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1 • YEAR END REPORT JANUARY – DECEMBER 2014
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Year-end report
JAN–DEC 2014
OCTOBER – DECEMBER• TotalrevenueamountedtoSEK954million(951).• Organicrevenuegrowthwas1.6percent(0.6).• Operatingprofit(EBITA)wasSEK116million(149).• Operatingmargin(EBITA)was12.2percent(15.7).• Operatingprofit(EBITA)excludingcapitalgainsandlossesandnon-recurringitemswas
SEK139million(158).-Non-recurringrestructuringcostsinthequarteramountedtoSEK23million(10).-CapitalgainsfortheperiodtotalledSEK0million(1).
• CashflowfromoperatingactivitieswasSEK121million(156).• Earnings/losspershare(basicanddiluted)amountedtoSEK-0.2(-1.8).• On10October2014Bisnodeacquiredtheremainingminorityinterest(9.9percent)in
NorwegianBisnodeMatchITAS.
JANUARY – DECEMBER • TotalrevenueamountedtoSEK3,502million(3,540).• Organicrevenuegrowthwas-0.2percent(-0.3).• Operatingprofit(EBITA)wasSEK298million(344).• Operatingmargin(EBITA)was8.5percent(9.7).• Operatingprofit(EBITA)excludingcapitalgainsandlossesandnon-recurringitems
wasSEK345million(446).-Non-recurringrestructuringcostsamountedtoSEK53million(96).-CapitalgainsfortheperiodtotalledSEK6million(-7).
• CashflowfromoperatingactivitieswasSEK239million(364).• Earnings/losspershare(basicanddiluted)amountedtoSEK-1.2(-2.2).
EVENTS AFTER THE BALANCE SHEET DATE• On12January2015Bisnodedivesteditsnon-coreFrenchoperationtoColignyCapital.
ThesaleisinlinewithBisnode’sstrategytofocusonmarketswherealeadingpositionbasedoncomprehensivetotalofferingscanbeachieved.Inthisyear-endreportFranceisaccountedforasdiscontinuedoperations.Thedivestmentwillnothaveanyearningsimpactin2015.
• On2February2015BisnodesolditsSwissnon-coreoperationCredita,whichisspe-cializedindebtcollection.ThesaleofCreditaispartofBisnode’sefforttostreamlineitsbusiness.Thedivestmentwillnothaveanysignificantearningsimpactin2015.
• AndersBergwasappointedGroupCFOandstartedon12January2015.
KEY RATIOS2014 2013 2014 2013
SEK millions Oct–Dec Oct–Dec Jan–Dec Jan–Dec
Revenue 954 951 3,502 3,540
Revenue growth, % 0.4 0.0 -1.1 0.0
Organic revenue growth, % 1.6 0.6 -0.2 -0.3
Operating profit (EBITA) 116 149 298 344
Operating (EBITA), % 12.2 15.7 8.5 9.7
Operating profit (EBITA) excl. cap. gains and non recurring items
139 158 345 446
Operating margin (EBITA) excl. cap. gains and non recurring items, %
14.5 16.6 9.9 12.6
Cash flow from operating activities 121 156 239 364
“In Q4 2014 Bisnode grew in all major markets except for Sweden. Bisnode’s management now has its main focus on the Swedish business, with the ambition of taking further steps to ensure profitable growth in all markets”
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2 • YEAR END REPORT JANUARY – DECEMBER 2014
“There is a growing demand for services and solutions that can help companies to gain actionable insights out of data, and Bisnode of today is well positioned to help existing and new customers achieve that.”
WearecontinuingtodevelopBisnode,decisivelyandwithahightempoanddetermination.On22Septemberwelaunchedthenextstageofaplanthatisaimedatacceleratingthetransfor-mationofBisnodeintoastrategicsupplierofdecisionsupportproductsandservicestonewandexistingcustomers.
Thetransformationfromasilo-basedsetuptoa“One-Bisnode”structurehasbeenongoingatahighpacesince2012.Thereisstillmuchmoretodobutwecanclearlyseethatthestrategy,aimedathelpingcustomerstomake“SmarterDecisions”,isstartingtopayoff.Bylookingintoourpipelineofpotentialnewdeals,itisclearthatcustomersareinterestedininvestinginournewvalue-addedsolutions–solutionsthatwerenotpossibletocreateintheoldstructure.
WehavealsonotedthatBisnodeisattractingreallyoutstandingindividualswhowanttojoinourambitiousjourney.InQ42014Anne-MarieAndrictookupdutiesasthenewCHROfortheGroupandAnneÅrnebycameonboardasthenewCMOfortheGroup.OurnewCFO,AndersBerg,startedinJanuary2015.WiththesenewrecruitmentswehaveassembledaseniorGroupManagementTeamthatisreadytofurtherboostthespeedandlevelofambitioninourtransformation.
Bisnodeimproveditsunderlyingbusinessduring2014,withorganicrevenuegrowthinQ4.Thatisafactthathasbeenhiddenbythreeunderestimatedeffectsofthetransformation;1.Germanypreviouslyimplementedacommissionmodelthatwasoverlyfocusedonlong-termcontracts.ThismodelwasrevisedinAu-gustwithbettermixofcontractduration,andstartinginSeptemberGermanyshowedgrowththroughouttheyear.2.SwedentookaconscioushitonrevenueinQ4duetoashiftinthego-to-marketstrategy,movingawayfromproductbasedsalestosegmentbased.Thisshiftisessentialforasustainablelong-termgrowth.3.WorkrelatedtotheturnaroundinFrancetooklongerthanweanticipated.However,on12January2015BisnodeannouncedthedivestmentofFrance,whichmeansthatitwillnotbeincludedinBisnode’sreportingin2015.
2014wasasuccessfulyearforBisnodeNorway.Withastate-of-the-artoffering,wecanprovideourNorwegiancustomerswithcompetitivesolutions.InQ42014Norwaygrewby4.8percent.Norwaywillfinaliseits“One-Bisnode”structureinQ12015.
FinlandisontherighttrackandhascontinuedtogainmarketshareinCreditSolutionsbutisstillstrugglingwithinMarketingSolutionsduetostructuralmarketchanges.WehavethebroadestofferingontheFinnishmarketandexpectthisadvantagetocontinuetopayoffgoingforward.Profitclosetodoubledin2014comparedto2013.
TheacquisitionandintegrationofDebitorRegistretwerewellmanagedandDenmarkisonagrowthtrajectory.Weareseeingarisingtrendinbothrevenueandprofit,withorganicgrowthof7.9percentin2014.
OurcountriesintheCentralEuropeanRegionhaveshowncon-tinuedpositivedevelopment.Weareclimbinginthevaluechainandareconstantlydeliveringnewandmoreadvancedsolutions.
ForDACH,2014wastougherthanweanticipatedatthebegin-ningoftheyear,especiallyforGermany.Bytakingdecisiveaction,wewereabletoaddressthechallengesandleft2014inbettershapethanwebeganit.WehavemadesubstantialchangesinGer-manyandthesehavenowbeenfullyimplemented,whichgivesusgreatercomfortforthesituationgoingforward.BothrevenueandoperatingprofitgrewinQ42014comparedtoQ42013,withorganicgrowthof3.0percentforthequarter.
InQ42014BisnodegrewinallmajormarketsexceptforSweden.Bisnode’smanagementnowhasitsmainfocusontheSwedishbusiness,withtheambitionoftakingfurtherstepstoensureprofi-tablegrowthinallmarkets.
COMMENTS FROM THE CEO
CONTENTBusiness overview _______________________________________ 3
Financial information _____________________________________ 7
Definitions _____________________________________________ 15
Accounting policies _____________________________________ 16
About Bisnode _________________________________________ 17
Contact _______________________________________________ 17
FINANCIAL CALENDARInterim report January – March 2015 May 2015
Interim report January – June 2015 August 2015
Interim report January – September 2015 November 2015
Year-end report 2015 February 2016
LARS PETTERSSON, CEO
3 • YEAR END REPORT JANUARY – DECEMBER 2014
BUSINESS OVERVIEWBisnodeiscontinuingthepathtore-establishorganicrevenuegrowthbydevelopingitsproductsandservicesandstrengtheningitsmarketingandsalescapabilitiesinkeymarkets,inordertotakefulladvantageoftheGroup’spositionandresources.In2014BisnodecarriedoutfurthercentralisationofITandProductDevelopmentandimplementedanewgo-tomarketstrategyintheSwedishoperations.TheregionalstructureintheNordicshasbeendisbandedandSweden,Norway,DenmarkandFinlandnowreportdirectlytotheGroupCEO.
Theorganicgrowthratefor2014was-0.2percent(-0.3).ThevastmajorityofBisnode’smarketsarereportingpositivegrowth.TheGroup’stotalgrowthisoffsetbytheperformanceofthetwolargestmarkets,SwedenandGermany,withGermanyshowingpositivegrowthfromSeptemberthroughDecember.InthefourthquarterrevenuedevelopmentintheGroupwaspositivewithorganicreve-nuegrowthof1.6percent(0.6).
Bisnode’soperatingexpensesfor2014areinlinewith2013.Savingsfromconso-lidationintofewerentitiesandlocationsinthelargercountrieshavebeencoun-terweighedbyadditionalcostsfortheramp-upofmarketingandsalescapabilities.ThereinforcementofproductdevelopmentandIT,whichisnecessarytodrivefuturerevenuegrowth,willincreaseoperatingexpensesgoingforward,sincetheseinvestmentsarenotfullycompensatedbyfurthercostsavings.
Asaresultoflowerrevenueandhigherdatacosts,theEBITAmarginincludingnon-recurringitemsandcapitalgains/lossesdecreasedto8.5percent(9.7)withaQ42014EBITAmarginof12.2percent(15.7).Non-recurringitems,mainlycon-nectedtotheOneBisnodetransformation,amountedtoSEK53million(96)for2014.
BisnodehasstrengtheneditsfocusonproductdevelopmentanddevelopmentofcommonITplatformsduring2014,whichhasledtohighercapitalexpenditurethaninthepastfewyears.Thishigherlevelofcapitalexpenditurecorrespondstoapproximately4.5percentofrevenue.TheseinvestmentswillallowBisnodetooffernewandimprovedproductsandservicestoourcustomersincoremarketsinthecomingyears.
EXTERNAL REVENUE BY AREAJanuary – December 2014
EXTERNAL REVENUE BY MARKET SEGMENT January – December 2014
DACH26%
CENTRAL EUROPE
9%SWEDEN35%
NORWAY13%
FINLAND5%
DENMARK4%
OTHER MARKETS
8%
MARKETINGSOLUTIONS
26%
BUSINESSINFORMATIONSOLUTIONS
22%
CREDIT SOLUTIONS
52%
4 • YEAR END REPORT JANUARY – DECEMBER 2014
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SwedenisthesinglelargestmarketforBisnode,accountingfor35percentoftotalrevenue.For2014,BisnodeSwedenshowednegativeorganicgrowthof-4.3percent(-2.7).Theshortfallinrevenueisattributabletochallengingmarketcon-ditionsintheMarketingSolutionsareaandinthelowendoftheCreditSolutionssegment.OrganicgrowthforQ42014isolatedwas-7.8percent(-1.0),duetodropinrevenueduringtheimplementationphaseofanewcustomercentricgo-to-marketstrategyintheSwedishsalesforce.
BisnodeSweden’sunderlyingEBITAfor2014wasSEK132million(232)withanunderlyingEBITAmarginof10percent(17).Inadditiontothechangesinorganicrevenue,increaseddirectcostsfordatahadanegativeimpactonEBITA.ForQ42014theunderlyingEBITAwasSEK38million(99).
Norwayaccountsfor13percentofBisnode’stotalrevenueandshowedastrongoverallperformanceduringtheyear.BisnodeNorwayreportedorganicgrowthof2.6percent(-0.7)for2014,withorganicgrowththefourthquarterof4.8percent(-1.4).
Norwayimprovedprofitabilityasaresultofthediscontinuationoflowmarginbusinessandstrongperformanceingrowingsegments,togetherwithreducedcostsfordataacquisitionduetochangesinmarketregulations.UnderlyingEBITAfor2014wasSEK101million(81)withanaboveexpectationsprofitmarginof23percent(18).ForQ42014underlyingEBITAwasSEK27million(23)withaprofitmarginof23percent(20).
Finlandaccountsfor5percentoftheBisnodeGroup’srevenuefor2014.IncludedintheFinnishfiguresarealsoBisnode’soperationsinEstonia.Orga-nicgrowthforBisnodeFinlandwas-2.5percent(-3.4)for2014.ThegrowthinCreditSolutionsandIntegratedBusinessSolutionswasoffsetbyadeclineinMarketingSolutionsduetoachallengingbusinessenvironment.OrganicgrowthforQ42014isolatedwas-1.3percent(-3.7).
Totalrevenuefor2014wasSEK203million(200)andthroughcostreductionstheunderlyingEBITAfor2014improvedtoSEK20million(11).TheEBITAmarginincreasedto10percent(5).
Denmarkrepresents4percentofBisnode’srevenueandtheDanishbusinessgreworganicallyby7.9percent(5.1).Totalrevenuesfor2014amountedtoSEK154million(118),withlastquarterrevenuesofSEK40million(33).ThisstronggrowthwasfurtherreinforcedbytheacquisitionofDebitorRegistretA/S.RevenuegrowthandrealisedsynergiesfrommergingentitiesincreasedBisnodeDenmark’sprofitabilityfortheyear.UnderlyingEBITAfor2014rosetoSEK27million(12),withtheprofitmarginincreasingto17percent(10).
SWEDEN
NORWAY
FINLAND
DENMARK
More graphs on next page.
5 • YEAR END REPORT JANUARY – DECEMBER 2014
Central Europecontinuedtoshowstronggrowthduring2014andthepropor-tionoftheGroup’srevenueamountedto9percent.TotalrevenueincreasedbySEK59milliontoSEK316million(257)andorganicgrowthwas18.2percent(14.0).Allcountriesintheregionreportedpositiveorganicgrowth.Organicgrowthfor2014wasimpactedbyaone-timeeffectfromarevenuerecognitionadjustmentmadeinDecember2013.Adjustedforthisone-timeeffectorganicgrowthfor2014was7.1percent.InordertobetterutiliseresourcesandrealiseefficienciesarisingfromOneBisnode,thecountriesintheregion,withtheexcep-tionofPolandandHungary,havebeenorganisedintomarketclusters.Underly-ingEBITAin2014improvedtoSEK44million(17)withaprofitmarginof14percent(7).
DACHreportedtotalrevenuefor2014ofSEK914million(880),whichaccountsfor26percentoftotalgrouprevenue.DACHshowednegativeorganicgrowthof-1.7percent(0.4)for2014,adecreasemainlyattributabletoGermany.OnereasonforthedeclineinGermanyisthefocusonmulti-yearcontracts,attheexpenseofshort-termcontractswithimmediaterevenueimpact.Duringthesecondhalfof2014Germanyrecuperated,showingpositiveorganicgrowthinQ42014of3.0percent(-2.4).
AlthoughQ42014showedanimprovedoperatingprofitofSEK53million(47)forDACH,theunderlyingEBITAfor2014felltoSEK40million(85).Thedeclineinoperatingprofitwasduetotheshortfallinrevenuetogetherwithanincreaseindatainformationcosts.EBITAmarginforthefullyear2014was4percent(10).TheothertwocountriesintheregionareSwitzerlandandAustria,whichshowedincreasedrevenuescomparedto2013.
Other Markets consistssolelyofMarketingSolutionscompanies.Belgium,accountingfor8percentofBisnode’srevenue,turnedtoapositiveorganicgrowthof0.7percent(-1.5)during2014andincreasedtotalrevenuetoSEK278million(262).Belgiumhasupheldaprofitmarginof12percent(11).
ThedivestmentofFrancewasclosedon12January2015andthereforetheFrenchoperationsarenolongerincludedinOtherMarketsbutpresentedasdiscontinuedoperations.Comparisonfiguresrestatedaccordingly.
BisnodeNederlandB.V.wasdivestedon16July2014,resultinginacapitallossofSEK0.5million.
Central FunctionsincludecostsfortheGroup’scorporateresourcessuchasmanagement,accountingandfinance,legal,securityandcorporatecommunica-tions.CostsforbothQ42014and2014werehigherthaninthesameperiodoflastyear,mainlyduetohighercostsreflectingthestrengtheningofBisnode’scorporatefunctions.
CENTRAL EUROPE
DACH
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6 • YEAR END REPORT JANUARY – DECEMBER 2014
AREAS OCT–DEC
Revenue Operating profit (EBITA) Operating profit (EBITA) %2014 2013 2014 2013 2014 2013
SEK millions Oct–Dec Oct–Dec Oct–Dec Oct–Dec Oct–Dec Oct–Dec
Sweden 328 378 16 98 4.9 25.9
Norway 116 112 27 25 23.2 22.5
Finland 52 52 5 0 9.6 0.8
Denmark 40 33 8 5 20.2 15.8
Central Europe 87 55 14 -11 16.5 -20.1
DACH 274 253 53 37 19.2 14.7
Other markets 76 72 11 11 14.1 15.8
Central functions 0 14 -18 -17 n/a n/a
Internal eliminations -20 -18 0 0 n/a n/a
Total 954 951 116 149 12.2 15.7
AREAS JAN–DEC
Revenue Operating profit (EBITA) Operating profit (EBITA) %2014 2013 2014 2013 2014 2013
SEK millions Jan–Dec Jan–Dec Jan–Dec Jan–Dec Jan–Dec Jan–Dec
Sweden 1,255 1,393 98 167 7.8 12.0
Norway 442 456 101 81 22.8 17.8
Finland 203 200 20 11 9.9 5.5
Denmark 154 118 22 12 14.4 10.0
Central Europe 316 257 44 16 13.8 6.1
DACH 914 880 36 60 3.9 6.8
Other markets 278 262 33 28 12.0 10.8
Central functions 21 45 -57 -32 n/a n/a
Internal eliminations -81 -71 0 0 n/a n/a
Total 3,502 3,540 298 344 8.5 9.7
7 • YEAR END REPORT JANUARY – DECEMBER 2014
OCTOBER–DECEMBER
REVENUE AND PROFIT • RevenuefortheperiodfromOctobertoDecember
increasedby0.4percenttoSEK954million(951).Operatingprofit(EBITA)wasSEK116million(149),correspondingtoanoperatingmarginof14.5percent(16.6).
• Operatingprofit(EBIT)wasSEK108million(136).Amortisationandimpairmentofexcessvaluesattri-butabletobusinesscombinationsduringthequarteramountedtoSEK-9million(-14).
• NetfinancialitemsforthequarteramountedtoSEK-81million(-74),ofwhichSEK-28million(-24)canbeattributedtofluctuationsinforeignexchangeratesonloansdenominatedinEURandNOK,whileincometaxexpenseforthequarterwasSEK-11million(-32).
• Profit/lossforthequarterwasSEK-29million(-218).• Discontinuedoperations,relatedtoBisnode’soperation
inFrance,amountedtoSEK-45million(-248)forthefourthquarterincludingimpairments.
CASH FLOW AND CAPITAL EXPENDITURES• Cashflowfromoperatingactivitiesfortheperiodwas
SEK121million(156).Theperiod’scapitalexpen-ditureonnon-currentassetstotalledSEK47million(70),andincludedinvestmentsofSEK40million(47)inintangibleassetsandSEK7million(23)inproperty,plantandequipment.
• Theacquisitionofnon-controllinginterestsisrelatedtoMatchIT(9.9percent).
• CashflowfromdiscontinuedoperationstotalledSEK-1million(6)forthequarter.
INFORMATION ABOUT THE PARENT COMPANYTheParentCompany,BisnodeBusinessInformationGroupAB,reportedanoperatinglossofSEK-1million(1)duringthequarter.ThelossafterfinancialitemswasSEK-32mil-lion(-313).Theshareholderloanswereconvertedduringthequarter,increasingequitybySEK1.5billion.TheParentCompanymadenosignificantinvestmentsduringtheperiod.
JANUARY–DECEMBER
REVENUE AND PROFIT • RevenuefortheperiodfromJanuarytoDecember
fellby-1.1percenttoSEK3,502million(3,540).Operatingprofit(EBITA)wasSEK298million(344),correspondingtoanoperatingmarginof9.9percent(12.6).
• Operatingprofit(EBIT)wasSEK244million(290).Amortisationandimpairmentofexcessvaluesattri-butabletobusinesscombinationsduringtheperiodamountedtoSEK-54million(-54).
• NetfinancialitemsfortheperiodamountedtoSEK-280million(-262),ofwhichSEK-52million(-45)canbeattributedtofluctuationsinforeignexchangeratesonloansdenominatedinEURandNOK,whileincometaxexpensefortheperiodwasSEK-26million(-32).
• Profit/lossfortheperiodwasSEK-145million(-266).• Discontinuedoperations,relatedtoBisnode’sopera-
tioninFrance,amountedtoSEK-83million(-262)fortheperiodincludingimpairments.
CASH FLOW AND CAPITAL EXPENDITURES• Cashflowfromoperatingactivitiesfortheperiodwas
SEK239million(364).Theperiod’scapitalexpen-ditureonnon-currentassetstotalledSEK158million(122),andincludedinvestmentsofSEK117million(77)inintangibleassetsandSEK41million(44)inproperty,plantandequipment.
• TheacquisitionanddivestitureofsubsidiarieshadapositivecasheffectofSEK35million(24),mainlyrelatedtothesaleofLundalogikABandtheacquisi-tionofDebitorRegistretA/S.
• Theacquisitionofnon-controllinginterestsisrelatedtoVendemoreNordicAB(49percent),InfoDirektA/S(49percent)andMatchIT(9.9percent).
• CashflowfromdiscontinuedoperationstotalledSEK-42million(5)fortheyear.
FINANCIAL POSITIONAcomparisonwith31December2013showsthatconsoli-datednetdebtincreasedbySEK209milliontoSEK2,083million,whilecashandcashequivalentsincreasedbySEK19milliontoSEK248million.Inaddition,theGrouphasanoverdraftfacilityofSEK100millionandcreditfacilitiesofSEK400millionofwhichSEK125millionhadbeenutilisedonthebalancesheetdate.
FINANCIAL INFORMATION
8 • YEAR END REPORT JANUARY – DECEMBER 2014
ACQUISITIONS, DIVESTMENTS, MERGERS AND DISCONTI-NUED OPERATIONS DURING JANUARY – DECEMBER 2014• InJanuaryBisnodesoldLundalogikAB(including
LundalogikOyandLundalogikA/S),companiesactiveintheCRMsector,resultinginacapitalgainofSEK6million.
• InFebruaryBisnodeacquired75percentofDebitorRegistretA/SinDenmark,whichofferscreditin-formationaboutconsumers.ThecompanyhasnineemployeesandannualrevenueofapproximatelyDKK25million.
• InFebruaryBisnodeacquiredtheoutstandingmino-rityholdingof49percentinInfoDirektA/S.
• InMarchBisnodeacquiredGrufmanRejeMana-gementAB,whichoffersexpertiseinanalysisandcommunicationtohelpcompaniesdevelopintermsofgrowthandcompetitiveness.ThecompanyhasfiveemployeesandannualrevenueofSEK6million.
• InMarchBisnodeacquiredtheoutstandingminorityholdingof49percentinVendemoreNordicAB.
• InJulyBisnodesoldBisnodeNederlandBVresultinginacapitallossofSEK0.5million.
• InOctoberBisnodeacquiredremainingminorityinte-rest(9.9percent)inNorwegianBisnodeMatchITAS.
• Francewasdivestedon12January2015andwasaccountedforasdiscontinuedoperationsat31December2014.
EMPLOYEES• Thenumberofemployeesat31December2014was
2,442(2,544),excludingemployeesindiscontinuedoperations.Theeffectofcompletedacquisitionswasanadditional14employees;nineforDebitorRegistretandfiveforGrufman.ThedivestmentofLundalogikledtoadecreaseof102employees.BisnodeNederlandaffectedFTEsthroughadecreaseof30employees.
• DuetothetransformationtoOneBisnode,thelevelofFTEshasdecreased.
• Theaveragenumberofemployeesduringtheyearwas2,478(2,673).
INFORMATION ABOUT THE PARENT COMPANYTheParentCompanyBisnodeBusinessInformationGroupABreportedanoperatinglossofSEK-12million(-8)duringtheperiod.ThelossafterfinancialitemswasSEK-155million(-313).Theshareholderloanswereconvertedduringthequarter,increasingequitybySEK1.5billion.TheParentCompanymadenosignificantinvestmentsduringtheperiod.
RISKS AND UNCERTAINTIESAllbusinessoperationsinvolverisks.Bisnodeworksconti-nuouslytoidentify,measureandmanagetheserisks.Bisnodeisexposedtothreemaincategoriesofrisk:external-relatedrisks,operationalrisksandfinancialrisks.
AdetaileddescriptionofBisnode’ssignificantrisksandun-certaintiesisprovidedintheannualreportfor2013undertheheading“Risksanduncertainties”.Bisnode’sfinancialriskmanagementisdescribedindetailinNote3,“Finan-cialriskmanagement”.Nosignificantchangeshavearisenafterthepublicationoftheannualreport.
9 • YEAR END REPORT JANUARY – DECEMBER 2014
CONSOLIDATED INCOME STATEMENT
2014 2013 2014 2013SEK millions Oct–Dec Oct–Dec Jan–Dec Jan–Dec
Revenue 954 951 3,502 3,540
Own work capitalised 31 31 55 30
Other operating income -5 -7 17 13
Total operating income 980 975 3,574 3,583
Goods and services -218 -222 -839 -806
Personnel costs -451 -432 -1,701 -1,705
Depreciation, amortisation and impairment losses -37 -42 -169 -164
Other expenses -166 -143 -621 -618
Total operating expenses -873 -839 -3,330 -3,293
Operating profit (EBIT) 108 136 244 290
Financial income 1 3 2 5
Financial expenses -54 -53 -230 -222
Net foreign exchange gains/losses on financial activities -28 -24 -52 -45
Net financial items -81 -74 -280 -262
Profit before tax 27 63 -36 28
Income tax expense -11 -32 -26 -32
Result from discontinued operations -45 -248 -83 -262
Profit for the period -29 -218 -145 -266
Attributable to:
Equity holders of the parent -28 -219 -145 -268
Non-controlling interest -1 1 0 2
Derivation of operating profit – EBITA
Operating profit (EBIT) 108 136 244 290
Amortisation/impairment of surplus values attributable to acquisitions
9 14 54 54
Operating profit – EBITA 116 149 298 344
10 • YEAR END REPORT JANUARY – DECEMBER 2014
STATEMENT OF COMPREHENSIVE INCOME
2014 2013 2014 2013SEK millions Oct–Dec Oct–Dec Jan–Dec Jan–Dec
Profit/loss for the period -29 -218 -145 -266
Items that will not be reclassified to income for the period:
Remeasurement of provisions for post-employment benefits 0 26 0 26
Tax attributable to items that will not be reclassified 0 -6 0 -6
Subtotal 0 20 0 20
Items that may be reclassified subsequently to income for the period:
Actuarial gains and losses -40 0 -84 0
Cash flow hedges -12 -2 -12 11
Cash flow hedges, transferred to the income statement 0 0 0 3
Translation differences 53 56 131 39
Tax attributable to items in other comprehensive income 13 0 24 -3
Subtotal 13 55 59 50
Total other comprehensive income 13 75 59 70
Total comprehensive income for the period -16 -144 -86 -197
Attributable to:
Equity holders of the parent -16 -145 -86 -197
Non-controlling interest 0 1 0 0
11 • YEAR END REPORT JANUARY – DECEMBER 2014
CONSOLIDATED BALANCE SHEET
Restated
SEK millions 31/12/2014 31/12/2013
ASSETS
Non-current assets
Goodwill 3,923 3,837
Other intangible assets 428 469
Property, plant and equipment 148 152
Other non-current assets 148 99 1
Total non-current assets 4,647 4,557
Current assets
Inventories 0 0
Other current assets 717 769
Cash and cash equivalents 248 229
Assets held for sale 99 0
Total current assets 1,065 998
TOTAL ASSETS 5,712 5,555
EQUITY
Equity attributable to equity holders of the parent 1,881 544 1
Non-controlling interests 0 20
Total equity 1,882 564
LIABILITIES
Non-current liabilities
Borrowings 1,627 3,143
Other non-current liabilities 543 415
Total non-current liabilities 2,170 3,558
Current liabilities
Borrowings 276 151
Derivative financial instruments 23 30
Other current liabilities 1,261 1, 252 1
Liabilities attributed to assets held for sale 99 0
Total current liabilities 1,660 1,433
Total liabilities 3,830 4,991
TOTAL EQUITY AND LIABILITIES 5,712 5,555
1) Bisnode has restated amounts for 2013 due to correction of VAT for periods up to 2012. The restatement has an impact on Other non-current assets (SEK 3 million), Equity (SEK -24 million) and Other current liabilities (SEK 27 million).
12 • YEAR END REPORT JANUARY – DECEMBER 2014
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to equity holders of the parent
Share capital
Othercapitalcontr. Reserves
Retained earn.
incl. profit for the year Total
Non-controlling
interestTotal
equitySEK millions
Balance at 1 January 2013 482 1,763 -185 -1,295 766 24 790
Total comprehensive income 0 0 50 -247 -197 0 -197
Dividend 0 0 0 0 0 -4 -4
Acquisition and divestment of non-controlling interest 0 0 0 -1 -1 0 -2
Balance at 31 December 2013 482 1,763 -135 -1,543 568 20 588
Restatement of Balance at 31 December 20131 0 0 0 -24 -24 0 -24
Restated Balance at 31 December 2013 482 1,763 -135 -1,567 544 20 564
Equity attributable to equity holders of the parent
Share capital
Othercapitalcontr. Reserves
Retained earn.
incl. profit for the year Total
Non-controlling
interestTotal
equitySEK millions
Restated balance at 1 January 2014 1 482 1,763 -135 -1,567 544 20 564
Total comprehensive income 0 0 59 -145 -86 0 -86
Set-off issue 0 1,535 0 0 1,535 0 1,535
Acquisition and divestment of non-controlling interest 0 0 0 -112 -112 -20 -131
Balance at 31 December 2014 482 3,298 -76 -1,823 1,881 0 1,882
1) Bisnode has restated amounts for 2013 due to correction of VAT for periods up to 2012.
13 • YEAR END REPORT JANUARY – DECEMBER 2014
CONSOLIDATED CASH FLOW STATEMENT
2014 2013 2014 2013SEK millions Oct–Dec Oct–Dec Jan–Dec Jan–Dec
Cash flow from operating activities
Profit before tax from continuing operations 113 60 -36 27
Adjustments for non-cash items 19 89 319 315
Tax paid -21 3 -33 -29
Cash flow from operating activitiesbefore changes in working capital 112 152 250 312
Cash flow from changes in working capital 10 4 -11 52
Cash flow from operating activities 121 156 239 364
Cash flow from investing activities
Acquisition of subsidiaries, net of cash 0 -4 -60 -9
Sale of subsidiaries, net of cash 0 13 95 33
Investments in other non-current assets -47 -70 -158 -122
Sale of other non-current assets -4 20 2 33
Cash flow from investing activities -52 -42 -121 -65
Cash flow from financing activities
Change in borrowings -9 -90 12 -264
Acquisition of non-controlling interest -30 0 -63 0
Dividend paid to minority shareholders 0 0 0 0
Other 0 -1 -3 -1
Cash flow from financing activities -38 -91 -54 -266
Cash flow from discontinued operations
Cash flow from operating activities 5 8 -24 11
Cash flow from investing activities -6 -2 -18 -5
Cash flow from financing activities 0 0 0 0
Cash flow from discontinued operations -1 6 -42 5
Cash flow for the period 30 29 23 39
Cash and cash equivalents at the beginning of the period 228 194 229 186
Exchange differences in cash and cash equivalents 7 5 14 3
Assets held for sale -18 0 -18 0
Cash and cash equivalents at the end of the period 248 229 248 229
14 • YEAR END REPORT JANUARY – DECEMBER 2014
CONSOLIDATED KEY RATIOS
2014 2013 2014 2013SEK millions Oct–Dec Oct–Dec Jan–Dec Jan–Dec
Revenue 954 951 3,502 3,540
Revenue growth, % 0.4 0.0 -1.1 0.0
Average number of employees 2,463 2,572 2,478 2,673
Revenue per employee, SEK (thousands) 387 370 1,413 1,324
Operating profit – EBITA, % 12.2 15.7 8.5 9.7
Operating profit – EBITA, % (excl. cap. gains) 14.5 16.6 9.9 12.6
Operating profit – EBIT, % 11.3 14.3 7.0 8.2
Average number of outstanding shares after dilution, (millions) 121 121 121 121
Earnings per share – basic (SEK) -0.2 -1.8 -1.2 -2.2
Equity attributable to equity holders of the parent 1,881 544 1,881 544
External net debt 2,083 1,874 2,083 1,874
PARENT COMPANY INCOME STATEMENT
2014 2013 2014 2013SEK millions Oct–Dec Oct–Dec Jan–Dec Jan–Dec
Revenue 0 0 0 0
Total operating income 0 0 0 0
Personnel costs -1 1 -11 -5
Other external expenses 0 0 -2 -3
Total operating expenses -1 1 -12 -8
Operating profit/loss -1 1 -12 -8
Result from participations in Group companies 0 -269 3 -196
Other interest income and similiar items 0 2 -25 3
Interest expenses and similiar items -24 -31 -110 -106
Net foreign exchange gains/losses on financial activities -7 -16 -12 -6
Total profit/loss from financial items -31 -314 -143 -305
Profit/loss after financial items -32 -313 -155 -313
Tax on profit/loss for the period 4 2 7 2
Profit/loss for the period -28 -311 -148 -311
Parent company: Bisnode Business Information Group AB (reg.no 556681-5725)
15 • YEAR END REPORT JANUARY – DECEMBER 2014
PARENT COMPANY BALANCE SHEET
SEK millions 31/12/2014 31/12/2013
Financial assets 2,827 2,694
Current receivables 4 44
Cash and cash equivalents 129 112
Total assets 2,961 2,850
Total equity 2,510 1,124
Non-current liabilities 442 1,433
Current liabilities 8 293
Total equity and liabilities 2,961 2,850
DEFINITIONSAverage number of employees Theaveragenumberoffull-timeemployeesduringtheperiod.
Earnings per shareProfitattributabletoownersoftheParentCompanydividedbytheaveragenumberofsharesoutstanding.
Net debtInterest-bearingprovisionsandliabilities(excludingloansfromshareholders)lesscashandcashequivalentsandotherinterest-bearingreceivables.
Operating margin (EBITA) Operatingprofit(EBITA)asapercentageofrevenue.
Operating margin (EBITA) excluding capital gainsOperatingprofit(EBITA)adjustedforcapitalgainsonthesaleofsubsidiariesandassociatedcompaniesaswellasotherrelatedpartyshareholdings,asapercentageoftotalrevenue.
Operating profit (EBIT)Profitbeforetaxandfinancialitems.
Operating profit (EBITA)Profitbeforetax,financialitemsandamortisation/impair-mentofexcessvaluesattributabletobusinesscombinations.
Organic revenue growthExternalrevenueadjustedforforeignexchangeeffectandforaquisitionsanddivestments.
Revenue per employeeRevenuedividedbytheaveragenumberofemployees.
The figures in this interim report have been rounded of while the calculations have been made without rounding off. As a result, the figures in certain tables and key figures may appear not to add up correctly.
NOTESFINANCIAL INSTRUMENTS Thevaluationtechniqueswereunchangedduringtheperiod.Bisnodeappliesfairvaluemeasurementtoalimitedextent,mainlyforderivativesandsyntheticoptions.Theseitemsaremeasuredaccordingtolevels2and3,respectively,inthefairvaluehierarchy.At31December2014,thenetvalueofderivativesamountedtoSEK23million,andwasrecognisedasaliability.ThesyntheticoptionsliabilityamountedtoSEK5million.
Bisnode’sassessmentisthatthecarryingamountsoftraderecei-vables,tradepayablesandconsolidatedcashandcashequiva-lentscomprisethefairvaluesonthebalancesheetdate.
DISCONTINUED OPERATIONSBisnode’soperationinFrance,whichwasdivestedon12January2015,isaccountedforasdiscontinuedoperationsinaccordancewithIFRS5.
AsaconsequenceprofitfortheperiodderivingfromFranceisreportednetonaseparatelineintheconsolidatedin-comestatement.AssetsandliabilitiesattributabletoFrancehavebeenpresentedasAssetsandLiabilitiesheldforsale.Theconsolidatedcashflowisalsopresentedwithadistinctionbetweencontinuinganddiscontinuedoperations.Allfiguresforthecomparativeperiodhavebeenpresentedaccordingly.
Parent company: Bisnode Business Information Group AB (reg.no 556681-5725)
16 • YEAR END REPORT JANUARY – DECEMBER 2014
ACCOUNTING POLICIES
Theconsolidatedfinancialstatementsarepreparedinac-cordancewithInternationalFinancialReportingStandards(IFRS).ThisinterimreportispresentedinaccordancewiththeSwedishAnnualAccountsActandIAS34,InterimFinancialReporting.
NEW ACCOUNTING PRINCIPLES FOR 2014
IFRS 10 ConsolidatedFinancialStatements
IFRS 11 JointArrangements
IFRS 12 DisclosureofInterestsinOtherEntities
IAS27 SeparateFinancialStatements
IAS28 InvestmentsinAssociatesandJointVentures
Thecompany’sassessmentisthatnoneofthesenewstandardswillhaveamaterialimpactonthecompany.Theaccountingpoliciesarethereforeexpectedtoremainunchangedfor2014.
Stockholm,20February2015
The Board of Directors
Thisreporthasnotbeenreviewedbythecompany’sindependentauditors.
17 • YEAR END REPORT JANUARY – DECEMBER 2014
CONTACT
LARS PETTERSSONCEOTelephone: +46 8 558 059 00E-mail: [email protected]
ANDERS BERGCFOTelephone: +46 8 558 059 00E-mail: [email protected]
ABOUT BISNODE
BisnodeisoneofEurope’sleadingprovidersofdecisionsup-portproductsandservices.Bisnodehelpsdecisionmakerstomakesmartdecisionsbydeliveringrelevantbusiness,creditandmarketinformation.Bisnodeofferscompaniesandorga-nisationsthroughoutEuropepackagesolutionsthatmakeitpossibletotransformdataintovaluableinsights,whetherforeverydayissuesormajorstrategicdecisions.Bisnodehas2,500employeesin17countriesandisowned70percentbyRatosand30percentbyBonnier.
FINANCIAL TARGETSBisnode’stargetsfortheGroup’slong-termfinancialdevelopmentare:• Annualorganicrevenuegrowthofatleast5percent• Anoperatingmargin(EBITA)ofatleast15percent
Mailing address: Bisnode, SE-169 93 StockholmVisiting address: Rosenborgsgatan 4–6, SolnaTel: +46 8 558 059 00E-mail: [email protected]
MORE INFORMATIONFor more information about Bisnode:
www.bisnode.com
Press room and subscription service:
www.bisnode.com/news
Current news via social media:
facebook.com/bisnode or twitter.com/bisnode
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