Eniro Group

Quarterly Report • Oct 28, 2010

Interim Report Jan-Sept 2010

STOCKHOLM, OCTOBER 28, 2010

Developments in the third quarter July – September, 2010

• Operating cash flow for the first nine months amounted to SEK 313 M (562)
• Net debt decline of SEK 507 M from year-end 2009
• The Board has resolved a SEK 2.5 bn fully underwritten rights offering, subject to approval by the EGM (see separate press release)
• New agreement with lending banks secured to the end of 2014, subject to completion of the rights issue
• Annual General Meeting held 20 April, 2011. Lars Berg will continue in his role Eniro's chairman Lars Berg has today informed the Nomination Committee that he will not be available for re-election at the upcoming until the AGM
• g the quarter Eniro launched its new improved website including product search functionality (Eniro Durin 2.0)
• nt Operating revenues in Q3 amounted to SEK 1,135 M (1,500), down by 24 percent Y/Y, corresponding to an organic decline of 17 percent. The organic revenue decline for the first nine months was 12 perce
• ts reduced by approximately SEK 285 M (excluding currency effects) for the first nine Operating cos months 2010
• ive effects of SEK -647 M following offline assets in Finland EBITDA amounted to SEK -371 M (404), and included one-off negat divestment and restructuring of online- and
• Adjusted EBITDA1 of SEK 245 M (438)
• assets of SEK 4,261 M mainly attributable to the Norwegian operations within Impairment of intangible Directories Scandinavia
• Net income of SEK -4,666 M (-200), mainly affected by impairment of intangible assets

SEK M	2010	2009		2010	2009		2009/10	2009
	Jul-Sep	Jul-Sep	%	Jan-Sep	Jan-Sep	%	Oct-Sep	Jan-Dec
Operating revenues	1 135	1 500	-24	3 844	4 615	-17	5 810	6 581
Directories Scandinavia	788	1 088	-28	2 680	3 299	-19	4 067	4 686
Voice Scandinavia	176	181	-3	522	538	-3	696	712
Finland/Poland	171	231	-26	642	778	-17	1 047	1 183
EBITDA	-371	404		196	1 250		753	1 807
Directories Scandinavia	235	339		653	1 008		1 131	1 486
Voice Scandinavia	68	75		213	173		235	195
Finland/Poland	-638	17		-579	41		-491	129
Other	-36	-27		-91	28		-122	-3
EBITDA Margin %	-32,7	26,9		5,1	27,1		13,0	27,5
Adjusted EBITDA	245	438		815	1 242		1 425	1 852
Adjusted EBITDA Margin %	21,6	29,2		21,2	26,9		24,5	28,1
EBIT	-4 759	-231		-4 455	351		-4 114	692
Earnings before tax	-4 832	-314		-4 674	-8		-4 434	232
Net Income	-4 666	-200		-4 768	426		-4 586	608
Net income per share, SEK	-28,92	-1,24		-29,55	5,19		-28,41	5,99
Operating Cash flow, SEK M	259	62		313	562		904	1 153
Total operating cost	909	1 104	-18	3 094	3 485	-11	4 510	4 901
Interest bearing Net Debt SEK M	6 138	7 071	-13	6 138	7 071	-13	6 138	6 645
Net debt /EBITDA adjusted for other items affecting comparability, times 1	4,7	3,8		4,7	3,8		4,7	3,9

Excluding items affecting comparability amounting to SEK -598 M and other restructuring costs of SEK 18 M

Lars Berg, Chairman of the Board of Eniro commented:

"I have today informed the Nomination Committee that I will not be available for re-election at Eniro's next AGM. Through today's announcement, we have taken measures to strengthen the balance sheet and we have secured a long term sustainable financing, at reasonable terms for the company. In addition, the recently appointed CEO Johan Lindgren provides Eniro with an experienced and skilled leader to drive the company through the next step in the transformation. With this background, I believe that this is the right time, after ten years at Eniro's Board of irectors, to ensure that the Board also receives the necessary renewal in its leadership." D

Johan Lindgren, President and CEO of Eniro commented:

es o showed a sizeable net loss as a result of the "2010 has been challenging for Eniro. Despite successful implementation of cost measures, mitigating the weak revenue trend, the overall complexity of the transformation process has lead to organizational inefficiencies, and Eniro has been unable to capture the opportunities in the improved advertising market. The implementation issu from the merger of the sales forces have lead to low sales efficiency and further deterioration of revenues and EBITDA. In the third quarter EBITDA was negatively affected by one-off costs from the restructuring and divestment of the online- and offline operations in Finland and Enir substantial impairment of assets in Eniro's Norwegian operations.

financial structure, reduces the financial risk and enables us to focus Today we enter a new phase in Eniro's history. The Board resolved today a SEK 2.5 bn fully underwritten rights issue, and we have reached an agreement with our lending banks securing our financing until end of 2014. This provides Eniro with a long-term sustainable on the continued business development.

r nced multi-channel approach, I am confident that we now have set out the path to return to revenue growth. " Eniro is through its unique database and newly launched product search functionality well positioned to capture market opportunities within the growing search market. We have also achieved net cost reductions of SEK 285 M this year, and we have identified significant opportunities to further resize our cost base in 2011 in order to counter the declining revenues in the short term. Through measures taken to increase sales efficiency, broadening of ou product offering and an enha

Group summary, third quarter 2010

Total revenues in the third quarter fell by 24 percent Y/Y, corresponding to an organic decline of 17 percent. For the first nine months of 2010, the organic Y/Y decline was 12 percent. The decline in reported revenue is partly a result of the structural decline in printed directories as well as low order intake in the first half year.

n st and second quarters. w A new sales concept was introduced in the first quarter of 2010 in Sweden and Norway, implying a merger of the previous separate sales forces for online and printed products, selling a combined offering to customers. The introduction of the new sales concept caused a lag in sales i the Swedish market in the fir Customer satisfaction is continuously improving with the ne sales concept, confirmed in customer ratings.

g everyone's been er Growth in online is at the core of Eniro's strategy to strengthen the customer offering and increase relevance for end users and customers with a focus on developing core operations. At the end of the third quarter, Eniro launched its new improved website, including product search functionality, eniro.se, and took an important step in becomin first choice in local search. Eniro's database has now complemented with product information collected from company websites and includes a substantially larger numb of Swedish companies and points of purchase than before. The re-launch of eniro.se has been very successful and during the first weeks after the re-launch, searches for points of sales and companies had increased by 35 percent (measured in terms of page impressions).

The weak order intake has negatively affected prepaid revenues in Directories Scandinavia and was on September 30, 2010 12 percent lower than at the end of September the preceding year, which is an improvement from to the Y/Y decline of 15% at 30 June 2010.

ower (excluding currency ted Adjusted EBITDA declined by 44 percent Y/Y excluding other items affecting comparability and restructuring cost, despite successful implementation of the previously announced efficiency measures. Efficiency work is proceeding according to plan and total operating cost for the first nine months of 2010 is approximately SEK 285 M l effects) compared to the same period in 2009. The number of employees has during the first nine months decreased by 634 to 4,360 at the end of September 2010., whereof 142 rela to the restructuring and divestment of the Finnish online/offline operations.

paid over a three-year period. The total effect on e During the quarter Eniro reached an agreement to divest certain assets of Eniro Finland Oy's offline- and online business operations to Fonecta Ltd. The total consideration amounted to EUR 10.9 M, of which EUR 1.1 M was paid through an upfront cash payment of and the remaining amount to be EBITDA 2010 is negative and amounts to SEK -647 M, predominantly related to goodwill. In June 2010, Eniro divested its holding in Suomi24 Oy and the intention is to close down the local directories, ETD, in Finland during th

fourth quarter 2010. Following these measures Eniro Finland will mainly focus on the Voice business area.

Revised future expectations on cash flows and increased financial risk has after ordinary impairment test of intangible assets in the third quarter led to an impairment loss of SEK 4,261 M, mainly related to Directories Scandinavia in Norway.

underwritten rights issue of approximately SEK 2.5 bn with hts for Eniro's shareholders, subject to rights issue is In order to secure a long-term sustainable capital structure the Board of Directors has resolved to undertake a fully preferential rig approval from an EGM planned to be held on 26 November 2010. Further information about the proposed presented in a separate press release.

oan t is subject to the completion of the rights issue Following the negotiations initiated with lending banks, the company has reached an agreement securing the company's financing until end of 2014. The execution of the new l agreemen prior to January 15, 2011.

Outlook 2010:

For the full year 2010, organic revenue decline is estimated to be less than 15 percent.

9, excluding the Total operating costs for 2010 are estimated to be close to SEK 350 M below the total costs for 200 effects from the divestment and restructuring of the online and offline operations in Finland and assuming constant currencies.

Outlook for 2011 – 2012:

Revenue growth:

expects a single-digit organic revenue turn around to organic revenue For 2011 the company decline, reflecting current order intake levels as well as positive impact from improved market conditions and increased sales efficiency. A growth is expected in 2012.

Costs:

the divestment and restructuring of the online land. In 2012, total costs are er compared to the total costs The total net cost reduction in 2011 is expected to be SEK 200 M compared to the cost base in 2010, excluding the effects from and offline operations in Fin estimated to be SEK 200 M low in 2011.

Capital structure:

ing 3 The aim is a net debt in relation to EBITDA not exceed times.

Dividend:

nt target is that up to 50% of the year's net income f t ds The curre can be distributed to shareholders, however priority will be given to repayment of debt in accordance with the target o net debt/EBITDA. The covenants in the new loan agreemen with lending banks prohibits the distribution of any dividen as long as net debt/EBITDA is higher than 3.0.

Third quarter 2010 result

Operating revenues during the third quarter amounted to SEK percent Y/Y corresponding to 1,135 M (1,500), a decline of 24 an organic decline of 17 percent. For the first nine months, the revenue decline is 17 percent and the organic decline is 12 percent.

reported revenue is a result of the structural decline in printed directories as well as low sales efficiency implying low order intake in the beginning of the year. Revenues for Directories Scandinavia amounted to SEK 788 M (1,088), a decline of 28 percent. Organically, the decline for Directories Scandinavia was 20 percent. The decline in

During the first quarter 2010 a new sales concept was introduced in Norway and Sweden. In conjunction with the introduction of the new sales concept, arose in the first- and second quarters a lag in sales in the Swedish market. The number of clients have decreased, mainly small-sized companies.

The trend for Voice Scandinavia was stable in the quarter, and revenues amounted to SEK 176 M (181), a decline of 3 percent. Revenue in Voice Scandinavia declined by 3 percent organically.

Revenues from the segment Finland/Poland declined by 26 percent to SEK 171 M (231). The organic decline was 17 percent, mainly related to weaker development in Poland

EBITDA for the quarter amounted to SEK -371 M (404), a decline of 44 percent excluding other items affecting comparability and restructuring cost; EBITDA in the third quarter 2010 included one-off negative effects of SEK 647 M related to the divestment of certain assets of Eniro Finland Oy's offline- and online business operations . Adjusted EBITDA for the quarter amounted to SEK 245 M (438). The decline in adjusted EBITDA mainly reflects lower revenues within Directories Scandinavia. Total operating costs decreased by 18 percent from the third quarter 2009 including currency effects, following the previously announced efficiency measures, and the number of employees has been reduced by 13 percent from year-end.

Operating Revenues

SEK M	2010	2009	2010	2009	2009/10	2009
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Directories Scandinavia	788	1 088	2 680	3 299	4 067	4 686
Voice Scandinavia	176	181	522	538	696	712
Finland/Poland	171	231	642	778	1 047	1 183
Other	-	-	-	-	-	-
Total	1 135	1 500	3 844	4 615	5 810	6 581

EBITDA

SEK M	2010	2009	2010	2009	2009/10	2009
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Directories Scandinavia	235	339	653	1 008	1 131	1 486
Voice Scandinavia	68	75	213	173	235	195
Finland/Poland	-638	17	-579	41	-491	129
Other	-36	-27	-91	28	-122	-3
Total EBITDA	-371	404	196	1 250	753	1 807
of which items affecting comparability
Restructuring cost	-18	-34	-58	-94	-111	-147
Other items affecting comparability	-598	0	-561	102	-561	102
Total adjusted EBITDA	245	438	815	1 242	1 425	1 852

EBITDA margin

%	2010	2009	2010	2009	2009/10	2009
	Jul-Sep	Jul -Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Directories Scandinavia	29,8	31,2	24,4	30,6	27,8	31,7
Voice Scandinavia	38,6	41,4	40,8	32,2	33,8	27,4
Finland/P oland	-373,1	7,4	-90,2	5,3	-46,9	10,9
Other	-	-	-	-	-	-
EBITDA margin Total	-32,7	26,9	5,1	27,1	13,0	27,5
Adjusted EBITDA margin Total	21,6	29,2	21,2	26,9	24,5	28,1

Revenue by category *)

SEK M	201 0	2009	2010	2009	2009/10	2009
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Deferral method	471	512	1 418	1 512	1 980	2 074
Publication method	226	461	969	1 442	1 614	2 087
Total Directory Database services	697	973	2 387	2 954	3 594	4 161
Media products	42	35	124	114	178	168
Other pro ducts	49	80	169	231	295	357
Total Directory Scandinavia	788	1 088	2 680	3 299	4 067	4 686
Voice Scandinavia	176	181	522	538	696	712
Finland/Poland	171	231	642	778	1 047	1 183
Total	1 135	1 500	3 844	4 615	5 810	6 581

*) see heading "Other information" regarding revenue distribution between deferral and publication method

Group	Q1-2010		Q2-2010		Q3-2010			YTD Q3-2010
	%	SEK M	%	SEK M	%	MSEK	%	MSEK
2009		1 442		1 673		1 500		4 615
Organic Growth	-7	-104	-13	-209	-17	-226	-12	-539
where of
Directories Scandinavia	-10	-97	-15	-169	-20	-185	-15	-451
Voice Scandinavia	-4	-6	-2	-4	-3	-5	-3	-15
Finland & Poland	-1	-1	-12	-35	-17	-35	-10	-71
Currency effect	-2	-30	-3	-48	-3	-42	-3	-120
Acquisitions/Divestments/Other	-1	-20	-2	-17	-2	-30	-1	-67
Changed Publication	-2	-22	3	43	-4	-66	-1	-45
2010	-12	1 267	-14	1 442	-24	1 135	-17	3 844

Directories Scandinavia

The segment Directories Scandinavia includes all search services in the distribution channels online, directory and mobile in Sweden, Norway and Denmark including brands such as eniro.se, Gula Sidorna, Din Del, Gule Sider, kvasir.no, krak.dk, eniro.dk, Mostrup Grøne Vejviser and Den Røde Lokalbog.

merged into one. The new sales force focuses on offering Beginning in January 2010, the formerly separate sales forces for the main brands in Sweden and Norway which used to sell online and print distribution channels were customers combined packages that include online and print and generate contacts, regardless of distribution channel.

The aim of the new sales concept is to increase customer satisfaction, which is a priority for Eniro in building longterm customer relations. However, the introduction of the new sales concept has lead to execution inefficiencies with regard to sales and administrative infrastructure.

advertisers in Sweden has decreased, mainly small-sized In the Swedish market, the organic revenue decline was 16 percent in the first nine months. The first quarter included a large degree of sales training, while the number of sales days has been brought back to a normalized level at the latter part of the second quarter. The total number of companies with low exposure. Customer satisfaction is continuously improving with the new sales concept, confirmed in customer ratings.

leads to improved searchability, which in turn generates an increased number of leads and business transactions. During the first weeks after the re-launch of eniro.se the number of searches for points of sales and companies had increased by 35 percent (measured in terms of page impressions). At the end of the quarter, Eniro re-launched eniro.se in Sweden including product search and Eniro took an important step in reaching its vision – to be everyone's first choice in local search. Eniro's database has been complemented with product information collected from company websites and includes a substantially larger number of Swedish companies and points of purchase than before. The users now find easier companies that sell a specific product or service. For Eniro's customers this

In the beginning of October the services was also launched as a mobile application for both iPhone and Android, and

an adapted service for mobile Internet. The iPhone version of Eniro's new application also uses Augmented Reality technology, which means that a view of reality augmented by information in the immediate environment, such as contact information for the businesses that sell the product or service that one wants to buy.

The organic decline in Norway was 13 percent in the first nine months as a result of a continued printed directories and a weak performance of Kvasir.

In Denmark, the organic decline for the first nine months was 17 percent, due to falling print demand, weak online sales, ongoing reorganisation and efficiency measures. In August, Mattias Wedar was appointed new Managing Director of Denmark.

Revenues for Directories Scandinavia amounted to SEK 788 M (1,088) during the quarter, a decline of 28 percent corresponding to an organic decline of 20 percent.

Revenue per category in the third quarter shows an organic drop of 40 percent in publication method revenues, reflecting the continuing decline in printed directories.

percentage of total database directory services was 59 percent for the first nine months of 2010. Revenues categorized according to the deferral method (online revenues) fell by 8 percent organically. This decline is related to a sharp fall in online revenues in local brands (Din Del and Ditt Distrikt) and Kvasir as well as weak order intake performance in first half of 2010. The share of reported online revenues (deferral method) as a

EBITDA in the third quarter 2010 amounted to SEK 235 M (339) and was negatively affected by lower revenues in all countries. EBITDA included a one-off effect from a reduction of liabilities for contingent purchase price related to Oreo of SEK 49 M. Adjusted EBITDA amounted to SEK 188 M. A write-down of goodwill of SEK 56 M has been made related to Oreo.

Directories Scandinavia

SEK M	2010	2009	2010	2009	2009/10	2009
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Operating revenues	788	1 08 8	2 680	3 299	4 067	4 686
Sweden	366	452	1 171	1 392	1 952	2 173
Norway	283	438	1 104	1 340	1 496	1 732
Denmark	139	19 8	405	567	619	781
EBITDA	235	339	653	1 008	1 131	1 486
EBITDA margin, %	29,8	31,2	24,4	30,6	27,8	31,7
of which it ems affecting comparability
Restructuring cost	-2	-29	-33	-60	-66	-93
Other items affecting comparability	49	-	49	-	49	-
Total adjusted EBITDA	188	368	637	1 068	1 148	1 57 9
EBITDA margin, %	23,9	33,8	23,8	32,4	28,2	33,7

Directories Scandinavia	Q1-2010		Q2-201 0		Q3-2010		YTD Q3-2010
	%	SEK M	%	SEK M	%	MSEK	%	MSEK
2009		1 050		1 161		1 088		3 299
Organic Growth	-10	-97	-15	-169	-20	-185	-15	-45 1
where of
Sweden	-10	-39	-19	-100	-18	-81	-16	-220
Norway	-10	-43	-8	-38	-21	-69	-13	-150
Denmark	-11	-16	-18	-29	-21	-37	-17	-82
Other Scandinavia	2	0	-7	-1	-5	-1	-2	-2
Currency effect	-1	-15	-2	-21	-2	-24	-2	-60
Acquisitions/Divestments/Other	-2	-20	-2	-17	-2	-22	-2	-59
Changed Publication	-2	-22	4	41	-6	-67	-1	-48
2010	-15	897	-14	995	-28	788	-19	2 68 0

Directories Scandinavia	Q1-2010		Q2-201 0		Q3-2010		YTD Q3-2010
	%	SEK M	%	MSEK	%	MSEK	%	MSEK
2009		1 050		1 161		1 088		3 299
Organic Growth	-10	-97	-15	-169	-20	-185	-15	-451
where of
Deferral	-1	-4	-10	-50	-8	-39	-6	-93
Publication	-22	-93	-23	-130	-39	-145	-28	-368
Media products	0	1	8	11	-1	-2	2	10
Currency effect	-1	-15	-2	-21	-2	-24	-2	-60
Acquisitions/Divestments/Other	-2	-20	-2	-17	-2	-22	-2	-59
Changed Public ation	-2	-22	4	41	-6	-67	-1	-48
201 0	-15	897	-14	995	-28	788	-19	2 680

Voice Scandinavia

The segment Voice Scandinavia includes the voice services in Sweden and Norway including the brands Eniro 118 118 and 1880.

The market for personal search services is undergoing major changes. Competition is increasing, and demand for traditional voice services is declining, while the trend towards more advanced personal search services is positive. Eniro is working to further develop its Voice services in order to provide a personal search service that stimulates greater usage, and is actively working with price models.

Voice Scandinavia revenues amounted to SEK 176 M (181), a decline of 3 percent corresponding to an organic decline of 3 percent.

EBITDA amounted to SEK 68 M (75) following savings measures implemented during the end of 2009 when amongst others a number of directory assistance operations locations were closed down.

Voice Scandinavia

SEK M	2010	2009	2010	2009	2009/10	2009
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Operating revenues	176	181	522	538	696	712
Sweden	142	150	420	442	561	583
Norway	34	31	102	96	135	129
EBITDA	68	75	213	173	235	195
EBITDA margin, %	38,6	41,4	40,8	32,2	33,8	27,4
of which items affecting comparability
Restructuring cost	0	-5	-1	-18	-19	-36
Other items affecting comparability	-	-	-	-	-	-
Total adjusted EBITDA	68	80	214	191	254	231
EBITDA margin, %	38,6	44,2	41,0	35,5	36,5	32,4

.

Voice Scandinavia	Q1-2010		Q2-2010		Q3-2010			YTD Q3-2010
	%	SEK M	%	SEK M	%	MSEK	%	MSEK
2009		169		188		181		538
Organic Growth	-4	-6	-2	-4	-3	-5	-3	-15
where of
Sweden	-4	-6	-5	-7	-5	-9	-5	-22
Norway	1	0	9	3	9	2	6	5
Currency effect	0	0	0	0	0	0	0	0
Acquisitions/Divestments/Other	0	0	0	0	0	0	0	0
2010	-3	163	-2	183	-3	176	-3	522

Finland/Poland

ations in Finland and Poland and includes the Finnish voice service Eniro tion Sentraali. The major brand in Poland is Panorama Firm. The segment Finland/Poland comprises of oper 0100100 and the call center opera

not achieved sustainable profitability. Eniro's online and offline operations in Finland have despite various alternative operational measures taken not been able to reac h the desired market position and the operations have

d the mainl 20 M for the full year 2009. During the quarter Eniro divested certain assets of Eniro Finland Oy's offline- and online business operations to Fonecta Ltd; the Helsinki and Pirkanmaa directories an business-to-consumer online services, including the do name www.eniro.fi. The Eniro brand in Finland will be outicensed to Fonecta Ltd over a transition period. Revenues generated in the divested operations were just below EUR

In June 2010, Eniro divested its holding in Suomi24 Oy (S24), Finland's largest online community and the intention is to close down the local directories, ETD, in Finland during the fourth quarter. Following these measures Eniro Finland will mainly focus on the Voice business area.

to lower Internet usage. However, Eniro has a strong online position in Poland with the search site pf.pl. The market for Internet services in Poland is not as developed as in the Scandinavian countries, in part due

1), Finland declined by 5 percent. The Polish operations have to SEK ine month y 12 percent. Revenues in Finland/Poland amounted to SEK 171 M (23 and decreased by 26 percent Y/Y. Organically, revenues in shown a decline in order intake for printed products and revenues in Poland during the third quarter amounted 57 M (90), a decrease of 37 percent. For the first n revenues in Poland declined organically b

EBITDA for the segment Finland/Poland amounted to SEK -638 M (17) and included a net loss from the divestment offline- and online assets in Finland of SEK 647 M.

Finland/Poland

SEK M	2010	2009	2010	2009	2009/10	2009
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Operating revenues	171	231	642	778	1 047	1 183
Finland	114	141	467	578	641	752
Poland	57	90	175	200	406	43 1
EBITDA	-638	17	-579	41	-491	1 29
EBITDA margin, %	-373,1	7,4	-90,2	5,3	-46,9	10,9
of which items affecting comparability
Restructuring cost	-	0	-	-16	0	-16
Other items affecting comparability	-647	-	-610	-	-610	-
Total adjusted EBITDA	9	17	31	57	119	145
EBITDA margin, %	5,3	7,4	4,8	7,3	11,4	12,3

Finland & Poland	Q1-2010		Q2-2010		Q3-2010		YTD Q3-2010
	%	SEK M	%	SEK M	%	MSEK	%	MSE K
2009		223		324		231		77 8
Organic Growth	-1	-1	-12	-35	-17	-35	-10	-71
where of
Finland	-7	-12	-13	-30	-5	-6	-9	-48
Poland	24	11	-6	-4	-33	-30	-12	-23
Currency effect	-7	-15	-8	-27	-8	-18	-8	-60
Acquisitions/Divestments/Other	0	0	0	0	3	7	1	7
Changed Publication	0	0	-1	-2	0	0	0	-2
2010	-7	207	-18	264	-26	171	-17	642

Financial position and cash flow January – September 2010

Operating income for the first nine months amounted to SEK -4,455 M (351), including impairment of intangible assets of SEK 4,261 M, of which SEK 3,700 M relates to Norway, SEK 505 M relates to Poland and SEK 56 relates to Oreo,

f Net financial items for the period amounted to an expense o SEK 219 M (359) and were positively affected by a lower interest bearing debt and foreign exchange gains of SEK 34 M.

the Earnings before tax amounted to SEK -4,674 M (-8) for first nine months of 2010.

Taxes

M SEK 260 M in the second quarter, Tax y During the first nine months 2010, Eniro recognized a tax cost of SEK -94 M (compared to a positive tax of SEK 434 in 2009, including valuation effects regarding German taxloss carry forwards). The tax cost in 2010 included a provision of approximately related to the reassessment notice from the Norwegian Authorities, potentially leading to a claim for increased tax costs for the years 2001-2005 in Findexa A/S, acquired b Eniro in 2005.

The liquidation of the German company Eniro Windhager GmbH was finalised in June 2010, and Eniro will be able to use tax-loss carry-forwards in Sweden to offset Swedish profits from 2010, and Eniro is not expected to pay any income taxes in Sweden for the coming years.

The underlying tax rate for the recent 12 months was 16 percent.

Earnings per share

Net income per share was SEK -29.55 (5.19) for the first nine months of 2010.

Financial position and cash flow

payments, and interest payments for the third quarter were Operating cash flow decreased in the first nine month to SEK 313 M (562) mainly due to operating income decline. Operating cash flow was positively affected by lower interest deferred into the fourth quarter.

The Group's interest-bearing net debt amounted to SEK 6,138 M on September 30, 2010, down by 8 percent from year-end. On September 30, 2010, the outstanding debt

under the credit facility amounted to NOK 4,200 M, EUR 80 M, DKK 400 M and SEK 360 M.

and SEK 360 M are hedged at fixed interest rates until the maturity date (August 2012). This Of this facility, NOK 3,500 M corresponds to about 68 percent of the facility.

y dit ,422 M. Eniro has as of September 30, 2010 an unused credit facilit of SEK 1,000 M. Cash, cash equivalents and unutilized cre facilities amounted at the time to about SEK 1

to a The Group's indebtedness, expressed as interest-bearing net debt in relation to EBITDA, excluding other items affecting comparability continued to show an unfavourable trend also during the third quarter of 2010 and amounted multiple of 4.7 at the end of the period, compared to 3.9 on December 31, 2009.

SEK 2.5 bn with preferential rights for Eniro's shareholders, subject to approval from an EGM planned to be held on 26 November 2010. In order to secure a long-term sustainable capital structure and financing, the Board of Directors has resolved to undertake a fully underwritten rights issue of approximately

Following the discussions initiated with lending banks, the company has reached an agreement securing the company's financing until end of 2014. The execution of the company's new loan agreement requires that the rights issue is completed no later than on 15 January 2011 and that the net proceeds in full are used for repayment of existing loans. In the event that such rights issue would not be completed, the company will be in breach of the existing loan agreement.

Investments

During the nine-month period, Eniro's net investments in business operations, including online investments, amounted to about SEK 163 M (157).

Holdings of own shares

On September 30, 2010, Eniro held 218,480 treasury shares These shares will be retained for use in the share-saving program. The average treasury share holding during the quarter was 219,419. .

Analysis of interest bearing net debt

		------- 3 months --------		------- 9 months -------		------- 12 months -------
	2010	2009	2010	2009	2009/10	2009
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Opening balance	-6 418	-7 068	-6 645	-9 948	-7 071	-9 948
Operating cash flow	259	62	313	562	904	1 153
Acquisitions and divestments	-11	-7	37	-13	0	-50
Dividend & share issue	-	-117	-	2 366	-23	2 343
Translation difference and other changes	32	59	157	-38	52	-143
Closing balance	-6 138	-7 071	-6 138	-7 071	-6 138	-6 645
Net debt /EBITDA adjusted for other
items affecting comparability, times	4,7	3,8	4,7	3,8	4,7	3,9

Ot her information

Ou tlook 2010:

For to b the full year 2010, organic revenue decline is estimated e less than 15 percent.

Tot SE the total costs for 2009, excluding effects from Fin al operating costs for 2010 are estimated to be around K 350 M below the divestment and restructuring of the operations in land, and assuming constant currencies.

Outlook for 2011 – 2012:

Re venue growth:

For rev wel inc gro 2011 the company expects a single-digit organic enue decline, reflecting current order intake levels as l as positive impact from improved market conditions and reased sales efficiency. A turn around to organic revenue wth is expected in 2012.

Co sts:

The 200 the cost base in 2010, excluding the effe and red are total net cost reduction in 2011 is expected to be SEK M compared to cts from the divestment and restructuring of the online offline operations in Finland. In 2012, the total net cost uction is estimated to SEK 200 M. Restructuring costs included in net cost reduction.

Ca pital structure:

The tim aim is a net debt in relation to EBITDA not exceeding 3 es.

Div idend:

Prio with rity will be given to repayment of debt in accordance the target of net debt/EBITDA

Em ployees

On wa num bel September 30, 2010, the number of full-time employees s 4,360, compared to 4,994 on December 31, 2009. The ber of employees by country is presented in the table ow.

Ful l tim e em ployees end ofperiod

	2010	2009
	Sep. 30	Dec. 31
Sweden	1 4 3 3	1625
Norway	827	914
Denmark	400	433
Finland	572	783
Poland	1 1 2 8	1 2 3 9
Totalt	4 3 6 0	4994

Accounting principles from 2010

This interim report was prepared in accordance with the International Financial Reporting Standards (IFRS), as 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 no periods beginning on or after January 1, 2010, but has t been adopted earlier.

-IA St re always reflect the minority shareholders' proportionate int am co S 27 (Amendment), Consolidated and Separate Financial atements (effective from 1 July, 2009). The amendment quires that results relating to minority interests should erest, even if the minority interest is negative. The endment will affect the reporting of transactions with nonntrolling interests from 1 January 2010.

-IF Ju ment applies to acquisitions after the effective date and stipulat fut bu ac re co wil s acquisitions but will affect the re RS 3 (Amendment), Business Combinations (effective ly 1, 2009). The amend es changes in reporting of ure acquisitions. For example, all payments for acquiring sinesses are to be recognized at fair value on the date of quisition. Adjustments to the initial purchase value are cognized in profit and loss. All transaction costs ncerning the acquisition are expensed. The amendment l not affect previou porting of future transactions as of 1 January 2010.

-IA pa up wil Th va co impact on the group's financial statements. S 38 (Amendment), Intangible Assets. The amendment is rt of the IASB's annual improvements project. The gro l apply the amendment from the date IFRS 3 is adopted. e amendment clarifies guidance in measuring the fair lue of an intangible asset acquired in a business mbination. The amendment will not result in a material

A ap more detailed description of the accounting principles plied by Eniro is presented in the 2009 Annual Report.

Re bination packages 2010 venue distribution for com

As pa Th se online and printed products, respectively, and where only a small portion of sales (basic listing) in Sweden and Norway was sold as a bundled product. Sales of the new combination packages began in February 2010 in Sweden and Norway and will gradually comprise a greater share of the Group's sales. of 2010, a common sales force sells combination ckages that include all of Eniro's distribution channels. is is a difference, compared with previous years when parate sales forces sold

The Eniro Group has two main principles for revenue recognition. Revenues attributable to Internet services (online) are distributed over the period during which the service is provided, normally 12 months (deferral method). Revenues from directories (offline) are recognized when the directory is published (publication method). Revenues from the combined packages will be distributed according to the two revenue-recognition principles based on the value of commercial use either derived from price lists or customer

surveys. The outcome of the two revenue recognition methods is reported quarterly from Q1 2010 and is dependent on the value of the composition of the packages.

Publication dates

the effect of publications quarters. SEK 43 M was moved into the mainly from the third quarter. The reversed Organic growth is affected by moved between second quarter, effect has to a large extent affected the comparison for the third quarter.

Revenue effect of moved publication 2010 versus 2009

Group
MSEK	Q1	Q2	Q3	YTD Q3-2010
Sweden	8	6	-4	10
Norway	0	29	-60	-31
Denmark	-30	6	-2	-26
Finland	0	2	0	2
Poland	0	0	0	0
Total effect	- 22	43	-66	-45

Risks and uncertainties

nsions industry and market onal risks, financial risks, l f the company's new ires that the rights issue is completed re used for repayment of existing loans. In the event hts issue would not be completed, the company ach of the existing loan agreement. A more ort on pages 66-67 's definition of risk. Eniro has an annual process for conducting risk analysis, Enterprise Risk Management, that includes all parts of the business. Eniro strives to efficiently identify, evaluate and manage risks within the dime risks, commercial risks, operati compliance risks linked to laws and regulations and financia reporting risks. The principal risks and uncertainties facing the Group are the impact of the economy on demand, the ability to develop new products that increase the use of services and create value for advertisers, implementation of a new sales concept and the refinancing risk given the Group's debt level. The execution o loan agreement requ no later than on 15 January 2011 and that the net proceeds in full a that such rig will be in bre complete description of Eniro's risks and uncertainties is provided in Eniro's 2009 annual rep under the heading Eniro

Other information

at the latest.

. On September 6, 2010, Eniro's Board of Directors appointed Johan Lindgren new CEO and President of Eniro

tion Committee Nomina

ns osals to the Nomination Following a decision by the 2010 Annual General Meeting, a Nomination Committee was appointed. The Nomination Committee for the 2010 Annual General Meeting consists of Maria Wikström, Länsförsäkringar Fondförvaltning AB, Peter Rudman, Nordea Funds, Hans Hedström, HQ Funds, Ha Ek, SEB Funds and Lars Berg, Chairman of the Eniro Board. The Nomination Committee appointed Peter Rudman to serve as Chairman of the committee. Shareholders wishing to submit prop Committee can do so by e-mail to: nominationcommittee@eniro.com on February 20, 201 1

Events after the end of the reporting period

On October 11, 2010 Eniro divested its B2B operations Yritystele in Finland to Bisnode. After the end of the period, Eniro has reduced the unused credit facility from SEK 1,000 M to SEK 300 M.

Stockholm, October 28, 2010

Johan Lindgren President and CEO

Review report

We have reviewed the interim report for the period eptember 30, 2010 for Eniro AB a conclusion on this interim financial January 1, 2010 - S (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 information based on our review.

d accounting matters, and us o s ompleted, the breach of the existing loan agreement. 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 an 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 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. As disclosed in the interim report we draw attention to the fact that the execution of the company's new loan agreement requires that the rights issue is completed n later than on 15 January 2011 and that the net proceed in full are used for repayment of existing loans. In the event that such rights issue would not be c company will be in

Stockholm, October 28, 2010

PricewaterhouseCoopers AB

Bo Hjalmarsson Sten Håkansson Accountant Accountant Auditor in charge

Authorized Public Authorized Public

please contact: For further information,

Tel: 08-553 310 01 Johan Lindgren, President and CEO

Jan Johansson, CFO Tel: 08-553 310 15, 070- 575 89 72

Birgitta Henriksson, Acting Head of IR Tel: 08-553 315 29, 072-220 83 29

Eniro AB (publ) 169 87 Stockholm Org nr 556588-0936

www.eniro.com

Financial kalender 2010-2011

Year End Report 2010	10 February 2011
Annual General Meeting 2011	20 April 2011
Interim Report Jan-Mar 2011	28 April 2011
Interim Report Jan-Jun 2011	15 July 2011
Interim Report Jan-Dec 2011	27 October 2011

C onsolidated Income Statement

	------- 3 m	onths -------- --- ---- 9 months -------			------- 12 month s -------
	2010	2009	2010	2009	2009/10	2009
S EK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Se p	Jan -Dec
Operating revenues:
Gross operating revenues	1 143	1 511	3 868	4 649	5 852	6 633
Advertising tax	-8	-11	-24	-34	-42	-52
O perating revenues	1 135	1 500	3 844	4 615	5 810	6 581
Costs:
Production costs	-344	-443	-1 16 0	-1 395	-1 849	-2 084
Sales costs	-343	-430	-1 230	-1 351	-1 751	-1 872
Marketing costs	-4 402	-664	-4 725	-987	-4 960	-1 222
of which impairment of intangibles	-4 261	-505	-4 261	-533	-4 288	-560
Administration costs	-153	-144	-446	-486	-566	-606
Product development costs	-55	-58	-184	-165	-251	-232
Other revenues/costs	-597	8	-554	120	-547	127
O perating income before interest and taxes *	-4 759	-231	-4 455	351	-4 114	692
Financial items, net	-73	-83	-219	-359	-320	-460
E arnings before tax	-4 832	-314	-4 67 4	-8	-4 434	232
Income tax	166	114	-9 4	434	-152	376
N et income	-4 666	-200	-4 768	426	-4 586	608
A ttributable to:
E quity holders of the parent company	-4 666	-200	-4 768	433	-4 585	616
M inority interests	-	0	0	-7	-1	-8
N et Income	-4 666	-200	-4 768	426	-4 586	60 8
N et income per share, SEK **
- before dilution	-28,92	-1,24	-29,55	5 ,19	-28,41	5,99
- after dilution	-28,92	-1,24	-29,55	5, 19	-28,41	5,99
A verage number of shares before dilution, 000s	161 362	161 354	161 360	83 365	161 359	102 863
A verage number of shares after dilution, 000s	161 368	161 373	161 366	83 384	161 365	102 880
* Depreciations are included with	-15	-19	-51	-57	-68	-74
* Amortizations are included with	-110	-95	-337	-293	-459	-415
* I mpairment are included with	-4 263	-521	-4 263	-549	-4 340	-626
* Depreciations, Amortizations & Impairment total	-4 388	-635	-4 651	-899	-4 867	-1 115

** c alculated on result attributable to equity holders of the parent company

R e income eport of comprehensiv

		------- 3 months --------
	2010	2009	2010	2009	2009/10	2009
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
N t income e	-4 666	-200	-4 768	426	-4 586	608
O th er comprehensive income
Foreign currency translation differences	-178	-121	-725	545	-370	900
H dging of cash flow e	-117	77	-237	504	-115	626
H dging of net investments e	257	87	553	-394	337	-610
Share-savings program - value of services provided	0	0	-2	-2	-2	-2
C ange in minority interest h	-	-6	-3	-6	-3	-6
Tax attributable to components attributable to other total result	-37	-44	-83	-29	-56	-2
Other comprehensive income, net of income tax	-75	-7	-497	618	-209	906
Total comprehensive income	-4 741	-207	-5 265	1 044	-4 795	1 514
Attributable to:
Equity holders of the parent company	-4 741	-201	-5 262	1 057	-4 791	1 528
Minority interests	-	-6	-3	-13	-4	-14
Total comprehensive income	-4 741	-207	-5 265	1 044	-4 795	1 514

Consolidated balance sheet

	2010	2009	2009
SEK M	Sep. 30	Sep. 30	Dec. 31
Assets
Non-current assets
Tangible assets	92	129	124
Intangible assets	8 482	14 195	14 453
Deferred income tax assets	295	278	281
Financial assets	105	288	377
Total non-current assets	8 974	14 890	15 235
Current assets
Accounts receivable	703	918	1 028
Current income tax receivables	93	115	82
Other non-interest bearing receivables	422	529	475
Other interest bearing receivables	7	10	22
Cash and cash equivalents	422	315	350
Total current assets	1 647	1 887	1 957
TOTAL ASSETS	10 621	16 777	17 192
Equity and liabilities
Equity
Share capital	323	323	323
Additional paid in capital	4 527	4 529	4 529
Reserves	-185	19	307
Retained earnings	-3 818	767	950
Equity, share holders parent company	847	5 638	6 109
Minority interest	-	4	3
Total equity	847	5 642	6 112
Non-current liabilities
Borrowings	6 632	7 854	7 445
Retirement benefit obligations	205	187	200
Other non-interest bearing liabilities	8	56	55
Deferred income tax liabilities	710	627	630
Provisions	49	1	6
Total non-current liabilities	7 604	8 725	8 336
Current liabilities
Accounts payable	196	205	305
Current income tax liabilities	138	175	204
Other non-interest bearing liabilities	1 768	1 956	2 042
Provisions	58	74	93
Borrowings	10	0	100
Total current liabilities	2 170	2 410	2 744
TOTAL EQUITY AND LIABILITIES	10 621	16 777	17 192

Interest-bearing net debt

	2010	2009	2009
SEK M	Sep. 30	Sep. 30	Dec. 31
Borrowings excluding derivatives	-6 378	-7 438	-7 155
Derivative financial instruments *	-262	-197	-62
Retirement benefit obligations	-205	-187	-200
Other current interest bearing receivables	7	10	22
Cash and cash equivalents	422	315	350
Other assets **	14	10	11
Interest-bearing net debt incl. interest rate swaps	-6 402	-7 487	-7 034
Less: market value interest swaps	264	416	389
Interest bearing net debt	-6 138	-7 071	-6 645

* included in financial assets (positive market value) and borrowings (negative market value)

** included in non current financial assets

Changes in equity

SEK M	Share Capital	Additional paid in capital	Reserves	Retained earnings	Total equity shareholders parent company	Minority interest	Total equity
Opening balance as per January 1, 2009	185	2 285	-607	334	2 197	17	2 214
Reduction of Share Capital	-104	-	-	-	-104	-	-104
Share issue *	242	2 246	-	-	2 488	-	2 488
Total comprehensive income	-	-2	626	433	1 057	-13	1 044
Closing balance as per September 30, 2009	323	4 529	19	767	5 638	4	5 642
Opening balance as per January 1, 2010	323	4 529	307	950	6 109	3	6 112
Total comprehensive income	-	-2	-492	-4 768	-5 262	-3	-5 265
Closing balance as per September 30, 2010	323	4 527	-185	-3 818	847	-	847
* Reported net after cost for the share issue of SEK 133 M after tax

Cash flow statement

		------- 3 months --------		------- 9 months ------- ----		--- 12 months -------
	2010	2009	2010	2009	2009 /10	2009
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-S ep	Jan-Dec
Operating income before interest and taxes	-4 759	-231	-4 455	351	-4 11 4	692
Depreciations, amortizations and impairment	4 388	635	4 651	899	4 867	1 115
Other non-cash items	603	-2	535	33	566	64
Financial items, net	25	-88	-131	-351	-226	-446
Income taxes paid	-10	-14	-132	-61	- 127	-56
Cash flow from current operations
before changes in working capital	247	300	468	871	966	1 369
Changes in net working capital	64	-170	8	-152	193	33
Cash flow from current operations	311	130	476	719	1 159	1 402
Acquisition of group companies
and associated companies	-	-	-	-6	-37	-43
Divestment of group companies
and associated companies	-11	-7	37	-7	37	-7
Purchases and sales of non-current assets, net	-52	-68	-163	-157	-255	-249
Cash flow from investing activites	-63	-75	-126	-170	-255	-299
New loans raised	-	72	131	72	189	130
Loans paid back	-109	-440	-381	-2 996	- 941	-3 556
Share issue	-	-117	-	2 366	-23	2 343
Cash flow from financing activities	-109	-485	-250	-558	-775	-1 083
Cash flow	139	-430	100	-9	129	20
Total cash and cash
equivalents at beginning of period	293	751	350	319	315	319
Cash flow	139	-430	100	-9	129	20
Exchange difference in cash and cash equivalents	-10	-6	-28	5	-22	11
Total cash and cash equivalents at end of period	422	315	422	315	422	350

Analysis of interest bearing net debt

		------- 3 months -------- ------- 9 months -------			---- --- 12 months -------
	2010	2009	2010	2009	2009 /10	2009
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-S ep	Jan-Dec
Opening balance	-6 418	-7 068	-6 645	-9 948	-7 07 1	-9 948
Operating cash flow	259	62	313	562	904	1 153
Acquisitions and divestments	-11	-7	37	-13	0	-50
Dividend & share issue	-	-117	-	2 366	-23	2 343
Translation difference and other changes	32	59	157	-38	52	-143
Closing balance	-6 138	-7 071	-6 138	-7 071	-6 13 8	-6 645
Net debt /EBITDA adjusted for other
items affecting comparability, times	4,7	3,8	4,7	3,8	4,7	3,9

Operating Revenues by business unit and country

	------- 3 months --------			------- 9 months -------	------- 12 months -------
	2010	2009	2010	2009	2009/10	2009
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Total operating revenues	1 135	1 500	3 844	4 615	5 810	6 581
Directories Scandinavia	788	1 088	2 680	3 299	4 067	4 686
Sweden	366	452	1 171	1 392	1 952	2 173
Norway	283	438	1 104	1 340	1 496	1 732
Denmark	139	198	405	567	619	781
Voice Scandinavia	176	181	522	538	696	712
Sweden	142	150	420	442	561	583
Norway	34	31	102	96	135	129
Finland/Poland	171	231	642	778	1 047	1 183
Finland	114	141	467	578	641	752
Poland	57	90	175	200	406	431

EBITDA by business unit

	------- 3 months --------			------- 9 months -------		------- 12 months -------
	2010	2009	2010	2009	2009/10	2009
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
EBITDA Total	-371	404	196	1 250	753	1 807
Margin, %	-33	27	5	27	13	27
Directories Scandinavia	235	339	653	1 008	1 131	1 486
Margin, %	30	31	24	31	28	32
Voice Scandinavia	68	75	213	173	235	195
Margin, %	39	41	41	32	34	27
Finland/Poland	-638	17	-579	41	-491	129
Margin, %	-373	7	-90	5	-47	11
Other (Head office & group-wide projects)	-36	-27	-91	28	-122	-3
Depreciations, Amortizations and impairment	-4 388	-635	-4 651	-899	-4 867	-1 115
EBIT Total	-4 759	-231	-4 455	351	-4 114	692
Margin, %	-419	-15	-116	8	-71	11

Operating Revenues by quarter

	2010	2010	2010	2009	2009	2009	2009
SEK M	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Operating revenues
Total	1 135	1 442	1 267	1 966	1 500	1 673	1 442
Directories Scandinavia	788	995	897	1 387	1 088	1 161	1 050
Sweden	366	438	367	781	452	538	402
Norway	283	411	410	392	438	432	470
Denmark	139	146	120	214	198	191	178
Voice Scandinavia	176	183	163	174	181	188	169
Sweden	142	147	131	141	150	155	137
Norway	34	36	32	33	31	33	32
Finland/Poland	171	264	207	405	231	324	223
Finland	114	203	150	174	141	259	178
Poland	57	61	57	231	90	65	45

EBITDA by quarter

	2010	2010	2010	2009	2009	2009	2009
SEK M	Q3	Q2	Q1	Q4	Q3	Q2	Q1
EBITDA by quarter
Total	-371	397	170	557	404	561	285
Directories Scandinavia	235	288	130	478	339	411	258
Voice Scandinavia	68	79	66	22	75	43	55
Finland/Poland	-638	61	-2	88	17	34	-10
Other	-36	-31	-24	-31	-27	73	-18

Key ratios

	2010	2009	2009
SEK M	Sep. 30	Sep. 30	Dec. 31
Equity, average 12 months, SEK M *	5 203	3 864	4 735
Return on equity, 12 months, % *	-88	21	13
Interest-bearing net debt, SEK M	-6 138	-7 071	-6 645
Debt/equity ratio, times	7,25	1,25	1,09
Equity/assets ratio, %	8	34	36
Interest-bearing net debt/EBITDA , times	8,2	3,6	3,7
Net debt /EBITDA adjusted for other items affecting comparability, times	4,7	3,8	3,9

	------- 3 months --------				------- 9 months ------- ------- 12 months -------
	2010	2009	2010	2009	2009/10	2009
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Operating margin - EBITDA, %	-33	27	5	27	13	27
Operating margin - EBIT, %	-419	-15	-116	8	-71	11
Cash Earnings SEK M	-278	435	-117	1 325	281	1 723
					------- 9 months ------- ------- 12 months -------
			2010	2009		2009
			Jan-Sep	Jan-Sep		Jan-Dec
Average number of full-time employees, period			4 675	5 075		5 096
Number of full-time employees on the closing date			4 360	5 112		4 994

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

Key ratios per share before dilution

	------- 3 months --------				------- 9 months ------- ------- 12 months -------
	2010	2009	2010	2009	2009/10	2009
	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
Operating revenues, SEK	7,03	9,30	23,82	55,36	36,01	63,98
Earnings before tax, SEK	-29,95	-1,95	-28,97	-0,10	-27,48	2,26
Net income, SEK	-28,92	-1,24	-29,55	5,19	-28,41	5,99
Cash Earnings, SEK	-1,72	2,70	-0,73	15,89	1,74	16,75
Average number of shares before dilution, 000s *	161 362	161 354	161 360	83 365	161 359	102 863
Average number of shares after dilution, 000s *	161 368	161 373	161 366	83 384	161 365	102 880

	2010	2009	2009
	Sep. 30	Sep. 30	Dec. 31
Equity, SEK **	5,25	34,94	37,86
Share price, end of period, SEK*	6,00	36,40	35,80
Number of shares on the closing date (reduced by own holding), 000s **	161 363	161 356	161 356
* Adjusted for reversed split 4:1

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

Parent company

	------- 9 months -------
Income statement	2010	2009
SEK M	Jan-Sep	Jan-Sep
Revenues	16	15
Earnings before tax	-1 751	551
Net Income	-1 942	691
Balance sheet	2010	2009
SEK M	Sep. 30	Sep. 30
Non-current assets	9 117	12 644
Current assets	1 236	468
TOTAL ASSETS	10 353	13 112
Equity	2 689	4 570
Untaxed reserves	-	859
Provisions	64	21
Non-current liabilities	7 541	7 591
Current liabilities	59	71
TOTAL EQUITY AND LIABILITIES	10 353	13 112

Definitions

Account

Advertiser by brand and any channel (printed directory, online, mobile, etc.) in a publication cycle last 12 months.

Adjusted EBITDA

EBITDA excluding restructuring costs and other items affecting comparability.

Average revenue per account (ARPA)

Revenue rolling 12 months by brand and account.

Average equity

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

Average number of shares for the period

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

Cash Earnings per share

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

Cash Earnings

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

Debt/equity ratio

Interest-bearing net debt divided by equity.

Direct return (%)

Dividend for the fiscal year divided by the share price at the end of the period multiplied by 100.

Earnings before tax per share

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

EBIT

Operating income after depreciation, amortization and impairment.

EBITDA marginal (%)

EBITDA divided by operating revenues multiplied by 100.

EBITDA

Operating income before depreciation, amortization and impairment.

Equity per share

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

Equity/assets ratio (%)

Equity divided by the balance sheet total multiplied by 100.

Interest-bearing net debt

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

Interest-bearing net debt/EBITDA

Interest-bearing net debt divided by EBITDA.

Operating cash flow

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

Operating revenues per share

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

Organic growth

The change in operating revenues for the period adjusted for currency effects, changed publication dates, close down of white pages in Norway, acquisitions and divestments.

P/E ratio

Share price at the end of the period divided by earnings per share for the period.

Return on equity (%)

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

Total operating cost

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