bisnode annual report 2010

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nnual Rep

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annualreport 2010

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

meenu chourasiadatabase manager

Cover: Photo of Jonathan Loriaux, Gretel De Cock and Maji Mokwaboart direction: OttoboniIllustrations: Dan BerglundLayout: Komodo designPhoto: Sune Fridell and Yannis Argyropoulos/Killingshoot studioCopy: Vesir and Open CommunicationsPrinting: Done

03 WhaT We Do

04 Johan WaLL eVaLuaTes 2010

06 Where We are ToDaY

07 Where We are heaDeD TomorroW

08 TrenDs in our inDusTrY

09 WhaT We oFFer To our cusTomers

10 creDiT soLuTions

12 marKeTinG soLuTions

14 Business inFormaTion soLuTions

16 iT’s aLL aBouT PeoPLe

20 reGions anD Business areas

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 FiVe-Year summarY anD DeFiniTions serVais YimKWandatabase manager

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Hoppenstedt

Soliditet

WHAT WE DOBisnode is a leading provider of digital business information in Europe, with a complete offering of solutions for marketing, credit and business information. Bisnode’s services help companies maximise sales, minimise business risks and make better business decisions.

1. collectBisnode collects data about companies and consumers from multiple sources in each country.

2. enhanceBisnode enhances data through harmonisation, validation and verification. Data in a wider context becomes value-added information.

3. packageBisnode’s local subsidiaries package and customise relevant information into products and services by adding the value of usability, accessibility and in-novative solutions. The same in-formation is re-used many times, enabling Bisnode to achieve synergies across markets.

4. oFFeRProducts and services are offered to different market segments under strong local brands to fulfil the various needs of a diverse customer base.

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Bisnode database

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Bisnode ended the year on a positive note with organic growth of over 1 per cent in the second half of the year, partly as a result of gradually improving market development in Europe. For the year as a whole, revenue however decreased organically by 1 per cent. Our operating margin adjusted for capital gains rose slightly.

Growth

Growth is key for our future, as are leveraging the power of the Bisnode Group and the synergies from our 17 country operations. In 2010 we took several steps to strengthen innovation and product development and to extend our customer offering. Among them launching new Credit Solutions offerings in Germany, leveraging our existing, market-leading German data assets.

Our Swedish subsidiary Business Check and German Hoppenstedt Creditcheck are two good examples of how we can drive growth. Business Check offers smart, easy-to-use web-based credit solutions targeting small- and mid-sized companies in Sweden. By moving the entire concept, business model, product templates and technology to Germany and launching it under the strong local brand Hoppenstedt Creditcheck, we have been able to reduce both time to market and costs while staying focused on gaining market share. We are now in the process of launching the same product concept in other countries, starting with Switzerland and Austria. By leveraging the power of the Bisnode Group and taking advantage of synergies, we will continue to improve our growth in the future.

In addition to organic growth, Bisnode strives to grow by making selected acquisitions providing access to new customers and products while leveraging existing data assets. In the past year we made strategic acquisitions in our core offering of Marketing, Credit and Business Information Solutions across Europe.

JOHAN WALL EVALUATES 20102010 was a year of recovery in the European market for business information and for Bisnode. The market strengthened and has now returned to near normal levels of business activity and demand.

It’s all about people

Bisnode’s success relies on innovation, our ability to understand and serve our customers’ needs. This is only possible through the valuable contributions of all our team members. In 2011 we are further strengthening our commitment to Bisnode’s talent by launching several initiatives to ensure that we attract, develop and retain the very best people in our industry.

Future outlook

The business information market is in transformation. Wider access to data, rapid growth in data usage, new technologies and evolving customer needs coupled with a changing regulatory framework are providing both business opportunities and challenges for Bisnode. The key activities for us in 2011 include launching new products and offerings in all served markets, dealing with the changed operating model for spar data and further developing our partnership with d&b.

At Bisnode we have strengthened our market position and see tremendous opportunities to expand. In an era of information excess, we offer our customers effectively packaged information that is accessible, structured, verified and relevant.

Our aim at Bisnode is to be the leading provider of digital business information in Europe. Bisnode’s long-term goal is to achieve an ebita margin of 15 per cent and to grow by 10 per cent per year through a combination of above-average organic growth and acquisitions.

Thanks to our great offering and committed Bisnode talent, we are on the right path to achieving our goals.

Johan WallPresident and CeO

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WHERE WE ARE TODAYBisnode operates in 17 European countries with nearly 3,000 employees. The revenue for 2010 amounted to SEK 4.451 million with an operating profit of SEK 536 million. The Group is divided into four geographical regions. In these regions Bisnode provides a core offering of Credit, Marketing and Busi-ness Information Solutions. In addition, there are two separate business areas: Product Information and Software and Applications.

Bisnode has operations in 17 european countries, With its head office in stockholm, sWeden

keY figures 2010 2009

Revenue (Sek M) 4,451 4,741operating profit, ebitda (Sek M) 671 728operating profit, ebita (Sek M) 536 593operating margin, ebita (%) 12.0 12.5average number of employees 3,080 3,167number of customers 200,000 197,000

2006 2007 2008

SEK M

0

1 000

2 000

3 000

4 000

5 000

0

150

300

450

600

750

2009 2010

REVENUE PER PRODUCT OFFERING

MARKETING SOLUTIONS 33%

CREDIT SOLUTIONS 32%

BUSINESS INFORMATION

SOLUTIONS 18%

PRODUCT INFORMATION 10%

SOFTWARE AND APPLICATIONS 7%

33%

32%

10%

18%

7%

reVenue

operating profit, eBita

REVENUE PER REGION AND BUSINESS AREA

NORDIC 43%

DACH 19%

BENEFRA 17%

CENTRAL EUROPE 4%



43%

19%

4%

10%

17%

7%

NORDIC: Denmark, Estonia, Finland,Norway, SwedenDACH: Austria, Germany, SwitzerlandBENEFRA: Belgium, France, Netherlands CENTRAL EUROPE: Croatia, Czech Republic,Hungary, Poland, Slovakia, Slovenia

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WHERE WE ARE HEADED TOMORROWWhen it comes to providing the information needed to make the right business decisions, relevance, access and accuracy are key factors. Bisnode combines these factors, presents them in user-friendly solutions and provides them as part of our customer’s daily workflow.

Vision

Bisnode’s vision is to be the leading provider of digital business information in Europe.

Mission

Bisnode’s mission is to help customers maxi-mise their sales, minimise their business risks and make better business decisions. Bisnode aims to be a partner for companies of all sizes in Europe, offering digital business information and decision support for the general business-to-business market. By providing state-of-the-art information solutions, Bisnode helps its customers achieve their business goals.

Strategy

The main components of Bisnode’s strategy are to work in close relationships with our customers through strong local presence, exploit the economies of scale in collecting and enhancing our own data and build superior segmented solutions by utilising the power of the Group. By doing so and by embracing the opportunities of new innovative methods and technologies, Bisnode will meet the objective of becoming an indispensible part of our customers’ daily business activities – and continue to grow as a leader in the markets we serve.

Customer value

The key to serving customers well is to provide clearly segmented offerings under strong local brands. By working closely with our customers and utilising the local expertise

when validating, aggregating, selecting and packaging data in the most accessible format, we believe Bisnode is better able to add more value to each service.

Scalable, digital business model

Bisnode’s digital business model enables scalability and effective use of our core asset, the data set in each country. By collecting and enhancing data that can be sold multiple times, Bisnode is thus able to realise cost synergies. By sharing best practices and solutions, we can capitalise on revenue synergies throughout the Group.

Leveraging the power of the Bisnode Group

With the resources of a market-leading European organisation, combined with local insight and knowledge in 17 countries, Bisnode offers customers value-added solutions tailored to their local needs. At Bisnode we strive to maximise revenue synergies by reusing successful concepts, business models and technologies combined with our local datasets. By leveraging the power of Bisnode, we are able to reduce time to market, increase effectiveness and serve our customers well.

Driving future growth for Bisnode

Expanding the breadth and depth of the solutions we offer will be vital for Bisnode’s continued growth – both with customers we currently serve and in new markets where we establish our presence in the future.

By continuing to develop innovative technologies that can be more easily adapted

to changing consumer behaviours, we will be able to attract new customers. In addition, by identifying talented individuals within the Bisnode Group and rewarding their creativity and entrepreneurial spirit, we will continue to enhance our position as leaders in the markets where we operate.

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.

key to SeRving cuStoMeRS well iS to pRovide cleaRly SegMented oFFeRingS undeR StRong local bRandS

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TRENDS iN OUR iNDUSTRYAn increasing flow of information, regulatory changes and new technologies are re-shaping the market for digital business information. Customers are demanding access to the right information, whenever, wherever – and in a user-friendly format. The transfer of business information is merging with customers’ work and private lives.

Business information consists of a range of different types of data, including corporate and consumer information. Long-term growth in Europe is estimated to progress at a three to five per cent annual rate. The market for digital business information is currently in a trend of cautious recovery. However, Bisnode mostly operates in segments of the information industry that are outperforming the industry average.

The European market for digital business information is fragmented with many competing players, especially at the local and regional levels. At the present time, the market is experiencing a trend of consolidation among small operators.

Mobility trend remains strong

New opportunities and user patterns continue to emerge as the regulatory framework changes and new technologies are launched – including 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 information and closer system integration with end-users. The mobility trend is growing stronger, and in 2010 the use of personal tablet computers proliferated. The launching of solutions for smart phones and tablets offers a new level of mobility and allows users to access and process content at their point of need.

The impact of next-generation content software technology had dramatic effects in 2010, and its evolution is expected to have an even greater impact on the industry in the year to come. Bisnode’s offerings continuously evolve to meet customer demands for next-generation services for business intelligence, social networks, embedded solutions and information searches.

Customers are requesting increasingly sophisticated solutions based on new technologies with a more precise information transfer process. There is also a strong infographic trend, elevating the importance of design features that facilitate the process of digesting information.

Sophisticated services and big data

As fixed costs for collecting and managing data are relatively high, and the additional cost for packaging and distributing the data is low, it is imperative that we strive to add more value to the services Bisnode provides. This ensures the necessary scope for achieving large economies of scale as user numbers increase.

Price pressure has risen as the volume of information has grown, thus increasing the importance of quality assurance, data enhancement and value-added services. One-size-fits-all solutions are being replaced by solutions that allow mass customisation. As the amounts of data grow, new opportunities arise for analytical tools that can extract

trends, patterns and consumer behaviours. Vast quantities of data, if refined, enrich business information services.

Bisnode gathers increasing amounts of data via web crawling and crowd sourcing to harness the power of user and customer interactions. Content creation will scale faster as models take advantage of the network effect. In order to maintain and strengthen the Group’s market position, Bisnode continues to expand its offer of increasingly customised products and services, which includes more focus on user-friendly innovative solutions.

eveR-incReaSing aMount oF inFoRMation, cloSeR SySteM integRation with end-uSeRS and the Mobility tRend aRe iMpoRtant MaRket dRiveRS

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core offering credit solutions marketing solutions Business information solutions

offering 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 portfolio basis.

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 communication campaigns.

customised general business information solu-tions including financial and legal information, media monitoring, legal documents, in-depth industry analysis and extensive personal information listing.

Brands aaa Soliditet, business check, bonitete, cekia, connectus, credita, d&b, hoppenstedt creditcheck, hoppenstedt360, wisur and partnercontrol.

baby dM Scandinavia, bisnode interact, direkt-Media, direktMedia 121, paR, wdM and wdM directinet.

eurodata, gv in, greens, hbi, hoppenstedt Firmeninformationen, ibon, infotorg, Javnirazpisi, newsline, poslovna hrwatska, Svensk handelstidning Justitia, Svenska nyhetsbrev and yritystele.

market position

global credit – strong position via d&b brand for austria, czech Republic, denmark, Finland, hungary, germany, norway, poland, Sweden and Switzerland. domestic and regional credit – strong position in nordic countries, building local brands in austria, Switzerland, germany and central europe.

Market leader in belgium, Finland, France, Sweden and norway and strong position in the netherlands.

Market leader in denmark, Sweden and Slovenia and strong positions in croatia, Finland, germany and central european countries.

main market segments

large enterprises with global needs. large enterprises with domestic/regional needs. Small to Medium enterprises (SMe).

automotive, Fast-Moving consumer goods, Finance, Fundraising, government, insurance, leisure, Mailorder, Media, Retail, telecommuni-cations and utilities.

corporations, Financial institutions, public administrations and Small to Medium enterprises (SMe).

competitors coface, creditreform, creditsafe, delta vista, experian and uc Sweden.

1000 Mercis, acxiom, global direct and Schober. bundensanzeiger verlag, bureau van dijk, ergo- group, Factiva, gbi-genios and lexis nexis.

WHAT WE OFFER TO OUR CUSTOMERSBisnode 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.

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in 2010. Recent start-up Hoppenstedt CreditCheck is now an established player with significant brand recognition in the market. Bisnode also launched Hoppenstedt 360, focusing on the needs for domestic credit solutions in the Large Enterprise segment. In Central Europe, Bisnode developed a small business offering, PartnerControl, which is now offered in Hungary, the Czech Republic and Slovakia.

Although the demand for credit solutions is traditionally counter-cyclical in nature, the development of Bisnode’s Credit Solutions remained strong throughout the business cycle. Credit Solutions showed a positive development in 2010 and increased its share of Bisnode’s total revenue to 32 percent.

CREDiT SOLUTiONSBisnode offers a wide range of solutions for credit and risk management, including financial and economic information, as well as credit assessments. In 2010, Bisnode strengthened its portfolio of both local and global services by developing and enhancing solutions that are increasingly sophisticated and user-friendly.

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 levels. Local services are available through strong regional companies in the Group with standardised as well as 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). Bisnode is the largest partner of d&b, owning and operating d&b companies in ten European countries. With a portfolio of both local and global services, Bisnode has a leading position in the majority of its markets.

A resilient market

Following the financial turbulence and frozen credit markets in 2009, many companies struggled through hard times. During such times, the share of business transactions that are preceded by a credit report is high. However, it tends to decrease in a strong economy. During 2010, the market took a positive turn, and the demand for credit solution services shifted. As the economy recovers, the number of business transactions increases, which in part makes up for the decrease in credit risk.

– Our continued growth in 2010 is due to an expansion of the Small to Medium Enterprise (SME) market, in combination with the

proliferation of more sophisticated solutions in the Large Enterprise segment, says Mattias Aronsson, CIO and Competence Centre Director Credit Solutions.

Market growth in SME segment

A strong trend during 2010 was the expansion of the market for credit solutions in the sme segment. Bisnode’s solutions offer easy access to user-friendly credit services meeting the needs of small businesses and contribute to driving demand for credit solutions in the sme segment.

– Traditionally, our solutions have primarily been directed toward advanced users. Now, as the share of smaller companies that are performing credit checks is on the rise, we have focused on developing more user-friendly solutions, says Mattias Aronsson.

Sophisticated services add value

In the recent past, the need for sophisticated risk management solutions has increased. This trend has fuelled the development of value- added services in addition to the data Bisnode delivers in the Large Enterprise segment.

– In our line of business, adding value means moving from delivering reports and data to refining and processing the data for our customers with analytical tools and integrated services. Delivering more sophisticated services allows us to retain premium pricing and enables our customers to focus on their core business, says Mattias Aronsson.

Bisnode strengthened its Credit Solutions offering and market position in Germany

adding value MeanS Moving FRoM deliveRing RepoRtS to ReFining the data with analytical toolS and integRated SolutionS

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product example: every company can benefit from minimising the risks connected to their business. one major part of bisnode’s offering is to provide credit Solutions as sophisticated integrated solutions that enable companies to maximise their sales, without taking unnecessary risks.

1. Many major retailers, for example electronics firms, offer payment plans to reach more customers and sell more products, such as tvs. to ensure that a particular customer has the necessary means to pay for items they would like to purchase, bisnode’s integrated credit Solution can be utilised to instantly perform a comprehensive credit check on the customer.

2. every potential customer has his or her creditworthiness data gathered in a stored and inte-grated scorecard. during checkout, a cashier can easily enter the customer’s personal data and immediately get a green or red light to approve or deny a purchase

3. the information that is the basis for a consumer scorecard is gathered from local sources such as tax authorities, courts, official registers and the land registration authority. on this scorecard, factors such as age, date of employment, home ownership, involvement in company bankruptcies, etc. are merged together with the customers’ own regulations of providing credit to the client. a score from 1 to 10 that indicates the client’s creditworthiness is compiled from this information.

4. when a customer is approved, the necessary information is entered into the system and a payment plan is established.

5. the customer goes home with a new tv, and the electronics firm gets a new customer.

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data mining and project management. Specialised value-added offerings such as data cleansing, hosting loyalty schemes and advanced statistical segmentation are also available.

Marketing Solutions account for 33% of Bisnode’s total revenue. Customers are sales- and marketing-driven companies in both the commercial and financial industries, as well as crm and direct marketing users.

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 their own prospects and customer segments. Bisnode also offers up-to-date solutions for retaining and developing existing customer relationships by actively interacting with businesses and consumers. It is necessary to interact with customers via the most relevant channel and to take into consideration that the nature of the message will affect which channel produces the best results.

– The speed of the dialogues is quicker, and customers have set higher standards on receiving sharper messages via the right channel. This increases the importance of high-quality cross-channel contact points. Linking the customer value from our databases with the estimation of their social value is an important focal point for the future, says Norbert Verkimpe, Competence Centre Director Marketing Solutions.

Evolution of Business Intelligence

As consumers become more of a moving target, marketers will need to capture more information about them, mine all of the available data and find smarter ways to extrapolate it. More data than ever is being collected. However, a larger quantity of information is not in itself the answer. The demand for higher quality data drives the evolution of Business Intelligence. The marketing solutions become more effective by taking a wider look at the people Bisnode’s

customers want to reach, and by applying all of the available information.

– A highly noticeable trend is that customers are asking for more relevant data, rather than just more data. They also want it presented in a user-friendly format. Bisnode’s processing power saves the customers time and allows for more effective cross-channel communication, says Norbert Verkimpe.

It’s time to interact with the customers

2010 was the year in which companies and brands seriously started reflecting on how to harness the power of social networks. Now the time has come for companies to start having more serious dialogues with their consumers. In 2010, we witnessed an explosion of social media. As a result, brands have become increasingly intrigued by how they should position themselves. In 2011, it’s time for companies to become more active.

– The explosion of social media has also caught the attention of governments, who are looking at how to protect people’s integrity online. Our job is to offer privacy proof solutions for the individual that are set in accordance with local laws, says Norbert Verkimpe.

About Bisnode Marketing Solutions

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,

MARKETiNG SOLUTiONSBisnode is one of Europe’s leading providers of marketing services including Customer Relationship Management, addressed and interactive direct marketing. In 2010, Bisnode also strengthened its cross-channel integration and solutions for harnessing the information in social networks.

biSnode’S pRoceSSing poweR in pRoviding Relevant inFoRMation SaveS tiMe FoR the cuStoMeR and allowS FoR MoRe eFFective cRoSS-channel coMMunication

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product example: bisnode allows its clients, such as insurance companies, to keep track of their customers and give them relevant offers at the right time. one way of accomplishing this is by establishing key indicators that describe a customer’s lifestyle and purchasing power.

1. Jean is a young man who lives with his parents. he is represented in bisnode’s system by three different keys. his individual key – representing Jean himsef. the household key – representing Jean and his parents. and finally the geographical key – representing the house they live in.

2. when Jean moves out to his own flat, all three of those keys change. the insurance company can send an offer to Jean to get insurance for his new flat, and since he is on his own now, per-haps accident insurance as well. at the same time, they also offer his parents the chance to update their insurance.

3. Jean meets a girl, and she moves in. the insurance company receives an indication from bisnode in their system suggesting that new relevant offers can be provided. when they buy a car or have children, the insurance company knows and can adjust its marketing accordingly.

4. this way, handling the data is easier and more secure for bisnode. it also allows the customers to create marketing activities targeted at individuals, families or addresses.

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BUSiNESS iNFORMATiON SOLUTiONSBisnode’s Business Information offering ranges from general financial and legal information to media monitoring services and people information solutions. During 2010, Bisnode advanced in the area of embedded information in customer workflows, and continued to utilise new technologies to facilitate the usage of business information.

platform, the level of customer benefit is increased.

– Integrating internal and external data gives our customer a wider spectrum of information. A more complete data set offers our customers a better base for accurate decision-making, states Maria Anselmi.

The market for business information is in a recovering trend, although the market tends to be fairly robust in relation to the business cycle. Business Information Solutions account for 18 per cent of Bisnode’s total revenue.

Bisnode’s offering includes a wide range of information, media monitoring and legal documents of p&l statements, land registry information and car registry information for in-depth industry analysis. The offering also includes extensive personal information such as decision-makers, managers and board members. Detailed business information can also be obtained about individual entrepreneurs and small- to medium-sized enterprises that otherwise can be hard to find. Bisnode’s information provides a solid base for well-founded decisions, from determining who to contact at a company to extensive processes needed for acquisitions and other corporate actions that require substantial decision support.

Easy access to accessible data

Demand for standardised and segmented products is expected to continue to expand alongside the need for one-stop shop solutions. New technologies create opportunities to offer enhanced solutions for data access. The infographic trend continues to grow stronger, and customers are demanding that detailed and complex information be presented in a user-friendly, visual format. Customers are demanding the right information at the right time and place, and in an accessible format. Bisnode has re-shaped and re-launched several solutions in 2010. InfoTorg, Poslovna Hravatska and Hoppenstedt Firmeninformationen presented services with new visual qualities and adapted them for use in mobile devices.

– Customers are asking for solutions that make data more accessible from mobile devices such as smartphones and tablet computers. We also speed up the transfer of information by enhancing visual elements including graphs that convey data faster than a table of numbers would, says Maria Anselmi, Competence Centre Director of Business Information Solutions.

Data collection and embedded usage

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 the government and other public sources, as well as private sources. Some information is collected through media and Internet monitoring. An increasing share of the data is collected using web crawling and crowd sourcing.

– Web crawling is gathering data from the Internet via a computer program that automatically and methodically browses the web. Crowd sourcing outsources data collection that is traditionally performed by employees, to an undefined large group of people in society, says Maria Anselmi.

Customers need updated information about news, events, competitors and credit risk in each market. Embedded usage is growing, which means that external business information is integrated with internal systems and workflows. By offering qualified business information services and solutions that integrate well with the customer

pRoviding SolutionS that Make data MoRe acceSSible FRoM Mobile deviceS and enhance it with MoRe gRaphical viSualS iS an incReaSing deMand FRoM ouR cuStoMeRS

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product example: every company can benefit from keeping tabs on the world around it. bisnode provides online monitoring services for small- and medium-sized companies to help them with day-to-day fact finding on their market, their competitors and partners.

1. companies can keep tabs on what is written by business publications. bisnode searches the daily business press and indexes articles into a database that numbers more than one million articles in various countries. driven by a powerful search engine, customers get the latest news and market trends at all times.

2. bisnode gathers information about companies and decision-makers from sources such as local courts, banks, official government agencies and business partners.

3. bisnode uncovers information about insolvency cases, legal issues, payment indices and other information that enables our customers to perform benchmark analyses, study balance sheets, annual reports and more.

4. bisnode business information Solutions gives each client sufficient data to continuously monitor the market in order to make better and safer decisions in their day-to-day business.

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iT’S ALL ABOUT PEOPLETalent is the key to business success. Bisnode works strategically to attract, develop and retain the right talent for today and tomorrow. Employees at Bisnode have the advantages of working for small and mid-sized entrepreneurial companies at the same time that the Group provides the opportunities available in a large organisation.

Knowing our markets

The Bisnode Group is present in 17 countries in Europe and had 2,974 employees at the end of 2010. The Group is divided into four geographical regions in which Bisnode provides a core offering of credit, marketing and business information solutions. The local focus enables Bisnode to work close to the customers and take advantage of the competitive edge locally. In addition, there are two separate business areas – Product Information, offering product information and online-based advertising services across Europe, and Software and Applications.

Power of the Group

Bisnode is committed to sharing ideas and enhancing its longstanding entrepreneurial tradition. Three Competence Centres – for Credit Solutions, Marketing Solutions and Business Information Solutions – allow the sharing of knowledge and ideas while encouraging an innovative approach to new business opportunities. These Competence Centres strive to transfer successful concepts throughout regions and to create revenue by searching for business opportunities across borders.

The local focus combined with increased transparency enables maximised business potential and synergies throughout the Group.

Maximizing performance and potential

One of Bisnode’s strategic objectives is to offer an environment where individuals can grow in their professional roles, and

the Group shares a comprehensive strategy for Talent Management. 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 career advancement within the Group for not only current but also future talent.

– Our strategic focus on talent development and knowledge sharing allows us to maximize the potential of the talent we have in-house to increase profitability and growth at the same time that we attract new talent, says Karin Svensson, Talent Director.

Bisnode is focused on developing the right leadership for today and tomorrow, identifying talent in all areas of the business and developing it to its full potential, as well as dynamically sharing talent within the Group by allowing the organisation to become more transparent. Our goal is to successfully develop employee talent and offer our employees interesting career paths and mobility within the company in order to gain new skills and experiences. A good Talent Management strategy is a way to retain top talent within the Group.

Building engagement

A motivated team is a more proactive team. Bisnode recognises that the ability to attract and engage talented people within the Group is a key differentiator in remaining ahead of the competition and growing the entire organisation. By taking a strategic view of talent development in the same

way as we do with product development and demonstrating a culture of continuous learning and cooperation, we engage the in-house talent to create a positive spiral where talented people attract other talented people.

– By injecting passion, energy and fun into our work and continuously connecting with our people, we can better understand the drivers for their engagement, meaning and each employee’s experience of being part of the Bisnode Group, says Karin Svensson.

Values

entRepReneuRial SpiRitBisnode was built by entrepreneurs, andit is vital to maintain the entrepreneurialspirit in order to continue growing.

local FocuSBy working closely with customers,knowing Bisnode’s markets and takingadvantage of the competitive edge locally.

a winning attitudeBy striving for the number one position,exploring new possibilities and beingambitious while having fun.

integRityBy caring for the individual, securingthe credibility of the Group’s businessinformation and using it responsibly.

openneSSBy pursuing open communication andtransparency.

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personnel keY figures 2010 2009

average number of emloyees 3,080 3,167number of emloyees at 31 december 2,974 3,095total revenue per employee (Sek th) 1,445 1,497operating profit (ebita) per employee (Sek th) 174 187number of men in the group 1,731 1,749number of women in the group 1,348 1,418

FINANCE

COMMUNICATIONS

STRATEGIC IT

CREDIT SOLUTIONS

MARKETINGSOLUTIONS

BUSINESS INFORMATION SOLUTIONS

CEO

COMPETENCE CENTRES

BUSINESS AREASOFTWARE AND APPLICATIONS

BUSINESS AREAPRODUCT INFORMATION

REGIONCENTRALEUROPE

REGIONBENEFRA

REGIONDACH

REGIONNORDIC

TALENT

organisation

EMPLOYEES BY REGION/BUSINESS AREA 2010

NORDIC 35%

DACH 21%

BENEFRA 16%

CENTRAL EUROPE 11%



CENTRAL 1%

7%

35%

21%

11%

8%

16%

1%

emploYees BY function 2010 %

SaleS & MaRketing 46%pRoduction 41%adMiniStRation 13%

peter trapdireCtOr internatiOnaL business deveLOPment

18

Through dedicated and passionate leadership, Claudine Knop, Managing Director of wdm Belgium, has shaped a company in which innovation is at the heart of day-to-day business. Claudine recognises the talent in every employee and motivates her colleagues to achieve the best possible results.

Knop was awarded Leadership of the Year 2010, whereby she was recognised for her innovative thinking, good communication skills and for creating a good team spirit. “It feels inspiring to be in a company with 3,000 passionate digital information specialists who all strive to develop unique solutions in different business areas.”

Leadership of the Year

“I feel really honoured to have won the Leadership of the Year award. I didn’t quite expect it since I have only been ceo for two years. Of course, I share the recognition with the members of my team, all of whom are very innovative and make a positive difference in our every- day business. My main contribution to our success is that I have em-powered my team by welcoming and recognising new ideas”, Knop says.

Communication is the key

Knop firmly believes that effective communication skills are essential for successful leadership. It’s how you create solidarity and common values.

“I have worked hard to create an atmosphere where everyone feels comfortable bringing new ideas to me. However, people assimilate information differently. Therefore, it’s as important to offer face-to-face communication as it is to write a weekly blog or share your vision in a report. One of the initiatives for promoting innovation is a web forum where all employees can post their ideas.”

Talent Management Program

Knop points out that the Bisnode’s Talent Management Program will have a positive effect on the future of the Group.

“A company’s employees are just as important as its products and services. If we allow people to grow, continue to promote innovative thinking and develop new digital solutions, it won’t be long before we’re number one in all markets.”

claudine knop managing direCtOr

name: Claudine Knop

position: managing director at Wdm belgium since 2009, with 170 employees. Knop has worked with the bisnode group since 1994.

Business target for 2011: to increase revenue, to integrate new technology with our digital solutions and to continue to develop the team.

personal character traits: Perceptive, genuine and demonstrating excellent communication skills.

19

Pasi Leino, Account Director at Soliditet Finland, received the Performance of the Year award. He had a very successful year in 2010 and managed to sign contracts with large customers in a new business area. “I am truly honoured to have been selected, and to be a part of a very successful organisation. Winning the award has spurred me to deliver even better results this year.”

Performance of the Year

Pasi Leino is known for his ambitious drive and winning attitude. In 2007, he played a key role in breaking up the monopoly in the personal credit business segment in Finland. This greatly helped strengthen Bisnode’s market position.

Last year he exceeded all sales goals and received the Performance of the Year award for his achievements.

Working together leads to success

“The success I enjoyed in 2010 could not have been possible without the support of my colleagues. In order to meet the challenges successfully, it was necessary to apply knowledge shared by my colleagues, and also to work creatively with them to create customised solutions,” says Leino.

Innovation and entrepreneurship

Leino points out that the Group has given him complete confidence to pursue leads for new customers. He feels that innovation and entrepreneurship are encouraged, which helps him maximise his results.

“The balance between freedom and responsibility has been essential to my achievements. I am convinced that if Bisnode continues to support this kind of development, we have a great future ahead of us.”

pasi leino aCCOunt direCtOr

name: Pasi Leino

position: account director at soliditet Finland. Leino has been with the bisnode group since 2005.

Business target for 2011: to expand the market in the consumer credit business segment and be the first person to win the Performance of the Year award two years in a row.

personal character traits: Listens well to customers, keeps his promises and will do what it takes to close the deal.

Christian Brandlhuber, Account Manager at d&b Germany, was awarded 2010 Salesperson of the Year. He won the award for exceeding his individual annual sales budget by 288 per cent. This was the highest figure in the Group. “Excellent support from my managers and my team helped me achieve such an excellent result.”

Salesperson of the Year

Despite the challenges of the financial crisis, Christian Brandlhuber had a successful year in 2010 by closing a large number of deals and attracting new customers. As a result, he reached remarkable sales figures and was selected as Salesperson of the Year.

Brandlhuber is recognised for his customer relationship skills and for creatively modifying market solutions to fit customer demands. “As an Account Manager, it is necessary to really listen, recognise what the customer needs and act upon it. I never sell just a product. I offer a solution to a real problem,” Brandlhuber says.

The key to success

Brandlhuber’s accomplishment is based on several factors. “To succeed in sales you have to be at the right place, at the right time and offer the right solution,” Brandlhuber explains.

He suggests that another key to success is to identify the gatekeeper. By getting through to the decision-maker you close the deal faster. Brandlhuber continues by saying, “in my Account Manager role, I never let the lost deals bring me down. It is a natural part of the job. Be persistent, always knock on new doors and focus on your goals. My motto is abc – Always Be Closing.”

A creative environment

Bisnode Group strives to offer a stimulating environment that allows the individuals to grow and develop. Brandlhuber truly believes that Bisnode lives up to that ambition.

christian BrandlhuBeraCCOunt manager

name: Christian brandlhuber

position: account manager at sales & marketing solutions in d&b germany. He has worked within the bisnode group since 2008.

Business target for 2011: Compared to 2010, brandlhuber’s budget has been raised by more than 150 per cent for 2011. the reason for this is to encourage even greater contributions that will further strengthen the position of the group in the marketplace.

personal character traits: Creative, diligent, flexible, friendly, persistent and persistent and persistent.

natalie guidotti aCCOunt manager

REGiONS AND BUSiNESS AREAS Bisnode’s core offering of credit, market 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.

20

serVais YimkWan database manager

alexandre rossez database manager

21

region nordic

The Nordic region is the Group’s largest, with a very strong offering in all product areas. In 2010, revenue amounted to sek 1.988 million with an operating profit of sek 371 million.

Demand for Bisnode’s solutions was stable, and operations showed high profitability. Overall, the challenge in the region is growth. Developments differed between countries. In Denmark growth slowed following previous year’s sharp increase, and in Norway the business development remained weak. Finland continued to perform well and operations were strengthened through the acquisition of Yritystele.

In Sweden, the business continued to deliver high operating profit margin, despite that the Swedish market for personal in-formation is in transition since the Swedish Tax Agency assumed responsibility for spar. This will affect the Swedish operations, however, our assesment is that other operations in Bisnode will compensate for the estimated decline in revenue.

denmark estonia finland norWaYsWeden

Continued high

profitability

REVENUE

OPERATING PROFIT, EBITA

2008 2009 2010

SEK m

0

500

1,000

1,500

2,000

2,500

0

150

300

450

600

750

mats erWaldregiOnaL direCtOr

Belgiumfrancenetherlands

Challenging market

region Benefra

Bisnode has a strong offering of marketing solutions and is the leading provider of services for consumer marketing in the region. In 2010, revenue amounted to sek 741 million with an operating profit of sek 30 million.

Region BeNeFra reported negative organic growth of 6 per cent, adjusted for foreign exchange effects. Overall, the region struggled to keep pace with market recovery, regulatory changes and re-organisations. In the Netherlands, a significant regulatory change has affected market conditions for all players and led to negative growth. To adapt these operations an action programme with substantial cost-cutting measures was implemented. In Belgium, an integration project has been carried out to unite the customer offerings in business-to-business and business-to-consumer information. Profits in France were affected by one-time costs, connected to the integration of Directinet, which was acquired at the beginning of the year.

norBert VerkimperegiOnaL direCtOr

2008 2009 2010

SEK m

0100200300400500600700800900

0

20

40

60

80

100

120

REVENUE


22

croatiaczech repuBlichungarYpolandsloVakiasloVenia

region central europe

Bisnode has a strong offering of credit solutions and business information solutions in the region. In 2010, revenue amounted to sek 182 million with an operating profit of sek 23 million. Region Central Europe posted organic growth of 6 per cent, adjusted for currency effects.

Development was strongest in Poland and Slovenia. Growth-enhancing investments were made in product development, database expansion and hiring of new staff throughout the region in 2010. New products launched in all countries are starting to pay off. At the end of the year, operations in Croatia were strengthened through the acquisition of Poslovna Domena – the country’s market-leading supplier of digital business information.

martin coufalregiOnaL direCtOr

2008 2009 2010

SEK m

0

30

60

90

120

150

180

210

0

5

10

15

20

25

30

35

REVENUE


invested for future

growth

region dach

Bisnode has a strong offering of credit solutions in the dach region and offers business information solutions in Germany. In 2010, revenue amounted to sek 860 million with an operating profit of sek 104 million.

Region dach reported positive development with organic growth of 3 per cent, adjusted for foreign exchange effects. Investments in data quality is starting to pay off in expanded offering with the launch of Hoppenstedt CreditCheck and Hoppenstedt360. Despite ongoing initiatives to increase the Group’s share of the German credit information market, the region showed higher profitability. Austria and Switzerland continued to deliver positive performances with slight growth along with improved operating margins.

Eckhard Geulen has been appointed Regional Director dach following the resignation of Peter Villa in April 2011.

germanYaustriasWitzerland

healthy growth

2008 2009 2010

SEK m

0

200

400

600

800

1,000

0

20

40

60

80

100

120

REVENUE


eckhard geulenregiOnaL direCtOr

23

Business areaproduct information

The Product Information business area offers advertising-based online services and business journals with a focus on industrial suppliers. In 2010, revenue amounted to sek 437 million with an operating profit of sek 71 million.

Revenue in the Product Information business area declined organically by 6 per cent for the year. The business area im-proved its operating margin compared to the previous year as a result of cost adaptations that matched the lower level of demand. Wer Liefert Was? retained its strong market position in Germany and continued to perform well. The divestiture of abc companies in Belgium, France, Luxembourg and the Netherlands during the period resulted in a capital loss.

Fredrik Åkerman has been appointed Business Area Director Product Information following the resignation of Peter Villa in April 2011.

improved profit margin

2008 2009 2010

SEK m

0

100

200

300

400

500

600

0

10

20

30

40

50

60

70

80

REVENUE


Business areasoftWare and applications

Bisnode offers software and applications with integrated business information that help customers analyse and improve their business performance while providing access to better decision support. In 2010, revenue amounted to sek 360 million with an operating profit of sek 46 million.

In 2010, Bisnode sold Office Team in Norway and its shareholding of slightly more than 50 per cent in Emric in Sweden, contributing to the decline in revenue and lower operating profit. The remaining companies have recovered after the previous year’s decrease due to market decline, and reported organic growth of more than 4 per cent for 2010. The offering of crm systems in the Swedish market remains successful, and expansion to Norway and Finland is proceeding as planned.

finlandnorWaYsWeden

2008 2009 2010

SEK m

050

100150200250300350400450500

0102030405060708090100

REVENUE


fredrikÅkermanbusiness area direCtOr

divestments and market

reCovery

austriadenmark finlandgermanY hungarYnorWaYsWedensWitzerland

fredrikÅkermanbusiness area direCtOr

24

CORPORATE GOVERNANCEBisnode’s organisation, with operations in 17 countries, makes clear and well implemented corporate governance an important platform for the Group.

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 Henrik Joelsson (Committee Chairman), Håkan Ramsin 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’effortsto

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.

In the Bisnode Group, governance, manage-ment and control are divided between the shareholders, Board of Directors, ceo, executive management team and managing directors of the operating companies.

Corporate governance is regulated by Swedish law, primarily by the Swedish Companies Act, and by the rules and recom-mendations issued by relevant organisations. The Board of Bisnode Business Information Group has established requirements for all companies in the Group for corporate gover-nance, including both a mandatory section and a section that is strongly recommended.

Bisnode’s organisation, consisting of many independent companies in 17 countries, makes the Group heavily reliant on the use of sound internal control systems and procedures, as well as on compliance with these procedures.

Work of the Board of Directors

In 2010 Bisnode’s Board of Directors held eight scheduled meetings. The primary tasks of the Board of Directors are to:• FormulateandadoptBisnode’sstrategyfor

attaining its overall operating goals.• ReviewandadoptBisnode’sannual

budget.• ReviewandsubmitBisnode’sannual

report.• Reportandproposetheallocationof

profit/loss to the Annual General Meeting.• ReviewandmonitorBisnode’sfinancial

development and business situation.Aside from follow-up of business

operations, the Board devoted much of its time in 2010 to discussing Bisnode’s

upcoming acquisitions and divestitures. Bisnode played an active role in the consolidation of the market for business information during the year.

Board committees

Bisnode has two board committees: a Com-pensation Committee and an Audit Committee.

Compensation Committee

The Compensation Committee consists of Håkan Ramsin (Committee Chairman), Henrik Joelsson and C. W. Ros.

The main tasks and responsibilities of the Committee are to: • DiscusstheBoard’sproposalfor

resolution by the Annual General Meeting 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.

• Discussmattersrelatedtogeneraloptionand 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

Lobke DeSTRooPeR Account mAnAger

financial inforMaTionDirectors’ report 26Consolidated income statement 28Consolidated statement of comprehensive income 28Consolidated statement of financial position 29Consolidated statement of changes in equity 30Consolidated statement of cash flow 31Parent Company income statement 32Parent Company statement of comprehensive income 32Parent Company statement of financial position 33Parent Company statement of changes in equity 34Parent Company statement of cash flow 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. Operating segments 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. 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. Available-for-sale financial assets 49Note 20. Deferred tax assets and liabilities 49Note 21. Participations in group companies 50Note 22. Trade and other receivables 52Note 23. Inventories 52Note 24. Cash and cash equivalents 52Note 25. Borrowings 52Note 26. Provisions for pensions 53Note 27. Other provisions 54Note 28. Trade and other payables 54Note 29. Derivative financial instruments 54Note 30. Accrued expenses and deferred income 55Note 31. Reserves 55Note 32. Finance leases 55Note 33. Operating leases 55Note 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 61

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 2010.

The Group’s operationsBisnode is a leading provider of digital business infor-mation in Europe, with a complete offering of online solutions for market, credit and business information. Bisnode’s business information services help companies to maximise sales, minimise business risks and make better business decisions.

Bisnode conducts operations in 17 European countries and has approximately 3,000 employees . Consolidated revenue in 2010 amounted to around SEK 4,5 billlion.

Bisnode is organised in four geographical regions – Nordic, DACH, BeNeFra and Central Europe – all covering the product offerings Marketing Solutions, Credit Solutions and Business Information Solutions. In addition, there are two separate business areas, Product Information and Software and Applications, and central support functions.

Significant events during the financial yearAcquisitions and divestituresThree companies were acquired and four operations were divested during the year.

At the beginning of January 2010 Bisnode com-pleted the acquisition of Directinet, a leading supplier of online direct marketing solutions in France. The company reported annual revenue of EUR 14 million in 2009 and has more than 90 employees.

In April Bisnode acquired Bilfakta i Sverige AB. The company has annual revenue of around SEK 4 million and was integrated with Bisnode’s existing service InfoBil during the year.

In October Bisnode acquired Yritystele Oy in Finland with an online B2B search service for business infor-mation. The company has 35 employees and annual revenue of around EUR 3 million.

At the beginning of April Bisnode divested the Norwegian IT supplier Office Team AS. The company has 12 employees and reported annual revenue of SEK 26 million in 2009.

In the middle of May Bisnode divested the ABC group with operations in Belgium, France, Luxembourg

ison year includes all profit and loss items from Region UK and Ireland, which was wound up during 2009.

Profit for the period was SEK 194 million (62) and earnings per share (basic and diluted) amounted to SEK 1.5 (0.4).

Cash flow and capital expenditureCash flow from operating activities remains stable and amounted to SEK 464 million (471) during the year. The year’s improvement in profit before tax was offset by a somewhat higher level of working capital.

The year’s expenditure on non-current assets amounted to SEK 95 million (119), and included investments of SEK 52 million (57) in intangible assets and SEK 43 million (62) in tangible assets. As a per-centage of revenue, investments in tangible and intangible assets reached 2.1 per cent (2.5).

Capital expenditure in the subsidiaries amounted to SEK 194 million (123) and the divestiture of sub-sidiaries had a positive cash flow effect of SEK 15 million (105). Capital expenditure in the subsidiaries includes total contingent purchase consideration of SEK 108 million. The payments refer to two acquisi-tions that were carried out in 2007 and the amount has been previously reported as an interest-bearing provision in the consolidated balance sheet.

The sale of two small office buildings during the period contributed a positive cash flow effect of more than SEK 20 million.

Financial positionConsolidated net debt fell to SEK 2,289 million, com-pared to SEK 2,685 million at 31 December 2009, mainly as a result of a strong cash flow during the year. Furthermore, the higher Swedish krona rate has reduced the Group’s long-term borrowing, which is denominated partly in EUR, by around SEK 90 million.

Cash and cash equivalents amounted to SEK 259 million, compared to SEK 368 million at 31 December 2009. In addition, the Group has total granted bank overdraft facilities of SEK 400 million. At the end of the year, SEK 25 million of the overdraft facilities had been utilised.

and the Netherlands. The ABC companies have a total of 22 employees and posted annual revenue of just under SEK 28 million in 2009.

In June Bisnode divested its shareholding of just over 50 per cent in Emric. Emric has more than 100 employees and reported annual revenue of close to SEK 80 million in 2009.

Aside from the three divested companies, in May Bisnode sold the subsidiary PAR’s operations in infor-mation logistics with 9 employees and annual revenue of around SEK 30 million.

Earnings and financial positionRevenue and profit Revenue for the period January-December fell by 6 per cent to SEK 4,451 million, compared to SEK 4,741 million in the same period of last year. Organic growth was –6.6 per cent. Adjusted for foreign exchange effects, organic growth was –1.4 per cent.

Operating profit, EBITA was SEK 536 million (593), equal to an operating margin of 12.0 per cent (12.5). Adjusted for capital gains on the sale of subsidiaries, operating profit, EBITA was SEK 545 million (563) and operating margin was 12.2 per cent (11.9).

Operating profit, EBIT was SEK 434 million (428). Amortisation and impairment of intangible assets attributable to acquisitions amounted to SEK 102 million, compared to SEK 164 million in last year. The comparison period included a total goodwill impairment loss of SEK 41 million. 2010 is charged with an impair-ment loss of just under SEK 6 million on an excess value attributable to the Product Information business area.

Net financial items for the year are reported at SEK –149 million, compared to SEK –189 million last year. The improvement in net financial items is explained by a stronger Swedish krona rate coupled with a decrease in net debt and lower market interest rates compared to the same period of last year. Unreal-ised foreign exchange gains attributable to the Group’s long-term borrowing totalled SEK 93 million (75).

Income tax for the period was SEK 91 million (69), equal to an average tax rate of 32 per cent (29).

Profit from continuing operations was SEK 194 mil-lion, compared to SEK 170 million last year. Earnings per share (basic and diluted) amounted to SEK 1.5 (1.3).

Profit from discontinued operations in the compar-

27EmployeesThe number of employees at 31 December 2010 was 2,974 (3,095 at 31 December 2009). The net effect of acquired and divested companies was a decrease of 36 employees.

The average number of employees during the year was 3,080, compared to 3,167 in 2009.

Significant events after the balance sheet dateAfter the balance sheet date, Bisnode completed the acquisition of Poslovna Domena in Croatia and acquired 51 per cent of Vendemore AB in Sweden.

Poslovna Domena offers digital business informa-tion from Croatia’s most complete dataset of compa-ny and people information. The company has 15 employees and annual revenue of around SEK 9 million.

Vendemore helps companies to optimise their online marketing. The company has 10 employees and reported annual revenue of around SEK 9 million in 2010.

At the end of February Bisnode acquired the credit solutions company Lindorff Decision and 90.1 per cent of marketing solutions company Lindorff Match, located in Norway. Combined, the companies have 37 employees and showed annual revenue of SEK 115 million in 2010. Operating profit amounted to around SEK 26 million. The acquisitions are subject to approval from the relevant competition authorities.

No other significant events have taken place after the balance sheet date.

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.

Risks and uncertaintiesAll business operations involve risks. Bisnode works continuosly to identify, measure and manage risk. In cases where 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– MacroeconomicsDemand for Bisnode’s services 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 geo-graphical spread with sales in 17 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.

– Coordinated Population and Address RegisterThe Swedish market for people information is in tran-sition. In 2009 the Swedish Tax Agency took over responsibility for SPAR (Coordinated Population and Address Register), which was previously handled by Bisnode through its subsidiary Infodata, and the Swedish Tax Agency introduced its first own SPAR services on the market in January 2011. The services handled by Infodata will remain on the market during 2011 but will cease entirely thereafter. Infodata will thus lose its exclusive right to distribution of SPAR information. For more than 20 years, Infodata has distributed this information on a wholesale basis to both Group companies and external parties. Due to this exclusivity, the profitability of SPAR sales has been historically very high. The Bisnode Group’s directly related SPAR revenue in 2010 amounted to around SEK 300 million. The management’s assess-ment, however, is that the Group’s other operations will compensate for the decline in SPAR-related revenue.

– CompetitionAs technological advances reduce the costs of pro-curing and delivering digital information, start-up costs and certain barriers to entry in Bisnode’s mar-kets 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 sophisticated product range and to increase custom-er loyalty through integrated solutions where the information 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. The long-term develop-ment is also dependent on the ability to efficiently deliver products to the customers. If Bisnode fails to enhance the current delivery methods or develop new methods in response to changes in technology or customer preferences, or does not act quickly enough to enhance or develop new delivery methods, the customers may choose to receive digital business information from other providers.

– EmployeesTo a large extent, Bisnode’s future sucess is dependent on the knowledge, experience and performance of its employees. In order to retain the existing staff and recruit new talents, Bisnode is working actively to offer competence development and competitive compensation terms for its employees.

Financial risksThe Group is exposed to different types of financial risks through its handling of financial instruments. The primary risks are currency risk, interest-rate risk, credit risk and liquidity risk. For detailed information about financial risks and financial risk management, see Note 3.

Parent CompanyThe Parent Company reported an operating profit of SEK -27 million (-1). Profit after financial items was SEK 99 million (100). The figure includes dividends of SEK 100 million (100) from the subsidiaries. The Parent Company made no investments during the period.

Group conditionsBisnode Business Information Group AB is a subsidiary 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 accordance 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 638,700,044Profit for the year 103,802,933Total 742,502,977

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

To be carried forward 742,502,977Total 742,502,977

28

consolidated income statement

SEK thousands Note 2010 2009

Continuing operationsRevenue 4,451,486 4,740,747Other operating income 6 61,579 88,647Total operating income 4,513,065 4,829,394

Goods and services -973,313 -1,102,809Personnel costs 9, 10 -2,060,398 -2,198,929Depreciation, amortisation and impairment losses 17, 18 -237,060 -299,454Other expenses 12 -808,418 -799,904Total operating expenses -4,079,189 -4,401,096

Operating profit 433,876 428,298

Financial income 14 9,431 11,879Financial expenses 15 -158,254 -200,771Net financial items -148,823 -188,892

Profit before tax 285,053 239,406

Income tax expense 16 -90,949 -69,352

Profit for the year from continuing operations 194,104 170,054

Discontinued operationsProfit for the year from discontinued operations 40 -108,237

Profit for the year 194,104 61,817

Attributable to:Owners of the parentNon-controlling interests 180,567 50,551

13,537 11,266Share information:Earnings per share before and after dilution, SEK 37 1.50 0.42Earnings per share from continuing operations, SEK 37 1.50 1.32Earnings per share from discontinued operations, SEK 37 -0.90

consolidated statement of comprehensive income



Other comprehensive incomeFair value gains on available-for-sale financial assets -5,092Cash flow hedges 61,100 8,482Cash flow hedges, transferred to the income statement -4,770 -4,770Translation differences -315,815 -130,423Deffered tax recognised directly in equity 12,934Tax attributable to other comprehensive income -14,814 -976Other comprehensive income for the year -261,365 -132,779

Total comprehensive income for the year -67,261 -70,962

29

consolidated statement of financial position

SEK thousands Note 31/12/2010 31/12/2009

ASSETSNon-current assetsIntangible assets 17 5,182,273 5,612,689Property, plant and equipment 18 284,698 367,165Available-for-sale financial assets 19 4,841 6,993Deferred tax assets 20 134,386 114,406Trade and other receivables 22 14,787 20,910Total non-current assets 5,620,985 6,122,163

Current assetsInventories 23 5,856 11,496Tax receivables 34,432 26,524Trade and other receivables 22 861,050 911,366Cash and cash equivalents 24 259,167 367,844Total current assets 1,160,505 1,317,230TOTAL ASSETS 6,781,490 7,439,393

EQUITYEquity attributable to owners of the parentShare capital 36 482,356 482,356Other capital contributions 1,763,097 1,763,097Reserves 31 -205,249 54,003Retained earnings including profit for the year -1,036,820 -1,214,374Total 1,003,384 1,085,082Non-controlling interests 47,041 64,781Total equity 1,050,425 1,149,863

LIABILITIESNon-current liabilitiesBorrowings 25 3,203,615 3,528,963Provisions for pensions 26 209,568 217,711Other provisions 27 54,164 188,544Deferred tax liabilities 20 245,621 259,366Trade and other payables 28 2,234Total non-current liabilities 3,712,968 4,196,818

Current liabilitiesBorrowings 25 347,275 332,351Tax liabilities 104,955 57,712Derivative financial instruments 29 74,481 135,581Other provisions 27 39,893 1,238Trade and other payables 28 1,451,493 1,565,830Total current liabilities 2,018,097 2,092,712Total liabilities 5,731,065 6,289,530TOTAL EQUITY AND LIABILITIES 6,781,490 7,439,393

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

Non- controlling

interestsTotal

equity

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 -2,740Acquisition of non-controlling interests 0 -237 -237Other changes 671 671 671Subtotal 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

Balance at 1 January 2010 482,356 1,763,097 54,003 -1,214,374 1,085,082 64,781 1,149,863

Total comprehensive income for the year -259,252 180,567 -78,685 11,424 -67,261

Dividend 0 -546 -546Acquisition of non-controlling interests -3,013 -3,013 -502 -3,515Sale of non-controlling interests 0 -28,116 -28,116Subtotal 0 0 0 -3,013 -3,013 -29,164 -32,177

Balance at 31 December 2010 482,356 1,763,097 -205,249 -1,036,820 1,003,384 47,041 1,050,425

31

consolidated statement of cash flow


Cash flow from operating activitiesProfit before tax 285,053 239,406Adjustment for items not included in cash flow, etc. Depreciation, amortisation and impairment losses 241,688 299,510 Capital gains and losses 2,890 -30,395 Unrealised foreign exchange gains/losses -92,675 -74,561 Capitalised interest 108,764 91,686 Other 3,398 -18,978Income tax paid -66,041 -71,987Cash flow from operating activities before changes in working capital 483,077 434,681

Cash flow from changes in working capital Increase (-)/Decrease (+) in inventories 4,517 -1,383

Increase (-)/Decrease (+) in receivables -4,525 45,136 Increase (+)/Decrease (-) in trade payables -10,496 -14,429 Increase (+)/Decrease (-) in other current liabilities -8,636 7,436Cash flow from operating activities 463,937 471,441

Cash flow from investing activitiesAcquisition of subsidiaries 38 -193,759 -123,435Investments in intangible assets 17 -36,481 -38,070Investments in property, plant and equipment 18 -43,043 -61,581Internally generated assets 17 -15,958 -19,050Sale of subsidiaries 39 14,812 105,019Sale of other financial assets 223 3,331Sale of intangible assets and property, plant and equipment 22,667 4,108Cash flow from investing activities -251,539 -129,678

Cash flow from financing activitiesNew borrowings 226,555Repayment of borrowings -531,635 -395,411Repayment of non-current receivables 10,932 14,373Acquisition of non-controlling interests -3,515Dividend paid to non-controlling interests -547 -2,740Cash flow from financing activities -298,210 -383,778

Cash flow from discontinued operations 40Cash flow from operating activities -1,715Cash flow from investing activities 98,777Cash flow from financing activities -441Cash flow from discontinued operations 0 96,621

Cash flow for the year -85,812 54,606

Cash and cash equivalents at the beginning of the year 367,844 323,572Exchange rate differences on cash and cash equivalents -22,865 -10,334Cash and cash equivalents at the end of the year 259,167 367,844

Supplementary informationCash flow from operating activities includes paid and received interest in the following amounts: Interest paid -130,361 -167,578Interest received 3,785 6,138

32

parent company income statement


Revenue 841Total operating income 841 0

Personnel costs 11 -8,924Other external expenses 12 -18,695 -1,429Total operating expenses -27,619 -1,429

Operating profit -26,778 -1,429

Result from financial itemsResults from participations in group companies 13 192,904 177,312Other interest income and similar items 14 47 1Interest expenses and similar items 15 -66,963 -75,918Total profit from financial items 125,988 101,395

Profit after financial items 99,210 99,966

Tax on profit for the year 16 4,593


parent company statement of comprehensive income



Other comprehensive income

Total comprehensive income for the year 103,803 99,966

33

parent company statement of financial position

SEK thousands Note 31/12/2010 31/12/2009

ASSETSNon-current assetsFinancial assetsParticipations in group companies 21 1,373,967 1,373,967Receivables from group companies 533,513 535,715Deferred tax asset 3,508Total financial assets 1,910,988 1,909,682

Total non-current assets 1,910,988 1,909,682

Current assetsCurrent receivablesReceivables from group companies 575,946 432,651Tax assets 163Other receivables 5,024 119Prepaid expenses and accrued income 221Total current receivables 581,354 432,770

Cash and cash equivalents 58,111 1

Total current assets 639,465 432,771

TOTAL ASSETS 2,550,453 2,342,453

EQUITY AND LIABILITIESEquityRestricted equityShare capital 36 482,356 482,356Statutory reserve 39,980 39,980

Non-restricted equityRetained earnings 638,700 538,734Profit for the year 103,803 99,966Total equity 1,264,839 1,161,036

ProvisionsOther provisions 16,006Total provisions 16,006 0

Non-current liabilities 25Liabilities to group companies 860,026 796,320Other liabilities 368,582 341,280Total non-current liabilities 1,228,608 1,137,600

Current liabilitiesTrade payables 417 584Liabilities to group companies 32,948 42,790Tax liabilities 148Other liabilities 163Accrued expenses and deferred income 30 7,472 295Total current liabilities 41,000 43,817

TOTAL EQUITY AND LIABILITIES 2,550,453 2,342,453

Assets pledged 35 1,107,539 1,298,012Contingent liabilities 35 2,237,126 2,625,416

34

parent company statement of changes in equity

SEK thousandsShare

capital Statutory

reserve

Non-restricted

equityTotal

equity

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

Opening balance at 1 January 2010 482,356 39,980 638,700 1,161,036


Closing balance at 31 December 2010 482,356 39,980 742,503 1,264,839

35

parent company statement of cash flow


Cash flow from operating activitiesProfit after financial items 99,210 99,966Adjustment for items not included in cash flow, etc. Provisions 16,006 Capitalised interest 91,008 86,592 Unrealised foreign exchange gains/losses -25,614 -10,960Income tax paid 774 -937Cash flow from operating activities before changes in working capital 181,384 174,661

Cash flow from changes in working capital Increase (-)/decrease (+) in receivables -5,126 220 Increase (+)/decrease (-) in other current liabilities 7,173 -1,790Cash flow from operating activities 183,431 173,091

Cash flow from investing activitiesAcquisition of subsidiaries -8,120Cash flow from investing activities 0 -8,120

Cash flow from financing activitiesChange in group balances -328,247 -339,930Group contributions received/given 77,312 74,785Dividends received 100,000 100,000Cash flow from financing activities -150,935 -165,145

Cash flow for the year 32,496 -174

Cash and cash equivalents at the beginning of the year 1 175Exchange rate differences on cash and cash equivalents 25,614Cash and cash equivalents at the end of the year 58,111 1

Supplementary informationCash flow from operating activities includes paid and received interest in the following amounts:Interest paid -1,561 -277Interest received 47 1

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 complete offering of online solutions for market, credit and business information. The Group operates in 17 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.

The consolidated financial statements were approved by the board of directors and the CEO on 15 March 2011 and will be presented to the 2011 Annual Gener-al 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 the standard RFR 1, 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 expressed in thousands of Swedish kronor (SEK thousands) unless otherwise stated.

2.2 Changes in accounting policies and disclosuresIFRS 3 – Business Combinations (revised)The revised standard is applied by the Group as of 1 January 2010. The revised standard has affected how business combinations are accounted for, i.e. the accounting treatment of transaction costs, contingent purchase consideration and business combinations achieved in stages. The revised standard has not had any impact on business combinations in previous year.

IAS 27 – Consolidated and Separate Financial Statements (revised)The revised standard is applied by the Group as of 1 January 2010. The revised standard requires for instance that the effects of transactions with non-controlling interests be recognised directly in equity if control over the subsidiary is retained. The revised standard has affected financial statements in that transactions with non-controlling interests have been recognised directly in equity instead of given rise to goodwill.

2.3 Clarification of IFRS standards or interpretations to standards that are not yet effective and that will have a significant effect on future financial statementsIAS 24 – Related Party Disclosures (revised)The revised standard clarifies and simplifies the definition of a related party and will be applied by the Group for periods beginning on or after 1 January 2011. When the revised standard is applied, it could lead to further information about related party transactions.

2.4 Consolidationa) SubsidiariesSubsidiaries are all entities over which the Group has the power to govern the financial and operating policies generally 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 de-consolidated from the date that control ceases.

The group uses the acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred and any equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent purchase consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. On a acquisition-by-acquisition basis, the group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the differ-ence is recognised directly in profit or loss as other operating income.

Intragroup transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated but are considered an indication of impairment 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.

accounTinG policies anD noTes

37c) Transactions with non-controlling interestsThe Group treats transactions with non-controlling interests as transactions with equi-ty owners of the Group. For purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

When the Group ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair value, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

2.5 Operating segmentsOperating 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.

2.6 Foreign currency translationa) 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 entity operates (“the functional currency”). The consolidated financial statements are presented 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 translation at year-end exchange rates of monetary assets and liabilities denomi-nated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges.

Translation differences on non-monetary financial assets and liabilities, such as equities held at fair value through profit or loss, are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets, such as equities classified as available-for-sale, are included in other com-prehensive income.

c) Group companiesThe results and financial position of all the group entities (none of which has the currency 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 in other comprehensive income.

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 other comprehensive income. When a foreign operation is disposed of or sold, such exchange rate dif-ferences 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.

2.7 Intangible assetsa) 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 at the date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accu-mulated 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 segments.

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 esti-mated useful lives. Useful lives have been estimated at 20 years in all cases.

c) DatabasesDatabases 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 business systems and systems devel-opment in progress. Internal development projects are capitalised if the invest-ment meets the definition of intangible asset, has an estimated useful life of at least 3 years and exceeds SEK 1,000 thousand.

2.8 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 sep-arate 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 estimated useful lives, as follows:

Buildings 25 – 50 yearsLand improvements 15 – 20 yearsComputers 2–5 yearsServers 5–10 yearsOffice equipment 5 – 10 yearsOther equipment 5 – 20 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 immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

2.9 ImpairmentAssets that have an indefinite useful life are not subject to amortisation and 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

38asset’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).

2.10 Financial assetsThe Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available-for-sale financial assets. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition and reviews the classificiation at each reporting date.

a) Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months; otherwise, they are classified as non-current. 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 determina-ble 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 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.

c) 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.

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 recognised in other comprehensive income. 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. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the historical 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 recognised in the income statement. Impairment losses recognised in the income statement on equity instruments are not reversed through the income statement.

2.11 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 desig-

nated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immedi-ately 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.

2.12 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.

2.13 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 objective 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.

2.14 Cash and cash equivalentsCash and cash equivalents includes cash in hand, deposits held at call with banks and any short-term investments. Short-term investments consist of securities with maturities of less than three months.

2.15 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.

392.16 TaxesDeferred tax is provided in full, using the liability method, on temporary differences 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 transaction 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 recognised 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.

The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

Temporary differences arising from investments in subsidiaries and associates where the Group is able to control the timing of the reversal of the temporary dif-ference and it is not probable that the temporary difference will be reversed in the foreseeable future are not recognised.

2.17 Employee benefitsa) 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.

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 contributions 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.

2.18 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 12 months after the balance sheet date and if its effect is significant. Provisions are not recognised for future operating losses.

2.19 Revenue recognitionRevenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the group’s activities, excluding value-added tax and discounts and after eliminating sales within the group. Revenue is recognised as follows:

a) Income from catalogue businessIncome from catalogue business activities is accounted for in connection with dis-tribution to the customer.

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

c) Royalty incomeRoyalty income is recognised on an accrual basis in accordance with the substance of the relevant agreements.

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

2.20 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 amortisation 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 reognised 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 essentially 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.

2.21 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.

2.22 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.

402.23 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 disbursements.

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 Accounting for Legal Entities. RFR 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 taxa-tion. The standard specifies what exceptions from or additions 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 recognised as financial income.

note 3. financial risk management 3.1 Financial risk factorsThe Group is exposed to different types of financial risks through its handling of financial instruments. The primary risks are currency risk, interest-rate risk, credit risk and liquidity risk.

Guidelines for the Group’s management of financial risks are adopted annually by the Board of Directors in the Parent Company. These guidelines are summa-rised in the Group’s financial policy. Risk management is carried out by a central treasury department in the Group company Bisnode AB. The treasury department administers the Group’s central accounts and identifies, evaluates and hedges financial risks. The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance.

a) Currency riskCurrency risk is the risk for fluctuations in the fair value of, or the future cash flow from, a financial instrument due to changes in currency exchange rates.

The Group operates in 17 countries and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the DKK, EUR, GBP, NOK and USD. The Group’s currency risk mainly arises through transaction expo-sure, translation exposure and cash exposure.

–Transaction exposureTransaction exposure is the risk that operating revenue or expenses will be negative-ly affected as a result of foreign currency fluctuations. Each company manages 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 transactions and larger flows into subsidiaries may be hedged.

The Group’s greatest transaction exposure is USD, SEK and DKK. In 2010 the net flow in these currencies amounted to SEK –37 million, SEK –12 million and SEK –8 million respectively.

–Translation exposureTranslation 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 subsidiaries that are planned to be sold.

From the Group’s total exposure to foreign subsidiaries’ net assets at year-end, 71% pertains to EUR and 15% to DKK.

– Cash exposureCash exposure occurs when a bank balance is held in a foreign currency other than the operating currency. The table below analyses the impact of changes in the primary currencies on the Group’s profit before tax:

2010Change in SEK

2009Change in SEK

SEK thousands +10% -10% +10% 10%

DKK 4,692 -4,692 5,517 -5,517

EUR 7,740 -7,740 21,713 -21,713GBP 5,226 -5,226 5,765 -5,765NOK -12,155 12,155 -12,281 12,281USD 4,377 -4,377 2,000 -2,000

The table above shall be interpreted as follows: If the Swedish krona had strengthened by 10% against the Danish krona with all other variables held con-stant, pre-tax profit for the year would have been SEK 4,692 thousand (5,517) higher. All changes in pre-tax profits are due to foreign exchange gains/losses on translation of cash and cash equivalents.

b) Interest rate riskInterest rate risk is the risk for fluctuations in the fair value of, or the future cash flow from, a financial instrument due to changes in market interest rates.

The Groups’ interest rate risk arises primarily from long-term borrowings. The Groups’ 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% 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 by calculating the impact on profit and loss of a defined interest rate shift.

c) Credit riskThe Group consists of more than 100 companies and has operations in 17 coun-tries, and thus has 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 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.

d) 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

31/12/2010 Maturity date

SEK thousandsWithin1 year

Between1-5 years

Later than5 years

Bank borrowings 450,650 1,998,250Loans from shareholders 1,442,602Borrowings for finance leases 6,307 25,866 65,606Derivative financial instruments 80,861 74,037Other borrowings 7,242 10,884Trade and other payables 1,451,493Total 1,996,553 3,551,639 65,606

31/12/2009 Maturity date

SEK thousandsWithin1 year

Between1-5 years

Later than5 years

Bank borrowings 457,762 2,514,775Loans from shareholders 1,442,602Borrowings for finance leases 6,952 28,304 80,446Derivative financial instruments 95,308 158,771Other borrowings 5,770 17,310Trade and other payables 1,565,830 2,234Total 2,131,622 4,163,996 80,446

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 2010 was SEK 2,289 million (2,685). The change in net debt is shown below:

SEK thousands 31/12/2010 31/12/2009

Borrowings Note 25 3,550,890 3,861,314less: Loans from shareholders Note 25 -1,228,608 -1,137,600Provisions for pensions Note 26 209,568 217,711Contingent purchase considerations Note 27 35,330 142,118Accrued interest income/expenses Note 21, 28 -311 232

Less: Cash and cash equivalents Note 24 -259,167 -367,844Less: Interest-bearing receivables Note 21 -19,112 -31,245Net debt 2,288,590 2,684,686

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 judgements that have a significant risk of causing material adjustments in future financial years are outlined below.

Impairment of GoodwillThe carrying amount of goodwill at 31 December 2010 was SEK 4,529,850 thousand (4,750,684). Goodwill is reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount may not be recovera-ble. The Group’s annual impairment testing of goodwill is based on estimates and judgements about future growth, profitability and investment levels (see Note 17).

Deferred tax assetsThe carrying amount of deferred tax assets at 31 December was SEK 134,386 thousand (114,406). 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.

Pension obligationsThe 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 26). The carrying amount of pension obligations at 31 December was SEK 209,568 thousand (217,711).

42

note 5. operating segmentsBisnode’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 the 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 joint units, such as the accounting 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 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.

The Chief Executive Officer consider the business from both a geographical and product perspective.

The Group is organised in four geographical regions – Nordic, DACH, BeNeFra and Central Europe – all covering the product offerings Market Solutions, Credit Solutions and Business Information Solutions. In addition there are two separate business areas, Product Information and Software and Applications, and central support functions. This structure 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. Financial items, such as interest or dividend income, gains on the sale of investments or income tax expense are not allocated to the respective segments. 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.

2010 Nordic DACH BeNeFraCentralEurope

ProductInformation

Software& Applicat.

Centralfunc./elim. Total

External revenue 1,952,528 849,763 740,465 177,680 435,564 295,486 4,451,486Inter-segment sales 35,695 10,305 232 4,629 1,735 64,484 -117,080 0Other operating income 19,175 9,008 8,713 2,269 10,808 14,477 -2,871 61,579Total operating income 2,007,398 869,076 749,410 184,578 448,107 374,447 -119,951 4,513,065

Goods and services -570,640 -179,951 -194,323 -18,880 -61,931 -64,256 116,668 -973,313Personnel costs -769,270 -407,358 -357,899 -77,159 -196,133 -198,808 -53,771 -2,060,398Depreciation, amortisation and impairment losses* -50,729 -24,903 -35,822 -5,156 -9,752 -4,567 -4,161 -135,090Other expenses -245,840 -152,646 -131,227 -60,185 -109,527 -60,897 -48,096 -808,418Total operating expenses -1,636,479 -764,858 -719,271 -161,380 -377,343 -328,528 10,640 -3,977,219

Operating profit, EBITA 370,919 104,218 30,139 23,198 70,764 45,919 -109,311 535,846

Gross investments 36,612 23,094 15,794 7,475 7,189 4,333 985 95,482Assets 3,482,523 1,166,195 1,196,682 249,959 982,132 554,140

2009 Nordic DACH BeNeFraCentralEurope

ProductInformation

Software& Applicat.

Centralfunc./elim. Total

External revenue 2,049,228 899,926 734,720 181,010 527,976 347,887 4,740,747Inter-segment sales 36,369 12,929 283 1,883 1,790 75,913 -129,167 0Other operating income 50,697 8,055 12,558 4,428 4,345 13,149 -4,585 88,647Total operating income 2,136,294 920,910 747,561 187,321 534,111 436,949 -133,752 4,829,394

Goods and services -669,028 -203,289 -181,249 -21,147 -77,137 -78,864 127,905 -1,102,809Personnel costs -814,414 -437,796 -343,404 -77,834 -249,033 -226,614 -49,834 -2,198,929Depreciation, amortisation and impairment losses* -53,199 -26,512 -29,371 -4,831 -12,465 -7,429 -1,262 -135,069Other expenses -214,769 -171,948 -120,753 -57,258 -143,922 -64,248 -27,006 -799,904Total operating expenses -1,751,410 -839,545 -674,777 -161,070 -482,557 -377,155 49,803 -4,236,711

Operating profit, EBITA 384,884 81,365 72,784 26,251 51,554 59,794 -83,949 592,683

Gross investments -34,296 -31,925 -24,712 -7,056 -11,258 -7,736 -1,718 -118,701Assets 3,537,748 1,304,788 1,239,163 276,305 1,058,835 651,012

*excluding depreciation, amortisation and impairment of surplus values arising from business combinations.

43

note 7. Board members and senior executives

2010 2009No. on

balance date

ofwhommen

No. onbalance

date

ofwhommen

GroupBoard members 363 320 452 404Chief executive officer and other senior executives 242 168 281 200

Parent CompanyBoard members 6 5 7 6Chief executive officer and other senior executives 1 1 1 1

note 6. other operating income

Group2010 2009

Sale of subsidiaries 6,655 25,942Sale of available-for-sale financial assets 3,620Sale of property, plant and equipment 6,685 1,092Foreign exchange gains of an operating nature 5,791 4,448Own work capitalised 15,958 19,050Negative goodwill recognised in the income statement 1,533Other operating income 26,490 32,962Total 61,579 88,647

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

2010 2009 2010 2009Average

number ofemployees

ofwhom

men

Averagenumber of

employees

ofwhom

men

Average no. of Board members, CEO and senior executives

Austria 62 28 68 32 22 16Belgium 218 136 225 140 26 29Croatia 15 7 20 11 2 6Czech Republic 85 45 84 39 13 17Denmark 71 33 68 32 26 37Estonia 5 2 5 2 6 2Finland 98 56 59 26 28 8France 210 110 132 70 6 8Germany 659 398 642 381 90 73Hungary 53 14 55 10 8 7Netherlands 103 68 137 88 9 26Norway 278 177 313 186 37 54Poland 109 39 96 33 2 2Slovakia 30 6 26 5 5 3Slovenia 55 23 53 25 1 1Sweden 897 510 1,050 592 221 290Switzerland 125 72 124 69 28 29United Kingdom 7 7 10 8 7 1Total 3,080 1,731 3,167 1,749 537 609

The total number of employees in the Group at 31 December 2010 was 2,974 (3,095).

44

note 9. Wages, salaries and other remuneration – Group

Wages, salaries and other remuneration

2010

Board of Directors, CEO

and seniorexecutives

of whichbonuses

etc.Other

employees Total

Socialsecurity

costs

of which pension

costs Total

Austria 1,355 334 27,147 28,502 8,396 124 36,898Belgium 24,311 3,931 96,487 120,798 33,019 3,396 153,817Croatia 195 1,902 2,097 832 448 2,929Czech Republic 3,984 473 11,570 15,554 4,940 76 20,494Denmark 10,108 1,030 33,779 43,887 3,805 3,266 47,692Estonia 344 3 1,147 1,491 514 2,005Finland 7,814 926 41,266 49,080 10,774 8,301 59,854France 11,879 2,210 82,350 94,229 44,248 138,477Germany 40,837 8,852 319,391 360,228 63,630 7,149 423,858Hungary 2,667 508 5,802 8,469 2,438 2,032 10,907Netherlands 4,261 143 40,129 44,390 7,923 1,897 52,313Norway 19,494 2,804 123,964 143,458 45,895 10,874 189,353Poland 507 12,643 13,150 2,246 1,076 15,396Slovakia 2,042 2,042 716 2,758Slovenia 1,021 248 12,299 13,320 6,717 3,950 20,037Sweden 87,008 15,730 382,654 469,662 225,413 64,602 695,075Switzerland 10,021 103 69,379 79,400 12,412 6,464 91,812United Kingdom 1,257 111 2,673 3,930 935 278 4,865Total 227,063 37,406 1,266,624 1,493,687 474,853 113,933 1,968,540

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 39,533Belgium 28,078 6,597 111,382 139,460 33,544 3,666 173,004Croatia 598 2,581 3,179 691 3,870Czech Republic 4,443 661 11,114 15,557 4,671 58 20,228Denmark 12,486 2,578 37,312 49,798 4,133 3,638 53,931Estonia 257 1,164 1,421 512 1,933Finland 7,630 24,758 32,388 6,486 5,668 38,874France 9,587 2,738 61,463 71,050 31,749 102,799Germany 50,619 8,902 356,050 406,669 64,679 3,910 471,348Hungary 2,367 456 6,147 8,514 2,597 2,037 11,111Netherlands 6,182 117 57,318 63,500 12,043 3,138 75,543Norway 5,797 1,821 170,548 176,345 49,396 9,469 225,741Poland 1,110 157 9,453 10,563 1,875 1,875 12,438Slovakia 1,848 1,848 690 2,538Slovenia 1,222 266 13,574 14,796 6,936 4,355 21,732Sweden 88,671 11,546 421,688 510,359 231,283 65,479 741,642Switzerland 13,143 3,804 71,667 84,810 9,696 5,467 94,506United Kingdom 1,121 322 2,531 3,652 1,312 751 4,964Total 235,637 40,581 1,388,564 1,624,201 471,534 109,639 2,095,735

45

note 11. Wages, salaries and other remuneration – parent company

Parent CompanyWages, salaries and other remuneration 2010 2009

Board of Directors and CEO 5,922of which bonuses, etc. 3,989Total wages, salaries and other remuneration 5,922 0

Social security costs 2,998of which pension costs 1,127Total wages, salaries and other remuneration,pension and social security costs 8,920 0

note 12. fees to auditors

Group Parent Company2010 2009 2010 2009

Öhrlings PricewaterhouseCoopersAudit assignment 9,351 10,944 1,050 1,177Other audit assignments 416 188Tax assignments 1,152 1,232Other assignments 1,038 920Subtotal 11,957 13,284 1,050 1,177

KPMGAudit assignment 105 106Tax assignments 113 86Subtotal 218 192 0 0

Total 12,175 13,476 1,050 1,177

note 13. results from participations in group companies

Parent Company 2010 2009

Dividend recieved 100,000 100,000Group contributions received 92,904 77,312Total 192,904 177,312

note 14. financial income


Interest income, group companies 38Interest income, other 4,615 5,769 47 1

Dividend from participations in other companies 797Other financial income 4,816 5,275Total 9,431 11,879 47 1

note 10. compensation to Board members and senior executives

2010

Fixed salary/ Board

feesVariable

salaryOther

benefitsPension

costs Total

Chairman of the Board– Håkan Ramsin 333 333Members of the Board– Torgny Eriksson 138 138– Birgitta Klasén 167 167– Carl Wilhelm Ros 167 167Chief Executive Officer– Johan Wall 3,770 3,989 74 1,584 9,417Other senior executives 14,379 6,084 218 4,607 25,288Total 18,954 10,073 292 6,191 35,510

2009

Fixed salary/ Board

feesVariable

salaryOther

benefitsPension

costs Total

Chairman of the Board– Håkan Ramsin 300 300Members of the Board– Torgny Eriksson 150 150– Birgitta Klasén 150 150– Carl Wilhelm Ros 150 150Chief Executive Officer– Johan Wall 3,480 1,870 73 1,471 6,894Other senior executives 13,779 4,137 228 1,828 19,973Total 18,009 6,007 301 3,299 27,617

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 achievements. 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 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 fixed salary and agreed variable salary.

Other senior executives“Other senior executives” consist of other members of the executive manage-ment team, in total 10 persons (9) in 2010. Compensation to other senior execu-tives 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 individual agreements.

Compensation to the executive management team includes a one-time cost of SEK 4 million in 2010 for additional variable salaries. In addition, a one-time pension provision of SEK 3 million was recognised in connection to a member of the execu-tive management team leaving the company.

46

note 15. financial expenses


Interest expense, group companies -63,706 -58,987 -92,569 -61,312Interest expense, other -174,575 -210,155 -25,557Net foreign exchange gains/losseson financing activities 92,675 74,561 25,614 10,960Impairment losses on available-for-salefinancial assets -4,628 -56Other financial expenses -8,020 -6,134 -8 -8Total -158,254 -200,771 -66,963 -75,918

note 16. income tax expense


Current tax for the year -108,028 -73,234Current tax from previous years -2,448 3,823 1,085Deferred tax for the year 22,006 -7,943 3,508Deferred tax from previous years -2,479 8,002Total -90,949 -69,352 4,593 0

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 2010 2009

Profit before tax 285,053 239,406

Tax according to the current tax rate of the Parent Company -74,969 -62,964Effect of other tax rates for foreign subsidiaries -1,998 -1,581Income not subject to tax 2,483 14,221Expenses not deductible for tax purposes -12,456 -20,541Utilisation of previously unrecognised tax losses 11,006 4,143Tax losses for which no deferred taxasset was recognised -8,067 -20,285Tax attributable to previous years -4,927 4,346Other -2,021 13,309Tax expense -90,949 -69,352

note 17. intangible assetsInformation on impairmentIn 2010, impairment losses of SEK 12,868 thousand were recognised on intangible assets. The amount comprises impairment of intangible assets pertaining to Region BeNeFra of SEK 4,799 thousand and to Business area Product Information of SEK 5,717 thousand.

During 2009 intangible assets from continuing operations were impaired in an amount of SEK 44,869 thousand. The amount comprises impairment of goodwill pertaining to Region Nordic of SEK 14,366 thousand and to Business area Software and Applications of SEK 27,000 thousand.

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 2010 2009 2010 2009

Region Nordic 2,297,177 2,334,262 18,542 20,025Region DACH 714,294 793,310 8,758 2,147Region BeNeFra 546,123 549,767 2,082 841Region Central Europe 131,109 142,137 201 1,161Business area Product Information 507,599 564,859Business area Software and Applications 333,548 366,349Total 4,529,850 4,750,684 29,583 24,174

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 estimated by management and based on an assess-ment of the expected growth rates, margin growths and investment levels and took into account the historical development and expected future growth poten-tial of the respective units. After the three-year period, it was assumed that oper-ating margins and investments would remain constant and that the growth rate would drop off slightly. The long-term growth is estimated at 2%, equal to the expected long-term inflation rate. The discount rate after taxes was estimated at 8.6% (9.0%) and the average tax rate for the Group at 28%.

According to the impairment tests that have been carried out, there is no indication of impairment of goodwill or other intangible assets with indefinite useful lives. The variable with the greatest impact on the value in use is the discount rate. If the dis-count rate increases by 1%, there is still no indication of impairment.

47

Separately acquired intangible assets

Internally generated

intangible assets

2009 Goodwill Trademarks Databases Customer

relations

Other intangible

assets Databases

Other intangible

assets Total

Accumulated costBeginning of year 4,907,345 87,353 335,063 645,974 615,765 213,952 11,450 6,816,902Acquisition of subsidiaries 150,097 270 261 150,628Investments 48,521 8,583 17 57,121Sales and disposals -138 -38,962 -1,724 -40,824Sale of subsidiaries -89,967 -19,348 -43,789 -35,019 -75,106 -23,603 -1,583 -288,415Reclassifications -13,337 7,153 6,164 -20Exchange differences -98,770 1,925 -4,254 -24,352 -17,516 -2,324 -610 -145,901End of year 4,868,705 69,792 287,020 586,603 519,635 202,298 15,438 6,549,491

Accumulated amortisation and impairment lossesBeginning of year -13,473 -86,819 -204,769 -354,617 -106,772 -7,604 -774,054Sales and disposals 138 38,962 1,724 40,824Amortisation, continuing operations -4,612 -30,235 -84,182 -41,577 -18,352 -1,910 -180,868Amortisation, discontinued operations -2,188 -2,234 -5,558 -9,980Impairment losses, continuing operations -41,366 -3,046 -457 -44,869Impairment losses, discontinued operations -76,655 -76,655Sale of subsidiaries 3,871 17,937 12,737 29,505 23,593 290 87,933Reclassifications -5 -5Exchange differences -393 568 6,702 13,203 345 447 20,872End 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

Separately acquired intangible assets

Internally generated

intangible assets

2010 Goodwill Trademarks Databases Customer

relations

Other intangible

assets Databases

Other intangible

assets Total

Accumulated costBeginning of year 4,868,705 69,792 287,020 586,603 519,635 202,298 15,438 6,549,491Acquisition of subsidiaries 98,467 3,357 4,818 106,642Investments 44,378 5,970 2,091 52,439Sales and disposals -2,198 -2,794 -4,992Sale of subsidiaries -37,137 -10,490 -38,189 -9,545 -95,361Reclassifications 110 3,674 -12,493 7,462 6,340 5,093Exchange differences -282,164 -1,783 -25,723 -62,431 -46,885 -13,856 -1,733 -434,575End of year 4,647,871 68,119 254,481 524,172 467,605 189,535 26,954 6,178,737

Accumulated amortisation and impairment lossesBeginning of year -118,021 -14,469 -100,737 -271,746 -323,133 -99,919 -8,777 -936,802Acquisition of subsidiaries -1,187 -2,453 -3,640Sales and disposals 2,198 2,794 4,992Amortisation -3,873 -26,850 -62,762 -39,367 -16,599 -3,438 -152,889Impairment losses -5,717 -2,069 -5,082 -12,868Sale of subsidiaries 10,489 14,468 3,718 28,675Reclassifications -1,370 -601 118 -1,853Exchange differences 480 9,192 26,832 34,298 5,757 1,362 77,921End of year -118,021 -17,862 -114,993 -307,676 -315,393 -109,331 -13,188 -996,464

Net book value 31 December 2010 4,529,850 50,257 139,488 216,496 152,212 80,204 13,766 5,182,273

Other intangible assets pertains mainly to business systems and system development in progress.

48

note 18. property, plant and equipment

2009Land andbuildings

Computersand

equipmentWork in

progress Total

Accumulated costBeginning of year 291,687 677,926 7,214 976,827Acquisition of subsidiaries 7,148 7,148Investments 2,103 59,322 916 62,341Sales and disposals -2,757 -39,857 -42,614Sale of subsidiaries -90,340 -5,944 -96,284Reclassifications -21,381 -25,888 -1,355 -48,624Exchange difference -12,317 -7,057 114 -19,260End of year 257,335 581,254 945 839,534

Accumulated depreciation and impairment lossesBeginning of year -81,245 -481,636 -562,881Acquisition of subsidiaries -5,795 -5,795Sales and disposals 534 38,753 39,287Sale of subsidiaries 78,564 78,564Depreciation, continuing operations -6,383 -66,323 -72,706Depreciation, discontinued operations -3,741 -3,741Impairment losses, continued operations -584 -427 -1,011Impairment losses, discontinued operations -441 -441Reclassifications 21,381 27,132 48,513Exchange difference 2,984 4,858 7,842End of year -63,313 -409,056 -472,369

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

2010Land andbuildings

Computersand

equipmentWork in

progress Total

Accumulated costBeginning of year 257,335 581,254 945 839,534Acquisition of subsidiaries 6,925 6,925Investments 426 42,665 1,507 44,598Sales and disposals -22,862 -46,837 -69,699Sale of subsidiaries -26,165 -26,165Reclassifications -1,533 -343 -1,876Exchange difference -31,579 -47,808 -79 -79,466End of year 203,320 508,501 2,030 713,851

Accumulated depreciation and impairment lossesBeginning of year -63,313 -409,056 -472,369Acquisition of subsidiaries -4,270 -4,270Sales and disposals 9,022 44,389 53,411Sale of subsidiaries 20,915 20,915Depreciation -5,683 -60,395 -66,078Impairment losses -560 -4,665 -5,225Reclassifications 1,785 1,785Exchange difference 7,724 34,954 42,678End of year -52,810 -376,343 -429,153

Net book value 31 December 2010 150,510 132,158 2,030 284,698

Information on land and tax assessment valuesThe carrying amount of land amounts to SEK 28,401 thousand (44,675). All holdings in land and buildings are outside Sweden, for which reason no tax assessment values are available.

Property, plant and equipment includes buildings and equipment leased by the Group under finance leases with the following carrying amounts:

2010 2009

Accumulated cost 91,857 103,954Accumulated depreciation and impairment losses -37,133 -38,387Net book value 54,724 65,567

49

note 19. available-for-sale financial assets

Group 2010 2009

Beginning of year 6,993 28,505Sale of financial assets -182 -2,200Reclassifications -13,811Impairment losses/Reversal of impairment losses -1,799 41Net gains/losses transferred to equity -5,092Sale of subsidiaries -5 -359Exchange difference -166 -91End of year 4,841 6,993

Disclosures of available-for-sale financial assets

Company nameCorporateidentity no. Country

Share ofcapital/

votes (%) 2010 2009

AdHouse AB 556729-8095 Sweden 19.9/19.9 1,101 1,101Atex Norway n/a 2,387 2,387Glada Service AG Switzerland 1,810Other holdings 1,353 1,695Total 4,841 6,993

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 significant amount.

None of the financial assets showed indication of impairment.

note 20. Deferred tax assets and liabilities

GroupDeferred tax assets 31/12/2010 31/12/2009

Intangible assets 24,396 20,906Property, plant and equipment 4,824 4,848Trade and other receivables 1,584 1,392Provisions for pensions 19,431 20,952Other provisions 12,374 8,967Derivative financial instruments 16,976 32,766Trade and other payables 13,071 15,064Loss carryforward 46,170 45,191Offset -4,440 -35,680Total 134,386 114,406

GroupDeferred tax liabilities 31/12/2010 31/12/2009

Intangible assets 185,748 230,888Property, plant and equipment 836 174Available-for-sale financial assets 27Trade and other receivables 2,537 553Provisions for pensions 1,082 920Other provisions 611Trade and other payables 977Tax allocation reserves 59,831 60,923Offset -4,440 -35,680Total 245,621 259,366

Net deferred tax assets/liabilities -111,235 -144,960

Gross movement in deferred tax assets/liabilities:

Group2010 2009

Beginning of year -144,960 -171,304Acquisition/sale of subsidiaries 6,451 18,092Recognised in the income statement 32,461 2,738Recognised in equity -5,187 5,514End of year -111,235 -144,960

Deferred tax recognised directly in equityDeferred tax on interest rate swaps -14,816 -976Exchange differences 9,629 6,490Total -5,187 5,514

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 71,041 thousand (101,302).

Maturity date2012 2502013 6182014 8092016 3,3862017 2,0702018 292019 22No maturity date 225,816Total 233,000

Carrying amount

50

note 21. participations in group companies

Parent Company’s investments in group companies

Parent Company

2010 2009

Beginning of year 1,373,967 1,365,847

Investments 8,120

End of year 1,373,967 1,373,967

Net book value 1,373,967 1,373,967

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 subsidiariesAAA Soliditet AB Stockholm 556485-5582 100Agent 25 Sverige AB Stockholm 556334-7979 100Baby DM Scandinavia AB Helsingborg 556576-2530 100BFI Produktion AB Stockholm 556735-5390 100Bisnode Central Invest AB Stockholm 556148-2398 100Bisnode Informatics Sweden AB Stockholm 556525-4439 100Bisnode Sverige AB Stockholm 556338-6928 100Bisnode Venture & Development AB Stockholm 556069-8788 100Bisnodecom AB Stockholm 556575-7522 100Bisnode InfoData AB Stockholm 556075-1447 100Bisnode InfoData Holding AB Stockholm 556643-2067 100Business Check i Sverige AB Stockholm 556235-0396 51DB Soliditet AB Sundbyberg 556266-9498 100DirektMedia Sverige AB Göteborg 556447-9839 100Dun & Bradstreet Nordic AB Sundbyberg 556039-4784 100Dun & Bradstreet Sverige AB Sundbyberg 556022-4692 100EKO Företagsupplysningar AB Stockholm 556522-3251 100Electronic Data Innovation Group EDIG AB Stockholm 556649-1311 100Fixahemmet i Sverige AB Stockholm 556204-6184 100G2. solutions AB Stockholm 556537-6489 100

Company name


Corporateidentity number

Share ofcapital

(%)

G2 Solutions Holding AB Stockholm 556477-1151 100Infodata AB Stockholm 556197-9740 100Infodata Applicate AB Stockholm 556436-3421 100Infodata Direct AB Stockholm 556411-3834 100InfoTorg AB Stockholm 556266-0141 100Ipnode AB Stockholm 556129-6046 100Kompass Sverige AB Stockholm 556084-8409 100KreditFakta kreditupplysningar i Norden AB Stockholm 556562-2510 100Lundalogik AB Lund 556397-0465 100Marknadsinformation Analys MIA AB Stockholm 556361-0665 100Min Upplysning Sverige AB Sundbyberg 556471-4045 100Newsline Group AB Stockholm 556225-8136 100PAR AB Stockholm 556112-5625 100Pointer International AB Stockholm 556717-0088 100Pointer Sweden AB Stockholm 556591-6912 100Presstext AB Stockholm 556088-5393 100Relevant Information Sverige AB Sundbyberg 556457-3045 100Svenska Market Management Partner AB Stockholm 556583-1400 100Svenska Nyhetsbrev AB Stockholm 556363-7825 100AB Svensk Handelstidning Justitia Sundbyberg 556091-2361 100

Disclosure of participations in group companies – indirect holdings

51

Company name


Share ofcapital

(%)

Foreign subsidiariesBisnode Austria GmbH Austria 100Bisnode Informatics Austria GmbH Austria 100Dun & Bradstreet Information Services GmbH Austria 100Hoppenstedt Kreditinformationen GmbH Austria 100Wer liefert was? GmbH Austria 100Wirtschaftsauskunftei Wisur GmbH Austria 100BBMS N.V./SA Belgium 100Bisnode Belgium N.V./SA Belgium 100WDM Belgium N.V./SA Belgium 100WDM Belgium Holding N.V./SA Belgium 100Bisnode Interact NV/SA Belgium 100Wer liefert was? d.o.o. Croatia 100Bisnode Ceská republika, s.r.o. Czech Republic 100CEE Data, a.s. Czech Republic 100Ceska kapitálová a informacni agentura, a.s Czech Republic 100Dun & Bradstreet, spol. s.r.o. Czech Republic 100HBI Ceská republika, s.r.o. Czech Republic 100Wer liefert was? spol. s.r.o Czech Republic 100AAA Soliditet A/S Denmark 100Bisnode Business & Market Information A/S Denmark 100Bisnode Danmark A/S Denmark 100Bisnode Informatics Danmark A/S Denmark 100Bonnier Media A/S under tvangsopløsning Denmark 100DirektMedia Danmark A/S Denmark 100Dun & Bradstreet Danmark A/S Denmark 100Kompass Danmark A/S Denmark 100Connectus AS Estonia 100Bisnode Finland Oy Finland 100Direktmedia 121 Oy Finland 100Dun & Bradstreet Finland Oy Finland 100Kompass Finland Oy Finland 100Lundalogik Finland Oy Finland 100Yritystele Oy Finland 100Bisnode France, S.A.S. France 100Directinet S.A.S. France 100Netcollections S.A.S. France 100WDM France, S.A.S. France 92WDM France Holding, S.A.S. France 92ABC der deutschen Wirtschaft GmbH Germany 100Bisnode Editorial Deutschland GmbH Germany 100Bisnode Deutschland GmbH Germany 100Bisnode Deutschland Holding GmbH Germany 100Bisnode Grundbesitz Darmstadt GmbH Germany 100Bisnode Informatics Deutschland GmbH Germany 100Bisnode Produktinformation GmbH Germany 100D&B Deutschland GmbH Germany 100

Company name


Share ofcapital

(%)

Hoppenstedt360 GmbH Germany 100Hoppenstedt Firmeninformationen GmbH Germany 100Hoppenstedt Kreditinformationen GmbH Germany 100Hoppenstedt Publishing GmbH Germany 100Wer liefert was? GmbH Germany 100Dun & Bradstreet Hungária Információ Szolgáltató Kft Hungary 100HBI Company Data Informatikai Kft Hungary 100Kompass Hungária Kft Hungary 100Chartered Company Formations Ltd. Ireland 100Hoppenstedt Bonnier Information N.V. Netherlands 100WDM International B.V. Netherlands 100WDM Nederland B.V. Netherlands 100Bisnode Norge AS Norway 100Direktmedia AS Norway 100DM Huset AS Norway 100Dun & Bradstreet Norway AS Norway 100Inter Dialog AS Norway 100Kompass Norge AS Norway 100Lundalogik AS Norway 100One Software Holding AS Norway 100Soliditet Norge AS Norway 100Bisnode Polska Sp.z.o.o. Poland 100Dun & Bradstreet Poland Sp.z.o.o. Poland 100Hoppenstedt Bonnier Information Polska Sp.z.o.o Poland 100Bisnode Slovensko, s.r.o. Slovakia 100Bisnode d.o.o. Slovenia 100Infobon d.o.o. Slovenia 100Razpisi d.o.o. Slovenia 62Bisnode Schweiz AG Switzerland 100Credita AG Switzerland 100Dun & Bradstreet (Schweiz) AG Switzerland 100Hoppenstedt AG Switzerland 100Inkaprax AG Switzerland 100Wer liefert was GmbH Switzerland 100ACS Credit Services Ltd. United Kingdom 100Bisnode Ltd. United Kingdom 100Bisnode Informatics Ltd. United Kingdom 100Bisnode Publications Ltd United Kingdom 100Bisnode UK Holdings Ltd. United Kingdom 100Checkit (UK) Ltd. United Kingdom 100Creditscorer Ltd. United Kingdom 100HBI Information Ltd. United Kingdom 100Market Monitor Ltd. United Kingdom 100Nationwide Credit Management Services Ltd. United Kingdom 100The Prospect Shop Ltd. United Kingdom 100Prospect Swetenhams Ltd. United Kingdom 100

Disclosure of participations in group companies – indirect holdings

52

note 22. Trade and other receivables

Group 31/12/2010 31/12/2009

Trade receivables – net 731,230 749,303Advance payments to suppliers 975 725Prepaid expenses 74,872 77,893Accrued interest income 500 52Other accrued income 18,305 28,050Receivables from Parent Company – non interest-bearing 37Other receivables – interest-bearing 19,112 31,245Other receivables – non interest-bearing 30,843 44,971Total 875,837 932,276

whereof non-current portion 14,787 20,910whereof current portion 861,050 911,366

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 8,302 thousand (19,830). The losses are recognised in other expenses in the income statement. The table below shows the age structure of outstanding trade receivables:

31/12/2010 Not dueWithin

60 days

Between 61 days-

1 year

Later than

1 year Total

Trade receivables 589,575 124,331 23,419 18,844 756,169Provision for impairmentof receivables -1,003 -2,282 -6,362 -15,292 -24,939Trade receivables – net 588,572 122,049 17,057 3,552 731,230

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 22,247 778,622Provision for impairmentof receivables -2,151 -2,202 -8,069 -16,897 -29,319Trade receivables – net 576,940 143,136 23,877 5,350 749,303

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. inventories

Group31/12/2010 31/12/2009

Raw materials 211Work in progress 4,843 10,158Finished goods 802 1,338Total 5,856 11,496

note 24. cash and cash equivalents

Group 31/12/2010 31/12/2009

Cash at bank and on hand 259,167 367,844Total 259,167 367,844

note 25. Borrowings

GroupNon-current borrowings 31/12/2010 31/12/2009

Bank borrowings 1,891,051 2,287,314Loans from shareholders 1,228,608 1,137,600Borrowings for finance leases 74,574 88,806Other borrowings 9,382 15,243Subtotal 3,203,615 3,528,963

Current borrowingsBank borrowings 336,006 323,120Borrowings for finance leases 3,699 3,461Other borrowings 7,570 5,770Subtotal 347,275 332,351

Total 3,550,890 3,861,314

Bank borrowings mature until 31 January 2013 and carry interest equal to current 3-month STIBOR plus 1.25%. 85% of the variable interest is converted to fixed interest until the maturity date through the use of interest rate swaps. Bank borrowings are secured by shares in subsidiaries of the Parent Company.

The Group has granted bank overdraft amounting to SEK 100 million (100). In addition, the Group has a revolving credit facility of SEK 300 million. At the end of the year, SEK 25 million of the revolving credit had been utilised.

Interest rate risksThe exposure of the Group’s borrowings to changes in interest rates and contractual dates for interest rate conversion is as follows:

Date for interest rate conversion or maturity date

31/12/2010Carryingamount

Within1 year

Between1–5 years

Later than5 years

Bank borrowings 2,227,057 336,006 1,891,051Loans from shareholders 1,228,608 1,228,608Borrowings for finance leases 78,273 3,699 15,307 59,267Other borrowings 16,952 7,570 9,382

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 2,287,314Loans from shareholders 1,137,600 1,137,600Borrowings for finance leases 92,267 3,461 15,936 72,870Other borrowings 21,013 5,770 15,243

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:

31/12/2010 31/12/2009

SEK 2,888,495 3,002,430EUR 647,198 837,683USD 15,152 21,013Other currencies 45 188Total 3,550,890 3,861,314

53

Maturity dates on non-current liabilities – Parent CompanyMaturity date

31/12/2010Currentliability

Within1 year

Between1–5 years

Later than5 years

Liabilities to group companies 860,026 860,026Other liabilities 368,582 368,582Total 1,228,608 0 1,228,608 0

Maturity date

31/12/2009Currentliability

Within1 year

Between1–5 years

Later than5 years

Liabilities to group companies 796,320 796,320Other liabilities 341,280 341,280Total 1,137,600 0 1,137,600 0

note 26. provisions for pensionsDefined contribution plansThe expense for defined contribution plans during the year amounted to SEK 92,665 thousand (93,730).

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 Stand-ards 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 Com-merce, safeguarded through insurance with Alecta, is reported as a defined con-tribution plan. The year’s costs for pension insurance subscribed to through Alec-ta amounted to SEK 28,000 thousand (28,079). Alecta’s surplus can be distribut-ed to the policyholders (the employers) and/or the insureds. At year-end 2010, Alecta’s collective funding ratio was 146% (141). 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:

Group2010 2009

Current service cost 20,348 15,913Interest cost 13,822 12,721Expected return on plan assets -4,342 -4,586Actuarial gains (-) and losses (+) recognised in year 920 343Other cost reductions -1,283Total 30,748 23,108

The actual return on plan assets during the period was SEK 7,449 thousand (34).

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):

2010 2009

Discount rate 3.9% 4.4%Inflation 1.7% 1.7%Annual salary increases 2.4% 2.4%Annual pension increases 1.5% 1.3%Annual paid-up policy increases 1.1% 1.3%Remaining service period 13 years 14 yearsExpected return on plan assets 3.2% 3.9%

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

2010 2009

Present value of funded obligations 146,364 139,768Fair value of plan assets -110,397 -115,488Net value of entirely or partially funded obligations 35,967 24,280

Present value of unfunded obligations 199,036 198,048Unrecognised actuarial gains (+) and losses (–) -25,435 -4,617Net liability on the balance sheet 209,568 217,711

The movement in the fair value of plan assets over the year is as follows:

2010 2009

Beginning of year 337,816 323,172Current service cost 20,348 15,913Interest cost 13,704 13,706Actuarial gains (-)/losses (+) 8,518 -2,785Employer contributions -1,088 -7,071Employee contributions 2,733 3,032Benefits paid -17,511 -4,984Acquisition of subsidiaries -48 3,432Other changes 1,243Exchange differences -19,072 -7,842End of the year 345,400 337,816

The movement in the fair value of plan assets over the year is as follows:2010 2009

Beginning of year 115,488 106,273Expected return on plan assets 4,342 4,586Actuarial losses (-)/gains (+) -11,791 -4,552Employer contributions 11,371 10,694Employee contributions 2,733 3,032Benefits paid -11,741 -4,984Acquisition of subsidiaries 373Other changes 93Exchange differences -5 -27End of year 110,397 115,488

Plan assets are comprised as follows:

2010 2009 2010 2009

Shares 23,232 19,193 21% 17%Interest-bearing securities 37,931 42,233 34% 37%Property 14,275 11,386 13% 10%Other 34,959 42,676 32% 37%Total 110,397 115,488 100% 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 2011 amount to SEK 18,591 thousand.

2010 2009 2008 2007

Present value of definedbenefit obligation 345,400 337,816 323,172 247,091Fair value of plan assets -110,397 -115,488 -106,273 -79,859Deficit (+)/surplus (-) 235,003 222,328 216,899 167,232

54

note 27. other provisions

Group

2010 2009

Contingent purchase consideration 35,330 142,118Legal claims 23,808 4,058Restoration charges 5,155 6,076Restructuring 6,222 2,963Sales agents 11,469 14,442Other 12,073 20,125Total 94,057 189,782

of which non-current portion 54,164 188,544of which current portion 39,893 1,238

Group2010 2009

Beginning of year 189,782 191,243Acquisition of subsidiaries 2,588 8,119New provisions for the period 27,583 648Utilised during the period -14,548 -14,403Provisions for contingent purchase consideration 2,253 8,925Contingent purchase consideration paid -108,301 -9,220

Unused/reversed contingent purchase consideration -4,348

Capitalised interest on contingent purchase consideration 3,607 6,344

Exchange differences -4,559 -1,874End of year 94,057 189,782

Contingent purchase considerationThe provision mainly pertains to contingent purchase consideration for the acquisition of Svenska Nyhetsbrev AB. The amount will be used during 2011.

Legal claimsProvisions for legal claims pertain to potential claims from information suppliers and ongoing tax disputes.

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

RestructuringPertains to provisions for vacant premises and future payments to redundant personnel.

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

note 28. Trade and other payables

Group31/12/2010 31/12/2009

Trade payables 195,853 212,821Advances from customers 40,874 62,090Holiday pay liabilities 104,206 115,426Social security and other taxes 40,194 33,319Accrued interest expenses 189 284Other accrued expenses 279,198 327,364Deferred income 658,644 664,971Other liabilities - non interest-bearing 132,335 151,789Total 1,451,493 1,568,064

of which non-current portion 2,234of which current portion 1,451,493 1,565,830

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

note 29. Derivative financial instruments

Group31/12/2010 31/12/2009

Interest rate swaps – cash flow hedges -74,481 -135,581Total -74,481 -135,581

Type of contractContract term

Amount CurrencyInterest

ratebeginning on ending on

Interest rate swap 31/01/2008 31/01/2013 1,398,250 SEK K 4.51%Interest rate swap 31/01/2008 31/01/2013 53,550 EUR K 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 rec-ognised 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.

55

note 30. accrued expenses and deferred income

Parent Company31/12/2010 31/12/2009

Accrued expenses related to personnel 7,222Other accrued expenses 250 295Total 7,472 295

note 31. reserves

Hedgingreserve

Available-for-sale

financialassets

Currencytranslationdifferences Total

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 -4,770Tax 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 -2,231Currency translation differences -129,610 -129,610Balance at 31 December 2009 -89,083 0 143,086 54,003

Balance at 1 January 2010 -89,083 0 143,086 54,003

Revaluation – gross

Cash flow hedges:Transferred to the income statement -4,770 -4,770Tax on transfers to the inc. statement 1,255 1,255

Transferred to other comprehensive income 61,100 61,100

Tax on transfers to other comprehensive income -16,069 -16,069

Currency translation differences -313,702 -313,702Deferred tax reported directly in equity 12,934 12,934Balance at 31 December 2010 -47,567 0 -157,682 -205,249

note 32. finance leasesFinance leases – group company is lessorThe Group leases tangible assets under finance leases with carrying amounts of SEK 54,724 thousand (65,567) at the balance sheet date.

The future minimum lease payments receivable under non-cancellable operat-ing leases are as follows:

Group2010 2009

Within 1 year 6,307 6,952Between 1–5 years 25,866 28,304Later than 5 years 65,606 80,446Total 97,779 115,702

The present value of finance lease liabilities is as follows: Group

2010 2009


note 33. operating leases

GroupOperating leases – Group company is lessor 2010 2009

Leasing expenses 158,462 167,486Total 158,462 167,486

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.

GroupFuture minimum lease payments 2010 2009


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

56

note 34. related party transactionsThe related parties of the Group consist of the Parent Company Ratos AB and the Group’s key management personnel and their families. Key management 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 the consolidated accounts are prepared.

Any transactions between related parties are carried out on an arm’s length basis.

Transactions with the Parent Company

GroupLoans to Ratos 2010 2009

Beginning of year 0 2,792Borrowings 11,788Repayments -11,788 -2,792End of year 0 0

GroupBorrowings from Ratos 2010 2009

Beginning of year 796,320 742,598Repayments -5,265Interest expense capitalised 63,706 58,987End of year 860,026 796,320

The year-end borrowings from Ratos pertain to shareholder loans from the Parent Company Ratos. The loans mature on 31 January 2013 and carry interest of 8%. The interest is capitalised until maturity.

Transactions with key management personnelDuring 2010 and 2009 the Parent Company did not grant any loans to Board members, key management personnel or their families. Renumeration to key management personnel is specified in Note 10.

note 35. contingent liabilities and pledged assets

Group Parent CompanyContingent liabilities 31/12/2010 31/12/2009 31/12/2010 31/12/2009

Guarantee commitment FPG/PRI 917 768Guarantee to previous owners 61,665 86,902Other guarantees 16,690 19,277 2,237,126 2,625,416Total 79,272 106,947 2,237,126 2,625,416

Pledged assets for own liabilities and provisionsShares 1,107,539 1,298,012 1,107,539 1,298,012Other pledged assets 916 2,120Total 1,108,455 1,300,132 1,107,539 1,298,012

Other pledged assets None None None None

Guarantee to previous owners pertains to guarantees pledged to Dun & Bradstreet 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.

2010 2009

Profit attributable to owners of the Parent Company 180,567 50,551Number of shares outstanding (thousands) 120,589 120,589Earnings per share before and after dilution (SEK per share) 1.50 0.42

57

note 38. Business combinations

2010Date of

acquisitionshare of

capital Operation

Directinet SA/Netcollections SAS 06/01/2010 100.0% Leading provider of online direct marketing solutions in France.Bilfakta Sverige AB 01/04/2010 100.0% Owner of Sweden's largest database of automotive information.Yritystelse Oy (asset deal) 08/10/2010 100.0% B2B online business information and search operation in Finland.

Purchase price Directinet/Netcollections

Otheracquisitions Total

Cash paid 85,070 9,907 94,977Contingent purchase consideration paid 108,301 108,301Utilisation of contingent purchase consideration -111,053 -111,053Total 85,070 7,155 92,225

Fair value of acquired net assets -6,959 13,201 6,242Total Goodwill 78,111 20,356 98,467

Cash flow effect Directinet/Netcollections

Other acquisitions Total

Cash paid 85,070 9,907 94,977Contingent purchase consideration paid 108,301 108,301Cash and cash equivalents in acquired subsidiaries -11,502 1,983 -9,519Change in cash and cash equivalents 73,568 120,191 193,759

Supplementary informationRevenue since acquisition date 121,156 7,911 129,067Revenue in 2010 121,156 8,537 129,693Profit before tax since acquisition date -4,269 -575 -4,844Profit before tax in 2010 -4,269 -1,859 -6,128Acquisition-related costs 740 740

Directinet/Netcollections Other acquisitions TotalFair value of acquired assets and liabilities

Carryingamount

Fairvalue

Carryingamount

Fairvalue

Carryingamount

Fairvalue

AssetsIntangible assets 2,115 2,115 2,420 2,420 4,535 4,535Property, plant and equipment 2,082 2,082 573 573 2,655 2,655Deferred tax assets 984 984 984 984Inventories 35 35 35 35Trade and other receivables 52,125 52,125 614 614 52,739 52,739Cash and cash equivalents 11,502 11,502 -1,983 -1,983 9,519 9,519Total assets 68,808 68,808 1,659 1,659 70,467 70,467

LiabilitiesOther provisions 2,588 2,588 2,588 2,588Tax liabilities 13 13 13 13Trade and other payables 59,261 59,261 14,847 14,847 74,108 74,108Total liabilities 61,849 61,849 14,860 14,860 76,709 76,709

Net identifiable assets and liabilities 6,959 6,959 -13,201 -13,201 -6,242 -6,242

The goodwill is attributable to the profitability of the acquired companies and the significant synergies expected to arise following acquisition. All acquisition balances are preliminary.

58

2009Date 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 (name change to Relevant information Sverige 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 Relevant Information 121 Media Other acquisitions Total

Cash paid 58,670 72,175 6,566 137,411Direct costs relating to acquisitions 46 2,307 111 2,464Contingent purchase consideration paid 9,220 9,220Utilisation of contingent purchase consideration -9,195 -9,195Total 58,716 74,482 6,702 139,900

Fair value of acquired net assets -6,356 -6,667 -1,053 -14,076Goodwill due to step acquisition 13,840 13,840Revaluation of contingent purchase consideration 8,900 8,900Negative goodwill – transferred to the income statement 1,533 1,533Total Goodwill 66,200 67,815 16,082 150,097

Cash flow effect Relevant Information 121 Media Other acquisitions Total

Cash paid 58,670 72,175 6,566 137,411Direct costs relating to acquisitions 46 2,307 111 2,464Contingent purchase consideration paid 9,220 9,220Cash and cash equivalents in acquired subsidiaries -17,624 -8,036 -25,660Change in cash and cash equivalents 41,092 66,446 15,897 123,435

Supplementary informationRevenue since acquisition date 58,836 16,777 75,613Revenue in 2009 58,836 85,775 144,611Profit before tax since acquisition date 6,097 492 6,589Profit before tax in 2009 6,097 5,730 11,827

Relevant Information 121 Media Other acquisitions TotalFair value of acquired assets and liabilities

Carrying amount

Fair value

Carrying amount Fair value

Carrying amount

Fair value

Carrying amount

Fair value

AssetsIntangible assets 531 531 531 531Property, plant and equipment 240 240 819 819 294 294 1,353 1,353Deferred tax assets 221 221 104 104 325 325Trade and other receivables 9,765 9,765 12,100 12,100 1 1 21,866 21,866Cash and cash equivalents 17,624 17,624 8,036 8,036 25,660 25,660Total assets 27,850 27,850 21,059 21,059 826 826 49,735 49,735

LiabilitiesNon-controlling interests 671 671 -227 -227 444 444Provisions for pensions 2,862 2,862 197 197 3,059 3,059Borrowings 311 311 311 311Deferred tax liabilities 346 346 346 346Tax liabilities 5 5 5 5Trade and other payables 17,610 17,610 13,884 13,884 31,494 31,494Total 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

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note 39. sale of subsidiaries

Date of saleSubsidiaries divested 2010 2009

Office Team Holding AS 19/04/2010Bisnode Holding B.V. 25/05/2010Svenskt Byggregister AB 01/06/2010Emric AB 09/06/2010PAR Graphics (sale of assets) 01/05/2010Nomi Sweden, Norway, Finland, Denmark 30/06/2009ICC Ireland, United Kingdom, etc 28/08/2009Finfo Information AB 08/12/2009Sverige Bygger AB 30/12/2009Inter Dialog AS (sale of assets) 26/05/2009

Capital gains/losses 2010 2009

Cash received 34,510 135,912Net assets sold -46,152 -110,183Provisions in connection to sale 214Estimated contingent purchase consideration to recieve 3,504Contingent purchase consideration received 779 4,625Provision/Reversal of contingent purchase consideration -1,838 -4,625Exchange differences -123Capital gains/losses -9,320 25,943

Net assets divested 2010 2009

AssetsIntangible assets 66,686 98,406Property, plant and equipment 5,250 2,557Available-for-sale financial assets 5 267Deferred tax assets 2 1,062Inventories 458Tax receivables 2,050Trade and other receivables 31,645 36,758Cash and cash equivalents 20,477 39,399Total assets 124,523 180,499

LiabilitiesNon-controlling interests 28,116Provision for pensions 48Deferred tax liabilities 5,467 2,235Tax liabilities 493 2,688Trade and other payables 44,247 65,393Total liabilities 78,371 70,316

Cash flow from sale of subsidiaries 2010 2009

Cash received 34,510 135,912Contingent purchase consideration received 779 4,625Provisions 3,881Cash and cash equivalents in sold subsidiaries -20,477 -39,399Cash flow from sale of subsidiaries 14,812 105,019

note 40. Discontinued operations

Profit from discontinued operations 2010 2009

Revenue 97,104Other operating incomeTotal operating income 0 97,104

Goods and services -20,148Personnel costs -56,183Depreciation, amortisation and impairment losses -90,817Other expenses -20,784Total operating expenses 0 -187,932

Operating profit 0 -90,828

Financial income 30Financial expenses -304Net financial items 0 -274

Profit before tax and capital gain 0 -91,102

Capital gain from divestment of operations -20,051Profit before tax 0 -111,153

Income tax expense 2,916Profit from discontinued operations 0 -108,237

Cash flow from discontinued operations 2010 2009

Cash flow from operating activitiesProfit before tax -111,153Adjustment for items not included in cash flow, etc. 113,400Income tax paid 559

Cash flow from changes in working capital -4,521Cash flow from operating activities 0 -1,715

Cash flow from investing activitiesInvestments in property, plant and equipment -761Sale of subsidiaries, net of cash 99,503Sale of property, plant and equipment 35Cash flow from investing activities 0 98,777

Cash flow from financing activitiesRepayment of borrowings -441Cash flow from financing activities 0 -441

Cash flow for the year 0 96,621

Capital gains/losses 2010 2009

Cash received minus sales expenses 111,057Net assets sold -127,107Provisions in connection with sale -4,001Capital gains/losses 0 -20,051

60

Net assets divested 2010 2009

AssetsIntangible assets 102,076Property, plant and equipment 15,163Deferred tax assets 359Inventories 10Trade and other receivables 49,325Cash and cash equivalents 11,554Total assets 0 178,487

LiabilitiesDeferred tax liabilities 16,940Tax liabilities 611Trade and other payables 33,829Total liabilities 0 51,380

Cash flow from sale of subsidiaries 2010 2009

Cash received minus sales expenses 111,057Cash and cash equivalents in sold subsidiaries -11,554Cash flow from sale of subsidiaries 0 99,503

The annual accounts and the consolidated financial statements were approved for publication by the Board on 15 March 2011.The income statement and balance sheet will be presented to the Annual General Meeting on 4 April 2011 for adoption.

Stockholm, 15 March 2011

Håkan Ramsin Henrik Joelsson Birgitta Klasén Chairman of the Board Board member Board member

Jonas Nyrén Carl Wilhelm Ros Johan Wall Board member Board member Chief Executive Officer

note 41. events after the balance sheet dateIn January 2011, Bisnode completed the acquisition of Poslovna Domena in Croatia and acquired 51 per cent of Vendemore AB in Sweden.

Poslovna Domena offers digital business information from Croatia’s most complete dataset of company and people information. The company has 15 employees and annual revenue of around SEK 9 million.

Vendemore helps companies to optimise their online marketing. The company has 10 employees and reported annual revenue of around SEK 9 million in 2010.

In February the credit solutions company Lindorff Decision and 90.1 per cent of marketing solutions company Lindorff Match located in Norway were acquired. Combined, the companies have 37 employees and showed annual revenue of about SEK 115 million in 2010. Total operating profit amounted to around SEK 26 million. The acquisitions are subject to approval from the relevant competition authorities.

No other significant events have taken place after the balance sheet date.

note 40. Discontinued operations (continued)

61

We have audited the annual accounts, the consolidated accounts, the accounting records and the administration of the Board of Directors and the Chief Executive Officer of Bisnode Business Information Group AB for the financial year 2010. (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 international 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 standards 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 misstatement. 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 significant 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 consolidated 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 provides a reasonable basis for our opinion set out below.

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

The annual accounts have been prepared 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 principles in Sweden. The consolidated accounts 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 16 March 2011Öhrlings PricewaterhouseCoopers AB

Bertil JohansonAuthorised Public Accountant

62

LaRS PeTTeRSSonBoard memberBachelor of Science in Business Administration, University of Umeå. Born in 1961. Board member since 2011.main occupation: Managing Director of Atea Sverige AB.Previously: Managing Director of QD and Martinsson in Sweden.

CaRL WiLheLm RoSBoard memberMSc in Political Science, University of Lund. 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.

håkan RamSinchairman of the BoardBA in Mathematics, University of Stockholm. Born in 1945. Board member since 2005 and Chairman since 2006.main occupation: Industrial adviser.other board assignments: Chairman of the Board of Wiky Ventures AB, Medströms AB. Board member of Stofa Holding A/S.

BoarD of DirecTors anD auDiTors

CeCiLia LunDbeRg Deputy Board memberMSc in Business Administration and Economics, Stockholm School of Economics. Born in 1978. Board member since 2011.main occupation: Investment Manager at Ratos.other board assignments: Board member of Anticimex Holding AB

and other companies in the Anticimex Group.

henRik JoeLSSonBoard memberMSc in Business Administration and Economics, Stockholm School of Economics, MBA from INSEAD. Born in 1969. Board member since 2005.main occupation: Investment Director at Ratos.other board assignments: Board member of Anticimex Holding AB,

EuroMaint Gruppen AB, KVD Kvarndammen AB, Biolin Scientific AB and other companies in these company groups.

Tommy håkanSSonBoard member(Employee representative for Bisnode AB, Unionen)Studies in System Analysis, University of Lund, Archaeology, University of Gotland and Project Management, University of Malmö. Born in 1959. Board member since 2009.

main occupation: Project Manager at Infodata Applicate AB.

JonaS nyRénBoard 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.

FiLiPPa byLanDeRBoard member(Employee representative for Bisnode AB, SACO)BA in Business Administration, University of Borlänge. Born in 1970. Board member since 2009.main occupation: Accountant at InfoTorg AB.

JoChen guTbRoDBoard memberLic. oec. HSG, University of St. Gallen. MSc International Accounting and Finance, London School of Economics. PhD at Fribourg UniversityBorn in 1963. Board member since 2011.main occupation: CEO at Raffay Group.

other board assignments: Board member Macmillan Ltd. and VSS Advisory Board. Chairman Supervisory Board, iFund Services AG and Fundinfo AG.

IngrID engströmBoard memberMSc in Applied Psychology, University of UppsalaBorn in 1958. Board member since 2011.main occupation: Senior Advisor SEB Germany.Previously: CEO InfoMedia, Comhem and Know IT. Senior Executive

Vice President Eniro och SEB. other board assignments: Board member of Teracom.

anDReaS SChÖnenbeRgeR Board memberMA in Physics, ETH Zurich, PhD in Theoretical Physics, ETH Zurich, MSc BA, London Business School. Born in 1965. Board member since 2011. main occupation: Self employed. Previously: Country Manager Google, Switzerland.

other Board assignments: Board member PubliGroupe Ltd., member of the advisory board of the institute for marketing and retail, and of the GLA of the institute for media and communication management of the University of St. Gallen.

63

FReDRik åkeRmancFo and Business Area Director software and Applications and Product InformationMSc in Business Administration and Economics, Stockholm School of Economics. Employed since 2005 in current position.Previous positions and experience: CEO of BTJ Infodata and Dagens

Nyheter and executive positions in Statoil.

maTTiaS aRonSSonchief Information officer (cIo) and competence centre Director credit solutionsMSc in Engineering Physics, Lund Institute of Technology. Studies in Statistics and Economics, University of Lund.Employed since 2009 in current position.

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

kaRin SvenSSontalent DirectorBSc in Business Administration and Economics, University of Umeå.Employed since 2010 in current position.Previous positions and experience: Management consultant and Partner at Accenture. Nordic Human Resources Director at Accenture.

maRTin CouFaLregional Director central europeBSc in Business Administration, 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 anSeLmicompetence centre Director Business Information solutionsPhD in Historical Linguistics, University of Rome and Pisa. MSc inAdministration, 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.

maTS eRWaLDregional Director nordicBSc in Business Administration, University of Stockholm.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.

execuTive ManaGeMenT TeaM

Johan WaLLPresident and ceoMSc in Engineering Electrical, Royal Institute of Technology in Stockholm. Visiting scholar at Stanford University, 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.

eLin LJungcorporate communications DirectorBSc in Engineering Electronics with a major in Media Communications, University of Umeå. Diplomas in Business Administration and Marketing. Employed since 2007 in current position.Previous positions and experience: Communications Manager of the

public IT companies Addnode and Nocom.

noRbeRT veRkimPeregional Director BeneFra and competence centre Directormarketing solutionsMSc in Informatics & System Analysis, 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.

eCkhaRD geuLenregional Director DAcHDiploma and PhD in Electrical Engineering, RWTH AachenEmployed since 2011 in current position.Previous positions and experience: Head of Value-Added-Services Business at Deutsche Telekom, Founder of and Director at Launch-

group/Sapient Germany, Management Consultant at Boston Consulting Group, Group and Programme Manager at Ericsson Eurolab.

64

D&B [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]

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

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

D&B swedenwww.dnb.com/[email protected]


[email protected]

suBsiDiariesBisnode operates in 17 countries with a segmented and diversified offering of digital business information solutions using strong local brands in each market.

AAA soliditet [email protected]




ABc der deutschen Wirtschaft [email protected]

Anopress [email protected]

Baby Dm scandinaviawww.bdms.se [email protected]

Bisnode [email protected]

Business check [email protected]

[email protected]

[email protected]

[email protected]

creditinfo czech [email protected]

creditinfo [email protected]

creditinfo [email protected]

Direktmedia [email protected]

Direktmedia [email protected]

Direktmedia 121 [email protected]

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HBI czech [email protected]

HBI [email protected]

HBI company Data [email protected]

Hoppenstedt [email protected]



Hoppenstedt360www.hoppenstedt360.dekundenservice@hoppenstedt360.de

[email protected]

[email protected]

Infodata [email protected]

[email protected]

Kompass [email protected]





Lundalogik [email protected]



newsline [email protected]

[email protected]

[email protected]

Poslovna [email protected]

relevant Informationwww.relevant.se [email protected]

svensk Handelstidning [email protected]

svenska [email protected]

[email protected] www.vendemore.com

WDm [email protected]

WDm [email protected]

Part of the Bisnode Group

[email protected]

[email protected]

WLW [email protected]

WLW czech [email protected]



WLW czech [email protected]

WLW switzerlandwww.wlw.ch [email protected]

[email protected]

66

DefiniTionsAverage number of employees – The average number of full-time employees during the year.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 share-holders) less cash and cash equivalents and other interest-bearing receivables.Operating margin – Operating profit, EBIT, EBITA or EBITDA as a percentage of revenue.Operating profit, EBIT – Profit before tax and financial items.Operating profit, EBITA – Profit before tax, financial items and amortisation/impairment of intangible assets arising from business combinations.

SEK millions 2010 2009 2008 2007 2006

Consolidated income statementRevenue 4,451 4,741 4,325 3,899 3,202Operating profit, EBITDA 671 728 679 672 595Operating profit, EBITA 536 593 533 580 506Operating profit, EBIT 434 428 446 498 443Profit before tax 285 239 30 347 279Profit for the year 194 62 16 281 162

Consolidated statement of financial positionIntangible assets 5,182 5,613 6,043 5,163 3,944Property, plant and equipment 285 367 414 326 191Other non-current assets 154 142 222 232 221Current assets 901 949 1,103 920 791Cash and cash equivalents 259 368 324 214 298Total assets 6,781 7,439 8,105 6,856 5,445Equity 1,050 1,150 1,223 2,434 984Non-current borrowings 3,204 3,529 3,826 1,879 2,650Other non-current liabilities 509 668 724 646 484Current borrowings 347 332 393 497 196Derivative financial instruments 74 136 144 2Other current liabilities 1,596 1,625 1,795 1,397 1,131Total equity and liabilities 6,781 7,439 8,105 6,856 5,445

Consolidated statement of cash flowCash flow from operating activities 464 471 426 470 186Cash flow from investing activities -252 -130 -603 -964 -657Cash flow from financing activities -298 -384 269 403 460

Key ratiosRevenue, SEK M 4,451 4,741 4,325 3,899 3,202Revenue growth, % -6.1 9.6 10.9 21.8 n/aNumber of employees at 31 December 2,974 3,095 3,189 3,008 2,524Average number of employees 3,080 3,167 2,940 2,790 2,397Revenue per employee, SEK K 1,445 1,497 1,471 1,398 1,336Operating margin, EBITDA, % 15.1 15.4 15.7 17.2 18.6Operating margin, EBITA, % 12.0 12.5 12.3 14.9 15.8Operating margin, EBIT, % 9.7 9.0 10.3 12.8 13.8Net debt, SEK M 2,289 2,685 3,148 2,297 1,673Net debt/EBITDA 3.41 3.69 4.64 3.42 2.81

Operating profit, EBITA excluding capital gains – Operating profit, EBITA adjusted for capital gains and losses from sale of subsidiaries, associates or other share holdings.Operating profit, EBITDA – Profit before tax, financial items and depreciation, amortisation and impairment losses.Revenue per employee – Revenue divided by the average number of employees.

The figures in the annual report have been rounded off, while the calculations have been made without rounding off. As a result, the figures in certain tables and key ratios may appear not to add up correctly.

five-year suMMary

meenu chourasiadatabase manager

Cover: Photo of Jonathan Loriaux, Gretel De Cock and Maji Mokwaboart direction: OttoboniIllustrations: Dan BerglundLayout: Komodo designPhoto: Sune Fridell and Yannis Argyropoulos/Killingshoot studioCopy: Vesir and Open CommunicationsPrinting: Done

03 WhaT We Do

04 Johan WaLL eVaLuaTes 2010

06 Where We are ToDaY

07 Where We are heaDeD TomorroW

08 TrenDs in our inDusTrY

09 WhaT We oFFer To our cusTomers

10 creDiT soLuTions

12 marKeTinG soLuTions

14 Business inFormaTion soLuTions

16 iT’s aLL aBouT PeoPLe

20 reGions anD Business areas

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 FiVe-Year summarY anD DeFiniTions serVais YimKWandatabase manager

Bisno

de A

nnual Rep

ort 2010

annualreport 2010

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

bisnode annual report 2010

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