Bisnode Annual Report 2009 by Bisnode

Bisnode Annual Report 2009

Mailing address: Bisnode, S168, SE-105 99 Stockholm, Sweden Visiting address: SveavĂ¤gen 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 Bisnode Business Information Group AB

03 04 07 08 10 11 12 14 16 18 22 24 25 26 36 61 62 63 64 66

This is BiSNODE 2009 in brief COMMENTS BY THE CEO VISION, MISSION AND STRATEGY The business information market Core offering Marketing solutions Credit solutions Business information solutions Regions and business areas Organisation and human resources Corporate Governance financial infoRMATION Directorsâ&#x20AC;&#x2122; report Accounting policies and notes Audit report Board of Directors and Auditors Executive Management Team Subsidiaries Definitions

Bisnode has operations in 18 European countries, with ITS head office in Stockholm, Sweden

Jan

New regional organisation implemented to maximise business potential and synergies

May

Inter Dialog, a direct marketing consultancy company in Norway, divested

Jun

The Nomi group, a niche player providing information to the pharmaceutical industry, divested

Aug

ICC, a provider of business-critical information in UK and Ireland, divested

Oct

RAAD Research, a market research solutions company for the IT sector in Germany, acquired

Nov

121 Media, a direct marketing services company in Finland, acquired

Dec

Finfo, a provider of article information solutions in Sweden, divested Sverige Bygger and Norge Bygges, niche players of information for the construction industry, divested Majority shareholding in Teleadress, a supplier of Swedish high quality consumer information, acquired

Jan 2010

Directinet, a provider of online direct marketing solutions in France, acquired

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BISNODEâ&#x20AC;&#x2122;S MISSION IS TO HELP OUR CUSTOMERS

MAXIMISE SALES,

12%

MINIMISE BUSINESS RISKS

Operating profit margin, EBITA

KEY figures Revenue (SEK m) Total operating income (SEK m) Revenue growth (%) Operating profit, EBITDA (SEK m) Operating profit, EBITA (SEK m) Operating margin, EBITA (%) Average number of employees NUMBER OF EMPLOYEES at 31 DEC

2009 4,741 4,829 9.6 728 593 12.3 3,167 3,095

2008 4,325 4,430 18.1 679 533 12.0 2,940 3,189

AND

REVENUE OPERATING PROFIT, EBITA

MAKE

SEK M 5,000

750

4,000

600

3,000

450

2,000

300

1,000

150

2005

2006

2007

2008

2009

BETTER

BUSINESS DECISIONS

This is BiSNODE Bisnode is a leading provider of digital business information in Europe, with a complete offering of online solutions for marketing, credit and business information. Bisnode’s business information services help companies maximise sales, minimise business risks and make better business decisions. Bisnode was founded in 1989 and has more than 3,100 employees in 18 European countries. Bisnode is owned 70 per cent by Ratos and 30 per cent by Bonnier. business model DATA

BRAND

DATA

BRAND

DATA

Core offering

BRAND

COLLECT

ENHANCE

PACKAGE

SELL

Data about companies and consumers is collected from multiple sources in each country.

The data is enhanced through harmonisation, standardisation and verification. Data in a wider context becomes value-added information.

Information is packaged and customised into products and services. The same information is reused many times to increase economies of scale.

Bisnode sells products to different market segments under unique brands, and creates customised local services to fulfil the needs of a diverse customer base.

Marketing solutions

Credit solutions

Business Information Solutions

Offering

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.

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 whole portfolio basis.

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

Brands

121 Media, Baby DM Scandinavia, Bisnode Interact, Directinet, DirektMedia, PAR, Spectron Business Solutions and WDM

AAA Soliditet, Business Check, Cekia, Connectus, Credita, D&B (Dun&Bradstreet), Hoppenstedt Kreditinformationen, Hoppenstedt 360, Wisur and Credit Check

Affärsdata, Agent25, Eurodata, GV IN, Greens, HBI, Hoppenstedt Firmeninformationen, iBon, InfoTorg, Javnirazpisi, Newsline, Svensk Handelstidning Justitia and Svenska Nyhetsbrev

Market position

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

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

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

Main market segments

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

Automotive, Construction, Computers & Electronics, Engineering, Financial Services, Government, Logistics, Oil & Chemical and Utilities.

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

Competitors

1000 Mercis, Acxiom, Global Direct and Schober

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

Bundensanzeiger Verlag, Bureau Van Dijk, ErgoGroup, Factiva, GBI-Genios and Lexis Nexis

2009 in brief Activity remained high in 2009 with the introduction of a new organisation focusing on Bisnode’s core offering, investments to strengthen the market position as well as a number of company acquisitions and divestments. The market was challenging, but Bisnode managed to gain markets shares. Bisnode demonstrated its highest operating profit of all time at sek 593 (533) million with an operating margin exceeding 12.3 (12.0) per cent and a strong cash flow from operations. The Group achieved continued strong revenue growth mainly as a result of acquisitions and net revenue amounted to sek 4,741 (4,325) million. Bisnode made four acquisitions and five divestments to better focus on its core offering and to further boost sales and profitability. The acquisitions include Teleadress, which has given Bisnode a stronger position in the market for consumer contact information while also generating cost synergies in Sweden. The leading marketing solutions company 121 Media was acquired to strengthen Bisnode in marketing information services in Finland. The French Directinet acqusition, which closed in January 2010, has boosted Bisnode within online marketing information services. Directinet adds new technology and knowledge in e-marketing, while the acquisition of German raad Research adds expertise in market research and analysis for the it sector. The Product Information business area considerably strengthened its market offering in digital product information services in Europe when “Wer Liefert Was?” was acquired at the end of 2008. The operations were successfully integrated in 2009 inspite of a declining market for advertising-based services. As a market-leader, “Wer Liefert Was?” successfully managed to weather the recession and performed well during 2009.

Focus on core business

In line with Bisnode’s strategy to aim for a top three market position in each market and segment, the credit solutions company icc was divested and the uk and Irish operations were closed as the market position was weak in a fiercely competitive market. Other units divested during the year include Sverige Bygger, Norge Bygges, Finfo, Inter Dialog and operations in the Nomi Group. To expand the market share in credit solutions, Bisnode invested in new databases of company information in Germany during 2008–09. The investments are expected to improve long term profitability and allow for further segmentation of the market offering. At the beginning of 2009 a new organisation was implemented to better leverage economies of scale and to facilitate the transfer of knowledge and concepts across markets. Bisnode’s core offering consists of Marketing Solutions, Credit Solutions and Business Information Solutions, which together accounted for 82 per cent of total revenue in 2009. The core business has local synergies, similar market conditions and business opportunities at the country level. Product Information and Software and Applications made up the remaining 18 per cent and have synergies in similar business models, shared infrastructure or knowledge platforms. Awards in 2009

A highlight in 2009 were the awards to Bisnode presented by the European Association of Directory and Database

Focus on core business

Publishers for the online database of Hoppenstedt Firmeninformationen and for the innovative sales force management at Wer Liefert Was?

Bisnode made four acquisitions and five divestments to better focus on its core offering and to further boost sales and profitability

REVENUE PER PRODUCT OFFERING 7% 11%

31%

20%

MARKETING SOLUTIONS 31% CREDIT SOLUTIONS 31% BUSINESS INFORMATION SOLUTIONS 20% PRODUCT INFORMATION 11% SOFTWARE AND APPLICATIONS 7%

31%

REVENUE PER REGION AND BUSINESS AREA 7% 11%

43%

16%

NORDIC 43% DACH 19% BENEFRA 16% CENTRAL EUROPE 4% PRODUCT INFORMATION 11% SOFTWARE AND APPLICATIONS 7%

19%

NORDIC: DENMARK, ESTONIA, FINLAND, NORWAY, SWEDEN DACH: AUSTRIA, GERMANY, SWITZERLAND BENEFRA: BELGIUM, FRANCE, NETHERLANDS CENTRAL EUROPE: CROATIA, CZECH REPUBLIC, HUNGARY, POLAND, SLOVAKIA, SLOVENIA

Patrik Ceh SALES CONSULTANT

COMMENTS BY THE CEO Bisnode had a good year and gained market share in 2009, despite challenging market conditions. Our focus during the year has been on further developing the core business, operational efficiency, and positioning Bisnode for the future.

Bisnode had a good year in 2009, despite the challenges presented by the financial crisis. Confidence among companies and consumers was low in Europe and in other major world economies. However, demand for Credit Solutions held up well, which is normal in periods of economic downturns. Demand for Business Information Solutions was stable, while Marketing Solutions struggled as demand for these services is largely cyclical. In 2009, we continued working on Bisnode’s platform for growth by further focusing on our core business, increasing efficiency and expanding our offering. Consolidated net revenue amounted to sek 4,741 million with an operating profit, ebita, of 12 per cent for 2009. Although Bisnode in 2009 did not meet long-term financial targets of an operating margin, ebita, of at least 15 per cent and annual revenue growth of 10 per cent, we did relatively well considering the very challenging market conditions. A new Bisnode taking shape

An important activity in shaping the future Bisnode is to focus on and strengthen our core business. As a result Bisnode carried out four acquisitions and five divestments in 2009. Bisnode’s vision is to become the leading provider of digital business information in Europe. To reach our goal we emphasise organic growth supplemented by strategic acquisitions. By acquiring Teleadress, for example, Bisnode reinforced its position as a supplier of high-quality consumer information in Sweden while also gaining cost synergies. The Directinet acquisition strengthens our position in online marketing information services in France. Through acquisitions such as these, we add new technology, databases and brands in order to further build our market position. Also, in 2009, Bisnode divested operations in uk and Ireland due to weak market positions in these highly competitive markets.

Keeping the focus

At the beginning of 2009, Bisnode launched a new organisation to clarify our offering and to achieve operational synergies. The new organisation is working out well resulting in increased synergies. The process of strengthening Bisnode’s operations will continue in 2010, including further acquisitions and divestments. By achieving critical mass in all Bisnode markets and segments, we can increase efficiency in data collection, data enhancement, packaging and sales of information solutions. Outlook 2010

Digital business information from Bisnode is an integral part of many customers’ daily operations. Although demand varies greatly across markets, industry estimates indicate a long term yearly composite growth of three to five per cent. However, in 2010, as the market recovers Bisnode estimates only a modest growth. We expect new technologies, business models and market offerings to shape the European market for digital business information in the years ahead. In addition, changes in legal frameworks and data accessibility together with new market entrants will increase competition. With a more complex market ahead, it is important for Bisnode to work even closer with our customers, and deliver compelling products and being an innovation leader in the digital business information industry. With a strong focus on innovation and a more stable demand situation, the outlook for the next couple of years is looking brighter again.

Johan Wall President and CEO

VISION, MISSION AND STRATEGY Access to accurate and reliable information is vital for making better business decisions, minimising risks and maximising sales. Bisnode is the source for high quality business information and offers state-of-the-art solutions to meet the needs and requirements of today. Vision

Bisnode’s vision is to be the leading provider of digital business information in Europe. Companies partnering with Bisnode build stronger customer relationships, attract new customers, reduce business risks and gain a better understanding of their business environment. Mission

Bisnode’s mission is to help customers maximise their sales, minimise their business risks and make better business decisions. Bisnode offers digital business information and decision support for the general business-to-business market in Europe.

then reused in multiple services, packaged and sold under different brands in diversified and customised solutions. This enables Bisnode to differentiate each offering and add more customer value to specific market segments.

Bisnode’s solutions facilitate better and faster business decisions that result in improved sales and decreased business risks for the customers.

Strategy

Core offering

Bisnode operates in a constantly changing market where an increasing flow of information and new technologies are driving new business demands and opportunities. Access to accurate and reliable information is vital in making better business decisions. Bisnode is a source of high-quality information and has a clear strategy how to continue strengthen its market position in Europe.

Bisnode aims to offer Credit Solutions, Marketing Solutions and Business Information Solutions in all markets where the Group operates.

Scalable, digital business model

A cornerstone of Bisnode’s strategy is the digital business model, where data is collected once, packaged and then sold many times with a low production cost and high margins for each additional sale of information. Economies of scale

Bisnode has significant economies of scale in each country in data collection and enhancement. The information is

Local focus and brands

Operating in 18 countries, Bisnode caters to the specific requirements of each market with a local, segmented offering and operations run by local management. Strong, local brands provide the basis for a segmented offering. Bisnode may, for example, provide entry level products, mid-market products and high-end integrated solutions using separate brand names. These offerings are all based on the same set of basic data, complemented with more integrated and enhanced information for the premium products. Synergies

Bisnode strives to realise cost synergies at the country level, mainly through joint

data collection and data enhancement. By transferring products, concepts, applications and sales strategies across markets, Bisnode can create revenue synergies. Innovation for growth

With the business information industry in transformation, Bisnode strives to take a lead in innovation driven growth. Global partnerships

Bisnode has a successful partnership with d&b (Dun & Bradstreet), allowing Bisnode to provide high-quality global information to our customers. Bisnode operates d&b companies in ten European markets. Market position

Bisnode leverages its power as a group by sharing innovative products and concepts across Europe, facilitated by its Competence Centres. To boost sales momentum and revenue growth, Bisnode focuses on sharing and exporting innovative solutions, new products and concepts. Each company in the Bisnode Group should have the capacity to reach a position among top three in its market segment. 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.

BISNODE’S VISION IS TO BE THE LEADING PROVIDER OF DIGITAL BUSINESS INFORMATION IN EUROPE

The business information market An increasing flow of information, regulatory changes and new technologies are reshaping the market for digital business information. The way information is presented, experienced and used is changing dramatically and creating a business environment of both opportunities and challenges.

Business information consists of a range of different types of data, including corporate and consumer information. Industry analysts estimate the number of potential users at approximately 20 million and forecast the relevant market to be worth around sek 300 billion in Europe, with a long term annual growth rate of about three to five per cent. The European market for digital business information is fragmented with many competing players, especially at the local and regional level. The consolidation trend is continuing among small local operators. Constant change generates opportunities

New opportunities and user patterns emerge as the regulatory framework changes and new technologies are launched â&#x20AC;&#x201C; 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. Although the fixed costs for collecting and managing information are relatively high, the additional cost for packaging and distribution is low. This provides scope for large economies of scale as user numbers increase. Price pressure has risen as the volume of information has grown, making quality assurance, data enhancement and value added services more important.

Demand for more sophisticated online solutions

Underlying trends in Bisnodeâ&#x20AC;&#x2122;s markets include continued digitalisation with broader and more sophisticated online services and more cost-effective direct marketing at the expense of mass-market mailings, as well as new low-cost players in the risk and credit information market. In order to maintain and strengthen the Groupâ&#x20AC;&#x2122;s market position, Bisnode must offer more customised products and services including refined and exclusive information. The most important step to succeed is to embrace new technologies, devices and user patterns and to implement these into new concepts and solutions in the market at the right time.

EMBRACE NEW TECHNOLOGIES, DEVICES AND USER PATTERNS, AND IMPLEMENT THESE IN NEW CONCEPTS AND SOLUTIONS PROVIDING ADDITIONAL CUSTOMER VALUE

Core offering Bisnode offers high-quality business information, including company and consumer information. Bisnodeâ&#x20AC;&#x2122;s core offering consists of credit, marketing and business information solutions that help customers to maximise sales, minimise risks and make better business decisions.

CAmilla jacobs account manager

ANJA WRIGFELDt COMMUNICATIONs OFFICER

Marketing solutions Bisnode is one of Europe’s leading providers of marketing solution services including Customer Relationship Management, addressed and online direct marketing. In 2009 Bisnode strengthened its position in online marketing, analysis and research.

Bisnode’s services are offered in two main segments, business-to-business and business-to-consumer. With the help of Bisnode’s solutions, customers can identify new customers and customer segments and can retain and develop existing customer relationships. Bisnode compiles and completes business and consumer lists from sources of all types, in addition to creating and building its own databases. Bisnode offers solutions based on extensive database sources, to be used for segmentation, reference or market research. This creates a competitive edge, whether the customer needs sophisticated niche information or pan-European solutions. Strategic handling of data a valuable asset

Trends are changing at a faster pace. As consumers are becoming more of a moving target, marketers will need to capture more data, mine all that data and find smarter ways to extrapolate the data. Data handling is expected to become so complex that it will be very difficult to manage it all in-house. Data and the strategic handling of data will become a very valuable asset.

Against this background, Bisnode is working actively to improve its offering of powerful analytical resources for web analytics, customer segmentation and campaign effectiveness. Among other things, web analytics can be used to track internet customers and give them relevant offers faster as they surf a web site. Creating an integrated online offering

broking, data mining, distribution, project management and specialised value-added offerings such as data cleansing, hosting loyalty card schemes and advanced statistical segmentation. Marketing Solutions account for 31 per cent of Bisnode’s total revenue. Customers are sales and marketingdriven companies in both commercial and financial industry, as well as crm and direct marketing users.

Demand keeps growing for online communication; online direct marketing and other integrated online offerings. Customers also want to have an integrated view of offline and online data. Bisnode must be able to offer integrated online services and has therefore recently acquired the French online marketing solutions company Directinet. Directinet was early to identify the potential of the Internet as a direct marketing channel and has a dedicated focus on interactive marketing. Furthermore, Bisnode can assist customers in project-based campaigns or services as well as in the implementation and streamlining of ongoing marketing activities. Other marketing services include business and consumer list

Offering

Brands

Market position

Main market segments

Competitors

121 Media, Baby DM Scandinavia, Bisnode Interact, Directinet, DirektMedia, PAR, Spectron Business Solutions and WDM

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

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

1000 Mercis, Acxiom, Global Direct and Schober

CUstomer case Karine Del Medico, EDF FRANCE Customer of WDM France Enriched data for optimal customer segmentation The EDF Group is a leading player in the energy industry, present in all areas of the electricity value chain and the natural gas chain. It is a leader in the French and British electricity markets and has solid positions in Germany and Italy. The Group has a portfolio of 38.1 million customers in Europe and the world’s premier nuclear generation fleet. For a long time, EDF had a monopoly on electricity distribution to residential customers in France. However, on 1 July 2007, the prospect of opening up the consumer market prompted the company to form a strategy for analysing the management of customer relationships by 2004. To switch from a single-product to a multi-product culture, EDF wanted to build a robust model to better target its offerings with three main goals: develop a marketing

segmentation, communicate better and choose the right channel to do so. Age is a very important factor in enabling EDF to target its offerings. With a customer base of 28 million “electricity meters” at residential sites in France, the company turned to WDM France to enrich its customer database through the acquisition of data. Using WDM’s List Up® database, a unique referential with permanent data on approximately 33 million individuals in the “+18 years” age group, EDF France was able to significantly enhance its customer data. With a reliability rate of 97 per cent, the database now contains the addresses of 95 per cent of the company’s customers and enables EDF France to target its customers based on their true age.

“Because of the excellent quality of data and the fact that WDM’s competitors only offered a subscription model, WDM was an easy choice for us.” Karine Del Medico, Head of Data Mining at EDF France

Credit solutions Bisnode offers a wide range of solutions for credit and risk management, including financial and economic information as well as credit assessment of both businesses and consumers. With a portfolio of both local and global services, Bisnode can offer a unique range of services. 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 level. Local services are available through strong regional companies in the Group with 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). Through the ownership of ten European d&b companies, Bisnode is one of the leading d&b worldwide network partners. With a portfolio of both local and global services Bisnode has a leading position in the majority of its markets. Bisnode’s quality assurance process

Over the past year, Bisnode has continued to build and extend its company registers and consumer databases with additional financial and legal information. Through data processing: all of the information is harmonised through classification, summarisation and aggregation of key information. Bisnode’s quality assurance process ensures that the data input is consistent, accurate and timely.

Bisnode continuously analyses company solvency so that customers better can predict bankruptcies and prepare for shifts in the business cycle. Using these services, customers can secure their payments and deliveries and reduce risks ahead of the competitors. The ability to deliver the right information when the customer needs it has become as an increasingly important trend. Customers become content providers

The vast bulk of information is publicly sourced and local company registration offices are in most cases the main source. The past few years have seen a trend where customers also become content providers, as Bisnode is collecting payment data from companies about their customers’ payment habits. This information provides a critical advantage, since it is not readily accessible and is a key factor in assessing creditworthiness. Integration of information within the customer’s existing information systems is increasingly important and Bisnode has been developing a more sophisticated product range to increase customer loyalty by making information available directly in the customer’s business system.

Highly competitive market

The market for credit solutions is highly competitive. Competition has increased with the entry of more low-cost players, which has resulted in decreasing prices for credit reports. Bisnode has developed more advanced solutions that add more customer value and enable Bisnode to retain premium pricing. Bisnode also offers a wide range of basic and fast credit information services to meet the increasing demand of internet based solutions. Many of the customers can be found in the financial sector and include banks, leasing companies, credit departments of commercial businesses and professional firms such as auditors, merchant bankers and lawyers. Following the financial turbulence and frozen credit markets in 2009, many companies struggled through hard times. Because the credit solution business is slightly counter-cyclical with higher demand in times of rising risks, Credit Solutions showed a positive development in 2009 and increased its share of Bisnode’s total revenue to 31 per cent.

Offering

Brands

Market position

Main market segments

Competitors

AAA Soliditet, Business Check, Cekia, Connectus, Credita, D&B (Dun&Bradstreet), Hoppenstedt Kreditinformationen, Hoppenstedt 360, Wisur and Credit Check

Automotive, Construction, Computers & Electronics, Engineering, Financial Services, Government, Logistics, Oil & Chemical and Utilities.

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

Customer case Carsten Diederich, ALPIQ HOLDING Customer of D&B Switzerland Improving credit risk management at Alpiq Holding Alpiq is the largest energy company in Switzerland, where about half of the group’s 10,000 staff are employed. Alpiq generates and transports electricity and engages in energy trading, electricity transmission and electricity sales. Alpiq owns more than one third of Switzerland’s electricity grids and is the largest grid owner in the country. Alpiq owes its strong market presence in Switzerland and Europe to close collaboration with many strong partners, including D & B . Through D&B Switzerland, Alpiq always has access to current business data and segmented business information, which provide valuable input for the group credit risk management.

D & B s database enables consistent identification of counterparties through the use of the D &B D-U-N-S® number, and allows Alpiq to improve credit risk management through the rapid availability of data.

“We have very good experiences from working with

D&B Switzerland. They take our customer feedback seriously and act upon it and their service has constantly expanded and improved over the years. D&B Switzerland gives us true value for money, excellent service and good coverage throughout Europe. The counterparty identification through the unique D-U-N-S® number is invaluable to us.” Carsten Diederich, Head of Credit Risk Management at Alpiq

Business information solutions The business information offering ranges from general financial and legal information to media monitoring services and people information solutions. Lately Bisnode has also been focusing on the emerging trend for social media that promotes communities, features and platforms where users can connect with their business partners. Bisnode’s offering ranges from general financial and legal information, media monitoring and legal documents of p/l statements, land registry information, car registry information to in-depth industry analysis. The offering also includes extensive people information such as decision-makers, managers and board members, and detailed business information about individual entrepreneurs and small to medium-sized enterprises that otherwise can be hard to find. Tailored services

Customers can have information services tailored to specific needs. By combining different sets of business information, Bisnode can build multiple products that include both general and specialised services. A key success factor is the ability to present detailed and complex information in a user-friendly format. To support the customer in the best possible way, it is also important to be able to offer the right information at the right time and at the right place. Overall, Bisnode’s corporate, legal and financial information provides a solid base for well-founded decisions, from

deciding who to contact at a company to large processes such as acquisitions, mergers and other corporate actions that require substantial decision support. Information processing by industry expertise

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 government and other public sources, as well as private sources. Some information is also collected through media and Internet monitoring. The information is often processed and analysed with industry-specific expertise to add value. Customers need updated information about news, events, competitors and credit risks in each market. By offering qualified business information services, the level of customer benefit is increased. Many of Bosnode’s services are leaders in their domestic markets. By continuing to expand existing services to other countries, Bisnode can strengthen its market position.

Demand for custom solutions growing rapidly

Demand for standardised and segmented products is expected to continue expanding alongside the need for onestop shop solutions. Volume growth is also expected to exceed overall growth as customers request more and more information. The increased use of various forms of social media is another trend that is creating new opportunities that Bisnode is exploring. Business information tends to be fairly robust in relation to the business cycle. Business Information Solutions account for 20 per cent of Bisnode’s total revenue.

Offering

Brands

Market position

Main market segments

Competitors

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

Affärsdata, Agent25, Eurodata, GV IN, Greens, HBI, Hoppenstedt Firmeninformationen, iBon, InfoTorg, Javnirazpisi, Newsline, Svensk Handelstidning Justitia and Svenska Nyhetsbrev

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

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

Bundensanzeiger Verlag, Bureau Van Dijk, ErgoGroup, Factiva, GBI-Genios and Lexis Nexis

Customer case Jörgen Kongerslev, GÖTEBORGS SPÅRVÄGAR Customer of INFOTORG, sweden Cell phone becomes ticket inspection tool for Gothenburg tram network The Gothenburg tram network, Göteborgs Spårvägar, runs an extensive and diverse operation with around 2,600 employees. The primary concern is the passengers, and with some 230 trams and 420 buses in regular service, the company strives to ensure that the passengers arrive safely at school, work and friends while also working for a healthier environment. Göteborgs Spårvägar has around 40 full-time ticket inspectors who often work in pairs and in shifts. If a passenger lacks both a ticket and identification, he or she is requested to disclose his or her name or social security number. Upon suspicion of incorrect identification, the social

security number is matched against two different databases. First, a “black list”, which contains previously abused social security numbers, and second, the SPAR database (Swedish Coordinated Population and Address Register). Previously, administrators had to help the ticket inspectors check both databases, a process that caused unacceptably long waiting times for both inspectors and passengers. In addition, the administrators were not available after business hours. Göteborgs Spårvägar therefore wanted to simplify the inspectors’ work so that all database information could be accessed via mobile phones without depending on administrator assistance. Göteborgs Spårvägar chose to expand its cooperation with InfoTorg to meet the challenge. Ticket inspectors can now access both databases through a mobile phone in just seconds.

“The new solution means that Gothenburg’s tram network is a leader in this area.” Jörgen Kongerslev, Unit Manager at Göteborgs Spårvägar.

Regions and business areas Bisnodeâ&#x20AC;&#x2122;s core offering of credit, marketing 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: Product Information and Software and Applications.

Clas-Fredric Lund Senior Direct marketing Consultant

19 Region Nordic Mats Erwald Regional Director The Nordic region is the largest region, and one in which Bisnode has a very strong offering. Bisnode is one of the market leaders in all product areas. In 2009 revenue amounted to sek 2,086 million and operating profit to sek 385 million. Overall demand for Bisnode’s solutions in the Nordic market was stable and operations showed continued high profitability. Development differed between countries, with growth in Denmark, stable performance in Sweden and Finland, and weak development in Norway. Denmark went through a heavy cost-cutting program and showed stable profit for the first time in many years. Norway experienced a sharp drop in demand for marketing services and efforts were made to adapt operations to the current market situation. In 2009, the Finnish operations were supplemented through the acquisition 121 Media offering marketing solutions and the Swedish operations with Teleadress, a supplier of high-quality consumer and contact information.

Region DACH

Denmark Estonia Finland Norway Sweden

High profit margin SEK m 2,500

750

2,000

600

1,500

450

1,000

300

500

150

2007

2008

2009

REVENUE OPERATING PROFIT, EBITA

Austria Germany Switzerland

Peter Villa Regional Director Bisnode has a strong offering of credit solutions in the dach region and also offers business information solutions in Germany. In 2009 revenue amounted to sek 913 million and operating profit to sek 81 million. Operations showed healthy growth but a weak earnings trend, which was attributable to the major efforts made to expand the credit offering in all countries in the region. In Germany, extensive investments were made in new start-ups and increased quality of information to expand Bisnode’s share of the market for credit solutions. According to plan, these activities are expected to result in improved profit-ability over time, but caused higher costs in 2008–2009. With an increasing demand and a strong offering of credit solutions in Austria and Switzerland, the operations showed healthy growth with stable profit during the year. The German operations were strengthened through the acquisition of raad Research, one of Germany’s leaders in market research and analysis for the it sector.

Healthy growth SEK m 1,000

100

800

600

400

200

2007

2008

2009

REVENUE OPERATING PROFIT, EBITA

20 Region BeNeFra

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 2009 revenue amounted to sek 735 million and operating profit to sek 73 million. The operations delivered robust growth but weak earnings during the year, although with differing trends between countries. Belgium and France, with a blue chip company portfolio and a large share of ongoing customer database management, posted increased earnings. The Netherlands, with primarily campaign-driven marketing services, was severely affected by the market recession. An action programme has been launched and started to yield results in the form of positive earnings toward the end of the year. In January 2010 Bisnode completed the acquisition of Directinet Group, a leading provider of online direct marketing solutions in France.

Region Central Europe Martin Coufal Regional Director Bisnode has a strong offering of credit solutions as well as business information solutions in the region, and also provides sourcing information in some markets. In 2009 revenue amounted to sek 183 million and operating profit amounted to sek 26 million. The region reported continued strong development with high organic growth and solid profitability. Market demand for information services in Central Europe is increasing as access to digital information and the level of digital maturity in the region grow. This positive trend was seen in all countries in the region. The Bisnode companies have taken significant steps to increase future growth through the recruitment of new staff, improved sales processes and the launch of new products and brands.

Robust growth SEK m 900 800 700 600 500 400 300 200 100 0

2007

2008

2009

90 80 70 60 50 40 30 20 10 0

REVENUE OPERATING PROFIT, EBITA

Croatia Czech Republic Hungary Poland Slovakia Slovenia

Doubledigit organic growth SEK m 210

180

150

120

2007

2008

2009

REVENUE OPERATING PROFIT, EBITA

21 Product Information business area Peter Villa Business Area Director The Product Information business area offers advertisingbased online services and business journals with a focus on industrial suppliers. The services include high-quality product databases and in-depth information about different industrial segments. In 2009 revenue amounted to sek 530 million and operating profit to sek 52 million. The business area considerably strengthened its market position in digital product information services in Europe through the acquisition of Wer Liefert Was? in December 2008. The market for advertising-based services has declined during the recession with a significant drop in demand. The management’s assessment is that demand stabilised toward the end of 2009. The launch of integration and cost-cutting programmes resulted in higher costs during the year but is expected to improve operations in the long term.

Austria, Belgium Denmark France Germany Hungary LUXEMBOURG Netherlands Norway, Sweden Switzerland Wer Liefert Was? boosts revenue SEK m 600

500

400

300

200

100

Software and Applications business area

2007

2008

2009

REVENUE OPERATING PROFIT, EBITA

Norway Sweden

Fredrik Åkerman Business Area Director Bisnode offers software and applications with integrated business information that help customers to analyse and improve their business performance and provide access to better decision support. Bisnode’s offering of software and applications moves the Group up the value chain from pure business information to solutions that are integrated with the customers’ daily business systems. In 2009 revenue amounted to sek 424 million and operating profit to sek 60 million. Operations in the business area have been affected by sharply declining demand for consulting services. Cost-cutting programmes were launched in the spring of 2009, but have not yet been able to fully offset the drop in demand. More stable demand in the market toward the end of the year indicates that the toughest period has now passed. One of the units offering user-friendly crm solutions with flexible customer integration is showing growth with good profitability. This indicates a trend toward higher demand for applications that improve effectiveness in daily business operations.

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

2007

2008

2009

90 80 70 60 50 40 30 20 10 0

REVENUE OPERATING PROFIT, EBITA

Organisation and human resources Key to business success is talent. Bisnode takes pride in promoting an entrepreneurial environment where individuals can grow in their professional roles.

Organisation

Attractive employer

Values

The Group is divided into four geographical regions in which Bisnode provides a core offering of credit, marketing and business information solutions. The regions are Nordic, DACH, BeNeFra and Central Europe (see definitions of the regions on page 66). The new organisation was established in January 2009 to maximise business potential and synergies throughout the Group. There are two separate business areas in addition to the geographical regions, Product Information and Software and Applications. Two regions were closed in 2009; region uk and Ireland was closed following the divestment of the credit solution company icc, and Norway was integrated into region Nordic at the end of the year. Bisnode is committed to sharing ideas and enhancing its longstanding entrepreneurial tradition. To share knowledge, ideas and encourage an innovative approach to new business opportunities, there are three Competence Centres for Credit Solutions, Marketing Solutions and Business Information Solutions.

One of Bisnode’s strategic objectives is to attract, develop and retain the top talent in the industry. Bisnode strives to offer an environment where individuals can grow in their professional roles. 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 development and career advancement within the Group. At the end of the year, the Group had 3,095 employees, compared to 3,189 a year earlier.

Entrepreneurial spirit

Group management

Bisnode’s executive management team consists of the ceo and the directors of finance, strategic it and communications, along with the directors of each region, business area and competence centre. Central functions such as finance, communication, m&a activities and strategic it resources are managed by the head office in Stockholm.

Bisnode is committed to sharing ideas and enhancing its longstanding entrepreneurial tradition Ethics

Bisnode provides information, some of which is very sensitive. Bisnode takes pride in handling this information according to high moral and ethical standards. Bisnode emphasises clear ethical guidelines to all employees throughout Europe. The Group complies with all national and international data protection laws regulating the use and collection of personal data.

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.

23 PERSONnEL KEY figures Average number of emPloyees NUMBER OF EMPLOYEES at 31 DEC 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

2009 2008 3,167 2,940 3,095 3,189 1,497 1,471 187 181 1,749 1,599 1,418 1,341

EMPLOYEES BY REGION/BUSINESS AREA 2009 10%

NORDIC 34% DACH 19% BENEFRA 14% CENTRAL EUROPE 11% PRODUCT INFORMATION 10% SOFTWARE AND APPLICATIONS 10% CENTRAL 1%

34%

10%

11%

14%

19%

organisation Ceo

CompetenCe Centres

region nordiC

finanCe

Credit solutions

CommuniCations

marketing solutions

strategiC it

business information solutions

region daCh

region benefra

region Central europe

EMPLOYEES BY FUNCTION 2009 Sales & Marketing production Administration

Vesna MraziC Human RESOURCES Manager

business area produCt information

business area softWare and appliCations

% 46 41 13

Corporate Governance Bisnode’s organisation with operations in 18 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, the Board of Directors, the ceo, the executive management team and the managing directors of the operating companies. Corporate governance is regulated by Swedish law: primarily the Swedish companies act, and 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 one section that is strongly recommended. Bisnode’s organisation, which consists of many independent companies in 18 countries, makes the Group heavily reliant on the use of sound internal control systems and procedures and compliance with these procedures. Work of the Board of Directors

In 2009 Bisnode’s Board of Directors held nine scheduled meetings, of which one was a two-day workshop that focused on the Group’s strategy. 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 and propose the allocation of profit/loss to the Annual General Meeting (agm) • review and monitor Bisnode’s financial development and business situation Aside from follow-up of business operations, in 2009 the Board devoted much of its

time to discussing Bisnode’s upcoming acquisi-tions and divestitures. Bisnode played an active role in consolidation of the market for business information during 2009. 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), Bo Jungner and C. W. Ros. The main tasks and responsibilities of the Committee are to: • Discuss the Board’s proposal for resolution by the agm 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 Bo Jungner (Committee Chairman), Håkan Ramsin, Birgitta Klasén 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 Directors’ report Consolidated income statement Consolidated statement of comprehensive income Consolidated balance sheet Consolidated statement of changes in equity Consolidated cash flow statement Parent Company income statement Parent Company balance sheet Parent Company statement of changes in equity Parent Company cash flow statement

26 28 28 29 30 31 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. Segment reporting 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. Average number of employees. 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. Participations in associates Note 20. Available-for-sale financial assets Note 21. Participations in group companies Note 22. Trade and other receivables Note 23. Derivative financial instruments Note 24. Cash and cash equivalents Note 25. Borrowings Note 26. Deferred tax Note 27. Provisions for pensions Note 28. Other provisions Note 29. Trade and other payables 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

Marko Srabotnik Product Manager

43 44 45 45 45 45 45 46 46 46 48 49 49 50 52 52 52 52 53 54 55 55 55 55 55 56 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 2009. 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. Bisnodes business information services help companies to maximise sales, minimise business risks and make better business decisions. Bisnode conducts operations in 18 European countries and has approximately 3,100 employees. Consolidated revenue in 2009 amounted to slightly over SEK 4.7 billion. Significant events during the financial year In the beginning of 2009 Bisnode introduced a new organisation based on four geographical regions (Nordic, DACH, BeNeFra and Central Europe), all covering the product offerings Market Solutions, Credit Solutions and Business Information Solutions. In addition, two separate business areas, Product Information and Software and Applications, and central support functions were created. The motive for the organisational change is that the market for digital business information is local in nature, and that data collection, enhancement, packaging and sales take place primarily at the national level. With a regional organisation, combined with central support functions, the Group has greater opportunities to realise both revenue and cost synergies. Acquisitions and divestitures Two major acquisitions were carried out during the year. In October Bisnode acquired the Finnish company Kauppalehti 121 Oy (name changed to 121 Media Oy). The company is a leading provider of direct marketing services in Finland with 55 employees and annual revenue of EUR 8 million in 2009. In December Bisnode acquired 80.1 per cent of the shares in the previously partly-owned company TA Teleadress Information AB. After the acquisition, Bisnode’s holding is 100%. TA Teleadress Information has a leading position in the Swedish market for sales of contact data for direct marketing and information purposes. The company has 35 employees and annual revenue of approximately SEK 60 million.

Aside from the above acquisitions, the Group has acquired the remaining 9.9 per cent of the shares in One Holding AS and taken over operations in the German company RAAD Research through the acquisition of net assets. Five units were divested during the year. In May Bisnode divested the net assets of the Norwegian company Inter Dialog AS and in July divested Nomi Group, which is active in the Nordic market for pharmaceutical intelligence. In August Bisnode completed the divestiture of ICC in the UK and Ireland and a couple of smaller British operations. The divestitures included all business operations Region UK and Ireland, which has thus been discontinued. In December Bisnode divested Finfo AB and the Group’s companies active in information and marketing services for the construction industry, Sverige Bygger AB och Norge Bygges AS. In accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, all income and expenses in the discontinued operations, including capital gains, are reported in profit from discontinued operations on a separate line in the consolidated income statement. The consolidated cash flow statement is also presented with a separation between continuing and discontinued operations. The figures for the comparison period have been restated accordingly. Earnings and financial position Revenue and profit Revenue improved by 10 per cent to SEK 4,741 million (4,325). Organic growth amounted to 4 per cent. Adjusted for foreign exchange effects, organic growth was -1 per cent. Operating profit, EBITA, was SEK 593 million (533), equal to an operating margin of 12.3 per cent (12.0). Adjusted for capital gains on the sale of subsidiaries, operating profit, EBITA, was SEK 563 million (492) and operating margin was 11.9 per cent (11.4). Operating profit, EBIT, fell to SEK 428 million (446) as a result of goodwill impairment and increased amortisation of intangible assets attributable to business combinations. The year’s goodwill impairment losses amounted to a total of SEK 41 million. The increased amortisation of intangible assets attributable to business combinations refers

to the acquisition of Wer Liefert Was that was completed at the end of 2008. Net financial items totalled SEK -189 million (-416). A stronger Swedish krona rate led to unrealised foreign exchange gains of SEK 75 million (-131) attributable to the Group’s long-term borrowing. In addition, net financial items were positively affected by lower market interest rates and a reduced loan debt. Income tax for the year totalled SEK -69 million (-14), equal to an average tax rate of 29 per cent (47). The high tax rate for the comparison period is explained by tax adjustments attributable to prior periods. Profit from continuing operations was SEK 170 million (16), equal to earnings per share of SEK 1.3 (0.0). Profit from discontinued operations for the full year was SEK -108 million (-4). This figure includes all profit and loss items from Region UK and Ireland, including the capital gain on the sale of ICC and impairment of goodwill attributable to the region. Profit for the year was SEK 62 million (13) and earnings per share, basic and diluted, were SEK 0.4 (0.0). Cash flow and investments The year’s cash flow from operating activities was SEK 471 million (426). The stronger cash flow is mainly explained by an improved profit before depreciation/amortisation and impairment. Bisnode is taking active measures to reduce working capital and is seeing the positive effects of these efforts. Financial position Consolidated net debt fell from SEK 3,148 million to SEK 2,684 during the year. The large decrease is explained by strong cash flow from operating activities together with lower expenditure and a net gain of SEK 81 million on the acquisition and divestiture of subsidiaries. Cash and cash equivalents amounted to SEK 368 million, compared to SEK 324 million at 31 December 2008. In addition, the Group has total granted but unutilised bank overdraft facilities of SEK 400 million.

27 Employees The number of employees at 31 December 2009 was 3,095 (3,189 at 31 December 2008). The average number of employees during the year was 3,167, compared to 2,940 in 2008. Significant events after the balance sheet date At the beginning of 2010 Bisnode completed the acquisition of Directinet, a leading supplier of online direct marketing solutions in France. The company has 97 employees and annual net sales of EUR 14 million in 2009. Future outlook Bisnode’s vision is to be the leading provider of digital business information in Europe. The Group’s long-term 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. The Bisnode Group has recorded average annual growth of around 9 per cent over the past ten years. This growth has been achieved mainly through acquisitions. The Group’s strategy is to continue expanding primarily through organic growth. Bisnode is working actively to streamline the Group’s offering and increase the focus on core activities. As part of this process, Bisnode regularly evaluates the opportunities to both acquire strategically suitable companies and to sell off operations that are not consistent with the Group’s core business. Risks and uncertainties All business operations involve risks. Bisnode works continuosly to identify, measure and manage risk. In cases in which 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 Bisnode’s operations are influenced by a number of external factors whose effects can be controlled to a varying extent. Demand for the Group’s services and products is largely steered by economic development in the respective country. However, the Group’s external-related risks are reduced by maintaining a good geographical spread with sales in 18 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. In 2003 the EU implemented the so-called PSI Directive aimed at increasing the availability of public sector information in the EU. The immediate effects of the directive are minor, but in a longer perspective the directive is expected to increase accessibility to basic data and thereby drive the supply of and demand for business information in Europe. The

Group’s assessment is that it is well positioned to use its experience from the Nordic markets, where such information has been easily accessible for several decades, in order to grow and capture market shares in the rest of Europe as access to information increases.

The Parent Company reported an operating loss of SEK 1 million (11) for the year. Profit after financial items was SEK 100 million (0). Net financial items include dividends of SEK 100 million (0) from subsidiaries. The Parent Company made no investments during the year.

– 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 segmented 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.

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.

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. Digital business information is delivered to customers using a number of delivery methods, including digital media, the Internet and direct integration into our customers’ IT systems. If Bisnode fails to enhance the current delivery methods or develop new methods in response to changes in technology or customer preferences, or do not act quickly enough to enhance or develop new delivery methods, the customers may choose to receive digital business information from other providers.

Proposed appropriation of earnings Profits available for appropriation by the Annual General Meeting (SEK):

– Employees The most important resource for Bisnode is the employees. In order to retain existing staff and recruit new talents, Bisnode is working actively to offer competence development and competitive employment terms for its employees. Financial risks Bisnode’s exposure to financial risk factors such as interest rate and foreign exchange risk is monitored and analysed regularly. Interest rate risk is managed through the use of derivative instruments to reduce exposure to interest rate movements. Foreign exchange risk is limited by raising part of the longterm borrowing in euro, the currency in which most of the Group’s sales are denominated. Environment Bisnode’s operations have a limited impact on the environment and the Group conducts no operations that are subject to permitting or reporting requirements. In its purchasing, the Group takes environmental aspects and social responsibility into consideration when choosing products and suppliers. Research and development Bisnode conducts product development in its subsidiaries. Parent Company The operations of the Parent Company consist of financing and ownership of subsidiaries.

Accounting policies The Bisnode Group applies reporting in accordance with International Financial Reporting Standards (IFRS). For additional information see Note 2.

Retained earnings Profit for the year Total

538,733,572 99,966,472 638,700,044

The Board of Directors and the CEO propose that the profits be appropriated as follows: To be carried forward Total

638,700,044 638,700,044

Consolidated income statement SEK thousands

Note

2009

2008

4,740,747

4,325,344

Continuing operations Revenue Other operating income

Total operating income Goods and services

88,647

104,994

4,829,394

4,430,338

-1,102,809

-1,082,818

-2,198,929

-1,945,387

Personnel costs

9, 10

Depreciation, amortisation and impairment losses

17, 18

-299,454

-232,781

Other expenses

-799,904

-723,305

Share of profit in associates

19 -4,401,096

-3,984,133

428,298

446,205

Total operating expenses Operating profit

158

Financial income

11,879

18,383

Financial expenses

-200,771

-434,434

-188,892

-416,051

239,406

30,154

-69,352

-13,960

170,054

16,194

-108,237

-3,589

61,817

12,605

Net financial items Profit before tax Income tax expense

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

Profit for the year Share information: Earnings per share from continuing operations, SEK

1.32

0.02

Earnings per share from discontinued operations, SEK

-0.90

-0.03

Earnings per share before and after dilution, SEK

0.42

-0.01

Note

2009

2008

61,817

12,605

Consolidated statement of comprehensive income SEK thousands

Profit for the year Other comprehensive income Fair value gains, net of tax â&#x20AC;&#x201C; Available-for-sale financial assets Cash flow hedges, net of tax Cash flow hedges, transferred to the income statement, net of tax

-5,092

-13,066

6,251

-109,589

-3,515

19,478

Translation differences

-130,423

253,962

Other comprehensive income for the year

-132,779

150,785

Total comprehensive income for the year

-70,962

163,390

-81,415

147,957

10,453

15,433

Attributable to: Owners of the parent Minority interest

Consolidated balance sheet SEK thousands

Note

31/12/2009

31/12/2008

ASSETS Non-current assets Intangible assets

5,612,689

6,042,848

Property, plant and equipment

367,165

413,946

Deferred tax assets

114,406

148,595

Available-for-sale financial assets

6,993

28,505

Trade and other receivable

20,910

44,936

6,122,163

6,678,830

Total non-current assets Current assets Inventory

11,496

12,410

Tax receivables

26,524

59,452 1,031,201

Trade and other receivables

911,366

Cash and cash equivalents

367,844

323,572

Total current assets

1,317,230

1,426,635

TOTAL ASSETS

7,439,393

8,105,465

EQUITY Equity attributable to owners of the parent Share capital

Other capital contributions Reserves

Retained earnings including profit for the year Total Minority interest Total equity

482,356

1,763,097

54,003

185,969

-1,214,374

-1,265,596

1,085,082

1,165,826

64,781

57,305

1,149,863

1,223,131

LIABILITIES Non-current liabilities Borrowings

3,528,963

3,825,888

Deferred tax liabilities

259,366

319,899

Provisions for pensions

217,711

217,550

Other provisions

188,544

184,823

Trade and other payables

2,234

2,153

4,196,818

4,550,313

332,351

393,073

Total non-current liabilities Current liabilities Borrowings

Tax liabilities Derivative financial instruments

57,712

95,713

135,581

144,063

Other provisions

1,238

6,420

Trade and other payables

1,565,830

1,692,752

Total current liabilities

2,092,712

2,332,021

Total liabilities

6,289,530

6,882,334

TOTAL EQUITY AND LIABILITIES

7,439,393

8,105,465

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

SEK thousands Balance at 1 January 2008

Other Share capital capital contributions 482,356

1,327,417

Bonus issue

Total

Minority interest

Total equity

37,228

535,188

2,382,189

52,221

2,434,410

148,741

-784

147,957

15,433

163,390

-217,042

-1,132,958

-1,350,000

217,042

-217,042

-450,000

Total comprehensive income for the year Share redemption

Retained earnings incl. profit for Reserves the year

Dividend Shareholder contributions received

435,680

-1,350,000 0 -1,182

435,680

-451,182 435,680

Minority interest acquired

-13,656

Minority interest divested

4,489

-13,656 4,489

435,680

-1,800,000

-1,364,320

-10,349

-1,374,669

Balance at 31 December 2008

482,356

1,763,097

185,969

-1,265,596

1,165,826

57,305

1,223,131

Balance at 1 January 2009

482,356

1,763,097

185,969

-1,265,596

1,165,826

57,305

1,223,131

-131,966

50,551

-81,415

10,453

-70,962

Dividend

-2,740

Minority interest acquired

-237

Total comprehensive income for the year

Other changes

Balance at 31 December 2009

671

-2,977

-2,306

482,356

1,763,097

54,003

-1,214,374

1,085,082

64,781

1,149,863

Consolidated cash flow statement SEK thousands

Note

2009

2008

239,406

30,154

Depreciation, amortisation and impairment losses

299,510

232,915

Capital gains and losses

-30,395

-42,417

Unrealised foreign exchange gains/losses

-74,561

130,772

Cash flow from operating activities Profit before tax Adjustment for items not included in cash flow, etc.

Interest expense capitalised Other

91,686

60,658

-18,978

61,421

Income tax paid

-71,987

-59,908

Cash flow from operating activities before changes in working capital

434,681

413,595

Cash flow from changes in working capital Increase (-)/Decrease (+) in inventories

-1,383

-1,899

Increase (-)/Decrease (+) in receivables

45,136

-20,928

-14,429

-26,150

Increase (+)/Decrease (-) in trade payables Increase (+)/Decrease (-) in other current liabilities Cash flow from operating activities

7,436

60,883

471,441

425,501

Cash flow from investing activities Acquisition of subsidiaries, net of cash

-123,435

-555,791

Investments in intangible assets

-38,070

-84,861

Investments in property, plant and equipment

-61,581

Investments in available-for-sale financial assets

Internally generated assets

-19,050

-28,290

Sale of subsidiaries, net of cash

105,019

51,322

Sale of other financial assets

3,331

92,503

Sale of intangible assets and property, plant and equipment

4,108

3,794

-129,678

-603,469

-395,411

-2,798,295

Cash flow from investing activities

-65,529 -16,617

Cash flow from financing activities New borrowings

4,437,774

Repayment of borrowings Repayment of non-current receivables

14,373

Shareholder contributions Share redemption

-1,350,000

Dividend paid to owners of the parent

-450,000

Dividend paid to minority shareholders Cash flow from financing activities Cash flow from discontinued operations

-4,496 435,680

-2,740

-1,178

-383,778

269,485

Cash flow from operating activities

-1,715

8,835

Cash flow from investing activities

98,777

-10,843

Cash flow from financing activities

-441

375

Cash flow from discontinued operations

96,621

-1,633

Cash flow for the year

54,606

89,884

Cash and cash equivalents at the beginning of the year

323,572

214,452

Exchange rate differences on cash and cash equivalents

-10,334

19,236

Cash and cash equivalents at the end of the year

367,844

323,572

-167,578

-203,860

6,138

16,964

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

Parent Company income statement SEK thousands

Note

2009

2008

-1,429

-2,401

Total operating expenses

-1,429

-10,513

Operating profit

-1,429

-10,513

74,785

Personnel costs

Other external expenses

-8,112

Result from financial items Results from participations in group companies

177,312

Other interest income and similar items

23,449

Interest expenses and similar items

-75,918

-87,763

101,395

10,471

99,966

-42

Total profit from financial items Profit after financial items Tax on profit for the year Profit for the year

0 99,966

-42

Parent Company balance sheet SEK thousands

Note

31/12/2009

31/12/2008

1,373,967

1,365,847

ASSETS Non-current assets Financial assets Participations in group companies

Receivables from group companies

535,715

533,937

Total financial assets

1,909,682

1,899,784

Total non-current assets

1,909,682

1,899,784

432,651

339,417

Current assets Current receivables Receivables from group companies Other receivables

119

339

432,770

339,756

175

432,771

339,931

2,342,453

2,239,715

482,356

39,980

Retained earnings

538,734

538,776

Profit for the year

99,966

-42

1,161,036

1,061,070

796,320

737,333

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

Total equity Non-current liabilities Liabilities to group companies

Other liabilities Total non-current liabilities

341,280

316,000

1,137,600

1,053,333

Current liabilities Trade payables Liabilities to group companies Tax liabilities

584

42,790

121,558

148

1,085

Other liabilities Accrued expenses and deferred income

2,257 30

Total current liabilities TOTAL EQUITY AND LIABILITIES

295

406

43,817

125,312

2,342,453

2,239,715

Memorandum items Assets pledged

1,298,012

1,470,602

Contingent liabilities

2,625,416

3,050,776

Parent Company statement of changes in equity

SEK thousands Opening balance at 1 January 2008 Share redemption Bonus issue

Share capital

Statutory reserve

Nonrestricted equity

Total equity

482,356

39,980

1,903,098

2,425,434

-217,042

-1,132,958

-1,350,000

217,042

-217,042

-450,000

435,680

Dividends Shareholder contributions received Cash flow hedges - net of tax Profit for the year

-2

-42

Closing balance at 31 December 2008

482,356

39,980

538,734

1,061,070

Opening balance at 1 January 2009

482,356

39,980

538,734

1,061,070

99,966

638,700

1,161,036

Profit for the year Closing balance at 31 December 2009

482,356

39,980

Parent Company cash flow statement SEK thousands

Note

2009

2008

99,966

-42

86,592

53,333

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

-10,960 -937 174,661

53,291

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

220

10,032

-1,790

-57,099

173,091

6,224

Cash flow from investing activities Acquisition of subsidiaries, net of cash

-8,120

-120

Cash flow from investing activities

-8,120

-120

Cash flow from financing activities New borrowings

1,000,000

Repayment of borrowings Change in group balances

-390,879 -339,930

Shareholder contributions Share redemption Group contributions received Dividend received

-1,350,000 74,785 100,000

Dividend paid Cash flow from financing activities Cash flow for the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year

99,096 435,680

650,000 -450,000

-165,145

-6,103

-174

175

174

175

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

-277

-5,664

23,449

Accounting policies and notes

Note 1. General information Bisnode Business Information Group AB, with Corporate Identity Number 556681-5725, 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 18 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, Sweden. The consolidated financial statements were approved by the board and the CEO on 10 March 2010 and will be presented to the 2010 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 application of the standard RFR 1.2, 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 stated in thousands of Swedish kronor (SEK thousands) unless otherwise stated. 2.2 Consolidation (a) Subsidiaries Subsidiaries are all entities over which the Group has the power to govern the financial and operating policies 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 deconsolidated from the date that control ceases. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired and liabilities and contigent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of

the subsidiary acquired, the difference is recognised directly in the income statement among other operating income. Intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator 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. The Group’s participations in associates includes goodwill identified on acquisition, net of any accumulated impairment loss (point 2.5). The Group’s share of its associates’ post-acquisition profits or losses is recognised in the income statement, and its share of post-acquisition movements in reserves are recognised in reserves. Shares of profit/loss in associates are included in operating profit since the operations of associates are closely related to those of other group companies. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred obligation or made payments on behalf of the associate. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. (c) Transactions with minority shares The Group applies a policy of treating transactions with minority interests as transactions with parties external to the Group. Purchases from minority interests result in goodwill, being the difference between any consideration paid and the relevant share acquired of the carrying value of the net assets of the subsidiary. Disposals to minority interest result in gains and losses for the Group that are recorded in the income statement. 2.3 Segment reporting 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. 2.4 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

37 entity operates (“the functional currency”). The consolidated financial statements are reported 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 equity as qualifying cash flow hedges and qualifying net investment hedges. Translation differences on non-monetary items, such as equity held at fair value through profit or loss, are reported as part of the fair value gain or loss. Translation differences on non-monetary items such as shares classified as available-for-sale, are reported directly in equity. c) Group companies The results and financial position of all 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 as a separate component of equity. 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 shareholders’ equity. 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. 2.5 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/associate at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill on acquisitions of associates is included in participations in associates. 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 and business systems Databases and business systems 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 systems development in progress. Internal development projects are capitalised if the investment meets the definition of intangible assets, has an estimated useful life of at least 3 years and exceeds SEK 1,000 thousand. 2.6 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 Computers Land improvements Office equipment Other equipment Servers

25 – 50 years 3 – 5 years 15 – 20 years 5 – 10 years 5 – 20 years 5 – 10 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 (Note 2.7). Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the income statement. 2.7 Impairment Assets that have an indefinite useful life are not subject to amortisation but 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 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) (see also Note 17). 2.8 Financial assets The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, held-to-maturity investments, 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 classification at each reporting date. (a) Financial assets and liabilities at fair value through profit or loss This category has two sub-categories: financial assets held for trading, and those that are designated to the category upon initial recognition. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if this classification is determined by management. Derivatives are also classified as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if they are either held for trading or are expected to be sold within 12 month from the balance sheet date. 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 those with 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 (Note 22).

38 (c) Held-to-maturity investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity that the Group has the positive intention and ability to hold to maturity. During the financial year, the Group had no assets belonging to this category. (d) 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. Loans and receivables and financial investments held to maturity are carried at amortised cost using the effective interest method. 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 equity. 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. In the case of equity securities classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered as an indicator that the securities are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition 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. 2.9 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 are recognised in equity. 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. 2.10 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. 2.11 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. 2.12 Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks and short-term investments. Short-term investments consist of securities with maturities of less than three months. 2.13 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. 2.14 Taxes Deferred tax is recognised 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. 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 is not recognised. 2.15 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.

39 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. 2.16 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 twelve months after the balance sheet date and if its effect is significant. Provisions are not recognised for future operating losses. 2.17 Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services, excluding value-added tax and discounts and after eliminating intra-group sales. Revenue is recognised as follows: (a) CD Income For the one-time sale of a CD, the full amount of income is recognised on the date of the sale. If a CD subscription is sold, the income is recognised evenly over the contract period or, alternatively, over the number of delivered CDs. (b) Income from catalogue business Income from catalogue business activities is accounted for in connection with distribution to the customer. (c) Online income Online income is allocated over the period covered by the contract or alternatively based on the customer’s pattern of use. (d) Royalty income Royalty income is recognised on an accrual basis in accordance with the substance of the relevant agreements.

(e) Dividend income Dividend income is recognised when the right to receive payment is established. 2.18 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 recognised 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. 2.19 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. 2.20 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. 2.21 Changes in accounting policies and disclosures IFRS 1 – Presentation of Financial statements (Revised) The revised standard requires changes in the titles and presentation of financial statements. In compliance with this, Bisnode presents an additional statement of comprehensive income that includes items previously reported in the Group’s statement of changes in equity. IFRS 8 – Operating Segments The standard was effective from 1 January 2009 and addresses the division of businesses into segments. The standard requires an entity to present segment information on the same basis as that used for internal reporting purposes. The new standard has had no significant impact on the financial statements of the Group. 2.22 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. 2.23 Clarification of IFRS standards or interpretations to standards that are not yet effective and that will have a significant effect on future financial statements IFRS 3 – Business combinations (amendment) This amendment was effective from 1 July 2009 and will be applied by the Group from 1 January 2010. The amendment will have an effect on how future business combinations will be accounted for, i.e. the accounting treatment for transaction costs, possible contingent considerations and business combinations achieved in stages. The amendment to the standard will not have any impact on previous business combinations but will have an effect on how the Group accounts for future business combinations.

40 IAS 27 – Consolidated and Separate Financial Statements (revised) The revised standard was effective from 1 July 2009 and will be applied by the Group from 1 January 2010. The revised standard requires for instance that the effects of transactions with minority shareholders are recognised directly in equity if control over the subsidiary is retained. The revised standard will have an effect on future financial statements since transactions with minority shareholders will be recognised directly in equity instead of through the income statement.

– 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.

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 2.2 Accounting for Legal Entities. RFR 2.2 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.

– Balance exposure Balance 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.

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 Through its activities, the Group is exposed to a variety of financial risks: market risk (including foreign exchange risk and interest rate risk), credit risk and liquidity risk. 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. The Group uses derivative financial instruments to hedge certain risk exposures. Risk management is carried out by a central treasury department in the Group company Bisnode AB, under policies approved by the Board of Directors. The treasury department administers the Group’s central accounts and identifies, evaluates and hedges financial risks in close cooperation with the Group’s operating units. a) Market risk Foreign exchange risk The Group operates in 18 countries and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Euro, UK pound and Norwegian and Danish kronor. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. The Group’s foreign exchange risk is divided internally into transaction exposure, balance exposure and cash exposure. The table below analyses the impact of changes in the primary currencies on the Group’s profit before tax: 2009 Change in SEK SEK thousands

+10%

-10%

2008 Change in SEK +10%

-10%

Euro

EUR

21,713

-21,713

25,011

-25,011

UK pound

GBP

5,765

-5,765

10,581

-10,581

Norwegian kronor

NOK

-12,281

12,281

-8,136

8,136

Danish kronor

DKK

5,517

-5,517

5,524

-5,524

The table above shall be interpreted as follows: If the Swedish krona had strengthened by 10% against the UK pound with all other variables held constant, pre-tax profit for the year would have been SEK 5,765 thousand (10,581) higher. All changes in pre-tax profits are mainly due to foreign exchange gains/losses on translation of cash and cash equivalents.

– Cash exposure Cash exposure occurs when a bank balance is held in a foreign currency other than the operating currency or when surplus liquidity in one country is transferred to a country with a different foreign currency. Large amounts may be hedged. Interest rate risk The Group’s interest rate risk arises primarily from long-term borrowings. The Group’s 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 per cent 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. Various scenarios are simulated taking into consideration refinancing, alternative financing and hedging. Based on these scenarios, the Group calculates the impact on profit and loss of a defined interest rate shift. b) Credit risk The Group has operations in 18 countries and thus 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 K1 or 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. c) 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 Note 4. Critical accounting estimates and judgements

Maturity date

31/12/2009

Within 1 year

SEK thousands Bank borrowings

Between Later than 1-5 years 5 years

457,762 2,514,775

Loans from shareholders

1,137,600

Borrowings for finance leases

6,952

28,304

Derivative financial instruments

95,308

158,771

5,770

17,310

Trade and other payables

Other borrowings

1,565,830

2,234

Total

2,131,622 3,858,994

80,446

Maturity date

31/12/2008

Within 1 year

SEK thousands Bank borrowings

Between Later than 1-5 years 5 years

496,701 3,071,570

Loans from shareholders

1,053,333

Borrowings for finance leases Derivative financial instruments Other borrowings

7,319

30,786

109,506

252,340

13,653

24,808

Trade and other payables

1,692,752

2,153

Total

2,319,931 4,434,990

97,573

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 2009 was SEK 2,684 million. The change in net debt is shown below: SEK thousands

31/12/2009

31/12/2008

Borrowings

Note 25

3,861,314

4,218,961

less: Loans from shareholders

Note 25

-1,137,600

-1,053,333

Provisions for pensions

Note 27

217,711

217,550

Additional purchase prices

Note 28

142,118

136,070

Less: Cash and cash equivalents

Note 23

-367,844

-323,572

Less: Interest-bearing receivables

Note 22

-31,245

-47,884

2,684,454

3,147,792

Net debt

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.

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.

Impairment of Goodwill The carrying amount of goodwill at December 31 2009 was SEK 4,750,684 (4,907,345) thousand. 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 December 31 was SEK 114,406 (148,595) thousand. 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. Provisions for pensions 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 27). The carrying amount of provisions for pensions at December 31 was SEK 217,711 (217,550) thousand.

42 Note 5. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decisionmaker, 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 geographic and product perspective. During 2009 the Group introduced a new organisation. The new organisation is based on four geographical regions and two separate business areas and 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. Segment revenue does not include interest or dividend income, gains on the sale of investments or income tax expense. 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.

2009 Revenue

Intersegment sales

Other operating income

Total operating income

Nordic

2,049,228

36,369

50,697

DACH

899,926

12,929

8,055

BeNeFra

734,720

283

Central Europe

181,010

Product Information Software and Applications

Region/business area

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 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 head office, 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.

Share of profit in associates

Depreciation/ amortisation

Operating profit, EBITA

Gross investments

Assets

2,136,294

-53,199

384,884

-34,296

3,537,748

920,910

-26,512

81,365

-31,925

1,304,788

12,558

747,561

-29,371

72,784

-24,712

1,239,163

1,883

4,428

187,321

-4,831

26,251

-7,056

276,305

527,976

1,790

4,345

534,111

-12,465

51,554

-11,258

1,058,835

347,887

75,913

13,149

436,949

-7,429

59,794

-7,736

651,012

8,482

-1,262

-83,949

-1,718

Central functions Internal eliminations

-129,167

-13,067

-142,234

4,740,747

88,647

4,829,394

-135,069

592,683

-118,701

8,067,851

Revenue

Intersegment sales

Other operating income

Total operating income

Share of profit in associates

Depreciation/ amortisation

Operating profit, EBITA

Gross investments

Assets

Nordic

2,202,755

36,897

33,124

2,272,776

-88,215

342,455

-96,131

3,531,993

DACH

736,904

13,320

9,975

760,199

-19,410

86,154

-35,559

1,418,488

BeNeFra

635,558

227

19,105

654,890

-23,883

81,218

-45,865

1,363,990

Central Europe

139,504

1,523

1,259

142,286

-2,857

21,348

-5,134

267,555

Product Information

220,573

1,708

433

222,714

-3,852

22,574

-632

1,164,232

Software and Applications

390,049

77,525

12,532

480,106

717,577

681

40,241

40,922

Total

2008 Region/business area

Central functions Internal eliminations Total

4,325,343

-131,881

-11,674

-143,555

104,995

4,430,338

The column Depreciation/amortisation does not include amortisation and impairment losses on surplus values identified in connection with business combinations.

-6,135

78,438

-6,238

158

-1,154

-98,707

10,879

158

-145,506

533,480

-178,680

8,463,835

43 Note 6. Other operating income

Note 7. Board members and senior executives Group

2009

2008

25,942

8,375

Sale of available-for-sale financial assets

3,620

33,326

Sale of property, plant and equipment

1,092

749

Foreign exchange gains of an operating nature

4,448

6,626

19,050

28,290

Sale of subsidiaries Sale of associates

Own work capitalised Negative goodwill recognised in the income statement

2008

No. on of No. on of balance whom balance whom date men date men

61 Group Board members

452

404

448

404

Chief executive officer and other senior executives

281

200

320

233

1,533

2,604

Parent Company

Other operating income

32,962

24,963

Board members

Total

88,647

104,994

Chief executive officer and other senior executives

Note 8. Average number of employees. Average number of Board members, CEO and senior executives 2009 Average number of employees

2008 of whom men

Average number of employees

2009 of whom men

2008

Average no. of Board members, CEO and senior executives

Austria

Belgium

225

140

211

125

Croatia

Czech Republic

6 14

Denmark

104

Estonia

Finland

France

132

127

Germany

642

381

431

248

Netherlands

Hungary

137

144

33 56

Norway

313

186

311

184

Poland

Slovakia

Slovenia

Sweden

1,050

592

1,101

625

290

124

3,167

1,749

2,940

1,599

609

587

Switzerland United Kingdom Total

The total number of employees in the Group at 31 December 2009 was 3,095 (3,189).

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

2009

Board of Directors, CEO and senior executives

of which bonuses etc.

Other employees

Total

Social security costs

of which pension costs

Total

Austria

2,326

616

27,966

30,292

9,241

128

39,533

Belgium

28,078

6,597

111,382

139,460

33,544

3,666

173,004

2,581

3,179

691

4,443

661

11,114

15,557

4,671

20,228

12,486

2,578

3,638

53,931

5,668

38,874

Croatia Czech Republic Denmark

598

37,312

49,798

4,133

Estonia

257

1,164

1,421

512

Finland

7,630

24,758

32,388

6,486

France

3,870

1,933

9,587

2,738

61,463

71,050

31,749

Germany

50,619

8,902

356,050

406,669

64,679

3,910

Hungary

2,367

456

6,147

8,514

2,597

2,037

11,111

Netherlands

6,182

117

57,318

63,500

12,043

3,138

75,543

Norway

5,797

1,821

170,548

176,345

49,396

9,469

225,741

Poland

1,110

157

9,453

10,563

1,875

12,438

1,848

690

Slovakia

102,799 471,348

2,538

Slovenia

1,222

266

13,574

14,796

6,936

4,355

21,732

Sweden

88,671

11,546

421,688

510,359

231,283

65,479

741,642

Switzerland

13,143

3,804

71,667

84,810

9,696

5,467

94,506

1,121

322

2,531

3,652

1,312

751

4,964

235,637

40,581

1,388,564

1,624,201

471,534

109,639

2,095,735

Total

Social security costs

of which pension costs

Total

United Kingdom Total

Wages, salaries and other remuneration

2008

Board of Directors, CEO and senior executives

of which bonuses etc.

Other employees

Austria

1,671

567

18,971

20,642

5,658

4,025

26,300

Belgium

22,060

5,544

90,178

112,238

28,352

3,869

140,590

Czech Republic

2,846

826

8,849

11,695

3,789

600

15,484

Denmark

7,697

1,549

56,448

64,145

4,736

4,119

68,881

Estonia

599

531

1,130

376

Finland

6,935

874

18,298

25,233

6,293

4,198

31,526

2,851

288,520

France Germany

7,064

1,218

50,684

57,748

24,357

28,212

3,240

221,128

249,340

39,180

1,506 82,105

Hungary

2,916

506

4,796

7,712

3,470

1,888

11,182

Netherlands

7,378

539

57,867

65,245

10,640

1,738

75,885

Norway

28,000

3,666

139,513

167,513

49,208

8,373

216,721

Poland

952

200

10,703

11,655

2,107

13,762

1,139

425

1,564

Slovakia Slovenia

941

192

10,191

11,132

5,696

3,295

16,828

Sweden

95,660

13,749

436,808

532,468

252,158

60,624

784,626

Switzerland

10,273

3,768

47,105

57,378

8,843

4,147

66,221

979

387

8,621

9,600

1,670

630

11,270

224,183

36,884

1,181,830

1,406,013

446,958

102,889

1,852,971

United Kingdom Total

45 Note 10. Compensation to Board members and

Note 11. Average number of employees. Wages, salaries and other remuneration – Parent Company

senior exeutives

2009

Fixed salary/ Board Variable Other Pension fees salary benefits costs

Parent Company Wages, salaries and other remuneration Total

2008

Board of Directors, CEO and senior executives

5,615

of which bonuses, etc.

Chairman of the Board – Håkan Ramsin

2009

(2,300)

300

Total wages, salaries and other remuneration

150

Social security costs

150

of which pension costs

150

Total wages, salaries and other remuneration,

5,615

Members of the Board – Torgny Eriksson – Birgitta Klasén – Carl Wilhelm Ros

150 150

(519)

pension and social security costs

Chief Executive Officer – Johan Wall

2,443

3,480

1,870

1,471

6,894

Other senior executives

13,779

4,137

228

1,828 19,973

Total

18,009

6,007

301

3,299 27,617

8,058

Until August 2008 the CEO and the CFO of the Group were employed in the Parent Company. Since September 2008 the Parent Company has no employees.

Note 12. Fees to auditors

2008

Fixed salary/ Board Variable Other Pension fees salary benefits costs

Group Audit assignments Total

Chairman of the Board – Håkan Ramsin

Öhrlings PricewaterhouseCoopers Ernst & Young KPMG

300

Subtotal

Parent Company

2009

2008

2009

2008

10,944

11,043

1,177

889

109 1,177

889

106

232

11,082

11,384

2,340

2,274

382

142

Members of the Board – Torgny Eriksson

150

Other assignments

– Birgitta Klasén

150

Öhrlings PricewaterhouseCoopers

– Carl Wilhelm Ros

150

Ernst & Young

Chief Executive Officer – Johan Wall (from 15 Sep) – Håkan Ramsin (5 Feb to 14 Sep) – Lars Save (to 4 Feb)

KPMG 993

1,000

548

1,281

2,548

Subtotal

2,808

2,445

13,890

13,829

1,177

889

1,281

248

299

234

3,774

Total

Former Chief Executive Officer – Lars Save

3,540

Other senior executives

10,357

3,529

704

1,913 16,503

Total

17,169

4,529

715

2,742 25,155

Note 13. Results from participations in group companies Parent Company 2009

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 additional 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 total compensation. Other senior executives “Other senior executives” consist of other members of the executive management team. 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 agreement, comparable to the ITP-plan. The insurance company to which the company regularly pays premiums will pay this pension.

Anticipated dividend

2008

100,000

Group contributions received Total

77,312

74,785

177,312

74,785

Note 14. Financial income Group 2009 Interest income, group companies Interest income, other

Parent Company

2008

2009

38 5,769

2008 23,443

13,494

23,449

Dividend from participations in other companies Other financial income Total

797

5,275

4,883

11,879

18,383

46 Note 15. Financial expenses

Note 17. Intangible assets Group

Interest expense, group companies Interest expense, other

Parent Company

2009

2008

-58,987

2009

2008

-37,333

-61,312

-42,997

-210,155 -230,033

-25,557

-16,000

74,561 -130,772

10,960

-2,391

Net foreign exchange gains/losses on financing activities Impairment losses on available-for-sale financial assets

-56

-67

-6,134

-36,229

-8

-2,524

-200,771 -434,434

-75,917

-87,763

Realisation of synthetic securities

-23,851

Other financial expenses Total

Deferred tax (Note 26) Total

2009 -69,411

2008 -48,848

34,888

-69,352

-13,960

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 2009

2008

Profit before tax

239,406

30,154

Tax according to the current tax rate of the Parent Company

-62,964

-8,443

Effect of other tax rates for foreign subsidiaries

-1,581

-1,653

Income not subject to tax

14,221

11,984

-20,541

-16,905

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 Effect of changes in tax rates and tax regulations Other Tax expense

Goodwill

Region Nordic Group

Current tax

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:

Cash-generating unit

Note 16. Income tax expense Tax on profit for the year

Information on impairment No significant impairment losses were recognised during 2009. During 2008 intangible assets were impaired in an amount of SEK 41,155 thousand. The amount comprises a significant impairment loss of SEK 39,049 thousand pertaining to an IT project in Region Nordic.

4,143

8,147

-20,285

-7,425

4,346 13,309

1,483 4,912 -6,060

-69,352

-13,960

2009

Other intangible assets

2008

2009

2008

2,334,262 2,277,581

20,025

18,224

Region DACH

793,310

824,759

2,147

3,819

Region BeNeFra

549,767

593,109

841

5,088

Region Central Europe

142,137

141,909

1,161

777

Business area Product Information

564,859

586,190

Business area Software and Applications

366,349

404,588

Central functions Region UK/Ireland (discontinued) Total

3,154 79,209 4,750,684 4,907,345

8,323 24,174

39,385

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 based on an assessment of the expected growth rate, margin growth and investment level 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 discount rate after taxes was estimated at 9% and the average tax rate for the Group at 28%. The annual impairment test that have been carried out showed an impairment of goodwill attributable to business area Software and Applications of SEK 27 million. The variable with the greatest impact on value in use is the discount rate. If the discount rate increases by one percentage point, there is indication of minor impairment in Region BeNeFra and business areas Product Information and Software and Applications.

47 Internally generated Separately acquired intangible assets

2008

Goodwill

Trademarks

Databases

4,199,295

91,936

735,482

562,904

142

intangible assets

Customer relations

Other intangible assets

395,601

197,373

217,840

57,142 68,594

49,599

313

-3,007

Other intangible assets

Total

5,619,687

4,449

6,337

848,814

Databases

Accumulated cost Beginning of year Acquisition of subsidiaries Investments Sales and disposals Sale of subsidiaries

-71,752

Reclassifications

-2,694

-2,319

-74,071

-1,633

-418,110

258,741

156,785

3,551

-666

216,898

-3,092

17,691

32,533

35,921

6,126

1,562

307,639

4,907,345

87,353

335,063

645,974

615,765

213,952

11,450

6,816,902

-10,415

-297,208

-457,146

Exchange differences End of year

118,193

Accumulated amortisation and impairment losses Beginning of year Acquisition of subsidiaries

-142

-97,980

-51,543

-45,387

-49,320

-4,444

-523

2,750 -13,079

Sales and disposals Amortisation, continuing operations

-3,858

-28,337

-50,358

-30,116

Amortisation, discontinued operations

-1,011

-3,260

-3,328

-6,760

Impairment losses, continuing operations

-2,105

Sale of subsidiaries

2,227 -2,663

1,433

Exchange differences End of year 4,907,345

244,604

-188,919

-128,411 -14,359

-39,049

-41,154

2,002

Reclassifications

Net book value 31 December 2008

-99,293

2,002 -54,123

-4,003

-1,008

520

-2,618

-7,716

-27,333

1,173

-938

-36,912

-13,473

-86,819

-204,769

-354,617

-106,772

-7,604

-774,054

73,880

248,244

441,205

261,148

107,180

3,846

6,042,848

Internally generated Separately acquired intangible assets

Goodwill

Trademarks

Databases

Customer relations

4,907,345

87,353

335,063

645,974

2009

intangible assets Other intangible assets

Databases

Other intangible assets

Total

615,765

213,952

11,450

6,816,902

270

261

48,521

8,583

-38,962

-1,724

-75,106

-23,603

-1,583

-13,337

7,153

6,164

-20

Accumulated cost Beginning of year Acquisition of subsidiaries

150,097

Investments Sales and disposals

-138

Sale of subsidiaries

-89,967

-19,348

-43,789

-35,019

Reclassifications Exchange differences End of year

150,628 17

57,121 -40,824 -288,415

-98,770

1,925

-4,254

-24,352

-17,516

-2,324

-610

-145,901

4,868,705

69,792

287,020

586,603

519,635

202,298

15,438

6,549,491

-13,473

-86,819

-204,769

-354,617

-106,772

-7,604

-774,054

38,962

1,724 -18,352

-1,910

-180,868

Accumulated amortisation and impairment losses Beginning of year Sales and disposals

138

Amortisation, continuing operations

-4,612

Amortisation, discontinued operations Impairment losses, continuing operations

-41,366

Impairment losses, discontinued operations

-76,655

Sale of subsidiaries

-30,235

-84,182

-41,577

-2,188

-2,234

-5,558 -457

-44,869

17,937

12,737

29,505

23,593

290

87,933

-5

Exchange differences

Net book value 31 December 2009

-9,980

-3,046

-76,655 3,871

Reclassifications End of year

40,824

-5

-393

568

6,702

13,203

345

447

20,872

-118,021

-14,469

-100,737

-271,746

-323,133

-99,919

-8,777

-936,802

4,750,684

55,323

186,283

314,857

196,502

102,379

6,661

5,612,689

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

48 Note 18. Property, plant and equipment 2008

Land and buildings

Computers and equipment

Work in progress

Total

185,477

589,612

8,530

783,619

88,585

75,019

Accumulated cost Beginning of year Acquisition of subsidiaries Investments

69,600

Sales and disposals

163,604 1,900

-57,928

Sale of subsidiaries

71,500 -57,928

-26,248

Reclassifications

-1,398

4,463

-2,398

667

Exchange difference

19,023

23,408

-818

41,613

291,687

677,926

7,214

976,827

Beginning of year

-38,928

-418,433

-457,361

Acquisition of subsidiaries

-34,125

-58,590

-92,715

Sales and disposals

54,847

Sale of subsidiaries

21,173

-56,197

-60,992

End of year Accumulated depreciation and impairment losses

Depreciation, continuing operations

-4,795

Depreciation, discontinued operations

-6,558

Impairment losses, continuing operations

-2,224

-2,249

Impairment losses, discontinued operations Reclassifications

862

145

1,007

-4,259

-13,550

-17,809

End of year

-81,245

-481,636

-562,881

Net book value 31 December 2008

210,442

196,290

7,214

413,946

Land and buildings

Computers and equipment

Work in progress

Total

291,687

677,926

7,214

976,827

916

62,341

Exchange difference

2009 Accumulated cost Beginning of year Acquisition of subsidiaries

7,148

Investments Sales and disposals

2,103

59,322

-2,757

-39,857

Sale of subsidiaries

7,148 -42,614

-90,340

-5,944

-96,284 -48,624

Reclassifications

-21,381

-25,888

-1,355

Exchange difference

-12,317

-7,057

114

-19,260

End of year

257,335

581,254

945

839,534

-81,245

-481,636

Accumulated depreciation and impairment losses Beginning of year Acquisition of subsidiaries Sales and disposals

-5,795

534

38,753

39,287

78,564

-6,383

-66,323

-72,706

Sale of subsidiaries Depreciation, continuing operations Depreciation, discontinued operations Impairment losses, continuing operations

-3,741

-584

-427

-1,011

-441

21,381

27,132

48,513

Impairment losses, discontinued operations Reclassifications Exchange difference

-562,881

-5,795

2,984

4,858

7,842

End of year

-63,313

-409,056

-472,369

Net book value 31 December 2009

194,022

172,198

Information on land and tax assessment values The carrying amount of land amounts to SEK 44,675 thousand (46,109). All holdings in land and buildings are outside Sweden, for which reason no tax assessment values are available. The category Land and buildings includes buildings leased by the Group under finance leases with the following carrying amounts:

945

367,165

2009

2008

Accumulated cost

103,954

108,436

Accumulated depreciation and impairment losses

-38,387

-35,463

65,567

72,973

Net book value

49 Note 19. Participations in associates Group 2009

2008

2,956

Beginning of year Dividend received

-175

Sale of associates

-2,939

Share of profit/loss in associates

158

End of year

At the balance sheet date the Group has no participations in associates.

Note 20. Available-for-sale financial assets Group Beginning of year

2009

2008

28,505

86,411

-2,200

-71,943

Investments Sale of financial assets Reclassifications Impairment losses/Reversal of impairment losses Net gains/losses transferred to equity

16,617 -13,811 41

-67

-5,092

-5,234

Received as part of purchase price Sale of subsidiaries Exchange difference End of year

2,387 -359 -91

334

6,993

28,505

Disclosures of available-for-sale financial assets Company name

Corporate identity no.

AdHouse AB

556729-8095

Country

Share of capital/ votes (%)

2009

2008

Sweden

19.9/19.9

1,101

Atex

Norway

Glada Service AG

Switzerland

19.0/19.0

Carrying amount

2,387

1,810

1,912

Qbrick AB

556579-1380

Sweden

5,549

TA Teleadress Information AB

556457-3045

Sweden

15,583

Other holdings

1,695

1,973

Total

6,993

28,505

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.

50 Note 21. Participations in group companies Parent Company

Parent Company’s investments in group companies Beginning of year Investments

2009

2008

1,365,847

1,365,727

8,120

120

End of year

1,373,967

1,365,847

Net book value

1,373,967

1,365,847

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

Share of capital (%)

Company name

Registered Corporate office/ identity Country number

Share of capital (%)

Emric IT-Consulting AB

Stockholm

556510-9823

556485-5582

100

Fixahemmet i Sverige AB

Stockholm

556204-6184

100

Malmö

556439-7346

100

G2 Solutions Holding AB

Stockholm

556477-1151

100

Stockholm

556334-7979

100

G2. solutions AB

Stockholm

556537-6489

100

Baby DM Scandinavia AB

Helsingborg 556576-2530

100

Infodata AB

Stockholm

556197-9740

100

Bisnode Central Invest AB

Stockholm

556148-2398

100

Infodata Applicate AB

Stockholm

556436-3421

Bisnode Credit & Risk Information AB

Sundbyberg 556471-4045

100

Infodata Direct AB

Stockholm

556411-3834

100

Bisnode Företagskataloger AB

Stockholm

556513-5661

100

InfoTorg AB

Stockholm

556266-0141

100

Bisnode Informatics Sweden AB

Stockholm

556525-4439

100

InToLogic AB

Uppsala

556558-3225

Bisnode Sverige AB

Stockholm

556338-6928

100

Ipnode AB

Stockholm

556129-6046

100

Bisnode Venture & Development AB

Stockholm

556069-8788

100

Kompass Sverige AB

Stockholm

556084-8409

100

Bisnodecom AB

Stockholm

556575-7522

100

KreditFakta kreditupplysningar i Norden AB Stockholm

556562-2510

100

Bisnode InfoData AB

Stockholm

556075-1447

100

Lundalogik AB

556397-0465

100

Bisnode InfoData Holding AB

Stockholm

556643-2067

100

Marknadsinformation Analys MIA AB

Stockholm

556361-0665

100

Business Check i Sverige AB

Stockholm

556235-0396

Newsline Group AB

Stockholm

556225-8136

100

Calimo Affärspartner AB

Kalix

556624-8737

PAR AB

Stockholm

556112-5625

100

DB Soliditet AB

Sundbyberg 556266-9498

100

Pointer International AB

Stockholm

556717-0088

100

DirektMedia Sverige AB

Göteborg

556447-9839

100

Pointer Sweden AB

Stockholm

556591-6912

100

Dun & Bradstreet Nordic AB

Sundbyberg 556039-4784

100

Presstext AB

Stockholm

556088-5393

100

Dun & Bradstreet Sverige AB

Sundbyberg 556022-4692

100

Proodle AB

Stockholm

556542-6003

100

EKO Företagsupplysningar AB

Stockholm

556522-3251

100

Relevant Information i Uppsala AB

Stockholm

556735-5390

100

Electronic Data Innovation Group EDIG AB Stockholm

556649-1311

100

Svenska Market Management Partner AB

Stockholm

556583-1400

100

Emric AB

Stockholm

556520-0630

Svenska Nyhetsbrev AB

Stockholm

556363-7825

100

Emric Business Consulting AB

Stockholm

556693-0805

AB Svensk Handelstidning Justitia

Sundbyberg 556091-2361

100

Emric Finance Process Outsourcing AB

Stockholm

556570-6958

Svenskt Byggregister AB

Stockholm

556247-5730

100

Emric International AB

Stockholm

556568-7091

TA Teleadress Information AB

Kalmar

556457-3045

100

Swedish subsidiaries AAA Soliditet AB

Stockholm

Adresskompaniet Syd AB Agent 25 Sverige AB

Lund

51 Disclosure of participations in group companies – indirect holdings

Company name

Registered office/ Country

Share of capital (%)

Company name

Registered office/ Country

Share of capital (%)

Hoppenstedt Kreditinformationen GmbH

Germany

100

Bisnode Austria GmbH

Austria

100

Hoppenstedt Publishing GmbH

Germany

100

Bisnode Informatics Austria GmbH

Austria

100

Wer liefert was? GmbH

Germany

100

Dun & Bradstreet Information Services GmbH

Austria

100

Dun & Bradstreet Hungária Információ Szolgáltató Kft Hungary

100

Hoppenstedt Kreditinformationen GmbH

Austria

100

HBI Company Data Informatikai Kft

Hungary

100

Wer liefert Was? GmbH

Austria

100

Kompass Hungária Kft

Hungary

100

Wirtschaftsauskunftei Wisur GmbH

Austria

100

Chartered Company Formations Ltd.

Ireland

100

Bisnode Belgium NV/SA

Belgium

100

ABC Uitgevers C.V.

Netherlands

100

Bisnode Informatics B.V.B.A.

Belgium

100

Belgisch ABC voor Handel en Industrie B.V.

Netherlands

100

Spectron Business Solutions NV/SA

Belgium

100

Bonnier Business Information B.V.

Netherlands

100

WDM Belgium N.V./SA

Belgium

100

Erven G.H.R. Hoppenstedt B.V.

Netherlands

100

WDM Belgium Holding N.V./SA

Belgium

100

Hoppenstedt Bonnier Information N.V.

Netherlands

100

Bisnode Interact NV/SA

Belgium

100

WDM International B.V.

Netherlands

100

D-Trix NV/SA

Belgium

100

WDM Nederland B.V.

Netherlands

100

Synkronis NV/SA

Belgium

100

Bisnode Norge AS

Norway

100

Wer liefert Was? d.o.o.

Croatia

100

Direktmedia AS

Norway

100

Bisnode Ceská republika s.r.o.

Czech Republic

100

DM Huset AS

Norway

100

CEE DATA a.s.

Czech Republic

100

Dun & Bradstreet Norway AS

Norway

100

Ceska Kapitálová informacni agentura, a.s

Czech Republic

100

Emric AS

Norway

Dun & Bradstreet Spol s.r.o.

Czech Republic

100

Inter Dialog AS

Norway

100

Foreign subsidiaries

HBI Ceská republika s.r.o.

Czech Republic

100

Kompass Norge AS

Norway

100

Wer liefert Was? Czech Republic spol. s.r.o

Czech Republic

100

OfficeTeam AS

Norway

100

AAA Soliditet A/S

Denmark

100

One Holding AS

Norway

100

Bisnode Business & Market Information A/S

Denmark

100

One Software AS

Norway

100

Bisnode Danmark A/S

Denmark

100

Soliditet Norge AS

Norway

100

Bisnode Informatics Danmark A/S

Denmark

100

Bisnode Polska Sp.z.o.o.

Poland

100

Bonnier Media A/S under tvangsopløsning

Denmark

100

Dun & Bradstreet Poland Sp.z.o.o.

Poland

100

DirektMedia Danmark A/S

Denmark

100

Hoppenstedt Bonnier

Dun & Bradstreet Danmark A/S

Denmark

100

Information Polska Sp.z.o.o.

Poland

100

Kompass Danmark A/S

Denmark

100

Bisnode Slovensko s.r.o.

Slovakia

100

Connectus AS

Estonia

100

Bisnode d.o.o.

Slovenia

100

121 Media Oy

Finland

100

EGV, d.o.o.

Slovenia

100

Bisnode Finland Oy

Finland

100

Infobon d.o.o.

Slovenia

100

DirektMedia Finland Oy

Finland

100

Razpisi d.o.o.

Slovenia

Dun & Bradstreet Finland Oy

Finland

100

Credita AG

Switzerland

100

Kompass Finland Oy

Finland

100

Dun & Bradstreet (Schweiz) AG

Switzerland

100

Hoppenstedt AG

Switzerland

100

ABC France pour le

Commerce et L'Industrie S.N.C.

France

100

Inkaprax AG

Switzerland

100

Bisnode France, S.A.S.

France

100

Wer liefert Was GmbH

Switzerland

100

WDM DB France, S.A.S.

France

ACS Credit Services Ltd.

United Kingdom

100

WDM France, S.A.S.

France

Bisnode Ltd.

United Kingdom

100

WDM France Holding, S.A.S.

France

Bisnode Informatics Ltd.

United Kingdom

100

ABC der deutschen wirtschaft GmbH

Germany

100

Bisnode Information Ltd

United Kingdom

100

Bisnode Editorial Deutschland GmbH

Germany

100

Bisnode Publications Ltd

United Kingdom

100

Bisnode Deutschland GmbH

Germany

100

Bisnode UK Holdings Ltd.

United Kingdom

100

Bisnode Informatics Deutschland GmbH

Germany

100

Checkit (UK) Ltd.

United Kingdom

100

Bisnode Produktinformation GmbH

Germany

100

Creditscorer Ltd.

United Kingdom

100

Hoppenstedt360 GmbH

Germany

100

Market Assessment Publications Ltd.

United Kingdom

100

D&B Deutschland GmbH

Germany

100

Market Monitor Ltd.

United Kingdom

100

Hoppenstedt Firmeninformationen GmbH

Germany

100

Nationwide Credit Management Services Ltd.

United Kingdom

100

Hoppenstedt Grundbesitz GmbH

Germany

100

The Prospect Shop Ltd.

United Kingdom

100

Hoppenstedt Holding GmbH

Germany

100

Prospect Swetenhams Ltd.

United Kingdom

100

52 Note 23. Derivative financial instruments

Note 22. Trade and other receivables

Group

31/12/2009

31/12/2009 31/12/2008 Trade receivables – net

749,303

873,066

725

571

105,995

117,113

Advance payments to suppliers Prepaid expenses and accrued income Receivables from Parent Company – non interest-bearing

2,792

Other receivables – interest-bearing

31,245

47,884

Other receivables – non interest-bearing

44,971

34,711

932,276

1,076,137

Total of which non-current portion of which current portion

20,910

44,936

911,366

1,031,201

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 19,830 thousand (12,096). The losses are recognised in other expenses in the income statement. The table below shows the age structure of outstanding trade receivables:

31/12/2009

Between Within 61 daysNot due 60 days 1 year

Later than 1 year

Trade receivables

579,091 145,338

22,247 778,622

31,946

Total

Provision for impairment -2,202

-8,069

Trade receivables – net

of receivables

576,940 143,136

23,877

31/12/2008

Between Within 61 daysNot due 60 days 1 year

Trade receivables

-2,151

589,565 235,083

56,942

-16,897

Later than 1 year

Interest rate swaps – cash flow hedges

-135,581

-144,063

Total

-135,581

-144,063

Type of contract

Contract term beginning on

Total

27,480 909,070

Contract term ending on

Amount Currency

Interest rate

Interest rate swap

31/01/2008 31/01/2013 1,598,000 SEK th

4.51%

Interest rate swap

31/01/2008 31/01/2013

4.42%

61,200 EUR th

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.

Note 24. Cash and cash equivalents Group 31/12/2009

31/12/2008

Cash at bank and on hand

367,844

323,572

Total

367,844

323,572

Note 25. Borrowings Group

-29,319

5,350 749,303

31/12/2008

Non-current borrowings

31/12/2009

31/12/2008

Bank borrowings

2,287,314

2,647,571

Loans from shareholders

1,137,600

1,053,333

Borrowings for finance leases

88,806

97,283

Other borrowings

15,243

27,701

3,528,963

3,825,888

Subtotal

Provision for impairment of receivables Trade receivables – net

-6,107

-11,288

587,783 228,976

-1,782

45,654

-16,827

-36,004

10,653 873,066

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.

Current borrowings Bank borrowings

323,120

383,420

Borrowings for finance leases

3,461

2,202

Other borrowings

5,770

7,451

332,351

393,073

3,861,314

4,218,961

Subtotal Total

Bank borrowings mature until 31 January 2013 and carry interest equal to current 3-month STIBOR plus 1.50%. 85% of the variable interest was 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 amounts to SEK 100 million (100). In addition, the Group has a revolving credit facility of SEK 300 million. At the end of the period, none of the available credit had been utilised.

53 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:

Within 1 year

Bank borrowings

2,610,434

323,120

Loans from shareholders

1,137,600

31/12/2009

Intangible assets

Between Later than 1–5 years 5 years 2,287,314

92,267

3,461

15,936

Other borrowings

21,013

5,770

15,243

Carrying amount

Within 1 year

3,030,991

383,420 2,647,571

Loans from shareholders

1,053,333

Borrowings for finance leases

99,485

2,202

12,187

Other borrowings

35,152

7,451

27,701

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: 31/12/2009

31/12/2008

SEK

3,002,430

3,202,921

EUR

837,683

987,547

USD

21,013

27,701

Total

188

792

3,861,314

4,218,961

Maturity dates on non-current liabilities – Parent Company

31/12/2009

Current liability

Liabilities to group companies

796,320

Other liabilities Total

Within 1 year

341,280 1,137,600

Liabilities to group companies

737,333

Other liabilities Total

Within 1 year

1,137,600

Between Later than 1–5 years 5 years 737,333

316,000 1,053,333

1,575 22,545

Trade and other payables

15,064

8,058

Loss carryforward

45,191

75,875

Offset

-35,680

-37,347

Total

114,406

148,595

Group

Intangible assets

31/12/2009

31/12/2008

230,888

286,098

Property, plant and equipment

174

462

Trade and other receivables

553

356

Provisions for pensions

920

288

Other provisions

611

536

Trade and other payables

977

10,302

Tax allocation reserves Offset Total Net deferred tax assets/liabilities

60,923

59,204

-35,680

-37,347

259,366

319,899

-144,960

-171,304

Gross movement in deferred tax assets/liabilities: Group 2009

2008

-171,304

-195,784

18,092

-41,391

Recognised in the income statement

2,738

41,871

Recognised in equity

5,514

24,000

-144,960

-171,304

-976

32,201

Deferred tax recognised directly in equity Deferred tax on interest rate swaps

31/12/2008

1,392 20,952

341,280 0

Maturity date Current liability

17,032

9,511

End of year

796,320

19,730

4,848

31,616

Acquisition/sale of subsidiaries

Between Later than 1–5 years 5 years

20,906

8,967

Beginning of year

Maturity date

31/12/2008

32,766

Deferred tax liabilities 85,096

31/12/2009

Derivative financial instruments

Between Later than 1–5 years 5 years

Bank borrowings

Other currencies

Trade and other receivables Other provisions

72,870

Date for interest rate conversion or maturity date 31/12/2008

Property, plant and equipment Provisions for pensions

1,137,600

Borrowings for finance leases

Group Deferred tax assets

Date for interest rate conversion or maturity date Carrying amount

Note 26. Deferred tax

316,000 0

1,053,333

Exchange differences

6,490

-8,201

Total

5,514

24,000

Unrecognised deferred tax assets Unrecognised deferred tax assets refer to losses carried forward. The gross value of the Group’s unrecognised deferred tax assets, allocated according to maturity dates, are shown below. The tax value of unrecognised deferred tax assets amounts to SEK 101,302 (86,809) thousand. Maturity date 2013

507

2014

2,991

2016

1,412

2017

8,075

2018

17,124

2019

2,650

No maturity date

307,409

Total

340,168

54 Note 27. Provisions for pensions

The movement in the defined benefit obligation over the year is as follows:

Defined contribution plans The expense for defined contribution plans during the year amounted to SEK 93,730 thousand (90,141). 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 28,079 thousand (17,647). Alecta’s surplus can be distributed to the policyholders (the employers) and/or the insureds. At year-end 2009, Alecta’s collective funding ratio was 141% (112). 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

-2,785

13,291

Employer contributions

-7,071

-1,096

Employee contributions

3,032

1,722

-4,984

-6,231

Benefits paid Acquisition of subsidiaries

End of the year

337,816

323,172

The movement in the fair value of plan assets over the year is as follows: 2009

2008

106,273

79,857

Employer contributions

10,694

10,512

Employee contributions

3,032

1,722

-4,586

-3,336

Benefits paid

-4,984

-1,283

343

-944

-1,283

Total

23,108

Expected return on plan assets

Acquisition of subsidiaries

373

Other changes 20,301

The actual return on plan assets during the period was SEK 34 thousand (-8,090). 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): 2009

2008

Discount rate

4.4%

5.1%

Inflation

1.7%

1.6%

Annual salary increases

2.4%

2.2%

Annual pension increases

1.3%

1.6%

Annual paid-up policy increases

1.3%

1.6%

14 years

13 years

3.9%

4.5%

The amounts recognised in the balance sheet are determined as follows:

9,659

-27

13,896

115,488

106,273

2009

2008

Exchange differences End of year Plan assets are comprised as follows: 2009

2008

19,193

26,055

17%

25%

Interest-bearing securities

42,233

38,259

37%

36%

Property

11,386

8,226

10%

Other

42,676

33,733

37%

32%

Total

115,488

106,273

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 2010 amount to SEK 18,277 thousand.

2009

2008

139,768

136,657

-115,488

-106,273

24,280

30,384

Present value of defined

198,048

186,515

Fair value of plan assets

-4,617

651

217,711

217,550

Group 2009

benefit obligation

Net liability on the balance sheet

9,659 34,155

11,833

Other cost reductions

Unrecognised actuarial gains (+) and losses (-)

1,243 -7,842

Exchange differences

12,748

Expected return on plan assets

Present value of unfunded obligations

3,432

Other changes

3,336

12,721

Net value of entirely or partially funded obligations

11,833

Actuarial gains (-)/ losses (+)

-11,426

15,913

Fair value of plan assets

12,748

13,706

4,586

Interest cost

Present value of funded obligations

15,913

Interest cost

-4,552

Current service cost

Expected return on plan assets

Current service cost

Actuarial losses (-)/gains (+)

2008

Remaining service period

2008 247,091

Beginning of year

2009

Actuarial gains (-) and losses (+) recognised in year

2009 323,172

Beginning of year

Deficit (+)/surplus (-)

2008

2007

2006

242,199

337,816

323,172

247,091

-115,488

-106,273

-79,859

-62,243

222,328

216,899

167,232

179,956

55 Note 30. Accrued expenses and deferred income

Note 28. Other provisions Group

Parent Company

2009

2008

142,118

136,070

Legal claims

4,058

5,890

Other accrued expenses

295

160

Restoration charges

6,076

5,395

Total

295

406

Restructuring

2,963

7,950

Sales agents

14,442

15,857

Other

20,125

20,081

Total

189,782

191,243

of which non-current portion

188,544

184,823

1,238

6,420

Additional purchase prices

of which current portion

31/12/2009

31/12/2008

Accrued expenses related to personnel

246

Note 31. Reserves Availablefor-sale Currency Hedging financial translation reserve assets differences Balance at 1 January 2008

-1,708

18,158

20,778

Total 37,228

Group 2009 Beginning of year Acquisition of subsidiaries

2008

191,243

149,403

8,119

3,832

Sale of subsidiaries New provisions for the period Utilised during the period Provisions for additional purchase prices Additional purchase prices – paid

-1,250 648

18,456

-14,403

-15,012

8,925

28,367

-9,220

-2,000

6,344

10,080

Unused/reversed Reclassifications Exchange differences End of year

-5,765 -1,874

5,132

189,782

191,243

Additional purchase prices The provision pertains to estimated additional purchase prices recognised in connection with the acquisitions of Svenska Nyhetsbrev AB, Lundalogik AB and Pointer Sweden AB. Legal claims Provisions for legal claims pertain to potential claims from information suppliers.

Revaluation – gross Sale of financial assets

9,097 -22,163

Cash flow hedges: Fair value gains

-141,690

Tax on fair value gains

39,673

Transferred to the income statement

19,478

Tax on transfers to the inc. statement

-5,454

Revaluation deferred tax

-2,118

Currency translation differences

251,918 251,918

Balance at 31 December 2008

-91,819

5,092

272,696 185,969

Balance at 1 January 2009

-91,819

5,092

272,696 185,969

-5,092

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

-4,770

1,255

8,482

Transferred to other comprehensive income

Restoration charges Pertains to provisions for future restoration expenses for rented premises.

9,097 -22,163

Tax on transfers to other comprehensive income

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.

Note 29. Trade and other payables

-2,231

Currency translation differences Balance at 31 December 2009

-129,610 -129,610 -89,083

143,086

Note 32. Finance leases Finance leases – group company is lessor The Group leases a building under a finance lease. The building has a carrying amount of SEK 65,391 thousand (72,973). The future minimum lease payments receivable under non-cancellable operating leases are as follows:

Group

Trade payables Advances from customers Holiday pay liabilities Social security and other taxes Accrued expenses and deferred income

Group

31/12/2009

31/12/2008

212,821

239,381

62,090

58,384

115,426

117,069

33,319

39,300

992,618

1,086,336

151,790

149,170

1,568,064

1,694,905

2,234

2,153

1,565,830

1,692,752

Liabilities to the Parent Company – non interest-bearing Other liabilities – non interest-bearing Total of which non-current portion of which current portion

54,003

5,265

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

2009 Within 1 year Between 1–5 years Later than 5 years Total

2008

6,952

7,319

28,304

30,786

80,446

97,573

115,702

135,678

The present value of finance lease liabilities is as follows: Group 2009 Within 1 year

2008

3,461

2,202

Between 1–5 years

15,936

12,187

Later than 5 years

72,870

85,097

Total

92,267

99,485

56 Note 33. Operating leases

Note 35. Contingent liabilities and pledged assets Group

Operating leases – Group company is lessor

Group Contingent liabilities

2009

2008

Leasing expenses

167,486

139,145

Guarantee commitment FPG/PRI

Total

167,486

139,145

Guarantee to previous owners Other guarantees

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.

Total

2008

768

677

86,902

113,547

2009

2008

Within 1 year

142,705

150,622

Between 1–5 years

285,377

301,015

Later than 5 years

113,562

110,674

Total

541,644

562,311

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

Note 34. Related party transactions The related parties of the Group consist of the Parent Company Ratos AB, associates 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 consolidated accounts are prepared. Any transactions between related parties are carried out on an arm’s length basis. Transactions with the Parent Company During 2008 Bisnode Business Information Group AB gave dividend to the Parent Company and received shareholders contribution (see Parent Company Statement of changes in equity.

Beginning of year Repayments

2009

2008

2,792

19,277

16,222 2,625,416 3,050,776 130,446 2,625,416 3,050,776

1,298,012 1,470,602 1,298,012 1,470,602

Other pledged assets Total

2,120

2,286

1,300,132 1,472,888 1,298,012 1,470,602

Other pledged assets

None

End of year

2,792 0

2,792 Group

Borrowings from Ratos Beginning of year Repayments

2009

2008

742,598

101,165

-5,265

-101,165

New borrowings Interest expense capitalised End of year

705,265 58,987

37,333

796,320

742,598

Transactions with key management personnel During 2009 and 2008 the Parent Company did not grant any loans to Board members, other key management personnel or their families. Renumeration to key management personnel is specified in Note 10.

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. 2009 Profit attributable to owners of the Parent Company Number of shares outstanding (thousands) Earnings per share before and after dilution (SEK per share)

-2,792

Loans advanced during the year

2008

106,947

Group Loans to Ratos

2009

Pledged assets for own liabilities and provisions

Group Future minimum lease payments

Parent Company

2009

2008

50,551

-784

120,589

0.42

-0.01

57 Note 38. Business combinations 2009 â&#x20AC;&#x201C; Aquired companies

Date of acquisition

share of capital

Inter Dialog AS

15/05/2009

20.0%

Kauppalehti 121 Oy (name change to 121 Media Oy)

02/11/2009

100.0%

One Holding AS

07/12/2009

9.9%

TA Teleadress Information AB

14/12/2009

80.1%

RAAD Research (asset deal)

29/10/2009

100.0%

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

TA Teleadress Information

121 Media

Other acquisitions

Total

58,670

72,175

6,566

137,411

2,307

111

2,464

Cash paid Direct costs relating to acquisitions Additional purchase prices paid Utilisation of additional purchase price Total

9,220

-9,195

58,716

74,482

6,702

139,900

Fair value of acquired net assets

-6,356

-6,667

-1,053

-14,076

Goodwill due to step acquisition

13,840

Revaluation of additional purchase prices

8,900

Negative goodwill â&#x20AC;&#x201C; transferred to the income statement

1,533

Total Goodwill Cash flow effect

8,900

66,200

67,815

16,082

150,097

TA Teleadress Information

121 Media

Other acquisitions

Total

58,670

72,175

6,566

137,411

2,307

111

2,464

Cash paid Direct costs relating to acquisitions Additional purchase prices paid

9,220

Cash and cash equivalents in acquired subsidiaries Change in cash and cash equivalents

-17,624

-8,036

41,092

66,446

9,220 -25,660

15,897

123,435

Supplementary information Revenue since acquisition date

58,836

16,777

75,613

Revenue in 2009

58,836

85,775

144,611

Operating profit since acquisition date

6,097

492

6,589

Operating profit in 2009

6,097

5,730

11,827

TA Teleadress Information Fair value of acquired assets and liabilities

121 Media

Other acquisitions

Carrying amount

Fair value

Carrying amount

Fair value

240

819

Total

Carrying amount

Fair value

Carrying amount

Fair value

531

294

1,353

325

21,866

25,660

826

49,735

-227

Assets Intangible assets Property, plant and equipment Deferred tax assets

221

104

Trade and other receivables

9,765

12,100

Cash and cash equivalents

17,624

8,036

Total assets

27,850

21,059

444

197

3,059

311

Liabilities Minority

671

2,862

311

346

Trade and other payables

17,610

13,884

31,494

Total liabilities

21,494

14,392

-227

35,659

6,356

6,667

1,053

14,076

Provisions for pensions Borrowings Deferred tax liabilities Tax liabilities

Net identifiable assets and liabilities

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

58 2008 â&#x20AC;&#x201C; Acquired companies

Date of acquisition

share of capital

Operation

Dressler Verlag (asset deal)

01/01/2008

100.0%

German publisher.

Credita AG

07/01/2008

100.0%

Leading domestic provider of credit and risk information in Switzerland.

Relevant Information i Uppsala AB

08/01/2008

100.0%

Swedish consulting firm specialised in development of models for customer profile analysis.

Svenska Nyhetsbrev AB

09/01/2008

100.0%

Supplier of industry specific news and business information in digital and printed form.

Spectron Business Solutions bvba

21/05/2008

100.0%

Belgian company active in the areas of B2B Data and Customer Services.

Electronic Data Innovation Group AB

01/09/2008

100.0%

Swedish company, expert in innovative solutions with e-signatures.

Wer liefert was? GmbH

23/12/2008

100.0%

Supplier of search services on the internet with main operations in Germany. Svenska Nyhetsbrev

Credita

Spectron

Wer liefert was?

Other acquisitions

Total

Cash paid

23,373

44,448

5,578

520,638

74,689

668,726

Estimated additional purchase price

26,267

Purchase price

Direct costs relating to acquisitions

2,100

414

1,804

16,065

Utilisation of provision for additional purchase price Total

50,054

44,448

7,382

536,703

-63

-11,940

-9,975

-113,647

Fair value of acquired net assets Acquired minority interest Negative goodwill â&#x20AC;&#x201C; transferred to the income statement

28,367 18,283

1,082

77,871

716,458

-6,866

-142,491

-13,656

-13,656 562,904

2,593

Total Goodwill

Cash flow effect

2,593

49,991

32,508

423,056

57,349

Svenska Nyhetsbrev

Credita

Spectron

Wer liefert was?

Other acquisitions

Total

23,373

44,448

5,578

520,638

74,689

668,726

1,804

16,065

Cash paid Direct costs relating to acquisitions

414

18,283

Additional purchase prices paid Cash and cash equivalents in acquired subsidiaries Change in cash and cash equivalents

2,000

-14,398

-14,981

-2,798

-100,906

-135

-133,218

9,389

29,467

4,584

435,797

76,554

555,791

615

85,285

380,201

1,031

491,276

Supplementary information Revenue since acquisition date

34,564

20,137

29,969

Revenue in 2008

34,564

20,137

55,343

Operating profit since acquisition date

5,424

567

-5,609

Operating profit in 2008

5,424

567

-10,461

Svenska Nyhetsbrev Fair value of acquired assets and liabilities

Carrying amount

Credita

Fair Carrying value amount

Spectron Fair Carrying value amount

Wer liefert was? Fair Carrying value amount

-1,077

-695

-673

38,583

43,726 Other acquisitions

Fair Carrying value amount

Total

Fair Carrying value amount

Fair value

Assets Intangible assets

918

Property, plant and equipment

424

Available-for-sale financial assets Deferred tax assets

560

1,149

285

560

1,410

2,127

7,437

5,498 177,951 66,824 4,575

66,824

6,338

365

4,575

Inventories

4,324

Tax receivables

1,002

68,585

16,274

6,338

14,164 186,617 70,889

70,889

285

12,572

4,324

1,029

Trade and other receivables

4,383

17,876

16,274

68,585

134

134 107,252 107,252

Cash and cash equivalents

14,398

14,981

2,798

2,798 100,906 100,906

135

135 133,218 133,218

Total assets

20,683

34,291

30,046

30,046 251,714 424,167

6,999

6,999 343,733 516,186

215

Other provisions

3,333

Tax liabilities

3,805

Liabilities Deferred tax liabilities

51,737 502

764

215

502

764

20,009

51,952

3,835

24,578

Trade and other payables

13,482

21,372

19,569

19,569 238,774 238,774

133

133 293,330 293,330

Total liabilities

20,620

22,351

20,071

20,071 258,783 310,520

133

133 321,958 373,695

11,940

9,975

Net identifiable assets and liabilities

9,975

-7,069 113,647

6,866

21,775 142,491

59 Note 39. Sale of subsidiaries

Note 40. Discontinued operations Profit from discontinued operations

Date of sale Subsidiaries divested

2009

2008

Revenue

2009

2008

97,104

208,497

97,104

212,700

30/06/2009

Other operating income

ICC Ireland, United Kingdom, etc

28/08/2009

Total operating income

Finfo Information AB

08/12/2009

Sverige Bygger AB/Norge Bygges AS

30/12/2009

Goods and services

-20,148

-54,982

Inter Dialog AS (asset deal)

26/05/2009

Personnel costs

-56,183

-108,385

Nomi Sweden, Norway, Finland, Denmark

4,203

09/01/2008

Depreciation, amortisation and impairment losses

-90,817

-23,166

Wij Special Media B.V.

09/09/2008

Other expenses

-20,784

-39,210

Adbit AB

11/09/2008

Total operating expenses

-187,932

-225,743

Nyhetsbyr책n Direkt AB/Nyhedsbureauet Direkt

10/12/2008

Stockmann-Gruppen A/S (asset deal)

01/07/2008

-90,828

-13,043

Retail Institute Scandinavia A/S (asset deal)

01/07/2008

Key Note Ltd (asset deal)

30/12/2008

Market Watch Scandinavia AB

Capital gains/losses

2009

2008

Cash received

135,912

49,493

Net assets sold

-110,183

-61,540

Provisions in connection to sale

214

Estimated additional purchase prices to receive Additional purchase prices received Provision for/Reversal of additional purchase prices

-906 10,570

4,625

12,025

-4,625

-3,377

Exchange differences

1,271

Capital gains/losses

25,943

7,536

Net assets divested

2009

2008

98,406

72,069

2,557

5,075

Assets Intangible assets Property, plant and equipment Available-for-sale financial assets Deferred tax assets

267 1,062

2,022

2,050

1,562

36,758

29,934

Inventories Tax receivables Trade and other receivables Cash and cash equivalents Total assets

1,067

39,399

10,196

180,499

121,925

Minority

-4,489

Borrowings

11,245 2,235

Other provisions Tax liabilities

193 1,250

2,688

Trade and other payables

65,393

52,148

Total liabilities

70,316

60,385

2009

2008

Cash flow from sale of subsidiaries Cash received

Financial income

736

Financial expenses

-304

-1,191

Net financial items

-274

-455

-91,102

-13,498

Profit before tax and capital gain Capital gain from divestment of operations Profit before tax Income tax expense

135,912

49,493

Additional purchase prices received

4,625

12,025

Provisions

3,881

Cash and cash equivalents in sold subsidiaries

-39,399

-10,196

Cash flow from sale of subsidiaries

105,019

51,322

-20,051 -111,153

-13,498

2,916

9,909

-108,237

-3,589

2009

2008

-111,153

-13,498

113,400

22,970

559

6,361

Cash flow from changes in working capital

-4,521

-6,998

Cash flow from operating activities

-1,715

8,835

Profit from discontinued operations

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

Liabilities

Deferred tax liabilities

Operating profit

Sale of property, plant and equipment Cash flow from investing activities

99,503 -761

-11,013

170

98,777

-10,843

Cash flow from financing activities New borrowings

375

Repayment of borrowings

-441

Cash flow from financing activities

-441

375

96,621

-1,633

2009

2008

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

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

2009

2008

Assets Intangible assets Property, plant and equipment Deferred tax assets Inventories Trade and other receivables Cash and cash equivalents Total assets

102,076

In January 2010 Bisnode completed the acquisition of Directinet, a leading supplier of online direct marketing solutions in France. The company has 97 employees and annual net sales of EUR 14 million in 2009. No other significant events have taken place after the balance sheet.

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

Liabilities Deferred tax liabilities Tax liabilities

16,940 611

Trade and other payables

33,829

Total liabilities

51,380

Cash flow from sale of subsidiaries

2009

2008

Purchase price minus sales expenses

111,057

Cash and cash equivalents in sold subsidiaries

-11,554

Cash flow from sale of subsidiaries

99,503

The Annual accounts and the consolidated financial statements were approved for publication by the Board on 10 March 2010. The Income Statement and Balance Sheet will be presented to the Annual General Meeting on 14 April 2010 for adoption. Stockholm, 10 March 2010

Håkan Ramsin Chairman of the Board

Birgitta Klasén Board member

Torgny Eriksson Board member

Henrik Joelsson Board member

Bo Jungner 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 2009. (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

Our audit report was submitted on 11 March 2010 Öhrlings PricewaterhouseCoopers AB

Bertil Johanson Authorised Public Accountant

provides a reasonable basis for our opinion set out below. 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: Partner and venture manager of Provider Venture Partners AB. Other board assignments: Chairman of the board of Wiky Ventures AB, Digital Vision (publ) and Gourmet Food AB. Board member of Air P TV Development AB, Dahlia Television Srl, Boss Media AB and Svenska Tracab AB.

Bo Jungner Board member MSc in Business Administration and Economics, Stockholm School of Economics. Born in 1960. Board member since 2005. Chairman of the Board during three periods in 2005, 2006 and 2008. Main occupation: Investment Director at Ratos. Other board assignments: Board member of Anticimex Holding AB and other companies in the Anticimex Group, EuroMaint Gruppen AB, EuroMaint AB and Jötul AS. Deputy Board member of BTJ Group AB.

Birgitta Klasén Board member MSc in Engineering Physics, Royal Institute of Technology in Stockholm. Born in 1949. Board member since 2006. Main occupation: Senior IT Advisor. Other board assignments: Board member of Acando, Assa Abloy and IFS.

Carl Wilhelm Ros Board member MSc in Political Science, Lund University. 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.

Henrik Joelsson Board member MSc in Business Administration and Economics, Stockholm School of Economics, Master of Business Administration from INSEAD. Born in 1969. Board member since 2005. Main occupation: Investment Director at Ratos. Other board assignments: Board member of Anticimex Holding AB and other companies in the Anticimex Group, EuroMaint Gruppen AB, EuroMaint AB. Deputy board member of Camfil AB.

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.

Tommy Håkansson Board member (Union representative for Bisnode AB, Unionen) Studied System Analysis, Archaeology and Project Management 1998. Born in 1959. Board member since 2009. Main occupation: Project Manager at Infodata Applicate AB.

Torgny Eriksson Board member BA in Economics, Lund University. Born in 1947. Board member since 2005. Other board assignments: Board member of Ramirent Oyj, Advisio AB, Metallfabriken Ljunghäll AB, RIV 2 Retail Invest Vehicle 2 AB, Stjärna Fyrkant Nordic AB, Scandinavian Business Seating AS and Candyking Holding AB.

Filippa Bylander Board member (Union representative for Bisnode AB, SACO) BA in Business Administration, Borlänge University 1994. Born in 1970. Board member since 2009. Main occupation: Accountant at InfoTorg AB.

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

Executive Management Team Johan Wall President and CEO MSc in Engineering Electronics from the Royal Institute of Technology in Stockholm. Visiting scholar at Stanford University in 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.

Alastair Laidlaw Competence Centre Director Credit Solutions BSc in Business Administration, University in Greater Manchester. Employed since 1988, in current position since 2009. Previous positions and experience: Several senior management positions within Bisnode Group such as BU Controller Credit and Business information. Financial positions within W S Atkins plc.

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

Martin Coufal Regional Director Central Europe BSc in Business Administration from the 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.

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.

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

Mattias Aronsson Chief Information Officer (CIO) MSc in Engineering Physics from Lund Institute of Technology. Studies in Statistics and Economics at Lund University. 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 Economics from Stockholm University. 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.

Norbert Verkimpe Regional Director BeNeFra and Competence Centre Director Marketing Solutions MSc in Informatics & System Analysis from 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.

Peter Villa Regional Director DACH and Business Area Director Product Information BA in Economic History and Political Science from Uppsala University. Employed since 1991, in current position since 2009. Previous positions and experience: Several senior management positions within Bisnode Group such as MD of Kompass Deutschland GmbH. Hoppenstedt Bonnier Information GmbH in Germany. Various executive leadership positions in Bonnier and other companies.

Subsidiaries Bisnode operates in 18 countries with a segmented and diversified offering of digital business information solutions using strong local brands in each market.

ABC Belgium www.abc-d.be info@abc-d.be

D&B Norway www.dnb.com/no kundeservice.norge@dnbnordic.com Credita www.credita.ch info@credita.ch

ABC France www.abc-d.fr contact@abc-d.fr ABC Luxemburg www.abc-d.lu info@abc-d.be ABC The Netherlands www.abcdirect.nl info@abcdirect.nl

ABC Germany www.abconline.de info@abconline.de

Directinet www.directinet.fr renseignement@directinet.fr

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

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

Emric www.emric.se info@emric.se

European Databank www.edb.sk trencin@edb.sk

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

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

Business Check www.businesscheck.se info@businesscheck.se

D&B Czech Republic www.dnb.com/cz custserv@dnbczech.cz

D&B Denmark www.dnb.com/dk kundeservicedk@dnbnordic.com

CEKIA www.cekia.cz marketing@cekia.cz

Connectus www.connectus.ee info@connectus.ee

Greens www.greens.dk greens@greens.dk

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

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

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

D&B Hungary www.dnb.com/hu dbhun@dbhun.hu HBI Company Data www.hbi.hu mail@hbi.hu

65 Kompass Sweden www.kompass.se info@kompass.se Hoppenstedt Kreditinformationen www.myhcc.de myhcc@hoppenstedt-cc.de

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

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

Kompass Slovenia www.kompass.si info@kompass.si

Lundalogik www.lundalogik.se info@lundalogik.se

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

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

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

WDM Belgium www.wdmbelgium.be sales@wdmbelgium.be WDM France www.wdmfrance.fr info@wdmfrance.fr

Hoppenstedt 360 www.hoppenstedt360.de kundenservice@hoppenstedt360.de

Infobon www.ibon.com info@ibon.com

Infodata www.infodata.se info@infodata.se

ONE Holding www.onesoftware.no post@onesoftware.no

WDM Netherlands www.wdm.nl info@wdm.nl Baby DM Scandinavia www.bdms.se info@bdms.se

PAR www.par.se info@par.se

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

Pointer www.pointer.se info@pointer.se WLW Austria www.wlw.at info@wlw.at

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

Javnirazpisi www.javnirazpisi.com info@javnirazpisi.com

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

InfoTorg www.infotorg.se info@infotorg.se

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

Soliditet Denmark www.aaasoliditet.dk kundeservicedk@soliditet.com Soliditet Norway www.soliditet.no kundeservice@soliditet.no Soliditet Sweden www.soliditet.se info@soliditet.se

Kompass Hungary www.kompass.hu kompass@kompass.hu Kompass Norway www.kompass.no firmapost@kompass.no

Specton Business Solutions www.spectronbs.be salesdata@spectronbs.be

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

Definitions Average number of employees – The average number of full-time equivalents during the year. Earnings per share (before dilution) – Profit attributable

to owners of the Parent Company, divided by the average number of shares.

Net debt – Interest-bearing provisions and liabilities (exclud-

ing shareholder loans) less cash and cash equivalents and interest-bearing receivables.

Operating margin, EBIT – Operating profit, ebit as a per-

centage of total operating income.

Operating margin, EBITA – Operating profit, ebita as a percentage of total operating income. Operating margin, EBITDA – Operating profit, ebitda as a percentage of total operating income. Operating profit, EBIT – (Earnings Before Interest and Tax)

Operating profit.

Operating profit, EBITA – (Earnings Before Interest, Tax and

Amortisation) Operating profit less amortisation of intangible assets arising from business combinations.

Operating profit, EBITDA – (Earnings Before Interest, Tax, Depreciation and Amortisation) Operating profit less depreciation, amortisation and impairment losses. Region BeNeFra – Belgium, France and the Netherlands. Region Central Europe – Croatia, Czech Republic, Hungary,

Poland, Slovakia and Slovenia.

Region DACH – Austria, Germany and Switzerland. Region Nordic – Denmark, Finland, Estonia, Norway and

Sweden.

Revenue per employee – Revenue divided by the average

number of employees during the year.

Total operating income – Revenue plus other operating

income.

The figures in the annual report have been rounded off to SEK thousand, 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. Cover: Photo of Katja Kaloper and Sandi Zajc Art Direction: Ottoboni Layout: Komodo design&produktion Photo: Sune Fridell and Aleš Beno Copy: Grayling & Citigate Norden Printing: TrycksakSpecialisten

Bisnode has operations in 18 European countries, with ITS head office in Stockholm, Sweden

Jan

New regional organisation implemented to maximise business potential and synergies

May

Inter Dialog, a direct marketing consultancy company in Norway, divested

Jun

The Nomi group, a niche player providing information to the pharmaceutical industry, divested

Aug

ICC, a provider of business-critical information in UK and Ireland, divested

Oct

RAAD Research, a market research solutions company for the IT sector in Germany, acquired

Nov

121 Media, a direct marketing services company in Finland, acquired

Dec

Jan 2010

Directinet, a provider of online direct marketing solutions in France, acquired

you find us here

BISNODEâ&#x20AC;&#x2122;S MISSION IS TO HELP OUR CUSTOMERS

MAXIMISE SALES,

12%

MINIMISE BUSINESS RISKS

Operating profit margin, EBITA

2009 4,741 4,829 9.6 728 593 12.3 3,167 3,095

2008 4,325 4,430 18.1 679 533 12.0 2,940 3,189

AND

REVENUE OPERATING PROFIT, EBITA

MAKE

SEK M 5,000

750

4,000

600

3,000

450

2,000

300

1,000

150

2005

2006

2007

2008

2009

BETTER

BUSINESS DECISIONS

Bisnode Annual Report 2009

annual report Bisnode Business Information Group AB

03 04 07 08 10 11 12 14 16 18 22 24 25 26 36 61 62 63 64 66