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annual
report
2010
Bisnode Business Information Group AB

03 WhaT We Do
04 Johan WaLL eVaLuaTes 2010
06 Where We are ToDaY
07 Where We are heaDeD TomorroW
08 TrenDs in our inDusTrY
09 WhaT We oFFer To our cusTomers
10 creDiT soLuTions
12 marKeTinG soLuTions
14 Business inFormaTion soLuTions
16 iT’s aLL aBouT PeoPLe
20 reGions anD Business areas
24 corPoraTe GoVernance
25 FinanciaL inFormaTion
26 DirecTors’ rePorT
36 accounTinG PoLicies anD noTes
61 auDiT rePorT
62 BoarD oF DirecTors anD auDiTors
63 execuTiVe manaGemenT Team
64 suBsiDiaries
66 FiVe-Year summarY anD DeFiniTions serVais YimKWan
database manager

WHAT WE DO
Bisnode is a leading provider of digital business information in Europe, with a complete offering
of solutions for marketing, credit and business information. Bisnode’s services help companies
maximise sales, minimise business risks and make better business decisions.
3.
Bisnode database
2.
1.
PAR
4.
Soliditet
Hoppenstedt
3
1. collect
Bisnode collects data about
companies and consumers from
multiple sources in each country.
2. enhance
Bisnode enhances data through
harmonisation, validation and
verification. Data in a wider
context becomes value-added
information.
3. package
Bisnode’s local subsidiaries
package and customise relevant
information into products and
services by adding the value of
usability, accessibility and innovative
solutions. The same information
is re-used many times,
enabling Bisnode to achieve
synergies across markets.
4. oFFeR
Products and services are
offered to different market
segments under strong local
brands to fulfil the various needs
of a diverse customer base.

JOHAN WALL
EVALUATES 2010
2010 was a year of recovery in the European market for business information and for Bisnode.
The market strengthened and has now returned to near normal levels of business activity
and demand.
Bisnode ended the year on a positive note with organic
growth of over 1 per cent in the second half of the year, partly
as a result of gradually improving market development in
Europe. For the year as a whole, revenue however decreased
organically by 1 per cent. Our operating margin adjusted for
capital gains rose slightly.
Growth
Growth is key for our future, as are leveraging the power of
the Bisnode Group and the synergies from our 17 country
operations. In 2010 we took several steps to strengthen
innovation and product development and to extend our
customer offering. Among them launching new Credit
Solutions offerings in Germany, leveraging our existing,
market-leading German data assets.
Our Swedish subsidiary Business Check and German
Hoppenstedt Creditcheck are two good examples of how we
can drive growth. Business Check offers smart, easy-to-use
web-based credit solutions targeting small- and mid-sized
companies in Sweden. By moving the entire concept, business
model, product templates and technology to Germany and
launching it under the strong local brand Hoppenstedt
Creditcheck, we have been able to reduce both time to market
and costs while staying focused on gaining market share. We
are now in the process of launching the same product concept
in other countries, starting with Switzerland and Austria.
By leveraging the power of the Bisnode Group and taking
advantage of synergies, we will continue to improve our
growth in the future.
In addition to organic growth, Bisnode strives to grow by
making selected acquisitions providing access to new customers
and products while leveraging existing data assets. In the past year
we made strategic acquisitions in our core offering of Marketing,
Credit and Business Information Solutions across Europe.
It’s all about people
Bisnode’s success relies on innovation, our ability to
understand and serve our customers’ needs. This is only
possible through the valuable contributions of all our
team members. In 2011 we are further strengthening our
commitment to Bisnode’s talent by launching several
initiatives to ensure that we attract, develop and retain the
very best people in our industry.
Future outlook
The business information market is in transformation.
Wider access to data, rapid growth in data usage, new
technologies and evolving customer needs coupled with a
changing regulatory framework are providing both business
opportunities and challenges for Bisnode. The key activities
for us in 2011 include launching new products and offerings in
all served markets, dealing with the changed operating model
for spar data and further developing our partnership with d&b.
At Bisnode we have strengthened our market position
and see tremendous opportunities to expand. In an era
of information excess, we offer our customers effectively
packaged information that is accessible, structured, verified
and relevant.
Our aim at Bisnode is to be the leading provider of digital
business information in Europe. Bisnode’s long-term goal is
to achieve an ebita margin of 15 per cent and to grow by 10
per cent per year through a combination of above-average
organic growth and acquisitions.
Thanks to our great offering and committed Bisnode
talent, we are on the right path to achieving our goals.
Johan Wall
President and CeO
5

6
WHERE WE
ARE TODAY
Bisnode operates in 17 European countries
with nearly 3,000 employees. The revenue for
2010 amounted to SEK 4.451 million with
an operating profit of SEK 536 million. The
Group is divided into four geographical
regions. In these regions Bisnode provides a
core offering of Credit, Marketing and Business
Information Solutions. In addition, there
are two separate business areas: Product
Information and Software and Applications.
Bisnode has operations
in 17 european countries,
With its head office in
stockholm, sWeden
REVENUE PER REGION AND BUSINESS AREA
4%
17%
REVENUE PER PRODUCT OFFERING
18%
keY figures 2010 2009
Revenue (Sek M) 4,451 4,741
operating profit, ebitda (Sek M) 671 728
operating profit, ebita (Sek M) 536 593
operating margin, ebita (%) 12.0 12.5
average number of employees 3,080 3,167
number of customers 200,000 197,000
SEK M
5 000
4 000
3 000
2 000
1 000
0
10%
10%
7%
7%
19%
2006 2007 2008
43%
33%
32%
2009 2010
NORDIC 43%
DACH 19%
BENEFRA 17%
CENTRAL EUROPE 4%
PRODUCT INFORMATION 10%
SOFTWARE AND APPLICATIONS 7%
NORDIC: Denmark, Estonia, Finland,
Norway, Sweden
DACH: Austria, Germany, Switzerland
BENEFRA: Belgium, France, Netherlands
CENTRAL EUROPE: Croatia, Czech Republic,
Hungary, Poland, Slovakia, Slovenia
MARKETING SOLUTIONS 33%
CREDIT SOLUTIONS 32%
BUSINESS INFORMATION
SOLUTIONS 18%
PRODUCT INFORMATION 10%
SOFTWARE AND APPLICATIONS 7%
750
600
450
300
150
0
operating profit,
eBita
reVenue

WHERE WE ARE
HEADED TOMORROW
When it comes to providing the information needed to make the right business
decisions, relevance, access and accuracy are key factors. Bisnode combines these factors,
presents them in user-friendly solutions and provides them as part of our customer’s
daily workflow.
Vision
Bisnode’s vision is to be the leading provider
of digital business information in Europe.
Mission
Bisnode’s mission is to help customers maximise
their sales, minimise their business risks
and make better business decisions. Bisnode
aims to be a partner for companies of all
sizes in Europe, offering digital business
information and decision support for the
general business-to-business market. By
providing state-of-the-art information solutions,
Bisnode helps its customers achieve their
business goals.
Strategy
The main components of Bisnode’s strategy
are to work in close relationships with our
customers through strong local presence,
exploit the economies of scale in collecting
and enhancing our own data and build
superior segmented solutions by utilising
the power of the Group. By doing so and
by embracing the opportunities of new
innovative methods and technologies,
Bisnode will meet the objective of becoming
an indispensible part of our customers’ daily
business activities – and continue to grow as
a leader in the markets we serve.
Customer value
The key to serving customers well is to provide
clearly segmented offerings under strong
local brands. By working closely with our
customers and utilising the local expertise
when validating, aggregating, selecting and
packaging data in the most accessible format,
we believe Bisnode is better able to add more
value to each service.
Scalable, digital business model
Bisnode’s digital business model enables
scalability and effective use of our core asset,
the data set in each country. By collecting
and enhancing data that can be sold multiple
times, Bisnode is thus able to realise cost
synergies. By sharing best practices and
solutions, we can capitalise on revenue
synergies throughout the Group.
Leveraging the power of the Bisnode Group
With the resources of a market-leading
European organisation, combined with
local insight and knowledge in 17 countries,
Bisnode offers customers value-added solutions
tailored to their local needs. At Bisnode
we strive to maximise revenue synergies by
reusing successful concepts, business models
and technologies combined with our local
datasets. By leveraging the power of Bisnode,
we are able to reduce time to market, increase
effectiveness and serve our customers well.
Driving future growth for Bisnode
Expanding the breadth and depth of the
solutions we offer will be vital for Bisnode’s
continued growth – both with customers we
currently serve and in new markets where we
establish our presence in the future.
By continuing to develop innovative
technologies that can be more easily adapted
7
to changing consumer behaviours, we will be
able to attract new customers. In addition,
by identifying talented individuals within the
Bisnode Group and rewarding their creativity
and entrepreneurial spirit, we will continue
to enhance our position as leaders in the
markets where we operate.
Financial targets
Bisnode’s financial target is to achieve an
operating margin, ebita, of at least 15 per cent
and annual revenue growth of 10 per cent
over an economic cycle.
key to SeRving cuStoMeRS
well iS to pRovide cleaRly
SegMented oFFeRingS undeR
StRong local bRandS

8
TRENDS iN
OUR iNDUSTRY
An increasing flow of information, regulatory changes and new technologies are
re-shaping the market for digital business information. Customers are demanding
access to the right information, whenever, wherever – and in a user-friendly format.
The transfer of business information is merging with customers’ work and private lives.
Business information consists of a range of
different types of data, including corporate
and consumer information. Long-term
growth in Europe is estimated to progress at a
three to five per cent annual rate. The market
for digital business information is currently
in a trend of cautious recovery. However,
Bisnode mostly operates in segments of the
information industry that are outperforming
the industry average.
The European market for digital
business information is fragmented with
many competing players, especially at the
local and regional levels. At the present
time, the market is experiencing a trend of
consolidation among small operators.
Mobility trend remains strong
New opportunities and user patterns
continue to emerge as the regulatory
framework changes and new technologies
are launched – including mobile, social,
personal, semantic web and portable devices.
The way information is presented,
experienced and used is changing
dramatically. Significant market drivers
include ever-increasing amounts of
information and closer system integration
with end-users. The mobility trend is growing
stronger, and in 2010 the use of personal
tablet computers proliferated. The launching
of solutions for smart phones and tablets
offers a new level of mobility and allows users
to access and process content at their point
of need.
The impact of next-generation content
software technology had dramatic effects
in 2010, and its evolution is expected to
have an even greater impact on the industry
in the year to come. Bisnode’s offerings
continuously evolve to meet customer
demands for next-generation services for
business intelligence, social networks,
embedded solutions and information
searches.
Customers are requesting increasingly
sophisticated solutions based on new
technologies with a more precise information
transfer process. There is also a strong
infographic trend, elevating the importance
of design features that facilitate the process of
digesting information.
Sophisticated services and big data
As fixed costs for collecting and managing
data are relatively high, and the additional
cost for packaging and distributing the data
is low, it is imperative that we strive to add
more value to the services Bisnode provides.
This ensures the necessary scope for achieving
large economies of scale as user numbers
increase.
Price pressure has risen as the volume
of information has grown, thus increasing
the importance of quality assurance, data
enhancement and value-added services. Onesize-fits-all
solutions are being replaced by
solutions that allow mass customisation. As
the amounts of data grow, new opportunities
arise for analytical tools that can extract
trends, patterns and consumer behaviours.
Vast quantities of data, if refined, enrich
business information services.
Bisnode gathers increasing amounts of
data via web crawling and crowd sourcing
to harness the power of user and customer
interactions. Content creation will scale faster
as models take advantage of the network
effect. In order to maintain and strengthen
the Group’s market position, Bisnode
continues to expand its offer of increasingly
customised products and services, which
includes more focus on user-friendly
innovative solutions.
eveR-incReaSing aMount oF
inFoRMation, cloSeR SySteM
integRation with end-uSeRS
and the Mobility tRend aRe
iMpoRtant MaRket dRiveRS

WHAT WE OFFER TO
OUR CUSTOMERS
Bisnode offers high-quality business information,
including company and consumer information.
Bisnode’s core offering consists of credit, marketing
and business information solutions that help customers
to maximise sales, minimise risks and make better
business decisions.
core offering credit solutions marketing solutions Business information
solutions
offering
Brands
market
position
main market
segments
competitors
business and consumer credit information
solutions and reports, portfolio monitoring,
credit status updates, credit scoring and risk
analysis for the management of credit risk on a
transactional and/or portfolio basis.
aaa Soliditet, business check, bonitete, cekia,
connectus, credita, d&b, hoppenstedt
creditcheck, hoppenstedt360, wisur
and partnercontrol.
global credit – strong position via d&b brand
for austria, czech Republic, denmark, Finland,
hungary, germany, norway, poland, Sweden
and Switzerland. domestic and regional credit
– strong position in nordic countries, building
local brands in austria, Switzerland, germany
and central europe.
large enterprises with global needs. large
enterprises with domestic/regional needs.
Small to Medium enterprises (SMe).
coface, creditreform, creditsafe, delta vista,
experian and uc Sweden.
business and consumer contact data for mail,
email or telephone, business and consumer
data quality services, data intelligence, database
management services including executing
online communication campaigns.
baby dM Scandinavia, bisnode interact, direkt-
Media, direktMedia 121, paR, wdM and
wdM directinet.
Market leader in belgium, Finland, France,
Sweden and norway and strong position in the
netherlands.
automotive, Fast-Moving consumer goods,
Finance, Fundraising, government, insurance,
leisure, Mailorder, Media, Retail, telecommunications
and utilities.
customised general business information solutions
including financial and legal information,
media monitoring, legal documents, in-depth
industry analysis and extensive personal
information listing.
9
eurodata, gv in, greens, hbi, hoppenstedt
Firmeninformationen, ibon, infotorg, Javnirazpisi,
newsline, poslovna hrwatska, Svensk handelstidning
Justitia, Svenska nyhetsbrev and yritystele.
Market leader in denmark, Sweden and Slovenia
and strong positions in croatia, Finland, germany
and central european countries.
corporations, Financial institutions, public
administrations and Small to Medium enterprises
(SMe).
1000 Mercis, acxiom, global direct and Schober. bundensanzeiger verlag, bureau van dijk,
ergo- group, Factiva, gbi-genios and lexis nexis.

10
CREDiT
SOLUTiONS
Bisnode offers a wide range of solutions for credit and risk management, including financial
and economic information, as well as credit assessments. In 2010, Bisnode strengthened its
portfolio of both local and global services by developing and enhancing solutions that are
increasingly sophisticated and user-friendly.
Bisnode offers business and consumer credit
information services, credit status updates
and business records, including original legal
documents. Most services are offered at both
the local and global levels. Local services are
available through strong regional companies
in the Group with standardised as well as
customised information and specialised
services, often integrated or combined with
the customer’s systems.
Global services are offered through the
market-leading supplier of global credit
information, d&b (Dun & Bradstreet).
Bisnode is the largest partner of d&b,
owning and operating d&b companies in
ten European countries. With a portfolio
of both local and global services, Bisnode
has a leading position in the majority of its
markets.
A resilient market
Following the financial turbulence and frozen
credit markets in 2009, many companies
struggled through hard times. During such
times, the share of business transactions
that are preceded by a credit report is high.
However, it tends to decrease in a strong
economy. During 2010, the market took a
positive turn, and the demand for credit
solution services shifted. As the economy
recovers, the number of business transactions
increases, which in part makes up for the
decrease in credit risk.
– Our continued growth in 2010 is due to an
expansion of the Small to Medium Enterprise
(SME) market, in combination with the
proliferation of more sophisticated solutions
in the Large Enterprise segment, says Mattias
Aronsson, CIO and Competence Centre
Director Credit Solutions.
Market growth in SME segment
A strong trend during 2010 was the expansion
of the market for credit solutions in the sme
segment. Bisnode’s solutions offer easy access
to user-friendly credit services meeting the needs
of small businesses and contribute to driving
demand for credit solutions in the sme segment.
– Traditionally, our solutions have primarily
been directed toward advanced users. Now,
as the share of smaller companies that are
performing credit checks is on the rise, we
have focused on developing more user-friendly
solutions, says Mattias Aronsson.
Sophisticated services add value
In the recent past, the need for sophisticated
risk management solutions has increased. This
trend has fuelled the development of value-
added services in addition to the data Bisnode
delivers in the Large Enterprise segment.
– In our line of business, adding value means
moving from delivering reports and data
to refining and processing the data for our
customers with analytical tools and integrated
services. Delivering more sophisticated services
allows us to retain premium pricing and enables
our customers to focus on their core business,
says Mattias Aronsson.
Bisnode strengthened its Credit Solutions
offering and market position in Germany
in 2010. Recent start-up Hoppenstedt
CreditCheck is now an established player
with significant brand recognition in the
market. Bisnode also launched Hoppenstedt
360, focusing on the needs for domestic credit
solutions in the Large Enterprise segment. In
Central Europe, Bisnode developed a small
business offering, PartnerControl, which is
now offered in Hungary, the Czech Republic
and Slovakia.
Although the demand for credit solutions
is traditionally counter-cyclical in nature, the
development of Bisnode’s Credit Solutions
remained strong throughout the business
cycle. Credit Solutions showed a positive
development in 2010 and increased its share
of Bisnode’s total revenue to 32 percent.
adding value MeanS Moving FRoM
deliveRing RepoRtS to ReFining
the data with analytical toolS
and integRated SolutionS

1.
3.
4. 5.
2.
11
product example: every company can benefit from minimising the risks connected to their
business. one major part of bisnode’s offering is to provide credit Solutions as sophisticated
integrated solutions that enable companies to maximise their sales, without taking unnecessary
risks.
1. Many major retailers, for example electronics firms, offer payment plans to reach more
customers and sell more products, such as tvs. to ensure that a particular customer has the
necessary means to pay for items they would like to purchase, bisnode’s integrated credit
Solution can be utilised to instantly perform a comprehensive credit check on the customer.
2. every potential customer has his or her creditworthiness data gathered in a stored and integrated
scorecard. during checkout, a cashier can easily enter the customer’s personal data and
immediately get a green or red light to approve or deny a purchase
3. the information that is the basis for a consumer scorecard is gathered from local sources
such as tax authorities, courts, official registers and the land registration authority. on this
scorecard, factors such as age, date of employment, home ownership, involvement in company
bankruptcies, etc. are merged together with the customers’ own regulations of providing credit
to the client. a score from 1 to 10 that indicates the client’s creditworthiness is compiled from
this information.
4. when a customer is approved, the necessary information is entered into the system and a
payment plan is established.
5. the customer goes home with a new tv, and the electronics firm gets a new customer.

12
MARKETiNG
SOLUTiONS
Bisnode is one of Europe’s leading providers of marketing services including Customer
Relationship Management, addressed and interactive direct marketing. In 2010, Bisnode
also strengthened its cross-channel integration and solutions for harnessing the information
in social networks.
Bisnode’s services are offered in two main
segments: business-to-business and businessto-consumer.
With the help of Bisnode’s
solutions, customers can identify their
own prospects and customer segments.
Bisnode also offers up-to-date solutions for
retaining and developing existing customer
relationships by actively interacting with
businesses and consumers. It is necessary to
interact with customers via the most relevant
channel and to take into consideration that
the nature of the message will affect which
channel produces the best results.
– The speed of the dialogues is quicker, and
customers have set higher standards on receiving
sharper messages via the right channel. This
increases the importance of high-quality crosschannel
contact points. Linking the customer
value from our databases with the estimation of
their social value is an important focal point for
the future, says Norbert Verkimpe, Competence
Centre Director Marketing Solutions.
Evolution of Business Intelligence
As consumers become more of a moving
target, marketers will need to capture more
information about them, mine all of the
available data and find smarter ways to
extrapolate it. More data than ever is being
collected. However, a larger quantity of
information is not in itself the answer. The
demand for higher quality data drives the
evolution of Business Intelligence. The
marketing solutions become more effective
by taking a wider look at the people Bisnode’s
customers want to reach, and by applying all
of the available information.
– A highly noticeable trend is that customers
are asking for more relevant data, rather than
just more data. They also want it presented in a
user-friendly format. Bisnode’s processing power
saves the customers time and allows for more
effective cross-channel communication, says
Norbert Verkimpe.
It’s time to interact with the customers
2010 was the year in which companies and
brands seriously started reflecting on how
to harness the power of social networks.
Now the time has come for companies to
start having more serious dialogues with
their consumers. In 2010, we witnessed an
explosion of social media. As a result, brands
have become increasingly intrigued by how
they should position themselves. In 2011, it’s
time for companies to become more active.
– The explosion of social media has also caught
the attention of governments, who are looking
at how to protect people’s integrity online. Our
job is to offer privacy proof solutions for the
individual that are set in accordance with local
laws, says Norbert Verkimpe.
About Bisnode Marketing Solutions
Bisnode can assist customers in projectbased
campaigns or services, as well as in the
implementation and streamlining of ongoing
marketing activities. Other marketing services
include business and consumer list broking,
data mining and project management.
Specialised value-added offerings such as
data cleansing, hosting loyalty schemes and
advanced statistical segmentation are also
available.
Marketing Solutions account for 33% of
Bisnode’s total revenue. Customers are sales-
and marketing-driven companies in both the
commercial and financial industries, as well
as crm and direct marketing users.
biSnode’S pRoceSSing poweR in
pRoviding Relevant inFoRMation
SaveS tiMe FoR the cuStoMeR and
allowS FoR MoRe eFFective cRoSSchannel
coMMunication

3.
4.
1.
2.
13
product example: bisnode allows its clients, such as insurance companies, to keep track of
their customers and give them relevant offers at the right time. one way of accomplishing this
is by establishing key indicators that describe a customer’s lifestyle and purchasing power.
1. Jean is a young man who lives with his parents. he is represented in bisnode’s system by
three different keys. his individual key – representing Jean himsef. the household key – representing
Jean and his parents. and finally the geographical key – representing the house they live in.
2. when Jean moves out to his own flat, all three of those keys change. the insurance company
can send an offer to Jean to get insurance for his new flat, and since he is on his own now, perhaps
accident insurance as well. at the same time, they also offer his parents the chance to
update their insurance.
3. Jean meets a girl, and she moves in. the insurance company receives an indication from
bisnode in their system suggesting that new relevant offers can be provided. when they buy a
car or have children, the insurance company knows and can adjust its marketing accordingly.
4. this way, handling the data is easier and more secure for bisnode. it also allows the customers
to create marketing activities targeted at individuals, families or addresses.

14
BUSiNESS iNFORMATiON
SOLUTiONS
Bisnode’s Business Information offering ranges from general financial and legal information to
media monitoring services and people information solutions. During 2010, Bisnode advanced
in the area of embedded information in customer workflows, and continued to utilise new
technologies to facilitate the usage of business information.
Bisnode’s offering includes a wide range of
information, media monitoring and legal
documents of p&l statements, land registry
information and car registry information
for in-depth industry analysis. The offering
also includes extensive personal information
such as decision-makers, managers and board
members. Detailed business information
can also be obtained about individual
entrepreneurs and small- to medium-sized
enterprises that otherwise can be hard to find.
Bisnode’s information provides a solid base
for well-founded decisions, from determining
who to contact at a company to extensive
processes needed for acquisitions and other
corporate actions that require substantial
decision support.
Easy access to accessible data
Demand for standardised and segmented
products is expected to continue to
expand alongside the need for one-stop
shop solutions. New technologies create
opportunities to offer enhanced solutions
for data access. The infographic trend
continues to grow stronger, and customers
are demanding that detailed and complex
information be presented in a user-friendly,
visual format. Customers are demanding the
right information at the right time and place,
and in an accessible format. Bisnode has
re-shaped and re-launched several solutions
in 2010. InfoTorg, Poslovna Hravatska and
Hoppenstedt Firmeninformationen presented
services with new visual qualities and adapted
them for use in mobile devices.
– Customers are asking for solutions that make
data more accessible from mobile devices such
as smartphones and tablet computers. We
also speed up the transfer of information by
enhancing visual elements including graphs
that convey data faster than a table of numbers
would, says Maria Anselmi, Competence Centre
Director of Business Information Solutions.
Data collection and embedded usage
The broad range of services attracts a wide
variety of customers, from managers and
key decision-makers to consultants and
business analysts. A significant share of the
information comes from the government
and other public sources, as well as private
sources. Some information is collected
through media and Internet monitoring. An
increasing share of the data is collected using
web crawling and crowd sourcing.
– Web crawling is gathering data from
the Internet via a computer program that
automatically and methodically browses the
web. Crowd sourcing outsources data collection
that is traditionally performed by employees, to
an undefined large group of people in society,
says Maria Anselmi.
Customers need updated information
about news, events, competitors and credit
risk in each market. Embedded usage is
growing, which means that external business
information is integrated with internal
systems and workflows. By offering qualified
business information services and solutions
that integrate well with the customer
platform, the level of customer benefit is
increased.
– Integrating internal and external data gives
our customer a wider spectrum of information.
A more complete data set offers our customers a
better base for accurate decision-making, states
Maria Anselmi.
The market for business information is in a
recovering trend, although the market tends
to be fairly robust in relation to the business
cycle. Business Information Solutions account
for 18 per cent of Bisnode’s total revenue.
pRoviding SolutionS that Make
data MoRe acceSSible FRoM Mobile
deviceS and enhance it with MoRe
gRaphical viSualS iS an incReaSing
deMand FRoM ouR cuStoMeRS

3.
4.
1.
2.
15
product example: every company can benefit from keeping tabs on the world around it.
bisnode provides online monitoring services for small- and medium-sized companies to help
them with day-to-day fact finding on their market, their competitors and partners.
1. companies can keep tabs on what is written by business publications. bisnode searches the
daily business press and indexes articles into a database that numbers more than one million
articles in various countries. driven by a powerful search engine, customers get the latest news
and market trends at all times.
2. bisnode gathers information about companies and decision-makers from sources such as
local courts, banks, official government agencies and business partners.
3. bisnode uncovers information about insolvency cases, legal issues, payment indices and
other information that enables our customers to perform benchmark analyses, study balance
sheets, annual reports and more.
4. bisnode business information Solutions gives each client sufficient data to continuously
monitor the market in order to make better and safer decisions in their day-to-day business.

16
iT’S ALL ABOUT
PEOPLE
Talent is the key to business success. Bisnode works strategically to attract, develop and retain the
right talent for today and tomorrow. Employees at Bisnode have the advantages of working for
small and mid-sized entrepreneurial companies at the same time that the Group provides the
opportunities available in a large organisation.
Knowing our markets
The Bisnode Group is present in 17 countries
in Europe and had 2,974 employees at the
end of 2010. The Group is divided into
four geographical regions in which Bisnode
provides a core offering of credit, marketing
and business information solutions. The
local focus enables Bisnode to work close
to the customers and take advantage of the
competitive edge locally. In addition, there
are two separate business areas – Product
Information, offering product information
and online-based advertising services across
Europe, and Software and Applications.
Power of the Group
Bisnode is committed to sharing ideas and
enhancing its longstanding entrepreneurial
tradition. Three Competence Centres – for
Credit Solutions, Marketing Solutions and
Business Information Solutions – allow
the sharing of knowledge and ideas while
encouraging an innovative approach to new
business opportunities. These Competence
Centres strive to transfer successful concepts
throughout regions and to create revenue by
searching for business opportunities across
borders.
The local focus combined with increased
transparency enables maximised business
potential and synergies throughout the
Group.
Maximizing performance and potential
One of Bisnode’s strategic objectives is to
offer an environment where individuals
can grow in their professional roles, and
the Group shares a comprehensive strategy
for Talent Management. With a large
number of Bisnode companies in many
geographical markets and a wide range of
business information solutions, Bisnode
offers a multitude of opportunities for career
advancement within the Group for not only
current but also future talent.
– Our strategic focus on talent development
and knowledge sharing allows us to maximize
the potential of the talent we have in-house to
increase profitability and growth at the same
time that we attract new talent, says Karin
Svensson, Talent Director.
Bisnode is focused on developing the
right leadership for today and tomorrow,
identifying talent in all areas of the business
and developing it to its full potential, as
well as dynamically sharing talent within
the Group by allowing the organisation to
become more transparent. Our goal is to
successfully develop employee talent and offer
our employees interesting career paths and
mobility within the company in order to gain
new skills and experiences. A good Talent
Management strategy is a way to retain top
talent within the Group.
Building engagement
A motivated team is a more proactive team.
Bisnode recognises that the ability to attract
and engage talented people within the
Group is a key differentiator in remaining
ahead of the competition and growing the
entire organisation. By taking a strategic
view of talent development in the same
way as we do with product development
and demonstrating a culture of continuous
learning and cooperation, we engage the inhouse
talent to create a positive spiral where
talented people attract other talented people.
– By injecting passion, energy and fun into our
work and continuously connecting with our
people, we can better understand the drivers for
their engagement, meaning and each employee’s
experience of being part of the Bisnode Group,
says Karin Svensson.
Values
entRepReneuRial SpiRit
Bisnode was built by entrepreneurs, and
it is vital to maintain the entrepreneurial
spirit in order to continue growing.
local FocuS
By working closely with customers,
knowing Bisnode’s markets and taking
advantage of the competitive edge locally.
a winning attitude
By striving for the number one position,
exploring new possibilities and being
ambitious while having fun.
integRity
By caring for the individual, securing
the credibility of the Group’s business
information and using it responsibly.
openneSS
By pursuing open communication and
transparency.

peter trap
direCtOr internatiOnaL
business deveLOPment
organisation
REGION
NORDIC
REGION
DACH
FINANCE
COMMUNICATIONS
STRATEGIC IT
TALENT
REGION
BENEFRA
CEO
REGION
CENTRAL
EUROPE
COMPETENCE CENTRES
CREDIT
SOLUTIONS
MARKETING
SOLUTIONS
BUSINESS
INFORMATION
SOLUTIONS
BUSINESS
AREA
PRODUCT
INFORMATION
17
BUSINESS
AREA
SOFTWARE
AND
APPLICATIONS
personnel keY figures 2010 2009
average number of emloyees 3,080 3,167
number of emloyees at 31 december 2,974 3,095
total revenue per employee (Sek th) 1,445 1,497
operating profit (ebita) per employee (Sek th) 174 187
number of men in the group 1,731 1,749
number of women in the group 1,348 1,418
EMPLOYEES BY REGION/BUSINESS AREA 2010
11%
8%
16%
7%
1%
21%
35%
NORDIC 35%
DACH 21%
BENEFRA 16%
CENTRAL EUROPE 11%
PRODUCT INFORMATION 8%
SOFTWARE AND APPLICATIONS 7%
CENTRAL 1%
emploYees BY function 2010 %
SaleS & MaRketing 46%
pRoduction 41%
adMiniStRation 13%

18
claudine knop
managing direCtOr
Through dedicated and passionate leadership, Claudine Knop,
Managing Director of wdm Belgium, has shaped a company in which
innovation is at the heart of day-to-day business. Claudine recognises
the talent in every employee and motivates her colleagues to achieve
the best possible results.
Knop was awarded Leadership of the Year 2010, whereby she was
recognised for her innovative thinking, good communication skills
and for creating a good team spirit. “It feels inspiring to be in a
company with 3,000 passionate digital information specialists who all
strive to develop unique solutions in different business areas.”
Leadership of the Year
“I feel really honoured to have won the Leadership of the Year award.
I didn’t quite expect it since I have only been ceo for two years. Of
course, I share the recognition with the members of my team, all of
whom are very innovative and make a positive difference in our every-
day business. My main contribution to our success is that I have empowered
my team by welcoming and recognising new ideas”, Knop says.
Communication is the key
Knop firmly believes that effective communication skills are essential
for successful leadership. It’s how you create solidarity and common values.
“I have worked hard to create an atmosphere where everyone feels
comfortable bringing new ideas to me. However, people assimilate
information differently. Therefore, it’s as important to offer face-toface
communication as it is to write a weekly blog or share your vision
in a report. One of the initiatives for promoting innovation is a web
forum where all employees can post their ideas.”
Talent Management Program
Knop points out that the Bisnode’s Talent Management Program will
have a positive effect on the future of the Group.
“A company’s employees are just as important as its products and
services. If we allow people to grow, continue to promote innovative
thinking and develop new digital solutions, it won’t be long before
we’re number one in all markets.”
name: Claudine Knop
position: managing director at Wdm belgium
since 2009, with 170 employees. Knop has worked
with the bisnode group since 1994.
Business target for 2011: to increase
revenue, to integrate new technology with our
digital solutions and to continue to develop the
team.
personal character traits: Perceptive,
genuine and demonstrating excellent
communication skills.

name: Pasi Leino
position: account director at soliditet
Finland. Leino has been with the bisnode group
since 2005.
Business target for 2011: to expand the
market in the consumer credit business segment
and be the first person to win the Performance of
the Year award two years in a row.
personal character traits: Listens well to
customers, keeps his promises and will do what it
takes to close the deal.
name: Christian brandlhuber
position: account manager at sales &
marketing solutions in d&b germany. He has
worked within the bisnode group since 2008.
Business target for 2011: Compared to 2010,
brandlhuber’s budget has been raised by more
than 150 per cent for 2011. the reason for this is to
encourage even greater contributions that will
further strengthen the position of the group in the
marketplace.
personal character traits: Creative,
diligent, flexible, friendly, persistent and persistent
and persistent.
pasi leino
aCCOunt direCtOr
Pasi Leino, Account Director at Soliditet
Finland, received the Performance of the
Year award. He had a very successful year
in 2010 and managed to sign contracts with
large customers in a new business area. “I am
truly honoured to have been selected, and to
be a part of a very successful organisation.
Winning the award has spurred me to deliver
even better results this year.”
Performance of the Year
Pasi Leino is known for his ambitious drive
and winning attitude. In 2007, he played a
key role in breaking up the monopoly in the
personal credit business segment in Finland.
This greatly helped strengthen Bisnode’s
market position.
Last year he exceeded all sales goals and
received the Performance of the Year award
for his achievements.
christian BrandlhuBer
aCCOunt manager
Christian Brandlhuber, Account Manager at
d&b Germany, was awarded 2010 Salesperson
of the Year. He won the award for exceeding
his individual annual sales budget by 288 per cent.
This was the highest figure in the Group.
“Excellent support from my managers and my
team helped me achieve such an excellent result.”
Salesperson of the Year
Despite the challenges of the financial crisis,
Christian Brandlhuber had a successful year
in 2010 by closing a large number of deals
and attracting new customers. As a result,
he reached remarkable sales figures and was
selected as Salesperson of the Year.
Brandlhuber is recognised for his customer
relationship skills and for creatively modifying
market solutions to fit customer demands.
“As an Account Manager, it is necessary to really
listen, recognise what the customer needs and
act upon it. I never sell just a product. I offer
a solution to a real problem,” Brandlhuber says.
19
Working together leads to success
“The success I enjoyed in 2010 could not have
been possible without the support of my
colleagues. In order to meet the challenges
successfully, it was necessary to apply
knowledge shared by my colleagues, and
also to work creatively with them to create
customised solutions,” says Leino.
Innovation and entrepreneurship
Leino points out that the Group has given
him complete confidence to pursue leads for
new customers. He feels that innovation and
entrepreneurship are encouraged, which helps
him maximise his results.
“The balance between freedom and
responsibility has been essential to my
achievements. I am convinced that if Bisnode
continues to support this kind of development,
we have a great future ahead of us.”
The key to success
Brandlhuber’s accomplishment is based on
several factors. “To succeed in sales you have
to be at the right place, at the right time and
offer the right solution,” Brandlhuber explains.
He suggests that another key to success is
to identify the gatekeeper. By getting through
to the decision-maker you close the deal
faster. Brandlhuber continues by saying, “in
my Account Manager role, I never let the lost
deals bring me down. It is a natural part of
the job. Be persistent, always knock on new
doors and focus on your goals. My motto is
abc – Always Be Closing.”
A creative environment
Bisnode Group strives to offer a stimulating
environment that allows the individuals to
grow and develop. Brandlhuber truly believes
that Bisnode lives up to that ambition.

20
REGiONS AND
BUSiNESS AREAS
Bisnode’s core offering of credit, market and business information
solutions is organised into four geographical regions with similar
market conditions, business opportunities and local synergies.
In addition, there are two separate business areas
– Product Information and Software and Applications.
serVais YimkWan
database manager
natalie guidotti
aCCOunt manager
alexandre rossez
database manager

egion nordic
mats
erWald
regiOnaL direCtOr
The Nordic region is the Group’s largest, with a very strong
offering in all product areas. In 2010, revenue amounted to sek
1.988 million with an operating profit of sek 371 million.
Demand for Bisnode’s solutions was stable, and operations
showed high profitability. Overall, the challenge in the region is
growth. Developments differed between countries. In Denmark
growth slowed following previous year’s sharp increase, and in
Norway the business development remained weak. Finland
continued to perform well and operations were strengthened
through the acquisition of Yritystele.
In Sweden, the business continued to deliver high operating
profit margin, despite that the Swedish market for personal information
is in transition since the Swedish Tax Agency assumed re-
sponsibility for spar. This will affect the Swedish operations,
however, our assesment is that other operations in Bisnode will
compensate for the estimated decline in revenue.
region Benefra
norBert
Verkimpe
regiOnaL direCtOr
Bisnode has a strong offering of marketing solutions and is
the leading provider of services for consumer marketing in the
region. In 2010, revenue amounted to sek 741 million with an
operating profit of sek 30 million.
Region BeNeFra reported negative organic growth of
6 per cent, adjusted for foreign exchange effects. Overall, the
region struggled to keep pace with market recovery, regulatory
changes and re-organisations. In the Netherlands, a significant
regulatory change has affected market conditions for all players
and led to negative growth. To adapt these operations an
action programme with substantial cost-cutting measures was
implemented. In Belgium, an integration project has been
carried out to unite the customer offerings in business-tobusiness
and business-to-consumer information. Profits in France
were affected by one-time costs, connected to the integration of
Directinet, which was acquired at the beginning of the year.
denmark
estonia
finland
norWaY
sWeden
SEK m
2,500
2,000
1,500
1,000
500
0
Belgium
france
netherlands
SEK m
900
800
700
600
500
400
300
200
100
0
2008 2009 2010
2008 2009 2010
750
600
450
300
150
0
120
100
80
60
40
20
0
Continued
high
profitability
21
REVENUE
OPERATING PROFIT,
EBITA
Challenging
market
REVENUE
OPERATING PROFIT,
EBITA

22
region dach
eckhard
geulen
regiOnaL direCtOr
Bisnode has a strong offering of credit solutions in the dach
region and offers business information solutions in Germany.
In 2010, revenue amounted to sek 860 million with an
operating profit of sek 104 million.
Region dach reported positive development with organic
growth of 3 per cent, adjusted for foreign exchange effects.
Investments in data quality is starting to pay off in expanded
offering with the launch of Hoppenstedt CreditCheck and
Hoppenstedt360. Despite ongoing initiatives to increase the
Group’s share of the German credit information market, the region
showed higher profitability. Austria and Switzerland continued
to deliver positive performances with slight growth along with
improved operating margins.
Eckhard Geulen has been appointed Regional Director
dach following the resignation of Peter Villa in April 2011.
region central europe
martin
coufal
regiOnaL direCtOr
Bisnode has a strong offering of credit solutions and business
information solutions in the region. In 2010, revenue amounted
to sek 182 million with an operating profit of sek 23 million.
Region Central Europe posted organic growth of 6 per cent,
adjusted for currency effects.
Development was strongest in Poland and Slovenia.
Growth-enhancing investments were made in product
development, database expansion and hiring of new staff
throughout the region in 2010. New products launched
in all countries are starting to pay off. At the end of the
year, operations in Croatia were strengthened through the
acquisition of Poslovna Domena – the country’s market-leading
supplier of digital business information.
germanY
austria
sWitzerland
SEK m
1,000
800
600
400
200
0
croatia
czech repuBlic
hungarY
poland
sloVakia
sloVenia
SEK m
210
180
150
120
90
60
30
0
2008 2009 2010
2008 2009 2010
120
100
35
30
25
20
15
10
80
60
40
20
5
0
0
healthy
growth
REVENUE
OPERATING PROFIT,
EBITA
invested
for future
growth
REVENUE
OPERATING PROFIT,
EBITA

Business area
product information
fredrik
Åkerman
business area direCtOr
The Product Information business area offers advertising-based
online services and business journals with a focus on industrial
suppliers. In 2010, revenue amounted to sek 437 million with an
operating profit of sek 71 million.
Revenue in the Product Information business area declined
organically by 6 per cent for the year. The business area improved
its operating margin compared to the previous year
as a result of cost adaptations that matched the lower level of
demand. Wer Liefert Was? retained its strong market position
in Germany and continued to perform well. The divestiture
of abc companies in Belgium, France, Luxembourg and the
Netherlands during the period resulted in a capital loss.
Fredrik Åkerman has been appointed Business Area
Director Product Information following the resignation of
Peter Villa in April 2011.
Business area
softWare and applications
fredrik
Åkerman
business area direCtOr
Bisnode offers software and applications with integrated
business information that help customers analyse and improve
their business performance while providing access to better
decision support. In 2010, revenue amounted to sek 360
million with an operating profit of sek 46 million.
In 2010, Bisnode sold Office Team in Norway and its
shareholding of slightly more than 50 per cent in Emric in
Sweden, contributing to the decline in revenue and lower
operating profit. The remaining companies have recovered after
the previous year’s decrease due to market decline, and reported
organic growth of more than 4 per cent for 2010. The offering
of crm systems in the Swedish market remains successful, and
expansion to Norway and Finland is proceeding as planned.
austria
denmark
finland
germanY
hungarY
norWaY
sWeden
sWitzerland
SEK m
600
500
400
300
200
100
0
finland
norWaY
sWeden
SEK m
500
450
400
350
300
250
200
150
100
50
0
2008 2009 2010
2008 2009 2010
80
70
60
50
40
30
20
10
0
100
90
80
70
60
50
40
30
20
10
0
improved
profit
margin
23
REVENUE
OPERATING PROFIT,
EBITA
divestments
and market
reCovery
REVENUE
OPERATING PROFIT,
EBITA

24
CORPORATE
GOVERNANCE
Bisnode’s organisation, with operations in 17 countries, makes
clear and well implemented corporate governance an important
platform for the Group.
In the Bisnode Group, governance, management
and control are divided between
the shareholders, Board of Directors, ceo,
executive management team and managing
directors of the operating companies.
Corporate governance is regulated by
Swedish law, primarily by the Swedish
Companies Act, and by the rules and recommendations
issued by relevant organisations.
The Board of Bisnode Business Information
Group has established requirements for all
companies in the Group for corporate governance,
including both a mandatory section
and a section that is strongly recommended.
Bisnode’s organisation, consisting of many
independent companies in 17 countries,
makes the Group heavily reliant on the
use of sound internal control systems and
procedures, as well as on compliance with
these procedures.
Work of the Board of Directors
In 2010 Bisnode’s Board of Directors held
eight scheduled meetings. The primary tasks
of the Board of Directors are to:
• Formulate and adopt Bisnode’s strategy for
attaining its overall operating goals.
• Review and adopt Bisnode’s annual
budget.
• Review and submit Bisnode’s annual
report.
• Report and propose the allocation of
profit/loss to the Annual General Meeting.
• Review and monitor Bisnode’s financial
development and business situation.
Aside from follow-up of business
operations, the Board devoted much of
its time in 2010 to discussing Bisnode’s
upcoming acquisitions and divestitures.
Bisnode played an active role in the
consolidation of the market for business
information during the year.
Board committees
Bisnode has two board committees: a Compensation
Committee and an Audit Committee.
Compensation Committee
The Compensation Committee consists of
Håkan Ramsin (Committee Chairman),
Henrik Joelsson and C. W. Ros.
The main tasks and responsibilities of the
Committee are to:
• Discuss the Board’s proposal for
resolution by the Annual General Meeting
regarding principles for compensation
to senior executives according to the
Swedish Companies Act. The principles
approved by the agm shall constitute the
framework for the compensatory forms
and levels discussed and decided on by the
Compensation Committee.
• Discuss matters related to general option
and bonus programs in terms of scope,
conditions and allocation, according to
proposals from the ceo or the Board of
Directors.
• Discuss matters related to the ceo’s
employment contract, salary and other
benefits prior to decision by the Board of
Directors, and recommendations to the
Board of Directors in these areas.
• Discuss, and in consultation with the ceo,
decide on matters related to the employment
contracts, salaries and other benefits of other
senior executives. The Committee shall
continuously inform the Board of Directors
when such decisions have been made.
• Propose principles for compensation to
members of the Board of Directors for any
assignments on behalf of Bisnode beyond
those which are consistent with normal
Board responsibilities.
Audit Committee
The Audit Committee consists of Henrik
Joelsson (Committee Chairman), Håkan
Ramsin and Jonas Nyrén. The task of the
Audit Committee is to ensure credibility,
control and high quality in the company’s
financial reporting. The committee’s main
areas of responsibility are to:
• Supervise the Board of Directors’ efforts to
assure the quality of Bisnode’s financial re-
porting. This quality assurance shall normally
take place through examination of all
critical accounting processes and financial
reports published by Bisnode. Among other
tasks, it is assumed that the Committee
shall deal with matters related to internal
control, regulatory compliance, events after
the balance sheet date, changes in estimates
and judgments and other issues that could
affect the quality of the financial reports.
• Maintain continuous contact with
Bisnode’s auditor to stay informed about
the focus and scope of the audit and
to discuss coordination between the
independent and internal audits and
assessment of Bisnode’s risks.
• Establish guidelines for the non-audit
services that Bisnode may procure from the
company’s auditor.
• Evaluate the auditor’s performance.

Lobke DeSTRooPeR
Account mAnAger
25
financial
inforMaTion
Directors’ report 26
Consolidated income statement 28
Consolidated statement of comprehensive income 28
Consolidated statement of financial position 29
Consolidated statement of changes in equity 30
Consolidated statement of cash flow 31
Parent Company income statement 32
Parent Company statement of comprehensive income 32
Parent Company statement of financial position 33
Parent Company statement of changes in equity 34
Parent Company statement of cash flow 35
Accounting policies and notes 36
Note 1. General information 36
Note 2. Summary of significant accounting policies 36
Note 3. Financial risk management 40
Note 4. Critical accounting estimates and judgements 41
Note 5. Operating segments 42
Note 6. Other operating income 43
Note 7. Board members and senior executives 43
Note 8. Average number of employees. Average number of
Board members, CEO and senior executives 43
Note 9. Wages, salaries and other remuneration – Group 44
Note 10. Compensation to Board members and senior executives 45
Note 11. Wages, salaries and other remuneration – Parent Company 45
Note 12. Fees to auditors 45
Note 13. Results from participations in group companies 45
Note 14. Financial income 45
Note 15. Financial expenses 46
Note 16. Income tax expense 46
Note 17. Intangible assets 46
Note 18. Property, plant and equipment 48
Note 19. Available-for-sale financial assets 49
Note 20. Deferred tax assets and liabilities 49
Note 21. Participations in group companies 50
Note 22. Trade and other receivables 52
Note 23. Inventories 52
Note 24. Cash and cash equivalents 52
Note 25. Borrowings 52
Note 26. Provisions for pensions 53
Note 27. Other provisions 54
Note 28. Trade and other payables 54
Note 29. Derivative financial instruments 54
Note 30. Accrued expenses and deferred income 55
Note 31. Reserves 55
Note 32. Finance leases 55
Note 33. Operating leases 55
Note 34. Related party transactions 56
Note 35. Contingent liabilities and pledged assets 56
Note 36. Share capital 56
Note 37. Earnings per share 56
Note 38. Business combinations 57
Note 39. Sale of subsidiaries 59
Note 40. Discontinued operations 59
Note 41. Events after the balance sheet date 60
Audit report 61

26
DirecTors’
reporT
The Board of Directors and the Chief Executive Officer
of Bisnode Business Information Group AB,
556681-5725, hereby submit their report for 2010.
The Group’s operations
Bisnode is a leading provider of digital business information
in Europe, with a complete offering of online
solutions for market, credit and business information.
Bisnode’s business information services help companies
to maximise sales, minimise business risks and make
better business decisions.
Bisnode conducts operations in 17 European
countries and has approximately 3,000 employees .
Consolidated revenue in 2010 amounted to around
SEK 4,5 billlion.
Bisnode is organised in four geographical regions
– Nordic, DACH, BeNeFra and Central Europe – all
covering the product offerings Marketing Solutions,
Credit Solutions and Business Information Solutions.
In addition, there are two separate business areas,
Product Information and Software and Applications,
and central support functions.
Significant events during the financial year
Acquisitions and divestitures
Three companies were acquired and four operations
were divested during the year.
At the beginning of January 2010 Bisnode completed
the acquisition of Directinet, a leading supplier
of online direct marketing solutions in France. The
company reported annual revenue of EUR 14 million
in 2009 and has more than 90 employees.
In April Bisnode acquired Bilfakta i Sverige AB. The
company has annual revenue of around SEK 4 million
and was integrated with Bisnode’s existing service
InfoBil during the year.
In October Bisnode acquired Yritystele Oy in Finland
with an online B2B search service for business information.
The company has 35 employees and annual
revenue of around EUR 3 million.
At the beginning of April Bisnode divested the
Norwegian IT supplier Office Team AS. The company
has 12 employees and reported annual revenue of
SEK 26 million in 2009.
In the middle of May Bisnode divested the ABC
group with operations in Belgium, France, Luxembourg
and the Netherlands. The ABC companies have a
total of 22 employees and posted annual revenue of
just under SEK 28 million in 2009.
In June Bisnode divested its shareholding of just
over 50 per cent in Emric. Emric has more than 100
employees and reported annual revenue of close to
SEK 80 million in 2009.
Aside from the three divested companies, in May
Bisnode sold the subsidiary PAR’s operations in information
logistics with 9 employees and annual revenue
of around SEK 30 million.
Earnings and financial position
Revenue and profit
Revenue for the period January-December fell by
6 per cent to SEK 4,451 million, compared to SEK
4,741 million in the same period of last year. Organic
growth was –6.6 per cent. Adjusted for foreign
exchange effects, organic growth was –1.4 per cent.
Operating profit, EBITA was SEK 536 million (593),
equal to an operating margin of 12.0 per cent (12.5).
Adjusted for capital gains on the sale of subsidiaries,
operating profit, EBITA was SEK 545 million (563)
and operating margin was 12.2 per cent (11.9).
Operating profit, EBIT was SEK 434 million (428).
Amortisation and impairment of intangible assets
attributable to acquisitions amounted to SEK 102
million, compared to SEK 164 million in last year. The
comparison period included a total goodwill impairment
loss of SEK 41 million. 2010 is charged with an impairment
loss of just under SEK 6 million on an excess value
attributable to the Product Information business area.
Net financial items for the year are reported at
SEK –149 million, compared to SEK –189 million last
year. The improvement in net financial items is
explained by a stronger Swedish krona rate coupled
with a decrease in net debt and lower market interest
rates compared to the same period of last year. Unrealised
foreign exchange gains attributable to the Group’s
long-term borrowing totalled SEK 93 million (75).
Income tax for the period was SEK 91 million (69),
equal to an average tax rate of 32 per cent (29).
Profit from continuing operations was SEK 194 million,
compared to SEK 170 million last year. Earnings
per share (basic and diluted) amounted to SEK 1.5 (1.3).
Profit from discontinued operations in the compar-
ison year includes all profit and loss items from
Region UK and Ireland, which was wound up during
2009.
Profit for the period was SEK 194 million (62) and
earnings per share (basic and diluted) amounted to
SEK 1.5 (0.4).
Cash flow and capital expenditure
Cash flow from operating activities remains stable
and amounted to SEK 464 million (471) during the
year. The year’s improvement in profit before tax was
offset by a somewhat higher level of working capital.
The year’s expenditure on non-current assets
amounted to SEK 95 million (119), and included
investments of SEK 52 million (57) in intangible assets
and SEK 43 million (62) in tangible assets. As a percentage
of revenue, investments in tangible and
intangible assets reached 2.1 per cent (2.5).
Capital expenditure in the subsidiaries amounted
to SEK 194 million (123) and the divestiture of subsidiaries
had a positive cash flow effect of SEK 15
million (105). Capital expenditure in the subsidiaries
includes total contingent purchase consideration of
SEK 108 million. The payments refer to two acquisitions
that were carried out in 2007 and the amount
has been previously reported as an interest-bearing
provision in the consolidated balance sheet.
The sale of two small office buildings during the
period contributed a positive cash flow effect of more
than SEK 20 million.
Financial position
Consolidated net debt fell to SEK 2,289 million, compared
to SEK 2,685 million at 31 December 2009,
mainly as a result of a strong cash flow during the
year. Furthermore, the higher Swedish krona rate has
reduced the Group’s long-term borrowing, which is
denominated partly in EUR, by around SEK 90 million.
Cash and cash equivalents amounted to SEK 259
million, compared to SEK 368 million at 31 December
2009. In addition, the Group has total granted bank
overdraft facilities of SEK 400 million. At the end of
the year, SEK 25 million of the overdraft facilities had
been utilised.

Employees
The number of employees at 31 December 2010 was
2,974 (3,095 at 31 December 2009). The net effect of
acquired and divested companies was a decrease of
36 employees.
The average number of employees during the year
was 3,080, compared to 3,167 in 2009.
Significant events after the balance sheet date
After the balance sheet date, Bisnode completed the
acquisition of Poslovna Domena in Croatia and
acquired 51 per cent of Vendemore AB in Sweden.
Poslovna Domena offers digital business information
from Croatia’s most complete dataset of company
and people information. The company has 15
employees and annual revenue of around SEK 9 million.
Vendemore helps companies to optimise their
online marketing. The company has 10 employees
and reported annual revenue of around SEK 9 million
in 2010.
At the end of February Bisnode acquired the credit
solutions company Lindorff Decision and 90.1 per
cent of marketing solutions company Lindorff Match,
located in Norway. Combined, the companies have
37 employees and showed annual revenue of SEK
115 million in 2010. Operating profit amounted to
around SEK 26 million. The acquisitions are subject
to approval from the relevant competition authorities.
No other significant events have taken place after
the balance sheet date.
Future outlook
Bisnode’s vision is to be the leading provider of digital
business information in Europe. The Group’s longterm
financial targets are annual revenue growth,
including acquisitions and divestitures, of 10 per cent
over a business cycle and an operating margin, EBITA,
of at least 15 per cent over a business cycle.
Risks and uncertainties
All business operations involve risks. Bisnode works
continuosly to identify, measure and manage risk. In
cases where events are beyond Bisnode’s control,
the aim is to minimise the consequences. The risks to
which the Bisnode Group are exposed are classified
into three main categories: external-related risks,
operating risks and financial risks.
External-related risks
– Macroeconomics
Demand for Bisnode’s services and products is
largely steered by economic development in the
respective country. However, the Group’s externalrelated
risks are reduced by maintaining a good geographical
spread with sales in 17 countries, a large
number of customers and a wide range of services
and products.
– Legislation
To a large extent, the information used by the Group
comes from publicly accessible sources. As a result,
the Group’s operations are influenced by the laws
and regulations governing public sector information
in each country.
– Coordinated Population and Address Register
The Swedish market for people information is in transition.
In 2009 the Swedish Tax Agency took over
responsibility for SPAR (Coordinated Population and
Address Register), which was previously handled by
Bisnode through its subsidiary Infodata, and the
Swedish Tax Agency introduced its first own SPAR
services on the market in January 2011. The services
handled by Infodata will remain on the market during
2011 but will cease entirely thereafter. Infodata will
thus lose its exclusive right to distribution of SPAR
information. For more than 20 years, Infodata has
distributed this information on a wholesale basis to
both Group companies and external parties. Due to
this exclusivity, the profitability of SPAR sales has
been historically very high. The Bisnode Group’s
directly related SPAR revenue in 2010 amounted to
around SEK 300 million. The management’s assessment,
however, is that the Group’s other operations
will compensate for the decline in SPAR-related revenue.
– Competition
As technological advances reduce the costs of procuring
and delivering digital information, start-up
costs and certain barriers to entry in Bisnode’s markets
may be reduced, allowing for more market
entrants and greater competition.
To fend off competition from low cost players,
Bisnode is working actively to develop a more
sophisticated product range and to increase customer
loyalty through integrated solutions where the
information is made available directly in the customer’s
business system when possible.
Operating risks
– Product and technology development
The Bisnode Group’s long-term profitability depends
on the Group’s ability to successfully develop and sell
new products and services. The long-term development
is also dependent on the ability to efficiently
deliver products to the customers. If Bisnode fails to
enhance the current delivery methods or develop
new methods in response to changes in technology
or customer preferences, or does not act quickly
enough to enhance or develop new delivery methods,
the customers may choose to receive digital business
information from other providers.
– Employees
To a large extent, Bisnode’s future sucess is dependent
on the knowledge, experience and performance of its
employees. In order to retain the existing staff and
recruit new talents, Bisnode is working actively to
offer competence development and competitive
compensation terms for its employees.
Financial risks
The Group is exposed to different types of financial
risks through its handling of financial instruments. The
primary risks are currency risk, interest-rate risk,
credit risk and liquidity risk. For detailed information
about financial risks and financial risk management,
see Note 3.
27
Parent Company
The Parent Company reported an operating profit of
SEK -27 million (-1). Profit after financial items was
SEK 99 million (100). The figure includes dividends of
SEK 100 million (100) from the subsidiaries. The Parent
Company made no investments during the period.
Group conditions
Bisnode Business Information Group AB is a subsidiary
of Ratos AB, corporate identity number 556008-3585.
Ratos’ holding in the company amounts to 70 per
cent of the votes and capital. The remaining shares
are held by Bonnier Holding AB.
Accounting policies
The Bisnode Group applies reporting in accordance
with International Financial Reporting Standards
(IFRS). For additional information see Note 2.
Proposed appropriation of earnings
Profits available for appropriation by the Annual
General Meeting (SEK):
Retained earnings 638,700,044
Profit for the year 103,802,933
Total 742,502,977
The Board of Directors and the CEO propose that the
profits be appropriated as follows:
To be carried forward 742,502,977
Total 742,502,977

28
consolidated income statement
SEK thousands Note 2010 2009
Continuing operations
Revenue 4,451,486 4,740,747
Other operating income 6 61,579 88,647
Total operating income 4,513,065 4,829,394
Goods and services -973,313 -1,102,809
Personnel costs 9, 10 -2,060,398 -2,198,929
Depreciation, amortisation and impairment losses 17, 18 -237,060 -299,454
Other expenses 12 -808,418 -799,904
Total operating expenses -4,079,189 -4,401,096
Operating profit 433,876 428,298
Financial income 14 9,431 11,879
Financial expenses 15 -158,254 -200,771
Net financial items -148,823 -188,892
Profit before tax 285,053 239,406
Income tax expense 16 -90,949 -69,352
Profit for the year from continuing operations 194,104 170,054
Discontinued operations
Profit for the year from discontinued operations 40 -108,237
Profit for the year 194,104 61,817
Attributable to:
Owners of the parent
Non-controlling interests 180,567 50,551
13,537 11,266
Share information:
Earnings per share before and after dilution, SEK 37 1.50 0.42
Earnings per share from continuing operations, SEK 37 1.50 1.32
Earnings per share from discontinued operations, SEK 37 -0.90
consolidated statement of comprehensive income
SEK thousands Note 2010 2009
Profit for the year 194,104 61,817
Other comprehensive income
Fair value gains on available-for-sale financial assets -5,092
Cash flow hedges 61,100 8,482
Cash flow hedges, transferred to the income statement -4,770 -4,770
Translation differences -315,815 -130,423
Deffered tax recognised directly in equity 12,934
Tax attributable to other comprehensive income -14,814 -976
Other comprehensive income for the year -261,365 -132,779
Total comprehensive income for the year -67,261 -70,962

consolidated statement of financial position
SEK thousands Note 31/12/2010 31/12/2009
ASSETS
Non-current assets
Intangible assets 17 5,182,273 5,612,689
Property, plant and equipment 18 284,698 367,165
Available-for-sale financial assets 19 4,841 6,993
Deferred tax assets 20 134,386 114,406
Trade and other receivables 22 14,787 20,910
Total non-current assets 5,620,985 6,122,163
Current assets
Inventories 23 5,856 11,496
Tax receivables 34,432 26,524
Trade and other receivables 22 861,050 911,366
Cash and cash equivalents 24 259,167 367,844
Total current assets 1,160,505 1,317,230
TOTAL ASSETS 6,781,490 7,439,393
EQUITY
Equity attributable to owners of the parent
Share capital 36 482,356 482,356
Other capital contributions 1,763,097 1,763,097
Reserves 31 -205,249 54,003
Retained earnings including profit for the year -1,036,820 -1,214,374
Total 1,003,384 1,085,082
Non-controlling interests 47,041 64,781
Total equity 1,050,425 1,149,863
LIABILITIES
Non-current liabilities
Borrowings 25 3,203,615 3,528,963
Provisions for pensions 26 209,568 217,711
Other provisions 27 54,164 188,544
Deferred tax liabilities 20 245,621 259,366
Trade and other payables 28 2,234
Total non-current liabilities 3,712,968 4,196,818
Current liabilities
Borrowings 25 347,275 332,351
Tax liabilities 104,955 57,712
Derivative financial instruments 29 74,481 135,581
Other provisions 27 39,893 1,238
Trade and other payables 28 1,451,493 1,565,830
Total current liabilities 2,018,097 2,092,712
Total liabilities 5,731,065 6,289,530
TOTAL EQUITY AND LIABILITIES 6,781,490 7,439,393
29

30
consolidated statement of changes in equity
SEK thousands
Share
capital
Equity attributable to owners of the parent
Other
capital
contributions Reserves
Retained
earnings incl.
profit for
the year
Total
Non-
controlling
interests
Balance at 1 January 2009 482,356 1,763,097 185,969 -1,265,596 1,165,826 57,305 1,223,131
Total comprehensive income for the year -131,966 50,551 -81,415 10,453 -70,962
Dividend 0 -2,740 -2,740
Acquisition of non-controlling interests 0 -237 -237
Other changes 671 671 671
Subtotal 0 0 0 671 671 -2,977 -2,306
Balance at 31 December 2009 482,356 1,763,097 54,003 -1,214,374 1,085,082 64,781 1,149,863
Balance at 1 January 2010 482,356 1,763,097 54,003 -1,214,374 1,085,082 64,781 1,149,863
Total comprehensive income for the year -259,252 180,567 -78,685 11,424 -67,261
Dividend 0 -546 -546
Acquisition of non-controlling interests -3,013 -3,013 -502 -3,515
Sale of non-controlling interests 0 -28,116 -28,116
Subtotal 0 0 0 -3,013 -3,013 -29,164 -32,177
Balance at 31 December 2010 482,356 1,763,097 -205,249 -1,036,820 1,003,384 47,041 1,050,425
Total
equity

consolidated statement of cash flow
SEK thousands Note 2010 2009
Cash flow from operating activities
Profit before tax 285,053 239,406
Adjustment for items not included in cash flow, etc.
Depreciation, amortisation and impairment losses 241,688 299,510
Capital gains and losses 2,890 -30,395
Unrealised foreign exchange gains/losses -92,675 -74,561
Capitalised interest 108,764 91,686
Other 3,398 -18,978
Income tax paid -66,041 -71,987
Cash flow from operating activities before changes in working capital 483,077 434,681
Cash flow from changes in working capital
Increase (-)/Decrease (+) in inventories 4,517 -1,383
Increase (-)/Decrease (+) in receivables -4,525 45,136
Increase (+)/Decrease (-) in trade payables -10,496 -14,429
Increase (+)/Decrease (-) in other current liabilities -8,636 7,436
Cash flow from operating activities 463,937 471,441
Cash flow from investing activities
Acquisition of subsidiaries 38 -193,759 -123,435
Investments in intangible assets 17 -36,481 -38,070
Investments in property, plant and equipment 18 -43,043 -61,581
Internally generated assets 17 -15,958 -19,050
Sale of subsidiaries 39 14,812 105,019
Sale of other financial assets 223 3,331
Sale of intangible assets and property, plant and equipment 22,667 4,108
Cash flow from investing activities -251,539 -129,678
Cash flow from financing activities
New borrowings 226,555
Repayment of borrowings -531,635 -395,411
Repayment of non-current receivables 10,932 14,373
Acquisition of non-controlling interests -3,515
Dividend paid to non-controlling interests -547 -2,740
Cash flow from financing activities -298,210 -383,778
Cash flow from discontinued operations 40
Cash flow from operating activities -1,715
Cash flow from investing activities 98,777
Cash flow from financing activities -441
Cash flow from discontinued operations 0 96,621
Cash flow for the year -85,812 54,606
Cash and cash equivalents at the beginning of the year 367,844 323,572
Exchange rate differences on cash and cash equivalents -22,865 -10,334
Cash and cash equivalents at the end of the year 259,167 367,844
Supplementary information
Cash flow from operating activities includes paid and received interest in the following amounts:
Interest paid -130,361 -167,578
Interest received 3,785 6,138
31

32
parent company income statement
SEK thousands Note 2010 2009
Revenue 841
Total operating income 841 0
Personnel costs 11 -8,924
Other external expenses 12 -18,695 -1,429
Total operating expenses -27,619 -1,429
Operating profit -26,778 -1,429
Result from financial items
Results from participations in group companies 13 192,904 177,312
Other interest income and similar items 14 47 1
Interest expenses and similar items 15 -66,963 -75,918
Total profit from financial items 125,988 101,395
Profit after financial items 99,210 99,966
Tax on profit for the year 16 4,593
Profit for the year 103,803 99,966
parent company statement of comprehensive income
SEK thousands Note 2010 2009
Profit for the year 103,803 99,966
Other comprehensive income
Total comprehensive income for the year 103,803 99,966

parent company statement of financial position
SEK thousands Note 31/12/2010 31/12/2009
ASSETS
Non-current assets
Financial assets
Participations in group companies 21 1,373,967 1,373,967
Receivables from group companies 533,513 535,715
Deferred tax asset 3,508
Total financial assets 1,910,988 1,909,682
Total non-current assets 1,910,988 1,909,682
Current assets
Current receivables
Receivables from group companies 575,946 432,651
Tax assets 163
Other receivables 5,024 119
Prepaid expenses and accrued income 221
Total current receivables 581,354 432,770
Cash and cash equivalents 58,111 1
Total current assets 639,465 432,771
TOTAL ASSETS 2,550,453 2,342,453
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital 36 482,356 482,356
Statutory reserve 39,980 39,980
Non-restricted equity
Retained earnings 638,700 538,734
Profit for the year 103,803 99,966
Total equity 1,264,839 1,161,036
Provisions
Other provisions 16,006
Total provisions 16,006 0
Non-current liabilities 25
Liabilities to group companies 860,026 796,320
Other liabilities 368,582 341,280
Total non-current liabilities 1,228,608 1,137,600
Current liabilities
Trade payables 417 584
Liabilities to group companies 32,948 42,790
Tax liabilities 148
Other liabilities 163
Accrued expenses and deferred income 30 7,472 295
Total current liabilities 41,000 43,817
TOTAL EQUITY AND LIABILITIES 2,550,453 2,342,453
Assets pledged 35 1,107,539 1,298,012
Contingent liabilities 35 2,237,126 2,625,416
33

34
parent company statement of changes in equity
SEK thousands
Share
capital
Statutory
reserve
Nonrestricted
equity
Opening balance at 1 January 2009 482,356 39,980 538,734 1,061,070
Profit for the year 99,966 99,966
Closing balance at 31 December 2009 482,356 39,980 638,700 1,161,036
Opening balance at 1 January 2010 482,356 39,980 638,700 1,161,036
Profit for the year 103,803 103,803
Closing balance at 31 December 2010 482,356 39,980 742,503 1,264,839
Total
equity

parent company statement of cash flow
SEK thousands Note 2010 2009
Cash flow from operating activities
Profit after financial items 99,210 99,966
Adjustment for items not included in cash flow, etc.
Provisions 16,006
Capitalised interest 91,008 86,592
Unrealised foreign exchange gains/losses -25,614 -10,960
Income tax paid 774 -937
Cash flow from operating activities before changes in working capital 181,384 174,661
Cash flow from changes in working capital
Increase (-)/decrease (+) in receivables -5,126 220
Increase (+)/decrease (-) in other current liabilities 7,173 -1,790
Cash flow from operating activities 183,431 173,091
Cash flow from investing activities
Acquisition of subsidiaries -8,120
Cash flow from investing activities 0 -8,120
Cash flow from financing activities
Change in group balances -328,247 -339,930
Group contributions received/given 77,312 74,785
Dividends received 100,000 100,000
Cash flow from financing activities -150,935 -165,145
Cash flow for the year 32,496 -174
Cash and cash equivalents at the beginning of the year 1 175
Exchange rate differences on cash and cash equivalents 25,614
Cash and cash equivalents at the end of the year 58,111 1
Supplementary information
Cash flow from operating activities includes paid and received interest in the following amounts:
Interest paid -1,561 -277
Interest received 47 1
35

36
accounTinG policies
anD noTes
note 1. General information
Bisnode Business Information Group AB, with corporate identity number 556681-
5725, is a subsidiary of Ratos AB, 556008-3585. The Bisnode Group is one of
the leading providers of digital business information in Europe, with a complete
offering of online solutions for market, credit and business information. The Group
operates in 17 countries.
Bisnode Business Information Group AB is a public Swedish limited liability
company that is registered in Stockholm. The address to the head office is
Sveavägen 168, S168, SE-105 99 Stockholm.
The consolidated financial statements were approved by the board of directors
and the CEO on 15 March 2011 and will be presented to the 2011 Annual General
Meeting for adoption.
note 2. summary of significant accounting policies
The principal accounting policies applied in the preparation of these consolidated
financial statements are set out below. These policies remain unchanged from the
previous year unless otherwise stated.
2.1 Basis for preparation
The consolidated financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as approved by the EU and with
the standard RFR 1, Supplementary Accounting Rules for Groups, and the Annual
Accounts Act. The consolidated financial statements have been prepared under
the historical cost convention, as modified by the revaluation of available-for-sale
financial assets and derivative financial instruments at fair value through equity in
accordance with hedge accounting.
All amounts are expressed in thousands of Swedish kronor (SEK thousands)
unless otherwise stated.
2.2 Changes in accounting policies and disclosures
IFRS 3 – Business Combinations (revised)
The revised standard is applied by the Group as of 1 January 2010. The revised
standard has affected how business combinations are accounted for, i.e. the
accounting treatment of transaction costs, contingent purchase consideration and
business combinations achieved in stages. The revised standard has not had any
impact on business combinations in previous year.
IAS 27 – Consolidated and Separate Financial Statements (revised)
The revised standard is applied by the Group as of 1 January 2010. The revised
standard requires for instance that the effects of transactions with non-controlling
interests be recognised directly in equity if control over the subsidiary is retained.
The revised standard has affected financial statements in that transactions with noncontrolling
interests have been recognised directly in equity instead of given rise
to goodwill.
2.3 Clarification of IFRS standards or interpretations to standards that are not
yet effective and that will have a significant effect on future financial statements
IAS 24 – Related Party Disclosures (revised)
The revised standard clarifies and simplifies the definition of a related party and
will be applied by the Group for periods beginning on or after 1 January 2011.
When the revised standard is applied, it could lead to further information about
related party transactions.
2.4 Consolidation
a) Subsidiaries
Subsidiaries are all entities over which the Group has the power to govern the
financial and operating policies generally accompanying a shareholding of more
than one half of the voting rights. The existence and effect of potential voting
rights that are currently exercisable or convertible are considered when assessing
whether the Group controls another entity. Subsidiaries are fully consolidated from
the date on which control is transferred to the Group. They are de-consolidated
from the date that control ceases.
The group uses the acquisition method of accounting to account for business
combinations. The consideration transferred for the acquisition of a subsidiary is
the fair values of the assets transferred, the liabilities incurred and any equity interests
issued by the Group. The consideration transferred includes the fair value of any
asset or liability resulting from a contingent purchase consideration arrangement.
Acquisition-related costs are expensed as incurred. Identifiable assets acquired
and liabilities and contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date. On a acquisition-byacquisition
basis, the group recognises any non-controlling interest in the acquiree
either at fair value or at the non-controlling interest’s proportionate share of the
acquiree’s net assets.
The excess of the consideration transferred, the amount of any non-controlling
interest in the acquiree and the acquisition-date fair value of any previous equity
interest in the acquiree over the fair value of the Group’s share of the identifiable
net assets acquired is recorded as goodwill. If this is less than the fair value of the
net assets of the subsidiary acquired in the case of a bargain purchase, the difference
is recognised directly in profit or loss as other operating income.
Intragroup transactions, balances and unrealised gains on transactions
between group companies are eliminated. Unrealised losses are also eliminated
but are considered an indication of impairment of the asset transferred. Accounting
policies of subsidiaries have been changed where necessary to ensure consistency
with the policies adopted by the Group.
b) Associates
Associates are all entities over which the Group has significant influence but not
control, generally accompanying a shareholding of between 20% and 50% of the
voting rights. Participations in associates are accounted for using the equity
method of accounting and are initially recognised at cost.

c) Transactions with non-controlling interests
The Group treats transactions with non-controlling interests as transactions with equity
owners of the Group. For purchases from non-controlling interests, the difference
between any consideration paid and the relevant share acquired of the carrying value
of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to
non-controlling interests are also recorded in equity.
When the Group ceases to have control or significant influence, any retained
interest in the entity is remeasured to its fair value, with the change in carrying
amount recognised in profit or loss. The fair value is the initial carrying amount for
the purposes of subsequently accounting for the retained interest as an associate,
joint venture or financial asset. In addition, any amounts previously recognised in
other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that
amounts previously recognised in other comprehensive income are reclassified to
profit or loss.
2.5 Operating segments
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision-maker. The chief operating decision-maker,
who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Chief Executive Officer of Bisnode.
2.6 Foreign currency translation
a) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are
measured using the currency of the primary economic environment in which the
entity operates (“the functional currency”). The consolidated financial statements
are presented in Swedish kronor (SEK), which is the Parent Company’s functional
and presentation currency.
b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities denominated
in foreign currencies are recognised in the income statement, except when
deferred in other comprehensive income as qualifying cash flow hedges and qualifying
net investment hedges.
Translation differences on non-monetary financial assets and liabilities, such as
equities held at fair value through profit or loss, are recognised in profit or loss as
part of the fair value gain or loss. Translation differences on non-monetary financial
assets, such as equities classified as available-for-sale, are included in other comprehensive
income.
c) Group companies
The results and financial position of all the group entities (none of which has the
currency of a hyperinflationary economy) that have a functional currency different
from the presentation currency are translated into the presentation currency as
follows:
(i) assets and liabilities for each balance sheet presented are translated at the
closing rate at the date of that balance sheet;
(ii) income and expenses for each income statement are translated at average
exchange rates (unless this average is not a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction dates, in which
case income and expenses are translated at the rate on the dates of the
transactions); and
(iii) all resulting exchange differences are recognised in other comprehensive
income.
On consolidation, exchange differences arising from the translation of the net
investment in foreign operations, and of borrowings and other currency instruments
designated as hedges of such investments, are taken to other comprehensive
income. When a foreign operation is disposed of or sold, such exchange rate differences
are recognised in the income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
treated as assets and liabilities of the foreign entity and translated at the closing rate.
37
2.7 Intangible assets
a) Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of
the Group’s share of the net identifiable assets of the acquired subsidiary at the
date of acquisition. Goodwill on acquisitions of subsidiaries is included in intangible
assets. Goodwill is tested annually for impairment and carried at cost less accumulated
impairment losses. Gains and losses on the disposal of an entity include
the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash generating units for the purpose of impairment
testing. The Group’s cash generating units consists of the six operating segments.
b) Trademarks
Trademarks are carried at historical cost. Trademarks have a finite useful life and
are carried at cost less accumulated amortisation. Amortisation is calculated
using the straight-line method to allocate the cost of trademarks over their estimated
useful lives. Useful lives have been estimated at 20 years in all cases.
c) Databases
Databases are capitalised on the basis of the costs incurred to acquire them.
These costs are amortised over their estimated useful lives (5–10 years).
d) Customer relationships
Capitalised customer relationships refer only to those identified in a business
combination. Customer relationships have been valued on the basis of the so-called
Multi-period Excess Earnings Method and are amortised using the straight-line
method over the estimated useful lives of the assets. Estimated useful lives have
been calculated on the basis of the customers’ average rate of business renewal
in each company and result in amortisation periods of between 4 and 20 years.
e) Other intangible assets
Other intangible assets principally refer to business systems and systems development
in progress. Internal development projects are capitalised if the investment
meets the definition of intangible asset, has an estimated useful life of at
least 3 years and exceeds SEK 1,000 thousand.
2.8 Property, plant and equipment
Property, plant and equipment are stated at historical cost less depreciation. Subsequent
costs are included in the asset’s carrying amount or recognised as a separate
asset, as appropriate, only when it is probable that future economic benefits
associated with the item will flow to the Group and the cost of the item can be
measured reliably. All other repairs and maintenance are recognised in the income
statement during the financial period in which they are incurred.
Land is not depreciated. Depreciation on other assets is calculated using the
straight-line method to allocate their cost to their residual values over their estimated
useful lives, as follows:
Buildings 25 – 50 years
Land improvements 15 – 20 years
Computers 2–5 years
Servers 5–10 years
Office equipment 5 – 10 years
Other equipment 5 – 20 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate,
at each balance sheet date. An asset’s carrying amount is written down immediately
to its recoverable amount if the asset’s carrying amount is greater than its estimated
recoverable amount.
Gains and losses on disposal are determined by comparing the proceeds with
the carrying amount and are recognised in the income statement.
2.9 Impairment
Assets that have an indefinite useful life are not subject to amortisation and are
tested annually for impairment, or more frequently when there is an indication of
impairment.
Assets that are subject to amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised from the amount by which the

38
asset’s carrying amount exceeds its recoverable amount. The recoverable
amount is the higher of an asset’s fair value less costs to sell and value in use. For
the purposes of assessing impairment, assets are grouped at the lowest levels for
which there are separately identifiable cash flows (cash generating units).
2.10 Financial assets
The Group classifies its financial assets in the following categories: at fair value
through profit or loss, loans and receivables, and available-for-sale financial
assets. The classification depends on the purpose for which the financial assets
were acquired. Management determines the classification of its financial assets at
initial recognition and reviews the classificiation at each reporting date.
a) Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are financial assets held for
trading. A financial asset is classified in this category if acquired principally for the
purpose of selling in the short term. Derivatives are also categorised as held for
trading unless they are designated as hedges. Assets in this category are classified
as current assets if expected to be settled within 12 months; otherwise, they are
classified as non-current. During the financial year, the Group had no assets
belonging to this category.
b) Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. They characteristically arise
when the Group supplies money, goods or services directly to a customer without
intending to trade with the claim that has arisen. They are included in current
assets, except for maturities greater than 12 months after the balance sheet date.
These are classified as non-current assets. This category includes trade and other
receivables in the balance sheet.
c) Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives that are either designated in
this category or not classified in any of the other categories. They are included in
non-current assets unless management intends to dispose of the investment
within 12 months of the balance sheet date.
Regular purchases and sales of financial assets are recognised on the tradedate
– the date on which the Group commits to purchase or sell the asset. Investments
are initially recognised at fair value plus transaction costs, for all financial
assets not carried at fair value through profit or loss. Financial instruments are
derecognised when the rights to receive cash flows from the investments have
expired or have been transferred and the Group has transferred substantially all
risks and rewards of ownership. Available-for-sale financial assets and financial
assets at fair value through profit or loss are subsequently carried at fair value.
Realised and unrealised gains or losses arising from changes in the fair value of
the financial assets at fair value through profit or loss are presented in the income
statement in the period in which they arise. Unrealised gains or losses arising from
changes in the fair value of instruments classified as available-for-sale are recognised
in other comprehensive income. When instruments classified as available-for-sale
are sold or impaired, the accumulated fair value adjustments are included in the
income statement as gains and losses from financial instruments.
The fair values of quoted investments are based on current bid prices. If the
market for a specific financial asset is not active (and for unlisted securities), the
Group establishes fair value by using valuation techniques. These include the use
of recent arm’s length transactions, reference to other instruments that are substantially
the same, discounted cash flow statement and option pricing models
that have been refined to reflect the issuer’s special conditions.
The Group assesses at each balance sheet date whether there is objective
evidence that a financial asset or a group of financial assets is impaired. If any
such evidence exists for available-for-sale financial assets, the cumulative loss –
measured as the difference between the historical cost and the current fair value,
less any impairment loss on that financial asset previously recognised in profit or
loss – is removed from equity and recognised in the income statement. Impairment
losses recognised in the income statement on equity instruments are not reversed
through the income statement.
2.11 Derivative financial instruments
Derivatives are initially recognised at fair value on the date a derivative contract is
entered into and are subsequently remeasured at their fair value. The method of
recognising the resulting gain or loss depends on whether the derivative is designated
as a hedging instrument, and if so, the nature of the item being hedged.
The Group designates certain derivatives as either: (1) hedges of the fair value of
recognised liabilities (fair value hedge); (2) hedges of a particular risk associated
with a recognised liability or a highly probable forecast transaction (cash flow
hedge); or (3) hedges of a net investment in a foreign operation (net investment
hedge). As of balance sheet date, the Group uses only cash flow hedges.
The Group documents, at the inception of the transaction, the relationship
between hedging instruments and hedged items, as well as its risk management
objectives and strategy for undertaking various hedging transactions. The Group
also documents its assessment, both at hedge inception and on an ongoing
basis, of whether the derivatives that are used in hedging transactions are highly
effective in offsetting changes in fair values or cash flows of hedged items.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated
and qualify as cash flow hedges is recognised in other comprehensive
income. The gain or loss relating to the ineffective portion is recognised immediately
in the income statement as financial income or expense.
Amounts accumulated in equity are recycled in the income statement in the
periods when the hedged item affects profit or loss.
When a hedging instrument expires or is sold, or when a hedge no longer
meets the criteria for hedge accounting, any cumulative gain or loss existing in
equity at the time remains in equity and is recognised when the forecast transaction
is ultimately recognised in the income statement. When a forecast transaction is
no longer expected to occur, the cumulative gain or loss that was reported in
equity is immediately transferred to the income statement.
2.12 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined
using the first-in, first-out (FIFO) method. The cost of finished goods and
work in progress comprises design costs, raw materials, direct labour, other
direct costs and related production overheads (based on normal operating
capacity). It excludes borrowing costs. Net realisable value is the estimated selling
price in the ordinary course of business, less applicable variable selling expenses.
2.13 Trade receivables
Trade receivables are recognised initially at fair value, less provision for impairment.
A provision for impairment of trade receivables is established when there is objective
evidence that the Group will not be able to collect all amounts due according to
the original terms of the receivables. The amount of the provision is the difference
between the asset’s carrying amount and the present value of the estimated
future cash flows. The provision is recognised in the income statement among
other expenses.
2.14 Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks
and any short-term investments. Short-term investments consist of securities
with maturities of less than three months.
2.15 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently stated at amortised cost. Any difference between
the proceeds (net of transaction costs) and the redemption value is recognised in
the income statement over the period of the borrowings using the effective interest
method.
Borrowings are classified as current liabilities unless the Group has an unconditional
right to defer settlement of the liability for at least 12 months after the balance
sheet date.

2.16 Taxes
Deferred tax is provided in full, using the liability method, on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts
in the consolidated financial statements. However, the deferred tax is not
accounted for if it arises from initial recognition of an asset or a liability in a transaction
other than a business combination that at the time of the transaction affects neither
accounting nor taxable profit or loss. Deferred tax is determined using tax rates
(and laws) that have been enacted or substantially enacted by the balance sheet
date and are expected to apply when the related deferred tax asset is realised or
the deferred tax liability is settled. Deferred tax relating to items that are recognised
directly in shareholders’ equity is recognised directly in shareholders’ equity.
Deferred tax assets are recognised to the extent that it is probable that future
taxable profit will be available against which the temporary differences can be
utilised. Deferred income tax assets and liabilities are offset when there is a legal
right to offset current income tax assets and liabilities and when deferred taxes
refer to the same tax authority.
The tax expense for the year comprises current and deferred tax. Tax is
recognised in the income statement, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity, respectively.
Temporary differences arising from investments in subsidiaries and associates
where the Group is able to control the timing of the reversal of the temporary difference
and it is not probable that the temporary difference will be reversed in the
foreseeable future are not recognised.
2.17 Employee benefits
a) Pension obligations
Group companies operate various pension schemes. The schemes are generally
funded through payments to insurance companies or trustee-administered funds,
determined by periodic actuarial calculations. The Group has both defined benefit
and defined contribution plans. A defined benefit plan is a pension plan defining
an amount of pension benefit that an employee will receive on retirement, usually
dependent on one or more factors such as age, years of service and compensation.
The Group has no legal or constructive obligations to pay further contributions
to the defined contribution pension plans if the fund does not hold sufficient
assets to pay all employees the benefits relating to employee service in the current
and prior periods.
The liability recognised in the balance sheet in respect of defined benefit pension
plans is the present value of the defined benefit obligation at the balance sheet
date less the fair value of plan assets, together with adjustments for unrecognised
actuarial gains or losses. The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method. The present value
of the defined benefit obligation is determined by discounting the estimated future
cash outflows by using interest rates of high-quality corporate bonds that are
denominated in the currency in which the benefits will be paid and that have
terms to maturity approximating to the terms of the related pension liability.
The Group applies the corridor rule which states that actuarial gains and losses
arising from experience adjustments and changes in actuarial assumptions in
excess of the greater of 10% of the value of the plan assets or 10% of the defined
benefit obligation are charged or credited to income over the employees’ expected
average remaining working lives.
Past-service costs are recognised immediately in income, unless the changes
to the pension plan are conditional on the employees remaining in service for a
specific period of time (the vesting period). In this case, the past-service costs are
amortised on a straight-line basis over the vesting period.
For defined contribution plans, the Group pays contributions to publicly or privately
administered pension insurance plans on a mandatory, contractual or voluntary
basis. The Group has no further payment obligations once the contributions have
been paid. The contributions are recognised as employee benefit expenses when
they are due. Prepaid contributions are recognised as an asset to the extent that
a cash refund or reduction in the future payments is available.
b) Termination benefits
Termination benefits are payable when employment is terminated by the Group
before the normal retirement date, or whenever an employee accepts voluntary
redundancy in exchange for these benefits. The Group recognises termination
39
benefits when it is demonstrably committed to either: terminating the employment
of current employees according to a detailed formal plan without possibility of
withdrawal; or providing termination benefits as a result of an offer made to
encourage voluntary redundancy.
2.18 Provisions
Provisions for restructuring costs, legal claims, etc. are recognised when: the
Group has a present legal or constructive obligation as a result of past events; it is
probable that an outflow of resources will be required to settle the obligation; and
the amount has been reliably estimated. A provision is discounted to present value
if it is due to be settled later than 12 months after the balance sheet date and if its
effect is significant. Provisions are not recognised for future operating losses.
2.19 Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for
the sale of goods and services in the ordinary course of the group’s activities,
excluding value-added tax and discounts and after eliminating sales within the
group. Revenue is recognised as follows:
a) Income from catalogue business
Income from catalogue business activities is accounted for in connection with distribution
to the customer.
b) Online income
Online income is allocated over the period covered by the contract or alternatively
based on the customer’s pattern of use.
c) Royalty income
Royalty income is recognised on an accrual basis in accordance with the substance
of the relevant agreements.
d) Dividend income
Dividend income is recognised when the right to receive payment is established.
2.20 Leases
Leases for non-current assets where the Group substantially carries all the risks
and rewards incidental to ownership of an asset are classified as finance leases.
The leased asset is recognised as a non-current asset and a corresponding financial
liability is recognised in interest-bearing liabilities. The initial value of these two
items comprises the lower of the fair value of the assets or the present value of
the minimum lease payments. Future lease payments are divided between
amortisation of the liability and financial expenses, so that every accounting period
is charged with an interest amount corresponding to a fixed interest rate on the
reognised liability in each period. The leased asset is depreciated according to the
same principles that apply to other assets of the same type. If it is uncertain
whether the asset will be taken over at the end of the leasing period, the asset is
depreciated over the lease term if this is shorter than the useful life that applies to
other assets of the same type.
Leases for assets where the risks and rewards incidental to ownership essentially
remain with the lessor are classified as operating leases. The lease payments are
recognised as an expense on a straight-line basis over the lease term.
2.21 Dividend distribution
Dividend distribution to the Parent Company’s shareholders is recognised as a
liability in the consolidated financial statement in the period in which the dividends
are approved by the Parent Company’s shareholders.
2.22 Discontinued operations
Operations that have represented a separate major line of business or geographical
area of operations that have either been disposed of, or are classified as held for
sale, are accounted for in accordance with IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations. According to the standard, all income and
expenses attributable to the discontinued operation are reported on a separate
line in the consolidated income statement. The consolidated cash flow is also
presented with a separation between continuing and discontinued operations.
The figures for the comparison period have been restated accordingly.

40
2.23 Cash flow statement
The cash flow statement is prepared in accordance with the indirect method. The
reported cash flow includes only transactions that lead to cash payments or
disbursements.
2.24 The Parent Company’s accounting policies
The Parent Company has prepared its annual report in accordance with the
Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s
standard RFR 2 Accounting for Legal Entities. RFR 2 states that in the report for
the legal entity, the Parent Company shall apply all EU-endorsed IFRS and statements
as far as possible within the framework of the Annual Accounts Act and the Pension
Protection Act, and with respect to the connection between accounting and taxation.
The standard specifies what exceptions from or additions to the IFRSs shall
be made.
The Parent Company’s accounting policies correspond to the Group’s
accounting policies in all material aspects.
Group contributions
Group contributions are recognised according to their economic content. Group
contributions received from subsidiaries are equated with dividends and
recognised as financial income.
note 3. financial risk management
3.1 Financial risk factors
The Group is exposed to different types of financial risks through its handling of
financial instruments. The primary risks are currency risk, interest-rate risk, credit
risk and liquidity risk.
Guidelines for the Group’s management of financial risks are adopted annually
by the Board of Directors in the Parent Company. These guidelines are summarised
in the Group’s financial policy. Risk management is carried out by a central
treasury department in the Group company Bisnode AB. The treasury department
administers the Group’s central accounts and identifies, evaluates and hedges
financial risks. The Group’s overall risk management programme focuses on the
unpredictability of financial markets and seeks to minimise potential adverse
effects on the Group’s financial performance.
a) Currency risk
Currency risk is the risk for fluctuations in the fair value of, or the future cash flow
from, a financial instrument due to changes in currency exchange rates.
The Group operates in 17 countries and is exposed to foreign exchange risk arising
from various currency exposures, primarily with respect to the DKK, EUR, GBP,
NOK and USD. The Group’s currency risk mainly arises through transaction exposure,
translation exposure and cash exposure.
–Transaction exposure
Transaction exposure is the risk that operating revenue or expenses will be negatively
affected as a result of foreign currency fluctuations. Each company manages its
transaction exposure as part of its overall activities. The basic principle for all business
transactions is for revenue and expenses to be denominated in the same operating
currency. Foreign exchange exposure in specific large transactions and larger
flows into subsidiaries may be hedged.
The Group’s greatest transaction exposure is USD, SEK and DKK. In 2010 the
net flow in these currencies amounted to SEK –37 million, SEK –12 million and
SEK –8 million respectively.
–Translation exposure
Translation exposure is the risk that net assets in foreign subsidiaries will be affected
by exchange rate fluctuations. The Group’s policy is that long-term subsidiary
holdings do not need to hedge foreign currencies. This is partly to produce a
good spread of risk between foreign and Swedish assets and partly to avoid
short-term, major negative liquidity effects for the owners. By this reasoning,
investments in and loans from subsidiaries to any of the subsidiaries, that are of a
long-term nature are comparable to reported net assets. However, hedging of foreign
exchange exposure is required for the value of foreign assets and/or subsidiaries
that are planned to be sold.
From the Group’s total exposure to foreign subsidiaries’ net assets at year-end,
71% pertains to EUR and 15% to DKK.
– Cash exposure
Cash exposure occurs when a bank balance is held in a foreign currency other
than the operating currency. The table below analyses the impact of changes in
the primary currencies on the Group’s profit before tax:
2010
2009
Change in SEK Change in SEK
SEK thousands +10% -10% +10% 10%
DKK 4,692 -4,692 5,517 -5,517
EUR 7,740 -7,740 21,713 -21,713
GBP 5,226 -5,226 5,765 -5,765
NOK -12,155 12,155 -12,281 12,281
USD 4,377 -4,377 2,000 -2,000
The table above shall be interpreted as follows: If the Swedish krona had
strengthened by 10% against the Danish krona with all other variables held constant,
pre-tax profit for the year would have been SEK 4,692 thousand (5,517)
higher. All changes in pre-tax profits are due to foreign exchange gains/losses on
translation of cash and cash equivalents.
b) Interest rate risk
Interest rate risk is the risk for fluctuations in the fair value of, or the future cash
flow from, a financial instrument due to changes in market interest rates.
The Groups’ interest rate risk arises primarily from long-term borrowings. The
Groups’ finance policy states that interest should not be fixed for more than
12 months unless otherwise stated by current bank agreements. According to
the current bank agreements, at least 85% of total borrowings shall carry fixed
interest. The Group uses interest rate swaps to convert from variable to fixed
interest and achieve the desired fixed interest on the loans.
The Group continually analyses its interest rate exposure by calculating the
impact on profit and loss of a defined interest rate shift.
c) Credit risk
The Group consists of more than 100 companies and has operations in 17 countries,
and thus has no significant concentration of credit risks. The credit risk is also
further limited by financing a significant portion of operations through advance
payments.
Surplus liquidity in specific companies in countries without a central bank
account may be invested locally to the extent that it would be unrealistic to use
the surplus liquidity in the Group. Such investments should be made only in
established banks with a rating of at least A-2. Derivative contracts and cash
transactions are entered into only with European business banks with high credit
ratings.
For information on the credit quality of trade receivables, age analysis, etc., see
Note 22.
d) Liquidity risk
Bisnode continually assesses its future capital needs on the basis that the Group
should be able to control a minimum of SEK 50 million, including available bank
funds, etc., with two banking days’ notice. Of the loan share, including unused
committed credits but excluding pension liabilities, a maximum of 33% may be
due for payment within one year and 66% within two years.
The Group uses bank overdraft facilities to handle short-term fluctuations in
liquidity needs.
Management monitors liquidity on the basis of a rolling two-week projection.
This projection, which is prepared weekly, provides details of expected incoming
and outgoing payments and cash balances. In connection with the acquisition or
sale of companies, the effects of the transaction in question are analysed in detail
with respect to future cash flows and the capital structure of the company.
The table below analyses the Group’s financial liabilities that will be settled on a
net basis into relevant maturity groupings based on the remaining time to contractual
maturity at the balance sheet date. The amounts disclosed in the table
are the contractual undiscounted cash flows.

31/12/2010 Maturity date
SEK thousands
Within
1 year
Between
1-5 years
Later than
5 years
Bank borrowings 450,650 1,998,250
Loans from shareholders 1,442,602
Borrowings for finance leases 6,307 25,866 65,606
Derivative financial instruments 80,861 74,037
Other borrowings 7,242 10,884
Trade and other payables 1,451,493
Total 1,996,553 3,551,639 65,606
31/12/2009 Maturity date
SEK thousands
Within
1 year
Between
1-5 years
Later than
5 years
Bank borrowings 457,762 2,514,775
Loans from shareholders 1,442,602
Borrowings for finance leases 6,952 28,304 80,446
Derivative financial instruments 95,308 158,771
Other borrowings 5,770 17,310
Trade and other payables 1,565,830 2,234
Total 2,131,622 4,163,996 80,446
3.2 Financial risk management
The Group’s objectives for management of capital are to safeguard the Group’s
ability to continue as a going concern and to maintain an optimal capital structure
and thereby reduce the cost of capital. The Group monitors capital principally on
the basis of net debt. The current interest rate margin, and thus the cost of capital,
is based on the net debt to EBITDA ratio. According to current bank covenants,
net debt is defined as total interest-bearing debt, including finance leases and
provisions for pensions but excluding shareholder loans and convertible bonds,
less cash and cash equivalents. EBITDA is defined as Earnings Before Interest,
Taxes, Depreciation and Amortisation. Management regularly monitors and analyses
the net debt based on changes in, for example, cash flow from operating and
investing activities.
The net debt at 31 December 2010 was SEK 2,289 million (2,685). The change
in net debt is shown below:
SEK thousands 31/12/2010 31/12/2009
Borrowings Note 25 3,550,890 3,861,314
less: Loans from shareholders Note 25 -1,228,608 -1,137,600
Provisions for pensions Note 26 209,568 217,711
Contingent purchase considerations Note 27 35,330 142,118
Accrued interest income/expenses Note 21, 28 -311 232
Less: Cash and cash equivalents Note 24 -259,167 -367,844
Less: Interest-bearing receivables Note 21 -19,112 -31,245
Net debt 2,288,590 2,684,686
3.3 Fair value estimation
The fair value of financial instruments traded in active markets (such as trading
and available-for-sale securities) is based on quoted market prices at the balance
sheet date. The quoted market price used for financial assets held by the Group
is the current bid price. The quoted market price used for financial liabilities is the
actual asking price.
41
note 4. critical accounting estimates and judgements
The preparation of financial statements in accordance with IFRS requires the
management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities,
income and expenses. These estimates and judgements are based on historical
experience and other factors that are belived to be reasonable under the circumstances.
Actual outcomes may differ from these estimates and assumptions if
other measures are taken and other conditions exist. The estimates and judgements
that have a significant risk of causing material adjustments in future financial years
are outlined below.
Impairment of Goodwill
The carrying amount of goodwill at 31 December 2010 was SEK 4,529,850 thousand
(4,750,684). Goodwill is reviewed for impairment annually or whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
The Group’s annual impairment testing of goodwill is based on estimates and
judgements about future growth, profitability and investment levels (see Note 17).
Deferred tax assets
The carrying amount of deferred tax assets at 31 December was SEK 134,386
thousand (114,406). Deferred tax assets are recognised to the extent that it is
probable that future taxable profit will be available against which the temporary
differences can be utilised. Judgement on future taxable surplus is thus required
in determining the value of deferred tax assets.
Pension obligations
The present value calculation of defined benefit obligations makes assumptions
about annual salary increase, inflation and employee turnover. Current interest
rates of high quality corporate bonds with an appropriate maturity are used as
discount interest rates (see Note 26). The carrying amount of pension obligations
at 31 December was SEK 209,568 thousand (217,711).

42
note 5. operating segments
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision-maker. The chief operating decision-maker,
who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Chief Executive Officer of Bisnode.
The Chief Executive Officer consider the business from both a geographical
and product perspective.
The Group is organised in four geographical regions – Nordic, DACH, BeNeFra
and Central Europe – all covering the product offerings Market Solutions, Credit
Solutions and Business Information Solutions. In addition there are two separate
business areas, Product Information and Software and Applications, and central
support functions. This structure is the basis for the reporting of operating segments.
The Chief Executive Officer assesses the performance of the operating segments
based on a measure of EBITA, operating profit less amortisation of intangible
assets arising from business combinations.
Segment revenue, expenses, assets and liabilities include amounts of such
items that can be allocated to a segment on a resonable basis. Only items that
are directly attributable to the operating activities of the respective segments are
allocated. Financial items, such as interest or dividend income, gains on the sale
of investments or income tax expense are not allocated to the respective segments.
The corresponding balance sheet items are not included in the allocation of
assets to the respective segments. The segment’s gross investments include all
investments in intangible assets and property, plant and equipment, including
own work capitalised. All transactions between business units are carried out on
an arm’s length basis.
2010 Nordic DACH BeNeFra
Bisnode’s operating segments consists of the following regions and business areas:
Region Nordic
consists of Denmark, Estonia, Finland, Norway and Sweden
Region DACH
consists of Austria, Germany and Switzerland
Region BeNeFra
consists of Belgium, France and the Netherlands
Region Central Europe
consists of Croatia, the Czech Republic, Hungary, Poland, Slovakia and Slovenia
Business area Product Information
offers advertising space in business magazines, catalogues and online services.
The customers are primarily suppliers of industrial components.
Business area Software and Applications
offers software and applications based on business information. The business
intelligence softwares integrates information analysis with system development to
help companies get better decision support.
Central functions include costs for the Group’s joint units, such as the accounting
and finance, corporate communications and CIO functions. Added to this are
costs for acquisitions and divestitures and the Group’s three competence centres.
Central
Europe
Product
Information
Software
& Applicat.
Central
func./elim. Total
External revenue 1,952,528 849,763 740,465 177,680 435,564 295,486 4,451,486
Inter-segment sales 35,695 10,305 232 4,629 1,735 64,484 -117,080 0
Other operating income 19,175 9,008 8,713 2,269 10,808 14,477 -2,871 61,579
Total operating income 2,007,398 869,076 749,410 184,578 448,107 374,447 -119,951 4,513,065
Goods and services -570,640 -179,951 -194,323 -18,880 -61,931 -64,256 116,668 -973,313
Personnel costs -769,270 -407,358 -357,899 -77,159 -196,133 -198,808 -53,771 -2,060,398
Depreciation, amortisation and impairment losses* -50,729 -24,903 -35,822 -5,156 -9,752 -4,567 -4,161 -135,090
Other expenses -245,840 -152,646 -131,227 -60,185 -109,527 -60,897 -48,096 -808,418
Total operating expenses -1,636,479 -764,858 -719,271 -161,380 -377,343 -328,528 10,640 -3,977,219
Operating profit, EBITA 370,919 104,218 30,139 23,198 70,764 45,919 -109,311 535,846
Gross investments 36,612 23,094 15,794 7,475 7,189 4,333 985 95,482
Assets 3,482,523 1,166,195 1,196,682 249,959 982,132 554,140
2009 Nordic DACH BeNeFra
Central
Europe
Product
Information
Software
& Applicat.
Central
func./elim. Total
External revenue 2,049,228 899,926 734,720 181,010 527,976 347,887 4,740,747
Inter-segment sales 36,369 12,929 283 1,883 1,790 75,913 -129,167 0
Other operating income 50,697 8,055 12,558 4,428 4,345 13,149 -4,585 88,647
Total operating income 2,136,294 920,910 747,561 187,321 534,111 436,949 -133,752 4,829,394
Goods and services -669,028 -203,289 -181,249 -21,147 -77,137 -78,864 127,905 -1,102,809
Personnel costs -814,414 -437,796 -343,404 -77,834 -249,033 -226,614 -49,834 -2,198,929
Depreciation, amortisation and impairment losses* -53,199 -26,512 -29,371 -4,831 -12,465 -7,429 -1,262 -135,069
Other expenses -214,769 -171,948 -120,753 -57,258 -143,922 -64,248 -27,006 -799,904
Total operating expenses -1,751,410 -839,545 -674,777 -161,070 -482,557 -377,155 49,803 -4,236,711
Operating profit, EBITA 384,884 81,365 72,784 26,251 51,554 59,794 -83,949 592,683
Gross investments -34,296 -31,925 -24,712 -7,056 -11,258 -7,736 -1,718 -118,701
Assets 3,537,748 1,304,788 1,239,163 276,305 1,058,835 651,012
*excluding depreciation, amortisation and impairment of surplus values arising from business combinations.

note 6. other operating income
Group
2010 2009
Sale of subsidiaries 6,655 25,942
Sale of available-for-sale financial assets 3,620
Sale of property, plant and equipment 6,685 1,092
Foreign exchange gains of an operating nature 5,791 4,448
Own work capitalised 15,958 19,050
Negative goodwill recognised in the income statement 1,533
Other operating income 26,490 32,962
Total 61,579 88,647
note 7. Board members and senior executives
43
2010 2009
No. on of No. on of
balance whom balance whom
date men date men
Group
Board members 363 320 452 404
Chief executive officer and other senior executives 242 168 281 200
Parent Company
Board members 6 5 7 6
Chief executive officer and other senior executives 1 1 1 1
note 8. average number of employees. average number of Board members, ceo and senior executives
Average
number of
employees
2010 2009 2010 2009
of
whom
men
Average
number of
employees
of
whom
men
Average no. of
Board members, CEO
and senior executives
Austria 62 28 68 32 22 16
Belgium 218 136 225 140 26 29
Croatia 15 7 20 11 2 6
Czech Republic 85 45 84 39 13 17
Denmark 71 33 68 32 26 37
Estonia 5 2 5 2 6 2
Finland 98 56 59 26 28 8
France 210 110 132 70 6 8
Germany 659 398 642 381 90 73
Hungary 53 14 55 10 8 7
Netherlands 103 68 137 88 9 26
Norway 278 177 313 186 37 54
Poland 109 39 96 33 2 2
Slovakia 30 6 26 5 5 3
Slovenia 55 23 53 25 1 1
Sweden 897 510 1,050 592 221 290
Switzerland 125 72 124 69 28 29
United Kingdom 7 7 10 8 7 1
Total 3,080 1,731 3,167 1,749 537 609
The total number of employees in the Group at 31 December 2010 was 2,974 (3,095).

44
note 9. Wages, salaries and other remuneration – Group
2010
Board of
Directors, CEO
and senior
executives
Wages, salaries and other remuneration
of which
bonuses
etc.
Other
employees Total
Social
security
costs
of which
pension
costs Total
Austria 1,355 334 27,147 28,502 8,396 124 36,898
Belgium 24,311 3,931 96,487 120,798 33,019 3,396 153,817
Croatia 195 1,902 2,097 832 448 2,929
Czech Republic 3,984 473 11,570 15,554 4,940 76 20,494
Denmark 10,108 1,030 33,779 43,887 3,805 3,266 47,692
Estonia 344 3 1,147 1,491 514 2,005
Finland 7,814 926 41,266 49,080 10,774 8,301 59,854
France 11,879 2,210 82,350 94,229 44,248 138,477
Germany 40,837 8,852 319,391 360,228 63,630 7,149 423,858
Hungary 2,667 508 5,802 8,469 2,438 2,032 10,907
Netherlands 4,261 143 40,129 44,390 7,923 1,897 52,313
Norway 19,494 2,804 123,964 143,458 45,895 10,874 189,353
Poland 507 12,643 13,150 2,246 1,076 15,396
Slovakia 2,042 2,042 716 2,758
Slovenia 1,021 248 12,299 13,320 6,717 3,950 20,037
Sweden 87,008 15,730 382,654 469,662 225,413 64,602 695,075
Switzerland 10,021 103 69,379 79,400 12,412 6,464 91,812
United Kingdom 1,257 111 2,673 3,930 935 278 4,865
Total 227,063 37,406 1,266,624 1,493,687 474,853 113,933 1,968,540
2009
Board of
Directors, CEO
and senior
executives
Wages, salaries and other remuneration
of which
bonuses
etc.
Other
employees Total
Social
security
costs
of which
pension
costs Total
Austria 2,326 616 27,966 30,292 9,241 128 39,533
Belgium 28,078 6,597 111,382 139,460 33,544 3,666 173,004
Croatia 598 2,581 3,179 691 3,870
Czech Republic 4,443 661 11,114 15,557 4,671 58 20,228
Denmark 12,486 2,578 37,312 49,798 4,133 3,638 53,931
Estonia 257 1,164 1,421 512 1,933
Finland 7,630 24,758 32,388 6,486 5,668 38,874
France 9,587 2,738 61,463 71,050 31,749 102,799
Germany 50,619 8,902 356,050 406,669 64,679 3,910 471,348
Hungary 2,367 456 6,147 8,514 2,597 2,037 11,111
Netherlands 6,182 117 57,318 63,500 12,043 3,138 75,543
Norway 5,797 1,821 170,548 176,345 49,396 9,469 225,741
Poland 1,110 157 9,453 10,563 1,875 1,875 12,438
Slovakia 1,848 1,848 690 2,538
Slovenia 1,222 266 13,574 14,796 6,936 4,355 21,732
Sweden 88,671 11,546 421,688 510,359 231,283 65,479 741,642
Switzerland 13,143 3,804 71,667 84,810 9,696 5,467 94,506
United Kingdom 1,121 322 2,531 3,652 1,312 751 4,964
Total 235,637 40,581 1,388,564 1,624,201 471,534 109,639 2,095,735

note 10. compensation to Board members and
senior executives
2010
Fixed
salary/
Board Variable Other Pension
fees salary benefits costs Total
Chairman of the Board
– Håkan Ramsin 333 333
Members of the Board
– Torgny Eriksson 138 138
– Birgitta Klasén 167 167
– Carl Wilhelm Ros 167 167
Chief Executive Officer
– Johan Wall 3,770 3,989 74 1,584 9,417
Other senior executives 14,379 6,084 218 4,607 25,288
Total 18,954 10,073 292 6,191 35,510
Fixed
salary/
Board Variable Other Pension
2009
Chairman of the Board
fees salary benefits costs Total
– Håkan Ramsin
Members of the Board
300 300
– Torgny Eriksson 150 150
– Birgitta Klasén 150 150
– Carl Wilhelm Ros
Chief Executive Officer
150 150
– Johan Wall 3,480 1,870 73 1,471 6,894
Other senior executives 13,779 4,137 228 1,828 19,973
Total 18,009 6,007 301 3,299 27,617
Parent company Board of Directors
Fees 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 Officer
Compensation to the CEO of the Parent Company is decided by a remuneration
committee consisting of the Board Chairman and two Board members. Aside
from the monthly salary, there is variable salary based on the actual achievements.
This variable salary component may not exceed 12 monthly salaries.
The CEO’s employment contract contains a mutual notice period of 6 months.
For termination on the part of the company, the CEO has the right to termination
benefits equal to 12 monthly salaries. The CEO has a premium based pension
agreement. The annual premium amounts to 27.5% of the CEO’s fixed salary and
agreed variable salary.
Other senior executives
“Other senior executives” consist of other members of the executive management
team, in total 10 persons (9) in 2010. Compensation to other senior executives
is determined by the CEO of the Parent Company after consultation with the
remuneration committee. Variable salary is paid based on actual achievements.
The maximum range of the variable portion is from 3 to 7 monthly salaries. Service
pension is paid by individual agreements.
Compensation to the executive management team includes a one-time cost of
SEK 4 million in 2010 for additional variable salaries. In addition, a one-time pension
provision of SEK 3 million was recognised in connection to a member of the executive
management team leaving the company.
note 11. Wages, salaries and other remuneration
– parent company
45
Parent Company
Wages, salaries and other remuneration 2010 2009
Board of Directors and CEO 5,922
of which bonuses, etc. 3,989
Total wages, salaries and other remuneration 5,922 0
Social security costs 2,998
of which pension costs 1,127
Total wages, salaries and other remuneration,
pension and social security costs 8,920 0
note 12. fees to auditors
Group Parent Company
2010 2009 2010 2009
Öhrlings PricewaterhouseCoopers
Audit assignment 9,351 10,944 1,050 1,177
Other audit assignments 416 188
Tax assignments 1,152 1,232
Other assignments 1,038 920
Subtotal 11,957 13,284 1,050 1,177
KPMG
Audit assignment 105 106
Tax assignments 113 86
Subtotal 218 192 0 0
Total 12,175 13,476 1,050 1,177
note 13. results from participations in group companies
Parent Company
2010 2009
Dividend recieved 100,000 100,000
Group contributions received 92,904 77,312
Total 192,904 177,312
note 14. financial income
Group Parent Company
2010 2009 2010 2009
Interest income, group companies 38
Interest income, other
Dividend from participations in
4,615 5,769 47 1
other companies 797
Other financial income 4,816 5,275
Total 9,431 11,879 47 1

46
note 15. financial expenses
Group Parent Company
2010 2009 2010 2009
Interest expense, group companies -63,706 -58,987 -92,569 -61,312
Interest expense, other -174,575 -210,155 -25,557
Net foreign exchange gains/losses
on financing activities 92,675 74,561 25,614 10,960
Impairment losses on available-for-sale
financial assets -4,628 -56
Other financial expenses -8,020 -6,134 -8 -8
Total -158,254 -200,771 -66,963 -75,918
note 16. income tax expense
Group Parent Company
2010 2009 2010 2009
Current tax for the year -108,028 -73,234
Current tax from previous years -2,448 3,823 1,085
Deferred tax for the year 22,006 -7,943 3,508
Deferred tax from previous years -2,479 8,002
Total -90,949 -69,352 4,593 0
Reconciliation of effective tax
The Parent Company’s tax rate is 26.3%. The difference between tax calculated
according to the Parent Company’s tax rate on the profit before tax and the effective
tax according to the income statement are as follows:
Group
2010 2009
Profit before tax 285,053 239,406
Tax according to the current tax rate of the Parent Company -74,969 -62,964
Effect of other tax rates for foreign subsidiaries -1,998 -1,581
Income not subject to tax 2,483 14,221
Expenses not deductible for tax purposes -12,456 -20,541
Utilisation of previously unrecognised tax losses 11,006 4,143
Tax losses for which no deferred tax
asset was recognised -8,067 -20,285
Tax attributable to previous years -4,927 4,346
Other -2,021 13,309
Tax expense -90,949 -69,352
note 17. intangible assets
Information on impairment
In 2010, impairment losses of SEK 12,868 thousand were recognised on intangible
assets. The amount comprises impairment of intangible assets pertaining to Region
BeNeFra of SEK 4,799 thousand and to Business area Product Information of SEK
5,717 thousand.
During 2009 intangible assets from continuing operations were impaired in an
amount of SEK 44,869 thousand. The amount comprises impairment of goodwill
pertaining to Region Nordic of SEK 14,366 thousand and to Business area Software
and Applications of SEK 27,000 thousand.
Impairment testing of goodwill and other intangible assets
with indefinite useful lives
The Group’s cash-generating units (CGU) consist of the four regions and two
business areas. A breakdown of goodwill and other intangible assets with indefinite
useful lives by CGU is presented in the following table:
Goodwill
Other intangible
assets
Cash-generating unit 2010 2009 2010 2009
Region Nordic 2,297,177 2,334,262 18,542 20,025
Region DACH 714,294 793,310 8,758 2,147
Region BeNeFra 546,123 549,767 2,082 841
Region Central Europe 131,109 142,137 201 1,161
Business area Product Information 507,599 564,859
Business area Software and Applications 333,548 366,349
Total 4,529,850 4,750,684 29,583 24,174
The recoverable amount of the respective units was determined based on calculation
of value in use. Value in use was determined through discounting of expected
future cash flows for the respective units. The assessment of future cash flow was
based on reasonable and verifiable estimates and consists of management’s best
assessments of the financial circumstances that are predicted to exist for the
remainder of the useful life.
The calculations are based on estimated future cash flow for a three-year period.
The cash flow forecasts are estimated by management and based on an assessment
of the expected growth rates, margin growths and investment levels and
took into account the historical development and expected future growth potential
of the respective units. After the three-year period, it was assumed that operating
margins and investments would remain constant and that the growth rate
would drop off slightly. The long-term growth is estimated at 2%, equal to the
expected long-term inflation rate. The discount rate after taxes was estimated at
8.6% (9.0%) and the average tax rate for the Group at 28%.
According to the impairment tests that have been carried out, there is no indication
of impairment of goodwill or other intangible assets with indefinite useful lives. The
variable with the greatest impact on the value in use is the discount rate. If the discount
rate increases by 1%, there is still no indication of impairment.

2009
Goodwill Trademarks Databases
Separately acquired intangible assets
Customer
relations
Other
intangible
assets Databases
Internally generated
intangible assets
47
Other
intangible
assets Total
Accumulated cost
Beginning of year 4,907,345 87,353 335,063 645,974 615,765 213,952 11,450 6,816,902
Acquisition of subsidiaries 150,097 270 261 150,628
Investments 48,521 8,583 17 57,121
Sales and disposals -138 -38,962 -1,724 -40,824
Sale of subsidiaries -89,967 -19,348 -43,789 -35,019 -75,106 -23,603 -1,583 -288,415
Reclassifications -13,337 7,153 6,164 -20
Exchange differences -98,770 1,925 -4,254 -24,352 -17,516 -2,324 -610 -145,901
End of year 4,868,705 69,792 287,020 586,603 519,635 202,298 15,438 6,549,491
Accumulated amortisation and impairment losses
Beginning of year -13,473 -86,819 -204,769 -354,617 -106,772 -7,604 -774,054
Sales and disposals 138 38,962 1,724 40,824
Amortisation, continuing operations -4,612 -30,235 -84,182 -41,577 -18,352 -1,910 -180,868
Amortisation, discontinued operations -2,188 -2,234 -5,558 -9,980
Impairment losses, continuing operations -41,366 -3,046 -457 -44,869
Impairment losses, discontinued operations -76,655 -76,655
Sale of subsidiaries 3,871 17,937 12,737 29,505 23,593 290 87,933
Reclassifications -5 -5
Exchange differences -393 568 6,702 13,203 345 447 20,872
End of year -118,021 -14,469 -100,737 -271,746 -323,133 -99,919 -8,777 -936,802
Net book value 31 December 2009 4,750,684 55,323 186,283 314,857 196,502 102,379 6,661 5,612,689
Separately acquired intangible assets
Internally generated
intangible assets
Other
Other
2010
Accumulated cost
Goodwill Trademarks Databases
Customer
relations
intangible
assets Databases
intangible
assets Total
Beginning of year 4,868,705 69,792 287,020 586,603 519,635 202,298 15,438 6,549,491
Acquisition of subsidiaries 98,467 3,357 4,818 106,642
Investments 44,378 5,970 2,091 52,439
Sales and disposals -2,198 -2,794 -4,992
Sale of subsidiaries -37,137 -10,490 -38,189 -9,545 -95,361
Reclassifications 110 3,674 -12,493 7,462 6,340 5,093
Exchange differences -282,164 -1,783 -25,723 -62,431 -46,885 -13,856 -1,733 -434,575
End of year 4,647,871 68,119 254,481 524,172 467,605 189,535 26,954 6,178,737
Accumulated amortisation and impairment losses
Beginning of year -118,021 -14,469 -100,737 -271,746 -323,133 -99,919 -8,777 -936,802
Acquisition of subsidiaries -1,187 -2,453 -3,640
Sales and disposals 2,198 2,794 4,992
Amortisation -3,873 -26,850 -62,762 -39,367 -16,599 -3,438 -152,889
Impairment losses -5,717 -2,069 -5,082 -12,868
Sale of subsidiaries 10,489 14,468 3,718 28,675
Reclassifications -1,370 -601 118 -1,853
Exchange differences 480 9,192 26,832 34,298 5,757 1,362 77,921
End of year -118,021 -17,862 -114,993 -307,676 -315,393 -109,331 -13,188 -996,464
Net book value 31 December 2010 4,529,850 50,257 139,488 216,496 152,212 80,204 13,766 5,182,273
Other intangible assets pertains mainly to business systems and system development in progress.

48
note 18. property, plant and equipment
2009
Land and
buildings
Computers
and
equipment
Work in
progress Total
Accumulated cost
Beginning of year 291,687 677,926 7,214 976,827
Acquisition of subsidiaries 7,148 7,148
Investments 2,103 59,322 916 62,341
Sales and disposals -2,757 -39,857 -42,614
Sale of subsidiaries -90,340 -5,944 -96,284
Reclassifications -21,381 -25,888 -1,355 -48,624
Exchange difference -12,317 -7,057 114 -19,260
End of year 257,335 581,254 945 839,534
Accumulated depreciation and impairment losses
Beginning of year -81,245 -481,636 -562,881
Acquisition of subsidiaries -5,795 -5,795
Sales and disposals 534 38,753 39,287
Sale of subsidiaries 78,564 78,564
Depreciation, continuing operations -6,383 -66,323 -72,706
Depreciation, discontinued operations -3,741 -3,741
Impairment losses, continued operations -584 -427 -1,011
Impairment losses, discontinued operations -441 -441
Reclassifications 21,381 27,132 48,513
Exchange difference 2,984 4,858 7,842
End of year -63,313 -409,056 -472,369
Net book value 31 December 2009 194,022 172,198 945 367,165
2010
Land and
buildings
Computers
and
equipment
Work in
progress Total
Accumulated cost
Beginning of year 257,335 581,254 945 839,534
Acquisition of subsidiaries 6,925 6,925
Investments 426 42,665 1,507 44,598
Sales and disposals -22,862 -46,837 -69,699
Sale of subsidiaries -26,165 -26,165
Reclassifications -1,533 -343 -1,876
Exchange difference -31,579 -47,808 -79 -79,466
End of year 203,320 508,501 2,030 713,851
Accumulated depreciation and impairment losses
Beginning of year -63,313 -409,056 -472,369
Acquisition of subsidiaries -4,270 -4,270
Sales and disposals 9,022 44,389 53,411
Sale of subsidiaries 20,915 20,915
Depreciation -5,683 -60,395 -66,078
Impairment losses -560 -4,665 -5,225
Reclassifications 1,785 1,785
Exchange difference 7,724 34,954 42,678
End of year -52,810 -376,343 -429,153
Net book value 31 December 2010 150,510 132,158 2,030 284,698
Information on land and tax assessment values
The carrying amount of land amounts to SEK 28,401 thousand (44,675). All holdings
in land and buildings are outside Sweden, for which reason no tax assessment
values are available.
Property, plant and equipment includes buildings and equipment leased by the
Group under finance leases with the following carrying amounts:
2010 2009
Accumulated cost 91,857 103,954
Accumulated depreciation and impairment losses -37,133 -38,387
Net book value 54,724 65,567

note 19. available-for-sale financial assets
Group
2010 2009
Beginning of year 6,993 28,505
Sale of financial assets -182 -2,200
Reclassifications -13,811
Impairment losses/Reversal of impairment losses -1,799 41
Net gains/losses transferred to equity -5,092
Sale of subsidiaries -5 -359
Exchange difference -166 -91
End of year 4,841 6,993
Disclosures of available-for-sale financial assets
Company name
Corporate
identity no. Country
Share of
capital/ Carrying amount
votes (%) 2010 2009
AdHouse AB 556729-8095 Sweden 19.9/19.9 1,101 1,101
Atex Norway n/a 2,387 2,387
Glada Service AG Switzerland 1,810
Other holdings 1,353 1,695
Total 4,841 6,993
Securities of significant amounts and classified as available-for-sale financial
assets are recorded at their fair values. The fair value of unlisted securities is
established by discounting the estimated future cash flows. The discount rate is
based on the current interest rate plus an addition for the specific risks in each
type of security. At the balance sheet date none of the securities were of a significant
amount.
None of the financial assets showed indication of impairment.
note 20. Deferred tax assets and liabilities
49
Group
Deferred tax assets 31/12/2010 31/12/2009
Intangible assets 24,396 20,906
Property, plant and equipment 4,824 4,848
Trade and other receivables 1,584 1,392
Provisions for pensions 19,431 20,952
Other provisions 12,374 8,967
Derivative financial instruments 16,976 32,766
Trade and other payables 13,071 15,064
Loss carryforward 46,170 45,191
Offset -4,440 -35,680
Total 134,386 114,406
Group
Deferred tax liabilities 31/12/2010 31/12/2009
Intangible assets 185,748 230,888
Property, plant and equipment 836 174
Available-for-sale financial assets 27
Trade and other receivables 2,537 553
Provisions for pensions 1,082 920
Other provisions 611
Trade and other payables 977
Tax allocation reserves 59,831 60,923
Offset -4,440 -35,680
Total 245,621 259,366
Net deferred tax assets/liabilities -111,235 -144,960
Gross movement in deferred tax assets/liabilities:
Group
2010 2009
Beginning of year -144,960 -171,304
Acquisition/sale of subsidiaries 6,451 18,092
Recognised in the income statement 32,461 2,738
Recognised in equity -5,187 5,514
End of year -111,235 -144,960
Deferred tax recognised directly in equity
Deferred tax on interest rate swaps -14,816 -976
Exchange differences 9,629 6,490
Total -5,187 5,514
Unrecognised deferred tax assets
Unrecognised deferred tax assets refer to losses carried forward. The gross value
of the Group’s unrecognised deferred tax assets, allocated according to maturity
dates, are shown below. The tax value of unrecognised deferred tax assets
amounts to SEK 71,041 thousand (101,302).
Maturity date
2012 250
2013 618
2014 809
2016 3,386
2017 2,070
2018 29
2019 22
No maturity date 225,816
Total 233,000

50
note 21. participations in group companies
Parent Company’s investments
in group companies
Parent Company
2010 2009
Beginning of year 1,373,967 1,365,847
Investments 8,120
End of year 1,373,967 1,373,967
Net book value 1,373,967 1,373,967
Disclosure of participations in group companies – direct holdings
Company name
Corporate
identity no.
Registered
office
Number
of shares
Share of
capital (%)
Carrying
amount
Bisnode AB 556341-5685 Stockholm 1,000 100 1,373,847
Bisnode Produktinformation AB 556300-4331 Stockholm 1,000 100 120
Total 1,373,967
Disclosure of participations in group companies – indirect holdings
Company name
Registered
office/
Country
Corporate
identity
number
Share of
capital
(%)
Swedish subsidiaries
AAA Soliditet AB Stockholm 556485-5582 100
Agent 25 Sverige AB Stockholm 556334-7979 100
Baby DM Scandinavia AB Helsingborg 556576-2530 100
BFI Produktion AB Stockholm 556735-5390 100
Bisnode Central Invest AB Stockholm 556148-2398 100
Bisnode Informatics Sweden AB Stockholm 556525-4439 100
Bisnode Sverige AB Stockholm 556338-6928 100
Bisnode Venture & Development AB Stockholm 556069-8788 100
Bisnodecom AB Stockholm 556575-7522 100
Bisnode InfoData AB Stockholm 556075-1447 100
Bisnode InfoData Holding AB Stockholm 556643-2067 100
Business Check i Sverige AB Stockholm 556235-0396 51
DB Soliditet AB Sundbyberg 556266-9498 100
DirektMedia Sverige AB Göteborg 556447-9839 100
Dun & Bradstreet Nordic AB Sundbyberg 556039-4784 100
Dun & Bradstreet Sverige AB Sundbyberg 556022-4692 100
EKO Företagsupplysningar AB Stockholm 556522-3251 100
Electronic Data Innovation Group EDIG AB Stockholm 556649-1311 100
Fixahemmet i Sverige AB Stockholm 556204-6184 100
G2. solutions AB Stockholm 556537-6489 100
Company name
Registered
office/
Country
Corporate
identity
number
Share of
capital
(%)
G2 Solutions Holding AB Stockholm 556477-1151 100
Infodata AB Stockholm 556197-9740 100
Infodata Applicate AB Stockholm 556436-3421 100
Infodata Direct AB Stockholm 556411-3834 100
InfoTorg AB Stockholm 556266-0141 100
Ipnode AB Stockholm 556129-6046 100
Kompass Sverige AB Stockholm 556084-8409 100
KreditFakta kreditupplysningar i Norden AB Stockholm 556562-2510 100
Lundalogik AB Lund 556397-0465 100
Marknadsinformation Analys MIA AB Stockholm 556361-0665 100
Min Upplysning Sverige AB Sundbyberg 556471-4045 100
Newsline Group AB Stockholm 556225-8136 100
PAR AB Stockholm 556112-5625 100
Pointer International AB Stockholm 556717-0088 100
Pointer Sweden AB Stockholm 556591-6912 100
Presstext AB Stockholm 556088-5393 100
Relevant Information Sverige AB Sundbyberg 556457-3045 100
Svenska Market Management Partner AB Stockholm 556583-1400 100
Svenska Nyhetsbrev AB Stockholm 556363-7825 100
AB Svensk Handelstidning Justitia Sundbyberg 556091-2361 100

Disclosure of participations in group companies – indirect holdings
Company name
Registered
office/
Country
Share of
capital
(%)
Foreign subsidiaries
Bisnode Austria GmbH Austria 100
Bisnode Informatics Austria GmbH Austria 100
Dun & Bradstreet Information Services GmbH Austria 100
Hoppenstedt Kreditinformationen GmbH Austria 100
Wer liefert was? GmbH Austria 100
Wirtschaftsauskunftei Wisur GmbH Austria 100
BBMS N.V./SA Belgium 100
Bisnode Belgium N.V./SA Belgium 100
WDM Belgium N.V./SA Belgium 100
WDM Belgium Holding N.V./SA Belgium 100
Bisnode Interact NV/SA Belgium 100
Wer liefert was? d.o.o. Croatia 100
Bisnode Ceská republika, s.r.o. Czech Republic 100
CEE Data, a.s. Czech Republic 100
Ceska kapitálová a informacni agentura, a.s Czech Republic 100
Dun & Bradstreet, spol. s.r.o. Czech Republic 100
HBI Ceská republika, s.r.o. Czech Republic 100
Wer liefert was? spol. s.r.o Czech Republic 100
AAA Soliditet A/S Denmark 100
Bisnode Business & Market Information A/S Denmark 100
Bisnode Danmark A/S Denmark 100
Bisnode Informatics Danmark A/S Denmark 100
Bonnier Media A/S under tvangsopløsning Denmark 100
DirektMedia Danmark A/S Denmark 100
Dun & Bradstreet Danmark A/S Denmark 100
Kompass Danmark A/S Denmark 100
Connectus AS Estonia 100
Bisnode Finland Oy Finland 100
Direktmedia 121 Oy Finland 100
Dun & Bradstreet Finland Oy Finland 100
Kompass Finland Oy Finland 100
Lundalogik Finland Oy Finland 100
Yritystele Oy Finland 100
Bisnode France, S.A.S. France 100
Directinet S.A.S. France 100
Netcollections S.A.S. France 100
WDM France, S.A.S. France 92
WDM France Holding, S.A.S. France 92
ABC der deutschen Wirtschaft GmbH Germany 100
Bisnode Editorial Deutschland GmbH Germany 100
Bisnode Deutschland GmbH Germany 100
Bisnode Deutschland Holding GmbH Germany 100
Bisnode Grundbesitz Darmstadt GmbH Germany 100
Bisnode Informatics Deutschland GmbH Germany 100
Bisnode Produktinformation GmbH Germany 100
D&B Deutschland GmbH Germany 100
Company name
Registered
office/
Country
51
Share of
capital
(%)
Hoppenstedt360 GmbH Germany 100
Hoppenstedt Firmeninformationen GmbH Germany 100
Hoppenstedt Kreditinformationen GmbH Germany 100
Hoppenstedt Publishing GmbH Germany 100
Wer liefert was? GmbH Germany 100
Dun & Bradstreet Hungária Információ Szolgáltató Kft Hungary 100
HBI Company Data Informatikai Kft Hungary 100
Kompass Hungária Kft Hungary 100
Chartered Company Formations Ltd. Ireland 100
Hoppenstedt Bonnier Information N.V. Netherlands 100
WDM International B.V. Netherlands 100
WDM Nederland B.V. Netherlands 100
Bisnode Norge AS Norway 100
Direktmedia AS Norway 100
DM Huset AS Norway 100
Dun & Bradstreet Norway AS Norway 100
Inter Dialog AS Norway 100
Kompass Norge AS Norway 100
Lundalogik AS Norway 100
One Software Holding AS Norway 100
Soliditet Norge AS Norway 100
Bisnode Polska Sp.z.o.o. Poland 100
Dun & Bradstreet Poland Sp.z.o.o. Poland 100
Hoppenstedt Bonnier Information Polska Sp.z.o.o Poland 100
Bisnode Slovensko, s.r.o. Slovakia 100
Bisnode d.o.o. Slovenia 100
Infobon d.o.o. Slovenia 100
Razpisi d.o.o. Slovenia 62
Bisnode Schweiz AG Switzerland 100
Credita AG Switzerland 100
Dun & Bradstreet (Schweiz) AG Switzerland 100
Hoppenstedt AG Switzerland 100
Inkaprax AG Switzerland 100
Wer liefert was GmbH Switzerland 100
ACS Credit Services Ltd. United Kingdom 100
Bisnode Ltd. United Kingdom 100
Bisnode Informatics Ltd. United Kingdom 100
Bisnode Publications Ltd United Kingdom 100
Bisnode UK Holdings Ltd. United Kingdom 100
Checkit (UK) Ltd. United Kingdom 100
Creditscorer Ltd. United Kingdom 100
HBI Information Ltd. United Kingdom 100
Market Monitor Ltd. United Kingdom 100
Nationwide Credit Management Services Ltd. United Kingdom 100
The Prospect Shop Ltd. United Kingdom 100
Prospect Swetenhams Ltd. United Kingdom 100

52
note 22. Trade and other receivables
Group
31/12/2010 31/12/2009
Trade receivables – net 731,230 749,303
Advance payments to suppliers 975 725
Prepaid expenses 74,872 77,893
Accrued interest income 500 52
Other accrued income 18,305 28,050
Receivables from Parent Company – non interest-bearing 37
Other receivables – interest-bearing 19,112 31,245
Other receivables – non interest-bearing 30,843 44,971
Total 875,837 932,276
whereof non-current portion 14,787 20,910
whereof current portion 861,050 911,366
Credit risk
There is no concentration of credit risks for trade receivables, as the Group has a
large number of customers who are well dispersed internationally. Receivables
are tested for impairment at the company level after individual assessment of
each customer. In the impairment test, the financial position and solvency of each
customer is considered.
The Group has recognised losses on trade receivables for the year amounting
to SEK 8,302 thousand (19,830). The losses are recognised in other expenses in
the income statement. The table below shows the age structure of outstanding
trade receivables:
31/12/2010 Not due
Between
Within 61 days-
60 days 1 year
Later
than
1 year Total
Trade receivables 589,575 124,331 23,419 18,844 756,169
Provision for impairment
of receivables -1,003 -2,282 -6,362 -15,292 -24,939
Trade receivables – net 588,572 122,049 17,057 3,552 731,230
31/12/2009 Not due
Between
Within 61 days-
60 days 1 year
Later
than
1 year Total
Trade receivables 579,091 145,338 31,946 22,247 778,622
Provision for impairment
of receivables -2,151 -2,202 -8,069 -16,897 -29,319
Trade receivables – net 576,940 143,136 23,877 5,350 749,303
The other categories within trade and other receivables do not contain impaired
assets.
The credit quality of trade and other receivables that are neither past due nor
impaired is good since the receivables relate to customers with high credit ratings
and/or good solvency.
The carrying amounts of trade and other receivables are equal to their fair values.
The maximum exposure to credit risk at the reporting date is the fair value of each
class of Trade and other receivables. The Group does not hold any collateral as
security for trade receivables past due.
note 23. inventories
Group
31/12/2010 31/12/2009
Raw materials 211
Work in progress 4,843 10,158
Finished goods 802 1,338
Total 5,856 11,496
note 24. cash and cash equivalents
Group
31/12/2010 31/12/2009
Cash at bank and on hand 259,167 367,844
Total 259,167 367,844
note 25. Borrowings
Group
Non-current borrowings 31/12/2010 31/12/2009
Bank borrowings 1,891,051 2,287,314
Loans from shareholders 1,228,608 1,137,600
Borrowings for finance leases 74,574 88,806
Other borrowings 9,382 15,243
Subtotal 3,203,615 3,528,963
Current borrowings
Bank borrowings 336,006 323,120
Borrowings for finance leases 3,699 3,461
Other borrowings 7,570 5,770
Subtotal 347,275 332,351
Total 3,550,890 3,861,314
Bank borrowings mature until 31 January 2013 and carry interest equal to current
3-month STIBOR plus 1.25%. 85% of the variable interest is converted to fixed
interest until the maturity date through the use of interest rate swaps. Bank borrowings
are secured by shares in subsidiaries of the Parent Company.
The Group has granted bank overdraft amounting to SEK 100 million (100). In
addition, the Group has a revolving credit facility of SEK 300 million. At the end of
the year, SEK 25 million of the revolving credit had been utilised.
Interest rate risks
The exposure of the Group’s borrowings to changes in interest rates and contractual
dates for interest rate conversion is as follows:
Date for interest rate conversion
or maturity date
31/12/2010
Carrying
amount
Within
1 year
Between
1–5 years
Later than
5 years
Bank borrowings 2,227,057 336,006 1,891,051
Loans from shareholders 1,228,608 1,228,608
Borrowings for finance leases 78,273 3,699 15,307 59,267
Other borrowings 16,952 7,570 9,382
Date for interest rate conversion
or maturity date
Carrying Within Between Later than
31/12/2009
amount 1 year 1–5 years 5 years
Bank borrowings 2,610,434 323,120 2,287,314
Loans from shareholders 1,137,600 1,137,600
Borrowings for finance leases 92,267 3,461 15,936 72,870
Other borrowings 21,013 5,770 15,243
The fair values of the Group’s borrowings are equal to their carrying amounts. The
carrying amounts of the borrowings are denominated in the following currencies:
31/12/2010 31/12/2009
SEK 2,888,495 3,002,430
EUR 647,198 837,683
USD 15,152 21,013
Other currencies 45 188
Total 3,550,890 3,861,314

Maturity dates on non-current liabilities – Parent Company
Maturity date
Current Within Between Later than
31/12/2010
liability 1 year 1–5 years 5 years
Liabilities to group companies 860,026 860,026
Other liabilities 368,582 368,582
Total 1,228,608 0 1,228,608 0
31/12/2009
Current
liability
Within
1 year
Maturity date
Between Later than
1–5 years 5 years
Liabilities to group companies 796,320 796,320
Other liabilities 341,280 341,280
Total 1,137,600 0 1,137,600 0
note 26. provisions for pensions
Defined contribution plans
The expense for defined contribution plans during the year amounted to SEK
92,665 thousand (93,730).
Commitments for old-age pensions and family pensions for white-collar
employees in Sweden have been safeguarded through insurance in Alecta.
According to statement URA 42 from the Swedish Financial Accounting Standards
Council’s Urgent Issues Task Force, this is classified as a “multi-employer”
defined benefit plan. For financial years when the company has not had access to
the information necessary to report this plan as a defined benefit plan, a pension
plan according to Supplementary Pension for Employees in industry and Commerce,
safeguarded through insurance with Alecta, is reported as a defined contribution
plan. The year’s costs for pension insurance subscribed to through Alecta
amounted to SEK 28,000 thousand (28,079). Alecta’s surplus can be distributed
to the policyholders (the employers) and/or the insureds. At year-end 2010,
Alecta’s collective funding ratio was 146% (141). The collective funding ratio is the
market value of Alecta’s plan assets as a percentage of insurance obligations
computed according to Alecta’s own actuarial assumptions, which do not comply
with IAS 19.
Defined benefit plans
The amounts recognised in the income statement are as follows:
Group
2010 2009
Current service cost 20,348 15,913
Interest cost 13,822 12,721
Expected return on plan assets -4,342 -4,586
Actuarial gains (-) and losses (+) recognised in year 920 343
Other cost reductions -1,283
Total 30,748 23,108
The actual return on plan assets during the period was SEK 7,449 thousand (34).
Actuarial assumptions
There are defined benefit plans in Finland, Germany, Norway, Sweden and Switzerland.
The principal actuarial assumptions used as of balance sheet date were
as follows (weighted average):
2010 2009
Discount rate 3.9% 4.4%
Inflation 1.7% 1.7%
Annual salary increases 2.4% 2.4%
Annual pension increases 1.5% 1.3%
Annual paid-up policy increases 1.1% 1.3%
Remaining service period 13 years 14 years
Expected return on plan assets 3.2% 3.9%
53
The amounts recognised in the balance sheet are determined as follows:
2010 2009
Present value of funded obligations 146,364 139,768
Fair value of plan assets -110,397 -115,488
Net value of entirely or partially funded obligations 35,967 24,280
Present value of unfunded obligations 199,036 198,048
Unrecognised actuarial gains (+) and losses (–) -25,435 -4,617
Net liability on the balance sheet 209,568 217,711
The movement in the fair value of plan assets over the year is as follows:
2010 2009
Beginning of year 337,816 323,172
Current service cost 20,348 15,913
Interest cost 13,704 13,706
Actuarial gains (-)/losses (+) 8,518 -2,785
Employer contributions -1,088 -7,071
Employee contributions 2,733 3,032
Benefits paid -17,511 -4,984
Acquisition of subsidiaries -48 3,432
Other changes 1,243
Exchange differences -19,072 -7,842
End of the year 345,400 337,816
The movement in the fair value of plan assets over the year is as follows:
2010 2009
Beginning of year 115,488 106,273
Expected return on plan assets 4,342 4,586
Actuarial losses (-)/gains (+) -11,791 -4,552
Employer contributions 11,371 10,694
Employee contributions 2,733 3,032
Benefits paid -11,741 -4,984
Acquisition of subsidiaries 373
Other changes 93
Exchange differences -5 -27
End of year 110,397 115,488
Plan assets are comprised as follows:
2010 2009 2010 2009
Shares 23,232 19,193 21% 17%
Interest-bearing securities 37,931 42,233 34% 37%
Property 14,275 11,386 13% 10%
Other 34,959 42,676 32% 37%
Total 110,397 115,488 100% 100%
The expected return on plan assets was determined by considering the expected
returns available on the assets underlying the current investment policy. Expected
yields on fixed-interest investments are based on gross redemption yields at the
balance sheet date. Expected returns on shares and property investments reflect
long-term rates of return in the respective market.
Expected contributions to post-employment benefit plans for the financial year
2011 amount to SEK 18,591 thousand.
2010 2009 2008 2007
Present value of defined
benefit obligation 345,400 337,816 323,172 247,091
Fair value of plan assets -110,397 -115,488 -106,273 -79,859
Deficit (+)/surplus (-) 235,003 222,328 216,899 167,232

54
note 27. other provisions
Group
2010 2009
Contingent purchase consideration 35,330 142,118
Legal claims 23,808 4,058
Restoration charges 5,155 6,076
Restructuring 6,222 2,963
Sales agents 11,469 14,442
Other 12,073 20,125
Total 94,057 189,782
of which non-current portion 54,164 188,544
of which current portion 39,893 1,238
Group
2010 2009
Beginning of year 189,782 191,243
Acquisition of subsidiaries 2,588 8,119
New provisions for the period 27,583 648
Utilised during the period -14,548 -14,403
Provisions for contingent purchase consideration 2,253 8,925
Contingent purchase consideration paid -108,301 -9,220
Unused/reversed contingent purchase
consideration
Capitalised interest on contingent
-4,348
purchase consideration 3,607 6,344
Exchange differences -4,559 -1,874
End of year 94,057 189,782
Contingent purchase consideration
The provision mainly pertains to contingent purchase consideration for the acquisition
of Svenska Nyhetsbrev AB. The amount will be used during 2011.
Legal claims
Provisions for legal claims pertain to potential claims from information suppliers
and ongoing tax disputes.
Restoration charges
Pertains to provisions for future restoration expenses for rented premises.
Restructuring
Pertains to provisions for vacant premises and future payments to redundant
personnel.
Sales agents
The provisons pertain to future costs related to the retirement or termination of
collaboration with German sales agents.
note 28. Trade and other payables
Group
31/12/2010 31/12/2009
Trade payables 195,853 212,821
Advances from customers 40,874 62,090
Holiday pay liabilities 104,206 115,426
Social security and other taxes 40,194 33,319
Accrued interest expenses 189 284
Other accrued expenses 279,198 327,364
Deferred income 658,644 664,971
Other liabilities - non interest-bearing 132,335 151,789
Total 1,451,493 1,568,064
of which non-current portion 2,234
of which current portion 1,451,493 1,565,830
The fair value of trade and other payables equals their carrying amounts.
note 29. Derivative financial instruments
Group
31/12/2010 31/12/2009
Interest rate swaps – cash flow hedges -74,481 -135,581
Total -74,481 -135,581
Type of contract
Contract term
beginning on ending on
Amount Currency
Interest
rate
Interest rate swap 31/01/2008 31/01/2013 1,398,250 SEK K 4.51%
Interest rate swap 31/01/2008 31/01/2013 53,550 EUR K 4.42%
The cash flow hedges are determined to be 85% effective. The current Interest
rate swap agreements had a negative value of SEK 23,851 thousand on the contractual
date. The ineffective portion has been recognised in the income statement
on a straight-line basis. During the year, SEK 4,770 thousand has been recognised
as financial income in the income statement.
The fair value of the interest rate swaps which have been calculated using valuation
techniques are found in level 2.

note 30. accrued expenses and deferred income
Parent Company
31/12/2010 31/12/2009
Accrued expenses related to personnel 7,222
Other accrued expenses 250 295
Total 7,472 295
note 31. reserves
Hedging
reserve
Availablefor-sale
financial
assets
Currency
translation
differences Total
Balance at 1 January 2009 -91,819 5,092 272,696 185,969
Revaluation – gross -5,092 -5,092
Cash flow hedges:
Transferred to the income statement -4,770 -4,770
Tax on transfers to the inc. statement
Transferred to other
1,255 1,255
comprehensive income
Tax on transfers to other
8,482 8,482
comprehensive income -2,231 -2,231
Currency translation differences -129,610 -129,610
Balance at 31 December 2009 -89,083 0 143,086 54,003
Balance at 1 January 2010 -89,083 0 143,086 54,003
Revaluation – gross
Cash flow hedges:
Transferred to the income statement -4,770 -4,770
Tax on transfers to the inc. statement
Transferred to other
1,255 1,255
comprehensive income
Tax on transfers to other
61,100 61,100
comprehensive income -16,069 -16,069
Currency translation differences -313,702 -313,702
Deferred tax reported directly in equity 12,934 12,934
Balance at 31 December 2010 -47,567 0 -157,682 -205,249
note 32. finance leases
55
Finance leases – group company is lessor
The Group leases tangible assets under finance leases with carrying amounts of
SEK 54,724 thousand (65,567) at the balance sheet date.
The future minimum lease payments receivable under non-cancellable operating
leases are as follows:
Group
2010 2009
Within 1 year 6,307 6,952
Between 1–5 years 25,866 28,304
Later than 5 years 65,606 80,446
Total 97,779 115,702
The present value of finance lease liabilities is as follows:
Group
2010 2009
Within 1 year 3,699 3,461
Between 1–5 years 15,307 15,936
Later than 5 years 59,267 72,870
Total 78,273 92,267
note 33. operating leases
Group
Operating leases – Group company is lessor 2010 2009
Leasing expenses 158,462 167,486
Total 158,462 167,486
The Group’s operating leases consist primarily of rents for premises, machinery/
computers and cars. The Parent Company had no lease expenses during the year.
Group
Future minimum lease payments 2010 2009
Within 1 year 139,268 142,705
Between 1–5 years 264,314 285,377
Later than 5 years 83,431 113,562
Total 487,013 541,644
Future lease payments pertain to minimum lease payments attributable to noncancellable
operating leases.

56
note 34. related party transactions
The related parties of the Group consist of the Parent Company Ratos AB and the
Group’s key management personnel and their families. Key management personnel
relates to members of the executive management team.
Ratos owns 70% of the Parent Company’s shares and has control over the
Group. Ratos is the Parent Company of the largest and smallest groups that Bisnode
Business Information Group AB is part of and where the consolidated accounts
are prepared.
Any transactions between related parties are carried out on an arm’s length basis.
Transactions with the Parent Company
Loans to Ratos
Group
2010 2009
Beginning of year 0 2,792
Borrowings 11,788
Repayments -11,788 -2,792
End of year 0 0
Group
Borrowings from Ratos 2010 2009
Beginning of year 796,320 742,598
Repayments -5,265
Interest expense capitalised 63,706 58,987
End of year 860,026 796,320
The year-end borrowings from Ratos pertain to shareholder loans from the
Parent Company Ratos. The loans mature on 31 January 2013 and carry interest
of 8%. The interest is capitalised until maturity.
Transactions with key management personnel
During 2010 and 2009 the Parent Company did not grant any loans to Board
members, key management personnel or their families. Renumeration to key
management personnel is specified in Note 10.
note 35. contingent liabilities and pledged assets
Group Parent Company
Contingent liabilities 31/12/2010 31/12/2009 31/12/2010 31/12/2009
Guarantee commitment FPG/PRI 917 768
Guarantee to previous owners 61,665 86,902
Other guarantees 16,690 19,277 2,237,126 2,625,416
Total 79,272 106,947 2,237,126 2,625,416
Pledged assets for own liabilities and provisions
Shares 1,107,539 1,298,012 1,107,539 1,298,012
Other pledged assets 916 2,120
Total 1,108,455 1,300,132 1,107,539 1,298,012
Other pledged assets None None None None
Guarantee to previous owners pertains to guarantees pledged to Dun & Bradstreet
International to complete financing required for the Dun & Bradstreet Group
companies in Sweden, Norway, Denmark, Finland, Germany, Switzerland,
the Czech Republic, Austria, Hungary and Poland.
note 36. share capital
The share capital of the Parent Company amounts to SEK 482,355,912, divided
between 66,328,528 A shares and 54,260,450 B shares with a quota value of 4
each.
There are no outstanding options or convertible bonds that could lead to future
dilution.
note 37. earnings per share
Basic earnings per share are calculated by dividing profit attributable to owners of
the Parent Company by the number of shares outstanding for the period. There
are no option or convertible bond programmes outstanding that could cause
future dilution.
2010 2009
Profit attributable to owners of the Parent Company 180,567 50,551
Number of shares outstanding (thousands) 120,589 120,589
Earnings per share before and after dilution (SEK per share) 1.50 0.42

note 38. Business combinations
2010
Date of
acquisition
share of
capital Operation
Directinet SA/Netcollections SAS 06/01/2010 100.0% Leading provider of online direct marketing solutions in France.
Bilfakta Sverige AB 01/04/2010 100.0% Owner of Sweden's largest database of automotive information.
Yritystelse Oy (asset deal) 08/10/2010 100.0% B2B online business information and search operation in Finland.
Purchase price Directinet/
Netcollections
57
Other
acquisitions Total
Cash paid 85,070 9,907 94,977
Contingent purchase consideration paid 108,301 108,301
Utilisation of contingent purchase consideration -111,053 -111,053
Total 85,070 7,155 92,225
Fair value of acquired net assets -6,959 13,201 6,242
Total Goodwill 78,111 20,356 98,467
Cash flow effect Directinet/
Netcollections
Other
acquisitions Total
Cash paid 85,070 9,907 94,977
Contingent purchase consideration paid 108,301 108,301
Cash and cash equivalents in acquired subsidiaries -11,502 1,983 -9,519
Change in cash and cash equivalents 73,568 120,191 193,759
Supplementary information
Revenue since acquisition date 121,156 7,911 129,067
Revenue in 2010 121,156 8,537 129,693
Profit before tax since acquisition date -4,269 -575 -4,844
Profit before tax in 2010 -4,269 -1,859 -6,128
Acquisition-related costs 740 740
Fair value of acquired assets
and liabilities
Directinet/Netcollections Other acquisitions Total
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Carrying
amount
Assets
Intangible assets 2,115 2,115 2,420 2,420 4,535 4,535
Property, plant and equipment 2,082 2,082 573 573 2,655 2,655
Deferred tax assets 984 984 984 984
Inventories 35 35 35 35
Trade and other receivables 52,125 52,125 614 614 52,739 52,739
Cash and cash equivalents 11,502 11,502 -1,983 -1,983 9,519 9,519
Total assets 68,808 68,808 1,659 1,659 70,467 70,467
Liabilities
Other provisions 2,588 2,588 2,588 2,588
Tax liabilities 13 13 13 13
Trade and other payables 59,261 59,261 14,847 14,847 74,108 74,108
Total liabilities 61,849 61,849 14,860 14,860 76,709 76,709
Net identifiable assets and liabilities 6,959 6,959 -13,201 -13,201 -6,242 -6,242
The goodwill is attributable to the profitability of the acquired companies and the significant
synergies expected to arise following acquisition. All acquisition balances are preliminary.
Fair
value

58
2009
Date of
acquisition
share of
capital Operation
Inter Dialog AS 15/05/2009 20.0% Acquisition of minority.
Kauppalehti 121 Oy (name change to 121 Media Oy) 02/11/2009 100.0% Finnish leader in direct marketing services.
One Holding AS 07/12/2009 9.9% Acquisition of minority.
TA Teleadress Information AB (name change to Relevant
information Sverige AB) 14/12/2009 80.1% Has a leading position on the Swedish market for direct marketing information.
RAAD Research (asset deal) 29/10/2009 100.0% German operator in market research and analysis for the IT sector.
Purchase price Relevant
Information 121 Media Other acquisitions Total
Cash paid 58,670 72,175 6,566 137,411
Direct costs relating to acquisitions 46 2,307 111 2,464
Contingent purchase consideration paid 9,220 9,220
Utilisation of contingent purchase consideration -9,195 -9,195
Total 58,716 74,482 6,702 139,900
Fair value of acquired net assets -6,356 -6,667 -1,053 -14,076
Goodwill due to step acquisition 13,840 13,840
Revaluation of contingent purchase consideration 8,900 8,900
Negative goodwill – transferred to the income statement 1,533 1,533
Total Goodwill 66,200 67,815 16,082 150,097
Cash flow effect Relevant
Information 121 Media Other acquisitions Total
Cash paid 58,670 72,175 6,566 137,411
Direct costs relating to acquisitions 46 2,307 111 2,464
Contingent purchase consideration paid 9,220 9,220
Cash and cash equivalents in acquired subsidiaries -17,624 -8,036 -25,660
Change in cash and cash equivalents 41,092 66,446 15,897 123,435
Supplementary information
Revenue since acquisition date 58,836 16,777 75,613
Revenue in 2009 58,836 85,775 144,611
Profit before tax since acquisition date 6,097 492 6,589
Profit before tax in 2009 6,097 5,730 11,827
Fair value of acquired
assets and liabilities
Relevant Information 121 Media Other acquisitions Total
Carrying
amount
Fair
value
Carrying
amount Fair value
Carrying
amount
Fair
value
Carrying
amount
Assets
Intangible assets 531 531 531 531
Property, plant and equipment 240 240 819 819 294 294 1,353 1,353
Deferred tax assets 221 221 104 104 325 325
Trade and other receivables 9,765 9,765 12,100 12,100 1 1 21,866 21,866
Cash and cash equivalents 17,624 17,624 8,036 8,036 25,660 25,660
Total assets 27,850 27,850 21,059 21,059 826 826 49,735 49,735
Liabilities
Non-controlling interests 671 671 -227 -227 444 444
Provisions for pensions 2,862 2,862 197 197 3,059 3,059
Borrowings 311 311 311 311
Deferred tax liabilities 346 346 346 346
Tax liabilities 5 5 5 5
Trade and other payables 17,610 17,610 13,884 13,884 31,494 31,494
Total liabilities 21,494 21,494 14,392 14,392 -227 -227 35,659 35,659
Net identifiable assets and liabilities 6,356 6,356 6,667 6,667 1,053 1,053 14,076 14,076
Fair
value

note 39. sale of subsidiaries
Date of sale
Subsidiaries divested 2010 2009
Office Team Holding AS 19/04/2010
Bisnode Holding B.V. 25/05/2010
Svenskt Byggregister AB 01/06/2010
Emric AB 09/06/2010
PAR Graphics (sale of assets) 01/05/2010
Nomi Sweden, Norway, Finland, Denmark 30/06/2009
ICC Ireland, United Kingdom, etc 28/08/2009
Finfo Information AB 08/12/2009
Sverige Bygger AB 30/12/2009
Inter Dialog AS (sale of assets) 26/05/2009
Capital gains/losses 2010 2009
Cash received 34,510 135,912
Net assets sold -46,152 -110,183
Provisions in connection to sale 214
Estimated contingent purchase consideration to recieve 3,504
Contingent purchase consideration received 779 4,625
Provision/Reversal of contingent purchase consideration -1,838 -4,625
Exchange differences -123
Capital gains/losses -9,320 25,943
Net assets divested 2010 2009
Assets
Intangible assets 66,686 98,406
Property, plant and equipment 5,250 2,557
Available-for-sale financial assets 5 267
Deferred tax assets 2 1,062
Inventories 458
Tax receivables 2,050
Trade and other receivables 31,645 36,758
Cash and cash equivalents 20,477 39,399
Total assets 124,523 180,499
Liabilities
Non-controlling interests 28,116
Provision for pensions 48
Deferred tax liabilities 5,467 2,235
Tax liabilities 493 2,688
Trade and other payables 44,247 65,393
Total liabilities 78,371 70,316
Cash flow from sale of subsidiaries 2010 2009
Cash received 34,510 135,912
Contingent purchase consideration received 779 4,625
Provisions 3,881
Cash and cash equivalents in sold subsidiaries -20,477 -39,399
Cash flow from sale of subsidiaries 14,812 105,019
note 40. Discontinued operations
59
Profit from discontinued operations 2010 2009
Revenue
Other operating income
97,104
Total operating income 0 97,104
Goods and services -20,148
Personnel costs -56,183
Depreciation, amortisation and impairment losses -90,817
Other expenses -20,784
Total operating expenses 0 -187,932
Operating profit 0 -90,828
Financial income 30
Financial expenses -304
Net financial items 0 -274
Profit before tax and capital gain 0 -91,102
Capital gain from divestment of operations -20,051
Profit before tax 0 -111,153
Income tax expense 2,916
Profit from discontinued operations 0 -108,237
Cash flow from discontinued operations
Cash flow from operating activities
2010 2009
Profit before tax -111,153
Adjustment for items not included in cash flow, etc. 113,400
Income tax paid 559
Cash flow from changes in working capital -4,521
Cash flow from operating activities 0 -1,715
Cash flow from investing activities
Investments in property, plant and equipment -761
Sale of subsidiaries, net of cash 99,503
Sale of property, plant and equipment 35
Cash flow from investing activities 0 98,777
Cash flow from financing activities
Repayment of borrowings -441
Cash flow from financing activities 0 -441
Cash flow for the year 0 96,621
Capital gains/losses 2010 2009
Cash received minus sales expenses 111,057
Net assets sold -127,107
Provisions in connection with sale -4,001
Capital gains/losses 0 -20,051

60
note 40. Discontinued operations (continued)
Net assets divested 2010 2009
Assets
Intangible assets 102,076
Property, plant and equipment 15,163
Deferred tax assets 359
Inventories 10
Trade and other receivables 49,325
Cash and cash equivalents 11,554
Total assets 0 178,487
Liabilities
Deferred tax liabilities 16,940
Tax liabilities 611
Trade and other payables 33,829
Total liabilities 0 51,380
Cash flow from sale of subsidiaries 2010 2009
Cash received minus sales expenses 111,057
Cash and cash equivalents in sold subsidiaries -11,554
Cash flow from sale of subsidiaries 0 99,503
The annual accounts and the consolidated financial statements were approved for publication by the Board on 15 March 2011.
The income statement and balance sheet will be presented to the Annual General Meeting on 4 April 2011 for adoption.
Stockholm, 15 March 2011
note 41. events after the balance sheet date
In January 2011, Bisnode completed the acquisition of Poslovna Domena in Croatia
and acquired 51 per cent of Vendemore AB in Sweden.
Poslovna Domena offers digital business information from Croatia’s most complete
dataset of company and people information. The company has 15 employees and
annual revenue of around SEK 9 million.
Vendemore helps companies to optimise their online marketing. The company
has 10 employees and reported annual revenue of around SEK 9 million in 2010.
In February the credit solutions company Lindorff Decision and 90.1 per cent of
marketing solutions company Lindorff Match located in Norway were acquired.
Combined, the companies have 37 employees and showed annual revenue of
about SEK 115 million in 2010. Total operating profit amounted to around SEK 26
million. The acquisitions are subject to approval from the relevant competition
authorities.
No other significant events have taken place after the balance sheet date.
Håkan Ramsin Henrik Joelsson Birgitta Klasén
Chairman of the Board Board member Board member
Jonas Nyrén Carl Wilhelm Ros Johan Wall
Board member Board member Chief Executive Officer

auDiT
reporT
To the annual meeting of the shareholders of
Bisnode Business Information Group AB,
corporate identity number 556681-5725
We have audited the annual accounts, the
consolidated accounts, the accounting
records and the administration of the Board
of Directors and the Chief Executive Officer
of Bisnode Business Information Group AB
for the financial year 2010. (The company’s
annual accounts and the consolidated
accounts are included in the printed version
on pages 26–60). The Board of Directors and
the Chief Executive Officer are responsible
for these accounts and the administration of
the company as well as for the application
of the Annual Accounts Act when preparing
the annual accounts and the application of
international financial reporting standards
IFRSs as adopted by the EU and the
Annual Accounts Act when preparing the
consolidated accounts. Our responsibility
is to express an opinion on the annual
accounts, the consolidated accounts and the
administration based on our audit.
We conducted our audit in accordance
with generally accepted auditing standards in
Sweden. Those standards require that we plan
and perform the audit to obtain reasonable
assurance that the annual accounts and the
Our audit report was submitted on 16 March 2011
Öhrlings PricewaterhouseCoopers AB
Bertil Johanson
Authorised Public Accountant
consolidated accounts are free of material
misstatement. An audit includes examining,
on a test basis, evidence supporting the
amounts and disclosures in the accounts. An
audit also includes assessing the accounting
principles used and their application by the
Board of Directors and the Chief Executive
Officer and significant estimates made by the
Board of Directors and the Chief Executive
Officer when preparing the annual accounts
and consolidated accounts as well as evaluating
the overall presentation of information in the
annual accounts and the consolidated accounts.
As a basis for our opinion concerning discharge
from liability, we examined significant
decisions, actions taken and circumstances of
the company in order to be able to determine
the liability, if any, to the company of any
Board member or the Chief Executive
Officer. We also examined whether any Board
member or the Chief Executive Officer has,
in any other way, acted in contravention of
the Companies Act, the Annual Accounts Act
or the Articles of Association. We believe that
our audit provides a reasonable basis for our
opinion set out below.
61
The annual accounts have been prepared
in accordance with the Annual Accounts Act
and give a true and fair view of the company’s
financial position and results of operations
in accordance with generally accepted
accounting principles in Sweden. The
consolidated accounts have been prepared
in accordance with international financial
reporting standards IFRSs as adopted by the
EU and the Annual Accounts Act and give
a true and fair view of the group’s financial
position and results of operations. The
statutory administration report is consistent
with the other parts of the annual accounts and
the consolidated accounts.
We recommend to the annual meeting of
shareholders that the income statements and
balance sheets of the parent company and
the group be adopted, that the loss of the
Parent Company be dealt with in accordance
with the proposal in the administration
report and that the members of the Board
of Directors and the Chief Executive Officer
be discharged from liability for the financial
year.

62
BoarD of DirecTors
anD auDiTors
håkan RamSin
chairman of the Board
BA in Mathematics, University of Stockholm. Born in 1945. Board
member since 2005 and Chairman since 2006.
main occupation: Industrial adviser.
other board assignments: Chairman of the Board of Wiky Ventures AB,
Medströms AB. Board member of Stofa Holding A/S.
IngrID engström
Board member
MSc in Applied Psychology, University of Uppsala
Born in 1958. Board member since 2011.
main occupation: Senior Advisor SEB Germany.
Previously: CEO InfoMedia, Comhem and Know IT. Senior Executive
Vice President Eniro och SEB.
other board assignments: Board member of Teracom.
JoChen guTbRoD
Board member
Lic. oec. HSG, University of St. Gallen. MSc International Accounting
and Finance, London School of Economics. PhD at Fribourg University
Born in 1963. Board member since 2011.
main occupation: CEO at Raffay Group.
other board assignments: Board member Macmillan Ltd. and VSS Advisory Board. Chairman
Supervisory Board, iFund Services AG and Fundinfo AG.
anDReaS SChÖnenbeRgeR
Board member
MA in Physics, ETH Zurich, PhD in Theoretical Physics, ETH Zurich, MSc
BA, London Business School. Born in 1965. Board member since 2011.
main occupation: Self employed.
Previously: Country Manager Google, Switzerland.
other Board assignments: Board member PubliGroupe Ltd., member of the advisory board of
the institute for marketing and retail, and of the GLA of the institute for media and
communication management of the University of St. Gallen.
CeCiLia LunDbeRg
Deputy Board member
MSc in Business Administration and Economics, Stockholm School of
Economics. Born in 1978. Board member since 2011.
main occupation: Investment Manager at Ratos.
other board assignments: Board member of Anticimex Holding AB
and other companies in the Anticimex Group.
FiLiPPa byLanDeR
Board member
(Employee representative for Bisnode AB, SACO)
BA in Business Administration, University of Borlänge. Born in 1970.
Board member since 2009.
main occupation: Accountant at InfoTorg AB.
henRik JoeLSSon
Board member
MSc in Business Administration and Economics, Stockholm School of
Economics, MBA from INSEAD. Born in 1969. Board member since 2005.
main occupation: Investment Director at Ratos.
other board assignments: Board member of Anticimex Holding AB,
EuroMaint Gruppen AB, KVD Kvarndammen AB, Biolin Scientific AB and other companies in
these company groups.
JonaS nyRén
Board member
MSc in Business Administration and Economics, Stockholm School of
Economics. Born in 1951. Board member since 2005.
main occupation: President of Bonnier Holding AB.
other board assignments: Board member of Kungsleden AB and
different companies in the Bonnier Group.
LaRS PeTTeRSSon
Board member
Bachelor of Science in Business Administration, University of Umeå.
Born in 1961. Board member since 2011.
main occupation: Managing Director of Atea Sverige AB.
Previously: Managing Director of QD and Martinsson in Sweden.
CaRL WiLheLm RoS
Board member
MSc in Political Science, University of Lund. Born in 1941. Board
member since 2005.
other board assignments: Chairman of the board of Martin Olsson
Handelsaktiebolag and Sorarb AB. Board member of Anders Wilhelmsen AS,
Camfil AB, INGKA (IKEA) Holding and Skandinaviska Enskilda Banken AB.
Tommy håkanSSon
Board member
(Employee representative for Bisnode AB, Unionen)
Studies in System Analysis, University of Lund, Archaeology,
University of Gotland and Project Management, University of Malmö.
Born in 1959. Board member since 2009.
main occupation: Project Manager at Infodata Applicate AB.
auDiToRS
ÖhRLingS PRiCeWaTeRhouSeCooPeRS ab
Bertil Johanson, Authorised Public Accountant, born in 1949.

execuTive
ManaGeMenT TeaM
Johan WaLL
President and ceo
MSc in Engineering Electrical, Royal Institute of Technology in Stockholm.
Visiting scholar at Stanford University, Palo Alto, California.
Employed since 2008 in current position.
Previous positions and experience: CEO of public companies Enea
and Framfab. Internet research at Verizon Communications in Boston. MD and founder of
Internet consulting company Netsolutions.
maRia anSeLmi
competence centre Director Business Information solutions
PhD in Historical Linguistics, University of Rome and Pisa. MSc in
Administration, Master Publitalia, Milan. Employed since 2002 as
Managing Director of Bisnode Slovenia, in current position since 2009.
Previous positions and experience: Marketing Manager at Il Sole 24
ORE, Country Manager/Italy at Financial Times Information, Digital New Business Manager at
Italian Exchange, Marketing Director at Mondadori.
maRTin CouFaL
regional Director central europe
BSc in Business Administration, University of Economics, Prague.
Employed since 1996, as Managing Director at HBI and D&B
companies in Central Europe, in current position since 2009.
Previous positions and experience: Several management positions within
Bisnode Group. Sales management positions in information providers and consultancy companies.
eCkhaRD geuLen
regional Director DAcH
Diploma and PhD in Electrical Engineering, RWTH Aachen
Employed since 2011 in current position.
Previous positions and experience: Head of Value-Added-Services
Business at Deutsche Telekom, Founder of and Director at Launchgroup/Sapient
Germany, Management Consultant at Boston Consulting Group, Group and
Programme Manager at Ericsson Eurolab.
kaRin SvenSSon
talent Director
BSc in Business Administration and Economics, University of Umeå.
Employed since 2010 in current position.
Previous positions and experience: Management consultant and
Partner at Accenture. Nordic Human Resources Director at Accenture.
FReDRik åkeRman
63
cFo and Business Area Director software and Applications
and Product Information
MSc in Business Administration and Economics, Stockholm School of
Economics. Employed since 2005 in current position.
Previous positions and experience: CEO of BTJ Infodata and Dagens
Nyheter and executive positions in Statoil.
maTTiaS aRonSSon
chief Information officer (cIo) and competence centre Director
credit solutions
MSc in Engineering Physics, Lund Institute of Technology. Studies in
Statistics and Economics, University of Lund.
Employed since 2009 in current position.
Previous positions and experience: Management consultant and partner at Occam Associates.
Consulting positions at McKinsey & Company and A.T. Kearney.
maTS eRWaLD
regional Director nordic
BSc in Business Administration, University of Stockholm.
Employed since 1992, in current position since 2009.
Previous positions and experience: Several senior management
positions within Bisnode Group, such as MD at AffärsData, InfoTorg,
CD Förlag and Svensk Handelstidning Justitia.
eLin LJung
corporate communications Director
BSc in Engineering Electronics with a major in Media Communications,
University of Umeå. Diplomas in Business Administration and Marketing.
Employed since 2007 in current position.
Previous positions and experience: Communications Manager of the
public IT companies Addnode and Nocom.
noRbeRT veRkimPe
regional Director BeneFra and competence centre Director
marketing solutions
MSc in Informatics & System Analysis, HRITHO (Ghent).
Employed since 2007, in current position since 2009.
Previous positions and experience: MD for WDM Belgium (former
Sopres Belgium). Internationally active in the setup of electronic customer loyalty conepts, retail
and payment systems.

64
suBsiDiaries
Bisnode operates in 17 countries with a segmented
and diversified offering of digital business information
solutions using strong local brands in each market.
AAA soliditet Denmark
www.aaasoliditet.dk
kundeservicedk@soliditet.com
AAA soliditet Finland
www.soliditet.fi
asiakaspalvelu@bisnode.com
AAA soliditet norway
www.soliditet.no
kundeservice@soliditet.no
AAA soliditet sweden
www.soliditet.se
info@soliditet.se
ABc der deutschen Wirtschaft gmbH
www.abconline.de
Info@abconline.de
Anopress It
www.anopress.cz
obschod@anopress.cz
Baby Dm scandinavia
www.bdms.se
info@bdms.se
Bisnode Interact
www.bisnode-interact.com
info@bisnode-interact.com
Business check AB
www.businesscheck.se
info@businesscheck.se
ceKIA
www.cekia.cz
marketing@cekia.cz
connectus
www.connectus.ee
info@connectus.ee
credita
www.credita.ch
info@credita.ch
creditinfo czech republic
www.creditinfo.cz
info@creditinfo.cz
creditinfo Poland
www.creditinfo-polska.pl
info@creditinfo-polska.pl
creditinfo slovakia
www.creditinfo.sk
info@creditinfo.sk
Direktmedia sweden
www.direktmedia.se
goteborg@direktmedia.se
Direktmedia norway
www.direktmedia.no
post@direktmedia.no
Direktmedia 121 oy
www.direktmedia121.fi
121@121.fi
D&B Austria
www.dnbaustria.at
office@dnbaustria.at
D&B czech republic
www.dnb.com/cz
custserv@dnbczech.cz
D&B Denmark
www.dnb.com/dk
kundeservicedk@dnbnordic.com
D&B Finland
www.dnb.com/fi
asiakaspalvelu@dnbnordic.com
D&B germany
www.dnbgermany.de
kundensercive@dnbgermany.de
D&B Hungary
www.dnb.com/hu
dbhun@dbhun.hu
D&B norway
www.dnb.com/no
kundeservice.norge@dnbnordic.com
D&B Poland
www.dnb.com/pl
info@dnb.com.pl
D&B sweden
www.dnb.com/se
support.sweden@dnbnordic.com
D&B switzerland
www.dnbswitzerland.ch
info.ch@dnb.com
greens
www.greens.dk
greens@greens.dk

HBI czech republic
www.hbi.cz
info@hbi.cz
HBI Poland
www.hbi.pl
hbi@hbi.pl
HBI company Data Hungary
www.hbi.hu
mail@hbi.hu
Hoppenstedt Firmeninformationen
www.hoppenstedt.de
info@hoppenstedt.de
Hoppenstedt creditcheck
www.myhcc.de
myhcc@hoppenstedt-cc.de
Hoppenstedt Publishing
www.hoppenstedt.de
service@hoppenstedt.de
Hoppenstedt360
www.hoppenstedt360.de
kundenservice@hoppenstedt360.de
Infobon
www.ibon.com
info@ibon.com
Infodata
www.infodata.se
info@infodata.se
Infodata applicate
www.applicate.se
info@applicate.se
Infotorg
www.infotorg.se
info@infotorg.se
Kompass Denmark
www.kompass.dk
kompass@kompass.dk
Kompass Finland
www.kompass.fi
kompass@kompass.fi
Kompass Hungary
www.kompass.hu
kompass@kompass.hu
Kompass norway
www.kompass.no
firmapost@kompass.no
Kompass sweden
www.kompass.se
info@kompass.se
Lundalogik sweden
www.lundalogik.se
info@lundalogik.se
Lundalogik Finland
www.lundalogik.fi
info@lundalogik.se
Lundalogik norway
www.lundalogik.no
post@lundalogik.no
newsline group
www.newslinegroup.se
info@newsline.se
PAr
www.par.se
info@par.se
Pointer
www.pointer.se
info@pointer.se
Poslovna Domena
www.poslovna.hr
kontakt@poslovna.hr
relevant Information
www.relevant.se
info@relevant.se
svensk Handelstidning Justitia
www.shj.se
info@shj.se
svenska nyhetsbrev
www.nyhetsbrev.se
info@nyhetsbrev.se
Vendemore
info@vendemore.com
www.vendemore.com
WDm Belgium
www.wdmbelgium.be
sales@wdmbelgium.be
WDm netherlands
www.wdm.nl
info@wdm.nl
Part of the Bisnode Group
WDm.directinet
www.wdmdirectinet.fr
contact@wdmdirectinet.fr
SUR
Wisur
www.wisur.at
auskunftei-wisur@wisur.at
WLW Austria
www.wlw.at
info@wlw.at
WLW czech republic
www.wlw.cz
info@wlw.cz
WLW germany
www.wlw.de
info@wlw.de
WLW croatia
www.wlw.hr
info@wlw.hr
WLW czech republic
www.wlw.cz
info@wlw.cz
WLW switzerland
www.wlw.ch
info@wlw.ch
Yritystele
www.yritystele.fi
myynti@yritystele.fi
65

66
five-year suMMary
SEK millions 2010 2009 2008 2007 2006
Consolidated income statement
Revenue 4,451 4,741 4,325 3,899 3,202
Operating profit, EBITDA 671 728 679 672 595
Operating profit, EBITA 536 593 533 580 506
Operating profit, EBIT 434 428 446 498 443
Profit before tax 285 239 30 347 279
Profit for the year 194 62 16 281 162
Consolidated statement of financial position
Intangible assets 5,182 5,613 6,043 5,163 3,944
Property, plant and equipment 285 367 414 326 191
Other non-current assets 154 142 222 232 221
Current assets 901 949 1,103 920 791
Cash and cash equivalents 259 368 324 214 298
Total assets 6,781 7,439 8,105 6,856 5,445
Equity 1,050 1,150 1,223 2,434 984
Non-current borrowings 3,204 3,529 3,826 1,879 2,650
Other non-current liabilities 509 668 724 646 484
Current borrowings 347 332 393 497 196
Derivative financial instruments 74 136 144 2
Other current liabilities 1,596 1,625 1,795 1,397 1,131
Total equity and liabilities 6,781 7,439 8,105 6,856 5,445
Consolidated statement of cash flow
Cash flow from operating activities 464 471 426 470 186
Cash flow from investing activities -252 -130 -603 -964 -657
Cash flow from financing activities -298 -384 269 403 460
Key ratios
Revenue, SEK M 4,451 4,741 4,325 3,899 3,202
Revenue growth, % -6.1 9.6 10.9 21.8 n/a
Number of employees at 31 December 2,974 3,095 3,189 3,008 2,524
Average number of employees 3,080 3,167 2,940 2,790 2,397
Revenue per employee, SEK K 1,445 1,497 1,471 1,398 1,336
Operating margin, EBITDA, % 15.1 15.4 15.7 17.2 18.6
Operating margin, EBITA, % 12.0 12.5 12.3 14.9 15.8
Operating margin, EBIT, % 9.7 9.0 10.3 12.8 13.8
Net debt, SEK M 2,289 2,685 3,148 2,297 1,673
Net debt/EBITDA 3.41 3.69 4.64 3.42 2.81
DefiniTions
Average number of employees – The average number of full-time employees
during the year.
Earnings per share – Profit attributable to owners of the Parent Company divided
by the average number of shares outstanding.
Net debt – Interest-bearing provisions and liabilities (excluding loans from shareholders)
less cash and cash equivalents and other interest-bearing receivables.
Operating margin – Operating profit, EBIT, EBITA or EBITDA as a percentage of
revenue.
Operating profit, EBIT – Profit before tax and financial items.
Operating profit, EBITA – Profit before tax, financial items and amortisation/
impairment of intangible assets arising from business combinations.
Operating profit, EBITA excluding capital gains – Operating profit, EBITA
adjusted for capital gains and losses from sale of subsidiaries, associates or other
share holdings.
Operating profit, EBITDA – Profit before tax, financial items and depreciation,
amortisation and impairment losses.
Revenue per employee – Revenue divided by the average number of employees.
The figures in the annual report have been rounded off, while the calculations
have been made without rounding off. As a result, the figures in certain tables and
key ratios may appear not to add up correctly.

meenu chourasia
database manager
Cover: Photo of Jonathan Loriaux,
Gretel De Cock and Maji Mokwabo
art direction: Ottoboni
Illustrations: Dan Berglund
Layout: Komodo design
Photo: Sune Fridell and
Yannis Argyropoulos/Killingshoot studio
Copy: Vesir and Open Communications
Printing: Done

Mailing address:
Bisnode, S168,
SE-105 99 Stockholm, Sweden
Visiting address:
Sveavägen 168,
Stockholm, Sweden
Office: +46 8 558 059 00
Fax: +46 8 558 059 95
E-mail: info@bisnode.com
Web: www.bisnode.com