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Interim report January – March 2009
Hans Gieskes, CEO and Erik Forsberg, CFO
May 6, 2009
Highlights January – March 2009
Negatives
Recession increasingly impacting all markets - poor organic growth
Positives
All unprofitable Monitor/Analysis businesses in the Nordics divested during
the quarter
Increasing share of US clients on CisionPoint – high customer satisfaction
Financials
Syndicated loan agreement renegotiated – improved covenant terms,
reduced facility limit
2
The RegionsNorth America
Organic growth -9% (2) January-March
CisionPoint sales continue to increase in the US – approx 35 % of clients on CisionPoint
Principal impact of recession on transaction-based monitoring services
Significant cost reductions implemented in last 6 months
Rest of EuropeOrganic growth -12 % (-16) January-March
UK and Germany significantly affected by weaker economy
CisionPoint launch and new cost reduction programs to mitigate effects
Portugal continues positive development from 2008 – high growth and strong margins
Nordic and BalticsOrganic growth -7 % (-1) January-March
Very poor performance for Monitor and Analysis in Norway, Sweden and Denmark –
businesses divested as of 1 February (Denmark) and 31 March (Sweden, Norway)
Finland and Lithuania Monitor and Analysis had organic growth and good margins
Nordic Plan and Connect had negative growth, but still good margins
3
Cision Group, January – March 2009
Amounts in SEK million Jan – March
Revenue 460 (443)
Organic growth -8 % (-4)
EBIT 9 (31)
EBIT excluding restructuring charges 18 (37)
EBIT margin excluding restructuring expenses 3.9% (8.4)
Notes
- Restructuring expenses of SEK 9 million during the period (7)
- Positive currency impact on EBIT of SEK 9 million
4
Organic Growth & Operating Margin* (rolling 12 months)
-8%
-6%
-4%
-2%
0%
2%
4%
20
05
Q1
20
05
Q3
20
06
Q1
20
06
Q3
20
07
Q1
20
07
Q3
20
08
Q1
20
08
Q3
20
09
Q1
Gro
wth
5%
7%
9%
11%
13%
15%
Ma
rgin
Organic growth Operating margin
* Excluding goodwill impairment, restructuring expenses and costs for the April 2008 bid process
5
Operating Cash Flow and EBIT * (rolling 12 months)
0
50
100
150
200
250
300
20
05
Q1
20
05
Q2
20
05
Q3
20
05
Q4
20
06
Q1
20
06
Q2
20
06
Q3
20
06
Q4
20
07
Q1
20
07
Q2
20
07
Q3
20
07
Q4
20
08
Q1
20
08
Q2
20
08
Q3
20
08
Q4
20
09
Q1
OC
F
0
50
100
150
200
250
300
EB
IT
Operating Cash Flow * EBIT *
Amounts in SEK million
* Excluding goodwill impairment, restructuring expenses and costs for the April 2008 bid process
6
Regional Operating Performance
SegmentOperating Profit,
MSEK
Operating Margin,
%
Jan-March 2009
Jan-March2009
North America 42 (44) 18.7% (23.0)
Rest of Europe -7 (3) -6.3% (2.7)
Nordic and Baltic -10 (2) -8.9% (1.2)
Notes
- Operating Profit and Margin excluding restructuring expenses
7
Financial Position
Balance Sheet per 31 March 2009 (MSEK)Goodwill 1 904 Equity 1 112
Other Fixed Assets 295 Long Term Liabilities 1 089
Current Assets 556 Current Liabilities 555
TOTAL ASSETS 2 756 TOTAL EQUITY AND LIABILITIES 2 756
31 March 2009 31 March 2009
Equity / Assets Ratio 40% 47%
Net Debt / Equity Ratio 67% 55%
Net Debt (MSEK) 745 665
Working Capital (MSEK) -139 -87
Balance Sheet Key Ratios
Cash-Flow (MSEK)
Jan-March 2009 Jan-March 2008
Operating Cash-Flow 27 18
Free Cash-Flow -8 -18
8
2009 Agenda Remains Focused on Execution Improvement and Business Portfolio Management
1. Divestment of money losing monitor & analysis businesses in
Sweden, Norway and Denmark show significant impact on margins,
focus and transformation agenda
2. Impact of recession further confirms Cision’s transformation
agenda, and adds more urgency to its execution
3. With 20 % less employees than six months ago, Cision is a much
leaner company with many opportunities ahead of itself
4. Continue the successful roll-out of CisionPoint
9