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18 Experian Annual Report 2009
Latin America
Business review
Total Organic
2009 2008 growth1 growth1
Year ended 31 March US$m US$m % %
Revenue
– Credit Services 437 305 51 17
– Decision Analytics 10 8 31 31
– Marketing Services 15 10 56 56
Total Latin America 462 324 51 18
EBIT
Total Latin America 118 75 67
EBIT margin 25.5% 23.1%
1 Growth at constant exchange rates
Credit Services
There was strong growth in Credit
Services in Brazil. Total revenue
increased by 51% at constant exchange
rates. Organic revenue growth was
17%, following the annualisation of
the acquisition of Serasa (acquired in
June 2007). While lending conditions
tightened progressively during the year,
revenue continued to grow strongly
reecting the relative under-penetration
of credit reference products in Brazil.
There was excellent organic performance across all activities within
Latin America. The strong uplift in margins reected positive
operating leverage. On EBIT, both Serasa and Informarketing
exceeded their respective acquisition buy-plans.
In consumer information, there
was excellent progress across both
nancial and non-nancial verticals,
as well as a growing contribution
from countercyclical products such
as collection notications. Growth at
business information was driven by
strong demand for richer reports, which
help to better assess risk. In addition,
Experian beneted from deeper inroads
into the small and mid-sized channel,
where penetration of credit risk
management products is low.
• Organicrevenuegrowth
of 18%
• StronggrowthinCredit
Services despite tightened
lending conditions
• Growingdemandfor
customer management
tools
• Signicantnewbusiness
wins for Marketing Services