1 Interim Report Q2 2023
constantQ3Fyear pNew
Interim Report Q2 2023
2 Interim Report Q2 2023
24 August
2023
Highligh
ts
Q2 2023 highlights
•
Revenue growth of 11% amounting
to DKK 390m. 16% growth adjusted
for acquisitions and currency.
•
EBITDA amounted to DKK 18m.
•
EBITDA margin was 4.
6% compared
to 4.7% in Q2 2022.
•
Efficiency of 70% in Q2 2023, a 6
percentage point increase
compared
to Q2 2022.
•
Improved cash flow from operating
activities amounting to DKK 12m.
•
Business Line Security introduced.
•
Established AI Innovation Program.
H1 2023 highlight
s
•
Revenue growth of 9% amounting to
DKK 781m. 14% growth
adjusted for
acquisitions and currency.
•
EBITDA growth of 24% amounting
to DKK 57m.
•
EBITDA margin was 7.3% compared
to 6.4% in H1 2022.
•
Efficiency was 69% in H1 2023.
•
Acquisition of ICY Security ApS.
Outlook 2023 maintained
Based on the development in the
first half
of 2023, our strong pipeline and order
backlog, we maintain our 2023 expecta-
tions
:
•
Revenue guidance expected to be in
the range of DKK 1,550m – 1,600m,
corresponding to an organic growth of
8-12% (constant currencies).
•
EBITDA guidance expected to be in
the range of DKK 119m –
139m, equal
to a margin of 7.4 - 9.0%.
11
% revenue growth in Q2 2023 including a negative impact from currencies of 5 percentage
point
s. EBITDA result was DKK 18m corresponding to an EBITDA margin of 4.6% which is on par
with last year
. Our role as trusted advisor is being proof pointed by welcoming new customers in
our key segments
and extending engagements with our existing customers.
“
We have had a busy first half of 2023 expanding our customer list with prominent names across
all
Business Lines, and we are glad that our revenue numbers speak for themselves solidly
moving
towards our financial ambition of 10% organic growth from 2023”.
CEO & President
Søren Krogh Knudsen
Contents
Highlights
2
Becoming the customers’
p
referred choice
3
Key figures and ratios
4
Progress continues in Q2
5
Outlook for 2023
8
Statement by
management
9
Financial statements
10
Webcast
24 August 2023 at
13:00 CET:
Webcast and presentation
ma-
terial
: LINK
Registration to attend
telephone
conference: LINK
Ballerup (Headquarter)
DK
-2750 Ballerup
Tel: +45 70 20 50 00
3 Interim Report Q2 2023
The technological development is un-
doubtedly moving fast, and many digitali-
zation decisions are currently being made
by our customers. We clearly experience a
higher activity level, and our role as a
trusted advisor has often been proof
pointed by new and existing customers.
Welcoming new customers
It is always a great pleasure becoming the
customers' preferred choice. Our customer
wins in the first half of 2023 cover new
customers in all Business Lines and mar-
kets - below some examples.
Our new Business Line “Security” has ex-
panded the ongoing IAM engagement with
Nuuday to include refining their pro-
cesses, building a target operating model
and implementing the selected IAM plat-
forms. Nuuday is Denmark’s leading tele-
coms service provider.
In the UK market new customer engage-
ments included our Customer Experience
& Engagement (CXE) and Digital Com-
merce businesses working in partnership
with Cambridge University Press Asso-
ciation to deliver advisory services and
assistance with reviewing their digital
model and strategy.
In Sweden “Data & Analytics” (D&A) en-
tered into an agreement with Camurus to
deliver a new analytic solution based on a
modern data platform. Camurus is a Swe-
dish science-led pharmaceutical company.
During the current strategy period, Fo-
cus23, high growth rates in Digital Com-
merce, CXE and D&A have almost dou-
bled their revenue and the combined reve-
nue contribution has increased to 23% in
H1 2023 compared to 14% at the end of
2020.
Looking at the Q2 numbers
In Q2 2023 revenue increased by 11% to
DKK 390m with an underlying organic
growth of 16% adjusted for acquisitions
and currency. The numbers reflect the
strength of our core operations. However,
it is important to note that the negative im-
pact of the Nordic currencies continues to
affect our overall results. EBITDA im-
proved by 9% to DKK 18m, corresponding
to an EBITDA margin of 4.6%, and cash
flow from operating activities is signifi-
cantly improved compared to Q2 2022.
The results are in line with management's
expectations, and we will continue to focus
on earnings improvement through an even
better resource allocation and efficiency
ratio. In Q2 2023 efficiency reached 70%
up from 67% in Q1 2023.
Solidly, we have been moving towards our
financial ambition of 10% organic growth
from 2023.
Top-three highlights in Q2 2023
In Q2 2023, the following factors have
shaped the development:
• The acquisition and integration of ICY
Security and our cross-selling activi-
ties now offering cybersecurity solu-
tion. In Q2 2023, ICY Security contrib-
uted with DKK 13m in revenue.
• A strong development in Dynamics
(+16% in organic revenue growth
compared to Q2 2022).
• A strong development in Denmark
(+16% in organic revenue growth
compared to Q2 2022).
Intensified focus on AI
In Q2, we intensified our focus on AI with a
global AI Innovation Program. The pur-
pose of the program is to accelerate our
development of new services leveraging
our global competences.
The importance of ESG data
With Environmental, Social, and Govern-
ance (ESG) concerns moving up the busi-
ness agenda, the importance of ESG data
has been reinforced not only for reporting
purposes but also for valuable insights en-
abling business growth and competitive
edge. More legislations and industry
standards will increase the need for facili-
tation of the ESG assessments, data iden-
tification, data collection, data transfor-
mation and also the monitoring and contin-
uous improvements needed – all areas
where Columbus offers ESG solutions and
advisory.
Maintaining the 2023 expectations
Based on the development in the first half
of 2023, our strong pipeline and order
backlog, we maintain our 2023 expecta-
tions:
• Revenue of DKK 1,550m – 1,600m,
corresponding to a growth of 12-15%
and an organic growth of 8-12% (con-
stant currencies)
• EBITDA of DKK 119m – 139m, corre-
sponding to an EBITDA margin of
7.4 - 9.0%.
On behalf of the entire management in Co-
lumbus, I would like to thank all employees
for a great team effort.
Becoming the customers’ preferred choice
The positive development continued in Q2 2023 with an underlying organic growth of 16%
adjusted for acquisitions and currency. EBITDA improved
by 9% compared to Q2 2022
, and we achieved an efficiency ratio of 70%, up from 67% in Q1 2023. The expectations for 2023 are maintained.
Søren Krogh Knudsen
CEO & President
4 Interim Report Q2 2023
DKK ´000
Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Income
related figures
Sale of services
370,492 334,393 747,370 677,435 1,317,042
Sale of products
19,980 16,764 33,602 37,539 72,392
Net revenue
390,472 351,157 780,972 714,974 1,389,434
Recurring revenue % of total revenue
13.5% 13.7% 13.0% 13.2% 13.8%
EBITDA
17,970 16,493 57,136 46,040 91,830
EBIT
3,589 2,153 28,571 17,825 35,135
Net financial items
-5,791 110 -13,737 1,913 -3,047
Profit b
efore tax -2,202 2,263 14,834 19,738 32,088
Profit after tax, continuing
operations -4,106 900 11,153 14,319 29,903
Profit after tax, discontinued
operations
-386 411 3,076 -25,019 -41,216
Profit after tax
-4,492 1,311 14,229 -10,700 -11,313
DKK ´000
30 Jun 2023 30 Jun 2022 2022
Balance sheet
Non
-current assets
874,541 807,416 796,222
Current assets
427,735 416,700 387,725
Total assets
1,302,276 1,224,116 1,183,947
Group shareholder equity
685,416 702,935 706,405
Total liabilities
616,860 521,181 477,542
Total equity and liabilities
1,302,276 1,224,116 1,183,947
Key figures and ratios
DKK ´000
Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Investments in tangible assets
2,349 3,524 2,824 4,287 8,239
Cash flow
Cash flow from
operating activities 12,055 -662 47,775 18,896 27,431
Cash flow from investing activities
-41,795 -23,459 -40,007 -34,295 -37,987
Cash flow from financing activities
24,354 25,530 -3,059 -1,177 -13,932
Total net change in cash and cash
equivalents
-5,386 1,409 4,709 -16,576 -24,488
Cash flow from continuing operations
-5,386 -2,004 4,709 -17,433 -25,227
Cash flow from discontinued operations
0 3,413 0 857 739
Total net ch
ange in cash and cash
equivalents
-5,386 1,409 4,709 -16,576 -24,488
Key ratios
EBITDA
-margin 4.6% 4.7% 7.3% 6.4% 6.6%
EBIT
-margin 0.9% 0.6% 3.7% 2.5% 2.5%
Equity ratio
53.5% 57.4% 53.5% 57.4% 59.7%
Return on equity
-0.6% 0.2% 2.0% -1.4% -1.6%
Return on invested capital
(ROIC) 1.1% 1.0% 4.7% 3.6% 7.0%
Number of shares
129,276 129,276 129,276 129,276 129,276
Average number of shares
129,276 129,276 129,276 129,276 129,276
Book value of equity per share (BVPS)
(DKK)
5.30 5.44 5.30 5.44 5.46
Earnings per share (EPS) from
continuing operations (DKK)
-0.03 0.01 0.09 0.01 0.23
Cash flow per share (DKK)
0.09 -0.01 0.37 0.15 0.21
Share price, end of period (DKK)
6.58 7.89 6.58 7.89 6.29
Average full time employee for
t
he period
1,554 1,526 1,562 1,517 1,536
The key figures and financial ratios above have been calculated in accordance with Danish Finance
Society's "Recommendation & Financial Ratios”
5 Interim Report Q2 2023
Revenue development
In Q2 2023 Columbus realized a revenue
of DKK 390m, corresponding to an in-
crease of 11% compared to Q2 2022. The
increase is mainly driven by sale of ser-
vices, which increased by 11% compared
to the same period last year and count for
95% of total revenue in Q2 2023. Product
sales increased by 19% in Q2 2023.
We continue to see strong growth in most
Business Lines, including our strategic
Business Lines Digital Commerce (+7%),
Data & Analytics (+31%) and Customer
Experience & Engagement (+26%), which
are key Business Lines in extending our
capabilities within digital advisory.
These Business Lines continued to
demonstrate their strong market position
welcoming new customers and extending
business with existing customers such Ca-
murus in Data & Analytics where we will
deliver a new analytic solution based on a
modern data platform and Nefab in Digital
Commerce.
We are increasingly extending engage-
ment with customers across Business
Lines with customers such as Cambridge
University Press Association delivering
both CXE and Digital Commerce solutions
and Swift delivering CXE and Dynamics.
In addition, our CXE Business Line has
entered into an agreement with Confeder-
ation of Norwegian Enterprise
(Næringslivets Hovedorganisasjon NHO)
to lead their CRM upgrade to cloud pro-
ject.
Also, our largest Business Line, Dynamics,
delivered a strong Q2 with growth of 8% in
service revenue, despite significant impact
by weakened currencies. Organic growth
for Dynamics was 16%. The development
includes new customer wins covering a
pilot project with XXL with the intention to
start the main project, as well as strategic
cooperation with Bang & Olufsen on im-
plementation of a new retail and service
platform. This solution will support Bang &
Olufsen’s strategy to optimize the cus-
tomer experience across own and partner-
operated stores in all markets.
In addition, the Swedish company Kap-
pahl, a highly interesting company and a
truly strong brand within Retail has en-
tered into a long-term partnership with Co-
lumbus regarding D365 implementation
and operation.
Progress continues in Q2
Service revenue split on Business Lines
DKK ´000
Q2 2023 Q2 2022 ∆% YTD 2023 YTD 2022 ∆%
Dynamics
191,261 177,230 7.9% 387,640 358,925 8.0%
M3
74,717 77,108 -3.1% 155,313 158,711 -2.1%
Digital Commerce
50,203 47,032 6.7% 108,883 92,962 17.1%
Data & Analytics
18,719 14,289 31.0% 38,085 29,633 28.5%
Customer
Experience & Engagement 15,853 12,538 26.4% 31,455 24,065 30.7%
Security
12,301 0 100.0% 12,301 0 100.0%
Strategy & Change
3,302
1,935
70.6%
5,121
4,374
181.2%
Other Local Business
4,136 4,261 -2.9% 8,572 8,765 -2.2%
Total sale of services
370,492 334,393 10.8% 747,370 677,435 10.3%
Total sale of products
19,980 16,764 19.2% 33,602 37,539 -10.5%
Total net revenue
390,472 351,157 11.2% 780,972 714,974 9.2%
Service revenue split on
Market Units
DKK ´000
Q2 2023 Q2 2022 ∆% YTD 2023 YTD 2022 ∆%
Sweden
147,730 141,747 4.2% 293,594 280,845 4.5%
Denmark
83,636 60,924 37.3% 164,086 126,490 29.7%
Norway
57,338 67,262 -14.8% 129,146 137,262 -5.9%
UK
54,037 38,079 41.9% 99,743 78,068 27.8%
US
19,339 18,302 5.7% 41,359 38,263 8.1%
Other
7,438 7,282 2.1% 17,497 14,557 20.2%
GDC
974 797 22.2% 1,945 1,950 -0.3%
Total sale of services
370,492 334,393 10.8% 747,370 677,435 10.3%
Total sale of products
19,980 16,764 19.2% 33,602 37,539 -10.5%
Total net revenue
390,472 351,157 11.2% 780,972 714,974 9.2%
6 Interim Report Q2 2023
M3, our second largest Business Line,
saw a slight decrease in service revenue
of 3%, although adjusted for currency im-
pact an organic growth of 5%.
New customers include Stella Polaris with
an Infor CloudSuite IA Food & Beverage
implementation using our On Target imple-
mentation method as well helping Smaken
av Grimstad upgrade their Infor Food &
Beverage on-prem to Infor CloudSuite.
In Q2 2023 we introduced our new Busi-
ness Line Security for the first time.
The Business Line came with the acquisi-
tion of ICY Security in April 2023.
The Business Line has in the first months
worked on integration with Columbus
group and on building synergies with other
Business Lines. Security has a range of
long-term clients including GlobalCon-
nect. In Q2, Security and GlobalConnect
expanded the collaboration to include as-
sistance on implementing SailPoint IDN
solution and a CyberARK PAM solution. In
addition, Security built a mirrored setup on
new server infrastructure for Jyske Bank
to upgrade the company’s existing IGA
platform. The project is a cornerstone in
Jyske Bank’s strategy to improve its inter-
nal financial control environment with the
purpose of strengthening the bank’s ability
to cope with the ever-developing threat
landscape.
Strategy & Change is still in a “building up
phase” and is working on getting a critical
mass setup within the Scandinavian
markets. Services revenue grew to DKK
3m in Q2 2023.
The first half year of 2023 closed with a
service revenue of DKK 747m compared
DKK 677m in H1 2022, corresponding to
an increase of 10%. The growth is in line
with management expectations and sets a
solid foundation for reaching the an-
nounced guidance. Product revenue de-
clined by 11%, which follows the trend
seen in previous quarters. In total, revenue
grew by 14% when adjusting for currency
and acquisitions.
Development in Market Units
All our Market Units delivered significant
organic growth in service revenue in Q2
2023, but we continue to see that the NOK
and SEK have a negative impact on the
revenue.
The Swedish market, which is our largest
market, delivered 4% increase in service
revenue in Q2 2023. The progress was
primarily driven by Dynamics and Digital
Commerce. The M3 Business Line de-
creased slightly in Sweden compared to
Q2 2022 due to postponement of new con-
tracts. Sweden was affected negatively by
DKK 15m due to the Swedish krone weak-
ening compared to Danish krone. Meas-
ured in constant currencies revenue grew
by 16%.
Denmark continues their strong track with
growth in Q2 2023 of 37% in service reve-
nue, primarily driven by Dynamics and in-
troduction of Security. M3 has decreased.
Excluding the acquisition of ICY Security,
Denmark grew by 16%.
Norway continues to deliver solid results,
although currency impacted negatively
with DKK 11m, resulting in a negative
growth of -15%. Measured in constant cur-
rencies revenue grew by 1%. Due to the
weakened currency, all Business Lines in
Norway declined.
The UK Market Unit delivered an impres-
sive growth of 42% in Q2 2023, with all
Business Lines contributing to the pro-
gress. Dynamics and Digital Commerce
are leading the development with signifi-
cant growth. Currency development im-
pacted the Market Unit negatively by DKK
2m.
The US Market Unit closed Q2 2023 with
6% growth. Currency did not affect the
market unit significantly in Q2. The growth
is driven by the M3 business, with the Dy-
namics Business Line decreasing slightly.
Recurring revenue
In Q2 2023 recurring revenue amounted to
DKK 53m, corresponding to an 8% in-
crease compared to Q2 2022. Cloud busi-
ness continued to grow as expected.
Recurring Care contracts followed the
same trend as the overall service revenue
in Q2 2023, resulting in recurring revenue
constituting a stable part of total revenue
of 13-14%.
D
evelopment in recurring revenue
Development in
efficiency
4
5
6
8
41
37
81
74
8
7
14
12
53
48
101
94
Q2 2023 Q2 2022 YTD 2023 YTD 2022
Cloud
Columbus Care contracts
Subscriptions
70%
67%
63%
61%
64%
Q2/23 Q1/23 Q4/22 Q3/22 Q2/22
7 Interim Report Q2 2023
Efficiency
The efficiency in Q2 2023 was 70%, com-
pared to 64% in Q2 2022. The increase is
the result of a number of initiatives
launched during second half of 2022 and
is in line with expectations. The current
level of efficiency is considered satisfac-
tory.
EBITDA development
In Q2 2023 reported EBITDA amounted to
DKK 18m, which is an increase of DKK 2m
compared to Q2 2022. The EBITDA mar-
gin corresponds to 4.6%, which is a slight
decrease compared to Q2 2022 with an
EBITDA margin of 4.7%.
The improvement in efficiency continues to
result in better earnings from the business,
although Q2 remains to be a period with
generally lower earnings. The core busi-
ness is considered to be significantly im-
proved compared to Q2 2022, where the
comparative figures include DKK 17m from
other operating income.
Profit before tax
Compared to Q2 2022, profit before tax
decreased by 4m to DKK -2m. The result
is affected by the slightly increased
EBITDA, but negatively affected by weak-
ened currencies. The Group is primarily af-
fected by the weakened Swedish and Nor-
wegian krone.
Discontinued operations
In Q2 2023 no new events related to dis-
continued operations occurred. The loss of
DKK 0.4m relates to expenses related to
former divestments.
Cash
Cash flow from operating activities in Q2
2023 was positive with DKK 12m. The
cash flow is significantly improved com-
pared to Q2 2022, due to the better per-
forming business as well as a stabilized
net working capital.
Proceeds from borrowings is positive with
DKK 40m, which relates to the acquisition
of ICY Security in April 2023.
Equity
Columbus’ equity decreased by net DKK
5m since 31 December 2022, primarily
due to the negative impact on the invest-
ments in subsidiaries and change in cur-
rency which has impacted the equity nega-
tively by DKK 19m.
8 Interim Report Q2 2023
Financial guidance
During the past two years Columbus has
continued to deliver solid organic growth
despite increased uncertainty in our busi-
ness environment.
Investments in new business areas and
higher value consulting skills have proven
to deliver growth. Equally, streamlining of
our operations and processes continues to
deliver positive impact.
Columbus has started 2023 with a solid
H1 result, and the business is in accord-
ance with the guidance announced for
2023. In April, we announced the acquisi-
tion of ICY Security, as a direct conse-
quence the guidance was adjusted in Q1
2023.
Guidance for 2023
Based on the financial performance in Q2
2023, current order books and pipeline,
our full year guidance for 2023 is main-
tained as follows:
• Revenue in the range of DKK 1,550m
– 1,600m, corresponding to a growth
of 12-15% and an organic growth of
8-12%, both in constant currencies.
• EBITDA in the range of DKK 119m –
139m, corresponding to an EBITDA
margin of 7.4 - 9.0%
Columbus’ ambition during the current
strategy period is maintained to gradually
increase organic growth to minimum 10%
annually by 2023.
Outlook for 2023
The financial guidance
is maintained.
9 Interim Report Q2 2023
We have today considered and approved
the interim financial report for the period 1
January 2023 – 30 June 2023 for
Columbus A/S .
The interim financial report has been pre-
pared in accordance with IAS 34 and addi-
tional Danish interim reporting require-
ments for listed companies. The interim fi-
nancial report is unaudited and has not
been reviewed by the Company’s auditor.
We consider the accounting policies ap-
plied to be appropriate to the effect that
the interim financial report gives a true and
fair view of the Group’s assets, liabilities
and financial position at 30 June 2023,
and of the results of the Group’s opera-
tions and cash flows during the first six
months of 2023.
We consider the management report to
give a true and fair view of the develop-
ment in the Group’s business activities
and financial situation, the financial result
for the period and the Group’s financial po-
sition as a whole together with a true and
fair description of the significant risks and
uncertainty factors which the Group faces.
Statement by management
Ballerup, 24 August 2023
Executive Board
Board of
Directors
10 Interim Report Q2 2023
10 Interim Report Q2 2023
Financial
statements
11 Interim Report Q2 2023
DKK ´000
Note Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Net revenue
2 390,472 351,157 780,972 714,974 1,389,434
Extern
al project costs -40,302 -44,183 -78,619 -77,011 -135,350
Gross profit
Staff expenses and
remuneration
3 -292,678 -272,410 -570,780 -541,789 -1,036,275
Other external costs
-39,531 -35,012 -74,796 -67,076 -144,090
Other operating income
EBITDA
Depreciation, amortization
and impairment
4 -14,381 -14,340 -28,565 -28,215 -56,695
Operating profit (EBIT)
Financial income
Financial expenses
-6,514 -1,046 -14,782 -3,229 -5,956
Profit before tax from
continuing operations
-2,202 2,263 14,834 19,738 32,088
Corporate tax
-1,904 -1,363 -3,681 -5,419 -2,185
Profit after tax from
continuing operations
-4,106 900 11,153 14,319 29,903
Profit (loss) after tax from
discontinued operations
8
-386 411 3,076 -25,019 -41,216
Profit (loss) after tax for
the period -4,492 1,311 14,229 -10,700 -11,313
DKK ´000
Note Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Items that may be reclassified
subsequently to profit and loss:
Foreign exchange adjustments of
subsidiaries
-14,904 -20,532 -19,300 -11,820 -8,201
Other comprehensive
income
-14,904 -20,532 -19,300 -11,820 -8,201
Total comprehensive
income for the period
-19,396 -19,221 -5,071 -22,520 -19,514
Profit (loss) after tax
allocated to:
Shareholders in Columbus A/S
-4,492 1,311 14,229 -10,700 -11,313
-4,492 1,311 14,229 -10,700 -11,313
Total comprehensive income
allocated to:
Shareholders in Columbus A/S
-19,396 -19,221 -5,071 -22,520 -19,514
-19,396 -19,221 -5,071 -22,520 -19,514
Earnings per share of DKK
1.25 (EPS)
-0.03 0.01 0.11 -0.08 -0.09
Earnings per share of DKK
1.25, diluted (EPS
-D)
-0.03 0.01 0.11 -0.08 -0.09
Statement of comprehensive income
12 Interim Report Q2 2023
DKK ´000
Note 30 Jun 2023 30 Jun 2022 31 Dec 2022
ASSETS
Goodwill
Customer base
Internal applications
Development projects finalized
Property, plant and equipment
Right
-of-use assets 59,241 60,924 65,316
Deferred tax assets
Other receivables
Total
non-current assets
Trade receivables
5 273,252 242,447 254,800
Contract assets
6 10,854 8,919 5,822
Corporate tax receivables
Other receivables
Receivables from
divestment of activities 8 58,322 60,877 59,264
Prepayments
Receivables
Cash
Total current assets
TOTAL ASSETS
DKK ´000
Note 30 Jun 2023 30 Jun 2022 31 Dec 2022
EQUITY AND LIABILITIES
Share capital
Reserves on foreign currency translation
-86,943 -71,262 -67,643
Retained profit
Equity
Deferred tax
Othe
r provisions 829 1,056 866
Contingent consideration
Debt to credit institutions
Lease liability right
-of-use assets 33,262 35,787 40,796
Non
-current liabilities 220,753 118,514 120,514
Debt to cred
it institutions 60,296 50,000 52,335
Contract liabilities
6 6,736 7,973 9,960
Trade payables
Corporate tax payables
Other payables
Other provisions
Accruals and deferre
d income 29,252 30,410 36,898
Lease liability right
-of-use assets 28,383 27,920 26,926
Current
liabilities 396,107 402,667 357,028
Total liabilities
TOTAL EQUITY AND LIABILITIES
Balance sheet
13 Interim Report Q2 2023
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits Equity
YTD 2023
Balance at 1 Jan 2023
Profit after tax
Currency adjustments of investments
in subsidiaries
Total comprehensive income
Share
-based payment 0 0 242 242
Payment of dividend
Balance at 31 Jun 2023
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits Equity
YTD 2022
Balance at 1 Jan 2022
Profit after tax
Currency adjustments of investments
in subsidiaries
Total comprehensive income
Share
-based payment 0 0 635 635
Payment of div
idend 0 0 -16,160 -16,160
Balance at 31 Jun 2022
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits Equity
2022
Balance at 1
Jan 2022 161,595 -59,442 638,827 740,980
Profit after tax
Currency adjustments of investments
in subsidiaries
Total comprehensive income
Share
-based payment 0 0 1,099 1,099
P
ayment of dividend 0 0 -16,160 -16,160
Balance at 31 Dec 2022
Statement of changes in equity
14 Interim Report Q2 2023
DKK ´000
Note Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Operating profit (EBIT)
Depreciation, am
ortization and
impairment
4 14,381 14,340 28,565 28,215 56,695
Cost of incentive scheme
Changes in net working capital
-1,842 -11,597 -3,988 -17,271 -61,086
Cash flow from primary activities
Interest received, etc.
Interest paid, etc.
-3,519 -1,199 -4,700 -3,267 -6,669
Corporate tax paid
-1,462 -4,942 -1,977 -8,765 -169
Cash flow from operating activities
discontinued operations
8 0 54 0 1,183 1,065
Cash flow from operating
activities
Acquisition of tangible assets
-2,349 -3,524 -2,824 -4,287 -8,239
Acquisition of intangible assets
-1,919 -5,209 -3,257 -9,438 -15,823
Disposal of tangibl
e assets -2 8 -2 35 258
Acquisition of activities
7 -37,138 -6,074 -37,000 -5,718 -5,415
Disposal of activities
9 -386 -8,660 3,076 -14,887 -8,768
Cash flow
from investing
activities
-41,794 -23,459 -40,007 -34,295 -37,987
DKK ´000
Note Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Proceeds from borrowings
Overdraft facilities
Repayment of lease
liabilities -7,490 -7,853 -14,865 -15,676 -30,770
Dividends paid
-16,160 -16,160 -16,160 -16,160 -16,160
Cash flow from financing activities
discontinued operations
8 0 3,359 0 -326 -326
Cash flow from financing
activities
Cash flow from continuing
operations
Cash flow from discontinued
operations
Total net change in cash and
cash equivalents
Cash funds at the beginning
of the period
Exch
ange rate adjustments -4,424 2,909 -10,903 1,251 -5,668
Cash funds at the end of the
period
Cash flow
15 Interim Report Q2 2023
Note 1 – Material accounting principles 16
Note 2 – Segment data 16
Note 3 – Staff expenses and remuneration 22
Note 4 – Depreciation, amortization and impairment 22
Note 5 – Trade receivables 23
Note 6 – Contract assets and contract liabilities 24
Note 7 – Business combination 25
Note 8 – Discontinued operations 26
Note 9 – Disposal of activities 27
Key figures, ratios and Alternative Performance Measures 28
Notes
Note
Page
16 Interim Report Q2 2023
Notes
Note 1 – Material accounting principles
The consolidated interim financial report is prepared in accordance with IAS 34, Presentation of Interim Fi-
nancial Reporting, as approved by the EU, and additional Danish disclosure requirements for interim re-
ports of listed companies. The interim financial report is presented in Danish kroner (DKK), which is the
Parent Company’s functional currency.
The accounting policies applied in the interim financial report are unchanged compared to 2022, except for
any new, amended or revised accounting standards and interpretations endorsed by the EU, effective for
the accounting period beginning on 1 January 2023.
For more information on the accounting policies, we refer to our Annual Report for 2022.
Note 2 – Segment data
In order to support decisions about allocation of resources and assessment of performance of the seg-
ments, the Group’s management reporting to the Executive Board is based on the following grouping of op-
erating segments:
Strategic Business Lines
Market Units
Global
Delivery Centers (GDC)
Dynamics
M3
Di
gital Commerce
Data & Analytics
Customer Experience & Engagement
Security
Strategy and Change
Other Local Business
Sweden
Denmark
Norwa
y
UK
U
S
Other
Poland
Czech Republic
India
Management monitors the business, primarily based on the Business Lines and secondarily on the geo-
graphical segments. Information about the Group’s Business Lines is stated below.
Along with the Focus23 strategy, the group has transformed its operations into a global operating model,
with the Strategic Business Lines becoming the primary driver for decision-making. Previously, Columbus
used geography to divide each segment. Markets are now a secondary driver and only used for assessing
market strategies and maintaining customer relations.
The Business Lines relate to the type of services and products that are delivered, and comprise of Dynam-
ics, M3, Digital Commerce, Data & Analytics, Customer Experience & Engagement and Strategy & Change.
The remaining revenue which does not fall into any of the above mentioned Business Lines, is classified as
Other Local Business.
Market Units comprise of significant geographical markets that the Group operates in. Management uses
the Market Units to assess market conditions and performance on revenue only.
The operating segments are measured from revenue to contribution, as this represents the significant part
of the operation of the segments. The balance sheet is measured for legal entities only.
Cost related to functions necessary to support the business is classified as Enabling Functions, and com-
prise of all cost not directly related to a specific Business Line, including costs related to facility, marketing,
finance, people, legal and management. Enabling Functions mostly operate as global teams, servicing
across Business Line and geography.
17 Interim Report Q2 2023
Notes
Development in Business Lines
All comments relating to the growth of the strategic Business Lines have been described in the
revenue development segment.
Reconciliation between EBITDA and Profit before tax is shown in the comprehensive income
statement.
Introducing our new strategic Business Line Security
In response to the growing demand for robust security solutions in the market, we have expanded
our offerings to address the evolving needs of our customers.
In a constant changing world, we have observed a significant surge in demand for security-related
products and services across various industries. The rise in cybersecurity threats, data breaches,
and the need for advanced physical security measures has prompted businesses to seek reliable
partners in fortifying their defences.
By introducing our Security Business Line we are aiming to help both new and existing clients with
their PAM and IAM security. By leveraging cutting-edge technologies, a dedicated team of ex-
perts, and a commitment to excellence, we have already garnered positive feedback from early
adopters. Customers have lauded our comprehensive approach to security, which encompasses
from state-of-the-art software solutions.
Note
2 – Segment data (continued)
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
Q2 2023
Dynamics
191,261 15,449
206,710
-151,845
54,865 26.5%
M3
74,717 832
75,549
-67,252
8,297 11.0%
Digital Commerce
50,203 462
50,665
-42,410
8,255 16.3%
Data & Analytics
18,719 196
18,915
-16,719
2,196 11.6%
Customer Experience & Engagement
15,853 315
16,168
-13,760
2,408 14.9%
Security
12,301 253
12,554
-13,540
-986 -7.9%
Strategy & Change
3,302 0
3,302
-5,168
-1,866 -56.5%
Other Local Business
4,136 2,473
6,609
-4,565
2,044 30.9%
Total
370,492 19,980 390,472 -315,259 75,212 19.3%
Enabling Functions
-57,243
EBITDA
17,970
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
Q2 2022
Dynamics
177,230 11,795
189,025
-143,674
45,351 24.0%
M3
77,108 1,081
78,189
-66,894
11,295 14.4%
Digital Commerce
47,032 418
47,450
-44,178
3,272 6.9%
Data & Analytics
14,289 48
14,337
-14,315
22 0.2%
Customer Experience & Engagement
12,538 322
12,860
-11,293
1,567 12.2%
Strategy & Change
1,935 0
1,935
-3,009
-1,074 -55.5%
Other Local Business
4,261 3,100
7,361
-3,864
3,497 47.5%
Total
334,393 16,764 351,157 -287,227 63,930 18.2%
Enabling Functions
-47,437
EBITDA
16,493
18 Interim Report Q2 2023
Notes
Note
2 – Segment data (continued)
Business Lines Revenue Split YTD 2023
53%
19%
13%
5%
4%
3%
1%2%
Dynamics
M3
Digital Commerce
Data & Analytics
Customer Experience & Engagement
Security
Strategy and change
Other Local Business
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
YTD 2023
Dyna
mics 387,640 23,520
411,160
-295,652
115,508 28.1%
M3
155,313 2,821
158,134
-133,409
24,725 15.6%
Digital Commerce
108,883 1,237
110,120
-86,352
23,768 21.6%
Data &
Analytics 38,085 386
38,471
-31,638
6,833 17.8%
Customer Experience & Engagement
31,455 453
31,908
-27,431
4,477 14.0%
Security
12,301 253
12,554
-13,540
-986 -7.9%
Strategy & Change
5,121 0
5,121
-9,792
-4,671 -91.2%
Other Local Business
8,572 4,932
13,504
-8,449
5,055 37.4%
Total
747,370 33,602 780,972 -606,263 174,709 22.4%
Enabling Functions
-117,573
EBITDA
57,136
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
YTD 2022
Dynamics
358,925 22,881
381,806
-286,747
95,059 24.9%
M3
158,711 8,195
166,906
-130,751
36,155 21.7%
Digital Commerce
92,962 1,124
94,086
-82,474
11,612 12.3%
Data & Analytics
29,633 115
29,748
-28,612
1,136 3.8%
Customer Experience & Engagement
24,065 464
24,529
-21,041
3,488 14.2%
Strategy & Change
4,374 0
4,374
-5,901
-1,527 -34.9%
Other Local Business
8,765 4,760
13,525
-9,010
4,515 33.4%
Total
677,435 37,539 714,974 -564,536 150,438 21.0%
Enabling Functions
-104,398
EBITDA
46,040
19 Interim Report Q2 2023
Notes
Accounting policies
Due to the changes within our reporting to the Executive board, two new performance measures have
been introduced.
Direct costs
Direct costs comprise all costs directly related to a given Business Line. This includes subcontractor costs,
staff costs for consultants, sales personnel as well as management for the given Business Line, other exter-
nal costs and other operating income and expenses.
Contribution and contribution margin (CM)
The contribution is comprising revenue for the given Business Line deducted all direct costs for the given
Business Line. Contribution margin is calculated as contribution divided by total revenue.
Note
2 – Segment data (continued)
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
2022
Dynamics
693,988 49,149
743,137
-546,600
196,537 26.4%
M3
303,231 10,455
313,686
-251,546
62,140 19.8%
Digital Commerce
192,262 1,751
194,013
-158,349
35,664 18.4%
Data & Analytics
59,653 690
60,343
-53,391
6,952 11.5%
Customer Experience &
Engagement 45,179 876
46,055
-44,367
1,688 3.7%
Strategy & Change
6,513 0
6,513
-11,905
-5,392 -82.8%
Other Local Business
16,216 9,471
25,687
-17,032
8,655 33.7%
Total
1,317,042 72,392 1,389,434 -1,083,190 306,244 22.0%
Enabling
Functions
-214,414
EBITDA before
91,830
Average FTE
Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Business Line
Dynamics
624 638 622 640 635
M3
266 268 268 264 270
Digital Commerce
214 206 217 200 209
Data & Analytics
84 73 82 72 76
Customer Experience & Engagement
65 57 67 60 62
Security
47 0 47 0 0
Strategy & Change
16 12 15 11 11
Other Local Business
28 43 29 33 39
Business Line average n
umber of FTE 1,344 1,297 1,347 1,280 1,302
Enabling Functions
210 229 215 237 234
Average number of FTE
20 Interim Report Q2 2023
Notes
Note
2 – Segment data (continued)
DKK ´000
Sweden Denmark Norway UK US Other GDC Eliminations Total
Q2
2023
Sale of services
147,730 83,636 57,338 54,037 19,339 7,438 974 0
370,492
Sale of products
8,326 4,854 1,865 3,065 1,870 0 0 0
19,980
Total revenue from own markets
156,056 88,490 59,203 57,102 21,209 7,438 974 0 390,472
Total revenue from group companies
8,946 12,347 1,537 2,383 758 1,097 25,182 -52,250 0
Total revenue
165,002 100,837 60,740 59,485 21,967 8,535 26,156 -52,250 390,472
Average number of FTE
435 352 179 186 44 36 322 0 1,554
Q2 2022
Sale of
services 141,747 60,924 67,262 38,079 18,302 7,282 797 0
334,393
Sale of products
5,574 4,404 2,287 2,879 1,620 0 0 0
16,764
Total revenue from own markets
147,321 65,328 69,549 40,958 19,922 7,282 797 0 351,157
Total revenue from group
companies 13,550 18,731 3,060 4,148 267 744 26,813 -67,313
0
Total revenue
160,871 84,059 72,609 45,106 20,189 8,026 27,610 -67,313 351,157
Average number of FTE
414 291 168 189 64 33 367 0 1,526
21 Interim Report Q2 2023
Notes
Note
2 – Segment data (continued)
DKK ´000
Sweden Denmark Norway UK US Other GDC Eliminations Total
YTD 2023
Sale of services
293,594 164,086 129,146 99,743 41,359 17,497 1,945 0
747,370
Sale of pr
oducts 14,115 7,891 3,595 5,485 2,516 0 0 0
33,602
Total revenue from own markets
307,709 171,977 132,741 105,228 43,875 17,497 1,945 0 780,972
Total revenue from group companies
25,566 39,282 5,819 6,818 2,728 3,282 52,542 -136,037
0
Total revenue
333,275 211,259 138,560 112,046 46,603 20,779 54,487 -136,037 780,972
Average number of FTE
440 349 181 185 47 36 324 0 1,562
YTD 2022
Sale of services
280,845 126,490 137,262 78,068 38,263 14,557 1,950 0
677,435
Sale of products
13,583 8,353 4,552 8,559 2,492 0 0 0
37,539
Total revenue from own markets
294,428 134,843 141,814 86,627 40,755 14,557 1,950 0 714,974
Total revenue from group companies
12,896 20,332 3,502 4,204 546 939 26,548 -68,967
0
Total revenue
307,324 155,175 145,316 90,831 41,301 15,496 28,498 -68,967 714,974
Average number of FTE
411 291 165 188 64 33 365 0 1,517
2022
Sale
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
Average number of FTE
426 294 173 188 60 34 361 0 1,536
22 Interim Report Q2 2023
Notes
Note 3 – Staff expenses and remuneration
DKK ´000
Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Staff expenses
Salary and wages
241,037 221,628 468,475 440,016 865,700
Other social security costs
34,763 34,261 67,732 67,642 137,720
Other staff expenses
16,697
16,203
34,331
33,495
31,756
Share
-based payment 181 318 242 636 1,099
Total staff expenses
292,678 272,410 570,780 541,789 1,036,275
Avera
ge number of FTEs 1,554 1,526 1,562 1,517 1,536
Note 4 – Depreciation, amortization and impairment
DKK ´000
Q2 2023 Q2 2022
YTD 2023
YTD 2022
2022
Depreciation
9,005 9,168 17,824 17,975 35,814
Amortization
5,376 5,172 10,741 10,240 20,881
Total depreciation, amortization
and impairment
14,381 14,340 28,565 28,215 56,695
23 Interim Report Q2 2023
Notes
DKK ´000
30 Jun 2023 30 Jun 2022 31 Dec 2022
Receivables (gross) at 1 Jan
261,422 281,133 281,133
Change in
receivables during the period 14,235 -35,766 -19,711
Receivables (gross) end of period
275,657 245,367 261,422
Provisions for bad debt at 1 Jan
6,622 11,550 11,550
Change in provisions for bad debt during the period
-4,244 -10,571 -7,074
Loss realized during t
he period 27 1,941 2,146
Provisions for bad debt end of period
2,405 2,920 6,622
Carrying amount end of period
273,252 242,447 254,800
Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group’s ac-
counting policies.
DKK ´000
30 Jun 2023 30 Jun 2022 31 Dec 2022
Age of receivables (gross):
Not due
230,035 219,736 174,400
0
-30 days 28,527 12,997 72,614
30
-60 days 10,186 7,718 9,009
61
-90 days 3,992 1,815 3,358
91
-180 days 1,825 1,727 1,724
181
-270 days 571 1,148 114
270
-360 days 404 118 3
Above 360 days
117 108 200
Total
275,657 245,367 261,422
DKK ´000
30 Jun 2023 30 Jun 2022 31 Dec 2022
Age of impairment:
Not due
15 38 5,091
0
-30 days
143 65 363
30
-60 days 255 193 226
61
-90 days 299 136 252
91
-180 days 601 1,114 431
181
-270 days 571 1,148 57
271
-360 days 404 118 2
Over 360 days
117 108 200
Total
2,405 2,920 6,622
DKK ´000
30 Jun 2023 30 Jun 2022 31 Dec 2022
Provision matrix:
Not
due 0% 0% 3%
0
-30 days 0% 0% 0%
30
-60 days 3% 2% 3%
61
-90 days 7% 7% 8%
91
-180 days 33% 65% 25%
181
-270 days 100% 100% 50%
271
-360 days 100% 100% 75%
Over 360 days
100% 100% 100%
The change in provisions for bad debt as per 30 June 2023 is partly due to improved collection process and
settlement of previous disputes with customers. We have no active disputes with customers as per 30 June
2023.
Note
5 – Trade receivables
24 Interim Report Q2 2023
Notes
DKK ´000
30 Jun 2023 30 Jun 2022 31 Dec 2022
Balance at 1 Jan
-4,138 -5,815 -5,815
Changes contract assets during the period
15,958 1,621 136
Changes on account billing and prepayments
during the period
-7,702 5,140 1,541
Balance at end of period
4,118 946 -4,138
Work in progress
29,624 15,150 13,666
On account billing and prepayments
-25,506
-14,204
-17,804
Balance at end of period
4,118 946 -4,138
The net value is included in the balance as
follows:
Contract assets
10,854 8,919 5,822
Contract liabilities
-6,736 -7,973 -9,960
Balance at end of period
4,118 946 -4,138
The Group’s 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.
Note
6 – Contract assets and contract liabilities
25 Interim Report Q2 2023
Notes
Acquisition of companies in 2023
The Group has per 11 April 2023 acquired ICY Security ApS. The acquisition was a share purchase.
With the acquisition of ICY Security, Columbus expanded its business to meet customers’ increasing de-
mand for secure access to business-critical data.
After recognition of identifiable assets, liabilities and contingent liabilities at fair value, goodwill in relation to
the acquisition was assessed to DKK 104.3m.
Estimated tax deductibility of goodwill for ICY Security ApS is DKK 104.3m.
The opening balance presented is a preliminary balance since post-closing work is still ongoing.
Acquisition of companies in 2022
There have been no acquisitions during 2022.
Opening balance
Note
7 – Business combination
Name
Primary
activity
Date of control
gained
Acquired
ownership
Acquired
voting
rights
Total considera-
tion
DKK ’000
ICY Security
ApS
Implementation of
Identity and Access
management solu-
tions.
1 April 100% 100% 107,162
Total
107,162
DKK ´000
ICY Security ApS Total 2023 Total 2022
Tangible fixed assets
2,588 2,588 0
Other intangible assets
400 400 0
Total non
-current assets 2,988 2,988 0
Trade receivables
9,370 9,370 0
Work in progress
505 505 0
Prepayments
507 507 0
Other receivables
439 439 0
Cash
3,517 3,517 0
Total current assets
14,338 14,338 0
Trade payables
-2,120 -2,120 0
Debt to credit institutions
-68 -68 0
Corporation tax and deferred tax
-220 -220 0
Deferred income
-1,037 -1,037 0
Accruals
-7,293 -7,293 0
Other debt
-3,727 -3,727 0
Total current debt
-14,465 -14,465 0
Net assets acquired
2,861 2,861 0
Goodwill
104,301 104,301 0
Total consideration
107,162 107,162 0
Net working capital no
t paid
7,554 7,554 0
Acquired cash funds
-3,449 -3,449 0
Contingent consideration
-71,267 -71,267 0
Cash consideration on acquisition date
40,000 40,000 0
26 Interim Report Q2 2023
Notes
DKK ´000
Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Net revenue
0 0 0 9,456 9,192
External project costs
0 0 0 -728 -464
Gross profit
0 0 0 8,728 8,728
Staff expenses and remuneration
0 0 0 -7,768 -7,768
Other
external costs 0 0 0 -700 -700
EBITDA
0 0 0 260 260
Depreciation, amortization and
impairment
0 0 0 -321 -321
Operating
profit (EBIT) 0 0 0 -61 -61
Financial income
0 0 0 25 8,826
Financial expenses
0 0 0 -17,152 -3,772
Profit (loss) before tax from
discontinued operations
0 0 0 -17,188 4,993
Corporate tax
0 0 -243 -243
Profit (loss) after tax from
di
scontinued operations 0 0 0 -17,431 4,750
Total gain (loss) on divestment of
discontinued operations
-386 411 3,076 -7,588 -45,966
Profit (loss) from discontinued
operations
-386 411 3,076 -25,019 -41,216
Earnings per share f
rom discontinued
operations of DKK 1.25 (EPS)
0.00 0.00 0.02 -0.19 -0.32
Earnings per share from discontinued
operations of DKK 1.25, diluted
(EPS
-D) 0.00 0.00 0.02 -0.19 -0.32
DKK ´000
Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Cash flow fr
om operating activities 0 54 0 1,183 1,065
Cash flow from investing activities
0 0 0 0 0
Cash flow from financing activities
0 3,359 0 -326 -326
Cash flow from discontinued
operations
0 3,413 0 857 739
DKK ´000
Q2 2023 Q2 2022 YTD 2023 YTD 2022 2022
Gain (loss) on
disposal of
subsidiar
ies 0 0 0 -9,534 -9,534
Recirculation of historical currency
adjustments
0 0 0 0 -34,938
Transaction costs related to disposal
-386 411 3,076 1,946 -1,494
Total gain (loss) on divestment of
discontinue
d operations -386 411 3,076 -7,588 -45,966
Discontinued operations in 2023
There have not been any discontinued operations in 2023. The transaction costs is related to previous dis-
posals.
Receivables from divestments of activities
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.
Note
8 – Discontinued operations
27 Interim Report Q2 2023
Notes
The transaction costs is related to previous disposals.
DKK ´000
30 Jun 2023 30 Jun 2022 31 Dec 2022
Goodwill
0 8,822 8,822
Property, plant and equipment
0 204 204
Right
-of-use assets 0 2,102 2,102
Trade receivables
0 1,762 1,762
Contract assets
0 3,731 3,731
Other recei
vables 0 176 176
Prepayments
0 1,790 1,790
Cash
0 9,274 9,274
Total assets
0 27,861 27,861
DKK ´000
30 Jun 2023 30 Jun 2022 31 Dec 2022
Deferred tax
0 358 358
Lease liability right
-of-use assets 0 2,254 2,254
Contract liabilities
0 2,355 2,355
Trade payables
0 1,758 1,758
Corporate tax payables
0 5 5
Other payables
0 9,597 9,597
Total liabilities
0 16,327 16,327
Net assets disposed of
0 11,534 11,534
Cash and cash equivalents
0 2,000 2,000
Total consideration
0 2,000 2,000
Loss
on disposal of activities 0 -9,534 -9,534
Net Cash inflow arising on disposal:
Consideration received in cash and
cash equivalents
0 2,000 2,000
Less: cash and cash
equivalents disposed of 0 -9,274 -9,274
Tra
nsaction costs related to disposal 3,076 -7,613 -1,494
Net cash inflow arising on disposal
3,076 -14,887 -8,768
Note
9 – Disposal of activities
28 Interim Report Q2 2023
Notes
Key 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 “Recommendations & Financial
Ratios”. The financial ratios stated are calculated as follows:
EBITDA
-margin
Earnings before interest, tax, depreciations and
amortizations (EBITDA)
Net revenue
Operating margin
Operating profit (EBIT)
Net revenue
Return o
n equity
Profit after tax and excl. minority interests
Average equity excl. minority interests
Return on inv
ested capital (ROIC)
EBITA
Average invested capital including goodwill
Equity ratio
Equity excl. minority interests
Total equity and liabilities
Earnings per share (EPS)
Profit after tax and excl. minority interests
x f
Average number of shares
Book value per share (BVPS)
Equity excl. minority interests end of year x 100
x f
Number of shares end of year
Cash
flow per share Cash flow from operations
x f
Average number of diluted shares
Adjustment factor (f)
Theoretical rate
Listed price of stock the day before the subscription
and/or stock right cease
Re
curring Revenue % of total revenue
Recurring revenue
Net revenue
Alternative Performance Measures
Recurring Revenue
Recurring Revenue includes Software maintenance, Cloud revenue and 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 – the more predictable is the Columbus revenue going
forward.
Efficiency
Efficiency is calculated as all invoiced customer hours divided by available customer hours. Available cus-
tomer hours are calculated as normal work schedule hours for all productive employees, less hours for holi-
day and parental leave.
Constant currency growth
Growth is measured in constant currency by converting actual figures in local currency to DKK with the his-
torical exchange rate for the given currency. When measuring for a period, the average historical exchange
rate is used. Growth is measured based on the actual historical figure compared to the calculated constant
currency figure.
Key figures, ratios and Alternative Performance Measures
29 Interim Report Q2 2023
Notes
For more information about Columbus visit www.columbusglobal.com