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PagesJaunes

Company Profile
July 2009

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ABOUT THE AUTHOR


This report is published by Heernet Ventures Limited. The company provides research, analysis and advisory services to
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Overview
PagesJaunes is a leading French directory publisher with operations in France, Spain, Luxembourg and a
minor presence in a number of other overseas markets. Its core operation is PagesJaunes, the incumbent
yellow pages business in France. In Spain it is the second largest publisher (behind Yell Publicidad).
The group’s key consumer brands are PagesJaunes and l’Annuaire in France and QDQ in Spain; in the
business directories sector, it publishes directories under the PagesPro and Kompass brands. The group
operates some of the most successful services on the long established French Minitel system but much of its
recent digital investment has been in Internet, interactive television and mobile services.

Figure 1. Summary Financials

Year-end; December (€
2004 2005 2006 2007 2008 2009
million)

REVENUES
Pages Jaunes in France 903.9 956.1 1,013.30 1071.8 1,110.1 1,097.3
International and
65.1 108.9 85.9 93.8 91.5 75.8
subsidiaries
Eliminations (1.8) (4.3) (5.8) (7.4) -8.7 -9.1
Total revenues 984 1,061 1,093 1,158 1,192.8 1,163.9

Total EBITDA 345.9 401.5 464.0 503.6 551.6 528.7

Consolidated Net Income 214 262 296.9 268.6

Figure 2. PagesJaunes, Revenue analysis

Revenue by origin (LTM) France revenues by type (LTM)

Inter'l &
subs DQ services
Other 3.6%
7%
1.7%

Print
Online 53.3%
41.4%
PagesJaunes
93%

PagesJaunes is listed on Euronext Paris, but a private equity consortium lead by KKR and Goldman Sachs
has a controlling stake.

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Figure 3. Key developments

2009
May Appointed Jean-Pierre Remy as CEO.
February French media group M6 unwounded its joint venture in annoncesjaunes.fr, a consumer website to buy
and sell properties and cars.
Teamed up with French outdoor advertising group JCDecaux SA to develop an information service at
major French airports.
2008
November Launched an SMS version of its 118 008 directory inquiries service.
September Mappy SA entered into an agreement with Hi Media Group for marketing in Belgium.
April QDQ Media (a subsidiary of Pages Jaunes) entered into agreement with Google to develop local online
advertising in Spanish Market.

2007
October Acquired 55% in Horyzon Media and 66% in Horyzon Clics
May Mappy SA entered into partnership with Appello for online mobile navigation on Java technology
March Sold Kompass France and Belgium subsidiaries to Coface.
January Launched new online service for a real estate property and small cars.

2006
July The US private equity group, KKR acquires France telecom’s 54% stake in PagesJaunes.
June France Telecom announces plan to divest 54% stake in PagesJaunes.
February Partnership with Allociné and Institute Geographique National (IGN) for the provision of additional
content on PagesJaunes.fr.
January Strategic Joint Venture agreement with Estara regarding listing “Click to Talk” service on
PagesJaunes.fr.
January Strategic license agreement with France Telecom for L’ Annuaire usage.

2005
November Launch of 118 008 DA Enquiry service in France.
June Acquisition of Télécontact (leading directory publisher in Morocco) from France Telecom
March Enquiry launched by French competition regulator into PagesJaunes
February Acquisition of eSama, a database management company.
February France Telecom reduces its stake by 8% to 54%

2004
April Acquisition of a number of businesses (Kompass Belgium, QDQ Media, Wanadoo Maps) from its parent
company, Wanadoo.
July Initial Public Offering of PagesJaunes on Euronext Paris exchange.
October Acquisition of 50% of Eurodirectory (owner of 49% stake in publisher, Editis Luxembourg).
2003
France Telecom launches a tender offer to acquire the publicly listed shares in Wanadoo (parent
company of PagesJaunes’ directory operations).
2002
January Acquisition of online database sales business from Intelmatique.
2001
March Acquisition of Indice Multimedia and launch into the Spanish market.

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French operations

PagesJaunes is the incumbent directory publisher in France with market leadership in the white and yellow
pages market in both online and offline formats with approximately 20
% market share (September 2009). The company generates approximately 95% of its revenue form its
French operations (September 2009). The group’s fastest growing French operation is its internet service
which generated approximately 39% of total revenue (2008). The company, through Horyzon Media, offers
internet advertising services.

Figure 4. French print products

Product Name No. of titles No. of Description


advertisers

PRINT
PagesJaunes 134 titles 628,204 Yellow pages Directory, classified by business type.
L’Annuaire 139 titles n.a White pages Directory by Category, offering approximately 25 million phone
and mobile subscribers.
PagesPro 281,000 n.a Yellow pages Directory
circulation

ONLINE
pagesjaunes.fr 16 million 482,134 Online Directory
unique visitors
(June 2009)
Pagesjaunes 3611 n.a n.a Online Yellow Pages
Pagespro.com n.a n.a Directory of professionals for professionals, categorised on the basis of
activity, company name, phone, code NAF,, and No. Siren/Siret. It is
operated in partnership with MarchesOnline.com.
WAP.pagesjaunes.fr n.a n.a Both white and yellow pages are offered through WAP services
mappy.com 10.2 million n.a Online mapping service categorised in two segments: geographic and
unique visitors cartography services and databases of photographs of major cities.
(June 2009)
annoncesjaunes.com 2.9 million 400,000 Online Classified Ads business
unique visitors
(June 2009)
Pagesjaunes- n.a A direct marketing service offering data mining, data analysis, approximately
marketingservices.com 24 million sets of data on individuals and businesses and management of
marketing campaigns, among others.

DIRECTORY
ENQUIRIES
118008 Directory enquiry service which provides information through SMS, e-mail,
telephonic conversation and recorded voice call. It had 114,186 advertisers
in 2008.

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Figure 5. Advertiser data

2001 2002 2003 2004 2005 2006 2007 2008 2009

Advertisers
New advertisers 86,446 89,083 82,080 98,400 112,900 115,101 120,662 131,314 118,531
Print advertisers (PJ and 520,618 531,270 532,041
550,500 575,435 588,325 608,600 628,024 623,803
L'Annuaire)
Advertisers in online services 383,932 391,842 401,610 420,900 445,866 453,829 471,191 482,134 492,509
- of which advertisers on pj.fr at 203,613 231,806 267,175
308,000 339,600 363,600 379,600
end-Dec
Total No. of advertisers 548,232 560,453 561,180 583,836 619,513 638,399 666,822 696,051 700,077
No. of advertiser websites 53,453 56,650
Directory enquiry service
14,581 68,350 93,561 114,186 116,626
advertisers

ARPA
Average revenue per advertiser 1,342 1,384 1,477
1,533 1,528 1,570 1,581 1,564 1543
(in France)
Average revenue per advertiser 1,044 1,063 1,118
1,124 1,109 1,112 1,073 984 926
in print (in France)
Average revenue per advertiser 251 297 380
511 631
on pj.fr
ARPA - Online services* 447 477 525 605 658 713 798 907 949
ARPA – directory enquiries 133 163 199 212
ARPA (by customer type)
Existing advertisers 1,808 1,837 1,866 1,590
New advertisers 551 581 601 550

Revenue Analysis
% advertising in both print and 66.5%
one of the online services (pj 65.0% 63.3% 62.2% 60.4% 60.8%
3611, pj.fr)
% advertising in Print only 28.0% 29.0% 29.5% 30.8% 29.7%
% advertising in Internet only 7.0% 7.7% 8.3% 8.8% 9.5%

Renewal Rates
Overall - Ad revenues 93.9% 93.4% 93.2% 92.7% 91.4%
Overall - No. of advertisers 86.0% 85.5% 86.5% 86.8% 84.5% 85.6% 84.6% 83.5%
By ARPA:
-< €500 79.0% 79.0%
€500 - €1000 89.0% 88.0%
- €1000 - €1500 92.0% 90.5%
- €1500 plus 95.0% 93.0%

Aver Rev per advertiser (€) 772 903 1,148 1,367 1,528 1570 1,581 1,564 1,543

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Spanish operations
Tin Spain, the company publishes two QDQ directories: QDQ, La guia Util and QDQ Blancas. QDQ, La Guia
Util is the printed business directory, offering businesses listed in 1,200 categories. It is published and
distributed free in 68 regions in Spain. The directory is also published in online version, accessible at
QDQ.com. QDQ Blancas is the universal telephone directory of private subscribers in Spain.

Other operations
Luxembourg
PagesJaunes’s subsidiary, Editus Luxembourg is the sole publisher of B2C directories in Luxembourg. It
publishes Annuaire Telephonique directory, which lists private subscribers in alphabetical order. The Annuaire
Professionnel business directory provides information on the basis of sector. Another directory, InterRegion,
an interregional directory also includes Saar and Palatinate regions in Germany, Lorraine region in France
and Belgian, Luxembourg and Grand Duchy. It s online version can be accessed at luxweb.com.
PagesJaunes holds 49% share in the company.
Lebanon
PagesJaunes Liban Sal a wholly owned subsidiary publishes three print directories and manages an official
website (pagesjaunes.com.lb). The subsidiary was founded in 1996. PagesJaunes Liban is the owner in
Lebanon of the trademarks PagesJaunes and Pages Blanches in French, English and Arabic.
Morocco
Through Edicom, PagesJaunes publishes consumer directories in Morocco.

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Financial performance

Figure 6. Group Financials

Year-end; December (€
2001 2002 2003 2004 2005 2006 2007 2008 2009
million)

REVENUES
PagesJaunes in France 744 797.6 847.5 903.9 956.1 1,013.30 1071.8 1,110.1 1,097.3
International and 63.2 73.5 69.8 65.1 108.9 85.9 93.8 94.8 75.8
subsidiaries
Eliminations (1.8) (4.3) (5.8) (7.4) -9.1
Total revenues 807.1 871.1 917.3 984 1,061 1,093 1,158 1,192.8 1,163.9

EBITDA
Pages Jaunes in France 274.6 311 367 361 406 458.4
International & (18.8) (33) -33.0 -14.8 -4.4 -4.5 -8.70
Subsidiairies
Total EBITDA 255.9 278.0 334.2 345.9 401.5 464.0 503.6 551.6 528.7

Operating income
Pages Jaunes in France 261.6 301.7 358.8 354 400 449.6
International & (22) (39) (37) (11) (1) 0.7
Subsidiairies
Total Operating income 239.8 263.0 321.7 343 399 448.9 488.7 443
Consolidated Net Income 138.1 169.2 182.6 214 262 296.9 268.6

Figure 7. Revenue Segmentation (Quarterly)

Category (€ million) Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

Pages Jaunes in France 215.2 298.1 301.0 292.3 228.1 305.0 286.8 277.6
International and subsidiaries 17.7 23.9 24.8 28.4 15.3 18.0 20.4 22.5
Total Revenues 231.0 320.0 324.0 318.0 242.0 320.0 305.3 296.9

% Change
Pages Jaunes in France -25.2% 38.5% 1.0% -2.9% -22.0% 33.7% -5.9% -3.2%
International and subsidiaries -44.5% 35.0% 3.8% 14.5% -46.1% 17.6% 16.6% 10.3%
Total Revenues -27.2% 38.5% 1.3% -1.9% -23.9% 32.2% -4.6% -2.8%

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French Operations

Figure 8. French operations financial data

Year-end; December (€
2001 2002 2003 2004 2005 2006 2007 2008 2009
million)

REVENUE DATA
Printed directories 543.5 564.7 595.0 618.9 638.2 654.1 653.0 617.67 577.82
Online services 166.8 185.3 208.2 254.5 285.0 320.7 369.3 431.33 460.97
Directory enquiry services 14.4 28.1 36.39 39.71
Other businesses 33.6 47.6 44.3 30.5 33.0 24.0 21.5 24.67 18.77
Total French revenues 743.9 797.6 847.5 903.9 956.2 1,013.29 1,071.8 1,110.06 1,097.27

Printed directories
Pages Jaunes directory 437.9 455.4 482.4 505.2 524.3 527.10 528.80
L'Annuaire 105.7 109.2 112.6 113.8 114.0 127.00 124.21
Total printed directories 543.5 564.7 595.0 618.9 638.3 654.20 653.00 617.7 577.8

Online services
Internet (primarily
42.7 64.6 94.8 147.0
Pagesjaunes.fr, Mappy)
Websites hosting and creation 18.2 20.6 20.9 22.6
Total Internet and websites 60.9 85.2 115.7 169.6 227.7 279.96 344.03 427.8
Minitel (Pagesjaunes 3611) 106.0 100.1 92.5 85.0 57.2 40.80 25.26 5.0
Total Online services 166.8 185.3 208.2 254.5 284.9 320.76 369.29 432.8 461.0

Other operations
QuiDonc 8.5 8.3 8.1 7.3
Others (incl. PagesPro,
25.0 39.3 36.2 27.6 33.0 40.10
Europages)
- Sale of access to listings
10.4
database
- PagesPro 17.7
- Europages 4.4
Total other businesses 33.6 47.6 44.3 34.9 33.0 24.00 21.48 24.7 18.8

Directory Enquiry services 14.40 28.10 36.40 39.7

EBITDA 274.6 311 367 361 406 458.4 503.6 460.6


Operating income 261.6 301.7 358.8 354 400 449.6 488.7 443

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Figure 9. Revenue Segmentation of French operations (Quarterly)

Type (€ million) Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09

Printed directories 103.7 179.1 174.5 160.3 102.0 173 157.8 160.3
Online services 96.3 106.6 111.4 115.7 113.1 118 113.5 116.9
Directory enquiry services 8.5 8.8 9.5 9.6 9.6 10 10.1 9.6
Other businesses 3.8 3.7 5.7 6.5 3.5 4 5.4 6.3
Total French Revenues 215.2 298.1 301.0 292.3 228.1 305 286.8 293.2

% Change
Printed directories -40.8% 72.7% -2.6% -8.1% -36.4% 69.6% -9% 1.6%
Online services 0.2% 10.7% 4.5% 3.9% -2.2% 4.0% -3% 3.0%
Directory enquiry services -11.5% 3.5% 8.0% 1.1% 0.0% 6.3% -1% -5.0%
Other businesses -44.9% -2.6% 54.1% 14.0% -46.2% 14.3% 35% 16.7%
Total French Revenues -25.2% 38.5% 1.0% -2.9% -22.0% 33.6% -6% 2.2%

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Management and ownership

Figure 10. Board and key management

Name Position

Jacques Garaialde Chairman


Jean-Pierre Remy CEO
Ghislaine Mattlinger CFO
Thomas Abikhalil Director
Alain Coulmeau Director
Pascal Gracia Director
Ghislaine Mattlinger Director
Elie Cohen Independent Director

Figure 11. Shareholding pattern (December 2008)

Shareholder Shareholding

Mediannuaire 54.7%
Employees of company 0.6%
Public 44.5%
Others 0.2%
Total 100.0%

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For information and analysis on the global media industry, visit G2Mi.com.

Published by:
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Tel: +44 (0) 208 180 7223


Fax: +44 (0) 870 762 3014

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