AnnuAl REpORt - Bisnode

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