Interim report January-March 2012 by Bisnode

Q1 Interim report January-March 2012 January-March    

“I took over as the new CEO of Bisnode on 1 February 2012. By now I have had the chance to meet many employees, customers, competitors and other stakeholders, which has given me a good picture where we stand today and what opportunities lie ahead.

Key events     

Events after the balance sheet date 

The first quarter showed stable revenue and earnings in the operating business compared to the same period last year. The development differs between the different areas with sustained healthy growth and earnings trend in Credit Solutions and weak development in Marketing Solutions. The challenges Bisnode faces today are driven partly by rapid changes in the market that are affecting the business climate for our current offering. This is most visible in the Marketing Solutions area, where we are taking steps to update our offering so that we can deliver services that are fully adapted to changing customers demands. We are now in the process of drawing up an action plan for changes that will be carried out to reduce the company’s complexity, improve our ability to implement the decided measures and further increase our customer focus. The emphasis is on realising the identified synergies and releasing the combined power found in Bisnode’s 3,000 employees. I feel confident that the planned efficiency improvements will create good potential to put Bisnode into a growth trajectory that will enable us to report stable organic growth in the future.” Lars Pettersson, CEO of Bisnode

Key Ratios SEK million Revenue Revenue growth, % Operating profit (EBITA)

2012 2011 2011/12 2011 Jan-Mar Jan-Mar Apr-Mar Jan-Dec 1 033 1 052 4 292 4 310 0,0 0,0 0,0 0,0 -1,8 -9,5 -1,1 -3,2 0 0 0 0 242 116 574 447 0 0 0 0

Operating margin (EBITA), % Operating profit (EBITA) excl. cap. gains Operating margin (EBITA) excl. cap. gains, % Cash flow from operating activities

23,4 0 84 0

11,0 0 116 0

13,4 0 421 0

10,4 0 453 0

8,1 0 33

11,0 0 152

9,8 0 242

10,5 0 360

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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Business overview Adjusted for foreign exchange effects, organic growth for the quarter was -0.3 per cent, as a result of weak demand in Region BeNeFra and Product Information. Operating margin for the quarter was 23.4 per cent (11.0). Adjusted for capital gains on the sale of operations, operating margin was 8.1 per cent, compared to 11.0 per cent in the preceding year.

SEK million Region Nordic Region DACH Region BeNeFra Region Central Europe Business Area Product Information Business Area Software & Applications Central functions Internal eliminations Total

Revenue 2012 2011 Jan-Mar Jan-Mar 587 500 215 199 125 146 64 50 49 99 0 83 -7 1 033

-26 1 052

Revenue 2011/12 2011 Apr-Mar Jan-Dec 2 105 2 017 885 870 553 574 247 233 367 417 219 302 -85 4 291

-103 4 310

Operating profit (EBITA) Operating margin (EBITA), % 2012 2011 2012 2011 Jan-Mar Jan-Mar Jan-Mar Jan-Mar 107 84 18,2 16,9 -5 12 -2,1 5,9 -7 -3 -5,3 -2,4 13 12 19,9 24,6 159 20 326,5 20,2 0 15 n/a 18,1 -25 -24 n/a n/a n/a n/a 242 116 23,4 11,0 Operating profit (EBITA) Operating margin (EBITA), % 2011/12 2011 2011/12 2011 Apr-Mar Jan-Dec Apr-Mar Jan-Dec 329 306 15,6 15,2 88 104 10,0 12,0 -4 -1 -0,8 -0,2 38 38 15,5 16,3 224 86 61,2 20,5 17 32 7,6 10,5 -118 -117 n/a n/a 0 0 n/a n/a 574 447 13,4 10,4

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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Market overview The market for digital business information is continuously evolving in pace with a growing flow of information, changes in legislation and new technologies. The ways of presenting, experiencing and using information are undergoing significant changes, which is creating a business climate characterised by both opportunities and challenges. According to industry analysts, the market is expected to show long-term growth of 3-5 per cent annually but is currently in a phase of cautious recovery with varying levels of demand in different market segments and geographical areas.

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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Revenue and profit January-March

Financial position

Acquisitions and divestitures

Employees

Cash flow and capital expenditure Events after the balance sheet date

Information about the Parent Company

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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Risks and uncertainties

Accounting policies

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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Contact LARS PETTERSSON CEO Telephone: +46 8-558 059 31 Mobile: +46 705-17 28 02 E-mail: lars.pettersson@bisnode.com

FREDRIK Ă&#x2026;KERMAN CFO Telephone: +46 8-558 059 35 Mobile: +46 704-15 23 65 E-mail: fredrik.akerman@bisnode.com

Financial calendar

More information

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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Financial information CONSOLIDATED INCOME STATEMENT 2012 Jan-Mar

2011 Jan-Mar

2011/2012 Apr-Mar

2011 Jan-Dec

1,033 2 161 1,196

1,052 3 5 1,059

4,292 11 187 4,490

4,310 12 31 4,353

-234 -497 -211 -179 -1,121

-232 -502 -65 -180 -979

-931 -2,022 -376 -818 -4,147

-930 -2,026 -230 -820 -4,006

343

347

5 -65 11 -49

2 -62 6 -54

19 -255 -1 -237

16 -252 -6 -243

Profit before tax

106

105

Income tax expense Profit for the period

3 29

-12 14

-31 75

-46 59

29 1

10 3

76 -1

58 1

75 167

80 36

343 231

347 100

242

116

574

447

2012 Jan-Mar

2011 Jan-Mar

2011/2012 Apr-Mar

2011 Jan-Dec

Cash flow hedges Cash flow hedges, transferred to the income statement Translation differences Tax attributable to items in other comprehensive income Total other comprehensive income

13 -4 12 -2 19

27 -1 -20 -7 -1

0 -9 8 2 1

13 -6 -24 -2 -19

Total comprehensive income for the period

48 1

9 3

77 -1

39 1

SEK millions Revenue Own work capitalised Other operating income Total operating income Goods and services Personnel costs Depreciation, amortisation and impairment losses Other expenses Total operating expenses Operating profit Financial income Financial expenses Net foreign exchange gains/losses on financial activities Net financial items

A ttributable to : Equity ho lders o f the parent No n-co ntro lling interest

Derivatio n o f o perating pro fit - EB ITA Operating pro fit Depreciatio n/amo rtisatio n o f surplus values attributable to acquisitio ns Operating pro fit - EB ITA

STATEMENT OF COMPREHENSIVE INCOME SEK millions Profit/loss for the period

Other comprehensive income

A ttributable to : Equity ho lders o f the parent No n-co ntro lling interest

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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CONSOLIDATED BALANCE SHEET SEK millions

31/03/2012

31/03/2011

31/12/2011

4,259 535 211 164 5,169

4,577 635 280 148 5,640

4,767 612 281 156 5,817

Inventories Other current assets Cash and cash equivalents Total current assets TOTAL ASSETS

3 799 512 1,314 6,483

7 789 349 1,144 6,784

6 868 207 1,080 6,897

EQUITY Equity attributable to equity holders of the parent Non-controlling interest Total equity

1,061 21 1,082

1,013 50 1,063

1,012 20 1,032

3,376 460 3,836

3,179 503 3,682

3,523 489 4,012

244 48 1,273 1,565 5,401 6,483

469 47 1,522 2,039 5,721 6,784

245 61 1,547 1,853 5,865 6,897

ASSETS

Non-current assets Goodwill Other intangible assets Property, plant and equipment Other non-current assets Total non-current assets

Current assets

LIABILITIES

Non-current liabilities Borrowings Other non-current liabilities Total non-current liabilities

Current liabilities Borrowings Derivative financial instruments Other current liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

SEK millions Balance at 1 January 2011

Equity attributable to equity holders of the parent Other Retained earn. Share capital incl. profit for capital contr. Reserves the year Total 482 1,763 -205 -1,037 1,003

Noncontrolling interest 47

Total equity 1,050

1,013

1,063

Equity attributable to equity holders of the parent Other Retained earn. Share capital incl. profit for capital contr. Reserves the year Total

Noncontrolling interest

Total equity

Total comprehensive income

-1

Dividends Acquisition and divestment of non-controlling interest Balance at 31 March 2011

SEK millions Balance at 1 January 2012

482

1,763

Total comprehensive income

-206

-1,026

-224

-1,009

1,012

1,032

-205

1 -979

1 1,061

1 21

2 1,082

Dividends Acquisition and divestment of non-controlling interest Other changes Balance at 31 March 2012

482

1,763

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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CONSOLIDATED CASH FLOW STATEMENT 2012 Jan-Mar

2011 Jan-Mar

2011/2012 Apr-Mar

2011 Jan-Dec

26 60 -55

25 82 -14

106 310 -151

105 332 -110

265

327

1 33

59 152

-24 242

34 360

0 456 -20 0 436

-83 -2 -24 0 -109

-298 505 -129 2 80

-381 48 -133 2 -465

-169 0 0 2 -167

49 0 0 0 49

-102 -50 -14 3 -163

117 -50 -14 1 54

Cash flow for the period

302

159

-51

Cash and cash equivalents at the beginning of the period Exchange differences in cash and cash equivalents Cash and cash equivalents at the end of the period

207 3 512

259 -2 349

207 4 371

259 -1 207

2012 Jan-Mar

2011 Jan-Mar

2011/2012 Apr-Mar

2011 Jan-Dec

Revenue, SEK (millions) 1,033 Revenue growth, % -1.8 Average number of employees, period 2,985 Revenue per employee, SEK (thousands) 346 Operating profit - EBITA, % 23.4 Operating profit - EBITA, % (excl. cap. gains) 8.1 Operating profit - EBIT, % 7.3 Average number of outstanding shares after dilution, (millions) 121 Earnings per share - basic (SEK) 0.24 Equity attributable to equity holders of the parent, SEK (millions) 1,061 External net debt, SEK (millions) 2,058

1,052 -9.5 2,997 351 11.0 11.0 7.6 121 0.09 1,076 2,241

4,292 -1.1 3,004 1,429 13.4 10.5 8.0 121 0.6 1,013 2,058

4,310 -3.2 3,016 1,429 10.4 10.5 8.1 121 0.5 1,012 2,433

SEK millions

Cash flow from operating activities Profit before tax Adjustments for non-cash items Tax paid Cash flow from operating activities before changes in working capital Cash flow from changes in working capital Cash flow from operating activities

Cash flow from investing activities Acquisition of subsidiaries, net of cash Sale of subsidiaries, net of cash Investments in other non-current assets Sale of other non-current assets Cash flow from investing activities

Cash flow from financing activities Change in borrowings Acquisition of non-controlling interest Dividend paid to minority shareholders Other Cash flow from financing activities

CONSOLIDATED KEY RATIOS

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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PARENT COMPANY INCOME STATEMENT 2012 Jan-Mar

2011 Jan-Mar

2011/2012 Apr-Mar

2011 Jan-Dec

0.5 0.5

0.0

2.5 2.5

0.0

Personnel costs Other external expenses Total operating expenses

-2.5 -1.1 -3.6

-2.6 -0.9 -3.5

-16.2 -4.0 -20.1

-16.3 -3.8 -20.1

Operating profit/loss

-3.1

-3.5

-17.6

-20.1

-98.3 1.1 -97.2

SEK millions Revenue Total operating income

Result from financial items Result from participations in Group companies Other interest income and similiar items Interest expenses and similiar items Net foreign exchange gains/losses on financial activities Total profit/loss from financial items

0.0 0.4 -25.9 2.0 -23.6

-24.6 1.2 -23.4

212.1 7.3 -99.7 1.9 121.6

Profit/loss after financial items

-26.7

-26.9

104.0

-117.2

-26.7

-26.9

104.0

-117.2

Tax on profit/loss for the period Profit/loss for the period

PARENT COMPANY BALANCE SHEET SEK millions

31/03/2012

31/03/2011

Financial assets Current receivables Cash and cash equivalents TOTAL ASSETS

1,377 1,382 46 2,806

1,878 581 56 2,515

Total equity Provisions Non-current liabilities Current liabilities TOTAL EQUITY AND LIABILITIES

1,343 16 1,438 10 2,806

1,239 16 1,253 7 2,515

Average number of employees

Operating profit (EBITA) adjusted for capital gains on the sale of subsidiaries and associated companies as well as other related party shareholdings, as a percentage of total revenue.

The average number of full-time employees during the period.

Operating profit (EBIT)

Earnings per share

Profit before tax and financial items.

Profit attributable to owners of the Parent Company divided by the average number of shares outstanding.

Operating profit (EBITA)

Definitions

Net debt

Profit before tax, financial items and amortisation/impairment of excess values arising from business combinations.

Interest-bearing provisions and liabilities (excluding loans from shareholders) less cash and cash equivalents and other interestbearing receivables.

Revenue per employee

Operating margin (EBITA)

The figures in this interim report have been rounded off, while the calculations have been made without rounding off. As a result, the figures in certain tables and key figures may appear not to add up correctly.

Operating profit (EBITA) as a percentage of revenue.

Operating margin (EBITA) excluding capital gains

Revenue divided by the average number of employees.

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

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About Bisnode Bisnode offers a complete range of online services for market, credit and product information in Europe. The Group is organised in four geographical regions and one business area. Mailing address: Bisnode, S168 SE-105 99 Stockholm, Sweden Visiting address: Sveavägen 168 Stockholm, Sweden Tel: +46 8 558 059 00 Fax: +46 8 558 059 95 E-mail: info@bisnode.com Web: www.bisnode.com Facebook: facebook.com/bisnode Twitter: twitter.com/bisnode

Bisnode has 3,000 employees in 17 European countries and is owned 70 per cent by Ratos and 30 per cent by Bonnier.

Vision & Mission Bisnode’s vision is to be the leading provider of digital business information in Europe. Bisnode’s mission is to help customers maximise their sales, minimise their business risks and make better business decisions

Financial targets Bisnode’s targets for the Group’s long-term financial development are: 

Annual organic revenue growth of at least 5 per cent



An operating margin (EBITA) of at least 15 per cent

Business model

Data about companies and consumers is collected from multiple sources.

The data is enhanced through harmonisation, standardisation, and verification.

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725

The data is packaged and customised into products and services.

Bisnode sells products under different brands and creates customised solutions to fulfil the needs of a diverse customer base.

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