Yellow Pages Industry Monitor (Issue 8, July 2009)

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A fortnightly newsletter covering developments in the global yellow pages and local search industry. The newsletter is free and is also available for download at G2Mi.com. G2Mi.com is a leading website providing information and analysis on the global media industry.

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Yellow Pages Industry Monitor (Issue 8, July 2009)

  1. 1. © Heernet Ventures Limited 2009 Yellow Pages Industry Monitor Monitoring industry and company developments in the global yellow pages and local search Industries | Fortnightly newsletter | Issue No. 8, Published 24th July 2009 | Published by Heernet Ventures Limited (heernet.com) | Subscribe at G2Mi.com | News Infoserve Group Plc announces FY09 results Google launches voice-based mobile search in India GetFugu appoints new Chairman Telekom Slovenije acquires 100% stake in Najdi Optimus launches free GPRS local search application in partnership with Digital Minds Just Dial gets funding from Sequoia Capital Monetelize launches Yellowtel, a directory service Mobile Commerce launches Monetised search service in the US Yell Group launches online video channel and publishes quarterly results Data Share price performance Deal sheet (Feb - July 09) Yell Group – quaterly results The view from Europe….North America…..Asia……Latin America……Middle East…………... Heernet Ventures publishes this newsletter as part of its research coverage of the yellow pages industry. You can access more research on the yellow pages industry from our research website at G2Mi.com. If you are in the local search industry or are a financial investor seeking market or company analysis, we can assist you. With dedicated research analysts based in both Europe and Asia, we are well placed to provide ‘on the ground’ assistance and support in most countries. Over the last five years, we have worked on a number of advisory assignments in the industry on areas such as growth strategy, product benchmarking, competitor intelligence and acquisition search. For an initial discussion, please contact us on +44 (0) 208 180 7223 or by email on service@g2mi.com.
  2. 2. YELLOW PAGES INDUSTRY MONITOR © Heernet Ventures Limited. All Rights Reserved News Infoserve Group Plc announces FY09 results 17th July 2009 Infoserve has announced its financial result for the year ended March 2009. The company’s revenue increased 20% to £5.6 million. Approximately 99% of revenue was generated in the UK and the rest in Europe. Infoserve Group Plc is an online local search engine provider based in the UK. The company was incorporated in 2006 and is listed on the AIM market. The company operates cityvisitor.co.uk, an online business directory in the UK. £ '000 2008 2009 % Change Revenue 4,651 5,595 20.3 Operating loss (2,697) (812) - Net loss (2,945) (992) - Google launches voice-based mobile search in India 20 July, 2009 Google India has launched a voice-based mobile search service in India available to 400,000 Blackberry users in English. The company launched an SMS-based search service in Hindi and Telegu earlier this year. It plans to add other value-added services such as social networking, Google maps, and voice- and Internet-based searches on mobiles. GetFugu appoints new Chairman 22nd July 2009 GetFugu Inc., a mobile search company, has appointed Michael Jay Solomon as the new Chairman of the Board. Solomon was previously President of Lorimar-Telepictures Corporation and of Warner Bros. GetFugu Inc., based in the US, provides mobile search tools and applications such as ARL (See It), VRL (Say It), GRL (Find It) and Hotspotting (Get It). Telekom Slovenije acquires 100% stake in Najdi 23rd July 2009 Telekom Slovenije has increased its stake in Najdi, a local search engine, to 100%. The company had previously acquired a 75% stake in Najdi for US$11.8 million. Further details of the acquisition have yet to be disclosed. Telekom Slovenije is a communications company in Slovenia. Najdi, a subsidiary of Interseek, offers a network of local search engines in Southeast Europe through Pogodak. Optimus launches free GPRS local search application in partnership with Digital Minds 23rd July 2009 Portuguese mobile telephone operator Optimus Telecommunication SA has launched The Amaze, a free local search application for mobile phones. The application also provides weather forecasts, maps and voice search services and has an online presence at amazegps.com. Just Dial gets funding from Sequoia Capital 23rd July, 2009 Indian telephone and web search services provider Just Dial has received US$8.2 million in funding from venture capital firm Sequoia Capital India. Sequoia Capital India is the Indian investing arm of US private equity firm Sequoia Capital. Just Dial is a local telephone and web-based search provider with an 80% market share in local search in India.
  3. 3. YELLOW PAGES INDUSTRY MONITOR © Heernet Ventures Limited. All Rights Reserved Monetelize launches Yellowtel, a directory service 23rd July 2009 US technology firm Monetelize has launched Yellowtel, a directory service for mobile phones. Yellowtel directories are similar to online yellow pages. Monetelize provides a .tel technology platform for the development of local search media within the .tel domain. Mobile Commerce launches Monetised search service in the US 23rd July 2009 Mobile Commerce Inc, a mobile search company based in the UK, has launched its Monetised search service in the US. Monetised is a popular search service in the UK and provides search results alongside advertisers’ listings and links to sites on a publisher’s own portal. Tapu, a mobile search engine in the US, has signed up for the Monetised search service. Yell Group Plc launches online video channel with VideoJug and declares quarterly results 23th July 2009 Yell.com, a local search engine based in the UK, has launched an online video channel in partnership with VideoJug, an online video content provider. The channel features consumer guideS provided by VideoJug. The videos are linked to the company’s search engine. For example, a user searching for a plumber could view a video guide to plumbing. Yell Group also announced its results for the quarter ended 30 June (details in the table below). Yell Group operates directories businesses in the UK, USA, Spain and Latin America.
  4. 4. YELLOW PAGES INDUSTRY MONITOR © Heernet Ventures Limited. All Rights Reserved Share price performance Company name Reuters Code Bloomberg Code Currency Current price % Change 1 mth 6 mth 12 mth Eniro AB ENIRO.ST ENRO.SS SEK 26.40 -5.71% 33.46% -39.89% Pages Jaunes PAJ.PA PAJ.FP EUR 7.20 2.49% 3.17% -20.85% Seat Pagine Gialle PGIT.MI PG:IM EUR 0.175 4.10% -60.47% -70.74% Telegate TGTG.DE TGT:GR EUR 8.10 11.72% 20.90% -19.80% Yell Group YELL.L YELL:LN GBP 30.75 28.13% -30.11% -56.69% Yellow Pages Income Fund YLO_u.TO YLO-U:CN CAD 5.06 -5.42% -18.52% -48.26% Yellow Pages (Singapore) YELP.SI YPG:SP SGD 0.365 12.31% 108.57% -45.93% Date updated: 24th July 2009
  5. 5. YELLOW PAGES INDUSTRY MONITOR © Heernet Ventures Limited. All Rights Reserved Deal Sheet A summary of recent key deals and joint ventures. Date Sub Sector Investor Investee Terms Details February 2009 Directories Yellow Pages New Zealand APN News and Media Ltd N.A. APN News and Media sold online business directory FindA.co.nz to Yellow Pages New Zealand. February 2009 Directories Helion Venture Partners GETIT Infoservices (P) Ltd INR200 million Helion Venture Partners invested in GETIT Infoservices (p) Ltd, a yellow pages and directories publisher, to expand GETIT's services across the country. March 2009 Directories Eniro AB Oreo AB SEK6.6 million Swedish search and directory services provider Eniro AB acquired Oreo AB, a local public procurement services company. March 2009 Directories Yellow Pages (Singapore) Insis (IE Singapore Holdings) US$6.0 million Yellow Pages (Singapore) acquired a stake in Insis, a wholly owned subsidiary of IE Singapore Holdings. April 2009 Directories LocalTel Shamrock Media Incorporated NA LocalTel, a directory publisher, acquired Shamrock Media Incorporated, another directory publisher. June 2009 Mobile local search Multiplied Media UnoMobi Group NA Multiplied Media Corporation Group is a mobile local search service provider in Calgary. UnoMobi is a mobile software development company. June 2009 Directories Herold Business Data GmbH Tupalo.com NA Herold Business Data GmbH acquired a 24% stake in Tupalo.com. Herold Business Data GmbH is a yellow pages publisher in Austria. Tupalo.com offers international social yellow pages services. June 2009 Directories JLA CP Holding Inc. ZipLocal Inc. $2.4 billion JLA CP Holding Inc. is a private Ontario corporation. ZipLocal is a Canadian local search engine. July 2009 Directories LB2 Group Ltd. Ketchum Directory Advertising NA Ketchum Directory Advertising, a wholly owned subsidiary of Omnicom Group Inc., is a directory advertising agency in the US. July 2009 Directories Local Insight Yellow Pages Inc. The Berry Company NA Local Insight Yellow Pages Inc. publishes directories in print and online. The Berry Company provides local search solutions. Both companies are subsidiaries of Local Insight Regatta Holdings. July 2009 Search engine Telekom Slovenije Najdi NA Telekom Slovenije is a communications company in Slovenia. Najdi, a subsidiary of Interseek, offers a network of local search engines in Southeast Europe through Pogodak.
  6. 6. YELLOW PAGES INDUSTRY MONITOR Information and analysis on the global media industry We publish a wide range of reports and market data on the global media industry. Details on the publications can be viewed at our online research shop (shop.g2mi.com). In addition to our publication research and consulting assignments for clients. Our client base includes leading media companies, private equity firms and investment banks. Contact details: Tel: +44 (0) 208 180 7223 | Email: service@g2mi.com | Offices in London and Gurgaon (India) YELLOW PAGES INDUSTRY MONITOR © Heernet Ventures Limited. All Rights Reserved Information and analysis on the global media industry We publish a wide range of reports and market data on the global media industry. Details on the publications can be viewed at our online research shop (shop.g2mi.com). In addition to our publications, we can undertake bespoke research and consulting assignments for clients. Our client base includes leading media companies, private equity firms Contact details: Tel: +44 (0) 208 180 7223 | Email: service@g2mi.com | Offices in London and Gurgaon (India) Information and analysis on the We publish a wide range of reports and market data on the global media industry. Details on the publications can be s, we can undertake bespoke research and consulting assignments for clients. Our client base includes leading media companies, private equity firms Contact details: Tel: +44 (0) 208 180 7223 | Email: service@g2mi.com | Offices in London and Gurgaon (India)
  7. 7. YELLOW PAGES INDUSTRY MONITOR © Heernet Ventures Limited. All Rights Reserved Data Yell Group Plc results and operational data for Quarter ended June 2009. 2009 Q1 2009 Q1 2010 % Change FINANCIALS GROUP DATA Total revenues (£ million) 2,397.9 468.4 475.3 1.5% EBITDA Yell UK 266.7 68.8 60.4 -12.2 Yellow Book US 563.7 117.6 106.9 -9.1% Yell Publicidad 248.0 186.00 209.20 12.5% Total adjusted EBITDA 816.1 154.8 148.0 -4.4% Yell UK Revenues (£ millions) Total UK print directories 504.4 127.3 105.2 -17.4% Other services (online directory) 164.5 39.4 42.8 8.6% Total UK Revenues 692.1 173.3 153.8 -11.3% Total UK EBITDA 266.7 68.8 60.4 -12.2 Yellow Book (USA) Revenues (US$ million) Online - total 227.3 115.10 227.30 97.5% Print 1,735.2 1,894.10 1,735.20 -8.4% Total US Revenues 1,962.5 2,009.80 1,962.50 -2.4% Total US EBITDA 563.7 292.40 340.20 16.3% Yell Publicidad (SPAIN, LatAm) Total Yell Publicidad Revenues (£ millions) 620.7 485.40 523.60 7.9% Total Yell Publicidad EBITDA 248.0 185.90 209.20 12.5% OPERATIONAL DATA UK Information Total number of live advertisers (at period end, 000s) 455,000 Print: Unique advertisers 390,000 115,000 100,000 -13.0% Directory editions published 113 29 29 0.0% ARPA (£) 1,293.00 1,107.00 1,052.00 5.0% Online: Yell.com searchable advertisers (Year-end) 217,000 210,000 215,000 2.4% No. of unique visitors (millions) for June 10.70 9.00 10.40 15.6% AR per Searchable Advertisers (£) 772.00 712.00 785.00 10.3% USA Information Unique advertisers 634,000 164,000 141,000 -14.0% Directory editions published 996.00 176.00 177.00 ARPA (US$) 2,737.00 2,170 2,155 -0.7% Renewal rate 68.0% 73.0% 69.0% YellowBook.com Searchable advertisers 366,000 374,000 379,000 1.3% Unique visitors (millions) for June 16.80 11.90 16.80 41.2% Spain Information Directory editions published 89 21 21 Revenue per unique advertiser (€) 881 678 571 -15.85 Internet Searchable advertisers 116,000 173 126 -27.2 Unique visitors (million) for June 6.90 5.7 6.6 15.8% Revenue per average searchable advertiser (€) 329 179 392 119.0% Source: Company website
  8. 8. YELLOW PAGES INDUSTRY MONITOR © Heernet Ventures Limited. All Rights Reserved Published by: Heernet ventures limited London UK Tel: +44 (0) 208 180 7223 Fax: +44 (0) 870 762 3014 Web: heernet.com, G2Mi.com © Heernet ventures limited 2009. All Rights Reserved. All corporate logos, images and brands are copyright of the respective companies. TERMS & CONDITIONS Every attempt has been made to ensure that the information in this report is correct at the time of publication. Heernet ventures limited and its directors do not accept any liability for any errors or omissions within this report. Unless specified, the views expressed in this report are purely those of the author. The content of this report does not in anyway constitute investment advice or investment recommendations. Heernet ventures limited does not provide investment advice or investment advisory services and is not regulated by the Financial Services Authority (FSA) in the UK or any other financial services regulator in any other country. The content of this report can not be reproduced without the written permission of the author. This copy must not be circulated in either electronic or print format outside of the purchasing organisation.

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