Wednesday 17 February 2016

Eniro annual report 2015

Eniro, annual, report, 2015, front page

The report from Eniro was very poorly accepted. It more or less directly took a nose dive of around -10% which is a lot but in these times of extremes I am no longer astonished by such movements. I heard the conference that was given upon the release. Very sad. Even a high school presentation by a shy and awkward kid would have been better and this from a company that have been trying to step into the mobile world... no wonder they only try and do not really succeed. I mean they were even asking someone to bring up the next slide in the presentation. Seriously!?

Anyway... for the report in full please click here and for my previous summary please visit Eniro report Q3 2015 or why not take a look at analysis of Eniro 2015 (a new one will however arrive shortly).

When we look at the financial statement below then we see that Eniro is still bleeding like crazy. Due to Eniro I will never in my life forget the importance of keeping track of tangible and intangible assets. The revenue is down by -19% and the they are loosing ground on all their different pillars. As I mentioned last time... they still have 3.6 billion SEK in intangible "assets" so more impairments costs can arrive.

Eniro, 2015, financial statement

The CEO was claiming that the employee bleeding had stopped and that he now had a solid base to continue working with. Sure, when a ship starts to sink all the rats are fleeing first and to be honest they tend to be the majority of the survivors in the end so one can not blame them for doing so. One good thing was that they have significantly managed to decrease the debt so hopefully there will be a decrease in the interest paid sometime far off in the future.

Conclusion: Eniro is one impairment cost away from the turn around. By this I mean that if they will not take another impairment cost during the next year then they would most likely show a positive result. However... they have so much garbage that they need to get rid of and the only end I see to that is the 3.6 billion SEK of intangibles. I will remain as a grumpy shareholder.

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