Investment Thesis

• Expand margins through streamlining operations
• Build strategic value and Nordic market position through add-on acquisitions

Main transformation Initiatives

• Amalgamated 3 national management groups of 16 executives into one Nordic team of 5 executives
• Strengthened financial and operational control
• Consolidated offices and streamlined operations
• Enhanced sales focus. Split key account management and new sales department into two seperate teams. Significant investment in sales force
• Developed and launched 3 new online award winning tools and self booking systems
• Improved cooperation with franchises through new agreement
• Reduced head count by 25% to adjust to 2009 market downturn
• Closed 10 add-on acquisitions
• Divested non-core online leisure business