Interim report January-June 2013
The change process continues.
April – june
- Organic growth of 1.7 per cent (adjusted for foreign exchange effects), positive sales trend in Region Nordic, DACH and Central Europe
- Operating margin (EBITA) of 5.1 per cent (7.7)
- Operating margin (EBITA) excl. capital gains of 6.8 per cent (6.8)
- Strong cash flow from operating activities of SEK 93 million (49)
- Sale of Svenska Nyhetsbrev
January – june
- Organic revenue growth of -1.1 per cent (adjusted for foreign exchange effects), above all in Region Nordic and BeNeFra
- Operating margin (EBITA) of 6.5 per cent (15.8)
- Operating margin (EBITA excl. capital gains of 7.0 per cent (7.5), in particular lower margin in Sweden and Germany where a large-scale internal restructuring to “One Bisnode” is underway
- Expansion in Central Europe through an acquisition in Serbia and the opening of a new sales office in Bosnia
- Launch of the Bisnode brand is all markets
- Sale of Baby DM and Svenska Nyhetsbrev
Events after the balance sheet date
- Beginning of August, Fredrick Åkerman resigned as CFO. Carina Erlandsson, Group Business Controller, has been appointed as Acting CFO.
Comments from the CEO
Bisnode is moving up the value chain and will deliver more of our offering “as a service”. We will contribute more analysis and we will help our customers to transform information into insight. Our goal is to help our customers make smart decisions.
In order to succeed at this undertaking, we are pursuing a large-scale process of change. Through these efforts I am convinced that we will create a more attractive company for our shareholders, our customers and our employees.
Technological advances are creating exciting opportunities for innovative companies, but are also subjecting traditional companies to major challenges.
Bisnode comes from a complex group structure with limited scope to realise synergies, since business was previously conducted in a large number of small companies.
We are taking steps to dramatically reduce the number of operating companies and invest in the products of the future in a structured manner. This will give us new potential to achieve economies of scale.
We have left Q2 2013 behind us, proud of the knowledge that we have converted operations in all of our 19 countries to conduct operations under the “Bisnode” brand
in less than six months.
The market in Q2 was characterised by low demand. Many countries in Europe are experiencing a recession. It is therefore satisfying to report that Bisnode achieved
organic growth of 1.7 per cent in the second quarter. Three of four regions showed organic growth.
Cash flow from operating activities was strong and it is worth noting that central costs have been reduced significantly.
Region Nordic is Bisnode’s largest market. This is the region that has undergone the most far-reaching changes and which has consequently also been hardest hit by the
many initiatives that we have carried in a very short span of time. We are pleased with the increased business focus and a strong finish to the quarter.
As expected, Region DACH had a weak quarter. This applies mainly to Germany, while Austria and Switzerland reported sustained growth. In Germany, Q2 was marked by major process of change that is underway and culminated
during Q2. We anticipate a continued slow third quarter in the region, followed by a strong end to the year.
Region Central Europe has shown continued growth together with an improvement in earnings. The region has a high level of sales efficiency, and this makes it possible to
grow in markets despite weak macro economies.
The market in Region BeNeFra has continued to struggle with low demand for the services we offer. This applies above all to our operations in France and the Netherlands, while performance in Belgium was better.
Lars Pettersson, CEO Bisnode