Yellow Pages Industry Monitor
                                                                                th
| Fortnig...
News




UAE-based        Etisalat   launches     new      compact                MediaTek is a Taiwanese-based mobile har...
LocalAdLink       launches      in   Asia   through      joint            Microsoft relaunches online city guides
venture
...
Share price data




Company name                                 Reuters            Bloomberg         Currency       Curr...
Deal Sheet


A summary of key deals and joint ventures over the previous 3 month period.

 Date               Investor    ...
Data



German local search and yellow pages website traffic data
In addition to the incumbent publisher, DeTeMedien, the ...
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Heernet ventures limited
London UK
Tel: +44 (0) 208 180 7223
Fax: +44 (0) 870 762 3014
Web: heernet.com, G2M...
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Yellow Pages Monitor (Issue 3)

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A fortnightly newsletter covering developments in the Yellow Pages 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 Monitor (Issue 3)

  1. 1. Yellow Pages Industry Monitor th | Fortnightly newsletter on the Yellow Pages industry | Issue No. 3, Published 18 May 2009 | Published by Heernet Ventures Limited (heernet.com) | News  UAE-based Etisalat launches new compact directories  Yellow Pages Group (Canada) developing new marketing strategy  Baidu.com to develop new mobile search tools for Chinese market  1850 Directory Assistance acquires Vodafone’s directory assistance in the Netherlands  Local search engine, YellowSpaces launches in US market  Eniro to publish telephone directory for Turku (Finland)  LocalAdLink launches in Asia through joint venture  Yell becoms Google AdWords’ reseller in the UK  Microsoft relaunches online city guides  BT Group plc declares financial result for year to March 2009 Data  Share price performance  Deal sheet (January – March 09)  Online local search in the German market Advisory services 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 a media company or financial investor seeking market or company analysis on the yellow pages industry, 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, contact Harjinder Singh-Heer on +44 (0) 208 180 7223 or by email on harjinder@heernet.com. © Heernet Ventures Limited. All Rights Reserved
  2. 2. News UAE-based Etisalat launches new compact MediaTek is a Taiwanese-based mobile hardware and directories software company; it’s primary business is manufacturing Date 5th May, 2009 integrated circuits for mobile handsets, but in recent years it has expanded into software. The UAE-based telecoms operator, Etisalat has launched a compact yellow pages directory in partnership with Al Wahda Express, a Dubai-based directory publisher. The 1850 Directory Assistance acquires Vodafone’s directory is a combined English-Arabic book and will be directory assistance in the Netherlands published in 3 editions covering Abu Dhabi, Dubai and the Date 5th May, 2009 Northern Emirates. Etisalat has 7.34 million mobile subscribers and 1.35 million fixed line subscribers in the The Dutch directory assistance company, 1850 B.V. has UAE; the company also provides Internet access services to acquired Vodafone Netherlands’ directory assistance 1.2 million subscribers. Al-Wahda Express is a leading service. 1850 operates the 1850 Directory Assistance service; it was launched in April 2007 when the previous provider of both print and online yellow pages solutions in 118 service was terminated. the Middle East. Local search engine, YellowSpaces launches in US Yellow Pages Group (Canada) developing new market marketing strategy Date 6th May, 2009 Date 5th May, 2009 A new local search engine, YellowSpaces, has been The Canadian directories publisher, Yellow Pages Group launched in the US. The search engine utilises local content (YPG) has hired two new marketing agencies to help it from Localeze and claims that its search algorithms enable it develop its new marketing and branding strategy. The to provide a smarter, more efficient search experience to agencies are TAXI Canada and PHD. The agencies will users. Localeze is a local content provider and has recentluy help develop a new communications strategy across YPG’s developed a scoring mechanism (Localeze Confidence print, online and mobile offerings. YPG is the incumbent Score) which it claims allows search engines to better directory publisher in Canada and holds a leading position identify the accuracy of listings data. across both print and online offerings. Eniro to publish telephone directory for Turku Baidu.com to develop new mobile search tools for (Finland) Chinese market Date 12th May, 2009 Date 5th May, 2009 The Chinese search engine, Baidu.com has formed a The Nordic directory publisher Eniro won the tender to partnership with a number of mobile handset manufacturers publish telephone listings for the Finnish city of Turku. to develop and install a mobile search product on their Eniro won the competitive tender following a bid € 26,700 handsets and other wireless devices in the Chinese market. (compared to Fonecta’s bid of €54,000). Eniro’s access to The manufacturers include Samsung, Lenovo and Tianyu. the data will be on a non-exclusive basis. Baidu is the leading search engine in the Chinese market and it is keen to extend its market leadership to the mobile search space. Baidu will also develop a mobile search engine that integrates with MediaTek’s mobile operating system. © Heernet Ventures Limited. All Rights Reserved
  3. 3. LocalAdLink launches in Asia through joint Microsoft relaunches online city guides venture Date: 8th May 2009 Date 14th May, 2009 As part of its online local search offering, Microsoft has The local search content and technology company Beyond launched new online city guides. Covering over 5,000 US Commerce Inc., has formed a 50:50 joint venture with the cities, the website introduces better mapping and search Singapore-based company, Labocus Ultronics. This is its tools and new editorial content and advertising. The site first major expansion into Asia; the joint venture will see also has enhanced networking tools (including a facebook Beyond Commerce licencing its LocalAdLink brand and application). technology to the joint venture, with Labocus Ultronics funding and running the operation. The venture will target a number of Asian markets including Malaysia, Indonesia, BT Group Plc declares financial result for year to Brunei, Thailand, Vietnam, Cambodia, Burma and Laos (it March 2009 also has the option of expanding into the Philippines and Date 14th May, 2009 India). LocalAdLink is an online local advertising network. The UK-based telecoms operator, BT Group Plc announced its financial results for the year ended March 2009. The company increased revenues by 3.3% to £21.39 billion and Yell becoms Google AdWords’ reseller in the UK EBIDTA declined 6.1% to £5.55 billion. The company is Date 14th May, 2009 the No. 3 print directory publisher in the UK market with its BT Phonebook offering; it also has an online offering based The UK-based directory publisher Yell Group plc has around a BT website and the recently purchased Ufindus become a Google AdWords reseller in the UK. Yell is the websites. In a bid to improve profitability, the group is incumbent publisher in the UK and had initially formed a planning a 10% reduction in headcount in 2009. partnership with Google back in 2005. That earlier partnership was based on Yell providing Google Local £ billion 2008 2009 % change search access to Yell’s local listings data. This new partnership will see Yell selling Google AdWords products Revenue 20.70 21.39 3.3% to its own small business customer base. EBIDTA 5.91 5.55 -6.1% Net Loss 2.63 2.08 -20.9% The deal could be perceived as an acknowledgement by Yell that its online offering will find it tough to deliver its Source: Company data advertisers sufficient traffic from its own Yell.com website. Google has invested heavily in building its local search offering in the UK market; recently, it launched its Street view product with coverage of all major cities. The latest audited traffic data shows that searches on Yell.com declined by almost 3% in the twelve months to March 2009. Mar-08 Mar-09 % change Unique users 8,490,667 10,740,688 26.5% Visits 16,557,076 PVs 63,583,393 Searches 30,911,451 30,118,372 -2.6% Source: eABC © Heernet Ventures Limited. All Rights Reserved
  4. 4. Share price data Company name Reuters Bloomberg Currency Current % Change Code Code price 1 mth 6 mth 12 mth Eniro AB ENIRO.ST ENRO.SS SEK 17.80 85.4% -21.3% -13.5% Pages Jaunes PAJ.PA PAJ.FP EUR 8.22 13.58% 11.12% -31.51% Seat Pagine Gialle PGIT.MI PG:IM EUR 0.20 -40.24% -61.00% -80.74% Telegate TGTG.DE TGT:GR EUR 8.38 -3.68% 14.17% -31.87% Yell Group YELL.L YELL:LN GBP 40.78 66.33% -37.55% -78.32% Yellow Pages Income Fund YLO_u.TO YLO-U:CN CAD 6.06 1.68% -21.30% -43.26% Yellow Pages (Singapore) YELP.SI YPG:SP SGD 0.29 45.00% 20.83% -67.05% th Date updated: 15 May 2009 Telegate 14% Eniro AB ‐14% Pages Jaunes Pages Jaunes ‐32% 11% Telegate ‐32% Yellow Pages Income Fund ‐21% Yellow Pages Income Fund ‐43% Eniro AB ‐21% Yellow Pages (Singapore) ‐67% Yell Group ‐38% Yell Group ‐78% Seat Pagine Gialle ‐61% Seat Pagine Gialle ‐81% ‐80% ‐60% ‐40% ‐20% 0% 20% ‐100% ‐80% ‐60% ‐40% ‐20% 0% % share price change (Last 6 months) % share price change (Last 12 months) © Heernet Ventures Limited. All Rights Reserved
  5. 5. Deal Sheet A summary of key deals and joint ventures over the previous 3 month period. Date Investor Investee Terms Details March 2009 Eniro AB Oreo AB (Sweden) SEK 6.6 million The Nordic directories publisher, Eniro AB acquired Oreo (Sweden) AB, a local public procurement service company. The website aims to facilitate the public procurement process for small businesses. March 2009 Yellow Insis (IE S$ 6.0 million Yellow Pages (Singapore) acquired the international Pages Singapore business information website, Insis. The website was (Singapore) holdings) owned by the IE Singapore holdings (a public sector organisation). February 2009 Yellow APN News and N.A. APN News and Media divested its online business Pages New Media Ltd directories operation(websites include FindA.co.nz, Wises Zealand maps, menus.co.nz, UBD and APNData) to Yellow Pages New Zealand. February 2009 Helion GETIT Rs 200 million The venture fund, Helion Venture Partners invested in the Venture Infoservices Indian yellow pages and directories publisher, GETIT Partners (India) Infoservices. The capital will be used to expand GETIT's services nationally. © Heernet Ventures Limited. All Rights Reserved
  6. 6. Data German local search and yellow pages website traffic data In addition to the incumbent publisher, DeTeMedien, the German local search market has a number of other domestic players.  The  leading ones include the directory assistance operator, Telegate which operates the 118088 website and the online specialist,  GoYellow.  The website Was leifert Was is a specialist trade directory website.     Growth in visitor numbers for leading local search websites Gelbe Seiten 6,464  5,975  GoYellow 3,220  2,751  Das Ortliche 15,018  13,758  Telegate / 118 088 6,390  Apr‐09 4,419  May‐08 Das Telefonbuch 16,801  15,027  Was leifert was 1,854  1,922  ‐ 5,000  10,000  15,000  20,000  No. Visits (000s) % change in visits and page views for leading local search websites Gelbe Seiten 8.2% ‐0.8% GoYellow 17.0% ‐5.7% Das Ortliche 9.2% ‐0.2% Telegate / 118 088 44.6% Visits 7.1% Page Views Das Telefonbuch 11.8% 5.7% Was leifert was ‐3.5% ‐27.3% ‐50% ‐30% ‐10% 10% 30% 50% % change (May  08 ‐ April 09) Source: IVW © Heernet Ventures Limited. All Rights Reserved
  7. 7. 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 OF USE Every attempt has been made to ensure that the information in this publication 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 publication. Unless specified, the views expressed in this publication are purely those of the author. The content of this publication 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 publication 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. © Heernet Ventures Limited. All Rights Reserved

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