Sunday, May 10, 2015

Eniro report Q1 2015

Eniro, Q1, 2015, front page

Eniro, the happy, happy, joy company what shall I do with thou? Well, first of all I should have listened to you readers and not have bought it in the first place but going back is not possible so now we have to look to the future and what do we see there?

Here is the report in full and for my previous summary please visit Eniro annual report 2014 or why not take a look at analysis of Eniro 2015 to find out just how bad this investment is!

Let is us see their highlights as it was presented below. Very good! Operating revenue is down with -18%. Net income is well... a net loss. Only good news is that the operating costs decreased slightly but that is not good enough. It is interesting to see how Eniro just like IBM is have decreased revenue quarter after quarter. Only difference is that IBM is in control of theirs and Eniro is trying to survive the BBQ party without getting smoked.

Eniro, Q1, 2015, highlights

In the report the new CEO is proudly announcing that Eniro is now really pushing the transformation into digital... so let us look at the report for the segments. Ouch, digital search down by -15% and their proud and joy which was the mobile search which they have claimed was making such progress is now down by -6%. Ugh! So... CEO of Eniro... let us see some figures before your mouth has run dry!

Eniro, Q1, 2015, segments revenue

Finally we take a look at the income statement and we see there that they have at least managed to decrease their costs but far from what is needed and far from the revenue losses that they are currently having. Another disturbing matter is that they also sold off parts in Norway and Denmark to a value of 30 MSEK which means that if we clean that out then the loss was doubled.

Eniro, Q1, 2015, Income statement

Conclusion: Eniro is still not even close to turning around and I was hoping that they would have managed to tuck some of the holes in the mattresses so that the revenue bleeding would have stopped but that will obviously take much longer. I will remain a grumpy shareholder in Eniro but advice no one to step in.

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