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.

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.
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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.
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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.
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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
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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
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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
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