Interim report January-March 2012

January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 1 (12)

Key Ratios

2012 2011 2011/12 2011

SEK million Jan-Mar Jan-Mar Apr-Mar Jan-Dec

Revenue 1 033 1 052 4 292 4 3100,0 0,0 0,0 0,0

Revenue growth, % -1,8 -9,5 -1,1 -3,20 0 0 0

Operating profit (EBITA) 242 116 574 4470 0 0 0

Operating margin (EBITA), % 23,4 11,0 13,4 10,40 0 0 0

Operating profit (EBITA) excl. cap. gains 84 116 421 4530 0 0 0

Operating margin (EBITA) excl. cap. gains, % 8,1 11,0 9,8 10,50 0 0 0

Cash flow from operating activities 33 152 242 360

Interim report January-March 2012

January-March

Q1

Key events “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.

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

Events after the balance sheet date


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.

2012 2011 2012 2011 2012 2011

SEK million Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar

Region Nordic 587 500 107 84 18,2 16,9

Region DACH 215 199 -5 12 -2,1 5,9

Region BeNeFra 125 146 -7 -3 -5,3 -2,4

Region Central Europe 64 50 13 12 19,9 24,6

Business Area Product Information 49 99 159 20 326,5 20,2

Business Area Software & Applications 0 83 0 15 n/a 18,1

Central functions -25 -24 n/a n/a

Internal eliminations -7 -26 n/a n/a

Total 1 033 1 052 242 116 23,4 11,0

2011/12 2011 2011/12 2011 2011/12 2011

SEK million Apr-Mar Jan-Dec Apr-Mar Jan-Dec Apr-Mar Jan-Dec

Region Nordic 2 105 2 017 329 306 15,6 15,2

Region DACH 885 870 88 104 10,0 12,0

Region BeNeFra 553 574 -4 -1 -0,8 -0,2

Region Central Europe 247 233 38 38 15,5 16,3

Business Area Product Information 367 417 224 86 61,2 20,5

Business Area Software & Applications 219 302 17 32 7,6 10,5

Central functions -118 -117 n/a n/a

Internal eliminations -85 -103 0 0 n/a n/a

Total 4 291 4 310 574 447 13,4 10,4

Operating margin (EBITA), %

Operating margin (EBITA), %Revenue Operating profit (EBITA)

Revenue Operating profit (EBITA)



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.


Revenue and profit January-March

Cash flow and capital expenditure

Financial position

Acquisitions and divestitures

Employees

Events after the balance sheet

date

Information about the Parent

Company


Risks and uncertainties

Accounting policies


Contact

LARS PETTERSSON

CEO

Telephone: +46 8-558 059 31

Mobile: +46 705-17 28 02

E-mail: [email protected]

FREDRIK ÅKERMAN

CFO

Telephone: +46 8-558 059 35

Mobile: +46 704-15 23 65


Financial calendar

More information

mailto:[email protected]

mailto:[email protected]


Financial information

CONSOLIDATED INCOME STATEMENT

2012 2011 2011/2012 2011

SEK millions Jan-Mar Jan-Mar Apr-Mar Jan-Dec

Revenue 1,033 1,052 4,292 4,310

Own work capitalised 2 3 11 12

Other operating income 161 5 187 31

Total operating income 1,196 1,059 4,490 4,353

Goods and services -234 -232 -931 -930

Personnel costs -497 -502 -2,022 -2,026

Depreciation, amortisation and impairment losses -211 -65 -376 -230

Other expenses -179 -180 -818 -820

Total operating expenses -1,121 -979 -4,147 -4,006

Operating profit 75 80 343 347

Financial income 5 2 19 16

Financial expenses -65 -62 -255 -252

Net foreign exchange gains/losses on financial activities 11 6 -1 -6

Net financial items -49 -54 -237 -243

Profit before tax 26 25 106 105

Income tax expense 3 -12 -31 -46

Profit for the period 29 14 75 59

Attributable to :

Equity ho lders of the parent 29 10 76 58

Non-contro lling interest 1 3 -1 1

Derivation of operating profit - EBITA

Operating profit 75 80 343 347

Depreciation/amortisation of surplus values attributable to acquisitions 167 36 231 100

Operating profit - EBITA 242 116 574 447

STATEMENT OF COMPREHENSIVE INCOME

2012 2011 2011/2012 2011


Profit/loss for the period 29 14 75 59

Other comprehensive income

Cash flow hedges 13 27 0 13

Cash flow hedges, transferred to the income statement -4 -1 -9 -6

Translation differences 12 -20 8 -24

Tax attributable to items in other comprehensive income -2 -7 2 -2

Total other comprehensive income 19 -1 1 -19

Total comprehensive income for the period 48 13 76 40

Attributable to :

Equity ho lders of the parent 48 9 77 39

Non-contro lling interest 1 3 -1 1


CONSOLIDATED BALANCE SHEET

SEK millions 31/03/2012 31/03/2011 31/12/2011

ASSETS

Non-current assets

Goodwill 4,259 4,577 4,767

Other intangible assets 535 635 612

Property, plant and equipment 211 280 281

Other non-current assets 164 148 156

Total non-current assets 5,169 5,640 5,817

Current assets

Inventories 3 7 6

Other current assets 799 789 868

Cash and cash equivalents 512 349 207

Total current assets 1,314 1,144 1,080

TOTAL ASSETS 6,483 6,784 6,897

EQUITY

Equity attributable to equity holders of the parent 1,061 1,013 1,012

Non-controlling interest 21 50 20

Total equity 1,082 1,063 1,032

LIABILITIES

Non-current liabilities

Borrowings 3,376 3,179 3,523

Other non-current liabilities 460 503 489

Total non-current liabilities 3,836 3,682 4,012

Current liabilities

Borrowings 244 469 245

Derivative financial instruments 48 47 61

Other current liabilities 1,273 1,522 1,547

Total current liabilities 1,565 2,039 1,853

Total liabilities 5,401 5,721 5,865

TOTAL EQUITY AND LIABILITIES 6,483 6,784 6,897

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Other Retained earn. Non-

Share capital incl. profit for controlling Total

SEK millions capital contr. Reserves the year Total interest equity

Balance at 1 January 2011 482 1,763 -205 -1,037 1,003 47 1,050

Total comprehensive income -1 10 9 3 13

Dividends

Acquisition and divestment of

non-controlling interest 0 0

Balance at 31 March 2011 482 1,763 -206 -1,026 1,013 50 1,063

Other Retained earn. Non-

Share capital incl. profit for controlling Total

SEK millions capital contr. Reserves the year Total interest equity

Balance at 1 January 2012 482 1,763 -224 -1,009 1,012 20 1,032

Total comprehensive income 19 29 48 1 48

Dividends

Acquisition and divestment of

non-controlling interest

Other changes 1 1 1 2

Balance at 31 March 2012 482 1,763 -205 -979 1,061 21 1,082

Equity attributable to equity holders of the parent

Equity attributable to equity holders of the parent


CONSOLIDATED CASH FLOW STATEMENT

2012 2011 2011/2012 2011


Cash flow from operating activities

Profit before tax 26 25 106 105

Adjustments for non-cash items 60 82 310 332

Tax paid -55 -14 -151 -110

Cash flow from operating activities

before changes in working capital 32 93 265 327

Cash flow from changes in working capital 1 59 -24 34

Cash flow from operating activities 33 152 242 360

Cash flow from investing activities

Acquisition of subsidiaries, net of cash 0 -83 -298 -381

Sale of subsidiaries, net of cash 456 -2 505 48

Investments in other non-current assets -20 -24 -129 -133

Sale of other non-current assets 0 0 2 2

Cash flow from investing activities 436 -109 80 -465

Cash flow from financing activities

Change in borrowings -169 49 -102 117

Acquisition of non-controlling interest 0 0 -50 -50

Dividend paid to minority shareholders 0 0 -14 -14

Other 2 0 3 1

Cash flow from financing activities -167 49 -163 54

Cash flow for the period 302 92 159 -51

Cash and cash equivalents at the beginning of the period 207 259 207 259

Exchange differences in cash and cash equivalents 3 -2 4 -1

Cash and cash equivalents at the end of the period 512 349 371 207

CONSOLIDATED KEY RATIOS

2012 2011 2011/2012 2011

Jan-Mar Jan-Mar Apr-Mar Jan-Dec

Revenue, SEK (millions) 1,033 1,052 4,292 4,310

Revenue growth, % -1.8 -9.5 -1.1 -3.2

Average number of employees, period 2,985 2,997 3,004 3,016

Revenue per employee, SEK (thousands) 346 351 1,429 1,429

Operating profit - EBITA, % 23.4 11.0 13.4 10.4

Operating profit - EBITA, % (excl. cap. gains) 8.1 11.0 10.5 10.5

Operating profit - EBIT, % 7.3 7.6 8.0 8.1

Average number of outstanding shares after dilution, (millions) 121 121 121 121

Earnings per share - basic (SEK) 0.24 0.09 0.6 0.5

Equity attributable to equity holders of the parent, SEK (millions)1,061 1,076 1,013 1,012

External net debt, SEK (millions) 2,058 2,241 2,058 2,433


Definitions

Average number of employees

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

Earnings per share

Profit attributable to owners of the Parent Company divided by

the average number of shares outstanding.

Net debt

Interest-bearing provisions and liabilities (excluding loans from

shareholders) less cash and cash equivalents and other interest-

bearing receivables.

Operating margin (EBITA)

Operating profit (EBITA) as a percentage of revenue.

Operating margin (EBITA) excluding capital gains

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.

Operating profit (EBIT)

Profit before tax and financial items.

Operating profit (EBITA)

Profit before tax, financial items and amortisation/impairment of

excess values arising from business combinations.

Revenue per employee

Revenue divided by the average number of employees.

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.

PARENT COMPANY INCOME STATEMENT

2012 2011 2011/2012 2011


Revenue 0.5 2.5

Total operating income 0.5 0.0 2.5 0.0

Personnel costs -2.5 -2.6 -16.2 -16.3

Other external expenses -1.1 -0.9 -4.0 -3.8

Total operating expenses -3.6 -3.5 -20.1 -20.1

Operating profit/loss -3.1 -3.5 -17.6 -20.1

Result from financial items

Result from participations in Group companies 0.0 212.1

Other interest income and similiar items 0.4 7.3

Interest expenses and similiar items -25.9 -24.6 -99.7 -98.3

Net foreign exchange gains/losses on financial activities 2.0 1.2 1.9 1.1

Total profit/loss from financial items -23.6 -23.4 121.6 -97.2

Profit/loss after financial items -26.7 -26.9 104.0 -117.2

Tax on profit/loss for the period

Profit/loss for the period -26.7 -26.9 104.0 -117.2

PARENT COMPANY BALANCE SHEET

SEK millions 31/03/2012 31/03/2011

Financial assets 1,377 1,878

Current receivables 1,382 581

Cash and cash equivalents 46 56

TOTAL ASSETS 2,806 2,515

Total equity 1,343 1,239

Provisions 16 16

Non-current liabilities 1,438 1,253

Current liabilities 10 7

TOTAL EQUITY AND LIABILITIES 2,806 2,515


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.

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

Data about

companies and

consumers is

collected from

multiple sources.

The data is

enhanced through

harmonisation,

standardisation,

and verification.

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.

Business model

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

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


Web: www.bisnode.com

Facebook: facebook.com/bisnode

Twitter: twitter.com/bisnode

Documents

Interim report January-March 2012