“The transformation of Bisnode to increase efficiency and return to growth is continuing. Important steps to establish a platform for growth were taken in the second quarter 2014”
April – June
- Total revenue amounted to SEK 890 million (930).
- Organic revenue growth was -4.1 per cent (1.7).
- Operating profit (EBITA) was SEK 41 million (48).
- Operating margin (EBITA) was 4.6 per cent (5.1).
- Operating profit (EBITA) excluding capital gains and losses and non-recurringitems was SEK 54 million (93)
- Non-recurring restructuring costs in the quarter amounted to SEK 13 million (29).
- Capital gains for the period totalled SEK 0 million (-16).
- Cash flow from operating activities was SEK 42 million (93).
- Earnings/loss per share (basic and diluted) amounted to SEK -0.6 (-0.5).
- At the annual shareholders’ meeting on 3 June, Jon Risberg was elected as the new Chairman of Bisnode’s Board of Directors.
- On 2 June, Per Adolfsson took up the position of Country Manager Sweden, the group’s largest operation.
January – June
- Total revenue amounted to SEK 1,796 million (1,855).
- Organic revenue growth was -2.5 per cent (-1.1).
- Operating profit (EBITA) was SEK 86 million (121).
- Operating margin (EBITA) was 4.8 per cent (6.5).
- Operating profit (EBITA) excluding capital gains and losses and non-recurringitems was SEK 106 million (172)
- Non-recurring restructuring costs in the quarter amounted to SEK 26 million (43).
- Capital gains for the period totalled SEK 6 million (-8).
- Cash flow from operating activities was SEK 51 million (154).
- Earnings/loss per share (basic and diluted) amounted to SEK -0.7 (-0.3).
Mats Lönnqvist was appointed as acting CFO of Bisnode Group as of 25 March.
Events after the balance sheet date
- On 16 July, all of the shares in Bisnode Nederland B.V. were sold to EDM MediaGroup B.V.
Comments from the CEO
We live in a world where speed, hypercompetition and the disintegration of traditional value chains are creating new opportunities and challenges for all businesses. The efficiency and transparency made possible by the Internet are placing major demands on companies, which must find new and effective ways to secure success.
For the past two years Bisnode has been striving to realise an ambitious strategy aimed at advancing from a traditional company that is active in credit and market information to offering the market a more refined range of products and services with an overarching goal to help its customers make “smart decisions”.
In 2013 we carried out a massive rebranding initiative in which all operations in all 19 countries were renamed “Bisnode”. Parallel to this rebranding project, extensive efforts have been devoted to mapping IT environments and the project portfolio.
To ensure maximum efficiency and scalability, we are now taking the next step. We have set up a central function for our offering under the direction of Anders Borg, who has been recruited for a newly established role as CTO. In Q2 we recruited a number of top talents that will be part of this central product team, which is responsible for the current and future offering.
Bisnode is working methodically to implement the strategic plan that was laid out in 2012 and has been continuously fine-tuned thereafter. We are addressing the challenges and obstacles that arise along the way. The complexity that has characterised the Group, with a large array of brands and even more products, is now being replaced by decreased complexity and thereby also greater efficiency and increased value in the customer offering.
In terms of earnings, Q2 2014 was a disappointment. The deviation from plan is found primarily in Germany and France. The deviation in Germany is attributable to an increase in the number of multi-year contracts at the expense of contracts with immediate revenue impact. This in itself is positive, but with a short-term negative impact on profit. The shortfall in France is related to the extensive turnaround process that is currently in progress. To increase the focus on Bisnode’s home market in Sweden, Per Adolfsson has been appointed as Country Manager for Bisnode Sweden. The recruitment of Per will sharpen the focus on Sweden and we are convinced that this will accelerate Sweden’s path to growth.
The sale of our Dutch company also demonstrates our determination to operate only in markets where we have or are confident that we can achieve a leading position with a wide offering. The remaining countries of BeNeFra, Belgium and France, are viewed as non-strategic and will no longer be reported as a region.
Many exciting projects are taking shape under the surface. A number of new products will be launched in the near future and we believe that our ambition to be among the companies that benefit from the new technology can make Bisnode a future winner. We choose to see a weak Q2 in light of the far-reaching process of change that is underway and will continue at the same rapid pace with our sights set firmly on the goal – to help our customers make smart decisions.