msn startsida

Transcription

msn startsida

Welcome
Capital Market Day
November 27, 2006
Capital Market Day 2006
1
Welcome
Tomas Franzén
Main objectives of the CMD
To present the strategic direction mid term
for Eniro
To present the key projects on which Eniro is
strengthening and innovating its core business,
as the driver for revenues and EBITDA growth
in the years to come
To familiarise the financial community with Eniro’s
core businesses in particular the online business
3
AGENDA
13.00 - 13.15
Welcome
13.15 - 13.45
Group strategy update – Tomas Franzén, CEO
13.45 - 14.30
Nordic Online Overview – Cecilia Geijer,
SVP Product & Market
14.30 - 15.00
Coffee Break
15.00 - 15.30
Sweden – Tomas Franzén
- Offline
15.30 - 16.15
- Online – Christer Pettersson, Nordic Online manager
- Din Del – Stefan Östlund, Marketing manager Din Del
16.15 - 16.45
Norway – Wenche Holen, President Eniro Norway
- Offline – Birgitte Horve, Marketing director BU Print
Norway
16.45 - 17.00
Break
17.00 - 17.45
- Online – Hans Petter Terning, SVP Eniro Norway
17.45 - 18.15
WLW – Andrew Pylyp, Managing director WLW
18.15 - 18.30
Wrap-up – Tomas Franzén
4
Group strategy update
Tomas Franzén
Agenda
1
2
3
Situation assessment
Positioning statement
Strategy and plan going forward
6
Ambition for Eniro
Objectives
Revenue growth
of 3-5 percent
Good,
sustainable margins
and cash flow
Dividends to
shareholders
75 percent of
net income
An efficient
capital structure
7
The overall challenge
SEK M
7 000
%
40
EBITDA marg
6 000
Voice
30
5 000
Online
4 000
20
3 000
2 000
10
Offline
1 000
0
2004*
2005
2005
pro forma**
Oct-Sept
2005/06***
0
* Voice in Finland reported as online
** Pro forma including Findexa
*** Rolling 12 months Oct-Sep 2005-2006 pro forma including Findexa
8
Offline revenue development
SEK M
4 500
4 051
4 000
3 961****
Poland
Denmark
Finland
3 500
3 000
Germany
2 704
2 621
2 500
Norway
2 000
Sweden – on its way
to stabilization
Norway –
stabilization journey
just begun
Finland – on its way
to stabilization
1 500
1 000
Sweden
Denmark – stable
500
0
*
**
***
****
Poland – stable
2004
2005*
2005
pro
forma**
OctSept
2005/06***
Including Findexa from Dec 5, 2006
Pro forma including Findexa 2005
Rolling 12 months pro forma including Findexa 2005
Moved publication in Norway from Q3 to Q4 (SEK 78 M) added back
9
Online revenue development
SEK M
2 000
1 887
1 800
1 600
1 693
1 422
Germany
Poland
Denmark
Finland
1 422
1 400
1 200
1 000
Norway
Sweden and Germany
– need to accelerate
growth
Norway, Finland,
Denmark and Poland
– stable good growth
800
600
400
Sweden
200
0
2004*
*
**
***
****
2005**
2005
pro
forma***
OctSept
2005/06****
Finland includes Voice revenues
10
Voice revenue development
SEK M
1 000
884
900
784
800
700
Finland
Sweden and Norway
– stable voice revenues
Norway
Finland – growing voice
revenues
894
619
600
500
400
Sweden
300
200
100
0
2004*
*
**
***
****
2005**
2005
pro
forma***
OctSept
2005/06****
Finland Voice revenues excluded
11
EBITDA margin development
2004
%
2005
pro forma*
Oct-Sept
2005/06**
Sweden and Norway
– high sustainable
margins
Finland, Denmark
and Germany
– potential for
improvement
Poland – stable
margins
50
40
30
20
10
0
Sweden
Finland
incl. Voice
incl. Voice
Denmark
Poland
Germany Group
incl. Voice
Norway
incl. Voice
*Pro forma including Findexa 2005 and excluding non-recurring costs
**Rolling 12 months pro forma including Findexa 2005
12
Cash flow and dividend
development
Good, stable cash flow development
SEK M
Cash flow from operating activities
2004
2005*
Oct/Sep
2005-06*
1 016
1 007
1 248
Net debt/EBITDA, times
2.1
5.0**
4.4**
Dividend policy 75% of net income
SEK M
2001
2002
2003
2004
2005
2006
Dividend
101
123
247
301
345
398
Redemption of shares
n/a
n/a
703
795
n/a
n/a
Repurchase of shares
n/a
n/a
n/a
100
193
n/a
Total transfer
to shareholders
101
123
950
1,196
538
398
* Findexa consolidated as of December 5, 2005
** In relation to EBITDA pro forma for the new Eniro Group and excluding non-recurring costs
of SEK 113 M attributable to the acquisition of Findexa
13
Nordics yellow pages/local
search advertising market
MUSD
1 500
CAGR = 4.5%
1 000
543
611
Online*
Print
335
376
422
474
774
770
764
775
766
758
2005
2006
2007
2008
2009
2010
500
0
* Online directories and sponsored links
Source: The Kelsey Group
14
Agenda
1
2
3
15
Position statement 2004
Eniro is the leading search company in the Nordic
media market
For active users, Eniro makes it easy to find
people, businesses and products
2004
Eniro provides deep, local, quality assured
information, ever present in channels preferred by
the users – and thereby moves users closer to
transaction
16
Position statement 2006
media market
For users searching for a business, person, place,
product or service, Eniro provides relevant, local,
high-quality information – easy to find and
evaluate, accessible wherever the need arises
2006
For advertisers aiming at customers close to the
transaction, Eniro provides effective salesgenerating advertising solutions – easy to manage
and measure, customised to advertiser needs in
multiple channels
With a commitment to innovative search services,
Eniro is the helper that makes everyone a finder
17
Agenda
1
2
3
18
Position statement and its
strategic consequences
media market
Focus on product development and marketing
– in search
2006
Geographical focus – synergy potential between
Nordic countries
19
For users searching for a business, person, place,
product or service, Eniro provides relevant, local,
high-quality information – easy to find and
evaluate, accessible wherever the need arises
Continuously develop services for users searching
for commercial information
2006
Better understanding of user needs
Develop our systems for quality assessment
State-of-the-art knowledge in user friendliness
Monitor preferred user trends and behaviors
Adapt channel portfolio accordingly
20
For advertisers aiming at customers close to the
transaction, Eniro provides effective salesgenerating advertising solutions – easy to manage
and measure, customised to advertiser needs in
multiple channels
2006
Continuously develop our ability to deliver hot leads
Better demonstrate the real value of our services
Develop better segmentation, targeting and pricing
Better tools and services for advertiser interaction
21
With a commitment to innovative search services,
Eniro is the helper that makes everyone a finder
Develop employer branding, both internally and on
the talent market
2006
Implementation of the committed mindset in the
organisation
With a commitment to innovative search
services, Eniro is the helper that makes
everyone a finder
22
Core challenges 2007
Stabilize print
Accelerate online growth
Finland – Road to 20% margin
Cost savings
Last year in the three year program
Eniro-Findexa synergies
Realizing group synergies
23
Nordic Online Overview
Cecilia Geijer
Agenda
1
2
3
4
5
Key Online and Advertising Trends
Eniro position
Eniro Online Strategy and offerings
What happened 2006
Going forward
25
Key online industry trends
Convergence of directories,
search and classifieds
“Visualization” of
online directories
Shift in focus from tight
bundling to product portfolios –
explosive growth in search
marketing
Expansion of vertical search
options – jobs, cars, music
Partnerships –
compete – cooperate - coexist
Source: Kelsey Group 0806, Eniro Analysis
26
Key online industry trends
More focus on creating tools for
SME’s to create and manage
search campaigns
Social Search – user generated
content and user interactivity
”Web 2.0” is here: new
technology, incl. more
open interfaces
Product development strongly
technology-driven
Mobile Internet – the next driver
of usage and revenue
Source: Kelsey Group 0806, Eniro Analysis
27
Nordic region maintains
broadband lead
Bandwidth critical for
developing certain services

Higher speed positive/necessary
for the development of
…user-generated content
e.g. pictures, video etc.
…map services and
other visualizations

Over 50% of all households
in Sweden have access to
broadband (73% of households
with Internet access ) and 57% of all
households in Norway
“Large increase of number of
households with broadband”
Source: Forrester March 2006, Stelacon March 2006, NPTA
28
50% of mobile users will use
mobile internet services by 2010
Western Europe
M
350
Mobile subscriber penetration
(82%)
Internet-enabled
phone penetration (100%)
300
250
200
Mobile Internet user
penetration (50%)
150
100
50
0
2005
2006
2007
2008
2009
2010
Source: Forrester Dec 2005
29
Total Advertising in the Nordics
MSEK
25 000
Sweden
Internet CAGR 34%
MNOK
20 000
20 000
Norway
Internet CAGR 30%
15 000
15 000
10 000
10 000
5 000
5 000
0
0
2005
2006
Internet advertising
Denmark
MDKK
2005
2007
2007
Traditional media advertising
+ directory advertising
Finland
MEUR
15 000
12 500
2006
1 750
Internet CAGR 28%
1 500
10 000
1 250
7 500
1 000
Internet CAGR 24%
750
5 000
500
2 500
250
0
0
2005
2006
2007
2005
2006
2007
Source: IRM, WARC Eniro estimates
30
Internet advertising in Sweden
IRM Forecast June 2006 (SEK M)
2005
2006
2007
Advertising/alliances
789
1,007
1,258
Online directories/classifieds
738
828
911
Paid search advertising
150
579
840
27
1,703
39
2,453
48
3,057
E-mail advertising
Total Internet advertising
Online directories/classifieds to grow by 12 percent in 2006
and 10 percent in 2007
Paid search advertising growth is explosive
31
Agenda
1
2
3
4
5
Overall
Eniro position
What happened 2006
Going forward
32
Eniro’s Nordic online
market situation
Rapid changes
Competitors entering different market segments
with similar products to Eniro’s services
Schibsted launched sesam.se/no
– no real success in Norway so far
Hitta.se usage growing strongly
– revenue still at a low level
New and old
directory players
EDSA
Hitta.se
Google’s usage position strong
Sites for shopping and
classifieds gaining ground
– eBay enters via Tradera
Global/Local
search players
Google
MSN
Sesam
One-stop-shop for search
Classifieds
Blocket/FINN
eBay/Tradera
Shopping sites
Kelkoo
Pricerunner
Blocket continues to do well
EDSA acquires Torget to get usage
and access to shopping
Increased competition grows the markets
Eniro – One-stop-shop for search
33
Eniro Nordic online search &
classifieds position
Estimated number of Unique Browsers during Q3, 2006 (weekly average)
(SWE, NO, FIN, DK)
GOOGLE
SCHIBSTED CLASSIFIEDS AND
SEARCH
ENIRO CLASSIFIEDS AND SEARCH
MSN SEARCH
YAHOO SEARCH INCL ALTAVISTA &
KELKOO
TELENOR (Startsiden.no)
WIKIPEDIA
KRAK
EBAY / TRADERA
EDSA
LYCOS SEARCH
SANOMA WSOY
QXL
0
2 000 000
4 000 000
6 000 000
8 000 000
10 000 000
12 000 0
Source: Alexa, TNS Metrix, Nielsen SiteCensus, Eniro Analysis, Weekly average SWE, NO, FIN, DK
34
Eniro Nordic online search &
classifieds position
(SWEDEN)
(NORWAY)
GOOGLE
GOOGLE
SCHIBSTED CLASSIFIEDS AND
SEARCH
TELENOR
ENIRO CLASSIFIEDS AND SEARCH
ENIRO SEARCH & CLASSIFIEDS
MSN SEARCH
SCHIBSTED SEARCH & CLASSIFIEDS
KELKOO
MSN SEARCH
EBAY / TRADERA
KELKOO
Sweden
WIKIPEDIA
Norway
START NETWORK AS
WIKIPEDIA
VALUE CLICK / PRICERUNNER
NETTKATALOGEN
LYCOS SEARCH
QXL
LETA
0
0
500 000
1 000 000
1 500 000
2 000 000
2 500 000
3 000 000
3 500 000
200 000
400 000
600 000
800 000
1 000 000
1 200 000
1 400 000
1 600 000
1 800 0
4 000 0
(DENMARK)
(FINLAND)
GOOGLE
GOOGLE
KRAK
MSN SEARCH
MSN
SANOMA WSOY (Huuto, Oikotie,
Keltainen Pörssi)
ENIRO
ENIRO SEARCH
EDSA - (De Gule Sider A/S)
Finland
KELKOO
Denmark
KELKOO
DEN BLÅ AVIS A/S
NETTIX
WIKIPEDIA
WIKIPEDIA
LYCOS (JUBII)
EDSA - (Fonecta)
QXL
0
500 000
1 000 000
1 500 000
2 000 000
2 500 0
0
500 000
1 000 000
1 500 000
2 000 000
2 500 0
Source: Alexa, TNS Metrix, Nielsen SiteCensus, Eniro Analysis, Weekly average SWE, NO, FIN, DK
35
Nordic Eniro.xx usage
User sessions monthly
20 000 000
25 000 000
Gulesider.no + kvasir.no
Eniro.se
20 000 000
15 000 000
15 000 000
10 000 000
10 000 000
5 000 000
0
5 000 000
0
-05
maj-03
jul-03
sep-03
nov-03
jan-04
-06
mar-04
maj-04
jul-04
sep-04
nov-04
feb-05
05
mar- apr- maj- jun05 05
05
05
jul- aug- sep- okt- nov- dec- -06
jan- feb- mar- apr- maj- jun05 05 05 05
05 05
06
06 06
06
06
06
jul- aug- sep- okt06
06 06 06
20 000 000
4 500 000
4 000 000
jan-05
Eniro.fi
18 000 000
16 000 000
3 500 000
Eniro.dk
14 000 000
3 000 000
12 000 000
2 500 000
10 000 000
2 000 000
8 000 000
1 500 000
6 000 000
1 000 000
4 000 000
500 000
2 000 000
0
0
-06
fe
bm 05
ar
ap 05
r-0
m 5
aj
-0
jun 5
-0
j ul 5
au -0 5
gse 0 5
p0
ok 5
t- 0
no 5
v
de -0 5
c0
j an 5
-0
fe 6
bm 06
ar
ap 06
r-0
m 6
aj
-0
jun 6
-0
j ul 6
au 0 6
gse 0 6
p0
ok 6
t- 0
6
-05
feb- mar- apr05
05
05
-05
maj05
jun05
jul05
aug- sep05
05
okt05
nov- dec05
05
jan06
-06
feb- mar- apr06
06
06
maj06
jun06
jul06
aug- sep06
06
okt06
Source: TNS Metrix, Nielsen SiteCensus, N.B. Minor differences in definitions of user session yielding slightly higher results in No, Dk and Fi
36
Agenda
1
2
3
4
5
Overall
Eniro position
What happened 2006
Going forward
37
Eniro Nordic Online Strategy
Products and Services
Eniro’s innovative local online search services and products will be
perceived as best in class for connecting buyers and sellers.
Users
Users will perceive Eniro as the most user-friendly local online search
service, encouraging them to contribute with their own content.
Advertisers
By providing the highest quality leads and competitive ROI to our
advertisers, we will be perceived as the best in class and most
knowledgeable partner in online search advertising.
Market
Be perceived as the first mover on the local Nordic search market by
actively responding to market trends, advertiser and user needs.
38
Eniro Nordic Online Strategy
Content
We will leverage our unique local knowledge and presence in order to
provide relevant and qualitative local content.
Advertising & content distribution
We will continuously improve and expand our distribution network for
content and advertising.
Channels
We will offer our core services whenever and wherever user needs
arise.
Technology
By closely following and monitoring technology trends, we will use
leading-edge technology when relevant.
39
Product Vision eniro.xx
Whenever I have a search need, I always find the best
local information via eniro.xx.
They understand what I am searching for, and I
always get relevant results, especially when it comes
to businesses, products and services, people and
maps.
Eniro truly helps me to “Find It Easy”
40
Core services
- searches for businesses,
products and services,
people and maps
Supporting
Images
Video
Company
Shopping
Local news
Residential
Core Buy and sell
Linkguide
Maps
Web
Portals
Job search
Online As-Is Analysis
41
Today we have a more complete
local offering to users
Service
Web search
Company
Residential
Maps
Linkguide
Local news
Classifieds
Shopping
Municipal Info
Image search
Video search
Eniro.xx*
a
a
a
a
a
a
a
a
a
a
Next to come
Google.se
a
a
a
TV search
Weather search
Job search
Blog search
a
Google.com**
a
a
a
a
a
a
a
a
a
a
a
Hitta.se
a
a
a
Sesam.no/se
a
a
a
a
a
a
a
a
a
a
* eniro.se used as example
** even more services offered at google.com than shown here
42
A complete offering
to advertisers
Banner
Info pages
Sponsored links
Product
PPC
Info pages
Banners
Eniro.xx*
Google.se
Google.com
a
a
a
a
a
Hitta.se
Sesam.no/s
(YSM)
a
a
a
a
a
*eniro.se used as example, YSM – Yahoo Search Marketing
43
Agenda
1
2
3
4
5
Overall
Eniro position
What happened 2006
Going forward
44
Achieved during 2006 – Search
Launch of improved map service e.g. dynamic maps, traffic information
and aerial photos (Sweden, Norway and Denmark)
Launch of the new tab in Sweden, “Shopping”
Launch of full PPC platform in Sweden
Full launch of PPC backfill from Google
Updated news search service to secure Eniro’s position in local news search
Launch of Eniro.se blog to support more structured user interaction
Launch of integrated features with Swedish community Lunarstorm
Launch of “product search” – deeper yellow information
Launch of user reviews
Launch of Click to call functionality
Launch of Restaurant table reservation possibility
Launch of new online ROI-tool
Split of sales force online/print
Launch of new eniro.xx
45
Launch of aerial photos

Launch in May

25% Traffic increase
46
Launch of
real time information

Traffic information

Improved road directions

Road cameras

Launch Jan 2006
47
Launch of a new service –
Shopping

Integration of Din Pris

180 e-shops ytd

210.000 products ytd
48
Launch of “deeper”
Yellow Search
“Deep yellow” (“product search”)
122 000 structured words to chose from
According to survey, 2/3 of all persons who
have tried are satisfied or very satisfied
49
Launch of User Ratings
& Reviews
User reviews
Launched in February
32 000 reviews ytd
Well received by users
50
Launch of Click-to-call
Click to call
87 000 calls ytd
51
Launch of Restaurant
table reservation
Restaurant table reservation
Partnership
~200 restaurants
52
Customer Specific Reports
No of exposures on Result Page
Click to Info Page
Click to Web Page
Sent Emails
No of exposures on Maps
Click to Route planning
53
Launch of eniro.xx
Demo later by Product Manager
Christer Pettersson
54
Achieved during 2006
– Classifieds
Launched a new
technical platform
“As a site Eniro Köp & Sälj
plays in its own league…..add a
few functions and it will be
market leader in a couple of
years “ Internetworld 7/06
Launched car
Partnership
with
dealer
Sweden's
stock
lists leading
1.0 on IYP
community,
Lunarstorm
RSS-feed for ad
monitoring and to
open up interface for
users (part of web 2.0)
55
Achieved during 2006 – Mobile
Improved Mobile
Index and Site
search
Send to Friend
functionality
Aerial Photos
launched
First banner sold
Banner Sold
2.5% clickthrough rate!
2006
Unified hit list.
Same look in
all countries
Usability update – Classifieds
easier to use and more
relevant results
MEGO 2.0
Complete platform rewrite which
will allow for faster
development, shorter time to
market and greater flexibility
Banner Sold
mobil.eniro.se
helper inaugurated
56
Achieved during 2006 –
community
Portal Æ Community – repositioning
Launch of Passagen Alias, personal profile pages, platform for
social network
The releases have focused on consumer generated content: Blog,
Chat, Dating and Skype integration
Internal cooperation between Search and Community
Eniro Blog, EM blog and Eniro Podcast launch on Passagen
Rating & review on Passagen and Eniro Gula Sidorna
57
Agenda
1
2
3
4
5
Overall
Eniro position
What happened 2006
Going forward
58
Going forward - Mobile
Drive traffic and increase usage.
Lay the foundation for…
Commercialization!
02 03 04 05 06 07
59
Going forward - Mobile
1. In place today
General Hit List
MEGO Top page SE
Classic media banner
could be followed later
by banner tailored to
user’s previous search
history
Ad: Best Pizza!
Banner
Yellow Pages Hits (x)
1. Company (SOLNA)
More hits…
2. Next in Line
Sponsored link or
banner triggered by
search word
Clear
What/Who/Number
Where (place or address)
White Pages Hits (x)
1. Person (DANDERYD)
More hits…
Classifieds Hits (x)
1. Classified
More hits…
Search
Maps
Route plans
All search services
Show
About eniro.se
© Eniro Sverige AB
Map Hits (x)
1. Address
(DANDERYD)
More hits…
Mobile Internet Hits (x)
1. Eniro (SOLNA)
More hits…
eniro.se startsida
60
Going forward - Search
1) Increasing local competition
More and more fragmented marketplace
Faster online product development
2)
Visualization of local search
Maps in focus for local search
More content integrated in maps
Leverage video for advertisers and users (uploads)
3) Web 2.0 is here
More open interfaces to enable mashups, packaging of content and services
User participation and interactivity resulting in strong growth of content upload.
4)
Google, MSN and other global search engines closing deals for data provisioning
and partnerships with local directories.
5) Eniro will continuously deepen the yellow content
61
6.
Leverage the advantages with One-Stop-Shop for search
Blending of search results
Integrate –
IYP/Maps
Monetize all search traffic, by implementing
IYP/Classifieds
PPC advertising to a much higher degree
IYP/Shopping
62
Eniro needs to monetize online better and leverage the explosive growth
in search advertising better
1) Increased transparency + ROI (delivery of high value as our users are
ready to buy!)
2) Monetize all services (i.e. maps)
3) Moving towards more flexible business models
Fixed price complemented with pay for searchability,
pay for ranking, pay for features, pay for presentations,
pay for calls, pay for transactions
63
64