year-end report jan–dec 2014 - bisnode · based on comprehensive total offerings can 30be...

1 • YEAR END REPORT JANUARY – DECEMBER 2014

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Year-end report

JAN–DEC 2014

OCTOBER – DECEMBER• TotalrevenueamountedtoSEK954million(951).• Organicrevenuegrowthwas1.6percent(0.6).• Operatingprofit(EBITA)wasSEK116million(149).• Operatingmargin(EBITA)was12.2percent(15.7).• Operatingprofit(EBITA)excludingcapitalgainsandlossesandnon-recurringitemswas

SEK139million(158).-Non-recurringrestructuringcostsinthequarteramountedtoSEK23million(10).-CapitalgainsfortheperiodtotalledSEK0million(1).

• CashflowfromoperatingactivitieswasSEK121million(156).• Earnings/losspershare(basicanddiluted)amountedtoSEK-0.2(-1.8).• On10October2014Bisnodeacquiredtheremainingminorityinterest(9.9percent)in

NorwegianBisnodeMatchITAS.

JANUARY – DECEMBER • TotalrevenueamountedtoSEK3,502million(3,540).• Organicrevenuegrowthwas-0.2percent(-0.3).• Operatingprofit(EBITA)wasSEK298million(344).• Operatingmargin(EBITA)was8.5percent(9.7).• Operatingprofit(EBITA)excludingcapitalgainsandlossesandnon-recurringitems

wasSEK345million(446).-Non-recurringrestructuringcostsamountedtoSEK53million(96).-CapitalgainsfortheperiodtotalledSEK6million(-7).

• CashflowfromoperatingactivitieswasSEK239million(364).• Earnings/losspershare(basicanddiluted)amountedtoSEK-1.2(-2.2).

EVENTS AFTER THE BALANCE SHEET DATE• On12January2015Bisnodedivesteditsnon-coreFrenchoperationtoColignyCapital.

ThesaleisinlinewithBisnode’sstrategytofocusonmarketswherealeadingpositionbasedoncomprehensivetotalofferingscanbeachieved.Inthisyear-endreportFranceisaccountedforasdiscontinuedoperations.Thedivestmentwillnothaveanyearningsimpactin2015.

• On2February2015BisnodesolditsSwissnon-coreoperationCredita,whichisspe-cializedindebtcollection.ThesaleofCreditaispartofBisnode’sefforttostreamlineitsbusiness.Thedivestmentwillnothaveanysignificantearningsimpactin2015.

• AndersBergwasappointedGroupCFOandstartedon12January2015.

KEY RATIOS2014 2013 2014 2013

SEK millions Oct–Dec Oct–Dec Jan–Dec Jan–Dec

Revenue 954 951 3,502 3,540

Revenue growth, % 0.4 0.0 -1.1 0.0

Organic revenue growth, % 1.6 0.6 -0.2 -0.3

Operating profit (EBITA) 116 149 298 344

Operating (EBITA), % 12.2 15.7 8.5 9.7

Operating profit (EBITA) excl. cap. gains and non recurring items

139 158 345 446

Operating margin (EBITA) excl. cap. gains and non recurring items, %

14.5 16.6 9.9 12.6

Cash flow from operating activities 121 156 239 364

“In Q4 2014 Bisnode grew in all major markets except for Sweden. Bisnode’s management now has its main focus on the Swedish business, with the ambition of taking further steps to ensure profitable growth in all markets”

REVENUE

OPERATING PROFIT EBITA

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QUARTER LAST TWELVE MONTHS


“There is a growing demand for services and solutions that can help companies to gain actionable insights out of data, and Bisnode of today is well positioned to help existing and new customers achieve that.”

WearecontinuingtodevelopBisnode,decisivelyandwithahightempoanddetermination.On22Septemberwelaunchedthenextstageofaplanthatisaimedatacceleratingthetransfor-mationofBisnodeintoastrategicsupplierofdecisionsupportproductsandservicestonewandexistingcustomers.

Thetransformationfromasilo-basedsetuptoa“One-Bisnode”structurehasbeenongoingatahighpacesince2012.Thereisstillmuchmoretodobutwecanclearlyseethatthestrategy,aimedathelpingcustomerstomake“SmarterDecisions”,isstartingtopayoff.Bylookingintoourpipelineofpotentialnewdeals,itisclearthatcustomersareinterestedininvestinginournewvalue-addedsolutions–solutionsthatwerenotpossibletocreateintheoldstructure.

WehavealsonotedthatBisnodeisattractingreallyoutstandingindividualswhowanttojoinourambitiousjourney.InQ42014Anne-MarieAndrictookupdutiesasthenewCHROfortheGroupandAnneÅrnebycameonboardasthenewCMOfortheGroup.OurnewCFO,AndersBerg,startedinJanuary2015.WiththesenewrecruitmentswehaveassembledaseniorGroupManagementTeamthatisreadytofurtherboostthespeedandlevelofambitioninourtransformation.

Bisnodeimproveditsunderlyingbusinessduring2014,withorganicrevenuegrowthinQ4.Thatisafactthathasbeenhiddenbythreeunderestimatedeffectsofthetransformation;1.Germanypreviouslyimplementedacommissionmodelthatwasoverlyfocusedonlong-termcontracts.ThismodelwasrevisedinAu-gustwithbettermixofcontractduration,andstartinginSeptemberGermanyshowedgrowththroughouttheyear.2.SwedentookaconscioushitonrevenueinQ4duetoashiftinthego-to-marketstrategy,movingawayfromproductbasedsalestosegmentbased.Thisshiftisessentialforasustainablelong-termgrowth.3.WorkrelatedtotheturnaroundinFrancetooklongerthanweanticipated.However,on12January2015BisnodeannouncedthedivestmentofFrance,whichmeansthatitwillnotbeincludedinBisnode’sreportingin2015.

2014wasasuccessfulyearforBisnodeNorway.Withastate-of-the-artoffering,wecanprovideourNorwegiancustomerswithcompetitivesolutions.InQ42014Norwaygrewby4.8percent.Norwaywillfinaliseits“One-Bisnode”structureinQ12015.

FinlandisontherighttrackandhascontinuedtogainmarketshareinCreditSolutionsbutisstillstrugglingwithinMarketingSolutionsduetostructuralmarketchanges.WehavethebroadestofferingontheFinnishmarketandexpectthisadvantagetocontinuetopayoffgoingforward.Profitclosetodoubledin2014comparedto2013.

TheacquisitionandintegrationofDebitorRegistretwerewellmanagedandDenmarkisonagrowthtrajectory.Weareseeingarisingtrendinbothrevenueandprofit,withorganicgrowthof7.9percentin2014.

OurcountriesintheCentralEuropeanRegionhaveshowncon-tinuedpositivedevelopment.Weareclimbinginthevaluechainandareconstantlydeliveringnewandmoreadvancedsolutions.

ForDACH,2014wastougherthanweanticipatedatthebegin-ningoftheyear,especiallyforGermany.Bytakingdecisiveaction,wewereabletoaddressthechallengesandleft2014inbettershapethanwebeganit.WehavemadesubstantialchangesinGer-manyandthesehavenowbeenfullyimplemented,whichgivesusgreatercomfortforthesituationgoingforward.BothrevenueandoperatingprofitgrewinQ42014comparedtoQ42013,withorganicgrowthof3.0percentforthequarter.

InQ42014BisnodegrewinallmajormarketsexceptforSweden.Bisnode’smanagementnowhasitsmainfocusontheSwedishbusiness,withtheambitionoftakingfurtherstepstoensureprofi-tablegrowthinallmarkets.

COMMENTS FROM THE CEO

CONTENTBusiness overview _______________________________________ 3

Financial information _____________________________________ 7

Definitions _____________________________________________ 15

Accounting policies _____________________________________ 16

About Bisnode _________________________________________ 17

Contact _______________________________________________ 17

FINANCIAL CALENDARInterim report January – March 2015 May 2015

Interim report January – June 2015 August 2015

Interim report January – September 2015 November 2015

Year-end report 2015 February 2016

LARS PETTERSSON, CEO


BUSINESS OVERVIEWBisnodeiscontinuingthepathtore-establishorganicrevenuegrowthbydevelopingitsproductsandservicesandstrengtheningitsmarketingandsalescapabilitiesinkeymarkets,inordertotakefulladvantageoftheGroup’spositionandresources.In2014BisnodecarriedoutfurthercentralisationofITandProductDevelopmentandimplementedanewgo-tomarketstrategyintheSwedishoperations.TheregionalstructureintheNordicshasbeendisbandedandSweden,Norway,DenmarkandFinlandnowreportdirectlytotheGroupCEO.

Theorganicgrowthratefor2014was-0.2percent(-0.3).ThevastmajorityofBisnode’smarketsarereportingpositivegrowth.TheGroup’stotalgrowthisoffsetbytheperformanceofthetwolargestmarkets,SwedenandGermany,withGermanyshowingpositivegrowthfromSeptemberthroughDecember.InthefourthquarterrevenuedevelopmentintheGroupwaspositivewithorganicreve-nuegrowthof1.6percent(0.6).

Bisnode’soperatingexpensesfor2014areinlinewith2013.Savingsfromconso-lidationintofewerentitiesandlocationsinthelargercountrieshavebeencoun-terweighedbyadditionalcostsfortheramp-upofmarketingandsalescapabilities.ThereinforcementofproductdevelopmentandIT,whichisnecessarytodrivefuturerevenuegrowth,willincreaseoperatingexpensesgoingforward,sincetheseinvestmentsarenotfullycompensatedbyfurthercostsavings.

Asaresultoflowerrevenueandhigherdatacosts,theEBITAmarginincludingnon-recurringitemsandcapitalgains/lossesdecreasedto8.5percent(9.7)withaQ42014EBITAmarginof12.2percent(15.7).Non-recurringitems,mainlycon-nectedtotheOneBisnodetransformation,amountedtoSEK53million(96)for2014.

BisnodehasstrengtheneditsfocusonproductdevelopmentanddevelopmentofcommonITplatformsduring2014,whichhasledtohighercapitalexpenditurethaninthepastfewyears.Thishigherlevelofcapitalexpenditurecorrespondstoapproximately4.5percentofrevenue.TheseinvestmentswillallowBisnodetooffernewandimprovedproductsandservicestoourcustomersincoremarketsinthecomingyears.

EXTERNAL REVENUE BY AREAJanuary – December 2014

EXTERNAL REVENUE BY MARKET SEGMENT January – December 2014

DACH26%

CENTRAL EUROPE

9%SWEDEN35%

NORWAY13%

FINLAND5%

DENMARK4%

OTHER MARKETS

8%

MARKETINGSOLUTIONS

26%

BUSINESSINFORMATIONSOLUTIONS

22%

CREDIT SOLUTIONS

52%


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SwedenisthesinglelargestmarketforBisnode,accountingfor35percentoftotalrevenue.For2014,BisnodeSwedenshowednegativeorganicgrowthof-4.3percent(-2.7).Theshortfallinrevenueisattributabletochallengingmarketcon-ditionsintheMarketingSolutionsareaandinthelowendoftheCreditSolutionssegment.OrganicgrowthforQ42014isolatedwas-7.8percent(-1.0),duetodropinrevenueduringtheimplementationphaseofanewcustomercentricgo-to-marketstrategyintheSwedishsalesforce.

BisnodeSweden’sunderlyingEBITAfor2014wasSEK132million(232)withanunderlyingEBITAmarginof10percent(17).Inadditiontothechangesinorganicrevenue,increaseddirectcostsfordatahadanegativeimpactonEBITA.ForQ42014theunderlyingEBITAwasSEK38million(99).

Norwayaccountsfor13percentofBisnode’stotalrevenueandshowedastrongoverallperformanceduringtheyear.BisnodeNorwayreportedorganicgrowthof2.6percent(-0.7)for2014,withorganicgrowththefourthquarterof4.8percent(-1.4).

Norwayimprovedprofitabilityasaresultofthediscontinuationoflowmarginbusinessandstrongperformanceingrowingsegments,togetherwithreducedcostsfordataacquisitionduetochangesinmarketregulations.UnderlyingEBITAfor2014wasSEK101million(81)withanaboveexpectationsprofitmarginof23percent(18).ForQ42014underlyingEBITAwasSEK27million(23)withaprofitmarginof23percent(20).

Finlandaccountsfor5percentoftheBisnodeGroup’srevenuefor2014.IncludedintheFinnishfiguresarealsoBisnode’soperationsinEstonia.Orga-nicgrowthforBisnodeFinlandwas-2.5percent(-3.4)for2014.ThegrowthinCreditSolutionsandIntegratedBusinessSolutionswasoffsetbyadeclineinMarketingSolutionsduetoachallengingbusinessenvironment.OrganicgrowthforQ42014isolatedwas-1.3percent(-3.7).

Totalrevenuefor2014wasSEK203million(200)andthroughcostreductionstheunderlyingEBITAfor2014improvedtoSEK20million(11).TheEBITAmarginincreasedto10percent(5).

Denmarkrepresents4percentofBisnode’srevenueandtheDanishbusinessgreworganicallyby7.9percent(5.1).Totalrevenuesfor2014amountedtoSEK154million(118),withlastquarterrevenuesofSEK40million(33).ThisstronggrowthwasfurtherreinforcedbytheacquisitionofDebitorRegistretA/S.RevenuegrowthandrealisedsynergiesfrommergingentitiesincreasedBisnodeDenmark’sprofitabilityfortheyear.UnderlyingEBITAfor2014rosetoSEK27million(12),withtheprofitmarginincreasingto17percent(10).

SWEDEN

NORWAY

FINLAND

DENMARK

More graphs on next page.


Central Europecontinuedtoshowstronggrowthduring2014andthepropor-tionoftheGroup’srevenueamountedto9percent.TotalrevenueincreasedbySEK59milliontoSEK316million(257)andorganicgrowthwas18.2percent(14.0).Allcountriesintheregionreportedpositiveorganicgrowth.Organicgrowthfor2014wasimpactedbyaone-timeeffectfromarevenuerecognitionadjustmentmadeinDecember2013.Adjustedforthisone-timeeffectorganicgrowthfor2014was7.1percent.InordertobetterutiliseresourcesandrealiseefficienciesarisingfromOneBisnode,thecountriesintheregion,withtheexcep-tionofPolandandHungary,havebeenorganisedintomarketclusters.Underly-ingEBITAin2014improvedtoSEK44million(17)withaprofitmarginof14percent(7).

DACHreportedtotalrevenuefor2014ofSEK914million(880),whichaccountsfor26percentoftotalgrouprevenue.DACHshowednegativeorganicgrowthof-1.7percent(0.4)for2014,adecreasemainlyattributabletoGermany.OnereasonforthedeclineinGermanyisthefocusonmulti-yearcontracts,attheexpenseofshort-termcontractswithimmediaterevenueimpact.Duringthesecondhalfof2014Germanyrecuperated,showingpositiveorganicgrowthinQ42014of3.0percent(-2.4).

AlthoughQ42014showedanimprovedoperatingprofitofSEK53million(47)forDACH,theunderlyingEBITAfor2014felltoSEK40million(85).Thedeclineinoperatingprofitwasduetotheshortfallinrevenuetogetherwithanincreaseindatainformationcosts.EBITAmarginforthefullyear2014was4percent(10).TheothertwocountriesintheregionareSwitzerlandandAustria,whichshowedincreasedrevenuescomparedto2013.

Other Markets consistssolelyofMarketingSolutionscompanies.Belgium,accountingfor8percentofBisnode’srevenue,turnedtoapositiveorganicgrowthof0.7percent(-1.5)during2014andincreasedtotalrevenuetoSEK278million(262).Belgiumhasupheldaprofitmarginof12percent(11).

ThedivestmentofFrancewasclosedon12January2015andthereforetheFrenchoperationsarenolongerincludedinOtherMarketsbutpresentedasdiscontinuedoperations.Comparisonfiguresrestatedaccordingly.

BisnodeNederlandB.V.wasdivestedon16July2014,resultinginacapitallossofSEK0.5million.

Central FunctionsincludecostsfortheGroup’scorporateresourcessuchasmanagement,accountingandfinance,legal,securityandcorporatecommunica-tions.CostsforbothQ42014and2014werehigherthaninthesameperiodoflastyear,mainlyduetohighercostsreflectingthestrengtheningofBisnode’scorporatefunctions.

CENTRAL EUROPE

DACH

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AREAS OCT–DEC

Revenue Operating profit (EBITA) Operating profit (EBITA) %2014 2013 2014 2013 2014 2013

SEK millions Oct–Dec Oct–Dec Oct–Dec Oct–Dec Oct–Dec Oct–Dec

Sweden 328 378 16 98 4.9 25.9

Norway 116 112 27 25 23.2 22.5

Finland 52 52 5 0 9.6 0.8

Denmark 40 33 8 5 20.2 15.8

Central Europe 87 55 14 -11 16.5 -20.1

DACH 274 253 53 37 19.2 14.7

Other markets 76 72 11 11 14.1 15.8

Central functions 0 14 -18 -17 n/a n/a

Internal eliminations -20 -18 0 0 n/a n/a

Total 954 951 116 149 12.2 15.7

AREAS JAN–DEC

Revenue Operating profit (EBITA) Operating profit (EBITA) %2014 2013 2014 2013 2014 2013

SEK millions Jan–Dec Jan–Dec Jan–Dec Jan–Dec Jan–Dec Jan–Dec

Sweden 1,255 1,393 98 167 7.8 12.0

Norway 442 456 101 81 22.8 17.8

Finland 203 200 20 11 9.9 5.5

Denmark 154 118 22 12 14.4 10.0

Central Europe 316 257 44 16 13.8 6.1

DACH 914 880 36 60 3.9 6.8

Other markets 278 262 33 28 12.0 10.8

Central functions 21 45 -57 -32 n/a n/a

Internal eliminations -81 -71 0 0 n/a n/a

Total 3,502 3,540 298 344 8.5 9.7


OCTOBER–DECEMBER

REVENUE AND PROFIT • RevenuefortheperiodfromOctobertoDecember

increasedby0.4percenttoSEK954million(951).Operatingprofit(EBITA)wasSEK116million(149),correspondingtoanoperatingmarginof14.5percent(16.6).

• Operatingprofit(EBIT)wasSEK108million(136).Amortisationandimpairmentofexcessvaluesattri-butabletobusinesscombinationsduringthequarteramountedtoSEK-9million(-14).

• NetfinancialitemsforthequarteramountedtoSEK-81million(-74),ofwhichSEK-28million(-24)canbeattributedtofluctuationsinforeignexchangeratesonloansdenominatedinEURandNOK,whileincometaxexpenseforthequarterwasSEK-11million(-32).

• Profit/lossforthequarterwasSEK-29million(-218).• Discontinuedoperations,relatedtoBisnode’soperation

inFrance,amountedtoSEK-45million(-248)forthefourthquarterincludingimpairments.

CASH FLOW AND CAPITAL EXPENDITURES• Cashflowfromoperatingactivitiesfortheperiodwas

SEK121million(156).Theperiod’scapitalexpen-ditureonnon-currentassetstotalledSEK47million(70),andincludedinvestmentsofSEK40million(47)inintangibleassetsandSEK7million(23)inproperty,plantandequipment.

• Theacquisitionofnon-controllinginterestsisrelatedtoMatchIT(9.9percent).

• CashflowfromdiscontinuedoperationstotalledSEK-1million(6)forthequarter.

INFORMATION ABOUT THE PARENT COMPANYTheParentCompany,BisnodeBusinessInformationGroupAB,reportedanoperatinglossofSEK-1million(1)duringthequarter.ThelossafterfinancialitemswasSEK-32mil-lion(-313).Theshareholderloanswereconvertedduringthequarter,increasingequitybySEK1.5billion.TheParentCompanymadenosignificantinvestmentsduringtheperiod.

JANUARY–DECEMBER

REVENUE AND PROFIT • RevenuefortheperiodfromJanuarytoDecember

fellby-1.1percenttoSEK3,502million(3,540).Operatingprofit(EBITA)wasSEK298million(344),correspondingtoanoperatingmarginof9.9percent(12.6).

• Operatingprofit(EBIT)wasSEK244million(290).Amortisationandimpairmentofexcessvaluesattri-butabletobusinesscombinationsduringtheperiodamountedtoSEK-54million(-54).

• NetfinancialitemsfortheperiodamountedtoSEK-280million(-262),ofwhichSEK-52million(-45)canbeattributedtofluctuationsinforeignexchangeratesonloansdenominatedinEURandNOK,whileincometaxexpensefortheperiodwasSEK-26million(-32).

• Profit/lossfortheperiodwasSEK-145million(-266).• Discontinuedoperations,relatedtoBisnode’sopera-

tioninFrance,amountedtoSEK-83million(-262)fortheperiodincludingimpairments.

CASH FLOW AND CAPITAL EXPENDITURES• Cashflowfromoperatingactivitiesfortheperiodwas

SEK239million(364).Theperiod’scapitalexpen-ditureonnon-currentassetstotalledSEK158million(122),andincludedinvestmentsofSEK117million(77)inintangibleassetsandSEK41million(44)inproperty,plantandequipment.

• TheacquisitionanddivestitureofsubsidiarieshadapositivecasheffectofSEK35million(24),mainlyrelatedtothesaleofLundalogikABandtheacquisi-tionofDebitorRegistretA/S.

• Theacquisitionofnon-controllinginterestsisrelatedtoVendemoreNordicAB(49percent),InfoDirektA/S(49percent)andMatchIT(9.9percent).

• CashflowfromdiscontinuedoperationstotalledSEK-42million(5)fortheyear.

FINANCIAL POSITIONAcomparisonwith31December2013showsthatconsoli-datednetdebtincreasedbySEK209milliontoSEK2,083million,whilecashandcashequivalentsincreasedbySEK19milliontoSEK248million.Inaddition,theGrouphasanoverdraftfacilityofSEK100millionandcreditfacilitiesofSEK400millionofwhichSEK125millionhadbeenutilisedonthebalancesheetdate.

FINANCIAL INFORMATION


ACQUISITIONS, DIVESTMENTS, MERGERS AND DISCONTI-NUED OPERATIONS DURING JANUARY – DECEMBER 2014• InJanuaryBisnodesoldLundalogikAB(including

LundalogikOyandLundalogikA/S),companiesactiveintheCRMsector,resultinginacapitalgainofSEK6million.

• InFebruaryBisnodeacquired75percentofDebitorRegistretA/SinDenmark,whichofferscreditin-formationaboutconsumers.ThecompanyhasnineemployeesandannualrevenueofapproximatelyDKK25million.

• InFebruaryBisnodeacquiredtheoutstandingmino-rityholdingof49percentinInfoDirektA/S.

• InMarchBisnodeacquiredGrufmanRejeMana-gementAB,whichoffersexpertiseinanalysisandcommunicationtohelpcompaniesdevelopintermsofgrowthandcompetitiveness.ThecompanyhasfiveemployeesandannualrevenueofSEK6million.

• InMarchBisnodeacquiredtheoutstandingminorityholdingof49percentinVendemoreNordicAB.

• InJulyBisnodesoldBisnodeNederlandBVresultinginacapitallossofSEK0.5million.

• InOctoberBisnodeacquiredremainingminorityinte-rest(9.9percent)inNorwegianBisnodeMatchITAS.

• Francewasdivestedon12January2015andwasaccountedforasdiscontinuedoperationsat31December2014.

EMPLOYEES• Thenumberofemployeesat31December2014was

2,442(2,544),excludingemployeesindiscontinuedoperations.Theeffectofcompletedacquisitionswasanadditional14employees;nineforDebitorRegistretandfiveforGrufman.ThedivestmentofLundalogikledtoadecreaseof102employees.BisnodeNederlandaffectedFTEsthroughadecreaseof30employees.

• DuetothetransformationtoOneBisnode,thelevelofFTEshasdecreased.

• Theaveragenumberofemployeesduringtheyearwas2,478(2,673).

INFORMATION ABOUT THE PARENT COMPANYTheParentCompanyBisnodeBusinessInformationGroupABreportedanoperatinglossofSEK-12million(-8)duringtheperiod.ThelossafterfinancialitemswasSEK-155million(-313).Theshareholderloanswereconvertedduringthequarter,increasingequitybySEK1.5billion.TheParentCompanymadenosignificantinvestmentsduringtheperiod.

RISKS AND UNCERTAINTIESAllbusinessoperationsinvolverisks.Bisnodeworksconti-nuouslytoidentify,measureandmanagetheserisks.Bisnodeisexposedtothreemaincategoriesofrisk:external-relatedrisks,operationalrisksandfinancialrisks.

AdetaileddescriptionofBisnode’ssignificantrisksandun-certaintiesisprovidedintheannualreportfor2013undertheheading“Risksanduncertainties”.Bisnode’sfinancialriskmanagementisdescribedindetailinNote3,“Finan-cialriskmanagement”.Nosignificantchangeshavearisenafterthepublicationoftheannualreport.


CONSOLIDATED INCOME STATEMENT

2014 2013 2014 2013SEK millions Oct–Dec Oct–Dec Jan–Dec Jan–Dec

Revenue 954 951 3,502 3,540

Own work capitalised 31 31 55 30

Other operating income -5 -7 17 13

Total operating income 980 975 3,574 3,583

Goods and services -218 -222 -839 -806

Personnel costs -451 -432 -1,701 -1,705

Depreciation, amortisation and impairment losses -37 -42 -169 -164

Other expenses -166 -143 -621 -618

Total operating expenses -873 -839 -3,330 -3,293

Operating profit (EBIT) 108 136 244 290

Financial income 1 3 2 5

Financial expenses -54 -53 -230 -222

Net foreign exchange gains/losses on financial activities -28 -24 -52 -45

Net financial items -81 -74 -280 -262

Profit before tax 27 63 -36 28

Income tax expense -11 -32 -26 -32

Result from discontinued operations -45 -248 -83 -262

Profit for the period -29 -218 -145 -266

Attributable to:

Equity holders of the parent -28 -219 -145 -268

Non-controlling interest -1 1 0 2

Derivation of operating profit – EBITA

Operating profit (EBIT) 108 136 244 290

Amortisation/impairment of surplus values attributable to acquisitions

9 14 54 54

Operating profit – EBITA 116 149 298 344


STATEMENT OF COMPREHENSIVE INCOME


Profit/loss for the period -29 -218 -145 -266

Items that will not be reclassified to income for the period:

Remeasurement of provisions for post-employment benefits 0 26 0 26

Tax attributable to items that will not be reclassified 0 -6 0 -6

Subtotal 0 20 0 20

Items that may be reclassified subsequently to income for the period:

Actuarial gains and losses -40 0 -84 0

Cash flow hedges -12 -2 -12 11

Cash flow hedges, transferred to the income statement 0 0 0 3

Translation differences 53 56 131 39

Tax attributable to items in other comprehensive income 13 0 24 -3

Subtotal 13 55 59 50

Total other comprehensive income 13 75 59 70

Total comprehensive income for the period -16 -144 -86 -197

Attributable to:

Equity holders of the parent -16 -145 -86 -197

Non-controlling interest 0 1 0 0


CONSOLIDATED BALANCE SHEET

Restated

SEK millions 31/12/2014 31/12/2013

ASSETS

Non-current assets

Goodwill 3,923 3,837

Other intangible assets 428 469

Property, plant and equipment 148 152

Other non-current assets 148 99 1

Total non-current assets 4,647 4,557

Current assets

Inventories 0 0

Other current assets 717 769

Cash and cash equivalents 248 229

Assets held for sale 99 0

Total current assets 1,065 998

TOTAL ASSETS 5,712 5,555

EQUITY

Equity attributable to equity holders of the parent 1,881 544 1

Non-controlling interests 0 20

Total equity 1,882 564

LIABILITIES

Non-current liabilities

Borrowings 1,627 3,143

Other non-current liabilities 543 415

Total non-current liabilities 2,170 3,558

Current liabilities

Borrowings 276 151

Derivative financial instruments 23 30

Other current liabilities 1,261 1, 252 1

Liabilities attributed to assets held for sale 99 0

Total current liabilities 1,660 1,433

Total liabilities 3,830 4,991

TOTAL EQUITY AND LIABILITIES 5,712 5,555

1) Bisnode has restated amounts for 2013 due to correction of VAT for periods up to 2012. The restatement has an impact on Other non-current assets (SEK 3 million), Equity (SEK -24 million) and Other current liabilities (SEK 27 million).


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Equity attributable to equity holders of the parent

Share capital

Othercapitalcontr. Reserves

Retained earn.

incl. profit for the year Total

Non-controlling

interestTotal

equitySEK millions

Balance at 1 January 2013 482 1,763 -185 -1,295 766 24 790

Total comprehensive income 0 0 50 -247 -197 0 -197

Dividend 0 0 0 0 0 -4 -4

Acquisition and divestment of non-controlling interest 0 0 0 -1 -1 0 -2

Balance at 31 December 2013 482 1,763 -135 -1,543 568 20 588

Restatement of Balance at 31 December 20131 0 0 0 -24 -24 0 -24

Restated Balance at 31 December 2013 482 1,763 -135 -1,567 544 20 564

Equity attributable to equity holders of the parent

Share capital

Othercapitalcontr. Reserves

Retained earn.

incl. profit for the year Total

Non-controlling

interestTotal

equitySEK millions

Restated balance at 1 January 2014 1 482 1,763 -135 -1,567 544 20 564

Total comprehensive income 0 0 59 -145 -86 0 -86

Set-off issue 0 1,535 0 0 1,535 0 1,535

Acquisition and divestment of non-controlling interest 0 0 0 -112 -112 -20 -131

Balance at 31 December 2014 482 3,298 -76 -1,823 1,881 0 1,882

1) Bisnode has restated amounts for 2013 due to correction of VAT for periods up to 2012.


CONSOLIDATED CASH FLOW STATEMENT


Cash flow from operating activities

Profit before tax from continuing operations 113 60 -36 27

Adjustments for non-cash items 19 89 319 315

Tax paid -21 3 -33 -29

Cash flow from operating activitiesbefore changes in working capital 112 152 250 312

Cash flow from changes in working capital 10 4 -11 52

Cash flow from operating activities 121 156 239 364

Cash flow from investing activities

Acquisition of subsidiaries, net of cash 0 -4 -60 -9

Sale of subsidiaries, net of cash 0 13 95 33

Investments in other non-current assets -47 -70 -158 -122

Sale of other non-current assets -4 20 2 33

Cash flow from investing activities -52 -42 -121 -65

Cash flow from financing activities

Change in borrowings -9 -90 12 -264

Acquisition of non-controlling interest -30 0 -63 0

Dividend paid to minority shareholders 0 0 0 0

Other 0 -1 -3 -1

Cash flow from financing activities -38 -91 -54 -266

Cash flow from discontinued operations

Cash flow from operating activities 5 8 -24 11

Cash flow from investing activities -6 -2 -18 -5

Cash flow from financing activities 0 0 0 0

Cash flow from discontinued operations -1 6 -42 5

Cash flow for the period 30 29 23 39

Cash and cash equivalents at the beginning of the period 228 194 229 186

Exchange differences in cash and cash equivalents 7 5 14 3

Assets held for sale -18 0 -18 0

Cash and cash equivalents at the end of the period 248 229 248 229


CONSOLIDATED KEY RATIOS


Revenue 954 951 3,502 3,540

Revenue growth, % 0.4 0.0 -1.1 0.0

Average number of employees 2,463 2,572 2,478 2,673

Revenue per employee, SEK (thousands) 387 370 1,413 1,324

Operating profit – EBITA, % 12.2 15.7 8.5 9.7

Operating profit – EBITA, % (excl. cap. gains) 14.5 16.6 9.9 12.6

Operating profit – EBIT, % 11.3 14.3 7.0 8.2

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

Earnings per share – basic (SEK) -0.2 -1.8 -1.2 -2.2

Equity attributable to equity holders of the parent 1,881 544 1,881 544

External net debt 2,083 1,874 2,083 1,874

PARENT COMPANY INCOME STATEMENT


Revenue 0 0 0 0

Total operating income 0 0 0 0

Personnel costs -1 1 -11 -5

Other external expenses 0 0 -2 -3

Total operating expenses -1 1 -12 -8

Operating profit/loss -1 1 -12 -8

Result from participations in Group companies 0 -269 3 -196

Other interest income and similiar items 0 2 -25 3

Interest expenses and similiar items -24 -31 -110 -106

Net foreign exchange gains/losses on financial activities -7 -16 -12 -6

Total profit/loss from financial items -31 -314 -143 -305

Profit/loss after financial items -32 -313 -155 -313

Tax on profit/loss for the period 4 2 7 2

Profit/loss for the period -28 -311 -148 -311

Parent company: Bisnode Business Information Group AB (reg.no 556681-5725)


PARENT COMPANY BALANCE SHEET

SEK millions 31/12/2014 31/12/2013

Financial assets 2,827 2,694

Current receivables 4 44

Cash and cash equivalents 129 112

Total assets 2,961 2,850

Total equity 2,510 1,124

Non-current liabilities 442 1,433

Current liabilities 8 293

Total equity and liabilities 2,961 2,850

DEFINITIONSAverage number of employees Theaveragenumberoffull-timeemployeesduringtheperiod.

Earnings per shareProfitattributabletoownersoftheParentCompanydividedbytheaveragenumberofsharesoutstanding.

Net debtInterest-bearingprovisionsandliabilities(excludingloansfromshareholders)lesscashandcashequivalentsandotherinterest-bearingreceivables.

Operating margin (EBITA) Operatingprofit(EBITA)asapercentageofrevenue.

Operating margin (EBITA) excluding capital gainsOperatingprofit(EBITA)adjustedforcapitalgainsonthesaleofsubsidiariesandassociatedcompaniesaswellasotherrelatedpartyshareholdings,asapercentageoftotalrevenue.

Operating profit (EBIT)Profitbeforetaxandfinancialitems.

Operating profit (EBITA)Profitbeforetax,financialitemsandamortisation/impair-mentofexcessvaluesattributabletobusinesscombinations.

Organic revenue growthExternalrevenueadjustedforforeignexchangeeffectandforaquisitionsanddivestments.

Revenue per employeeRevenuedividedbytheaveragenumberofemployees.

The figures in this interim report have been rounded of 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.

NOTESFINANCIAL INSTRUMENTS Thevaluationtechniqueswereunchangedduringtheperiod.Bisnodeappliesfairvaluemeasurementtoalimitedextent,mainlyforderivativesandsyntheticoptions.Theseitemsaremeasuredaccordingtolevels2and3,respectively,inthefairvaluehierarchy.At31December2014,thenetvalueofderivativesamountedtoSEK23million,andwasrecognisedasaliability.ThesyntheticoptionsliabilityamountedtoSEK5million.

Bisnode’sassessmentisthatthecarryingamountsoftraderecei-vables,tradepayablesandconsolidatedcashandcashequiva-lentscomprisethefairvaluesonthebalancesheetdate.

DISCONTINUED OPERATIONSBisnode’soperationinFrance,whichwasdivestedon12January2015,isaccountedforasdiscontinuedoperationsinaccordancewithIFRS5.

AsaconsequenceprofitfortheperiodderivingfromFranceisreportednetonaseparatelineintheconsolidatedin-comestatement.AssetsandliabilitiesattributabletoFrancehavebeenpresentedasAssetsandLiabilitiesheldforsale.Theconsolidatedcashflowisalsopresentedwithadistinctionbetweencontinuinganddiscontinuedoperations.Allfiguresforthecomparativeperiodhavebeenpresentedaccordingly.

Parent company: Bisnode Business Information Group AB (reg.no 556681-5725)


ACCOUNTING POLICIES

Theconsolidatedfinancialstatementsarepreparedinac-cordancewithInternationalFinancialReportingStandards(IFRS).ThisinterimreportispresentedinaccordancewiththeSwedishAnnualAccountsActandIAS34,InterimFinancialReporting.

NEW ACCOUNTING PRINCIPLES FOR 2014

IFRS 10 ConsolidatedFinancialStatements

IFRS 11 JointArrangements

IFRS 12 DisclosureofInterestsinOtherEntities

IAS27 SeparateFinancialStatements

IAS28 InvestmentsinAssociatesandJointVentures

Thecompany’sassessmentisthatnoneofthesenewstandardswillhaveamaterialimpactonthecompany.Theaccountingpoliciesarethereforeexpectedtoremainunchangedfor2014.

Stockholm,20February2015

The Board of Directors

Thisreporthasnotbeenreviewedbythecompany’sindependentauditors.


CONTACT

LARS PETTERSSONCEOTelephone: +46 8 558 059 00E-mail: [email protected]

ANDERS BERGCFOTelephone: +46 8 558 059 00E-mail: [email protected]

ABOUT BISNODE

BisnodeisoneofEurope’sleadingprovidersofdecisionsup-portproductsandservices.Bisnodehelpsdecisionmakerstomakesmartdecisionsbydeliveringrelevantbusiness,creditandmarketinformation.Bisnodeofferscompaniesandorga-nisationsthroughoutEuropepackagesolutionsthatmakeitpossibletotransformdataintovaluableinsights,whetherforeverydayissuesormajorstrategicdecisions.Bisnodehas2,500employeesin17countriesandisowned70percentbyRatosand30percentbyBonnier.

FINANCIAL TARGETSBisnode’stargetsfortheGroup’slong-termfinancialdevelopmentare:• Annualorganicrevenuegrowthofatleast5percent• Anoperatingmargin(EBITA)ofatleast15percent

Mailing address: Bisnode, SE-169 93 StockholmVisiting address: Rosenborgsgatan 4–6, SolnaTel: +46 8 558 059 00E-mail: [email protected]

MORE INFORMATIONFor more information about Bisnode:

www.bisnode.com

Press room and subscription service:

www.bisnode.com/news

Current news via social media:

facebook.com/bisnode or twitter.com/bisnode

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