Interim Report Third Quarter 2003 November 3, 2003

Transcrição

1 Interim Report Third Quarter 2003 November 3, 2003

2 Q3 at a glance Structural changes vs Tampere business consolidated from Q Eniro consolidated from May 1, Closure of Windhager in End of KPN agreement in 2002 Operational differences vs Costs for Group-wide projects of 13 MSEK for Q 3 allocated to Business areas from HQ -Changes in publication dates, primarily in Sweden July - Sept Jan - Sept Oct - Sept Jan - Dec Sek M % % 2002/ % Revenue EBITDA Earnings Before Tax Cash flow from Current Operations

3 Q3 at a glance Continued weak market conditions Strong Q3 due to catch up of earlier postponed publication dates Market update full year - weaker offline sales in Sweden - online sales in line with last years (11%) Organizational changes initiated eniro.fi launched Continued strong Internet development Extraordinary General Meeting held transfer of 1 BSEK from restricted to unrestricted reserves

4 Sweden consolidated Sweden share of total revenue 2002/2003 Sek M July - Sept Jan - Sept Oct - Sept Jan - Dec % % 2002/ % 54% Offline Online Total Revenue EBITDA EBITDA Margin, % Key points Consolidation of Eniro from May 1 st, 2003 Increase in offline revenues for Q 3 caused by changes in publication dates Eniro.se strong Internet traffic development

5 Sweden Excluding voice Voice* Sek M July - Sept Jan - Sept Sek M July - Sept Jan - Sept % % Offline Online Total Revenue EBITDA EBITDA Margin % Offline - - Online Total Revenue EBITDA EBITDA Margin % Total revenues 2003 down 3 4 % Weaker offline sales 2003, -revenues down 7 8 % Growth in online as earlier indicated -in line with last years (11 %) Margins broadly in line with last year Adjusted for cost for Group wide projects of some SEK M 35 full year Smart Meetings divested, annual sales of 15 MSEK Strong growth of SMS searches * Consolidated from May 1, 2003

6 Customer base and ARPA 2002 Tackle offline challenges with speed, with force -Sales - Customer segmentation Streamlined and focused organisation Key Accounts Advanced Advertisers Paying advertisers 1% 19% Revenues 31% ARPA: 379,000 SEK 2,000 customers Fortified product development Increased focus on customer value, rather than channel pricing Medium Advertisers 42% 36% ARPA: 28,000 SEK 31,500 customers Basic Advertisers 38% 26% ARPA: 9,100 SEK 69,500 customers ARPA: 2,700 SEK 63,000 customers 7% customers Revenues 2,446 MSEK

7 Nordic Nordic share of total revenue 2002/2003 Sek M July - Sept Jan - Sept Oct - Sept Jan - Dec % % 2002/ % 25% Offline Online Total Revenue EBITDA EBITDA Margin, % Key points Weak Offline sales in Denmark Improvement in online sales in Finland and Denmark Continued strong revenue growth in Norway + 110% in Q3 eniro.fi launched

8 Central Europe* Central Europe share of total revenue 2002/ % Sek M July - Sept Jan - Sept Oct - Sept Jan - Dec % % 2002/ % Offline Online Total Revenue EBITDA EBITDA Margin, % Key points Growth in Q3 largely timing-related Decline in offline/cd-rom in WLW compensated by online/internet growth Continued traffic and customer growth but at lower ARPA *Excluding Windhager

9 Eastern Europe East share of total revenue 2002/2003 4% Sek M July - Sept Jan - Sept Oct - Sept Jan - Dec % % 2002/ % Offline Online Total Revenue EBITDA EBITDA Margin, % Key points Organic improvement in Moscow Continued tough competition, primarily in the Baltics Weakened currencies

10 Market outlook The uncertainty regarding the trend of business conditions in Eniro s key markets is ongoing. Uncertainty will continue to prevail in Eniro s most important markets, including the Swedish market, which accounts for over 50 % of revenues. Update Sweden excl Voice Total revenues for 2003 down 3-4% Weaker sales offline 2003 revenues down 7-8% Growth in online as earlier indicated with last year s (11%) Margins broadly in line with last year s margin - Adjusted for rendered services

11 Summary Strong Q3 due to changes in publication dates Decline in offline sales in Sweden Outlook for full year remains Organizational change sales focus Emphasized focus on online initiatives eniro.fi launched Strong and solid cash flow