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"value": " Accounting policies Dividend Proposed dividends are recognized as a liability at the time of approval by the general meeting (time of dec-laration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial re-port for entities with a different functional currency than Danish kroner. Accounting policies The cash flow statement is presented using the indirect method based on operating profit. The cash flow statement shows cash flows for the year, the change in cash, as well as the balance of cash at the beginning and end of the year. Cash flow from operating activities Cash flow from operating activities is calculated as profit before tax adjusted for noncash operating items, changes in working capital, interests received and paid, and corporation tax paid. Cash flow from investment activities Cash flow from investment activities comprise payments relating to purchase and divestment of businesses and activities, purchase and divestment of intangible and other long-term assets as well as purchase and divestment of securities not recognized as cash and dividends received. Cash flow from acquired companies is included from the date of acquisition, while cash flow from divest-ments is recognized until the time of sale. Cash flow from financing activities Cash flow from financing activities comprise changes in size or composition of share capital and related costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repay-ment of interest-bearing debt, repayment of lease liabilities, purchase and divestment of treasury shares and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash flow realigned to financial leases are recognized as payments of interest and repayment of debt. Note 1 \u2013 Significant accounting principles The financial statements for 2022 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-cordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in Denmark. The consolidated and Parent Company\u2019s financial statements are presented in Danish Kroner (DKK), which is the presentation currency for the Group's activities and the functional currency of the parent. The consolidated and Parent Company\u2019s financial statements have been prepared based on historical cost. The main elements of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the individual notes to the financial statements. In preparing the consolidated and Parent Company\u2019s financial statements, the management makes various accounting assessments that form the basis of presentation, recognition and measurement of the Parent Company and the Group\u2019s assets and liabilities. The most significant estimates and judgements are pre-sented in note 2. Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-cies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and its subsidiaries. The consolidated financial statements are prepared by combining financial statements uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains and losses on transactions between the consolidated companies are eliminated. In the consolidated financial statements items of subsidiaries are included 100%. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans-action date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognized in the income statement as financial in-come or financial expenses. Property, plant and equipment, intangible assets, and other non-monetary as-sets that have been purchased in foreign currencies are translated using historical rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries\u2019 bal-ance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Minority interests On initial recognition, minority interests are measured at fair value or at their proportionate share of the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. The adopted method is se-lected for each transaction. Minority interests are subsequently adjusted for their proportionate share of changes in equity of the subsidiaries. Comprehensive income is allocated to minority interests regardless of whether the minority interest thus may be negative. Purchase and sale of minority shares in a subsidiary that does not result in a loss of control are treated in the consolidated financial statements as an equity transaction, and the difference between the consideration and the carrying amount is allocated to the Par-ent Company's share of equity. Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business Units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed. The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial state-ments. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2022. New standards and interpretations effective from 2022 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-ary 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpretations have not had any material impact on Columbus Annual Report 2022, except from below change in the recogni-tion of software revenue. On April 20, the IFRS Interpretations Committee approved an Agenda Decision which provides guidance as to how a software reseller might apply the principal/agent criteria in IFRS 15 \u201cRevenue from Contracts with Customers\u201d to the resale of standard software to a customer. The decision has implications for whether rev-enue from the resale of standard software is recognized on a gross or net basis under IFRS 15. In its historic accounts, Columbus has determined that it acts as a principal in the resale of standard soft-ware and vendor services and has recognized revenue from these products and services on a gross basis (with gross invoiced sales reported as revenue, and costs of the resold products reported as external pro-ject costs). Under the new guidance from the IFRS interpretations committee, Columbus has determined that it acts as an agent in the resale of standard software and vendor services under the principal/agent criteria in IFRS st15 \u201cRevenue from Contracts with Customers\u201d. For this reason, Columbus has at 1 January 2022 imple-mented a change to its accounting policy and recognized revenue from these products and services on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. The decision to change its accounting policy to conform with the Agenda Decision of the IFRS Interpreta-tions Committee requires a restatement of prior years\u2019 accounts under IAS 8. The effect of the changes has been reflected throughout the Annual Report. The impact on Columbus\u2019 financial statements is: For 2022: For 2021: Revenue is reduced by DKK 134m Revenue is reduced by DKK 135mCost of sales is reduced by DKK 134m Cost of sales is reduced by DKK 135m Gross profit, EBITDA, net profit after tax, balance Gross profit, EBITDA, net profit after tax, balance sheet and cash flow statement are unchanged.sheet and cash flow statement are unchanged.Besides above, Columbus A/S adopted following as at 1 January 2022: Amendment to IAS 16 \u201cProceeds from property, plant and equipment before entry into service\u201d Clarifications of IAS 37 \u201cOnerous contract\u201d IASB adopted an amendment to IAS 16 regarding proceeds from fixed assets before their entry into ser-vice. This amendment doesn\u2019t have any impact on Columbus A/S. The clarifications of IAS 37 \u201cOneruos contracts\u201d also doesn\u2019t have any significant impact on the consoli-dated financial statement 2022 as Columbus A/S already treats the onerous contracts the way the new clar-ifications mention. IASB has also issued new and amended standards and interpretations which have not yet been effective and therefore also not yet been implemented in the consolidated financial statements for 2022. Columbus expects to implement these new standards and amendments when they take effect and become manda-tory. None of the new standards and amendments issued are expected to have any significant impact on the consolidated financial statement when implemented. External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc. Prepayments Prepayments recognized under assets include expenses paid concerning subsequent financial years and are measured at cost. Deferred income Deferred income recognized under liabilities comprises payments received concerning income in subse-quent years measured at cost. Note 2 \u2013 Significant accounting estimates and judgements By applying the Group\u2019s accounting principles as described in each of the individual notes to the consoli-dated financial statements, it is necessary that the management performs judgements, estimates and as-sumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The performed estimates and judgements are based on historical experience and other factors that man-agement considers reasonable under the circumstances, but which are inherently uncertain and unpredicta-ble. The assumptions may be incomplete or inaccurate, and unexpected events or circumstances may oc-cur. The Company is also subject to risks and uncertainties that may cause actual results to differ from these estimates. Specific risks for the Columbus Group are described in \"Risk Management\", cf. page 41. The estimates and underlying assumptions are reviewed regularly. Changes to accounting estimates are recognized in the accounting period in which the change occurs and in future periods if the change affects both the period, in which the change occurs and subsequent accounting periods. AreasNoteEstimatesRevenue recognition and contract assets and liabilities 3, 15 Deferred tax asset8Impairment of goodwill and internal applications 10For further description of the applied judgements and estimates, please refer to the specific notes listed above. The following judgements and estimates are considered the most significant for the Group. Estimate of revenue recognition of contracts The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship be-tween the entity's resources in relation to recent total estimate of resource consumption. The degree of completion is assessed regularly by the responsible employees and the projects are closely monitored by management, and further adjustments are made to the stage of completion, etc., if deemed necessary. When performing this evaluation, all factors concerning the relevant contract are taken into consideration and assessed appropriately. The group has a limited number of fixed price projects, which generally re-duces the risk related to this. Estimate of recoverable amount of goodwill and internal applications The determination of impairment of recognized goodwill requires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of ex-pected future cash flows of each cash-generating unit and a reasonable discount rate. At 31 December 2022, the carrying value of goodwill is DKK 603,299k. For a detailed description of methods and assump-tions for impairment of goodwill, see note 10. The determination of impairment of recognized internal applications requires determination of the future economic benefits derived from these assets, which are determined as the optimization of internal work-flows. At 31 December 2022, the carrying value of internal applications is DKK 51,029k. For a more de-tailed description of methods and assumptions related to recognition of internal applications, see note 10. Estimate of utilization of deferred tax assets Deferred tax assets are recognized for all unused tax losses and difference values to the extent it is deemed likely that within the foreseeable future taxable profits will be realized in which the losses and the difference values can be utilized. Determining the size of the amount that can be recognized for deferred tax assets is based on management\u2019s estimate of the likely time and amount of future taxable profits. At 31 December 2022, the carrying value of recognized tax was DKK 25,788k, which is estimated to be realized in a foreseeable future (5 years or less), see note 8. Note 3 \u2013 Segment data In order to support decisions about allocation of resources and assessment of performance of the seg-ments, the Group\u2019s internal management reporting of the Parent Company is based on the following group-ing of operating segments: Global Delivery Centers Strategic Business LinesMarket Units(GDC)DynamicsSwedenPolandM3DenmarkCzech RepublicDigital CommerceNorwayIndiaData & AnalyticsUKCustomer Experience & EngagementUSStrategy & ChangeOtherOther Local Business Management monitors the business primarily based of the geographical segments and the type of service or products sold. The Market Unit other includes enterprises in Germany and Chile. Business Lines Revenue Split 2022 0%*6%3%50%4%DynamicsM314%Digital CommerceData & AnalyticsCustomer Experience & EngagementStrategy and changeOther Local Business23%*Strategy & Change comprise <1% and hence is presented as 0% above. During the launch of the Focus23 strategy, management has changed the way the business is assessed. In order to support decisions and the Focus23 strategy, the operating segments have been divided into Busi-ness Lines and Market Units. Business Lines relate to the type of services or products that are delivered, and comprise of Dynamics, M3, Digital Commerce, Data & Analytics, Customer Experience & Engagement, Strategy & Change and Other Local Business. Market Units comprise of significant geographical markets that the group operates in. The majority of our Business Lines are represented in all Market Units. The operating segments are measured from revenue to EBITDA, as this represents the significant part of the operation of the segments. The balance sheet is measured for legal entities only. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Sale of servicesDynamics 646,128 619,793 170,782 173,635 M3 302,958 296,832 22,916 27,765 Digital Commerce 192,233 157,184 3,448 4,508 Data & Analytics 59,332 37,676 32,436 23,151 Customer Experience & Engagement 45,179 30,008 412 580 Strategy & Change 6,513 0 425 0 Other Local Business 64,699 68,798 22,443 18,340 Total sale of services 1,317,042 1,210,291 252,862 247,979 Sale of productsDynamics 44,435 44,080 16,390 15,486 M3 10,455 11,120 15 0 Digital Commerce 1,751 6,414 0 0 Data & Analytics 882 692 595 472 Customer Experience & Engagement 876 1,022 0 7 Other Local Business 13,993 5,565 3,413 3,071 Total sale of products 72,392 68,893 20,412 19,035 Total revenue from group companies 0 0 72,879 77,743 Total net revenue 1,389,434 1,279,184 346,153 344,757 Notes Sweden Denmark Norway UK US Other GDC Eliminations Total DKK \u00b40002022Sale of services 525,024 252,862 262,271 159,916 80,284 32,337 4,348 0 1,317,042 Sale of products 25,168 20,412 9,019 12,880 4,913 0 0 0 72,392 Total revenue from own markets 550,192 273,274 271,290 172,796 85,197 32,337 4,348 0 1,389,434 Total revenue from group companies 52,462 72,879 11,599 15,996 2,073 3,032 103,587 -261,628 0 Total revenue 602,654 346,153 282,889 188,792 87,270 35,369 107,935 -261,628 1,389,434 Gross profit 411,229 277,237 202,502 166,710 63,975 37,128 95,303 0 1,254,084 EBITDA 38,822 20,143 14,774 52 -3,560 3,773 20,955 -3,129 91,830 Operating profit (EBIT) 17,544 774 9,272 -2,959 -5,159 2,659 16,133 -3,129 35,135 Profit before tax 13,321 8,049 773 -3,484 -4,392 3,094 14,727 0 32,088 Profit after tax29,903 Average number of FTE 426 294 173 188 60 34 361 0 1,536 Sweden Denmark Norway UK US Other GDC Eliminations Total DKK \u00b40002021Sale of services 483,888 247,979 230,828 137,767 80,915 26,666 2,248 0 1,210,291 Sale of products 20,437 19,035 8,011 15,117 4,952 1,341 0 0 68,893 Total revenue from own markets 504,325 267,014 238,839 152,884 85,867 28,007 2,248 0 1,279,184 Total revenue from group companies 70,021 77,743 7,402 21,565 818 9,589 105,662 -292,800 0 Total revenue 574,346 344,757 246,241 174,449 86,685 37,596 107,910 -292,800 1,279,184 Gross profit 372,372 263,007 164,458 158,958 69,212 32,774 102,913 862 1,164,556 EBITDA 32,996 18,709 19,150 10,829 -7,523 6,314 11,748 -2,916 89,307 Operating profit (EBIT) 12,737 6,093 13,956 7,822 -10,536 5,556 7,732 -2,916 40,444 Profit before tax 11,450 1,039 17,002 7,381 -11,708 5,448 6,422 0 37,034 Profit after tax43,547 Average number of FTEs 378 290 139 177 67 31 373 0 1,455 Note 3 \u2013 Segment data continued Non-current assets distributed in geographic areas The Group\u2019s non-current assets distribution in geographical areas are specified below. The non-current as-sets are distributed according to location and legal relation. Non-current assets DKK \u00b4000 2022 2021 Sweden 362,159 443,241 Denmark 211,145 209,660 Norway 71,587 75,670 UK 46,281 50,935 US 29,215 25,648 Russia 0 15,895 Other 18,300 1,326 GDC 57,534 11,433 Total 796,221 833,808 Accounting policies Segment data Segment data are prepared in accordance with the Group\u2019s accounting policies and the Group\u2019s internal management reporting. Segment income, expenses, segment assets, and liabilities include items directly attributable to a segment and items that can be allocated to the individual segments on a reliable basis. Assets in the segments comprise assets used directly in segment operations, including intangible and tan-gible fixed assets, investments in associates, inventories, receivables from sales of goods and services, other receivables, prepayments and cash. Liabilities related to the segments comprise of liabilities derived from segment operations, including debts to suppliers of goods and services, provisions and other payables. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified either as multiple element contracts or compound contracts. Multiple element contracts and compound contracts which include multiple products and services, are generally ca-pable of being distinct and accounted for as separate performance obligations. Multiple element contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting ser-vices is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d. Note 4 \u2013 Staff expenses and remuneration Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Staff expensesSalary and wages 865,700 791,063 241,183 229,966 Other social security costs 137,720 130,518 2,956 2,490 Other staff expenses 31,756 25,118 5,926 5,409 Staff costs before share-based payment 1,035,176 946,699 250,065 237,865 Share-based payment 1,099 3,157 1,099 3,157 Staff expenses 1,036,275 949,856 251,164 241,022 Average number of FTEs 1,536 1,455 294 290 The key management in the Group are remunerated as follows: Other Executive Board of senior DKK \u00b4000Board Directors employees 2022Salary and wages 6,932 1,163 12,748 Share-based payment 813 0 37 Severance pay 1,628 0 0 9,373 1,163 12,785 2021Salary and wages 5,577 1,013 27,088 Share-based payment 2,065 0 116 One-off fee 0 202 0 7,642 1,215 27,204 Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees has declined from DKK 27.2m to DKK 12.8m in 2022 mainly as a result of reduction of posi-tions. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In February 2020 Columbus established a warrant program for senior executives and other senior employ-ees. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period cor-responds to the fiscal year with the final grant at 31 December 2023. At the grant date the fair value of the warrants was DKK 4,546,962. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. Warrants not exercised within the last exercise period will be lost. The war-rant program is contingent on employment in the Company. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control does not result in any ad-justment of the number of warrants or the exercise price. Note 4 \u2013 Staff expenses and remuneration (continued) The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2022 2021 2022 2021 Outstanding 1 January 3,215,799 10,642,500 9.73 12.07 Granted during the period 0 1,449,999 0.00 10.63 Lost due to termination of employment -398,300 -650,000 9.61 9.01 Exercised during the period 0 -5,339,200 0.00 12.13 Expired during the period 0 -2,887,500 0.00 12.43 Outstanding end of period 2,817,499 3,215,799 9.75 9.73 Number of warrants which can be exercised at balance sheet date 1,338,333 135,800 Weighted average contractual life (years) 1.76 2.75 Weighted average exercise rate 9.58 8.99 Average share price at the time of exercise N/A 15.00 Number of warrants granted to key management 0 1,449,999 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (num-Warrants date (DKK price (DKK end of volatility interest ber of December 2022per share) per share) period (%)* (%) years) Granted February 20208.99 8.99 1,517,500 25.4% -0.75% 1.30 Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Expensed share-based payment related to equity instruments 1,099 1,666 1,099 1,581 Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. Note 5 \u2013 Depreciation, amortization and impairment Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Depreciation 35,814 33,973 7,245 6,789 Amortization 20,881 14,890 12,124 5,825 Total depreciation, amortization and impairment 56,695 48,863 19,369 12,614 Note 6 \u2013 Other operating income Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Central cost allocation Columbus Group 0 0 55,267 51,458 Other services 18,111 1,642 0 0 Total other operating income 18,111 1,642 55,267 51,458 Other operating income from other services is primarily related to the outcome of a dispute with two former minority shareholders in iStone who had violated the terms in the share purchase agreement. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group\u2019s primary activities, including adjustments of contingent liabilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale. Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Financial incomeInterest income from subsidiaries 0 0 0 133 Interest income on bank deposits, etc. 18 15 2,759 1,813 Other interest income 630 420 443 416 Interest income on financial assets measured at amortised cost 648 435 3,202 2,362 Foreign exchange gains (net) 2,261 3,178 9,164 3,828 Total financial income 2,909 3,613 12,366 6,190 Financial expensesInterests expense to subsidiaries 0 0 2,179 3,223 Interest expense on bank loans 2,763 3,174 1,455 3,318 Interest expense leases, Right-of-use-assets 1,966 2,416 378 456 Other interest expense 1,227 1,433 1,078 1,282 Interest expense from financial liabilities that are measured at amortised cost 5,956 7,023 5,090 8,279 Foreign exchange loss (net) 0 0 0 0 Total financial expenses 5,956 7,023 5,090 8,279 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme. Note 8 \u2013 Corporate tax Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Tax on result for the yearCurrent tax 432 2,089 0 -5,673 Change in deferred tax 8,625 8,810 1,973 6,942 Withholding tax 3,081 0 1,857 0 Adjustment to previous years -9,953 -17,412 -766 -1,413 Total tax on result for the year 2,185 -6,513 3,064 -144 Tax on result for the year explained as follows Calculated 22% on pre-tax earnings on continuing operations 7,059 8,147 13,946 11,778 Tax effect of:Adjustment to tax concerning previous years -9,953 -17,412 -766 -1,413 Adjustment to tax rates in foreign subsidiaries relative to 22%268 184 0 0 Non-capitalized tax value of losses 4,864 3,483 0 0 Withholding tax 3,081 0 1,857 0 Not taxable income -120 -100 -12,219 -10,597 Not taxable expenses 530 4,002 246 88 Other adjustments -3,544 -4,817 0 0 Total tax on result for the year 2,185 -6,513 3,064 -144 Effective tax rate (%) 6.81 -17.59 4.83 -0.31 The effective tax rate in 2022 is low mainly due to an adjustment from previous years. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Corporate tax receivable (net)Balance at 1 January 10,870 -9,331 5,673 -11 Currency adjustment -733 -98 0 0 Adjustment to previous years -8,333 -4,983 -4,877 -1,126 Current tax for the year -432 -233 0 5,673 Tax paid on account for the year 0 19,472 0 0 Corporate tax paid during the year -270 5,996 -796 1,436 Disposals due to divestment of activities -274 47 0 0 Additions due to merger 0 0 0 -299 Balance at 31 December 828 10,870 0 5,673 Corporate tax receivable 2,254 12,041 0 5,673 Corporate tax payable -1,426 -1,171 0 0 Balance at 31 December 828 10,870 0 5,673 Note 8 \u2013 Corporate tax (continued) Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Deferred tax assets/liabilities (net)Balance at 1 January 17,374 18,897 -1,788 2,615 Deferred tax assets / liabilities 1 January 17,374 18,897 -1,788 2,615 Currency adjustments -1,747 1,642 0 0 Adjustment to previous years 18,286 19,888 5,644 2,539 This year's change in deferred tax -8,625 -8,810 -1,973 -6,942 Disposals due to divestment of activities 500 -14,243 0 0 Balance at 31 December 25,788 17,374 1,883 -1,788 Deferred tax assets / liabilities relate to Intangible assets -4,324 -255 -3,105 -4,407 Tangible assets 2,990 588 2,377 2,338 Current assets 5,833 -3,771 1,226 281 Loss carry forward 21,289 20,812 1,385 0 Balance at 31 December 25,788 17,374 1,883 -1,788 Based on the management\u2019s assessment of future income, short-term tax assets are expected to be DKK 16m and the remaining tax assets are expected to be utilized within a 3-5-year period. The Group\u2019s non-capitalized tax assets amount to DKK 34m (2021: DKK 36m). Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities, except for deferred taxes on temporary differences aris-ing on the initial recognition of goodwill or from the initial recognition of a transaction that is not a business combination, and where the temporary difference identified by the initial recognition affects neither the ac-counting profit nor the taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is re-alized, and it is probable that the deferred tax will not crystalize as current tax in the foreseeable future. De-ferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses). Note 9 \u2013 Earnings per share The calculation of earnings per share is based on the following: DKK \u00b4000 2022 2021 Result for the year from continuing operations 29,903 43,547 Minority interests' share of the result for the year 0 -607 Result used for calculating earnings per share from continuing op-erations, diluted 29,903 42,940 Result for the year from discontinued operations -41,216 715,001 Result used for calculating earnings per share, diluted -11,313 757,941 Average number of shares listed on NASDAQ Copenhagen (pcs.) 129,276,264 128,191,703 Number of shares used to calculate earnings per share (pcs.) 129,276,264 128,191,703 Average dilutive effect on outstanding subscription rights (pcs.) 0 495,600 Number of shares used to calculate earnings per share, diluted (pcs.) 129,276,264 128,687,303 Earnings per share from continuing operations of DKK 1.25 (EPS) 0.23 0.33 Earnings per share from continuing operations of DKK 1.25, diluted (EPS-D) 0.23 0.33 Earnings per share from discontinued operations of DKK 1.25 (EPS) -0.32 5.58 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) -0.32 5.56 Earnings per share of DKK 1.25 (EPS) -0.09 5.91 Earnings per share of DKK 1.25, diluted (EPS-D) -0.09 5.89 Note 10 \u2013 Intangible assets Develop-ment Customer Internal projects DKK \u00b4000 Goodwill base applications finalized Total Group 2022Balance at 1 January 2022793,967 67,370 57,414 24,743 943,494 Currency translation -5,914 -3,290 0 195 -9,009 Additions 0 0 15,823 0 15,823 Disposal for the year -30,944 0 0 -1,325 -32,269 Balance at 31 December 2022 757,109 64,080 73,237 23,613 918,039 Amortization at 1 January 2022149,516 40,196 10,902 21,673 222,287 Currency translation 4,294 -1,751 0 245 2,788 Amortization 0 8,205 11,306 1,370 20,881 Reversal of amortization 0 0 0 -1,325 -1,325 Amortization at 31 December 2022 153,810 46,650 22,208 21,963 244,631 Carrying amount at 31 December 2022 603,299 17,430 51,029 1,650 673,408 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Develop- ment ment Customer Internal projects projects DKK \u00b4000 Goodwill base applications finalized in progress Total Group 2021Balance at 1 January 2021 933,696 91,136 26,229 36,898 940 1,088,899 Currency translation -9,472 1,838 77 792 14 -6,751 Additions 0 0 33,234 0 0 33,234 Disposal for the year -130,257 -25,604 -2,126 -13,901 0 -171,888 Transfer 0 0 0 954 -954 0 Balance at 31 December 2021 793,967 67,370 57,414 24,743 0 943,494 Amortization at 1 January 2021156,735 49,742 8,424 33,501 0 248,402 Currency translation 6,726 1,492 78 649 0 8,945 Amortization 0 11,888 4,507 1,424 0 17,819 Reversal of amortization -13,945 -22,926 -2,107 -13,901 0 -52,879 Amortization at 31 December 2021 149,516 40,196 10,902 21,673 0 222,287 Carrying amount at 31 December 2021 644,451 27,174 46,512 3,070 0 721,207 Note 10 \u2013 Intangible assets (continued) Goodwill The carrying amount of goodwill is distributed on cash-generating units as shown below: DKK \u00b4000 Country 31 December 2022 31 December 2021 Columbus Sweden AB SE 298,470 324,096 Columbus A/S DK 131,656 131,656 ZAO Columbus RU 0 12,327 Columbus US Inc. US 22,556 21,231 Columbus Norway AS NO 48,319 50,953 Columbus Global (UK) Ltd. UK 40,253 42,532 Columbus CoMakeIt India Pvt Ltd. IN 3,608 3,779 Columbus Deutschland GmbH GE 16,001 16,001 Columbus Poland Sp.z.o.o. PL 15,862 16,155 Columbus Global s.r.o CZ 26,574 25,721 Total goodwill 603,299 644,451 The management performs an impairment test of the carrying amount of goodwill, development projects and other non-current assets at least annually and more frequently if there are indicators of impairment. The annual impairment test is performed per 31 December 2022 (31 December 2021). The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). The main change in total goodwill value from 2021 to 2022 is related to the effect of currency on goodwill in Columbus Sweden AB and divestment of Russia. Goodwill in Columbus Sweden AB has been split so the goodwill is shown in the individual entities for both 2021 and 2022. Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs, is calculated based on the calculations of value in use. The most significant uncertainties are connected to the determi-nation of discount rates, growth rates and expected changes in costs in the budget and terminal periods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general devel-opment in cost. The budget process takes place in October through November and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in Columbus i.e., Con-sultancy. For the main markets, comprising of Sweden, Denmark, Norway, UK and US, similar expectations to revenue and cost growth rates has been applied. In generating a terminal value, a conservative real growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a real growth of 2% is expected in the 3-year interim period and 2% in generating the terminal value for all CGUs. Columbus is operating in a market where the development has low sensitivity to market development in general and to the development in general IT spending by companies. The management believes that likely changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis is focusing on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Note 10 \u2013 Intangible assets (continued) Discount rate The determined discount factors reflect the market assessment of the time value of money in the countries where the cash generating units operate expressed as a risk-free rate and the specific risks associated with each cash-generating unit. The discount rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of expected future cash flow is 10.3% pre-tax (2021: 7.5%). The discount rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are determined using external sources. The Group applies the same discount rates for all cash generating units, as the risk of the individual cash generating units are reflected in their estimated cash flow. Most important assumptions for the impairment test With the applied method for the annual impairment test, the growth rate applied in the terminal value and the WACC becomes the most important assumptions for the net present value of the future cash flows. Overall, the impairment based on the above assumptions demonstrates that the present value of the future cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has applied conservative growth rates for the projection period and for the period following the projection period developed for the purpose of the impairment test. Note 10 \u2013 Intangible assets (continued) Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2022Balance at 1 January 2022 132,640 8,250 57,415 13,667 211,972 Additions 0 0 15,823 0 15,823 Balance at 31 December 2022 132,640 8,250 73,238 13,667 227,795 Amortization at 1 January 2022 984 8,012 10,903 12,402 32,301 Amortization 0 238 11,306 580 12,124 Amortization at 31 December 2022 984 8,250 22,209 12,982 44,425 Carrying amount at 31 December 2022 131,656 0 51,029 685 183,370 Internal applications include development projects for internal use with a net carrying amount of DKK 51,029k. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2021Balance at 1 January 2021 111,224 8,979 24,181 27,362 171,746 Reclassification of previous years 21,416 0 0 0 21,416 Additions 0 0 33,234 0 33,234 Disposal for the year 0 -729 0 -13,695 -14,424 Balance at 31 December 2021 132,640 8,250 57,415 13,667 211,972 Amortization at 1 January 2021 984 8,027 6,398 25,491 40,900 Amortization 0 714 4,505 606 5,825 Reversal of depreciation 0 -729 0 -13,695 -14,424 Amortization at 31 December 2021 984 8,012 10,903 12,402 32,301 Carrying amount at 31 December 2021 131,656 238 46,512 1,265 179,671 Internal applications include development projects for internal use with a net carrying amount of DKK 46,512k. Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. Note 11 \u2013 Tangible assets Leasehold Fixtures Land and improve-and DKK \u00b4000buildings ments equipment Total Group 2022Balance at 1 January 2022 96 2,515 38,740 41,351 Foreign currency translation -5 -178 -1,038 -1,221 Additions 0 379 7,963 8,342 Disposals 0 -8 -29,422 -29,430 Disposals relating to divestments 0 0 -596 -596 Balance at 31 December 2022 91 2,708 15,647 18,446 Depreciation at 1 January 2022 96 814 29,575 30,485 Foreign currency translation -5 -37 -530 -572 Depreciation 0 422 5,320 5,742 Reversed depreciation on disposals 0 -5 -29,166 -29,171 Reversed depreciation on disposals relating to di-vestments0 0 -387 -387 Depreciation at 31 December 2022 91 1,194 4,812 6,097 Carrying amount at 31 December 2022 0 1,514 10,835 12,349 Leasehold Fixtures Land and improve-and DKK \u00b4000buildings ments equipment Total Group 2021Balance at 1 January 2021 89 721 43,003 43,813 Foreign currency translation 7 -31 1,127 1,103 Additions 0 1,992 5,578 7,570 Disposals 0 -147 -7,007 -7,154 Disposals relating to divestments 0 -172 -3,809 -3,981 Reclassification of previous years 0 152 -152 0 Balance at 31 December 2021 96 2,515 38,740 41,351 Depreciation at 1 January 2021 76 712 34,351 35,139 Foreign currency translation 7 1 840 848 Depreciation 13 276 4,405 4,694 Reversed depreciation on disposals 0 -147 -6,921 -7,068 Reversed depreciation on disposals relating to divestments 0 -172 -2,956 -3,128 Reclassification of previous years 0 144 -144 0 Depreciation at 31 December 2021 96 814 29,575 30,485 Carrying amount at 31 December 2021 0 1,701 9,165 10,866 Note 11 \u2013 Tangible assets (continued) Leasehold Fixtures and DKK \u00b4000improvements equipment Total Parent 2022Balance at 1 January 2022 491 27,430 27,921 Additions 0 1,010 1,010 Disposals 0 -24,468 -24,468 Balance at 31 December 2022 491 3,972 4,463 Depreciation at 1 January 2022 491 25,372 25,863 Depreciation 0 1,200 1,200 Reversed depreciation on disposals 0 -24,469 -24,469 Depreciation at 31 December 2022 491 2,103 2,594 Carrying amount at 31 December 2022 0 1,869 1,869 Leasehold Fixtures and DKK \u00b4000improvements equipment Total Parent 2021Balance at 1 January 2021 486 27,242 27,728 Additions 0 1,030 1,030 Disposals -147 -1,418 -1,565 Reclassification of previous years 152 576 728 Balance at 31 December 2021 491 27,430 27,921 Depreciation at 1 January 2021 482 25,227 25,709 Depreciation 10 1,106 1,116 Reversed depreciation on disposals -145 -1,373 -1,518 Reclassification of previous years 144 412 556 Depreciation at 31 December 2021 491 25,372 25,863 Carrying amount at 31 December 2021 0 2,058 2,058 Accounting policies Property plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Fixtures and equipment are depreciated over 3 to 5 years, equal to the asset\u2019s estimated useful life. Lease-hold improvements are amortized over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carrying value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a change in accounting estimates. Note 12 \u2013 Right-of-use-assets Other DKK \u00b4000equipment Cars Offices Total Group 2022Balance at 1 January 2022 2,529 16,380 159,296 178,205 Foreign currency translation -181 -890 -4,959 -6,030 Re-assessment of existing assets 995 -13 19,623 20,605 Additions 494 5,009 17,379 22,882 Disposals -501 -4,361 -29,708 -34,570 Disposals related to divestments 0 0 -8,367 -8,367 Balance at 31 December 2022 3,336 16,125 153,264 172,725 Depreciation at 1 January 2022 1,204 5,030 110,549 116,783 Reclassification of previous years 0 -26 0 -26 Foreign currency translation -98 -263 -3,149 -3,510 Depreciation 717 3,854 25,527 30,098 Reversed depreciation on disposals -361 -2,182 -28,260 -30,803 Reversed depreciation on disposals relating to divestments 0 0 -5,133 -5,133 Depreciation at 31 December 2022 1,462 6,413 99,534 107,409 Carrying amount at 31 December 2022 1,874 9,712 53,730 65,316 Total cash flow for the Group relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 31m. For more information about lease the lease liability for right-of-use assets, please refer to note 18. Other DKK \u00b4000equipment Cars Offices Total Group 2021Balance at 1 January 2021 2,161 18,963 171,948 193,072 Foreign currency translation -8 395 4,733 5,120 Re-assessment of existing assets 339 0 2,093 2,432 Additions 271 6,592 3,404 10,267 Disposals -154 -8,764 -9,645 -18,563 Disposals related to divestments -80 -806 -13,237 -14,123 Balance at 31 December 2021 2,529 16,380 159,296 178,205 Depreciations at 1 January 2021 737 6,602 98,117 105,456 Reclassification of previous years 23 0 -324 -301 Foreign currency translation -8 -67 3,513 3,438 Depreciation 585 3,513 27,045 31,143 Reversed depreciation on disposals -95 -4,437 -9,345 -13,877 Reversed depreciation on disposals relating to divestments -38 -581 -8,457 -9,076 Depreciation at 31 December 2021 1,204 5,030 110,549 116,783 Carrying amount at 31 December 2021 1,325 11,350 48,747 61,422 Total cash flow for the Group relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 31m. Note 12 \u2013 Right-of-use-assets (continued) Other DKK \u00b4000equipment Cars Offices Total Parent 2022Balance at 1 January 2022 185 3,749 42,421 46,355 Re-assessment of existing assets 5 225 2,096 2,326 Additions 84 1,250 107 1,441 Additions relating to acquisitions 0 0 0 0 Disposals 0 -1,460 -3,326 -4,786 Balance at 31 December 2022 274 3,764 41,298 45,336 Depreciation at 1 January 2022 93 1,713 29,541 31,347 Depreciation 33 1,181 4,832 6,046 Reversed depreciation on disposals 0 -611 -3,326 -3,937 Depreciation at 31 December 2022 126 2,283 31,047 33,456 Carrying amount at 31 December 2022 148 1,481 10,251 11,880 Total cash flow for the parent company relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 6.2m. Other DKK \u00b4000equipment Cars Offices Total Parent 2021Balance at 1 January 2021 155 3,135 37,258 40,548 Re-assessment of existing assets 30 732 4,598 5,360 Additions 0 1,684 565 2,249 Disposals 0 -1,802 0 -1,802 Balance at 31 December 2021 185 3,749 42,421 46,355 Depreciations at 1 January 2021 63 2,198 25,019 27,280 Depreciation 30 1,121 4,523 5,674 Reversed depreciation on disposals 0 -1,606 -1 -1,607 Depreciation at 31 December 2021 93 1,713 29,541 31,347 Carrying amount at 31 December 2021 92 2,036 12,880 15,008 Total cash flow for the parent company relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 4.2m. Note 12 \u2013 Right-of-use-assets (continued) Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreciated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. Columbus\u2019 portfolio of leases include three main groups: Offices, cars and other fixtures. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We meas-ure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or before the commencement date of the lease, less any lease incentives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of three parts: \ue813 Reference rate \ue813 Financing spread adjustment \ue813 Lease specific adjustment The interest rate used for measuring lease liabilities ranges between 2.84% and 5.84% (2021: 2.61% and 5.61%). Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease compo-nents comprise of services and operating costs etc. Variable lease expenses are recognized in other exter-nal expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognized in financial expenses. Each lease payment is separated into re-payment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classi-fied as cash flows from operating activities. Short-term leases and leases of low-value assets are not recognized as right-of-use-assets. Note 13 \u2013 Investments in subsidiaries Parent Company DKK \u00b4000 2022 2021 Balance at 1 January 981,346 1,023,300 Disposals related to divestment 0 -15,737 Disposals related to mergers 0 -26,217 Balance at 31 December 981,346 981,346 Write down at 1 January -214,097 -160,454 Write down -36,811 -53,643 Amortization and write down at 31 December -250,908 -214,097 Carrying amount 31 December 730,438 767,250 Write down of investments in 2022 is primarily related to the divestment of the Russian business. The disposal in 2021 relate to disposal of group entities in the Baltic region, UAB Columbus Lietuva and Columbus Eesti AS. Write down in 2021 relates to impairment in connection with the divestment of the Columbus US SMB busi-ness. Accounting policies Investments in subsidiaries in the Parent Company\u2019s financial statement Investments in subsidiaries are measured in the Parent Company\u2019s financial statements at historical cost. If the historical cost exceeds the recoverable amount, the costs are impaired to the lower value. When dividend distributed exceeds the accumulated earnings after the acquisition date this is considered as an indication of impairment. If the Parent Company has a legal or constructive obligation to cover a subsidiary\u2019s deficit, a provision is recognized to the extent that it exceeds amounts owed by the subsidiary. Gains and losses on disposal of subsidiaries are calculated as the difference between the sale or liquida-tion amount and the carrying amount at the time of sale less costs to sell. Gains or losses are recognized in the statement of comprehensive income under \"Other operating income\" and \"Other operating expenses\". Dividends from subsidiaries Dividends from investments are recognized in the Parent Company\u2019s profit in the accounting period, where the right for the dividend is earned. Note 14 \u2013 Trade receivables Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Receivables (gross) at 1 Jan 281,133 241,749 59,728 37,023 Change in receivables during the period -19,711 39,384 -6,431 22,705 Receivables (gross) end of period 261,422 281,133 53,297 59,728 Provisions for bad debt at 1 Jan 11,550 19,178 1,277 673 Change in provisions for bad debt during the period-7,074 -7,609 4,273 585 Loss realized during the period 2,146 -19 24 19 Provisions for bad debt end of period 6,622 11,550 5,574 1,277 Carrying amount end of period 254,800 269,583 47,723 58,451 Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group\u2019s ac-counting policies. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Age of receivables (gross):Not due 174,400 190,113 35,410 42,380 0-30 days 72,614 57,896 15,625 11,630 30-60 days 9,009 9,859 1,141 2,340 61-90 days 3,358 8,033 339 781 91-180 days 1,724 4,627 457 1,603 181-270 days 114 2,131 189 151 270-360 days 3 142 35 170 Above 360 days 200 8,332 101 673 Total 261,422 281,133 53,297 59,728 Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Age of impairment:Not due 5,091 747 5,106 16 0-30 days 363 50 78 12 30-60 days 226 130 29 28 61-90 days 252 250 25 39 91-180 days 431 1,019 114 284 181-270 days 57 880 95 70 271-360 days 2 142 26 155 Over 360 days 200 8,332 101 673 Total 6,622 11,550 5,574 1,277 Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Provision matrix:Not due 2.9% 0.4% 14.4% 0.0% 0-30 days 0.5% 0.1% 0.5% 0.1% 30-60 days 2.5% 1.3% 2.5% 1.2% 61-90 days 7.5% 3.1% 7.4% 5.0% 91-180 days 25.0% 22.0% 25.0% 17.7% 181-270 days 50.0% 41.3% 50.0% 46.4% 271-360 days 75.0% 99.4% 75.0% 91.2% Over 360 days 100.0% 100.0% 100.0% 100.0% The parent entity has applied management provisions, to mitigate the risk of credit loss due to a dispute with a single customer, resulting in the provision percentage for the \u201cnot due\u201d category being higher than usual. Note 14 \u2013 Trade receivables (continued) Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. Note 15 \u2013 Contract assets and contract liabilities Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Balance at 1 Jan -5,815 -4,874 -5,973 -7,525 Changes contract assets during the period 136 -32,400 1,726 -6,421 Changes on account billing and prepayments during the period1,541 31,459 2,266 7,973 Balance at end of period -4,138 -5,815 -1,981 -5,973 Work in progress 13,666 13,529 7,263 5,537 On account billing and prepayments -17,804 -19,344 -9,244 -11,510 Balance at end of period -4,138 -5,815 -1,981 -5,973 The net value is included in the balance as follows:Contract assets 5,822 11,433 229 952 Contract liabilities -9,960 -17,248 -2,210 -6,925 Balance at end of period -4,138 -5,815 -1,981 -5,973 The Group\u2019s contract assets are subject to significant judgements in relation to the classification of the con-tract and in terms of how the contract is handled and recognized in the financial statements. When deter-mining the appropriate recognition of the contract, the Group accounting policies are applied. Of the prepayments as of 31 December 2021 (DKK 10,490k, hereof DKK 9,399k from the continued busi-ness) DKK 7,730k has been recognized as revenue in the reporting period corresponding to 82%. The Group\u2019s total value of contracts represents DKK 15,137k as of 31 December 2022 (DKK 32,292k as of December 2021). DKK 5,461k of the total contract value is recognized as revenue as of 31 December 2022 (DKK 13,529k as of 31 December 2021). The remaining DKK 9,676k is expected to be recognized as reve-nue within 12-18 months from the balance date (DKK 18,763k as of 31 December 2021). The lower con-tract values in 2022 compared to 2021 is affected by divestment of activities in the financial year. Note 15 \u2013 Contract assets and contract liabilities (continued) Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and expected losses. Market value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the con-sumption of resources cannot be used as a base, the measurement is instead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is taken immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognized at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognized in the balance sheet under current assets or liabili-ties, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognized in statement of comprehensive income as in-curred. When assessing impairment for the Group\u2019s contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group\u2019s trade receivables. Note 16 \u2013 Share capital The share capital consists of 129,276,264 shares of DKK 1.25, corresponding to DKK 161,595k (nom.). The shares are not divided into classes, and no shares have any special rights. The share capital is fully paid up. There has been no capital increase in 2022. In 2021 the Company increased the capital by 4,654,132 shares of DKK 1.25, corresponding to DKK 5,817k (nom.) as a result of exercised warrant programs. Parent Company 2022 2021 Number of shares at the beginning of the year 129,276,264 124,622,132 Capital increase 0 4,654,132 Number of shares at 31 December 129,276,264 129,276,264 Note 17 \u2013 Provisions and contingent consideration Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Contingent consideration 0 6,539 0 6,539 Other provisions 866 7,778 866 7,778 866 14,317 866 14,317 Contingent Other DKK \u00b4000consideration provisions Total Group 2022Balance (non-current) at 1 January 2022 0 1,056 1,056 Balance (current) at 1 January 2022 6,539 6,722 13,261 Unachieved earn-out during the period -6,539 0 -6,539 Settlement of claim 0 -6,722 -6,722 Changes in other provisions 0 -190 -190 Carrying amount at 31 December 2022 0 866 866 Carrying amount non-current at 31 December 2022 0 866 866 Carrying amount current at 31 December 2022 0 0 0 Contingent consideration The unachieved earn-out is related to the outcome of a dispute with two former minority shareholders in iS-tone who had violated the terms in the share purchase agreement. As a result of the dispute Columbus is no longer obliged to pay the remaining remuneration/contingent consideration and has also received finan-cial compensation. Other provisions Other provisions are primarily related to claims and refurbishment obligations of leased assets. Contingent Other DKK \u00b4000consideration provisions Total Group 2021Balance (non-current) at 1 January 2021 0 21,337 21,337 Balance (current) at 1 January 2021 81,594 6,722 88,316 Foreign currency translation, year-end exchange rate -57 102 45 Changes in forward contract 0 2,252 2,252 Paid earn-out during the period -74,998 0 -74,998 Payment of retained holiday allowance 0 -22,635 -22,635 Carrying amount at 31 December 2021 6,539 7,778 14,317 Carrying amount non-current at 31 December 2021 0 1,056 1,056 Carrying amount current at 31 December 2021 6,539 6,722 13,261 Note 17 \u2013 Provisions and contingent consideration (continued) Contingent Other DKK \u00b4000consideration provisions Total Parent 2022Balance (non-current) at 1 January 2022 0 1,056 1,056 Balance (current) at 1 January 2022 6,539 6,722 13,261 Unachieved earn out during the period -6,539 0 -6,539 Settlement of claim 0 -6,722 -6,722 Changes in other provisions 0 -190 -190 Carrying amount at 31 December 2022 0 866 866 Carrying amount non-current at 31 December 2022 0 866 866 Carrying amount current at 31 December 2022 0 0 0 Contingent consideration The unachieved earn-out is related to the outcome of a dispute with two former minority shareholders in iS-tone who had violated the terms in the share purchase agreement. As a result of the dispute Columbus is no longer obliged to pay the remaining remuneration/contingent consideration and has also received finan-cial compensation. Other provisions Other provisions are primarily related to repairment obligations on leased assets. Contingent Other DKK \u00b4000consideration provisions Total Parent 2021Balance (non-current) at 1 January 2021 0 21,337 21,337 Balance (current) at 1 January 2021 81,594 6,722 88,316 Foreign currency translation, year-end exchange rate -57 102 45 Changes in forward contract 0 2,252 2,252 Paid earn out during the period -74,998 0 -74,998 Payment of retained holiday allowance 0 -22,635 -22,635 Carrying amount at 31 December 2021 6,539 7,778 14,317 Carrying amount non-current at 31 December 2021 0 1,056 1,056 Carrying amount current at 31 December 2021 6,539 6,722 13,261 Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity more than one year from the balance sheet date are measured at pre-sent value. Note 18 \u2013 Lease liability, Right-of-use-assets Other DKK \u00b4000equipment Cars Offices Total Group 2022Less than 1 year 707 2,851 23,367 26,925 Between 1 and 5 years 1,187 7,044 32,566 40,797 More than 5 years 0 0 0 0 1,894 9,895 55,933 67,722 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored closely by the management. For more information about right-of use assets, please refer to note 12. Other DKK \u00b4000equipment Cars Offices Total Group 2021Less than 1 year 645 2,915 24,799 28,359 Between 1 and 5 years 706 8,462 27,286 36,454 More than 5 years 0 0 0 0 1,351 11,377 52,085 64,813 Other DKK \u00b4000equipment Cars Offices Total Parent 2022Less than 1 year 49 901 5,252 6,202 Between 1 and 5 years 101 598 5,672 6,371 More than 5 years 0 0 0 0 150 1,499 10,924 12,573 Other DKK \u00b4000equipment Cars Offices Total Parent 2021Less than 1 year 30 924 4,859 5,813 Between 1 and 5 years 63 1,132 8,892 10,087 More than 5 years 0 0 0 0 93 2,056 13,751 15,901 Note 19 \u2013 Other payables Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Payroll cost, payroll tax, retirement benefit obligations etc. 58,791 111,899 9,972 28,659 Holiday pay etc. 47,690 48,421 10,584 10,354 VAT payable 25,224 29,163 3,515 4,796 Other liabilities 32,852 27,923 9,131 4,794 164,557 217,406 33,202 48,603 The carrying amount of other payables matches the fair value of the liabilities. The holiday pay obligation represents the Group\u2019s obligation to pay salary during employees' holiday in the following financial year. Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-bilities are measured at amortized cost using the \"effective interest method\" so that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the loan period. Other liabilities are measured at amortized cost. Pensions Contributions to defined contribution plans are recognized in the statement of comprehensive income in the period to which they relate and any contributions payable are recognized in the balance sheet under other payables. Note 20 \u2013 Contingent liabilities and commitments for expenditures Parent Company Contingent liabilities The Danish jointly taxed companies are jointly and severally liable for tax on joint taxation income. The Company is included in Danish jointly taxation with Consolidated Holdings A/S as controlling company. Thus, the Company is, in accordance with the Danish Corporation Tax Act, from financial year 2013 liable for income tax etc. for the jointly taxed companies and from 1 July 2012 also for potential liabilities, includ-ing withholding tax on interest, royalties and profits for these companies. Commitments for expenditures The Company has guaranteed payment of banking arrangements in Nordea for subsidiaries. As of 31 De-cember 2022 the maximum liability is DKK 14.348k (2021: DKK 13.442k). Guarantees The Company have provided guarantees for its subsidiaries regarding rent expenses. As of 31 December 2022 the guarantees amounts to DKK 890K. Note 21 \u2013 Related parties Consolidated Holdings A/S has a controlling interest in the Columbus Group, including Columbus A/S. Other related parties with significant influence in the Columbus Group are the Company\u2019s Board of Direc-tors, Executive Board and certain executives and their related parties. Furthermore, related parties are companies in which the above persons have significant influence. Related parties with controlling interest Consolidated Holdings A/S (Fredheimvej 9, 2950 Vedb\u00e6k) Consolidated Holdings A/S owns 49.78% of the shares in Columbus A/S. Consolidated Holdings A/S has a controlling interest in Columbus A/S, as Consolidated Holdings A/S, through its shareholding and its share-holder voting agreements, controls the majority (51.18%) of the votes at the annual general meeting. Trans-actions with the company are made on an arm's length basis. Ib Kun\u00f8e is the majority shareholder in Con-solidated Holdings A/S. Dividend to Consolidated Holdings A/S is paid on equal principals as with other shareholders. Furthermore, Consolidated Holdings A/S is in a joint taxation with the Danish entities in the Columbus Group, with Con-solidated Holdings A/S as management company. In 2022 Columbus received a tax receivable from Con-solidated Holdings A/S for DKK 773k (2021: DKK -1.436k) Related parties with significant influence ATEA (Lautrupvang 6, 2750 Ballerup) Consolidated Holdings A/S has significant influence in ATEA, and certain dual roles in the management are filled by the same persons in ATEA and the Columbus Group. Transactions with the company are made on an arm's length basis. In January 2021 we divested our private cloud business to Atea. The transaction happened on arm\u2019s length basis, and is described further in note 27 and note 28. The transaction has been excluded from the follow-ing tables. Atrium Partners A/S (Strandvejen 102B, 2900 Hellerup) Consolidated Holdings A/S has a significant influence in Atrium Partners A/S. Atrium partners assisted Co-lumbus in the divestment of our former subsidiary To Increase, which were sold off in the beginning of 2021. The transaction with Atrium Partners A/S were made on arm\u2019s length. X-Yachts A/S (Fjordagervej 21, 6100 Haderslev) Consolidated Holdings A/S has a significant influence in X-Yachts A/S and certain roles in the management are filled by the same persons in X-Yachts and Columbus Group. Transactions with X-Yachts A/S were made on arm\u2019s length. Parent DKK \u00b4000 2022 2021 Net salesAtea 2,354 5,264 X-Yachts A/S 945 0 Total 3,299 5,264 Net purchaseAtrium Partners 0 -9,349 Atea -16,496 -12,268 Total -16,496 -21,617 rdSale to Atea and X-Yachts is primarily consultancy and sale of licenses from 3 parties. Purchase from Atea and subsidiaries is primarily office rent, purchase of IT equipment and consultancy ser-vices. The lease contract for office rent constitute right-of-use asset of DKK 4,298k and lease liability of DKK 8,707k. Parent DKK \u00b4000 2022 2021 Trade receivablesAtea 0 1,713 X-Yachts A/S 99 0 Total 99 1,713 Trade payablesAtea -3,129 -2,806 Total -3,129 -2,806 Executive Board and Board of Directors Remuneration of the Executive Board, the Board of Directors and executives appears from note 4. Note 21 \u2013 Related parties (continued) Subsidiaries Related parties in Columbus also comprise the subsidiaries in which the Company has controlling interest, cf. the Group overview. Trading with subsidiaries was as follows: Parent Company DKK \u00b4000 2022 2021 Purchase from subsidiaries -48,520 -71,016 Sold to subsidiaries 110,610 62,379 Purchases from subsidiaries are primarily consultancy and development hours from Columbus' Global Delivery Center, and internally developed software for customer sales. Sold to subsidiaries is primarily service and tools fees, consultancy and development hours, as well as cost split for the shared service center in Columbus\u2019 Danish and Norwegian companies. Transactions with subsidiaries are eliminated in the consolidated financial statements in accordance with applied accounting policies. Outstanding accounts with subsidiaries Columbus' outstanding accounts with subsidiaries are shown directly in the balance sheet. Outstanding accounts are interest-bearing. The interest payment of outstanding accounts is shown in note 7. Payment terms for regular outstanding accounts are invoiced month + 30 days. Note 22 \u2013 Fee to the Group's auditor elected by the annual general meeting Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Auditor elected by the annual general meetingStatutory audit 2,174 2,112 593 623 Other assurance services 71 91 71 91 Other non-audit services 358 110 358 0 Total audit fee 2,603 2,313 1,022 714 Other services provided by the auditors elected by the annual general meeting comprise of fee for advisory related to ESG reporting and review of the remuneration report. Note 23 \u2013 Financial risks and financial instruments The below maturity analysis is based on undiscounted cash flow, and the method of accounting is equiva-lent to Columbus' cash flow exposure going forward. The maturity analysis shows a balanced current ratio. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2022Financial assetsTrade receivables 254,800 0 0 254,800 Contract assets 5,822 0 0 5,822 Corporate tax receivables 2,254 0 0 2,254 Other receivables 12,930 9,110 7,399 29,439 Receivables from divestment of activities 59,264 0 0 59,264 Prepayments 19,868 0 0 19,868 Cash and bank balances 32,787 0 0 32,787 Total financial assets 387,725 9,110 7,399 404,234 Financial liabilitiesDebt to credit institutions 55,702 84,265 0 139,967 Contract liabilities 9,960 0 0 9,960 Trade payables 64,926 0 0 64,926 Corporate tax payables 1,426 0 0 1,426 Other payables 164,557 0 0 164,557 Accruals and deferred income 36,898 0 0 36,898 Lease liability right-of-use assets 28,640 41,968 0 70,608 Other provisions 0 866 0 866 Total financial liabilities 362,109 127,099 0 489,208 Ratio 1.07 0.83 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall due for payment. The below table disclose the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 -11,632 Lease liability right-of-use assets -1,715 -1,171 0 -2,886 Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrow-ing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity pro-files of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are equivalent to the fair value. Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2021Financial assetsTrade receivables 269,583 0 0 269,583 Contract assets 11,433 0 0 11,433 Corporate tax receivables 12,041 0 0 12,041 Other receivables 3,791 10,132 7,266 21,189 Receivables from divestment of activities 55,631 0 0 55,631 Prepayments 19,367 0 0 19,367 Cash and bank balances 62,943 0 0 62,943 Total financial assets 434,789 10,132 7,266 452,187 Financial liabilitiesDebt to credit institutions 19,660 77,509 0 97,169 Contingent consideration 6,539 0 0 6,539 Contract liabilities 17,248 0 0 17,248 Trade payables 79,168 0 0 79,168 Corporate tax payables 1,171 0 0 1,171 Other payables 217,406 0 0 217,406 Accruals and deferred income 32,938 0 0 32,938 Lease liability right-of-use assets 29,966 37,539 0 67,505 Other provisions 6,722 1,056 0 7,778 Total financial liabilities 410,818 116,104 0 526,922 Ratio 1.06 0.86 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -616 -1,539 0 -2,155 Lease liability right-of-use assets -1,607 -1,085 0 -2,692 Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Parent 2022Financial assetsTrade receivables 47,723 0 0 47,723 Receivables from subsidiaries 69,202 0 0 69,202 Contract assets 229 0 0 229 Other receivables 8,759 9,110 3,033 20,902 Prepayments 8,801 0 0 8,801 Cash and bank balances 0 0 0 0 Total financial assets 134,714 9,110 3,033 146,857 Financial liabilitiesDebt to credit institutions 78,461 84,265 0 162,726 Contingent consideration 0 0 0 0 Debt to subsidiaries 40,746 0 0 40,746 Contract liabilities 2,210 0 0 2,210 Trade payables 23,319 0 0 23,319 Other payables 33,202 0 0 33,202 Accruals and deferred income 5,182 0 0 5,182 Lease liability right-of-use assets 6,459 6,473 0 12,932 Other provisions 0 866 0 866 Total financial liabilities 189,579 91,604 0 281,183 Ratio 0.71 0.52 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall due for payment. The below table discloses the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 0 -11,632 Lease liability right-of-use assets -257 -102 0 -359 Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Parent 2021Financial assetsTrade receivables 58,451 0 0 58,451 Receivables from subsidiaries 29,306 0 0 29,306 Contract assets 952 0 0 952 Other receivables 2,082 10,132 2,794 15,008 Prepayments 9,219 0 0 9,219 Cash and bank balances 2,491 0 0 2,491 Total financial assets 102,501 10,132 2,794 115,427 Financial liabilitiesDebt to credit institutions 34,374 77,509 0 111,883 Contingent consideration 6,539 0 0 6,539 Debt to subsidiaries 65,588 0 0 65,588 Contract liabilities 6,925 0 0 6,925 Trade payables 21,572 0 0 21,572 Other payables 48,603 0 0 48,603 Accruals and deferred income 3,617 0 0 3,617 Lease liability right-of-use assets 6,158 10,354 0 16,512 Other provisions 6,722 1,056 0 7,778 Total financial liabilities 200,098 88,919 0 289,017 Ratio 0.51 0.40 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -616 -1,539 0 -2,155 Lease liability right-of-use assets -345 -267 0 -612 Note 23 \u2013 Financial risks and financial instruments (continued) Financing facilities Group DKK \u00b4000 2022 2021 Cash and bank balances 32,787 62,943 Unused credits 89,978 13,565 122,765 76,508 The Group's cash reserves consist of cash and unused credits. Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group follows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx. 76% of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the relevant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. Profit after tax exchange rates sensitivity Group DKK \u00b4000 2022 2021 Effect of 10% decrease in USD 459 -359 Effect of 10% decrease in GBP 278 -594 Effect of 10% decrease in SEK -1,294 -1,805 Effect of 10% decrease in NOK -314 -1,753 Effect of 10% decrease in CLP -268 -148 Effect of 10% decrease in CZK -118 -75 Effect of 10% decrease in PLN -218 -133 Effect of 10% decrease in INR -602 -532 Revenue exchange rates sensitivity Group DKK \u00b4000 2022 2021 Effect of 10% decrease in USD -8,727 -9,906 Effect of 10% decrease in GBP -18,879 -19,679 Effect of 10% decrease in SEK -60,265 -59,708 Effect of 10% decrease in NOK -28,289 -26,656 Effect of 10% decrease in CLP -718 -718 Effect of 10% decrease in CZK -807 -807 Effect of 10% decrease in PLN -1,872 -1,872 Effect of 10% decrease in INR -3,546 -3,546 Note 23 \u2013 Financial risks and financial instruments (continued) Interest rates Fluctuations in interest rates have an effect on the Group's financial instruments. By the end of 2022 an in-crease in interest rates of half a percentage point would increase the Group's interest by DKK 659k (2021: DKK 380k). The financial liabilities included in the sensitivity analysis include long-term and short-term debt to credit institutions. Credit risks The Group's credit risks primarily derive from trade receivables. Trade receivables are distributed between many customers and geographical areas. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the eco-nomic environment. The maximum credit risk on the balance sheet date equals the carrying amount. Optimization of capital structure The Group management continuously determines whether the capital structure is in accordance with the interests of the Company and shareholders. The overall goal is to ensure a capital structure which supports long-term financial growth, and at the same time maximizes the return to the Group's stakeholders through optimization of the debt and equity balance. The Group's capital structure consists of debt, comprising fi-nancial liabilities such as bank loans, lease liabilities, corporation tax payable, cash and equity, including share capital, reserves for foreign exchange adjustments and profit/loss carried forward. Breach of loan agreements The Group has neither in the financial year 2022 nor in 2021 failed to perform or defaulted on any loan agreements. Note 24 \u2013 Changes in working capital Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Change in receivables and contract assets 2,511 -33,067 -79,358 14,263 Change in trade payable and liabilities -11,484 15,021 1,747 1,550 Change in other liabilities -52,113 -69,175 54,537 -67,036 Cash flow from changes in working capital -61,086 -87,221 -23,074 -51,223 Note 25 \u2013 Cash flow from financing activities The table below specifies changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flow will be, classified in the cash flow statement as cash flow from financing activities. Lease lia-bility right-of-use as-Long term Overdraft DKK \u00b4000sets borrowings facilities Total Group 2022Balance at 1 January 64,813 75,970 19,044 159,827 Cash flow from continuing operations -30,770 0 33,324 2,554 Cash changes -30,770 0 33,324 2,554 New leases 22,882 0 0 22,882 Changes to existing leases 18,801 0 0 18,801 Reclassification 3 30 -33 0 Foreign exchange movements -8,007 0 0 -8,007 Non-cash changes 33,679 30 -33 33,676 Balance at 31 December 67,722 76,000 52,335 196,057 Lease lia-bility right-of-use as-Long term Overdraft DKK \u00b4000sets borrowings facilities Total Group 2021Balance at 1 January 91,935 176,000 0 267,935 Cash flows from continuing operations -31,495 -100,030 19,044 -112,481 Cash changes -31,495 -100,030 19,044 -112,481 New leases 10,267 0 0 10,267 Changes to existing leases 335 0 0 335 Foreign exchange movements -6,229 0 0 -6,229 Non-cash changes 4,373 0 0 4,373 Balance at 31 December 64,813 75,970 19,044 159,827 Note 25 \u2013 Cash flow from financing activities (continued) Lease lia-bility right-of-use as-Long term Overdraft DKK \u00b4000sets borrowings facilities Total Parent 2022Balance at 1 January 15,900 75,970 33,758 125,628 Cash flows -6,246 0 -19,194 -25,440 Cash changes -6,246 0 -19,194 -25,440 New leases 3,296 0 0 3,296 Reclassification 0 30 0 30 Foreign exchange movements -377 0 0 -377 Non-cash changes 2,919 30 0 2,949 Balance at 31 December 12,573 76,000 14,564 103,137 Lease lia-bility right-of-use as-Long term Overdraft DKK \u00b4000sets borrowings facilities Total Parent 2021Balance at 1 January 14,311 176,000 0 190,311 Cash flows -4,233 -100,030 33,758 -70,505 Cash changes -4,233 -100,030 33,758 -70,505 New leases 6,279 0 0 6,279 Foreign exchange movements -457 0 0 -457 Non-cash changes 5,822 0 0 5,822 Balance at 31 December 15,900 75,970 33,758 125,628 Note 26 \u2013 Discontinued operations and gain/loss on sale of shares in subsidiaries Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Net revenue 9,192 224,745 0 0 External project costs -464 -73,241 0 0 Gross profit 8,728 151,504 0 0 Staff expenses and remuneration -7,768 -99,996 0 0 Other external costs -700 -13,037 0 0 Other operating income 0 15 0 0 EBITDA 260 38,486 0 0 Depreciation, amortization and impairment -321 -5,333 -36,812 -53,643 Operating profit (EBIT) -61 33,153 -36,812 -53,643 Financial income 8,826 2,420 0 0 Financial expenses -3,772 -2,443 0 0 Profit (loss) before tax from discontinued operations 4,993 33,130 -36,812 -53,643 Corporate tax -243 -671 0 0 Profit (loss) after tax from discontinued operations 4,750 32,459 -36,812 -53,643 Total gain (loss) on divestment of discontinued operations -45,966 682,542 1,603 829,103 Profit (loss) from discontinued operations -41,216 715,001 -35,209 775,460 Earnings per share from discontinued operations of DKK 1.25 (EPS) -0.32 5.58 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) -0.32 5.56 Discontinued operations in 2022 - Group On 16 March 2022 Columbus divested its Russian business, due to the Russian invasion of Ukraine. The business was sold to the local management, and the business is therefore reported as discontinued opera-tions in the profit and loss for 2022 and 2021. During 2020 Columbus initiated the process of a sale of our software company To-Increase, which repre-sent our entire ISV segment. The sale was finalised in January 2021, and the business is therefore reported as discontinued operations in the profit and loss for 2021. In January 2021, our Danish private cloud business was sold and this business is consequently also classi-fied as discontinued operations in 2021. In March 2021 our two Baltic companies were sold and the segment is consequently classified as discontin-ued operations in 2021. In November 2021, our SMB business in our US entity was sold as part of the Focus23 strategy. The busi-ness activity is consequently classified as discontinued operations in 2021. Gain/loss on sale of shares \u2013 Parent The gain/loss on sale of shares in subsidiaries and impairment losses related to subsidiaries, which are classified as discontinued operations in the consolidated financial statements, are classified as discontin-ued operations in the parent company. Note 26 \u2013 Discontinued operations (continued) Gain (loss) on divestment of discontinued operations Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Gain (loss) on disposal of subsidiaries -9,534 697,095 0 830,960 Recirculation of historical currency adjustments -34,938 0 0 0 Transaction costs related to disposal -1,494 -14,553 1,603 -1,857 Total gain (loss) on divestment of discontinued operations -45,966 682,542 1,603 829,103 Cash flow Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Cash flow from operating activities 1,065 -4,591 0 0 Cash flow from investing activities 0 -7,479 0 0 Cash flow from financing activities -326 -13,354 0 0 Cash flow from discontinued operations 739 -25,424 0 0 Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. Note 27 \u2013 Disposal of activities On 16 March 2022, the Group disposed of its 100% equity interest in its Russian subsidiaries. On 26 January 2021, the Group disposed of its 100% equity interest in its subsidiary, To-Increase. The sub-sidiary was classified as discontinued operations in 2021. On 26 March 2021, the Group disposed of its 100% equity interest in its subsidiary, Columbus Lithuania and its 51% equity interest in its subsidiary, Columbus Estonia. The deferred consideration was partly set-tled in cash by the purchaser in April 2021 (DKK 12m), and the remaining consideration will be paid in monthly installments until 2026. On 1st November 2021, our SMB business in our US entity was sold as part of the Focus23 strategy. The business activity is consequently classified as discontinued operations in 2021. The transaction was settled partly in cash at the transaction date (USD 8m), and partly as deferred consideration which was due in Q2 2022 (USD 8.5m). The buyer has still not paid the outstanding amount to which a legal collecting process has been initiated to collect our receivable. The gain on disposal is included in the profit for the year from discontinued operations, note 26. At the date of disposal, the carrying amounts of disposed subsidiaries net assets were as follows. Note 27 \u2013 Disposal of activities (Continued) Group Parent DKK \u00b4000 2022 2021 2022 2021 Goodwill 8,822 197,980 0 0 Customer base 0 7,295 0 3,050 Other intangible assets 0 19 0 0 Development projects finalized 0 52,334 0 0 Development projects in progress 0 42,404 0 0 Property, plant and equipment 204 2,419 0 0 Right-of-use assets 2,102 20,712 0 0 Investments in subsidiaries 0 0 0 60,803 Trade receivables 1,762 36,404 0 0 Contract assets 3,731 7,575 0 0 Corporate tax receivables 0 1,052 0 0 Deferred tax assets 0 30,961 0 0 Other receivables 176 1,506 0 0 Prepayments 1,790 6,957 0 0 Cash 9,274 22,169 0 0 Total assets 27,861 429,787 0 63,853 Group Parent DKK \u00b4000 2022 2021 2022 2021 Deferred tax 358 19,095 0 0 Debt to credit institutions 0 357 0 0 Lease liability right-of-use assets 2,254 20,277 0 0 Contract liabilities 2,355 3,854 0 0 Trade payables 1,758 18,425 0 0 Corporate tax payables 5 54 0 0 Other payables 9,597 31,180 0 0 Accruals and deferred income 0 30,578 0 0 Total liabilities 16,327 123,818 0 0 Minority interests 0 2,847 0 0 Net assets disposed of 11,534 303,122 0 63,853 Cash and cash equivalents 2,000 928,334 0 865,279 Deferred consideration 0 71,883 0 29,534 Total consideration 2,000 1,000,217 0 894,813 Gain on disposal of activities -9,534 697,095 0 830,960 Net Cash inflow arising on disposal:Consideration received in cash and cash equivalents 2,000 928,334 0 865,279 Less: cash and cash equivalents dis-posed of-9,274 -22,169 0 -19,775 Transaction costs related to disposal -1,494 -29,517 1,603 -17,389 Net cash inflow arising on dis-posal -8,768 876,648 1,603 828,115 Note 28 \u2013 Board of Directors and Executive Board See section \"The Board of Directors and Executive Board\u201d in the Management's ReviewNote 29 \u2013 Shareholder information See section \"Shareholder information\" in the Management's ReviewNote 30 \u2013 Events after the reporting period There has been no events after the balance sheet date to be accounted for. Note 31 \u2013 Approval of publication of the Annual Report On the Board meeting on 15 March 2023 the Board of Directors approved publication of the Annual Report 2022. The Annual Report 2022 will be submitted for approval by the shareholders of Columbus A/S on the Annual General Meeting on 24 April 2023. Key figures, ratios and Alternative Performance MeasuresKey figures and ratios Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33. Other ratios are calculated in accordance with the Danish Finance Society \u201cRecommendations & Financial Ratios\u201d. The financial ratios stated are calculated as follows: Earnings before interest, tax, depreciations and EBITDA-margin amortizations (EBITDA) Net revenue Operating profit (EBIT) Operating marginNet revenue Result after tax and excl. minority interests Return on equity Average equity excl. minority interests EBITA Return on invested capital (ROIC)Average invested capital including goodwill Equity excl. minority interests Equity ratioTotal equity and liabilities Result after tax and excl. minority interests Earnings per share (EPS)x f Average number of shares Equity excl. minority interests end of year x 100 Book value per share (BVPS)x f Number of shares end of year Cash flow per share Cash flow from operations x f Average number of diluted shares Theoretical rate Adjustment factor (f)Listed price of stock the day before the subscription and/or stock right cease Recurring revenue Recurring Revenue % of total revenue Net revenue Alternative Performance Measures Organic Growth and Revenue Organic Growth and Revenue represents the business excluding the impact of acquisitions and divest-ments. The purpose of defining Organic Growth is to show a \u201clike-for-like\u201d comparison with the previous year. Recurring Revenue Recurring Revenue includes Columbus Software maintenance, Columbus Cloud revenue, 3rd party mainte-nance revenue, 3rd party cloud revenue, Columbus Care agreements. Recurring revenue does not necessarily mean a binding contractual agreement. However recurring revenue is defined as revenue with a high degree of certainty for renewal >95%. The purpose of defining Recurring Revenue is to express a level of predictability in the revenue. The higher degree of Recurring Revenue in pct. of total revenue \u2013 the more predictable is the Columbus revenue going forward. Gross Sales Gross Sales is an Alternative Performance Measure which reflects the gross revenue from sales, and is shown to inform about the former presented revenue level before the change of accounting principles, which has been adopted as a consequence of the Agenda Decision approved by the IFRS Interpretations Committee on April 20th 2022. See note 1 for more information. The Performance Measure includes gross invoiced revenue from sale to customers. EBITDA before Share Based Payment EBITDA before Share Based Payment is Earnings Before Interest Taxes Depreciation, Amortization and the expense (black Scholes value) from Share Based Payment. The purpose of excluding Share Based Payment is that this is a non-cash consideration and therefore dif-ferent characteristics than cash-based considerations. Another purpose is that the IFRS rules for expending Share Based payments is uneven through the 3-year maturing period Columbus normally exercise. EBITDA before Share Based Payment will therefore express a more comparable year over year develop-ment. ",
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"value": " Accounting policies Dividend Proposed dividends are recognized as a liability at the time of approval by the general meeting (time of dec-laration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial re-port for entities with a different functional currency than Danish kroner. ",
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"value": " Accounting policies Dividend Proposed dividends are recognized as a liability at the time of approval by the general meeting (time of dec-laration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial re-port for entities with a different functional currency than Danish kroner. ",
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"value": " Accounting policies Dividend Proposed dividends are recognized as a liability at the time of approval by the general meeting (time of dec-laration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial re-port for entities with a different functional currency than Danish kroner. Accounting policies The cash flow statement is presented using the indirect method based on operating profit. The cash flow statement shows cash flows for the year, the change in cash, as well as the balance of cash at the beginning and end of the year. Cash flow from operating activities Cash flow from operating activities is calculated as profit before tax adjusted for noncash operating items, changes in working capital, interests received and paid, and corporation tax paid. Cash flow from investment activities Cash flow from investment activities comprise payments relating to purchase and divestment of businesses and activities, purchase and divestment of intangible and other long-term assets as well as purchase and divestment of securities not recognized as cash and dividends received. Cash flow from acquired companies is included from the date of acquisition, while cash flow from divest-ments is recognized until the time of sale. Cash flow from financing activities Cash flow from financing activities comprise changes in size or composition of share capital and related costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repay-ment of interest-bearing debt, repayment of lease liabilities, purchase and divestment of treasury shares and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash flow realigned to financial leases are recognized as payments of interest and repayment of debt. Note 1 \u2013 Significant accounting principles The financial statements for 2022 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-cordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in Denmark. The consolidated and Parent Company\u2019s financial statements are presented in Danish Kroner (DKK), which is the presentation currency for the Group's activities and the functional currency of the parent. The consolidated and Parent Company\u2019s financial statements have been prepared based on historical cost. The main elements of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the individual notes to the financial statements. In preparing the consolidated and Parent Company\u2019s financial statements, the management makes various accounting assessments that form the basis of presentation, recognition and measurement of the Parent Company and the Group\u2019s assets and liabilities. The most significant estimates and judgements are pre-sented in note 2. Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-cies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and its subsidiaries. The consolidated financial statements are prepared by combining financial statements uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains and losses on transactions between the consolidated companies are eliminated. In the consolidated financial statements items of subsidiaries are included 100%. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans-action date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognized in the income statement as financial in-come or financial expenses. Property, plant and equipment, intangible assets, and other non-monetary as-sets that have been purchased in foreign currencies are translated using historical rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries\u2019 bal-ance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Minority interests On initial recognition, minority interests are measured at fair value or at their proportionate share of the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. The adopted method is se-lected for each transaction. Minority interests are subsequently adjusted for their proportionate share of changes in equity of the subsidiaries. Comprehensive income is allocated to minority interests regardless of whether the minority interest thus may be negative. Purchase and sale of minority shares in a subsidiary that does not result in a loss of control are treated in the consolidated financial statements as an equity transaction, and the difference between the consideration and the carrying amount is allocated to the Par-ent Company's share of equity. Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business Units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed. The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial state-ments. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2022. New standards and interpretations effective from 2022 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-ary 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpretations have not had any material impact on Columbus Annual Report 2022, except from below change in the recogni-tion of software revenue. On April 20, the IFRS Interpretations Committee approved an Agenda Decision which provides guidance as to how a software reseller might apply the principal/agent criteria in IFRS 15 \u201cRevenue from Contracts with Customers\u201d to the resale of standard software to a customer. The decision has implications for whether rev-enue from the resale of standard software is recognized on a gross or net basis under IFRS 15. In its historic accounts, Columbus has determined that it acts as a principal in the resale of standard soft-ware and vendor services and has recognized revenue from these products and services on a gross basis (with gross invoiced sales reported as revenue, and costs of the resold products reported as external pro-ject costs). Under the new guidance from the IFRS interpretations committee, Columbus has determined that it acts as an agent in the resale of standard software and vendor services under the principal/agent criteria in IFRS st15 \u201cRevenue from Contracts with Customers\u201d. For this reason, Columbus has at 1 January 2022 imple-mented a change to its accounting policy and recognized revenue from these products and services on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. The decision to change its accounting policy to conform with the Agenda Decision of the IFRS Interpreta-tions Committee requires a restatement of prior years\u2019 accounts under IAS 8. The effect of the changes has been reflected throughout the Annual Report. The impact on Columbus\u2019 financial statements is: For 2022: For 2021: Revenue is reduced by DKK 134m Revenue is reduced by DKK 135mCost of sales is reduced by DKK 134m Cost of sales is reduced by DKK 135m Gross profit, EBITDA, net profit after tax, balance Gross profit, EBITDA, net profit after tax, balance sheet and cash flow statement are unchanged.sheet and cash flow statement are unchanged.Besides above, Columbus A/S adopted following as at 1 January 2022: Amendment to IAS 16 \u201cProceeds from property, plant and equipment before entry into service\u201d Clarifications of IAS 37 \u201cOnerous contract\u201d IASB adopted an amendment to IAS 16 regarding proceeds from fixed assets before their entry into ser-vice. This amendment doesn\u2019t have any impact on Columbus A/S. The clarifications of IAS 37 \u201cOneruos contracts\u201d also doesn\u2019t have any significant impact on the consoli-dated financial statement 2022 as Columbus A/S already treats the onerous contracts the way the new clar-ifications mention. IASB has also issued new and amended standards and interpretations which have not yet been effective and therefore also not yet been implemented in the consolidated financial statements for 2022. Columbus expects to implement these new standards and amendments when they take effect and become manda-tory. None of the new standards and amendments issued are expected to have any significant impact on the consolidated financial statement when implemented. External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc. Prepayments Prepayments recognized under assets include expenses paid concerning subsequent financial years and are measured at cost. Deferred income Deferred income recognized under liabilities comprises payments received concerning income in subse-quent years measured at cost. Note 2 \u2013 Significant accounting estimates and judgements By applying the Group\u2019s accounting principles as described in each of the individual notes to the consoli-dated financial statements, it is necessary that the management performs judgements, estimates and as-sumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The performed estimates and judgements are based on historical experience and other factors that man-agement considers reasonable under the circumstances, but which are inherently uncertain and unpredicta-ble. The assumptions may be incomplete or inaccurate, and unexpected events or circumstances may oc-cur. The Company is also subject to risks and uncertainties that may cause actual results to differ from these estimates. Specific risks for the Columbus Group are described in \"Risk Management\", cf. page 41. The estimates and underlying assumptions are reviewed regularly. Changes to accounting estimates are recognized in the accounting period in which the change occurs and in future periods if the change affects both the period, in which the change occurs and subsequent accounting periods. AreasNoteEstimatesRevenue recognition and contract assets and liabilities 3, 15 Deferred tax asset8Impairment of goodwill and internal applications 10For further description of the applied judgements and estimates, please refer to the specific notes listed above. The following judgements and estimates are considered the most significant for the Group. Estimate of revenue recognition of contracts The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship be-tween the entity's resources in relation to recent total estimate of resource consumption. The degree of completion is assessed regularly by the responsible employees and the projects are closely monitored by management, and further adjustments are made to the stage of completion, etc., if deemed necessary. When performing this evaluation, all factors concerning the relevant contract are taken into consideration and assessed appropriately. The group has a limited number of fixed price projects, which generally re-duces the risk related to this. Estimate of recoverable amount of goodwill and internal applications The determination of impairment of recognized goodwill requires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of ex-pected future cash flows of each cash-generating unit and a reasonable discount rate. At 31 December 2022, the carrying value of goodwill is DKK 603,299k. For a detailed description of methods and assump-tions for impairment of goodwill, see note 10. The determination of impairment of recognized internal applications requires determination of the future economic benefits derived from these assets, which are determined as the optimization of internal work-flows. At 31 December 2022, the carrying value of internal applications is DKK 51,029k. For a more de-tailed description of methods and assumptions related to recognition of internal applications, see note 10. Estimate of utilization of deferred tax assets Deferred tax assets are recognized for all unused tax losses and difference values to the extent it is deemed likely that within the foreseeable future taxable profits will be realized in which the losses and the difference values can be utilized. Determining the size of the amount that can be recognized for deferred tax assets is based on management\u2019s estimate of the likely time and amount of future taxable profits. At 31 December 2022, the carrying value of recognized tax was DKK 25,788k, which is estimated to be realized in a foreseeable future (5 years or less), see note 8. Accounting policies Segment data Segment data are prepared in accordance with the Group\u2019s accounting policies and the Group\u2019s internal management reporting. Segment income, expenses, segment assets, and liabilities include items directly attributable to a segment and items that can be allocated to the individual segments on a reliable basis. Assets in the segments comprise assets used directly in segment operations, including intangible and tan-gible fixed assets, investments in associates, inventories, receivables from sales of goods and services, other receivables, prepayments and cash. Liabilities related to the segments comprise of liabilities derived from segment operations, including debts to suppliers of goods and services, provisions and other payables. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified either as multiple element contracts or compound contracts. Multiple element contracts and compound contracts which include multiple products and services, are generally ca-pable of being distinct and accounted for as separate performance obligations. Multiple element contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting ser-vices is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d. Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group\u2019s primary activities, including adjustments of contingent liabilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale. Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme. Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities, except for deferred taxes on temporary differences aris-ing on the initial recognition of goodwill or from the initial recognition of a transaction that is not a business combination, and where the temporary difference identified by the initial recognition affects neither the ac-counting profit nor the taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is re-alized, and it is probable that the deferred tax will not crystalize as current tax in the foreseeable future. De-ferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses). Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. Accounting policies Property plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Fixtures and equipment are depreciated over 3 to 5 years, equal to the asset\u2019s estimated useful life. Lease-hold improvements are amortized over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carrying value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a change in accounting estimates. Note 12 \u2013 Right-of-use-assets (continued) Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreciated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. Columbus\u2019 portfolio of leases include three main groups: Offices, cars and other fixtures. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We meas-ure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or before the commencement date of the lease, less any lease incentives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of three parts: \ue813 Reference rate \ue813 Financing spread adjustment \ue813 Lease specific adjustment The interest rate used for measuring lease liabilities ranges between 2.84% and 5.84% (2021: 2.61% and 5.61%). Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease compo-nents comprise of services and operating costs etc. Variable lease expenses are recognized in other exter-nal expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognized in financial expenses. Each lease payment is separated into re-payment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classi-fied as cash flows from operating activities. Short-term leases and leases of low-value assets are not recognized as right-of-use-assets. Accounting policies Investments in subsidiaries in the Parent Company\u2019s financial statement Investments in subsidiaries are measured in the Parent Company\u2019s financial statements at historical cost. If the historical cost exceeds the recoverable amount, the costs are impaired to the lower value. When dividend distributed exceeds the accumulated earnings after the acquisition date this is considered as an indication of impairment. If the Parent Company has a legal or constructive obligation to cover a subsidiary\u2019s deficit, a provision is recognized to the extent that it exceeds amounts owed by the subsidiary. Gains and losses on disposal of subsidiaries are calculated as the difference between the sale or liquida-tion amount and the carrying amount at the time of sale less costs to sell. Gains or losses are recognized in the statement of comprehensive income under \"Other operating income\" and \"Other operating expenses\". Dividends from subsidiaries Dividends from investments are recognized in the Parent Company\u2019s profit in the accounting period, where the right for the dividend is earned. Note 14 \u2013 Trade receivables (continued) Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. Note 15 \u2013 Contract assets and contract liabilities (continued) Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and expected losses. Market value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the con-sumption of resources cannot be used as a base, the measurement is instead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is taken immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognized at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognized in the balance sheet under current assets or liabili-ties, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognized in statement of comprehensive income as in-curred. When assessing impairment for the Group\u2019s contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group\u2019s trade receivables. Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity more than one year from the balance sheet date are measured at pre-sent value. Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-bilities are measured at amortized cost using the \"effective interest method\" so that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the loan period. Other liabilities are measured at amortized cost. Pensions Contributions to defined contribution plans are recognized in the statement of comprehensive income in the period to which they relate and any contributions payable are recognized in the balance sheet under other payables. Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. Key figures, ratios and Alternative Performance MeasuresKey figures and ratios Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33. Other ratios are calculated in accordance with the Danish Finance Society \u201cRecommendations & Financial Ratios\u201d. The financial ratios stated are calculated as follows: Earnings before interest, tax, depreciations and EBITDA-margin amortizations (EBITDA) Net revenue Operating profit (EBIT) Operating marginNet revenue Result after tax and excl. minority interests Return on equity Average equity excl. minority interests EBITA Return on invested capital (ROIC)Average invested capital including goodwill Equity excl. minority interests Equity ratioTotal equity and liabilities Result after tax and excl. minority interests Earnings per share (EPS)x f Average number of shares Equity excl. minority interests end of year x 100 Book value per share (BVPS)x f Number of shares end of year Cash flow per share Cash flow from operations x f Average number of diluted shares Theoretical rate Adjustment factor (f)Listed price of stock the day before the subscription and/or stock right cease Recurring revenue Recurring Revenue % of total revenue Net revenue Alternative Performance Measures Organic Growth and Revenue Organic Growth and Revenue represents the business excluding the impact of acquisitions and divest-ments. The purpose of defining Organic Growth is to show a \u201clike-for-like\u201d comparison with the previous year. Recurring Revenue Recurring Revenue includes Columbus Software maintenance, Columbus Cloud revenue, 3rd party mainte-nance revenue, 3rd party cloud revenue, Columbus Care agreements. Recurring revenue does not necessarily mean a binding contractual agreement. However recurring revenue is defined as revenue with a high degree of certainty for renewal >95%. The purpose of defining Recurring Revenue is to express a level of predictability in the revenue. The higher degree of Recurring Revenue in pct. of total revenue \u2013 the more predictable is the Columbus revenue going forward. Gross Sales Gross Sales is an Alternative Performance Measure which reflects the gross revenue from sales, and is shown to inform about the former presented revenue level before the change of accounting principles, which has been adopted as a consequence of the Agenda Decision approved by the IFRS Interpretations Committee on April 20th 2022. See note 1 for more information. The Performance Measure includes gross invoiced revenue from sale to customers. EBITDA before Share Based Payment EBITDA before Share Based Payment is Earnings Before Interest Taxes Depreciation, Amortization and the expense (black Scholes value) from Share Based Payment. The purpose of excluding Share Based Payment is that this is a non-cash consideration and therefore dif-ferent characteristics than cash-based considerations. Another purpose is that the IFRS rules for expending Share Based payments is uneven through the 3-year maturing period Columbus normally exercise. EBITDA before Share Based Payment will therefore express a more comparable year over year develop-ment. ",
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"pp-value-33-2": {
"value": " Accounting policies The cash flow statement is presented using the indirect method based on operating profit. The cash flow statement shows cash flows for the year, the change in cash, as well as the balance of cash at the beginning and end of the year. Cash flow from operating activities Cash flow from operating activities is calculated as profit before tax adjusted for noncash operating items, changes in working capital, interests received and paid, and corporation tax paid. Cash flow from investment activities Cash flow from investment activities comprise payments relating to purchase and divestment of businesses and activities, purchase and divestment of intangible and other long-term assets as well as purchase and divestment of securities not recognized as cash and dividends received. Cash flow from acquired companies is included from the date of acquisition, while cash flow from divest-ments is recognized until the time of sale. Cash flow from financing activities Cash flow from financing activities comprise changes in size or composition of share capital and related costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repay-ment of interest-bearing debt, repayment of lease liabilities, purchase and divestment of treasury shares and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash flow realigned to financial leases are recognized as payments of interest and repayment of debt. Note 24 \u2013 Changes in working capital Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Change in receivables and contract assets 2,511 -33,067 -79,358 14,263 Change in trade payable and liabilities -11,484 15,021 1,747 1,550 Change in other liabilities -52,113 -69,175 54,537 -67,036 Cash flow from changes in working capital -61,086 -87,221 -23,074 -51,223 Note 25 \u2013 Cash flow from financing activities The table below specifies changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flow will be, classified in the cash flow statement as cash flow from financing activities. Lease lia-bility right-of-use as-Long term Overdraft DKK \u00b4000sets borrowings facilities Total Group 2022Balance at 1 January 64,813 75,970 19,044 159,827 Cash flow from continuing operations -30,770 0 33,324 2,554 Cash changes -30,770 0 33,324 2,554 New leases 22,882 0 0 22,882 Changes to existing leases 18,801 0 0 18,801 Reclassification 3 30 -33 0 Foreign exchange movements -8,007 0 0 -8,007 Non-cash changes 33,679 30 -33 33,676 Balance at 31 December 67,722 76,000 52,335 196,057 Lease lia-bility right-of-use as-Long term Overdraft DKK \u00b4000sets borrowings facilities Total Group 2021Balance at 1 January 91,935 176,000 0 267,935 Cash flows from continuing operations -31,495 -100,030 19,044 -112,481 Cash changes -31,495 -100,030 19,044 -112,481 New leases 10,267 0 0 10,267 Changes to existing leases 335 0 0 335 Foreign exchange movements -6,229 0 0 -6,229 Non-cash changes 4,373 0 0 4,373 Balance at 31 December 64,813 75,970 19,044 159,827 Note 25 \u2013 Cash flow from financing activities (continued) Lease lia-bility right-of-use as-Long term Overdraft DKK \u00b4000sets borrowings facilities Total Parent 2022Balance at 1 January 15,900 75,970 33,758 125,628 Cash flows -6,246 0 -19,194 -25,440 Cash changes -6,246 0 -19,194 -25,440 New leases 3,296 0 0 3,296 Reclassification 0 30 0 30 Foreign exchange movements -377 0 0 -377 Non-cash changes 2,919 30 0 2,949 Balance at 31 December 12,573 76,000 14,564 103,137 Lease lia-bility right-of-use as-Long term Overdraft DKK \u00b4000sets borrowings facilities Total Parent 2021Balance at 1 January 14,311 176,000 0 190,311 Cash flows -4,233 -100,030 33,758 -70,505 Cash changes -4,233 -100,030 33,758 -70,505 New leases 6,279 0 0 6,279 Foreign exchange movements -457 0 0 -457 Non-cash changes 5,822 0 0 5,822 Balance at 31 December 15,900 75,970 33,758 125,628 ",
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"value": "Note 1 \u2013 Significant accounting principles The financial statements for 2022 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-cordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in Denmark. The consolidated and Parent Company\u2019s financial statements are presented in Danish Kroner (DKK), which is the presentation currency for the Group's activities and the functional currency of the parent. The consolidated and Parent Company\u2019s financial statements have been prepared based on historical cost. The main elements of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the individual notes to the financial statements. In preparing the consolidated and Parent Company\u2019s financial statements, the management makes various accounting assessments that form the basis of presentation, recognition and measurement of the Parent Company and the Group\u2019s assets and liabilities. The most significant estimates and judgements are pre-sented in note 2. Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-cies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and its subsidiaries. The consolidated financial statements are prepared by combining financial statements uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains and losses on transactions between the consolidated companies are eliminated. In the consolidated financial statements items of subsidiaries are included 100%. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans-action date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognized in the income statement as financial in-come or financial expenses. Property, plant and equipment, intangible assets, and other non-monetary as-sets that have been purchased in foreign currencies are translated using historical rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries\u2019 bal-ance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Minority interests On initial recognition, minority interests are measured at fair value or at their proportionate share of the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. The adopted method is se-lected for each transaction. Minority interests are subsequently adjusted for their proportionate share of changes in equity of the subsidiaries. Comprehensive income is allocated to minority interests regardless of whether the minority interest thus may be negative. Purchase and sale of minority shares in a subsidiary that does not result in a loss of control are treated in the consolidated financial statements as an equity transaction, and the difference between the consideration and the carrying amount is allocated to the Par-ent Company's share of equity. Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business Units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed. The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial state-ments. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2022. New standards and interpretations effective from 2022 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-ary 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpretations have not had any material impact on Columbus Annual Report 2022, except from below change in the recogni-tion of software revenue. On April 20, the IFRS Interpretations Committee approved an Agenda Decision which provides guidance as to how a software reseller might apply the principal/agent criteria in IFRS 15 \u201cRevenue from Contracts with Customers\u201d to the resale of standard software to a customer. The decision has implications for whether rev-enue from the resale of standard software is recognized on a gross or net basis under IFRS 15. In its historic accounts, Columbus has determined that it acts as a principal in the resale of standard soft-ware and vendor services and has recognized revenue from these products and services on a gross basis (with gross invoiced sales reported as revenue, and costs of the resold products reported as external pro-ject costs). Under the new guidance from the IFRS interpretations committee, Columbus has determined that it acts as an agent in the resale of standard software and vendor services under the principal/agent criteria in IFRS st15 \u201cRevenue from Contracts with Customers\u201d. For this reason, Columbus has at 1 January 2022 imple-mented a change to its accounting policy and recognized revenue from these products and services on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. The decision to change its accounting policy to conform with the Agenda Decision of the IFRS Interpreta-tions Committee requires a restatement of prior years\u2019 accounts under IAS 8. The effect of the changes has been reflected throughout the Annual Report. The impact on Columbus\u2019 financial statements is: For 2022: For 2021: Revenue is reduced by DKK 134m Revenue is reduced by DKK 135mCost of sales is reduced by DKK 134m Cost of sales is reduced by DKK 135m Gross profit, EBITDA, net profit after tax, balance Gross profit, EBITDA, net profit after tax, balance sheet and cash flow statement are unchanged.sheet and cash flow statement are unchanged.Besides above, Columbus A/S adopted following as at 1 January 2022: Amendment to IAS 16 \u201cProceeds from property, plant and equipment before entry into service\u201d Clarifications of IAS 37 \u201cOnerous contract\u201d IASB adopted an amendment to IAS 16 regarding proceeds from fixed assets before their entry into ser-vice. This amendment doesn\u2019t have any impact on Columbus A/S. The clarifications of IAS 37 \u201cOneruos contracts\u201d also doesn\u2019t have any significant impact on the consoli-dated financial statement 2022 as Columbus A/S already treats the onerous contracts the way the new clar-ifications mention. IASB has also issued new and amended standards and interpretations which have not yet been effective and therefore also not yet been implemented in the consolidated financial statements for 2022. Columbus expects to implement these new standards and amendments when they take effect and become manda-tory. None of the new standards and amendments issued are expected to have any significant impact on the consolidated financial statement when implemented. External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc. Prepayments Prepayments recognized under assets include expenses paid concerning subsequent financial years and are measured at cost. Deferred income Deferred income recognized under liabilities comprises payments received concerning income in subse-quent years measured at cost. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "Note 1 \u2013 Significant accounting principles The financial statements for 2022 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-cordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in Denmark. The consolidated and Parent Company\u2019s financial statements are presented in Danish Kroner (DKK), which is the presentation currency for the Group's activities and the functional currency of the parent. The consolidated and Parent Company\u2019s financial statements have been prepared based on historical cost. The main elements of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the individual notes to the financial statements. In preparing the consolidated and Parent Company\u2019s financial statements, the management makes various accounting assessments that form the basis of presentation, recognition and measurement of the Parent Company and the Group\u2019s assets and liabilities. The most significant estimates and judgements are pre-sented in note 2. Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-cies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and its subsidiaries. The consolidated financial statements are prepared by combining financial statements uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains and losses on transactions between the consolidated companies are eliminated. In the consolidated financial statements items of subsidiaries are included 100%. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans-action date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognized in the income statement as financial in-come or financial expenses. Property, plant and equipment, intangible assets, and other non-monetary as-sets that have been purchased in foreign currencies are translated using historical rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries\u2019 bal-ance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Minority interests On initial recognition, minority interests are measured at fair value or at their proportionate share of the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. The adopted method is se-lected for each transaction. Minority interests are subsequently adjusted for their proportionate share of changes in equity of the subsidiaries. Comprehensive income is allocated to minority interests regardless of whether the minority interest thus may be negative. Purchase and sale of minority shares in a subsidiary that does not result in a loss of control are treated in the consolidated financial statements as an equity transaction, and the difference between the consideration and the carrying amount is allocated to the Par-ent Company's share of equity. Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business Units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed. The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial state-ments. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2022. New standards and interpretations effective from 2022 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-ary 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpretations have not had any material impact on Columbus Annual Report 2022, except from below change in the recogni-tion of software revenue. On April 20, the IFRS Interpretations Committee approved an Agenda Decision which provides guidance as to how a software reseller might apply the principal/agent criteria in IFRS 15 \u201cRevenue from Contracts with Customers\u201d to the resale of standard software to a customer. The decision has implications for whether rev-enue from the resale of standard software is recognized on a gross or net basis under IFRS 15. In its historic accounts, Columbus has determined that it acts as a principal in the resale of standard soft-ware and vendor services and has recognized revenue from these products and services on a gross basis (with gross invoiced sales reported as revenue, and costs of the resold products reported as external pro-ject costs). Under the new guidance from the IFRS interpretations committee, Columbus has determined that it acts as an agent in the resale of standard software and vendor services under the principal/agent criteria in IFRS st15 \u201cRevenue from Contracts with Customers\u201d. For this reason, Columbus has at 1 January 2022 imple-mented a change to its accounting policy and recognized revenue from these products and services on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. The decision to change its accounting policy to conform with the Agenda Decision of the IFRS Interpreta-tions Committee requires a restatement of prior years\u2019 accounts under IAS 8. The effect of the changes has been reflected throughout the Annual Report. The impact on Columbus\u2019 financial statements is: For 2022: For 2021: Revenue is reduced by DKK 134m Revenue is reduced by DKK 135mCost of sales is reduced by DKK 134m Cost of sales is reduced by DKK 135m Gross profit, EBITDA, net profit after tax, balance Gross profit, EBITDA, net profit after tax, balance sheet and cash flow statement are unchanged.sheet and cash flow statement are unchanged.Besides above, Columbus A/S adopted following as at 1 January 2022: Amendment to IAS 16 \u201cProceeds from property, plant and equipment before entry into service\u201d Clarifications of IAS 37 \u201cOnerous contract\u201d IASB adopted an amendment to IAS 16 regarding proceeds from fixed assets before their entry into ser-vice. This amendment doesn\u2019t have any impact on Columbus A/S. The clarifications of IAS 37 \u201cOneruos contracts\u201d also doesn\u2019t have any significant impact on the consoli-dated financial statement 2022 as Columbus A/S already treats the onerous contracts the way the new clar-ifications mention. IASB has also issued new and amended standards and interpretations which have not yet been effective and therefore also not yet been implemented in the consolidated financial statements for 2022. Columbus expects to implement these new standards and amendments when they take effect and become manda-tory. None of the new standards and amendments issued are expected to have any significant impact on the consolidated financial statement when implemented. External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc. Prepayments Prepayments recognized under assets include expenses paid concerning subsequent financial years and are measured at cost. Deferred income Deferred income recognized under liabilities comprises payments received concerning income in subse-quent years measured at cost. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-4": {
"value": "Note 1 \u2013 Significant accounting principles The financial statements for 2022 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-cordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in Denmark. The consolidated and Parent Company\u2019s financial statements are presented in Danish Kroner (DKK), which is the presentation currency for the Group's activities and the functional currency of the parent. The consolidated and Parent Company\u2019s financial statements have been prepared based on historical cost. The main elements of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the individual notes to the financial statements. In preparing the consolidated and Parent Company\u2019s financial statements, the management makes various accounting assessments that form the basis of presentation, recognition and measurement of the Parent Company and the Group\u2019s assets and liabilities. The most significant estimates and judgements are pre-sented in note 2. Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-cies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and its subsidiaries. The consolidated financial statements are prepared by combining financial statements uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains and losses on transactions between the consolidated companies are eliminated. In the consolidated financial statements items of subsidiaries are included 100%. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans-action date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognized in the income statement as financial in-come or financial expenses. Property, plant and equipment, intangible assets, and other non-monetary as-sets that have been purchased in foreign currencies are translated using historical rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries\u2019 bal-ance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Minority interests On initial recognition, minority interests are measured at fair value or at their proportionate share of the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. The adopted method is se-lected for each transaction. Minority interests are subsequently adjusted for their proportionate share of changes in equity of the subsidiaries. Comprehensive income is allocated to minority interests regardless of whether the minority interest thus may be negative. Purchase and sale of minority shares in a subsidiary that does not result in a loss of control are treated in the consolidated financial statements as an equity transaction, and the difference between the consideration and the carrying amount is allocated to the Par-ent Company's share of equity. Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business Units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed. The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial state-ments. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2022. New standards and interpretations effective from 2022 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-ary 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpretations have not had any material impact on Columbus Annual Report 2022, except from below change in the recogni-tion of software revenue. On April 20, the IFRS Interpretations Committee approved an Agenda Decision which provides guidance as to how a software reseller might apply the principal/agent criteria in IFRS 15 \u201cRevenue from Contracts with Customers\u201d to the resale of standard software to a customer. The decision has implications for whether rev-enue from the resale of standard software is recognized on a gross or net basis under IFRS 15. In its historic accounts, Columbus has determined that it acts as a principal in the resale of standard soft-ware and vendor services and has recognized revenue from these products and services on a gross basis (with gross invoiced sales reported as revenue, and costs of the resold products reported as external pro-ject costs). Under the new guidance from the IFRS interpretations committee, Columbus has determined that it acts as an agent in the resale of standard software and vendor services under the principal/agent criteria in IFRS st15 \u201cRevenue from Contracts with Customers\u201d. For this reason, Columbus has at 1 January 2022 imple-mented a change to its accounting policy and recognized revenue from these products and services on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. The decision to change its accounting policy to conform with the Agenda Decision of the IFRS Interpreta-tions Committee requires a restatement of prior years\u2019 accounts under IAS 8. The effect of the changes has been reflected throughout the Annual Report. The impact on Columbus\u2019 financial statements is: For 2022: For 2021: Revenue is reduced by DKK 134m Revenue is reduced by DKK 135mCost of sales is reduced by DKK 134m Cost of sales is reduced by DKK 135m Gross profit, EBITDA, net profit after tax, balance Gross profit, EBITDA, net profit after tax, balance sheet and cash flow statement are unchanged.sheet and cash flow statement are unchanged.Besides above, Columbus A/S adopted following as at 1 January 2022: Amendment to IAS 16 \u201cProceeds from property, plant and equipment before entry into service\u201d Clarifications of IAS 37 \u201cOnerous contract\u201d IASB adopted an amendment to IAS 16 regarding proceeds from fixed assets before their entry into ser-vice. This amendment doesn\u2019t have any impact on Columbus A/S. The clarifications of IAS 37 \u201cOneruos contracts\u201d also doesn\u2019t have any significant impact on the consoli-dated financial statement 2022 as Columbus A/S already treats the onerous contracts the way the new clar-ifications mention. IASB has also issued new and amended standards and interpretations which have not yet been effective and therefore also not yet been implemented in the consolidated financial statements for 2022. Columbus expects to implement these new standards and amendments when they take effect and become manda-tory. None of the new standards and amendments issued are expected to have any significant impact on the consolidated financial statement when implemented. External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc. Prepayments Prepayments recognized under assets include expenses paid concerning subsequent financial years and are measured at cost. Deferred income Deferred income recognized under liabilities comprises payments received concerning income in subse-quent years measured at cost. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-5": {
"value": "Note 1 \u2013 Significant accounting principles The financial statements for 2022 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-cordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in Denmark. The consolidated and Parent Company\u2019s financial statements are presented in Danish Kroner (DKK), which is the presentation currency for the Group's activities and the functional currency of the parent. The consolidated and Parent Company\u2019s financial statements have been prepared based on historical cost. The main elements of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the individual notes to the financial statements. In preparing the consolidated and Parent Company\u2019s financial statements, the management makes various accounting assessments that form the basis of presentation, recognition and measurement of the Parent Company and the Group\u2019s assets and liabilities. The most significant estimates and judgements are pre-sented in note 2. Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-cies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and its subsidiaries. The consolidated financial statements are prepared by combining financial statements uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains and losses on transactions between the consolidated companies are eliminated. In the consolidated financial statements items of subsidiaries are included 100%. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans-action date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognized in the income statement as financial in-come or financial expenses. Property, plant and equipment, intangible assets, and other non-monetary as-sets that have been purchased in foreign currencies are translated using historical rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries\u2019 bal-ance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Minority interests On initial recognition, minority interests are measured at fair value or at their proportionate share of the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. The adopted method is se-lected for each transaction. Minority interests are subsequently adjusted for their proportionate share of changes in equity of the subsidiaries. Comprehensive income is allocated to minority interests regardless of whether the minority interest thus may be negative. Purchase and sale of minority shares in a subsidiary that does not result in a loss of control are treated in the consolidated financial statements as an equity transaction, and the difference between the consideration and the carrying amount is allocated to the Par-ent Company's share of equity. Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business Units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed. The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial state-ments. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2022. New standards and interpretations effective from 2022 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-ary 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpretations have not had any material impact on Columbus Annual Report 2022, except from below change in the recogni-tion of software revenue. On April 20, the IFRS Interpretations Committee approved an Agenda Decision which provides guidance as to how a software reseller might apply the principal/agent criteria in IFRS 15 \u201cRevenue from Contracts with Customers\u201d to the resale of standard software to a customer. The decision has implications for whether rev-enue from the resale of standard software is recognized on a gross or net basis under IFRS 15. In its historic accounts, Columbus has determined that it acts as a principal in the resale of standard soft-ware and vendor services and has recognized revenue from these products and services on a gross basis (with gross invoiced sales reported as revenue, and costs of the resold products reported as external pro-ject costs). Under the new guidance from the IFRS interpretations committee, Columbus has determined that it acts as an agent in the resale of standard software and vendor services under the principal/agent criteria in IFRS st15 \u201cRevenue from Contracts with Customers\u201d. For this reason, Columbus has at 1 January 2022 imple-mented a change to its accounting policy and recognized revenue from these products and services on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. The decision to change its accounting policy to conform with the Agenda Decision of the IFRS Interpreta-tions Committee requires a restatement of prior years\u2019 accounts under IAS 8. The effect of the changes has been reflected throughout the Annual Report. The impact on Columbus\u2019 financial statements is: For 2022: For 2021: Revenue is reduced by DKK 134m Revenue is reduced by DKK 135mCost of sales is reduced by DKK 134m Cost of sales is reduced by DKK 135m Gross profit, EBITDA, net profit after tax, balance Gross profit, EBITDA, net profit after tax, balance sheet and cash flow statement are unchanged.sheet and cash flow statement are unchanged.Besides above, Columbus A/S adopted following as at 1 January 2022: Amendment to IAS 16 \u201cProceeds from property, plant and equipment before entry into service\u201d Clarifications of IAS 37 \u201cOnerous contract\u201d IASB adopted an amendment to IAS 16 regarding proceeds from fixed assets before their entry into ser-vice. This amendment doesn\u2019t have any impact on Columbus A/S. The clarifications of IAS 37 \u201cOneruos contracts\u201d also doesn\u2019t have any significant impact on the consoli-dated financial statement 2022 as Columbus A/S already treats the onerous contracts the way the new clar-ifications mention. IASB has also issued new and amended standards and interpretations which have not yet been effective and therefore also not yet been implemented in the consolidated financial statements for 2022. Columbus expects to implement these new standards and amendments when they take effect and become manda-tory. None of the new standards and amendments issued are expected to have any significant impact on the consolidated financial statement when implemented. External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc. Prepayments Prepayments recognized under assets include expenses paid concerning subsequent financial years and are measured at cost. Deferred income Deferred income recognized under liabilities comprises payments received concerning income in subse-quent years measured at cost. ",
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"pp-value-35-6": {
"value": "Note 1 \u2013 Significant accounting principles The financial statements for 2022 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-cordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and Danish disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in Denmark. The consolidated and Parent Company\u2019s financial statements are presented in Danish Kroner (DKK), which is the presentation currency for the Group's activities and the functional currency of the parent. The consolidated and Parent Company\u2019s financial statements have been prepared based on historical cost. The main elements of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the individual notes to the financial statements. In preparing the consolidated and Parent Company\u2019s financial statements, the management makes various accounting assessments that form the basis of presentation, recognition and measurement of the Parent Company and the Group\u2019s assets and liabilities. The most significant estimates and judgements are pre-sented in note 2. Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-cies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and its subsidiaries. The consolidated financial statements are prepared by combining financial statements uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains and losses on transactions between the consolidated companies are eliminated. In the consolidated financial statements items of subsidiaries are included 100%. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans-action date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognized in the income statement as financial in-come or financial expenses. Property, plant and equipment, intangible assets, and other non-monetary as-sets that have been purchased in foreign currencies are translated using historical rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries\u2019 bal-ance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Minority interests On initial recognition, minority interests are measured at fair value or at their proportionate share of the fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities. The adopted method is se-lected for each transaction. Minority interests are subsequently adjusted for their proportionate share of changes in equity of the subsidiaries. Comprehensive income is allocated to minority interests regardless of whether the minority interest thus may be negative. Purchase and sale of minority shares in a subsidiary that does not result in a loss of control are treated in the consolidated financial statements as an equity transaction, and the difference between the consideration and the carrying amount is allocated to the Par-ent Company's share of equity. Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business Units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 26. Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed. The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial state-ments. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2022. New standards and interpretations effective from 2022 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-ary 2022, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpretations have not had any material impact on Columbus Annual Report 2022, except from below change in the recogni-tion of software revenue. On April 20, the IFRS Interpretations Committee approved an Agenda Decision which provides guidance as to how a software reseller might apply the principal/agent criteria in IFRS 15 \u201cRevenue from Contracts with Customers\u201d to the resale of standard software to a customer. The decision has implications for whether rev-enue from the resale of standard software is recognized on a gross or net basis under IFRS 15. In its historic accounts, Columbus has determined that it acts as a principal in the resale of standard soft-ware and vendor services and has recognized revenue from these products and services on a gross basis (with gross invoiced sales reported as revenue, and costs of the resold products reported as external pro-ject costs). Under the new guidance from the IFRS interpretations committee, Columbus has determined that it acts as an agent in the resale of standard software and vendor services under the principal/agent criteria in IFRS st15 \u201cRevenue from Contracts with Customers\u201d. For this reason, Columbus has at 1 January 2022 imple-mented a change to its accounting policy and recognized revenue from these products and services on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. The decision to change its accounting policy to conform with the Agenda Decision of the IFRS Interpreta-tions Committee requires a restatement of prior years\u2019 accounts under IAS 8. The effect of the changes has been reflected throughout the Annual Report. The impact on Columbus\u2019 financial statements is: For 2022: For 2021: Revenue is reduced by DKK 134m Revenue is reduced by DKK 135mCost of sales is reduced by DKK 134m Cost of sales is reduced by DKK 135m Gross profit, EBITDA, net profit after tax, balance Gross profit, EBITDA, net profit after tax, balance sheet and cash flow statement are unchanged.sheet and cash flow statement are unchanged.Besides above, Columbus A/S adopted following as at 1 January 2022: Amendment to IAS 16 \u201cProceeds from property, plant and equipment before entry into service\u201d Clarifications of IAS 37 \u201cOnerous contract\u201d IASB adopted an amendment to IAS 16 regarding proceeds from fixed assets before their entry into ser-vice. This amendment doesn\u2019t have any impact on Columbus A/S. The clarifications of IAS 37 \u201cOneruos contracts\u201d also doesn\u2019t have any significant impact on the consoli-dated financial statement 2022 as Columbus A/S already treats the onerous contracts the way the new clar-ifications mention. IASB has also issued new and amended standards and interpretations which have not yet been effective and therefore also not yet been implemented in the consolidated financial statements for 2022. Columbus expects to implement these new standards and amendments when they take effect and become manda-tory. None of the new standards and amendments issued are expected to have any significant impact on the consolidated financial statement when implemented. External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc. Prepayments Prepayments recognized under assets include expenses paid concerning subsequent financial years and are measured at cost. Deferred income Deferred income recognized under liabilities comprises payments received concerning income in subse-quent years measured at cost. Note 19 \u2013 Other payables Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Payroll cost, payroll tax, retirement benefit obligations etc. 58,791 111,899 9,972 28,659 Holiday pay etc. 47,690 48,421 10,584 10,354 VAT payable 25,224 29,163 3,515 4,796 Other liabilities 32,852 27,923 9,131 4,794 164,557 217,406 33,202 48,603 The carrying amount of other payables matches the fair value of the liabilities. The holiday pay obligation represents the Group\u2019s obligation to pay salary during employees' holiday in the following financial year. ",
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"pp-value-39-2": {
"value": "Note 2 \u2013 Significant accounting estimates and judgements By applying the Group\u2019s accounting principles as described in each of the individual notes to the consoli-dated financial statements, it is necessary that the management performs judgements, estimates and as-sumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The performed estimates and judgements are based on historical experience and other factors that man-agement considers reasonable under the circumstances, but which are inherently uncertain and unpredicta-ble. The assumptions may be incomplete or inaccurate, and unexpected events or circumstances may oc-cur. The Company is also subject to risks and uncertainties that may cause actual results to differ from these estimates. Specific risks for the Columbus Group are described in \"Risk Management\", cf. page 41. The estimates and underlying assumptions are reviewed regularly. Changes to accounting estimates are recognized in the accounting period in which the change occurs and in future periods if the change affects both the period, in which the change occurs and subsequent accounting periods. AreasNoteEstimatesRevenue recognition and contract assets and liabilities 3, 15 Deferred tax asset8Impairment of goodwill and internal applications 10For further description of the applied judgements and estimates, please refer to the specific notes listed above. The following judgements and estimates are considered the most significant for the Group. Estimate of revenue recognition of contracts The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship be-tween the entity's resources in relation to recent total estimate of resource consumption. The degree of completion is assessed regularly by the responsible employees and the projects are closely monitored by management, and further adjustments are made to the stage of completion, etc., if deemed necessary. When performing this evaluation, all factors concerning the relevant contract are taken into consideration and assessed appropriately. The group has a limited number of fixed price projects, which generally re-duces the risk related to this. Estimate of recoverable amount of goodwill and internal applications The determination of impairment of recognized goodwill requires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of ex-pected future cash flows of each cash-generating unit and a reasonable discount rate. At 31 December 2022, the carrying value of goodwill is DKK 603,299k. For a detailed description of methods and assump-tions for impairment of goodwill, see note 10. The determination of impairment of recognized internal applications requires determination of the future economic benefits derived from these assets, which are determined as the optimization of internal work-flows. At 31 December 2022, the carrying value of internal applications is DKK 51,029k. For a more de-tailed description of methods and assumptions related to recognition of internal applications, see note 10. Estimate of utilization of deferred tax assets Deferred tax assets are recognized for all unused tax losses and difference values to the extent it is deemed likely that within the foreseeable future taxable profits will be realized in which the losses and the difference values can be utilized. Determining the size of the amount that can be recognized for deferred tax assets is based on management\u2019s estimate of the likely time and amount of future taxable profits. At 31 December 2022, the carrying value of recognized tax was DKK 25,788k, which is estimated to be realized in a foreseeable future (5 years or less), see note 8. ",
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"pp-value-41-2": {
"value": "Note 3 \u2013 Segment data In order to support decisions about allocation of resources and assessment of performance of the seg-ments, the Group\u2019s internal management reporting of the Parent Company is based on the following group-ing of operating segments: Global Delivery Centers Strategic Business LinesMarket Units(GDC)DynamicsSwedenPolandM3DenmarkCzech RepublicDigital CommerceNorwayIndiaData & AnalyticsUKCustomer Experience & EngagementUSStrategy & ChangeOtherOther Local Business Management monitors the business primarily based of the geographical segments and the type of service or products sold. The Market Unit other includes enterprises in Germany and Chile. Business Lines Revenue Split 2022 0%*6%3%50%4%DynamicsM314%Digital CommerceData & AnalyticsCustomer Experience & EngagementStrategy and changeOther Local Business23%*Strategy & Change comprise <1% and hence is presented as 0% above. During the launch of the Focus23 strategy, management has changed the way the business is assessed. In order to support decisions and the Focus23 strategy, the operating segments have been divided into Busi-ness Lines and Market Units. Business Lines relate to the type of services or products that are delivered, and comprise of Dynamics, M3, Digital Commerce, Data & Analytics, Customer Experience & Engagement, Strategy & Change and Other Local Business. Market Units comprise of significant geographical markets that the group operates in. The majority of our Business Lines are represented in all Market Units. The operating segments are measured from revenue to EBITDA, as this represents the significant part of the operation of the segments. The balance sheet is measured for legal entities only. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Sale of servicesDynamics 646,128 619,793 170,782 173,635 M3 302,958 296,832 22,916 27,765 Digital Commerce 192,233 157,184 3,448 4,508 Data & Analytics 59,332 37,676 32,436 23,151 Customer Experience & Engagement 45,179 30,008 412 580 Strategy & Change 6,513 0 425 0 Other Local Business 64,699 68,798 22,443 18,340 Total sale of services 1,317,042 1,210,291 252,862 247,979 Sale of productsDynamics 44,435 44,080 16,390 15,486 M3 10,455 11,120 15 0 Digital Commerce 1,751 6,414 0 0 Data & Analytics 882 692 595 472 Customer Experience & Engagement 876 1,022 0 7 Other Local Business 13,993 5,565 3,413 3,071 Total sale of products 72,392 68,893 20,412 19,035 Total revenue from group companies 0 0 72,879 77,743 Total net revenue 1,389,434 1,279,184 346,153 344,757 Notes Sweden Denmark Norway UK US Other GDC Eliminations Total DKK \u00b40002022Sale of services 525,024 252,862 262,271 159,916 80,284 32,337 4,348 0 1,317,042 Sale of products 25,168 20,412 9,019 12,880 4,913 0 0 0 72,392 Total revenue from own markets 550,192 273,274 271,290 172,796 85,197 32,337 4,348 0 1,389,434 Total revenue from group companies 52,462 72,879 11,599 15,996 2,073 3,032 103,587 -261,628 0 Total revenue 602,654 346,153 282,889 188,792 87,270 35,369 107,935 -261,628 1,389,434 Gross profit 411,229 277,237 202,502 166,710 63,975 37,128 95,303 0 1,254,084 EBITDA 38,822 20,143 14,774 52 -3,560 3,773 20,955 -3,129 91,830 Operating profit (EBIT) 17,544 774 9,272 -2,959 -5,159 2,659 16,133 -3,129 35,135 Profit before tax 13,321 8,049 773 -3,484 -4,392 3,094 14,727 0 32,088 Profit after tax29,903 Average number of FTE 426 294 173 188 60 34 361 0 1,536 Sweden Denmark Norway UK US Other GDC Eliminations Total DKK \u00b40002021Sale of services 483,888 247,979 230,828 137,767 80,915 26,666 2,248 0 1,210,291 Sale of products 20,437 19,035 8,011 15,117 4,952 1,341 0 0 68,893 Total revenue from own markets 504,325 267,014 238,839 152,884 85,867 28,007 2,248 0 1,279,184 Total revenue from group companies 70,021 77,743 7,402 21,565 818 9,589 105,662 -292,800 0 Total revenue 574,346 344,757 246,241 174,449 86,685 37,596 107,910 -292,800 1,279,184 Gross profit 372,372 263,007 164,458 158,958 69,212 32,774 102,913 862 1,164,556 EBITDA 32,996 18,709 19,150 10,829 -7,523 6,314 11,748 -2,916 89,307 Operating profit (EBIT) 12,737 6,093 13,956 7,822 -10,536 5,556 7,732 -2,916 40,444 Profit before tax 11,450 1,039 17,002 7,381 -11,708 5,448 6,422 0 37,034 Profit after tax43,547 Average number of FTEs 378 290 139 177 67 31 373 0 1,455 Note 3 \u2013 Segment data continued Non-current assets distributed in geographic areas The Group\u2019s non-current assets distribution in geographical areas are specified below. The non-current as-sets are distributed according to location and legal relation. Non-current assets DKK \u00b4000 2022 2021 Sweden 362,159 443,241 Denmark 211,145 209,660 Norway 71,587 75,670 UK 46,281 50,935 US 29,215 25,648 Russia 0 15,895 Other 18,300 1,326 GDC 57,534 11,433 Total 796,221 833,808 Accounting policies Segment data Segment data are prepared in accordance with the Group\u2019s accounting policies and the Group\u2019s internal management reporting. Segment income, expenses, segment assets, and liabilities include items directly attributable to a segment and items that can be allocated to the individual segments on a reliable basis. Assets in the segments comprise assets used directly in segment operations, including intangible and tan-gible fixed assets, investments in associates, inventories, receivables from sales of goods and services, other receivables, prepayments and cash. Liabilities related to the segments comprise of liabilities derived from segment operations, including debts to suppliers of goods and services, provisions and other payables. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified either as multiple element contracts or compound contracts. Multiple element contracts and compound contracts which include multiple products and services, are generally ca-pable of being distinct and accounted for as separate performance obligations. Multiple element contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting ser-vices is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d. ",
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"pp-value-41-3": {
"value": "Note 3 \u2013 Segment data In order to support decisions about allocation of resources and assessment of performance of the seg-ments, the Group\u2019s internal management reporting of the Parent Company is based on the following group-ing of operating segments: Global Delivery Centers Strategic Business LinesMarket Units(GDC)DynamicsSwedenPolandM3DenmarkCzech RepublicDigital CommerceNorwayIndiaData & AnalyticsUKCustomer Experience & EngagementUSStrategy & ChangeOtherOther Local Business Management monitors the business primarily based of the geographical segments and the type of service or products sold. The Market Unit other includes enterprises in Germany and Chile. Business Lines Revenue Split 2022 0%*6%3%50%4%DynamicsM314%Digital CommerceData & AnalyticsCustomer Experience & EngagementStrategy and changeOther Local Business23%*Strategy & Change comprise <1% and hence is presented as 0% above. During the launch of the Focus23 strategy, management has changed the way the business is assessed. In order to support decisions and the Focus23 strategy, the operating segments have been divided into Busi-ness Lines and Market Units. Business Lines relate to the type of services or products that are delivered, and comprise of Dynamics, M3, Digital Commerce, Data & Analytics, Customer Experience & Engagement, Strategy & Change and Other Local Business. Market Units comprise of significant geographical markets that the group operates in. The majority of our Business Lines are represented in all Market Units. The operating segments are measured from revenue to EBITDA, as this represents the significant part of the operation of the segments. The balance sheet is measured for legal entities only. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Sale of servicesDynamics 646,128 619,793 170,782 173,635 M3 302,958 296,832 22,916 27,765 Digital Commerce 192,233 157,184 3,448 4,508 Data & Analytics 59,332 37,676 32,436 23,151 Customer Experience & Engagement 45,179 30,008 412 580 Strategy & Change 6,513 0 425 0 Other Local Business 64,699 68,798 22,443 18,340 Total sale of services 1,317,042 1,210,291 252,862 247,979 Sale of productsDynamics 44,435 44,080 16,390 15,486 M3 10,455 11,120 15 0 Digital Commerce 1,751 6,414 0 0 Data & Analytics 882 692 595 472 Customer Experience & Engagement 876 1,022 0 7 Other Local Business 13,993 5,565 3,413 3,071 Total sale of products 72,392 68,893 20,412 19,035 Total revenue from group companies 0 0 72,879 77,743 Total net revenue 1,389,434 1,279,184 346,153 344,757 Notes Sweden Denmark Norway UK US Other GDC Eliminations Total DKK \u00b40002022Sale of services 525,024 252,862 262,271 159,916 80,284 32,337 4,348 0 1,317,042 Sale of products 25,168 20,412 9,019 12,880 4,913 0 0 0 72,392 Total revenue from own markets 550,192 273,274 271,290 172,796 85,197 32,337 4,348 0 1,389,434 Total revenue from group companies 52,462 72,879 11,599 15,996 2,073 3,032 103,587 -261,628 0 Total revenue 602,654 346,153 282,889 188,792 87,270 35,369 107,935 -261,628 1,389,434 Gross profit 411,229 277,237 202,502 166,710 63,975 37,128 95,303 0 1,254,084 EBITDA 38,822 20,143 14,774 52 -3,560 3,773 20,955 -3,129 91,830 Operating profit (EBIT) 17,544 774 9,272 -2,959 -5,159 2,659 16,133 -3,129 35,135 Profit before tax 13,321 8,049 773 -3,484 -4,392 3,094 14,727 0 32,088 Profit after tax29,903 Average number of FTE 426 294 173 188 60 34 361 0 1,536 Sweden Denmark Norway UK US Other GDC Eliminations Total DKK \u00b40002021Sale of services 483,888 247,979 230,828 137,767 80,915 26,666 2,248 0 1,210,291 Sale of products 20,437 19,035 8,011 15,117 4,952 1,341 0 0 68,893 Total revenue from own markets 504,325 267,014 238,839 152,884 85,867 28,007 2,248 0 1,279,184 Total revenue from group companies 70,021 77,743 7,402 21,565 818 9,589 105,662 -292,800 0 Total revenue 574,346 344,757 246,241 174,449 86,685 37,596 107,910 -292,800 1,279,184 Gross profit 372,372 263,007 164,458 158,958 69,212 32,774 102,913 862 1,164,556 EBITDA 32,996 18,709 19,150 10,829 -7,523 6,314 11,748 -2,916 89,307 Operating profit (EBIT) 12,737 6,093 13,956 7,822 -10,536 5,556 7,732 -2,916 40,444 Profit before tax 11,450 1,039 17,002 7,381 -11,708 5,448 6,422 0 37,034 Profit after tax43,547 Average number of FTEs 378 290 139 177 67 31 373 0 1,455 Note 3 \u2013 Segment data continued Non-current assets distributed in geographic areas The Group\u2019s non-current assets distribution in geographical areas are specified below. The non-current as-sets are distributed according to location and legal relation. Non-current assets DKK \u00b4000 2022 2021 Sweden 362,159 443,241 Denmark 211,145 209,660 Norway 71,587 75,670 UK 46,281 50,935 US 29,215 25,648 Russia 0 15,895 Other 18,300 1,326 GDC 57,534 11,433 Total 796,221 833,808 Accounting policies Segment data Segment data are prepared in accordance with the Group\u2019s accounting policies and the Group\u2019s internal management reporting. Segment income, expenses, segment assets, and liabilities include items directly attributable to a segment and items that can be allocated to the individual segments on a reliable basis. Assets in the segments comprise assets used directly in segment operations, including intangible and tan-gible fixed assets, investments in associates, inventories, receivables from sales of goods and services, other receivables, prepayments and cash. Liabilities related to the segments comprise of liabilities derived from segment operations, including debts to suppliers of goods and services, provisions and other payables. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified either as multiple element contracts or compound contracts. Multiple element contracts and compound contracts which include multiple products and services, are generally ca-pable of being distinct and accounted for as separate performance obligations. Multiple element contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting ser-vices is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-4": {
"value": "Note 3 \u2013 Segment data In order to support decisions about allocation of resources and assessment of performance of the seg-ments, the Group\u2019s internal management reporting of the Parent Company is based on the following group-ing of operating segments: Global Delivery Centers Strategic Business LinesMarket Units(GDC)DynamicsSwedenPolandM3DenmarkCzech RepublicDigital CommerceNorwayIndiaData & AnalyticsUKCustomer Experience & EngagementUSStrategy & ChangeOtherOther Local Business Management monitors the business primarily based of the geographical segments and the type of service or products sold. The Market Unit other includes enterprises in Germany and Chile. Business Lines Revenue Split 2022 0%*6%3%50%4%DynamicsM314%Digital CommerceData & AnalyticsCustomer Experience & EngagementStrategy and changeOther Local Business23%*Strategy & Change comprise <1% and hence is presented as 0% above. During the launch of the Focus23 strategy, management has changed the way the business is assessed. In order to support decisions and the Focus23 strategy, the operating segments have been divided into Busi-ness Lines and Market Units. Business Lines relate to the type of services or products that are delivered, and comprise of Dynamics, M3, Digital Commerce, Data & Analytics, Customer Experience & Engagement, Strategy & Change and Other Local Business. Market Units comprise of significant geographical markets that the group operates in. The majority of our Business Lines are represented in all Market Units. The operating segments are measured from revenue to EBITDA, as this represents the significant part of the operation of the segments. The balance sheet is measured for legal entities only. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Sale of servicesDynamics 646,128 619,793 170,782 173,635 M3 302,958 296,832 22,916 27,765 Digital Commerce 192,233 157,184 3,448 4,508 Data & Analytics 59,332 37,676 32,436 23,151 Customer Experience & Engagement 45,179 30,008 412 580 Strategy & Change 6,513 0 425 0 Other Local Business 64,699 68,798 22,443 18,340 Total sale of services 1,317,042 1,210,291 252,862 247,979 Sale of productsDynamics 44,435 44,080 16,390 15,486 M3 10,455 11,120 15 0 Digital Commerce 1,751 6,414 0 0 Data & Analytics 882 692 595 472 Customer Experience & Engagement 876 1,022 0 7 Other Local Business 13,993 5,565 3,413 3,071 Total sale of products 72,392 68,893 20,412 19,035 Total revenue from group companies 0 0 72,879 77,743 Total net revenue 1,389,434 1,279,184 346,153 344,757 Notes Sweden Denmark Norway UK US Other GDC Eliminations Total DKK \u00b40002022Sale of services 525,024 252,862 262,271 159,916 80,284 32,337 4,348 0 1,317,042 Sale of products 25,168 20,412 9,019 12,880 4,913 0 0 0 72,392 Total revenue from own markets 550,192 273,274 271,290 172,796 85,197 32,337 4,348 0 1,389,434 Total revenue from group companies 52,462 72,879 11,599 15,996 2,073 3,032 103,587 -261,628 0 Total revenue 602,654 346,153 282,889 188,792 87,270 35,369 107,935 -261,628 1,389,434 Gross profit 411,229 277,237 202,502 166,710 63,975 37,128 95,303 0 1,254,084 EBITDA 38,822 20,143 14,774 52 -3,560 3,773 20,955 -3,129 91,830 Operating profit (EBIT) 17,544 774 9,272 -2,959 -5,159 2,659 16,133 -3,129 35,135 Profit before tax 13,321 8,049 773 -3,484 -4,392 3,094 14,727 0 32,088 Profit after tax29,903 Average number of FTE 426 294 173 188 60 34 361 0 1,536 Sweden Denmark Norway UK US Other GDC Eliminations Total DKK \u00b40002021Sale of services 483,888 247,979 230,828 137,767 80,915 26,666 2,248 0 1,210,291 Sale of products 20,437 19,035 8,011 15,117 4,952 1,341 0 0 68,893 Total revenue from own markets 504,325 267,014 238,839 152,884 85,867 28,007 2,248 0 1,279,184 Total revenue from group companies 70,021 77,743 7,402 21,565 818 9,589 105,662 -292,800 0 Total revenue 574,346 344,757 246,241 174,449 86,685 37,596 107,910 -292,800 1,279,184 Gross profit 372,372 263,007 164,458 158,958 69,212 32,774 102,913 862 1,164,556 EBITDA 32,996 18,709 19,150 10,829 -7,523 6,314 11,748 -2,916 89,307 Operating profit (EBIT) 12,737 6,093 13,956 7,822 -10,536 5,556 7,732 -2,916 40,444 Profit before tax 11,450 1,039 17,002 7,381 -11,708 5,448 6,422 0 37,034 Profit after tax43,547 Average number of FTEs 378 290 139 177 67 31 373 0 1,455 Note 3 \u2013 Segment data continued Non-current assets distributed in geographic areas The Group\u2019s non-current assets distribution in geographical areas are specified below. The non-current as-sets are distributed according to location and legal relation. Non-current assets DKK \u00b4000 2022 2021 Sweden 362,159 443,241 Denmark 211,145 209,660 Norway 71,587 75,670 UK 46,281 50,935 US 29,215 25,648 Russia 0 15,895 Other 18,300 1,326 GDC 57,534 11,433 Total 796,221 833,808 Accounting policies Segment data Segment data are prepared in accordance with the Group\u2019s accounting policies and the Group\u2019s internal management reporting. Segment income, expenses, segment assets, and liabilities include items directly attributable to a segment and items that can be allocated to the individual segments on a reliable basis. Assets in the segments comprise assets used directly in segment operations, including intangible and tan-gible fixed assets, investments in associates, inventories, receivables from sales of goods and services, other receivables, prepayments and cash. Liabilities related to the segments comprise of liabilities derived from segment operations, including debts to suppliers of goods and services, provisions and other payables. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified either as multiple element contracts or compound contracts. Multiple element contracts and compound contracts which include multiple products and services, are generally ca-pable of being distinct and accounted for as separate performance obligations. Multiple element contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting ser-vices is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d. Note 15 \u2013 Contract assets and contract liabilities Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Balance at 1 Jan -5,815 -4,874 -5,973 -7,525 Changes contract assets during the period 136 -32,400 1,726 -6,421 Changes on account billing and prepayments during the period1,541 31,459 2,266 7,973 Balance at end of period -4,138 -5,815 -1,981 -5,973 Work in progress 13,666 13,529 7,263 5,537 On account billing and prepayments -17,804 -19,344 -9,244 -11,510 Balance at end of period -4,138 -5,815 -1,981 -5,973 The net value is included in the balance as follows:Contract assets 5,822 11,433 229 952 Contract liabilities -9,960 -17,248 -2,210 -6,925 Balance at end of period -4,138 -5,815 -1,981 -5,973 The Group\u2019s contract assets are subject to significant judgements in relation to the classification of the con-tract and in terms of how the contract is handled and recognized in the financial statements. When deter-mining the appropriate recognition of the contract, the Group accounting policies are applied. Of the prepayments as of 31 December 2021 (DKK 10,490k, hereof DKK 9,399k from the continued busi-ness) DKK 7,730k has been recognized as revenue in the reporting period corresponding to 82%. The Group\u2019s total value of contracts represents DKK 15,137k as of 31 December 2022 (DKK 32,292k as of December 2021). DKK 5,461k of the total contract value is recognized as revenue as of 31 December 2022 (DKK 13,529k as of 31 December 2021). The remaining DKK 9,676k is expected to be recognized as reve-nue within 12-18 months from the balance date (DKK 18,763k as of 31 December 2021). The lower con-tract values in 2022 compared to 2021 is affected by divestment of activities in the financial year. Note 15 \u2013 Contract assets and contract liabilities (continued) Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and expected losses. Market value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the con-sumption of resources cannot be used as a base, the measurement is instead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is taken immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognized at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognized in the balance sheet under current assets or liabili-ties, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognized in statement of comprehensive income as in-curred. When assessing impairment for the Group\u2019s contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group\u2019s trade receivables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-6": {
"value": " Accounting policies Segment data Segment data are prepared in accordance with the Group\u2019s accounting policies and the Group\u2019s internal management reporting. Segment income, expenses, segment assets, and liabilities include items directly attributable to a segment and items that can be allocated to the individual segments on a reliable basis. Assets in the segments comprise assets used directly in segment operations, including intangible and tan-gible fixed assets, investments in associates, inventories, receivables from sales of goods and services, other receivables, prepayments and cash. Liabilities related to the segments comprise of liabilities derived from segment operations, including debts to suppliers of goods and services, provisions and other payables. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified either as multiple element contracts or compound contracts. Multiple element contracts and compound contracts which include multiple products and services, are generally ca-pable of being distinct and accounted for as separate performance obligations. Multiple element contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting ser-vices is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-45-7": {
"value": " Accounting policies Segment data Segment data are prepared in accordance with the Group\u2019s accounting policies and the Group\u2019s internal management reporting. Segment income, expenses, segment assets, and liabilities include items directly attributable to a segment and items that can be allocated to the individual segments on a reliable basis. Assets in the segments comprise assets used directly in segment operations, including intangible and tan-gible fixed assets, investments in associates, inventories, receivables from sales of goods and services, other receivables, prepayments and cash. Liabilities related to the segments comprise of liabilities derived from segment operations, including debts to suppliers of goods and services, provisions and other payables. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified either as multiple element contracts or compound contracts. Multiple element contracts and compound contracts which include multiple products and services, are generally ca-pable of being distinct and accounted for as separate performance obligations. Multiple element contracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting ser-vices is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-48-2": {
"value": "Note 4 \u2013 Staff expenses and remuneration Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Staff expensesSalary and wages 865,700 791,063 241,183 229,966 Other social security costs 137,720 130,518 2,956 2,490 Other staff expenses 31,756 25,118 5,926 5,409 Staff costs before share-based payment 1,035,176 946,699 250,065 237,865 Share-based payment 1,099 3,157 1,099 3,157 Staff expenses 1,036,275 949,856 251,164 241,022 Average number of FTEs 1,536 1,455 294 290 The key management in the Group are remunerated as follows: Other Executive Board of senior DKK \u00b4000Board Directors employees 2022Salary and wages 6,932 1,163 12,748 Share-based payment 813 0 37 Severance pay 1,628 0 0 9,373 1,163 12,785 2021Salary and wages 5,577 1,013 27,088 Share-based payment 2,065 0 116 One-off fee 0 202 0 7,642 1,215 27,204 Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees has declined from DKK 27.2m to DKK 12.8m in 2022 mainly as a result of reduction of posi-tions. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In February 2020 Columbus established a warrant program for senior executives and other senior employ-ees. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period cor-responds to the fiscal year with the final grant at 31 December 2023. At the grant date the fair value of the warrants was DKK 4,546,962. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. Warrants not exercised within the last exercise period will be lost. The war-rant program is contingent on employment in the Company. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control does not result in any ad-justment of the number of warrants or the exercise price. Note 4 \u2013 Staff expenses and remuneration (continued) The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2022 2021 2022 2021 Outstanding 1 January 3,215,799 10,642,500 9.73 12.07 Granted during the period 0 1,449,999 0.00 10.63 Lost due to termination of employment -398,300 -650,000 9.61 9.01 Exercised during the period 0 -5,339,200 0.00 12.13 Expired during the period 0 -2,887,500 0.00 12.43 Outstanding end of period 2,817,499 3,215,799 9.75 9.73 Number of warrants which can be exercised at balance sheet date 1,338,333 135,800 Weighted average contractual life (years) 1.76 2.75 Weighted average exercise rate 9.58 8.99 Average share price at the time of exercise N/A 15.00 Number of warrants granted to key management 0 1,449,999 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (num-Warrants date (DKK price (DKK end of volatility interest ber of December 2022per share) per share) period (%)* (%) years) Granted February 20208.99 8.99 1,517,500 25.4% -0.75% 1.30 Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Expensed share-based payment related to equity instruments 1,099 1,666 1,099 1,581 ",
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"pp-value-48-3": {
"value": "Note 4 \u2013 Staff expenses and remuneration Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Staff expensesSalary and wages 865,700 791,063 241,183 229,966 Other social security costs 137,720 130,518 2,956 2,490 Other staff expenses 31,756 25,118 5,926 5,409 Staff costs before share-based payment 1,035,176 946,699 250,065 237,865 Share-based payment 1,099 3,157 1,099 3,157 Staff expenses 1,036,275 949,856 251,164 241,022 Average number of FTEs 1,536 1,455 294 290 The key management in the Group are remunerated as follows: Other Executive Board of senior DKK \u00b4000Board Directors employees 2022Salary and wages 6,932 1,163 12,748 Share-based payment 813 0 37 Severance pay 1,628 0 0 9,373 1,163 12,785 2021Salary and wages 5,577 1,013 27,088 Share-based payment 2,065 0 116 One-off fee 0 202 0 7,642 1,215 27,204 Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees has declined from DKK 27.2m to DKK 12.8m in 2022 mainly as a result of reduction of posi-tions. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In February 2020 Columbus established a warrant program for senior executives and other senior employ-ees. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period cor-responds to the fiscal year with the final grant at 31 December 2023. At the grant date the fair value of the warrants was DKK 4,546,962. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. Warrants not exercised within the last exercise period will be lost. The war-rant program is contingent on employment in the Company. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control does not result in any ad-justment of the number of warrants or the exercise price. Note 4 \u2013 Staff expenses and remuneration (continued) The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2022 2021 2022 2021 Outstanding 1 January 3,215,799 10,642,500 9.73 12.07 Granted during the period 0 1,449,999 0.00 10.63 Lost due to termination of employment -398,300 -650,000 9.61 9.01 Exercised during the period 0 -5,339,200 0.00 12.13 Expired during the period 0 -2,887,500 0.00 12.43 Outstanding end of period 2,817,499 3,215,799 9.75 9.73 Number of warrants which can be exercised at balance sheet date 1,338,333 135,800 Weighted average contractual life (years) 1.76 2.75 Weighted average exercise rate 9.58 8.99 Average share price at the time of exercise N/A 15.00 Number of warrants granted to key management 0 1,449,999 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (num-Warrants date (DKK price (DKK end of volatility interest ber of December 2022per share) per share) period (%)* (%) years) Granted February 20208.99 8.99 1,517,500 25.4% -0.75% 1.30 Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Expensed share-based payment related to equity instruments 1,099 1,666 1,099 1,581 Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ",
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"pp-value-48-4": {
"value": "Note 4 \u2013 Staff expenses and remuneration Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Staff expensesSalary and wages 865,700 791,063 241,183 229,966 Other social security costs 137,720 130,518 2,956 2,490 Other staff expenses 31,756 25,118 5,926 5,409 Staff costs before share-based payment 1,035,176 946,699 250,065 237,865 Share-based payment 1,099 3,157 1,099 3,157 Staff expenses 1,036,275 949,856 251,164 241,022 Average number of FTEs 1,536 1,455 294 290 The key management in the Group are remunerated as follows: Other Executive Board of senior DKK \u00b4000Board Directors employees 2022Salary and wages 6,932 1,163 12,748 Share-based payment 813 0 37 Severance pay 1,628 0 0 9,373 1,163 12,785 2021Salary and wages 5,577 1,013 27,088 Share-based payment 2,065 0 116 One-off fee 0 202 0 7,642 1,215 27,204 Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees has declined from DKK 27.2m to DKK 12.8m in 2022 mainly as a result of reduction of posi-tions. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In February 2020 Columbus established a warrant program for senior executives and other senior employ-ees. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period cor-responds to the fiscal year with the final grant at 31 December 2023. At the grant date the fair value of the warrants was DKK 4,546,962. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. Warrants not exercised within the last exercise period will be lost. The war-rant program is contingent on employment in the Company. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control does not result in any ad-justment of the number of warrants or the exercise price. Note 4 \u2013 Staff expenses and remuneration (continued) The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2022 2021 2022 2021 Outstanding 1 January 3,215,799 10,642,500 9.73 12.07 Granted during the period 0 1,449,999 0.00 10.63 Lost due to termination of employment -398,300 -650,000 9.61 9.01 Exercised during the period 0 -5,339,200 0.00 12.13 Expired during the period 0 -2,887,500 0.00 12.43 Outstanding end of period 2,817,499 3,215,799 9.75 9.73 Number of warrants which can be exercised at balance sheet date 1,338,333 135,800 Weighted average contractual life (years) 1.76 2.75 Weighted average exercise rate 9.58 8.99 Average share price at the time of exercise N/A 15.00 Number of warrants granted to key management 0 1,449,999 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (num-Warrants date (DKK price (DKK end of volatility interest ber of December 2022per share) per share) period (%)* (%) years) Granted February 20208.99 8.99 1,517,500 25.4% -0.75% 1.30 Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Expensed share-based payment related to equity instruments 1,099 1,666 1,099 1,581 Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ",
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"pp-value-48-5": {
"value": "Note 4 \u2013 Staff expenses and remuneration Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Staff expensesSalary and wages 865,700 791,063 241,183 229,966 Other social security costs 137,720 130,518 2,956 2,490 Other staff expenses 31,756 25,118 5,926 5,409 Staff costs before share-based payment 1,035,176 946,699 250,065 237,865 Share-based payment 1,099 3,157 1,099 3,157 Staff expenses 1,036,275 949,856 251,164 241,022 Average number of FTEs 1,536 1,455 294 290 The key management in the Group are remunerated as follows: Other Executive Board of senior DKK \u00b4000Board Directors employees 2022Salary and wages 6,932 1,163 12,748 Share-based payment 813 0 37 Severance pay 1,628 0 0 9,373 1,163 12,785 2021Salary and wages 5,577 1,013 27,088 Share-based payment 2,065 0 116 One-off fee 0 202 0 7,642 1,215 27,204 Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees has declined from DKK 27.2m to DKK 12.8m in 2022 mainly as a result of reduction of posi-tions. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In February 2020 Columbus established a warrant program for senior executives and other senior employ-ees. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period cor-responds to the fiscal year with the final grant at 31 December 2023. At the grant date the fair value of the warrants was DKK 4,546,962. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. Warrants not exercised within the last exercise period will be lost. The war-rant program is contingent on employment in the Company. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control does not result in any ad-justment of the number of warrants or the exercise price. Note 4 \u2013 Staff expenses and remuneration (continued) The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2022 2021 2022 2021 Outstanding 1 January 3,215,799 10,642,500 9.73 12.07 Granted during the period 0 1,449,999 0.00 10.63 Lost due to termination of employment -398,300 -650,000 9.61 9.01 Exercised during the period 0 -5,339,200 0.00 12.13 Expired during the period 0 -2,887,500 0.00 12.43 Outstanding end of period 2,817,499 3,215,799 9.75 9.73 Number of warrants which can be exercised at balance sheet date 1,338,333 135,800 Weighted average contractual life (years) 1.76 2.75 Weighted average exercise rate 9.58 8.99 Average share price at the time of exercise N/A 15.00 Number of warrants granted to key management 0 1,449,999 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (num-Warrants date (DKK price (DKK end of volatility interest ber of December 2022per share) per share) period (%)* (%) years) Granted February 20208.99 8.99 1,517,500 25.4% -0.75% 1.30 Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Expensed share-based payment related to equity instruments 1,099 1,666 1,099 1,581 Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. Note 21 \u2013 Related parties Consolidated Holdings A/S has a controlling interest in the Columbus Group, including Columbus A/S. Other related parties with significant influence in the Columbus Group are the Company\u2019s Board of Direc-tors, Executive Board and certain executives and their related parties. Furthermore, related parties are companies in which the above persons have significant influence. Related parties with controlling interest Consolidated Holdings A/S (Fredheimvej 9, 2950 Vedb\u00e6k) Consolidated Holdings A/S owns 49.78% of the shares in Columbus A/S. Consolidated Holdings A/S has a controlling interest in Columbus A/S, as Consolidated Holdings A/S, through its shareholding and its share-holder voting agreements, controls the majority (51.18%) of the votes at the annual general meeting. Trans-actions with the company are made on an arm's length basis. Ib Kun\u00f8e is the majority shareholder in Con-solidated Holdings A/S. Dividend to Consolidated Holdings A/S is paid on equal principals as with other shareholders. Furthermore, Consolidated Holdings A/S is in a joint taxation with the Danish entities in the Columbus Group, with Con-solidated Holdings A/S as management company. In 2022 Columbus received a tax receivable from Con-solidated Holdings A/S for DKK 773k (2021: DKK -1.436k) Related parties with significant influence ATEA (Lautrupvang 6, 2750 Ballerup) Consolidated Holdings A/S has significant influence in ATEA, and certain dual roles in the management are filled by the same persons in ATEA and the Columbus Group. Transactions with the company are made on an arm's length basis. In January 2021 we divested our private cloud business to Atea. The transaction happened on arm\u2019s length basis, and is described further in note 27 and note 28. The transaction has been excluded from the follow-ing tables. Atrium Partners A/S (Strandvejen 102B, 2900 Hellerup) Consolidated Holdings A/S has a significant influence in Atrium Partners A/S. Atrium partners assisted Co-lumbus in the divestment of our former subsidiary To Increase, which were sold off in the beginning of 2021. The transaction with Atrium Partners A/S were made on arm\u2019s length. X-Yachts A/S (Fjordagervej 21, 6100 Haderslev) Consolidated Holdings A/S has a significant influence in X-Yachts A/S and certain roles in the management are filled by the same persons in X-Yachts and Columbus Group. Transactions with X-Yachts A/S were made on arm\u2019s length. Parent DKK \u00b4000 2022 2021 Net salesAtea 2,354 5,264 X-Yachts A/S 945 0 Total 3,299 5,264 Net purchaseAtrium Partners 0 -9,349 Atea -16,496 -12,268 Total -16,496 -21,617 rdSale to Atea and X-Yachts is primarily consultancy and sale of licenses from 3 parties. Purchase from Atea and subsidiaries is primarily office rent, purchase of IT equipment and consultancy ser-vices. The lease contract for office rent constitute right-of-use asset of DKK 4,298k and lease liability of DKK 8,707k. Parent DKK \u00b4000 2022 2021 Trade receivablesAtea 0 1,713 X-Yachts A/S 99 0 Total 99 1,713 Trade payablesAtea -3,129 -2,806 Total -3,129 -2,806 Executive Board and Board of Directors Remuneration of the Executive Board, the Board of Directors and executives appears from note 4. Note 21 \u2013 Related parties (continued) Subsidiaries Related parties in Columbus also comprise the subsidiaries in which the Company has controlling interest, cf. the Group overview. Trading with subsidiaries was as follows: Parent Company DKK \u00b4000 2022 2021 Purchase from subsidiaries -48,520 -71,016 Sold to subsidiaries 110,610 62,379 Purchases from subsidiaries are primarily consultancy and development hours from Columbus' Global Delivery Center, and internally developed software for customer sales. Sold to subsidiaries is primarily service and tools fees, consultancy and development hours, as well as cost split for the shared service center in Columbus\u2019 Danish and Norwegian companies. Transactions with subsidiaries are eliminated in the consolidated financial statements in accordance with applied accounting policies. Outstanding accounts with subsidiaries Columbus' outstanding accounts with subsidiaries are shown directly in the balance sheet. Outstanding accounts are interest-bearing. The interest payment of outstanding accounts is shown in note 7. Payment terms for regular outstanding accounts are invoiced month + 30 days. ",
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"pp-value-48-6": {
"value": "Note 4 \u2013 Staff expenses and remuneration Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Staff expensesSalary and wages 865,700 791,063 241,183 229,966 Other social security costs 137,720 130,518 2,956 2,490 Other staff expenses 31,756 25,118 5,926 5,409 Staff costs before share-based payment 1,035,176 946,699 250,065 237,865 Share-based payment 1,099 3,157 1,099 3,157 Staff expenses 1,036,275 949,856 251,164 241,022 Average number of FTEs 1,536 1,455 294 290 The key management in the Group are remunerated as follows: Other Executive Board of senior DKK \u00b4000Board Directors employees 2022Salary and wages 6,932 1,163 12,748 Share-based payment 813 0 37 Severance pay 1,628 0 0 9,373 1,163 12,785 2021Salary and wages 5,577 1,013 27,088 Share-based payment 2,065 0 116 One-off fee 0 202 0 7,642 1,215 27,204 Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees has declined from DKK 27.2m to DKK 12.8m in 2022 mainly as a result of reduction of posi-tions. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In February 2020 Columbus established a warrant program for senior executives and other senior employ-ees. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period cor-responds to the fiscal year with the final grant at 31 December 2023. At the grant date the fair value of the warrants was DKK 4,546,962. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. Warrants not exercised within the last exercise period will be lost. The war-rant program is contingent on employment in the Company. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control does not result in any ad-justment of the number of warrants or the exercise price. Note 4 \u2013 Staff expenses and remuneration (continued) The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2022 2021 2022 2021 Outstanding 1 January 3,215,799 10,642,500 9.73 12.07 Granted during the period 0 1,449,999 0.00 10.63 Lost due to termination of employment -398,300 -650,000 9.61 9.01 Exercised during the period 0 -5,339,200 0.00 12.13 Expired during the period 0 -2,887,500 0.00 12.43 Outstanding end of period 2,817,499 3,215,799 9.75 9.73 Number of warrants which can be exercised at balance sheet date 1,338,333 135,800 Weighted average contractual life (years) 1.76 2.75 Weighted average exercise rate 9.58 8.99 Average share price at the time of exercise N/A 15.00 Number of warrants granted to key management 0 1,449,999 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (num-Warrants date (DKK price (DKK end of volatility interest ber of December 2022per share) per share) period (%)* (%) years) Granted February 20208.99 8.99 1,517,500 25.4% -0.75% 1.30 Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Expensed share-based payment related to equity instruments 1,099 1,666 1,099 1,581 Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-7": {
"value": " Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-52-8": {
"value": " Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-9": {
"value": " Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-10": {
"value": " Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-2": {
"value": "Note 5 \u2013 Depreciation, amortization and impairment Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Depreciation 35,814 33,973 7,245 6,789 Amortization 20,881 14,890 12,124 5,825 Total depreciation, amortization and impairment 56,695 48,863 19,369 12,614 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-3": {
"value": "Note 5 \u2013 Depreciation, amortization and impairment Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Depreciation 35,814 33,973 7,245 6,789 Amortization 20,881 14,890 12,124 5,825 Total depreciation, amortization and impairment 56,695 48,863 19,369 12,614 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-4": {
"value": "Note 5 \u2013 Depreciation, amortization and impairment Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Depreciation 35,814 33,973 7,245 6,789 Amortization 20,881 14,890 12,124 5,825 Total depreciation, amortization and impairment 56,695 48,863 19,369 12,614 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-53-5": {
"value": "Note 5 \u2013 Depreciation, amortization and impairment Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Depreciation 35,814 33,973 7,245 6,789 Amortization 20,881 14,890 12,124 5,825 Total depreciation, amortization and impairment 56,695 48,863 19,369 12,614 Note 10 \u2013 Intangible assets Develop-ment Customer Internal projects DKK \u00b4000 Goodwill base applications finalized Total Group 2022Balance at 1 January 2022793,967 67,370 57,414 24,743 943,494 Currency translation -5,914 -3,290 0 195 -9,009 Additions 0 0 15,823 0 15,823 Disposal for the year -30,944 0 0 -1,325 -32,269 Balance at 31 December 2022 757,109 64,080 73,237 23,613 918,039 Amortization at 1 January 2022149,516 40,196 10,902 21,673 222,287 Currency translation 4,294 -1,751 0 245 2,788 Amortization 0 8,205 11,306 1,370 20,881 Reversal of amortization 0 0 0 -1,325 -1,325 Amortization at 31 December 2022 153,810 46,650 22,208 21,963 244,631 Carrying amount at 31 December 2022 603,299 17,430 51,029 1,650 673,408 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Develop- ment ment Customer Internal projects projects DKK \u00b4000 Goodwill base applications finalized in progress Total Group 2021Balance at 1 January 2021 933,696 91,136 26,229 36,898 940 1,088,899 Currency translation -9,472 1,838 77 792 14 -6,751 Additions 0 0 33,234 0 0 33,234 Disposal for the year -130,257 -25,604 -2,126 -13,901 0 -171,888 Transfer 0 0 0 954 -954 0 Balance at 31 December 2021 793,967 67,370 57,414 24,743 0 943,494 Amortization at 1 January 2021156,735 49,742 8,424 33,501 0 248,402 Currency translation 6,726 1,492 78 649 0 8,945 Amortization 0 11,888 4,507 1,424 0 17,819 Reversal of amortization -13,945 -22,926 -2,107 -13,901 0 -52,879 Amortization at 31 December 2021 149,516 40,196 10,902 21,673 0 222,287 Carrying amount at 31 December 2021 644,451 27,174 46,512 3,070 0 721,207 Note 10 \u2013 Intangible assets (continued) Goodwill The carrying amount of goodwill is distributed on cash-generating units as shown below: DKK \u00b4000 Country 31 December 2022 31 December 2021 Columbus Sweden AB SE 298,470 324,096 Columbus A/S DK 131,656 131,656 ZAO Columbus RU 0 12,327 Columbus US Inc. US 22,556 21,231 Columbus Norway AS NO 48,319 50,953 Columbus Global (UK) Ltd. UK 40,253 42,532 Columbus CoMakeIt India Pvt Ltd. IN 3,608 3,779 Columbus Deutschland GmbH GE 16,001 16,001 Columbus Poland Sp.z.o.o. PL 15,862 16,155 Columbus Global s.r.o CZ 26,574 25,721 Total goodwill 603,299 644,451 The management performs an impairment test of the carrying amount of goodwill, development projects and other non-current assets at least annually and more frequently if there are indicators of impairment. The annual impairment test is performed per 31 December 2022 (31 December 2021). The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). The main change in total goodwill value from 2021 to 2022 is related to the effect of currency on goodwill in Columbus Sweden AB and divestment of Russia. Goodwill in Columbus Sweden AB has been split so the goodwill is shown in the individual entities for both 2021 and 2022. Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs, is calculated based on the calculations of value in use. The most significant uncertainties are connected to the determi-nation of discount rates, growth rates and expected changes in costs in the budget and terminal periods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general devel-opment in cost. The budget process takes place in October through November and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in Columbus i.e., Con-sultancy. For the main markets, comprising of Sweden, Denmark, Norway, UK and US, similar expectations to revenue and cost growth rates has been applied. In generating a terminal value, a conservative real growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a real growth of 2% is expected in the 3-year interim period and 2% in generating the terminal value for all CGUs. Columbus is operating in a market where the development has low sensitivity to market development in general and to the development in general IT spending by companies. The management believes that likely changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis is focusing on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Note 10 \u2013 Intangible assets (continued) Discount rate The determined discount factors reflect the market assessment of the time value of money in the countries where the cash generating units operate expressed as a risk-free rate and the specific risks associated with each cash-generating unit. The discount rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of expected future cash flow is 10.3% pre-tax (2021: 7.5%). The discount rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are determined using external sources. The Group applies the same discount rates for all cash generating units, as the risk of the individual cash generating units are reflected in their estimated cash flow. Most important assumptions for the impairment test With the applied method for the annual impairment test, the growth rate applied in the terminal value and the WACC becomes the most important assumptions for the net present value of the future cash flows. Overall, the impairment based on the above assumptions demonstrates that the present value of the future cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has applied conservative growth rates for the projection period and for the period following the projection period developed for the purpose of the impairment test. Note 10 \u2013 Intangible assets (continued) Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2022Balance at 1 January 2022 132,640 8,250 57,415 13,667 211,972 Additions 0 0 15,823 0 15,823 Balance at 31 December 2022 132,640 8,250 73,238 13,667 227,795 Amortization at 1 January 2022 984 8,012 10,903 12,402 32,301 Amortization 0 238 11,306 580 12,124 Amortization at 31 December 2022 984 8,250 22,209 12,982 44,425 Carrying amount at 31 December 2022 131,656 0 51,029 685 183,370 Internal applications include development projects for internal use with a net carrying amount of DKK 51,029k. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2021Balance at 1 January 2021 111,224 8,979 24,181 27,362 171,746 Reclassification of previous years 21,416 0 0 0 21,416 Additions 0 0 33,234 0 33,234 Disposal for the year 0 -729 0 -13,695 -14,424 Balance at 31 December 2021 132,640 8,250 57,415 13,667 211,972 Amortization at 1 January 2021 984 8,027 6,398 25,491 40,900 Amortization 0 714 4,505 606 5,825 Reversal of depreciation 0 -729 0 -13,695 -14,424 Amortization at 31 December 2021 984 8,012 10,903 12,402 32,301 Carrying amount at 31 December 2021 131,656 238 46,512 1,265 179,671 Internal applications include development projects for internal use with a net carrying amount of DKK 46,512k. Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-54-2": {
"value": "Note 6 \u2013 Other operating income Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Central cost allocation Columbus Group 0 0 55,267 51,458 Other services 18,111 1,642 0 0 Total other operating income 18,111 1,642 55,267 51,458 Other operating income from other services is primarily related to the outcome of a dispute with two former minority shareholders in iStone who had violated the terms in the share purchase agreement. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group\u2019s primary activities, including adjustments of contingent liabilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-3": {
"value": "Note 6 \u2013 Other operating income Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Central cost allocation Columbus Group 0 0 55,267 51,458 Other services 18,111 1,642 0 0 Total other operating income 18,111 1,642 55,267 51,458 Other operating income from other services is primarily related to the outcome of a dispute with two former minority shareholders in iStone who had violated the terms in the share purchase agreement. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group\u2019s primary activities, including adjustments of contingent liabilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-4": {
"value": "Note 6 \u2013 Other operating income Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Central cost allocation Columbus Group 0 0 55,267 51,458 Other services 18,111 1,642 0 0 Total other operating income 18,111 1,642 55,267 51,458 Other operating income from other services is primarily related to the outcome of a dispute with two former minority shareholders in iStone who had violated the terms in the share purchase agreement. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group\u2019s primary activities, including adjustments of contingent liabilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-6": {
"value": " Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-7": {
"value": " Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-8": {
"value": " Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-57-9": {
"value": " Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-2": {
"value": "Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Financial incomeInterest income from subsidiaries 0 0 0 133 Interest income on bank deposits, etc. 18 15 2,759 1,813 Other interest income 630 420 443 416 Interest income on financial assets measured at amortised cost 648 435 3,202 2,362 Foreign exchange gains (net) 2,261 3,178 9,164 3,828 Total financial income 2,909 3,613 12,366 6,190 Financial expensesInterests expense to subsidiaries 0 0 2,179 3,223 Interest expense on bank loans 2,763 3,174 1,455 3,318 Interest expense leases, Right-of-use-assets 1,966 2,416 378 456 Other interest expense 1,227 1,433 1,078 1,282 Interest expense from financial liabilities that are measured at amortised cost 5,956 7,023 5,090 8,279 Foreign exchange loss (net) 0 0 0 0 Total financial expenses 5,956 7,023 5,090 8,279 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-3": {
"value": "Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Financial incomeInterest income from subsidiaries 0 0 0 133 Interest income on bank deposits, etc. 18 15 2,759 1,813 Other interest income 630 420 443 416 Interest income on financial assets measured at amortised cost 648 435 3,202 2,362 Foreign exchange gains (net) 2,261 3,178 9,164 3,828 Total financial income 2,909 3,613 12,366 6,190 Financial expensesInterests expense to subsidiaries 0 0 2,179 3,223 Interest expense on bank loans 2,763 3,174 1,455 3,318 Interest expense leases, Right-of-use-assets 1,966 2,416 378 456 Other interest expense 1,227 1,433 1,078 1,282 Interest expense from financial liabilities that are measured at amortised cost 5,956 7,023 5,090 8,279 Foreign exchange loss (net) 0 0 0 0 Total financial expenses 5,956 7,023 5,090 8,279 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-4": {
"value": "Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Financial incomeInterest income from subsidiaries 0 0 0 133 Interest income on bank deposits, etc. 18 15 2,759 1,813 Other interest income 630 420 443 416 Interest income on financial assets measured at amortised cost 648 435 3,202 2,362 Foreign exchange gains (net) 2,261 3,178 9,164 3,828 Total financial income 2,909 3,613 12,366 6,190 Financial expensesInterests expense to subsidiaries 0 0 2,179 3,223 Interest expense on bank loans 2,763 3,174 1,455 3,318 Interest expense leases, Right-of-use-assets 1,966 2,416 378 456 Other interest expense 1,227 1,433 1,078 1,282 Interest expense from financial liabilities that are measured at amortised cost 5,956 7,023 5,090 8,279 Foreign exchange loss (net) 0 0 0 0 Total financial expenses 5,956 7,023 5,090 8,279 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-2": {
"value": "Note 8 \u2013 Corporate tax Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Tax on result for the yearCurrent tax 432 2,089 0 -5,673 Change in deferred tax 8,625 8,810 1,973 6,942 Withholding tax 3,081 0 1,857 0 Adjustment to previous years -9,953 -17,412 -766 -1,413 Total tax on result for the year 2,185 -6,513 3,064 -144 Tax on result for the year explained as follows Calculated 22% on pre-tax earnings on continuing operations 7,059 8,147 13,946 11,778 Tax effect of:Adjustment to tax concerning previous years -9,953 -17,412 -766 -1,413 Adjustment to tax rates in foreign subsidiaries relative to 22%268 184 0 0 Non-capitalized tax value of losses 4,864 3,483 0 0 Withholding tax 3,081 0 1,857 0 Not taxable income -120 -100 -12,219 -10,597 Not taxable expenses 530 4,002 246 88 Other adjustments -3,544 -4,817 0 0 Total tax on result for the year 2,185 -6,513 3,064 -144 Effective tax rate (%) 6.81 -17.59 4.83 -0.31 The effective tax rate in 2022 is low mainly due to an adjustment from previous years. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Corporate tax receivable (net)Balance at 1 January 10,870 -9,331 5,673 -11 Currency adjustment -733 -98 0 0 Adjustment to previous years -8,333 -4,983 -4,877 -1,126 Current tax for the year -432 -233 0 5,673 Tax paid on account for the year 0 19,472 0 0 Corporate tax paid during the year -270 5,996 -796 1,436 Disposals due to divestment of activities -274 47 0 0 Additions due to merger 0 0 0 -299 Balance at 31 December 828 10,870 0 5,673 Corporate tax receivable 2,254 12,041 0 5,673 Corporate tax payable -1,426 -1,171 0 0 Balance at 31 December 828 10,870 0 5,673 Note 8 \u2013 Corporate tax (continued) Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Deferred tax assets/liabilities (net)Balance at 1 January 17,374 18,897 -1,788 2,615 Deferred tax assets / liabilities 1 January 17,374 18,897 -1,788 2,615 Currency adjustments -1,747 1,642 0 0 Adjustment to previous years 18,286 19,888 5,644 2,539 This year's change in deferred tax -8,625 -8,810 -1,973 -6,942 Disposals due to divestment of activities 500 -14,243 0 0 Balance at 31 December 25,788 17,374 1,883 -1,788 Deferred tax assets / liabilities relate to Intangible assets -4,324 -255 -3,105 -4,407 Tangible assets 2,990 588 2,377 2,338 Current assets 5,833 -3,771 1,226 281 Loss carry forward 21,289 20,812 1,385 0 Balance at 31 December 25,788 17,374 1,883 -1,788 Based on the management\u2019s assessment of future income, short-term tax assets are expected to be DKK 16m and the remaining tax assets are expected to be utilized within a 3-5-year period. The Group\u2019s non-capitalized tax assets amount to DKK 34m (2021: DKK 36m). Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities, except for deferred taxes on temporary differences aris-ing on the initial recognition of goodwill or from the initial recognition of a transaction that is not a business combination, and where the temporary difference identified by the initial recognition affects neither the ac-counting profit nor the taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is re-alized, and it is probable that the deferred tax will not crystalize as current tax in the foreseeable future. De-ferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-3": {
"value": "Note 8 \u2013 Corporate tax Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Tax on result for the yearCurrent tax 432 2,089 0 -5,673 Change in deferred tax 8,625 8,810 1,973 6,942 Withholding tax 3,081 0 1,857 0 Adjustment to previous years -9,953 -17,412 -766 -1,413 Total tax on result for the year 2,185 -6,513 3,064 -144 Tax on result for the year explained as follows Calculated 22% on pre-tax earnings on continuing operations 7,059 8,147 13,946 11,778 Tax effect of:Adjustment to tax concerning previous years -9,953 -17,412 -766 -1,413 Adjustment to tax rates in foreign subsidiaries relative to 22%268 184 0 0 Non-capitalized tax value of losses 4,864 3,483 0 0 Withholding tax 3,081 0 1,857 0 Not taxable income -120 -100 -12,219 -10,597 Not taxable expenses 530 4,002 246 88 Other adjustments -3,544 -4,817 0 0 Total tax on result for the year 2,185 -6,513 3,064 -144 Effective tax rate (%) 6.81 -17.59 4.83 -0.31 The effective tax rate in 2022 is low mainly due to an adjustment from previous years. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Corporate tax receivable (net)Balance at 1 January 10,870 -9,331 5,673 -11 Currency adjustment -733 -98 0 0 Adjustment to previous years -8,333 -4,983 -4,877 -1,126 Current tax for the year -432 -233 0 5,673 Tax paid on account for the year 0 19,472 0 0 Corporate tax paid during the year -270 5,996 -796 1,436 Disposals due to divestment of activities -274 47 0 0 Additions due to merger 0 0 0 -299 Balance at 31 December 828 10,870 0 5,673 Corporate tax receivable 2,254 12,041 0 5,673 Corporate tax payable -1,426 -1,171 0 0 Balance at 31 December 828 10,870 0 5,673 Note 8 \u2013 Corporate tax (continued) Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Deferred tax assets/liabilities (net)Balance at 1 January 17,374 18,897 -1,788 2,615 Deferred tax assets / liabilities 1 January 17,374 18,897 -1,788 2,615 Currency adjustments -1,747 1,642 0 0 Adjustment to previous years 18,286 19,888 5,644 2,539 This year's change in deferred tax -8,625 -8,810 -1,973 -6,942 Disposals due to divestment of activities 500 -14,243 0 0 Balance at 31 December 25,788 17,374 1,883 -1,788 Deferred tax assets / liabilities relate to Intangible assets -4,324 -255 -3,105 -4,407 Tangible assets 2,990 588 2,377 2,338 Current assets 5,833 -3,771 1,226 281 Loss carry forward 21,289 20,812 1,385 0 Balance at 31 December 25,788 17,374 1,883 -1,788 Based on the management\u2019s assessment of future income, short-term tax assets are expected to be DKK 16m and the remaining tax assets are expected to be utilized within a 3-5-year period. The Group\u2019s non-capitalized tax assets amount to DKK 34m (2021: DKK 36m). Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities, except for deferred taxes on temporary differences aris-ing on the initial recognition of goodwill or from the initial recognition of a transaction that is not a business combination, and where the temporary difference identified by the initial recognition affects neither the ac-counting profit nor the taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is re-alized, and it is probable that the deferred tax will not crystalize as current tax in the foreseeable future. De-ferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-58-4": {
"value": "Note 8 \u2013 Corporate tax Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Tax on result for the yearCurrent tax 432 2,089 0 -5,673 Change in deferred tax 8,625 8,810 1,973 6,942 Withholding tax 3,081 0 1,857 0 Adjustment to previous years -9,953 -17,412 -766 -1,413 Total tax on result for the year 2,185 -6,513 3,064 -144 Tax on result for the year explained as follows Calculated 22% on pre-tax earnings on continuing operations 7,059 8,147 13,946 11,778 Tax effect of:Adjustment to tax concerning previous years -9,953 -17,412 -766 -1,413 Adjustment to tax rates in foreign subsidiaries relative to 22%268 184 0 0 Non-capitalized tax value of losses 4,864 3,483 0 0 Withholding tax 3,081 0 1,857 0 Not taxable income -120 -100 -12,219 -10,597 Not taxable expenses 530 4,002 246 88 Other adjustments -3,544 -4,817 0 0 Total tax on result for the year 2,185 -6,513 3,064 -144 Effective tax rate (%) 6.81 -17.59 4.83 -0.31 The effective tax rate in 2022 is low mainly due to an adjustment from previous years. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Corporate tax receivable (net)Balance at 1 January 10,870 -9,331 5,673 -11 Currency adjustment -733 -98 0 0 Adjustment to previous years -8,333 -4,983 -4,877 -1,126 Current tax for the year -432 -233 0 5,673 Tax paid on account for the year 0 19,472 0 0 Corporate tax paid during the year -270 5,996 -796 1,436 Disposals due to divestment of activities -274 47 0 0 Additions due to merger 0 0 0 -299 Balance at 31 December 828 10,870 0 5,673 Corporate tax receivable 2,254 12,041 0 5,673 Corporate tax payable -1,426 -1,171 0 0 Balance at 31 December 828 10,870 0 5,673 Note 8 \u2013 Corporate tax (continued) Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Deferred tax assets/liabilities (net)Balance at 1 January 17,374 18,897 -1,788 2,615 Deferred tax assets / liabilities 1 January 17,374 18,897 -1,788 2,615 Currency adjustments -1,747 1,642 0 0 Adjustment to previous years 18,286 19,888 5,644 2,539 This year's change in deferred tax -8,625 -8,810 -1,973 -6,942 Disposals due to divestment of activities 500 -14,243 0 0 Balance at 31 December 25,788 17,374 1,883 -1,788 Deferred tax assets / liabilities relate to Intangible assets -4,324 -255 -3,105 -4,407 Tangible assets 2,990 588 2,377 2,338 Current assets 5,833 -3,771 1,226 281 Loss carry forward 21,289 20,812 1,385 0 Balance at 31 December 25,788 17,374 1,883 -1,788 Based on the management\u2019s assessment of future income, short-term tax assets are expected to be DKK 16m and the remaining tax assets are expected to be utilized within a 3-5-year period. The Group\u2019s non-capitalized tax assets amount to DKK 34m (2021: DKK 36m). Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities, except for deferred taxes on temporary differences aris-ing on the initial recognition of goodwill or from the initial recognition of a transaction that is not a business combination, and where the temporary difference identified by the initial recognition affects neither the ac-counting profit nor the taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is re-alized, and it is probable that the deferred tax will not crystalize as current tax in the foreseeable future. De-ferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-6": {
"value": " Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities, except for deferred taxes on temporary differences aris-ing on the initial recognition of goodwill or from the initial recognition of a transaction that is not a business combination, and where the temporary difference identified by the initial recognition affects neither the ac-counting profit nor the taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is re-alized, and it is probable that the deferred tax will not crystalize as current tax in the foreseeable future. De-ferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-7": {
"value": " Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities, except for deferred taxes on temporary differences aris-ing on the initial recognition of goodwill or from the initial recognition of a transaction that is not a business combination, and where the temporary difference identified by the initial recognition affects neither the ac-counting profit nor the taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is re-alized, and it is probable that the deferred tax will not crystalize as current tax in the foreseeable future. De-ferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-8": {
"value": " Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities, except for deferred taxes on temporary differences aris-ing on the initial recognition of goodwill or from the initial recognition of a transaction that is not a business combination, and where the temporary difference identified by the initial recognition affects neither the ac-counting profit nor the taxable income. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is re-alized, and it is probable that the deferred tax will not crystalize as current tax in the foreseeable future. De-ferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "Note 9 \u2013 Earnings per share The calculation of earnings per share is based on the following: DKK \u00b4000 2022 2021 Result for the year from continuing operations 29,903 43,547 Minority interests' share of the result for the year 0 -607 Result used for calculating earnings per share from continuing op-erations, diluted 29,903 42,940 Result for the year from discontinued operations -41,216 715,001 Result used for calculating earnings per share, diluted -11,313 757,941 Average number of shares listed on NASDAQ Copenhagen (pcs.) 129,276,264 128,191,703 Number of shares used to calculate earnings per share (pcs.) 129,276,264 128,191,703 Average dilutive effect on outstanding subscription rights (pcs.) 0 495,600 Number of shares used to calculate earnings per share, diluted (pcs.) 129,276,264 128,687,303 Earnings per share from continuing operations of DKK 1.25 (EPS) 0.23 0.33 Earnings per share from continuing operations of DKK 1.25, diluted (EPS-D) 0.23 0.33 Earnings per share from discontinued operations of DKK 1.25 (EPS) -0.32 5.58 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) -0.32 5.56 Earnings per share of DKK 1.25 (EPS) -0.09 5.91 Earnings per share of DKK 1.25, diluted (EPS-D) -0.09 5.89 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-3": {
"value": "Note 10 \u2013 Intangible assets Develop-ment Customer Internal projects DKK \u00b4000 Goodwill base applications finalized Total Group 2022Balance at 1 January 2022793,967 67,370 57,414 24,743 943,494 Currency translation -5,914 -3,290 0 195 -9,009 Additions 0 0 15,823 0 15,823 Disposal for the year -30,944 0 0 -1,325 -32,269 Balance at 31 December 2022 757,109 64,080 73,237 23,613 918,039 Amortization at 1 January 2022149,516 40,196 10,902 21,673 222,287 Currency translation 4,294 -1,751 0 245 2,788 Amortization 0 8,205 11,306 1,370 20,881 Reversal of amortization 0 0 0 -1,325 -1,325 Amortization at 31 December 2022 153,810 46,650 22,208 21,963 244,631 Carrying amount at 31 December 2022 603,299 17,430 51,029 1,650 673,408 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Develop- ment ment Customer Internal projects projects DKK \u00b4000 Goodwill base applications finalized in progress Total Group 2021Balance at 1 January 2021 933,696 91,136 26,229 36,898 940 1,088,899 Currency translation -9,472 1,838 77 792 14 -6,751 Additions 0 0 33,234 0 0 33,234 Disposal for the year -130,257 -25,604 -2,126 -13,901 0 -171,888 Transfer 0 0 0 954 -954 0 Balance at 31 December 2021 793,967 67,370 57,414 24,743 0 943,494 Amortization at 1 January 2021156,735 49,742 8,424 33,501 0 248,402 Currency translation 6,726 1,492 78 649 0 8,945 Amortization 0 11,888 4,507 1,424 0 17,819 Reversal of amortization -13,945 -22,926 -2,107 -13,901 0 -52,879 Amortization at 31 December 2021 149,516 40,196 10,902 21,673 0 222,287 Carrying amount at 31 December 2021 644,451 27,174 46,512 3,070 0 721,207 Note 10 \u2013 Intangible assets (continued) Goodwill The carrying amount of goodwill is distributed on cash-generating units as shown below: DKK \u00b4000 Country 31 December 2022 31 December 2021 Columbus Sweden AB SE 298,470 324,096 Columbus A/S DK 131,656 131,656 ZAO Columbus RU 0 12,327 Columbus US Inc. US 22,556 21,231 Columbus Norway AS NO 48,319 50,953 Columbus Global (UK) Ltd. UK 40,253 42,532 Columbus CoMakeIt India Pvt Ltd. IN 3,608 3,779 Columbus Deutschland GmbH GE 16,001 16,001 Columbus Poland Sp.z.o.o. PL 15,862 16,155 Columbus Global s.r.o CZ 26,574 25,721 Total goodwill 603,299 644,451 The management performs an impairment test of the carrying amount of goodwill, development projects and other non-current assets at least annually and more frequently if there are indicators of impairment. The annual impairment test is performed per 31 December 2022 (31 December 2021). The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). The main change in total goodwill value from 2021 to 2022 is related to the effect of currency on goodwill in Columbus Sweden AB and divestment of Russia. Goodwill in Columbus Sweden AB has been split so the goodwill is shown in the individual entities for both 2021 and 2022. Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs, is calculated based on the calculations of value in use. The most significant uncertainties are connected to the determi-nation of discount rates, growth rates and expected changes in costs in the budget and terminal periods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general devel-opment in cost. The budget process takes place in October through November and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in Columbus i.e., Con-sultancy. For the main markets, comprising of Sweden, Denmark, Norway, UK and US, similar expectations to revenue and cost growth rates has been applied. In generating a terminal value, a conservative real growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a real growth of 2% is expected in the 3-year interim period and 2% in generating the terminal value for all CGUs. Columbus is operating in a market where the development has low sensitivity to market development in general and to the development in general IT spending by companies. The management believes that likely changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis is focusing on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Note 10 \u2013 Intangible assets (continued) Discount rate The determined discount factors reflect the market assessment of the time value of money in the countries where the cash generating units operate expressed as a risk-free rate and the specific risks associated with each cash-generating unit. The discount rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of expected future cash flow is 10.3% pre-tax (2021: 7.5%). The discount rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are determined using external sources. The Group applies the same discount rates for all cash generating units, as the risk of the individual cash generating units are reflected in their estimated cash flow. Most important assumptions for the impairment test With the applied method for the annual impairment test, the growth rate applied in the terminal value and the WACC becomes the most important assumptions for the net present value of the future cash flows. Overall, the impairment based on the above assumptions demonstrates that the present value of the future cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has applied conservative growth rates for the projection period and for the period following the projection period developed for the purpose of the impairment test. Note 10 \u2013 Intangible assets (continued) Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2022Balance at 1 January 2022 132,640 8,250 57,415 13,667 211,972 Additions 0 0 15,823 0 15,823 Balance at 31 December 2022 132,640 8,250 73,238 13,667 227,795 Amortization at 1 January 2022 984 8,012 10,903 12,402 32,301 Amortization 0 238 11,306 580 12,124 Amortization at 31 December 2022 984 8,250 22,209 12,982 44,425 Carrying amount at 31 December 2022 131,656 0 51,029 685 183,370 Internal applications include development projects for internal use with a net carrying amount of DKK 51,029k. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2021Balance at 1 January 2021 111,224 8,979 24,181 27,362 171,746 Reclassification of previous years 21,416 0 0 0 21,416 Additions 0 0 33,234 0 33,234 Disposal for the year 0 -729 0 -13,695 -14,424 Balance at 31 December 2021 132,640 8,250 57,415 13,667 211,972 Amortization at 1 January 2021 984 8,027 6,398 25,491 40,900 Amortization 0 714 4,505 606 5,825 Reversal of depreciation 0 -729 0 -13,695 -14,424 Amortization at 31 December 2021 984 8,012 10,903 12,402 32,301 Carrying amount at 31 December 2021 131,656 238 46,512 1,265 179,671 Internal applications include development projects for internal use with a net carrying amount of DKK 46,512k. Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-4": {
"value": "Note 10 \u2013 Intangible assets Develop-ment Customer Internal projects DKK \u00b4000 Goodwill base applications finalized Total Group 2022Balance at 1 January 2022793,967 67,370 57,414 24,743 943,494 Currency translation -5,914 -3,290 0 195 -9,009 Additions 0 0 15,823 0 15,823 Disposal for the year -30,944 0 0 -1,325 -32,269 Balance at 31 December 2022 757,109 64,080 73,237 23,613 918,039 Amortization at 1 January 2022149,516 40,196 10,902 21,673 222,287 Currency translation 4,294 -1,751 0 245 2,788 Amortization 0 8,205 11,306 1,370 20,881 Reversal of amortization 0 0 0 -1,325 -1,325 Amortization at 31 December 2022 153,810 46,650 22,208 21,963 244,631 Carrying amount at 31 December 2022 603,299 17,430 51,029 1,650 673,408 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Develop- ment ment Customer Internal projects projects DKK \u00b4000 Goodwill base applications finalized in progress Total Group 2021Balance at 1 January 2021 933,696 91,136 26,229 36,898 940 1,088,899 Currency translation -9,472 1,838 77 792 14 -6,751 Additions 0 0 33,234 0 0 33,234 Disposal for the year -130,257 -25,604 -2,126 -13,901 0 -171,888 Transfer 0 0 0 954 -954 0 Balance at 31 December 2021 793,967 67,370 57,414 24,743 0 943,494 Amortization at 1 January 2021156,735 49,742 8,424 33,501 0 248,402 Currency translation 6,726 1,492 78 649 0 8,945 Amortization 0 11,888 4,507 1,424 0 17,819 Reversal of amortization -13,945 -22,926 -2,107 -13,901 0 -52,879 Amortization at 31 December 2021 149,516 40,196 10,902 21,673 0 222,287 Carrying amount at 31 December 2021 644,451 27,174 46,512 3,070 0 721,207 Note 10 \u2013 Intangible assets (continued) Goodwill The carrying amount of goodwill is distributed on cash-generating units as shown below: DKK \u00b4000 Country 31 December 2022 31 December 2021 Columbus Sweden AB SE 298,470 324,096 Columbus A/S DK 131,656 131,656 ZAO Columbus RU 0 12,327 Columbus US Inc. US 22,556 21,231 Columbus Norway AS NO 48,319 50,953 Columbus Global (UK) Ltd. UK 40,253 42,532 Columbus CoMakeIt India Pvt Ltd. IN 3,608 3,779 Columbus Deutschland GmbH GE 16,001 16,001 Columbus Poland Sp.z.o.o. PL 15,862 16,155 Columbus Global s.r.o CZ 26,574 25,721 Total goodwill 603,299 644,451 The management performs an impairment test of the carrying amount of goodwill, development projects and other non-current assets at least annually and more frequently if there are indicators of impairment. The annual impairment test is performed per 31 December 2022 (31 December 2021). The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). The main change in total goodwill value from 2021 to 2022 is related to the effect of currency on goodwill in Columbus Sweden AB and divestment of Russia. Goodwill in Columbus Sweden AB has been split so the goodwill is shown in the individual entities for both 2021 and 2022. Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs, is calculated based on the calculations of value in use. The most significant uncertainties are connected to the determi-nation of discount rates, growth rates and expected changes in costs in the budget and terminal periods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general devel-opment in cost. The budget process takes place in October through November and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in Columbus i.e., Con-sultancy. For the main markets, comprising of Sweden, Denmark, Norway, UK and US, similar expectations to revenue and cost growth rates has been applied. In generating a terminal value, a conservative real growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a real growth of 2% is expected in the 3-year interim period and 2% in generating the terminal value for all CGUs. Columbus is operating in a market where the development has low sensitivity to market development in general and to the development in general IT spending by companies. The management believes that likely changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis is focusing on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Note 10 \u2013 Intangible assets (continued) Discount rate The determined discount factors reflect the market assessment of the time value of money in the countries where the cash generating units operate expressed as a risk-free rate and the specific risks associated with each cash-generating unit. The discount rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of expected future cash flow is 10.3% pre-tax (2021: 7.5%). The discount rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are determined using external sources. The Group applies the same discount rates for all cash generating units, as the risk of the individual cash generating units are reflected in their estimated cash flow. Most important assumptions for the impairment test With the applied method for the annual impairment test, the growth rate applied in the terminal value and the WACC becomes the most important assumptions for the net present value of the future cash flows. Overall, the impairment based on the above assumptions demonstrates that the present value of the future cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has applied conservative growth rates for the projection period and for the period following the projection period developed for the purpose of the impairment test. Note 10 \u2013 Intangible assets (continued) Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2022Balance at 1 January 2022 132,640 8,250 57,415 13,667 211,972 Additions 0 0 15,823 0 15,823 Balance at 31 December 2022 132,640 8,250 73,238 13,667 227,795 Amortization at 1 January 2022 984 8,012 10,903 12,402 32,301 Amortization 0 238 11,306 580 12,124 Amortization at 31 December 2022 984 8,250 22,209 12,982 44,425 Carrying amount at 31 December 2022 131,656 0 51,029 685 183,370 Internal applications include development projects for internal use with a net carrying amount of DKK 51,029k. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2021Balance at 1 January 2021 111,224 8,979 24,181 27,362 171,746 Reclassification of previous years 21,416 0 0 0 21,416 Additions 0 0 33,234 0 33,234 Disposal for the year 0 -729 0 -13,695 -14,424 Balance at 31 December 2021 132,640 8,250 57,415 13,667 211,972 Amortization at 1 January 2021 984 8,027 6,398 25,491 40,900 Amortization 0 714 4,505 606 5,825 Reversal of depreciation 0 -729 0 -13,695 -14,424 Amortization at 31 December 2021 984 8,012 10,903 12,402 32,301 Carrying amount at 31 December 2021 131,656 238 46,512 1,265 179,671 Internal applications include development projects for internal use with a net carrying amount of DKK 46,512k. Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-5": {
"value": "Note 10 \u2013 Intangible assets Develop-ment Customer Internal projects DKK \u00b4000 Goodwill base applications finalized Total Group 2022Balance at 1 January 2022793,967 67,370 57,414 24,743 943,494 Currency translation -5,914 -3,290 0 195 -9,009 Additions 0 0 15,823 0 15,823 Disposal for the year -30,944 0 0 -1,325 -32,269 Balance at 31 December 2022 757,109 64,080 73,237 23,613 918,039 Amortization at 1 January 2022149,516 40,196 10,902 21,673 222,287 Currency translation 4,294 -1,751 0 245 2,788 Amortization 0 8,205 11,306 1,370 20,881 Reversal of amortization 0 0 0 -1,325 -1,325 Amortization at 31 December 2022 153,810 46,650 22,208 21,963 244,631 Carrying amount at 31 December 2022 603,299 17,430 51,029 1,650 673,408 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Develop- ment ment Customer Internal projects projects DKK \u00b4000 Goodwill base applications finalized in progress Total Group 2021Balance at 1 January 2021 933,696 91,136 26,229 36,898 940 1,088,899 Currency translation -9,472 1,838 77 792 14 -6,751 Additions 0 0 33,234 0 0 33,234 Disposal for the year -130,257 -25,604 -2,126 -13,901 0 -171,888 Transfer 0 0 0 954 -954 0 Balance at 31 December 2021 793,967 67,370 57,414 24,743 0 943,494 Amortization at 1 January 2021156,735 49,742 8,424 33,501 0 248,402 Currency translation 6,726 1,492 78 649 0 8,945 Amortization 0 11,888 4,507 1,424 0 17,819 Reversal of amortization -13,945 -22,926 -2,107 -13,901 0 -52,879 Amortization at 31 December 2021 149,516 40,196 10,902 21,673 0 222,287 Carrying amount at 31 December 2021 644,451 27,174 46,512 3,070 0 721,207 Note 10 \u2013 Intangible assets (continued) Goodwill The carrying amount of goodwill is distributed on cash-generating units as shown below: DKK \u00b4000 Country 31 December 2022 31 December 2021 Columbus Sweden AB SE 298,470 324,096 Columbus A/S DK 131,656 131,656 ZAO Columbus RU 0 12,327 Columbus US Inc. US 22,556 21,231 Columbus Norway AS NO 48,319 50,953 Columbus Global (UK) Ltd. UK 40,253 42,532 Columbus CoMakeIt India Pvt Ltd. IN 3,608 3,779 Columbus Deutschland GmbH GE 16,001 16,001 Columbus Poland Sp.z.o.o. PL 15,862 16,155 Columbus Global s.r.o CZ 26,574 25,721 Total goodwill 603,299 644,451 The management performs an impairment test of the carrying amount of goodwill, development projects and other non-current assets at least annually and more frequently if there are indicators of impairment. The annual impairment test is performed per 31 December 2022 (31 December 2021). The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). The main change in total goodwill value from 2021 to 2022 is related to the effect of currency on goodwill in Columbus Sweden AB and divestment of Russia. Goodwill in Columbus Sweden AB has been split so the goodwill is shown in the individual entities for both 2021 and 2022. Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs, is calculated based on the calculations of value in use. The most significant uncertainties are connected to the determi-nation of discount rates, growth rates and expected changes in costs in the budget and terminal periods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general devel-opment in cost. The budget process takes place in October through November and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in Columbus i.e., Con-sultancy. For the main markets, comprising of Sweden, Denmark, Norway, UK and US, similar expectations to revenue and cost growth rates has been applied. In generating a terminal value, a conservative real growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a real growth of 2% is expected in the 3-year interim period and 2% in generating the terminal value for all CGUs. Columbus is operating in a market where the development has low sensitivity to market development in general and to the development in general IT spending by companies. The management believes that likely changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis is focusing on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Note 10 \u2013 Intangible assets (continued) Discount rate The determined discount factors reflect the market assessment of the time value of money in the countries where the cash generating units operate expressed as a risk-free rate and the specific risks associated with each cash-generating unit. The discount rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of expected future cash flow is 10.3% pre-tax (2021: 7.5%). The discount rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are determined using external sources. The Group applies the same discount rates for all cash generating units, as the risk of the individual cash generating units are reflected in their estimated cash flow. Most important assumptions for the impairment test With the applied method for the annual impairment test, the growth rate applied in the terminal value and the WACC becomes the most important assumptions for the net present value of the future cash flows. Overall, the impairment based on the above assumptions demonstrates that the present value of the future cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has applied conservative growth rates for the projection period and for the period following the projection period developed for the purpose of the impairment test. Note 10 \u2013 Intangible assets (continued) Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2022Balance at 1 January 2022 132,640 8,250 57,415 13,667 211,972 Additions 0 0 15,823 0 15,823 Balance at 31 December 2022 132,640 8,250 73,238 13,667 227,795 Amortization at 1 January 2022 984 8,012 10,903 12,402 32,301 Amortization 0 238 11,306 580 12,124 Amortization at 31 December 2022 984 8,250 22,209 12,982 44,425 Carrying amount at 31 December 2022 131,656 0 51,029 685 183,370 Internal applications include development projects for internal use with a net carrying amount of DKK 51,029k. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- Internal ment Customer applica-projects DKK \u00b4000 Goodwill base tions finalized Total Parent 2021Balance at 1 January 2021 111,224 8,979 24,181 27,362 171,746 Reclassification of previous years 21,416 0 0 0 21,416 Additions 0 0 33,234 0 33,234 Disposal for the year 0 -729 0 -13,695 -14,424 Balance at 31 December 2021 132,640 8,250 57,415 13,667 211,972 Amortization at 1 January 2021 984 8,027 6,398 25,491 40,900 Amortization 0 714 4,505 606 5,825 Reversal of depreciation 0 -729 0 -13,695 -14,424 Amortization at 31 December 2021 984 8,012 10,903 12,402 32,301 Carrying amount at 31 December 2021 131,656 238 46,512 1,265 179,671 Internal applications include development projects for internal use with a net carrying amount of DKK 46,512k. Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-7": {
"value": "Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-8": {
"value": "Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-9": {
"value": "Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-10": {
"value": "Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-11": {
"value": "Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-12": {
"value": "Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-13": {
"value": "Note 10 \u2013 Intangible assets (continued) Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. Accounting policies Property plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Fixtures and equipment are depreciated over 3 to 5 years, equal to the asset\u2019s estimated useful life. Lease-hold improvements are amortized over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carrying value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a change in accounting estimates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-72-2": {
"value": "Note 11 \u2013 Tangible assets Leasehold Fixtures Land and improve-and DKK \u00b4000buildings ments equipment Total Group 2022Balance at 1 January 2022 96 2,515 38,740 41,351 Foreign currency translation -5 -178 -1,038 -1,221 Additions 0 379 7,963 8,342 Disposals 0 -8 -29,422 -29,430 Disposals relating to divestments 0 0 -596 -596 Balance at 31 December 2022 91 2,708 15,647 18,446 Depreciation at 1 January 2022 96 814 29,575 30,485 Foreign currency translation -5 -37 -530 -572 Depreciation 0 422 5,320 5,742 Reversed depreciation on disposals 0 -5 -29,166 -29,171 Reversed depreciation on disposals relating to di-vestments0 0 -387 -387 Depreciation at 31 December 2022 91 1,194 4,812 6,097 Carrying amount at 31 December 2022 0 1,514 10,835 12,349 Leasehold Fixtures Land and improve-and DKK \u00b4000buildings ments equipment Total Group 2021Balance at 1 January 2021 89 721 43,003 43,813 Foreign currency translation 7 -31 1,127 1,103 Additions 0 1,992 5,578 7,570 Disposals 0 -147 -7,007 -7,154 Disposals relating to divestments 0 -172 -3,809 -3,981 Reclassification of previous years 0 152 -152 0 Balance at 31 December 2021 96 2,515 38,740 41,351 Depreciation at 1 January 2021 76 712 34,351 35,139 Foreign currency translation 7 1 840 848 Depreciation 13 276 4,405 4,694 Reversed depreciation on disposals 0 -147 -6,921 -7,068 Reversed depreciation on disposals relating to divestments 0 -172 -2,956 -3,128 Reclassification of previous years 0 144 -144 0 Depreciation at 31 December 2021 96 814 29,575 30,485 Carrying amount at 31 December 2021 0 1,701 9,165 10,866 Note 11 \u2013 Tangible assets (continued) Leasehold Fixtures and DKK \u00b4000improvements equipment Total Parent 2022Balance at 1 January 2022 491 27,430 27,921 Additions 0 1,010 1,010 Disposals 0 -24,468 -24,468 Balance at 31 December 2022 491 3,972 4,463 Depreciation at 1 January 2022 491 25,372 25,863 Depreciation 0 1,200 1,200 Reversed depreciation on disposals 0 -24,469 -24,469 Depreciation at 31 December 2022 491 2,103 2,594 Carrying amount at 31 December 2022 0 1,869 1,869 Leasehold Fixtures and DKK \u00b4000improvements equipment Total Parent 2021Balance at 1 January 2021 486 27,242 27,728 Additions 0 1,030 1,030 Disposals -147 -1,418 -1,565 Reclassification of previous years 152 576 728 Balance at 31 December 2021 491 27,430 27,921 Depreciation at 1 January 2021 482 25,227 25,709 Depreciation 10 1,106 1,116 Reversed depreciation on disposals -145 -1,373 -1,518 Reclassification of previous years 144 412 556 Depreciation at 31 December 2021 491 25,372 25,863 Carrying amount at 31 December 2021 0 2,058 2,058 Accounting policies Property plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Fixtures and equipment are depreciated over 3 to 5 years, equal to the asset\u2019s estimated useful life. Lease-hold improvements are amortized over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carrying value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a change in accounting estimates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-76-5": {
"value": " Accounting policies Property plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Fixtures and equipment are depreciated over 3 to 5 years, equal to the asset\u2019s estimated useful life. Lease-hold improvements are amortized over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carrying value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a change in accounting estimates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-2": {
"value": "Note 12 \u2013 Right-of-use-assets Other DKK \u00b4000equipment Cars Offices Total Group 2022Balance at 1 January 2022 2,529 16,380 159,296 178,205 Foreign currency translation -181 -890 -4,959 -6,030 Re-assessment of existing assets 995 -13 19,623 20,605 Additions 494 5,009 17,379 22,882 Disposals -501 -4,361 -29,708 -34,570 Disposals related to divestments 0 0 -8,367 -8,367 Balance at 31 December 2022 3,336 16,125 153,264 172,725 Depreciation at 1 January 2022 1,204 5,030 110,549 116,783 Reclassification of previous years 0 -26 0 -26 Foreign currency translation -98 -263 -3,149 -3,510 Depreciation 717 3,854 25,527 30,098 Reversed depreciation on disposals -361 -2,182 -28,260 -30,803 Reversed depreciation on disposals relating to divestments 0 0 -5,133 -5,133 Depreciation at 31 December 2022 1,462 6,413 99,534 107,409 Carrying amount at 31 December 2022 1,874 9,712 53,730 65,316 Total cash flow for the Group relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 31m. For more information about lease the lease liability for right-of-use assets, please refer to note 18. Other DKK \u00b4000equipment Cars Offices Total Group 2021Balance at 1 January 2021 2,161 18,963 171,948 193,072 Foreign currency translation -8 395 4,733 5,120 Re-assessment of existing assets 339 0 2,093 2,432 Additions 271 6,592 3,404 10,267 Disposals -154 -8,764 -9,645 -18,563 Disposals related to divestments -80 -806 -13,237 -14,123 Balance at 31 December 2021 2,529 16,380 159,296 178,205 Depreciations at 1 January 2021 737 6,602 98,117 105,456 Reclassification of previous years 23 0 -324 -301 Foreign currency translation -8 -67 3,513 3,438 Depreciation 585 3,513 27,045 31,143 Reversed depreciation on disposals -95 -4,437 -9,345 -13,877 Reversed depreciation on disposals relating to divestments -38 -581 -8,457 -9,076 Depreciation at 31 December 2021 1,204 5,030 110,549 116,783 Carrying amount at 31 December 2021 1,325 11,350 48,747 61,422 Total cash flow for the Group relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 31m. Note 12 \u2013 Right-of-use-assets (continued) Other DKK \u00b4000equipment Cars Offices Total Parent 2022Balance at 1 January 2022 185 3,749 42,421 46,355 Re-assessment of existing assets 5 225 2,096 2,326 Additions 84 1,250 107 1,441 Additions relating to acquisitions 0 0 0 0 Disposals 0 -1,460 -3,326 -4,786 Balance at 31 December 2022 274 3,764 41,298 45,336 Depreciation at 1 January 2022 93 1,713 29,541 31,347 Depreciation 33 1,181 4,832 6,046 Reversed depreciation on disposals 0 -611 -3,326 -3,937 Depreciation at 31 December 2022 126 2,283 31,047 33,456 Carrying amount at 31 December 2022 148 1,481 10,251 11,880 Total cash flow for the parent company relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 6.2m. Other DKK \u00b4000equipment Cars Offices Total Parent 2021Balance at 1 January 2021 155 3,135 37,258 40,548 Re-assessment of existing assets 30 732 4,598 5,360 Additions 0 1,684 565 2,249 Disposals 0 -1,802 0 -1,802 Balance at 31 December 2021 185 3,749 42,421 46,355 Depreciations at 1 January 2021 63 2,198 25,019 27,280 Depreciation 30 1,121 4,523 5,674 Reversed depreciation on disposals 0 -1,606 -1 -1,607 Depreciation at 31 December 2021 93 1,713 29,541 31,347 Carrying amount at 31 December 2021 92 2,036 12,880 15,008 Total cash flow for the parent company relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 4.2m. Note 12 \u2013 Right-of-use-assets (continued) Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreciated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. Columbus\u2019 portfolio of leases include three main groups: Offices, cars and other fixtures. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We meas-ure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or before the commencement date of the lease, less any lease incentives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of three parts: \ue813 Reference rate \ue813 Financing spread adjustment \ue813 Lease specific adjustment The interest rate used for measuring lease liabilities ranges between 2.84% and 5.84% (2021: 2.61% and 5.61%). Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease compo-nents comprise of services and operating costs etc. Variable lease expenses are recognized in other exter-nal expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognized in financial expenses. Each lease payment is separated into re-payment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classi-fied as cash flows from operating activities. Short-term leases and leases of low-value assets are not recognized as right-of-use-assets. Note 18 \u2013 Lease liability, Right-of-use-assets Other DKK \u00b4000equipment Cars Offices Total Group 2022Less than 1 year 707 2,851 23,367 26,925 Between 1 and 5 years 1,187 7,044 32,566 40,797 More than 5 years 0 0 0 0 1,894 9,895 55,933 67,722 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored closely by the management. For more information about right-of use assets, please refer to note 12. Other DKK \u00b4000equipment Cars Offices Total Group 2021Less than 1 year 645 2,915 24,799 28,359 Between 1 and 5 years 706 8,462 27,286 36,454 More than 5 years 0 0 0 0 1,351 11,377 52,085 64,813 Other DKK \u00b4000equipment Cars Offices Total Parent 2022Less than 1 year 49 901 5,252 6,202 Between 1 and 5 years 101 598 5,672 6,371 More than 5 years 0 0 0 0 150 1,499 10,924 12,573 Other DKK \u00b4000equipment Cars Offices Total Parent 2021Less than 1 year 30 924 4,859 5,813 Between 1 and 5 years 63 1,132 8,892 10,087 More than 5 years 0 0 0 0 93 2,056 13,751 15,901 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-4": {
"value": "Note 12 \u2013 Right-of-use-assets (continued) Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreciated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. Columbus\u2019 portfolio of leases include three main groups: Offices, cars and other fixtures. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We meas-ure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or before the commencement date of the lease, less any lease incentives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of three parts: \ue813 Reference rate \ue813 Financing spread adjustment \ue813 Lease specific adjustment The interest rate used for measuring lease liabilities ranges between 2.84% and 5.84% (2021: 2.61% and 5.61%). Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease compo-nents comprise of services and operating costs etc. Variable lease expenses are recognized in other exter-nal expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognized in financial expenses. Each lease payment is separated into re-payment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classi-fied as cash flows from operating activities. Short-term leases and leases of low-value assets are not recognized as right-of-use-assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-83-4": {
"value": " Accounting policies Investments in subsidiaries in the Parent Company\u2019s financial statement Investments in subsidiaries are measured in the Parent Company\u2019s financial statements at historical cost. If the historical cost exceeds the recoverable amount, the costs are impaired to the lower value. When dividend distributed exceeds the accumulated earnings after the acquisition date this is considered as an indication of impairment. If the Parent Company has a legal or constructive obligation to cover a subsidiary\u2019s deficit, a provision is recognized to the extent that it exceeds amounts owed by the subsidiary. Gains and losses on disposal of subsidiaries are calculated as the difference between the sale or liquida-tion amount and the carrying amount at the time of sale less costs to sell. Gains or losses are recognized in the statement of comprehensive income under \"Other operating income\" and \"Other operating expenses\". Dividends from subsidiaries Dividends from investments are recognized in the Parent Company\u2019s profit in the accounting period, where the right for the dividend is earned. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-82-2": {
"value": "Note 13 \u2013 Investments in subsidiaries Parent Company DKK \u00b4000 2022 2021 Balance at 1 January 981,346 1,023,300 Disposals related to divestment 0 -15,737 Disposals related to mergers 0 -26,217 Balance at 31 December 981,346 981,346 Write down at 1 January -214,097 -160,454 Write down -36,811 -53,643 Amortization and write down at 31 December -250,908 -214,097 Carrying amount 31 December 730,438 767,250 Write down of investments in 2022 is primarily related to the divestment of the Russian business. The disposal in 2021 relate to disposal of group entities in the Baltic region, UAB Columbus Lietuva and Columbus Eesti AS. Write down in 2021 relates to impairment in connection with the divestment of the Columbus US SMB busi-ness. Accounting policies Investments in subsidiaries in the Parent Company\u2019s financial statement Investments in subsidiaries are measured in the Parent Company\u2019s financial statements at historical cost. If the historical cost exceeds the recoverable amount, the costs are impaired to the lower value. When dividend distributed exceeds the accumulated earnings after the acquisition date this is considered as an indication of impairment. If the Parent Company has a legal or constructive obligation to cover a subsidiary\u2019s deficit, a provision is recognized to the extent that it exceeds amounts owed by the subsidiary. Gains and losses on disposal of subsidiaries are calculated as the difference between the sale or liquida-tion amount and the carrying amount at the time of sale less costs to sell. Gains or losses are recognized in the statement of comprehensive income under \"Other operating income\" and \"Other operating expenses\". Dividends from subsidiaries Dividends from investments are recognized in the Parent Company\u2019s profit in the accounting period, where the right for the dividend is earned. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-2": {
"value": "Note 14 \u2013 Trade receivables Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Receivables (gross) at 1 Jan 281,133 241,749 59,728 37,023 Change in receivables during the period -19,711 39,384 -6,431 22,705 Receivables (gross) end of period 261,422 281,133 53,297 59,728 Provisions for bad debt at 1 Jan 11,550 19,178 1,277 673 Change in provisions for bad debt during the period-7,074 -7,609 4,273 585 Loss realized during the period 2,146 -19 24 19 Provisions for bad debt end of period 6,622 11,550 5,574 1,277 Carrying amount end of period 254,800 269,583 47,723 58,451 Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group\u2019s ac-counting policies. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Age of receivables (gross):Not due 174,400 190,113 35,410 42,380 0-30 days 72,614 57,896 15,625 11,630 30-60 days 9,009 9,859 1,141 2,340 61-90 days 3,358 8,033 339 781 91-180 days 1,724 4,627 457 1,603 181-270 days 114 2,131 189 151 270-360 days 3 142 35 170 Above 360 days 200 8,332 101 673 Total 261,422 281,133 53,297 59,728 Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Age of impairment:Not due 5,091 747 5,106 16 0-30 days 363 50 78 12 30-60 days 226 130 29 28 61-90 days 252 250 25 39 91-180 days 431 1,019 114 284 181-270 days 57 880 95 70 271-360 days 2 142 26 155 Over 360 days 200 8,332 101 673 Total 6,622 11,550 5,574 1,277 Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Provision matrix:Not due 2.9% 0.4% 14.4% 0.0% 0-30 days 0.5% 0.1% 0.5% 0.1% 30-60 days 2.5% 1.3% 2.5% 1.2% 61-90 days 7.5% 3.1% 7.4% 5.0% 91-180 days 25.0% 22.0% 25.0% 17.7% 181-270 days 50.0% 41.3% 50.0% 46.4% 271-360 days 75.0% 99.4% 75.0% 91.2% Over 360 days 100.0% 100.0% 100.0% 100.0% The parent entity has applied management provisions, to mitigate the risk of credit loss due to a dispute with a single customer, resulting in the provision percentage for the \u201cnot due\u201d category being higher than usual. Note 14 \u2013 Trade receivables (continued) Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-3": {
"value": "Note 14 \u2013 Trade receivables Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Receivables (gross) at 1 Jan 281,133 241,749 59,728 37,023 Change in receivables during the period -19,711 39,384 -6,431 22,705 Receivables (gross) end of period 261,422 281,133 53,297 59,728 Provisions for bad debt at 1 Jan 11,550 19,178 1,277 673 Change in provisions for bad debt during the period-7,074 -7,609 4,273 585 Loss realized during the period 2,146 -19 24 19 Provisions for bad debt end of period 6,622 11,550 5,574 1,277 Carrying amount end of period 254,800 269,583 47,723 58,451 Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group\u2019s ac-counting policies. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Age of receivables (gross):Not due 174,400 190,113 35,410 42,380 0-30 days 72,614 57,896 15,625 11,630 30-60 days 9,009 9,859 1,141 2,340 61-90 days 3,358 8,033 339 781 91-180 days 1,724 4,627 457 1,603 181-270 days 114 2,131 189 151 270-360 days 3 142 35 170 Above 360 days 200 8,332 101 673 Total 261,422 281,133 53,297 59,728 Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Age of impairment:Not due 5,091 747 5,106 16 0-30 days 363 50 78 12 30-60 days 226 130 29 28 61-90 days 252 250 25 39 91-180 days 431 1,019 114 284 181-270 days 57 880 95 70 271-360 days 2 142 26 155 Over 360 days 200 8,332 101 673 Total 6,622 11,550 5,574 1,277 Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Provision matrix:Not due 2.9% 0.4% 14.4% 0.0% 0-30 days 0.5% 0.1% 0.5% 0.1% 30-60 days 2.5% 1.3% 2.5% 1.2% 61-90 days 7.5% 3.1% 7.4% 5.0% 91-180 days 25.0% 22.0% 25.0% 17.7% 181-270 days 50.0% 41.3% 50.0% 46.4% 271-360 days 75.0% 99.4% 75.0% 91.2% Over 360 days 100.0% 100.0% 100.0% 100.0% The parent entity has applied management provisions, to mitigate the risk of credit loss due to a dispute with a single customer, resulting in the provision percentage for the \u201cnot due\u201d category being higher than usual. Note 14 \u2013 Trade receivables (continued) Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-4": {
"value": "Note 14 \u2013 Trade receivables Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Receivables (gross) at 1 Jan 281,133 241,749 59,728 37,023 Change in receivables during the period -19,711 39,384 -6,431 22,705 Receivables (gross) end of period 261,422 281,133 53,297 59,728 Provisions for bad debt at 1 Jan 11,550 19,178 1,277 673 Change in provisions for bad debt during the period-7,074 -7,609 4,273 585 Loss realized during the period 2,146 -19 24 19 Provisions for bad debt end of period 6,622 11,550 5,574 1,277 Carrying amount end of period 254,800 269,583 47,723 58,451 Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group\u2019s ac-counting policies. Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Age of receivables (gross):Not due 174,400 190,113 35,410 42,380 0-30 days 72,614 57,896 15,625 11,630 30-60 days 9,009 9,859 1,141 2,340 61-90 days 3,358 8,033 339 781 91-180 days 1,724 4,627 457 1,603 181-270 days 114 2,131 189 151 270-360 days 3 142 35 170 Above 360 days 200 8,332 101 673 Total 261,422 281,133 53,297 59,728 Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Age of impairment:Not due 5,091 747 5,106 16 0-30 days 363 50 78 12 30-60 days 226 130 29 28 61-90 days 252 250 25 39 91-180 days 431 1,019 114 284 181-270 days 57 880 95 70 271-360 days 2 142 26 155 Over 360 days 200 8,332 101 673 Total 6,622 11,550 5,574 1,277 Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Provision matrix:Not due 2.9% 0.4% 14.4% 0.0% 0-30 days 0.5% 0.1% 0.5% 0.1% 30-60 days 2.5% 1.3% 2.5% 1.2% 61-90 days 7.5% 3.1% 7.4% 5.0% 91-180 days 25.0% 22.0% 25.0% 17.7% 181-270 days 50.0% 41.3% 50.0% 46.4% 271-360 days 75.0% 99.4% 75.0% 91.2% Over 360 days 100.0% 100.0% 100.0% 100.0% The parent entity has applied management provisions, to mitigate the risk of credit loss due to a dispute with a single customer, resulting in the provision percentage for the \u201cnot due\u201d category being higher than usual. Note 14 \u2013 Trade receivables (continued) Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. Credit risks The Group's credit risks primarily derive from trade receivables. Trade receivables are distributed between many customers and geographical areas. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the eco-nomic environment. The maximum credit risk on the balance sheet date equals the carrying amount. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-6": {
"value": "Note 14 \u2013 Trade receivables (continued) Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-4": {
"value": "Note 15 \u2013 Contract assets and contract liabilities (continued) Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and expected losses. Market value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the con-sumption of resources cannot be used as a base, the measurement is instead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is taken immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognized at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognized in the balance sheet under current assets or liabili-ties, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognized in statement of comprehensive income as in-curred. When assessing impairment for the Group\u2019s contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group\u2019s trade receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-89-2": {
"value": "Note 16 \u2013 Share capital The share capital consists of 129,276,264 shares of DKK 1.25, corresponding to DKK 161,595k (nom.). The shares are not divided into classes, and no shares have any special rights. The share capital is fully paid up. There has been no capital increase in 2022. In 2021 the Company increased the capital by 4,654,132 shares of DKK 1.25, corresponding to DKK 5,817k (nom.) as a result of exercised warrant programs. Parent Company 2022 2021 Number of shares at the beginning of the year 129,276,264 124,622,132 Capital increase 0 4,654,132 Number of shares at 31 December 129,276,264 129,276,264 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-2": {
"value": "Note 17 \u2013 Provisions and contingent consideration Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Contingent consideration 0 6,539 0 6,539 Other provisions 866 7,778 866 7,778 866 14,317 866 14,317 Contingent Other DKK \u00b4000consideration provisions Total Group 2022Balance (non-current) at 1 January 2022 0 1,056 1,056 Balance (current) at 1 January 2022 6,539 6,722 13,261 Unachieved earn-out during the period -6,539 0 -6,539 Settlement of claim 0 -6,722 -6,722 Changes in other provisions 0 -190 -190 Carrying amount at 31 December 2022 0 866 866 Carrying amount non-current at 31 December 2022 0 866 866 Carrying amount current at 31 December 2022 0 0 0 Contingent consideration The unachieved earn-out is related to the outcome of a dispute with two former minority shareholders in iS-tone who had violated the terms in the share purchase agreement. As a result of the dispute Columbus is no longer obliged to pay the remaining remuneration/contingent consideration and has also received finan-cial compensation. Other provisions Other provisions are primarily related to claims and refurbishment obligations of leased assets. Contingent Other DKK \u00b4000consideration provisions Total Group 2021Balance (non-current) at 1 January 2021 0 21,337 21,337 Balance (current) at 1 January 2021 81,594 6,722 88,316 Foreign currency translation, year-end exchange rate -57 102 45 Changes in forward contract 0 2,252 2,252 Paid earn-out during the period -74,998 0 -74,998 Payment of retained holiday allowance 0 -22,635 -22,635 Carrying amount at 31 December 2021 6,539 7,778 14,317 Carrying amount non-current at 31 December 2021 0 1,056 1,056 Carrying amount current at 31 December 2021 6,539 6,722 13,261 Note 17 \u2013 Provisions and contingent consideration (continued) Contingent Other DKK \u00b4000consideration provisions Total Parent 2022Balance (non-current) at 1 January 2022 0 1,056 1,056 Balance (current) at 1 January 2022 6,539 6,722 13,261 Unachieved earn out during the period -6,539 0 -6,539 Settlement of claim 0 -6,722 -6,722 Changes in other provisions 0 -190 -190 Carrying amount at 31 December 2022 0 866 866 Carrying amount non-current at 31 December 2022 0 866 866 Carrying amount current at 31 December 2022 0 0 0 Contingent consideration The unachieved earn-out is related to the outcome of a dispute with two former minority shareholders in iS-tone who had violated the terms in the share purchase agreement. As a result of the dispute Columbus is no longer obliged to pay the remaining remuneration/contingent consideration and has also received finan-cial compensation. Other provisions Other provisions are primarily related to repairment obligations on leased assets. Contingent Other DKK \u00b4000consideration provisions Total Parent 2021Balance (non-current) at 1 January 2021 0 21,337 21,337 Balance (current) at 1 January 2021 81,594 6,722 88,316 Foreign currency translation, year-end exchange rate -57 102 45 Changes in forward contract 0 2,252 2,252 Paid earn out during the period -74,998 0 -74,998 Payment of retained holiday allowance 0 -22,635 -22,635 Carrying amount at 31 December 2021 6,539 7,778 14,317 Carrying amount non-current at 31 December 2021 0 1,056 1,056 Carrying amount current at 31 December 2021 6,539 6,722 13,261 Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity more than one year from the balance sheet date are measured at pre-sent value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-3": {
"value": "Note 17 \u2013 Provisions and contingent consideration Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Contingent consideration 0 6,539 0 6,539 Other provisions 866 7,778 866 7,778 866 14,317 866 14,317 Contingent Other DKK \u00b4000consideration provisions Total Group 2022Balance (non-current) at 1 January 2022 0 1,056 1,056 Balance (current) at 1 January 2022 6,539 6,722 13,261 Unachieved earn-out during the period -6,539 0 -6,539 Settlement of claim 0 -6,722 -6,722 Changes in other provisions 0 -190 -190 Carrying amount at 31 December 2022 0 866 866 Carrying amount non-current at 31 December 2022 0 866 866 Carrying amount current at 31 December 2022 0 0 0 Contingent consideration The unachieved earn-out is related to the outcome of a dispute with two former minority shareholders in iS-tone who had violated the terms in the share purchase agreement. As a result of the dispute Columbus is no longer obliged to pay the remaining remuneration/contingent consideration and has also received finan-cial compensation. Other provisions Other provisions are primarily related to claims and refurbishment obligations of leased assets. Contingent Other DKK \u00b4000consideration provisions Total Group 2021Balance (non-current) at 1 January 2021 0 21,337 21,337 Balance (current) at 1 January 2021 81,594 6,722 88,316 Foreign currency translation, year-end exchange rate -57 102 45 Changes in forward contract 0 2,252 2,252 Paid earn-out during the period -74,998 0 -74,998 Payment of retained holiday allowance 0 -22,635 -22,635 Carrying amount at 31 December 2021 6,539 7,778 14,317 Carrying amount non-current at 31 December 2021 0 1,056 1,056 Carrying amount current at 31 December 2021 6,539 6,722 13,261 Note 17 \u2013 Provisions and contingent consideration (continued) Contingent Other DKK \u00b4000consideration provisions Total Parent 2022Balance (non-current) at 1 January 2022 0 1,056 1,056 Balance (current) at 1 January 2022 6,539 6,722 13,261 Unachieved earn out during the period -6,539 0 -6,539 Settlement of claim 0 -6,722 -6,722 Changes in other provisions 0 -190 -190 Carrying amount at 31 December 2022 0 866 866 Carrying amount non-current at 31 December 2022 0 866 866 Carrying amount current at 31 December 2022 0 0 0 Contingent consideration The unachieved earn-out is related to the outcome of a dispute with two former minority shareholders in iS-tone who had violated the terms in the share purchase agreement. As a result of the dispute Columbus is no longer obliged to pay the remaining remuneration/contingent consideration and has also received finan-cial compensation. Other provisions Other provisions are primarily related to repairment obligations on leased assets. Contingent Other DKK \u00b4000consideration provisions Total Parent 2021Balance (non-current) at 1 January 2021 0 21,337 21,337 Balance (current) at 1 January 2021 81,594 6,722 88,316 Foreign currency translation, year-end exchange rate -57 102 45 Changes in forward contract 0 2,252 2,252 Paid earn out during the period -74,998 0 -74,998 Payment of retained holiday allowance 0 -22,635 -22,635 Carrying amount at 31 December 2021 6,539 7,778 14,317 Carrying amount non-current at 31 December 2021 0 1,056 1,056 Carrying amount current at 31 December 2021 6,539 6,722 13,261 Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity more than one year from the balance sheet date are measured at pre-sent value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-5": {
"value": " Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity more than one year from the balance sheet date are measured at pre-sent value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-3": {
"value": "Note 19 \u2013 Other payables Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Payroll cost, payroll tax, retirement benefit obligations etc. 58,791 111,899 9,972 28,659 Holiday pay etc. 47,690 48,421 10,584 10,354 VAT payable 25,224 29,163 3,515 4,796 Other liabilities 32,852 27,923 9,131 4,794 164,557 217,406 33,202 48,603 The carrying amount of other payables matches the fair value of the liabilities. The holiday pay obligation represents the Group\u2019s obligation to pay salary during employees' holiday in the following financial year. Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-bilities are measured at amortized cost using the \"effective interest method\" so that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the loan period. Other liabilities are measured at amortized cost. Pensions Contributions to defined contribution plans are recognized in the statement of comprehensive income in the period to which they relate and any contributions payable are recognized in the balance sheet under other payables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-97-4": {
"value": "Note 19 \u2013 Other payables Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Payroll cost, payroll tax, retirement benefit obligations etc. 58,791 111,899 9,972 28,659 Holiday pay etc. 47,690 48,421 10,584 10,354 VAT payable 25,224 29,163 3,515 4,796 Other liabilities 32,852 27,923 9,131 4,794 164,557 217,406 33,202 48,603 The carrying amount of other payables matches the fair value of the liabilities. The holiday pay obligation represents the Group\u2019s obligation to pay salary during employees' holiday in the following financial year. Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-bilities are measured at amortized cost using the \"effective interest method\" so that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the loan period. Other liabilities are measured at amortized cost. Pensions Contributions to defined contribution plans are recognized in the statement of comprehensive income in the period to which they relate and any contributions payable are recognized in the balance sheet under other payables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-98-5": {
"value": " Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-bilities are measured at amortized cost using the \"effective interest method\" so that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the loan period. Other liabilities are measured at amortized cost. Pensions Contributions to defined contribution plans are recognized in the statement of comprehensive income in the period to which they relate and any contributions payable are recognized in the balance sheet under other payables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-2": {
"value": "Note 20 \u2013 Contingent liabilities and commitments for expenditures Parent Company Contingent liabilities The Danish jointly taxed companies are jointly and severally liable for tax on joint taxation income. The Company is included in Danish jointly taxation with Consolidated Holdings A/S as controlling company. Thus, the Company is, in accordance with the Danish Corporation Tax Act, from financial year 2013 liable for income tax etc. for the jointly taxed companies and from 1 July 2012 also for potential liabilities, includ-ing withholding tax on interest, royalties and profits for these companies. Commitments for expenditures The Company has guaranteed payment of banking arrangements in Nordea for subsidiaries. As of 31 De-cember 2022 the maximum liability is DKK 14.348k (2021: DKK 13.442k). Guarantees The Company have provided guarantees for its subsidiaries regarding rent expenses. As of 31 December 2022 the guarantees amounts to DKK 890K. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-3": {
"value": "Note 20 \u2013 Contingent liabilities and commitments for expenditures Parent Company Contingent liabilities The Danish jointly taxed companies are jointly and severally liable for tax on joint taxation income. The Company is included in Danish jointly taxation with Consolidated Holdings A/S as controlling company. Thus, the Company is, in accordance with the Danish Corporation Tax Act, from financial year 2013 liable for income tax etc. for the jointly taxed companies and from 1 July 2012 also for potential liabilities, includ-ing withholding tax on interest, royalties and profits for these companies. Commitments for expenditures The Company has guaranteed payment of banking arrangements in Nordea for subsidiaries. As of 31 De-cember 2022 the maximum liability is DKK 14.348k (2021: DKK 13.442k). Guarantees The Company have provided guarantees for its subsidiaries regarding rent expenses. As of 31 December 2022 the guarantees amounts to DKK 890K. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-4": {
"value": "Note 20 \u2013 Contingent liabilities and commitments for expenditures Parent Company Contingent liabilities The Danish jointly taxed companies are jointly and severally liable for tax on joint taxation income. The Company is included in Danish jointly taxation with Consolidated Holdings A/S as controlling company. Thus, the Company is, in accordance with the Danish Corporation Tax Act, from financial year 2013 liable for income tax etc. for the jointly taxed companies and from 1 July 2012 also for potential liabilities, includ-ing withholding tax on interest, royalties and profits for these companies. Commitments for expenditures The Company has guaranteed payment of banking arrangements in Nordea for subsidiaries. As of 31 De-cember 2022 the maximum liability is DKK 14.348k (2021: DKK 13.442k). Guarantees The Company have provided guarantees for its subsidiaries regarding rent expenses. As of 31 December 2022 the guarantees amounts to DKK 890K. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-2": {
"value": "Note 22 \u2013 Fee to the Group's auditor elected by the annual general meeting Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Auditor elected by the annual general meetingStatutory audit 2,174 2,112 593 623 Other assurance services 71 91 71 91 Other non-audit services 358 110 358 0 Total audit fee 2,603 2,313 1,022 714 Other services provided by the auditors elected by the annual general meeting comprise of fee for advisory related to ESG reporting and review of the remuneration report. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-2": {
"value": "Note 23 \u2013 Financial risks and financial instruments The below maturity analysis is based on undiscounted cash flow, and the method of accounting is equiva-lent to Columbus' cash flow exposure going forward. The maturity analysis shows a balanced current ratio. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2022Financial assetsTrade receivables 254,800 0 0 254,800 Contract assets 5,822 0 0 5,822 Corporate tax receivables 2,254 0 0 2,254 Other receivables 12,930 9,110 7,399 29,439 Receivables from divestment of activities 59,264 0 0 59,264 Prepayments 19,868 0 0 19,868 Cash and bank balances 32,787 0 0 32,787 Total financial assets 387,725 9,110 7,399 404,234 Financial liabilitiesDebt to credit institutions 55,702 84,265 0 139,967 Contract liabilities 9,960 0 0 9,960 Trade payables 64,926 0 0 64,926 Corporate tax payables 1,426 0 0 1,426 Other payables 164,557 0 0 164,557 Accruals and deferred income 36,898 0 0 36,898 Lease liability right-of-use assets 28,640 41,968 0 70,608 Other provisions 0 866 0 866 Total financial liabilities 362,109 127,099 0 489,208 Ratio 1.07 0.83 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall due for payment. The below table disclose the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 -11,632 Lease liability right-of-use assets -1,715 -1,171 0 -2,886 Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrow-ing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity pro-files of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are equivalent to the fair value. Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2021Financial assetsTrade receivables 269,583 0 0 269,583 Contract assets 11,433 0 0 11,433 Corporate tax receivables 12,041 0 0 12,041 Other receivables 3,791 10,132 7,266 21,189 Receivables from divestment of activities 55,631 0 0 55,631 Prepayments 19,367 0 0 19,367 Cash and bank balances 62,943 0 0 62,943 Total financial assets 434,789 10,132 7,266 452,187 Financial liabilitiesDebt to credit institutions 19,660 77,509 0 97,169 Contingent consideration 6,539 0 0 6,539 Contract liabilities 17,248 0 0 17,248 Trade payables 79,168 0 0 79,168 Corporate tax payables 1,171 0 0 1,171 Other payables 217,406 0 0 217,406 Accruals and deferred income 32,938 0 0 32,938 Lease liability right-of-use assets 29,966 37,539 0 67,505 Other provisions 6,722 1,056 0 7,778 Total financial liabilities 410,818 116,104 0 526,922 Ratio 1.06 0.86 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -616 -1,539 0 -2,155 Lease liability right-of-use assets -1,607 -1,085 0 -2,692 Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Parent 2022Financial assetsTrade receivables 47,723 0 0 47,723 Receivables from subsidiaries 69,202 0 0 69,202 Contract assets 229 0 0 229 Other receivables 8,759 9,110 3,033 20,902 Prepayments 8,801 0 0 8,801 Cash and bank balances 0 0 0 0 Total financial assets 134,714 9,110 3,033 146,857 Financial liabilitiesDebt to credit institutions 78,461 84,265 0 162,726 Contingent consideration 0 0 0 0 Debt to subsidiaries 40,746 0 0 40,746 Contract liabilities 2,210 0 0 2,210 Trade payables 23,319 0 0 23,319 Other payables 33,202 0 0 33,202 Accruals and deferred income 5,182 0 0 5,182 Lease liability right-of-use assets 6,459 6,473 0 12,932 Other provisions 0 866 0 866 Total financial liabilities 189,579 91,604 0 281,183 Ratio 0.71 0.52 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall due for payment. The below table discloses the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 0 -11,632 Lease liability right-of-use assets -257 -102 0 -359 Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Parent 2021Financial assetsTrade receivables 58,451 0 0 58,451 Receivables from subsidiaries 29,306 0 0 29,306 Contract assets 952 0 0 952 Other receivables 2,082 10,132 2,794 15,008 Prepayments 9,219 0 0 9,219 Cash and bank balances 2,491 0 0 2,491 Total financial assets 102,501 10,132 2,794 115,427 Financial liabilitiesDebt to credit institutions 34,374 77,509 0 111,883 Contingent consideration 6,539 0 0 6,539 Debt to subsidiaries 65,588 0 0 65,588 Contract liabilities 6,925 0 0 6,925 Trade payables 21,572 0 0 21,572 Other payables 48,603 0 0 48,603 Accruals and deferred income 3,617 0 0 3,617 Lease liability right-of-use assets 6,158 10,354 0 16,512 Other provisions 6,722 1,056 0 7,778 Total financial liabilities 200,098 88,919 0 289,017 Ratio 0.51 0.40 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -616 -1,539 0 -2,155 Lease liability right-of-use assets -345 -267 0 -612 Note 23 \u2013 Financial risks and financial instruments (continued) Financing facilities Group DKK \u00b4000 2022 2021 Cash and bank balances 32,787 62,943 Unused credits 89,978 13,565 122,765 76,508 The Group's cash reserves consist of cash and unused credits. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-3": {
"value": "Note 23 \u2013 Financial risks and financial instruments The below maturity analysis is based on undiscounted cash flow, and the method of accounting is equiva-lent to Columbus' cash flow exposure going forward. The maturity analysis shows a balanced current ratio. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2022Financial assetsTrade receivables 254,800 0 0 254,800 Contract assets 5,822 0 0 5,822 Corporate tax receivables 2,254 0 0 2,254 Other receivables 12,930 9,110 7,399 29,439 Receivables from divestment of activities 59,264 0 0 59,264 Prepayments 19,868 0 0 19,868 Cash and bank balances 32,787 0 0 32,787 Total financial assets 387,725 9,110 7,399 404,234 Financial liabilitiesDebt to credit institutions 55,702 84,265 0 139,967 Contract liabilities 9,960 0 0 9,960 Trade payables 64,926 0 0 64,926 Corporate tax payables 1,426 0 0 1,426 Other payables 164,557 0 0 164,557 Accruals and deferred income 36,898 0 0 36,898 Lease liability right-of-use assets 28,640 41,968 0 70,608 Other provisions 0 866 0 866 Total financial liabilities 362,109 127,099 0 489,208 Ratio 1.07 0.83 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall due for payment. The below table disclose the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 -11,632 Lease liability right-of-use assets -1,715 -1,171 0 -2,886 Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrow-ing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity pro-files of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are equivalent to the fair value. Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2021Financial assetsTrade receivables 269,583 0 0 269,583 Contract assets 11,433 0 0 11,433 Corporate tax receivables 12,041 0 0 12,041 Other receivables 3,791 10,132 7,266 21,189 Receivables from divestment of activities 55,631 0 0 55,631 Prepayments 19,367 0 0 19,367 Cash and bank balances 62,943 0 0 62,943 Total financial assets 434,789 10,132 7,266 452,187 Financial liabilitiesDebt to credit institutions 19,660 77,509 0 97,169 Contingent consideration 6,539 0 0 6,539 Contract liabilities 17,248 0 0 17,248 Trade payables 79,168 0 0 79,168 Corporate tax payables 1,171 0 0 1,171 Other payables 217,406 0 0 217,406 Accruals and deferred income 32,938 0 0 32,938 Lease liability right-of-use assets 29,966 37,539 0 67,505 Other provisions 6,722 1,056 0 7,778 Total financial liabilities 410,818 116,104 0 526,922 Ratio 1.06 0.86 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -616 -1,539 0 -2,155 Lease liability right-of-use assets -1,607 -1,085 0 -2,692 Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Parent 2022Financial assetsTrade receivables 47,723 0 0 47,723 Receivables from subsidiaries 69,202 0 0 69,202 Contract assets 229 0 0 229 Other receivables 8,759 9,110 3,033 20,902 Prepayments 8,801 0 0 8,801 Cash and bank balances 0 0 0 0 Total financial assets 134,714 9,110 3,033 146,857 Financial liabilitiesDebt to credit institutions 78,461 84,265 0 162,726 Contingent consideration 0 0 0 0 Debt to subsidiaries 40,746 0 0 40,746 Contract liabilities 2,210 0 0 2,210 Trade payables 23,319 0 0 23,319 Other payables 33,202 0 0 33,202 Accruals and deferred income 5,182 0 0 5,182 Lease liability right-of-use assets 6,459 6,473 0 12,932 Other provisions 0 866 0 866 Total financial liabilities 189,579 91,604 0 281,183 Ratio 0.71 0.52 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall due for payment. The below table discloses the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 0 -11,632 Lease liability right-of-use assets -257 -102 0 -359 Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Parent 2021Financial assetsTrade receivables 58,451 0 0 58,451 Receivables from subsidiaries 29,306 0 0 29,306 Contract assets 952 0 0 952 Other receivables 2,082 10,132 2,794 15,008 Prepayments 9,219 0 0 9,219 Cash and bank balances 2,491 0 0 2,491 Total financial assets 102,501 10,132 2,794 115,427 Financial liabilitiesDebt to credit institutions 34,374 77,509 0 111,883 Contingent consideration 6,539 0 0 6,539 Debt to subsidiaries 65,588 0 0 65,588 Contract liabilities 6,925 0 0 6,925 Trade payables 21,572 0 0 21,572 Other payables 48,603 0 0 48,603 Accruals and deferred income 3,617 0 0 3,617 Lease liability right-of-use assets 6,158 10,354 0 16,512 Other provisions 6,722 1,056 0 7,778 Total financial liabilities 200,098 88,919 0 289,017 Ratio 0.51 0.40 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -616 -1,539 0 -2,155 Lease liability right-of-use assets -345 -267 0 -612 Note 23 \u2013 Financial risks and financial instruments (continued) Financing facilities Group DKK \u00b4000 2022 2021 Cash and bank balances 32,787 62,943 Unused credits 89,978 13,565 122,765 76,508 The Group's cash reserves consist of cash and unused credits. Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group follows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx. 76% of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the relevant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. Profit after tax exchange rates sensitivity Group DKK \u00b4000 2022 2021 Effect of 10% decrease in USD 459 -359 Effect of 10% decrease in GBP 278 -594 Effect of 10% decrease in SEK -1,294 -1,805 Effect of 10% decrease in NOK -314 -1,753 Effect of 10% decrease in CLP -268 -148 Effect of 10% decrease in CZK -118 -75 Effect of 10% decrease in PLN -218 -133 Effect of 10% decrease in INR -602 -532 Revenue exchange rates sensitivity Group DKK \u00b4000 2022 2021 Effect of 10% decrease in USD -8,727 -9,906 Effect of 10% decrease in GBP -18,879 -19,679 Effect of 10% decrease in SEK -60,265 -59,708 Effect of 10% decrease in NOK -28,289 -26,656 Effect of 10% decrease in CLP -718 -718 Effect of 10% decrease in CZK -807 -807 Effect of 10% decrease in PLN -1,872 -1,872 Effect of 10% decrease in INR -3,546 -3,546 Note 23 \u2013 Financial risks and financial instruments (continued) Interest rates Fluctuations in interest rates have an effect on the Group's financial instruments. By the end of 2022 an in-crease in interest rates of half a percentage point would increase the Group's interest by DKK 659k (2021: DKK 380k). The financial liabilities included in the sensitivity analysis include long-term and short-term debt to credit institutions. Credit risks The Group's credit risks primarily derive from trade receivables. Trade receivables are distributed between many customers and geographical areas. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the eco-nomic environment. The maximum credit risk on the balance sheet date equals the carrying amount. Optimization of capital structure The Group management continuously determines whether the capital structure is in accordance with the interests of the Company and shareholders. The overall goal is to ensure a capital structure which supports long-term financial growth, and at the same time maximizes the return to the Group's stakeholders through optimization of the debt and equity balance. The Group's capital structure consists of debt, comprising fi-nancial liabilities such as bank loans, lease liabilities, corporation tax payable, cash and equity, including share capital, reserves for foreign exchange adjustments and profit/loss carried forward. Breach of loan agreements The Group has neither in the financial year 2022 nor in 2021 failed to perform or defaulted on any loan agreements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-4": {
"value": "Note 23 \u2013 Financial risks and financial instruments The below maturity analysis is based on undiscounted cash flow, and the method of accounting is equiva-lent to Columbus' cash flow exposure going forward. The maturity analysis shows a balanced current ratio. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2022Financial assetsTrade receivables 254,800 0 0 254,800 Contract assets 5,822 0 0 5,822 Corporate tax receivables 2,254 0 0 2,254 Other receivables 12,930 9,110 7,399 29,439 Receivables from divestment of activities 59,264 0 0 59,264 Prepayments 19,868 0 0 19,868 Cash and bank balances 32,787 0 0 32,787 Total financial assets 387,725 9,110 7,399 404,234 Financial liabilitiesDebt to credit institutions 55,702 84,265 0 139,967 Contract liabilities 9,960 0 0 9,960 Trade payables 64,926 0 0 64,926 Corporate tax payables 1,426 0 0 1,426 Other payables 164,557 0 0 164,557 Accruals and deferred income 36,898 0 0 36,898 Lease liability right-of-use assets 28,640 41,968 0 70,608 Other provisions 0 866 0 866 Total financial liabilities 362,109 127,099 0 489,208 Ratio 1.07 0.83 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall due for payment. The below table disclose the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 -11,632 Lease liability right-of-use assets -1,715 -1,171 0 -2,886 Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrow-ing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity pro-files of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are equivalent to the fair value. Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2021Financial assetsTrade receivables 269,583 0 0 269,583 Contract assets 11,433 0 0 11,433 Corporate tax receivables 12,041 0 0 12,041 Other receivables 3,791 10,132 7,266 21,189 Receivables from divestment of activities 55,631 0 0 55,631 Prepayments 19,367 0 0 19,367 Cash and bank balances 62,943 0 0 62,943 Total financial assets 434,789 10,132 7,266 452,187 Financial liabilitiesDebt to credit institutions 19,660 77,509 0 97,169 Contingent consideration 6,539 0 0 6,539 Contract liabilities 17,248 0 0 17,248 Trade payables 79,168 0 0 79,168 Corporate tax payables 1,171 0 0 1,171 Other payables 217,406 0 0 217,406 Accruals and deferred income 32,938 0 0 32,938 Lease liability right-of-use assets 29,966 37,539 0 67,505 Other provisions 6,722 1,056 0 7,778 Total financial liabilities 410,818 116,104 0 526,922 Ratio 1.06 0.86 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -616 -1,539 0 -2,155 Lease liability right-of-use assets -1,607 -1,085 0 -2,692 Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Parent 2022Financial assetsTrade receivables 47,723 0 0 47,723 Receivables from subsidiaries 69,202 0 0 69,202 Contract assets 229 0 0 229 Other receivables 8,759 9,110 3,033 20,902 Prepayments 8,801 0 0 8,801 Cash and bank balances 0 0 0 0 Total financial assets 134,714 9,110 3,033 146,857 Financial liabilitiesDebt to credit institutions 78,461 84,265 0 162,726 Contingent consideration 0 0 0 0 Debt to subsidiaries 40,746 0 0 40,746 Contract liabilities 2,210 0 0 2,210 Trade payables 23,319 0 0 23,319 Other payables 33,202 0 0 33,202 Accruals and deferred income 5,182 0 0 5,182 Lease liability right-of-use assets 6,459 6,473 0 12,932 Other provisions 0 866 0 866 Total financial liabilities 189,579 91,604 0 281,183 Ratio 0.71 0.52 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall due for payment. The below table discloses the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 0 -11,632 Lease liability right-of-use assets -257 -102 0 -359 Note 23 \u2013 Financial risks and financial instruments (continued) Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Parent 2021Financial assetsTrade receivables 58,451 0 0 58,451 Receivables from subsidiaries 29,306 0 0 29,306 Contract assets 952 0 0 952 Other receivables 2,082 10,132 2,794 15,008 Prepayments 9,219 0 0 9,219 Cash and bank balances 2,491 0 0 2,491 Total financial assets 102,501 10,132 2,794 115,427 Financial liabilitiesDebt to credit institutions 34,374 77,509 0 111,883 Contingent consideration 6,539 0 0 6,539 Debt to subsidiaries 65,588 0 0 65,588 Contract liabilities 6,925 0 0 6,925 Trade payables 21,572 0 0 21,572 Other payables 48,603 0 0 48,603 Accruals and deferred income 3,617 0 0 3,617 Lease liability right-of-use assets 6,158 10,354 0 16,512 Other provisions 6,722 1,056 0 7,778 Total financial liabilities 200,098 88,919 0 289,017 Ratio 0.51 0.40 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -616 -1,539 0 -2,155 Lease liability right-of-use assets -345 -267 0 -612 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-3": {
"value": "Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group follows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx. 76% of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the relevant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. Profit after tax exchange rates sensitivity Group DKK \u00b4000 2022 2021 Effect of 10% decrease in USD 459 -359 Effect of 10% decrease in GBP 278 -594 Effect of 10% decrease in SEK -1,294 -1,805 Effect of 10% decrease in NOK -314 -1,753 Effect of 10% decrease in CLP -268 -148 Effect of 10% decrease in CZK -118 -75 Effect of 10% decrease in PLN -218 -133 Effect of 10% decrease in INR -602 -532 Revenue exchange rates sensitivity Group DKK \u00b4000 2022 2021 Effect of 10% decrease in USD -8,727 -9,906 Effect of 10% decrease in GBP -18,879 -19,679 Effect of 10% decrease in SEK -60,265 -59,708 Effect of 10% decrease in NOK -28,289 -26,656 Effect of 10% decrease in CLP -718 -718 Effect of 10% decrease in CZK -807 -807 Effect of 10% decrease in PLN -1,872 -1,872 Effect of 10% decrease in INR -3,546 -3,546 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-4": {
"value": "Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group follows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx. 76% of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the relevant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. Profit after tax exchange rates sensitivity Group DKK \u00b4000 2022 2021 Effect of 10% decrease in USD 459 -359 Effect of 10% decrease in GBP 278 -594 Effect of 10% decrease in SEK -1,294 -1,805 Effect of 10% decrease in NOK -314 -1,753 Effect of 10% decrease in CLP -268 -148 Effect of 10% decrease in CZK -118 -75 Effect of 10% decrease in PLN -218 -133 Effect of 10% decrease in INR -602 -532 Revenue exchange rates sensitivity Group DKK \u00b4000 2022 2021 Effect of 10% decrease in USD -8,727 -9,906 Effect of 10% decrease in GBP -18,879 -19,679 Effect of 10% decrease in SEK -60,265 -59,708 Effect of 10% decrease in NOK -28,289 -26,656 Effect of 10% decrease in CLP -718 -718 Effect of 10% decrease in CZK -807 -807 Effect of 10% decrease in PLN -1,872 -1,872 Effect of 10% decrease in INR -3,546 -3,546 Note 23 \u2013 Financial risks and financial instruments (continued) Interest rates Fluctuations in interest rates have an effect on the Group's financial instruments. By the end of 2022 an in-crease in interest rates of half a percentage point would increase the Group's interest by DKK 659k (2021: DKK 380k). The financial liabilities included in the sensitivity analysis include long-term and short-term debt to credit institutions. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-117-3": {
"value": "Optimization of capital structure The Group management continuously determines whether the capital structure is in accordance with the interests of the Company and shareholders. The overall goal is to ensure a capital structure which supports long-term financial growth, and at the same time maximizes the return to the Group's stakeholders through optimization of the debt and equity balance. The Group's capital structure consists of debt, comprising fi-nancial liabilities such as bank loans, lease liabilities, corporation tax payable, cash and equity, including share capital, reserves for foreign exchange adjustments and profit/loss carried forward. Breach of loan agreements The Group has neither in the financial year 2022 nor in 2021 failed to perform or defaulted on any loan agreements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-2": {
"value": "Note 26 \u2013 Discontinued operations and gain/loss on sale of shares in subsidiaries Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Net revenue 9,192 224,745 0 0 External project costs -464 -73,241 0 0 Gross profit 8,728 151,504 0 0 Staff expenses and remuneration -7,768 -99,996 0 0 Other external costs -700 -13,037 0 0 Other operating income 0 15 0 0 EBITDA 260 38,486 0 0 Depreciation, amortization and impairment -321 -5,333 -36,812 -53,643 Operating profit (EBIT) -61 33,153 -36,812 -53,643 Financial income 8,826 2,420 0 0 Financial expenses -3,772 -2,443 0 0 Profit (loss) before tax from discontinued operations 4,993 33,130 -36,812 -53,643 Corporate tax -243 -671 0 0 Profit (loss) after tax from discontinued operations 4,750 32,459 -36,812 -53,643 Total gain (loss) on divestment of discontinued operations -45,966 682,542 1,603 829,103 Profit (loss) from discontinued operations -41,216 715,001 -35,209 775,460 Earnings per share from discontinued operations of DKK 1.25 (EPS) -0.32 5.58 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) -0.32 5.56 Discontinued operations in 2022 - Group On 16 March 2022 Columbus divested its Russian business, due to the Russian invasion of Ukraine. The business was sold to the local management, and the business is therefore reported as discontinued opera-tions in the profit and loss for 2022 and 2021. During 2020 Columbus initiated the process of a sale of our software company To-Increase, which repre-sent our entire ISV segment. The sale was finalised in January 2021, and the business is therefore reported as discontinued operations in the profit and loss for 2021. In January 2021, our Danish private cloud business was sold and this business is consequently also classi-fied as discontinued operations in 2021. In March 2021 our two Baltic companies were sold and the segment is consequently classified as discontin-ued operations in 2021. In November 2021, our SMB business in our US entity was sold as part of the Focus23 strategy. The busi-ness activity is consequently classified as discontinued operations in 2021. Gain/loss on sale of shares \u2013 Parent The gain/loss on sale of shares in subsidiaries and impairment losses related to subsidiaries, which are classified as discontinued operations in the consolidated financial statements, are classified as discontin-ued operations in the parent company. Note 26 \u2013 Discontinued operations (continued) Gain (loss) on divestment of discontinued operations Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Gain (loss) on disposal of subsidiaries -9,534 697,095 0 830,960 Recirculation of historical currency adjustments -34,938 0 0 0 Transaction costs related to disposal -1,494 -14,553 1,603 -1,857 Total gain (loss) on divestment of discontinued operations -45,966 682,542 1,603 829,103 Cash flow Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Cash flow from operating activities 1,065 -4,591 0 0 Cash flow from investing activities 0 -7,479 0 0 Cash flow from financing activities -326 -13,354 0 0 Cash flow from discontinued operations 739 -25,424 0 0 Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-3": {
"value": "Note 26 \u2013 Discontinued operations and gain/loss on sale of shares in subsidiaries Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Net revenue 9,192 224,745 0 0 External project costs -464 -73,241 0 0 Gross profit 8,728 151,504 0 0 Staff expenses and remuneration -7,768 -99,996 0 0 Other external costs -700 -13,037 0 0 Other operating income 0 15 0 0 EBITDA 260 38,486 0 0 Depreciation, amortization and impairment -321 -5,333 -36,812 -53,643 Operating profit (EBIT) -61 33,153 -36,812 -53,643 Financial income 8,826 2,420 0 0 Financial expenses -3,772 -2,443 0 0 Profit (loss) before tax from discontinued operations 4,993 33,130 -36,812 -53,643 Corporate tax -243 -671 0 0 Profit (loss) after tax from discontinued operations 4,750 32,459 -36,812 -53,643 Total gain (loss) on divestment of discontinued operations -45,966 682,542 1,603 829,103 Profit (loss) from discontinued operations -41,216 715,001 -35,209 775,460 Earnings per share from discontinued operations of DKK 1.25 (EPS) -0.32 5.58 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) -0.32 5.56 Discontinued operations in 2022 - Group On 16 March 2022 Columbus divested its Russian business, due to the Russian invasion of Ukraine. The business was sold to the local management, and the business is therefore reported as discontinued opera-tions in the profit and loss for 2022 and 2021. During 2020 Columbus initiated the process of a sale of our software company To-Increase, which repre-sent our entire ISV segment. The sale was finalised in January 2021, and the business is therefore reported as discontinued operations in the profit and loss for 2021. In January 2021, our Danish private cloud business was sold and this business is consequently also classi-fied as discontinued operations in 2021. In March 2021 our two Baltic companies were sold and the segment is consequently classified as discontin-ued operations in 2021. In November 2021, our SMB business in our US entity was sold as part of the Focus23 strategy. The busi-ness activity is consequently classified as discontinued operations in 2021. Gain/loss on sale of shares \u2013 Parent The gain/loss on sale of shares in subsidiaries and impairment losses related to subsidiaries, which are classified as discontinued operations in the consolidated financial statements, are classified as discontin-ued operations in the parent company. Note 26 \u2013 Discontinued operations (continued) Gain (loss) on divestment of discontinued operations Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Gain (loss) on disposal of subsidiaries -9,534 697,095 0 830,960 Recirculation of historical currency adjustments -34,938 0 0 0 Transaction costs related to disposal -1,494 -14,553 1,603 -1,857 Total gain (loss) on divestment of discontinued operations -45,966 682,542 1,603 829,103 Cash flow Group Parent Company DKK \u00b4000 2022 2021 2022 2021 Cash flow from operating activities 1,065 -4,591 0 0 Cash flow from investing activities 0 -7,479 0 0 Cash flow from financing activities -326 -13,354 0 0 Cash flow from discontinued operations 739 -25,424 0 0 Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. Note 27 \u2013 Disposal of activities On 16 March 2022, the Group disposed of its 100% equity interest in its Russian subsidiaries. On 26 January 2021, the Group disposed of its 100% equity interest in its subsidiary, To-Increase. The sub-sidiary was classified as discontinued operations in 2021. On 26 March 2021, the Group disposed of its 100% equity interest in its subsidiary, Columbus Lithuania and its 51% equity interest in its subsidiary, Columbus Estonia. The deferred consideration was partly set-tled in cash by the purchaser in April 2021 (DKK 12m), and the remaining consideration will be paid in monthly installments until 2026. On 1st November 2021, our SMB business in our US entity was sold as part of the Focus23 strategy. The business activity is consequently classified as discontinued operations in 2021. The transaction was settled partly in cash at the transaction date (USD 8m), and partly as deferred consideration which was due in Q2 2022 (USD 8.5m). The buyer has still not paid the outstanding amount to which a legal collecting process has been initiated to collect our receivable. The gain on disposal is included in the profit for the year from discontinued operations, note 26. At the date of disposal, the carrying amounts of disposed subsidiaries net assets were as follows. Note 27 \u2013 Disposal of activities (Continued) Group Parent DKK \u00b4000 2022 2021 2022 2021 Goodwill 8,822 197,980 0 0 Customer base 0 7,295 0 3,050 Other intangible assets 0 19 0 0 Development projects finalized 0 52,334 0 0 Development projects in progress 0 42,404 0 0 Property, plant and equipment 204 2,419 0 0 Right-of-use assets 2,102 20,712 0 0 Investments in subsidiaries 0 0 0 60,803 Trade receivables 1,762 36,404 0 0 Contract assets 3,731 7,575 0 0 Corporate tax receivables 0 1,052 0 0 Deferred tax assets 0 30,961 0 0 Other receivables 176 1,506 0 0 Prepayments 1,790 6,957 0 0 Cash 9,274 22,169 0 0 Total assets 27,861 429,787 0 63,853 Group Parent DKK \u00b4000 2022 2021 2022 2021 Deferred tax 358 19,095 0 0 Debt to credit institutions 0 357 0 0 Lease liability right-of-use assets 2,254 20,277 0 0 Contract liabilities 2,355 3,854 0 0 Trade payables 1,758 18,425 0 0 Corporate tax payables 5 54 0 0 Other payables 9,597 31,180 0 0 Accruals and deferred income 0 30,578 0 0 Total liabilities 16,327 123,818 0 0 Minority interests 0 2,847 0 0 Net assets disposed of 11,534 303,122 0 63,853 Cash and cash equivalents 2,000 928,334 0 865,279 Deferred consideration 0 71,883 0 29,534 Total consideration 2,000 1,000,217 0 894,813 Gain on disposal of activities -9,534 697,095 0 830,960 Net Cash inflow arising on disposal:Consideration received in cash and cash equivalents 2,000 928,334 0 865,279 Less: cash and cash equivalents dis-posed of-9,274 -22,169 0 -19,775 Transaction costs related to disposal -1,494 -29,517 1,603 -17,389 Net cash inflow arising on dis-posal -8,768 876,648 1,603 828,115 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-126-5": {
"value": " Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-126-6": {
"value": " Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-132-2": {
"value": "Note 30 \u2013 Events after the reporting period There has been no events after the balance sheet date to be accounted for. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-133-2": {
"value": "Note 31 \u2013 Approval of publication of the Annual Report On the Board meeting on 15 March 2023 the Board of Directors approved publication of the Annual Report 2022. The Annual Report 2022 will be submitted for approval by the shareholders of Columbus A/S on the Annual General Meeting on 24 April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800WP2W676G7HLJ94",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}