Bisnode Annual Report 2010 by Bisnode

Bisnode Annual Report 2010

Mailing address: Bisnode, S168, SE-105 99 Stockholm, Sweden Visiting address: Sveav채gen 168, Stockholm, Sweden Office: +46 8 558 059 00 Fax: +46 8 558 059 95 E-mail: info@bisnode.com Web: www.bisnode.com

annual report 2010 Bisnode Business Information Group AB

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meenu chourasia database manager

WHAT WE DO JOHAN WALL EVALUATES 2010 WHERE WE ARE TODAY WHERE WE ARE HEADED TOMORROW TRENDS in our industry WHAT WE OFFER TO OUR CUSTOMERS Credit solutions MARKETING SOLUTIONS Business information solutions IT’S ALL ABOUT PEOPLE Regions and business areas CORPORATE GOVERNANCE financial infoRMATION

Cover: Photo of Jonathan Loriaux, Gretel De Cock and Maji Mokwabo Art Direction: Ottoboni Illustrations: Dan Berglund Layout: Komodo design Photo: Sune Fridell and Yannis Argyropoulos/Killingshoot studio Copy: Vesir and Open Communications Printing: Done

Directors’ report Accounting policies and notes Audit report Board of Directors and Auditors Executive Management Team Subsidiaries Five-year summary AND Definitions

Servais YIMKWAN Database manager

WHAT WE DO Bisnode is a leading provider of digital business information in Europe, with a complete offering of solutions for marketing, credit and business information. Bisnodeâ&#x20AC;&#x2122;s services help companies maximise sales, minimise business risks and make better business decisions.

1. collect Bisnode collects data about companies and consumers from multiple sources in each country.

2. enhance Bisnode enhances data through harmonisation, validation and verification. Data in a wider context becomes value-added information.

3. package Bisnodeâ&#x20AC;&#x2122;s local subsidiaries package and customise relevant information into products and services by adding the value of usability, accessibility and innovative solutions. The same information is re-used many times, enabling Bisnode to achieve synergies across markets.

Bisnode database

4. OFFER Products and services are offered to different market segments under strong local brands to fulfil the various needs of a diverse customer base.

3. R PA Solidit

ste

JOHAN WALL EVALUATES 2010 2010 was a year of recovery in the European market for business information and for Bisnode. The market strengthened and has now returned to near normal levels of business activity and demand.

Bisnode ended the year on a positive note with organic growth of over 1 per cent in the second half of the year, partly as a result of gradually improving market development in Europe. For the year as a whole, revenue however decreased organically by 1 per cent. Our operating margin adjusted for capital gains rose slightly. Growth

Growth is key for our future, as are leveraging the power of the Bisnode Group and the synergies from our 17 country operations. In 2010 we took several steps to strengthen innovation and product development and to extend our customer offering. Among them launching new Credit Solutions offerings in Germany, leveraging our existing, market-leading German data assets. Our Swedish subsidiary Business Check and German Hoppenstedt Creditcheck are two good examples of how we can drive growth. Business Check offers smart, easy-to-use web-based credit solutions targeting small- and mid-sized companies in Sweden. By moving the entire concept, business model, product templates and technology to Germany and launching it under the strong local brand Hoppenstedt Creditcheck, we have been able to reduce both time to market and costs while staying focused on gaining market share. We are now in the process of launching the same product concept in other countries, starting with Switzerland and Austria. By leveraging the power of the Bisnode Group and taking advantage of synergies, we will continue to improve our growth in the future. In addition to organic growth, Bisnode strives to grow by making selected acquisitions providing access to new customers and products while leveraging existing data assets. In the past year we made strategic acquisitions in our core offering of Marketing, Credit and Business Information Solutions across Europe.

It’s all about people

Bisnode’s success relies on innovation, our ability to understand and serve our customers’ needs. This is only possible through the valuable contributions of all our team members. In 2011 we are further strengthening our commitment to Bisnode’s talent by launching several initiatives to ensure that we attract, develop and retain the very best people in our industry. Future outlook

The business information market is in transformation. Wider access to data, rapid growth in data usage, new technologies and evolving customer needs coupled with a changing regulatory framework are providing both business opportunities and challenges for Bisnode. The key activities for us in 2011 include launching new products and offerings in all served markets, dealing with the changed operating model for spar data and further developing our partnership with d&b. At Bisnode we have strengthened our market position and see tremendous opportunities to expand. In an era of information excess, we offer our customers effectively packaged information that is accessible, structured, verified and relevant. Our aim at Bisnode is to be the leading provider of digital business information in Europe. Bisnode’s long-term goal is to achieve an ebita margin of 15 per cent and to grow by 10 per cent per year through a combination of above-average organic growth and acquisitions. Thanks to our great offering and committed Bisnode talent, we are on the right path to achieving our goals.

Johan Wall President and CEO

WHERE WE ARE TODAY Bisnode operates in 17 European countries with nearly 3,000 employees. The revenue for 2010 amounted to SEK 4.451 million with an operating profit of SEK 536 million. The Group is divided into four geographical regions. In these regions Bisnode provides a core offering of Credit, Marketing and Business Information Solutions. In addition, there are two separate business areas: Product Information and Software and Applications.

REVENUE PER REGION AND BUSINESS AREA 7%

NORDIC 43%

10%

43%

DACH 19% BENEFRA 17%

CENTRAL EUROPE 4% PRODUCT INFORMATION 10% SOFTWARE AND APPLICATIONS 7%

17%

NORDIC: Denmark, Estonia, Finland, Norway, Sweden DACH: Austria, Germany, Switzerland BENEFRA: Belgium, France, Netherlands CENTRAL EUROPE: Croatia, Czech Republic, Hungary, Poland, Slovakia, Slovenia

19%

REVENUE PER PRODUCT OFFERING 7%

MARKETING SOLUTIONS 33%

10%

33%

CREDIT SOLUTIONS 32% BUSINESS INFORMATION SOLUTIONS 18% PRODUCT INFORMATION 10%

18%

Bisnode has operations in 17 European countries, with ITS head office in Stockholm, Sweden

SOFTWARE AND APPLICATIONS 7%

32%

KEY figures Revenue (SEK M) Operating profit, ebitda (sek m) Operating profit, ebita (sek m) Operating margin, ebita (%) Average number of employees Number of customers SEK M 5 000

750

4 000

600

3 000

450

2 000

300

1 000

150

2006

2007

2008

2009

2010

2009

4,451 671 536 12.0 3,080 200,000

4,741 728 593 12.5 3,167 197,000

OPERATING PROFIT, EBITA REVENUE

WHERE WE ARE HEADED TOMORROW When it comes to providing the information needed to make the right business decisions, relevance, access and accuracy are key factors. Bisnode combines these factors, presents them in user-friendly solutions and provides them as part of our customer’s daily workflow.

Vision

Bisnode’s vision is to be the leading provider of digital business information in Europe. Mission

when validating, aggregating, selecting and packaging data in the most accessible format, we believe Bisnode is better able to add more value to each service.

Bisnode’s mission is to help customers maximise their sales, minimise their business risks and make better business decisions. Bisnode aims to be a partner for companies of all sizes in Europe, offering digital business information and decision support for the general business-to-business market. By providing state-of-the-art information solutions, Bisnode helps its customers achieve their business goals.

Scalable, digital business model

Strategy

With the resources of a market-leading European organisation, combined with local insight and knowledge in 17 countries, Bisnode offers customers value-added solutions tailored to their local needs. At Bisnode we strive to maximise revenue synergies by reusing successful concepts, business models and technologies combined with our local datasets. By leveraging the power of Bisnode, we are able to reduce time to market, increase effectiveness and serve our customers well.

The main components of Bisnode’s strategy are to work in close relationships with our customers through strong local presence, exploit the economies of scale in collecting and enhancing our own data and build superior segmented solutions by utilising the power of the Group. By doing so and by embracing the opportunities of new innovative methods and technologies, Bisnode will meet the objective of becoming an indispensible part of our customers’ daily business activities – and continue to grow as a leader in the markets we serve. Customer value

The key to serving customers well is to provide clearly segmented offerings under strong local brands. By working closely with our customers and utilising the local expertise

Bisnode’s digital business model enables scalability and effective use of our core asset, the data set in each country. By collecting and enhancing data that can be sold multiple times, Bisnode is thus able to realise cost synergies. By sharing best practices and solutions, we can capitalise on revenue synergies throughout the Group. Leveraging the power of the Bisnode Group

Driving future growth for Bisnode

Expanding the breadth and depth of the solutions we offer will be vital for Bisnode’s continued growth – both with customers we currently serve and in new markets where we establish our presence in the future. By continuing to develop innovative technologies that can be more easily adapted

to changing consumer behaviours, we will be able to attract new customers. In addition, by identifying talented individuals within the Bisnode Group and rewarding their creativity and entrepreneurial spirit, we will continue to enhance our position as leaders in the markets where we operate. Financial targets

Bisnode’s financial target is to achieve an operating margin, ebita, of at least 15 per cent and annual revenue growth of 10 per cent over an economic cycle.

key to serving customers well is to provide clearly segmented offerings under strong local brands

TRENDS in our industry An increasing flow of information, regulatory changes and new technologies are re-shaping the market for digital business information. Customers are demanding access to the right information, whenever, wherever – and in a user-friendly format. The transfer of business information is merging with customers’ work and private lives.

Business information consists of a range of different types of data, including corporate and consumer information. Long-term growth in Europe is estimated to progress at a three to five per cent annual rate. The market for digital business information is currently in a trend of cautious recovery. However, Bisnode mostly operates in segments of the information industry that are outperforming the industry average. The European market for digital business information is fragmented with many competing players, especially at the local and regional levels. At the present time, the market is experiencing a trend of consolidation among small operators. Mobility trend remains strong

New opportunities and user patterns continue to emerge as the regulatory framework changes and new technologies are launched – including mobile, social, personal, semantic web and portable devices. The way information is presented, experienced and used is changing dramatically. Significant market drivers include ever-increasing amounts of information and closer system integration with end-users. The mobility trend is growing stronger, and in 2010 the use of personal tablet computers proliferated. The launching of solutions for smart phones and tablets offers a new level of mobility and allows users to access and process content at their point of need.

The impact of next-generation content software technology had dramatic effects in 2010, and its evolution is expected to have an even greater impact on the industry in the year to come. Bisnode’s offerings continuously evolve to meet customer demands for next-generation services for business intelligence, social networks, embedded solutions and information searches. Customers are requesting increasingly sophisticated solutions based on new technologies with a more precise information transfer process. There is also a strong infographic trend, elevating the importance of design features that facilitate the process of digesting information. Sophisticated services and big data

As fixed costs for collecting and managing data are relatively high, and the additional cost for packaging and distributing the data is low, it is imperative that we strive to add more value to the services Bisnode provides. This ensures the necessary scope for achieving large economies of scale as user numbers increase. Price pressure has risen as the volume of information has grown, thus increasing the importance of quality assurance, data enhancement and value-added services. Onesize-fits-all solutions are being replaced by solutions that allow mass customisation. As the amounts of data grow, new opportunities arise for analytical tools that can extract

trends, patterns and consumer behaviours. Vast quantities of data, if refined, enrich business information services. Bisnode gathers increasing amounts of data via web crawling and crowd sourcing to harness the power of user and customer interactions. Content creation will scale faster as models take advantage of the network effect. In order to maintain and strengthen the Group’s market position, Bisnode continues to expand its offer of increasingly customised products and services, which includes more focus on user-friendly innovative solutions.

Ever-increasing amount of information, closer system integration with end-users and the mobility trend are important market drivers

WHAT WE OFFER TO OUR CUSTOMERS Bisnode offers high-quality business information, including company and consumer information. Bisnode’s core offering consists of credit, marketing and business information solutions that help customers to maximise sales, minimise risks and make better business decisions.

Core offering

Credit solutions

Marketing solutions

Business Information Solutions

Offering

Business and consumer credit information solutions and reports, portfolio monitoring, credit status updates, credit scoring and risk analysis for the management of credit risk on a transactional and/or portfolio basis.

Business and consumer contact data for mail, email or telephone, business and consumer data quality services, data intelligence, database management services including executing online communication campaigns.

Customised general business information solutions including financial and legal information, media monitoring, legal documents, in-depth industry analysis and extensive personal information listing.

Brands

AAA Soliditet, Business Check, Bonitete, Cekia, Connectus, Credita, D&B, Hoppenstedt CreditCheck, Hoppenstedt360, Wisur and PartnerControl.

Baby DM Scandinavia, Bisnode Interact, DirektMedia, DirektMedia 121, PAR, WDM and WDM directinet.

Eurodata, GV IN, Greens, HBI, Hoppenstedt Firmeninformationen, iBon, InfoTorg, Javnirazpisi, Newsline, Poslovna Hrwatska, Svensk Handelstidning Justitia, Svenska Nyhetsbrev and Yritystele.

Market position

Global credit – strong position via D&B brand for Austria, Czech Republic, Denmark, Finland, Hungary, Germany, Norway, Poland, Sweden and Switzerland. Domestic and regional credit – strong position in Nordic countries, building local brands in Austria, Switzerland, Germany and Central Europe.

Market leader in Belgium, Finland, France, Sweden and Norway and strong position in the Netherlands.

Market leader in Denmark, Sweden and Slovenia and strong positions in Croatia, Finland, Germany and Central European countries.

Main market segments

Large enterprises with global needs. Large enterprises with domestic/regional needs. Small to Medium Enterprises (SME).

Automotive, Fast-Moving Consumer Goods, Finance, Fundraising, Government, Insurance, Leisure, Mailorder, Media, Retail, Telecommunications and Utilities.

Corporations, Financial Institutions, Public Administrations and Small to Medium Enterprises (SME).

Competitors

Coface, Creditreform, Creditsafe, Delta Vista, Experian and UC Sweden.

1000 Mercis, Acxiom, Global Direct and Schober.

Bundensanzeiger Verlag, Bureau Van Dijk, Ergo- Group, Factiva, GBI-Genios and Lexis Nexis.

CREDIT SOLUTIONS Bisnode offers a wide range of solutions for credit and risk management, including financial and economic information, as well as credit assessments. In 2010, Bisnode strengthened its portfolio of both local and global services by developing and enhancing solutions that are increasingly sophisticated and user-friendly.

Bisnode offers business and consumer credit information services, credit status updates and business records, including original legal documents. Most services are offered at both the local and global levels. Local services are available through strong regional companies in the Group with standardised as well as customised information and specialised services, often integrated or combined with the customer’s systems. Global services are offered through the market-leading supplier of global credit information, d&b (Dun & Bradstreet). Bisnode is the largest partner of d&b, owning and operating d&b companies in ten European countries. With a portfolio of both local and global services, Bisnode has a leading position in the majority of its markets. A resilient market

Following the financial turbulence and frozen credit markets in 2009, many companies struggled through hard times. During such times, the share of business transactions that are preceded by a credit report is high. However, it tends to decrease in a strong economy. During 2010, the market took a positive turn, and the demand for credit solution services shifted. As the economy recovers, the number of business transactions increases, which in part makes up for the decrease in credit risk. – Our continued growth in 2010 is due to an expansion of the Small to Medium Enterprise (SME) market, in combination with the

proliferation of more sophisticated solutions in the Large Enterprise segment, says Mattias Aronsson, CIO and Competence Centre Director Credit Solutions. Market growth in SME segment

A strong trend during 2010 was the expansion of the market for credit solutions in the sme segment. Bisnode’s solutions offer easy access to user-friendly credit services meeting the needs of small businesses and contribute to driving demand for credit solutions in the sme segment. – Traditionally, our solutions have primarily been directed toward advanced users. Now, as the share of smaller companies that are performing credit checks is on the rise, we have focused on developing more user-friendly solutions, says Mattias Aronsson. Sophisticated services add value

In the recent past, the need for sophisticated risk management solutions has increased. This trend has fuelled the development of valueadded services in addition to the data Bisnode delivers in the Large Enterprise segment. – In our line of business, adding value means moving from delivering reports and data to refining and processing the data for our customers with analytical tools and integrated services. Delivering more sophisticated services allows us to retain premium pricing and enables our customers to focus on their core business, says Mattias Aronsson. Bisnode strengthened its Credit Solutions offering and market position in Germany

in 2010. Recent start-up Hoppenstedt CreditCheck is now an established player with significant brand recognition in the market. Bisnode also launched Hoppenstedt 360, focusing on the needs for domestic credit solutions in the Large Enterprise segment. In Central Europe, Bisnode developed a small business offering, PartnerControl, which is now offered in Hungary, the Czech Republic and Slovakia. Although the demand for credit solutions is traditionally counter-cyclical in nature, the development of Bisnode’s Credit Solutions remained strong throughout the business cycle. Credit Solutions showed a positive development in 2010 and increased its share of Bisnode’s total revenue to 32 percent.

Adding value means moving from delivering reports to refining the data with analytical tools and integrated solutions

1. 2.

Product Example: Every company can benefit from minimising the risks connected to their business. One major part of Bisnode’s offering is to provide Credit Solutions as sophisticated integrated solutions that enable companies to maximise their sales, without taking unnecessary risks. 1. Many major retailers, for example electronics firms, offer payment plans to reach more customers and sell more products, such as TVs. To ensure that a particular customer has the necessary means to pay for items they would like to purchase, Bisnode’s Integrated Credit Solution can be utilised to instantly perform a comprehensive credit check on the customer. 2. Every potential customer has his or her creditworthiness data gathered in a stored and integrated scorecard. During checkout, a cashier can easily enter the customer’s personal data and immediately get a green or red light to approve or deny a purchase 3. The information that is the basis for a consumer scorecard is gathered from local sources such as tax authorities, courts, official registers and the land registration authority. On this scorecard, factors such as age, date of employment, home ownership, involvement in company bankruptcies, etc. are merged together with the customers’ own regulations of providing credit to the client. A score from 1 to 10 that indicates the client’s creditworthiness is compiled from this information. 4. When a customer is approved, the necessary information is entered into the system and a payment plan is established. 5. The customer goes home with a new TV, and the electronics firm gets a new customer.

MARKETING SOLUTIONS Bisnode is one of Europe’s leading providers of marketing services including Customer Relationship Management, addressed and interactive direct marketing. In 2010, Bisnode also strengthened its cross-channel integration and solutions for harnessing the information in social networks.

Bisnode’s services are offered in two main segments: business-to-business and businessto-consumer. With the help of Bisnode’s solutions, customers can identify their own prospects and customer segments. Bisnode also offers up-to-date solutions for retaining and developing existing customer relationships by actively interacting with businesses and consumers. It is necessary to interact with customers via the most relevant channel and to take into consideration that the nature of the message will affect which channel produces the best results. – The speed of the dialogues is quicker, and customers have set higher standards on receiving sharper messages via the right channel. This increases the importance of high-quality crosschannel contact points. Linking the customer value from our databases with the estimation of their social value is an important focal point for the future, says Norbert Verkimpe, Competence Centre Director Marketing Solutions. Evolution of Business Intelligence

As consumers become more of a moving target, marketers will need to capture more information about them, mine all of the available data and find smarter ways to extrapolate it. More data than ever is being collected. However, a larger quantity of information is not in itself the answer. The demand for higher quality data drives the evolution of Business Intelligence. The marketing solutions become more effective by taking a wider look at the people Bisnode’s

customers want to reach, and by applying all of the available information. – A highly noticeable trend is that customers are asking for more relevant data, rather than just more data. They also want it presented in a user-friendly format. Bisnode’s processing power saves the customers time and allows for more effective cross-channel communication, says Norbert Verkimpe. It’s time to interact with the customers

2010 was the year in which companies and brands seriously started reflecting on how to harness the power of social networks. Now the time has come for companies to start having more serious dialogues with their consumers. In 2010, we witnessed an explosion of social media. As a result, brands have become increasingly intrigued by how they should position themselves. In 2011, it’s time for companies to become more active. – The explosion of social media has also caught the attention of governments, who are looking at how to protect people’s integrity online. Our job is to offer privacy proof solutions for the individual that are set in accordance with local laws, says Norbert Verkimpe. About Bisnode Marketing Solutions

Bisnode can assist customers in projectbased campaigns or services, as well as in the implementation and streamlining of ongoing marketing activities. Other marketing services include business and consumer list broking,

data mining and project management. Specialised value-added offerings such as data cleansing, hosting loyalty schemes and advanced statistical segmentation are also available. Marketing Solutions account for 33% of Bisnode’s total revenue. Customers are salesand marketing-driven companies in both the commercial and financial industries, as well as crm and direct marketing users.

Bisnode’s processing power in providing relevant information saves time for the customer and allows for more effective crosschannel communication

Product Example: Bisnode allows its clients, such as insurance companies, to keep track of their customers and give them relevant offers at the right time. One way of accomplishing this is by establishing key indicators that describe a customer’s lifestyle and purchasing power.

1. Jean is a young man who lives with his parents. He is represented in Bisnode’s system by three different keys. His individual key – representing Jean himsef. The household key – representing Jean and his parents. And finally the geographical key – representing the house they live in. 2. When Jean moves out to his own flat, all three of those keys change. The insurance company can send an offer to Jean to get insurance for his new flat, and since he is on his own now, perhaps accident insurance as well. At the same time, they also offer his parents the chance to update their insurance. 3. Jean meets a girl, and she moves in. The insurance company receives an indication from Bisnode in their system suggesting that new relevant offers can be provided. When they buy a car or have children, the insurance company knows and can adjust its marketing accordingly. 4. This way, handling the data is easier and more secure for Bisnode. It also allows the customers to create marketing activities targeted at individuals, families or addresses.

Business information solutions Bisnode’s Business Information offering ranges from general financial and legal information to media monitoring services and people information solutions. During 2010, Bisnode advanced in the area of embedded information in customer workflows, and continued to utilise new technologies to facilitate the usage of business information.

Bisnode’s offering includes a wide range of information, media monitoring and legal documents of p&l statements, land registry information and car registry information for in-depth industry analysis. The offering also includes extensive personal information such as decision-makers, managers and board members. Detailed business information can also be obtained about individual entrepreneurs and small- to medium-sized enterprises that otherwise can be hard to find. Bisnode’s information provides a solid base for well-founded decisions, from determining who to contact at a company to extensive processes needed for acquisitions and other corporate actions that require substantial decision support. Easy access to accessible data

Demand for standardised and segmented products is expected to continue to expand alongside the need for one-stop shop solutions. New technologies create opportunities to offer enhanced solutions for data access. The infographic trend continues to grow stronger, and customers are demanding that detailed and complex information be presented in a user-friendly, visual format. Customers are demanding the right information at the right time and place, and in an accessible format. Bisnode has re-shaped and re-launched several solutions in 2010. InfoTorg, Poslovna Hravatska and Hoppenstedt Firmeninformationen presented services with new visual qualities and adapted them for use in mobile devices.

– Customers are asking for solutions that make data more accessible from mobile devices such as smartphones and tablet computers. We also speed up the transfer of information by enhancing visual elements including graphs that convey data faster than a table of numbers would, says Maria Anselmi, Competence Centre Director of Business Information Solutions. Data collection and embedded usage

The broad range of services attracts a wide variety of customers, from managers and key decision-makers to consultants and business analysts. A significant share of the information comes from the government and other public sources, as well as private sources. Some information is collected through media and Internet monitoring. An increasing share of the data is collected using web crawling and crowd sourcing. – Web crawling is gathering data from the Internet via a computer program that automatically and methodically browses the web. Crowd sourcing outsources data collection that is traditionally performed by employees, to an undefined large group of people in society, says Maria Anselmi. Customers need updated information about news, events, competitors and credit risk in each market. Embedded usage is growing, which means that external business information is integrated with internal systems and workflows. By offering qualified business information services and solutions that integrate well with the customer

platform, the level of customer benefit is increased. – Integrating internal and external data gives our customer a wider spectrum of information. A more complete data set offers our customers a better base for accurate decision-making, states Maria Anselmi. The market for business information is in a recovering trend, although the market tends to be fairly robust in relation to the business cycle. Business Information Solutions account for 18 per cent of Bisnode’s total revenue.

Providing solutions that make data more accessible from mobile devices and enhance it with more graphical visuals is an increasing demand from our customers

3. Product Example: Every company can benefit from keeping tabs on the world around it. Bisnode provides online monitoring services for small- and medium-sized companies to help them with day-to-day fact finding on their market, their competitors and partners. 1. Companies can keep tabs on what is written by business publications. Bisnode searches the daily business press and indexes articles into a database that numbers more than one million articles in various countries. Driven by a powerful search engine, customers get the latest news and market trends at all times.

2. Bisnode gathers information about companies and decision-makers from sources such as local courts, banks, official government agencies and business partners. 3. Bisnode uncovers information about insolvency cases, legal issues, payment indices and other information that enables our customers to perform benchmark analyses, study balance sheets, annual reports and more. 4. Bisnode Business Information Solutions gives each client sufficient data to continuously monitor the market in order to make better and safer decisions in their day-to-day business.

IT’S ALL ABOUT PEOPLE Talent is the key to business success. Bisnode works strategically to attract, develop and retain the right talent for today and tomorrow. Employees at Bisnode have the advantages of working for small and mid-sized entrepreneurial companies at the same time that the Group provides the opportunities available in a large organisation.

Knowing our markets

The Bisnode Group is present in 17 countries in Europe and had 2,974 employees at the end of 2010. The Group is divided into four geographical regions in which Bisnode provides a core offering of credit, marketing and business information solutions. The local focus enables Bisnode to work close to the customers and take advantage of the competitive edge locally. In addition, there are two separate business areas – Product Information, offering product information and online-based advertising services across Europe, and Software and Applications. Power of the Group

Bisnode is committed to sharing ideas and enhancing its longstanding entrepreneurial tradition. Three Competence Centres – for Credit Solutions, Marketing Solutions and Business Information Solutions – allow the sharing of knowledge and ideas while encouraging an innovative approach to new business opportunities. These Competence Centres strive to transfer successful concepts throughout regions and to create revenue by searching for business opportunities across borders. The local focus combined with increased transparency enables maximised business potential and synergies throughout the Group. Maximizing performance and potential

One of Bisnode’s strategic objectives is to offer an environment where individuals can grow in their professional roles, and

the Group shares a comprehensive strategy for Talent Management. With a large number of Bisnode companies in many geographical markets and a wide range of business information solutions, Bisnode offers a multitude of opportunities for career advancement within the Group for not only current but also future talent. – Our strategic focus on talent development and knowledge sharing allows us to maximize the potential of the talent we have in-house to increase profitability and growth at the same time that we attract new talent, says Karin Svensson, Talent Director. Bisnode is focused on developing the right leadership for today and tomorrow, identifying talent in all areas of the business and developing it to its full potential, as well as dynamically sharing talent within the Group by allowing the organisation to become more transparent. Our goal is to successfully develop employee talent and offer our employees interesting career paths and mobility within the company in order to gain new skills and experiences. A good Talent Management strategy is a way to retain top talent within the Group. Building engagement

A motivated team is a more proactive team. Bisnode recognises that the ability to attract and engage talented people within the Group is a key differentiator in remaining ahead of the competition and growing the entire organisation. By taking a strategic view of talent development in the same

way as we do with product development and demonstrating a culture of continuous learning and cooperation, we engage the inhouse talent to create a positive spiral where talented people attract other talented people. – By injecting passion, energy and fun into our work and continuously connecting with our people, we can better understand the drivers for their engagement, meaning and each employee’s experience of being part of the Bisnode Group, says Karin Svensson.

values Entrepreneurial spirit Bisnode was built by entrepreneurs, and it is vital to maintain the entrepreneurial spirit in order to continue growing.

Local focus By working closely with customers, knowing Bisnode’s markets and taking advantage of the competitive edge locally.

A winning attitude By striving for the number one position, exploring new possibilities and being ambitious while having fun.

Integrity By caring for the individual, securing the credibility of the Group’s business information and using it responsibly.

Openness By pursuing open communication and transparency.

17 organisation CEO

COMPETENCE CENTRES

FINANCE

CREDIT SOLUTIONS

COMMUNICATIONS MARKETING SOLUTIONS

STRATEGIC IT

BUSINESS INFORMATION SOLUTIONS

TALENT

REGION NORDIC

REGION DACH

REGION BENEFRA

REGION CENTRAL EUROPE

BUSINESS AREA PRODUCT INFORMATION

BUSINESS AREA SOFTWARE AND APPLICATIONS

PERSONnEL KEY figures

2010

2009

Average number of emloyees Number of emloyees at 31 December Total revenue per employee (SEK th) Operating profit (EBITA) per employee (SEK th) Number of men in the Group Number of women in the Group

3,080 2,974 1,445 174 1,731 1,348

3,167 3,095 1,497 187 1,749 1,418

EMPLOYEES BY REGION/BUSINESS AREA 2010 7%

NORDIC 35% 35%

DACH 21% BENEFRA 16% CENTRAL EUROPE 11% PRODUCT INFORMATION 8%

11%

SOFTWARE AND APPLICATIONS 7% CENTRAL 1% 16%

21%

EMPLOYEES BY FUNCTION 2010 Sales & Marketing production Administration

Peter Trap Director INTERNATIONAL business development

% 46% 41% 13%

18 Claudine Knop managing directoR

Through dedicated and passionate leadership, Claudine Knop, Managing Director of wdm Belgium, has shaped a company in which innovation is at the heart of day-to-day business. Claudine recognises the talent in every employee and motivates her colleagues to achieve the best possible results. Knop was awarded Leadership of the Year 2010, whereby she was recognised for her innovative thinking, good communication skills and for creating a good team spirit. “It feels inspiring to be in a company with 3,000 passionate digital information specialists who all strive to develop unique solutions in different business areas.” Leadership of the Year

“I feel really honoured to have won the Leadership of the Year award. I didn’t quite expect it since I have only been ceo for two years. Of course, I share the recognition with the members of my team, all of whom are very innovative and make a positive difference in our everyday business. My main contribution to our success is that I have empowered my team by welcoming and recognising new ideas”, Knop says. Communication is the key

Knop firmly believes that effective communication skills are essential for successful leadership. It’s how you create solidarity and common values. “I have worked hard to create an atmosphere where everyone feels comfortable bringing new ideas to me. However, people assimilate information differently. Therefore, it’s as important to offer face-toface communication as it is to write a weekly blog or share your vision in a report. One of the initiatives for promoting innovation is a web forum where all employees can post their ideas.” Talent Management Program

Knop points out that the Bisnode’s Talent Management Program will have a positive effect on the future of the Group. “A company’s employees are just as important as its products and services. If we allow people to grow, continue to promote innovative thinking and develop new digital solutions, it won’t be long before we’re number one in all markets.”

Name: Claudine Knop Position: Managing director at WDM Belgium since 2009, with 170 employees. Knop has worked with the Bisnode Group since 1994. Business target for 2011: To increase revenue, to integrate new technology with our digital solutions and to continue to develop the team. Personal character traits: Perceptive, genuine and demonstrating excellent communication skills.

19 Pasi Leino Account Director Pasi Leino, Account Director at Soliditet Finland, received the Performance of the Year award. He had a very successful year in 2010 and managed to sign contracts with large customers in a new business area. “I am truly honoured to have been selected, and to be a part of a very successful organisation. Winning the award has spurred me to deliver even better results this year.”

Working together leads to success

Name: Pasi Leino

Performance of the Year

Position: Account Director at Soliditet Finland. Leino has been with the Bisnode Group since 2005.

Pasi Leino is known for his ambitious drive and winning attitude. In 2007, he played a key role in breaking up the monopoly in the personal credit business segment in Finland. This greatly helped strengthen Bisnode’s market position. Last year he exceeded all sales goals and received the Performance of the Year award for his achievements.

Leino points out that the Group has given him complete confidence to pursue leads for new customers. He feels that innovation and entrepreneurship are encouraged, which helps him maximise his results. “The balance between freedom and responsibility has been essential to my achievements. I am convinced that if Bisnode continues to support this kind of development, we have a great future ahead of us.”

Business target for 2011: To expand the market in the consumer credit business segment and be the first person to win the Performance of the Year award two years in a row. Personal character traits: Listens well to customers, keeps his promises and will do what it takes to close the deal.

“The success I enjoyed in 2010 could not have been possible without the support of my colleagues. In order to meet the challenges successfully, it was necessary to apply knowledge shared by my colleagues, and also to work creatively with them to create customised solutions,” says Leino. Innovation and entrepreneurship

Christian Brandlhuber Account Manager Christian Brandlhuber, Account Manager at d&b Germany, was awarded 2010 Salesperson of the Year. He won the award for exceeding his individual annual sales budget by 288 per cent. This was the highest figure in the Group. “Excellent support from my managers and my team helped me achieve such an excellent result.” Salesperson of the Year Name: Christian Brandlhuber Position: Account Manager at Sales & Marketing Solutions in D&B Germany. He has worked within the Bisnode Group since 2008. Business target for 2011: Compared to 2010, Brandlhuber’s budget has been raised by more than 150 per cent for 2011. The reason for this is to encourage even greater contributions that will further strengthen the position of the Group in the marketplace. Personal character traits: Creative, diligent, flexible, friendly, persistent and persistent and persistent.

Despite the challenges of the financial crisis, Christian Brandlhuber had a successful year in 2010 by closing a large number of deals and attracting new customers. As a result, he reached remarkable sales figures and was selected as Salesperson of the Year. Brandlhuber is recognised for his customer relationship skills and for creatively modifying market solutions to fit customer demands. “As an Account Manager, it is necessary to really listen, recognise what the customer needs and act upon it. I never sell just a product. I offer a solution to a real problem,” Brandlhuber says.

The key to success

Brandlhuber’s accomplishment is based on several factors. “To succeed in sales you have to be at the right place, at the right time and offer the right solution,” Brandlhuber explains. He suggests that another key to success is to identify the gatekeeper. By getting through to the decision-maker you close the deal faster. Brandlhuber continues by saying, “in my Account Manager role, I never let the lost deals bring me down. It is a natural part of the job. Be persistent, always knock on new doors and focus on your goals. My motto is abc – Always Be Closing.” A creative environment

Bisnode Group strives to offer a stimulating environment that allows the individuals to grow and develop. Brandlhuber truly believes that Bisnode lives up to that ambition.

Regions and business areas Bisnodeâ&#x20AC;&#x2122;s core offering of credit, market and business information solutions is organised into four geographical regions with similar market conditions, business opportunities and local synergies. In addition, there are two separate business areas â&#x20AC;&#x201C; Product Information and Software and Applications.

Natalie Guidotti Account Manager Alexandre Rossez Database manager servais YIMKWAN Database manager

21 Region Nordic

Mats Erwald Regional Director The Nordic region is the Group’s largest, with a very strong offering in all product areas. In 2010, revenue amounted to sek 1.988 million with an operating profit of sek 371 million. Demand for Bisnode’s solutions was stable, and operations showed high profitability. Overall, the challenge in the region is growth. Developments differed between countries. In Denmark growth slowed following previous year’s sharp increase, and in Norway the business development remained weak. Finland continued to perform well and operations were strengthened through the acquisition of Yritystele. In Sweden, the business continued to deliver high operating profit margin, despite that the Swedish market for personal information is in transition since the Swedish Tax Agency assumed responsibility for spar. This will affect the Swedish operations, however, our assesment is that other operations in Bisnode will compensate for the estimated decline in revenue.

Region BeNeFra

Denmark Estonia Finland Norway Sweden

Continued high profitability SEK m 2,500

750

2,000

600

1,500

450

1,000

300

500

150

2008

2009

2010

REVENUE OPERATING PROFIT, EBITA

Belgium France Netherlands

Norbert Verkimpe Regional Director Bisnode has a strong offering of marketing solutions and is the leading provider of services for consumer marketing in the region. In 2010, revenue amounted to sek 741 million with an operating profit of sek 30 million. Region BeNeFra reported negative organic growth of 6 per cent, adjusted for foreign exchange effects. Overall, the region struggled to keep pace with market recovery, regulatory changes and re-organisations. In the Netherlands, a significant regulatory change has affected market conditions for all players and led to negative growth. To adapt these operations an action programme with substantial cost-cutting measures was implemented. In Belgium, an integration project has been carried out to unite the customer offerings in business-tobusiness and business-to-consumer information. Profits in France were affected by one-time costs, connected to the integration of Directinet, which was acquired at the beginning of the year.

Challenging market SEK m 900 800 700 600 500 400 300 200 100 0

120 100 80 60 40 20 2008

2009

2010

REVENUE OPERATING PROFIT, EBITA

22 Region DACH

Germany Austria Switzerland

Eckhard Geulen Regional Director Bisnode has a strong offering of credit solutions in the dach region and offers business information solutions in Germany. In 2010, revenue amounted to sek 860 million with an operating profit of sek 104 million. Region dach reported positive development with organic growth of 3 per cent, adjusted for foreign exchange effects. Investments in data quality is starting to pay off in expanded offering with the launch of Hoppenstedt CreditCheck and Hoppenstedt360. Despite ongoing initiatives to increase the Group’s share of the German credit information market, the region showed higher profitability. Austria and Switzerland continued to deliver positive performances with slight growth along with improved operating margins. Eckhard Geulen has been appointed Regional Director dach following the resignation of Peter Villa in April 2011.

Region Central Europe

Martin Coufal Regional Director Bisnode has a strong offering of credit solutions and business information solutions in the region. In 2010, revenue amounted to sek 182 million with an operating profit of sek 23 million. Region Central Europe posted organic growth of 6 per cent, adjusted for currency effects. Development was strongest in Poland and Slovenia. Growth-enhancing investments were made in product development, database expansion and hiring of new staff throughout the region in 2010. New products launched in all countries are starting to pay off. At the end of the year, operations in Croatia were strengthened through the acquisition of Poslovna Domena – the country’s market-leading supplier of digital business information.

Healthy growth SEK m 1,000

120

800

100 80

600

60 400

200 0

20 2008

2009

2010

REVENUE OPERATING PROFIT, EBITA

Croatia Czech Republic Hungary Poland Slovakia Slovenia

Invested for future growth SEK m 210

180

150

120

2008

2009

2010

REVENUE OPERATING PROFIT, EBITA

23 business area Product Information Fredrik Åkerman Business Area Director The Product Information business area offers advertising-based online services and business journals with a focus on industrial suppliers. In 2010, revenue amounted to sek 437 million with an operating profit of sek 71 million. Revenue in the Product Information business area declined organically by 6 per cent for the year. The business area improved its operating margin compared to the previous year as a result of cost adaptations that matched the lower level of demand. Wer Liefert Was? retained its strong market position in Germany and continued to perform well. The divestiture of abc companies in Belgium, France, Luxembourg and the Netherlands during the period resulted in a capital loss. Fredrik Åkerman has been appointed Business Area Director Product Information following the resignation of Peter Villa in April 2011.

business area Software and Applications

Austria Denmark Finland Germany Hungary Norway Sweden Switzerland

Improved profit margin SEK m 600

500

70 60

400

300

40 30

200

100 0

10 2008

2009

2010

REVENUE OPERATING PROFIT, EBITA

Finland Norway Sweden

Fredrik Åkerman Business Area Director Bisnode offers software and applications with integrated business information that help customers analyse and improve their business performance while providing access to better decision support. In 2010, revenue amounted to sek 360 million with an operating profit of sek 46 million. In 2010, Bisnode sold Office Team in Norway and its shareholding of slightly more than 50 per cent in Emric in Sweden, contributing to the decline in revenue and lower operating profit. The remaining companies have recovered after the previous year’s decrease due to market decline, and reported organic growth of more than 4 per cent for 2010. The offering of crm systems in the Swedish market remains successful, and expansion to Norway and Finland is proceeding as planned.

divestments and market recovery

SEK m 500 450 400 350 300 250 200 150 100 50 0

2008

2009

2010

100 90 80 70 60 50 40 30 20 10 0

REVENUE OPERATING PROFIT, EBITA

CORPORATE GOVERNANCE Bisnode’s organisation, with operations in 17 countries, makes clear and well implemented corporate governance an important platform for the Group.

In the Bisnode Group, governance, management and control are divided between the shareholders, Board of Directors, ceo, executive management team and managing directors of the operating companies. Corporate governance is regulated by Swedish law, primarily by the Swedish Companies Act, and by the rules and recommendations issued by relevant organisations. The Board of Bisnode Business Information Group has established requirements for all companies in the Group for corporate governance, including both a mandatory section and a section that is strongly recommended. Bisnode’s organisation, consisting of many independent companies in 17 countries, makes the Group heavily reliant on the use of sound internal control systems and procedures, as well as on compliance with these procedures. Work of the Board of Directors

In 2010 Bisnode’s Board of Directors held eight scheduled meetings. The primary tasks of the Board of Directors are to: • Formulate and adopt Bisnode’s strategy for attaining its overall operating goals. • Review and adopt Bisnode’s annual budget. • Review and submit Bisnode’s annual report. • Report and propose the allocation of profit/loss to the Annual General Meeting. • Review and monitor Bisnode’s financial development and business situation. Aside from follow-up of business operations, the Board devoted much of its time in 2010 to discussing Bisnode’s

upcoming acquisitions and divestitures. Bisnode played an active role in the consolidation of the market for business information during the year. Board committees

Bisnode has two board committees: a Compensation Committee and an Audit Committee. Compensation Committee

The Compensation Committee consists of Håkan Ramsin (Committee Chairman), Henrik Joelsson and C. W. Ros. The main tasks and responsibilities of the Committee are to: • Discuss the Board’s proposal for resolution by the Annual General Meeting regarding principles for compensation to senior executives according to the Swedish Companies Act. The principles approved by the agm shall constitute the framework for the compensatory forms and levels discussed and decided on by the Compensation Committee. • Discuss matters related to general option and bonus programs in terms of scope, conditions and allocation, according to proposals from the ceo or the Board of Directors. • Discuss matters related to the ceo’s employment contract, salary and other benefits prior to decision by the Board of Directors, and recommendations to the Board of Directors in these areas. • Discuss, and in consultation with the ceo, decide on matters related to the employment contracts, salaries and other benefits of other senior executives. The Committee shall

continuously inform the Board of Directors when such decisions have been made. • Propose principles for compensation to members of the Board of Directors for any assignments on behalf of Bisnode beyond those which are consistent with normal Board responsibilities. Audit Committee

The Audit Committee consists of Henrik Joelsson (Committee Chairman), Håkan Ramsin and Jonas Nyrén. The task of the Audit Committee is to ensure credibility, control and high quality in the company’s financial reporting. The committee’s main areas of responsibility are to: • Supervise the Board of Directors’ efforts to assure the quality of Bisnode’s financial reporting. This quality assurance shall normally take place through examination of all critical accounting processes and financial reports published by Bisnode. Among other tasks, it is assumed that the Committee shall deal with matters related to internal control, regulatory compliance, events after the balance sheet date, changes in estimates and judgments and other issues that could affect the quality of the financial reports. • Maintain continuous contact with Bisnode’s auditor to stay informed about the focus and scope of the audit and to discuss coordination between the independent and internal audits and assessment of Bisnode’s risks. • Establish guidelines for the non-audit services that Bisnode may procure from the company’s auditor. • Evaluate the auditor’s performance.

financial inforMATION

Lobke DESTROOPER Account manager

Directors’ report Consolidated income statement Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cash flow Parent Company income statement Parent Company statement of comprehensive income Parent Company statement of financial position Parent Company statement of changes in equity Parent Company statement of cash flow

26 28 28 29 30 31 32 32 33 34 35

Accounting policies and notes Note 1. General information Note 2. Summary of significant accounting policies Note 3. Financial risk management Note 4. Critical accounting estimates and judgements Note 5. Operating segments Note 6. Other operating income Note 7. Board members and senior executives Note 8. Average number of employees. Average number of Board members, CEO and senior executives Note 9. Wages, salaries and other remuneration – Group Note 10. Compensation to Board members and senior executives Note 11. Wages, salaries and other remuneration – Parent Company Note 12. Fees to auditors Note 13. Results from participations in group companies Note 14. Financial income Note 15. Financial expenses Note 16. Income tax expense Note 17. Intangible assets Note 18. Property, plant and equipment Note 19. Available-for-sale financial assets Note 20. Deferred tax assets and liabilities Note 21. Participations in group companies Note 22. Trade and other receivables Note 23. Inventories Note 24. Cash and cash equivalents Note 25. Borrowings Note 26. Provisions for pensions Note 27. Other provisions Note 28. Trade and other payables Note 29. Derivative financial instruments Note 30. Accrued expenses and deferred income Note 31. Reserves Note 32. Finance leases Note 33. Operating leases Note 34. Related party transactions Note 35. Contingent liabilities and pledged assets Note 36. Share capital Note 37. Earnings per share Note 38. Business combinations Note 39. Sale of subsidiaries Note 40. Discontinued operations Note 41. Events after the balance sheet date

36 36 36 40 41 42 43 43

Audit report

43 44 45 45 45 45 45 46 46 46 48 49 49 50 52 52 52 52 53 54 54 54 55 55 55 55 56 56 56 56 57 59 59 60

Directors’ report

The Board of Directors and the Chief Executive Officer of Bisnode Business Information Group AB, 556681-5725, hereby submit their report for 2010. The Group’s operations Bisnode is a leading provider of digital business information in Europe, with a complete offering of online solutions for market, credit and business information. Bisnode’s business information services help companies to maximise sales, minimise business risks and make better business decisions. Bisnode conducts operations in 17 European countries and has approximately 3,000 employees . Consolidated revenue in 2010 amounted to around SEK 4,5 billlion. Bisnode is organised in four geographical regions – Nordic, DACH, BeNeFra and Central Europe – all covering the product offerings Marketing Solutions, Credit Solutions and Business Information Solutions. In addition, there are two separate business areas, Product Information and Software and Applications, and central support functions. Significant events during the financial year Acquisitions and divestitures Three companies were acquired and four operations were divested during the year. At the beginning of January 2010 Bisnode completed the acquisition of Directinet, a leading supplier of online direct marketing solutions in France. The company reported annual revenue of EUR 14 million in 2009 and has more than 90 employees. In April Bisnode acquired Bilfakta i Sverige AB. The company has annual revenue of around SEK 4 million and was integrated with Bisnode’s existing service InfoBil during the year. In October Bisnode acquired Yritystele Oy in Finland with an online B2B search service for business information. The company has 35 employees and annual revenue of around EUR 3 million. At the beginning of April Bisnode divested the Norwegian IT supplier Office Team AS. The company has 12 employees and reported annual revenue of SEK 26 million in 2009. In the middle of May Bisnode divested the ABC group with operations in Belgium, France, Luxembourg

and the Netherlands. The ABC companies have a total of 22 employees and posted annual revenue of just under SEK 28 million in 2009. In June Bisnode divested its shareholding of just over 50 per cent in Emric. Emric has more than 100 employees and reported annual revenue of close to SEK 80 million in 2009. Aside from the three divested companies, in May Bisnode sold the subsidiary PAR’s operations in information logistics with 9 employees and annual revenue of around SEK 30 million. Earnings and financial position Revenue and profit Revenue for the period January-December fell by 6 per cent to SEK 4,451 million, compared to SEK 4,741 million in the same period of last year. Organic growth was –6.6 per cent. Adjusted for foreign exchange effects, organic growth was –1.4 per cent. Operating profit, EBITA was SEK 536 million (593), equal to an operating margin of 12.0 per cent (12.5). Adjusted for capital gains on the sale of subsidiaries, operating profit, EBITA was SEK 545 million (563) and operating margin was 12.2 per cent (11.9). Operating profit, EBIT was SEK 434 million (428). Amortisation and impairment of intangible assets attributable to acquisitions amounted to SEK 102 million, compared to SEK 164 million in last year. The comparison period included a total goodwill impairment loss of SEK 41 million. 2010 is charged with an impairment loss of just under SEK 6 million on an excess value attributable to the Product Information business area. Net financial items for the year are reported at SEK –149 million, compared to SEK –189 million last year. The improvement in net financial items is explained by a stronger Swedish krona rate coupled with a decrease in net debt and lower market interest rates compared to the same period of last year. Unrealised foreign exchange gains attributable to the Group’s long-term borrowing totalled SEK 93 million (75). Income tax for the period was SEK 91 million (69), equal to an average tax rate of 32 per cent (29). Profit from continuing operations was SEK 194 million, compared to SEK 170 million last year. Earnings per share (basic and diluted) amounted to SEK 1.5 (1.3). Profit from discontinued operations in the compar-

ison year includes all profit and loss items from Region UK and Ireland, which was wound up during 2009. Profit for the period was SEK 194 million (62) and earnings per share (basic and diluted) amounted to SEK 1.5 (0.4). Cash flow and capital expenditure Cash flow from operating activities remains stable and amounted to SEK 464 million (471) during the year. The year’s improvement in profit before tax was offset by a somewhat higher level of working capital. The year’s expenditure on non-current assets amounted to SEK 95 million (119), and included investments of SEK 52 million (57) in intangible assets and SEK 43 million (62) in tangible assets. As a percentage of revenue, investments in tangible and intangible assets reached 2.1 per cent (2.5). Capital expenditure in the subsidiaries amounted to SEK 194 million (123) and the divestiture of subsidiaries had a positive cash flow effect of SEK 15 million (105). Capital expenditure in the subsidiaries includes total contingent purchase consideration of SEK 108 million. The payments refer to two acquisitions that were carried out in 2007 and the amount has been previously reported as an interest-bearing provision in the consolidated balance sheet. The sale of two small office buildings during the period contributed a positive cash flow effect of more than SEK 20 million. Financial position Consolidated net debt fell to SEK 2,289 million, compared to SEK 2,685 million at 31 December 2009, mainly as a result of a strong cash flow during the year. Furthermore, the higher Swedish krona rate has reduced the Group’s long-term borrowing, which is denominated partly in EUR, by around SEK 90 million. Cash and cash equivalents amounted to SEK 259 million, compared to SEK 368 million at 31 December 2009. In addition, the Group has total granted bank overdraft facilities of SEK 400 million. At the end of the year, SEK 25 million of the overdraft facilities had been utilised.

27 Employees The number of employees at 31 December 2010 was 2,974 (3,095 at 31 December 2009). The net effect of acquired and divested companies was a decrease of 36 employees. The average number of employees during the year was 3,080, compared to 3,167 in 2009. Significant events after the balance sheet date After the balance sheet date, Bisnode completed the acquisition of Poslovna Domena in Croatia and acquired 51 per cent of Vendemore AB in Sweden. Poslovna Domena offers digital business information from Croatia’s most complete dataset of company and people information. The company has 15 employees and annual revenue of around SEK 9 million. Vendemore helps companies to optimise their online marketing. The company has 10 employees and reported annual revenue of around SEK 9 million in 2010. At the end of February Bisnode acquired the credit solutions company Lindorff Decision and 90.1 per cent of marketing solutions company Lindorff Match, located in Norway. Combined, the companies have 37 employees and showed annual revenue of SEK 115 million in 2010. Operating profit amounted to around SEK 26 million. The acquisitions are subject to approval from the relevant competition authorities. No other significant events have taken place after the balance sheet date. Future outlook Bisnode’s vision is to be the leading provider of digital business information in Europe. The Group’s longterm financial targets are annual revenue growth, including acquisitions and divestitures, of 10 per cent over a business cycle and an operating margin, EBITA, of at least 15 per cent over a business cycle. Risks and uncertainties All business operations involve risks. Bisnode works continuosly to identify, measure and manage risk. In cases where events are beyond Bisnode’s control, the aim is to minimise the consequences. The risks to which the Bisnode Group are exposed are classified into three main categories: external-related risks, operating risks and financial risks. External-related risks – Macroeconomics Demand for Bisnode’s services and products is largely steered by economic development in the respective country. However, the Group’s externalrelated risks are reduced by maintaining a good geographical spread with sales in 17 countries, a large number of customers and a wide range of services and products. – Legislation To a large extent, the information used by the Group comes from publicly accessible sources. As a result, the Group’s operations are influenced by the laws and regulations governing public sector information in each country.

– Coordinated Population and Address Register The Swedish market for people information is in transition. In 2009 the Swedish Tax Agency took over responsibility for SPAR (Coordinated Population and Address Register), which was previously handled by Bisnode through its subsidiary Infodata, and the Swedish Tax Agency introduced its first own SPAR services on the market in January 2011. The services handled by Infodata will remain on the market during 2011 but will cease entirely thereafter. Infodata will thus lose its exclusive right to distribution of SPAR information. For more than 20 years, Infodata has distributed this information on a wholesale basis to both Group companies and external parties. Due to this exclusivity, the profitability of SPAR sales has been historically very high. The Bisnode Group’s directly related SPAR revenue in 2010 amounted to around SEK 300 million. The management’s assessment, however, is that the Group’s other operations will compensate for the decline in SPAR-related revenue. – Competition As technological advances reduce the costs of procuring and delivering digital information, start-up costs and certain barriers to entry in Bisnode’s markets may be reduced, allowing for more market entrants and greater competition. To fend off competition from low cost players, Bisnode is working actively to develop a more sophisticated product range and to increase customer loyalty through integrated solutions where the information is made available directly in the customer’s business system when possible. Operating risks – Product and technology development The Bisnode Group’s long-term profitability depends on the Group’s ability to successfully develop and sell new products and services. The long-term development is also dependent on the ability to efficiently deliver products to the customers. If Bisnode fails to enhance the current delivery methods or develop new methods in response to changes in technology or customer preferences, or does not act quickly enough to enhance or develop new delivery methods, the customers may choose to receive digital business information from other providers. – Employees To a large extent, Bisnode’s future sucess is dependent on the knowledge, experience and performance of its employees. In order to retain the existing staff and recruit new talents, Bisnode is working actively to offer competence development and competitive compensation terms for its employees. Financial risks The Group is exposed to different types of financial risks through its handling of financial instruments. The primary risks are currency risk, interest-rate risk, credit risk and liquidity risk. For detailed information about financial risks and financial risk management, see Note 3.

Parent Company The Parent Company reported an operating profit of SEK -27 million (-1). Profit after financial items was SEK 99 million (100). The figure includes dividends of SEK 100 million (100) from the subsidiaries. The Parent Company made no investments during the period. Group conditions Bisnode Business Information Group AB is a subsidiary of Ratos AB, corporate identity number 556008-3585. Ratos’ holding in the company amounts to 70 per cent of the votes and capital. The remaining shares are held by Bonnier Holding AB. Accounting policies The Bisnode Group applies reporting in accordance with International Financial Reporting Standards (IFRS). For additional information see Note 2. Proposed appropriation of earnings Profits available for appropriation by the Annual General Meeting (SEK): Retained earnings 638,700,044 Profit for the year 103,802,933 Total 742,502,977 The Board of Directors and the CEO propose that the profits be appropriated as follows: To be carried forward 742,502,977 Total 742,502,977

28 Consolidated income statement SEK thousands Continuing operations Revenue Other operating income Total operating income Goods and services Personnel costs Depreciation, amortisation and impairment losses Other expenses Total operating expenses

Note

9, 10 17, 18 12

Operating profit Financial income Financial expenses Net financial items

14 15

Profit before tax Income tax expense

Profit for the year from continuing operations Discontinued operations Profit for the year from discontinued operations

2009

4,451,486 61,579 4,513,065

4,740,747 88,647 4,829,394

-973,313 -2,060,398 -237,060 -808,418 -4,079,189

-1,102,809 -2,198,929 -299,454 -799,904 -4,401,096

433,876

428,298

9,431 -158,254 -148,823

11,879 -200,771 -188,892

285,053

239,406

-90,949

-69,352

194,104

170,054

Profit for the year

-108,237 194,104

61,817

180,567 13,537

50,551 11,266

37 37 37

1.50 1.50

0.42 1.32 -0.90

Note

2010

2009

194,104

61,817

Attributable to: Owners of the parent Non-controlling interests Share information: Earnings per share before and after dilution, SEK Earnings per share from continuing operations, SEK Earnings per share from discontinued operations, SEK

2010

Consolidated statement of comprehensive income SEK thousands

Profit for the year Other comprehensive income Fair value gains on available-for-sale financial assets Cash flow hedges Cash flow hedges, transferred to the income statement Translation differences Deffered tax recognised directly in equity Tax attributable to other comprehensive income Other comprehensive income for the year Total comprehensive income for the year

-5,092 8,482 -4,770 -130,423

61,100 -4,770 -315,815 12,934 -14,814 -261,365

-976 -132,779

-67,261

-70,962

29 Consolidated statement of financial position SEK thousands ASSETS Non-current assets Intangible assets Property, plant and equipment Available-for-sale financial assets Deferred tax assets Trade and other receivables Total non-current assets Current assets Inventories Tax receivables Trade and other receivables Cash and cash equivalents Total current assets TOTAL ASSETS EQUITY Equity attributable to owners of the parent Share capital Other capital contributions Reserves Retained earnings including profit for the year Total Non-controlling interests Total equity LIABILITIES Non-current liabilities Borrowings Provisions for pensions Other provisions Deferred tax liabilities Trade and other payables Total non-current liabilities Current liabilities Borrowings Tax liabilities Derivative financial instruments Other provisions Trade and other payables Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

Note

31/12/2010

31/12/2009

17 18 19 20 22

5,182,273 284,698 4,841 134,386 14,787 5,620,985

5,612,689 367,165 6,993 114,406 20,910 6,122,163

5,856 34,432 861,050 259,167 1,160,505 6,781,490

11,496 26,524 911,366 367,844 1,317,230 7,439,393

482,356 1,763,097 -205,249 -1,036,820 1,003,384 47,041 1,050,425

482,356 1,763,097 54,003 -1,214,374 1,085,082 64,781 1,149,863

3,203,615 209,568 54,164 245,621 3,712,968

3,528,963 217,711 188,544 259,366 2,234 4,196,818

347,275 104,955 74,481 39,893 1,451,493 2,018,097 5,731,065 6,781,490

332,351 57,712 135,581 1,238 1,565,830 2,092,712 6,289,530 7,439,393

22 24

36 31

25 26 27 20 28

25 29 27 28

30 Consolidated statement of changes in equity Equity attributable to owners of the parent

SEK thousands Balance at 1 January 2009

Other Share capital capital contributions 482,356

1,763,097

Total comprehensive income for the year Dividend Acquisition of non-controlling interests Other changes Subtotal

Retained earnings incl. profit for Reserves the year

Total

Noncontrolling interests

Total equity

185,969

-1,265,596

1,165,826

57,305

1,223,131

-131,966

50,551

-81,415

10,453

-70,962

-2,740 -237 -2,977

-2,740 -237 671 -2,306

671 671

0 0 671 671

Balance at 31 December 2009

482,356

1,763,097

54,003

-1,214,374

1,085,082

64,781

1,149,863

Balance at 1 January 2010

482,356

1,763,097

54,003

-1,214,374

1,085,082

64,781

1,149,863

-259,252

180,567

-78,685

11,424

-67,261

-546 -502 -28,116 -29,164

-546 -3,515 -28,116 -32,177

47,041

1,050,425

Total comprehensive income for the year Dividend Acquisition of non-controlling interests Sale of non-controlling interests Subtotal Balance at 31 December 2010

-3,013

0 -3,013 0 -3,013

482,356

1,763,097

-205,249

-1,036,820

1,003,384

-3,013

31 Consolidated statement of cash flow SEK thousands

Note

Cash flow from operating activities Profit before tax Adjustment for items not included in cash flow, etc. Depreciation, amortisation and impairment losses Capital gains and losses Unrealised foreign exchange gains/losses Capitalised interest Other Income tax paid Cash flow from operating activities before changes in working capital Cash flow from changes in working capital Increase (-)/Decrease (+) in inventories Increase (-)/Decrease (+) in receivables Increase (+)/Decrease (-) in trade payables Increase (+)/Decrease (-) in other current liabilities Cash flow from operating activities Cash flow from investing activities Acquisition of subsidiaries Investments in intangible assets Investments in property, plant and equipment Internally generated assets Sale of subsidiaries Sale of other financial assets Sale of intangible assets and property, plant and equipment Cash flow from investing activities

38 17 18 17 39

Cash flow from financing activities New borrowings Repayment of borrowings Repayment of non-current receivables Acquisition of non-controlling interests Dividend paid to non-controlling interests Cash flow from financing activities

2010

2009

285,053

239,406

241,688 2,890 -92,675 108,764 3,398 -66,041 483,077

299,510 -30,395 -74,561 91,686 -18,978 -71,987 434,681

4,517

-1,383

-4,525 -10,496 -8,636 463,937

45,136 -14,429 7,436 471,441

-193,759 -36,481 -43,043 -15,958 14,812 223 22,667 -251,539

-123,435 -38,070 -61,581 -19,050 105,019 3,331 4,108 -129,678

226,555 -531,635 10,932 -3,515 -547 -298,210

-2,740 -383,778

-1,715 98,777 -441 96,621

Cash flow for the year

-85,812

54,606

Cash and cash equivalents at the beginning of the year Exchange rate differences on cash and cash equivalents Cash and cash equivalents at the end of the year

367,844 -22,865 259,167

323,572 -10,334 367,844

-130,361 3,785

-167,578 6,138

Cash flow from discontinued operations Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow from discontinued operations

Supplementary information Cash flow from operating activities includes paid and received interest in the following amounts: Interest paid Interest received

-395,411 14,373

32 Parent Company income statement SEK thousands

Note

Revenue Total operating income Personnel costs Other external expenses Total operating expenses

11 12

Operating profit Result from financial items Results from participations in group companies Other interest income and similar items Interest expenses and similar items Total profit from financial items

13 14 15

Profit after financial items Tax on profit for the year

Profit for the year

2010

2009

841 841

-8,924 -18,695 -27,619

-1,429 -1,429

-26,778

-1,429

192,904 47 -66,963 125,988

177,312 1 -75,918 101,395

99,210

99,966

4,593 103,803

99,966

2010

2009

103,803

99,966

103,803

99,966

Parent Company statement of comprehensive income SEK thousands Profit for the year

Note

Other comprehensive income Total comprehensive income for the year

33 Parent Company statement of financial position SEK thousands

Note

ASSETS Non-current assets Financial assets Participations in group companies Receivables from group companies Deferred tax asset Total financial assets

Total non-current assets Current assets Current receivables Receivables from group companies Tax assets Other receivables Prepaid expenses and accrued income Total current receivables Cash and cash equivalents Total current assets TOTAL ASSETS

EQUITY AND LIABILITIES Equity Restricted equity Share capital Statutory reserve

Non-restricted equity Retained earnings Profit for the year Total equity Provisions Other provisions Total provisions Non-current liabilities Liabilities to group companies Other liabilities Total non-current liabilities Current liabilities Trade payables Liabilities to group companies Tax liabilities Other liabilities Accrued expenses and deferred income Total current liabilities

31/12/2009

1,373,967 533,513 3,508 1,910,988

1,373,967 535,715

1,910,988

1,909,682

575,946 163 5,024 221 581,354

432,651

58,111

639,465

432,771

2,550,453

2,342,453

482,356 39,980

638,700 103,803 1,264,839

538,734 99,966 1,161,036

16,006 16,006

860,026 368,582 1,228,608

796,320 341,280 1,137,600

417 32,948

584 42,790 148

1,909,682

119 432,770

TOTAL EQUITY AND LIABILITIES

Assets pledged Contingent liabilities

31/12/2010

35 35

163 7,472 41,000

295 43,817

2,550,453

2,342,453

1,107,539 2,237,126

1,298,012 2,625,416

34 Parent Company statement of changes in equity

SEK thousands Opening balance at 1 January 2009

Share capital

Statutory reserve

Nonrestricted equity

Total equity

482,356

39,980

538,734

1,061,070

99,966

Profit for the year Closing balance at 31 December 2009

482,356

39,980

638,700

1,161,036

Opening balance at 1 January 2010

482,356

39,980

638,700

1,161,036

103,803

742,503

1,264,839

Profit for the year Closing balance at 31 December 2010

482,356

39,980

35 Parent Company statement of cash flow SEK thousands

Note

2010

2009

Cash flow from operating activities Profit after financial items Adjustment for items not included in cash flow, etc. Provisions Capitalised interest Unrealised foreign exchange gains/losses Income tax paid Cash flow from operating activities before changes in working capital

99,210

99,966

16,006 91,008 -25,614 774 181,384

86,592 -10,960 -937 174,661

Cash flow from changes in working capital Increase (-)/decrease (+) in receivables Increase (+)/decrease (-) in other current liabilities Cash flow from operating activities

-5,126 7,173 183,431

220 -1,790 173,091

Cash flow from investing activities Acquisition of subsidiaries Cash flow from investing activities

-8,120 -8,120

Cash flow from financing activities Change in group balances Group contributions received/given Dividends received Cash flow from financing activities

-328,247 77,312 100,000 -150,935

-339,930 74,785 100,000 -165,145

Cash flow for the year

32,496

-174

Cash and cash equivalents at the beginning of the year Exchange rate differences on cash and cash equivalents Cash and cash equivalents at the end of the year

1 25,614 58,111

175

Supplementary information Cash flow from operating activities includes paid and received interest in the following amounts: Interest paid Interest received

-1,561 47

-277 1

Accounting policies and notes

Note 1. General information Bisnode Business Information Group AB, with corporate identity number 5566815725, is a subsidiary of Ratos AB, 556008-3585. The Bisnode Group is one of the leading providers of digital business information in Europe, with a complete offering of online solutions for market, credit and business information. The Group operates in 17 countries. Bisnode Business Information Group AB is a public Swedish limited liability company that is registered in Stockholm. The address to the head office is Sveavägen 168, S168, SE-105 99 Stockholm. The consolidated financial statements were approved by the board of directors and the CEO on 15 March 2011 and will be presented to the 2011 Annual General Meeting for adoption.

Note 2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies remain unchanged from the previous year unless otherwise stated. 2.1 Basis for preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as approved by the EU and with the standard RFR 1, Supplementary Accounting Rules for Groups, and the Annual Accounts Act. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of available-for-sale financial assets and derivative financial instruments at fair value through equity in accordance with hedge accounting. All amounts are expressed in thousands of Swedish kronor (SEK thousands) unless otherwise stated. 2.2 Changes in accounting policies and disclosures IFRS 3 – Business Combinations (revised) The revised standard is applied by the Group as of 1 January 2010. The revised standard has affected how business combinations are accounted for, i.e. the accounting treatment of transaction costs, contingent purchase consideration and business combinations achieved in stages. The revised standard has not had any impact on business combinations in previous year. IAS 27 – Consolidated and Separate Financial Statements (revised) The revised standard is applied by the Group as of 1 January 2010. The revised standard requires for instance that the effects of transactions with non-controlling interests be recognised directly in equity if control over the subsidiary is retained. The revised standard has affected financial statements in that transactions with noncontrolling interests have been recognised directly in equity instead of given rise to goodwill.

2.3 Clarification of IFRS standards or interpretations to standards that are not yet effective and that will have a significant effect on future financial statements IAS 24 – Related Party Disclosures (revised) The revised standard clarifies and simplifies the definition of a related party and will be applied by the Group for periods beginning on or after 1 January 2011. When the revised standard is applied, it could lead to further information about related party transactions. 2.4 Consolidation a) Subsidiaries Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. The group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and any equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent purchase consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On a acquisition-byacquisition basis, the group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in profit or loss as other operating income. Intragroup transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated but are considered an indication of impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. b) Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Participations in associates are accounted for using the equity method of accounting and are initially recognised at cost.

37 c) Transactions with non-controlling interests The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity. When the Group ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. 2.5 Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer of Bisnode. 2.6 Foreign currency translation a) Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Swedish kronor (SEK), which is the Parent Company’s functional and presentation currency. b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Translation differences on non-monetary financial assets and liabilities, such as equities held at fair value through profit or loss, are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets, such as equities classified as available-for-sale, are included in other comprehensive income. c) Group companies The results and financial position of all the group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; (ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); and (iii) all resulting exchange differences are recognised in other comprehensive income. On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income. When a foreign operation is disposed of or sold, such exchange rate differences are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate.

2.7 Intangible assets a) Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash generating units for the purpose of impairment testing. The Group’s cash generating units consists of the six operating segments. b) Trademarks Trademarks are carried at historical cost. Trademarks have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of trademarks over their estimated useful lives. Useful lives have been estimated at 20 years in all cases. c) Databases Databases are capitalised on the basis of the costs incurred to acquire them. These costs are amortised over their estimated useful lives (5–10 years). d) Customer relationships Capitalised customer relationships refer only to those identified in a business combination. Customer relationships have been valued on the basis of the so-called Multi-period Excess Earnings Method and are amortised using the straight-line method over the estimated useful lives of the assets. Estimated useful lives have been calculated on the basis of the customers’ average rate of business renewal in each company and result in amortisation periods of between 4 and 20 years. e) Other intangible assets Other intangible assets principally refer to business systems and systems development in progress. Internal development projects are capitalised if the investment meets the definition of intangible asset, has an estimated useful life of at least 3 years and exceeds SEK 1,000 thousand. 2.8 Property, plant and equipment Property, plant and equipment are stated at historical cost less depreciation. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance are recognised in the income statement during the financial period in which they are incurred. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives, as follows: Buildings Land improvements Computers Servers Office equipment Other equipment

25 – 50 years 15 – 20 years 2–5 years 5–10 years 5 – 10 years 5 – 20 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the income statement. 2.9 Impairment Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently when there is an indication of impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised from the amount by which the

38 asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). 2.10 Financial assets The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available-for-sale financial assets. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition and reviews the classificiation at each reporting date. a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. During the financial year, the Group had no assets belonging to this category. b) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They characteristically arise when the Group supplies money, goods or services directly to a customer without intending to trade with the claim that has arisen. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. This category includes trade and other receivables in the balance sheet. c) Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date. Regular purchases and sales of financial assets are recognised on the tradedate – the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs, for all financial assets not carried at fair value through profit or loss. Financial instruments are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Realised and unrealised gains or losses arising from changes in the fair value of the financial assets at fair value through profit or loss are presented in the income statement in the period in which they arise. Unrealised gains or losses arising from changes in the fair value of instruments classified as available-for-sale are recognised in other comprehensive income. When instruments classified as available-for-sale are sold or impaired, the accumulated fair value adjustments are included in the income statement as gains and losses from financial instruments. The fair values of quoted investments are based on current bid prices. If the market for a specific financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow statement and option pricing models that have been refined to reflect the issuer’s special conditions. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a group of financial assets is impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the historical cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss – is removed from equity and recognised in the income statement. Impairment losses recognised in the income statement on equity instruments are not reversed through the income statement.

2.11 Derivative financial instruments Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. The Group designates certain derivatives as either: (1) hedges of the fair value of recognised liabilities (fair value hedge); (2) hedges of a particular risk associated with a recognised liability or a highly probable forecast transaction (cash flow hedge); or (3) hedges of a net investment in a foreign operation (net investment hedge). As of balance sheet date, the Group uses only cash flow hedges. The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement as financial income or expense. Amounts accumulated in equity are recycled in the income statement in the periods when the hedged item affects profit or loss. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at the time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. 2.12 Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. 2.13 Trade receivables Trade receivables are recognised initially at fair value, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated future cash flows. The provision is recognised in the income statement among other expenses. 2.14 Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks and any short-term investments. Short-term investments consist of securities with maturities of less than three months. 2.15 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.

39 2.16 Taxes Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or a liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax relating to items that are recognised directly in shareholders’ equity is recognised directly in shareholders’ equity. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred income tax assets and liabilities are offset when there is a legal right to offset current income tax assets and liabilities and when deferred taxes refer to the same tax authority. The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. Temporary differences arising from investments in subsidiaries and associates where the Group is able to control the timing of the reversal of the temporary difference and it is not probable that the temporary difference will be reversed in the foreseeable future are not recognised. 2.17 Employee benefits a) Pension obligations Group companies operate various pension schemes. The schemes are generally funded through payments to insurance companies or trustee-administered funds, determined by periodic actuarial calculations. The Group has both defined benefit and defined contribution plans. A defined benefit plan is a pension plan defining an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The Group has no legal or constructive obligations to pay further contributions to the defined contribution pension plans if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets, together with adjustments for unrecognised actuarial gains or losses. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension liability. The Group applies the corridor rule which states that actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions in excess of the greater of 10% of the value of the plan assets or 10% of the defined benefit obligation are charged or credited to income over the employees’ expected average remaining working lives. Past-service costs are recognised immediately in income, unless the changes to the pension plan are conditional on the employees remaining in service for a specific period of time (the vesting period). In this case, the past-service costs are amortised on a straight-line basis over the vesting period. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expenses when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or reduction in the future payments is available. b) Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination

benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. 2.18 Provisions Provisions for restructuring costs, legal claims, etc. are recognised when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. A provision is discounted to present value if it is due to be settled later than 12 months after the balance sheet date and if its effect is significant. Provisions are not recognised for future operating losses. 2.19 Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the group’s activities, excluding value-added tax and discounts and after eliminating sales within the group. Revenue is recognised as follows: a) Income from catalogue business Income from catalogue business activities is accounted for in connection with distribution to the customer. b) Online income Online income is allocated over the period covered by the contract or alternatively based on the customer’s pattern of use. c) Royalty income Royalty income is recognised on an accrual basis in accordance with the substance of the relevant agreements. d) Dividend income Dividend income is recognised when the right to receive payment is established. 2.20 Leases Leases for non-current assets where the Group substantially carries all the risks and rewards incidental to ownership of an asset are classified as finance leases. The leased asset is recognised as a non-current asset and a corresponding financial liability is recognised in interest-bearing liabilities. The initial value of these two items comprises the lower of the fair value of the assets or the present value of the minimum lease payments. Future lease payments are divided between amortisation of the liability and financial expenses, so that every accounting period is charged with an interest amount corresponding to a fixed interest rate on the reognised liability in each period. The leased asset is depreciated according to the same principles that apply to other assets of the same type. If it is uncertain whether the asset will be taken over at the end of the leasing period, the asset is depreciated over the lease term if this is shorter than the useful life that applies to other assets of the same type. Leases for assets where the risks and rewards incidental to ownership essentially remain with the lessor are classified as operating leases. The lease payments are recognised as an expense on a straight-line basis over the lease term. 2.21 Dividend distribution Dividend distribution to the Parent Company’s shareholders is recognised as a liability in the consolidated financial statement in the period in which the dividends are approved by the Parent Company’s shareholders. 2.22 Discontinued operations Operations that have represented a separate major line of business or geographical area of operations that have either been disposed of, or are classified as held for sale, are accounted for in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. According to the standard, all income and expenses attributable to the discontinued operation are reported on a separate line in the consolidated income statement. The consolidated cash flow is also presented with a separation between continuing and discontinued operations. The figures for the comparison period have been restated accordingly.

40 2.23 Cash flow statement The cash flow statement is prepared in accordance with the indirect method. The reported cash flow includes only transactions that lead to cash payments or disbursements. 2.24 The Parent Company’s accounting policies The Parent Company has prepared its annual report in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s standard RFR 2 Accounting for Legal Entities. RFR 2 states that in the report for the legal entity, the Parent Company shall apply all EU-endorsed IFRS and statements as far as possible within the framework of the Annual Accounts Act and the Pension Protection Act, and with respect to the connection between accounting and taxation. The standard specifies what exceptions from or additions to the IFRSs shall be made. The Parent Company’s accounting policies correspond to the Group’s accounting policies in all material aspects. Group contributions Group contributions are recognised according to their economic content. Group contributions received from subsidiaries are equated with dividends and recognised as financial income.

Note 3. Financial risk management 3.1 Financial risk factors The Group is exposed to different types of financial risks through its handling of financial instruments. The primary risks are currency risk, interest-rate risk, credit risk and liquidity risk. Guidelines for the Group’s management of financial risks are adopted annually by the Board of Directors in the Parent Company. These guidelines are summarised in the Group’s financial policy. Risk management is carried out by a central treasury department in the Group company Bisnode AB. The treasury department administers the Group’s central accounts and identifies, evaluates and hedges financial risks. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. a) Currency risk Currency risk is the risk for fluctuations in the fair value of, or the future cash flow from, a financial instrument due to changes in currency exchange rates. The Group operates in 17 countries and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the DKK, EUR, GBP, NOK and USD. The Group’s currency risk mainly arises through transaction exposure, translation exposure and cash exposure. –Transaction exposure Transaction exposure is the risk that operating revenue or expenses will be negatively affected as a result of foreign currency fluctuations. Each company manages its transaction exposure as part of its overall activities. The basic principle for all business transactions is for revenue and expenses to be denominated in the same operating currency. Foreign exchange exposure in specific large transactions and larger flows into subsidiaries may be hedged. The Group’s greatest transaction exposure is USD, SEK and DKK. In 2010 the net flow in these currencies amounted to SEK –37 million, SEK –12 million and SEK –8 million respectively. –Translation exposure Translation exposure is the risk that net assets in foreign subsidiaries will be affected by exchange rate fluctuations. The Group’s policy is that long-term subsidiary holdings do not need to hedge foreign currencies. This is partly to produce a good spread of risk between foreign and Swedish assets and partly to avoid short-term, major negative liquidity effects for the owners. By this reasoning, investments in and loans from subsidiaries to any of the subsidiaries, that are of a long-term nature are comparable to reported net assets. However, hedging of foreign exchange exposure is required for the value of foreign assets and/or subsidiaries that are planned to be sold.

From the Group’s total exposure to foreign subsidiaries’ net assets at year-end, 71% pertains to EUR and 15% to DKK. – Cash exposure Cash exposure occurs when a bank balance is held in a foreign currency other than the operating currency. The table below analyses the impact of changes in the primary currencies on the Group’s profit before tax:

SEK thousands

2010 Change in SEK +10% -10%

2009 Change in SEK +10% 10%

DKK

4,692

-4,692

5,517

-5,517

EUR GBP NOK USD

7,740 5,226 -12,155 4,377

-7,740 -5,226 12,155 -4,377

21,713 5,765 -12,281 2,000

-21,713 -5,765 12,281 -2,000

The table above shall be interpreted as follows: If the Swedish krona had strengthened by 10% against the Danish krona with all other variables held constant, pre-tax profit for the year would have been SEK 4,692 thousand (5,517) higher. All changes in pre-tax profits are due to foreign exchange gains/losses on translation of cash and cash equivalents. b) Interest rate risk Interest rate risk is the risk for fluctuations in the fair value of, or the future cash flow from, a financial instrument due to changes in market interest rates. The Groups’ interest rate risk arises primarily from long-term borrowings. The Groups’ finance policy states that interest should not be fixed for more than 12 months unless otherwise stated by current bank agreements. According to the current bank agreements, at least 85% of total borrowings shall carry fixed interest. The Group uses interest rate swaps to convert from variable to fixed interest and achieve the desired fixed interest on the loans. The Group continually analyses its interest rate exposure by calculating the impact on profit and loss of a defined interest rate shift. c) Credit risk The Group consists of more than 100 companies and has operations in 17 countries, and thus has no significant concentration of credit risks. The credit risk is also further limited by financing a significant portion of operations through advance payments. Surplus liquidity in specific companies in countries without a central bank account may be invested locally to the extent that it would be unrealistic to use the surplus liquidity in the Group. Such investments should be made only in established banks with a rating of at least A-2. Derivative contracts and cash transactions are entered into only with European business banks with high credit ratings. For information on the credit quality of trade receivables, age analysis, etc., see Note 22. d) Liquidity risk Bisnode continually assesses its future capital needs on the basis that the Group should be able to control a minimum of SEK 50 million, including available bank funds, etc., with two banking days’ notice. Of the loan share, including unused committed credits but excluding pension liabilities, a maximum of 33% may be due for payment within one year and 66% within two years. The Group uses bank overdraft facilities to handle short-term fluctuations in liquidity needs. Management monitors liquidity on the basis of a rolling two-week projection. This projection, which is prepared weekly, provides details of expected incoming and outgoing payments and cash balances. In connection with the acquisition or sale of companies, the effects of the transaction in question are analysed in detail with respect to future cash flows and the capital structure of the company. The table below analyses the Group’s financial liabilities that will be settled on a net basis into relevant maturity groupings based on the remaining time to contractual maturity at the balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows.

41 31/12/2010 SEK thousands Bank borrowings Loans from shareholders Borrowings for finance leases Derivative financial instruments Other borrowings Trade and other payables Total 31/12/2009 SEK thousands Bank borrowings Loans from shareholders Borrowings for finance leases Derivative financial instruments Other borrowings Trade and other payables Total

Maturity date Within Between Later than 1 year 1-5 years 5 years 450,650 1,998,250 1,442,602 6,307 25,866 80,861 74,037 7,242 10,884 1,451,493 1,996,553 3,551,639

65,606

Maturity date Within Between Later than 1 year 1-5 years 5 years 457,762 2,514,775 1,442,602 6,952 28,304 95,308 158,771 5,770 17,310 1,565,830 2,234 2,131,622 4,163,996

80,446

3.2 Financial risk management The Groupâ&#x20AC;&#x2122;s objectives for management of capital are to safeguard the Groupâ&#x20AC;&#x2122;s ability to continue as a going concern and to maintain an optimal capital structure and thereby reduce the cost of capital. The Group monitors capital principally on the basis of net debt. The current interest rate margin, and thus the cost of capital, is based on the net debt to EBITDA ratio. According to current bank covenants, net debt is defined as total interest-bearing debt, including finance leases and provisions for pensions but excluding shareholder loans and convertible bonds, less cash and cash equivalents. EBITDA is defined as Earnings Before Interest, Taxes, Depreciation and Amortisation. Management regularly monitors and analyses the net debt based on changes in, for example, cash flow from operating and investing activities. The net debt at 31 December 2010 was SEK 2,289 million (2,685). The change in net debt is shown below: SEK thousands

31/12/2010 31/12/2009

Borrowings less: Loans from shareholders Provisions for pensions Contingent purchase considerations Accrued interest income/expenses

Note 25 Note 25 Note 26 Note 27 Note 21, 28

Less: Cash and cash equivalents Less: Interest-bearing receivables Net debt

Note 24 Note 21

3,550,890 -1,228,608 209,568 35,330 -311

3,861,314 -1,137,600 217,711 142,118 232

-259,167 -19,112 2,288,590

-367,844 -31,245 2,684,686

3.3 Fair value estimation The fair value of financial instruments traded in active markets (such as trading and available-for-sale securities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. The quoted market price used for financial liabilities is the actual asking price.

Note 4. Critical accounting estimates and judgements The preparation of financial statements in accordance with IFRS requires the management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. These estimates and judgements are based on historical experience and other factors that are belived to be reasonable under the circumstances. Actual outcomes may differ from these estimates and assumptions if other measures are taken and other conditions exist. The estimates and judgements that have a significant risk of causing material adjustments in future financial years are outlined below. Impairment of Goodwill The carrying amount of goodwill at 31 December 2010 was SEK 4,529,850 thousand (4,750,684). Goodwill is reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Groupâ&#x20AC;&#x2122;s annual impairment testing of goodwill is based on estimates and judgements about future growth, profitability and investment levels (see Note 17). Deferred tax assets The carrying amount of deferred tax assets at 31 December was SEK 134,386 thousand (114,406). Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Judgement on future taxable surplus is thus required in determining the value of deferred tax assets. Pension obligations The present value calculation of defined benefit obligations makes assumptions about annual salary increase, inflation and employee turnover. Current interest rates of high quality corporate bonds with an appropriate maturity are used as discount interest rates (see Note 26). The carrying amount of pension obligations at 31 December was SEK 209,568 thousand (217,711).

42 Note 5. Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer of Bisnode. The Chief Executive Officer consider the business from both a geographical and product perspective. The Group is organised in four geographical regions – Nordic, DACH, BeNeFra and Central Europe – all covering the product offerings Market Solutions, Credit Solutions and Business Information Solutions. In addition there are two separate business areas, Product Information and Software and Applications, and central support functions. This structure is the basis for the reporting of operating segments. The Chief Executive Officer assesses the performance of the operating segments based on a measure of EBITA, operating profit less amortisation of intangible assets arising from business combinations. Segment revenue, expenses, assets and liabilities include amounts of such items that can be allocated to a segment on a resonable basis. Only items that are directly attributable to the operating activities of the respective segments are allocated. Financial items, such as interest or dividend income, gains on the sale of investments or income tax expense are not allocated to the respective segments. The corresponding balance sheet items are not included in the allocation of assets to the respective segments. The segment’s gross investments include all investments in intangible assets and property, plant and equipment, including own work capitalised. All transactions between business units are carried out on an arm’s length basis.

2010 External revenue Inter-segment sales Other operating income Total operating income Goods and services Personnel costs Depreciation, amortisation and impairment losses* Other expenses Total operating expenses Operating profit, EBITA Gross investments Assets

2009 External revenue Inter-segment sales Other operating income Total operating income Goods and services Personnel costs Depreciation, amortisation and impairment losses* Other expenses Total operating expenses Operating profit, EBITA Gross investments Assets

Bisnode’s operating segments consists of the following regions and business areas: Region Nordic consists of Denmark, Estonia, Finland, Norway and Sweden Region DACH consists of Austria, Germany and Switzerland Region BeNeFra consists of Belgium, France and the Netherlands Region Central Europe consists of Croatia, the Czech Republic, Hungary, Poland, Slovakia and Slovenia Business area Product Information offers advertising space in business magazines, catalogues and online services. The customers are primarily suppliers of industrial components. Business area Software and Applications offers software and applications based on business information. The business intelligence softwares integrates information analysis with system development to help companies get better decision support. Central functions include costs for the Group’s joint units, such as the accounting and finance, corporate communications and CIO functions. Added to this are costs for acquisitions and divestitures and the Group’s three competence centres.

Nordic

DACH

BeNeFra

Central Europe

Product Information

Software & Applicat.

Central func./elim.

Total

1,952,528 35,695 19,175 2,007,398

849,763 10,305 9,008 869,076

740,465 232 8,713 749,410

177,680 4,629 2,269 184,578

435,564 1,735 10,808 448,107

295,486 64,484 14,477 374,447

-117,080 -2,871 -119,951

4,451,486 0 61,579 4,513,065

-570,640 -769,270 -50,729 -245,840 -1,636,479

-179,951 -407,358 -24,903 -152,646 -764,858

-194,323 -357,899 -35,822 -131,227 -719,271

-18,880 -77,159 -5,156 -60,185 -161,380

-61,931 -196,133 -9,752 -109,527 -377,343

-64,256 -198,808 -4,567 -60,897 -328,528

370,919

104,218

30,139

23,198

70,764

45,919

-109,311

535,846

36,612 3,482,523

23,094 1,166,195

15,794 1,196,682

7,475 249,959

7,189 982,132

4,333 554,140

985

95,482

Nordic

DACH

BeNeFra

Central Europe

Product Information

Software & Applicat.

Central func./elim.

Total

2,049,228 36,369 50,697 2,136,294

899,926 12,929 8,055 920,910

734,720 283 12,558 747,561

181,010 1,883 4,428 187,321

527,976 1,790 4,345 534,111

347,887 75,913 13,149 436,949

-129,167 -4,585 -133,752

4,740,747 0 88,647 4,829,394

-669,028 -814,414 -53,199 -214,769 -1,751,410

-203,289 -437,796 -26,512 -171,948 -839,545

-181,249 -343,404 -29,371 -120,753 -674,777

-21,147 -77,834 -4,831 -57,258 -161,070

-77,137 -249,033 -12,465 -143,922 -482,557

-78,864 -226,614 -7,429 -64,248 -377,155

384,884

81,365

72,784

26,251

51,554

59,794

-83,949

592,683

-34,296 3,537,748

-31,925 1,304,788

-24,712 1,239,163

-7,056 276,305

-11,258 1,058,835

-7,736 651,012

-1,718

-118,701

*excluding depreciation, amortisation and impairment of surplus values arising from business combinations.

116,668 -973,313 -53,771 -2,060,398 -4,161 -135,090 -48,096 -808,418 10,640 -3,977,219

127,905 -1,102,809 -49,834 -2,198,929 -1,262 -135,069 -27,006 -799,904 49,803 -4,236,711

43 Note 6. Other operating income

Note 7. Board members and senior executives Group 2010 2009

Sale of subsidiaries Sale of available-for-sale financial assets Sale of property, plant and equipment Foreign exchange gains of an operating nature Own work capitalised Negative goodwill recognised in the income statement Other operating income Total

6,655 6,685 5,791 15,958 26,490 61,579

25,942 3,620 1,092 4,448 19,050 1,533 32,962 88,647

2010 2009 No. on of No. on of balance whom balance whom date men date men Group Board members Chief executive officer and other senior executives

363 242

320 168

452 281

404 200

Parent Company Board members Chief executive officer and other senior executives

6 1

5 1

7 1

6 1

Note 8. Average number of employees. Average number of Board members, CEO and senior executives 2010

Austria Belgium Croatia Czech Republic Denmark Estonia Finland France Germany Hungary Netherlands Norway Poland Slovakia Slovenia Sweden Switzerland United Kingdom Total

2009

Average number of employees

of whom men

Average number of employees

of whom men

62 218 15 85 71 5 98 210 659 53 103 278 109 30 55 897 125 7 3,080

28 136 7 45 33 2 56 110 398 14 68 177 39 6 23 510 72 7 1,731

68 225 20 84 68 5 59 132 642 55 137 313 96 26 53 1,050 124 10 3,167

32 140 11 39 32 2 26 70 381 10 88 186 33 5 25 592 69 8 1,749

The total number of employees in the Group at 31 December 2010 was 2,974 (3,095).

2010 2009 Average no. of Board members, CEO and senior executives 22 26 2 13 26 6 28 6 90 8 9 37 2 5 1 221 28 7 537

16 29 6 17 37 2 8 8 73 7 26 54 2 3 1 290 29 1 609

44 Note 9. Wages, salaries and other remuneration â&#x20AC;&#x201C; Group

2010 Austria Belgium Croatia Czech Republic Denmark Estonia Finland France Germany Hungary Netherlands Norway Poland Slovakia Slovenia Sweden Switzerland United Kingdom Total

2009 Austria Belgium Croatia Czech Republic Denmark Estonia Finland France Germany Hungary Netherlands Norway Poland Slovakia Slovenia Sweden Switzerland United Kingdom Total

Wages, salaries and other remuneration Board of Directors, CEO of which and senior bonuses Other executives etc. employees 1,355 24,311 195 3,984 10,108 344 7,814 11,879 40,837 2,667 4,261 19,494 507 1,021 87,008 10,021 1,257 227,063

334 3,931 473 1,030 3 926 2,210 8,852 508 143 2,804

248 15,730 103 111 37,406

27,147 96,487 1,902 11,570 33,779 1,147 41,266 82,350 319,391 5,802 40,129 123,964 12,643 2,042 12,299 382,654 69,379 2,673 1,266,624

Wages, salaries and other remuneration Board of Directors, CEO of which and senior bonuses Other executives etc. employees 2,326 28,078 598 4,443 12,486 257 7,630 9,587 50,619 2,367 6,182 5,797 1,110

2,738 8,902 456 117 1,821 157

1,222 88,671 13,143 1,121 235,637

266 11,546 3,804 322 40,581

616 6,597 661 2,578

27,966 111,382 2,581 11,114 37,312 1,164 24,758 61,463 356,050 6,147 57,318 170,548 9,453 1,848 13,574 421,688 71,667 2,531 1,388,564

Total

Social security costs

of which pension costs

28,502 120,798 2,097 15,554 43,887 1,491 49,080 94,229 360,228 8,469 44,390 143,458 13,150 2,042 13,320 469,662 79,400 3,930 1,493,687

8,396 33,019 832 4,940 3,805 514 10,774 44,248 63,630 2,438 7,923 45,895 2,246 716 6,717 225,413 12,412 935 474,853

124 3,396 448 76 3,266

3,950 64,602 6,464 278 113,933

Total

Social security costs

of which pension costs

30,292 139,460 3,179 15,557 49,798 1,421 32,388 71,050 406,669 8,514 63,500 176,345 10,563 1,848 14,796 510,359 84,810 3,652 1,624,201

9,241 33,544 691 4,671 4,133 512 6,486 31,749 64,679 2,597 12,043 49,396 1,875 690 6,936 231,283 9,696 1,312 471,534

128 3,666

8,301 7,149 2,032 1,897 10,874 1,076

58 3,638 5,668 3,910 2,037 3,138 9,469 1,875 4,355 65,479 5,467 751 109,639

Total 36,898 153,817 2,929 20,494 47,692 2,005 59,854 138,477 423,858 10,907 52,313 189,353 15,396 2,758 20,037 695,075 91,812 4,865 1,968,540

Total 39,533 173,004 3,870 20,228 53,931 1,933 38,874 102,799 471,348 11,111 75,543 225,741 12,438 2,538 21,732 741,642 94,506 4,964 2,095,735

45 Note 10. Compensation to Board members and

Note 11. Wages, salaries and other remuneration

senior executives

2010

Fixed salary/ Board Variable Other Pension fees salary benefits costs

Chairman of the Board – Håkan Ramsin Members of the Board – Torgny Eriksson – Birgitta Klasén – Carl Wilhelm Ros Chief Executive Officer – Johan Wall Other senior executives Total

3,770 14,379 18,954

2009

Fixed salary/ Board Variable Other Pension fees salary benefits costs

Chairman of the Board – Håkan Ramsin Members of the Board – Torgny Eriksson – Birgitta Klasén – Carl Wilhelm Ros Chief Executive Officer – Johan Wall Other senior executives Total

– Parent Company

Total

333

138 167 167

138 167 167 3,989 6,084 10,073

74 218 292

1,584 9,417 4,607 25,288 6,191 35,510

Total

300

150 150 150

3,480 13,779 18,009

1,870 4,137 6,007

73 228 301

1,471 6,894 1,828 19,973 3,299 27,617

Parent company Board of Directors Fees to the Board of Directors are determined by the Annual General Meeting. Aside from the Board fees, there are no agreements for variable salary, pension, termination benefits or other benefits for the members of the Board. Chief Executive Officer Compensation to the CEO of the Parent Company is decided by a remuneration committee consisting of the Board Chairman and two Board members. Aside from the monthly salary, there is variable salary based on the actual achievements. This variable salary component may not exceed 12 monthly salaries. The CEO’s employment contract contains a mutual notice period of 6 months. For termination on the part of the company, the CEO has the right to termination benefits equal to 12 monthly salaries. The CEO has a premium based pension agreement. The annual premium amounts to 27.5% of the CEO’s fixed salary and agreed variable salary. Other senior executives “Other senior executives” consist of other members of the executive management team, in total 10 persons (9) in 2010. Compensation to other senior executives is determined by the CEO of the Parent Company after consultation with the remuneration committee. Variable salary is paid based on actual achievements. The maximum range of the variable portion is from 3 to 7 monthly salaries. Service pension is paid by individual agreements. Compensation to the executive management team includes a one-time cost of SEK 4 million in 2010 for additional variable salaries. In addition, a one-time pension provision of SEK 3 million was recognised in connection to a member of the executive management team leaving the company.

Wages, salaries and other remuneration

Parent Company 2010 2009

Board of Directors and CEO of which bonuses, etc. Total wages, salaries and other remuneration

5,922 3,989 5,922

Social security costs of which pension costs Total wages, salaries and other remuneration, pension and social security costs

2,998 1,127

8,920

Note 12. Fees to auditors Group Parent Company 2010 2009 2010 2009 Öhrlings PricewaterhouseCoopers Audit assignment Other audit assignments Tax assignments Other assignments Subtotal KPMG Audit assignment Tax assignments Subtotal Total

9,351 416 1,152 1,038 11,957

10,944 188 1,232 920 13,284

1,050

1,177

1,050

1,177

105 113 218

106 86 192

12,175

13,476

1,050

1,177

Note 13. Results from participations in group companies Parent Company 2010 2009 Dividend recieved Group contributions received Total

100,000 100,000 92,904 77,312 192,904 177,312

Note 14. Financial income Group Parent Company 2010 2009 2010 2009 Interest income, group companies Interest income, other Dividend from participations in other companies Other financial income Total

4,615

38 5,769

4,816 9,431

797 5,275 11,879

46 Note 15. Financial expenses

Note 17. Intangible assets Group Parent Company 2010 2009 2010 2009

Interest expense, group companies -63,706 -58,987 Interest expense, other -174,575 -210,155 Net foreign exchange gains/losses on financing activities 92,675 74,561 Impairment losses on available-for-sale financial assets -4,628 -56 Other financial expenses -8,020 -6,134 Total -158,254 -200,771

-92,569

-61,312 -25,557

25,614

10,960

-8 -66,963

-8 -75,918

Note 16. Income tax expense

Information on impairment In 2010, impairment losses of SEK 12,868 thousand were recognised on intangible assets. The amount comprises impairment of intangible assets pertaining to Region BeNeFra of SEK 4,799 thousand and to Business area Product Information of SEK 5,717 thousand. During 2009 intangible assets from continuing operations were impaired in an amount of SEK 44,869 thousand. The amount comprises impairment of goodwill pertaining to Region Nordic of SEK 14,366 thousand and to Business area Software and Applications of SEK 27,000 thousand. Impairment testing of goodwill and other intangible assets with indefinite useful lives The Group’s cash-generating units (CGU) consist of the four regions and two business areas. A breakdown of goodwill and other intangible assets with indefinite useful lives by CGU is presented in the following table:

Group Parent Company 2010 2009 2010 2009 Current tax for the year Current tax from previous years Deferred tax for the year Deferred tax from previous years Total

-108,028 -2,448 22,006 -2,479 -90,949

-73,234 3,823 -7,943 8,002 -69,352

Cash-generating unit

1,085 3,508 4,593

Reconciliation of effective tax The Parent Company’s tax rate is 26.3%. The difference between tax calculated according to the Parent Company’s tax rate on the profit before tax and the effective tax according to the income statement are as follows: Group 2010 2009 Profit before tax

285,053 239,406

Tax according to the current tax rate of the Parent Company Effect of other tax rates for foreign subsidiaries Income not subject to tax Expenses not deductible for tax purposes Utilisation of previously unrecognised tax losses Tax losses for which no deferred tax asset was recognised Tax attributable to previous years Other Tax expense

-74,969 -1,998 2,483 -12,456 11,006

-62,964 -1,581 14,221 -20,541 4,143

-8,067 -4,927 -2,021 -90,949

-20,285 4,346 13,309 -69,352

Goodwill 2010 2009

Region Nordic 2,297,177 2,334,262 Region DACH 714,294 793,310 Region BeNeFra 546,123 549,767 Region Central Europe 131,109 142,137 Business area Product Information 507,599 564,859 Business area Software and Applications 333,548 366,349 Total 4,529,850 4,750,684

Other intangible assets 2010 2009 18,542 8,758 2,082 201

20,025 2,147 841 1,161

29,583

24,174

The recoverable amount of the respective units was determined based on calculation of value in use. Value in use was determined through discounting of expected future cash flows for the respective units. The assessment of future cash flow was based on reasonable and verifiable estimates and consists of management’s best assessments of the financial circumstances that are predicted to exist for the remainder of the useful life. The calculations are based on estimated future cash flow for a three-year period. The cash flow forecasts are estimated by management and based on an assessment of the expected growth rates, margin growths and investment levels and took into account the historical development and expected future growth potential of the respective units. After the three-year period, it was assumed that operating margins and investments would remain constant and that the growth rate would drop off slightly. The long-term growth is estimated at 2%, equal to the expected long-term inflation rate. The discount rate after taxes was estimated at 8.6% (9.0%) and the average tax rate for the Group at 28%. According to the impairment tests that have been carried out, there is no indication of impairment of goodwill or other intangible assets with indefinite useful lives. The variable with the greatest impact on the value in use is the discount rate. If the discount rate increases by 1%, there is still no indication of impairment.

47 Internally generated Separately acquired intangible assets 2009 Accumulated cost Beginning of year Acquisition of subsidiaries Investments Sales and disposals Sale of subsidiaries Reclassifications Exchange differences End of year

Goodwill

Trademarks

Databases

Customer relations

4,907,345 150,097

87,353

335,063

645,974

-89,967

-138 -19,348

-43,789

-35,019

-98,770 4,868,705

1,925 69,792

-4,254 287,020

-24,352 586,603

-13,473 138 -4,612

-86,819

-204,769

-30,235 -2,188

-84,182 -2,234

Accumulated amortisation and impairment losses Beginning of year Sales and disposals Amortisation, continuing operations Amortisation, discontinued operations Impairment losses, continuing operations -41,366 Impairment losses, discontinued operations -76,655 Sale of subsidiaries Reclassifications Exchange differences End of year -118,021 Net book value 31 December 2009

4,750,684

intangible assets Other intangible assets

Databases

615,765 270 48,521 -38,962 -75,106 -13,337 -17,516 519,635

213,952 261 8,583 -1,724 -23,603 7,153 -2,324 202,298

-354,617 38,962 -41,577 -5,558 -3,046

-106,772 1,724 -18,352

23,593

290

345 -99,919

447 -8,777

-774,054 40,824 -180,868 -9,980 -44,869 -76,655 87,933 -5 20,872 -936,802

102,379

6,661

5,612,689

3,871

17,937

12,737

-393 -14,469

568 -100,737

6,702 -271,746

29,505 -5 13,203 -323,133

55,323

186,283

314,857

196,502

Other intangible assets 11,450 17 -1,583 6,164 -610 15,438

-7,604 -1,910

-457

Total 6,816,902 150,628 57,121 -40,824 -288,415 -20 -145,901 6,549,491

Internally generated Separately acquired intangible assets 2010 Accumulated cost Beginning of year Acquisition of subsidiaries Investments Sales and disposals Sale of subsidiaries Reclassifications Exchange differences End of year

Goodwill

Trademarks

Databases

Customer relations

4,868,705 98,467

69,792

287,020

586,603

-37,137 -282,164 4,647,871

Accumulated amortisation and impairment losses Beginning of year -118,021 Acquisition of subsidiaries Sales and disposals Amortisation Impairment losses Sale of subsidiaries Reclassifications Exchange differences End of year -118,021 Net book value 31 December 2010

4,529,850

110 -1,783 68,119

-10,490 3,674 -25,723 254,481

-62,431 524,172

-14,469

-100,737

-271,746

-3,873

-62,762

480 -17,862

-26,850 -5,717 10,489 -1,370 9,192 -114,993

50,257

139,488

intangible assets Other intangible assets 519,635 3,357 44,378 -2,198 -38,189 -12,493 -46,885 467,605

Databases 202,298 5,970 -2,794 -9,545 7,462 -13,856 189,535

15,438 4,818 2,091

6,340 -1,733 26,954

6,549,491 106,642 52,439 -4,992 -95,361 5,093 -434,575 6,178,737

26,832 -307,676

5,757 -109,331

118 1,362 -13,188

-936,802 -3,640 4,992 -152,889 -12,868 28,675 -1,853 77,921 -996,464

216,496

152,212

80,204

13,766

5,182,273

2,794 -16,599 -5,082 3,718

-8,777 -2,453

Total

-323,133 -1,187 2,198 -39,367 -2,069 14,468 -601 34,298 -315,393

Other intangible assets pertains mainly to business systems and system development in progress.

-99,919

Other intangible assets

-3,438

48 Note 18. Property, plant and equipment 2009 Accumulated cost Beginning of year Acquisition of subsidiaries Investments Sales and disposals Sale of subsidiaries Reclassifications Exchange difference End of year

Land and buildings 291,687 2,103 -2,757 -21,381 -12,317 257,335

Computers and equipment 677,926 7,148 59,322 -39,857 -90,340 -25,888 -7,057 581,254

Work in progress 7,214 916 -5,944 -1,355 114 945

Total 976,827 7,148 62,341 -42,614 -96,284 -48,624 -19,260 839,534

Accumulated depreciation and impairment losses Beginning of year Acquisition of subsidiaries Sales and disposals Sale of subsidiaries Depreciation, continuing operations Depreciation, discontinued operations Impairment losses, continued operations Impairment losses, discontinued operations Reclassifications Exchange difference End of year

21,381 2,984 -63,313

-481,636 -5,795 38,753 78,564 -66,323 -3,741 -427 -441 27,132 4,858 -409,056

Net book value 31 December 2009

194,022

172,198

945

367,165

Land and buildings

Computers and equipment

Work in progress

Total

2010 Accumulated cost Beginning of year Acquisition of subsidiaries Investments Sales and disposals Sale of subsidiaries Reclassifications Exchange difference End of year Accumulated depreciation and impairment losses Beginning of year Acquisition of subsidiaries Sales and disposals Sale of subsidiaries Depreciation Impairment losses Reclassifications Exchange difference End of year Net book value 31 December 2010 Information on land and tax assessment values The carrying amount of land amounts to SEK 28,401 thousand (44,675). All holdings in land and buildings are outside Sweden, for which reason no tax assessment values are available. Property, plant and equipment includes buildings and equipment leased by the Group under finance leases with the following carrying amounts:

-81,245 534 -6,383 -584

257,335 426 -22,862

-31,579 203,320

-63,313

581,254 6,925 42,665 -46,837 -26,165 -1,533 -47,808 508,501

7,724 -52,810

-409,056 -4,270 44,389 20,915 -60,395 -4,665 1,785 34,954 -376,343

150,510

132,158

9,022 -5,683 -560

Accumulated cost Accumulated depreciation and impairment losses Net book value

-562,881 -5,795 39,287 78,564 -72,706 -3,741 -1,011 -441 48,513 7,842 -472,369

945 1,507

-343 -79 2,030

839,534 6,925 44,598 -69,699 -26,165 -1,876 -79,466 713,851

-472,369 -4,270 53,411 20,915 -66,078 -5,225 1,785 42,678 -429,153 2,030

284,698

2010

2009

91,857 -37,133 54,724

103,954 -38,387 65,567

49 Note 19. Available-for-sale financial assets

Note 20. Deferred tax assets and liabilities Group

Beginning of year Sale of financial assets Reclassifications Impairment losses/Reversal of impairment losses Net gains/losses transferred to equity Sale of subsidiaries Exchange difference End of year

2010

2009

6,993 -182

28,505 -2,200 -13,811 41 -5,092 -359 -91 6,993

-1,799 -5 -166 4,841

Disclosures of available-for-sale financial assets

Company name AdHouse AB Atex Glada Service AG Other holdings Total

Corporate identity no.

Country

556729-8095 Sweden Norway Switzerland

Share of capital/ Carrying amount votes (%) 2010 2009 19.9/19.9 n/a

1,101 2,387 1,353 4,841

1,101 2,387 1,810 1,695 6,993

Securities of significant amounts and classified as available-for-sale financial assets are recorded at their fair values. The fair value of unlisted securities is established by discounting the estimated future cash flows. The discount rate is based on the current interest rate plus an addition for the specific risks in each type of security. At the balance sheet date none of the securities were of a significant amount. None of the financial assets showed indication of impairment.

Deferred tax assets Intangible assets Property, plant and equipment Trade and other receivables Provisions for pensions Other provisions Derivative financial instruments Trade and other payables Loss carryforward Offset Total

Deferred tax liabilities Intangible assets Property, plant and equipment Available-for-sale financial assets Trade and other receivables Provisions for pensions Other provisions Trade and other payables Tax allocation reserves Offset Total Net deferred tax assets/liabilities

Group 31/12/2010 31/12/2009 24,396 4,824 1,584 19,431 12,374 16,976 13,071 46,170 -4,440 134,386

20,906 4,848 1,392 20,952 8,967 32,766 15,064 45,191 -35,680 114,406

Group 31/12/2010 31/12/2009 185,748 836 27 2,537 1,082

230,888 174

59,831 -4,440 245,621

553 920 611 977 60,923 -35,680 259,366

-111,235

-144,960

Gross movement in deferred tax assets/liabilities: Group Beginning of year Acquisition/sale of subsidiaries Recognised in the income statement Recognised in equity End of year Deferred tax recognised directly in equity Deferred tax on interest rate swaps Exchange differences Total

2010

2009

-144,960 6,451 32,461 -5,187 -111,235

-171,304 18,092 2,738 5,514 -144,960

-14,816 9,629 -5,187

-976 6,490 5,514

Unrecognised deferred tax assets Unrecognised deferred tax assets refer to losses carried forward. The gross value of the Groupâ&#x20AC;&#x2122;s unrecognised deferred tax assets, allocated according to maturity dates, are shown below. The tax value of unrecognised deferred tax assets amounts to SEK 71,041 thousand (101,302). Maturity date 2012 2013 2014 2016 2017 2018 2019 No maturity date Total

250 618 809 3,386 2,070 29 22 225,816 233,000

50 Note 21. Participations in group companies Parent Company

Parent Company’s investments in group companies

2010

2009

1,373,967

1,365,847

End of year

1,373,967

Net book value

1,373,967

Beginning of year Investments

8,120

Disclosure of participations in group companies – direct holdings Company name

Corporate identity no.

Registered office

Number of shares

Share of capital (%)

Carrying amount

Bisnode AB

556341-5685

Bisnode Produktinformation AB

556300-4331

Stockholm

1,000

100

1,373,847

Stockholm

1,000

100

Total

120 1,373,967

Disclosure of participations in group companies – indirect holdings

Company name

Registered Corporate office/ identity Country number

Swedish subsidiaries AAA Soliditet AB Agent 25 Sverige AB Baby DM Scandinavia AB BFI Produktion AB Bisnode Central Invest AB Bisnode Informatics Sweden AB Bisnode Sverige AB Bisnode Venture & Development AB Bisnodecom AB Bisnode InfoData AB Bisnode InfoData Holding AB Business Check i Sverige AB DB Soliditet AB DirektMedia Sverige AB Dun & Bradstreet Nordic AB Dun & Bradstreet Sverige AB EKO Företagsupplysningar AB Electronic Data Innovation Group EDIG AB Fixahemmet i Sverige AB G2. solutions AB

Stockholm Stockholm Helsingborg Stockholm Stockholm Stockholm Stockholm Stockholm Stockholm Stockholm Stockholm Stockholm Sundbyberg Göteborg Sundbyberg Sundbyberg Stockholm Stockholm Stockholm Stockholm

556485-5582 556334-7979 556576-2530 556735-5390 556148-2398 556525-4439 556338-6928 556069-8788 556575-7522 556075-1447 556643-2067 556235-0396 556266-9498 556447-9839 556039-4784 556022-4692 556522-3251 556649-1311 556204-6184 556537-6489

Share of capital (%) 100 100 100 100 100 100 100 100 100 100 100 51 100 100 100 100 100 100 100 100

Company name

Registered Corporate office/ identity Country number

G2 Solutions Holding AB Infodata AB Infodata Applicate AB Infodata Direct AB InfoTorg AB Ipnode AB Kompass Sverige AB KreditFakta kreditupplysningar i Norden AB Lundalogik AB Marknadsinformation Analys MIA AB Min Upplysning Sverige AB Newsline Group AB PAR AB Pointer International AB Pointer Sweden AB Presstext AB Relevant Information Sverige AB Svenska Market Management Partner AB Svenska Nyhetsbrev AB AB Svensk Handelstidning Justitia

Stockholm Stockholm Stockholm Stockholm Stockholm Stockholm Stockholm Stockholm Lund Stockholm Sundbyberg Stockholm Stockholm Stockholm Stockholm Stockholm Sundbyberg Stockholm Stockholm Sundbyberg

556477-1151 556197-9740 556436-3421 556411-3834 556266-0141 556129-6046 556084-8409 556562-2510 556397-0465 556361-0665 556471-4045 556225-8136 556112-5625 556717-0088 556591-6912 556088-5393 556457-3045 556583-1400 556363-7825 556091-2361

Share of capital (%) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

51 Disclosure of participations in group companies – indirect holdings

Company name

Registered office/ Country

Foreign subsidiaries Bisnode Austria GmbH Bisnode Informatics Austria GmbH Dun & Bradstreet Information Services GmbH Hoppenstedt Kreditinformationen GmbH Wer liefert was? GmbH Wirtschaftsauskunftei Wisur GmbH BBMS N.V./SA Bisnode Belgium N.V./SA WDM Belgium N.V./SA WDM Belgium Holding N.V./SA Bisnode Interact NV/SA Wer liefert was? d.o.o. Bisnode Ceská republika, s.r.o. CEE Data, a.s. Ceska kapitálová a informacni agentura, a.s Dun & Bradstreet, spol. s.r.o. HBI Ceská republika, s.r.o. Wer liefert was? spol. s.r.o AAA Soliditet A/S Bisnode Business & Market Information A/S Bisnode Danmark A/S Bisnode Informatics Danmark A/S Bonnier Media A/S under tvangsopløsning DirektMedia Danmark A/S Dun & Bradstreet Danmark A/S Kompass Danmark A/S Connectus AS Bisnode Finland Oy Direktmedia 121 Oy Dun & Bradstreet Finland Oy Kompass Finland Oy Lundalogik Finland Oy Yritystele Oy Bisnode France, S.A.S. Directinet S.A.S. Netcollections S.A.S. WDM France, S.A.S. WDM France Holding, S.A.S. ABC der deutschen Wirtschaft GmbH Bisnode Editorial Deutschland GmbH Bisnode Deutschland GmbH Bisnode Deutschland Holding GmbH Bisnode Grundbesitz Darmstadt GmbH Bisnode Informatics Deutschland GmbH Bisnode Produktinformation GmbH D&B Deutschland GmbH

Austria Austria Austria Austria Austria Austria Belgium Belgium Belgium Belgium Belgium Croatia Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Czech Republic Denmark Denmark Denmark Denmark Denmark Denmark Denmark Denmark Estonia Finland Finland Finland Finland Finland Finland France France France France France Germany Germany Germany Germany Germany Germany Germany Germany

Share of capital (%)

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 92 92 100 100 100 100 100 100 100 100

Company name

Registered office/ Country

Hoppenstedt360 GmbH Hoppenstedt Firmeninformationen GmbH Hoppenstedt Kreditinformationen GmbH Hoppenstedt Publishing GmbH Wer liefert was? GmbH Dun & Bradstreet Hungária Információ Szolgáltató Kft HBI Company Data Informatikai Kft Kompass Hungária Kft Chartered Company Formations Ltd. Hoppenstedt Bonnier Information N.V. WDM International B.V. WDM Nederland B.V. Bisnode Norge AS Direktmedia AS DM Huset AS Dun & Bradstreet Norway AS Inter Dialog AS Kompass Norge AS Lundalogik AS One Software Holding AS Soliditet Norge AS Bisnode Polska Sp.z.o.o. Dun & Bradstreet Poland Sp.z.o.o. Hoppenstedt Bonnier Information Polska Sp.z.o.o Bisnode Slovensko, s.r.o. Bisnode d.o.o. Infobon d.o.o. Razpisi d.o.o. Bisnode Schweiz AG Credita AG Dun & Bradstreet (Schweiz) AG Hoppenstedt AG Inkaprax AG Wer liefert was GmbH ACS Credit Services Ltd. Bisnode Ltd. Bisnode Informatics Ltd. Bisnode Publications Ltd Bisnode UK Holdings Ltd. Checkit (UK) Ltd. Creditscorer Ltd. HBI Information Ltd. Market Monitor Ltd. Nationwide Credit Management Services Ltd. The Prospect Shop Ltd. Prospect Swetenhams Ltd.

Germany Germany Germany Germany Germany Hungary Hungary Hungary Ireland Netherlands Netherlands Netherlands Norway Norway Norway Norway Norway Norway Norway Norway Norway Poland Poland Poland Slovakia Slovenia Slovenia Slovenia Switzerland Switzerland Switzerland Switzerland Switzerland Switzerland United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom

Share of capital (%) 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 62 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

52 Note 22. Trade and other receivables

Note 24. Cash and cash equivalents

Group 31/12/2010 31/12/2009 Trade receivables – net Advance payments to suppliers Prepaid expenses Accrued interest income Other accrued income Receivables from Parent Company – non interest-bearing Other receivables – interest-bearing Other receivables – non interest-bearing Total

731,230 975 74,872 500 18,305 19,112 30,843 875,837

749,303 725 77,893 52 28,050 37 31,245 44,971 932,276

whereof non-current portion whereof current portion

14,787 861,050

20,910 911,366

Credit risk There is no concentration of credit risks for trade receivables, as the Group has a large number of customers who are well dispersed internationally. Receivables are tested for impairment at the company level after individual assessment of each customer. In the impairment test, the financial position and solvency of each customer is considered. The Group has recognised losses on trade receivables for the year amounting to SEK 8,302 thousand (19,830). The losses are recognised in other expenses in the income statement. The table below shows the age structure of outstanding trade receivables:

31/12/2010

Between Within 61 daysNot due 60 days 1 year

Later than 1 year

Total

Trade receivables Provision for impairment of receivables Trade receivables – net

589,575 124,331

23,419

18,844 756,169

-1,003 -2,282 588,572 122,049

-6,362 17,057

-15,292 -24,939 3,552 731,230

31/12/2009

Between Within 61 daysNot due 60 days 1 year

Later than 1 year

579,091 145,338

31,946

22,247 778,622

-2,151 -2,202 576,940 143,136

-8,069 23,877

-16,897 -29,319 5,350 749,303

Trade receivables Provision for impairment of receivables Trade receivables – net

Note 23. Inventories Group 31/12/2010 31/12/2009 211 4,843 802 5,856

Cash at bank and on hand Total

10,158 1,338 11,496

259,167 259,167

367,844 367,844

Note 25. Borrowings Group 31/12/2010 31/12/2009

Non-current borrowings Bank borrowings Loans from shareholders Borrowings for finance leases Other borrowings Subtotal

1,891,051 1,228,608 74,574 9,382 3,203,615

2,287,314 1,137,600 88,806 15,243 3,528,963

Current borrowings Bank borrowings Borrowings for finance leases Other borrowings Subtotal

336,006 3,699 7,570 347,275

323,120 3,461 5,770 332,351

3,550,890

3,861,314

Total

Bank borrowings mature until 31 January 2013 and carry interest equal to current 3-month STIBOR plus 1.25%. 85% of the variable interest is converted to fixed interest until the maturity date through the use of interest rate swaps. Bank borrowings are secured by shares in subsidiaries of the Parent Company. The Group has granted bank overdraft amounting to SEK 100 million (100). In addition, the Group has a revolving credit facility of SEK 300 million. At the end of the year, SEK 25 million of the revolving credit had been utilised. Interest rate risks The exposure of the Group’s borrowings to changes in interest rates and contractual dates for interest rate conversion is as follows:

Total

The other categories within trade and other receivables do not contain impaired assets. The credit quality of trade and other receivables that are neither past due nor impaired is good since the receivables relate to customers with high credit ratings and/or good solvency. The carrying amounts of trade and other receivables are equal to their fair values. The maximum exposure to credit risk at the reporting date is the fair value of each class of Trade and other receivables. The Group does not hold any collateral as security for trade receivables past due.

Raw materials Work in progress Finished goods Total

Group 31/12/2010 31/12/2009

31/12/2010 Bank borrowings Loans from shareholders Borrowings for finance leases Other borrowings

31/12/2009 Bank borrowings Loans from shareholders Borrowings for finance leases Other borrowings

Carrying amount 2,227,057 1,228,608 78,273 16,952

Carrying amount 2,610,434 1,137,600 92,267 21,013

Date for interest rate conversion or maturity date Within Between Later than 1 year 1–5 years 5 years 336,006

1,891,051 1,228,608 3,699 15,307 7,570 9,382

59,267

Date for interest rate conversion or maturity date Within Between Later than 1 year 1–5 years 5 years 323,120 2,287,314 1,137,600 3,461 15,936 5,770 15,243

72,870

The fair values of the Group’s borrowings are equal to their carrying amounts. The carrying amounts of the borrowings are denominated in the following currencies:

SEK EUR USD Other currencies Total

31/12/2010

31/12/2009

2,888,495 647,198 15,152 45 3,550,890

3,002,430 837,683 21,013 188 3,861,314

53 Maturity dates on non-current liabilities – Parent Company Maturity date Current Within Between Later than 31/12/2010 liability 1 year 1–5 years 5 years Liabilities to group companies Other liabilities Total

31/12/2009 Liabilities to group companies Other liabilities Total

860,026 368,582 1,228,608

Current liability

Within 1 year

796,320 341,280 1,137,600

860,026 368,582 1,228,608

Maturity date Between Later than 1–5 years 5 years 796,320 341,280 1,137,600

Note 26. Provisions for pensions Defined contribution plans The expense for defined contribution plans during the year amounted to SEK 92,665 thousand (93,730). Commitments for old-age pensions and family pensions for white-collar employees in Sweden have been safeguarded through insurance in Alecta. According to statement URA 42 from the Swedish Financial Accounting Standards Council’s Urgent Issues Task Force, this is classified as a “multi-employer” defined benefit plan. For financial years when the company has not had access to the information necessary to report this plan as a defined benefit plan, a pension plan according to Supplementary Pension for Employees in industry and Commerce, safeguarded through insurance with Alecta, is reported as a defined contribution plan. The year’s costs for pension insurance subscribed to through Alecta amounted to SEK 28,000 thousand (28,079). Alecta’s surplus can be distributed to the policyholders (the employers) and/or the insureds. At year-end 2010, Alecta’s collective funding ratio was 146% (141). The collective funding ratio is the market value of Alecta’s plan assets as a percentage of insurance obligations computed according to Alecta’s own actuarial assumptions, which do not comply with IAS 19. Defined benefit plans The amounts recognised in the income statement are as follows: Group 2010 2009 Current service cost Interest cost Expected return on plan assets Actuarial gains (-) and losses (+) recognised in year Other cost reductions Total

20,348 13,822 -4,342 920 30,748

15,913 12,721 -4,586 343 -1,283 23,108

The actual return on plan assets during the period was SEK 7,449 thousand (34). Actuarial assumptions There are defined benefit plans in Finland, Germany, Norway, Sweden and Switzerland. The principal actuarial assumptions used as of balance sheet date were as follows (weighted average): Discount rate Inflation Annual salary increases Annual pension increases Annual paid-up policy increases Remaining service period Expected return on plan assets

2010

2009

3.9% 1.7% 2.4% 1.5% 1.1% 13 years 3.2%

4.4% 1.7% 2.4% 1.3% 1.3% 14 years 3.9%

The amounts recognised in the balance sheet are determined as follows: Present value of funded obligations Fair value of plan assets Net value of entirely or partially funded obligations Present value of unfunded obligations Unrecognised actuarial gains (+) and losses (–) Net liability on the balance sheet

2010

2009

146,364 -110,397 35,967

139,768 -115,488 24,280

199,036 -25,435 209,568

198,048 -4,617 217,711

The movement in the fair value of plan assets over the year is as follows: 2010 Beginning of year Current service cost Interest cost Actuarial gains (-)/losses (+) Employer contributions Employee contributions Benefits paid Acquisition of subsidiaries Other changes Exchange differences End of the year

337,816 20,348 13,704 8,518 -1,088 2,733 -17,511 -48 -19,072 345,400

The movement in the fair value of plan assets over the year is as follows: 2010 Beginning of year Expected return on plan assets Actuarial losses (-)/gains (+) Employer contributions Employee contributions Benefits paid Acquisition of subsidiaries Other changes Exchange differences End of year

115,488 4,342 -11,791 11,371 2,733 -11,741

2009 323,172 15,913 13,706 -2,785 -7,071 3,032 -4,984 3,432 1,243 -7,842 337,816

2009

-5 110,397

106,273 4,586 -4,552 10,694 3,032 -4,984 373 93 -27 115,488

Plan assets are comprised as follows: Shares Interest-bearing securities Property Other Total

2010

2009

2010

2009

23,232 37,931 14,275 34,959 110,397

19,193 42,233 11,386 42,676 115,488

21% 34% 13% 32% 100%

17% 37% 10% 37% 100%

The expected return on plan assets was determined by considering the expected returns available on the assets underlying the current investment policy. Expected yields on fixed-interest investments are based on gross redemption yields at the balance sheet date. Expected returns on shares and property investments reflect long-term rates of return in the respective market. Expected contributions to post-employment benefit plans for the financial year 2011 amount to SEK 18,591 thousand. Present value of defined benefit obligation Fair value of plan assets Deficit (+)/surplus (-)

2010

2009

2008

2007

345,400 -110,397 235,003

337,816 -115,488 222,328

323,172 -106,273 216,899

247,091 -79,859 167,232

54 Note 27. Other provisions

Note 28. Trade and other payables Group 31/12/2010 31/12/2009

Group 2010

2009

Contingent purchase consideration Legal claims Restoration charges Restructuring Sales agents Other Total

35,330 23,808 5,155 6,222 11,469 12,073 94,057

142,118 4,058 6,076 2,963 14,442 20,125 189,782

of which non-current portion of which current portion

54,164 39,893

188,544 1,238 Group

Beginning of year Acquisition of subsidiaries New provisions for the period Utilised during the period Provisions for contingent purchase consideration Contingent purchase consideration paid Unused/reversed contingent purchase consideration Capitalised interest on contingent purchase consideration Exchange differences End of year

2010

2009

189,782 2,588 27,583 -14,548 2,253 -108,301

191,243 8,119 648 -14,403 8,925 -9,220

-4,348 3,607 -4,559 94,057

6,344 -1,874 189,782

Contingent purchase consideration The provision mainly pertains to contingent purchase consideration for the acquisition of Svenska Nyhetsbrev AB. The amount will be used during 2011. Legal claims Provisions for legal claims pertain to potential claims from information suppliers and ongoing tax disputes. Restoration charges Pertains to provisions for future restoration expenses for rented premises. Restructuring Pertains to provisions for vacant premises and future payments to redundant personnel. Sales agents The provisons pertain to future costs related to the retirement or termination of collaboration with German sales agents.

Trade payables Advances from customers Holiday pay liabilities Social security and other taxes Accrued interest expenses Other accrued expenses Deferred income Other liabilities - non interest-bearing Total

195,853 40,874 104,206 40,194 189 279,198 658,644 132,335 1,451,493

212,821 62,090 115,426 33,319 284 327,364 664,971 151,789 1,568,064

of which non-current portion of which current portion

1,451,493

2,234 1,565,830

The fair value of trade and other payables equals their carrying amounts.

Note 29. Derivative financial instruments Group 31/12/2010 31/12/2009 Interest rate swaps â&#x20AC;&#x201C; cash flow hedges Total

Contract term ending on Type of contract beginning on Interest rate swap Interest rate swap

31/01/2008 31/01/2008

-74,481 -74,481

-135,581 -135,581

Amount Currency

Interest rate

31/01/2013 1,398,250 31/01/2013 53,550

SEK K EUR K

4.51% 4.42%

The cash flow hedges are determined to be 85% effective. The current Interest rate swap agreements had a negative value of SEK 23,851 thousand on the contractual date. The ineffective portion has been recognised in the income statement on a straight-line basis. During the year, SEK 4,770 thousand has been recognised as financial income in the income statement. The fair value of the interest rate swaps which have been calculated using valuation techniques are found in level 2.

55 Note 32. Finance leases

Note 30. Accrued expenses and deferred income Parent Company 31/12/2010 31/12/2009 Accrued expenses related to personnel Other accrued expenses Total

7,222 250 7,472

295 295

Note 31. Reserves Availablefor-sale Currency Hedging financial translation reserve assets differences Balance at 1 January 2009

-91,819

Revaluation – gross Cash flow hedges: Transferred to the income statement Tax on transfers to the inc. statement Transferred to other comprehensive income

5,092

Total

-5,092

-4,770 1,255

8,482

-2,231

-2,231 -129,610 -129,610 143,086 54,003

Tax on transfers to other comprehensive income Currency translation differences Balance at 31 December 2009

-89,083

Balance at 1 January 2010

-89,083

143,086

Group Within 1 year Between 1–5 years Later than 5 years Total

272,696 185,969

-5,092

Finance leases – group company is lessor The Group leases tangible assets under finance leases with carrying amounts of SEK 54,724 thousand (65,567) at the balance sheet date. The future minimum lease payments receivable under non-cancellable operating leases are as follows: 2010

2009

6,307 25,866 65,606 97,779

6,952 28,304 80,446 115,702

The present value of finance lease liabilities is as follows: Group Within 1 year Between 1–5 years Later than 5 years Total

2010

2009

3,699 15,307 59,267 78,273

3,461 15,936 72,870 92,267

Note 33. Operating leases Group Operating leases – Group company is lessor Leasing expenses Total

2010

2009

158,462 158,462

167,486 167,486

54,003 The Group’s operating leases consist primarily of rents for premises, machinery/ computers and cars. The Parent Company had no lease expenses during the year.

Revaluation – gross Cash flow hedges: Transferred to the income statement -4,770 Tax on transfers to the inc. statement 1,255 Transferred to other comprehensive income 61,100

61,100

Tax on transfers to other comprehensive income -16,069 Currency translation differences Deferred tax reported directly in equity Balance at 31 December 2010 -47,567

-16,069 -313,702 -313,702 12,934 12,934 -157,682 -205,249

Group -4,770 1,255

Future minimum lease payments Within 1 year Between 1–5 years Later than 5 years Total

2010

2009

139,268 264,314 83,431 487,013

142,705 285,377 113,562 541,644

Future lease payments pertain to minimum lease payments attributable to noncancellable operating leases.

56 Note 34. Related party transactions

Note 35. Contingent liabilities and pledged assets

The related parties of the Group consist of the Parent Company Ratos AB and the Group’s key management personnel and their families. Key management personnel relates to members of the executive management team. Ratos owns 70% of the Parent Company’s shares and has control over the Group. Ratos is the Parent Company of the largest and smallest groups that Bisnode Business Information Group AB is part of and where the consolidated accounts are prepared. Any transactions between related parties are carried out on an arm’s length basis. Transactions with the Parent Company Group Loans to Ratos Beginning of year Borrowings Repayments End of year

2010

2009

0 11,788 -11,788 0

2,792

Beginning of year Repayments Interest expense capitalised End of year

2010

2009

796,320

742,598 -5,265 58,987 796,320

63,706 860,026

Group Parent Company 31/12/2010 31/12/2009 31/12/2010 31/12/2009

Guarantee commitment FPG/PRI Guarantee to previous owners Other guarantees Total

The year-end borrowings from Ratos pertain to shareholder loans from the Parent Company Ratos. The loans mature on 31 January 2013 and carry interest of 8%. The interest is capitalised until maturity. Transactions with key management personnel During 2010 and 2009 the Parent Company did not grant any loans to Board members, key management personnel or their families. Renumeration to key management personnel is specified in Note 10.

917 61,665 16,690 79,272

768 86,902 19,277 2,237,126 2,625,416 106,947 2,237,126 2,625,416

Pledged assets for own liabilities and provisions Shares 1,107,539 1,298,012 1,107,539 1,298,012 Other pledged assets 916 2,120 Total 1,108,455 1,300,132 1,107,539 1,298,012 Other pledged assets

-2,792 0 Group

Borrowings from Ratos

Contingent liabilities

None

Guarantee to previous owners pertains to guarantees pledged to Dun & Bradstreet International to complete financing required for the Dun & Bradstreet Group companies in Sweden, Norway, Denmark, Finland, Germany, Switzerland, the Czech Republic, Austria, Hungary and Poland.

Note 36. Share capital The share capital of the Parent Company amounts to SEK 482,355,912, divided between 66,328,528 A shares and 54,260,450 B shares with a quota value of 4 each. There are no outstanding options or convertible bonds that could lead to future dilution.

Note 37. Earnings per share Basic earnings per share are calculated by dividing profit attributable to owners of the Parent Company by the number of shares outstanding for the period. There are no option or convertible bond programmes outstanding that could cause future dilution.

Profit attributable to owners of the Parent Company Number of shares outstanding (thousands) Earnings per share before and after dilution (SEK per share)

2010

2009

180,567 120,589 1.50

50,551 120,589 0.42

57 Note 38. Business combinations 2010

Date of acquisition

share of capital

Operation

Directinet SA/Netcollections SAS Bilfakta Sverige AB Yritystelse Oy (asset deal)

06/01/2010 01/04/2010 08/10/2010

100.0% 100.0% 100.0%

Leading provider of online direct marketing solutions in France. Owner of Sweden's largest database of automotive information. B2B online business information and search operation in Finland.

Purchase price

Directinet/ Netcollections

Other acquisitions

Total

Cash paid Contingent purchase consideration paid Utilisation of contingent purchase consideration Total

85,070

9,907 108,301 -111,053 7,155

94,977 108,301 -111,053 92,225

Fair value of acquired net assets Total Goodwill

-6,959 78,111

13,201 20,356

6,242 98,467

Directinet/ Netcollections

Other acquisitions

Total

85,070

9,907 108,301 1,983 120,191

94,977 108,301 -9,519 193,759

7,911 8,537 -575 -1,859 740

129,067 129,693 -4,844 -6,128 740

Cash flow effect Cash paid Contingent purchase consideration paid Cash and cash equivalents in acquired subsidiaries Change in cash and cash equivalents

-11,502 73,568

Supplementary information Revenue since acquisition date Revenue in 2010 Profit before tax since acquisition date Profit before tax in 2010 Acquisition-related costs

Fair value of acquired assets and liabilities Assets Intangible assets Property, plant and equipment Deferred tax assets Inventories Trade and other receivables Cash and cash equivalents Total assets Liabilities Other provisions Tax liabilities Trade and other payables Total liabilities Net identifiable assets and liabilities

121,156 121,156 -4,269 -4,269

Directinet/Netcollections Carrying Fair amount value 2,115 2,082 984

2,115 2,082 984

52,125 11,502 68,808

2,588

Other acquisitions Carrying Fair amount value

Fair value 4,535 2,655 984 35 52,739 9,519 70,467

2,420 573

35 614 -1,983 1,659

4,535 2,655 984 35 52,739 9,519 70,467

13 14,847 14,860

2,588 13 74,108 76,709

-13,201

-6,242

59,261 61,849

13 14,847 14,860

6,959

-13,201

The goodwill is attributable to the profitability of the acquired companies and the significant synergies expected to arise following acquisition. All acquisition balances are preliminary.

Total Carrying amount

58 2009

Date of acquisition

share of capital

Operation

Inter Dialog AS Kauppalehti 121 Oy (name change to 121 Media Oy) One Holding AS

15/05/2009 02/11/2009 07/12/2009

20.0% 100.0% 9.9%

Acquisition of minority. Finnish leader in direct marketing services. Acquisition of minority.

TA Teleadress Information AB (name change to Relevant information Sverige AB) RAAD Research (asset deal)

14/12/2009 29/10/2009

80.1% 100.0%

Has a leading position on the Swedish market for direct marketing information. German operator in market research and analysis for the IT sector.

Purchase price

Relevant Information

121 Media

Other acquisitions

Total

Cash paid Direct costs relating to acquisitions Contingent purchase consideration paid Utilisation of contingent purchase consideration Total

58,670 46

72,175 2,307

58,716

74,482

6,566 111 9,220 -9,195 6,702

137,411 2,464 9,220 -9,195 139,900

Fair value of acquired net assets Goodwill due to step acquisition Revaluation of contingent purchase consideration Negative goodwill â&#x20AC;&#x201C; transferred to the income statement Total Goodwill

-6,356 13,840

-6,667

-1,053

66,200

67,815

8,900 1,533 16,082

-14,076 13,840 8,900 1,533 150,097

Relevant Information

121 Media

Other acquisitions

Total

58,670 46

72,175 2,307

6,566 111 9,220

-17,624 41,092

-8,036 66,446

137,411 2,464 9,220 -25,660 123,435

58,836 58,836 6,097 6,097

16,777 85,775 492 5,730

Cash flow effect Cash paid Direct costs relating to acquisitions Contingent purchase consideration paid Cash and cash equivalents in acquired subsidiaries Change in cash and cash equivalents Supplementary information Revenue since acquisition date Revenue in 2009 Profit before tax since acquisition date Profit before tax in 2009

Fair value of acquired assets and liabilities Assets Intangible assets Property, plant and equipment Deferred tax assets Trade and other receivables Cash and cash equivalents Total assets Liabilities Non-controlling interests Provisions for pensions Borrowings Deferred tax liabilities Tax liabilities Trade and other payables Total liabilities Net identifiable assets and liabilities

Relevant Information Carrying Fair amount value

240 221 9,765 17,624 27,850

671 2,862

346 5 17,610 21,494 6,356

121 Media Carrying amount Fair value

15,897

75,613 144,611 6,589 11,827

Other acquisitions Carrying Fair amount value

Total Carrying amount

Fair value

531 1,353 325 21,866 25,660 49,735

444 3,059 311 346 5 31,494 35,659 14,076

531 294

826

-227

13,884 14,392

-227

444 3,059 311 346 5 31,494 35,659

6,667

1,053

14,076

819 104 12,100 8,036 21,059

197 311

346 5 17,610 21,494

13,884 14,392

6,356

6,667

59 Note 39. Sale of subsidiaries Subsidiaries divested Office Team Holding AS Bisnode Holding B.V. Svenskt Byggregister AB Emric AB PAR Graphics (sale of assets) Nomi Sweden, Norway, Finland, Denmark ICC Ireland, United Kingdom, etc Finfo Information AB Sverige Bygger AB Inter Dialog AS (sale of assets) Capital gains/losses Cash received Net assets sold Provisions in connection to sale Estimated contingent purchase consideration to recieve Contingent purchase consideration received Provision/Reversal of contingent purchase consideration Exchange differences Capital gains/losses Net assets divested Assets Intangible assets Property, plant and equipment Available-for-sale financial assets Deferred tax assets Inventories Tax receivables Trade and other receivables Cash and cash equivalents Total assets Liabilities Non-controlling interests Provision for pensions Deferred tax liabilities Tax liabilities Trade and other payables Total liabilities Cash flow from sale of subsidiaries Cash received Contingent purchase consideration received Provisions Cash and cash equivalents in sold subsidiaries Cash flow from sale of subsidiaries

Note 40. Discontinued operations Date of sale 2010 2009 19/04/2010 25/05/2010 01/06/2010 09/06/2010 01/05/2010 30/06/2009 28/08/2009 08/12/2009 30/12/2009 26/05/2009 2010

2009

34,510 -46,152

135,912 -110,183 214

3,504 779 -1,838 -123 -9,320

4,625 -4,625 25,943

2010

2009

66,686 5,250 5 2 458

98,406 2,557 267 1,062

31,645 20,477 124,523

2,050 36,758 39,399 180,499

28,116 48 5,467 493 44,247 78,371

2,235 2,688 65,393 70,316

2010

2009

34,510 779

135,912 4,625 3,881 -39,399 105,019

-20,477 14,812

Profit from discontinued operations Revenue Other operating income Total operating income

2010

2009 97,104

97,104

Goods and services Personnel costs Depreciation, amortisation and impairment losses Other expenses Total operating expenses

-20,148 -56,183 -90,817 -20,784 -187,932

Operating profit

-90,828

Financial income Financial expenses Net financial items

30 -304 -274

Profit before tax and capital gain

-91,102

Capital gain from divestment of operations Profit before tax

-20,051 -111,153

Income tax expense Profit from discontinued operations

2,916 -108,237

2010

2009

Cash flow from discontinued operations Cash flow from operating activities Profit before tax Adjustment for items not included in cash flow, etc. Income tax paid Cash flow from changes in working capital Cash flow from operating activities

-111,153 113,400 559

-4,521 -1,715

Cash flow from investing activities Investments in property, plant and equipment Sale of subsidiaries, net of cash Sale of property, plant and equipment Cash flow from investing activities

-761 99,503 35 98,777

Cash flow from financing activities Repayment of borrowings Cash flow from financing activities

-441 -441

Cash flow for the year

96,621

Capital gains/losses Cash received minus sales expenses Net assets sold Provisions in connection with sale Capital gains/losses

2010

2009

111,057 -127,107 -4,001 -20,051

60 Note 41. Events after the balance sheet date

Note 40. Discontinued operations (Continued) Net assets divested Assets Intangible assets Property, plant and equipment Deferred tax assets Inventories Trade and other receivables Cash and cash equivalents Total assets Liabilities Deferred tax liabilities Tax liabilities Trade and other payables Total liabilities

Cash flow from sale of subsidiaries Cash received minus sales expenses Cash and cash equivalents in sold subsidiaries Cash flow from sale of subsidiaries

2010

2009

102,076 15,163 359 10 49,325 11,554 178,487

16,940 611 33,829 51,380

2010

2009

111,057 -11,554 99,503

In January 2011, Bisnode completed the acquisition of Poslovna Domena in Croatia and acquired 51 per cent of Vendemore AB in Sweden. Poslovna Domena offers digital business information from Croatia’s most complete dataset of company and people information. The company has 15 employees and annual revenue of around SEK 9 million. Vendemore helps companies to optimise their online marketing. The company has 10 employees and reported annual revenue of around SEK 9 million in 2010. In February the credit solutions company Lindorff Decision and 90.1 per cent of marketing solutions company Lindorff Match located in Norway were acquired. Combined, the companies have 37 employees and showed annual revenue of about SEK 115 million in 2010. Total operating profit amounted to around SEK 26 million. The acquisitions are subject to approval from the relevant competition authorities. No other significant events have taken place after the balance sheet date.

The annual accounts and the consolidated financial statements were approved for publication by the Board on 15 March 2011. The income statement and balance sheet will be presented to the Annual General Meeting on 4 April 2011 for adoption. Stockholm, 15 March 2011

Håkan Ramsin Chairman of the Board

Henrik Joelsson Board member

Birgitta Klasén Board member

Jonas Nyrén Board member

Carl Wilhelm Ros Board member

Johan Wall Chief Executive Officer

Audit report To the annual meeting of the shareholders of Bisnode Business Information Group AB, corporate identity number 556681-5725 We have audited the annual accounts, the consolidated accounts, the accounting records and the administration of the Board of Directors and the Chief Executive Officer of Bisnode Business Information Group AB for the financial year 2010. (The company’s annual accounts and the consolidated accounts are included in the printed version on pages 26–60). The Board of Directors and the Chief Executive Officer are responsible for these accounts and the administration of the company as well as for the application of the Annual Accounts Act when preparing the annual accounts and the application of international financial reporting standards IFRSs as adopted by the EU and the Annual Accounts Act when preparing the consolidated accounts. Our responsibility is to express an opinion on the annual accounts, the consolidated accounts and the administration based on our audit. We conducted our audit in accordance with generally accepted auditing standards in Sweden. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual accounts and the

consolidated accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and their application by the Board of Directors and the Chief Executive Officer and significant estimates made by the Board of Directors and the Chief Executive Officer when preparing the annual accounts and consolidated accounts as well as evaluating the overall presentation of information in the annual accounts and the consolidated accounts. As a basis for our opinion concerning discharge from liability, we examined significant decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any Board member or the Chief Executive Officer. We also examined whether any Board member or the Chief Executive Officer has, in any other way, acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. We believe that our audit provides a reasonable basis for our opinion set out below.

Our audit report was submitted on 16 March 2011 Öhrlings PricewaterhouseCoopers AB

Bertil Johanson Authorised Public Accountant

The annual accounts have been prepared in accordance with the Annual Accounts Act and give a true and fair view of the company’s financial position and results of operations in accordance with generally accepted accounting principles in Sweden. The consolidated accounts have been prepared in accordance with international financial reporting standards IFRSs as adopted by the EU and the Annual Accounts Act and give a true and fair view of the group’s financial position and results of operations. The statutory administration report is consistent with the other parts of the annual accounts and the consolidated accounts. We recommend to the annual meeting of shareholders that the income statements and balance sheets of the parent company and the group be adopted, that the loss of the Parent Company be dealt with in accordance with the proposal in the administration report and that the members of the Board of Directors and the Chief Executive Officer be discharged from liability for the financial year.

Board of Directors and Auditors Håkan Ramsin Chairman of the Board BA in Mathematics, University of Stockholm. Born in 1945. Board member since 2005 and Chairman since 2006. Main occupation: Industrial adviser. Other board assignments: Chairman of the Board of Wiky Ventures AB, Medströms AB. Board member of Stofa Holding A/S.

Ingrid Engström Board member MSc in Applied Psychology, University of Uppsala Born in 1958. Board member since 2011. Main occupation: Senior Advisor SEB Germany. Previously: CEO InfoMedia, Comhem and Know IT. Senior Executive Vice President Eniro och SEB. Other board assignments: Board member of Teracom.

Jochen Gutbrod Board member Lic. oec. HSG, University of St. Gallen. MSc International Accounting and Finance, London School of Economics. PhD at Fribourg University Born in 1963. Board member since 2011. Main occupation: CEO at Raffay Group. Other board assignments: Board member Macmillan Ltd. and VSS Advisory Board. Chairman Supervisory Board, iFund Services AG and Fundinfo AG.

Andreas Schönenberger Board member MA in Physics, ETH Zurich, PhD in Theoretical Physics, ETH Zurich, MSc BA, London Business School. Born in 1965. Board member since 2011. Main occupation: Self employed. Previously: Country Manager Google, Switzerland. Other Board assignments: Board member PubliGroupe Ltd., member of the advisory board of the institute for marketing and retail, and of the GLA of the institute for media and communication management of the University of St. Gallen.

Cecilia Lundberg Deputy Board member MSc in Business Administration and Economics, Stockholm School of Economics. Born in 1978. Board member since 2011. Main occupation: Investment Manager at Ratos. Other board assignments: Board member of Anticimex Holding AB and other companies in the Anticimex Group.

Filippa Bylander Board member (Employee representative for Bisnode AB, SACO) BA in Business Administration, University of Borlänge. Born in 1970. Board member since 2009. Main occupation: Accountant at InfoTorg AB.

Henrik Joelsson Board member MSc in Business Administration and Economics, Stockholm School of Economics, MBA from INSEAD. Born in 1969. Board member since 2005. Main occupation: Investment Director at Ratos. Other board assignments: Board member of Anticimex Holding AB, EuroMaint Gruppen AB, KVD Kvarndammen AB, Biolin Scientific AB and other companies in these company groups.

Jonas Nyrén Board member MSc in Business Administration and Economics, Stockholm School of Economics. Born in 1951. Board member since 2005. Main occupation: President of Bonnier Holding AB. Other board assignments: Board member of Kungsleden AB and different companies in the Bonnier Group.

Lars Pettersson Board member Bachelor of Science in Business Administration, University of Umeå. Born in 1961. Board member since 2011. Main occupation: Managing Director of Atea Sverige AB. Previously: Managing Director of QD and Martinsson in Sweden.

Carl Wilhelm Ros Board member MSc in Political Science, University of Lund. Born in 1941. Board member since 2005. Other board assignments: Chairman of the board of Martin Olsson Handelsaktiebolag and Sorarb AB. Board member of Anders Wilhelmsen AS, Camfil AB, INGKA (IKEA) Holding and Skandinaviska Enskilda Banken AB.

Tommy Håkansson Board member (Employee representative for Bisnode AB, Unionen) Studies in System Analysis, University of Lund, Archaeology, University of Gotland and Project Management, University of Malmö. Born in 1959. Board member since 2009. Main occupation: Project Manager at Infodata Applicate AB.

Auditors Öhrlings PricewaterhouseCoopers AB Bertil Johanson, Authorised Public Accountant, born in 1949.

Executive Management Team Johan Wall President and CEO MSc in Engineering Electrical, Royal Institute of Technology in Stockholm. Visiting scholar at Stanford University, Palo Alto, California. Employed since 2008 in current position. Previous positions and experience: CEO of public companies Enea and Framfab. Internet research at Verizon Communications in Boston. MD and founder of Internet consulting company Netsolutions.

Maria Anselmi Competence Centre Director Business Information Solutions PhD in Historical Linguistics, University of Rome and Pisa. MSc in Administration, Master Publitalia, Milan. Employed since 2002 as Managing Director of Bisnode Slovenia, in current position since 2009. Previous positions and experience: Marketing Manager at Il Sole 24 ORE, Country Manager/Italy at Financial Times Information, Digital New Business Manager at Italian Exchange, Marketing Director at Mondadori.

Martin Coufal Regional Director Central Europe BSc in Business Administration, University of Economics, Prague. Employed since 1996, as Managing Director at HBI and D&B companies in Central Europe, in current position since 2009. Previous positions and experience: Several management positions within Bisnode Group. Sales management positions in information providers and consultancy companies.

Eckhard Geulen Regional Director DACH Diploma and PhD in Electrical Engineering, RWTH Aachen Employed since 2011 in current position. Previous positions and experience: Head of Value-Added-Services Business at Deutsche Telekom, Founder of and Director at Launchgroup/Sapient Germany, Management Consultant at Boston Consulting Group, Group and Programme Manager at Ericsson Eurolab.

Karin Svensson Talent Director BSc in Business Administration and Economics, University of Umeå. Employed since 2010 in current position. Previous positions and experience: Management consultant and Partner at Accenture. Nordic Human Resources Director at Accenture.

Fredrik Åkerman CFO and Business Area Director Software and Applications and Product Information MSc in Business Administration and Economics, Stockholm School of Economics. Employed since 2005 in current position. Previous positions and experience: CEO of BTJ Infodata and Dagens Nyheter and executive positions in Statoil.

Mattias Aronsson Chief Information Officer (CIO) and Competence Centre Director Credit Solutions MSc in Engineering Physics, Lund Institute of Technology. Studies in Statistics and Economics, University of Lund. Employed since 2009 in current position. Previous positions and experience: Management consultant and partner at Occam Associates. Consulting positions at McKinsey & Company and A.T. Kearney.

Mats Erwald Regional Director Nordic BSc in Business Administration, University of Stockholm. Employed since 1992, in current position since 2009. Previous positions and experience: Several senior management positions within Bisnode Group, such as MD at AffärsData, InfoTorg, CD Förlag and Svensk Handelstidning Justitia.

Elin Ljung Corporate Communications Director BSc in Engineering Electronics with a major in Media Communications, University of Umeå. Diplomas in Business Administration and Marketing. Employed since 2007 in current position. Previous positions and experience: Communications Manager of the public IT companies Addnode and Nocom.

Norbert Verkimpe Regional Director BeNeFra and Competence Centre Director Marketing Solutions MSc in Informatics & System Analysis, HRITHO (Ghent). Employed since 2007, in current position since 2009. Previous positions and experience: MD for WDM Belgium (former Sopres Belgium). Internationally active in the setup of electronic customer loyalty conepts, retail and payment systems.

Subsidiaries Bisnode operates in 17 countries with a segmented and diversified offering of digital business information solutions using strong local brands in each market.

AAA Soliditet Denmark www.aaasoliditet.dk kundeservicedk@soliditet.com AAA Soliditet Finland www.soliditet.fi asiakaspalvelu@bisnode.com AAA Soliditet Norway www.soliditet.no kundeservice@soliditet.no AAA Soliditet Sweden www.soliditet.se info@soliditet.se

ABC der deutschen Wirtschaft GmbH www.abconline.de Info@abconline.de

Anopress IT www.anopress.cz obschod@anopress.cz

Baby DM Scandinavia www.bdms.se info@bdms.se

Bisnode Interact www.bisnode-interact.com info@bisnode-interact.com

CEKIA www.cekia.cz marketing@cekia.cz

Connectus www.connectus.ee info@connectus.ee

D&B Czech Republic www.dnb.com/cz custserv@dnbczech.cz D&B Denmark www.dnb.com/dk kundeservicedk@dnbnordic.com

Credita www.credita.ch info@credita.ch

D&B Finland www.dnb.com/fi asiakaspalvelu@dnbnordic.com D&B Germany www.dnbgermany.de kundensercive@dnbgermany.de

Creditinfo Czech republic www.creditinfo.cz info@creditinfo.cz

D&B Hungary www.dnb.com/hu dbhun@dbhun.hu

Creditinfo Poland www.creditinfo-polska.pl info@creditinfo-polska.pl

D&B Norway www.dnb.com/no kundeservice.norge@dnbnordic.com

Creditinfo Slovakia www.creditinfo.sk info@creditinfo.sk

D&B Poland www.dnb.com/pl info@dnb.com.pl

DirektMedia Sweden www.direktmedia.se goteborg@direktmedia.se DirektMedia Norway www.direktmedia.no post@direktmedia.no

DirektMedia 121 Oy www.direktmedia121.fi 121@121.fi Business Check AB www.businesscheck.se info@businesscheck.se

D&B Austria www.dnbaustria.at office@dnbaustria.at

D&B Sweden www.dnb.com/se support.sweden@dnbnordic.com D&B Switzerland www.dnbswitzerland.ch info.ch@dnb.com

Greens www.greens.dk greens@greens.dk

65 HBI Czech Republic www.hbi.cz info@hbi.cz

Kompass Denmark www.kompass.dk kompass@kompass.dk Kompass Finland www.kompass.fi kompass@kompass.fi

HBI Poland www.hbi.pl hbi@hbi.pl

Kompass Hungary www.kompass.hu kompass@kompass.hu

Svenska Nyhetsbrev www.nyhetsbrev.se info@nyhetsbrev.se

Vendemore info@vendemore.com www.vendemore.com

Kompass Norway www.kompass.no firmapost@kompass.no HBI Company Data Hungary www.hbi.hu mail@hbi.hu

Hoppenstedt Firmeninformationen www.hoppenstedt.de info@hoppenstedt.de

Hoppenstedt CreditCheck www.myhcc.de myhcc@hoppenstedt-cc.de

Hoppenstedt Publishing www.hoppenstedt.de service@hoppenstedt.de

Hoppenstedt360 www.hoppenstedt360.de kundenservice@hoppenstedt360.de

Infobon www.ibon.com info@ibon.com

Kompass Sweden www.kompass.se info@kompass.se

WDM Netherlands www.wdm.nl info@wdm.nl Lundalogik Sweden www.lundalogik.se info@lundalogik.se Lundalogik Finland www.lundalogik.fi info@lundalogik.se Lundalogik Norway www.lundalogik.no post@lundalogik.no

SUR Wisur www.wisur.at auskunftei-wisur@wisur.at

WLW Austria www.wlw.at info@wlw.at PAR www.par.se info@par.se

WLW Czech Republic www.wlw.cz info@wlw.cz WLW Germany www.wlw.de info@wlw.de

Pointer www.pointer.se info@pointer.se

WLW Croatia www.wlw.hr info@wlw.hr WLW Czech Republic www.wlw.cz info@wlw.cz

Poslovna Domena www.poslovna.hr kontakt@poslovna.hr

InfoTorg www.infotorg.se info@infotorg.se

Part of the Bisnode Group

WDM.directinet www.wdmdirectinet.fr contact@wdmdirectinet.fr

Newsline Group www.newslinegroup.se info@newsline.se

Infodata www.infodata.se info@infodata.se

Infodata applicate www.applicate.se info@applicate.se

WDM Belgium www.wdmbelgium.be sales@wdmbelgium.be

Relevant Information www.relevant.se info@relevant.se

Svensk Handelstidning Justitia www.shj.se info@shj.se

WLW Switzerland www.wlw.ch info@wlw.ch

Yritystele www.yritystele.fi myynti@yritystele.fi

Five-year summary SEK millions

2010

2009

2008

2007

2006

Consolidated income statement Revenue Operating profit, EBITDA Operating profit, EBITA Operating profit, EBIT Profit before tax Profit for the year

4,451 671 536 434 285 194

4,741 728 593 428 239 62

4,325 679 533 446 30 16

3,899 672 580 498 347 281

3,202 595 506 443 279 162

Consolidated statement of financial position Intangible assets Property, plant and equipment Other non-current assets Current assets Cash and cash equivalents Total assets Equity Non-current borrowings Other non-current liabilities Current borrowings Derivative financial instruments Other current liabilities Total equity and liabilities

5,182 285 154 901 259 6,781 1,050 3,204 509 347 74 1,596 6,781

5,613 367 142 949 368 7,439 1,150 3,529 668 332 136 1,625 7,439

6,043 414 222 1,103 324 8,105 1,223 3,826 724 393 144 1,795 8,105

5,163 326 232 920 214 6,856 2,434 1,879 646 497 2 1,397 6,856

3,944 191 221 791 298 5,445 984 2,650 484 196

Consolidated statement of cash flow Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities

464 -252 -298

471 -130 -384

426 -603 269

470 -964 403

186 -657 460

Key ratios Revenue, SEK M Revenue growth, % Number of employees at 31 December Average number of employees Revenue per employee, SEK K Operating margin, EBITDA, % Operating margin, EBITA, % Operating margin, EBIT, % Net debt, SEK M Net debt/EBITDA

4,451 -6.1 2,974 3,080 1,445 15.1 12.0 9.7 2,289 3.41

4,741 9.6 3,095 3,167 1,497 15.4 12.5 9.0 2,685 3.69

4,325 10.9 3,189 2,940 1,471 15.7 12.3 10.3 3,148 4.64

3,899 21.8 3,008 2,790 1,398 17.2 14.9 12.8 2,297 3.42

3,202 n/a 2,524 2,397 1,336 18.6 15.8 13.8 1,673 2.81

1,131 5,445

Definitions Average number of employees – The average number of full-time employees during the year. Earnings per share – Profit attributable to owners of the Parent Company divided by the average number of shares outstanding. Net debt – Interest-bearing provisions and liabilities (excluding loans from shareholders) less cash and cash equivalents and other interest-bearing receivables. Operating margin – Operating profit, EBIT, EBITA or EBITDA as a percentage of revenue. Operating profit, EBIT – Profit before tax and financial items. Operating profit, EBITA – Profit before tax, financial items and amortisation/ impairment of intangible assets arising from business combinations.

Operating profit, EBITA excluding capital gains – Operating profit, EBITA adjusted for capital gains and losses from sale of subsidiaries, associates or other share holdings. Operating profit, EBITDA – Profit before tax, financial items and depreciation, amortisation and impairment losses. Revenue per employee – Revenue divided by the average number of employees. The figures in the annual report have been rounded off, while the calculations have been made without rounding off. As a result, the figures in certain tables and key ratios may appear not to add up correctly.

03 04 06 07 08 09 10 12 14 16 20 24 25 26 36 61 62 63 64 66

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Directors’ report Accounting policies and notes Audit report Board of Directors and Auditors Executive Management Team Subsidiaries Five-year summary AND Definitions

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Bisnode Annual Report 2010

annual report 2010 Bisnode Business Information Group AB