49	88,12	21,13	165,55	78,24	286,40
Earnings before tax, SEK	0,53	10,76	-0,24	9,66	-81,33	-254,83
Net income, SEK	0,55	-6,60	0,02	-6,23	-74,64	-248,43
Cash Earnings, SEK	1,75	1,22	2,35	9,84	3,88	8,66
Average number of shares before dilution, 000s *	100 177	16 364	100 177	16 364	60 503	18 597
Average number of shares after dilution, 000s *	100 177	16 365	100 177	16 365	60 503	18 598

	2011	2010	2010
	Jun. 30	Jun. 30	Dec. 31
Equity, SEK **	36,02	341,49	35,21
Share price, end of period, SEK *	22,30	75,94	27,50
Number of shares on the closing date (reduced by ow n holding), 000s *	100 177	16 363	98 526

* Adjusted for reversed split 50:1 January 2011 and the bonus element in the share issue December 2010

** Calculated on equity attributable to equity holders of the parent company

Parent company

	------- 6 months ------- ------- 12 months -------
Income statement	2011	2010	2010
SEK M	Jan-Jun	Jan-Jun	Jan-Dec
Revenues	12	11	21
Earnings before tax	-166	455	-1 821
Net Income	-125	698	-1 994
Balance sheet	2011	2010	2010
SEK M	Jun. 30	Jun. 30	Dec. 31
Non-current assets	9 221	12 137	9 229
Current assets	1 068	1 299	1 793
TOTAL ASSETS	10 289	13 436	11 022
Equity	5 140	5 329	5 265
Untaxed reserves	-	360	-
Provisions	46	125	66
Non-current liabilities	5 058	7 590	5 036
Current liabilities	45	32	655
TOTAL EQUITY AND LIABILITIES	10 289	13 436	11 022

Definitions

Adjusted EBITDA

EBITDA excluding restructuring costs and other items affecting comparability.

Average equity

Based on the average of equity at the beginning and the end of the period for each quarter.

Average number of shares for the period

Calculated as an average number of shares outstanding on a daily basis after redemption and repurchase.

Cash Earnings per share

Cash earnings divided by the average number of shares for the period.

Cash Earnings

Net income for the year plus re-entered depreciation and amortization plus re-entered impairment loss.

Debt/equity ratio

Interest-bearing net debt divided by equity.

Earnings before tax per share

Earnings before tax for the period divided by the average number of shares for the period.

EBIT

Operating income after depreciation, amortization and impairment.

EBITDA margin (%)

EBITDA divided by operating revenues multiplied by 100.

EBITDA

Operating income before depreciation, amortization and impairment.

Equity per share

Equity per share divided by the number of shares at the end of the period after redemption, repurchase and share issue.

Equity/assets ratio (%)

Equity divided by the balance sheet total multiplied by 100.

Interest-bearing net debt

Interest-bearing liabilities plus interest-bearing provisions less interest-bearing assets, excluding the market value of interest swaps.

Interest-bearing net debt/EBITDA

Interest-bearing net debt divided by EBITDA.

Operating cash flow

Cash flow from operations and cash flow from investments excluding company acquisitions/divestments.

Operating revenues per share

Operating revenues divided by the average number of shares for the period.

Organic growth

The change in operating revenues for the period adjusted for currency effects, changed publication dates, acquisitions and divestments.

Return on equity (%)

Net income for the last 12 months divided by average equity multiplied by 100.

Total operating cost

Production, sales, marketing, administration, product and development costs excluding depreciation, amortization and impairment.