Eniro Group

Quarterly Report • Oct 29, 2008

Eniro – Interim report: January – September 2008

July – September

• Operating revenues amounted to SEK 1,480 M (1,426)
• Operating income before depreciation (EBITDA) amounted to SEK 478 M (398)
• Write down of intangible assets of SEK 1.2 bn
• Net income for the period amounted to SEK -984 M (321)
• Net income per share amounted to SEK -6.09 (1.78)

January – September

• Operating revenues amounted to SEK 4,534 M (4,361)
• Operating income before depreciation (EBITDA) amounted to SEK 1,359 M (1,429)
• Net income for the period amounted to SEK -691 M (803)
• Net income per share amounted to SEK -4.28 (4.44)
• New long-term strategic plan to be presented on CMD in Copenhagen on November 6, 2008

Summary of consolidated income statement
		3 months			9 months			12 months
	Jul-Sep	Jul-Sep			Jan-Sep Jan-Sep		Oct/Sep	Jan-Dec
SEK M	2008	2007	%	2008	2007	%	2007/08	2007
Operating revenues	1,480	1,426	4	4,534	4,361	4	6,616	6,443
Operating income before depreciation (EBITDA)	478	398	20	1,359	1,429	-5	2,196	2,266
Earnings before tax	-1,031	204	n.a	-681	784	n.a	-64	1,401
Net income continuing operations	-984	168	n.a	-691	621	n.a	-189	1,123
Net income	-984	321	n.a	-691	803	n.a	-190	1,304
Net income per share, continuing operations	-6.10	0.93	n.a	-4.28	3.43	n.a	-1.15	6.25
Net income per share, SEK	-6.09	1.78	n.a	-4.28	4.44	n.a	-1.15	7.27
Cash flow from operating activities	353	161	119	894	716	25	1,809	1,631
Cash earnings per share, SEK	2.16	2.37	-9	5.33	6.15	-13	8.92	9.59

"In Norway, online revenues now contribute with more than 50 percent of the total revenues with continued high margins."

Jesper Kärrbrink, CEO

CEO Jesper Kärrbrinks comments

All in all, a quarter in line with our expectations and we reiterate our earlier market outlook for 2008, where we expect Group revenues to grow organically with a strong growth in online revenues more than offsetting the decline in print revenues and operational EBITDA expected in the range of SEK 2,050 – 2,100 M.

That said, it can not be dismissed that the global financial market is in one of the worst financial crises ever. While being in the budget process for 2009 a very common question has been how resilient we are to a slower financial climate. This is a fundamentally difficult question to answer. Historically the directory industry has been more resilient than other media and the directory industry has been late into the economical cycles. Our Danish operation is a good example of this. Denmark has been in a recession for the last three quarters and overall advertising in Denmark is reported flat or negative. In contrast to this our Danish operations report an organic top line growth of 3 percent in the third quarter. Looking at the current situation, where the overall advertising market is slowing down, we manage to keep more or less the same overall growth levels as last year, when the economy was peaking. One reason for us being more resilient than many other media companies is the importance for our customers to be visible in all our search channels as our products deliver proven high return of investment.

But, and this is important to say, yes resilient, but we are not immune to slower economical growth or recession.

Looking at the Group online revenues in the third quarter, the organic growth was 14 percent with Sweden and Norway being the drivers. In Norway online revenues now contribute with more than 50 percent of the total revenues with continued high margins.

Denmark, as expected, is still behind plan on online revenues and grew organically by 7 percent in the third quarter. This is not satisfactory but on the other hand order intake has started to pick up significantly in the third quarter, and by that I consider the Krak integration as complete.

Our Swedish operations continued to show strong growth figures in online and managed to keep the decline in print and voice on targeted levels. The Polish operation is also on track but has its most important quarter ahead of them.

Finland is struggling with fierce competition and lower sales than expected; we are looking closely into our Finnish operations.

Following the regular impairment test we have taken the decision to adjust the book value of our Norwegian holdings, leading to a write down of intangible assets on a Group level of SEK 1.2 bn.

The strategy process is continuing and we decided to launch the new online organization earlier than planned in order to be able to take action on the opportunities already this year to get effect as early as possible 2009 and 2010. The rest of the strategy plan - on how Eniro will transform from print dependency to online opportunities - will be presented at the CMD in Copenhagen the 6:th of November.

I hope to see you there.

Jesper Kärrbrink President and CEO

Financial summary

Third quarter results

Operating revenues amounted to SEK 1,480 M (1,426). The organic1 decrease in operating revenues was 2 percent.

Online revenues continued to develop well, with an increase of 13 percent to SEK 587 M (518) corresponding to an organic growth of 14 percent.

Operating revenues from voice declined by 1 percent to SEK 237 M (239), and the organic decrease was 1 percent.

Offline revenues declined by 2 percent to SEK 656 M (669). The third quarter was positively impacted by changes in publication dates of SEK 59 M. Organically, offline revenues decreased by 12 percent.

Operating income before depreciation (EBITDA) for the quarter amounted to SEK 478 M (398), positively impacted by changed publication dates. Comparable EBITDA for the third quarter 2007 included restructuring effects following the Krak acquisition of SEK 50 M.

Eniro has after regular impairment test decided to carry through a write down of intangible assets related to the Norwegian operations of SEK 1.2 bn of which the majority is related to increased WACC.

Nine-month results

Operating revenues amounted to SEK 4,534 M (4,361). The organic decline was 1 percent.

Online revenues increased by 26 percent to SEK 1,746 M (1,388). Organically, online revenues increased by 13 percent.

Voice revenues increased by 1 percent to SEK 707 M (699). The organic development was flat.

Offline revenues amounted to SEK 2,081 M (2,274), a decline of 8 percent. Organically, offline revenues declined by 11 percent.

EBITDA for the period amounted to SEK 1,359 M (1,429) and included a capital gain of SEK 87 M (140) recorded in the second quarter. Restructuring effects and a Swedish court decision relating to advertising taxes negatively impacted EBITDA.

Taxes

Income tax for the third quarter was SEK 47 M

(-36) and for the nine-month period the income tax was SEK -10 M (-163). The reported tax for the quarter and the nine month period was impacted by reduction of deferred tax liability of SEK 79 M related to the write down of intangible assets in Norway. The underlying tax rate for the last twelve months period was 19 percent.

Earnings per share

Cash earnings per share amounted to SEK 2.16 (2.37) for the third quarter and SEK 5.33 (6.15) for the nine month period. Net income per share amounted to SEK –6.09 (1.78) for the quarter and SEK -4.28 (4.44) for the nine-month period.

Cash flow

Cash flow from operating activities for the third quarter was SEK 353 M (161). No payment of interest was due during the quarter. Total cash flow for the third quarter was SEK -130 M (1,347). Cash flow from operating activities for the first nine months was SEK 894 M (716), while total cash flow was SEK -201 M (1,306).

Financial position

The Group's interest-bearing net debt totaled SEK 10,339 M (9,009) on September 30, 2008. The equity/assets ratio was 15 percent (28). The debt/equity ratio was 3.99 compared to 1.64 on September 30, 2007. Interest-bearing net debt in relation to EBITDA was 4.7, and 4.9 excluding capital gains. Return on equity was -5 percent for the past 12 months. Unrealized currency effects on external loans and effects of changes in market value on derivatives during the nine month period amounting to SEK 43 M decreased net debt.

The financial net amounted to SEK -177 M (-88) for the third quarter and includes the net of currency exchange differences with SEK -16 M (53). For the nine month period, the financial net amounted to SEK -489 M (-343) and the net of currency exchange differences was SEK -15 M (53).

On September 30, 2008, outstanding debt under the credit facilities totaled NOK 5,000 M, EUR 80 M, DKK 400 M and SEK 3,457 M.

Of the facility NOK 4,250 M and SEK 1,060 M are hedged at a fixed interest rate until maturity date (August 2012), corresponding to approximately 60 percent of the utilized facility. Cash and unutilized credit facilities amounted to approximately SEK 2,427 M on September 30, 2008.

By the end of the third quarter, there was headroom to all bank covenants. In the credit facility agreement, Eniro has the right to be in breach with one of its covenants, interest-bearing net debt in relation to EBITDA, during one quarter, until the end of 2009,

¹ Adjusted for currency effects, publication shifts, publication fees, changed bundling method, acquisitions and divestments.

without being forced to renegotiate the terms. That right has not been utilized.

Repurchase of own shares

At the end of the quarter, Eniro held 947,224 shares. These shares will be retained for use in the sharesaving program. The average holding of the company's own shares during the nine months period was 988,219.

Risks and Uncertainties

During 2007, Eniro implemented a structured Groupwide program for risk analysis integrated with business planning work in order to further improve Eniro's processes for risk analysis and risk management.

Eniro endeavors to efficiently identify, assess and manage a wide range of risks. Eniro has categorized the risks its faces as industry- and market related risks, commercial risks, operative risks, financial risks, compliance risks relating to laws and regulations, and financial reporting risks. Annually, the company assesses the different risk categories in order to identify risks and uncertainties in a systematic manner.

Eniro's business environment is undergoing changes. Examples of significant industry and market related risks in Eniros's operations includes the risk of new types of competitor constellations and competitor cooperation, the risk of changes in customer behavior and user behavior, the risk of rapid technological development or technology shifts, as well as the risk that competitors will develop new and improved services. A more complete description of Eniro's risks and uncertainties are described in Eniro's annual report for 2007 on pages 28-29 under section Risk management.

Market Outlook

In our market outlook for 2008, we expect Group revenues to grow organically with a strong growth in online revenues more than offsetting the decline in print revenues.

Operational EBITDA in 2008, excluding capital gains and restructuring effects, is expected to be in the range of SEK 2,050 – 2,100 M.

Development per market

Sweden excluding Voice

	Jul-Sep				Jan-Sep					Oct/Sep Jan-Dec
SEK M	2008	2007		% %org *	2008	2007		% %org *	2007/08	2007
Revenues	435	418	4	5	1,394	1 359	3	3	2,262	2,227
Online	215	181	19	18	624	527	18	18	848	751
Offline	220	237	-7	-6	770	832	-7	-6	1,414	1,476
EBITDA	185	166	11		485	539	-10		974	1,028
EBITDA marg %	43	40			35	40			43	46

*Organic change

July - September

Operating revenues for Sweden increased by 4 percent to SEK 435 M (418). Organically, operating revenues increased by 5 percent.

Online revenues increased organically by 18 percent. Eniro.se continued to develop well and the site reached another all time high numbers of unique browsers during the period.

Offline revenues decreased organically by 6 percent.

EBITDA amounted to SEK 185 M (166) as a result of higher revenues, cost control as well as timing in cost.

January - September

Operating revenues for Sweden for the first nine months of 2008 amounted to SEK 1,394 M (1,359). Organically, operating revenues increased by 3 percent.

Online revenues increased organically by 18 percent while offline revenues decreased organically by 6 percent. Online revenues amounted to 45 percent of the total revenues for the nine month period.

EBITDA amounted to SEK 485 M (539). Continued investments in an increased online sales force, moved publications and a court decision relating to advertising taxes affected the comparison with the nine month period 2007 negatively.

As of June 30, Eniro's ownership in the portal Passagen is 50 percent after an expanded partnership with Aller. Passagen will be reported in the income statement as an associated company in accordance with the equity method.

Sweden Voice

		Jul-Sep				Jan-Sep			Oct/Sep	Jan-Dec
SEK M	2008	2007		% %org *	2008	2007			% % org* 2007/08	2007
Revenues	148	154	-4	-4	444	457	-3	-3	594	607
EBITDA	42	44	-5		96	111	-14		134	149
EBITDA marg %	28	29			22	24			23	25

* Organic change

July – September

Operating revenues for the quarter decreased by 4 percent as a result of lower call volumes. The organic decline was 4 percent.

EBITDA amounted to SEK 42 M (44) for the third quarter.

January – September

Operating revenues decreased by 3 percent to SEK 444 M (457). The organic decrease of revenues was 3 percent.

EBITDA amounted to SEK 96 M (111). Restructuring effects of SEK 10 M in the second quarter, from closing down one call center and concentrate operations from nine to eight locations, negatively impacted EBITDA. Costs savings from the close down are expected to amount to about SEK 10 M annually from 2009.

Norway

		Jul-Sep				Jan-Sep				Oct/Sep Jan-Dec
SEK M	2008	2007	%	% org*	2008	2007	%		% org* 2007/08	2007
Revenues	520	496	5	-6	1,523	1,540	-1	-5	1,965	1,982
Online	247	215	15	14	727	587	24	13	1,000	860
Voice	34	27	26	29	100	77	30	27	135	112
Offline	239	254	-6	-23	696	876	-21	-21	830	1,010
EBITDA	222	199	12		634	782	-19		753	901
EBITDA marg %	43	40			42	51			38	45

* Organic change

July – September

Operating revenues for Norway during the third quarter increased by 5 percent to SEK 520 M (496), positively impacted from publications moved in to the third quarter from the second quarter by SEK 56 M. Organically, operating revenues declined by 6 percent.

Online revenues for Norway totaled SEK 247 M (215). The organic growth in online revenues was 14 percent and the usage of gulesider.no continued to increase.

Voice increased organically by 29 percent, primarily explained by the previously communicated price increases.

Offline revenues decreased organically by 23 percent.

EBITDA for Norway was SEK 222 M (199). Adjustments for moved publications impacted EBITDA positively in the quarter.

January – September

Operating revenues for the nine-month period declined by 1 percent to SEK 1,523 M (1,540). The organic decline was 5 percent.

Online revenues increased organically by 13 percent, mainly driven by strong growth in gulesider.no. Online revenues amounted to 48 percent of total revenues for the first nine month period.

Voice revenues increased organically by 27 percent.

Offline revenues decreased organically by 21 percent.

EBITDA for Norway amounted to SEK 634 M (782). Restructuring had a negative effect on the comparisons with last year. The comparable EBITDA for the first nine month period 2007 included a capital gain of SEK 125 M.

Denmark

		Jul-Sep		Jan-Sep					OctSep	Jan-Dec
SEK M	2008	2007		% % org*	2008	2007	%	% org*	2007/08	2007
Revenues	164	155	6	3	494	347	42	3	717	570
Online	65	69	-6	7	216	117	85	7	273	174
Offline	99	86	15	1	278	230	21	1	444	396
EBITDA	23	-34	n.a		65	-24	n.a		127	38
EBITDA marg %	14	-22			13	-7			18	7

*Organic change

July – September

In the third quarter, operating revenues for Denmark increased organically by 3 percent.

Online revenues increased organically by 7 percent. The integration of the two sales forces Eniro and Krak has developed slower than expected affecting the efficiency in sales. During the third quarter order intake has improved. Additional 30 online sales representatives were employed during the period.

Offline revenues increased organically by 1 percent as a result of gained market shares.

EBITDA amounted to SEK 23 M (-34). Comparable EBITDA for the third quarter 2007 included restructuring of SEK 50 M following the Krak

acquisition.

January – September

Operating revenues for Denmark during the nine months period increased organically by 3 percent.

Online revenues increased organically by 7 percent, negatively affected by the slower integration of Krak. During the nine month period, in total additional 50 online sales representatives were employed.

Offline revenues increased organically by 1 percent.

EBITDA increased to SEK 65 M (-24) The integration of the sales forces as well as the integration of IT platforms and systems proved to be more time consuming and costly than expected.

		Finland

	Jul-Sep				Jan-Sep				Oct/Sep	Jan-Dec
SEK M	2008	2007		% % org*	2008	2007		% % org*	2007/08	2007
Revenues	113	115	-2	-3	468	482	-3	-5	626	640
Online	33	31	6	4	101	96	5	4	140	135
Voice	55	58	-5	-6	163	165	-1	-3	218	220
Offline	25	26	-4	-6	204	221	-8	-9	268	285
EBITDA	0	16	-100		149	90	66		179	120
EBITDA marg %	0	14			32	19			29	19

*Organic change

July - September

Operating revenues for Finland during the third quarter decreased by 2 percent. Organically, operating revenues decreased by 3 percent.

Online revenues increased organically by 4 percent. Eniro.fi continued to develop well and reached all time high traffic numbers in September. The B2B product; yritystele.fi had a weak performance in the quarter.

Voice revenues decreased organically by 6 percent as a result of lower call volumes in the quarter.

Offline revenues declined organically by 6 percent.

EBITDA amounted to SEK 0 M (16).

January - September

Operating revenues for Finland during the first nine months decreased by 3 percent and organically, operating revenues decreased by 5 percent.

Online revenues increased organically by 4 percent.

Voice revenues decreased organically by 3 percent.

Offline revenues declined organically by 9 percent.

EBITDA amounted to SEK 149 M (90) and included a capital gain of SEK 87 M from the sale of 50 percent of Suomi24 to Aller.

As of September 30, Eniro's ownership of the portal Suomi24 is 50 percent and Suomi24 will continue to be consolidated into the income statement as a subsidiary.

Poland

	Jul-Sep				Jan-Sep				Oct/Sep	Jan-Dec
SEK M	2008	2007	%	% org*	2008	2007	%		% org* 2007/08	2007
Revenues	100	88	14	-2	211	176	20	3	452	417
Online	27	22	23	8	78	61	28	11	101	84
Offline	73	66	11	-5	133	115	16	-1	351	333
EBITDA	21	21	0		-13	-17	n.a.		104	100
EBITDA marg %	21	24			-6	-10			23	24

*Organic change

July – September

Operating revenues increased by 14 percent and organically, operating revenues decreased by 2 percent.

Online revenues increased organically by 8 percent and offline revenues decreased organically by 5 percent. EBITDA amounted to SEK 21 M (21).

January – September

A limited number of printed directories were published during the first nine months. Most of the Polish directories are published during the fourth quarter.

Operating revenues increased by 20 percent. The organic increase was 3 percent, with online revenues increasing organically by 11 percent and offline revenues declined by 1 percent organically.

EBITDA improved to a loss of SEK 13 M (-17) as a result of higher revenues.

Other

This category includes costs for corporate headquarters and Group-wide projects.

EBITDA for the third quarter amounted to SEK -15 M

(-14) and for the nine months period SEK -57 M (-52).

Other information

Employees

On September 30, 2008, the number of full-time employees totaled 4,756 (4,816). The number of employees by country is presented in the table below:

September 30	2008	2007
Sweden	1,556	(1,435)
Norway	1,013	(1,082)
Denmark	590	(604)
Finland	508	(534)
Poland	1,089	(1,161)
Total	4,756	(4,816)

Accounting principles

This interim report is prepared in accordance with the International Financial Reporting Standards (IFRS), which are recognized by the European Union (EU). The structure of the interim report follows IAS 34 Interim Financial Reporting.

The following standards, amendments and interpretations to existing standards have been published and are mandatory for periods beginning on or after January 1, 2009 or later periods, but has not been adopted earlier.

• IAS 1 (Amendment), Presentation of Financial Statements (effective from January 1, 2009). The amendment requires changes in the presentation of financial statements and the classification of the financial reports. The amendment will lead to changes in the group's presentation of the financial reports.
• IAS 27 (Amendment), Consolidated and Separate Financial Statements (effective from July 1, 2009). The amendment requires that result contributed to the minority interest, always should reflect the minority shareholders' proportionate interest even if the minority interest is negative. The amendment will affect the reporting of future transactions.
• IFRS 3 (Amendment), Business Combinations (effective from July 1, 2009). The amendment is attributable to acquisitions after the effective date and stipulates changes in reporting of future acquisitions. The amendment will not affect previous acquisitions but will affect the reporting of future transactions.
• IFRS 8, Operating segments (effective from January 1, 2009). IFRS 8 replaces IAS 14. The new standard requires segment information to be presented in accordance with how financial information is presented internally. Management is still assessing the expected impact of the new standard on the group's reporting.

The above new standards and amendments will be adopted from the effective date.

The following standards, amendments and interpretations to existing standards have been published and are mandatory for periods beginning on, or after, January 1, 2009 or later periods, but are estimated not to be relevant for the group.

• IAS 23 (Amendment), Borrowing costs
• IAS 32 (Amendment), Financial Instruments: Presentation
• IFRS 2, (Amendment), Share-based Payment
• IFRIC 12, Service Concession Arrangements
• IFRIC 13, Customer Loyalty Programmes
• IFRIC 14, IAS 19 The limit on a defined benefit asset, minimum funding requirements and their interaction

A more detailed description of the accounting principles, which Eniro is applying, is presented in the 2007 Annual Report.

Revenue effects for changed publication dates

Revenues from the sale of printed directories are reported when the various directories are published. Changes in publication dates can thus affect comparisons between the same quarters for different years.

Revenue effect of moved publication 2008 versus 2007
MSEK	Q1	Q2	Q3		Q4 Total 2008
Sweden excl Voice	-8	2	-4	10	0
Norway	0	-56	56	0	0
Denmark	-13	23	6	-11	5
Finland	0	0	0	0	0
Poland	0	3	1	-4	0
Total effect	-21	-28	59	-5	5

Revenue distribution of bundled sales in 2008

Revenues from the sale of bundled products are distributed between offline and online revenues according to a distribution ratio that reflects the market value of each product. Up to and including 2006, the distribution ratio was based on measurements of commercial use of each product, which was measured continuously through customer surveys. The distribution ratio is adjusted annually. From 2007, this distribution ratio is based on value for the advertisers. The value for the advertiser is measured continuously through customer surveys where the customers estimate the value of commercial use. There are no changes in the method to distribute revenue from the sale of bundled products between offline and online revenues during 2008.

Sales of bundled products in the Swedish operations amounts to approximately SEK 440 M. 40 percent of bundled revenues will be reported as online revenues, while 60 percent will be reported as offline revenues.

The same distribution ratio between online and offline was used in 2007.

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

Events after the end of the reporting period

On October 1, 2008, Eniro Finland acquired the customer service company Sentraali Oy for a consideration of approximately EUR 3 M. Sentraali Oy provides different customer services mainly call center services.

Other information

During the period, Jan Johansson was appointed CFO of Eniro. Jan Johansson has a long experience from Nobia AB where he held various financial positions, most recently as CFO since 2004. Jan Johansson will start his position on November 5, 2008.

The first step of a new organization to support Eniro's new strategy was launched on October 20, 2008. Eniro will be divided into three strategic business units, Online, Offline Media and Voice with continued strong focus on the national markets where the local implementation will take place. The Swedish subsidiaries, Din Del and 118 118, will be part of the Swedish organization. The new organization in its entirety will be in place from January 1, 2009 but in order to start take action to explore the online opportunities a decision was made to launch the new online organization already on October 20, 2008. Mathias Hedlund was appointed Vice President Online and Wenche Holen Vice President Voice. Vice President Offline Media will be announced later.

The new Eniro management group was announced on October 20, 2008 and consist of Jesper Kärrbrink, President and CEO of Eniro, Jan Johansson, CFO, Åsa Wallenberg, Head of IR and Communication, Mattias Wedar, CIO, Mathias Hedlund, VP Online, Martin Carlesund, President Sweden, Wenche Holen, President Norway and VP Voice, Ilkka Wäck, President Finland, Henrik Dyring, President Denmark, Roger Asplund, President Poland. VP Offline Media will also be part of the management group.

Capital Market Day November 6, 2008

Eniro invites analysts, investors and journalists to a Capital Market Day in Copenhagen on November 6, 2008, where the new strategy for the company will be presented. For more information and to register: www.eniro.com

Stockholm, October 29, 2008 Jesper Kärrbrink President and CEO

Review Report

We have reviewed the interim report for the period 1 January 2008 - 30 September 2008 for Eniro AB (Publ). The board of directors and the CEO are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim financial information based on our review.

We conducted our review in accordance with the Standard on Review Engagements SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by FAR. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden RS and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not, in all material respects, prepared in accordance with IAS 34 and the Annual Accounts Act.

Stockholm, October 29, 2008

PricewaterhouseCoopers AB

Accountant Accountant Auditor in charge

Bo Hjalmarsson Sten Håkansson Authorized Public Authorized Public For information, please contact: Jesper Kärrbrink, President and CEO Tel +46 8-553 310 01

Åsa Wallenberg, IR Tel +46 8-553 310 66, +46 70-361 34 09

Eniro AB (publ) SE-169 87 Stockholm, Sweden Corporate reg. no. 556588-0936 www.eniro.com

Financial calendar 2008/09

Year End report 2008 February 18, 2009 Annual Report 2008 April, 2009 Interim report Jan-Mar 2009 May 7, 2009 Annual General Meeting 2009 May 14, 2009 Interim report Jan-Jun 2009 August 25, 2009 Interim report Jan-Sept 2009 October 29, 2009

Capital market day November 6,2008

Consolidated Income Statement
	------- 3 months -------- ------- 9 months -------				------- 12 months -------
	2008	2007	2008	2007	2007/08	2007
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Continuing operations
Operating revenues:
Gross operating revenues	1 493	1 436	4 570	4 397	6 681	6 508
Advertising tax	-13	-10	-36	-36	-65	-65
Operating revenues	1 480	1 426	4 534	4 361	6 616	6 443
Costs:
Production costs	-396	-406	-1 338	-1 294	-1 927	-1 883
Sales costs	-406	-420	-1 228	-1 173	-1 615	-1 560
Marketing costs	-1 358	-140	-1 677	-441	-1 850	-614
Administration costs	-132	-125	-423	-387	-583	-547
Product development costs	-39	-48	-129	-125	-181	-177
Other revenues/costs	-3	5	69	186	76	193
Operating income before interest and taxes *	-854	292	-192	1 127	536	1 855
Financial items, net	-177	-88	-489	-343	-600	-454
Earnings before tax	-1 031	204	-681	784	-64	1 401
Income tax	47	-36	-10	-163	-125	-278
Net income from continuing operations	-984	168	-691	621	-189	1 123
Discontinued operations
Net income from discontinued operations	-	153	-	182	-1	181
Net income	-984	321	-691	803	-190	1 304
Attributable to:
Equity holders of the parent company	-982	322	-690	804	-189	1 305
Minority interests	-2	-1	-1	-1	-1	-1
Net Income	-984	321	-691	803	-190	1 304
Net income per share from continuing operations, SEK
- before dilution	-6,10	0,93	-4,28	3,43	-1,15	6,25
- after dilution	-6,10	0,93	-4,28	3,42	-1,15	6,25
Net income per share from discontinued operations, SEK
- before dilution	-	0,84	-	1,00	-0,01	1,01
- after dilution	-	0,84	-	1,00	-0,01	1,01
Net income per share **, SEK
- before dilution	-6,09	1,78	-4,28	4,44	-1,15	7,27
- after dilution	-6,09	1,78	-4,28	4,43	-1,15	7,26
Average number of shares before dilution, 000s	161 300	181 103	161 283	181 103	164 717	179 582
Average number of shares after dilution, 000s	161 380	181 346	161 364	181 346	164 798	179 752
* Depreciations are included with	21	21	61	57	81	77
* Amortizations and impairment are included with	1 311	85	1 490	245	1 579	334
* Depreciations and Amortizations total	1 332	106	1 551	302	1 660	411

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

Consolidated balance sheet
	2008	2008	2008	2007	2007	2007
SEK M	Sep. 30	Jun. 30	Mar. 31	Dec. 31	Sep. 30	Jun. 30
Assets
Non-current assets
Tangible non-current assets	161	170	172	172	194	202
Intangible assets	14 675	15 941	15 710	15 968	15 967	15 703
Deferred income tax assets	96	97	100	95	90	180
Financial assets	91	255	27	32	257	322
Total non-current assets	15 023	16 463	16 009	16 267	16 508	16 407
Current assets
Work in progress	198	191	185	176	183	179
Accounts receivable	936	956	869	1 066	814	939
Prepaid costs and accrued revenues	190	165	275	213	338	257
Current income tax receivables	202	112	100	21	207	176
Other non-interest bearing current receivables	85	76	115	112	167	60
Other financial assets	5	6	9	7	4	4
Cash and cash equivalents	409	538	664	605	1 812	430
Assets classified as held for sale	-	-	-	-	-	1 122
Total current assets	2 025	2 044	2 217	2 200	3 525	3 167
TOTAL ASSETS	17 048	18 507	18 226	18 467	20 033	19 574
Equity and liabilities
Equity
Share capital	185	185	185	185	182	182
Additional paid in capital	2 285	2 285	2 284	2 285	4 259	4 257
Reserves	147	244	-72	93	72	69
Retained earnings	-41	941	1 532	1 488	986	665
Equity, share holders parent company	2 576	3 655	3 929	4 051	5 499	5 173
Minority interest	18	20	12	13	14	-
Total equity	2 594	3 675	3 941	4 064	5 513	5 173
Non-current liabilities
Borrowings	10 057	10 483	10 108	10 166	9 303	9 189
Retirement benefit obligations	228	272	260	257	267	233
Deferred income tax liabilities	1 148	1 257	1 148	1 196	1 266	1 379
Provisions	9	9	9	9	11	9
Total non-current liabilities	11 442	12 021	11 525	11 628	10 847	10 810
Current liabilities
Advances from customers	348	253	197	122	253	191
Accounts payable	157	273	199	329	224	260
Current income tax liabilities	90	49	101	44	23	11
Other non-interest bearing liabilities	397	301	352	481	436	409
Provisions	35	41	26	26	18	19
Accrued costs and prepaid revenues	1 509	1 413	1 404	1 291	1 229	1 267
Borrowings	476	481	481	482	1 490	1 216
Liabilities directly associated with
assets classified as held for sale	-	-	-	-	-	218
Total current liabilities	3 012	2 811	2 760	2 775	3 673	3 591
TOTAL EQUITY AND LIABILITIES	17 048	18 507	18 226	18 467	20 033	19 574

Changes in equity
					Total equity
					shareholders
		Additional paid		Retained	parent		Total equity
SEK M	Share Capital	in capital	Reserves	earnings	company Minority interest
Opening balance as per January 1, 2007	182	4 254	-296	980	5 120	-	5 120
Foreign currency translation differences	-	-	831	-	831	-	831
Hedging of cash flow after tax	-	-	41	-	41	-	4 1
Hedging of net investments after tax	-	-	-504	-	-504	-	-504
Share-savings program - value of services provided	-	5	-	-	5	-	5
Dividend	-	-	-	-797	-797	-	-797
Change in minority owned shares	-	-	-	-	-	14	14
Net income	-	-	-	803	803	-	803
Closing balance as per September 30, 2007	182	4 259	72	986	5 499	14	5 513
Opening balance as per January 1, 2008	185	2 285	93	1 488	4 051	13	4 064
Foreign currency translation differences	-	-	50	-	50	-	50
Hedging of cash flow after tax	-	-	-15	-	-15	-	-15
Hedging of net investments after tax	-	-	19	-	19	-	19
Share-savings program - value of services provided	-	0		-	0	-	0
Dividend	-	-	-	-839	-839	-	-839
Change in minority owned shares	-	-	-	-	-	6	6 13
Net income	-	-	-	-690	-690	-1	-691
Closing balance as per September 30, 2008	185	2 285	147	-41	2 576	18	2 594

	------- 3 months --------		------- 9 months -------			------- 12 months -------
	2008	2007	2008	2007	2007/08	2007
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Operating income before interest and taxes	-854	292	-192	1 127	536	1 855
Depreciations and amortizations	1 332	106	1 551	302	1 660	411
Other non-cash items	-44	31	-108	-135	-120	-147
Financial items, net	18	-118	-308	-364	-257	-313
Income taxes paid	-50	-50	-173	-169	-137	-133
Cash flow from operating activities
before changes in working capital	402	261	770	761	1 682	1 673
Changes in net working capital	-49	-100	124	-45	127	-42
Cash flow from operating activities	353	161	894	716	1 809	1 631
Acquisition of group companies
and associated companies	-1	-4	-86	-495	-93	-502
Divestment of group companies
and associated companies	-	-	92	108	92	108
Purchases and sales of non-current assets, net	-45	-33	-173	-93	-226	-146
Cash flow from investing activites	-46	-37	-167	-480	-227	-540
New loans raised	-	368	587	1 367	722	1 502
Loans paid back	-437	-208	-676	-627	-906	-857
Redemption	-	-	-	-	-1 967	-1 967
Dividend	-	-	-839	-797	-839	-797
Cash flow from financing activities	-437	160	-928	-57	-2 990	-2 119
Cash flow from discontinued operations	-	1 063	-	1 127	-9	1 118
Cash flow	-130	1 347	-201	1 306	-1 417	90
Total cash and cash equivalents at beginning of period	538	455	605	478	1 812	478
Cash flow	-130	1 347	-201	1 306	-1 417	90
Exchange difference in cash and cash equivalents	1	10	5	28	14	37
Total cash and cash equivalents at end of period	409	1 812	409	1 812	409	605

2008 2007 2008 2007 2007/08 2007 SEK M Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec Continuing operations Total operating revenues 1 480 1 426 4 534 4 361 6 616 6 443 Online revenues 587 518 1 746 1 388 2 362 2 004 Online revenues, portion of total 40% 36% 39% 32% 36% 31% Voice revenues 237 239 707 699 947 939 Offline revenues 656 669 2 081 2 274 3 307 3 500 Sweden excl. Voice 435 418 1 394 1 359 2 262 2 227 Online revenues 215 181 624 527 848 751 Offline revenues 220 237 770 832 1 414 1 476 Sweden Voice 148 154 444 457 594 607 Voice revenues 148 154 444 457 594 607 Norway 520 496 1 523 1 540 1 965 1 982 Online revenues 247 215 727 587 1 000 860 Voice revenues 34 27 100 77 135 112 Offline revenues 239 254 696 876 830 1 010 Denmark 164 155 494 347 717 570 Online revenues 65 69 216 117 273 174 Offline revenues 99 86 278 230 444 396 Finland 113 115 468 482 626 640 Online revenues 33 31 101 96 140 135 Voice revenues 55 58 163 165 218 220 Offline revenues 25 26 204 221 268 285 Poland 100 88 211 176 452 417 Online revenues 27 22 78 61 101 84 Offline revenues 73 66 133 115 351 333		------- 3 months --------	------- 9 months -------	------- 12 months -------

EBITDA by region and market unit

		------- 3 months --------		------- 9 months -------		------- 12 months -------
	2008	2007	2008	2007	2007/08	2007
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Continuing operations
EBITDA Total	478	398	1 359	1 429	2 196	2 266
Margin, %	32	28	30	33	33	35
Sweden excl. Voice	185	166	485	539	974	1 028
Margin, %	43	40	35	40	43	46
Sweden Voice	42	44	96	111	134	149
Margin, %	28	29	22	24	23	25
Norway	222	199	634	782	753	901
Margin, %	43	40	42	51	38	45
Denmark	23	-34	65	-24	127	38
Margin, %	14	-22	13	-7	18	7
Finland	0	16	149	90	179	120
Margin, %	0	14	32	19	29	19
Poland	21	21	-13	-17	104	100
Margin, %	21	24	-6	-10	23	24
Other (Head office & group-wide projects)	-15	-14	-57	-52	-75	-70
EBIT by market unit

		------- 3 months --------		------- 9 months -------	------- 12 months -------
	2008	2007	2008	2007	2007/08	2007
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Continuing operations
Total EBIT	-854	292	-192	1 127	536	1 855
Margin, %	-58	20	-4	26	8	29
Sweden excl. Voice	169	155	442	502	921	981
Margin, %	39	37	32	37	41	44
Sweden Voice	39	42	87	104	122	139
Margin, %	26	27	20	23	21	23
Norway	-1 053	126	-786	566	-741	611
Margin, %	-203	25	-52	37	-38	31
Denmark	-5	-43	15	-38	66	13
Margin, %	-3	-28	3	-11	9	2
Finland	-7	8	129	69	151	91
Margin, %	-6	7	28	14	24	14
Poland	18	18	-22	-24	92	90
Margin, %	18	20	-10	-14	20	22
Other	-15	-14	-57	-52	-75	-70

Operating Revenues by quarter
	2008	2008	2008	2007	2007	2007	2007	2006
SEK M	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Continuing operations
Operating revenues
Total	1 480	1 678	1 376	2 082	1 426	1 607	1 328	1 958
Online revenues	587	592	567	616	518	446	424	435
Voice revenues	237	248	222	240	239	242	218	239
Offline revenues	656	838	587	1 226	669	919	686	1 284
Sweden excl. Voice	435	565	394	868	418	553	388	846
Online revenues	215	212	197	224	181	174	172	187
Offline revenues	220	353	197	644	237	379	216	659
Sweden Voice	148	155	141	150	154	159	144	158
Voice revenues	148	155	141	150	154	159	144	158
Norway	520	475	528	442	496	505	539	416
Online revenues	247	243	237	273	215	195	177	173
Voice revenues	34	35	31	35	27	26	24	27
Offline revenues	239	197	260	134	254	284	338	216
Denmark	164	188	142	223	155	94	98	138
Online revenues	65	77	74	57	69	23	25	27
Offline revenues	99	111	68	166	86	71	73	111
Finland	113	223	132	158	115	239	128	161
Online revenues	33	33	35	39	31	34	31	30
Voice revenues	55	58	50	55	58	57	50	54
Offline revenues	25	132	47	64	26	148	47	77
Poland	100	72	39	241	88	57	31	239
Online revenues	27	27	24	23	22	20	19	18
Offline revenues	73	45	15	218	66	37	12	221

EBITDA by quarter
	2008	2008	2008	2007	2007	2007	2007	2006
SEK M	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Continuing operations
EBITDA by quarter
Total	478	580	301	837	398	537	494	747
Sweden excl. Voice	185	199	101	489	166	253	120	466
Sweden Voice	42	26	28	38	44	34	33	31
Norway	222	203	209	119	199	225	358	108
Denmark	23	32	10	62	-34	2	8	35
Finland	0	146	3	30	16	58	16	26
Poland	21	-5	-29	117	21	-12	-26	111
Other (Head office and group-wide projects)	-15	-21	-21	-18	-14	-23	-15	-30

Financial key ratios

					------- 3 months -------- ------- 9 months ------- ------- 12 months -------
	2008	2007	2008	2007	2007/08	2007
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Operating margin - EBITDA, %	32	28	30	33	33	35
Operating margin - EBIT, %	-58	20	-4	26	8	29
Cash Earnings continuing operations, SEK M	348	274	860	923	1 471	1 534
Cash Earnings, SEK M	348	429	860	1 113	1 470	1 723
	2008	2008	2008	2007	2007	2007
SEK M	Sep. 30	Jun. 30	Mar. 31	Dec. 31	Sep. 30	Jun. 30
Equity, average 12 months, SEK M *	3 918	4 480	4 880	5 222	5 263	5 114
Return on equity, 12 months, % *	-5	25	22	25	22	20
Interest-bearing net debt, SEK M	10 339	10 529	10 169	10 281	9 009	9 881
Debt/equity ratio, times	3,99	2,87	2,58	2,53	1,64	1,91
Equity/assets ratio, %	15	20	22	22	28	26
Interest-bearing net debt/EBITDA 12 months, times	4,7	5,0	4,9	4,5	4,1	4,4

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

Key ratios per share before dilution

			------- 3 months -------- ------- 9 months ------- ------- 12 months -------
	2008	2007	2008	2007	2007/08	2007
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Operating revenues, SEK	9,18	7,87	28,11	24,08	40,17	35,88
Earnings before tax, SEK	-6,39	1,13	-4,22	4,33	-0,39	7,80
Net income continuing operations, SEK	-6,10	0,93	-4,28	3,43	-1,15	6,25
Net income, SEK *	-6,09	1,78	-4,28	4,44	-1,15	7,27
Cash Earnings continuing operations, SEK	2,16	1,51	5,33	5,10	8,93	8,54
Cash Earnings, SEK	2,16	2,37	5,33	6,15	8,92	9,59
Average number of shares before dilution, 000s	161 300	181 103	161 283	181 103	164 717	179 582
Average number of shares after dilution, 000s	161 380	181 346	161 364	181 346	164 798	179 752
*calculated on result attributable to equity holders of the parent company
	2008	2008	2008	2007	2007	2007
	Sep. 30	Jun. 30	Mar. 31	Dec. 31	Sep. 30	Jun. 30
Equity, SEK *	15,97	22,66	24,36	25,12	30,36	28,56
Share price, end of period, SEK	23,90	21,90	43,20	58,00	78,50	87,25

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

Other key data
	------- 9 months -------		------- 12 months -------
	2008	2007	2007
	Jan-Sep	Jan-Sep	Jan-Dec
Average number of full-time employees, period	4 588	4 606	4 697
Number of full-time employees on the closing date	4 756	4 816	4 650

date (reduced by own holding), 000s 161 324 161 275 161 275 161 275 181 103 181 103

Parent company

Number of shares on the closing

	------- 9 months -------
Income statement	2008	2007
SEK M	Jan-Sep	Jan-Sep
Revenues	15	19
Earnings before tax	-1 609	-326
Net Income	-1 471	-244
Balance sheet	2008	2007
SEK M	Sep. 30	Sep. 30
Non-current assets	12 561	13 669
Current assets	306	1 635
TOTAL ASSETS	12 867	15 304
Equity	1 076	4 070
Untaxed reserves	1 024	1 053
Provisions	15	13
Non-current liabilities	10 211	9 582
Current liabilities	541	586
TOTAL EQUITY AND LIABILITIES	12 867	15 304