Annualreview 2011W   W   W   .   Q   U   E   S   T   B   A   C   K   .   C   O   M
»Without continual growth and progress,                                                                                   ...
A N N U A L R E V I E W 2011     5CEO’S SUMMARY                                                                           ...
A N N U A L R E V I E W 2011   7THE MANAGEMENTExecutivemanagement                                                         ...
A N N U A L R E V I E W 2011   9OUR VALUESThe value ofhaving values        Develop                                        ...
A N N U A L R E V I E W 2011   11              SOLUTIONS             Feedback             and experience             manag...
A N N U A L R E V I E W 2011           13                                                                                 ...
A N N U A L R E V I E W 2011   15OUR PLATFORM                                                                             ...
A N N U A L R E V I E W 2011         17CASE STUDY                                                                         ...
A N N U A L R E V I E W 2011   19THE BOARD OF DIRECTORS OF QUESTBACK ASBoard of directors’report                          ...
A N N U A L R E V I E W 2011    21                                                 PROFIT AND LOSS                        ...
A N N U A L R E V I E W 2011      23PROFIT AND LOSS                                                                       ...
WHERE YOU CAN REACH US       HEAD OFFICE            SUBSIDIARIES                         FRANCISEES       Norway          ...
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QuestBack Annual review 2011

  1. 1. Annualreview 2011W W W . Q U E S T B A C K . C O M
  2. 2. »Without continual growth and progress, A N N U A L R E V I E W 2011 3such words as improvement, achievement,«and success have no meaning. 2011BENJAMIN FRANKLIN , 1706-1790 QuestBack in brief QuestBack is a global leader of enterprise feedback man- agement (EFM), customer experience management (CEM), social CRM and market research for businesses of any size. Through our cost effective Software as a Service (SaaS) platform, we offer an end to end solution for organizations to gain real time insight by capturing feedback, engaging in dialogues and tracking behavior of customers, employees and partners, in order to drive better business decisions and strengthen relations. We help enterprises and agencies do more with less – to en- gage audiences for reliable, actionable insight that have a direct benefit on the company bottom line. QuestBack services more than 5,000 customers worldwide through all online feedback channels. Founded in 2000, QuestBack is headquartered in Oslo, Norway with 19 offices worldwide. Over the past few years QuestBack`s achievements and technology have been recognized and awarded numerous times; Deloitte Technology Fast 500 EMEA, Red Herring 100 Global, and Nordic TechTour. 2011 also includes listing in Gartner’s Magic Quadrant for Social CRM and Forrester’s EFM Wave report. (Market Insights Platform providers) HISTORY TIMELINECONTENT 1999: Newspaper article in Financial Times spurs the idea of QuestBack: to create a two-way,HISTORY TIMELINE· · · · · · · · · · · · · · · · · · · · · · · · · · · · 3 UNIQUE POSSIBILITIES· · · · · · · · · · · · · · · · · · · · · · · · 15 internet based service for actionable feedback management (Ask Act), basing it on a business model that later has become known as Software as a Service (SaaS).QUESTBACK IN BRIEF · · · · · · · · · · · · · · · · · · · · · · · · 3 · · CASE STUDY “BOSCH POWER TOOLS”· · · · · · · · · · · · 16 Jan 2000: QuestBack is founded. One employee at the Oslo office.CEO’S SUMMARY· · · · · · · · · · · · · · · · · · · · · · · · · · · · · 4 CASE STUDY “SWISS” · · · · · · · · · · · · · · · · · · · · · · · 17 · · Aug 2000: Beta-version of QuestBack’s 1.0 version of our feedback management software. Five pilot customers on board.ORGANIZATIONAL DEVELOPMENT INTEGRATION· · · · 5 BOARD OF DIRECTORS’ REPORT · · · · · · · · · · · · · · · · 18 Nov 2001: Profitable after successful commercialization of product in the Norwegian market. 2004: Taking the success abroad: establishing QuestBack in Sweden.THE MANAGEMENT · · · · · · · · · · · · · · · · · · · · · · · · · · 6 · · CONSOLIDATED STATEMENT OF PROFIT AND LOSS· · 20 2005: Gartner Group names our industry “Enterprise Feedback Management” (EFM),OUR VALUE PROPOSITION · · · · · · · · · · · · · · · · · · · · · · 7 CONSOLIDATED CASH FLOW STATEMENT · · · · · · · · · 21 defining it exactly as QuestBack did it back in 2000. 2005-2007: European leap: Establishing QuestBack in 11 additional countries across Western Europe.OUR VALUES · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 8 CONSOLIDATED BALANCE SHEET · · · · · · · · · · · · · · · 22 2008: Reaching 100 MNOK in revenues. Sept 2008: Acquiring Norwegian competitor Refleks, as well as Easyresearch –SOLUTIONS · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 10 WHERE YOU CAN REACH US · · · · · · · · · · · · · · · · · · · 24 the Swedish market leader within EFMOUR SPACE · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 12 2009: Global financial crisis – yet no increase in customer churn amongst QuestBack customers throughout the recession – demonstrating the strong value created for our customers.OUR OFFERING · · · · · · · · · · · · · · · · · · · · · · · · · · · · 13 · · Sep 2010: Acquiring Digium – the Finnish market leader within EFM. Thus making QuestBack the undisputed market leader within EFM in the European market.OUR PLATFORM · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 14 Acquiring Globalpark – the German market leader within EFM. Reinforcing QuestBack’s global 2011: position as well as strengthening the product offering in Social CRM and market research.
  3. 3. A N N U A L R E V I E W 2011 5CEO’S SUMMARY ORGANIZATIONAL DEVELOPMENT INTEGRATIONClear QuestBack:market leader stronger within Europe Globalpark was a landmark year for QuestBack. Social CRM (SCRM), Enterprise Feedback Management (EFM), In August 2011 QuestBack acquired Globalpark AG and It is a reflection and recognition of the RD focus of the former With the acquisition of Globalpark in August, and Voice of the Customer (VoC) initiatives are gaining momen- Globalpark, Inc. As a result of the acquisition, we have signifi- Globalpark organization that the CTO of the company, Oliver 2011 we solidified our position as the clear mar- ket leader in Europe and became a top five tum in all of our markets. The underlying force that drives this development is the experience economy, where people are now cantly strengthened our market presence in the German speak- ing part of Europe, as well as in the UK and the US. Geographi- Trabert, was named Group CTO and joined the existing Group Management Team. vendor globally. We are firmly on course to clearly placing more and more emphasis on their experience as cal expansion alone, was however not the main driver behind become the global leader in our space. The a customer or consumer. In short: customers expect more, they the acquisition; but rather the strong and innovative product From 2012, all Globalpark companies will change their namesacquisition also strengthened our product offering extensively, es- switch more, and tell more. Consequently, businesses focus portfolio and the strong RD focus of the Globalpark organiza- to QuestBack, and already the products in the former Global-pecially within Social CRM and market research. Being recognized heavily on customer experience management, where our wide tion. The product offering fully complements that of the legacy park portfolio are offered and successfully sold in the globalin both Gartner`s Magic Quadrant for Social CRM and Forrester’s SCRM offering will be a cornerstone of any serious initiative. This QuestBack organization, which now can boast a strong foot- QuestBack organization.Wave for EFM are confirmations that QuestBack is leading the way, is not about surveys and reports, but about the ability to capture hold in the social CRM and high-end EFM spaces, as well asand underpins our unique ability to bridge the gap between tradi- and manage timely and relevant feedback, as well as integrating within the market research vertical. The rumor in the market that Current focus is on integrating the whole product on a jointtional CRM and social media with our Social Engagement Platform. feedback with core customer systems and business processes “everything is possible” with the Globalpark EFS platform has platform, so that all our current 5,000 customers can benefitOur complete product offering is now nothing short of impressive across all channels. QuestBack enables organizations to gain been proven to be true. With the sales and marketing acumen immediately from new functionality being developed, as well asand a real game-changer for companies trying to navigate in this actionable insight and build stronger relationships with custom- and the mass market solutions of the QuestBack organization in make use of the wider service offering which already exists in“Age of the Customer.” ers and employees, through our leading feedback and social addition, we are now in a position to lead the market develop- the combined product portfolio. engagment solutions. This is our core value proposition to our ment. QuestBack is now a top five global vendor in our space, customers. As we enter 2012, the 255 employees in QuestBack and we can target and serve customers with a wide variety of Current and new customers can rest assured that QuestBack all work to exceed our customer’s expectations in this area. We needs at all levels of the organization. is the best vendor in this space to help them grow their own also have exciting new products to be launched in the market business; address their business problems, and create superior this year, and we are very well positioned to realize our vision of experiences! creating the winners of the experience economy. Ivar Kroghrud CEO, QuestBack AS IVAR KROGHRUD, CEO IVAR HAS BEEN WITH QUESTBACK SINCE THE FOUNDATION IN 2000, AND IS RESPONSIBLE FOR THE OVERALL RUNNING OF THE COMPANY.
  4. 4. A N N U A L R E V I E W 2011 7THE MANAGEMENTExecutivemanagement QuestBack OUR VALUE PROPOSITION enables organizations Ivar Kroghrud Chief Executive Officer Eli Cathrine Disch Chief Financial Officer Oliver Trabert Chief Technology Officer Matti Heikkonen Chief Operating Officer to gain actionableIvar has been with QuestBacksince the Company was founded in2000, and is responsible for the over- Eli Cathrine joined QuestBack in 2008. She came from the position as CFO at Buypass AS – a Norwe- Oliver joined QuestBack in 2011 as CTO as a result of the acquisi- tion of Globalpark. Oliver was the Matti joined QuestBack in 2010 as a result of the acquisition of Digium – a Finnish market leader insight and build stronger relationshipsall running of the company. Before gian supplier of secure solutions for founder and managing director of in EFM solutions. Matti has been thejoining QuestBack, Ivar worked as a electronic ID, signature and payment. WP-Experts and was one of the key CEO of Digium since 2007, and themanagement consultant, focusing Prior to this, Eli worked for 8 years architects of the tie-up with Global- chairman of the board during years with customers andon strategy and eBusiness. Ivar holds at PricewaterhouseCoopers; first as park. Prior to founding WP-Experts, 2004-2009. Prior to Digium, Mattia Bachelor’s degree from the Royal Finance Director at PwC in Hun- Oliver held several senior positions worked at Nokia Corporation inNorwegian Naval Academy and a gary, then as a senior management at Conet, initially in its German office business development; first inMaster’s degree from the Norwegian consultant at PwC Consulting in and then for his last three years as strategic projects and then in employees, throughSchool of Management (BI). Oslo. Eli Cathrine has a Bachelor’s CTO of Conet USA. Oliver is the strategic alliances responsible for degree in Business Administration author of numerous books and the global Nokia – Cisco Systems from the American University in Paris, specialist articles on business portals alliance. Prior to this, Matti’s positions an MBA from the Norwegian School and internet applications. Oliver is a have included business develop- leading feedback and of Management BI, as well as studies true thought leader within Customer ment, ma, strategy and manage- in Corporate Finance from London Experience Management, Social ment within the software industry. Business School. Media and Feedback Management. Matti has an M.Sc (tech.) from social engagement Helsinki University of Technology. solutions.
  5. 5. A N N U A L R E V I E W 2011 9OUR VALUESThe value ofhaving values Develop Be Care continuously passionate about about each other what we do as colleagues Think outside the box Don’t Care rest on our about our Find laurels customers solutions Go Care Seek the extra about the world to create maximum mile we live in customer valueQ uestBack is a fast growing software com- The right decisions, both big and small, on every level, pany. All the people here at QuestBack are every day. It is our belief that the employees at QuestBack highly capable knowledge workers. They go to will make the right decisions if they can be made by the work in the morning facing a rapidly develop- right person, at the right level, without unnecessary esca-ing and demanding marketplace. As we grow and as we lation or bureaucracy. To do this we need two key ele-continue to work towards our vision of making our custom- ments: a shared understanding of where we are going, anders the winners in the experience economy, we are faced shared core values that are work as a compass in ourwith a constant need to make the right decisions. everyday decision making.
  6. 6. A N N U A L R E V I E W 2011 11 SOLUTIONS Feedback and experience management HUMAN RESOURCES QuestBack provides feedback management services » Recruitment Process Evaluation* and know-how for gathering, analyzing, and responding » Employee Turnover/Exit Evaluation* to business critical feedback. » Competence Mapping SALES » Management Evaluation TRAINING » Employee Satisfaction Survey EASY TO GET STARTED! » Lead Generation » Invitation and Registration* » Sales Meeting Evaluation* » Expectations/Pre-knowledge Mapping* » USER FRIENDLY » Lost Prospect Review* » Training Evaluation* » New Customer Entry/Exit » Training Effectiveness » WEB BASED Evaluation* Measurement* » READY TO USE TEMPLATES » PRO ACTIVE ADVISORS » ACCESSIBLE SUPPORT CONTACT/CALL CENTER YOUR COMPANY/ MANAGEMENT » Request/Task Registration ORGANIZATION » Employee Satisfaction Survey » Experience Evaluation » Management Evaluation » Task and Follow-up Assignment » New Employee Entry/Exit Evaluation* » Lead Generation » New Customer Entry/Exit Evaluation » Customer Satisfaction Survey MARKETING INFORMATION » Customer Satisfaction Survey » Satisfaction Survey » Customer/User Panel » User Panel » Product and Service Offering Evaluation* » Web Site Evaluation* » Web Site Evaluation* ADMINISTRATION » Information Campaign Evaluation* » Campaign Evaluation* » Service Offering Evaluation » Administration Internal Events » Internal Service Evaluation* » Meeting Planning » Innovation/Suggestion Box » Purchase Decision Support* VENT-TRIGGERED AND PROCESS BASED SURVEYS AND/OR EVALUATIONS. E MORE ABOUT SOLUTIONS ON WWW.QUESTBACK.COM
  7. 7. A N N U A L R E V I E W 2011 13 SOCIAL CRM EFM Customer Relationship Enterprise Feedback Management fostered by Management communication with custom- EFM ers through communities and other social networking sites OUR OFFERING CEM SOCIAL CRM A one stop shop Managed service Self service Assisted self service Managed deployment (Outsourcing) CEM Customer Experience MARKET MARKET RESEARCH SERVICES DEPLOYMENTManagement, controlling RESEARCH Customer intelligence and and benchmarking of customer insight with focus Customer Human Administration brand experience at on the social web Sales Marketing Resource Market Training Services Data Product Management Management Research Events Contact Development Management Collection digital touch points Center MAIN SOLUTION AREAS OUR SPACE Feedback, experience Survey Roles Analytics Master Data Community Mobile Integration Data collection Workflow Reporting Management Portal Social Customization management, and market MAIN PRODUCT COMPONENTS QUESTBACK FEEDBACK MANAGEMENT QUESTBACK OFFERING ENGAGEMENT PLATFORM research meet social EFM CEM SOCIAL CRM MARKET RESEARCH engagement CORE COMPETENCE AREAS Q T uestBack is positioned at the center QuestBack`s product launches in 2012 will strengthen o be a winner in the experience economy, QuestBack provides both out-of-the-box and tailor- of four emerging areas. Coming from these areas significantly with new and innovative solu- companies have to focus on how their made solutions. We have some of the biggest global the areas of feedback management tions for the customers. To the extent organizations customers perceive their brand, and they brands on our client list, as well as smaller compa- and market research, QuestBack has still question the value of investing in social media, have to embrace social media and en- nies. These organizations all find what they need to taken the global shifts in the market seriously. With QuestBack will help put the discussion to an end. gage their stakeholders through the new channels. collect feedback, do research, report, analyze and innovative new products and solutions we have ex- QuestBack makes all this possible with our compre- engage using QuestBack products. tended our offering and reach tremendously, and we hensive product portfolio. are today heavily focused on Customer Experience Management (CEM) and social engagement.
  8. 8. A N N U A L R E V I E W 2011 15OUR PLATFORM UNIQUE POSSIBILITIESEverything you need Social media meetsin one place traditional CRM No connection between Chaos traditional CRM and Lack of Control social media collectivity Lack of Trust Real-time insight Relevance Personalization Control Actionable data (=RoI)F S lexible role and rights management enable all organi- ocial media has changed the game, and enterprises zational departments to use the platform as their own are looking for ways to regain control. QuestBack of- secure online research and engagement platform. fers solutions to do exactly that; putting unstructured Actionable and meaningful feedback from customers data back in controllable business processes.or employees is available quickly and continuously. QuestBackcustomers can engage, collaborate and share without leaving theQuestBack platform. The platform is highly scalable, certified andcompliant with the strictest security standards. OLIVER TRABERT, CTO OLIVER WAS THE FOUNDER AND MANAGING DIRECTOR OF Event Driven Feedback WP-EXPERTS AND IS A THOUGHT Social Insight LEADER WITHIN CUSTOMER Social media monitoring EXPERIENCE MANAGEMENT Community AND ENTERPRISE FEEDBACK Panel MANAGEMENT.
  9. 9. A N N U A L R E V I E W 2011 17CASE STUDY CASE STUDYBosch Power Tools Swiss Airknows the value fights for satisfiedof Facebook fans customers ABOUT BOSCH POWER TOOLS ABOUT SWISS Bosch Power Tools is the European market leader for profes- Swiss International Air Lines is part of the Lufthansa Group and sional power tools. The company supplies craftsmen and com- a member of Star Alliance since 2006. Swiss serves from its Zu- panies covering all industries: from woodworking to electrical rich hub and the further Swiss international airports of Basel and installation and all the way to building construction and civil Geneva with a fleet of 90 aircraft 70 destinations in 37 countries engineering. all over the world.SITUATION SOLUTION RESULT SITUATION SOLUTION RESULTMarket research findings have shown that recom- Bosch Power Tools needed a software solution With Social Insight Connect, Bosch Power Historically, SWISS evaluated customer satis- SWISS needed to change their data collection ap- The success factors of CSS require top man-mendations amongst colleagues make a decisive that could create a comprehensive and custom Tools was able to answer a lot of questions. One faction through paper surveys, administered by proach to something more reliable and customer agement commitment, intelligent survey design,contribution to the sales success of Bosch Power analysis of the users in social networks possible. result showed that an above-average number cabin crew during the flight, a strongly interview- friendly, that would measure across the entire and clear responsibilities. SWISS achieves thisTools. For this reason, Bosch Power Tools focus of Bosch fans on Facebook are woodworkers. er- biased method but still common for many experience - tracking satisfaction scores from 14 by making a program like CSS part of perfor-on social networks. The goal is to develop plat- Social Insight Connect is a Facebook app that Bosch Power Tools reacted to these findings airlines. Additionally, the paper survey didn’t stages of the customer journey. They would also mance targets. Moreover, they integrate threeforms for brand fans and brand ambassadors to combines quantitative and qualitative market with a specific approach to this target group, provide clear insight of the flight guests repur- allow customers to use their preferred method different IT Systems (Customer database, Book-offer these valuable customers an ideal environ- research methods. With this, brands such as e.g. through the staging of power tools used for chase intention. Since responses were collected of response, including mobile devices and tab- ing system, QuestBack EFM platform) to makement for recommendations. Bosch Power Tools Bosch Power Tools, can verify whether they are woodworking. before landing and arrival – it was missing key let computers to measure feedback on satisfac- the survey as intelligent and short as possible.operates two social media platforms. reaching the correct target group on Facebook. elements of the overall experience. The SWISS tion from travelling customers. SWISS uses the They also involve all customer-facing depart- At the same time, they can enter into direct in- Bosch was able to positively answer the question customer experience varies a great deal, de- QuestBack Enterprise Feedback Suite (EFS), with ments from the beginning to ensure that CSSThe professional community, known as “Bob”, teraction with selected, especially valuable cus- regarding the overlap between the Bob Commu- pending on the class (First, Business, Economy) all its online, mobile, local and social feedback ca- becomes a success. SWISS aimed to improvewhich has more than 460,000 visitors and 35,000 tomer segments in order to better understand nity and the Facebook fan page: Only about 11% in which the flight guest travels. For this reason, pabilities. Most of the business or first class cus- the overall experience across its three customerregistered users, and primarily targets existing their needs. Social Insight Connect makes it pos- of the Bosch Power Tools social media users are SWISS tracks five segments separately (first tomers are members of the SWISS frequent flyer segments, and 14 steps of the customer journeycustomers, and the Facebook fan page, with sible for Bosch Power Tools to gain indispensable active on both the Bob Community and Face- class, business class, economy class, long-haul program, which means there is usually customer (from ticket purchase to baggage claim). Specificmore than 10,000 fans. The purpose of the Face- knowledge for effective social media marketing. book. This means that addressing a new target and short-haul). The challenge the Customer data like email address, current flight details and goals were:book page is to approach all Bosch fans who do group on Facebook was successful. The results Satisfaction Survey (CSS) group faced was the customer history, available. The surveys are sent » Increase customer satisfactionnot yet own their own Bosch power tools – e.g. Ivar Kroghrud, CEO of QuestBack, explains: “To- show in particular that the planned recruitment of participation of each class. by email some days after the flight – with partially » Increase customer engagement, with highervocational trainees or young craftsmen. day, social media plays an increasingly important vocational trainees was successful. completed known details about the customer response rates and more favorable feedback role in the communication between brand and and the route. SWISS uses a random quota se- experience.Bosch Power Tools’ goal was to find out whether customer. Facebook is a powerful tool for brand The findings show that the social media strategy lection in several steps, to capture reliable and » Establish qualitative customer feedback the marketing investment on Facebook was loyalty, because people are given direct access of Bosch Power Tools is paying off. Both Face- valid feedback without having to interview each as an early indicator to identify potentialworthwhile. “Do we reach new target groups? to their favorite products there. Nevertheless, book and the Bob Community are necessary in flight guest. improvement areas. Suggestions were help-How valuable are our Facebook fans in compari- companies have not yet taken advantage of all order to reach a large number of the stakeholder This includes a targeted approach for: ful, and applied towards the business classson to the members of the professional commu- the opportunities that this virtual exchange of in- groups and industries that are relevant for the » Every airport and travel route seating plan.nity? How much overlap is there between Face- formation has to offer.” success of Bosch Power Tools. » Each type of aircraft » Reduce the cost of capturing feedback. book and the professional community?” Such » All three travel classes findings are necessary in order to implement With Social Insight Connect, Bosch Power Tools » All flight stages: booking procedure, Check- marketing resources in a targeted manner, and to can analyze its Facebook fans – thus designing in, Lounge, Boarding, Departure punctuality,align all activities so that they are of optimal value new initiatives for current and future Bosch Power Irregularity handling, Cabin crew, Food andto the company. Tools customers. beverages, Reading material, Seating comfort, Cabin interior, Cleanliness, Arrival services, Speed of baggage delivery.
  10. 10. A N N U A L R E V I E W 2011 19THE BOARD OF DIRECTORS OF QUESTBACK ASBoard of directors’report ACCOUNTING THE BUSINESS THE FINANCIAL STATE- TREATMENT OF WORKING 1 2 MENTS AND ACCOUNT- 4 THE INVESTMENT 6 ENVIRONMENT, STAFF ING PRINCIPLES IN SUBSIDIARIES AND DIVERSITYWith the acquisition of the German company Globalpark AG, as The financial statements for the QuestBack group comprise the The subsidiaries’ financial results are fully consolidated into the The working environment within the group and the subsidiaries iswell the US distributor Globalpark, Inc, QuestBack has confirmed financial accounts for the parent company QuestBack AS, as well group statement of profit and loss from the date of the acquisi- considered to be good. There were 62 employees in the parentits position as Europe’s leading supplier of complete services as the financial statements for the subsidiaries QuestBack Swe- tion. In the preparation of the group accounts, the purchase price company in 2011, whereas there were 71 employees in the restand solutions for organizations’ management and analysis of den AB, QuestBack Danmark A/S, QuestBack Holding OY (FI) in connection with the acquisitions is allocated to the relevant of the Nordic countries. The acquisition of the Globalpark enti-feedback and dialogue with their customers and stakeholders, and QuestBack Group OY. The financial accounts for Globalpark items in the balance sheet; both to tangibles, as well as to intan- ties brought a further 132 employees in Germany, Austria, Greatwhether it is in the form of Enterprise Feedback Management; AG, including the subsidiaries Tivian GmbH, Globalpark Austria, gible assets, such as customer portfolio, trademarks, technology Britain and the US, bringing the total number of employees tothrough the integration and collaboration with more traditional Globalpark UK, Globalpark, Inc, and WP Experts GmbH are con- and goodwill. The latter consists of excess values in the shape of 265 in 2011. Approximately 25 % of the employees are women.CRM-systems; or by means of integration with and the use of solidated into the group accounts with effect from 1 August 2011. the employees’ know-how; customer relationships beyond that There are no women on the board of directors. The company hassocial media. The Group developed and marketed such services which is reflected in the actual customer contracts; as well as the as a goal to be an equal opportunity employer, and has since itsin 2011 under the product brand names QuestBack®, Digium, The group financial statements are prepared according to IFRS corporate culture and the growth potential that the acquisition establishment maintained a policy that there should be no dis-Easyresearch Feedback Manager, and Globalpark EFS. The solu- (International Financial Reporting Standards) entails. In connection with the acquisition of Globalpark, an al- crimination on the basis of sex.tions are provided on a Software as a Service (SaaS) - platform, location has been made in accordance with IFRS 3.whereby customers’ access is provided on the basis of a sub- QuestBack AS is owned by QuestBack Holding AS, which is held QuestBack has operations in all of Europe and in USA. Amongstscription, usually for a year at a time. by the private equity fund Reiten Co Capital Partners VII and a The Directors are of the opinion that the financial statements give the approximately 60 full time equivalents at the head office in wide group of employees and management. a true and accurate picture of QuestBack AS’ assets and liabili- Oslo, there were employees of 10 different nationalities. WithinThe growth in the underlying business of the QuestBack Group ties; financial standing, and financial results. The conditions for a the group there are in total more than 20 nationalities represent-continued in 2011, and with the Globalpark acquisitions, the The QuestBack group reported revenues of 232.3 million NOK in going concern are present, and the financial statements for 2011 ed, and the group management team consists of four membersGroup can show a growth in total revenues of 66 % as compared 2011, and presented an ordinary net profit before tax of 25 million have been prepared on this basis. and as many nationalities. The official group language is reported revenues in 2010. NOK. At the close of 2011 the group had a total balance of 29 Specific measures to promote further diversity are therefore not million NOK in unrestricted cash. The group profit after tax was deemed necessary. COMMENTS ONAt the end of 2011, QuestBack AS had fully owned subsidiar-ies in Finland, Sweden, Denmark, Germany, Austria, Great Britain 15.5 million NOK. 5 THE PROSPECTSand USA, with offices in Oslo, Helsinki, Stockholm, Gothenburg, FOR THE BUSINESS RESEARCHMalmo, Copenhagen, Cologne, Vienna, London, and New York.Furthermore, QuestBack had franchise offices in 10 additional 3 AND DEVELOPMENT The Directors of QuestBack AS observe that the market for thecountries. services provided by the group is growing rapidly. The develop- ment in the group during 2011, as well as the access to newThe company has its headquarters in Oslo, at Løvenskioldsgate QuestBack has people involved in development work in Oslo, technology and services made possible through the Global-26. The group management team is based in Oslo and in Hürth Helsinki, Stockholm, and Cologne. These resources work as a park acquisition, open up new market opportunities not only inoutside of Cologne. single team on the further development of the QuestBack ser- Europe, but also in North America. The company continues its vices, with a particular focus on development of new functional- growth ambitions.More than 75 per cent of the group’s revenues are generated ity and applications. Following the acquisition of Globalpark, theoutside of Norway. main hub for RD has been placed at the offices in Hürth, outside of Cologne. The RD work is organized as a group project, and the costs related to the development of concept and programming is rec- ognized as an intangible asset in the balance sheet at group level.
  11. 11. A N N U A L R E V I E W 2011 21 PROFIT AND LOSS PROFIT AND LOSS Consolidated Consolidated statement of cash flowCOMMENTS: profit and loss statementThe consolidated financial statementsfor the QuestBack Group are prepared QuestBack Group NOK’000 EUR’000 QuestBack Group NOK’000 EUR’000according to International Financial 2011 2010 2011 2010 2011 2010 2011 2010Reporting Standards – IFRS. The figuresinclude the entities QuestBack AS with Sales revenue 230,152 137,186 29,535 17,035 CASH FLOW FROM OPERATING ACTIVITIESits subsidiaries QuestBack Sweden AB, Operating profit/loss 25,018 30,449 3,210 3,781 Other revenue 2,121 2,376 272 295QuestBack Danmark A/S, QuestBack Income tax paid -6,117 -8,752 -785 -1,087Holding OY (Finland) as well as QuestBack Total revenue 232,273 139,561 29,807 17,330Group OY (Finland) with subsidiaries. Depreciation and amortisation 10,177 5,609 1,306 696 Cost of Goods Sold 30,134 17,874 3,867 2,220 Change in accounts receivable -14,420 3,069 -1,850 381In addition Globalpark AG with its Gross profit 202,139 121,687 25,940 15,110subsidiaries Tivian GmbH, Globalpark Change in accounts payable 4,720 -176 606 -22Austria GmbH, WP Experts GmbH, Personnel costs 115,369 60,927 14,805 7,566 Change related to allocation to tax reserve (Sweden) - -4,642 - -576Globalpark UK Ltd, and Globalpark INCare included from the time of acquisition; Other operating costs 43,870 23,167 5,630 2,877 Change in other current items and accruals -22,170 9,847 -2,845 1,223i.e. 1 August 2011. Total operating costs 159,238 84,093 20,435 10,442 Change in working capital - - - -The consolidated accounts are prepared EBITDA 42,901 37,593 5,505 4,668 Net cash flow from operating activities -2,791 35,403 -358 4,396in Norwegian kroner (NOK), which is thefunctional currency of the mother company Depreciation and amortisation 10,177 5,609 1,306 696 CASH FLOW FROM INVESTING ACTIVITIESand the Group. Figures in EUR are Purchase of fixed assets -5,125 -1,312 -658 -163 EBIT 32,724 31,985 4,199 3,972presented for informational purposes only.For the statements of profit and loss and Net financial items -7,705 -1,535 -989 -191 Purchase of intangible assets -65,794 - -8,443 -cash flow, the figures are converted at the Purchase of financial assets - -173 - -21average rate for the relevant reporting year. Earnings before tax 25,081 30,449 3,211 3,781For 2011 the NOK conversion rate to the Cash received on other receivables -33 - -4 - Tax on earnings 9,339 8,997 1,160 1,117EUR was 7.79, whereas the comparable Cash payments on other receivables -7,248 - -930 -rate for 2010 was 8.05. Earnings after tax 15,679 21,453 2,051 2,664 Net cash flow from investing activities -78,200 -1,485 -10,035 -184 CASH FLOW FROM FINANCING ACTIVITIES 250 Cash from increase in long-term debt - 8,375 - 1,040 Revenues Reduction in long-term debt -4,388 -8,395 -563 -1,042 200 EBITDA Reduction in short-term debt - - - - Reduction debt to parent company 103,218 -39,441 13,246 -4,897 150 Net cash flow from financing activities 98,830 -39,460 12,683 -4,900 100 Net change in cash and cash equivalents 17,839 -5,542 2,289 -688 Cash and cash equivalents at the start of the period 33,164 33,316 4,256 4,137 50 Cash balance in investment target - 5,390 - 669 Currency gain/loss on cash or cash equivalents 868 - 111 - 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Effect of exchange rate differences - - 41 74 Cash and cash equivalents at the end of the period 51,871 33,164 6,697 4,192
  12. 12. A N N U A L R E V I E W 2011 23PROFIT AND LOSS PROFIT AND LOSSConsolidated Consolidatedbalance sheet balance sheet1 2QuestBack Group NOK’000 EUR’000 QuestBack Group NOK’000 EUR’000ASSETS AS AT 31 DECEMBER 2011 2010 2011 2010 EQUITY AND LIABILITIES AS AT 31 DECEMBER 2011 2010 2011 2010NON-CURRENT ASSETS EQUITY SHARE CAPITAL Intangible assets 346,805 163,248 44,777 20,636 Issued capital 13,614 12,295 1,758 1,554Furnishings and equipment 6,910 2,909 892 368 Share premium 57,738 270 7,455 34Other financial assets 5,724 6,891 739 871 Total share capital 71,352 12,565 9,212 1,588Total non-current assets 359,438 173,048 46,408 21,874 RETAINED EARNINGS CURRENT ASSETS Other equity 23,439 7,989 3,026 1,010Receivables Total retained earnings 23,439 7,989 3,026 1,010Accounts receivable 68,036 28,301 8,784 3,577 Total equity 94,791 20,554 12,239 2,598Other receivables 16,790 11,911 2,168 1,506 LIABILITIES NON-CURRENT LIABILITIES Total receivables 84,826 40,212 10,723 5,083 Deferred tax liabilities 9,522 1,353 1,229 171Cash and cash equivalents 51,871 33,164 6,697 4,192 Intra-group long-term liabilities 209,429 106,111 27,040 13,413TOTAL CURRENT ASSETS 136,697 73,376 17,420 9,275 Other non-current liabilities 35,558 1,973 4,591 249TOTAL ASSETS 496,135 246,424 63,828 31,149 Total non-current liabilities 254,509 109,437 32,861 13,834 CURRENT LIABILITIES COMMENTS: Accounts payable 15,644 5,381 2,020 680The consolidated financial statements for the Quest- The consolidated accounts are prepared in Norwe-Back Group are prepared according to International gian kroner (NOK), which is the functional currency of Income tax payable 4,045 2,289 522 289Financial Reporting Standards – IFRS. the mother company and the Group. Figures in EUR Public duties payable 14,817 9,424 1,913 1,191The balance sheet reflects all entities held as at are presented for informational purposes only. For the31.12.2011. In connection with the acquisition of balance sheet, the figures are converted at the clos- Intra-group short-term liabilities 1,135 1,135 147 144Globalpark AG and Globalpark, INC, respectively, a ing rate for the relevant reporting year. For 2011 the Other short-term liabilities 111,195 98,202 14,357 12,413purchase price allocation was performed. This entails NOK conversion rate to the EUR was 7.79, whereasthe identification of all tangible and intangible assets the comparable rate for 2010 was 7.91. Total current liabilities 146,836 116,432 18,959 14,718to which the relevant portions of the acquisition price Total liabilities 401,345 225,869 51,819 28,551are allocated, in accordance with IFRS 3. Similar ex-ercises have been performed for all previous acquisi- TOTAL EQUITY AND LIABILITIES 496,135 246,424 64,058 31,149tions. To the extent any intangibles are qualified asgoodwill, these are tested every year for impairmentof the value. ELI CATHRINE DISCH JOINED QUESTBACK IN 2008. SHE HAS OVER 20 YEARS’ EXPERIENCE WITH FINANCIAL MANAGEMENT AND CONSULTING IN A VARIETY OF BUSI- NESSES, ALL OF WHICH HAVE BEEN DE- FINED BY RAPID GROWTH AND CHANGE
  13. 13. WHERE YOU CAN REACH US HEAD OFFICE SUBSIDIARIES FRANCISEES Norway Austria Australia Singapore Løvenskiolds gate 26 Wassergasse 25 7/3 Koala Crescent 27 Bendemeer Road 0260 Oslo 1030 Wien West Gosford #02-657 Bendemeer Tel: +47 21 02 70 70 Tel: +43 1 715 028 911 2250 Sydney Mall Singapore 330027 Fax: +47 21 02 70 71 Tel.: +61 2 8005 7201 Tel: +65 61 00 80 55 Finland Keilasatama 5 Belgium South Africa 02150 Espoo Stationsstraat 26 PO Box 51359 Tel: +358 20 743 1550 1930 Zaventem Waterfront Tel: +32 2 300 83 60 8002 Cape Town Germany Tel: +27 21 558 7401 Kalscheurener Straße 19a Canada 50354 Köln-Hürth 4 Robert Speck Parkway Spain Tel.: +49 2233 7933 6 Suite 1500 Plaza de Manuel Becerra, 15 1ºD Mississauga, Ontario L4Z 1S1 28028 Madrid Sweden Tel: +1 905 896 6946 Tel: +34 914 00 90 58 Drottninggatan 78 111 36 Stockholm Denmark Vía Augusta, 120 2º-2ª Tel: +46 8 440 88 00 Høffdingsvej 34 08006 Barcelona 2500 Valby Tel: +34 935 330 761 Engelbrektsgatan 17 A Tel: +45 7070 1480 211 33 Malmö Switzerland Tel: +46 40 97 82 60 France Hinterbergstrsse 30 2, Chemin de l’Acre 6312 Steinhausen (ZG) Theres Svenssons gata 10 St Pierre Tel: +41 41 748 63 60 417 55 Göteborg 27120 Chaignes Tel: +46 31 23 93 50 Tel: +33 232 22 6512 The Netherlands Argonweg 21 UK Ireland Industrieterrein Hogekant 19-21 Great Tower Street Holfield House 1362 AA Almere-poort London EC3R 5AR 2/4 Merville Road Tel: +31 (0) 36 54 64 184 Tel: +44 207 403 3900 Stillorgan, Dublin 18 Tel: +353 87 984 9534 USA 1000 Lafayette Boulevard, Suite 20 Italy Bridgeport, CT 06604 Via San Barnaba 47 Tel: +1 203 690 1052 20122 Milano Tel: +39 333 427 6393 Via Della Martinica 135/137 00121 Roma Tel: +39 06 89718099 www.questback.itWWW.QUESTBACK.COM