Bisnode presentation

Transcription

September 26, 2011
Bisnode – better business decisions
Johan Wall and Fredrik Åkerman
Bisnode – in brief
Vision
To be the leading provider of digital
business information in Europe
Mission
To help our customers maximise
sales, minimise business risks and
make better business decisions
Key findings 2010
Financial targets
Annual organic revenue growth
of at least 5 per cent
An operating margin (EBITA)
of at least 15 per cent
Note: 2009 financials as reported by Ratos; EBITDA/EBITA excludes capital gains
2
Business
197,000
customers
Operations
in 17
countries
3,050
employees
Financial
Revenues
SEK 4.7bn
EBITDA
margin
14.7%
EBITA
margin
11.9%
Core offering
Relevant decision support information anywhere and anytime
Sales
Legal
–
Has my future business
partner been involved in any
fraudulent transactions?
–
–
How can I update my dataset
with the latest addresses of my
customers?
When was the last time my
customers purchased a car?
Finance
–
–
–
Can I give this customer
24 months credit?
Does my largest supplier
have any delinquent
payments?
Will my customer be able
to pay the invoices I have
sent?
Marketing
–
–
Management
–
–
Credit Solutions
40%
3
How can I get the address of all women
between 18–25 in Stockholm who own a
Volvo?
How can I target my marketing to single
men earning more than €100,000 per
year?
How do I keep myself updated of
who my competitors are and how
the markets are performing?
How can I monitor what the
media is writing about my
company?
Marketing
Solutions
41%
Business
Information
Solutions
19%
Bisnode business process
Scalable, digital business model supporting re-use of information
4
Product segmentation allows for price differentiation
Targeting niches with focused and well known local brands
Credit segmentation example

International data
Contract driven
High-touch sales

High-end

Local data
Contract driven
High-touch sales
Frequently integrated with customer
systems

Local data
Web and mobile
Subscription based
Low touch sales
Low-end

Local data
Web-based
Transaction driven
No-touch sales
5
Bisnode organisation
Optimising synergies and future development
Organisation structure
• Four regions
– Providing core offering of Credit,
Marketing and Business Information
Solutions
– Similar market conditions, business
opportunities and local synergies
• Two additional business areas
– Product Information
– Software and Applications
• Three competence centres, CIO
function and Talent management
– Facilitate sharing of best practises
and insight
– Drive cross-border product synergies
– Ensure IT synergies and efficiency
6
Digital business information market
Digital information market relatively stable compared to other B2B markets
•
•
•
•
•
•
•
Relevant market size estimated at
SEK 300 billion in Europe
Lower single digit annual growth
expected in 2011-2012
Long term annual growth rate
expected to return to 3-5 per cent
beyond 2012
Legal changes opening up access to
data drives market expansion
New access methods and usage
patterns reshape market
Increased demand for integrated
services based on multiple-source
data
Expected consolidation in highly
fragmented market
Market development
Growth
* Source: Outsell Information Industry, PWC Global Media Outlook and company estimates
7
Competitive landscape
Increasing international competition
Local / Regional
Marketing
Solutions
Credit
Solutions
Business
Information
Solutions
8
International
Relevant insight basis for growth
Best-in-class products grants pricing power with customers
Revenue opportunity
Total price for
integrated
solution
Innovation
Cleaning
Usability
Aggregation
Selection
Bisnode value-add
Enhancement
Validation
Increased data volume
Raw data revenues
Price for data
Time
Bisnode’s competitive differentiators
Locally centralised
dataset
9
High level of technology
knowledge within the
group
Unique multi-product
branding capability
Established brand
credibility
Sector leading sales
force and relationships
Regions –
Core offering
17%
83%
10
Bisnode – Revenue and margin per core offering
Financial strength and resilience through the cycle
2010 revenue distribution of core offerings
provided by four regions, %
Cyclicality of core offerings
Business
Information
Solutions
19%
Marketing
Solutions
40%
Credit Solutions
Credit
Solutions
41%
11
Contra cyclical
Business Information
Solutions
Marketing Solutions
Cyclical
Region Nordic
Largest region provides stable business with high margins
Key highlights
Local strong brands
•
Strong position in all product offerings
•
Market leader in Marketing and Business Information
Solutions in Sweden and pan-regional offering of Credit
Solutions
•
Business Information Solutions in Sweden focused on
mitigating the loss of SPAR exclusivity
•
Newly acquired Lindorff companies giving market
leading position in Norway
Revenue and EBITA development
Revenue
MSEK
Key figures
EBITA
MSEK
800
2 500
2 000
600
1 500
400
1 000
200
500
0
0
2008
2009
Net revenue
12
2010
EBITA
Region DACH
Growth fuelled by investments in Germany with high operating leverage
Key highlights
Local strong brands
•
Strong offering of credit solutions in all markets
•
Leverage in Germany and regional segmented
credit offering as a result of large investments in a
complete data set
•
Significant growth initiatives in rolling out and re-use
of successful business concepts
Key figures
Revenue
MSEK
EBITA
MSEK
1 000
200
800
150
600
100
400
50
200
0
0
2008
2009
Net revenue
13
2010
EBITA
Region BeNeFra
Weak development due to financial downturn, lower media spend
and operational challenges
Key highlights
Local strong brands
•
Strong offering of marketing solutions in all markets
•
Regulatory restrictions, generally weak demand and
changed information needs in the market resulting in
weak development
•
Restructuring efforts initiated in France and in the
Netherlands
Revenue
MSEK
Key figures
EBITA
MSEK
1 000
200
800
150
600
100
400
50
200
0
0
2008
2009
Net revenue
14
2010
EBITA
Region Central Europe
Growth driven by launch of new offerings and sales force expansion
Key highlights
Local strong brands
•
Strong offering of Credit Solutions in all markets
•
Initiatives taken to further increase organic growth
•
Recently acquired CreditInfo and Poslovna Domena
strengthening current offering and realising
synergies
Revenue
MSEK
Key figures
EBITA
MSEK
300
60
45
200
30
100
15
0
0
2008
2009
Net revenue
15
2010
EBITA
Business Areas
17%
83%
16
Business area Product Information
Improved operating margins in market leading “Wer Liefert Was?”
Key highlights
Local strong brands
•
Offering advertising based online services and trade
press magazines to the manufacturing industry
•
WLW, leading provider of supplier search services in
Germany, 68 % of PI revenue
•
High operational leverage in WLW
Revenue
MSEK
Key figures
EBITA
MSEK
600
120
450
90
300
60
150
30
*) excl WLW acquired Dec 2008
0
0
2008
2009
Net revenue
17
2010
EBITA
Business area Software and Applications
Divestment of non-core businesses with limited synergies
Key highlights
Local strong brands
•
Software and consulting services integrating
business information to improve customers’
business performance
•
Stable growth in remaining businesses
•
Divestments of Pointer, Emric and OfficeTeam
completed
Revenue and profit development
Revenue
MSEK
18
Key figures
EBITA
MSEK
Bisnode Group
17%
83%
19
Bisnode – revenue and profit 2008-2010
Stable profit margins while reshaping Bisnode for future growth
Financial targets
• Annual organic revenue growth of at least 5 per cent
• An operating margin (EBITA) of at least 15 per cent
Key highlights
• In 2005-2010, Bisnode had an annual average growth rate of 8% (CAGR), primarily driven by acquisitions
• 2010 a year of streamlining and consolidation with organic growth of -1%
• 2010 EBITA margin excluding capital gains of 12%
Key figures
Revenue
MSEK
EBITA
MSEK
5 000
750
4 000
600
3 000
450
2 000
300
1 000
150
0
0
2008
Net revenue
20
2009
2010
EBITA excl capital gains
2011 H1 LTM
EBITA
Bisnode – revenue and margin per area
Core offering in main markets provides bulk of profit
EBITA distribution %, 2010
Revenue distribution %, 2010
Product
Information
10%
Software and
Applications
7%
Software and
Applications
7%
Product
Information
11%
Central
Europe
4%
Nordic
43%
Central Europe
4%
BeNeFra
3%
BeNeFra
17%
Nordic
55%
DACH
16%
DACH
19%
21
Bisnode – operating capital and capex
Strong focus on working capital optimization
Operating capital
Working capital development
MSEK
Capex development
6,0%
5,0%
4,0%
3,0%
2,0%
1,0%
0,0%
2007
Capex / Revenue
22
2008
2009
2010
Long‐term investement level, 3%
Bisnode – cash flow
Subscription based business model supporting strong cash flow
Cash flow statement
Cash flow development
MSEK
* Cash conversion is defined as free cash flow before interest and taxes divided by EBITA excluding capital gains
23
Bisnode
Strategy
24
Bisnode - on a journey of change
From federation of companies to one Group
1999-2005
Building Bisnode
Business Information
Group from 0 to 4
billion revenue
2005
2007
14 acquisitions to
enter new markets
and expand offering.
IPO initiated and
closed due to volatile
market
Ratos acquires 70% of
the shares in Bisnode
and merge it with
InfoData
25
2009
2010
2011
Competence Centres, Talent and
CIO focus on shared activities
and synergies.
Johan Wall appointed
CEO. New vision,
mission, strategy
launched. Focus on
core business and on
group synergies. New
organisation
launched.
Inventory of current
offering and additional
growth opportunities
initiated. European rollout of successful
business concepts.
Bisnode Strategy – Think Global, Act Local
Strategy with strong focus on growth and synergies
•
•
•
•
•
•
•
•
•
Focus on core businesses
Divest non-core activities
Leverage the power of the Group
Enhance organic growth potential
Maximise market position by
segmentation
Realize in-country synergies
Enable Group-wide roll-outs
Drive innovation
Attract, retain and develop top talent
Growth potential
TIME
26
Bisnode - acquisitions and divestments
Supporting Bisnode growth strategy
Key highlights
• Bisnode strategy focusing on acquisitions in core business and divestments of non-core assets
• Key objective to expand access to data and know-how or to extend market offering by acquisitions
• Divestments of non-core businesses, subcritical mass companies and operations with weak market positions
• Structured M&A process in place with dedicated and experienced M&A resources
Acquisitions since 2007 of SEK 1 758 m (EV)
Expanding access to
data or know-how
Divestments since 2007 of SEK 279 m (EV)
• Creditinfo (CZ, SK, PL 2011)
• Lindorff Decision and Match (NO 2011)
Weak market position
• ABC (BE, FR, NL, LX 2010)
• Vendemore (SE 2011)
• Bilfakta (SE 2010)
• ICC (UK, IR 2009)
Subcritical mass
• Teleadress (SE 2009)
• Keynote (UK 2008)
• Finfo (SE 2009)
• RAAD Research (DE 2009)
• 121 Media (FI 2009)
• Infobon (SI 2007)
Non-core business
• Sverige Bygger (SE 2009)
• Nomi (DK, FI, NO, SE 2009)
• Emric (SE 2010)
Extending market
offering
• Poslovna Domena (HR 2010)
• OfficeTeam (NO 2010)
• Yritystele (FI 2010)
• Pointer (SE 2011)
• Directinet (FR 2010)
• Spectron Business Information (BE 2008)
• Wer Liefert Was? (AT, CH, DE 2008)
Entering new markets
27
• WDM (BE, FR, NL 2007)
Established history of accretive acquisitions
Smaller bolt-ons allow for more synergy potential
Strategic acquisitions EV/EBITDA (x)¹
Bolt-on acquisitions EV/EBITDA (x)¹
6,2x
8,8x
5,3x
4,3x
FY multiple
FY + 2
multiple
FY multiple
FY + 2 multiple
Central
Norway
Nordic
Finland
¹ Weighted averaged of multiples based on each company’s relative size of enterprise value
28
Bisnode - risks
Managing identified operational risks
Risks
Changes in regulatory
environment
29
• EU PSI directive extending access to public information
• Data integrity regulations
Governmental contract of
Swedish Population
Register (SPAR) expires
• New operational model will lead to price pressure and reduced margins in
Sweden
D&B franchise contract in
10 countries expires in
2013/2014
• Renegotiations expected H1 2012
Market risks
• Continued price dilution on business information reduces barriers of entry
in the market
• Strong position, solid relationship and excellent track-record with D&B
Bisnode poised for growth
1 Leadership positions across markets
2 Unique value-added data
3 Significant organic growth potential
4 Natural operating leverage driving strong earnings growth
5 Position to lead pan-European consolidation
30
Contact information
Johan Wall, CEO
Office: +46 8 558 059 31
Mobile: +46 70 554 18 00
E-mail: johan.wall@bisnode.com
31
Fredrik Åkerman, CFO
Office: +46 8 55805935
Mobile: +46 70 415 23 65
E-mail: fredrik.akerman@bisnode.com