Quarterly Report • Oct 24, 2014
Quarterly Report
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The forecast for adjusted EBITDA 2014 is unchanged. In compliance with the conditions in the loan agreement. Impairment losses have been recognized as regards intangible assets, mainly in Local search in Norway and Voice. Improved transparency through restatement of financial statements.
This is a translation of the Swedish original. In the event of any discrepancy between the Swedish and English versions, the Swedish version shall govern.
Eniro AB Gustav III:s Boulevard 40 Solna SE-169 87 Stockholm
Telephone: +46 8 553 310 00 E-mail: [email protected]
Website: www.enirogroup.com Corporate identity number: 556588-0936
"The changed behaviors among consumers and advertisers alike, coupled with technological innovations, are driving opportunities for greater sales for Eniro."
The lower revenue of SEK 744 M and an adjusted EBITDA of SEK 208 M in the third quarter were in line with the forecast issued by Eniro in September this year. The company remains focused on its efficiency efforts and has continued to cut costs. The revenue growth in Mobile search continued, but does not yet compensate for the slide in revenue from other products. Net income was negatively impacted by the recognition of impairment losses on intangible assets of nearly SEK 1.8 billion, which was driven by the revised forecast.
In general the quarter was characterized by significant changes primarily in the sales organization of eniro.se, including clearer governance and responsibility, for example. It is gratifying to already be able to see that the measures are beginning to take effect, even though this is not reflected in revenue for the quarter.
Eniro has a strong position in the growing market for digital marketing, where mobile advertising represent the largest growth area. There is a need to increase knowledge about how digital marketing can contribute to growth for small and midsize companies. Surveys conducted by TNS Sifo in Sweden in 2014 show that there is a major difference between what consumers hope to find in digital media from small and midsize companies, and what such companies' search results offer. For example, the "Mobile Economy 2014" survey
shows that nine out of ten people in Sweden want more detailed information in their product searches. What they want most is price information, images, consumer reviews and information on where they can buy products in stores.
The fact that consumers today are more sophisticated than advertisers implies that existing and potential customers need to understand the importance of a digital presence. The changed behaviors among consumers and advertisers, coupled with technological innovations, are driving opportunities for greater sales for Eniro.
The strategy of focusing on our digital advertising offering – we call it Multiscreen – has made great progress, and during the third quarter Eniro published its final regional directory – Gula Sidorna – in Sweden. With this, all of the core brands are now entirely digital, even though local printed directories remain. Today, digital advertising solutions account for 85% of Eniro's advertising revenue. At the same time, in spite of our focus on the Multiscreen channel, it is important that we manage our profitable business in Print as well as Voice in a responsible manner.
The company must now improve profitability based on our sustainable and strong market share. We need to be even better at making it easier for users to find what they are looking for and at the same time help advertisers reach interested users effectively.
My aim is to make Eniro's products even more attractive and to create a more market-oriented sales organization. Parallel with this, we will continue to improve efficiency by centralizing Group functions.
We will increase the attractiveness of our products. We will continue to be responsive to the market and develop our services based on users' needs and preferences. This will entail, among other things, offering a worldclass user interface and improving the quality of our database.
We are striving continuously to deliver even more relevant search hits. One way of increasing their relevance can be to integrate more services. Such services will be provided through expanded cooperation with partners – the type of partners that also have the users' needs in mind. In this way we can implement new services faster and use our partners' cutting edge expertise.
One example of integration is the cooperation we have today with nDrive for our navigation app, which has been a major success in all of our markets, with more than 500,000 downloads. The app has also been nominated for a "Golden Mobile" award in the "Best utility app" category by the Swedish trade magazine Mobil.
To increase the effectiveness of our sales force of 1,300 people, I want to establish a sales organization that is more market-oriented. In Denmark, during the past two years we have been very successful in this area. I want to introduce several of the measures I have implemented in Denmark across the entire Group. I will strive to ensure that we have the market's best governance system and the same systems throughout the entire Group. In eniro.se this change is in full progress. Since August I have introduced a flatter sales organization with clearer shared responsibility. In addition, today we have real-time follow-up and daily control of the sales force. These measures are already beginning to have an effect and our order intake at eniro.se is rising.
I will also be conducting an overhaul of our sales channels. Currently a large share of the sales by eniro.se and gulesider.no are made via postal correspondence. Eniro's digital offering is evolving over time, and with ever-changing products it is important to be able to carry on an effective dialog with customers, which is handled better through personal contact. We need to explain the differences in our product offering in order to be able to help advertisers choose the solutions that are in demand among users.
We must also be better at adapting our specific offerings to advertisers' unique needs and market situations. By being regarded more widely as a partner who can optimize the customers' use of digital marketing, I want to increase the already high repeat sales rate of roughly 85%, which Eniro has had for many years.
Another area that needs to be reviewed in the future is our customer base. Historically Eniro has focused on small and midsize companies, which has resulted in an impressive customer base of some 250,000 advertisers. Despite this large number, it represents only about 15%- 20% of small and midsize companies in the respective countries.
To succeed with our sales strategy we need to have the same operating platform in all countries – a platform that is cost-efficient and scalable. We will continue to improve our cost structure by focusing on efficiency enhancement throughout the organization. One example of economies of scale is the centralization of the Group's development and production resources that we are currently carrying out during the autumn. We are centralizing large parts of our services in Poland and Sweden, but retaining those areas in the respective countries that are needed to quality-assure local content, product management and marketing.
During the quarter we discovered inaccurate revenue accounting and that revenues had been recognized earlier than they should have been reported. We have retrospectively adjusted the accounting and thereby increased the transparency of our financial statements. As a result of these inaccuracies, we have reviewed the process around financial reporting and will further strengthen our processes and internal control routines.
With regards to our financing we maintain a close and positive relationship with the banks. We are not violating any part of the loan agreement.
Historically Eniro has issued guidance based on various key figures. For the remainder of 2014, we will issue guidance on adjusted EBITDA only.
Our strong brands, our extensive database and sales force, our customers and the 8 million users visiting our sites every week, all create the conditions for a robust Eniro. Consequently, ahead of 2015 I am confident about our opportunities in a growth market to capitalize on our position as a local search company and confirm a sustainable market share and profitability.
Solna, October 24, 2014 Stefan Kercza, Acting President and CEO
In August 2014 the Board of Directors commissioned an investigation to validate the Group's accounts as of the fourth quarter of 2013. The investigation showed primarily accrual inaccuracies, entailing that revenues have been recognized earlier than they should have.
The accrual inaccuracies pertained to the Desktop search and Mobile search revenue categories within the Local search operating segment and stem from discounts offered to customers. These discounts were incorrectly allocated only to revenue accrued over time (subscription fees). The discounts were not allocated to the portion of revenue recognized immediately (for services provided at the time of sale). As a result the amount of revenue recognized at the point of sale was too high.
The incorrect accounting of these discounts affected the financial statements for the fourth quarter of 2013 through the second quarter of 2014. Following is a presentation of the periods, amounts and items that have been affected by the restatement.
The retrospective restatement will have impact on future periods, as revenue amounts reported in previous periods, as shown below, will be correctly recognized during the following 12 months. A presentation of the amounts and items that will be impacted going forward is provided under the heading "Future effect of corrections". After the second quarter of 2015 the retrospective restatement will have no further impact.
In addition to the accrual inaccuracies the investigation discovered SEK 7 M that had been incorrectly booked as revenue. This retrospective restatement will have no impact on future financial statements.
| Correction in restated financial statements | Future effect of corrections | ||||||
|---|---|---|---|---|---|---|---|
| Consolidated Income Statement | Oct-Dec | Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Mar | Apr-Jun |
| SEK M | 2013 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 |
| Gross operating revenues | -72 | -23 | -26 | 55 | 27 | 22 | 10 |
| Operating income | -72 | -23 | -26 | 55 | 27 | 22 | 10 |
| Income tax | 17 | 5 | 6 | -13 | - 6 |
- 5 |
- 2 |
| Net income | -55 | -18 | -20 | 42 | 21 | 17 | 8 |
| Earnings per common share, SEK | -0,55 | -0,18 | -0,20 | ||||
| Consolidated Balance Sheet | Dec. 31 | Mar. 31 | Jun. 30 | Sep. 30 | Dec. 31 | Mar. 31 | Jun. 30 |
| SEK M | 2013 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 |
| Assets | |||||||
| Current tax assets | 17 | 22 | 28 | 15 | 9 | 4 | 2 |
| Equity and liabilities | |||||||
| Retained earnings | -55 | -73 | -93 | -51 | -30 | -14 | - 6 |
| Other current liabilities * | 72 | 95 | 121 | 66 | 39 | 17 | 7 |
| * Incl. Prepaid revenues | |||||||
| Consolidated Statement of Cash flows | Oct-Dec | Jan-Mar | Apr-Jun | Jul-Sep | Oct-Dec | Jan-Mar | Apr-Jun |
| SEK M | 2013 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 |
| Operating income | -72 | -23 | -26 | 55 | 27 | 22 | 10 |
| Cash flow from operating activities | |||||||
| before changes in working capital | -72 | -23 | -26 | 55 | 27 | 22 | 10 |
| Changes in w orking capital |
72 | 23 | 26 | -55 | -27 | -22 | -10 |
| Cash flow from operating activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
In Eniro's segment reporting, the corrections for the Local search segment appear under the Desktop search and Mobile search revenue categories.
Total operating revenue decreased by 13% to SEK 744 M (857) during the third quarter of 2014. Revenue decreased organically by 14% (-8%). Changed publication dates for directories and currency effects had a positive effect on revenue by SEK 12 M and SEK 21 M, respectively, compared with the third quarter a year ago.
Revenue from multiscreen channels (Desktop search, Mobile search and Campaign products) decreased by 10% during the third quarter, to SEK 507 M (563). The decrease in organic revenue was also 10% (-3%). Multiscreen revenue as a share of total advertising revenue (excluding Voice) was 85% (81%).
Mobile search revenue grew by 41% to SEK 96 M (68), corresponding to organic growth of 39%. The share of searches in the mobile channel, where Eniro has a strong market position, continues to grow and now accounts for 30% of total unique browsers (UB).
Desktop search revenue decreased by 18% to SEK 358 M (437). The corresponding organic decrease was 20% (-10%).
Revenue for Campaign products decreased by 9% to SEK 53 M (58). Adjusted for the divestments of InTouch and Scandinavia Online AS in Norway, revenue grew organically by 6% (14%).
Revenue from the Print and Voice categories continued to contract during the third quarter as a result of the shift towards digital search channels.
Print revenue decreased by 27% to SEK 77 M (106). During the third quarter Eniro published the last regional directory – Gula Sidorna – in Sweden. The local directories, which continue to have high use and a stabilized rate of decline, accounted for 93% (72%) of Print revenue during the quarter. Print revenue decreased organically by 36% (-20%).
Market volumes for directory information services continued to fall as a result of increased digitalization. Operating revenue for Voice decreased during the third quarter by 10%, to SEK 149 M (165). Organic revenues also decreased, by 12% (-16%).
| Jul-Sep | Jul-Sep | Oct-Sep | Jan-Dec | ||
|---|---|---|---|---|---|
| SEK M | 2014 | 2013 | % | 2013/14 | 2013* |
| Operating revenue | 744 | 857 | -13 | 3 232 | 3 588 |
| EBITDA | 125 | 225 | -44 | 645 | 777 |
| Adjusted EBITDA | 208 | 242 | -14 | 727 | 884 |
| Net income | -1 820 | 90 -2 122 | -1 794 | 179 | |
| Operating cash flow | -104 | -69 | -51 | 224 | 329 |
| Total operating cost | 609 | 635 | -4 | 2 659 | 2 828 |
| Interest-bearing net debt | 2 353 | 2 519 | -7 | 2 353 | 2 340 |
* Retrospective restatement of financial statements in accordance w ith IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
EBITDA during the third quarter amounted to SEK 125 M (225). Earnings were negatively affected by weak sales in Sweden and Norway. The revaluation of synthetic shares had a positive impact on earnings, by approximately SEK 13 M. The EBITDA margin was 16.8% (26.2%).
Adjusted EBITDA, excluding restructuring costs and other items affecting comparability, amounted to SEK 208 M (242). The margin for adjusted EBITDA was 28.0% (28.2%). Items affecting comparability, totaling SEK 83 M, consisted mainly of restructuring costs for concentration of development and production resources in Sweden and Poland, costs for unutilized office space associated with a move of operations in Norway, and a provision for severance pay for employees.
Income for the third quarter amounted to SEK -1,820 M (90) and included recognition of an impairment loss of SEK 1,799 M for intangible assets.
Eniro has continued to improve its operating efficiency. Total operating costs were SEK 26 M lower than during the corresponding period a year ago. The cost savings adjusted for divested operations, currency effects and third-party costs amounted to SEK 30 M. The cost savings consisted mainly of lower costs for personnel.
During the third quarter an impairment test was performed of the company's intangible assets with indefinite useful life (goodwill and trademarks). Due to lower forecast of EBITDA the impairment test resulted in impairment loss. The total impairment loss amounted to SEK 1,799 M, of which SEK 1,237 M was attributable to Local search and SEK 562 M related to Voice. The impairment loss in Local search is primarily goodwill impairment related to the acquisition of the Norwegian Findexa in 2005. The impairment loss has no impact on cash flow.
Amortization pertaining to the reclassification of the Gule Sider and Ditt Distrikt brands totaled SEK 23 M during the third quarter. The Voice brand 1888 was amortized by SEK 9 M during the quarter.
Total operating revenue during the first nine months of 2014 decreased by 14% to SEK 2,280 M (2,636). Revenue decreased organically by 12% (-6%). Changed publication dates had a negative effect on total revenue by SEK 14 M compared with the corresponding period a year ago, while currency effects were positive, by SEK 17 M.
Revenue from multiscreen channels (Desktop search, Mobile search and Campaign products) decreased by 8% during the interim period, to SEK 1,604 M (1,752). The organic decrease in revenue was 7% (2%).
Mobile search revenue grew by 58% to SEK 292 M (185). Organic revenue growth was 57% (94%). Desktop search revenue decreased by 19% to SEK 1,124 M (1,393). Organic revenue also showed a decrease of 19% (-5%). Revenue for Campaign products grew 8% to SEK 188 M (174). Adjusted for the divestments of InTouch and Scandinavia Online in Norway, revenue grew organically by 21% (7%).
Print revenue amounted to SEK 193 M (283) during the interim period, a decrease of 32%. Print revenue decreased organically by 29% (-31%).
Operating revenue for Voice decreased during the nine-month period by 17%, to SEK 441 M (530). Revenue decreased organically by 18% (-11%).
EBITDA amounted to SEK 497 M (629) during the interim period. Earnings were negatively affected by lower sales in Sweden and Norway. Capital gains during the first and second quarters had a
positive impact on EBITDA, as did a revaluation of synthetic shares, which amounted to approximately SEK 9 M. The EBITDA margin was 21.8% (23.9%). Income for the period amounted to SEK -1,714 M (259).
Adjusted EBITDA, excluding restructuring costs and other items affecting comparability, amounted to SEK 515 M (672). Other items affecting comparability had a net negative effect on adjusted EBITDA. The negative effect is mainly attributable to the capital gains from the sales of InTouch, Scandinavia Online and Krak Markedsdata, while adjusted EBITDA was positively affected primarily by a provision for severance pay for employees.
Total operating costs were SEK 169 M lower than during the corresponding period a year ago. Cost savings adjusted for divested operations, currency effects and third-party costs amounted to SEK 175 M. Cost savings consisted mainly of lower personnel costs.
As part of the effort to concentrate operations to digital local search, during the first and second quarters Eniro divested the B2B services Krak Markedsdata in Denmark, and InTouch and Scandinavia Online in Norway.
The total impairment loss due to impairment testing of the company's intangible assets with indefinite useful lives amounted to SEK 1,799 M during the reporting period.
Amortization of the brands Gule Sider and Ditt Distrikt reclassified in 2013 totaled SEK 69 M during the interim period. The Voice brand 1888 was amortized by SEK 27 M during the period.
| Jan-Sep | Jan-Sep | Oct-Sep | Jan-Dec | ||
|---|---|---|---|---|---|
| SEKM | 2014 | 2013 | % | 2013/14 | 2013* |
| Operating revenue | 2 2 8 0 | 2636 | $-14$ | 3 2 3 2 | 3588 |
| EBITDA | 497 | 629 | $-21$ | 645 | 777 |
| Adjusted EBITDA | 515 | 672 | $-23$ | 727 | 884 |
| Net income | $-1714$ | 259 - 762 | $-1794$ | 179 | |
| Operating cash flow | 17 | 122 | -86 | 224 | 329 |
| Total operating cost | 1845 | 2014 | -8 | 2659 | 2828 |
| Interest-bearing net debt | 2 3 5 3 | 2519 | -7 | 2 3 5 3 | 2 3 4 0 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Oct-Sep | Jan-Dec | |||
|---|---|---|---|---|---|---|---|---|
| SEK M | 2014 | 2013 | % | 2014 | 2013 | % | 2013/14 | 2013* |
| Desktop search | 358 | 437 | -18 | 1 124 | 1 393 | -19 | 1 505 | 1 774 |
| Mobile search | 96 | 68 | 41 | 292 | 185 | 58 | 382 | 275 |
| Campaign products | 53 | 58 | - 9 |
188 | 174 | 8 | 260 | 246 |
| M ultiscreen |
507 | 563 | -10 | 1 604 | 1 752 | - 8 |
2 147 | 2 295 |
| 77 | 106 | -27 | 193 | 283 | -32 | 417 | 507 | |
| Other products | 11 | 23 | -52 | 42 | 71 | -41 | 68 | 97 |
| Local search | 595 | 692 | -14 | 1 839 | 2 106 | -13 | 2 632 | 2 899 |
| Voice | 149 | 165 | -10 | 441 | 530 | -17 | 600 | 689 |
| Total revenue | 744 | 857 | -13 | 2 280 | 2 636 | -14 | 3 232 | 3 588 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Oct-Sep | Jan-Dec | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| % | 2014 | 2013 | 2014 | 2013 | 2013/14 | 2013* | |||||
| Desktop search | -20 | -10 | -19 | - 5 |
n.a. | - 9 |
|||||
| Mobile search | 39 | 82 | 57 | 94 | n.a. | 90 | |||||
| Campaign products | 6 | 14 | 21 | 7 | n.a. | 7 | |||||
| M ultiscreen |
-10 | - 3 |
- 7 |
2 | n.a. | - 1 |
|||||
| -36 | -20 | -29 | -31 | n.a. | -29 | ||||||
| Other products | -13 | -28 | -19 | -15 | n.a. | 1 | |||||
| Local search | -15 | - 6 |
-11 | - 5 |
n.a. | - 7 |
|||||
| Voice | -12 | -16 | -18 | -11 | n.a. | -15 | |||||
| Total organic development | -14 | - 8 |
-12 | - 6 |
n.a. | - 9 |
|||||
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Oct-Sep | Jan-Dec | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2014 | 2013 | % | 2014 | 2013 | % | 2013/14 | 2013* | |||
| Sw eden |
326 | 399 | -18 | 1 028 | 1 236 | -17 | 1 453 | 1 661 | |||
| ay1) Norw |
191 | 228 | -16 | 614 | 742 | -17 | 856 | 984 | |||
| Denmark | 126 | 133 | - 5 |
343 | 356 | - 4 |
502 | 515 | |||
| Finland | 49 | 50 | - 2 |
138 | 159 | -13 | 186 | 207 | |||
| Poland | 52 | 47 | 11 | 157 | 143 | 10 | 235 | 221 | |||
| Total revenue | 744 | 857 | -13 | 2 280 | 2 636 | -14 | 3 232 | 3 588 | |||
| 1) Of w hich SEK 57 M during the full year 2013 is attributable to divested businesses. |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Oct-Sep | Jan-Dec | |||
|---|---|---|---|---|---|---|---|---|
| SEK M | 2014 | 2013 | % | 2014 | 2013 | % | 2013/14 | 2013* |
| Local search | 76 | 168 | -55 | 368 | 475 | -23 | 491 | 598 |
| Voice | 76 | 66 | 15 | 187 | 196 | - 5 |
242 | 251 |
| Other | -27 | - 9 |
-200 | -58 | -42 | -38 | -88 | -72 |
| Total EBITDA | 125 | 225 | -44 | 497 | 629 | -21 | 645 | 777 |
| Items affecting comparability | ||||||||
| Restructuring costs | 41 | 16 | 44 | 42 | 108 | 106 | ||
| Other items affecting comparability | 42 | 1 | -26 | 1 | -26 | 1 | ||
| Total adjusted EBITDA | 208 | 242 | -14 | 515 | 672 | -23 | 727 | 884 |
| * Retrospective restatement of financial statements in accordance w | ith IAS 8 Accounting Policies, Changes in Accounting | |||||||
Estimates and Errors.
Operating income for the first nine months of 2014 amounted to SEK -1,506 M (509).
Net financial items amounted to SEK -157 M (-94). Exchange rate differences had a negative impact on net financial items, by SEK 37 M (38).
Income before tax for the period amounted to SEK -1,663 M (415). Earnings per common share were SEK -17.49 (2.17).
Reported tax costs were SEK -51 M (-156). The underlying tax rate for the period was 21% (24%).
Eniro's taxes are paid primarily in the first half of the year. Accordingly, paid taxes are low during the second half of the year. As a result of substantial tax-loss carry forwards in Sweden, Denmark and Finland, Eniro is expected to have low tax payments in the near future.
Eniro's net investments in business activities amounted to SEK 104 M (121) during the first nine months of the year.
Operating cash flow amounted to SEK 17 M (122). During the period the cash flow was mainly affected by a lower level of revenue.
The Group's interest-bearing net debt amounted to SEK 2,353 M (2,519) on September 30, compared with SEK 2,340 M on December 31, 2013.
For the years 2014 through 2016, scheduled repayments amount to approximately SEK 375 M annually (to be paid semi-annually). The next loan repayment amounts to SEK 187 M and is due for payment in December.
At the end of the period, outstanding debt under existing credit facilities amounted to NOK 404 M, DKK 83 M and SEK 2,006 M, respectively. At the end of the period, Eniro had an unutilized credit facility of SEK 31 M. Cash and cash equivalents and unutilized credit facilities amounted to SEK 61 M.
The Group's indebtedness, expressed as interest-bearing net debt in relation to adjusted EBITDA, was 3.2 (2.6) as per the end of September 2014, compared with 2.6 on December 31, 2013.
Eniro has a credit insurance with PRI Pensionsgaranti (PRI) which remains in force until 2015. Eniro has pledged bank funds for future obligations (a so-called enhanced pension guarantee) to PRI. Total pledged funds amount to SEK 122 M including the return. Eniro pledged SEK 10 M in March 2014 and will pledge an additional SEK 10 M in March 2015.
Eniro has two classes of stock: common shares and preference shares. The total number of shares is 102,880,740, of which 101,880,740 are common shares and 1,000,000 are preference shares.
The total number of votes is 101,980,740, of which common shares correspond to 101,880,740 votes and preference shares to 100,000 votes.
Eniro held 1,703,266 treasury shares on September 30, 2014. The average holding of treasury shares during the period was 1,703,266.
Adjusted EBITDA for the full year is expected to be approximately SEK 700 M.
Priority will be given to lowering net debt instead of paying dividends, which is in line with the goal to reduce net debt in relation to EBITDA. The company's longterm dividend policy is that, once the net debt target has been met, dividends should amount to at least 30% of net income. Eniro's preference shares are entitled to an annual dividend of SEK 48 per share.
Since revenues from the sale of printed directories are recognized when the various directories are published, changes in planned publication dates can affect comparisons. The table below shows the planned distribution among quarters and markets in 2014. The net effect on operating revenue in 2014 compared with 2013 is expected to be negative, by SEK 87 M. Recognized revenue for these directories is lower in 2014 as a result of the structural decline in the market for printed products.
| SEK M | Q1 | Q2 | Q3 | Q4 | 2014 |
|---|---|---|---|---|---|
| Sweden | -19 | 4 | -6 | -66 | -87 |
| Norway | -5 | -6 | 18 | -16 | -9 |
| Denmark | 0 | 0 | 0 | 9 | 9 |
| Poland | 0 | 0 | 0 | 0 | 0 |
| Total effect | -24 | -2 | 12 | -73 | -87 |
The number of full-time employees on September 30, 2014, was 2,554, compared with 3,002 on September 30, 2013.
| Sep. 30 | Sep. 30 | |
|---|---|---|
| 2014 | 2013 | |
| Sw eden including Other |
667 | 755 |
| Norw ay |
437 | 504 |
| Denmark | 340 | 440 |
| Poland | 734 | 821 |
| Local search incl. Other | 2 178 | 2 520 |
| Sw eden |
162 | 201 |
| Norw ay |
44 | 90 |
| Finland | 170 | 191 |
| Voice | 376 | 482 |
| Totalt Group | 2 554 | 3 002 |
This interim report has been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations, as adopted by the European Union (EU). A detailed description of the accounting policies applied by Eniro can be found in the 2013 Annual Report, Note 1, with the exception of new and amended standards and interpretations adopted by the EU that came into effect in January 2014. The quarterly report has been prepared in accordance with IAS 34 Interim Financial Reporting.
Eniro has made a retrospective restatement of comparative information in accordance with IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors. This entails that the financial statements presented as comparative information have been adjusted retrospectively for the errors that have been identified.
The following new standards are obligatory for fiscal years that begin on January 1, 2014, or later.
IFRS 10 – Consolidated Financial Statements is based on existing policies, since it identifies control as the decisive factor in establishing whether a company is to be consolidated. The standard provides additional guidance for the establishment of control in cases where this is difficult to evaluate.
IFRS 11 – Joint Arrangements focuses on the rights and obligations of the parties in a joint arrangement rather than the legal form of the arrangement. Two types of joint arrangements have been defined: joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. In such an arrangement, the assets, liabilities, income and expenses are to be reported based on the party's share of ownership in these. A joint venture involves a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.
IFRS 12 – Disclosures of Interests in Other Entities includes disclosure requirements for subsidiaries, joint arrangements, associated companies and nonconsolidated structured entities.
IFRS 10-12 have not had any significant impact on the Group. No other IFRS or IFRIC interpretations are expected to have any significant impact on the Group.
Eniro conducts risk analysis in an annual Enterprise Risk Management process, covering all parts of the business operations.
A detailed description of factors that could affect Eniro's Business operations, financial position and earnings is provided on pages 50-53 of the 2013 Annual Report.
The principal risks and uncertainties that could impact the Group's performance in 2014 include mobile and online traffic trends, product development that can attract users and thus, improve customer yield, increase sales efficiency and lower personnel turnover, as well as including the impact of the general economy on demand.
In accordance with a resolution by the 2014 Annual General Meeting, a nomination committee has been appointed. The Nomination Committee for the 2015 Annual General Meeting is composed of Ulric Grönvall, Danske Capital AB; Åsa Nisell, Swedbank Robur funds; Staffan Persson, Zimbrine Holding BV; Sebastian
Jahreskog, own holding and via companies; and Lars-Johan Jarnheimer, Chairman of the Board of Eniro. The Nomination Committee appointed Ulric Grönvall as committee chair. Shareholders who wish to submit nominations to the Nomination Committee may do so by e-mail at [email protected] by December 15, 2014, at the latest.
The 2014 Annual General Meeting approved, in accordance with the Board's recommendation, a dividend for preference shares for 2014/15 of SEK 48 per share, for a total dividend of SEK 48 M. The dividend will be paid in three month intervals. The record dates for payment of the dividend are October 31, 2014, and January 30, 2015.
Note that Nasdaq has shortened the period between trading and registration of shareholders (T+2), and thus the last day for trading of ex-rights preference shares is October 29 as regards the record date October 31, 2014.
The information in this interim report reflects the information that Eniro AB (publ) is obliged to disclose pursuant to the Securities Market Act.
This information was submitted for publication on October 24, 2014, at 8:00 a.m. CET.
Solna, October 24, 2014
Stefan Kercza Acting President and CEO
Stefan Kercza, Acting President and CEO Tel.: +46-8-553 310 00 Roland M. Andersen, Group CFO, Tel.: +46-8-553 310 00 Cecilia Ketels, Acting Head of Investor Relations Tel.: +46+72-157 29 07 [email protected]
Conference call/webcast Friday, October 24, 2014 10:00 a.m. CET SE: +46 (0) 8 519 993 57 UK: +44 (0) 207 660 2077
Follow the presentation via webcast at www.enirogroup.com
| Interim report Jan.-Dec. 2014 | Feb. 6, 2015 |
|---|---|
| Interim report Jan.-March 2015 | Apr. 24, 2015 |
| Annual General Meeting | Apr. 24, 2015 |
| Interim report Jan.-June 2015 | Jul. 16, 2015 |
| Interim report Jan.-Sept. 2015 | Oct. 29, 2015 |
We have reviewed the condensed interim report for Eniro AB (publ) corporate identity number 556588-0936, as at 30 September 2014 and for the nine-month period then ended. The Board of Directors and President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements (ISRE) 2410 – Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily to persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed on the basis of a review does not give the same level of assurance as a conclusion expressed on the basis of an audit.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act.
PricewaterhouseCoopers AB
Bo Hjalmarsson Mikael Eriksson Authorized Public Accountant Authorized Public Accountant Auditor in Charge
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Oct-Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK M | 2014 | 2013 | 2014 | 2013 | 2013/14 | 2013* |
| Gross operating revenue | 744 | 859 | 2 282 | 2 642 | 3 236 | 3 596 |
| Advertising tax | 0 | - 2 |
- 2 |
- 6 |
- 4 |
- 8 |
| Operating revenue | 744 | 857 | 2 280 | 2 636 | 3 232 | 3 588 |
| Production costs Sales costs |
-169 -259 |
-206 -254 |
-548 -791 |
-618 -816 |
-805 -1 115 |
-875 -1 140 |
| Marketing costs | -62 | -53 | -201 | -153 | -310 | -262 |
| Administration costs Product development costs |
-132 -59 |
-104 -57 |
-338 -171 |
-350 -192 |
-491 -238 |
-503 -259 |
| Other income/costs | -10 | 3 | 62 | 7 | 72 | 17 |
| Impairment of non-current assets | -1 799 | - | -1 799 | - 5 |
-1 898 | -104 |
| Operating income** | -1 746 | 186 | -1 506 | 509 | -1 553 | 462 |
| Financial items, net | -57 | -25 | -157 | -94 | -205 | -142 |
| Income before tax | -1 803 | 161 | -1 663 | 415 | -1 758 | 320 |
| Income tax | -17 | -71 | -51 | -156 | -36 | -141 |
| Net income | -1 820 | 90 | -1 714 | 259 | -1 794 | 179 |
| Of which, attributable to: | ||||||
| Ow ners of the Parent Company |
-1 820 | 88 | -1 716 | 253 | -1 792 | 177 |
| Non-controlling interests | 0 | 2 | 2 | 6 | - 2 |
2 |
| Net Income | -1 820 | 90 | -1 714 | 259 | -1 794 | 179 |
| * Retrospective restatement of financial statements in accordance w | ith IAS 8 Accounting Policies, Changes in Accounting Estimates and |
Errors.
| Earnings per common share, SEK | -18,29 | 0,76 | -17,49 | 2,17 | -18,37 | 1,29 |
|---|---|---|---|---|---|---|
| Average number of common shares, thousands | 100 177 | 100 177 | 100 177 | 100 177 | 100 177 | 100 177 |
| Preference shares on closing date, thousands | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 | 1 000 |
| Preference dividends on cumulative preference | ||||||
| shares declared in the period | -12 | -12 | -36 | -36 | -48 | -48 |
| Net income used for calculating earnings per common share | -1 832 | 76 | -1 752 | 217 | -1 840 | 129 |
| EBITDA | 125 | 225 | 497 | 629 | 645 | 777 |
| Operating cost | -609 | -635 | -1 845 | -2 014 | -2 659 | -2 828 |
| ** Includes depreciation of | - 6 |
- 6 |
-17 | -20 | -23 | -26 |
| ** Includes amortization of | -66 | -33 | -187 | -95 | -277 | -185 |
| ** Includes impairment losses of | -1 799 | - | -1 799 | - 5 |
-1 898 | -104 |
| Total | -1 871 | -39 | -2 003 | -120 | -2 198 | -315 |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Oct-Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK M | 2014 | 2013 | 2014 | 2013 | 2013/14 | 2013* |
| Net income | -1 820 | 90 | -1 714 | 259 | -1 794 | 179 |
| Other comprehensive income | ||||||
| Items that cannot be reclassified to income statement |
||||||
| Revaluation of pension obligations | -226 | 271 | -211 | 287 | -265 | 233 |
| Tax attributable to revaluation pension obligations | 49 | -60 | 46 | -63 | 58 | -51 |
| Total | -177 | 211 | -165 | 224 | -207 | 182 |
| Items that have been or can subsequently be reclassified to income statement |
||||||
| Exchange rate differences | 55 | -150 | 227 | -333 | 242 | -318 |
| Hedging of net investments | -11 | 20 | -32 | 80 | -29 | 83 |
| Tax attributable to other items | 2 | - 4 |
7 | -17 | 6 | -18 |
| Total | 46 | -134 | 202 | -270 | 219 | -253 |
| Other comprehensive income, net after tax | -131 | 77 | 37 | -46 | 12 | -71 |
| Total comprehensive income | -1 951 | 167 | -1 677 | 213 | -1 782 | 108 |
| Of which, attributable to: | ||||||
| Ow ners of the Parent Company |
-1 953 | 165 | -1 681 | 207 | -1 782 | 106 |
| Non-controlling interests | 2 | 2 | 4 | 6 | 0 | 2 |
| Total comprehensive income | -1 951 | 167 | -1 677 | 213 | -1 782 | 108 |
| * Retrospective restatement of financial statements in accordance w | ith IAS 8 Accounting Policies, Changes in Accounting Estimates and |
Errors.
| Sep. 30 | Sep. 30 | Dec. 31 | |
|---|---|---|---|
| SEK M | 2014 | 2013 | 2013* |
| Assets | |||
| Non-current assets | |||
| Tangible assets | 27 | 41 | 40 |
| Intangible assets | 5 264 | 7 078 | 6 948 |
| Deferred tax assets | 235 | 248 | 209 |
| Financial assets | 172 | 145 | 148 |
| Total non-current assets | 5 698 | 7 512 | 7 345 |
| Current assets | |||
| Trade receivables | 378 | 398 | 430 |
| Current tax assets | 4 | 0 | 16 |
| Other current receivables | 273 | 269 | 267 |
| Other interest-bearing receivables | 1 | 1 | 3 |
| Cash and cash equivalents | 50 | 91 | 113 |
| Total current assets | 706 | 759 | 829 |
| TOTAL ASSETS | 6 404 | 8 271 | 8 174 |
| Equity and liabilities | |||
| Equity | |||
| Share capital | 309 | 309 | 309 |
| Additional paid in capital | 5 125 | 5 125 | 5 125 |
| Reserves | -160 | -377 | -360 |
| Retained earnings | -3 405 | -1 311 | -1 476 |
| Total equity, owners of the Parent Company | 1 869 | 3 746 | 3 598 |
| Non-controlling interests | 65 | 39 | 68 |
| Total equity | 1 934 | 3 785 | 3 666 |
| Non-current liabilities | |||
| Borrow ing |
1 964 | 2 296 | 2 115 |
| Deferred tax liabilities | 250 | 277 | 276 |
| Pension obligations | 515 | 218 | 273 |
| Provisions | 5 | 6 | 5 |
| Other non-current liabilities | 0 | 6 | 6 |
| Total non-current liabilities | 2 734 | 2 803 | 2 675 |
| Current liabilities | |||
| Trade payables | 145 | 130 | 181 |
| Current tax liabilities | 33 | 34 | 25 |
| Other current liabilities | 939 | 1 070 | 1 101 |
| Provisions | 57 | 23 | 74 |
| Borrow ing |
562 | 426 | 452 |
| Total current liabilities | 1 736 | 1 683 | 1 833 |
| TOTAL EQUITY AND LIABILITIES | 6 404 | 8 271 | 8 174 |
| * Retrospective restatement of financial statements in accordance w | ith IAS 8 Accounting Policies, | ||
Changes in Accounting Estimates and Errors.
| Sep. 30 | Sep. 30 | Dec. 31 | |
|---|---|---|---|
| SEK M | 2014 | 2013 | 2013* |
| Borrow ing |
-2 526 | -2 722 | -2 567 |
| Other current interest-bearing receivables | 1 | 1 | 3 |
| Other non-current interest-bearing receivables** | 122 | 111 | 111 |
| Cash and cash equivalents | 50 | 91 | 113 |
| Interest-bearing net debt | -2 353 | -2 519 | -2 340 |
** included in financial assets
| Total | |||||||
|---|---|---|---|---|---|---|---|
| Additional | equity, owners of |
Non | |||||
| Share | paid in | Retained | the Parent | controlling | Total | ||
| SEK M | Capital | capital | Reserves | earnings | Company | interest | equity |
| Opening balance, January 1, 2013 | 2 529 | 5 125 | -107 | -4 004 | 3 543 | - | 3 543 |
| Change in non-controlling interests | - | - | - | 44 | 44 | 33 | 77 |
| Dividend on preference shares | - | - | - | -48 | -48 | - | -48 |
| Share issue, redemption of shares | 5 | - | - | - 5 |
- | - | - |
| Reduction of share capital | -2 225 | - | - | 2 225 | - | - | - |
| Total comprehensive income | - | - | -270 | 477 | 207 | 6 | 213 |
| Share based payments | - | - | - | 0 | 0 | - | 0 |
| Closing balance, September 30, 2013 | 309 | 5 125 | -377 | -1 311 | 3 746 | 39 | 3 785 |
| Opening balance, January 1, 2014 | 309 | 5 125 | -360 | -1 421 | 3 653 | 68 | 3 721 |
| Correction due to prior period errors | - | - | - | -55 | -55 | - | -55 |
| Total comprehensive income | - | - | 200 | -1 881 | -1 681 | 4 | -1 677 |
| Dividend on preference shares | - | - | - | -48 | -48 | - | -48 |
| Dividend non-controlling interest | - | - | - | - | - | - 7 |
- 7 |
| Closing balance, September 30, 2014 | 309 | 5 125 | -160 | -3 405 | 1 869 | 65 | 1 934 |
| Sep. 30 | Sep. 30 | Dec. 31 | |
|---|---|---|---|
| 2014 | 2013 | 2013* | |
| Equity, average 12 months, SEK M | 3 488 | 3 592 | 3 607 |
| Return on equity (ROE), 12 months, % | -51,4 | 8,6 | 4,9 |
| Return on Assets (ROA), 12 months, % | -20,4 | 8,5 | 6,1 |
| Earnings per common share, SEK | -17,49 | 2,17 | 1,29 |
| Adjusted earning per common share (non-IFRS), excl. items affecting | |||
| comparability and PPA related depr/amort | 1,02 | 2,55 | 2,45 |
| Interest-bearing net debt, SEK M | -2 353 | -2 519 | -2 340 |
| Debt/equity ratio, times | 1,22 | 0,67 | 0,64 |
| Equity/assets ratio, % | 30 | 46 | 45 |
| Interest-bearing net debt/EBITDA 12 months, times | 3,6 | 2,7 | 3,0 |
| Interest-bearing net debt/adjusted EBITDA, times | 3,2 | 2,6 | 2,6 |
| Average number full-time employees YTD | 2 685 | 3 095 | 3 002 |
| Number of full-time employees on closing date | 2 554 | 3 002 | 2 816 |
| Number of common shares on closing | |||
| date after deduction of treasury shares, 000s | 100 177 | 100 177 | 100 177 |
| Number of preference shares on closing | |||
| date, 000s | 1 000 | 1 000 | 1 000 |
| Key ratios per share | |||
| Sep. 30 | Sep. 30 | Dec. 31 | |
| 2014 | 2013 | 2013* |
* Retrospective restatement of financial statements in accordance w ith IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
Equity per share, SEK 18,47 37,02 35,56 Share price for common shares at end of period, SEK 10,51 23,50 49,59
| SEK M | Jul-Sep 2014 |
Jul-Sep 2013 |
Jan-Sep 2014 |
Jan-Sep 2013 |
Oct-Sep 2013/14 |
Jan-Dec 2013* |
|---|---|---|---|---|---|---|
| Operating income | -1 746 | 186 | -1 506 | 509 | -1 553 | 462 |
| Depreciation, amortization and impairment | 1 871 | 39 | 2 003 | 120 | 2 198 | 315 |
| Capital gain/loss and other non-cash items | 41 | - 2 |
-53 | -34 | -13 | 6 |
| Financial items, net | -34 | -36 | -104 | -115 | -141 | -152 |
| Income tax paid | 0 | - 1 |
-22 | -57 | -24 | -59 |
| Cash flow from operating activities before | ||||||
| changes in working capital | 132 | 186 | 318 | 423 | 467 | 572 |
| Changes in w orking capital |
-206 | -213 | -197 | -180 | -108 | -91 |
| Cash flow from operating activities | -74 | -27 | 121 | 243 | 359 | 481 |
| Acquisitions/divestments of Group companies and | ||||||
| other assets | 12 | - 2 |
61 | 39 | 55 | 33 |
| Investments in non-current assets, net | -30 | -42 | -104 | -121 | -135 | -152 |
| Cash flow from investing activities | -18 | -44 | -43 | -82 | -80 | -119 |
| Proceeds from borrow ings |
23 | 58 | 95 | 2 796 | 178 | 2 879 |
| Repayment of borrow ings |
0 | - | -186 | -2 972 | -435 | -3 221 |
| Long-term investments | 0 | - | -10 | -50 | -10 | -50 |
| Dividend on preference shares | -12 | -12 | -36 | -36 | -48 | -48 |
| Dividend minority ow ners |
0 | - | - 7 |
- | - 7 |
- |
| Rights issue | - | - | - | - | 0 | 0 |
| Cash flow from financing activities | 11 | 46 | -144 | -262 | -322 | -440 |
| Cash flow | -81 | -25 | -66 | -101 | -43 | -78 |
| Cash and cash equivalents at start of period | 131 | 117 | 113 | 198 | 91 | 198 |
| Cash flow | -81 | -25 | -66 | -101 | -43 | -78 |
| Exchange rate difference in cash and cash equivalents | 0 | - 1 |
3 | - 6 |
2 | - 7 |
| Cash and cash equivalents at end of period | 50 | 91 | 50 | 91 | 50 | 113 |
| * Retrospective restatement of financial statements in accordance w | ith IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. |
| Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Oct-Sep | Jan-Dec | |
|---|---|---|---|---|---|---|
| SEK M | 2014 | 2013 | 2014 | 2013 | 2013/14 | 2013* |
| Opening balance | -2 232 | -2 453 | -2 340 | -2 704 | -2 519 | -2 704 |
| Operating cash flow | -104 | -69 | 17 | 122 | 224 | 329 |
| Acquisitions and divestments | 12 | - 2 |
61 | 39 | 55 | 33 |
| Share issue | - | - | - | - | 0 | 0 |
| Translation differences and other changes | -29 | 5 | -91 | 24 | -113 | 2 |
| Closing balance | -2 353 | -2 519 | -2 353 | -2 519 | -2 353 | -2 340 |
| Net debt/adjusted EBITDA, times | 3,2 | 2,6 | 3,2 | 2,6 | 3,2 | 2,6 |
| Assets on the balance sheet | Sep. 30 | Sep. 30 | Dec. 31 |
|---|---|---|---|
| SEK M | 2014 | 2013 | 2013 |
| Loans and accounts receivables | |||
| Interest-bearing assets and blocked bank funds | 122 | 111 | 111 |
| Trade receivables and other receivables | 391 | 409 | 457 |
| Cash and cash equivalents | 50 | 91 | 113 |
| TOTAL | 563 | 611 | 681 |
| Liabilities on the balance sheet, SEK M | Sep. 30 | Sep. 30 | Dec. 31 |
| SEK M | 2014 | 2013 | 2013 |
| Other financial liabilities | |||
| Borrow ing |
2 526 | 2 722 | 2 567 |
| Trade payables | 145 | 130 | 181 |
| TOTAL | 2 671 | 2 852 | 2 748 |
| Jan-Sep | Jan-Sep | Jan-Dec | |
|---|---|---|---|
| SEK M | 2014 | 2013 | 2013 |
| Revenues | 28 | 37 | 37 |
| Earnings before tax | -2 571 | -142 | 486 |
| Net Income | -2 539 | -110 | 399 |
| Sep. 30 | Sep. 30 | Dec. 31 | |
|---|---|---|---|
| SEK M | 2014 | 2013 | 2013 |
| Non-current assets | 6 110 | 8 725 | 8 525 |
| Current assets | 1 901 | 1 369 | 2 093 |
| TOTAL ASSETS | 8 011 | 10 094 | 10 618 |
| Equity | 3 193 | 5 271 | 5 780 |
| Provisions | 66 | 6 | 64 |
| Non-current liabilities | 4 672 | 4 729 | 4 672 |
| Current liabilities | 80 | 88 | 102 |
| TOTAL EQUITY AND LIABILITIES | 8 011 | 10 094 | 10 618 |
| Eniro AB has w ritten dow n shares in subsidaries w ith SEK 2 457 M during Q3 2014. |
EBITDA excluding restructuring costs and other items affecting comparability
Net income per share adjusted for items affecting comparability, acquisition-related depreciation/amortization and impairment losses, and other acquisition-related adjustments.
Calculated as an average number of common shares outstanding on a daily basis after redemptions and repurchases. Excluding shares held by Eniro.
Based on average shareholders' equity attributable to owners of the Parent Company at the start and end of each quarter.
Interest-bearing net debt divided by shareholders' equity including non-controlling interests.
Earnings attributable to owners of the Parent Company for the period less the predetermined dividend on preference shares for the period, divided by the average number of common shares.
Operating income before depreciation, amortization and impairment losses.
EBITDA divided by operating revenue, multiplied by 100.
Shareholders' equity including non-controlling interests divided by the balance sheet total, multiplied by 100. Equity per share
Shareholders' equity attributable to owners of the Parent Company divided by the number of shares at the end of the period after redemptions, repurchases and new issues.
Borrowings excluding interest-rate derivatives less cash and cash equivalents and interest-bearing assets.
Interest-bearing net debt/EBITDA Interest-bearing net debt divided by EBITDA.
Cash flow from operating activities and cash flow from investing activities excluding company acquisitions/ divestments.
The change in operating revenue for the period adjusted for currency effects, changed publication dates, acquisitions and divestments.
Operating income after depreciation, amortization and impairment losses.
Net income divided by average shareholders' equity attributable to owners of the Parent Company multiplied by 100.
Production, sales, marketing and administrative costs excluding depreciation, amortization and impairment losses.
Eniro is a search company that aggregates, filters, organizes and presents local information. Our growth is driven by users' increasing mobility and multiscreen behavior, where we are at the forefront with modern technical solutions. For more than 100 years Eniro has helped people find local information and companies find customers. Today it is a multiscreen solution – our users search for information using their smart phones, tablets and desktops. Eniro is the local search engine. Eniro – Discover local. Search local.
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