Eniro Group

Annual Report • Feb 13, 2008

Eniro – Year - end report 2007

October – December

• Operating revenues amounted to SEK 2,082 M (1,958)
• Operating income before depreciation (EBITDA) amounted to SEK 837 M (747)
• Net income for the period amounted to SEK 501 M (354)
• Net income per share amounted to SEK 2.87 (1.95)
• Cash earnings per share amounted to SEK 3.49 (2.53)
• Refinancing carried out in November
• Redemption program completed in December

January – December

• Operating revenues amounted to SEK 6,443 M (6,372)
• Operating income before depreciation (EBITDA) amounted to SEK 2,266 M (2,220)
• Net income for the period amounted to SEK 1,304 M (1,054)
• Net income per share amounted to SEK 7.27 (5.82)
• Cash earnings per share amounted to SEK 9.59 (8.13)
• Performance was in line with 2007 market outlook
• The Board of Directors will propose a dividend to the AGM of SEK 5.20 (4.40), totaling SEK 839 M (797)
• Market outlook for 2008: Operational EBITDA in 2008 is expected to be in line with 2007

Summary of consolidated income statement
		3 months			12 months
		October - December		January - December
SEK M	2007	2006	%	2007	2006	%
Operating revenues	2,082	1,958	6	6,443	6,372	1
Operating income before depreciation (EBITDA)	837	747	12	2,266	2,220	2
Earnings before tax	617	499	24	1,401	1,276	10
Net income continuing operations	502	390	29	1,123	985	14
Net income	501	354	42	1,304	1,054	24
Net income per share, continuing operations	2.87	2.15	33	6.25	5.44	15
Net income per share, SEK	2.87	1.95	47	7.27	5.82	25
Cash flow from operating activities	915	561	63	1,631	1,402	16
Cash earnings per share, SEK	3.49	2.53	38	9.59	8.13	18

CEO Tomas Franzen's comments on the Year – end report 2007

During 2007, Eniro's position as the Nordic leading online search company was strengthened. Eniro's strong online growth continued with record high numbers of searches performed in Eniro's Internet network. In 2007, the Group managed to generate above SEK 2 bn of online revenues.

New technology is continuously changing the dynamics in the search industry, offering the users more and more advanced search possibilities whenever and wherever. However, new technology also means new possibilities for the search industry. With the ease of use and the never ending accessibility online search channels increase the overall number of searches every year and provide a fast growing market for search companies.

As the Nordic market leader in search, Eniro is and has to be in the forefront of this development. Our overall challenge is to master a fast growing business within online and at the same time master a declining business within print.

Eniro is very well positioned to handle this challenge. During the last years we have organically and by acquisitions created excellent local search positions and we have the leading local search site in all Nordic countries. Our dependency on the print business has declined from 64 percent of total revenues in 2005 to 54 percent for 2007, and during the same time our online business has grown from SEK 1,346 M in 2005 to SEK 2,004 M in 2007.

During the same time we have been able to grow our EBITDA-margins from 32 percent to 34 percent. Our ability to keep and improve our margins in the changing revenue mix from print to online is based on the rational that a leading online position with a critical mass large enough has every possibility to deliver margins in line with the margins on the print side. Within Eniro today we have two markets close to that critical mass, Norway and Sweden. Runner up is Denmark after our acquisition of Krak, which gave us the number one local search position in the Danish market. Our positions in Finland and Poland need to be developed further in order to reach the right fundamentals for print alike margins also on the online side.

Going forward we believe that the development we have seen during the last years will continue and Eniro will be an online company with a print heritage, but with continued high margins.

Looking at 2007 in some more detail this has been an eventful year when we continued to strengthen our position as the leading search company in the Nordic market. During the year our focus has been on accelerating growth in online revenues, increase revenues from voice and reduce the decline from print in order to achieve our ambition for revenue growth in a mid term perspective of 3-5 percent per year.

Group revenues for the full year increased organically with 2 percent to SEK 6,443 M, an improvement from the 1 percent organic growth in 2006, but still short of our mid term target.

In 2007 we launched new versions of our websites in all countries with new design and improved functionalities such as aerial photographs and video search. We expanded our sales forces in most markets to increase our market penetration and to grow our customer base, especially within online. We now have online business units as well as focused online sales forces in all our markets.

In the second quarter 2007, we acquired Krak, the leading online directory company in Denmark. This was an important acquisition, which gave us a leading online position in Denmark and strengthened our position as the leading search company in the Nordic region. The integration of Krak during the second halfyear has been in accordance with our plan, and the Danish EBITDA-result in the fourth quarter clearly shows that the expected cost synergies are now turning into reality.

Regarding our ambition to accelerate online growth we recorded an organic growth of 16 percent compared with 14 percent in 2006. The organic growth in the fourth quarter was 21 percent compared with 15 percent in the same quarter in 2006. Our overall share of Internet revenues, as a proportion of total revenues increased to 31 percent compared to 25 percent in 2006. I am especially pleased with the 20 percent growth in the Swedish online business in the fourth quarter, an improvement from 17 percent in the same period in 2006. Our 2007 market outlook for online growth in Norway and Sweden was reached.

Regarding our aim to grow the directory assistance we recorded an organic increase in voice revenues of 3 percent. The growth was a consequence of our new service concept and increased market share in Finland.

Regarding our objective to reduce decline in print we were successful in Sweden, which recorded organically flat print revenues but print revenues in Norway continue to be challenging and an organic decline of 15 percent in Norway is a disappointment.

EBITDA for the Group improved by 2 percent to SEK 2,266 M. Our guidance was an underlying EBITDA for the Group, excluding capital gains and restructuring effects, to be in line with 2006. Excluding capital gains of SEK 140 M and restructuring effect of SEK 70 M, we exceeded last years EBITDA with SEK 19 M. The operational EBITDA-margin excluding capital gains was 34 percent.

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. Our operational EBITDA is expected to be in line with 2007 due to increased investments in the online business.

A refinancing of the Eniro Group was carried out during the fourth quarter and enabled the cash distribution of approximately SEK 2,000 M to our shareholders. In the end of 2007 Eniro had a net debt in relation to EBITDA of 4.8 excluding capital gains.

For 2007, the Board will propose to the AGM a dividend of SEK 5.20 per share, 75 percent of net income from continuing operations, which is in line with our dividend policy.

Tomas Franzén President and CEO

Financial summary

Fourth quarter results

Operating revenues increased by 6 percent to SEK 2,082 M (1,958).

The organic increase in operating revenues was 1 percent (adjusted for currency effects, publication shifts, publication fees, changed bundling method, acquisitions and divestments).

to show strong growth in hich was acquired during the end of Online revenues continued all markets, with an increas axes e of 42 percent to SEK 616 M (435) where of SEK 57 M was contributed from Krak (Denmark), w the second quarter. The organic growth was 21 percent.

nues Operating revenues from voice was unchanged at SEK 240 M (239). Organically, voice reve decreased by 1 percent. E

ainly as a result of lower offline revenues in Offline revenues declined by 5 percent to SEK 1,226 M (1,284) The fourth quarter was positively impacted by changes in publication dates of SEK 16 M. Organically; offline revenues decreased by 7 percent m Norway and Finland.

for EK 837 M (747). All Operating income before depreciation (EBITDA) the quarter amounted to S a countries improved their results compared to the fourth quarter 2006, especially Denmark due to positive synergy effects from the Krak acquisition.

Full year results

th was 2 percent. Operating revenues amounted to SEK 6,443 M (6,372). Organic grow

n Online revenues increased by 24 percent to SEK 2,004 M (1,613). The organic growth rate of 16 percent was a result of double-digit organic growth i all markets.

sed by 4 percent to SEK 939 M Voice revenues increa (907). The organic increase was 3 percent.

M (3,852), a Offline revenues amounted to SEK 3,500 decline of 9 percent. Organically, offline revenues declined by 6 percent, mainly as a result of lower offline revenues in Norway.

e year amounted to SEK 2,266 M ly EBITDA for th (2,220) and included capital gains of SEK 140 M (43). The restructuring in Denmark and Sweden negatively impacted EBITDA for the full year with approximate SEK 70 M. Taking into account the capital gains and restructuring effects, full year EBITDA 2007 exceeds EBITDA for 2006. Full year EBITDA was negatively impacted from loss of publication fees.

Operational EBITDA 2007 vs 2006
SEK M	2007	2006	Diff
EBITDA	2,266	2,220	46
Capital Gains	-140	-43	-97
Restructuring projects (whereof)	70
Denmark	60
Sweden	10
Operational EBITDA (ex Cap Gains & Restructuring)	2,196	2,177	19

T

Income tax for the fourth quarter was SEK 115 M (109), which resulted in a reported tax rate of 19 percent. For 2007 the income tax was SEK 278 M (291), with a reported tax rate of 20 percent. During 2007, capital gains were realized with no tax impact. The underlying tax rate for the full year is 22 percent.

arnings per share

ash earnings per share amounted to SEK 3.49 .53) for the fourth quarter and SEK 9.59 (8.11) for ounted to SEK C (2 the full year. Net income per share am 2.87 (1.95) for the quarter and SEK 7.27 (5.82) for the full year.

Cash flow

with the refinancing, of SEK as SEK 90 M (-230). Cash flow from operating activities for the fourth quarter was SEK 915 M (561) and was positively ffected from termination of interest swaps, a onetime effect in conjunction 189 M and from tax refunds of SEK 86 M. Total cash flow for the fourth quarter was SEK -1,216 M (71) including the net effect of the redemption program of SEK -1,967 M. Cash flow from operating activities for the full year was SEK 1,631 M (1,402), while total cash flow w

Financial position

ear The Group's interest-bearing net debt totaled SEK 10,281 M (8,872) at December 31, 2007. The equity/assets ratio was 22 percent (28). The debt/equity ratio was 2.53 compared with 1.73 at December 31, 2006. Interest-bearing net debt in relation to EBITDA was 4.5 and 4.8 excluding capital gains. Return on equity was 25 percent (22) for 2007. Unrealized currency effects on external loans totaling of SEK 667 M have increased net debt for the full y period.

m in The financial net amounted to SEK -111 M (-146) for the fourth quarter and includes the net of currency exchange differences with SEK -11 M (-16). In the quarter the financial net was positively affected fro the termination of interest swaps, a one-time effect conjunction with the refinancing, of SEK 52 M. For the full year, the financial net amounted to SEK -454 M (-537) and the net of currency exchange differences was SEK 42 M (-13).

five-year loan agreement with the existing ank consortium (Danske Bank, DNB NOR, t took place in r. In conjunction with the divestment of WLW, Eniro signed a b Handelsbanken, Nordea, Royal Bank of Scotland, SEB and Swedbank). The refinancing took place in November 2007 with an initial credit framework corresponding to SEK 13,000 M. The agreement replaced Eniro's previous loan agreement with the purpose of financing current operations and enabled the cash distribution to shareholders tha December 2007. The loan will be amortized by approximately SEK 475 M per yea

K At December 31, 2007, outstanding debt under the credit facilities totaled NOK 5,000 M, EUR 80 M, DK 400 M and SEK 3,545 M.

until 4,250 M of NOK and 1,080 M of SEK of the facility, corresponding to approximately 57 percent of the utilized facility, are hedged at a fixed interest rate maturity date.

Redemption program

rried out during e fourth quarter. Following a resolution of the Extraordinary General Meeting of the Company on October 9, 2007, a voluntary redemption program was ca th

88 and the number of EK After the completion of the program, the share capital amounts to SEK 184,909,1 shares and votes in the Eniro reduced from 182,102,392 to 162,271,368. In December 2007, S 1,963 M was distributed to Eniro's shareholders.

Holding of own shares

m. The average holding of the At the start of the year, Eniro held 999,860 of its own shares. 3,433 shares were used in the share savings program. At the end of 2007, Eniro held 996,427 shares. These shares will be retained for use in the share-saving progra company's own shares during 2007 was 999,384.

Parent Company

to SEK 618 M (921) and Operating revenues for 2007 amounted to SEK 24 M (28). All operating revenues pertain to internal Group sales. Earning before tax amounted to SEK 27 M (362). Investments amounted

ubblare.se). The Parent Company´s external ebt at the end of the period consisted of capital contribution to subsidiaries and acquisitions of Leta Information AB and Netclips AB (b interest-bearing net d amounted to SEK 7 M (6).

The year-end report for the Parent Company was prepared in accordance with RR 32 Reporting of Legal Entities.

Risks and Uncertainties

les of significant industry nd market related risks in Eniro's operations include nd behaviour and user behaviour, the risk of pid technological development or technology shifts, titors will develop new n eloped rt. Eniro's business environment is undergoing some significant changes. Examp a the risk of new types of competitor constellations a competitor cooperation, the risk of changes in customer ra as well as the risk that compe and improved services. A more complete descriptio of Eniro's risks and uncertainties is described in Eniro's annual report for 2006 on pages 28-29 under section Risk management. No additional significant risks or uncertainties are estimated to have dev during 2007 than those described in the annual repo

aws Eniro has categorized the risks it faces as industryand market related risks, commercial risks, operative risks, financial risks, compliance risks relating to l and regulations, and financial reporting risks. The company annually assesses the different risk categories in order to identify risks and uncertainties in a systematic manner.

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.

e in line with 007 and affected by increased investments in the Our operational EBITDA is expected to b 2 online business.

Development per market

Sweden excluding Voice

SEK M		October - December				January - December
	2007	2006	%	% org*	2007	2006	%	% org*
Revenues	868	846	3	3	2,227	2,175	2	4
Offline	644	659	-2	0	1,476	1,522	-3	0
Online	224	187	20	20	751	653	15	14
EBITDA	489	466	5		1,028	1,003	2
EBITDA marg %	56	55			46	46

*Organic change

October - December

Operating revenues for Sweden ex voice increased by 3 percent to SEK 868 M (846). Organically, operating revenues increased by 3 percent.

Online revenues increased organically by 20 percent, driven by improved market penetration resulting in increased number of customers to approximately 70,000 (37,000).

During the fourth quarter 2007, revenues were reported from 10 "Yellow pages" directories and from 53 local directories. Offline revenues were organically flat compared to last year. Revenues from the "Yellow pages" directories declined organically by 6 percent, primarily due to the Stockholm book decline of approximately 10 percent. Revenues from the local directories, increased organically by 20 percent.

EBITDA increased to SEK 489 M (466) as a result of higher sales and strict cost control. Restructuring effects from organizational changes impacted EBITDA negatively with approximately SEK 10 M.

January - December

Operating revenues for the full year of 2007 amounted to SEK 2, 227M (2,175).

Organically, operating revenues increased by 4 percent.

Online revenues increased organically by 14 percent, one percentage point better than in 2006.

Offline revenues for the full year were organically flat as indicated in the 2007 market outlook.

During 2007, revenues were reported from 28 "Yellow pages" directories and from 185 local directories. The revenues from the "Yellow Pages" directories declined organically by 5 percent, while revenues from the local directories increased organically by 17 percent.

EBITDA amounted to SEK 1,028 M (1,003).

Sweden Voice

		October - December				January - December
SEK M	2007	2006	%	% org *	2007	2006	%	% org*
Revenues	150	158	-5	-7	607	597	2	1
EBITDA	38	31	23		149	140	6
EBITDA marg %	25	20			25	23

* Organic change

October – December

Operating revenues for the quarter decreased by 5 percent and organically, revenues declined by 7 percent.

Revenues from the SMS service increased in the fourth quarter while the call volumes decreased some compared to the same period 2006.

BITDA increased to SEK 38 M (31) and included a e time effect that resulted in lower pension cost of d 2006. E on SEK 6 M compared to the same perio

anuary – December J

y 2 percent to Operating revenues increased b

SEK 607 M (597). As of January 1, 2007 content sales were moved from Offline to Voice. The organic increase of revenues was 1 percent.

EBITDA amounted to SEK 149 M (140).

		Octobe r - De cember				Jan uary - D ecember
SEK M	2007	2006	%	% org*	2007	2006	%	% org*
Revenues	442	416	6	-3	1,982	2,121	-7	-2
Offline	134	216	-38	-33	1,010	1,344	-25	-15
Online	273	173	58	20	860	675	27	20
Voice	35	27	30	22	112	102	10	9
EBITDA	119	108	10		901	925	-3
EBITDA marg %	27	26			45	44

orway N

* Organic change

October – December

. weaker performance in offline venues. Adjusted for positive currency effect, e Operating revenues for Norway during the fourth quarter increased by 6 percent to SEK 442 M (416) Strong growth in online and voice revenues compensated the re reduced consolidated revenues deriving from th reduction of ownership in SOL, changed bundling method and the loss of publication fees, revenues decreased organically by 3 percent.

(173), ainly driven by continued strong growth in Online revenues for Norway totaled SEK 273 M with an organic growth, including changes in the bundling method, of 20 percent. The increase was m gulesider.no.

he organic evelopment in voice was 22 percent. Voice revenues increased by 30 percent mainly due to price increases from December 1, 2007. T d

ffline revenues, including changes in the bundling rganically by 33 percent. The and lost publication fees explain EK 42 M of the decrease in the relatively small print arter. O method, declined o changed bundling S qu

way was SEK 119 M (108) m due st control. EBITDA for Nor to strict co ainly

January – December

2,121). The organic decline was 2 percent. Operating revenues declined by 7 percent to SEK 1,982 M (

ent as Online revenues increased organically, including changes in the bundling method, by 20 perc indicated in 2007 market outlook. The growth in online was mainly driven by strong growth in gulesider.no.

Voice revenues increased organically by 9 percent as a result of price increases.

Offline revenues decreased organically, including changes in the bundling method, by 15 percent as indicated in 2007 market outlook.

nd included a capital gain of SEK 125 M from the ale of 49.9 percent of SOL. The comparable EBITDA r the same period 2006 included a capital gain of Huset AS and Tradera Nordic AB. Effects of lost publication fees of SEK 60 M and the effects from the changed bundling method of SEK 11 M had a negative impact on the comparison with last year. EBITDA for Norway amounted to SEK 901 M (925) a s fo SEK 37 M from the sale of DM

As of January 7, Eni nership SOL 50.1 percent. SOL is manag s a joint v d conso nto the accou accorda ith the proportional me (see ac ting princ es). 1, 200 ro's ow in is ed a nts in enture an lidated i nce w thod coun ipl

Finland

			October - December				January - December
SEK M	2007	2006	%	% org*	2007	2006	%	% org*
Revenues	158	161	-2	-3	640	642	0	0
Offline	64	77	-17	-18	285	311	-8	-8
Online	39	30	30	30	135	123	10	10
Voice	55	54	2	1	220	208	6	6
EBITDA	30	26	15		120	84	43
EBITDA marg %	19	16			19	13

*Organic change

ember October – Dec

ng revenues for Finl uring th decreased by 2 perc The org pment was a decrease 3 percen Operati and d e fourth quarter ent. anic develo of t.

s from online incre organic y 30 y affected fr strong gr h in i24.fi. and from changes in the anvass planning earlier in the year. Revenue ased ally b percent, positivel om owt eniro.fi and suom c

Revenues from voice increased organically by 1 percent.

the Offline revenues decreased organically by 18 percent negatively affected from weak performance from B2B product Yritystele.

EBITDA increased to SEK 30 M (26) despite lower revenues, as a result of strict cost control.

Ja ry - D er nua ecemb

Operating re s and ic de ment fo the full year w at. venue the organ velop r ere fl

Online revenu creased nically b percent driven by grow eniro.fi suomi24.fi. es in th in orga and y 10

Voice increased organically by 6 percent as a result of ased market share and increased price. incre

nt Offline revenues decreased organically by 8 perce as a result of lower revenues from the Helsinki and Tampere editions, as well as lower revenues from the B2B product Yritystele. The Eniro Telephone Directories developed favorably during the year.

EBITDA increased to SEK 120 M (84) and included a capital gain of SEK 15 M from the sale of shares in Finnet Media. Excluding capital gains, the EBITDA margin improved to 16 percent (13).

Denmark

	October - December				January - December
SEK M	2007	2006	%	% org*	2007	2006	%	% org*
Revenues	223	138	62	2	570	442	29	5
Offline	166	111	50	-2	396	346	14	2
Online	57	27	111	15	174	96	81	12
EBITDA	62	35	77		38	58	-34
EBITDA marg %	28	25			7	13

*Organic change

October – December

omparison significantly. Since the third quarter 2007 Kraks Forlag A/S is consolidated which affects the year on year c

Operating revenues for Denmark during the quarter increased by 62 percent, with a SEK 64 M positive effect from the acquisition of Krak. Changes in publications dates affected operating revenues positively by SEK 22 M in the quarter. The organic development was an increase of 2 percent.

ely by SEK 27 M and online revenues negatively with the same amount in the fourth quarter. Offline revenues decreased organically by 2 percent while online revenues increased organically by 15 percent in the quarter. Changed revenue split from the Mostrup product impacted offline revenues positiv

EBITDA amounted to SEK 62 M (35). The Krak acquisition contributed positively.

January – December

Kraks Forlag A/S was acquired at the end of the second quarter 2007 and the two entities Kraks Forlag A/S and Eniro Danmark A/S are now fully integrated.

are estimated at approximately SEK 60 M nnually from 2008. Synergies a

perating revenues for the full year incr and the organic develo was rease t. O eased by 29 percent pment an inc of 5 percen

evenues increased organ y by 2 percent ne revenues increased or ically by Offline r icall and onli gan 12

Poland

percent.

EBTDA amounted to SEK 38 M (58). EBITDA for the full year was negatively cturing effect of appro ly SE followin acquisition of Kr affected by a restru ximate K 60 M g the ak.

		October - December				January - December
SEKM	2007	2006	%	$%$ org $*$	2007	2006	%	$%$ org $*$
Revenues	241	239		$-3$	417	395	6	3
Offline	218	221	-1	$-4$	333	329		$-2$
Online	23	18	28	20	84	66	27	25
EBITDA	117	111	5		100	91	10
EBITDA marg %	49	46			24	23

*Organic change

October – December

Operating revenues increased by 1 percent and organically, operating revenues declined by 3 percent, all from currency.

satisfactory improvements Pf.pl continued to show with an organic increase in online revenues of 20 percent.

ffline revenues decreased organically by 4 percent ith lower revenues from Panorama Firm compared to O w the fourth q

EBITDA amounted to SEK 117 M (111) as a result of strict cost control.

January – December

Operating revenues increased by 6 percent. The organic increase was 3 percent, all from currency.

Offline revenues decreased organically by 2 percent and online revenues increased by 25 percent organically.

uarter 2006. EBITDA improved to SEK 100 M (91) mainly as a result of higher sales and strict cost control.

Other

This category includes costs for cor ate he uarter and Group-wide projects. por adq

am ted to S -18 M year SEK -70 M (-81). EBITDA for the fourth quarter oun EK (-30) and for the full

Other information

Employees

On December 31, 2007, the number of full-time employees totaled 4,650 (4,821). In the comparison figure for 2006 a total of 254 employees in German w y as included. The increase in the number of n Denmark was an effect of the The number of employees by ountry is presented in the table below: employees i acquisition of Krak. c

	2007	2006
Sweden	1 ,461	1, 459
Norway	1 ,059	1,069
Finland	533	5 30
Denmar k	510	401
Poland	1,0 87	1,108
German y	-	254
Total	4, 650	4,821

Legal issues

In the ongoing legal proceedings between Eniro H in er to admit the DeTeMedien ppeal to the Supreme Court or not. The Supreme for was procedural. A new hearing at the edien, nor has it during 2007 een any change in the accounting of the financial ssessment of the case. Windhager Medien GmbH and DeTeMedien Gmb Germany, the Supreme Court has passed their ruling on the issue of wheth a Court decided to remit the case back to the Court of Appeal in Frankfurt for a new hearing. The ground the remittal Court of Appeal in Frankfurt is expected to be held during the spring 2008. Eniro has not recognized any asset in the balance sheet regarding the legal proceedings, with DeTeM b a

ccounting principles from 2007 A

rim report is prepared in accordance with the This inte International Financial Reporting Standards (IFRS), hich are recognized by the European Union (EU). w value of each produ The structure of the interim report follows IAS 34 Interim Financial Reporting.

he EU has adopted the following standards and terpretations with effective date during 2007: IAS 1 mendments – Presentation of Financial Statements: isclosures of equity, IFRS 7 Financial instruments: isclosures and IFRIC 11 IFRS 2 Group and Treasury hare Transactions. The above standards and terpretations have been applied as of January 1, 007. These standards and interpretations are eemed not to have had any significant effect on the roup's earnings or equity. T in A D D S in 2 d G

s of January 1, 2007 Eniro held interests in joint entures. A joint venture is defined as a contractual rrangement whereby two or more parties undertake n economic activity that is subject to joint control. his could take the form of jointly owned companies at are governed jointly. Joint ventures are reported A v a a T th

S 31, Interest in Joint Ventures. niro consolidates joint ventures in accordance with e proportional method. Accordingly, Eniro's share of the joint venture's income statements and balance sheets is added to the corresponding line in Eniro's accounts. in compliance with IA E th

In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinue ations that Eniro is phasing out ar y in the b sheet come ent, sin t is h proba sale will be ed within year. This means that the German ations are reported separ ly unde headin continued operation from the second 00 d Operations, oper e reported separatel alance and in statem ce i ighly ble that a finaliz one oper ate r the g Dis s quarter 2 7.

A more detailed description of the accou principles, which Eniro is app g, is presented in the 2006 Annual Report. nting lyin

sale of printed directories are ported when the various directories are published. dates can thus affect ent Revenue effects for changed publication dates. Revenues from the re Changes in publication comparisons between the same quarters for differ years.

Revenue effect of moved publication 2007 versus 2006
MSEK	Q1	Q2	Q3		Q4 Tot al 2007
Sweden excl Voice	19	-21	7	-5	0
Norwa y	0	0	0	0	0
D enmark	20	-37	1	22	6
Finland	11	-10	-1	0	0
Poland	0	1	0	-1	0
Total effect	50	-67	7	16	6

evenue distribution of bundled sales in 2007 R

Revenues from the sale of bundled products are distributed between offline and online revenues ibution ratio that reflects the market ct. Up to and including 2006, the ution ratio was based on measurements of ommercial use of each product, which was measured ontinuously through customer surveys. The stribution ratio is adjusted annually. As of 2007, this stribution ratio is based on value for the advertisers. he value for the advertiser is measured continuously rough customer surveys where the customers stimate the value of commercial use. according to a distr distrib c c di di T th e

ales of bundled products in the Swedish operations mounted to approximately SEK 440 M. As of January , 2007, 40 percent of revenues are reported as online venues, while 60 percent are reported as offline venues. The same distribution ratio between online nd offline was used in 2006. S a 1 re re a

ales of bundled products in Norway amounted to pproximately NOK 140 M. The same distribution ethod has been introduced in Norway as in Sweden. distribution of 70 percent to online and 30 percent to S a m A

ffline of all bundled sales as of January 1, 2007. In orway in 2006, the distribution ratio was 70 percent offline and 30 percent to online. o N to

ethod affected offline tively by NOK 84 M while online net The change in distribution m revenues nega revenues increased by NOK 74 M for 2007. The difference of NOK 10 M in revenues will be shifted to 2008. NOK 10 M negatively affected EBITDA for 2007.

Revenue distribution of bundled sales in 2008

e s between ffline and online revenues du 08. There will be no changes in the method to distribut revenue from the sale of bundled product o ring 20

undled products in dis tions to approximately SE . 4 nt of venues will be reported as onlin enues, ercent will be report fflin nues. distribution ratio be nli offline n 2007. Sales of b the Swe K h opera amounts 440 M 0 perce bundled re p e rev while 60 ed as twee o e reve The same ne sed i n o and was u

ales of bundled products in Norway amounts to NOK 140 M. 70 percent of bundled ile 30 S approximately revenues will be reported as online revenues, wh percent will be reported as offline revenues. The same distribution ratio between online and offline was used in 2007.

Discontinued operations

From the second quarter 2007 the German operation Wer Liefert was? (WLW) was reported as discontinued operations. The operation was divested in the third quarter for an enterprise value of approximately SEK 1,060 M (EUR 115 M). The sale resulted in a capital gain of approximately SEK 140 M.

Other information

e 2007 Annual General s appointed. The ds ars ectors. The o Following a decision by th Meeting, a Nomination Committee wa Nomination Committee for the 2008 Annual General Meeting consists of Wouter Rosingh, Hermes Focus Asset Management, Luca Bechis, Richmond Capital, Niklas Antman, Kairos Investment Management, Ma Eg Gensmann, Parvus Asset Management, and L Berg, Chairman of the Eniro Board of Dir Nomination Committee appointed Niklas Antman t serve as Chairman of the Committee.

Shareholders wishing to submit proposals to the Nomination Committee can do so by e-mail to: nominationcommittee@eniro.com

Annual General Meeting 2008

The Annual General Meeting 2008 will be held on May 7, 2008, at 15.00 CET at Näringslivets Hus on Storgatan 19 in Stockholm, Sweden. The Annual e Report for 2007 is expected to be available from th beginning of April and will be distributed to all shareholders who have requested financial information.

roposed dividend P

or the 2007 fiscal year, the Board will propose a dividend of SEK 5.20 (4.40) per share, which corresponds to 75 percent of the year´s net income from continuing operations. Since the funds from the n SEK 839 M (797). disposal of the German operations WLW of approximately SEK 1,000 M was part of the redemption program during the fourth quarter 2007, 75 percent of net income from continuing operations is to be considered in line with the established dividend policy. The total amount to be proposed for distributio mounts to F a

A proposed record date for dividends is May 12, 2008

Stockholm, February 13, 2008

Tomas Franzén

President and CEO

his report has not been reviewed by the company's T Auditors.

se contact: For information, plea

Tomas Franzén, President and CEO Tel +46 8-553 310 01, +46 70-333 63 20

Joachim Jaginder, CFO Tel +46 8-553 310 15, +46 70-555 15 83

llenberg, IR el +46 8-553 310 66, +46 70-361 34 09 Åsa Wa T

7 Stockholm, Sweden orate reg. no. 556588-0936 ww.eniro.com Eniro AB (publ) SE-169 8 Corp w

Financial calendar 2008

il, 2008 08 Annual Report 2007 Apr Interim report Jan-Mar 2008 April 25, 2008 Annual General Meeting 2008 May 7, 2008 Interim report Jan-Jun 2008 July 17, 20 Interim report Jan-Sept 2008 October 29, 2008

Market statistics

Eniro's market shares

Country	Market	Market size 2007, SEK M	2007	2006
Sweden	Advertising*	24,000	10 %	10 %
	Internet advertising	4,000	19 %	22 %
	Directory advertising	2,000	77 %	79 %
Norway	Advertising*	18,800	10 %	12 %
	Internet advertising	3,300	26 %	28 %
	Directory advertising	1,000	100 %	100 %
Finland	Advertising*	13,000	3 %	4 %
	Internet advertising	1,000	13 %	15 %
	Directory advertising	1,000	28 %	29 %
Denmark	Advertising*	19,700	3 %	3 %
	Internet advertising	2,900	6 %	4 %
	Directory advertising	1,100	37 %	31 %
Poland	Advertising*	17,700	2 %	3 %
	Internet advertising	1,200	7 %	8 %
	Directory advertising	700	51 %	51 %

Sources: IRM, WARC, Dansk Oplagskontrol, IAB, CR Media Consu lting

and Eniro estimates. The figures have been adjusted in consid various institutes and changes in sources. eration of changed market data from the

* Traditional media, directories and Internet. Traditional medi cinema and outdoor advertising. a includes daily press, magazines, TV, radio

Consolidated Income Statement
			------- 3 months -------- ------- 12 months -------
	2007	2006	2007	2006
SEK M	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Continuing operations
Operating revenues:
Gross operating revenues	2 1 1 1	1999	6 508	6446
Advertising tax	$-29$	$-41$	$-65$	-74
Operating revenues	2082	1958	6443	6 3 7 2
Costs:
Production costs	-589	$-587$	$-1883$	$-1877$
Sales costs	$-387$	$-365$	$-1560$	$-1490$
Marketing costs	$-173$	$-189$	$-614$	$-648$
Administration costs	$-160$	$-138$	$-547$	-483
Product development costs Other revenues/costs	$-52$ 7	$-34$ 0	$-177$ 193	-121 60
Operating income before interest and taxes *	728	645	1855	1813
Financial items, net	$-111$	-146	-454	-537
Earnings before tax	617	499	1401	1 276
Income tax	$-115$	$-109$	-278	-291
Net income from continuing operations	502	390	1 1 2 3	985
Discontinued operations
Net income from discontinued operations	$-1$	-36	181	69
Net income	501	354	1 3 0 4	1054
Attributable to:
Equity holders of the parent company	502	354	1 305	1 054
Minority interests	$-1$		$-1$
Net Income	501	354	1 304	1054
Net income per share from continuing operations, SEK - before dilution
- after dilution	2,87	2,15	6,25	5,44
	2,87	2,15	6,25	5,43
Net income per share from discontinued operations, SEK
- before dilution	$-0,01$	$-0,20$	1,01	0,38
- after dilution	$-0,01$	$-0,20$	1,01	0,38
Net income per share **, SEK
- before dilution	2,87	1,95	7,27	5,82
- after dilution	2,87	1,95	7,26	5,81
Average number of shares before dilution, 000s	175 020	181 102	179 582	181 102
Average number of shares after dilution, 000s	175 191	181 309	179 752	181 309
* Depreciations are included with	20	18	77	74
* Amortizations are included with	89	84	334	333
* Depreciations and Amortizations total	109	102	411	407

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

Consolidated balance sheet
	2007	2007	2007	2007	2006	2006
SEK M	Dec. 31	Sep. 30	Jun. 30	Mar. 31	Dec. 31	Sep. 30
Assets
Non-current assets
Tangible non-current assets	172	194	202	255	259	258
Intangible assets	15 968	15 967	15 703	16 070	15 459	15 844
Deferred income tax assets	95	90	180	145	138	156
Financial assets	32	257	322	226	293	169
Total non-current assets	16 267	16 508	16 407	16 696	16 149	16 427
Current assets
Work in progress	176	183	179	167	157	158
Accounts receivable Prepaid costs and accrued revenues	1 066 213	814 338	939 257	1 058 227	1 042 203	774 280
Current income tax receivables	21	207	176	158	108	120
Other non-interest bearing current receivables	112	167	60	162	68	71
Other financial assets	7	4	4	8	8	3
Cash and cash equivalents	605	1 812	430	369	478	421
Assets classified as held for sale	-	-	1 122	-	-	-
Total current assets	2 200	3 525	3 167	2 149	2 064	1 827
TOTAL ASSETS	18 467	20 033	19 574	18 845	18 213	18 254
Equity and liabilities
Equity
Share capital	185	182	182	182	182	182
Additional paid in capital	2 285	4 259	4 257	4 255	4 254	4 252
Reserves	93	72	69	-69	-296	-279
Retained earnings	1 488	986	665	1 243	980	626
Equity, share holders parent company	4 051	5 499	5 173	5 611	5 120	4 781
Minority interest	13	14	-	-	-	-
Total equity	4 064	5 513	5 173	5 611	5 120	4 781
Non-current liabilities
Borrowings	10 166	9 303	9 189	8 711	8 545	9 154
Retirement benefit obligations	257	267	233	232	334	353
Deferred income tax liabilities	1 196	1 266	1 379	1 275	1 227	1 100
Provisions	9	11	9	40	40	44
Total non-current liabilities	11 628	10 847	10 810	10 258	10 146	10 651
Current liabilities
Advances from customers	122	253	191	187	143	266
Accounts payable	329	224	260	226	326	191
Current income tax liabilities	44	23	11	9	26	7
Other non-interest bearing liabilities	481	436	409	485	476	466
Provisions	26	18	19	21	21	14
Accrued costs and prepaid revenues	1 291	1 229	1 267	1 247	1 192	1 082
Borrowings	482	1 490	1 216	801	763	796
Liabilities directly associated with assets classified as held for sale	-	-	218	-	-	-
Total current liabilities	2 775	3 673	3 591	2 976	2 947	2 822
TOTAL EQUITY AND LIABILITIES	18 467	20 033	19 574	18 845	18 213	18 254
Changes in equity
			Additional paid		Retained
SEK M		Share Capital	in capital	Reserves	earnings	Total equity
Opening balance as per January 1, 2006		182	4 249	-121	324	4 634
Foreign currency translation differences		-	-	-875	-	-875
Hedging of cash flow after tax		-	-	172	-	172
Hedging of net investments after tax		-	-	528	-	528
Share-savings program - value of services provided		-	5	-	-	5
Dividend		-	-	-	-398	-398
Net income		-	-	-	1 054	1 054
Closing balance as per December 31, 2006		182	4 254	-296	980	5 120
Opening balance as per January 1, 2007		182	4 254	-296	980	5 120
Foreign currency translation differences		-	-	907	-	907
Hedging of cash flow after tax		-	-	-38	-	-38
Hedging of net investments after tax		-	-	-480	-	-480
Share-savings program - value of services provided		-	1		-	1
Share redemption		-20	-1 947		-	-1 967
Share issue		23	-23	-	-	-
Dividend		-	-	-	-797	-797
Net income		-	-	-	1 305	1 305
Clo sing balance share holders parent company		185	2 285	93	1 488	4 051
Minority interest		-	-	-	-	13

Closing balance total equity 31 December 2007 185 2 285 93 1 488 4 064

Cash flow statement
		------- 3 months --------	------- 12 months -------
	2007	2006	2007	2006
SEK M	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating income before interest and taxes	728	645	1 855	1 813
Depreciations and amortizations	109	102	411	407
Other non-cash items	-12	-17	-147	-64
Financial items, net	51	-126	-313	-491
Income taxes paid	36	-51	-133	-255
Cash flow from operating activities
before changes in working capital	912	553	1 673	1 410
Changes in net working capital	3	8	-42	-8
Cash flow from operating activities	915	561	1 631	1 402
Acquisition of group companies
and associated companies	-7	-16	-502	-138
Divestment group companies
and associated companies	-	-1	108	49
Purchases and sales of non-current assets, net	-53	-48	-146	-126
Cash flow from investing activites	-60	-65	-540	-215
New loans raised	135	-	1 502	-
Loans paid back	-230	-405	-857	-1 088
Redemption	-1 967	-	-1 967
Dividend	-	-	-797	-398
Cash flow from financing activities	-2 062	-405	-2 119	-1 486
Cash flow from discontinued operations	-9	-20	1 118	69
Cash flow	-1 216	71	90	-230
Total cash and cash equivalents at beginning of period	1 812	421	478	742
Cash flow	-1 216	71	90	-230
Exchange difference in cash and cash equivalents	9	-14	37	-34
Total cash and cash equivalents at end of period	605	478	605	478

		------- 3 months --------		------- 12 months -------
	2007	2006	2007	2006
SEK M	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Continuing operations
Total operating revenues	2 082	1 958	6 443	6 372
Offline revenues	1 226	1 284	3 500	3 852
Online revenues	616	435	2 004	1 613
Voice revenues	240	239	939	907
Online revenues, portion of total	30%	22%	31%	25%
Sweden excl. Voice	868	846	2 227	2 175
Offline revenues	644	659	1 476	1 522
Online revenues	224	187	751	653
Sweden Voice	150	158	607	597
Voice revenues	150	158	607	597
Norway	442	416	1 982	2 121
Offline revenues	134	216	1 010	1 344
Online revenues	273	173	860	675
Voice revenues	35	27	112	102
Denmark	223	138	570	442
Offline revenues	166	111	396	346
Online revenues	57	27	174	96
Finland	158	161	640	642
Offline revenues	64	77	285	311
Online revenues	39	30	135	123
Voice revenues	55	54	220	208
Poland	241	239	417	395
Offline revenues	218	221	333	329
Online revenues	23	18	84	66

EBITDA by region and market unit

2007 Oct-Dec	------- 3 months -------- 2006	2007	------- 12 months ------- 2006
	Oct-Dec	Jan-Dec	Jan-Dec
837	747	2 266	2 220
40	38	35	35
489	466	1 028	1 003
56	55	46	46
38	31	149	140
25	20	25	23
119	108	901	925
27	26	45	44
62	35	38	58
28	25	7	13
30	26	120	84
19	16	19	13
117	111	100	91
49	46	24	23
-18	-30	-70	-81

		------- 3 months --------		------- 12 months -------
	2007	2006	2007	2006
SEK M	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Continuing operations
Total EBIT	728	645	1 855	1 813
Margin, %	35	33	29	28
Sweden excl. Voice	479	456	981	969
Margin, %	55	54	44	45
Sweden Voice	35	28	139	131
Margin, %	23	18	23	22
Norway	45	30	611	604
Margin, %	10	7	31	28
Denmark	51	33	13	51
Margin, %	23	24	2	12
Finland	22	19	91	56
Margin, %	14	12	14	9
Poland	114	109	90	83
Margin, %	47	46	22	21
Other	-18	-30	-70	-81

Operating Revenues by quarter
	2007	2007	2007	2007	2006	2006	2006	2006
SEK M	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Continuing operations
Operating revenues
Total	2 082	1 426	1 607	1 328	1 958	1 351	1 739	1 324
Offline revenues	1 226	669	919	686	1 284	720	1 106	742
Online revenues	616	518	446	424	435	398	398	382
Voice revenues	240	239	242	218	239	233	235	200
Sweden excl. Voice	868	418	553	388	846	390	571	368
Offline revenues	644	237	379	216	659	230	417	216
Online revenues	224	181	174	172	187	160	154	152
Sweden Voice	150	154	159	144	158	153	152	134
Voice revenues	150	154	159	144	158	153	152	134
Norway	442	496	505	539	416	518	581	606
Offline revenues	134	254	284	338	216	325	378	425
Online revenues	273	215	195	177	173	167	175	160
Voice revenues	35	27	26	24	27	26	28	21
Denmark	223	155	94	98	138	100	129	75
Offline revenues	166	86	71	73	111	76	106	53
Online revenues	57	69	23	25	27	24	23	22
Finland	158	115	239	128	161	110	257	114
Offline revenues	64	26	148	47	77	25	172	37
Online revenues	39	31	34	31	30	31	30	32
Voice revenues	55	58	57	50	54	54	55	45
Poland	241	88	57	31	239	80	49	27
Offline revenues	218	66	37	12	221	64	33	11
Online revenues	23	22	20	19	18	16	16	16

EBITDA by quarter
	2007	2007	2007	2007	2006	2006	2006	2006
SEK M	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Continuing operations
EBITDA by quarter
Total	837	398	537	494	747	448	663	362
Sweden excl. Voice	489	166	253	120	466	147	269	121
Sweden Voice	38	44	34	33	31	51	32	26
Norway	119	199	225	358	108	236	301	280
Denmark	62	-34	2	8	35	5	29	-11
Finland	30	16	58	16	26	3	62	-7
Poland	117	21	-12	-26	111	25	-16	-29
Other (Head office and group-wide projects)	-18	-14	-23	-15	-30	-19	-14	-18

Financial key ratios

		------- 3 months -------- ------- 12 months -------		------- 12 months -------
	2007	2006	2007	2006	2006/07	2006
SEK M	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec	Oct-Sep	Jan-Dec
Operating margin - EBITDA, %	40	38	35	35	#VALUE!	#VALUE!
Operating margin - EBIT, %	35	33	29	28	#VALUE!	#VALUE!
Cash Earnings continuing operations, SEK M	611	492	1 534	1 392	1 534	1 392
Cash Earnings, SEK M	610	459	1 723	1 472	1 723	1 472
	2007	2007	2007	2007	2006	2006

SEK M	Dec. 31	Sep. 30	Jun. 30	Mar. 31	Dec. 31	Sep. 30
Equity, average 12 months, SEK M	5 222	5 263	5 114	4 961	4 804	4 379
Return on equity, 12 months, %	25	22	20	23	22	27
Interest-bearing net debt, SEK M	10 281	9 009	9 881	9 161	8 872	9 719
Debt/equity ratio, times	2,53	1,64	1,91	1,63	1,73	2,03
Equity/assets ratio, %	22	28	26	30	28	26
Interest-bearing net debt/EBITDA 12 months, times	4,5	4,1	4,4	3,8	3,9	4,7

Key ratios per share before dilution

			------- 3 months -------- ------- 12 months -------
	2007	2006	2007	2006
	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Operating revenues, SEK	11,90	10,81	35,88	35,18
Earnings before tax, SEK	3,53	2,76	7,80	7,05
Net income continuing operations *, SEK	2,87	2,15	6,25	5,44
Net income, SEK *	2,87	1,95	7,27	5,82
Cash Earnings continuing operations, SEK	3,49	2,72	8,54	7,69
Cash Earnings, SEK	3,49	2,53	9,59	8,13
Average number of shares before dilution, 000s	175 020	181 102	179 582	181 102
Average number of shares after dilution, 000s	175 191	181 309	179 752	181 309

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

	2007	2007	2007	2007	2006	2006
	Dec. 31	Sep. 30	Jun. 30	Mar. 31	Dec. 31	Sep. 30
Equity, SEK	25,12	30,36	28,56	30,98	28,27	26,40
Share price, end of period, SEK	58,00	78,50	87,25	88,25	90,50	90,00
Number of shares on the closing date after buy backs, 000s	161 275	181 103	181 103	181 103	181 103	181 103

Other key data

	------- 12 months ------- ------- 12 months -------
	2007	2006	2006
	Jan-Dec	Jan-Dec	Jan-Dec
Average number of full-time employees, period	4 697	4 801	4 801
Number of full-time employees on the closing date	4 650	4 821	4 821

Parent company

		------- 12 months -------
Income statement	2007	2006
SEK M	Jan-Dec	Jan-Dec
Revenues	24	28
Earnings before tax	27	921
Net Income	162	500
Balance sheet	2007	2006
SEK M	Dec. 31	Dec. 31
Non-current assets	13 675	13 237
Current assets	1 937	1 646
TOTAL ASSETS	15 612	14 883
Equity	3 384	5 110
Untaxed reserves	1 025	1 053
Provisions	14	12
Non-current liabilities	10 451	8 366
Current liabilities	738	342
TOTAL EQUITY AND LIABILITIES	15 612	14 883

Acquired operations

19 June 2007 Eniro Danmark A/S acquired 100 percent of the shares in Krak Forlag A/S which is the leading online directory company in Denmark in terms of number of unique visitors and yellow-page searches The company is consolidated from this date. The purchase price amount to SEK 474 M. In the purchase price allocation below, a preliminary valuation of purchased net assets and goodwill is shown.

SEK M	Krak	acquisitions	Total
Purchase price including direct cost related to acquisition	474	75	549
- of which amount yet unpaid	-50	-8	-58
-less cash and cash equivalents on the acquisition date	-6	-3	-9
Total net payments for acquisition of KRAK	418	64	482
Payments relating to previous years´ acquisitions	-	20	20
Total net payments for acquisitions	418	84	502

Assets an liabilities for Krak acquisition

	Acquired
	book value	Fair value
Trade names		115
Customer relations		40
Other intangible assets	13	47
Tangible non-current assets	20	20
Financial assets	49	49
Other current assets	56	57
Total assets in acquired operations	138	328
Deferred tax liabilities		47
Current Liabiities	167	167
Total Liabilities related to acquired operations	167	214
Acquired identifiable net assets		114
Goodwill on acquisition date		360
Purchase price for Krak		474

Identified trade names concern Krak which is established a long time ago and has a high recognition. The trade name Krak is considered to have indefinite useful life. Customer relations and other intangible assets are estimated to have useful lives of 5 years. Goodwill is mainly attributable to the planned synergies when combining Krak in the Eniro Group.

Other acquisitions mainly concern the acquisition of 100 percent of the shares in Leta AB in January 2007 with a purchase price of approximately SEK M 48 and the acquisition of 48,1 percent of the shares in Netclips AB in February 2007 for approximately SEK M 10. In July 2007, Din Del acquired 51 percent of the shares in Fastcheck AB with an option to acquire the remaining 49 percent of the shares.