Q2 2010
CEO Jesper Kärrbrink's comments on the Interim report January - June 2010
“Our main focus during the second quarter has been to continue the implementation of the new sales concept in Directories Scandinavia where we, in the end of the second quarter, have seen the first signs of improved efficiency in our sales force. Further, we are continuing to develop new functionalities and advertising formats within online aiming to improve value for customers and users in the long term to be launched later this year.“
“Reported revenues during the quarter reflect the structural print decline affecting our industry, as a result of the rapidly changing search behaviour, as well as a weak order intake in Q1. Consequently, we have increased the speed of our transformation process and temporarily increased the operative risk. Despite a successful implementation of the previously announced cost measures, a continued revenue decline combined with a potential payment related to the tax reassessment in Norway will further deteriorate the net debt/EBITDArelation. This could lead to a breach of covenants in the latter part of the year. Hence, Eniro has initiated discussions with its lending banks to secure headroom to covenants.”
Jesper Kärrbrink, President and CEO
Last updated:2010-07-20