Eniro looks like a company in free fall, even after their newly completed rights issue. All the money is being used to repay the bank loan which is expected. What is not expected is that the revenue and ebitda is tanking dramatically. The quarter sports another mega write-down on goodwill.
Total operating revenue amounted to SEK 634 M (767), a decrease of 17%. Revenue decreased organically by 17% (-12%).
Revenue from Desktop and Mobile search amounted to SEK 405 M (489), a decrease of 17%. Revenue from Desktop and Mobile search decreased organically by 17% (-12%).
EBITDA amounted to SEK 49 M (168). Earnings were charged with SEK 47 M (-7) in nonrecurring costs, consisting of SEK 12 M (0) in severance pay and SEK 35 M (-1) in restructuring costs. Earning for the comparison period included capital gain of SEK 6 M. The EBITDA margin was 7.7% (21.9%).
Net income for the quarter was SEK -1,185 M (53), mainly affected by impairment of intangible assets.
Earnings per common share for the quarter were SEK -4.55 (0.39) before dilution and SEK -2.40 (–) after dilution.
EBITDA for 2015 is expected to be lower than the previously issued forecast of EBITDA in line with 2014. No new forecast is being issued.