AnnuAl REpORt - Bisnode

JanMayJunAugOctNovNew regional organisationimplemented to maximise businesspotential and synergiesInter Dialog, a direct marketingconsultancy company in Norway,divestedThe Nomi group, a niche playerproviding information to thepharmaceutical industry, divestedICC, a provider of business-criticalinformation in UK and Ireland,divestedRAAD Research, a market researchsolutions company for the IT sectorin Germany, acquired121 Media, a direct marketing servicescompany in Finland, acquiredBisnode has operations in 18 European countries,with ITS head office in Stockholm, Swedenyou findus hereDecJan2010Finfo, a provider of article informationsolutions in Sweden, divestedSverige Bygger and Norge Bygges,niche players of information for theconstruction industry, divestedMajority shareholding in Teleadress,a supplier of Swedish high qualityconsumer information, acquiredDirectinet, a provider of onlinedirect marketing solutions in France,acquiredOperating profit margin, EBITA12%KEY figures 2009 2008Revenue (SEK m) 4,741 4,325Total operating income (SEK m) 4,829 4,430Revenue growth (%) 9.6 18.1Operating profit, EBITDA (SEK m) 728 679Operating profit, EBITA (SEK m) 593 533Operating margin, EBITA (%) 12.3 12.0Average number of employees 3,167 2,940NUMBER OF EMPLOYEES at 31 DEC 3,095 3,189SEK M5,0004,0003,0002,0001,0000REVENUEOPERATING PROFIT, EBITA2005 2006 20072008 20097506004503001500

3This isBiSNODEBisnode is a leading provider of digital business information in Europe, with a completeoffering of online solutions for marketing, credit and business information. Bisnode’sbusiness information services help companies maximise sales, minimise business risksand make better business decisions. Bisnode was founded in 1989 and has more than3,100 employees in 18 European countries. Bisnode is owned 70 per cent by Ratos and30 per cent by Bonnier.business modelDATABRANDDATABRANDDATACOLLECT ENHANCE PACKAGE SELLData about companiesand consumers iscollected from multiplesources in each country.The data is enhancedthrough harmonisation,standardisation andverification. Data in awider context becomesvalue-added information.Information is packagedand customised into productsand services. Thesame information is reusedmany times to increaseeconomies of scale.Bisnode sells products todifferent market segmentsunder unique brands, andcreates customised localservices to fulfil the needsof a diverse customer base.BRANDCore offering Marketing solutions Credit solutions Business InformationSolutionsOfferingBrandsMarketpositionMain marketsegmentsCompetitorsBusiness and consumer contact data for mail,email or telephone, business and consumerdata quality services, data intelligence,database management services includingexecuting online communication campaigns.121 Media, Baby DM Scandinavia, BisnodeInteract, Directinet, DirektMedia, PAR, SpectronBusiness Solutions and WDMMarket leader in Belgium, France, Sweden andNorway and strong position in the Netherlands.Automotive, Fast-Moving Consumer Goods,Finance, Fundraising, Government, Insurance,Leisure, Mailorder, Media, Retail, Telecommunicationsand Utilities1000 Mercis, Acxiom, Global Direct andSchoberBusiness and consumer credit informationsolutions and reports, portfolio monitoring, creditstatus updates, credit scoring and risk analysisfor the management of credit risk on a transactionaland/or whole portfolio basis.AAA Soliditet, Business Check, Cekia,Connectus, Credita, D&B (Dun&Bradstreet),Hoppenstedt Kreditinformationen,Hoppenstedt 360, Wisur and Credit CheckInternational credit – strong position via D&Bbrand for Austria, Czech Republic, Denmark, Finland,Hungary, Germany, Norway, Poland, Swedenand Switzerland. Domestic credit – strong positionin Nordic countries, building local brands in Austria,Switzerland, Germany and Central Europe.Automotive, Construction, Computers &Electronics, Engineering, Financial Services,Government, Logistics, Oil & Chemical andUtilities.Coface, Creditreform, Creditsafe, Delta Vista,Equifax, Experian and UC SwedenCustomised general business informationsolutions including financial and legal information,media monitoring, legal documents, in-depthindustry analysis and extensive people informationlisting.Affärsdata, Agent25, Eurodata, GV IN, Greens, HBI,Hoppenstedt Firmeninformationen, iBon, InfoTorg,Javnirazpisi, Newsline, Svensk Handelstidning Justitiaand Svenska NyhetsbrevMarket leader in Denmark, Sweden and Sloveniaand strong positions in Germany and CentralEuropean countries.Corporations, Financial Institutions, PublicAdministrations and Small to Medium Enterprises(SME)Bundensanzeiger Verlag, Bureau Van Dijk, Ergo-Group, Factiva, GBI-Genios and Lexis Nexis

42009 inbriefActivity remained high in 2009 with the introduction of a neworganisation focusing on Bisnode’s core offering, investments tostrengthen the market position as well as a number of companyacquisitions and divestments. The market was challenging, butBisnode managed to gain markets shares.Focus oncorebusinessBisnode demonstrated its highestoperating profit of all time at sek 593(533) million with an operating marginexceeding 12.3 (12.0) per cent and a strongcash flow from operations. The Groupachieved continued strong revenuegrowth mainly as a result of acquisitionsand net revenue amounted to sek 4,741(4,325) million.Bisnode made four acquisitions andfive divestments to better focus on itscore offering and to further boost salesand profitability. The acquisitions includeTeleadress, which has given Bisnodea stronger position in the market forconsumer contact information while alsogenerating cost synergies in Sweden. Theleading marketing solutions company121 Media was acquired to strengthenBisnode in marketing informationservices in Finland. The FrenchDirectinet acqusition, which closed inJanuary 2010, has boosted Bisnode withinonline marketing information services.Directinet adds new technology andknowledge in e-marketing, while theacquisition of German raad Researchadds expertise in market research andanalysis for the it sector.The Product Information businessarea considerably strengthened its marketoffering in digital product informationservices in Europe when “Wer LiefertWas?” was acquired at the end of2008. The operations were successfullyintegrated in 2009 inspite of a decliningmarket for advertising-based services.As a market-leader, “Wer Liefert Was?”successfully managed to weather therecession and performed well during2009.Focus on core businessIn line with Bisnode’s strategy to aimfor a top three market position in eachmarket and segment, the credit solutionscompany icc was divested and the ukand Irish operations were closed as themarket position was weak in a fiercelycompetitive market. Other units divestedduring the year include Sverige Bygger,Norge Bygges, Finfo, Inter Dialog andoperations in the Nomi Group.To expand the market share incredit solutions, Bisnode invested innew databases of company informationin Germany during 2008–09. Theinvestments are expected to improve longterm profitability and allow for furthersegmentation of the market offering.At the beginning of 2009 a neworganisation was implemented to betterleverage economies of scale and tofacilitate the transfer of knowledge andconcepts across markets.Bisnode’s core offering consists ofMarketing Solutions, Credit Solutionsand Business Information Solutions,which together accounted for 82 percent of total revenue in 2009. The corebusiness has local synergies, similarmarket conditions and businessopportunities at the country level.Product Information and Software andApplications made up the remaining 18per cent and have synergies in similarbusiness models, shared infrastructure orknowledge platforms.Awards in 2009A highlight in 2009 were the awardsto Bisnode presented by the EuropeanAssociation of Directory and DatabasePublishers for the online database ofHoppenstedt Firmeninformationen andfor the innovative sales force managementat Wer Liefert Was?Bisnode made fouracquisitions and fivedivestments to betterfocus on its core offeringand to further boostsales and profitability

7COMMENTSBY THE CEOBisnode had a good year and gained market share in 2009,despite challenging market conditions. Our focus during theyear has been on further developing the core business,operational efficiency, and positioning Bisnode for the future.Bisnode had a good year in 2009, despite the challengespresented by the financial crisis. Confidence amongcompanies and consumers was low in Europe andin other major world economies. However, demandfor Credit Solutions held up well, which is normal inperiods of economic downturns. Demand for BusinessInformation Solutions was stable, while MarketingSolutions struggled as demand for these services islargely cyclical.In 2009, we continued working on Bisnode’splatform for growth by further focusing on our corebusiness, increasing efficiency and expanding ouroffering. Consolidated net revenue amounted to sek4,741 million with an operating profit, ebita, of 12 percent for 2009. Although Bisnode in 2009 did not meetlong-term financial targets of an operating margin,ebita, of at least 15 per cent and annual revenue growthof 10 per cent, we did relatively well considering thevery challenging market conditions.A new Bisnode taking shapeAn important activity in shaping the future Bisnodeis to focus on and strengthen our core business. As aresult Bisnode carried out four acquisitions and fivedivestments in 2009.Bisnode’s vision is to become the leading providerof digital business information in Europe. To reachour goal we emphasise organic growth supplementedby strategic acquisitions. By acquiring Teleadress, forexample, Bisnode reinforced its position as a supplierof high-quality consumer information in Sweden whilealso gaining cost synergies. The Directinet acquisitionstrengthens our position in online marketinginformation services in France. Through acquisitionssuch as these, we add new technology, databases andbrands in order to further build our market position.Also, in 2009, Bisnode divested operations in uk andIreland due to weak market positions in these highlycompetitive markets.Keeping the focusAt the beginning of 2009, Bisnode launched a neworganisation to clarify our offering and to achieveoperational synergies. The new organisation is workingout well resulting in increased synergies.The process of strengthening Bisnode’s operationswill continue in 2010, including further acquisitions anddivestments. By achieving critical mass in all Bisnodemarkets and segments, we can increase efficiency in datacollection, data enhancement, packaging and sales ofinformation solutions.Outlook 2010Digital business information from Bisnode is an integralpart of many customers’ daily operations. Althoughdemand varies greatly across markets, industry estimatesindicate a long term yearly composite growth of threeto five per cent. However, in 2010, as the marketrecovers Bisnode estimates only a modest growth.We expect new technologies, business modelsand market offerings to shape the European marketfor digital business information in the years ahead.In addition, changes in legal frameworks and dataaccessibility together with new market entrants willincrease competition. With a more complex marketahead, it is important for Bisnode to work even closerwith our customers, and deliver compelling productsand being an innovation leader in the digital businessinformation industry.With a strong focus on innovation and a more stabledemand situation, the outlook for the next couple ofyears is looking brighter again.Johan WallPresident and CEO

BISNODE’S VISIONIS TO BE THE LEADING PROVIDER OFDIGITAL BUSINESSINFORMATION IN EUROPE

10The businessinformation marketAn increasing flow of information, regulatory changes and new technologies arereshaping the market for digital business information. The way informationis presented, experienced and used is changing dramatically and creatinga business environment of both opportunities and challenges.Business information consists of a rangeof different types of data, includingcorporate and consumer information.Industry analysts estimate the numberof potential users at approximately 20million and forecast the relevant marketto be worth around sek 300 billion inEurope, with a long term annual growthrate of about three to five per cent.The European market for digitalbusiness information is fragmentedwith many competing players, especiallyat the local and regional level. Theconsolidation trend is continuing amongsmall local operators.Constant change generatesopportunitiesNew opportunities and user patternsemerge as the regulatory frameworkchanges and new technologies arelaunched – mobile, social, personal,semantic web and portable devices.The way information is presented,experienced and used is changingdramatically. Significant market driversinclude ever-increasing amounts of informationand closer system integrationwith end-users.Although the fixed costs for collectingand managing information are relativelyhigh, the additional cost for packagingand distribution is low. This providesscope for large economies of scale as usernumbers increase. Price pressure hasrisen as the volume of information hasgrown, making quality assurance, dataenhancement and value added servicesmore important.Demand for more sophisticatedonline solutionsUnderlying trends in Bisnode’s marketsinclude continued digitalisation withbroader and more sophisticated onlineservices and more cost-effective directmarketing at the expense of mass-marketmailings, as well as new low-cost playersin the risk and credit information market.In order to maintain and strengthenthe Group’s market position, Bisnodemust offer more customised products andservices including refined and exclusiveinformation. The most important step tosucceed is to embrace new technologies,devices and user patterns and toimplement these into new concepts andsolutions in the market at the right time.EMBRACE NEW TECHNOLOGIES,DEVICES AND USER PATTERNS,AND IMPLEMENT THESEIN NEW CONCEPTS ANDSOLUTIONS PROVIDINGADDITIONAL CUSTOMER VALUE

CoreofferingBisnode offers high-quality businessinformation, including company andconsumer information. Bisnode’s core offeringconsists of credit, marketing and businessinformation solutions that help customers tomaximise sales, minimise risks and make betterbusiness decisions.CAmilla jacobsaccount managerANJA WRIGFELDtCOMMUNICATIONs OFFICER

12MarketingsolutionsBisnode is one of Europe’s leading providers of marketing solutionservices including Customer Relationship Management, addressedand online direct marketing. In 2009 Bisnode strengthened itsposition in online marketing, analysis and research.Bisnode’s services are offered in twomain segments, business-to-business andbusiness-to-consumer. With the helpof Bisnode’s solutions, customers canidentify new customers and customersegments and can retain and developexisting customer relationships.Bisnode compiles and completesbusiness and consumer lists from sourcesof all types, in addition to creating andbuilding its own databases. Bisnode offerssolutions based on extensive databasesources, to be used for segmentation,reference or market research. This createsa competitive edge, whether the customerneeds sophisticated niche information orpan-European solutions.Strategic handling of dataa valuable assetTrends are changing at a faster pace.As consumers are becoming more of amoving target, marketers will need tocapture more data, mine all that data andfind smarter ways to extrapolate the data.Data handling is expected to becomeso complex that it will be very difficultto manage it all in-house. Data and thestrategic handling of data will become avery valuable asset.Against this background, Bisnode isworking actively to improve its offeringof powerful analytical resources for webanalytics, customer segmentation andcampaign effectiveness. Among otherthings, web analytics can be used totrack internet customers and give themrelevant offers faster as they surf a website.Creating an integrated online offeringDemand keeps growing for onlinecommunication; online direct marketingand other integrated online offerings.Customers also want to have anintegrated view of offline and online data.Bisnode must be able to offer integratedonline services and has therefore recentlyacquired the French online marketingsolutions company Directinet. Directinetwas early to identify the potential of theInternet as a direct marketing channeland has a dedicated focus on interactivemarketing.Furthermore, Bisnode can assistcustomers in project-based campaigns orservices as well as in the implementationand streamlining of ongoing marketingactivities. Other marketing servicesinclude business and consumer listbroking, data mining, distribution,project management and specialisedvalue-added offerings such as datacleansing, hosting loyalty card schemesand advanced statistical segmentation.Marketing Solutions account for31 per cent of Bisnode’s total revenue.Customers are sales and marketingdrivencompanies in both commercialand financial industry, as well as crm anddirect marketing users.Offering Brands Market position Main marketsegmentsCompetitorsBusiness and consumer contactdata for mail, email or telephone,business and consumer data qualityservices, data intelligence, databasemanagement servicesincluding executing online communicationcampaigns.121 Media, Baby DM Scandinavia,Bisnode Interact, Directinet,DirektMedia, PAR, SpectronBusiness Solutions and WDMMarket leader in Belgium, FranceSweden and Norway and strongposition in the Netherlands.Automotive, Fast-MovingConsumer Goods, Finance, Fundraising,Government, Insurance,Leisure, Mailorder, Media, Retail,Telecommunication and Utilities1000 Mercis, Acxiom, Global Directand Schober

14CreditsolutionsBisnode offers a wide range of solutions for credit and riskmanagement, including financial and economic informationas well as credit assessment of both businesses and consumers.With a portfolio of both local and global services, Bisnodecan offer a unique range of services.Bisnode offers business and consumercredit information services, credit statusupdates and business records includingoriginal legal documents. Most servicesare offered at both the local and globallevel. Local services are available throughstrong regional companies in the Groupwith customised information andspecialised services, often integrated orcombined with the customer’s systems.Global services are offered through themarket-leading supplier of global creditinformation, d&b (Dun & Bradstreet).Through the ownership of ten Europeand&b companies, Bisnode is one of theleading d&b worldwide network partners.With a portfolio of both local and globalservices Bisnode has a leading position inthe majority of its markets.Bisnode’s quality assurance processOver the past year, Bisnode has continuedto build and extend its company registersand consumer databases with additionalfinancial and legal information. Throughdata processing: all of the informationis harmonised through classification,summarisation and aggregation of keyinformation. Bisnode’s quality assuranceprocess ensures that the data input isconsistent, accurate and timely.Bisnode continuously analyses companysolvency so that customers better canpredict bankruptcies and prepare for shiftsin the business cycle. Using these services,customers can secure their payments anddeliveries and reduce risks ahead of thecompetitors. The ability to deliver theright information when the customer needsit has become as an increasingly importanttrend.Customers become content providersThe vast bulk of information is publiclysourced and local company registrationoffices are in most cases the main source.The past few years have seen a trendwhere customers also become contentproviders, as Bisnode is collectingpayment data from companies abouttheir customers’ payment habits. Thisinformation provides a critical advantage,since it is not readily accessible and is akey factor in assessing creditworthiness.Integration of information within thecustomer’s existing information systemsis increasingly important and Bisnodehas been developing a more sophisticatedproduct range to increase customerloyalty by making information availabledirectly in the customer’s business system.Highly competitive marketThe market for credit solutions is highlycompetitive. Competition has increasedwith the entry of more low-cost players,which has resulted in decreasing pricesfor credit reports. Bisnode has developedmore advanced solutions that add morecustomer value and enable Bisnode toretain premium pricing. Bisnode alsooffers a wide range of basic and fastcredit information services to meet theincreasing demand of internet basedsolutions.Many of the customers can be foundin the financial sector and include banks,leasing companies, credit departments ofcommercial businesses and professionalfirms such as auditors, merchant bankersand lawyers.Following the financial turbulenceand frozen credit markets in 2009, manycompanies struggled through hard times.Because the credit solution business isslightly counter-cyclical with higherdemand in times of rising risks, CreditSolutions showed a positive developmentin 2009 and increased its share ofBisnode’s total revenue to 31 per cent.Offering Brands Market position Main marketsegmentsCompetitorsBusiness and consumer creditinformation solutions and reports,portfolio monitoring, credit statusupdates, credit scoring and riskanalysis for the management ofcredit risk on a transactional and/orwhole portfolio basis.AAA Soliditet, Business Check,Cekia, Connectus, Credita, D&B(Dun&Bradstreet), HoppenstedtKreditinformationen, Hoppenstedt360, Wisur and Credit CheckInternational credit – strong positionvia D&B brand for Austria,Czech Republic, Denmark, Finland,Hungary, Germany, Norway,Poland, Sweden and Switzerland.Domestic credit – strong positionin Nordic countries, building localbrands in Austria, Switzerland,Germany and Central Europe.Automotive, Construction,Computers & Electronics,Engineering, Financial Services,Government, Logistics, Oil &Chemical and Utilities.Coface, Creditreform, Creditsafe,Delta Vista, Equifax, Experian andUC Sweden

Customer caseCarsten Diederich, ALPIQ HOLDINGCustomer of D&B SwitzerlandImproving credit risk management at Alpiq HoldingAlpiq is the largest energy company in Switzerland, whereabout half of the group’s 10,000 staff are employed. Alpiqgenerates and transports electricity and engages in energytrading, electricity transmission and electricity sales. Alpiqowns more than one third of Switzerland’s electricity gridsand is the largest grid owner in the country. Alpiq owes itsstrong market presence in Switzerland and Europe to closecollaboration with many strong partners, including D&B.Through D&B Switzerland, Alpiq always has access to currentbusiness data and segmented business information, whichprovide valuable input for the group credit risk management.D&Bs database enables consistent identification of counterpartiesthrough the use of the D&B D-U-N-S ® number, andallows Alpiq to improve credit risk management through therapid availability of data.“We have very good experiences from working withD&B Switzerland. They take our customer feedbackseriously and act upon it and their service has constantlyexpanded and improved over the years. D&B Switzerlandgives us true value for money, excellent service andgood coverage throughout Europe. The counterpartyidentification through the unique D-U-N-S® number isinvaluable to us.”Carsten Diederich, Head of Credit Risk Management at Alpiq

25financialinforMATIONDirectors’ report 26Consolidated income statement 28Consolidated statement of comprehensive income 28Consolidated balance sheet 29Consolidated statement of changes in equity 30Consolidated cash flow statement 31Parent Company income statement 32Parent Company balance sheet 33Parent Company statement of changes in equity 34Parent Company cash flow statement 35Accounting 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. Segment reporting 42Note 6. Other operating income 43Note 7. Board members and senior executives 43Note 8. Average number of employees. Average number of Boardmembers, CEO and senior executives 43Note 9. Wages, salaries and other remuneration – Group 44Note 10. Compensation to Board members and senior executives 45Note 11. Average number of employees. Wages, salaries andother 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. Participations in associates 49Note 20. Available-for-sale financial assets 49Note 21. Participations in group companies 50Note 22. Trade and other receivables 52Note 23. Derivative financial instruments 52Note 24. Cash and cash equivalents 52Note 25. Borrowings 52Note 26. Deferred tax 53Note 27. Provisions for pensions 54Note 28. Other provisions 55Note 29. Trade and other payables 55Note 30. Accrued expenses and deferred income 55Note 31. Reserves 55Note 32. Finance leases 55Note 33. Operating leases 56Note 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 60Marko SrabotnikProduct ManagerAudit report 61

26Directors’reportThe Board of Directors and the Chief ExecutiveOfficer of Bisnode Business Information Group AB,556681-5725, hereby submit their report for 2009.The Group’s operationsBisnode is a leading provider of digital businessinformation in Europe, with a complete offering ofonline solutions for market, credit and businessinformation. Bisnodes business information serviceshelp companies to maximise sales, minimise businessrisks and make better business decisions.Bisnode conducts operations in 18 Europeancountries and has approximately 3,100 employees.Consolidated revenue in 2009 amounted to slightlyover SEK 4.7 billion.Significant events during the financial yearIn the beginning of 2009 Bisnode introduced a neworganisation based on four geographical regions(Nordic, DACH, BeNeFra and Central Europe), allcovering the product offerings Market Solutions,Credit Solutions and Business Information Solutions.In addition, two separate business areas, ProductInformation and Software and Applications, andcentral support functions were created.The motive for the organisational change is thatthe market for digital business information is local innature, and that data collection, enhancement, packagingand sales take place primarily at the nationallevel. With a regional organisation, combined withcentral support functions, the Group has greater opportunitiesto realise both revenue and cost synergies.Acquisitions and divestituresTwo major acquisitions were carried out during theyear. In October Bisnode acquired the Finnish companyKauppalehti 121 Oy (name changed to 121Media Oy). The company is a leading provider ofdirect marketing services in Finland with 55 employeesand annual revenue of EUR 8 million in 2009.In December Bisnode acquired 80.1 per cent ofthe shares in the previously partly-owned companyTA Teleadress Information AB. After the acquisition,Bisnode’s holding is 100%. TA Teleadress Informationhas a leading position in the Swedish market forsales of contact data for direct marketing and informationpurposes. The company has 35 employeesand annual revenue of approximately SEK 60 million.Aside from the above acquisitions, the Grouphas acquired the remaining 9.9 per cent of theshares in One Holding AS and taken over operationsin the German company RAAD Researchthrough the acquisition of net assets.Five units were divested during the year. In MayBisnode divested the net assets of the Norwegiancompany Inter Dialog AS and in July divested NomiGroup, which is active in the Nordic market forpharmaceutical intelligence.In August Bisnode completed the divestiture ofICC in the UK and Ireland and a couple of smallerBritish operations. The divestitures included allbusiness operations Region UK and Ireland, whichhas thus been discontinued.In December Bisnode divested Finfo AB and theGroup’s companies active in information and marketingservices for the construction industry, SverigeBygger AB och Norge Bygges AS.In accordance with IFRS 5 Non-current AssetsHeld for Sale and Discontinued Operations, allincome and expenses in the discontinued operations,including capital gains, are reported in profitfrom discontinued operations on a separate line inthe consolidated income statement. The consolidatedcash flow statement is also presented with a separationbetween continuing and discontinued operations.The figures for the comparison period havebeen restated accordingly.Earnings and financial positionRevenue and profitRevenue improved by 10 per cent to SEK 4,741million (4,325). Organic growth amounted to 4 percent. Adjusted for foreign exchange effects, organicgrowth was -1 per cent.Operating profit, EBITA, was SEK 593 million(533), equal to an operating margin of 12.3 per cent(12.0). Adjusted for capital gains on the sale of subsidiaries,operating profit, EBITA, was SEK 563 million(492) and operating margin was 11.9 per cent (11.4).Operating profit, EBIT, fell to SEK 428 million(446) as a result of goodwill impairment andincreased amortisation of intangible assets attributableto business combinations. The year’s goodwillimpairment losses amounted to a total of SEK 41million. The increased amortisation of intangibleassets attributable to business combinations refersto the acquisition of Wer Liefert Was that was completedat the end of 2008.Net financial items totalled SEK -189 million(-416). A stronger Swedish krona rate led to unrealisedforeign exchange gains of SEK 75 million (-131)attributable to the Group’s long-term borrowing. Inaddition, net financial items were positively affectedby lower market interest rates and a reduced loandebt.Income tax for the year totalled SEK -69 million(-14), equal to an average tax rate of 29 per cent(47). The high tax rate for the comparison period isexplained by tax adjustments attributable to priorperiods.Profit from continuing operations was SEK 170million (16), equal to earnings per share of SEK 1.3(0.0).Profit from discontinued operations for the fullyear was SEK -108 million (-4). This figure includesall profit and loss items from Region UK and Ireland,including the capital gain on the sale of ICC andimpairment of goodwill attributable to the region.Profit for the year was SEK 62 million (13) andearnings per share, basic and diluted, were SEK0.4 (0.0).Cash flow and investmentsThe year’s cash flow from operating activities wasSEK 471 million (426). The stronger cash flow ismainly explained by an improved profit beforedepreciation/amortisation and impairment. Bisnodeis taking active measures to reduce working capitaland is seeing the positive effects of these efforts.Financial positionConsolidated net debt fell from SEK 3,148 million toSEK 2,684 during the year. The large decrease isexplained by strong cash flow from operating activitiestogether with lower expenditure and a net gainof SEK 81 million on the acquisition and divestitureof subsidiaries.Cash and cash equivalents amounted to SEK368 million, compared to SEK 324 million at 31December 2008. In addition, the Group has totalgranted but unutilised bank overdraft facilities ofSEK 400 million.

27EmployeesThe number of employees at 31 December 2009was 3,095 (3,189 at 31 December 2008). The averagenumber of employees during the year was3,167, compared to 2,940 in 2008.Significant events after the balance sheet dateAt the beginning of 2010 Bisnode completedthe acquisition of Directinet, a leading supplier ofonline direct marketing solutions in France. Thecompany has 97 employees and annual net salesof EUR 14 million in 2009.Future outlookBisnode’s vision is to be the leading provider ofdigital business information in Europe. The Group’slong-term financial targets are annual revenue growth,including acquisitions and divestitures, of 10 percent over a business cycle and an operating margin,EBITA, of at least 15 per cent over a business cycle.The Bisnode Group has recorded average annualgrowth of around 9 per cent over the past tenyears. This growth has been achieved mainlythrough acquisitions. The Group’s strategy is tocontinue expanding primarily through organic growth.Bisnode is working actively to streamline theGroup’s offering and increase the focus on coreactivities. As part of this process, Bisnode regularlyevaluates the opportunities to both acquire strategicallysuitable companies and to sell off operationsthat are not consistent with the Group’s corebusiness.Risks and uncertaintiesAll business operations involve risks. Bisnodeworks continuosly to identify, measure and managerisk. In cases in which events are beyondBisnode’s control, the aim is to minimise theconsequences. The risks to which the BisnodeGroup are exposed are classified into three maincategories: external-related risks, operating risksand financial risks.External-related risks– MacroeconomicsBisnode’s operations are influenced by a numberof external factors whose effects can be controlledto a varying extent. Demand for the Group’s servicesand products is largely steered by economicdevelopment in the respective country. However,the Group’s external-related risks are reduced bymaintaining a good geographical spread with salesin 18 countries, a large number of customers anda wide range of services and products.– LegislationTo a large extent, the information used by theGroup comes from publicly accessible sources.As a result, the Group’s operations are influencedby the laws and regulations governing publicsector information in each country. In 2003 theEU implemented the so-called PSI Directiveaimed at increasing the availability of public sectorinformation in the EU. The immediate effects ofthe directive are minor, but in a longer perspectivethe directive is expected to increase accessibilityto basic data and thereby drive the supply of anddemand for business information in Europe. TheGroup’s assessment is that it is well positioned touse its experience from the Nordic markets, wheresuch information has been easily accessible forseveral decades, in order to grow and capturemarket shares in the rest of Europe as access toinformation increases.– CompetitionAs technological advances reduce the costs of procuringand delivering digital information, start-upcosts and certain barriers to entry in Bisnode’smarkets may be reduced, allowing for more marketentrants and greater competition.To fend off competition from low cost players,Bisnode is working actively to develop a more segmentedproduct range and to increase customerloyalty through integrated solutions where the informationis made available directly in the customer’sbusiness system when possible.Operating risks– Product and technology developmentThe Bisnode Group’s long-term profitability dependson the Group’s ability to successfully develop andsell new products and services.Digital business information is delivered to customersusing a number of delivery methods, includingdigital media, the Internet and direct integrationinto our customers’ IT systems. If Bisnode fails toenhance the current delivery methods or developnew methods in response to changes in technologyor customer preferences, or do not act quicklyenough to enhance or develop new delivery methods,the customers may choose to receive digital businessinformation from other providers.– EmployeesThe most important resource for Bisnode is theemployees. In order to retain existing staff andrecruit new talents, Bisnode is working actively tooffer competence development and competitiveemployment terms for its employees.Financial risksBisnode’s exposure to financial risk factors such asinterest rate and foreign exchange risk is monitoredand analysed regularly. Interest rate risk is managedthrough the use of derivative instruments to reduceexposure to interest rate movements. Foreignexchange risk is limited by raising part of the longtermborrowing in euro, the currency in which mostof the Group’s sales are denominated.EnvironmentBisnode’s operations have a limited impact on theenvironment and the Group conducts no operationsthat are subject to permitting or reporting requirements.In its purchasing, the Group takes environmentalaspects and social responsibility into considerationwhen choosing products and suppliers.Research and developmentBisnode conducts product development in its subsidiaries.Parent CompanyThe operations of the Parent Company consist offinancing and ownership of subsidiaries.The Parent Company reported an operating lossof SEK 1 million (11) for the year. Profit after financialitems was SEK 100 million (0). Net financial itemsinclude dividends of SEK 100 million (0) from subsidiaries.The Parent Company made no investmentsduring the year.Group conditionsBisnode Business Information Group AB is a subsidiaryof Ratos AB, corporate identity number556008-3585. Ratos’ holding in the companyamounts 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 accordancewith International Financial ReportingStandards (IFRS). For additional information seeNote 2.Proposed appropriation of earningsProfits available for appropriation by the AnnualGeneral Meeting (SEK):Retained earnings 538,733,572Profit for the year 99,966,472Total 638,700,044The Board of Directors and the CEO propose thatthe profits be appropriated as follows:To be carried forward 638,700,044Total 638,700,044

30Consolidated statement of changes in equityEquity attributable to owners of the parentSEK thousandsSharecapitalOthercapitalcontributionsReservesRetainedearnings incl.profit forthe yearTotalMinorityinterestTotalequityBalance at 1 January 2008 482,356 1,327,417 37,228 535,188 2,382,189 52,221 2,434,410Total comprehensive income for the year 148,741 -784 147,957 15,433 163,390Share redemption -217,042 -1,132,958 -1,350,000 -1,350,000Bonus issue 217,042 -217,042 0 0Dividend -450,000 -450,000 -1,182 -451,182Shareholder contributions received 435,680 435,680 435,680Minority interest acquired 0 -13,656 -13,656Minority interest divested 0 4,489 4,4890 435,680 0 -1,800,000 -1,364,320 -10,349 -1,374,669Balance at 31 December 2008 482,356 1,763,097 185,969 -1,265,596 1,165,826 57,305 1,223,131Balance at 1 January 2009 482,356 1,763,097 185,969 -1,265,596 1,165,826 57,305 1,223,131Total comprehensive income for the year -131,966 50,551 -81,415 10,453 -70,962Dividend 0 -2,740 -2,740Minority interest acquired 0 -237 -237Other changes 671 671 6710 0 0 671 671 -2,977 -2,306Balance at 31 December 2009 482,356 1,763,097 54,003 -1,214,374 1,085,082 64,781 1,149,863

31Consolidated cash flow statementSEK thousands Note 2009 2008Cash flow from operating activitiesProfit before tax 239,406 30,154Adjustment for items not included in cash flow, etc.Depreciation, amortisation and impairment losses 299,510 232,915Capital gains and losses -30,395 -42,417Unrealised foreign exchange gains/losses -74,561 130,772Interest expense capitalised 91,686 60,658Other -18,978 61,421Income tax paid -71,987 -59,908Cash flow from operating activities before changes in working capital 434,681 413,595Cash flow from changes in working capitalIncrease (-)/Decrease (+) in inventories -1,383 -1,899Increase (-)/Decrease (+) in receivables 45,136 -20,928Increase (+)/Decrease (-) in trade payables -14,429 -26,150Increase (+)/Decrease (-) in other current liabilities 7,436 60,883Cash flow from operating activities 471,441 425,501Cash flow from investing activitiesAcquisition of subsidiaries, net of cash 38 -123,435 -555,791Investments in intangible assets 17 -38,070 -84,861Investments in property, plant and equipment 18 -61,581 -65,529Investments in available-for-sale financial assets 20 -16,617Internally generated assets 17 -19,050 -28,290Sale of subsidiaries, net of cash 39 105,019 51,322Sale of other financial assets 3,331 92,503Sale of intangible assets and property, plant and equipment 4,108 3,794Cash flow from investing activities -129,678 -603,469Cash flow from financing activitiesNew borrowings 4,437,774Repayment of borrowings -395,411 -2,798,295Repayment of non-current receivables 14,373 -4,496Shareholder contributions 435,680Share redemption -1,350,000Dividend paid to owners of the parent -450,000Dividend paid to minority shareholders -2,740 -1,178Cash flow from financing activities -383,778 269,485Cash flow from discontinued operations 40Cash flow from operating activities -1,715 8,835Cash flow from investing activities 98,777 -10,843Cash flow from financing activities -441 375Cash flow from discontinued operations 96,621 -1,633Cash flow for the year 54,606 89,884Cash and cash equivalents at the beginning of the year 323,572 214,452Exchange rate differences on cash and cash equivalents -10,334 19,236Cash and cash equivalents at the end of the year 367,844 323,572Supplementary informationCash flow from operating activities includes paid and received interest in the following amounts:Interest paid -167,578 -203,860Interest received 6,138 16,964

32Parent Company income statementSEK thousands Note 2009 2008Personnel costs 11 -8,112Other external expenses 12 -1,429 -2,401Total operating expenses -1,429 -10,513Operating profit -1,429 -10,513Result from financial itemsResults from participations in group companies 13 177,312 74,785Other interest income and similar items 14 1 23,449Interest expenses and similar items 15 -75,918 -87,763Total profit from financial items 101,395 10,471Profit after financial items 99,966 -42Tax on profit for the year 16 0Profit for the year 99,966 -42

33Parent Company balance sheetSEK thousands Note 31/12/2009 31/12/2008ASSETSNon-current assetsFinancial assetsParticipations in group companies 21 1,373,967 1,365,847Receivables from group companies 535,715 533,937Total financial assets 1,909,682 1,899,784Total non-current assets 1,909,682 1,899,784Current assetsCurrent receivablesReceivables from group companies 432,651 339,417Other receivables 119 339Total current receivables 432,770 339,756Cash and cash equivalents 1 175Total current assets 432,771 339,931TOTAL ASSETS 2,342,453 2,239,715EQUITY AND LIABILITIESEquityRestricted equityShare capital 36 482,356 482,356Statutory reserve 39,980 39,980Non-restricted equityRetained earnings 538,734 538,776Profit for the year 99,966 -42Total equity 1,161,036 1,061,070Non-current liabilitiesLiabilities to group companies 25 796,320 737,333Other liabilities 341,280 316,000Total non-current liabilities 1,137,600 1,053,333Current liabilitiesTrade payables 584 6Liabilities to group companies 42,790 121,558Tax liabilities 148 1,085Other liabilities 2,257Accrued expenses and deferred income 30 295 406Total current liabilities 43,817 125,312TOTAL EQUITY AND LIABILITIES 2,342,453 2,239,715Memorandum itemsAssets pledged 35 1,298,012 1,470,602Contingent liabilities 35 2,625,416 3,050,776

34Parent Company statement of changes in equitySEK thousandsSharecapitalStatutoryreserveNonrestrictedequityTotalequityOpening balance at 1 January 2008 482,356 39,980 1,903,098 2,425,434Share redemption -217,042 -1,132,958 -1,350,000Bonus issue 217,042 -217,042 0Dividends -450,000 -450,000Shareholder contributions received 435,680 435,680Cash flow hedges - net of tax -2 -2Profit for the year -42 -42Closing balance at 31 December 2008 482,356 39,980 538,734 1,061,070Opening balance at 1 January 2009 482,356 39,980 538,734 1,061,070Profit for the year 99,966 99,966Closing balance at 31 December 2009 482,356 39,980 638,700 1,161,036

35Parent Company cash flow statementSEK thousands Note 2009 2008Cash flow from operating activitiesProfit after financial items 99,966 -42Adjustment for items not included in cash flow, etc.Interest expense capitalised 86,592 53,333Unrealised foreign exchange gains/losses -10,960Income tax paid -937Cash flow from operating activities before changes in working capital 174,661 53,291Cash flow from changes in working capitalIncrease (-)/Decrease (+) in receivables 220 10,032Increase (+)/Decrease (-) in other current liabilities -1,790 -57,099Cash flow from operating activities 173,091 6,224Cash flow from investing activitiesAcquisition of subsidiaries, net of cash -8,120 -120Cash flow from investing activities -8,120 -120Cash flow from financing activitiesNew borrowings 1,000,000Repayment of borrowings -390,879Change in group balances -339,930 99,096Shareholder contributions 435,680Share redemption -1,350,000Group contributions received 74,785Dividend received 100,000 650,000Dividend paid -450,000Cash flow from financing activities -165,145 -6,103Cash flow for the year -174 1Cash and cash equivalents at the beginning of the year 175 174Cash and cash equivalents at the end of the year 1 175Supplementary informationCash flow from operating activities includes paid and received interest in the following amounts:Interest paid -277 -5,664Interest received 1 23,449

36Accounting policiesand notesNote 1. General informationBisnode Business Information Group AB, with Corporate Identity Number556681-5725, is a subsidiary of Ratos AB, 556008-3585. The Bisnode Group isone of the leading providers of digital business information in Europe, with a completeoffering of online solutions for market, credit and business information. TheGroup operates in 18 countries.Bisnode Business Information Group AB is a public Swedish limited liabilitycompany that is registered in Stockholm. The address to the head office isSveavägen 168, S168, SE-105 99 Stockholm, Sweden.The consolidated financial statements were approved by the board and theCEO on 10 March 2010 and will be presented to the 2010 Annual General Meetingfor adoption.Note 2. Summary of significant accounting policiesThe principal accounting policies applied in the preparation of these consolidatedfinancial statements are set out below. These policies remain unchanged from theprevious year unless otherwise stated.2.1 Basis for preparationThe consolidated financial statements have been prepared in accordance withInternational Financial Reporting Standards (IFRS) as approved by the EU and withapplication of the standard RFR 1.2, Supplementary Accounting Rules for Groups,and the Annual Accounts Act. The consolidated financial statements have beenprepared under the historical cost convention, as modified by the revaluation ofavailable-for-sale financial assets and derivative financial instruments at fair valuethrough equity in accordance with hedge accounting.All amounts are stated in thousands of Swedish kronor (SEK thousands) unlessotherwise stated.2.2 Consolidation(a) SubsidiariesSubsidiaries are all entities over which the Group has the power to govern thefinancial and operating policies accompanying a shareholding of more than onehalf of the voting rights. The existence and effect of potential voting rights that arecurrently exercisable or convertible are considered when assessing whether theGroup controls another entity. Subsidiaries are fully consolidated from the date onwhich control is transferred to the Group. They are deconsolidated from the datethat control ceases.The purchase method of accounting is used to account for the acquisition ofsubsidiaries by the Group. The cost of an acquisition is measured as the fair valueof the assets given, equity instruments issued and liabilities incurred or assumedat the date of exchange, plus costs directly attributable to the acquisition. Identifiableassets acquired and liabilities and contigent liabilities assumed in a business combinationare measured initially at their fair values at the acquisition date, irrespectiveof the extent of any minority interest. The excess of the cost of acquisition overthe fair value of the Group’s share of the identifiable net assets acquired is recordedas goodwill. If the cost of acquisition is less than the fair value of the net assets ofthe subsidiary acquired, the difference is recognised directly in the income statementamong other operating income.Intra-group transactions, balances and unrealised gains on transactionsbetween group companies are eliminated. Unrealised losses are also eliminatedbut considered an impairment indicator of the asset transferred. Accountingpolicies of subsidiaries have been changed where necessary to ensure consistencywith the policies adopted by the Group.(b) AssociatesAssociates are all entities over which the Group has significant influence but notcontrol, generally accompanying a shareholding of between 20% and 50% of thevoting rights. Participations in associates are accounted for using the equitymethod of accounting and are initially recognised at cost. The Group’s participationsin associates includes goodwill identified on acquisition, net of any accumulatedimpairment loss (point 2.5).The Group’s share of its associates’ post-acquisition profits or losses is recognisedin the income statement, and its share of post-acquisition movements inreserves are recognised in reserves. Shares of profit/loss in associates are includedin operating profit since the operations of associates are closely related to thoseof other group companies. The cumulative post-acquisition movements areadjusted against the carrying amount of the investment. When the Group’s shareof losses in an associate equals or exceeds its interest in the associate, includingany other unsecured receivables, the Group does not recognise further losses,unless it has incurred obligation or made payments on behalf of the associate.Unrealised gains on transactions between the Group and its associates areeliminated to the extent of the Group’s interest in the associates. Unrealised lossesare also eliminated unless the transaction provides evidence of an impairment ofthe asset transferred. Accounting policies of associates have been changedwhere necessary to ensure consistency with the policies adopted by the Group.(c) Transactions with minority sharesThe Group applies a policy of treating transactions with minority interests astransactions with parties external to the Group. Purchases from minority interestsresult in goodwill, being the difference between any consideration paid and therelevant share acquired of the carrying value of the net assets of the subsidiary.Disposals to minority interest result in gains and losses for the Group that arerecorded in the income statement.2.3 Segment reportingOperating segments are reported in a manner consistent with the internal reportingprovided to the chief operating decision-maker. The chief operating decision-maker,who is responsible for allocating resources and assessing performance of theoperating segments, has been identified as the Chief Executive Officer of Bisnode.2.4 Foreign currency translation(a) Functional and presentation currencyItems included in the financial statements of each of the Group’s entities aremeasured using the currency of the primary economic environment in which the

37entity operates (“the functional currency”). The consolidated financial statementsare reported in Swedish kronor (SEK), which is the Parent Company’s functionaland presentation currency.(b) Transactions and balancesForeign currency transactions are translated into the functional currency using theexchange rates prevailing at the dates of the transactions. Foreign exchange gainsand losses resulting from the settlement of such transactions and from the translationat year-end exchange rates of monetary assets and liabilities denominated inforeign currencies are recognised in the income statement, except when deferredin equity as qualifying cash flow hedges and qualifying net investment hedges.Translation differences on non-monetary items, such as equity held at fair valuethrough profit or loss, are reported as part of the fair value gain or loss. Translationdifferences on non-monetary items such as shares classified as available-for-sale,are reported directly in equity.c) Group companiesThe results and financial position of all group entities (none of which has the currencyof a hyperinflationary economy) that have a functional currency differentfrom the presentation currency are translated into the presentation currency as follows:( i ) assets and liabilities for each balance sheet presented are translated at theclosing rate at the date of that balance sheet;( ii ) income and expenses for each income statement are translated at averageexchange rates (unless this average is not a reasonable approximation of thecumulative effect of the rates prevailing on the transaction dates, in whichcase income and expenses are translated at the rate on the dates of thetransactions); and(iii ) all resulting exchange differences are recognised as a separate component ofequity.(e) Other intangible assetsOther intangible assets principally refer to systems development in progress.Internal development projects are capitalised if the investment meets the definitionof intangible assets, has an estimated useful life of at least 3 years and exceedsSEK 1,000 thousand.2.6 Property, plant and equipmentProperty, plant and equipment are stated at historical cost less depreciation. Subsequentcosts are included in the asset’s carrying amount or recognised as aseparate asset, as appropriate, only when it is probable that future economicbenefits associated with the item will flow to the Group and the cost of the itemcan be measured reliably. All other repairs and maintenance are recognised in theincome statement during the financial period in which they are incurred.Land is not depreciated. Depreciation on other assets is calculated using thestraight-line method to allocate their cost to their residual values over their estimateduseful lives, as follows:BuildingsComputersLand improvementsOffice equipmentOther equipmentServers25 – 50 years3 – 5 years15 – 20 years5 – 10 years5 – 20 years5 – 10 yearsThe 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 immediatelyto its recoverable amount if the asset’s carrying amount is greater than itsestimated recoverable amount (Note 2.7).Gains and losses on disposal are determined by comparing the proceeds withthe carrying amount and are recognised in the income statement.On consolidation, exchange differences arising from the translation of the netinvestment in foreign operations, and of borrowings and other currency instrumentsdesignated as hedges of such investments, are taken to shareholders’ equity.When a foreign operation is disposed of or sold, such exchange rate differencesare 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 aretreated as assets and liabilities of the foreign entity and translated at the closing rate.2.5 Intangible assets(a) GoodwillGoodwill represents the excess of the cost of an acquisition over the fair value ofthe Group’s share of the net identifiable assets of the acquired subsidiary/associateat the date of acquisition. Goodwill on acquisitions of subsidiaries is included inintangible assets. Goodwill on acquisitions of associates is included in participationsin associates. Goodwill is tested annually for impairment and carried at cost lessaccumulated impairment losses. Gains and losses on the disposal of an entityinclude the carrying amount of goodwill relating to the entity sold.Goodwill is allocated to cash generating units for the purpose of impairmenttesting. 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 andare carried at cost less accumulated amortisation. Amortisation is calculatedusing the straight-line method to allocate the cost of trademarks over their estimateduseful lives. Useful lives have been estimated at 20 years in all cases.(c) Databases and business systemsDatabases and business systems are capitalised on the basis of the costs incurredto 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 businesscombination. Customer relationships have been valued on the basis of the so-calledMulti-period Excess Earnings Method and are amortised using the straight-linemethod over the estimated useful lives of the assets. Estimated useful lives havebeen calculated on the basis of the customers’ average rate of business renewalin each company and result in amortisation periods of between 4 and 20 years.2.7 ImpairmentAssets that have an indefinite useful life are not subject to amortisation but aretested annually for impairment, or more frequently when there is an indication ofimpairment.Assets that are subject to amortisation are reviewed for impairment wheneverevents or changes in circumstances indicate that the carrying amount may not berecoverable. An impairment loss is recognised from the amount by which the asset’scarrying amount exceeds its recoverable amount. The recoverable amount is thehigher of an asset’s fair value less costs to sell and value in use. For the purposes ofassessing impairment, assets are grouped at the lowest levels for which there areseparately identifiable cash flows (cash generating units) (see also Note 17).2.8 Financial assetsThe Group classifies its financial assets in the following categories: at fair valuethrough profit or loss, loans and receivables, held-to-maturity investments, andavailable-for-sale financial assets. The classification depends on the purpose forwhich the financial assets were acquired. Management determines the classificationof its financial assets at initial recognition and reviews the classification ateach reporting date.(a) Financial assets and liabilities at fair value through profit or lossThis category has two sub-categories: financial assets held for trading, and thosethat are designated to the category upon initial recognition. A financial asset isclassified in this category if acquired principally for the purpose of selling in theshort term or if this classification is determined by management. Derivatives arealso classified as held for trading unless they are designated as hedges. Assets inthis category are classified as current assets if they are either held for trading orare expected to be sold within 12 month from the balance sheet date. During thefinancial year, the Group had no assets belonging to this category.(b) Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinablepayments that are not quoted in an active market. They characteristically arisewhen the Group supplies money, goods or services directly to a customer withoutintending to trade with the claim that has arisen. They are included in currentassets, except for those with maturities greater than 12 months after the balancesheet date. These are classified as non-current assets. This category includesTrade and other receivables in the balance sheet (Note 22).

38(c) Held-to-maturity investmentsHeld-to-maturity investments are non-derivative financial assets with fixed ordeterminable payments and fixed maturity that the Group has the positive intentionand ability to hold to maturity. During the financial year, the Group had no assetsbelonging to this category.(d) Available-for-sale financial assetsAvailable-for-sale financial assets are non-derivatives that are either designated inthis category or not classified in any of the other categories. They are included innon-current assets unless management intends to dispose of the investmentwithin 12 months of the balance sheet date.Regular purchases and sales of financial assets are recognised on the tradedate– the date on which the Group commits to purchase or sell the asset. Investmentsare initially recognised at fair value plus transaction costs, for all financialassets not carried at fair value through profit or loss. Financial instruments arederecognised when the rights to receive cash flows from the investments haveexpired or have been transferred and the Group has transferred substantially allrisks and rewards of ownership. Available-for-sale financial assets and financialassets at fair value through profit or loss are subsequently carried at fair value.Loans and receivables and financial investments held to maturity are carried atamortised cost using the effective interest method.Realised and unrealised gains or losses arising from changes in the fair value ofthe financial assets at fair value through profit or loss are presented in the incomestatement in the period in which they arise. Unrealised gains or losses arising fromchanges in the fair value of instruments classified as available-for-sale are recognisedin equity. When instruments classified as available-for-sale are sold orimpaired, the accumulated fair value adjustments are included in the incomestatement as gains and losses from financial instruments.The fair values of quoted investments are based on current bid prices. If themarket for a specific financial asset is not active (and for unlisted securities), theGroup establishes fair value by using valuation techniques. These include the useof recent arm’s length transactions, reference to other instruments that are substantiallythe same, discounted cash flow statement and option pricing modelsthat have been refined to reflect the issuer’s special conditions.The Group assesses at each balance sheet date whether there is objectiveevidence that a financial asset or a group of financial assets is impaired. In thecase of equity securities classified as available-for-sale, a significant or prolongeddecline in the fair value of the security below its cost is considered as an indicatorthat the securities are impaired. If any such evidence exists for available-for-salefinancial assets, the cumulative loss – measured as the difference between theacquisition cost and the current fair value, less any impairment loss on that financialasset previously recognised in profit or loss – is removed from equity and recognisedin the income statement. Impairment losses recognised in the incomestatement on equity instruments are not reversed through the income statement.2.9 Derivative financial instrumentsDerivatives are initially recognised at fair value on the date a derivative contract isentered into and are subsequently remeasured at their fair value. The method ofrecognising the resulting gain or loss depends on whether the derivative is designatedas 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 ofrecognised liabilities (fair value hedge); (2) hedges of a particular risk associatedwith a recognised liability or a highly probable forecast transaction (cash flowhedge); or (3) hedges of a net investment in a foreign operation (net investmenthedge). As of balance sheet date, the Group uses only cash flow hedges.The Group documents, at the inception of the transaction, the relationshipbetween hedging instruments and hedged items, as well as its risk managementobjectives and strategy for undertaking various hedging transactions. The Groupalso documents its assessment, both at hedge inception and on an ongoingbasis, of whether the derivatives that are used in hedging transactions are highlyeffective 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 designatedand qualify as cash flow hedges are recognised in equity. The gain or loss relatingto the ineffective portion is recognised immediately in the income statement asfinancial income or expense.Amounts accumulated in equity are recycled in the income statement in theperiods when the hedged item affects profit or loss.When a hedging instrument expires or is sold, or when a hedge no longermeets the criteria for hedge accounting, any cumulative gain or loss existing inequity at the time remains in equity and is recognised when the forecast transactionis ultimately recognised in the income statement. When a forecast transaction isno longer expected to occur, the cumulative gain or loss that was reported inequity is immediately transferred to the income statement.2.10 InventoriesInventories are stated at the lower of cost and net realisable value. Cost is determinedusing the first-in, first-out (FIFO) method. The cost of finished goods andwork in progress comprises design costs, raw materials, direct labour, otherdirect costs and related production overheads (based on normal operatingcapacity). It excludes borrowing costs. Net realisable value is the estimated sellingprice in the ordinary course of business, less applicable variable selling expenses.2.11 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 objectiveevidence that the Group will not be able to collect all amounts due accordingto the original terms of the receivables. The amount of the provision is the differencebetween the asset’s carrying amount and the present value of the estimatedfuture cash flows. The provision is recognised in the income statement amongother expenses.2.12 Cash and cash equivalentsCash and cash equivalents includes cash in hand, deposits held at call with banksand short-term investments. Short-term investments consist of securities withmaturities of less than three months.2.13 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred.Borrowings are subsequently stated at amortised cost. Any difference between theproceeds (net of transaction costs) and the redemption value is recognised in theincome statement over the period of the borrowings using the effective interest method.Borrowings are classified as current liabilities unless the Group has an unconditionalright to defer settlement of the liability for at least 12 months after the balancesheet date.2.14 TaxesDeferred tax is recognised in full, using the liability method, on temporary differencesarising between the tax bases of assets and liabilities and their carryingamounts in the consolidated financial statements. However, the deferred tax is notaccounted for if it arises from initial recognition of an asset or a liability in a transactionother than a business combination that at the time of the transaction affectsneither accounting nor taxable profit or loss. Deferred tax is determined using taxrates (and laws) that have been enacted or substantially enacted by the balancesheet date and are expected to apply when the related deferred tax asset is realisedor the deferred tax liability is settled. Deferred tax relating to items that are recogniseddirectly in shareholders’ equity is recognised directly in shareholders’ equity.Deferred tax assets are recognised to the extent that it is probable that futuretaxable profit will be available against which the temporary differences can beutilised. Deferred income tax assets and liabilities are offset when there is a legalright to offset current income tax assets and liabilities and when deferred taxesrefer to the same tax authority.Temporary differences arising from investments in subsidiaries and associateswhere the Group is able to control the timing of the reversal of the temporarydifference and it is not probable that the temporary difference will be reversed inthe foreseeable future is not recognised.2.15 Employee benefits(a) Pension obligationsGroup companies operate various pension schemes. The schemes are generallyfunded through payments to insurance companies or trustee-administered funds,determined by periodic actuarial calculations. The Group has both defined benefitand defined contribution plans. A defined benefit plan is a pension plan definingan amount of pension benefit that an employee will receive on retirement, usuallydependent on one or more factors such as age, years of service and compensation.

39The Group has no legal or constructive obligations to pay further contributionsto the defined contribution pension plans if the fund does not hold sufficientassets to pay all employees the benefits relating to employee service in the currentand prior periods.The liability recognised in the balance sheet in respect of defined benefit pensionplans is the present value of the defined benefit obligation at the balance sheetdate less the fair value of plan assets, together with adjustments for unrecognisedactuarial gains or losses. The defined benefit obligation is calculated annually byindependent actuaries using the projected unit credit method. The present valueof the defined benefit obligation is determined by discounting the estimated futurecash outflows by using interest rates of high-quality corporate bonds that aredenominated in the currency in which the benefits will be paid and that have termsto maturity approximating to the terms of the related pension liability.The Group applies the corridor rule which states that actuarial gains and lossesarising from experience adjustments and changes in actuarial assumptions inexcess of the greater of 10% of the value of the plan assets or 10% of the definedbenefit obligation are charged or credited to income over the employees’ expectedaverage remaining working lives.Past-service costs are recognised immediately in income, unless the changesto the pension plan are conditional on the employees remaining in service for aspecific period of time (the vesting period). In this case, the past-service costs areamortised on a straight-line basis over the vesting period.For defined contribution plans, the Group pays contributions to publicly orprivately administered pension insurance plans on a mandatory, contractual orvoluntary basis. The Group has no further payment obligations once the contributionshave been paid. The contributions are recognised as employee benefitexpenses when they are due. Prepaid contributions are recognised as an asset tothe 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 Groupbefore the normal retirement date, or whenever an employee accepts voluntaryredundancy in exchange for these benefits. The Group recognises terminationbenefits when it is demonstrably committed to either: terminating the employmentof current employees according to a detailed formal plan without possibility ofwithdrawal; or providing termination benefits as a result of an offer made toencourage voluntary redundancy.2.16 ProvisionsProvisions for restructuring costs, legal claims etc. are recognised when: theGroup has a present legal or constructive obligation as a result of past events; it isprobable that an outflow of resources will be required to settle the obligation; andthe amount has been reliably estimated. A provision is discounted to present valueif it is due to be settled later than twelve months after the balance sheet date andif its effect is significant. Provisions are not recognised for future operating losses.2.17 Revenue recognitionRevenue comprises the fair value of the consideration received or receivable forthe sale of goods and services, excluding value-added tax and discounts andafter eliminating intra-group sales. Revenue is recognised as follows:(a) CD IncomeFor the one-time sale of a CD, the full amount of income is recognised on the dateof the sale. If a CD subscription is sold, the income is recognised evenly over thecontract period or, alternatively, over the number of delivered CDs.(b) Income from catalogue businessIncome from catalogue business activities is accounted for in connection withdistribution to the customer.(c) Online incomeOnline income is allocated over the period covered by the contract or alternativelybased on the customer’s pattern of use.(d) Royalty incomeRoyalty income is recognised on an accrual basis in accordance with the substanceof the relevant agreements.(e) Dividend incomeDividend income is recognised when the right to receive payment is established.2.18 LeasesLeases for non-current assets where the Group substantially carries all the risksand 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 financialliability is recognised in interest-bearing liabilities. The initial value of these twoitems comprises the lower of the fair value of the assets or the present value ofthe minimum lease payments. Future lease payments are divided between amortisationof the liability and financial expenses, so that every accounting period ischarged with an interest amount corresponding to a fixed interest rate on therecognised liability in each period. The leased asset is depreciated according tothe same principles that apply to other assets of the same type. If it is uncertainwhether the asset will be taken over at the end of the leasing period, the asset isdepreciated over the lease term if this is shorter than the useful life that applies toother assets of the same type.Leases for assets where the risks and rewards incidental to ownership essentiallyremain with the lessor are classified as operating leases. The lease paymentsare recognised as an expense on a straight-line basis over the lease term.2.19 Dividend distributionDividend distribution to the Parent Company’s shareholders is recognised as aliability in the consolidated financial statement in the period in which the dividendsare approved by the Parent Company’s shareholders.2.20 Discontinued operationsOperations that have represented a separate major line of business or geographicalarea of operations that have either been disposed of, or are classified as held forsale, are accounted for in accordance with IFRS 5 Non-current Assets Held forSale and Discontinued Operations. According to the standard, all income andexpenses attributable to the discontinued operation are reported on a separateline in the consolidated income statement. The consolidated cash flow is alsopresented with a separation between continuing and discontinued operations.The figures for the comparison period have been restated accordingly.2.21 Changes in accounting policies and disclosuresIFRS 1 – Presentation of Financial statements (Revised)The revised standard requires changes in the titles and presentation of financialstatements. In compliance with this, Bisnode presents an additional statement ofcomprehensive income that includes items previously reported in the Group’sstatement of changes in equity.IFRS 8 – Operating SegmentsThe standard was effective from 1 January 2009 and addresses the division ofbusinesses into segments. The standard requires an entity to present segmentinformation on the same basis as that used for internal reporting purposes. Thenew standard has had no significant impact on the financial statements of theGroup.2.22 Cash flow statementThe cash flow statement is prepared in accordance with the indirect method. Thereported cash flow includes only transactions that lead to cash payments or disbursements.2.23 Clarification of IFRS standards or interpretations to standards that arenot yet effective and that will have a significant effect on future financialstatementsIFRS 3 – Business combinations (amendment)This amendment was effective from 1 July 2009 and will be applied by the Groupfrom 1 January 2010. The amendment will have an effect on how future businesscombinations will be accounted for, i.e. the accounting treatment for transactioncosts, possible contingent considerations and business combinations achieved instages. The amendment to the standard will not have any impact on previousbusiness combinations but will have an effect on how the Group accounts forfuture business combinations.

40IAS 27 – Consolidated and Separate Financial Statements (revised)The revised standard was effective from 1 July 2009 and will be applied by theGroup from 1 January 2010. The revised standard requires for instance that theeffects of transactions with minority shareholders are recognised directly in equityif control over the subsidiary is retained. The revised standard will have an effecton future financial statements since transactions with minority shareholders willbe recognised directly in equity instead of through the income statement.2.24 The Parent Company’s accounting policiesThe Parent Company has prepared its annual report in accordance with theSwedish Annual Accounts Act and the Swedish Financial Reporting Board’sstandard RFR 2.2 Accounting for Legal Entities. RFR 2.2 states that in the reportfor the legal entity, the Parent Company shall apply all EU-endorsed IFRS andstatements as far as possible within the framework of the Annual Accounts Actand the Pension Protection Act, and with respect to the connection betweenaccounting and taxation. The standard specifies what exceptions from or additionsto the IFRSs shall be made.The Parent Company’s accounting policies correspond to the Group’saccounting policies in all material aspects.Group contributionsGroup contributions are recognised according to their economic content. Groupcontributions received from subsidiaries are equated with dividends and recognisedas financial income.Note 3. Financial risk management3.1 Financial risk factorsThrough its activities, the Group is exposed to a variety of financial risks: marketrisk (including foreign exchange risk and interest rate risk), credit risk and liquidityrisk. The Group’s overall risk management programme focuses on the unpredictabilityof financial markets and seeks to minimise potential adverse effects on theGroup’s financial performance. The Group uses derivative financial instruments tohedge certain risk exposures.Risk management is carried out by a central treasury department in the Groupcompany Bisnode AB, under policies approved by the Board of Directors. Thetreasury department administers the Group’s central accounts and identifies,evaluates and hedges financial risks in close cooperation with the Group’s operatingunits.a) Market riskForeign exchange riskThe Group operates in 18 countries and is exposed to foreign exchange risk arisingfrom various currency exposures, primarily with respect to the Euro, UK poundand Norwegian and Danish kronor. Foreign exchange risk arises from future commercialtransactions, recognised assets and liabilities and net investments in foreignoperations. The Group’s foreign exchange risk is divided internally into transactionexposure, balance exposure and cash exposure.The table below analyses the impact of changes in the primary currencies on theGroup’s profit before tax:2009Change in SEK2008Change in SEKSEK thousands +10% -10% +10% -10%Euro EUR 21,713 -21,713 25,011 -25,011UK pound GBP 5,765 -5,765 10,581 -10,581Norwegian kronor NOK -12,281 12,281 -8,136 8,136Danish kronor DKK 5,517 -5,517 5,524 -5,524The table above shall be interpreted as follows: If the Swedish krona hadstrengthened by 10% against the UK pound with all other variables held constant,pre-tax profit for the year would have been SEK 5,765 thousand (10,581) higher.All changes in pre-tax profits are mainly due to foreign exchange gains/losses ontranslation of cash and cash equivalents.– Transaction exposureTransaction exposure is the risk that operating revenue or expenses will be negativelyaffected as a result of foreign currency fluctuations. Each company managesits transaction exposure as part of its overall activities. The basic principle forall business transactions is for revenue and expenses to be denominated in thesame operating currency. Foreign exchange exposure in specific large transactionsand larger flows into subsidiaries may be hedged.– Balance exposureBalance exposure is the risk that net assets in foreign subsidiaries will be affectedby exchange rate fluctuations. The Group’s policy is that long-term subsidiaryholdings do not need to hedge foreign currencies. This is partly to produce agood spread of risk between foreign and Swedish assets and partly to avoidshort-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 along-term nature are comparable to reported net assets. However, hedging offoreign exchange exposure is required for the value of foreign assets and/or subsidiariesthat are planned to be sold.– Cash exposureCash exposure occurs when a bank balance is held in a foreign currency otherthan the operating currency or when surplus liquidity in one country is transferredto a country with a different foreign currency. Large amounts may be hedged.Interest rate riskThe Group’s interest rate risk arises primarily from long-term borrowings. The Group’sfinance policy states that interest should not be fixed for more than 12 monthsunless otherwise stated by current bank agreements. According to the currentbank agreements, at least 85 per cent of total borrowings shall carry fixed interest.The Group uses interest rate swaps to convert from variable to fixed interest andachieve the desired fixed interest on the loans.The Group continually analyses its interest rate exposure. Various scenarios aresimulated taking into consideration refinancing, alternative financing and hedging.Based on these scenarios, the Group calculates the impact on profit and loss of adefined interest rate shift.b) Credit riskThe Group has operations in 18 countries and thus no significant concentration ofcredit risks. The credit risk is also further limited by financing a significant portionof operations through advance payments.Surplus liquidity in specific companies in countries without a central bankaccount may be invested locally to the extent that it would be unrealistic to usethe surplus liquidity in the Group. Such investments should be made only inestablished banks with a rating of at least K1 or A-2.Derivative contracts and cash transactions are entered into only with Europeanbusiness banks with high credit ratings.For information on the credit quality of trade receivables, age analysis etc, seeNote 22.c) Liquidity riskBisnode continually assesses its future capital needs on the basis that the Groupshould be able to control a minimum of SEK 50 million, including available bankfunds, etc., with two banking days’ notice. Of the loan share, including unusedcommitted credits but excluding pension liabilities, a maximum of 33% may bedue for payment within one year and 66% within two years.The Group uses bank overdraft facilities to handle short-term fluctuations inliquidity needs.Management monitors liquidity on the basis of a rolling two-week projection.This projection, which is prepared weekly, provides details of expected incomingand outgoing payments and cash balances. In connection with the acquisition orsale of companies, the effects of the transaction in question are analysed in detailwith 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 anet basis into relevant maturity groupings based on the remaining time to contractualmaturity at the balance sheet date. The amounts disclosed in the tableare the contractual undiscounted cash flows.

4131/12/2009 Maturity dateSEK thousandsWithin1 yearBank borrowings 457,762 2,514,775Loans from shareholders 1,137,600Between Later than1-5 years 5 yearsBorrowings 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 3,858,994 80,44631/12/2008 Maturity dateSEK thousandsWithin1 yearBank borrowings 496,701 3,071,570Loans from shareholders 1,053,333Between Later than1-5 years 5 yearsBorrowings for finance leases 7,319 30,786 97,573Derivative financial instruments 109,506 252,340Other borrowings 13,653 24,808Trade and other payables 1,692,752 2,153Total 2,319,931 4,434,990 97,5733.2 Financial risk managementThe Group’s objectives for management of capital are to safeguard the Group’sability to continue as a going concern and to maintain an optimal capital structureand thereby reduce the cost of capital. The Group monitors capital principally onthe 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 andprovisions 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 analysesthe net debt based on changes in, for example, cash flow from operating andinvesting activities.The net debt at 31 December 2009 was SEK 2,684 million. The change in netdebt is shown below:Note 4. Critical accounting estimates and judgementsThe preparation of financial statements in accordance with IFRS requires themanagement to make judgements, estimates and assumptions that affect theapplication of accounting policies and the reported amounts of assets, liabilities,income and expenses. These estimates and judgements are based on historicalexperience and other factors that are belived to be reasonable under the circumstances.Actual outcomes may differ from these estimates and assumptions ifother measures are taken and other conditions exist. The estimates and judgementsthat have a significant risk of causing material adjustments in future financialyears are outlined below.Impairment of GoodwillThe carrying amount of goodwill at December 31 2009 was SEK 4,750,684(4,907,345) thousand. Goodwill is reviewed for impairment annually or wheneverevents or changes in circumstances indicate that the carrying amount may not berecoverable. The Group’s annual impairment testing of goodwill is based on estimatesand judgements about future growth, profitability and investment levels(see Note 17).Deferred tax assetsThe carrying amount of deferred tax assets at December 31 was SEK 114,406(148,595) thousand. Deferred tax assets are recognised to the extent that it isprobable that future taxable profit will be available against which the temporarydifferences can be utilised. Judgement on future taxable surplus is thus requiredin determining the value of deferred tax assets.Provisions for pensionsThe present value calculation of defined benefit obligations makes assumptionsabout annual salary increase, inflation and employee turnover. Current interestrates of high quality corporate bonds with an appropriate maturity are used asdiscount interest rates (see Note 27). The carrying amount of provisions for pensionsat December 31 was SEK 217,711 (217,550) thousand.SEK thousands 31/12/2009 31/12/2008Borrowings Note 25 3,861,314 4,218,961less: Loans from shareholders Note 25 -1,137,600 -1,053,333Provisions for pensions Note 27 217,711 217,550Additional purchase prices Note 28 142,118 136,070Less: Cash and cash equivalents Note 23 -367,844 -323,572Less: Interest-bearing receivables Note 22 -31,245 -47,884Net debt 2,684,454 3,147,7923.3 Fair value estimationThe fair value of financial instruments traded in active markets (such as tradingand available-for-sale securities) is based on quoted market prices at the balancesheet date. The quoted market price used for financial assets held by the Groupis the current bid price. The quoted market price used for financial liabilities is theactual asking price.

42Note 5. Segment reportingOperating segments are reported in a manner consistent with the internal reportingprovided to the chief operating decision-maker. The chief operating decisionmaker,who is responsible for allocating resources and assessing performance ofthe operating segments, has been identified as the Chief Executive Officer ofBisnode.The Chief Executive Officer consider the business from both a geographic andproduct perspective.During 2009 the Group introduced a new organisation. The new organisation isbased on four geographical regions and two separate business areas and is thebasis for the reporting of operating segments.The Chief Executive Officer assesses the performance of the operating segmentsbased on a measure of EBITA, operating profit less amortisation of intangibleassets arising from business combinations.Segment revenue, expenses, assets and liabilities include amounts of suchitems that can be allocated to a segment on a resonable basis. Only items thatare directly attributable to the operating activities of the respective segments areallocated. Segment revenue does not include interest or dividend income, gainson the sale of investments or income tax expense. The corresponding balancesheet items are not included in the allocation of assets to the respective segments.The segment’s gross investments include all investments in intangible assets andproperty, plant and equipment, including own work capitalised. All transactionsbetween business units are carried out on an arm’s length basis.Bisnode’s operating segments consists of the following regions and business areas:Region Nordicconsists of Denmark, Estonia, Finland, Norway and SwedenRegion DACHconsists of Austria, Germany and SwitzerlandRegion BeNeFraconsists of Belgium, France and NetherlandsRegion Central Europeconsists of Croatia, the Czech Republic, Hungary, Poland, Slovakia and SloveniaBusiness 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 businessintelligence softwares integrates information analysis with system development tohelp companies get better decision support.Central functions include costs for the Group’s head office, such as the accountingand finance, corporate communications and CIO functions. Added to this arecosts for acquisitions and divestitures and the Group’s three competence centres.2009Region/business areaRevenueIntersegmentsalesOtheroperatingincomeTotaloperatingincomeShare ofprofit inassociatesDepreciation/amortisationOperatingprofit,EBITAGrossinvestmentsAssetsNordic 2,049,228 36,369 50,697 2,136,294 -53,199 384,884 -34,296 3,537,748DACH 899,926 12,929 8,055 920,910 -26,512 81,365 -31,925 1,304,788BeNeFra 734,720 283 12,558 747,561 -29,371 72,784 -24,712 1,239,163Central Europe 181,010 1,883 4,428 187,321 -4,831 26,251 -7,056 276,305Product Information 527,976 1,790 4,345 534,111 -12,465 51,554 -11,258 1,058,835Software and Applications 347,887 75,913 13,149 436,949 -7,429 59,794 -7,736 651,012Central functions 8,482 8,482 -1,262 -83,949 -1,718Internal eliminations -129,167 -13,067 -142,234Total 4,740,747 0 88,647 4,829,394 0 -135,069 592,683 -118,701 8,067,8512008Region/business areaRevenueIntersegmentsalesOtheroperatingincomeTotaloperatingincomeShare ofprofit inassociatesDepreciation/amortisationOperatingprofit,EBITAGrossinvestmentsAssetsNordic 2,202,755 36,897 33,124 2,272,776 -88,215 342,455 -96,131 3,531,993DACH 736,904 13,320 9,975 760,199 -19,410 86,154 -35,559 1,418,488BeNeFra 635,558 227 19,105 654,890 -23,883 81,218 -45,865 1,363,990Central Europe 139,504 1,523 1,259 142,286 -2,857 21,348 -5,134 267,555Product Information 220,573 1,708 433 222,714 -3,852 22,574 -632 1,164,232Software and Applications 390,049 77,525 12,532 480,106 -6,135 78,438 -6,238 717,577Central functions 681 40,241 40,922 158 -1,154 -98,707 10,879Internal eliminations -131,881 -11,674 -143,555Total 4,325,343 0 104,995 4,430,338 158 -145,506 533,480 -178,680 8,463,835The column Depreciation/amortisation does not include amortisation andimpairment losses on surplus values identified in connection with businesscombinations.

43Note 6. Other operating incomeGroup2009 2008Sale of subsidiaries 25,942 8,375Sale of associates 61Sale of available-for-sale financial assets 3,620 33,326Sale of property, plant and equipment 1,092 749Foreign exchange gains of an operating nature 4,448 6,626Own work capitalised 19,050 28,290Negative goodwill recognised in the income statement 1,533 2,604Other operating income 32,962 24,963Total 88,647 104,994Note 7. Board members and senior executivesNo. onbalancedate2009 2008ofwhommenNo. onbalancedateofwhommenGroupBoard members 452 404 448 404Chief executive officer and other senior executives 281 200 320 233Parent CompanyBoard members 7 6 7 6Chief executive officer and other senior executives 1 1 1 1Note 8. Average number of employees. Average number of Board members, CEO and senior executives2009 2008 2009 2008Averagenumber ofemployeesofwhommenAveragenumber ofemployeesofwhommenAverage no. of Boardmembers, CEO andsenior executivesAustria 68 32 53 20 16 13Belgium 225 140 211 125 29 26Croatia 20 11 6Czech Republic 84 39 72 33 17 14Denmark 68 32 104 54 37 29Estonia 5 2 6 1 2 2Finland 59 26 54 21 8 14France 132 70 127 69 8 8Germany 642 381 431 248 73 58Hungary 55 10 56 13 7 13Netherlands 137 88 144 87 26 33Norway 313 186 311 184 54 56Poland 96 33 93 30 2 3Slovakia 26 5 18 2 3 3Slovenia 53 25 46 23 1 1Sweden 1,050 592 1,101 625 290 290Switzerland 124 69 99 53 29 22United Kingdom 10 8 14 11 1 2Total 3,167 1,749 2,940 1,599 609 587The total number of employees in the Group at 31 December 2009 was 3,095 (3,189).

44Note 9. Wages, salaries and other remuneration – GroupWages, salaries and other remuneration2009Board ofDirectors, CEOand seniorexecutivesof whichbonusesetc.OtheremployeesTotalSocialsecuritycostsof whichpensioncostsTotalAustria 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 2,095,735Wages, salaries and other remuneration2008Board ofDirectors, CEOand seniorexecutivesof whichbonusesetc.OtheremployeesTotalSocialsecuritycostsof whichpensioncostsTotalAustria 1,671 567 18,971 20,642 5,658 4,025 26,300Belgium 22,060 5,544 90,178 112,238 28,352 3,869 140,590Czech Republic 2,846 826 8,849 11,695 3,789 600 15,484Denmark 7,697 1,549 56,448 64,145 4,736 4,119 68,881Estonia 599 59 531 1,130 376 1,506Finland 6,935 874 18,298 25,233 6,293 4,198 31,526France 7,064 1,218 50,684 57,748 24,357 82,105Germany 28,212 3,240 221,128 249,340 39,180 2,851 288,520Hungary 2,916 506 4,796 7,712 3,470 1,888 11,182Netherlands 7,378 539 57,867 65,245 10,640 1,738 75,885Norway 28,000 3,666 139,513 167,513 49,208 8,373 216,721Poland 952 200 10,703 11,655 2,107 2,107 13,762Slovakia 1,139 1,139 425 425 1,564Slovenia 941 192 10,191 11,132 5,696 3,295 16,828Sweden 95,660 13,749 436,808 532,468 252,158 60,624 784,626Switzerland 10,273 3,768 47,105 57,378 8,843 4,147 66,221United Kingdom 979 387 8,621 9,600 1,670 630 11,270Total 224,183 36,884 1,181,830 1,406,013 446,958 102,889 1,852,971

45Note 10. Compensation to Board members andsenior exeutives2009Fixedsalary/Board Variable Other Pensionfees salary benefits costsTotalChairman 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 27,617Note 11. Average number of employees. Wages,salaries and other remuneration – Parent CompanyParent CompanyWages, salaries and other remuneration 2009 2008Board of Directors, CEO and senior executives 5,615of which bonuses, etc. (2,300)Total wages, salaries and other remuneration 0 5,615Social security costs 2,443of which pension costs (519)Total wages, salaries and other remuneration,pension and social security costs 0 8,058Until August 2008 the CEO and the CFO of the Group were employed in theParent Company. Since September 2008 the Parent Company has no employees.Note 12. Fees to auditors2008Fixedsalary/Board Variable Other Pensionfees salary benefits costsTotalChairman 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 (from 15 Sep) 993 1,000 7 548 2,548– Håkan Ramsin (5 Feb to 14 Sep) 1,281 1,281– Lars Save (to 4 Feb) 248 4 47 299Former Chief Executive Officer– Lars Save 3,540 234 3,774Other senior executives 10,357 3,529 704 1,913 16,503Total 17,169 4,529 715 2,742 25,155Parent 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 remunerationcommittee consisting of the Board Chairman and two Board members. Asidefrom 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 additionaltermination benefits equal to 12 monthly salaries. The CEO has a premium basedpension agreement. The annual premium amounts to 27.5% of the CEO’s totalcompensation.Other senior executives“Other senior executives” consist of other members of the executive managementteam. Compensation to other senior executives is determined by the CEOof the Parent Company after consultation with the remuneration committee. Variablesalary is paid based on actual achievements. The maximum range of the variableportion is from 3 to 7 monthly salaries. Service pension is paid by agreement,comparable to the ITP-plan. The insurance company to which the company regularlypays premiums will pay this pension.Group Parent CompanyAudit assignments 2009 2008 2009 2008Öhrlings PricewaterhouseCoopers 10,944 11,043 1,177 889Ernst & Young 32 109KPMG 106 232Subtotal 11,082 11,384 1,177 889Other assignmentsÖhrlings PricewaterhouseCoopers 2,340 2,274Ernst & Young 382 142KPMG 86 29Subtotal 2,808 2,445 0 0Total 13,890 13,829 1,177 889Note 13. Results from participations in group companiesParent Company2009 2008Anticipated dividend 100,000Group contributions received 77,312 74,785Total 177,312 74,785Note 14. Financial incomeGroup Parent Company2009 2008 2009 2008Interest income, group companies 38 23,443Interest income, other 5,769 13,494 1 6Dividend from participations inother companies 797 6Other financial income 5,275 4,883Total 11,879 18,383 1 23,449

46Note 15. Financial expensesGroupParent Company2009 2008 2009 2008Interest expense, group companies -58,987 -37,333 -61,312 -42,997Interest expense, other -210,155 -230,033 -25,557 -16,000Net foreign exchange gains/losseson financing activities 74,561 -130,772 10,960 -2,391Impairment losses on available-for-salefinancial assets -56 -67Realisation of synthetic securities -23,851Other financial expenses -6,134 -36,229 -8 -2,524Total -200,771 -434,434 -75,917 -87,763Note 16. Income tax expenseGroupTax on profit for the year 2009 2008Current tax -69,411 -48,848Deferred tax (Note 26) 59 34,888Total -69,352 -13,960Reconciliation of effective taxThe Parent Company’s tax rate is 26.3%. The difference between tax calculatedaccording to the Parent Company’s tax rate on the profit before tax and the effectivetax according to the income statement are as follows:Group2009 2008Profit before tax 239,406 30,154Tax according to the current tax rate of the Parent Company -62,964 -8,443Effect of other tax rates for foreign subsidiaries -1,581 -1,653Income not subject to tax 14,221 11,984Expenses not deductible for tax purposes -20,541 -16,905Utilisation of previously unrecognised tax losses 4,143 8,147Tax losses for which no deferred tax asset was recognised -20,285 -7,425Tax attributable to previous years 4,346 1,483Effect of changes in tax rates and tax regulations 4,912Other 13,309 -6,060Tax expense -69,352 -13,960Note 17. Intangible assetsInformation on impairmentNo significant impairment losses were recognised during 2009. During 2008intangible assets were impaired in an amount of SEK 41,155 thousand. Theamount comprises a significant impairment loss of SEK 39,049 thousand pertainingto an IT project in Region Nordic.Impairment testing of goodwill and other intangible assetswith indefinite useful livesThe Group’s cash-generating units (CGU) consist of the four regions and twobusiness areas. A breakdown of goodwill and other intangible assets with indefiniteuseful lives by CGU is presented in the following table:GoodwillOther intangibleassetsCash-generating unit 2009 2008 2009 2008Region Nordic 2,334,262 2,277,581 20,025 18,224Region DACH 793,310 824,759 2,147 3,819Region BeNeFra 549,767 593,109 841 5,088Region Central Europe 142,137 141,909 1,161 777Business area Product Information 564,859 586,190Business area Software and Applications 366,349 404,588Central functions 3,154Region UK/Ireland (discontinued) 79,209 8,323Total 4,750,684 4,907,345 24,174 39,385The recoverable amount of the respective units was determined based on calculationof value in use. Value in use was determined through discounting of expectedfuture cash flows for the respective units. The assessment of future cash flow wasbased on reasonable and verifiable estimates and consists of management’s bestassessments of the financial circumstances that are predicted to exist for theremainder of the useful life.The calculations are based on estimated future cash flow for a three-year period.The cash flow forecasts are based on an assessment of the expected growthrate, margin growth and investment level and took into account the historicaldevelopment and expected future growth potential of the respective units. Afterthe three-year period, it was assumed that operating margins and investmentswould remain constant and that the growth rate would drop off slightly. The discountrate after taxes was estimated at 9% and the average tax rate for the Groupat 28%.The annual impairment test that have been carried out showed an impairmentof goodwill attributable to business area Software and Applications of SEK 27 million.The variable with the greatest impact on value in use is the discount rate. If thediscount rate increases by one percentage point, there is indication of minorimpairment in Region BeNeFra and business areas Product Information andSoftware and Applications.

47Internally generatedSeparately acquired intangible assetsintangible assets2008Goodwill Trademarks DatabasesCustomerrelationsOtherintangibleassetsDatabasesOtherintangibleassetsTotalAccumulated costBeginning of year 4,199,295 91,936 735,482 395,601 197,373 0 0 5,619,687Acquisition of subsidiaries 562,904 142 217,840 57,142 4,449 6,337 848,814Investments 68,594 49,599 118,193Sales and disposals 313 -3,007 -2,694Sale of subsidiaries -71,752 -2,319 -74,071Reclassifications -1,633 -418,110 258,741 156,785 3,551 -666Exchange differences 216,898 -3,092 17,691 32,533 35,921 6,126 1,562 307,639End of year 4,907,345 87,353 335,063 645,974 615,765 213,952 11,450 6,816,902Accumulated amortisation and impairment lossesBeginning of year -10,415 -297,208 -97,980 -51,543 0 0 -457,146Acquisition of subsidiaries -142 -45,387 -49,320 -4,444 -99,293Sales and disposals -523 2,750 2,227Amortisation, continuing operations -3,858 -28,337 -50,358 -30,116 -13,079 -2,663 -128,411Amortisation, discontinued operations -1,011 -3,260 -3,328 -6,760 -14,359Impairment losses, continuing operations -2,105 -39,049 -41,154Sale of subsidiaries 2,002 2,002Reclassifications 1,433 244,604 -188,919 -54,123 -4,003 -1,008Exchange differences 520 -2,618 -7,716 -27,333 1,173 -938 -36,912End of year -13,473 -86,819 -204,769 -354,617 -106,772 -7,604 -774,054Net book value 31 December 2008 4,907,345 73,880 248,244 441,205 261,148 107,180 3,846 6,042,848Internally generatedSeparately acquired intangible assetsintangible assets2009Goodwill Trademarks DatabasesCustomerrelationsOtherintangibleassetsDatabasesOtherintangibleassetsTotalAccumulated 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 6,549,491Accumulated 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 -936,802Net book value 31 December 2009 4,750,684 55,323 186,283 314,857 196,502 102,379 6,661 5,612,689Other intangible assets pertains mainly to business systems and system development in progress.

48Note 18. Property, plant and equipment2008Land andbuildingsComputersandequipmentWork inprogressAccumulated costBeginning of year 185,477 589,612 8,530 783,619Acquisition of subsidiaries 88,585 75,019 163,604Investments 69,600 1,900 71,500Sales and disposals -57,928 -57,928Sale of subsidiaries -26,248 -26,248Reclassifications -1,398 4,463 -2,398 667Exchange difference 19,023 23,408 -818 41,613End of year 291,687 677,926 7,214 976,827TotalAccumulated depreciation and impairment lossesBeginning of year -38,928 -418,433 -457,361Acquisition of subsidiaries -34,125 -58,590 -92,715Sales and disposals 54,847 54,847Sale of subsidiaries 21,173 21,173Depreciation, continuing operations -4,795 -56,197 -60,992Depreciation, discontinued operations -6,558 -6,558Impairment losses, continuing operations -2,224 -2,224Impairment losses, discontinued operations -2,249 -2,249Reclassifications 862 145 1,007Exchange difference -4,259 -13,550 -17,809End of year -81,245 -481,636 -562,881Net book value 31 December 2008 210,442 196,290 7,214 413,9462009Land andbuildingsComputersandequipmentWork inprogressAccumulated 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 257,335 581,254 945 839,534TotalAccumulated 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, continuing 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 -472,369Net book value 31 December 2009 194,022 172,198 945 367,165Information on land and tax assessment valuesThe carrying amount of land amounts to SEK 44,675 thousand (46,109). All holdingsin land and buildings are outside Sweden, for which reason no tax assessmentvalues are available.The category Land and buildings includes buildings leased by the Group underfinance leases with the following carrying amounts:2009 2008Accumulated cost 103,954 108,436Accumulated depreciation and impairment losses -38,387 -35,463Net book value 65,567 72,973

49Note 19. Participations in associatesGroup2009 2008Beginning of year 0 2,956Dividend received -175Sale of associates -2,939Share of profit/loss in associates 158End of year 0 0At the balance sheet date the Group has no participations in associates.Note 20. Available-for-sale financial assetsGroup2009 2008Beginning of year 28,505 86,411Investments 16,617Sale of financial assets -2,200 -71,943Reclassifications -13,811Impairment losses/Reversal of impairment losses 41 -67Net gains/losses transferred to equity -5,092 -5,234Received as part of purchase price 2,387Sale of subsidiaries -359Exchange difference -91 334End of year 6,993 28,505Disclosures of available-for-sale financial assetsCompany nameCorporateidentity no.CountryShare ofcapital/votes (%)Carrying amount2009 2008AdHouse AB 556729-8095 Sweden 19.9/19.9 1,101 1,101Atex Norway 2,387 2,387Glada Service AG Switzerland 19.0/19.0 1,810 1,912Qbrick AB 556579-1380 Sweden 5,549TA Teleadress Information AB 556457-3045 Sweden 15,583Other holdings 1,695 1,973Total 6,993 28,505Securities of significant amounts and classified as available-for-sale financialassets are recorded at their fair values. The fair value of unlisted securities isestablished by discounting the estimated future cash flows. The discount rate isbased on the current interest rate plus an addition for the specific risks in eachtype of security. At the balance sheet date none of the securities were of a significantamount.None of the financial assets showed indication of impairment.

50Note 21. Participations in group companiesParent Company’s investmentsin group companiesParent Company2009 2008Beginning of year 1,365,847 1,365,727Investments 8,120 120End of year 1,373,967 1,365,847Net book value 1,373,967 1,365,847Disclosure of participations in group companies – direct holdingsCompany nameCorporateidentity no.RegisteredofficeNumberof sharesShare ofcapital (%)CarryingamountBisnode AB 556341-5685 Stockholm 1,000 100 1,373,847Bisnode Produktinformation AB 556300-4331 Stockholm 1,000 100 120Total 1,373,967Disclosure of participations in group companies – indirect holdingsCompany nameRegisteredoffice/CountryCorporateidentitynumberShare ofcapital(%)Company nameRegisteredoffice/CountryCorporateidentitynumberShare ofcapital(%)Swedish subsidiariesAAA Soliditet AB Stockholm 556485-5582 100Adresskompaniet Syd AB Malmö 556439-7346 100Agent 25 Sverige AB Stockholm 556334-7979 100Baby DM Scandinavia AB Helsingborg 556576-2530 100Bisnode Central Invest AB Stockholm 556148-2398 100Bisnode Credit & Risk Information AB Sundbyberg 556471-4045 100Bisnode Företagskataloger AB Stockholm 556513-5661 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 51Calimo Affärspartner AB Kalix 556624-8737 35DB 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 100Emric AB Stockholm 556520-0630 50Emric Business Consulting AB Stockholm 556693-0805 39Emric Finance Process Outsourcing AB Stockholm 556570-6958 50Emric International AB Stockholm 556568-7091 50Emric IT-Consulting AB Stockholm 556510-9823 50Fixahemmet i Sverige AB Stockholm 556204-6184 100G2 Solutions Holding AB Stockholm 556477-1151 100G2. solutions AB Stockholm 556537-6489 100Infodata AB Stockholm 556197-9740 100Infodata Applicate AB Stockholm 556436-3421 98Infodata Direct AB Stockholm 556411-3834 100InfoTorg AB Stockholm 556266-0141 100InToLogic AB Uppsala 556558-3225 28Ipnode 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 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 100Proodle AB Stockholm 556542-6003 100Relevant Information i Uppsala AB Stockholm 556735-5390 100Svenska Market Management Partner AB Stockholm 556583-1400 100Svenska Nyhetsbrev AB Stockholm 556363-7825 100AB Svensk Handelstidning Justitia Sundbyberg 556091-2361 100Svenskt Byggregister AB Stockholm 556247-5730 100TA Teleadress Information AB Kalmar 556457-3045 100

51Disclosure of participations in group companies – indirect holdingsCompany nameRegisteredoffice/CountryShare ofcapital(%)Company nameRegisteredoffice/CountryShare 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 100Bisnode Belgium NV/SA Belgium 100Bisnode Informatics B.V.B.A. Belgium 100Spectron Business Solutions NV/SA Belgium 100WDM Belgium N.V./SA Belgium 100WDM Belgium Holding N.V./SA Belgium 100Bisnode Interact NV/SA Belgium 100D-Trix NV/SA Belgium 100Synkronis 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 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? Czech Republic 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 100121 Media Oy Finland 100Bisnode Finland Oy Finland 100DirektMedia Finland Oy Finland 100Dun & Bradstreet Finland Oy Finland 100Kompass Finland Oy Finland 100ABC France pour leCommerce et L'Industrie S.N.C. France 100Bisnode France, S.A.S. France 100WDM DB France, S.A.S. France 92WDM 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 Informatics Deutschland GmbH Germany 100Bisnode Produktinformation GmbH Germany 100Hoppenstedt360 GmbH Germany 100D&B Deutschland GmbH Germany 100Hoppenstedt Firmeninformationen GmbH Germany 100Hoppenstedt Grundbesitz GmbH Germany 100Hoppenstedt Holding 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 100ABC Uitgevers C.V. Netherlands 100Belgisch ABC voor Handel en Industrie B.V. Netherlands 100Bonnier Business Information B.V. Netherlands 100Erven G.H.R. Hoppenstedt B.V. Netherlands 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 100Emric AS Norway 50Inter Dialog AS Norway 100Kompass Norge AS Norway 100OfficeTeam AS Norway 100One Holding AS Norway 100One Software AS Norway 100Soliditet Norge AS Norway 100Bisnode Polska Sp.z.o.o. Poland 100Dun & Bradstreet Poland Sp.z.o.o. Poland 100Hoppenstedt BonnierInformation Polska Sp.z.o.o. Poland 100Bisnode Slovensko s.r.o. Slovakia 100Bisnode d.o.o. Slovenia 100EGV, d.o.o. Slovenia 100Infobon d.o.o. Slovenia 100Razpisi d.o.o. Slovenia 62Credita 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 Information Ltd United Kingdom 100Bisnode Publications Ltd United Kingdom 100Bisnode UK Holdings Ltd. United Kingdom 100Checkit (UK) Ltd. United Kingdom 100Creditscorer Ltd. United Kingdom 100Market Assessment Publications 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

52Note 22. Trade and other receivablesGroup31/12/2009 31/12/2008Trade receivables – net 749,303 873,066Advance payments to suppliers 725 571Prepaid expenses and accrued income 105,995 117,113Receivables from Parent Company – non interest-bearing 37 2,792Other receivables – interest-bearing 31,245 47,884Other receivables – non interest-bearing 44,971 34,711Total 932,276 1,076,137of which non-current portion 20,910 44,936of which current portion 911,366 1,031,201Credit riskThere is no concentration of credit risks for trade receivables as the Group has alarge number of customers who are well dispersed internationally. Receivablesare tested for impairment at the company level after individual assessment ofeach customer. In the impairment test, the financial position and solvency of eachcustomer is considered.The Group has recognised losses on trade receivables for the year amountingto SEK 19,830 thousand (12,096). The losses are recognised in other expensesin the income statement. The table below shows the age structure of outstandingtrade receivables:31/12/2009 Not dueBetweenWithin 61 days-60 days 1 yearLaterthan1 year TotalTrade 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 5,350 749,30331/12/2008 Not dueBetweenWithin 61 days-60 days 1 yearLaterthan1 year TotalTrade receivables 589,565 235,083 56,942 27,480 909,070Provision for impairmentof receivables -1,782 -6,107 -11,288 -16,827 -36,004Trade receivables – net 587,783 228,976 45,654 10,653 873,066The other categories within Trade and other receivables do not contain impairedassets.The credit quality of Trade and other receivables that are neither past due norimpaired is good since the receivables relate to customers with high credit ratingsand/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 eachclass of Trade and other receivables. The Group does not hold any collateral assecurity for trade receivables past due.Note 23. Derivative financial instrumentsGroup31/12/2009 31/12/2008Interest rate swaps – cash flow hedges -135,581 -144,063Total -135,581 -144,063Type of contractContracttermbeginning onContracttermending onAmount CurrencyInterestrateInterest rate swap 31/01/2008 31/01/2013 1,598,000 SEK th 4.51%Interest rate swap 31/01/2008 31/01/2013 61,200 EUR th 4.42%The cash flow hedges are determined to be 85% effective. The current Interestrate swap agreements had a negative value of SEK 23,851 thousand on the contractualdate. The ineffective portion has been recognised in the income statementon a straight-line basis. During the year, SEK 4,770 thousand has beenrecognised as financial income in the income statement.The fair value of the interest rate swaps which have been calculated using valuationtechniques are found in level 2.Note 24. Cash and cash equivalentsGroup31/12/2009 31/12/2008Cash at bank and on hand 367,844 323,572Total 367,844 323,572Note 25. BorrowingsGroupNon-current borrowings 31/12/2009 31/12/2008Bank borrowings 2,287,314 2,647,571Loans from shareholders 1,137,600 1,053,333Borrowings for finance leases 88,806 97,283Other borrowings 15,243 27,701Subtotal 3,528,963 3,825,888Current borrowingsBank borrowings 323,120 383,420Borrowings for finance leases 3,461 2,202Other borrowings 5,770 7,451Subtotal 332,351 393,073Total 3,861,314 4,218,961Bank borrowings mature until 31 January 2013 and carry interest equal to current3-month STIBOR plus 1.50%. 85% of the variable interest was converted to fixedinterest until the maturity date through the use of interest rate swaps. Bank borrowingsare secured by shares in subsidiaries of the Parent Company.The Group has granted bank overdraft amounts to SEK 100 million (100). Inaddition, the Group has a revolving credit facility of SEK 300 million. At the end ofthe period, none of the available credit had been utilised.

53Interest rate risksThe exposure of the Group’s borrowings to changes in interest rates and contractualdates for interest rate conversion is as follows:31/12/2009CarryingamountDate for interest rate conversionor maturity dateWithin1 yearBank borrowings 2,610,434 323,120 2,287,314Loans from shareholders 1,137,600 1,137,600Between Later than1–5 years 5 yearsBorrowings for finance leases 92,267 3,461 15,936 72,870Other borrowings 21,013 5,770 15,24331/12/2008CarryingamountDate for interest rate conversionor maturity dateWithin1 yearBank borrowings 3,030,991 383,420 2,647,571Loans from shareholders 1,053,333 1,053,333Between Later than1–5 years 5 yearsBorrowings for finance leases 99,485 2,202 12,187 85,096Other borrowings 35,152 7,451 27,701The fair values of the Group’s borrowings are equal to their carrying amounts. Thecarrying amounts of the borrowings are denominated in the following currencies:31/12/2009 31/12/2008SEK 3,002,430 3,202,921EUR 837,683 987,547USD 21,013 27,701Other currencies 188 792Total 3,861,314 4,218,961Maturity dates on non-current liabilities – Parent Company31/12/2009CurrentliabilityWithin1 yearMaturity dateLiabilities to group companies 796,320 796,320Other liabilities 341,280 341,280Between Later than1–5 years 5 yearsTotal 1,137,600 0 1,137,600 031/12/2008CurrentliabilityWithin1 yearMaturity dateLiabilities to group companies 737,333 737,333Other liabilities 316,000 316,000Between Later than1–5 years 5 yearsTotal 1,053,333 0 1,053,333 0Note 26. Deferred taxGroupDeferred tax assets 31/12/2009 31/12/2008Intangible assets 20,906 19,730Property, plant and equipment 4,848 17,032Trade and other receivables 1,392 1,575Provisions for pensions 20,952 22,545Other provisions 8,967 9,511Derivative financial instruments 32,766 31,616Trade and other payables 15,064 8,058Loss carryforward 45,191 75,875Offset -35,680 -37,347Total 114,406 148,595GroupDeferred tax liabilities 31/12/2009 31/12/2008Intangible assets 230,888 286,098Property, plant and equipment 174 462Trade and other receivables 553 356Provisions for pensions 920 288Other provisions 611 536Trade and other payables 977 10,302Tax allocation reserves 60,923 59,204Offset -35,680 -37,347Total 259,366 319,899Net deferred tax assets/liabilities -144,960 -171,304Gross movement in deferred tax assets/liabilities:Group2009 2008Beginning of year -171,304 -195,784Acquisition/sale of subsidiaries 18,092 -41,391Recognised in the income statement 2,738 41,871Recognised in equity 5,514 24,000End of year -144,960 -171,304Deferred tax recognised directly in equityDeferred tax on interest rate swaps -976 32,201Exchange differences 6,490 -8,201Total 5,514 24,000Unrecognised deferred tax assetsUnrecognised deferred tax assets refer to losses carried forward. The gross valueof the Group’s unrecognised deferred tax assets, allocated according to maturitydates, are shown below. The tax value of unrecognised deferred tax assetsamounts to SEK 101,302 (86,809) thousand.Maturity date2013 5072014 2,9912016 1,4122017 8,0752018 17,1242019 2,650No maturity date 307,409Total 340,168

54Note 27. Provisions for pensionsDefined contribution plansThe expense for defined contribution plans during the year amounted to SEK93,730 thousand (90,141).Commitments for old-age pensions and family pensions for white-collaremployees in Sweden have been safeguarded through insurance in Alecta.According to statement URA 42 from the Swedish Financial Accounting StandardsCouncil’s Urgent Issues Task Force, this is classified as a “multi-employer” definedbenefit plan. For financial years when the company has not had access to theinformation necessary to report this plan as a defined benefit plan, a pension planaccording to Supplementary Pension for Employees in industry and Commerce,safeguarded through insurance with Alecta, is reported as a defined contributionplan. The year’s costs for pension insurance subscribed to through Alectaamounted to SEK 28,079 thousand (17,647). Alecta’s surplus can be distributedto the policyholders (the employers) and/or the insureds. At year-end 2009, Alecta’scollective funding ratio was 141% (112). The collective funding ratio is the marketvalue of Alecta’s plan assets as a percentage of insurance obligations computedaccording 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:Group2009 2008Current service cost 15,913 12,748Interest cost 12,721 11,833Expected return on plan assets -4,586 -3,336Actuarial gains (-) and losses (+) recognised in year 343 -944Other cost reductions -1,283Total 23,108 20,301The actual return on plan assets during the period was SEK 34 thousand (-8,090).Actuarial assumptionsThere are defined benefit plans in Finland, Germany, Norway, Sweden and Switzerland.The principal actuarial assumptions used as of balance sheet date wereas follows (weighted average):2009 2008Discount rate 4.4% 5.1%Inflation 1.7% 1.6%Annual salary increases 2.4% 2.2%Annual pension increases 1.3% 1.6%Annual paid-up policy increases 1.3% 1.6%Remaining service period 14 years 13 yearsExpected return on plan assets 3.9% 4.5%The amounts recognised in the balance sheet are determined as follows:2009 2008Present value of funded obligations 139,768 136,657Fair value of plan assets -115,488 -106,273Net value of entirely or partially funded obligations 24,280 30,384Present value of unfunded obligations 198,048 186,515Unrecognised actuarial gains (+) and losses (-) -4,617 651Net liability on the balance sheet 217,711 217,550The movement in the defined benefit obligation over the year is as follows:2009 2008Beginning of year 323,172 247,091Current service cost 15,913 12,748Interest cost 13,706 11,833Actuarial gains (-)/ losses (+) -2,785 13,291Employer contributions -7,071 -1,096Employee contributions 3,032 1,722Benefits paid -4,984 -6,231Acquisition of subsidiaries 3,432Other changes 1,243 9,659Exchange differences -7,842 34,155End of the year 337,816 323,172The movement in the fair value of plan assets over the year is as follows:2009 2008Beginning of year 106,273 79,857Expected return on plan assets 4,586 3,336Actuarial losses (-)/gains (+) -4,552 -11,426Employer contributions 10,694 10,512Employee contributions 3,032 1,722Benefits paid -4,984 -1,283Acquisition of subsidiaries 373Other changes 93 9,659Exchange differences -27 13,896End of year 115,488 106,273Plan assets are comprised as follows:2009 2008 2009 2008Shares 19,193 26,055 17% 25%Interest-bearing securities 42,233 38,259 37% 36%Property 11,386 8,226 10% 8%Other 42,676 33,733 37% 32%Total 115,488 106,273 100% 100%The expected return on plan assets was determined by considering the expectedreturns available on the assets underlying the current investment policy. Expectedyields on fixed-interest investments are based on gross redemption yields at thebalance sheet date. Expected returns on shares and property investments reflectlong-term rates of return in the respective market.Expected contributions to post-employment benefit plans for the financial year2010 amount to SEK 18,277 thousand.Group2009 2008 2007 2006Present value of definedbenefit obligation 337,816 323,172 247,091 242,199Fair value of plan assets -115,488 -106,273 -79,859 -62,243Deficit (+)/surplus (-) 222,328 216,899 167,232 179,956

55Note 28. Other provisionsGroup2009 2008Additional purchase prices 142,118 136,070Legal claims 4,058 5,890Restoration charges 6,076 5,395Restructuring 2,963 7,950Sales agents 14,442 15,857Other 20,125 20,081Total 189,782 191,243of which non-current portion 188,544 184,823of which current portion 1,238 6,420Group2009 2008Beginning of year 191,243 149,403Acquisition of subsidiaries 8,119 3,832Sale of subsidiaries -1,250New provisions for the period 648 18,456Utilised during the period -14,403 -15,012Provisions for additional purchase prices 8,925 28,367Additional purchase prices – paid -9,220 -2,000Unused/reversed -5,765Reclassifications 6,344 10,080Exchange differences -1,874 5,132End of year 189,782 191,243Additional purchase pricesThe provision pertains to estimated additional purchase prices recognised in connectionwith the acquisitions of Svenska Nyhetsbrev AB, Lundalogik AB andPointer Sweden AB.Legal claimsProvisions for legal claims pertain to potential claims from information suppliers.Restoration chargesPertains to provisions for future restoration expenses for rented premises.Sales agentsThe provisons pertain to future costs related to the retirement or termination ofcollaboration with German sales agents.Note 29. Trade and other payablesGroup31/12/2009 31/12/2008Trade payables 212,821 239,381Advances from customers 62,090 58,384Holiday pay liabilities 115,426 117,069Social security and other taxes 33,319 39,300Accrued expenses and deferred income 992,618 1,086,336Liabilities to the Parent Company – non interest-bearing 5,265Other liabilities – non interest-bearing 151,790 149,170Total 1,568,064 1,694,905of which non-current portion 2,234 2,153of which current portion 1,565,830 1,692,752The fair value of trade and other payables equals their carrying amounts.Note 30. Accrued expenses and deferred incomeParent Company31/12/2009 31/12/2008Accrued expenses related to personnel 246Other accrued expenses 295 160Total 295 406Note 31. ReservesHedgingreserveRestructuringPertains to provisions for vacant premises and future payments to redundant personnel.Availablefor-salefinancialassetsCurrencytranslationdifferencesTotalBalance at 1 January 2008 -1,708 18,158 20,778 37,228Revaluation – gross 9,097 9,097Sale of financial assets -22,163 -22,163Cash flow hedges:Fair value gains -141,690 -141,690Tax on fair value gains 39,673 39,673Transferred to the income statement 19,478 19,478Tax on transfers to the inc. statement -5,454 -5,454Revaluation deferred tax -2,118 -2,118Currency translation differences 251,918 251,918Balance at 31 December 2008 -91,819 5,092 272,696 185,969Balance at 1 January 2009 -91,819 5,092 272,696 185,969Revaluation – gross -5,092 -5,092Cash flow hedges:Transferred to the income statement -4,770 -4,770Tax on transfers to the inc. statement 1,255 1,255Transferred to othercomprehensive income 8,482 8,482Tax on transfers to othercomprehensive income -2,231 -2,231Currency translation differences -129,610 -129,610Balance at 31 December 2009 -89,083 0 143,086 54,003Note 32. Finance leasesFinance leases – group company is lessorThe Group leases a building under a finance lease. The building has a carryingamount of SEK 65,391 thousand (72,973).The future minimum lease payments receivable under non-cancellable operatingleases are as follows:Group2009 2008Within 1 year 6,952 7,319Between 1–5 years 28,304 30,786Later than 5 years 80,446 97,573Total 115,702 135,678The present value of finance lease liabilities is as follows:Group2009 2008Within 1 year 3,461 2,202Between 1–5 years 15,936 12,187Later than 5 years 72,870 85,097Total 92,267 99,485

56Note 33. Operating leasesGroupOperating leases – Group company is lessor 2009 2008Leasing expenses 167,486 139,145Total 167,486 139,145The 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 2009 2008Within 1 year 142,705 150,622Between 1–5 years 285,377 301,015Later than 5 years 113,562 110,674Total 541,644 562,311Future lease payments pertain to minimum lease payments attributable to noncancellableoperating leases.Note 34. Related party transactionsThe related parties of the Group consist of the Parent Company Ratos AB, associatesand the Group’s key management personnel and their families. Key managementpersonnel relates to members of the Executive Management Team.Ratos owns 70% of the Parent Company’s shares and has control over theGroup. Ratos is the Parent Company of the largest and smallest groups thatBisnode Business Information Group AB is part of and where consolidatedaccounts are prepared.Any transactions between related parties are carried out on an arm’s lengthbasis.Transactions with the Parent CompanyDuring 2008 Bisnode Business Information Group AB gave dividend to the ParentCompany and received shareholders contribution (see Parent Company Statementof changes in equity.GroupLoans to Ratos 2009 2008Beginning of year 2,792Repayments -2,792Loans advanced during the year 2,792End of year 0 2,792Note 35. Contingent liabilities and pledged assetsGroupParent CompanyContingent liabilities 2009 2008 2009 2008Guarantee commitment FPG/PRI 768 677Guarantee to previous owners 86,902 113,547Other guarantees 19,277 16,222 2,625,416 3,050,776Total 106,947 130,446 2,625,416 3,050,776Pledged assets for own liabilities and provisionsShares 1,298,012 1,470,602 1,298,012 1,470,602Other pledged assets 2,120 2,286Total 1,300,132 1,472,888 1,298,012 1,470,602Other pledged assets None None None NoneGuarantee to previous owners pertains to guarantees pledged to Dun & BradstreetInternational to complete financing required for the Dun & Bradstreet Groupcompanies in Sweden, Norway, Denmark, Finland, Germany, Switzerland, theCzech Republic, Austria, Hungary and Poland.Note 36. Share capitalThe share capital of the Parent Company amounts to SEK 482,355,912 dividedbetween 66,328,528 A shares and 54,260,450 B shares with a quota value of 4each.There are no outstanding options or convertible bonds that could lead to futuredilution.Note 37. Earnings per shareBasic earnings per share are calculated by dividing profit attributable to owners ofthe Parent Company by the number of shares outstanding for the period. Thereare no option or convertible bond programmes outstanding that could causefuture dilution.2009 2008Profit attributable to owners of the Parent Company 50,551 -784Number of shares outstanding (thousands) 120,589 120,589Earnings per share before and after dilution (SEK per share) 0.42 -0.01GroupBorrowings from Ratos 2009 2008Beginning of year 742,598 101,165Repayments -5,265 -101,165New borrowings 705,265Interest expense capitalised 58,987 37,333End of year 796,320 742,598Transactions with key management personnelDuring 2009 and 2008 the Parent Company did not grant any loans to Boardmembers, other key management personnel or their families. Renumeration tokey management personnel is specified in Note 10.

57Note 38. Business combinations2009 – Aquired companiesDate ofacquisitionshare ofcapitalOperationInter 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 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 priceTA TeleadressInformation121 MediaOtheracquisitionsTotalCash paid 58,670 72,175 6,566 137,411Direct costs relating to acquisitions 46 2,307 111 2,464Additional purchase prices paid 9,220 9,220Utilisation of additional purchase price -9,195 -9,195Total 58,716 74,482 6,702 139,900Fair value of acquired net assets -6,356 -6,667 -1,053 -14,076Goodwill due to step acquisition 13,840 13,840Revaluation of additional purchase prices 8,900 8,900Negative goodwill – transferred to the income statement 1,533 1,533Total Goodwill 66,200 67,815 16,082 150,097Cash flow effectTA TeleadressInformation121 MediaOtheracquisitionsTotalCash paid 58,670 72,175 6,566 137,411Direct costs relating to acquisitions 46 2,307 111 2,464Additional purchase prices 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 15,897 123,435Supplementary informationRevenue since acquisition date 58,836 16,777 75,613Revenue in 2009 58,836 85,775 144,611Operating profit since acquisition date 6,097 492 6,589Operating profit in 2009 6,097 5,730 11,827Fair value of acquired assetsand liabilitiesTA Teleadress Information 121 Media Other acquisitions TotalCarryingamountFairvalueCarryingamountFairvalueCarryingamountFairvalueCarryingamountFairvalueAssetsIntangible 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 49,735LiabilitiesMinority 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 35,659Net identifiable assets and liabilities 6,356 6,356 6,667 6,667 1,053 1,053 14,076 14,076The goodwill is attributable to the high profitability of the acquired companies andthe significant synergies expected to arise following acquisition. All acquisitionbalances are preliminary.

582008 – Acquired companiesDate ofacquisitionshare ofcapitalOperationDressler Verlag (asset deal) 01/01/2008 100.0% German publisher.Credita AG 07/01/2008 100.0% Leading domestic provider of credit and risk information in Switzerland.Relevant Information i Uppsala AB 08/01/2008 100.0% Swedish consulting firm specialised in development of models for customer profile analysis.Svenska Nyhetsbrev AB 09/01/2008 100.0% Supplier of industry specific news and business information in digital and printed form.Spectron Business Solutions bvba 21/05/2008 100.0% Belgian company active in the areas of B2B Data and Customer Services.Electronic Data Innovation Group AB 01/09/2008 100.0% Swedish company, expert in innovative solutions with e-signatures.Wer liefert was? GmbH 23/12/2008 100.0% Supplier of search services on the internet with main operations in Germany.Purchase priceSvenskaNyhetsbrev Credita SpectronWer liefertwas?OtheracquisitionsTotalCash paid 23,373 44,448 5,578 520,638 74,689 668,726Estimated additional purchase price 26,267 2,100 28,367Direct costs relating to acquisitions 414 1,804 16,065 18,283Utilisation of provision for additional purchase price 1,082 1,082Total 50,054 44,448 7,382 536,703 77,871 716,458Fair value of acquired net assets -63 -11,940 -9,975 -113,647 -6,866 -142,491Acquired minority interest -13,656 -13,656Negative goodwill – transferred to the income statement 2,593 2,593Total Goodwill 49,991 32,508 0 423,056 57,349 562,904Cash flow effectSvenskaNyhetsbrev Credita SpectronWer liefertwas?OtheracquisitionsTotalCash paid 23,373 44,448 5,578 520,638 74,689 668,726Direct costs relating to acquisitions 414 1,804 16,065 18,283Additional purchase prices paid 2,000 2,000Cash and cash equivalents in acquired subsidiaries -14,398 -14,981 -2,798 -100,906 -135 -133,218Change in cash and cash equivalents 9,389 29,467 4,584 435,797 76,554 555,791Supplementary informationRevenue since acquisition date 34,564 20,137 29,969 615 85,285Revenue in 2008 34,564 20,137 55,343 380,201 1,031 491,276Operating profit since acquisition date 5,424 567 -5,609 -1,077 -695Operating profit in 2008 5,424 567 -10,461 43,726 -673 38,583Fair value of acquired assetsand liabilitiesSvenskaNyhetsbrev Credita Spectron Wer liefert was?CarryingamountFair Carryingvalue amountFair Carryingvalue amountFair Carryingvalue amountOtheracquisitionsFair Carryingvalue amountTotalFair Carryingvalue amountFairvalueAssetsIntangible assets 918 918 1,410 1,410 5,498 177,951 6,338 6,338 14,164 186,617Property, plant and equipment 424 424 1,149 1,149 2,127 2,127 66,824 66,824 365 365 70,889 70,889Available-for-sale financial assets 285 285 285 285Deferred tax assets 560 560 7,437 7,437 4,575 4,575 12,572 12,572Inventories 4,324 4,324 4,324 4,324Tax receivables 1,002 1,002 27 27 1,029 1,029Trade and other receivables 4,383 4,383 17,876 17,876 16,274 16,274 68,585 68,585 134 134 107,252 107,252Cash and cash equivalents 14,398 14,398 14,981 14,981 2,798 2,798 100,906 100,906 135 135 133,218 133,218Total assets 20,683 20,683 34,291 34,291 30,046 30,046 251,714 424,167 6,999 6,999 343,733 516,186LiabilitiesDeferred tax liabilities 215 215 51,737 215 51,952Other provisions 3,333 3,333 502 502 3,835 3,835Tax liabilities 3,805 3,805 764 764 20,009 20,009 24,578 24,578Trade and other payables 13,482 13,482 21,372 21,372 19,569 19,569 238,774 238,774 133 133 293,330 293,330Total liabilities 20,620 20,620 22,351 22,351 20,071 20,071 258,783 310,520 133 133 321,958 373,695Net identifiable assets and liabilities 63 63 11,940 11,940 9,975 9,975 -7,069 113,647 6,866 6,866 21,775 142,491

59Note 39. Sale of subsidiariesDate of saleSubsidiaries divested 2009 2008Nomi Sweden, Norway, Finland, Denmark 30/06/2009ICC Ireland, United Kingdom, etc 28/08/2009Finfo Information AB 08/12/2009Sverige Bygger AB/Norge Bygges AS 30/12/2009Inter Dialog AS (asset deal) 26/05/2009Market Watch Scandinavia AB 09/01/2008Wij Special Media B.V. 09/09/2008Adbit AB 11/09/2008Nyhetsbyrån Direkt AB/Nyhedsbureauet Direkt 10/12/2008Stockmann-Gruppen A/S (asset deal) 01/07/2008Retail Institute Scandinavia A/S (asset deal) 01/07/2008Key Note Ltd (asset deal) 30/12/2008Capital gains/losses 2009 2008Cash received 135,912 49,493Net assets sold -110,183 -61,540Provisions in connection to sale 214 -906Estimated additional purchase prices to receive 10,570Additional purchase prices received 4,625 12,025Provision for/Reversal of additional purchase prices -4,625 -3,377Exchange differences 1,271Capital gains/losses 25,943 7,536Note 40. Discontinued operationsProfit from discontinued operations 2009 2008Revenue 97,104 208,497Other operating income 4,203Total operating income 97,104 212,700Goods and services -20,148 -54,982Personnel costs -56,183 -108,385Depreciation, amortisation and impairment losses -90,817 -23,166Other expenses -20,784 -39,210Total operating expenses -187,932 -225,743Operating profit -90,828 -13,043Financial income 30 736Financial expenses -304 -1,191Net financial items -274 -455Profit before tax and capital gain -91,102 -13,498Capital gain from divestment of operations -20,051Profit before tax -111,153 -13,498Income tax expense 2,916 9,909Profit from discontinued operations -108,237 -3,589Net assets divested 2009 2008AssetsIntangible assets 98,406 72,069Property, plant and equipment 2,557 5,075Available-for-sale financial assets 267Deferred tax assets 1,062 2,022Inventories 1,067Tax receivables 2,050 1,562Trade and other receivables 36,758 29,934Cash and cash equivalents 39,399 10,196Total assets 180,499 121,925LiabilitiesMinority -4,489Borrowings 11,245Deferred tax liabilities 2,235 193Other provisions 1,250Tax liabilities 2,688 38Trade and other payables 65,393 52,148Total liabilities 70,316 60,385Cash flow from sale of subsidiaries 2009 2008Cash received 135,912 49,493Additional purchase prices received 4,625 12,025Provisions 3,881Cash and cash equivalents in sold subsidiaries -39,399 -10,196Cash flow from sale of subsidiaries 105,019 51,322Cash flow from discontinued operations 2009 2008Cash flow from operating activitiesProfit before tax -111,153 -13,498Adjustment for items not included in cash flow, etc. 113,400 22,970Income tax paid 559 6,361Cash flow from changes in working capital -4,521 -6,998Cash flow from operating activities -1,715 8,835Cash flow from investing activitiesSale of subsidiaries, net of cash 99,503Investments in property, plant and equipment -761 -11,013Sale of property, plant and equipment 35 170Cash flow from investing activities 98,777 -10,843Cash flow from financing activitiesNew borrowings 375Repayment of borrowings -441Cash flow from financing activities -441 375Cash flow for the year 96,621 -1,633Capital gains/losses 2009 2008Cash received minus sales expenses 111,057Net assets sold -127,107Provisions in connection with sale -4,001Capital gains/losses -20,051 0

60Note 40. Discontinued operations (Continued)Net assets divested 2009 2008AssetsIntangible assets 102,076Property, plant and equipment 15,163Deferred tax assets 359Inventories 10Trade and other receivables 49,325Cash and cash equivalents 11,554Total assets 178,487 0Note 41. Events after the balance sheet dateIn January 2010 Bisnode completed the acquisition of Directinet, a leading supplierof online direct marketing solutions in France. The company has 97 employeesand annual net sales of EUR 14 million in 2009.No other significant events have taken place after the balance sheet.LiabilitiesDeferred tax liabilities 16,940Tax liabilities 611Trade and other payables 33,829Total liabilities 51,380 0Cash flow from sale of subsidiaries 2009 2008Purchase price minus sales expenses 111,057Cash and cash equivalents in sold subsidiaries -11,554Cash flow from sale of subsidiaries 99,503 0The Annual accounts and the consolidated financial statements were approved for publication by the Board on 10 March 2010.The Income Statement and Balance Sheet will be presented to the Annual General Meeting on 14 April 2010 for adoption.Stockholm, 10 March 2010Håkan Ramsin Torgny Eriksson Henrik Joelsson Bo JungnerChairman of the Board Board member Board member Board memberBirgitta Klasén Jonas Nyrén Carl Wilhelm Ros Johan WallBoard member Board member Board member Chief Executive Officer

61AuditreportTo the annual meeting of the shareholders ofBisnode Business Information Group AB,corporate identity number 556681-5725We have audited the annual accounts,the consolidated accounts, the accountingrecords and the administration ofthe Board of Directors and the ChiefExecutive Officer of Bisnode BusinessInformation Group AB for the financialyear 2009. (The company’s annualaccounts and the consolidated accountsare included in the printed version onpages 26–60). The Board of Directorsand the Chief Executive Officer areresponsible for these accounts and theadministration of the company as well asfor the application of the AnnualAccounts Act when preparing the annualaccounts and the application of internationalfinancial reporting standardsIFRSs as adopted by the EU and theAnnual Accounts Act when preparing theconsolidated accounts. Our responsibilityis to express an opinion on the annualaccounts, the consolidated accounts andthe administration based on our audit.We conducted our audit in accordancewith generally accepted auditing standardsin Sweden. Those standards requirethat we plan and perform the audit toobtain reasonable assurance that theannual accounts and the consolidatedaccounts are free of material misstatement.An audit includes examining,on a test basis, evidence supporting theamounts and disclosures in the accounts.An audit also includes assessing theaccounting principles used and theirapplication by the Board of Directorsand the Chief Executive Officer and significantestimates made by the Board ofDirectors and the Chief Executive Officerwhen preparing the annual accounts andconsolidated accounts as well as evaluatingthe overall presentation of informationin the annual accounts and the consolidatedaccounts. As a basis for our opinionconcerning discharge from liability, weexamined significant decisions, actionstaken and circumstances of the companyin order to be able to determine theliability, if any, to the company of anyBoard member or the Chief ExecutiveOfficer. We also examined whether anyBoard member or the Chief ExecutiveOfficer has, in any other way, acted incontravention of the Companies Act, theAnnual Accounts Act or the Articles ofAssociation. We believe that our auditprovides a reasonable basis for our opinionset out below.The annual accounts have been preparedin accordance with the AnnualAccounts Act and give a true and fairview of the company’s financial positionand results of operations in accordancewith generally accepted accounting principlesin Sweden. The consolidated accountshave been prepared in accordancewith international financial reportingstandards IFRSs as adopted by the EUand the Annual Accounts Act and give atrue and fair view of the group’s financialposition and results of operations. Thestatutory administration report is consistentwith the other parts of the annual accountsand the consolidated accounts.We recommend to the annual meetingof shareholders that the income statementsand balance sheets of the parent companyand the group be adopted, that the lossof the Parent Company be dealt with inaccordance with the proposal in theadministration report and that themembers of the Board of Directors andthe Chief Executive Officer be dischargedfrom liability for the financial year.Our audit report was submitted on 11 March 2010Öhrlings PricewaterhouseCoopers ABBertil JohansonAuthorised Public Accountant

62Board of Directorsand AuditorsHåkanRamsinChairman of the BoardBA in Mathematics, University of Stockholm. Born in 1945.Board member since 2005 and Chairman since 2006.Main occupation: Partner and venture manager of Provider VenturePartners AB.Other board assignments: Chairman of the board of Wiky Ventures AB, Digital Vision (publ)and Gourmet Food AB. Board member of Air P TV Development AB, Dahlia Television Srl, BossMedia AB and Svenska Tracab AB.HenrikJoelssonBoard memberMSc in Business Administration and Economics, Stockholm School ofEconomics, Master of Business Administration from INSEAD. Born in1969. Board member since 2005.Main occupation: Investment Director at Ratos.Other board assignments: Board member of Anticimex Holding AB and other companies inthe Anticimex Group, EuroMaint Gruppen AB, EuroMaint AB. Deputy board member of Camfil AB.BoJungnerBoard memberMSc in Business Administration and Economics, Stockholm Schoolof Economics. Born in 1960. Board member since 2005. Chairman ofthe Board during three periods in 2005, 2006 and 2008.Main occupation: Investment Director at Ratos.Other board assignments: Board member of Anticimex Holding AB and other companies inthe Anticimex Group, EuroMaint Gruppen AB, EuroMaint AB and Jötul AS. Deputy Boardmember of BTJ Group AB.JonasNyrénBoard memberMSc in Business Administration and Economics, Stockholm School ofEconomics. 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 theBonnier Group.BirgittaKlasénBoard memberMSc in Engineering Physics, Royal Institute of Technology inStockholm. Born in 1949. Board member since 2006.Main occupation: Senior IT Advisor.Other board assignments: Board member of Acando, Assa Abloy and IFS.TommyHåkanssonBoard member(Union representative for Bisnode AB, Unionen)Studied System Analysis, Archaeology and Project Management1998. Born in 1959. Board member since 2009.Main occupation: Project Manager at Infodata Applicate AB.Carl WilhelmRosBoard memberMSc in Political Science, Lund University. Born in 1941. Boardmember since 2005.Other board assignments: Chairman of the board of Martin OlssonHandelsaktiebolag and Sorarb AB. Board member of Anders Wilhelmsen AS, Camfil AB, INGKA(IKEA) Holding and Skandinaviska Enskilda Banken AB.TorgnyErikssonBoard memberBA in Economics, Lund University. Born in 1947. Board member since2005.Other board assignments: Board member of Ramirent Oyj, AdvisioAB, Metallfabriken Ljunghäll AB, RIV 2 Retail Invest Vehicle 2 AB, Stjärna Fyrkant Nordic AB,Scandinavian Business Seating AS and Candyking Holding AB.FilippaBylanderBoard member(Union representative for Bisnode AB, SACO)BA in Business Administration, Borlänge University 1994. Born in 1970.Board member since 2009.Main occupation: Accountant at InfoTorg AB.AuditorsÖhrlings PricewaterhouseCoopers ABBertil Johanson, Authorised Public Accountant, born in 1949.

63ExecutiveManagement TeamJohanWallPresident and CEOMSc in Engineering Electronics from the Royal Institute of Technologyin Stockholm. Visiting scholar at Stanford University in Palo Alto,California. Employed since 2008 in current position.Previous positions and experience: CEO of public companies Enea and Framfab. Internetresearch at Verizon Communications in Boston. MD and founder of Internet consultingcompany Netsolutions.FredrikÅkermanCFO and Business Area Director Software and ApplicationsEmployed since 2005 in current position.Previous positions and experience: CEO of BTJ Infodata and DagensNyheter and executive positions in Statoil.Education: MSc in Business Administration and Economics from the Stockholm School ofEconomics.AlastairLaidlawCompetence Centre Director Credit SolutionsBSc in Business Administration, University in Greater Manchester.Employed since 1988, in current position since 2009.Previous positions and experience: Several senior management positionswithin Bisnode Group such as BU Controller Credit and Business information. Financialpositions within W S Atkins plc.MattiasAronssonChief Information Officer (CIO)MSc in Engineering Physics from Lund Institute of Technology. Studiesin Statistics and Economics at Lund University. Employed since2009 in current position.Previous positions and experience: Management consultant and partner at Occam Associates.Consulting positions at McKinsey & Company and A.T. Kearney.ElinLjungCorporate Communications DirectorBSc in Engineering Electronics with a major in Media Communicationsat Umeå University. Diplomas in Business Administration andMarketing. Employed since 2007 in current position.Previous positions and experience: Communication Manager of the listed IT companiesAddnode and Nocom.MatsErwaldRegional Director NordicBSc in Economics from Stockholm University. Employed since 1992, incurrent position since 2009.Previous positions and experience: Several senior managementpositions within Bisnode Group, such as MD at AffärsData, InfoTorg, CD Förlag and SvenskHandelstidning Justitia.MartinCoufalRegional Director Central EuropeBSc in Business Administration from the University of Economics,Prague. Employed since 1996, as Managing Director at HBI and D&Bcompanies 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.MariaAnselmiCompetence Centre Director Business Information SolutionsPhD in Historical Linguistics, University of Rome and Pisa. MSc inAdministration, Master Publitalia, Milan. Employed since 2002 asManaging 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.NorbertVerkimpeRegional Director BeNeFra and Competence Centre DirectorMarketing SolutionsMSc in Informatics & System Analysis from HRITHO (Ghent). Employedsince 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 paymentsystems.PeterVillaRegional Director DACH and Business Area Director Product InformationBA in Economic History and Political Science from Uppsala University.Employed since 1991, in current position since 2009.Previous positions and experience: Several senior managementpositions within Bisnode Group such as MD of Kompass Deutschland GmbH. HoppenstedtBonnier Information GmbH in Germany. Various executive leadership positions in Bonnier andother companies.

64SubsidiariesBisnode operates in 18 countries with a segmentedand diversified offering of digital business informationsolutions using strong local brands in each market.ABC Belgiumwww.abc-d.beinfo@abc-d.beABC Francewww.abc-d.frcontact@abc-d.frABC Luxemburgwww.abc-d.luinfo@abc-d.beABC The Netherlandswww.abcdirect.nlinfo@abcdirect.nlABC Germanywww.abconline.deinfo@abconline.deBisnode Interactwww.bisnode-interact.cominfo@bisnode-interact.comCreditawww.credita.chinfo@credita.chDirectinetwww.directinet.frrenseignement@directinet.frDirektMedia Finlandwww.direktmedia.fidirektmedia@direktmedia.fiDirektMedia Swedenwww.direktmedia.segoteborg@direktmedia.seDirektMedia Norwaywww.direktmedia.nopost@direktmedia.noD&B Norwaywww.dnb.com/nokundeservice.norge@dnbnordic.comD&B Polandwww.dnb.com/plinfo@dnb.com.plD&B Swedenwww.dnb.com/sesupport.sweden@dnbnordic.comD&B Switzerlandwww.dnbswitzerland.chinfo@dnbswitzerland.chEmricwww.emric.seinfo@emric.seEuropean Databankwww.edb.sktrencin@edb.skinfo@abcdirect.nlBusiness Checkwww.businesscheck.seinfo@businesscheck.seCEKIAwww.cekia.czmarketing@cekia.czConnectuswww.connectus.eeinfo@connectus.eeD&B Austriawww.dnbaustria.atoffice@dnbaustria.atD&B Czech Republicwww.dnb.com/czcustserv@dnbczech.czD&B Denmarkwww.dnb.com/dkkundeservicedk@dnbnordic.comD&B Finlandwww.dnb.com/fiasiakaspalvelu@dnbnordic.comD&B Germanywww.dnbgermany.dekundenservice@dnbgermany.deD&B Hungarywww.dnb.com/hudbhun@dbhun.huGreenswww.greens.dkgreens@greens.dkHBI Czech Republicwww.hbi.czinfo@hbi.czHBI Polandwww.hbi.plhbi@hbi.plHBI Company Datawww.hbi.humail@hbi.hu

65Hoppenstedt Kreditinformationenwww.myhcc.demyhcc@hoppenstedt-cc.deKompass Swedenwww.kompass.seinfo@kompass.seKompass Sloveniawww.kompass.siinfo@kompass.siSvensk Handelstidning Justitiawww.shj.seinfo@shj.seHoppenstedt Firmeninformationenwww.hoppenstedt.deinfo@hoppenstedt.deLundalogikwww.lundalogik.seinfo@lundalogik.seSvenska Nyhetsbrevwww.nyhetsbrev.seinfo@nyhetsbrev.seHoppenstedt Publishingwww.hoppenstedt.deservice@hoppenstedt.deHoppenstedt 360www.hoppenstedt360.dekundenservice@hoppenstedt360.deInfobonwww.ibon.cominfo@ibon.comInfodatawww.infodata.seinfo@infodata.seInfodata applicatewww.applicate.seinfo@applicate.seInfoTorgwww.infotorg.seinfo@infotorg.seKompass Denmarkwww.kompass.dkkompass@kompass.dkKompass Finlandwww.kompass.fikompass@kompass.fiKompass Hungarywww.kompass.hukompass@kompass.huKompass Norwaywww.kompass.nofirmapost@kompass.noNewsline Groupwww.newsline.seinfo@newsline.seONE Holdingwww.onesoftware.nopost@onesoftware.noPARwww.par.seinfo@par.sePointerwww.pointer.seinfo@pointer.seJavnirazpisiwww.javnirazpisi.cominfo@javnirazpisi.comSoliditet Denmarkwww.aaasoliditet.dkkundeservicedk@soliditet.comSoliditet Norwaywww.soliditet.nokundeservice@soliditet.noSoliditet Swedenwww.soliditet.seinfo@soliditet.seSpecton Business Solutionswww.spectronbs.besalesdata@spectronbs.beWDM Belgiumwww.wdmbelgium.besales@wdmbelgium.beWDM Francewww.wdmfrance.frinfo@wdmfrance.frWDM Netherlandswww.wdm.nlinfo@wdm.nlBaby DM Scandinaviawww.bdms.seinfo@bdms.seSURWirtschaftsauskunftei Wisurwww.wisur.atauskunftei-wisur@wisur.atWLW Austriawww.wlw.atinfo@wlw.atWLW Croatiawww.wlw.hrinfo@wlw.hrWLW Czech Republicwww.wlw.czinfo@wlw.czWLW Germanywww.wlw.deinfo@wlw.deWLW Switzerlandwww.wlw.chinfo@wlw.ch

DefinitionsAverage number of employees – The average number offull-time equivalents during the year.Earnings per share (before dilution) – Profit attributableto owners of the Parent Company, divided by the averagenumber of shares.Net debt – Interest-bearing provisions and liabilities (excludingshareholder loans) less cash and cash equivalents andinterest-bearing receivables.Operating margin, EBIT – Operating profit, ebit as a percentageof total operating income.Operating margin, EBITA – Operating profit, ebita as apercentage of total operating income.Operating margin, EBITDA – Operating profit, ebitda as apercentage of total operating income.Operating profit, EBIT – (Earnings Before Interest and Tax)Operating profit.Operating profit, EBITA – (Earnings Before Interest, Tax andAmortisation) Operating profit less amortisation of intangibleassets arising from business combinations.Operating profit, EBITDA – (Earnings Before Interest, Tax,Depreciation and Amortisation) Operating profit less depreciation,amortisation and impairment losses.Region BeNeFra – Belgium, France and the Netherlands.Region Central Europe – Croatia, Czech Republic, Hungary,Poland, Slovakia and Slovenia.Region DACH – Austria, Germany and Switzerland.Region Nordic – Denmark, Finland, Estonia, Norway andSweden.Revenue per employee – Revenue divided by the averagenumber of employees during the year.Total operating income – Revenue plus other operatingincome.The figures in the annual report have been rounded off to SEKthousand, while the calculations have been made without roundingoff. As a result, the figures in certain tables and key ratios mayappear not to add up correctly.Cover: Photo of Katja Kaloper and Sandi ZajcArt Direction: OttoboniLayout: Komodo design&produktionPhoto: Sune Fridell and Aleš BenoCopy: Grayling & Citigate NordenPrinting: TrycksakSpecialisten

BISNODE’S MISSIONIS TO HELP OUR CUSTOMERSMAXIMISE SALES,MINIMISE BUSINESS RISKSANDMAKEBETTERBUSINESS DECISIONS

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: info@bisnode.comWeb: www.bisnode.comBisnode Annual Report 2009