Yellow Pages Monitor (Issue 4)

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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 4)

  1. 1. Yellow Pages Industry Monitor th | Fortnightly newsletter on the Yellow Pages industry | Issue No. 4, Published 29 May 2009 | Published by Heernet Ventures Limited (heernet.com) | News R.H. Donnelley files for bankruptcy Yell Group chairman resigns PagesJaunes appoints new CEO ImmersiFind licences search platform to LocalTel mInfo forms mobile search partnership with China Telecom 192.com launches an international phonebook directory Scoot launches local search iPhone application Eniro receives board approval for rights issue Seccion Amarilla Yellow Pages licences technology from Virtual Paper Inc. Data Share price performance Deal sheet (April - May 09) Yell financial results and operational data Advisory services Heernet Ventures publishes this newsletter as part of its Over the last five years, we have worked on a number research coverage of the yellow pages industry. You of advisory assignments in the industry on areas such can access more research on the yellow pages industry as growth strategy, product benchmarking, competitor from our research website at G2Mi.com. intelligence and acquisition search. 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. 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 PagesJaunes appoints a new CEO ImmersiFind licences local search platform to LocalTel Date 18th May, 2009 PagesJaunes Group has appointed Jean-Pierre Remy as Date 19th May, 2009 CEO. Jean-Pierre Remy was previously Global Managing ImmersiFind Inc., a North American local search provider, Director of Corporate travel at Expedia Group following has formed a partnership with the US directory publisher, Expedia’s acquisition of Egnecia (a corporate travel LocalTel. ImmersiFind, a part of Canadian directory company founded by Remy in 2000). PagesJaunes is the publisher Canpages Inc., signed a multi-year agreement to incumbent directory publisher in France; it has a number of license its complete local search technology platform to international operations of which its Spanish activities are LocalTel. the largest. Mobile search company, mInfo forms partnership R.H. Donnelley files for bankruptcy with China Telecom Date 29th May, 2009 Date 20th May, 2009 R.H. Donnelley, a US yellow pages publisher, has filed for mInfo, a Chinese mobile search provider, has formed a reorganisation under Chapter 11 in the US Bankruptcy partnership with China Telecom Ltd., a telecommunications Court. The company has a cash balance of approximately operator, whereby China Telecom will offer mInfo’s US$125 million and expects to file a reorganisation plan to Complete Search (QuanNengSou) service to its mobile operate under business-as-usual terms throughout the subscribers. mInfo’s search service offers online content reconstructing process. Under the agreement, its total debt through SMS, WAP and instant messaging under the mInfo may be reduced by approximately US$6.4 billion. and Guanxi brands. Yell Group chairman resigns Deutsche Bank increases stake in Seat Pagine Date 29th May, 2009 Gialle Bob Scott has resigned as chairman of Yell Group. Yell Date 21st May, 2009 made a net loss of £1.14 billion in the last financial year. Deutsche Bank has increased its stake in Seat Pagine Gialle The group has entered into a partnership with Tiscali, an from 4.6% to 10.8%. Seat Pagine Gialle is the incumbent ISP, whereby Yell.com will integrate with Tiscali’s search Italian yellow pages publisher, the number two publisher in portal. Tiscali is an ISP in the UK and Yell Group is an the UK and one of the largest directory enquiries providers international directories business operating in the UK, USA, in Europe. Spain and Latin America. Yell Group Plc has also announced financial results for the 192.com launches a free international directory year ended 31 March 2009. Full details are listed below. Date 21st May, 2009 The UK search engine 192.com has launched a free online Scoot launches local search iPhone application international directory called world.192.com. This new Date 22nd May, 2009 directory has a database of international phonebooks and provides access to almost 400 online directories in 204 Scoot, the UK online business directory has launched a new countries. The site also integrates Google’s language local search application that allows mobile users to find translation tool; 192.com is a search engine with directory information about local businesses. enquiries, mapping tools and property data. © Heernet Ventures Limited. All Rights Reserved
  3. 3. Eniro receives board approval for SEK2.51 billion Virgin Media launches new mobile Internet portal rights issue Date 26th May, 2009 Date 26th May, 2009 The UK media company, Virgin Media has launched a new The Nordic directory publisher, Eniro has received Board mobile Internet portal for UK mobile users featuring approval for a SEK 2.51 billion rights issue at SEK5.20 per RoundU, a local search service offered by Mobile share, with a subscription ratio of 3:1. Commerce. Mobile Commerce is a UK-based search and location solutions provider for the mobile Eniro will no longer print Hvite Sider (white pages) telecommunications industry. RoundU offers a range of directories in Norway as the Ministry of Transport and local information and mapping services. Communication has decided not to have Telenor publish the directories (Eniro published the directories in Norway on Telenor’s behalf). Telenor is a telecommunications HelloMetro Network launches online HyperLocal company in Norway with revenue of around NOK111 Newspaper billion in 2008. Date 27th May, 2009 Eniro Norway’s President and Vice President resigned and have been replaced by Hans Petter Terning as the new HelloMetro Network has launched its online HyperLocal President and Mathias Hedlund as a new Vice President. newspaper on approximately 1,100 HelloMetro.com websites in the US and Canada. HelloMetro is a global network of approximately 1,500 city guides offering Seccion Amarilla Yellow Pages forms partnership information about local history, attractions and real estate, with Virtual Paper Inc. and yellow and white pages directories. Date 26th May, 2009 The Hispanic directory publisher, Seccion Amarilla Yellow Pages plans to use Virtual Paper technology to make its print directories available online. Virtual Paper Inc. is a private company founded by Montreal-based Neotech Ventures; it converts print publications into web pages and web documents. Seccion Amarilla Yellow Pages is a subsidiary of Telmex International and publishes Hispanic directories in the USA and Mexico. © 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 10.00 53.0% 63.3% -27.4% Pages Jaunes PAJ.PA PAJ.FP EUR 8.50 6.15% 18.8% -25.4% Seat Pagine Gialle PGIT.MI PG:IM EUR 0.21 11.5% -57.7% -75.5% Telegate TGTG.DE TGT:GR EUR 8.10 -3.3% 18.3% -35.2% Yell Group YELL.L YELL:LN GBP 36.50 5.0% -39.4% -71.9% Yellow Pages Income Fund YLO_u.TO YLO-U:CN CAD 5.68 -3.1% -22.7% -44.3% Yellow Pages (Singapore) YELP.SI YPG:SP SGD 0.37 63.0% 87.5% -53.1% Date updated: 29th May 2009 © Heernet Ventures Limited. All Rights Reserved
  5. 5. News A summary of key deals and joint ventures. Date Sub Sector Investor Investee Terms Details March Directories Eniro AB Oreo AB SEK 6.6 The Swedish search and directory services company Eniro AB 2009 million acquired Oreo AB, a local public procurement service company. March Directories Yellow Pages Insis (IE Singapore US$ 6.0 Yellow pages (singapore) acquired stake in Insis, a wholly owned 2009 (Singapore) holdings) million subsidiary of IE Singapore holdings. February Directories Yellow Pages New APN News and N.A. APN news and Media disinvested its online business directory 2009 Zealand Media Ltd FindA.co.nz of newZealand to yellow pages newZealand. February Directories Helion Venture GETIT Infoservices Rs 200 Helion Venture Partners invested in GETIT Infoservices (p) Ltd, 2009 Partners (P) Ltd million yellow pages and directories publisher to expand GETIT's services across the country. April 2009 Directories LocalTel Shamrock Media NA LocalTel, a directory publisheracquired Shamrock Media Incorporated Incorporated, a directory publisher © Heernet Ventures Limited. All Rights Reserved
  6. 6. Data Yell Group Plc results and operational data for year end March 2009. 2008 2009 % Change GROUP DATA Total revenues 2,218.70 2,397.90 8.1% EBITDA Yell UK 261.00 266.70 2.2% Yellow Book US 292.00 340.20 16.5% Yell Publicidad 186.00 209.20 12.5% Total adjusted EBITDA 739.00 816.10 10.4% Yell UK Revenues (£ millions) Total UK print directories 566.00 504.40 -10.9% Other services (online directory) 139.20 164.50 18.2% Total UK Revenues 732.00 692.10 -5.5% Total UK EBITDA 260.60 266.70 2.2% Yellow Book (USA) Revenues (US$ million) Online - total 115.10 227.30 97.5% Print 1,894.10 1,735.20 -8.4% Total US Revenues 2,009.80 1,962.50 -2.4% Total US EBITDA 292.40 340.20 16.3% Yell Publicidad (SPAIN, LatAm) Total Yell Publicidad Revenues (£ millions) 485.40 523.60 7.9% Total Yell Publicidad EBITDA 185.90 209.20 12.5% 2008 2009 % Change UK Information Total number of live advertisers (at period end, 000s) 486,000 455,000 -6.4% Print: Unique advertisers 434,000 390,000 -10.1% Directory editions published 113 113 0% ARPA (£) 1,304.00 1,293.00 -0.8% Online: Yell.com searchable advertisers (Year-end) 209,000 217,000 3.8% No. of unique visitors (millions) for march 8.50 10.70 25.9% AR per Searchable Advertisers 686.00 772.00 12.5% USA Information Unique advertisers 686,000 634,000 -7.6% Directory editions published 984.00 996.00 1.2% ARPA (US$) 2,762 2,737.00 -0.9% Renewal rate 70.0% 68.0% YellowBook.com Searchable advertisers 378,000 366,000 -3.2% Unique visitors (millions) for march 13.50 16.80 24.4% Spain Information Directory editions published 97 89 -8.2% Revenue per unique advertiser ( £) 920 881 -4.2% Internet Searchable advertisers 225,000 116,000 -48.4% Unique visitors (million) for march 5.50 6.90 25.5% Revenue per average searchable advertiser (£) 158 329 Source: Company website © 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 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 any way 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. © Heernet Ventures Limited. All Rights Reserved

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