interim report january-march 2012
DESCRIPTION
Interim report January-March 2012TRANSCRIPT
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 1 (12)
Key Ratios
2012 2011 2011/12 2011
SEK million Jan-Mar Jan-Mar Apr-Mar Jan-Dec
Revenue 1 033 1 052 4 292 4 3100,0 0,0 0,0 0,0
Revenue growth, % -1,8 -9,5 -1,1 -3,20 0 0 0
Operating profit (EBITA) 242 116 574 4470 0 0 0
Operating margin (EBITA), % 23,4 11,0 13,4 10,40 0 0 0
Operating profit (EBITA) excl. cap. gains 84 116 421 4530 0 0 0
Operating margin (EBITA) excl. cap. gains, % 8,1 11,0 9,8 10,50 0 0 0
Cash flow from operating activities 33 152 242 360
Interim report January-March 2012
January-March
Q1
Key events “I took over as the new CEO of Bisnode on 1 February
2012. By now I have had the chance to meet many
employees, customers, competitors and other
stakeholders, which has given me a good picture where
we stand today and what opportunities lie ahead.
The first quarter showed stable revenue and earnings in
the operating business compared to the same period last
year. The development differs between the different areas
with sustained healthy growth and earnings trend in Credit
Solutions and weak development in Marketing Solutions.
The challenges Bisnode faces today are driven partly by
rapid changes in the market that are affecting the
business climate for our current offering. This is most
visible in the Marketing Solutions area, where we are
taking steps to update our offering so that we can deliver
services that are fully adapted to changing customers
demands.
We are now in the process of drawing up an action plan
for changes that will be carried out to reduce the
company’s complexity, improve our ability to implement
the decided measures and further increase our customer
focus. The emphasis is on realising the identified
synergies and releasing the combined power found in
Bisnode’s 3,000 employees.
I feel confident that the planned efficiency improvements
will create good potential to put Bisnode into a growth
trajectory that will enable us to report stable organic
growth in the future.”
Lars Pettersson, CEO of Bisnode
Events after the balance sheet date
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 2 (12)
Business overview
Adjusted for foreign exchange effects, organic growth
for the quarter was -0.3 per cent, as a result of weak
demand in Region BeNeFra and Product Information.
Operating margin for the quarter was 23.4 per cent
(11.0). Adjusted for capital gains on the sale of
operations, operating margin was 8.1 per cent,
compared to 11.0 per cent in the preceding year.
2012 2011 2012 2011 2012 2011
SEK million Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar
Region Nordic 587 500 107 84 18,2 16,9
Region DACH 215 199 -5 12 -2,1 5,9
Region BeNeFra 125 146 -7 -3 -5,3 -2,4
Region Central Europe 64 50 13 12 19,9 24,6
Business Area Product Information 49 99 159 20 326,5 20,2
Business Area Software & Applications 0 83 0 15 n/a 18,1
Central functions -25 -24 n/a n/a
Internal eliminations -7 -26 n/a n/a
Total 1 033 1 052 242 116 23,4 11,0
2011/12 2011 2011/12 2011 2011/12 2011
SEK million Apr-Mar Jan-Dec Apr-Mar Jan-Dec Apr-Mar Jan-Dec
Region Nordic 2 105 2 017 329 306 15,6 15,2
Region DACH 885 870 88 104 10,0 12,0
Region BeNeFra 553 574 -4 -1 -0,8 -0,2
Region Central Europe 247 233 38 38 15,5 16,3
Business Area Product Information 367 417 224 86 61,2 20,5
Business Area Software & Applications 219 302 17 32 7,6 10,5
Central functions -118 -117 n/a n/a
Internal eliminations -85 -103 0 0 n/a n/a
Total 4 291 4 310 574 447 13,4 10,4
Operating margin (EBITA), %
Operating margin (EBITA), %Revenue Operating profit (EBITA)
Revenue Operating profit (EBITA)
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 3 (12)
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 4 (12)
Market overview
The market for digital business information is
continuously evolving in pace with a growing flow of
information, changes in legislation and new
technologies. The ways of presenting, experiencing
and using information are undergoing significant
changes, which is creating a business climate
characterised by both opportunities and challenges.
According to industry analysts, the market is
expected to show long-term growth of 3-5 per cent
annually but is currently in a phase of cautious
recovery with varying levels of demand in different
market segments and geographical areas.
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 5 (12)
Revenue and profit January-March
Cash flow and capital expenditure
Financial position
Acquisitions and divestitures
Employees
Events after the balance sheet
date
Information about the Parent
Company
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 6 (12)
Risks and uncertainties
Accounting policies
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 7 (12)
Contact
LARS PETTERSSON
CEO
Telephone: +46 8-558 059 31
Mobile: +46 705-17 28 02
E-mail: [email protected]
FREDRIK ÅKERMAN
CFO
Telephone: +46 8-558 059 35
Mobile: +46 704-15 23 65
E-mail: [email protected]
Financial calendar
More information
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 8 (12)
Financial information
CONSOLIDATED INCOME STATEMENT
2012 2011 2011/2012 2011
SEK millions Jan-Mar Jan-Mar Apr-Mar Jan-Dec
Revenue 1,033 1,052 4,292 4,310
Own work capitalised 2 3 11 12
Other operating income 161 5 187 31
Total operating income 1,196 1,059 4,490 4,353
Goods and services -234 -232 -931 -930
Personnel costs -497 -502 -2,022 -2,026
Depreciation, amortisation and impairment losses -211 -65 -376 -230
Other expenses -179 -180 -818 -820
Total operating expenses -1,121 -979 -4,147 -4,006
Operating profit 75 80 343 347
Financial income 5 2 19 16
Financial expenses -65 -62 -255 -252
Net foreign exchange gains/losses on financial activities 11 6 -1 -6
Net financial items -49 -54 -237 -243
Profit before tax 26 25 106 105
Income tax expense 3 -12 -31 -46
Profit for the period 29 14 75 59
Attributable to :
Equity ho lders of the parent 29 10 76 58
Non-contro lling interest 1 3 -1 1
Derivation of operating profit - EBITA
Operating profit 75 80 343 347
Depreciation/amortisation of surplus values attributable to acquisitions 167 36 231 100
Operating profit - EBITA 242 116 574 447
STATEMENT OF COMPREHENSIVE INCOME
2012 2011 2011/2012 2011
SEK millions Jan-Mar Jan-Mar Apr-Mar Jan-Dec
Profit/loss for the period 29 14 75 59
Other comprehensive income
Cash flow hedges 13 27 0 13
Cash flow hedges, transferred to the income statement -4 -1 -9 -6
Translation differences 12 -20 8 -24
Tax attributable to items in other comprehensive income -2 -7 2 -2
Total other comprehensive income 19 -1 1 -19
Total comprehensive income for the period 48 13 76 40
Attributable to :
Equity ho lders of the parent 48 9 77 39
Non-contro lling interest 1 3 -1 1
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 9 (12)
CONSOLIDATED BALANCE SHEET
SEK millions 31/03/2012 31/03/2011 31/12/2011
ASSETS
Non-current assets
Goodwill 4,259 4,577 4,767
Other intangible assets 535 635 612
Property, plant and equipment 211 280 281
Other non-current assets 164 148 156
Total non-current assets 5,169 5,640 5,817
Current assets
Inventories 3 7 6
Other current assets 799 789 868
Cash and cash equivalents 512 349 207
Total current assets 1,314 1,144 1,080
TOTAL ASSETS 6,483 6,784 6,897
EQUITY
Equity attributable to equity holders of the parent 1,061 1,013 1,012
Non-controlling interest 21 50 20
Total equity 1,082 1,063 1,032
LIABILITIES
Non-current liabilities
Borrowings 3,376 3,179 3,523
Other non-current liabilities 460 503 489
Total non-current liabilities 3,836 3,682 4,012
Current liabilities
Borrowings 244 469 245
Derivative financial instruments 48 47 61
Other current liabilities 1,273 1,522 1,547
Total current liabilities 1,565 2,039 1,853
Total liabilities 5,401 5,721 5,865
TOTAL EQUITY AND LIABILITIES 6,483 6,784 6,897
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Other Retained earn. Non-
Share capital incl. profit for controlling Total
SEK millions capital contr. Reserves the year Total interest equity
Balance at 1 January 2011 482 1,763 -205 -1,037 1,003 47 1,050
Total comprehensive income -1 10 9 3 13
Dividends
Acquisition and divestment of
non-controlling interest 0 0
Balance at 31 March 2011 482 1,763 -206 -1,026 1,013 50 1,063
Other Retained earn. Non-
Share capital incl. profit for controlling Total
SEK millions capital contr. Reserves the year Total interest equity
Balance at 1 January 2012 482 1,763 -224 -1,009 1,012 20 1,032
Total comprehensive income 19 29 48 1 48
Dividends
Acquisition and divestment of
non-controlling interest
Other changes 1 1 1 2
Balance at 31 March 2012 482 1,763 -205 -979 1,061 21 1,082
Equity attributable to equity holders of the parent
Equity attributable to equity holders of the parent
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 10 (12)
CONSOLIDATED CASH FLOW STATEMENT
2012 2011 2011/2012 2011
SEK millions Jan-Mar Jan-Mar Apr-Mar Jan-Dec
Cash flow from operating activities
Profit before tax 26 25 106 105
Adjustments for non-cash items 60 82 310 332
Tax paid -55 -14 -151 -110
Cash flow from operating activities
before changes in working capital 32 93 265 327
Cash flow from changes in working capital 1 59 -24 34
Cash flow from operating activities 33 152 242 360
Cash flow from investing activities
Acquisition of subsidiaries, net of cash 0 -83 -298 -381
Sale of subsidiaries, net of cash 456 -2 505 48
Investments in other non-current assets -20 -24 -129 -133
Sale of other non-current assets 0 0 2 2
Cash flow from investing activities 436 -109 80 -465
Cash flow from financing activities
Change in borrowings -169 49 -102 117
Acquisition of non-controlling interest 0 0 -50 -50
Dividend paid to minority shareholders 0 0 -14 -14
Other 2 0 3 1
Cash flow from financing activities -167 49 -163 54
Cash flow for the period 302 92 159 -51
Cash and cash equivalents at the beginning of the period 207 259 207 259
Exchange differences in cash and cash equivalents 3 -2 4 -1
Cash and cash equivalents at the end of the period 512 349 371 207
CONSOLIDATED KEY RATIOS
2012 2011 2011/2012 2011
Jan-Mar Jan-Mar Apr-Mar Jan-Dec
Revenue, SEK (millions) 1,033 1,052 4,292 4,310
Revenue growth, % -1.8 -9.5 -1.1 -3.2
Average number of employees, period 2,985 2,997 3,004 3,016
Revenue per employee, SEK (thousands) 346 351 1,429 1,429
Operating profit - EBITA, % 23.4 11.0 13.4 10.4
Operating profit - EBITA, % (excl. cap. gains) 8.1 11.0 10.5 10.5
Operating profit - EBIT, % 7.3 7.6 8.0 8.1
Average number of outstanding shares after dilution, (millions) 121 121 121 121
Earnings per share - basic (SEK) 0.24 0.09 0.6 0.5
Equity attributable to equity holders of the parent, SEK (millions)1,061 1,076 1,013 1,012
External net debt, SEK (millions) 2,058 2,241 2,058 2,433
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 11 (12)
Definitions
Average number of employees
The average number of full-time employees during the period.
Earnings per share
Profit attributable to owners of the Parent Company divided by
the average number of shares outstanding.
Net debt
Interest-bearing provisions and liabilities (excluding loans from
shareholders) less cash and cash equivalents and other interest-
bearing receivables.
Operating margin (EBITA)
Operating profit (EBITA) as a percentage of revenue.
Operating margin (EBITA) excluding capital gains
Operating profit (EBITA) adjusted for capital gains on the sale of
subsidiaries and associated companies as well as other related
party shareholdings, as a percentage of total revenue.
Operating profit (EBIT)
Profit before tax and financial items.
Operating profit (EBITA)
Profit before tax, financial items and amortisation/impairment of
excess values arising from business combinations.
Revenue per employee
Revenue divided by the average number of employees.
The figures in this interim report have been rounded off, while the
calculations have been made without rounding off. As a result,
the figures in certain tables and key figures may appear not to
add up correctly.
PARENT COMPANY INCOME STATEMENT
2012 2011 2011/2012 2011
SEK millions Jan-Mar Jan-Mar Apr-Mar Jan-Dec
Revenue 0.5 2.5
Total operating income 0.5 0.0 2.5 0.0
Personnel costs -2.5 -2.6 -16.2 -16.3
Other external expenses -1.1 -0.9 -4.0 -3.8
Total operating expenses -3.6 -3.5 -20.1 -20.1
Operating profit/loss -3.1 -3.5 -17.6 -20.1
Result from financial items
Result from participations in Group companies 0.0 212.1
Other interest income and similiar items 0.4 7.3
Interest expenses and similiar items -25.9 -24.6 -99.7 -98.3
Net foreign exchange gains/losses on financial activities 2.0 1.2 1.9 1.1
Total profit/loss from financial items -23.6 -23.4 121.6 -97.2
Profit/loss after financial items -26.7 -26.9 104.0 -117.2
Tax on profit/loss for the period
Profit/loss for the period -26.7 -26.9 104.0 -117.2
PARENT COMPANY BALANCE SHEET
SEK millions 31/03/2012 31/03/2011
Financial assets 1,377 1,878
Current receivables 1,382 581
Cash and cash equivalents 46 56
TOTAL ASSETS 2,806 2,515
Total equity 1,343 1,239
Provisions 16 16
Non-current liabilities 1,438 1,253
Current liabilities 10 7
TOTAL EQUITY AND LIABILITIES 2,806 2,515
January-March 2012, Bisnode Business Information Group AB. CIN 556681-5725 12 (12)
About Bisnode
Bisnode offers a complete range of online services for market, credit and product
information in Europe. The Group is organised in four geographical regions and one
business area.
Bisnode has 3,000 employees in 17 European countries and is owned 70 per cent by
Ratos and 30 per cent by Bonnier.
Vision & Mission
Bisnode’s vision is to be the leading provider of digital business information in Europe.
Bisnode’s mission is to help customers maximise their sales, minimise their business
risks and make better business decisions
Data about
companies and
consumers is
collected from
multiple sources.
The data is
enhanced through
harmonisation,
standardisation,
and verification.
The data is
packaged and
customised into
products and
services.
Bisnode sells
products under
different brands and
creates customised
solutions to fulfil the
needs of a diverse
customer base.
Business model
Financial targets
Bisnode’s targets for the Group’s long-term financial development are:
Annual organic revenue growth of at least 5 per cent
An operating margin (EBITA) of at least 15 per cent
Mailing address:
Bisnode, S168
SE-105 99 Stockholm, Sweden
Visiting address:
Sveavägen 168
Stockholm, Sweden
Tel: +46 8 558 059 00
Fax: +46 8 558 059 95
E-mail: [email protected]
Web: www.bisnode.com
Facebook: facebook.com/bisnode
Twitter: twitter.com/bisnode