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The Kelsey Report® Advisory

Eniro to Discontinue German Operation
Charles Laughlin , 11/4/2002

News: Swedish directory publisher Eniro AB announced last week that it will discontinue its Windhager directory publishing division, which published directories in the Baden-Wurtemberg region in Germany. The decision came following the realization that the operation was falling well short of its revenue objectives and was not going to generate a profit in the foreseeable future.

According to Eniro, the Windhager business was slated to lose about 200 million Swedish kronor in 2002 (US$22 million). The company will incur divestment costs of 300 million Swedish kronor, plus a goodwill write-down of 800 million Swedish kronor and a write-off of deferred tax receivables of 200 million Swedish kronor. This 1.3 billion Swedish kronor in costs will be charged against fourth-quarter 2002 earnings.

Eniro will continue to pursue its lawsuit against DeTeMedien seeking compensation for losses resulting from the discontinuation of Windhager's contract with DeTeMedien.

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