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. 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.
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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.
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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
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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 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)
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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.
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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
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London UK
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