And the Accounts for 2007
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OUR PEOPLE THEIR RECIPES AND THE ACCOUNTS FOR 2007 MENU STARTERS 1 Who we are What we do Where we are 2 Our values Our history 3 2007 Financial and operational highlights 5 Our markets 6 Transcom’s key objectives MAIN COURSE 7 Chief Executive’s review 10 The Transcom difference 11 How we help our clients 12 Evolving our offerings 13 Supporting our partners’ growth 15 Improving our business performance 16 Social responsibility 18 Board of Directors 20 Executive management 23 The Transcom share and Transcom shareholders 24 Directors’ report 26 Corporate governance DESSERTS 31 Consolidated income statement 32 Consolidated balance sheet 34 Statement of changes in equity 35 Consolidated statement of cash flows 36 Notes to the consolidated financial statements 72 Independent Auditor’s report SPECIALS 73 How to contact us 80 Information for our shareholders STARTERS “OUR SUCCESS RELIES UPON THE PROFESSIONALISM AND COMMITMENT OF ALL OUR EMPLOYEES. BY PROVIDING THE RIGHT TRAINING, SUPPORT AND QUALITY CONTROL – WHILE RECOGNISING AND REWARDING ACHIEVEMENT – WE ENSURE THAT OUR PEOPLE HAVE THE KNOWLEDGE AND TOOLS THEY NEED TO EXCEED CLIENTS’ EXPECTATIONS AND PROVIDE OUTSTANDING SUPPORT TO THE CUSTOMER, ALL WITHIN AN ORGANISATION THAT FOSTERS A GREAT WORKING ENVIRONMENT.” CAROLINA ABRAHAM HUMAN RESOURCES DIRECTOR WHO WE ARE Transcom is a leading global Customer Relationship Management (CRM) and Credit Management Service (CMS) provider, delivering cost-effective solutions while optimising efficiency and quality for our clients. WHAT WE DO Customer Care and Credit management Customer aCquisition, teChniCal support serviCes development and Service, support and information Sales ledger management, retention to end-customers via phone, front office, reminder services, Lead generation, sales e-mail, white mail and web. amicable collections, legal conversion, promotions, collections, debt surveillance bookings and additional sales, and debt purchasing. database registration and market researCh and contract processing, loyalty intelligenCe schemes, retention and Customer insight, competitor Customer relationship win-back programmes. intelligence and citizen statistics. management Consulting Analysis, diagnosis and improvement legal serviCes translations of customer relationship Bond issues, power On-demand, management strategies. of attorney and requests over-the-phone professional for information regarding interpretation service. laws, contract creation and consultancy. WHERE WE ARE Services from 29 countries with over 17,300 employees speaking 33 languages across 72 sites STARTeRS OUR CORE VALUES eXCellenCe means standing innovation means creativity, honestY is critical in out, striving for perfection in finding solutions where others everything we do. Being honest everything we do. It implies see barriers. An open mind means being an open book. examining, improving and creates opportunities and It is from honesty that trust reinventing. overcomes challenges. and loyalty are built. passion implies enthusiasm, Fun means enjoying the work commitment, energy and pride we do, enjoying the team spirit, in our work. Passion dictates enjoying the daily contact with what we “put in” to life, and our clients. When there is no fun, normally what people “put in” there cannot be lasting will balance what they get out. commitment. OUR HISTORY 06-07 Strategic acquisition of debt collection businesses in Germany and the UK in 2006. The first centre in Chile is launched to serve the Spanish market. In 2007, Ben Gujral is appointed CFO of Transcom. PolishCeNT,CanadianNuComm and Austrian IS Inkasso are also acquired. Transcom now has more than 17,300 permanent employees spanning the continents of Asia, europe, North and South America. 04-05 In 2004, Marketlink in Hungary, along with the remaining 25% of Gestel, is acquired. The same year the TransBorders initiative is launched. In 2005, the acquisition of Creditexpress 02-03 CR s.r.o. in the Czech Republic Gestel is acquired in July is completed. Transcom also 2002. Keith Russell is launches new centres in appointed CeO in August Croatia, Seville and Tunisia. of the same year. Strong The debt collection business increase in revenues is expanded into 12 countries. and profitability in the following year, as well 00-0 as diversification into 95-97 Transcom AB merges call debt collection through Transcom AB established centre operations with the acquisition of CIS. by Kinnevik in Sweden. Transcom europe to form Transcom europe Transcom WorldWide S.A., established by Tele2 a subsidiary of europe in Luxembourg. Industriförvaltnings AB Kinnevik. Transcom WorldWide S.A. listed on the Stockholmsbörsen O-list. STARTeRS 2 CRAWFISH AND CORN SOUP BY MANDY MARYE EMPLOYEE RELATIONS COORDINATOR LOUISIANA, USA MANDY MARYE EMPLOYEE RELATIONS COORDINATOR LOUISIANA, USA WHAT DO YOU DO AT TRANSCOM? I am the Employee Relations Coordinator for the Lafayette call centre. WHAT DO YOU LIKE/FIND INTERESTING ABOUT YOUR JOB? There is never a dull day. There is always something new and challenging! In SouthLouisiana,liferevolves WHERE DO YOU WORK/LIVE? around seafood I live in Lafayette, Louisiana, USA. (aftermy husband and son) WHAT ARE YOUR INTERESTS/HOBBIES? I like to fill my time with activities with my husband and son, taking lots of photos along the way. WHY DID YOU CHOOSE THIS RECIPE? In South Louisiana, life revolves around seafood. Around here there are five seasons, Crawfish season being the most anticipated! CRAWFISH AND CORN SOUP SERVES 8 1 stick butter or margarine / 1 large bell pepper, chopped / 1 large onion, chopped / 2 cloves minced garlic / 2lbs crawfish tails / 2 cans (10¾oz) cream of potato soup / 2 cans (15oz) cream style corn / 1 can (14½oz) diced tomatoes / 8oz block cream cheese / 2 cups milk / Creole seasoning / 3 tablespoons green onions / 3 tablespoons fresh parsley Sauté the bell pepper and onions in butter or margarine until the onions are soft. Next, add the minced garlic and sauté for about 2 minutes. Add the Crawfish and cook for about 15 minutes. Add diced tomatoes, potato soup, corn and milk. Cut the block of cream cheese into small squares before adding to the soup. This will allow for the cream cheese to melt evenly into the mixture. Season to taste and simmer for about 10-15 minutes. If desired, top with green onions and parsley just before serving. I personally like to season with salt and Zatarain’s (my favourite Creole seasoning mixture) while the onions and bell peppers are sautéing, and once again after adding everything into the mixture. I like to gradually work up to the amount of seasoning added in. 2007 FINANCIAL AND OPERATIONAL HIGHLIGHTS +11% +15% +2 2007 net sales up % organic non-kinnevik two major acquisitions to €599.2 million, versus related sales up 5% carried out in the year, €540.2 million in 2006. in 2007, excluding with the addition of acquisitions and tele2 international Crm divestments. operator nuComm and leading austrian debt collection company is inkasso. 29% +5 8 Business continuity new contact centres 8 site expansions attained in key countries opened in germany, carried out in the year where tele2 divested the netherlands, poland, in service centres operations, including Chile and lithuania. based in spain, Chile, France and italy, germany, holland, with sales to tele2 poland and lithuania. representing 29% of total sales in december 2007. Canadian NuComm is acquired In September, IS Inkasso – the The impressive turnaround in August, significantly largest CMS company in Austria in the Iberian region, driven increasing Transcom’s North – is acquired to provide a strong by two offshore centres in Chile, American operations and also foothold for Transcom’s CMS has significantly improved extending its global footprint business in Central europe. The margins in the region and also through NuComm’s offshore transaction enables Transcom presents exciting development centres in the Philippines. to strengthen its position within opportunities for the future, both The partnership with NuComm the mature markets in the region in nearshore services for the creates the opportunity for as well as to further develop its North American market and accelerated growth for both CMS business in the dynamic local services for the Latin companies through business and economies of eastern europe. American market. operational synergies as well as combined marketing efforts. STARTeRS 3 2007 FINANCIAL AND OPERATIONAL HIGHLIGHTS total revenues non-kinnevik related revenues (€millions) (€millions) 599.2 236.3 540.2 444.8 369.7 145.1 286.3 112.9 228.5 215.3 90.7 60.5 38.6 29.7 01 02 03 04 05 06 07 01 02 03 04 05 06 07 gross proFit eBita (€millions) (€millions) 37.8 124.6 37.1 33.1 110.7 93.1 24.4 79.5 20.3 67.3 50.6 45.6 9.0 5.7 01 02 03 04 05 06 07 01 02 03 04 05 06 07 STARTeRS 4 SALTIBARSCIAI BY RYTIS PETRAUSKAS MULTILINGUAL CUSTOMER CARE AGENT VILNIUS, LITHUANIA SALTIBARSCIAI Saltibarsciai, the traditional Lithuanian cold beetroot soup, is a great summer recipe. While some traditional Lithuanian cooking recipes require a lot of preparation, patience and expertise, this one is relatively simple and fun to make. You can prepare it in advance and keep it chilled in the refrigerator for days. It adds a nice cool touch to picnics at the beach, too. It goes very well with sandwiches, baked or boiled potatoes or just about anything else you like! 1 cup milk/2-3 medium to large red beetroots/4 cups buttermilk /2 hard-boiled eggs/ 2 medium cucumbers / spring onions or chives / fresh dill / salt Clean, trim and peel the beetroot, cover with water and boil until tender. While the beetroots are boiling, peel the cucumbers and chop into small cubes (about ½ inch). Then peel the shells from the hard-boiled eggs and separate the whites from the yolks. Chop the whites very finely. Chop the scallions and mash with egg yolks and ¼ teaspoon of salt to release the onion flavour. When the beets have finished boiling, remove them from the water and reserve the liquid.