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Published byDylan Wentworth Modified over 11 years ago
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Interim report January – March 2009 Hans Gieskes, CEO and Erik Forsberg, CFO May 6, 2009
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Highlights January – March 2009 Negatives Recession increasingly impacting all markets - poor organic growth Positives All unprofitable Monitor/Analysis businesses in the Nordics divested during the quarter Increasing share of US clients on CisionPoint – high customer satisfaction Financials Syndicated loan agreement renegotiated – improved covenant terms, reduced facility limit 2
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The Regions North America Organic growth -9% (2) January-March CisionPoint sales continue to increase in the US – approx 35 % of clients on CisionPoint Principal impact of recession on transaction-based monitoring services Significant cost reductions implemented in last 6 months Rest of Europe Organic growth -12 % (-16) January-March UK and Germany significantly affected by weaker economy CisionPoint launch and new cost reduction programs to mitigate effects Portugal continues positive development from 2008 – high growth and strong margins Nordic and Baltics Organic growth -7 % (-1) January-March Very poor performance for Monitor and Analysis in Norway, Sweden and Denmark – businesses divested as of 1 February (Denmark) and 31 March (Sweden, Norway) Finland and Lithuania Monitor and Analysis had organic growth and good margins Nordic Plan and Connect had negative growth, but still good margins 3
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Cision Group, January – March 2009 Amounts in SEK millionJan – March Revenue460 (443) Organic growth-8 % (-4) EBIT9 (31) EBIT excluding restructuring charges18 (37) EBIT margin excluding restructuring expenses3.9% (8.4) Notes - Restructuring expenses of SEK 9 million during the period (7) - Positive currency impact on EBIT of SEK 9 million 4
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Organic Growth & Operating Margin* (rolling 12 months) * Excluding goodwill impairment, restructuring expenses and costs for the April 2008 bid process 5
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Operating Cash Flow and EBIT * (rolling 12 months) Amounts in SEK million * Excluding goodwill impairment, restructuring expenses and costs for the April 2008 bid process 6
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7 Regional Operating Performance Segment Operating Profit, MSEK Operating Margin, % Jan-March 2009 North America 42 (44) 18.7% (23.0) Rest of Europe-7 (3)-6.3% (2.7) Nordic and Baltic-10 (2)-8.9% (1.2) Notes - Operating Profit and Margin excluding restructuring expenses 7
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8 8 Financial Position Balance Sheet per 31 March 2009 (MSEK) Goodwill 1 904Equity 1 112 Other Fixed Assets295Long Term Liabilities1 089 Current Assets 556Current Liabilities555 TOTAL ASSETS2 756TOTAL EQUITY AND LIABILITIES2 756 31 March 2009 Equity / Assets Ratio40%47% Net Debt / Equity Ratio67%55% Net Debt (MSEK)745 665 Working Capital (MSEK)-139-87 Balance Sheet Key Ratios Cash-Flow (MSEK) Jan-March 2009Jan-March 2008 Operating Cash-Flow2718 Free Cash-Flow-8-18 8
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2009 Agenda Remains Focused on Execution Improvement and Business Portfolio Management 1.Divestment of money losing monitor & analysis businesses in Sweden, Norway and Denmark show significant impact on margins, focus and transformation agenda 2.Impact of recession further confirms Cisions transformation agenda, and adds more urgency to its execution 3.With 20 % less employees than six months ago, Cision is a much leaner company with many opportunities ahead of itself 4.Continue the successful roll-out of CisionPoint 9
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