Webcast Q2 2016 - Enirokoncernen · Kista, 2016‐08‐15. Agenda 1) Q2 highlights 2) Traffic and...
Transcript of Webcast Q2 2016 - Enirokoncernen · Kista, 2016‐08‐15. Agenda 1) Q2 highlights 2) Traffic and...
Webcast Q2 2016Kista, 2016‐08‐15
Agenda
1) Q2 highlights
2) Traffic and product development
3) Financials
2 Interim report January – June 2016
Revenues are still the problem, efficiency enhancing activities continues to deliver
Operating revenue decreases 22%, reaching 496 MSEK (634)• Q2 2016 compared to Q1 2016 ‐2%
Desktop/Mobile search revenue decreases ‐16%, reaching 339 MSEK (405)• Q2 2016 compared to Q1 2016 ‐5%
Earnings continues to increase• EBITDA increases 137%, reaching 116 MSEK (49)
• EBITDA‐margin 23.4%
Operating costs 201 MSEK lower in Q2 and 374 MSEK for H1 compared to the corresponding period last year.A non‐cash impairment loss of 873 MSEK (1,111)
3 Interim report January – June 2016
Management’s focus in Q2 2016
Top priority: actions to stabilize the customer base1. Reduce churn (actions to decrease number of customers not renewing their contracts)
2. Prospect sales (actions to add new customers)
3. Actions addressing both these dimensions
Through a stabilized customer base, we will be able to reverse the negative trend in digital revenue.
Always in focus: improving user and customer experience• Traffic 8.2 million visitors/week
• Leads 3.1 million clicks/week (+12% in Q2, has increased 10 consecutive quarters in a row)
• The nautical app På‐Sjön top‐ranked in App Store,
• Total downloads for På‐Sjön and Navigation since year‐end +23% and +17% respectively
• New features and improvements to our services
4 Interim report January – June 2016
Contents
1) Q2 highlights
2) Traffic and product development
3) Financials
5 Interim report January – June 2016
1 000 0001 100 0001 200 0001 300 0001 400 0001 500 0001 600 000
Jan Feb Mar Apr May Jun Jul Aug Sep Okt Nov Dec1 200 0001 300 0001 400 0001 500 0001 600 0001 700 0001 800 000
Jan Feb Mar Apr May Jun Jul Aug Sep Okt Nov Dec
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1 300 000
1 400 000
1 500 000
1 600 000
Jan Feb Mar Apr May Jun Jul Aug Sep Okt Nov Dec2 200 000
2 350 000
2 500 000
2 650 000
2 800 000
2 950 000
Jan Feb Mar Apr May Jun Jul Aug Sep Okt Nov Dec
Actual 2016Actual 2015Actual 2014
Total UB YTD ‐2%
YTD 2016‐3,5%
YTD 2016‐4,7%
YTD 2016‐0,4%
YTD 2016+0,3%
Interim report January – June 2016
Actual 2015Actual 2014
Leads delivered to our customers increased by 7 % YTD
400 000
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Jan Feb Mar Apr May Jun Jul Aug Sep Okt Nov Dec
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Jan Feb Mar Apr May Jun Jul Aug Sep Okt Nov Dec
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Jan Feb Mar Apr May Jun Jul Aug Sep Okt Nov Dec600 000
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Jan Feb Mar Apr May Jun Jul Aug Sep Okt Nov Dec
Actual 2016
YTD 2016+3%
YTD 2016+9%
YTD 2016+3%
YTD 2016+15%
Interim report January – June 2016
Mobile usage of our services continues to increase
‐
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2013 2014 2015 2016 Q1 2016 Q2
Total desktop UB Total mobile UB
26%
74%
34%
66%
36%
64%
19%
81%
39%
61%
8 Interim report January – June 2016
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The nautical app Eniro På‐Sjön has got many new features, among others, AIS information.
Bicycle routes at krak.dk
User experienceUpdates in Q2
Ratings from TripAdvisor
Real estate boarders at krak.dk
Links to Facebook
Interim report January – June 2016
10
New display formatBetter presentation of companies on the hit‐list’s firstpage (now with no/fewer unpaying companies).
Customer experienceUpdates in Q2
Improved display format, new take‐over format for start page, allows videos
Free logotype for all customers New product launch: gulesiderinnsikt.no New effect report Norway
Interim report January – June 2016
Contents
1) Q2 highlights
2) Traffic and product development
3) Financials
11 Interim report January – June 2016
Apr-Jun Apr-Jun Jan-DecSEK M 2016 2015 % 2015
Desktop/Mobile search 339 405 -16 1 546Complementary digital marketing products 34 60 -43 222 Digital search 373 465 -20 1 768Print 25 46 -46 210Local search 398 511 -22 1 978Voice 98 123 -20 460
Total revenue 496 634 -22 2 438
Focus on reversing the trend in Digital revenues
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Operating revenue by category and operating segments Comments
Excluding currency effects ‐14% In Q1 2015, a decision was made to
stop selling less profitable products within the segment which also affects comparison in Q2
Improved performance in sales teams but customer churn remains a problem
Focus areas: Stabilize customer base through:
Win‐back activites Increase number of prospects
through cheaper introduction packages
Interim report January – June 2016
Revenue by category (%) Q2 2016
13 Interim report January – June 2016
Revenue Q2 2016 vs Q2 2015, decrease of 22%
14
66
26
2521
Revenue Q2 2016
496
VoicePrint productsCompl. Dig. Mkt. Prod.
Desktop/MobileRevenue Q2 2015
634CommentsRevenue bridge
Currency effects of ‐15 MSEK included, primarily due to a weaker NOK
Interim report January – June 2016
Apr-Jun Apr-Jun Jan-DecSEK M 2016 2015 % 2015
Sw eden 209 274 -24 1 038Norw ay 126 172 -27 641Denmark 68 87 -22 366Finland 41 45 -9 178Poland 52 56 -7 215
Total revenue 496 634 -22 2 438
Declining digital revenues remains a challenge
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Revenue by country Comments
Comparison of revenue in Norway year by year is affected by a currency effect of ‐12MSEK, excluding the currency effect the decline was ‐20%
Interim report January – June 2016
Cost during Q2 2016 was 201 MSEK lower than Q2 2015
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in 2015 ”Other items affecting comp.” included a severance package.
EBITDA by operating segments CommentsApr-Jun Apr-Jun Jan-Dec
SEK M 2016 2015 % 2015Total EBITDA 116 49 137 383
Whereof Local search 98 44 123 273Whereof Voice 31 48 -35 189Whereof Other -13 -43 70 -79
EBITDA margin % 23,4 7,7 15,7Items affecting comparabilityRestructuring costs 2 35 73Other items affecting comparability 0 12 -2Total adjusted EBITDA 118 96 23 454
Adjusted EBITDA margin % 23,8 15,1 18,6
Interim report January – June 2016
Key financials: Q/Q comparison
17
59
-35-32-2
118116
496468
-56-22
-90
-13
9649
634
564
CapEx Operating cash flow
Net financial items
Change in working capital
Adj. EBITDAEBITDARevenuePrepaid revenue
Q2 2016Q2 2015
1) Cash flow from operating activities according to Q2 report
1
Interim report January – June 2016
1 210
493
3,2
2,5
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
2012 2013 2014 2015 Q2 2016
Net debt* EBITDA Net debt/EBITDA
Development net debt/EBITDA R12
18
*Net debt is equal to net senior debt, i.e excl. convertibles
336239
336
300
Q1 2016Q4 2015Q3 2015 Q2 2016 Remaining convertibles
Q2 2015
Convertibles converted to shares
Q2 2015 438 779 366Q3 2015 460 317 825Q4 2015 477 240 899Q1 2016 477 240 899Q2 2016 492 625 513
Total number of shares
Interim report January – June 2016
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Goodwill
Lokal Valuta MSEKGoodwill impairment Goodwill Goodwill post
201606 Impairment Impairment Impairment
Sweden, Local search 1062,0 0 1062,0 0Sverige, Voice 66,1 ‐8,7 57,5 ‐9
Norway, Local search 921,9 ‐630,5 291,4 ‐622Norge, Voice 30,5 ‐10,9 19,6 ‐11
Denmark, Local search 517,2 ‐183,3 333,9 ‐229
Finland, Voice 15,3 ‐0,2 15,1 ‐2
Poland, Local search 0,0 0 0 0
Total ‐873Totalt GW MSEK excl. 2 868 ‐873 1 995exchange rate differences ‐60Totalt GW SEK 2 808
Interim report January – June 2016
Q&A
Interim report January – June 201620