By Eniro CEO can the police – Dagens Industri

By Eniro CEO can the police – Dagens Industri

        Updated 2014-09-05 10:34. Published 2014-09-05 09:34
     

          Johan Lindgren , Eniro’s former CEO.
            Photo: Simon Paulin
         
       

The storm around sökbolaget Eniro reaches hurricane strength. The result is reported to have been blown up and now increasing the pressure on fired CEO Johan Lindgren.

The Board takes is already a direct action against Johan Lindgren, who was fired in August. The Board emphasizes the severance agreements, synthetic shares and other benefits that met with him. As di.se previously reported, the value of these to max 20 million.

In March, Johan Lindgren shares in the own company for nearly 3 million. Since then, the stock price plummeted.

“I did not any information that was not in the market at the moment,” said Johan Lindgren di.se on 22 July.

Then had Eniro share price has fallen by about 66 percent compared with the value at the time of sale.

Di.se has no unsuccessfully sought Eniro’s Chairman Lars Johan Jarnheimer and Johan Lindgren for comment.

Large owner Staffan Persson, who earlier defended Johan Lindgren, would not comment on the deal, but refers to the president.

The problems Eniro began to come to light in mid-July when the search company shocked the market with a report far below expectation. Even at noon the same day share price had fallen by 30 percent and the slump has continued since then.

The findings in Board investigation may now Eniro adjusting its full-year forecast.

Most serious is that income accrued incorrectly, which meant that revenues recognized early. The effect of these errors is 58 million in sales and operating profit (EBITDA) for 2013, it makes up about 5 percent of operating income (EBITDA) for the period.

For the first half in 2014 is the effect of SEK 28 million, representing about 7 percent of operating profit (EBITDA). The impact on the cash flow is extremely limited, writes Eniro in a press release.

Inquiry has implemented of Eniro’s auditors, PWC, who on behalf of the Board continues the investigation of other operations in Sweden and companies in Norway, Denmark,

Finland and Poland. The result of the continued investigation is expected to end in mid-September, writes Eniro.

The new management have gone through the material and believes that Eniro future projections must be adjusted. The full year forecast for operating profit (EBITDA) for 2014 changed from 850 million to 700 million.