Bisnode Annual Report 2009

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nnual Rep

ort 2009

Mailing address: Bisnode, S168, SE-105 99 Stockholm, SwedenVisiting address: Sveavägen 168, Stockholm, SwedenOffice: +46 8 558 059 00Fax: +46 8 558 059 95E-mail: [email protected]: www.bisnode.com

Bisnode Business Information Group AB

AnnuAl REpORt

03 This is BisNODE

04 2009 iN BriEf

07 COMMENTs BY ThE CEO

08 VisiON, MissiON AND sTrATEGY

10 ThE BusiNEss iNfOrMATiON MArkET

11 COrE OffEriNG

12 MArkETiNG sOluTiONs

14 CrEDiT sOluTiONs

16 BusiNEss iNfOrMATiON sOluTiONs

18 rEGiONs AND BusiNEss ArEAs

22 OrGANisATiON AND huMAN rEsOurCEs

24 COrpOrATE GOVErNANCE

25 fiNANCiAl iNfOrMATiON

26 DirECTOrs’ rEpOrT

36 ACCOuNTiNG pOliCiEs AND NOTEs

61 AuDiT rEpOrT

62 BOArD Of DirECTOrs AND AuDiTOrs

63 ExECuTiVE MANAGEMENT TEAM

64 suBsiDiAriEs

66 DEfiNiTiONs

12%OpErATiNG prOfiT MArGiN, EBiTA

BisNODE hAs OpErATiONs iN 18 EurOpEAN COuNTriEs, wiTh iTs hEAD OffiCE iN sTOCkhOlM, swEDEN

you findus here

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 serv-ices 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

kEY fiGurEs 2009 2008ReveNUe (SeK M) 4,741 4,325ToTAl opeRATING INCoMe (SeK M) 4,829 4,430ReveNUe GRowTh (%) 9.6 18.1opeRATING pRoFIT, eBITDA (SeK M) 728 679opeRATING pRoFIT, eBITA (SeK M) 593 533opeRATING MARGIN, eBITA (%) 12.3 12.0AveRAGe NUMBeR oF eMployeeS 3,167 2,940NUMBeR oF eMployeeS AT 31 DeC 3,095 3,189

REVENUE OPERATING PROFIT, EBITA

2005 2006 2007

SEK M

0

1,000

2,000

3,000

4,000

5,000

0

150

300

450

600

750

2008 2009

IS TO HELP OUR CUSTOMERS

MINIMISE BUSINESS RISKSAND

MAXIMISE SALES,

BUSINESS DECISIONSBETTER

BISNODE’S MISSION

MAKE

This is BisNODEBisnode 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.

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 pro-ducts 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.

business model

BRAND

BRAND

BRAND

DATA

COLLECT ENHANCE PACKAGE SELL

DATA

DATA

3

Core offering 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 transac-tional 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 informa-tion 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, Fin-land, 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, Telecommu-nications 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, Ergo-Group, 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

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

Focus on core

business

BISNODE MADE FOUR ACqUISITIONS AND FIVE DIVESTMENTS TO BETTER FOCUS ON ITS CORE OFFERING AND TO FURTHER BOOST SALES AND PROFITABILITy

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REVENUE PER PRODUCT OFFERING

MARKETING SOLUTIONS 31%

CREDIT SOLUTIONS 31%

BUSINESS INFORMATION

SOLUTIONS 20%

PRODUCT INFORMATION 11%

SOFTWARE AND APPLICATIONS 7%

31%

31%

11%

20%

7%

REVENUE PER REGION AND BUSINESS AREA

NORDIC 43%

DACH 19%

BENEFRA 16%

CENTRAL EUROPE 4%



43%

19%

4%

11%

16%

7%

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

^

5

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.

COMMENTs BY ThE CEOBisnode 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.

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 WallPrESidENT ANd CEO

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VisiON, MissiON AND sTrATEGYAccess 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 require-ments 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 infor-mation and decision support for the general business-to-business market in Europe.

Strategy

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.

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

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.

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 SOLUTIONS FACILITATE BETTER AND FASTER BUSINESS DECISIONS THAT RESULT IN IMPROVED SALES AND DECREASED BUSINESS RISKS FOR THE CUSTOMERS.

Core offering

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

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

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IS TO BE THE LEADING PROVIDER OF

INFORMATION IN EUROPEDIGITAL BUSINESSBISNODE’S VISION

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 – 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 infor-mation 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.

ThE BusiNEss iNfOrMATiON MArkETAn 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.

Demand for more sophisticated online solutions

Underlying trends in Bisnode’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 Group’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

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anJa WrigfeldtCOMMUNiCATiONS OFFiCEr

Camilla JaCobsACCOUNT MANAgEr

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

MArkETiNG sOluTiONsBisnode 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

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

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 marketing-driven companies in both commercial and financial industry, as well as crm and direct marketing users.

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offering brands market position main market segments

Competitors

Business and consumer contact data for mail, email or telephone, business and consumer data quality services, data intelligence, data-base management services including executing online commu-nication campaigns.

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, Fund-raising, Government, Insurance, Leisure, Mailorder, Media, Retail, Telecommunication and Utilities

1000 Mercis, Acxiom, Global Direct and Schober

Enriched data for optimal customer segmentationThe 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

Customer CaseKAriNE dEL MEdiCO, EdF FrANCECUSTOMEr OF WdM FrANCE

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 sOluTiONsBisnode 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.

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Competitors

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.

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

International credit – strong posi-tion 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.

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

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

Improving credit risk management at Alpiq HoldingAlpiq 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.

Customer CaseCArSTEN diEdEriCh, ALPiQ hOLdiNgCUSTOMEr OF d&B SWiTzErLANd

D&Bs database enables consistent identification of counter-parties 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 Switzer-land 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 sOluTiONsThe 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 one-stop 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.


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 Institu-tions, Public Administrations and Small to Medium Enterprises (SME)

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

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Cell phone becomes ticket inspection tool for Gothenburg tram networkThe 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

Customer CaseJörgEN KONgErSLEv, göTEBOrgS SPÅrvÄgArCUSTOMEr OF iNFOTOrg, SWEdEN

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.

Clas-fredriC lund SENiOr dirECT MArKETiNg CONSULTANT

rEGiONs AND BusiNEss ArEAs Bisnode’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.

18

0

200

400

600

800

1,000

REVENUE

OPERATING PROFIT,

EBITA2007 2008 2009

SEK m

0

20

40

60

80

100

19

region nordiC

mats erWaldrEgiONAL 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.

denmark estonia finland norWaysWeden

HigH proFit margin

region daCh

peterVillarEgiONAL 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.

austriagermanysWitzerland

REVENUE

OPERATING PROFIT,

EBITA2007 2008 2009

SEK m

0

500

1,000

1,500

2,000

2,500

0

150

300

450

600

750

HealtHy growtH

19

0

30

60

90

120

150

180

210

REVENUE

OPERATING PROFIT,

EBITA2007 2008 2009

SEK m

0

5

10

15

20

25

30

35

region benefra

norbert VerkimperEgiONAL 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 data-base 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.

belgiumfranCenetherlands

robust growtH

region Central europe

martin CoufalrEgiONAL 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.

Croatia CzeCh republiChungarypolandsloVakia sloVenia

0100200300400500600700800900

REVENUE

OPERATING PROFIT,

EBITA2007 2008 2009

SEK m

0102030405060708090

Double-Digit organic

growtH

20

050

100150200250300350400450500

REVENUE

OPERATING PROFIT,

EBITA2007 2008 2009

SEK m

0102030405060708090

produCt information business area

peter Villa BUSiNESS ArEA dirECTOr

The Product Information business area offers advertising-based 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, belgiumdenmarkfranCegermanyhungaryluXembourgnetherlandsnorWay, sWedensWitzerland

wer lieFert was?

boosts revenue

softWare and appliCations business area

fredrikÅkermanBUSiNESS 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.

norWaysWeden

0

100

200

300

400

500

600

REVENUE

OPERATING PROFIT,

EBITA2007 2008 2009

SEK m

0

10

20

30

40

50

60

cHallenging market

21

OrGANisATiON AND huMAN rEsOurCEsKey to business success is talent. Bisnode takes pride in promoting an entrepreneurial environment where individuals can grow in their professional roles.

Organisation

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 know-ledge, ideas and encourage an innovative approach to new business opportunities, there are three Competence Centres for Credit Solutions, Marketing Solutions and Business Information Solutions.

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.

Attractive employer

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.

Values

Entrepreneurial spirit

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

Local focus

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

A winning attitude

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

Integrity

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

Openness

By pursuing open communication and transparency.

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.

22

finanCe

CommuniCations

strategiC it

Credit solutions

marketingsolutions

business information solutions

Ceo

CompetenCe Centres

business areasoftWare and appliCations

business areaproduCt information

regionCentraleurope

regionbenefra

regiondaCh

regionnordiC

organisation

personnel key figures 2009 2008AVERAGE NUMBER OF EMPLOyEES 3,167 2,940NUMBER OF EMPLOyEES AT 31 DEC 3,095 3,189TOTAL REVENUE PER EMPLOyEE (SEK TH) 1,497 1,471OPERATING PROFIT EBITA PER EMPLOyEE (SEK TH)

187 181

NUMBER OF MEN IN THE GROUP 1,749 1,599NUMBER OF WOMEN IN THE GROUP 1,418 1,341

EMPLOYEES BY REGION/BUSINESS AREA 2009

NORDIC 34%

DACH 19%

BENEFRA 14%

CENTRAL EUROPE 11%



CENTRAL 1%

10%

34%

19%

11%

10%

14%

1%

Vesna mraziChUMAN rESOUrCES MANAgEr

^

employees by funCtion 2009 %sales & marketing 46produCtion 41administration 13

23

COrpOrATE GOVErNANCEBisnode’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 manage-ment 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:• formulateandadoptBisnode’sstrategy

for attaining its overall operating goals • reviewandadoptBisnode’sannualbudget• reviewandsubmitBisnode’sannual

report and propose the allocation of profit/loss to the Annual General Meeting (agm)

• reviewandmonitorBisnode’sfinancialdevelopment 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: • DiscusstheBoard’sproposalfor

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.

• Discussmattersrelatedtogeneraloption and bonus programs in terms of scope, conditions and allocation, according to proposals from the ceo or the Board of Directors.

• Discussmattersrelatedtotheceo’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,andinconsultationwiththeceo, 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.

• Proposeprinciplesforcompensationtomembers 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:• SupervisetheBoardofDirectors’

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.

• MaintaincontinuouscontactwithBisnode’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.

• Establishguidelinesforthenon-auditservices that Bisnode may procure from the company’s auditor.

• Evaluatetheauditor’sperformance.

24

financial inforMaTionDirectors’ report 26Consolidated income statement 28Consolidated statement of comprehensive income 28Consolidated balance sheet 29Consolidated statement of changes in equity 30Consolidated cash flow statement 31Parent Company income statement 32Parent Company balance sheet 33Parent Company statement of changes in equity 34Parent Company cash flow statement 35

Accounting policies and notes 36Note 1. General information 36Note 2. Summary of significant accounting policies 36Note 3. Financial risk management 40Note 4. Critical accounting estimates and judgements 41Note 5. Segment reporting 42Note 6. Other operating income 43Note 7. Board members and senior executives 43Note 8. Average number of employees. Average number of Board

members, CEO and senior executives 43Note 9. Wages, salaries and other remuneration – Group 44Note 10. Compensation to Board members and senior executives 45Note 11. Average number of employees. Wages, salaries and

other remuneration – Parent Company 45Note 12. Fees to auditors 45Note 13. Results from participations in group companies 45Note 14. Financial income 45Note 15. Financial expenses 46Note 16. Income tax expense 46Note 17. Intangible assets 46Note 18. Property, plant and equipment 48Note 19. Participations in associates 49Note 20. Available-for-sale financial assets 49Note 21. Participations in group companies 50Note 22. Trade and other receivables 52Note 23. Derivative financial instruments 52Note 24. Cash and cash equivalents 52Note 25. Borrowings 52Note 26. Deferred tax 53Note 27. Provisions for pensions 54Note 28. Other provisions 55Note 29. Trade and other payables 55Note 30. Accrued expenses and deferred income 55Note 31. Reserves 55Note 32. Finance leases 55Note 33. Operating leases 56Note 34. Related party transactions 56Note 35. Contingent liabilities and pledged assets 56Note 36. Share capital 56Note 37. Earnings per share 56Note 38. Business combinations 57Note 39. Sale of subsidiaries 59Note 40. Discontinued operations 59Note 41. Events after the balance sheet date 60

Audit report 61Marko Srabotnik Product Manager

25

26

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 operationsBisnode 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 yearIn 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, pack-aging and sales take place primarily at the national level. With a regional organisation, combined with central support functions, the Group has greater op-portunities to realise both revenue and cost synergies.

Acquisitions and divestituresTwo major acquisitions were carried out during the year. In October Bisnode acquired the Finnish com-pany Kauppalehti 121 Oy (name changed to 121 Media Oy). The company is a leading provider of direct marketing services in Finland with 55 employ-ees 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 infor-mation purposes. The company has 35 employees and annual revenue of approximately SEK 60 million.

to the acquisition of Wer Liefert Was that was com-pleted at the end of 2008.

Net financial items totalled SEK -189 million (-416). A stronger Swedish krona rate led to unreal-ised 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 investmentsThe 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 positionConsolidated 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 activi-ties 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.

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 opera-tions 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 mar-keting 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 opera-tions, 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 sepa-ration between continuing and discontinued opera-tions. The figures for the comparison period have been restated accordingly.

Earnings and financial positionRevenue and profitRevenue 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 sub-sidiaries, 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 attribut-able 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

27

EmployeesThe number of employees at 31 December 2009 was 3,095 (3,189 at 31 December 2008). The aver-age number of employees during the year was 3,167, compared to 2,940 in 2008.

Significant events after the balance sheet dateAt 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 outlookBisnode’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 strate-gically suitable companies and to sell off operations that are not consistent with the Group’s core business.

Risks and uncertaintiesAll 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– MacroeconomicsBisnode’s operations are influenced by a number of external factors whose effects can be controlled to a varying extent. Demand for the Group’s serv-ices 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.

– LegislationTo 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.

– CompetitionAs technological advances reduce the costs of pro-curing 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 seg-mented product range and to increase customer loyalty through integrated solutions where the infor-mation is made available directly in the customer’s business system when possible.

Operating risks– Product and technology developmentThe 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 cus-tomers using a number of delivery methods, includ-ing 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.

– EmployeesThe 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 risksBisnode’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 long-term borrowing in euro, the currency in which most of the Group’s sales are denominated.

EnvironmentBisnode’s operations have a limited impact on the environment and the Group conducts no operations that are subject to permitting or reporting require-ments. In its purchasing, the Group takes environ-mental aspects and social responsibility into con-sideration when choosing products and suppliers.

Research and developmentBisnode conducts product development in its sub-sidiaries.

Parent CompanyThe operations of the Parent Company consist of financing and ownership of subsidiaries.

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 sub-sidiaries. The Parent Company made no investments during the year.

Group conditionsBisnode Business Information Group AB is a sub-sidiary of Ratos AB, corporate identity number 556008-3585. Ratos’ holding in the company amounts to 70 per cent of the votes and capital. The remaining shares are held by Bonnier Holding AB.

Accounting policiesThe Bisnode Group applies reporting in accord-ance with International Financial Reporting Standards (IFRS). For additional information see Note 2.

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

Retained earnings 538,733,572Profit for the year 99,966,472 Total 638,700,044

The Board of Directors and the CEO propose that the profits be appropriated as follows:

To be carried forward 638,700,044 Total 638,700,044

28

consolidated income statement

SEK thousands Note 2009 2008

Continuing operations

Revenue 4,740,747 4,325,344

Other operating income 6 88,647 104,994

Total operating income 4,829,394 4,430,338

Goods and services -1,102,809 -1,082,818

Personnel costs 9, 10 -2,198,929 -1,945,387

Depreciation, amortisation and impairment losses 17, 18 -299,454 -232,781

Other expenses 12 -799,904 -723,305

Share of profit in associates 19 158

Total operating expenses -4,401,096 -3,984,133

Operating profit 428,298 446,205

Financial income 14 11,879 18,383

Financial expenses 15 -200,771 -434,434

Net financial items -188,892 -416,051

Profit before tax 239,406 30,154

Income tax expense 16 -69,352 -13,960

Profit for the year from continuing operations 170,054 16,194

Discontinued operations

Profit for the year from discontinued operations 40 -108,237 -3,589

Profit for the year 61,817 12,605

Share information:

Earnings per share from continuing operations, SEK 37 1.32 0.02

Earnings per share from discontinued operations, SEK 37 -0.90 -0.03

Earnings per share before and after dilution, SEK 37 0.42 -0.01

consolidated statement of comprehensive income



Other comprehensive income

Fair value gains, net of tax – Available-for-sale financial assets -5,092 -13,066

Cash flow hedges, net of tax 6,251 -109,589

Cash flow hedges, transferred to the income statement, net of tax -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

Attributable to:

Owners of the parent -81,415 147,957

Minority interest 10,453 15,433

29

consolidated balance sheet

SEK thousands Note 31/12/2009 31/12/2008

ASSETS

Non-current assets

Intangible assets 17 5,612,689 6,042,848

Property, plant and equipment 18 367,165 413,946

Deferred tax assets 26 114,406 148,595

Available-for-sale financial assets 20 6,993 28,505

Trade and other receivable 22 20,910 44,936

Total non-current assets 6,122,163 6,678,830

Current assets

Inventory 11,496 12,410

Tax receivables 26,524 59,452

Trade and other receivables 22 911,366 1,031,201

Cash and cash equivalents 24 367,844 323,572

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 36 482,356 482,356

Other capital contributions 1,763,097 1,763,097

Reserves 31 54,003 185,969

Retained earnings including profit for the year -1,214,374 -1,265,596

Total 1,085,082 1,165,826

Minority interest 64,781 57,305

Total equity 1,149,863 1,223,131

LIABILITIES

Non-current liabilities

Borrowings 25 3,528,963 3,825,888

Deferred tax liabilities 26 259,366 319,899

Provisions for pensions 27 217,711 217,550

Other provisions 28 188,544 184,823

Trade and other payables 29 2,234 2,153

Total non-current liabilities 4,196,818 4,550,313

Current liabilities

Borrowings 25 332,351 393,073

Tax liabilities 57,712 95,713

Derivative financial instruments 23 135,581 144,063

Other provisions 28 1,238 6,420

Trade and other payables 29 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

30

consolidated statement of changes in equity

Equity attributable to owners of the parent

SEK thousandsShare

capital

Othercapital

contributions Reserves

Retained earnings incl.

profit for the year Total

Minorityinterest

Totalequity

Balance at 1 January 2008 482,356 1,327,417 37,228 535,188 2,382,189 52,221 2,434,410

Total comprehensive income for the year 148,741 -784 147,957 15,433 163,390

Share redemption -217,042 -1,132,958 -1,350,000 -1,350,000

Bonus issue 217,042 -217,042 0 0

Dividend -450,000 -450,000 -1,182 -451,182

Shareholder contributions received 435,680 435,680 435,680

Minority interest acquired 0 -13,656 -13,656

Minority interest divested 0 4,489 4,489

0 435,680 0 -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

Total comprehensive income for the year -131,966 50,551 -81,415 10,453 -70,962

Dividend 0 -2,740 -2,740

Minority interest acquired 0 -237 -237

Other changes 671 671 671

0 0 0 671 671 -2,977 -2,306

Balance at 31 December 2009 482,356 1,763,097 54,003 -1,214,374 1,085,082 64,781 1,149,863

31

consolidated cash flow statement

SEK thousands Note

2009 2008

Cash flow from operating activities


Adjustment for items not included in cash flow, etc.

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

Interest expense capitalised 91,686 60,658

Other -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

Increase (+)/Decrease (-) in trade payables -14,429 -26,150

Increase (+)/Decrease (-) in other current liabilities 7,436 60,883

Cash flow from operating activities 471,441 425,501

Cash flow from investing activities

Acquisition of subsidiaries, net of cash 38 -123,435 -555,791

Investments in intangible assets 17 -38,070 -84,861

Investments in property, plant and equipment 18 -61,581 -65,529

Investments in available-for-sale financial assets 20 -16,617

Internally generated assets 17 -19,050 -28,290

Sale of subsidiaries, net of cash 39 105,019 51,322

Sale of other financial assets 3,331 92,503

Sale of intangible assets and property, plant and equipment 4,108 3,794

Cash flow from investing activities -129,678 -603,469

Cash flow from financing activities

New borrowings 4,437,774

Repayment of borrowings -395,411 -2,798,295

Repayment of non-current receivables 14,373 -4,496

Shareholder contributions 435,680

Share redemption -1,350,000

Dividend paid to owners of the parent -450,000

Dividend paid to minority shareholders -2,740 -1,178

Cash flow from financing activities -383,778 269,485

Cash flow from discontinued operations 40

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

Supplementary information

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

Interest paid -167,578 -203,860

Interest received 6,138 16,964

32

parent company income statement


Personnel costs 11 -8,112

Other external expenses 12 -1,429 -2,401

Total operating expenses -1,429 -10,513

Operating profit -1,429 -10,513

Result from financial items

Results from participations in group companies 13 177,312 74,785

Other interest income and similar items 14 1 23,449

Interest expenses and similar items 15 -75,918 -87,763

Total profit from financial items 101,395 10,471

Profit after financial items 99,966 -42

Tax on profit for the year 16 0

Profit for the year 99,966 -42

33

parent company balance sheet

SEK thousands Note 31/12/2009 31/12/2008

ASSETS

Non-current assets

Financial assets

Participations in group companies 21 1,373,967 1,365,847

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

Current assets

Current receivables

Receivables from group companies 432,651 339,417

Other receivables 119 339

Total current receivables 432,770 339,756

Cash and cash equivalents 1 175

Total current assets 432,771 339,931

TOTAL ASSETS 2,342,453 2,239,715

EQUITY AND LIABILITIES

Equity

Restricted equity

Share capital 36 482,356 482,356

Statutory reserve 39,980 39,980

Non-restricted equity

Retained earnings 538,734 538,776

Profit for the year 99,966 -42

Total equity 1,161,036 1,061,070

Non-current liabilities

Liabilities to group companies 25 796,320 737,333

Other liabilities 341,280 316,000

Total non-current liabilities 1,137,600 1,053,333

Current liabilities

Trade payables 584 6

Liabilities to group companies 42,790 121,558

Tax liabilities 148 1,085

Other liabilities 2,257

Accrued expenses and deferred income 30 295 406

Total current liabilities 43,817 125,312

TOTAL EQUITY AND LIABILITIES 2,342,453 2,239,715

Memorandum items

Assets pledged 35 1,298,012 1,470,602

Contingent liabilities 35 2,625,416 3,050,776

34

parent company statement of changes in equity

SEK thousands

Sharecapital

Statutoryreserve

Non-restricted

equityTotal

equity

Opening balance at 1 January 2008 482,356 39,980 1,903,098 2,425,434

Share redemption -217,042 -1,132,958 -1,350,000

Bonus issue 217,042 -217,042 0

Dividends -450,000 -450,000

Shareholder contributions received 435,680 435,680

Cash flow hedges - net of tax -2 -2

Profit for the year -42 -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


Closing balance at 31 December 2009 482,356 39,980 638,700 1,161,036

35

parent company cash flow statement



Profit after financial items 99,966 -42

Adjustment for items not included in cash flow, etc.


Unrealised foreign exchange gains/losses -10,960

Income tax paid -937

Cash flow from operating activities before changes in working capital 174,661 53,291

Cash flow from changes in working capital

Increase (-)/Decrease (+) in receivables 220 10,032

Increase (+)/Decrease (-) in other current liabilities -1,790 -57,099

Cash flow from operating activities 173,091 6,224


Acquisition of subsidiaries, net of cash -8,120 -120

Cash flow from investing activities -8,120 -120


New borrowings 1,000,000

Repayment of borrowings -390,879

Change in group balances -339,930 99,096

Shareholder contributions 435,680

Share redemption -1,350,000

Group contributions received 74,785

Dividend received 100,000 650,000

Dividend paid -450,000

Cash flow from financing activities -165,145 -6,103

Cash flow for the year -174 1

Cash and cash equivalents at the beginning of the year 175 174

Cash and cash equivalents at the end of the year 1 175


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

Interest paid -277 -5,664

Interest received 1 23,449

36

note 1. General informationBisnode 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 com-plete 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 policiesThe 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 preparationThe 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) SubsidiariesSubsidiaries 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 com-bination 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 state-ment 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) AssociatesAssociates 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 participa-tions in associates includes goodwill identified on acquisition, net of any accumu-lated impairment loss (point 2.5).

The Group’s share of its associates’ post-acquisition profits or losses is recog-nised 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 sharesThe 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 reportingOperating 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 currencyItems 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

accounTinG policies anD noTes

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 balancesForeign 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 trans-lation 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 companiesThe results and financial position of all group entities (none of which has the cur-rency 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) GoodwillGoodwill 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 seg-ments.

(b) TrademarksTrademarks 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 systemsDatabases 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 relationshipsCapitalised 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 assetsOther 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 equipmentProperty, plant and equipment are stated at historical cost less depreciation. Sub-sequent 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 esti-mated useful lives, as follows:

Buildings 25 – 50 yearsComputers 3 – 5 yearsLand improvements 15 – 20 yearsOffice equipment 5 – 10 yearsOther equipment 5 – 20 yearsServers 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 immedi-ately 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 ImpairmentAssets 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 assetsThe 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 classifica-tion 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 lossThis 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 receivablesLoans 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 investmentsHeld-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 assetsAvailable-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 trade-date – the date on which the Group commits to purchase or sell the asset. Invest-ments 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 recog-nised 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 sub-stantially 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 recog-nised 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 instrumentsDerivatives 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 desig-nated 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 hedgesThe 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 InventoriesInventories are stated at the lower of cost and net realisable value. Cost is deter-mined 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 receivablesTrade receivables are recognised initially at fair value, less provision for impairment. A provision for impairment of trade receivables is established when there is objec-tive 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 equivalentsCash 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 BorrowingsBorrowings 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 uncondi-tional right to defer settlement of the liability for at least 12 months after the balance sheet date.

2.14 TaxesDeferred tax is recognised in full, using the liability method, on temporary differ-ences 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 transac-tion 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 recog-nised 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 obligationsGroup 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 contribu-tions 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 benefitsTermination 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 ProvisionsProvisions 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 recognitionRevenue 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 IncomeFor 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 businessIncome from catalogue business activities is accounted for in connection with distribution to the customer.

(c) Online incomeOnline income is allocated over the period covered by the contract or alternatively based on the customer’s pattern of use.

(d) Royalty incomeRoyalty income is recognised on an accrual basis in accordance with the sub-stance of the relevant agreements.

(e) Dividend incomeDividend income is recognised when the right to receive payment is established.

2.18 LeasesLeases 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 amor-tisation 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 essen-tially 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 distributionDividend 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 operationsOperations 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 disclosuresIFRS 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 SegmentsThe 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 statementThe cash flow statement is prepared in accordance with the indirect method. The reported cash flow includes only transactions that lead to cash payments or dis-bursements.

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 statementsIFRS 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.

2.24 The Parent Company’s accounting policiesThe 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 addi-tions to the IFRSs shall be made.

The Parent Company’s accounting policies correspond to the Group’s accounting policies in all material aspects.

Group contributionsGroup contributions are recognised according to their economic content. Group contributions received from subsidiaries are equated with dividends and recog-nised as financial income.

note 3. financial risk management 3.1 Financial risk factorsThrough 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 unpredict-ability 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 riskForeign exchange riskThe 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 com-mercial 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:

2009Change in SEK

2008Change in SEK

SEK thousands +10% -10% +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.

– Transaction exposureTransaction exposure is the risk that operating revenue or expenses will be nega-tively affected as a result of foreign currency fluctuations. Each company manag-es 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 transac-tions and larger flows into subsidiaries may be hedged.

– Balance exposureBalance 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 sub-sidiaries that are planned to be sold.

– Cash exposureCash 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 riskThe 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 riskThe 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 riskBisnode 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 con-tractual maturity at the balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows.

41

31/12/2009 Maturity date

SEK thousandsWithin1 year

Between1-5 years

Later than5 years

Bank borrowings 457,762 2,514,775

Loans from shareholders 1,137,600

Borrowings for finance leases 6,952 28,304 80,446

Derivative financial instruments 95,308 158,771

Other borrowings 5,770 17,310

Trade and other payables 1,565,830 2,234

Total 2,131,622 3,858,994 80,446

31/12/2008 Maturity date

SEK thousandsWithin1 year

Between1-5 years

Later than5 years

Bank borrowings 496,701 3,071,570

Loans from shareholders 1,053,333

Borrowings for finance leases 7,319 30,786 97,573



Trade and other payables 1,692,752 2,153

Total 2,319,931 4,434,990 97,573

3.2 Financial risk managementThe Group’s objectives for management of capital are to safeguard the Group’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

Net debt 2,684,454 3,147,792

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

note 4. critical accounting estimates and judgementsThe 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 circum-stances. Actual outcomes may differ from these estimates and assumptions if other measures are taken and other conditions exist. The estimates and judge-ments that have a significant risk of causing material adjustments in future financial years are outlined below.

Impairment of GoodwillThe 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 Group’s annual impairment testing of goodwill is based on esti-mates and judgements about future growth, profitability and investment levels (see Note 17).

Deferred tax assetsThe 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 pensionsThe 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 pen-sions at December 31 was SEK 217,711 (217,550) thousand.

42

note 5. segment reportingBisnode’s operating segments consists of the following regions and business areas:

Region Nordicconsists of Denmark, Estonia, Finland, Norway and Sweden

Region DACHconsists of Austria, Germany and Switzerland

Region BeNeFraconsists of Belgium, France and Netherlands

Region Central Europeconsists of Croatia, the Czech Republic, Hungary, Poland, Slovakia and Slovenia

Business area Product Informationoffers advertising space in business magazines, catalogues and online services. The customers are primarily suppliers of industrial components.

Business area Software and Applicationsoffers 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 account-ing and finance, corporate communications and CIO functions. Added to this are costs for acquisitions and divestitures and the Group’s three competence centres.

Operating segments are reported in a manner consistent with the internal report-ing provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Executive Officer of Bisnode.

The Chief Executive Officer consider the business from both a 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 seg-ments based on a measure of EBITA, operating profit less amortisation of intangi-ble 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

Region/business area Revenue

Inter-segment

sales

Otheroperating

income

Totaloperating

income

Share of profit in

associatesDepreciation/amortisation

Operatingprofit,EBITA

Grossinvestments Assets

Nordic 2,049,228 36,369 50,697 2,136,294 -53,199 384,884 -34,296 3,537,748

DACH 899,926 12,929 8,055 920,910 -26,512 81,365 -31,925 1,304,788

BeNeFra 734,720 283 12,558 747,561 -29,371 72,784 -24,712 1,239,163

Central Europe 181,010 1,883 4,428 187,321 -4,831 26,251 -7,056 276,305

Product Information 527,976 1,790 4,345 534,111 -12,465 51,554 -11,258 1,058,835

Software and Applications 347,887 75,913 13,149 436,949 -7,429 59,794 -7,736 651,012

Central functions 8,482 8,482 -1,262 -83,949 -1,718

Internal eliminations -129,167 -13,067 -142,234

Total 4,740,747 0 88,647 4,829,394 0 -135,069 592,683 -118,701 8,067,851

2008

Region/business area Revenue

Inter-segment

sales

Otheroperating

income

Totaloperating

income

Share of profit in

associatesDepreciation/amortisation

Operatingprofit,EBITA

Grossinvestments 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 -6,135 78,438 -6,238 717,577

Central functions 681 40,241 40,922 158 -1,154 -98,707 10,879

Internal eliminations -131,881 -11,674 -143,555

Total 4,325,343 0 104,995 4,430,338 158 -145,506 533,480 -178,680 8,463,835

The column Depreciation/amortisation does not include amortisation and

impairment losses on surplus values identified in connection with business

combinations.

43

note 7. Board members and senior executives

2009 2008

No. onbalance

date

ofwhommen

No. onbalance

date

ofwhommen

Group

Board members 452 404 448 404

Chief executive officer and other senior executives 281 200 320 233

Parent Company

Board members 7 6 7 6

Chief executive officer and other senior executives 1 1 1 1

note 6. other operating income

Group

2009 2008

Sale of subsidiaries 25,942 8,375

Sale of associates 61

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

Own work capitalised 19,050 28,290

Negative goodwill recognised in the income statement 1,533 2,604

Other operating income 32,962 24,963

Total 88,647 104,994

note 8. average number of employees. average number of Board members, ceo and senior executives

2009 2008 2009 2008

Averagenumber of

employees

ofwhom

men

Averagenumber of

employees

ofwhom

men

Average no. of Boardmembers, CEO and

senior executives

Austria 68 32 53 20 16 13

Belgium 225 140 211 125 29 26

Croatia 20 11 6

Czech Republic 84 39 72 33 17 14

Denmark 68 32 104 54 37 29

Estonia 5 2 6 1 2 2

Finland 59 26 54 21 8 14

France 132 70 127 69 8 8

Germany 642 381 431 248 73 58

Hungary 55 10 56 13 7 13

Netherlands 137 88 144 87 26 33

Norway 313 186 311 184 54 56

Poland 96 33 93 30 2 3

Slovakia 26 5 18 2 3 3

Slovenia 53 25 46 23 1 1

Sweden 1,050 592 1,101 625 290 290

Switzerland 124 69 99 53 29 22

United Kingdom 10 8 14 11 1 2

Total 3,167 1,749 2,940 1,599 609 587

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 – Group

Wages, salaries and other remuneration

2009

Board of Directors, CEO

and seniorexecutives

of whichbonuses

etc.Other

employees Total

Socialsecurity

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

Croatia 598 2,581 3,179 691 3,870

Czech Republic 4,443 661 11,114 15,557 4,671 58 20,228

Denmark 12,486 2,578 37,312 49,798 4,133 3,638 53,931

Estonia 257 1,164 1,421 512 1,933

Finland 7,630 24,758 32,388 6,486 5,668 38,874

France 9,587 2,738 61,463 71,050 31,749 102,799

Germany 50,619 8,902 356,050 406,669 64,679 3,910 471,348

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 1,875 12,438

Slovakia 1,848 1,848 690 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

United Kingdom 1,121 322 2,531 3,652 1,312 751 4,964

Total 235,637 40,581 1,388,564 1,624,201 471,534 109,639 2,095,735

Wages, salaries and other remuneration

2008

Board of Directors, CEO

and seniorexecutives

of whichbonuses

etc.Other

employees Total

Socialsecurity

costs

of which pension

costs Total

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 59 531 1,130 376 1,506

Finland 6,935 874 18,298 25,233 6,293 4,198 31,526

France 7,064 1,218 50,684 57,748 24,357 82,105

Germany 28,212 3,240 221,128 249,340 39,180 2,851 288,520

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 2,107 13,762

Slovakia 1,139 1,139 425 425 1,564

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

United Kingdom 979 387 8,621 9,600 1,670 630 11,270

Total 224,183 36,884 1,181,830 1,406,013 446,958 102,889 1,852,971

45

note 11. average number of employees. Wages, salaries and other remuneration – parent company

Parent Company

Wages, salaries and other remuneration 2009 2008

Board of Directors, CEO and senior executives 5,615

of which bonuses, etc. (2,300)

Total wages, salaries and other remuneration 0 5,615

Social security costs 2,443

of which pension costs (519)

Total wages, salaries and other remuneration,

pension and social security costs 0 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

Group Parent Company

Audit assignments 2009 2008 2009 2008

Öhrlings PricewaterhouseCoopers 10,944 11,043 1,177 889

Ernst & Young 32 109

KPMG 106 232

Subtotal 11,082 11,384 1,177 889

Other assignments

Öhrlings PricewaterhouseCoopers 2,340 2,274

Ernst & Young 382 142

KPMG 86 29

Subtotal 2,808 2,445 0 0

Total 13,890 13,829 1,177 889

note 13. results from participations in group companiesParent Company

2009 2008

Anticipated dividend 100,000

Group contributions received 77,312 74,785

Total 177,312 74,785

note 14. financial income


2009 2008 2009 2008

Interest income, group companies 38 23,443

Interest income, other 5,769 13,494 1 6

Dividend from participations in

other companies 797 6

Other financial income 5,275 4,883

Total 11,879 18,383 1 23,449

note 10. compensation to Board members and senior exeutives

2009

Fixed salary/ Board

feesVariable

salaryOther

benefitsPension

costs Total

Chairman of the Board

– Håkan Ramsin 300 300

Members of the Board

– Torgny Eriksson 150 150

– Birgitta Klasén 150 150

– Carl Wilhelm Ros 150 150

Chief Executive Officer

– Johan Wall 3,480 1,870 73 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

2008

Fixed salary/ Board

feesVariable

salaryOther

benefitsPension

costs Total

Chairman of the Board

– Håkan Ramsin 300 300

Members of the Board

– Torgny Eriksson 150 150

– Birgitta Klasén 150 150

– Carl Wilhelm Ros 150 150

Chief Executive Officer

– Johan Wall (from 15 Sep) 993 1,000 7 548 2,548

– Håkan Ramsin (5 Feb to 14 Sep) 1,281 1,281

– Lars Save (to 4 Feb) 248 4 47 299

Former Chief Executive Officer

– Lars Save 3,540 234 3,774

Other senior executives 10,357 3,529 704 1,913 16,503

Total 17,169 4,529 715 2,742 25,155

Parent Company Board of DirectorsFees 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 OfficerCompensation 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 achieve-ments. 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 manage-ment 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 regu-larly pays premiums will pay this pension.

46

note 15. financial expenses


2009 2008 2009 2008

Interest expense, group companies -58,987 -37,333 -61,312 -42,997

Interest expense, other -210,155 -230,033 -25,557 -16,000

Net foreign exchange gains/losses

on financing activities 74,561 -130,772 10,960 -2,391

Impairment losses on available-for-sale

financial assets -56 -67

Realisation of synthetic securities -23,851

Other financial expenses -6,134 -36,229 -8 -2,524

Total -200,771 -434,434 -75,917 -87,763

note 16. income tax expense

Group

Tax on profit for the year 2009 2008

Current tax -69,411 -48,848

Deferred tax (Note 26) 59 34,888

Total -69,352 -13,960

Reconciliation of effective taxThe 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 effec-tive tax according to the income statement are as follows:

Group

2009 2008


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

Expenses not deductible for tax purposes -20,541 -16,905

Utilisation of previously unrecognised tax losses 4,143 8,147

Tax losses for which no deferred tax asset was recognised -20,285 -7,425

Tax attributable to previous years 4,346 1,483Effect of changes in tax rates and tax regulations 4,912Other 13,309 -6,060

Tax expense -69,352 -13,960

note 17. intangible assetsInformation on impairmentNo 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.

Impairment testing of goodwill and other intangible assets with indefinite useful livesThe Group’s cash-generating units (CGU) consist of the four regions and two business areas. A breakdown of goodwill and other intangible assets with indefi-nite useful lives by CGU is presented in the following table:

Other intangible assets Goodwill

Cash-generating unit 2009 2008 2009 2008

Region Nordic 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 3,154

Region UK/Ireland (discontinued) 79,209 8,323

Total 4,750,684 4,907,345 24,174 39,385

The recoverable amount of the respective units was determined based on calcu-lation 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 dis-count 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

Separately acquired intangible assets

Internally generated

intangible assets

2008 Goodwill Trademarks Databases Customer

relations

Other intangible

assets Databases

Other intangible

assets Total

Accumulated cost

Beginning of year 4,199,295 91,936 735,482 395,601 197,373 0 0 5,619,687

Acquisition of subsidiaries 562,904 142 217,840 57,142 4,449 6,337 848,814

Investments 68,594 49,599 118,193

Sales and disposals 313 -3,007 -2,694

Sale of subsidiaries -71,752 -2,319 -74,071

Reclassifications -1,633 -418,110 258,741 156,785 3,551 -666

Exchange differences 216,898 -3,092 17,691 32,533 35,921 6,126 1,562 307,639

End of year 4,907,345 87,353 335,063 645,974 615,765 213,952 11,450 6,816,902

Accumulated amortisation and impairment losses

Beginning of year -10,415 -297,208 -97,980 -51,543 0 0 -457,146

Acquisition of subsidiaries -142 -45,387 -49,320 -4,444 -99,293

Sales and disposals -523 2,750 2,227

Amortisation, continuing operations -3,858 -28,337 -50,358 -30,116 -13,079 -2,663 -128,411

Amortisation, discontinued operations -1,011 -3,260 -3,328 -6,760 -14,359

Impairment losses, continuing operations -2,105 -39,049 -41,154


Reclassifications 1,433 244,604 -188,919 -54,123 -4,003 -1,008

Exchange differences 520 -2,618 -7,716 -27,333 1,173 -938 -36,912

End of year -13,473 -86,819 -204,769 -354,617 -106,772 -7,604 -774,054

Net book value 31 December 2008 4,907,345 73,880 248,244 441,205 261,148 107,180 3,846 6,042,848

Separately acquired intangible assets

Internally generated

intangible assets

2009 Goodwill Trademarks Databases Customer

relations

Other intangible

assets Databases

Other intangible

assets Total

Accumulated cost

Beginning of year 4,907,345 87,353 335,063 645,974 615,765 213,952 11,450 6,816,902

Acquisition of subsidiaries 150,097 270 261 150,628

Investments 48,521 8,583 17 57,121

Sales and disposals -138 -38,962 -1,724 -40,824

Sale of subsidiaries -89,967 -19,348 -43,789 -35,019 -75,106 -23,603 -1,583 -288,415

Reclassifications -13,337 7,153 6,164 -20

Exchange differences -98,770 1,925 -4,254 -24,352 -17,516 -2,324 -610 -145,901

End of year 4,868,705 69,792 287,020 586,603 519,635 202,298 15,438 6,549,491

Accumulated amortisation and impairment losses

Beginning of year -13,473 -86,819 -204,769 -354,617 -106,772 -7,604 -774,054

Sales and disposals 138 38,962 1,724 40,824

Amortisation, continuing operations -4,612 -30,235 -84,182 -41,577 -18,352 -1,910 -180,868

Amortisation, discontinued operations -2,188 -2,234 -5,558 -9,980

Impairment losses, continuing operations -41,366 -3,046 -457 -44,869

Impairment losses, discontinued operations -76,655 -76,655

Sale of subsidiaries 3,871 17,937 12,737 29,505 23,593 290 87,933

Reclassifications -5 -5

Exchange differences -393 568 6,702 13,203 345 447 20,872

End of year -118,021 -14,469 -100,737 -271,746 -323,133 -99,919 -8,777 -936,802

Net book value 31 December 2009 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 andbuildings

Computersand

equipmentWork in

progress Total

Accumulated cost

Beginning of year 185,477 589,612 8,530 783,619

Acquisition of subsidiaries 88,585 75,019 163,604

Investments 69,600 1,900 71,500

Sales and disposals -57,928 -57,928

Sale of subsidiaries -26,248 -26,248

Reclassifications -1,398 4,463 -2,398 667

Exchange difference 19,023 23,408 -818 41,613

End of year 291,687 677,926 7,214 976,827

Accumulated depreciation and impairment losses

Beginning of year -38,928 -418,433 -457,361

Acquisition of subsidiaries -34,125 -58,590 -92,715

Sales and disposals 54,847 54,847


Depreciation, continuing operations -4,795 -56,197 -60,992

Depreciation, discontinued operations -6,558 -6,558

Impairment losses, continuing operations -2,224 -2,224

Impairment losses, discontinued operations -2,249 -2,249

Reclassifications 862 145 1,007

Exchange difference -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

2009

Land andbuildings

Computersand

equipmentWork in

progress Total

Accumulated cost

Beginning of year 291,687 677,926 7,214 976,827

Acquisition of subsidiaries 7,148 7,148

Investments 2,103 59,322 916 62,341

Sales and disposals -2,757 -39,857 -42,614

Sale of subsidiaries -90,340 -5,944 -96,284

Reclassifications -21,381 -25,888 -1,355 -48,624

Exchange difference -12,317 -7,057 114 -19,260

End of year 257,335 581,254 945 839,534

Accumulated depreciation and impairment losses

Beginning of year -81,245 -481,636 -562,881

Acquisition of subsidiaries -5,795 -5,795

Sales and disposals 534 38,753 39,287


Depreciation, continuing operations -6,383 -66,323 -72,706

Depreciation, discontinued operations -3,741 -3,741

Impairment losses, continuing operations -584 -427 -1,011

Impairment losses, discontinued operations -441 -441

Reclassifications 21,381 27,132 48,513

Exchange difference 2,984 4,858 7,842

End of year -63,313 -409,056 -472,369

Net book value 31 December 2009 194,022 172,198 945 367,165

Information on land and tax assessment valuesThe carrying amount of land amounts to SEK 44,675 thousand (46,109). All hold-ings in land and buildings are outside Sweden, for which reason no tax assess-ment values are available.

The category Land and buildings includes buildings leased by the Group under finance leases with the following carrying amounts:

2009 2008

Accumulated cost 103,954 108,436

Accumulated depreciation and impairment losses -38,387 -35,463

Net book value 65,567 72,973

49

Group

2009 2008

Beginning of year 0 2,956

Dividend received -175

Sale of associates -2,939

Share of profit/loss in associates 158

End of year 0 0

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

note 19. participations in associates

note 20. available-for-sale financial assets

Group

2009 2008

Beginning of year 28,505 86,411

Investments 16,617

Sale of financial assets -2,200 -71,943

Reclassifications -13,811

Impairment losses/Reversal of impairment losses 41 -67

Net gains/losses transferred to equity -5,092 -5,234

Received as part of purchase price 2,387

Sale of subsidiaries -359

Exchange difference -91 334

End of year 6,993 28,505

Disclosures of available-for-sale financial assets

Company nameCorporateidentity no. Country

Share ofcapital/

votes (%)

Carrying amount

2009 2008

AdHouse AB 556729-8095 Sweden 19.9/19.9 1,101 1,101

Atex Norway 2,387 2,387

Glada Service AG Switzerland 19.0/19.0 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 signifi-cant amount.

None of the financial assets showed indication of impairment.

50

note 21. participations in group companies

Parent Company’s investments in group companies

Parent Company

2009 2008

Beginning of year 1,365,847 1,365,727

Investments 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 nameCorporateidentity no.

Registeredoffice

Number of shares

Share ofcapital (%)

Carrying amount

Bisnode AB 556341-5685 Stockholm 1,000 100 1,373,847

Bisnode Produktinformation AB 556300-4331 Stockholm 1,000 100 120

Total 1,373,967

Company name

Registeredoffice/Country

Corporateidentity number

Share ofcapital

(%)

Swedish subsidiaries

AAA Soliditet AB Stockholm 556485-5582 100

Adresskompaniet Syd AB Malmö 556439-7346 100

Agent 25 Sverige AB Stockholm 556334-7979 100

Baby DM Scandinavia AB Helsingborg 556576-2530 100

Bisnode Central Invest AB Stockholm 556148-2398 100

Bisnode Credit & Risk Information AB Sundbyberg 556471-4045 100

Bisnode Företagskataloger AB Stockholm 556513-5661 100

Bisnode Informatics Sweden AB Stockholm 556525-4439 100

Bisnode Sverige AB Stockholm 556338-6928 100

Bisnode Venture & Development AB Stockholm 556069-8788 100

Bisnodecom AB Stockholm 556575-7522 100

Bisnode InfoData AB Stockholm 556075-1447 100

Bisnode InfoData Holding AB Stockholm 556643-2067 100

Business Check i Sverige AB Stockholm 556235-0396 51

Calimo Affärspartner AB Kalix 556624-8737 35

DB Soliditet AB Sundbyberg 556266-9498 100

DirektMedia Sverige AB Göteborg 556447-9839 100

Dun & Bradstreet Nordic AB Sundbyberg 556039-4784 100

Dun & Bradstreet Sverige AB Sundbyberg 556022-4692 100

EKO Företagsupplysningar AB Stockholm 556522-3251 100

Electronic Data Innovation Group EDIG AB Stockholm 556649-1311 100

Emric AB Stockholm 556520-0630 50

Emric Business Consulting AB Stockholm 556693-0805 39

Emric Finance Process Outsourcing AB Stockholm 556570-6958 50

Emric International AB Stockholm 556568-7091 50

Company name


Corporateidentity number

Share ofcapital

(%)

Emric IT-Consulting AB Stockholm 556510-9823 50

Fixahemmet i Sverige AB Stockholm 556204-6184 100

G2 Solutions Holding AB Stockholm 556477-1151 100

G2. solutions AB Stockholm 556537-6489 100

Infodata AB Stockholm 556197-9740 100

Infodata Applicate AB Stockholm 556436-3421 98

Infodata Direct AB Stockholm 556411-3834 100

InfoTorg AB Stockholm 556266-0141 100

InToLogic AB Uppsala 556558-3225 28

Ipnode AB Stockholm 556129-6046 100

Kompass Sverige AB Stockholm 556084-8409 100

KreditFakta kreditupplysningar i Norden AB Stockholm 556562-2510 100

Lundalogik AB Lund 556397-0465 100

Marknadsinformation Analys MIA AB Stockholm 556361-0665 100

Newsline Group AB Stockholm 556225-8136 100

PAR AB Stockholm 556112-5625 100

Pointer International AB Stockholm 556717-0088 100

Pointer Sweden AB Stockholm 556591-6912 100

Presstext AB Stockholm 556088-5393 100

Proodle AB Stockholm 556542-6003 100

Relevant Information i Uppsala AB Stockholm 556735-5390 100

Svenska Market Management Partner AB Stockholm 556583-1400 100

Svenska Nyhetsbrev AB Stockholm 556363-7825 100

AB Svensk Handelstidning Justitia Sundbyberg 556091-2361 100

Svenskt Byggregister AB Stockholm 556247-5730 100

TA Teleadress Information AB Kalmar 556457-3045 100

Disclosure of participations in group companies – indirect holdings

51

Company name


Share ofcapital

(%)

Foreign subsidiaries

Bisnode Austria GmbH Austria 100

Bisnode Informatics Austria GmbH Austria 100

Dun & Bradstreet Information Services GmbH Austria 100

Hoppenstedt Kreditinformationen GmbH Austria 100

Wer liefert Was? GmbH Austria 100

Wirtschaftsauskunftei Wisur GmbH Austria 100

Bisnode Belgium NV/SA Belgium 100

Bisnode Informatics B.V.B.A. Belgium 100

Spectron Business Solutions NV/SA Belgium 100

WDM Belgium N.V./SA Belgium 100

WDM Belgium Holding N.V./SA Belgium 100

Bisnode Interact NV/SA Belgium 100

D-Trix NV/SA Belgium 100

Synkronis NV/SA Belgium 100

Wer liefert Was? d.o.o. Croatia 100

Bisnode Ceská republika s.r.o. Czech Republic 100

CEE DATA a.s. Czech Republic 100

Ceska Kapitálová informacni agentura, a.s Czech Republic 100

Dun & Bradstreet Spol s.r.o. Czech Republic 100

HBI Ceská republika s.r.o. Czech Republic 100

Wer liefert Was? Czech Republic spol. s.r.o Czech Republic 100

AAA Soliditet A/S Denmark 100

Bisnode Business & Market Information A/S Denmark 100

Bisnode Danmark A/S Denmark 100

Bisnode Informatics Danmark A/S Denmark 100

Bonnier Media A/S under tvangsopløsning Denmark 100

DirektMedia Danmark A/S Denmark 100

Dun & Bradstreet Danmark A/S Denmark 100

Kompass Danmark A/S Denmark 100

Connectus AS Estonia 100

121 Media Oy Finland 100

Bisnode Finland Oy Finland 100

DirektMedia Finland Oy Finland 100

Dun & Bradstreet Finland Oy Finland 100

Kompass Finland Oy Finland 100

ABC France pour le

Commerce et L'Industrie S.N.C. France 100

Bisnode France, S.A.S. France 100

WDM DB France, S.A.S. France 92

WDM France, S.A.S. France 92

WDM France Holding, S.A.S. France 92

ABC der deutschen wirtschaft GmbH Germany 100

Bisnode Editorial Deutschland GmbH Germany 100

Bisnode Deutschland GmbH Germany 100

Bisnode Informatics Deutschland GmbH Germany 100

Bisnode Produktinformation GmbH Germany 100

Hoppenstedt360 GmbH Germany 100

D&B Deutschland GmbH Germany 100

Hoppenstedt Firmeninformationen GmbH Germany 100

Hoppenstedt Grundbesitz GmbH Germany 100

Hoppenstedt Holding GmbH Germany 100

Company name


Share ofcapital

(%)

Hoppenstedt Kreditinformationen GmbH Germany 100

Hoppenstedt Publishing GmbH Germany 100

Wer liefert was? GmbH Germany 100

Dun & Bradstreet Hungária Információ Szolgáltató Kft Hungary 100

HBI Company Data Informatikai Kft Hungary 100

Kompass Hungária Kft Hungary 100

Chartered Company Formations Ltd. Ireland 100

ABC Uitgevers C.V. Netherlands 100

Belgisch ABC voor Handel en Industrie B.V. Netherlands 100

Bonnier Business Information B.V. Netherlands 100

Erven G.H.R. Hoppenstedt B.V. Netherlands 100

Hoppenstedt Bonnier Information N.V. Netherlands 100

WDM International B.V. Netherlands 100

WDM Nederland B.V. Netherlands 100

Bisnode Norge AS Norway 100

Direktmedia AS Norway 100

DM Huset AS Norway 100

Dun & Bradstreet Norway AS Norway 100

Emric AS Norway 50

Inter Dialog AS Norway 100

Kompass Norge AS Norway 100

OfficeTeam AS Norway 100

One Holding AS Norway 100

One Software AS Norway 100

Soliditet Norge AS Norway 100

Bisnode Polska Sp.z.o.o. Poland 100

Dun & Bradstreet Poland Sp.z.o.o. Poland 100

Hoppenstedt Bonnier

Information Polska Sp.z.o.o. Poland 100

Bisnode Slovensko s.r.o. Slovakia 100

Bisnode d.o.o. Slovenia 100

EGV, d.o.o. Slovenia 100

Infobon d.o.o. Slovenia 100

Razpisi d.o.o. Slovenia 62

Credita AG Switzerland 100

Dun & Bradstreet (Schweiz) AG Switzerland 100

Hoppenstedt AG Switzerland 100

Inkaprax AG Switzerland 100

Wer liefert Was GmbH Switzerland 100

ACS Credit Services Ltd. United Kingdom 100

Bisnode Ltd. United Kingdom 100

Bisnode Informatics Ltd. United Kingdom 100

Bisnode Information Ltd United Kingdom 100

Bisnode Publications Ltd United Kingdom 100

Bisnode UK Holdings Ltd. United Kingdom 100

Checkit (UK) Ltd. United Kingdom 100

Creditscorer Ltd. United Kingdom 100

Market Assessment Publications Ltd. United Kingdom 100

Market Monitor Ltd. United Kingdom 100

Nationwide Credit Management Services Ltd. United Kingdom 100

The Prospect Shop Ltd. United Kingdom 100

Prospect Swetenhams Ltd. United Kingdom 100

Disclosure of participations in group companies – indirect holdings

52

note 22. Trade and other receivables

Group

31/12/2009 31/12/2008

Trade receivables – net 749,303 873,066

Advance payments to suppliers 725 571

Prepaid expenses and accrued income 105,995 117,113

Receivables from Parent Company – non interest-bearing 37 2,792

Other receivables – interest-bearing 31,245 47,884

Other receivables – non interest-bearing 44,971 34,711

Total 932,276 1,076,137

of which non-current portion 20,910 44,936

of which current portion 911,366 1,031,201

Credit riskThere 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 Not dueWithin

60 days

Between 61 days-

1 year

Later than

1 year Total

Trade receivables 579,091 145,338 31,946 22,247 778,622

Provision for impairment

of receivables -2,151 -2,202 -8,069 -16,897 -29,319

Trade receivables – net 576,940 143,136 23,877 5,350 749,303

31/12/2008 Not dueWithin

60 days

Between 61 days-

1 year

Later than

1 year Total

Trade receivables 589,565 235,083 56,942 27,480 909,070

Provision for impairment

of receivables -1,782 -6,107 -11,288 -16,827 -36,004

Trade receivables – net 587,783 228,976 45,654 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.

note 23. Derivative financial instruments

Group

31/12/2009 31/12/2008

Interest rate swaps – cash flow hedges -135,581 -144,063

Total -135,581 -144,063

Type of contract

Contract term

beginning on

Contract term

ending on Amount CurrencyInterest

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 61,200 EUR th 4.42%

The cash flow hedges are determined to be 85% effective. The current Interest

rate swap agreements had a negative value of SEK 23,851 thousand on the con-

tractual date. The ineffective portion has been recognised in the income state-

ment 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 valu-

ation 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

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


Subtotal 3,528,963 3,825,888

Current borrowings

Bank borrowings 323,120 383,420

Borrowings for finance leases 3,461 2,202


Subtotal 332,351 393,073

Total 3,861,314 4,218,961

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 borrow-ings 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 risksThe exposure of the Group’s borrowings to changes in interest rates and contrac-tual dates for interest rate conversion is as follows:

Date for interest rate conversion or maturity date

31/12/2009Carryingamount

Within1 year

Between1–5 years

Later than5 years

Bank borrowings 2,610,434 323,120 2,287,314


Borrowings for finance leases 92,267 3,461 15,936 72,870

Other borrowings 21,013 5,770 15,243

Date for interest rate conversion or maturity date

31/12/2008Carryingamount

Within1 year

Between1–5 years

Later than5 years

Bank borrowings 3,030,991 383,420 2,647,571


Borrowings for finance leases 99,485 2,202 12,187 85,096

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

Other currencies 188 792

Total 3,861,314 4,218,961

Maturity dates on non-current liabilities – Parent Company

Maturity date

31/12/2009Currentliability

Within1 year

Between1–5 years

Later than5 years



Total 1,137,600 0 1,137,600 0

Maturity date

31/12/2008Currentliability

Within1 year

Between1–5 years

Later than5 years



Total 1,053,333 0 1,053,333 0

note 26. Deferred tax

Group

Deferred tax assets 31/12/2009 31/12/2008

Intangible assets 20,906 19,730

Property, plant and equipment 4,848 17,032

Trade and other receivables 1,392 1,575

Provisions for pensions 20,952 22,545

Other provisions 8,967 9,511


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

Deferred tax liabilities 31/12/2009 31/12/2008


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 60,923 59,204

Offset -35,680 -37,347

Total 259,366 319,899

Net deferred tax assets/liabilities -144,960 -171,304

Gross movement in deferred tax assets/liabilities:

Group

2009 2008

Beginning of year -171,304 -195,784

Acquisition/sale of subsidiaries 18,092 -41,391

Recognised in the income statement 2,738 41,871

Recognised in equity 5,514 24,000

End of year -144,960 -171,304

Deferred tax recognised directly in equity

Deferred tax on interest rate swaps -976 32,201

Exchange differences 6,490 -8,201

Total 5,514 24,000

Unrecognised deferred tax assetsUnrecognised 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 pensionsDefined contribution plansThe 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 plansThe amounts recognised in the income statement are as follows:

Group

2009 2008

Current service cost 15,913 12,748

Interest cost 12,721 11,833

Expected return on plan assets -4,586 -3,336

Actuarial gains (-) and losses (+) recognised in year 343 -944

Other cost reductions -1,283

Total 23,108 20,301

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

Actuarial assumptionsThere are defined benefit plans in Finland, Germany, Norway, Sweden and Swit-zerland. 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%

Remaining service period 14 years 13 years

Expected return on plan assets 3.9% 4.5%

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

2009 2008

Present value of funded obligations 139,768 136,657

Fair value of plan assets -115,488 -106,273

Net value of entirely or partially funded obligations 24,280 30,384

Present value of unfunded obligations 198,048 186,515

Unrecognised actuarial gains (+) and losses (-) -4,617 651

Net liability on the balance sheet 217,711 217,550

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

2009 2008


Current service cost 15,913 12,748

Interest cost 13,706 11,833

Actuarial gains (-)/ losses (+) -2,785 13,291

Employer contributions -7,071 -1,096

Employee contributions 3,032 1,722

Benefits paid -4,984 -6,231

Acquisition of subsidiaries 3,432

Other changes 1,243 9,659

Exchange differences -7,842 34,155

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


Expected return on plan assets 4,586 3,336

Actuarial losses (-)/gains (+) -4,552 -11,426

Employer contributions 10,694 10,512

Employee contributions 3,032 1,722

Benefits paid -4,984 -1,283

Acquisition of subsidiaries 373

Other changes 93 9,659

Exchange differences -27 13,896

End of year 115,488 106,273

Plan assets are comprised as follows:

2009 2008 2009 2008

Shares 19,193 26,055 17% 25%

Interest-bearing securities 42,233 38,259 37% 36%

Property 11,386 8,226 10% 8%

Other 42,676 33,733 37% 32%

Total 115,488 106,273 100% 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.

Group

2009 2008 2007 2006

Present value of defined

benefit obligation 337,816 323,172 247,091 242,199

Fair value of plan assets -115,488 -106,273 -79,859 -62,243

Deficit (+)/surplus (-) 222,328 216,899 167,232 179,956

55

note 28. other provisions

Group

2009 2008

Additional purchase prices 142,118 136,070

Legal claims 4,058 5,890

Restoration charges 6,076 5,395

Restructuring 2,963 7,950

Sales agents 14,442 15,857

Other 20,125 20,081

Total 189,782 191,243


of which current portion 1,238 6,420

Group

2009 2008


Acquisition of subsidiaries 8,119 3,832

Sale of subsidiaries -1,250

New provisions for the period 648 18,456

Utilised during the period -14,403 -15,012

Provisions for additional purchase prices 8,925 28,367

Additional purchase prices – paid -9,220 -2,000

Unused/reversed -5,765

Reclassifications 6,344 10,080

Exchange differences -1,874 5,132

End of year 189,782 191,243

Additional purchase pricesThe provision pertains to estimated additional purchase prices recognised in con-nection with the acquisitions of Svenska Nyhetsbrev AB, Lundalogik AB and Pointer Sweden AB.

Legal claimsProvisions for legal claims pertain to potential claims from information suppliers.

Restoration chargesPertains to provisions for future restoration expenses for rented premises.

RestructuringPertains to provisions for vacant premises and future payments to redundant per-sonnel.

Sales agentsThe provisons pertain to future costs related to the retirement or termination of collaboration with German sales agents.

note 29. Trade and other payables

Group

31/12/2009 31/12/2008

Trade payables 212,821 239,381

Advances from customers 62,090 58,384

Holiday pay liabilities 115,426 117,069

Social security and other taxes 33,319 39,300

Accrued expenses and deferred income 992,618 1,086,336

Liabilities to the Parent Company – non interest-bearing 5,265

Other liabilities – non interest-bearing 151,790 149,170

Total 1,568,064 1,694,905


of which current portion 1,565,830 1,692,752

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

note 30. accrued expenses and deferred income

Parent Company

31/12/2009 31/12/2008

Accrued expenses related to personnel 246

Other accrued expenses 295 160

Total 295 406

note 31. reserves

Hedgingreserve

Available-for-sale

financialassets

Currencytranslationdifferences Total

Balance at 1 January 2008 -1,708 18,158 20,778 37,228

Revaluation – gross 9,097 9,097

Sale of financial assets -22,163 -22,163

Cash flow hedges:

Fair value gains -141,690 -141,690

Tax on fair value gains 39,673 39,673

Transferred to the income statement 19,478 19,478

Tax on transfers to the inc. statement -5,454 -5,454

Revaluation deferred tax -2,118 -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

Revaluation – gross -5,092 -5,092

Cash flow hedges:

Transferred to the income statement -4,770 -4,770

Tax on transfers to the inc. statement 1,255 1,255

Transferred to other

comprehensive income 8,482 8,482

Tax on transfers to other

comprehensive income -2,231 -2,231

Currency translation differences -129,610 -129,610

Balance at 31 December 2009 -89,083 0 143,086 54,003

note 32. finance leasesFinance leases – group company is lessorThe 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 operat-ing leases are as follows:

Group

2009 2008

Within 1 year 6,952 7,319

Between 1–5 years 28,304 30,786

Later than 5 years 80,446 97,573

Total 115,702 135,678

The present value of finance lease liabilities is as follows:

Group

2009 2008

Within 1 year 3,461 2,202

Between 1–5 years 15,936 12,187


Total 92,267 99,485

56

note 33. operating leases

Group

Operating leases – Group company is lessor 2009 2008

Leasing expenses 167,486 139,145

Total 167,486 139,145

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.

Group

Future minimum lease payments 2009 2008

Within 1 year 142,705 150,622

Between 1–5 years 285,377 301,015


Total 541,644 562,311

Future lease payments pertain to minimum lease payments attributable to non-cancellable operating leases.

note 34. related party transactionsThe related parties of the Group consist of the Parent Company Ratos AB, asso-ciates and the Group’s key management personnel and their families. Key manage-ment 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 CompanyDuring 2008 Bisnode Business Information Group AB gave dividend to the Parent Company and received shareholders contribution (see Parent Company Statement of changes in equity.

Group

Loans to Ratos 2009 2008

Beginning of year 2,792

Repayments -2,792

Loans advanced during the year 2,792

End of year 0 2,792

Group

Borrowings from Ratos 2009 2008


Repayments -5,265 -101,165

New borrowings 705,265


End of year 796,320 742,598

Transactions with key management personnelDuring 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.

note 35. contingent liabilities and pledged assets


Contingent liabilities 2009 2008 2009 2008

Guarantee commitment FPG/PRI 768 677

Guarantee to previous owners 86,902 113,547

Other guarantees 19,277 16,222 2,625,416 3,050,776

Total 106,947 130,446 2,625,416 3,050,776

Pledged assets for own liabilities and provisions

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

Other pledged assets 2,120 2,286

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

Other pledged assets None None None None

Guarantee to previous owners pertains to guarantees pledged to Dun & Brad-street 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 capitalThe 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 shareBasic 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 2008

Profit attributable to owners of the Parent Company 50,551 -784

Number of shares outstanding (thousands) 120,589 120,589

Earnings per share before and after dilution (SEK per share) 0.42 -0.01

57

note 38. Business combinations

2009 – Aquired companiesDate of

acquisitionshare of

capital Operation

Inter Dialog AS 15/05/2009 20.0% Acquisition of minority.

Kauppalehti 121 Oy (name change to 121 Media Oy) 02/11/2009 100.0% Finnish leader in direct marketing services.

One Holding AS 07/12/2009 9.9% Acquisition of minority.

TA Teleadress Information AB 14/12/2009 80.1% Has a leading position on the Swedish market for direct marketing information.

RAAD Research (asset deal) 29/10/2009 100.0% German operator in market research and analysis for the IT sector.

Purchase price TA Teleadress Information 121 Media

Other acquisitions Total

Cash paid 58,670 72,175 6,566 137,411

Direct costs relating to acquisitions 46 2,307 111 2,464

Additional purchase prices paid 9,220 9,220

Utilisation of additional purchase price -9,195 -9,195

Total 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 13,840

Revaluation of additional purchase prices 8,900 8,900

Negative goodwill – transferred to the income statement 1,533 1,533

Total Goodwill 66,200 67,815 16,082 150,097

Cash flow effect TA Teleadress Information 121 Media

Other acquisitions Total

Cash paid 58,670 72,175 6,566 137,411

Direct costs relating to acquisitions 46 2,307 111 2,464


Cash and cash equivalents in acquired subsidiaries -17,624 -8,036 -25,660

Change in cash and cash equivalents 41,092 66,446 15,897 123,435


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 121 Media Other acquisitions Total

Fair value of acquired assets and liabilities

Carryingamount

Fairvalue

Carryingamount

Fairvalue

Carryingamount

Fairvalue

Carryingamount

Fairvalue

Assets

Intangible assets 531 531 531 531

Property, plant and equipment 240 240 819 819 294 294 1,353 1,353

Deferred tax assets 221 221 104 104 325 325

Trade and other receivables 9,765 9,765 12,100 12,100 1 1 21,866 21,866

Cash and cash equivalents 17,624 17,624 8,036 8,036 25,660 25,660

Total assets 27,850 27,850 21,059 21,059 826 826 49,735 49,735

Liabilities

Minority 671 671 -227 -227 444 444

Provisions for pensions 2,862 2,862 197 197 3,059 3,059

Borrowings 311 311 311 311

Deferred tax liabilities 346 346 346 346

Tax liabilities 5 5 5 5

Trade and other payables 17,610 17,610 13,884 13,884 31,494 31,494

Total liabilities 21,494 21,494 14,392 14,392 -227 -227 35,659 35,659

Net identifiable assets and liabilities 6,356 6,356 6,667 6,667 1,053 1,053 14,076 14,076

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 – Acquired companiesDate of

acquisitionshare 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.

Purchase priceSvenska

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 2,100 28,367

Direct costs relating to acquisitions 414 1,804 16,065 18,283

Utilisation of provision for additional purchase price 1,082 1,082

Total 50,054 44,448 7,382 536,703 77,871 716,458

Fair value of acquired net assets -63 -11,940 -9,975 -113,647 -6,866 -142,491

Acquired minority interest -13,656 -13,656

Negative goodwill – transferred to the income statement 2,593 2,593

Total Goodwill 49,991 32,508 0 423,056 57,349 562,904

Cash flow effectSvenska

Nyhetsbrev Credita Spectron Wer liefert

was?Other

acquisitions Total

Cash paid 23,373 44,448 5,578 520,638 74,689 668,726

Direct costs relating to acquisitions 414 1,804 16,065 18,283


Cash and cash equivalents in acquired subsidiaries -14,398 -14,981 -2,798 -100,906 -135 -133,218

Change in cash and cash equivalents 9,389 29,467 4,584 435,797 76,554 555,791


Revenue since acquisition date 34,564 20,137 29,969 615 85,285

Revenue in 2008 34,564 20,137 55,343 380,201 1,031 491,276

Operating profit since acquisition date 5,424 567 -5,609 -1,077 -695

Operating profit in 2008 5,424 567 -10,461 43,726 -673 38,583

SvenskaNyhetsbrev Credita Spectron Wer liefert was?

Otheracquisitions Total

Fair value of acquired assets and liabilities

Carryingamount

Fairvalue

Carryingamount

Fairvalue

Carryingamount

Fairvalue

Carryingamount

Fairvalue

Carryingamount

Fairvalue

Carryingamount

Fairvalue

Assets

Intangible assets 918 918 1,410 1,410 5,498 177,951 6,338 6,338 14,164 186,617

Property, plant and equipment 424 424 1,149 1,149 2,127 2,127 66,824 66,824 365 365 70,889 70,889

Available-for-sale financial assets 285 285 285 285

Deferred tax assets 560 560 7,437 7,437 4,575 4,575 12,572 12,572

Inventories 4,324 4,324 4,324 4,324

Tax receivables 1,002 1,002 27 27 1,029 1,029

Trade and other receivables 4,383 4,383 17,876 17,876 16,274 16,274 68,585 68,585 134 134 107,252 107,252

Cash and cash equivalents 14,398 14,398 14,981 14,981 2,798 2,798 100,906 100,906 135 135 133,218 133,218

Total assets 20,683 20,683 34,291 34,291 30,046 30,046 251,714 424,167 6,999 6,999 343,733 516,186

Liabilities

Deferred tax liabilities 215 215 51,737 215 51,952

Other provisions 3,333 3,333 502 502 3,835 3,835

Tax liabilities 3,805 3,805 764 764 20,009 20,009 24,578 24,578

Trade and other payables 13,482 13,482 21,372 21,372 19,569 19,569 238,774 238,774 133 133 293,330 293,330

Total liabilities 20,620 20,620 22,351 22,351 20,071 20,071 258,783 310,520 133 133 321,958 373,695

Net identifiable assets and liabilities 63 63 11,940 11,940 9,975 9,975 -7,069 113,647 6,866 6,866 21,775 142,491

59

note 39. sale of subsidiaries

Date of sale

Subsidiaries divested 2009 2008

Nomi Sweden, Norway, Finland, Denmark 30/06/2009

ICC Ireland, United Kingdom, etc 28/08/2009

Finfo Information AB 08/12/2009

Sverige Bygger AB/Norge Bygges AS 30/12/2009

Inter Dialog AS (asset deal) 26/05/2009

Market Watch Scandinavia AB 09/01/2008

Wij Special Media B.V. 09/09/2008

Adbit AB 11/09/2008

Nyhetsbyrån Direkt AB/Nyhedsbureauet Direkt 10/12/2008

Stockmann-Gruppen A/S (asset deal) 01/07/2008

Retail Institute Scandinavia A/S (asset deal) 01/07/2008

Key Note Ltd (asset deal) 30/12/2008

Capital gains/losses 2009 2008

Cash received 135,912 49,493

Net assets sold -110,183 -61,540

Provisions in connection to sale 214 -906

Estimated additional purchase prices to receive 10,570

Additional purchase prices received 4,625 12,025

Provision for/Reversal of additional purchase prices -4,625 -3,377

Exchange differences 1,271

Capital gains/losses 25,943 7,536

Net assets divested 2009 2008

Assets


Property, plant and equipment 2,557 5,075

Available-for-sale financial assets 267

Deferred tax assets 1,062 2,022

Inventories 1,067

Tax receivables 2,050 1,562

Trade and other receivables 36,758 29,934

Cash and cash equivalents 39,399 10,196

Total assets 180,499 121,925

Liabilities

Minority -4,489

Borrowings 11,245

Deferred tax liabilities 2,235 193

Other provisions 1,250

Tax liabilities 2,688 38

Trade and other payables 65,393 52,148

Total liabilities 70,316 60,385

Cash flow from sale of subsidiaries 2009 2008

Cash received 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

note 40. Discontinued operations

Profit from discontinued operations 2009 2008

Revenue 97,104 208,497

Other operating income 4,203

Total operating income 97,104 212,700

Goods and services -20,148 -54,982

Personnel costs -56,183 -108,385

Depreciation, amortisation and impairment losses -90,817 -23,166

Other expenses -20,784 -39,210

Total operating expenses -187,932 -225,743

Operating profit -90,828 -13,043

Financial income 30 736

Financial expenses -304 -1,191

Net financial items -274 -455

Profit before tax and capital gain -91,102 -13,498

Capital gain from divestment of operations -20,051

Profit before tax -111,153 -13,498

Income tax expense 2,916 9,909

Profit from discontinued operations -108,237 -3,589

Cash flow from discontinued operations 2009 2008


Profit before tax -111,153 -13,498

Adjustment for items not included in cash flow, etc. 113,400 22,970

Income tax paid 559 6,361

Cash flow from changes in working capital -4,521 -6,998

Cash flow from operating activities -1,715 8,835


Sale of subsidiaries, net of cash 99,503

Investments in property, plant and equipment -761 -11,013

Sale of property, plant and equipment 35 170

Cash flow from investing activities 98,777 -10,843


New borrowings 375

Repayment of borrowings -441

Cash flow from financing activities -441 375

Cash flow for the year 96,621 -1,633

Capital gains/losses 2009 2008

Cash received minus sales expenses 111,057

Net assets sold -127,107

Provisions in connection with sale -4,001

Capital gains/losses -20,051 0

60

Net assets divested 2009 2008

Assets

Intangible assets 102,076

Property, plant and equipment 15,163

Deferred tax assets 359

Inventories 10

Trade and other receivables 49,325

Cash and cash equivalents 11,554

Total assets 178,487 0

Liabilities

Deferred tax liabilities 16,940

Tax liabilities 611

Trade and other payables 33,829

Total liabilities 51,380 0

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 0

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 Torgny Eriksson Henrik Joelsson Bo Jungner Chairman of the Board Board member Board member Board member

Birgitta Klasén Jonas Nyrén Carl Wilhelm Ros Johan WallBoard member Board member Board member Chief Executive Officer

note 41. events after the balance sheet dateIn 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.

note 40. Discontinued operations (continued)

61

We have audited the annual accounts, the consolidated accounts, the account-ing 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 inter-national 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 stand-ards 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 misstate-ment. 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 sig-nificant 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 consoli-dated 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

auDiT reporTTo the annual meeting of the shareholders of Bisnode Business Information Group AB, corporate identity number 556681-5725

provides a reasonable basis for our opin-ion set out below.

The annual accounts have been pre-pared 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 prin-ciples in Sweden. The consolidated ac-counts 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.

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

Bertil JohansonAuthorised Public Accountant

62

Filippabylander

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.

birgittaklaSén

Board memberMSc 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.

boJungner

Board memberMSc 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.

Carl WilhelMroS

Board memberMSc 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.

håkanraMSin

chairman of the BoardBA 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.

BoarD of DirecTors anD auDiTors

henrikJoelSSon

Board memberMSc 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.

toMMyhåkanSSon

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 memberBA 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.

JonaSnyrén

Board memberMSc 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.

auditorSÖhrlingS priCeWaterhouSeCooperS ab

Bertil Johanson, Authorised Public Accountant, born in 1949.

63

Fredrik åkerMan

cFo and Business area director Software and applicationsemployed 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. Stud-ies in Statistics and Economics at Lund University. Employed since 2009 in current position.

Previous positions and experience: Management consultant and partner at Occam Associ-ates. Consulting positions at McKinsey & Company and A.T. Kearney.

norbert VerkiMpe

regional director BeneFra and competence centre director Marketing SolutionsMSc 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.

Martin CouFal

regional director central europeBSc 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 SolutionsPhD 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.

alaStair laidlaW

competence centre director credit SolutionsBSc in Business Administration, University in Greater Manchester. Employed since 1988, in current position since 2009.Previous positions and experience: Several senior management po-

sitions within Bisnode Group such as BU Controller Credit and Business information. Financial positions within W S Atkins plc.

MatS erWald

regional director nordicBSc 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.

peter Villa

regional director dacH and Business area director Product InformationBA 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.

execuTive ManaGeMenT TeaM

JohanWall

President and ceoMSc 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.

elinlJung

corporate communications directorBSc in Engineering Electronics with a major in Media Communica-tions 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.

64

d&B norwaywww.dnb.com/[email protected]

d&B Polandwww.dnb.com/[email protected]

d&B Swedenwww.dnb.com/[email protected]

d&B [email protected]

[email protected]

european [email protected]

[email protected]

HBI czech [email protected]

HBI [email protected]

HBI company [email protected]

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

aBc [email protected]



aBc the [email protected]


Bisnode [email protected]

[email protected]

Business [email protected]

[email protected]

[email protected]

[email protected]

directinetwww.directinet.fr [email protected]

direktMedia [email protected]




d&B czech republicwww.dnb.com/[email protected]

d&B denmarkwww.dnb.com/[email protected]

d&B Finlandwww.dnb.com/[email protected]


d&B Hungarywww.dnb.com/[email protected]

65

Hoppenstedt [email protected]




[email protected]

[email protected]

Infodata [email protected]

[email protected]

Kompass [email protected]






[email protected]

newsline [email protected]

one Holdingwww.onesoftware.no [email protected]

[email protected]

[email protected]

[email protected]

Soliditet [email protected]



Specton Business [email protected]

Svensk Handelstidning [email protected]

Svenska [email protected]

WdM [email protected]



Baby dM Scandinaviawww.bdms.se [email protected]

SURWirtschaftsauskunftei [email protected]

WLW [email protected]


WLW czech [email protected]


WLW Switzerlandwww.wlw.ch [email protected]

DefiniTionsAverage 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 depre-ciation, 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 round-ing 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 Zajcart direction: Ottoboni

Layout: Komodo design&produktionPhoto: Sune Fridell and Aleš Benocopy: Grayling & Citigate Norden

Printing: TrycksakSpecialisten

12%OpErATiNG prOfiT MArGiN, EBiTA

BisNODE hAs OpErATiONs iN 18 EurOpEAN COuNTriEs, wiTh iTs hEAD OffiCE iN sTOCkhOlM, swEDEN

you findus here

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 serv-ices 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

kEY fiGurEs 2009 2008ReveNUe (SeK M) 4,741 4,325ToTAl opeRATING INCoMe (SeK M) 4,829 4,430ReveNUe GRowTh (%) 9.6 18.1opeRATING pRoFIT, eBITDA (SeK M) 728 679opeRATING pRoFIT, eBITA (SeK M) 593 533opeRATING MARGIN, eBITA (%) 12.3 12.0AveRAGe NUMBeR oF eMployeeS 3,167 2,940NUMBeR oF eMployeeS AT 31 DeC 3,095 3,189

REVENUE OPERATING PROFIT, EBITA

2005 2006 2007

SEK M

0

1,000

2,000

3,000

4,000

5,000

0

150

300

450

600

750

2008 2009

IS TO HELP OUR CUSTOMERS

MINIMISE BUSINESS RISKSAND

MAXIMISE SALES,

BUSINESS DECISIONSBETTER

BISNODE’S MISSION

MAKE

Bisno

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nnual Rep

ort 2009

Mailing address: Bisnode, S168, SE-105 99 Stockholm, SwedenVisiting address: Sveavägen 168, Stockholm, SwedenOffice: +46 8 558 059 00Fax: +46 8 558 059 95E-mail: [email protected]: www.bisnode.com

Bisnode Business Information Group AB

AnnuAl REpORt

03 This is BisNODE

04 2009 iN BriEf

07 COMMENTs BY ThE CEO

08 VisiON, MissiON AND sTrATEGY

10 ThE BusiNEss iNfOrMATiON MArkET

11 COrE OffEriNG

12 MArkETiNG sOluTiONs

14 CrEDiT sOluTiONs

16 BusiNEss iNfOrMATiON sOluTiONs

18 rEGiONs AND BusiNEss ArEAs

22 OrGANisATiON AND huMAN rEsOurCEs

24 COrpOrATE GOVErNANCE

25 fiNANCiAl iNfOrMATiON

26 DirECTOrs’ rEpOrT

36 ACCOuNTiNG pOliCiEs AND NOTEs

61 AuDiT rEpOrT

62 BOArD Of DirECTOrs AND AuDiTOrs

63 ExECuTiVE MANAGEMENT TEAM

64 suBsiDiAriEs

66 DEfiNiTiONs

Documents

Bisnode Annual Report 2009