Interim Report Q3 2023
2 Interim Report Q3 2023
15
November 2023
Highligh
ts
Q
3 2023 highlights
•
Revenue growth of 11% amounting
to DKK 345m. 15% growth adjusted
for acquisitions and currency.
•
EBITDA amounted to DKK 21m.
•
EBITDA margin was 6.0
% compared
to 5.2% in Q3 2022.
•
Efficiency of 65% in Q3 2023, a 4
percentage
point increase compared
to Q3 2022.
YTD
2023 highlights
•
Revenue growth of 10% amounting
to DKK 1,126m. 14% growth ad-
justed for acquisitions and currency.
•
EBITDA growth of 25% amounting
to DKK 78m.
•
EBITDA margin was 6.9
% compared
to 6.1% YTD 2022.
•
Efficiency reached 67% YTD 2023,
compared to 63% in Q3 YTD 2022.
Outlook 2023 maintained
Based on the development in the first nine
months
of 2023, our strong pipeline and
order backlog, we maintain our 2023 ex-
pectations
:
•
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 Q3 2023 including a negative impact from currencies and acquisitions of 4
percentage
points. EBITDA result was DKK 21m corresponding to an EBITDA margin of 6.0% up
from
5.2%. During Q3 we have prepared our next strategic journey – New Heights – with
ambitious
financial goals and plans to enter a new high growth industry; Life Science.
“We have a strong starting point for our newly launched
three-year growth strategy New He
ights
with the opportunity to improve profitability significantly
.”
CEO & President
Søren Krogh Knudsen
Contents
Highlights
2
Good momentum in Q3
2023
3
Ready for a new and
exciting strategy period
4
Key figures and ratios
5
Strong topline growth
continues in Q3
6
Outlook for 2023
9
Statement by
management
10
Financial statements
11
Webcast
15 November 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 Q3 2023
Eng
agement size has increased
The growth journey from previous quarters
continued in Q3 2023 - a quarter, where
we also continued the work with our new
growth strategy, New Heights covering
the coming three years, 2024-2026.
The
average engagement size has in-
creased throughout the Focus23 strategy
period, and today more and more Busi-
ness Lines are involved on the same cus-
tomers as we increasingly act as digital
partner to solve multiple different chal-
lenges.
Wit
h a revenue of DKK 1.1bn YTD 2023,
we have delivered a growth of 10% (14%
adjusted for acquisitions and currency) in
the first nine months of 2023, which is in
line with the overall Focus23 financial
goal. Thus, we are satisfied with the solid
top line delivered throughout the last 10
quarters, building a strong and streamlined
foundation for future growth.
EBITD
A in Q3 2023 YTD improved to DKK
77.8m corresponding to a growth of 25%
compared to Q3 2022 YTD, and the
EBITDA margin improved slightly from
6.1% to 6.9%.
Dur
ing Q3 2023, we have continued to ad-
just our organization with performance ex-
ercises supporting the execution of an
EBITDA margin improvement to 15% by
2026 – our key focus in the new strategy
New Heights.
Top highl
ights in Q3
In Q3 2023, we experienced strong growth
in most Business Lines. We have man-
aged to gain market share despite signs of
slowdown in some of our markets by im-
proving delivery quality and cross-selling.
In Q3, the following Business Lines and
Market Units shaped the progress:
• Our Dynamics Business Line contin-
ued to deliver strong results with 17%
organic revenue growth compared to
Q3 2022.
• Our strategic Business Lines Data &
Analytics, Customer Experience & En-
gagement and Strategy & Change de-
livered growth of 34%, 56% and 120%
respectively.
• Our Security Business Line – our
most recent acquisition – expanded
into the Norwegian and Swedish mar-
kets, and we are currently up-staffing
to drive sales. With Security as part of
our offerings, we are in a strong posi-
tion to help our customers to become
compliant with the NIS2 Directive
which will become a legal requirement
next year.
• The UK Market Unit delivered organic
growth of 51% while Sweden contin-
ues their momentum with 15% organic
growth. Denmark also continues to
stand strong with 11% organic growth
compared to Q3 2022.
In
Q3 2023, efficiency reached 65% which
is an improvement compared to 61% in Q3
2022. Traditionally, the efficiency in Q3 is
affected by summer vacation and at a
lower level than Q2 (Q2 2023 efficiency
was 70%).
Strengthening our strategic
partnerships
Around 75% of our business involves our
partners Microsoft Dynamics and Infor M3,
and we have invested many resources in
strengthening the strategic partnerships
with regular meetings with top manage-
ment agreeing on joint go-to-market plans.
Ther
efore, we are very pleased to receive
the International Infor Channel Innovation
Award 2023 acknowledging our strong
commitment to innovation and to deliver
excellent customer experience which our
M3 Accelerator program underlines; In Au-
gust 26 young M3 professionals from dif-
ferent countries graduated from a year of
intense training program to become the
next generation of IT consultants.
In Q3, Columbus also earned the Inner
Circle membership for Microsoft Business
Application Partners globally and won the
Microsoft Business Application partner of
the year award in Norway.
Ma
intaining the 2023 expectations
We maintain our expectations for 2023:
• Revenue of DKK 1,550m – 1,600m,
corresponding to a growth of 12-15%
and an organic growth of 8-12% (con-
stant currencies)
• EBITD
A of DKK 119m – 139m, corre-
sponding to an EBITDA margin of 7.4 -
9.0%.
On behalf of the entire management in
Columbus, I would like to thank all employ-
ees for a great team effort.
Good momentum in Q3 2023
Columbus continued to grow the business in Q3 2023 with an underlying organic growth of 15% adjusted for acquisition and curr
ency. EBITDA
improved by 28% compared to Q3 2022. With 10 consecutive quarters delivering profitable growth, we now have the founda
tion to take Columbus to
the next level with our new three
-year strategy: New Heights.
Søren Krogh Knudsen
CEO & President
4 Interim Report Q3 2023
New Heights builds on the successful Fo-
cus23 strategy, which will be concluded by
the end of 2023. During the last three
years we have streamlined our business -
transforming from a software implementa-
tion partner to a global digital transfor-
mation partner, while delivering profitable
growth.
Am
bitious long-term goals
Our new long-term financial ambitions are
clear with a compounded annual growth
rate (CAGR) of 10% and a significant im-
provement in profitability with an EBITDA
margin of 15% by the end of 2026.
10%
revenue growth
With an estimated market growth in our
primary markets of 3% CAGR we expect
to continue to gain market shares and out-
grow the market by:
• Expand our playing field: Enter new
industries with high potential. We have
recently acquired ICY Security, thus
entering the market for cyber security.
In the next strategic period, we will en-
ter Life Science which entails high syn-
ergies to our existing business.
• Expand and invest in our service
portfolio: Acquisitive growth to
existing and new high-growth services
such as cyber security.
• Seize market opportunity as con-
stant partner: Accelerate our opera-
tions business and expand coverage
to multiple services.
15
% EBITDA margin
To reach an EBITDA margin of 15%, we
will initiate the EBITDA15 program which
consist of the following core elements
comprising a multitude of specific
changes:
• Increased project value delivered,
translating to higher price points and
better project execution.
• Changed delivery mix in relation to
shoring and seniority will improve mar-
gins.
• Efficiency improvement through bet-
ter utilization of available customer fac-
ing hours and larger engagements.
• Better utilization of our scalable
model: Global functions and other
support staff diminishing in ratio to
growing delivery organization.
Wi
th New Heights, we will take advantage
of our strong position to accelerate growth
and profitability – we will make digital
transformation happen and create value
for our customers and for Columbus’
shareholders.
The st
rategy is built on three strategic pil-
lars:
• People First: We stand out as an at-
tractive and caring employer.
• Industry Expertise: We win custom-
ers with our unique industry expertise.
• Rapid Adaptation: We help our cus-
tomers navigate the complex tech
landscape as a constant partner.
More details on New Heights can be
found in Company Announcement no. 22,
15 November 2023.
Ready for a new and exciting strategy period
During Q3 2023, we have been working intensely to finalize our new three
-year growth strategy, New Heights comprising action plans for
the coming years 2024
-2026 and we feel more than ready to implement the new growth initiatives.
5 Interim Report Q3 2023
DKK ´000
Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Income related figures
Sale of services
330,239 294,265 1,077,609 971,697 1,317,042
Sale of products
14,559 15,261 48,160 52,804 72,392
Net revenue
344,798 309,526 1,125,769 1,024,501 1,389,434
Recurring revenue % of
total revenue 14.7% 15.3% 13.5% 13.9% 13.8%
EBITDA
20,640 16,067 77,776 62,107 91,830
EBIT
6,499 1,762 35,070 19,587 35,135
Net financial items
-1,090 -3,306 -14,828 -1,453 -3,047
Profit before tax
5,409 -1,544 20,242 18,134 32,088
Profit after
tax, continuing operations 3,596 -3,585 14,748 10,674 29,903
Profit after tax, discontinued
operations
-231 2,031 2,845 -22,956 -41,216
Profit after tax
3,365 -1,554 17,593 -12,282 -11,313
DKK ´000
30 Sep 2023
30 Sep 2022 2022
Balance sheet
Non
-current assets
887,445 795,600 796,222
Current assets
418,649 399,706 387,725
Total assets
1,306,095 1,195,306 1,183,947
Group shareholder equity
698,047 701,455 706,405
Total
liabilities
608,048 493,851 477,542
Total equity and liabilities
1,306,095 1,195,306 1,183,947
Key figures and ratios
DKK ´000
Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Investments in tangible assets
1,702 2,365 4,526 6,653 8,239
Cash flow
Cash flow from operating activities
324 -43,173 48,099 -24,279 27,431
Cash flow from investing activities
-134 -2,953 -40,141 -37,249 -37,987
Cash flow from financing activities
-17,573 34,109 -633 32,933 -13,932
Total
net change in cash and cash
equivalents
-17,383 -12,017 7,325 -28,595 -24,488
Cash flow from continuing operations
-17,383 -12,132 7,325 -29,395 -25,227
Cash flow from discontinued operations
0 115 0 800 739
Total net change in cash and cash
equivalents
-17,383 -12,017 7,325 -28,595 -24,488
Key ratios
EBITDA
-margin 6.0% 5.2% 6.9% 6.1% 6.6%
EBIT
-margin 1.9% 0.6% 3.1% 1.9% 2.5%
Equity ratio
53.4% 58.7% 53.4% 58.7% 59.7%
Return on equity
0.5% -0.2% 2.5% -1.7% -1.6%
Return on invested capital (ROIC)
1.4% 0.9% 5.8% 4.4% 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)
5.40 5.43 5.40 5.43 5.46
Earnings per share (EPS) from continu-
ing operations (DKK)
0.03
-0.03
0.11
0.08
0.23
Cash flow per share (DKK)
0.00 -0.33 0.37 -0.19 0.21
Share price, end of period (DKK)
6.40 6.65 6.40 6.65 6.29
Average full time
employee for the pe-
riod
1,588 1,551 1,572 1,528 1,536
The key figures and financial ratios above have been calculated in accordance with Danish Finance
Society's "Recommendation & Financial Ratios”
6 Interim Report Q3 2023
Revenue development
In Q3 2023 Columbus realized a revenue
of DKK 345m, corresponding to an in-
crease of 11% compared to Q3 2022. The
increase is mainly driven by sale of ser-
vices, which increased by 12% compared
to the same period last year and count for
96% of total revenue in Q3 2023. Product
sales decreased by 5% in Q3 2023 as ex-
pected.
We continue to see strong growth in ser-
vice revenue in most Business Lines, alt-
hough weakened currencies remain a
headwind when comparing to last year.
Our strategic Business Lines Data &
Analytics (+36%) and Customer Experi-
ence & Engagement (+57%) are key Busi-
ness Lines in extending our capabilities
within digital advisory.
In Q3, Customer Experience & Engage-
ment completed a global rollout of D365
Customer Engagement to 40 locations and
650 users worldwide for Watson Marlow
Fluid Technology Systems, a world
leader in niche peristaltic pump manufac-
ture and associated fluid path technolo-
gies.
Data & Analytics has won a contract with
Devold to create a modern data platform
connected to their new Dynamics 365
ERP implementation which is under con-
struction. With the new data platform cre-
ated by Columbus, Devold will gain a busi-
ness advantage with self-serve analytics
and automated data transformation for
better insights and decision support.
Our largest Business Line, Dynamics, de-
livered a strong Q3 with growth of 13% in
service revenue, despite significant impact
by weakened currencies in Sweden and
Norway. Organic growth for Dynamics was
17%. New customer wins in Dynamics in-
clude a Care agreement with Bavarian
Nordic A/S for the period of 2023-2026.
Under this agreement, Columbus will pro-
vide comprehensive support services for
Bavarian's Microsoft Dynamics 365 Fi-
nance and Operations system. The agree-
ment encompasses almost all our Colum-
bus Care offerings.
Further, Dynamics successfully closed a
contract with Louvolite in the UK, where
Columbus is beginning the analysis of
their AX 2012 solution and customer spe-
cific modifications with a view to highlight-
ing fits/gaps with standard D365 function-
ality as they look to reimplement Dynamics
365 Finance & Supply Chain Manage-
ment.
Strong topline growth continues in Q3
Service
revenue split on Business Lines
DKK ´000
Q3 2023 Q3 2022 ∆% YTD 2023 YTD 2022 ∆%
Dynamics
178,636 157,542 13.4% 566,278 516,463 9.6%
M3
64,666 69,749 -7.3% 219,978 228,461 -3.7%
Digital Commerce
38,116 40,044 -4.8% 146,999 133,007 10.5%
Data & Analytics
18,115 13,294 36.3% 56,200 42,928 30.9%
Customer Experience & Engagement
15,468 9,851 57.0% 46,923 33,916 38.4%
Security
9,769 0 - 22,070 0 -
Strategy & Change
1,719 782 119.8% 6,839 5,155 32.7%
Other Local Business
3,750 3,003 24.9% 12,322 11,767 4.7%
Total sale of services
330,239 294,265 12.2% 1,077,609 971,697 10.9%
Total sale of products
14,559 15,261 -4.6% 48,160 52,804 -8.8%
Total net revenue
344,798 309,526 11.4% 1,125,769 1,024,501 9.9%
Service revenue split on
Market Units
DKK ´000
Q3 2023 Q3 2022 ∆% YTD 2023 YTD 2022 ∆%
Sweden
112,317 107,676 4.3% 405,912 388,521 4.5%
Denmark
76,121 58,568 30.0% 240,206 185,056 29.8%
Norway
46,802 55,789 -16.1% 175,947 193,051 -8.9%
UK
61,614 41,085 50.0% 161,356 119,153 35.4%
US
23,225 21,209 9.5% 64,584 59,472 8.6%
Other
8,990 9,020 -0.3% 26,488 23,577 12.3%
GDC
1,170 918 27.5% 3,116 2,867 8.7%
Total sale of services
330,239 294,265 12.2% 1,077,609 971,697 10.9%
Total sale of products
14,559 15,261 -4.6% 48,160 52,804 -8.8%
Total net revenue
344,798 309,526 11.4% 1,125,769 1,024,501 9.9%
7 Interim Report Q3 2023
In addition, new customer wins in Dynam-
ics include Furnes Jernstøberi in Norway,
where Columbus has initiated an explore
phase project.
M3, our second largest Business Line,
saw a decrease in service revenue of 7%,
however, an organic growth of 0.3% when
adjusted for currency impact.
New customers in M3 include L-Fashion
Group Oy. Columbus has in cooperation
with Infor signed an agreement to imple-
ment M3 Cloud Edition for Fashion at
L-Fashion Group Oy. Infor supplies Pro-
ject Management and Solution Architec-
ture as well as technical solutions. Colum-
bus consultants supply most of the busi-
ness-oriented areas, such as PLM, fi-
nance, procurement, sales, warehouse
and logistics.
New customers also include REEtec AS
with an Infor CloudSuite IA Chemicals im-
plementation using our On Target imple-
mentation method as well, helping Elkem
ASA globally to upgrade from on-prem to
Infor CloudSuite.
Digital Commerce has decreased by 5% in
Q3 2023 compared to Q3 2022. The
development is significantly affected by
currency, with an organtic growth of 5%.
The lower than usual growth in the
Business Line comes from a challenged
Norwegian market which declined in the
quarter.
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.
During Q3, Security has started the expan-
sion to the Swedish and Norwegian mar-
kets and is currently in the process of set-
ting the team while engaging with new
customer leads.
Strategy & Change is continuing to bring
value on projects across the Business
Lines. The Market Unit is working on get-
ting a critical mass setup within the Scan-
dinavian markets but remains valuable for
the group. Services revenue grew to DKK
2m in Q3 2023.
The first nine months of 2023 closed with
a service revenue of DKK 1,078m com-
pared to DKK 972m in the same period
last year, corresponding to an increase of
11%. The growth is in line with manage-
ment expectations and continues to build
towards the announced guidance for the
year. Product revenue declined by 9%,
which follows the trend seen in previous
quarters. In total, revenue grew by 14%
when adjusting for currency and acquisi-
tions.
Development in Market Units
Nearly all our Market Units delivered sig-
nificant organic growth in service revenue
in Q3 2023, but we continue to see that
the Norwegian and the Swedish krone
have a negative impact on the revenue.
The Swedish market, which is our largest
market, delivered 4% increase in service
revenue in Q3 2023. The growth was pri-
marily driven by Dynamics and Digital
Commerce. The M3 Business Line de-
creased slightly in Sweden compared to
Q3 2022 due to postponement of new con-
tracts. Sweden was affected negatively by
DKK 13m due to the Swedish krone weak-
ening compared to Danish krone. Meas-
ured in constant currencies service reve-
nue grew by 16%.
Denmark continues their strong track with
growth in Q3 2023 of 30% in service reve-
nue, primarily driven by Dynamics and in-
troduction of Security. Excluding the acqui-
sition of ICY Security, Denmark grew by
11%.
T
he Norwegian Market Unit is currently
facing more challenging market conditions,
along with currency impacting negatively
with DKK 7m, resulting in a negative
growth of -16%. Measured in constant cur-
rencies service revenue decreased by 4%.
Due to the weakened currency, all Busi-
ness Lines in Norway declined, except for
Data & Analytics and Customer Experi-
ence & Engagement which both grew
slightly.
The UK Market Unit delivered an impres-
sive growth of 50% in Q3 2023, with all
Business Lines contributing to the pro-
gress. Dynamics and Digital Commerce
are leading the development with signifi-
cant growth. Currency development only
impacted the Market Unit marginally.
D
evelopment in recurring revenue
Development in
efficiency
2
4
8
12
41
37
122
112
7
6
22
18
50
47
152
142
Q3 2023 Q3 2022 YTD 2023 YTD 2022
Cloud
Columbus Care contracts
Subscriptions
65%
70%
67%
63%
61%
Q3/23 Q2/23 Q1/23 Q4/22 Q3/22
8 Interim Report Q3 2023
The US Market Unit closed Q3 2023 with
10% growth. Currency impacted the Mar-
ket Unit negatively with 8 percentage
points in Q3. The growth is driven by the
M3 Business Line, with the Dynamics
Business Line decreasing slightly.
Recurring revenue
In Q3 2023 recurring revenue amounted to
DKK 50m, corresponding to a 6% increase
compared to Q3 2022. Cloud business
continued to grow as expected.
Recurring Care contracts followed the
same trend as the overall service revenue
in Q3 2023, resulting in recurring revenue
constituting a stable part of total revenue
of around 15%.
Efficiency
The efficiency in Q3 2023 was 65%, com-
pared to 61% in Q3 2022. The increase is
the result of a number of initiatives imple-
mented since second half of 2022 and in
line with expectations. We continue our
work to optimize the usage or our consult-
ant pool across our contract and geogra-
phies for the time being.
EBITDA development
In Q3 2023 reported EBITDA amounted to
DKK 21m, which is an increase of DKK 5m
compared to Q3 2022. The EBITDA mar-
gin corresponds to 6.0%, which is an in-
crease compared to Q3 2022 with an
EBITDA margin of 5.2%. Although we saw
an increased EBITDA, we continue to im-
plement new initiatives to further increase
our profitability.
The improvement in efficiency continues to
result in better earnings from the business,
although Q3 remains to be a period with
generally lower earnings. Other external
expenses increased by DKK 9m caused
by the acquisition of activities and an in-
creased amount of travelling cost in the
quarter.
Other operating income amounts to DKK
3m which is mainly due to partly reversal
of earn out from the acquisition of ICY Se-
curity in Q2 2023.
Profit before tax
Compared to Q3 2022, profit before tax in-
creased by 7m to DKK 5m. The result is
affected by the slightly increased EBITDA,
and only slightly affected by weakened
currencies. The Group has been affected
primarily by the weakened Swedish and
Norwegian krone, although the develop-
ment in the currencies has stabilized in
Q3.
Discontinued operations
In Q3 2023 no new events related to dis-
continued operations occurred. The loss of
DKK 0.2m relates to expenses related to
former divestments.
Cash
Cash flow from operating activities in Q3
2023 was positive with DKK 0.3m. The
cash flow is significantly improved com-
pared to Q3 2022 where cash flow was
DKK -43m, due to the better performing
business as well as a stabilized net work-
ing capital.
Overdraft facilities is negative with DKK
10m, which is caused by gradual repay-
ment of short-term credit facilities. The re-
payment is a result of the improved opera-
tion cash flow.
Equity
Columbus’ equity decreased by net DKK
8m 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 10m. In addition, dividend of
DKK 16m was paid out in Q2 2023.
9 Interim Report Q3 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 continues to deliver solid perfor-
mance in 2023, and the business is in ac-
cordance with the guidance announced for
2023. In April, we announced the acquisi-
tion of ICY Security, and as a direct conse-
quence the guidance was adjusted in Q1
2023.
Guidance for 2023
Based on the financial performance in Q3
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 mar-
gin 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.
10 Interim Report Q3 2023
We have today considered and approved
the interim financial report for the period 1
January 2023 – 30 September 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 September
2023, and of the results of the Group’s op-
erations and cash flows during the first
nine 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
Executive Board
Board of Directors
11 Interim Report Q3 2023
11 Interim Report Q3 2023
Financial
statements
12 Interim Report Q3 2023
DKK ´000
Note Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Net revenue
2 344,798 309,526 1,125,769 1,024,501 1,389,434
External project
costs -38,242 -30,371 -116,860 -102,661 -135,350
Gross profit
Staff expenses and
remuneration
3 -250,009 -234,039 -820,787 -775,828 -1,036,275
Other external costs
-39,038 -30,073 -113,836 -101,868 -144,090
Other operating income
EBITDA
Depreciation, amortization
and impairment
4 -14,141 -14,305 -42,706 -42,520 -56,695
Operating profit
(EBIT) 6,499 1,762 35,070 19,587 35,135
Financial income
Financial expenses
-4,901 -3,612 -16,579 -4,545 -5,956
Profit before tax from
continuing operations
Corporate tax
-1,813 -2,041 -5,494 -7,460 -2,185
Profit after tax from
continuing operations
Profit (loss) after tax
from discontinued
operations
8
-231 2,031 2,845 -22,956 -41,216
Profit (loss) after tax for the period
DKK ´000
Note Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Items that may be reclassified
subsequently to profit and loss:
Foreign exchange adjustments of
subsidiaries
-5,818 -216 -10,214 -12,036 -8,201
Other comprehensive
income
-5,818 -216 -10,214 -12,036 -8,201
Total comprehensive
income for the period
-2,453 -1,770 7,379 -24,318 -19,514
Profit (loss) after tax
allocated to:
Shareholders in Columbus
A/S
Total comprehensive income
allocated to:
Shareholders in Columbus
A/S
-2,453 -1,770 7,379 -24,318 -19,514
-2,453 -1,770 7,379 -24,318 -19,514
Earnings per share of DKK
1.25 (EPS)
Earnings per share of DKK
1.25, diluted (EPS
-D)
Statement of comprehensive income
13 Interim Report Q3 2023
DKK ´000
Note 30 Sep 2023 30 Sep 2022 31 Dec 2022
ASSETS
Goodwill
Customer base
Internal applications
Development projects finalized
Property, plant and equipment
Right
-of-use assets 68,524 56,227 65,316
Deferred tax assets
Other receivables
Total
non-current assets
Trade receivables
5 274,162 233,745 254,800
Contract assets
6 11,228 10,814 5,822
Corporate tax receivables
Other receivables
Receivables from
divestment of activities 8 59,832 64,844 59,264
Prepayments
Receivables
Cash
Total current assets
TOTAL ASSETS
DKK ´000
Note 30 Sep 2023 30 Sep 2022 31 Dec 2022
EQUITY AND LIABILITIES
Share capital
Reserves on foreign currency translation
-77,857 -71,478 -67,643
Retained profit
Equity
Deferred tax
Other provisions
Contingent consideration
Debt to credit institutions
Lease
liability right-of-use assets 43,930 33,709 40,796
Non
-current liabilities 238,118 115,977 120,514
Debt to credit institutions
Contract liabilities
6 6,316 7,454 9,960
Trade payables
Corporate tax payables
Other payables
Accruals and deferred income
Lease liability right
-of-use assets 26,746 25,076 26,926
Current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
Balance sheet
14 Interim Report Q3 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 0 -10,214 17,593 7,379
Share
-based payment 0 0 423 423
Payment of dividend
Balance at 30 Sep 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
-12,036
-12,036
Total comprehensive income
Share
-based payment 0 0 953 953
Payment of dividend
Balance at 30 Sep 2022
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits Equity
2022
Balance at 1 Jan 2022
Profit
after tax 0 0 -11,313 -11,313
Currency adjustments of investments in
subsidiaries
Total comprehensive income
Share
-based payment 0 0 1,099 1,099
Payment of dividend
Balance at 31 Dec 2022
Statement of changes in equity
15 Interim Report Q3 2023
DKK ´000
Note Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Operating profit (EBIT)
Depreciation, amortization and
impairment
4 14,141 14,305 42,706 42,520 56,695
Cost of incentive scheme
Changes in net working capital
-14,213 -56,651 -18,201 -73,750 -61,086
Cash flow from primary activities
Interest received, etc.
Interest paid, etc.
-5,000 -1,277 -9,700 -4,544 -6,669
Corporate tax paid
-2,275 -2,052 -4,253 -10,817 -169
Cash flow from operating activities
discontinued operations
8 0 115 0 1,126 1,065
Cash flow from operating activities
Acquisition of tangible assets
-1,702 -2,365 -4,526 -6,653 -8,239
Acquisition of intangible assets
-902 -2,919 -4,159 -12,357 -15,823
Disposal of tangible assets
Acquisition of activities
7 2,691 303 -34,309 -5,415 -5,415
Disposal of activities
9 -231 2,031 2,845 -12,856 -8,768
Cash flow from
investing activities
-134 -2,953 -40,141 -37,249 -37,987
DKK ´000
Note Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Proceeds from borrowings
Overdraft facilities
-10,366 41,816 -2,401 72,802 33,324
Repayment of lease
liabilities -7,207 -7,707 -22,072 -23,383 -30,770
Dividends paid
Cash flow from financing activities
discontinued operations
8 0 0 0 -326 -326
Cash flow from financing
activities
-17,573 34,109 -633 32,933 -13,932
Cash flow from continuing
operations
-17,383 -12,132 7,325 -29,395 -25,227
Cash flow from discontinued
operations
Total net change in cash and
cash equivalents
-17,383 -12,017 7,325 -28,595 -24,488
Cash funds at the beginning
of the period
Exchange rate adjustments
Cash funds at the end of the
period
Cash flow
16 Interim Report Q3 2023
Note 1 – Material accounting principles 17
Note 2 – Segment data 17
Note 3 – Staff expenses and remuneration 23
Note 4 – Depreciation, amortization and impairment 23
Note 5 – Trade receivables 24
Note 6 – Contract assets and contract liabilities 25
Note 7 – Business combination 26
Note 8 – Discontinued operations 27
Note 9 – Disposal of activities 28
Key figures, ratios and Alternative Performance Measures 29
Notes
Note
Page
17 Interim Report Q3 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
Digital Commerc
e
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, Security 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.
18 Interim Report Q3 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 have 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 %
Q3 2023
Dynamics
178,636 9,422
188,058
-138,447
49,611 26.4%
M3
64,666 1,866
66,532
-49,213
17,319 26.0%
Digital Commerce
38,116 259
38,375
-35,616
2,759 7.2%
Data & Analytics
18,115 170
18,285
-16,168
2,117 11.6%
Customer Experience & Engagement
15,468 152
15,620
-15,127
493 3.2%
Security
9,769 749
10,518
-12,086
-1,568 -14.9%
Strategy & Change
1,719 0
1,719
-3,582
-1,863 -108.4%
Other Local Business
3,750 1,941
5,691
-3,210
2,481 43.6%
Total
330,239 14,559 344,798 -273,449 71,349 20.7%
Enabling Functions
-50,709
EBITDA
20,640
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
Q3 2022
Dynamics
157,542 11,644
169,186
-117,293
51,893 30.7%
M3
69,749 446
70,195
-56,034
14,161 20.2%
Digital Commerce
40,044 635
40,679
-39,646
1,033 2.5%
Data & Analytics
13,294 354
13,648
-12,222
1,426 10.4%
Customer Experience & Engagement
9,851 146
9,997
-10,505
-508 -5.1%
Strategy & Change
782 0
782
-3,108
-2,326 -297.4%
Other Local Business
3,003 2,036
5,039
-3,138
1,901 37.7%
Total
294,265 15,261 309,526 -241,946 67,580 21.8%
Enabling Functions
-51,513
EBITDA
16,067
19 Interim Report Q3 2023
Notes
Note
2 – Segment data (continued)
Business Lines Revenue Split YTD 2023
53%
20%
13%
5%
4%
2%
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
Dynamics
566,278 32,942
599,220
-434,099
165,121 27.6%
M3
219,978 4,687
224,665
-182,622
42,043 18.7%
Digital Commerce
146,999 1,496
148,495
-121,968
26,527 17.9%
Data &
Analytics 56,200 556
56,756
-47,806
8,950 15.8%
Customer Experience & Engagement
46,923 605
47,528
-42,557
4,971 10.5%
Security
22,070 1,001
23,071
-25,625
-2,554 -11.1%
Strategy & Change
6,839 0
6,839
-13,373
-6,534 -95.5%
Other Local Business
12,322 6,873
19,195
-11,659
7,536 39.3%
Total
1,077,609 48,160 1,125,769 -879,709 246,060 21.9%
Enabling Functions
-168,284
EBITDA
77,776
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
YTD 2022
Dynamics
516,463 34,530
550,993
-404,115
146,878 26.7%
M3
228,461 8,641
237,102
-186,506
50,596 21.3%
Digital Commerce
133,007 1,759
134,766
-122,119
12,647 9.4%
Data & Analytics
42,928 468
43,396
-40,834
2,562 5.9%
Customer Experience & Engagement
33,916 610
34,526
-31,471
3,055 8.8%
Strategy & Change
5,155 0
5,155
-9,009
-3,854 -74.8%
Other Local Business
11,767 6,796
18,563
-12,113
6,450 34.7%
Total
971,697 52,804 1,024,501 -806,167 218,334 21.3%
Enabling Functions
-156,227
EBITDA
62,107
20 Interim Report Q3 2023
Notes
Accounting policies
Due to the changes within our reporting to the Executive Board, two new performance measures have
been introduced in 2023.
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
91,830
Average FTE Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Business Line
Dynamics
646 630 630 637 635
M3
262 277 266 268 270
Digital Commerce
219 210 218 203 209
Data & Analytics
90 75 85 73 76
Customer Experience & Engagement
69 61 68 61 62
Security
49 0 48 0 0
Strategy & Change
15 12 15 11 11
Other Local Business
28 52 28 40 39
Business Line average number of FTE
1,378 1,317 1,358 1,293 1,302
Enabling Functions
210 233 214 235 234
Average number of FTE
21 Interim Report Q3 2023
Notes
Note
2 – Segment data (continued)
DKK ´000
Sweden Denmark Norway UK US Other GDC Eliminations Total
Q3 2023
Sale of services
112,317 76,121 46,802 61,614 23,225 8,990 1,170 0
330,239
Sale of products
4,743 5,299 1,275 2,277 965 0 0 0
14,559
Total revenue from own markets
117,060 81,420 48,077 63,891 24,190 8,990 1,170 0 344,798
Total revenue from group companies
9,147 15,963 3,311 2,656 1,861 1,819 25,892 -60,649 0
Total revenue
126,207 97,383 51,388 66,547 26,051 10,809 27,062 -60,649 344,798
Average number of FTE
434 364 181 195 46 37 331 0 1,588
Q3 2022
Sale of services
107,676 58,568 55,789 41,085 21,209 9,020 918 0
294,265
Sale of products
5,032 5,166 2,263 1,556 1,244 0 0 0
15,261
Total revenue from own markets
112,708 63,734 58,052 42,641 22,453 9,020 918 0 309,526
Total
revenue from group companies 11,214 15,462 2,321 3,817 580 488 23,007 -56,889
0
Total revenue
123,922 79,196 60,373 46,458 23,033 9,508 23,925 -56,889 309,526
Average number of FTE
429 294 178 188 60 35 367 0 1,551
22 Interim Report Q3 2023
Notes
Note
2 – Segment data (continued)
DKK ´000
Sweden Denmark Norway UK US Other GDC Eliminations Total
YTD 2023
Sale of services
405,912 240,206 175,947 161,356 64,584 26,488 3,116 0
1,077,609
Sale of
products 18,858 13,188 4,870 7,763 3,481 0 0 0
48,160
Total revenue from own markets
424,770 253,394 180,817 169,119 68,065 26,488 3,116 0 1,125,769
Total revenue from group companies
34,713 55,246 9,131 9,475 4,590 5,101 78,434 -196,690
0
Total
revenue 459,483 308,640 189,948 178,594 72,655 31,589 81,550 -196,690 1,125,769
Average number of FTE
438 354 181 188 47 37 327 0 1,572
YTD 2022
Sale of services
388,521 185,056 193,051 119,153 59,472 23,577 2,867 0
971,697
Sale of products
18,617 13,520 6,816 10,115 3,736 0 0 0
52,804
Total revenue from own markets
407,138 198,576 199,867 129,268 63,208 23,577 2,867 0 1,024,501
Total revenue from group
companies 37,660 54,527 8,883 12,169 1,393 2,171 76,367 -193,170
0
Total revenue
444,798 253,103 208,750 141,437 64,601 25,748 79,234 -193,170 1,024,501
Average number of FTE
417 292 170 188 63 33 365 0 1,528
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
23 Interim Report Q3 2023
Notes
Note 3 – Staff expenses and remuneration
DKK ´000
Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Staff expenses
Salary and wages
217,401 198,271 701,391 653,555 865,700
Other social security costs
28,078 30,654 95,809 98,295 137,720
Other staff expenses
4,349
4,796
23,164
23,025
31,756
Share
-based payment 181 318 423 953 1,099
Total staff expenses
250,009 234,039 820,787 775,828 1,036,275
Average
number of FTEs 1,588 1,551 1,572 1,528 1,536
Note 4 – Depreciation, amortization and impairment
DKK ´000
Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Depreciation
8,719 9,025 26,543 26,999 35,814
Amortization
5,422 5,280 16,163 15,521 20,881
Total depreciation, amortization and
impairment
14,141 14,305 42,706 42,520 56,695
24 Interim Report Q3 2023
Notes
DKK ´000
30 Sep 2023 30 Sep 2022 31 Dec 2022
Receivables (gross) at 1 Jan
261,422 281,133 281,133
Change in
receivables during the period 16,502 -46,051 -19,711
Receivables (gross) end of period
277,924 235,082 261,422
Provisions for bad debt at 1 Jan
6,622 11,550 11,550
Change in provisions for bad debt during the period
-2,887 -12,327 -7,074
Loss realized during the period
27 2,114 2,146
Provisions for bad debt end of period
3,762 1,337 6,622
Carrying amount end of period
274,162 233,745 254,800
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 Sep 2023 30 Sep 2022 31 Dec 2022
Age of receivables (gross):
Not due
241,302 214,085 174,400
0
-30 days 15,321 12,113 72,614
30
-60 days 8,268 5,689 9,009
61
-90 days 3,878 1,153 3,358
91
-180 days 7,941 1,343 1,724
181
-270 days 583 137 114
270
-360 days 485 532 3
Above 360 days
146 30 200
Total
277,924 235,082 261,422
DKK ´000
30 Sep 2023 30 Sep 2022 31 Dec 2022
Age of impairment:
Not due
16 34 5,091
0
-30 days
77 61 363
30
-60 days 207 142 226
61
-90 days 291 87 252
91
-180 days 1,985 314 431
181
-270 days 555 137 57
271
-360 days 485 532 2
Over 360 days
146 30 200
Total
3,762 1,337 6,622
DKK ´000
30 Sep 2023 30 Sep 2022 31 Dec 2022
Provision matrix:
Not due
0% 0% 3%
0
-30 days 0% 1% 0%
30
-60 days 2% 2% 3%
61
-90 days 8% 8% 8%
91
-180 days 25% 23% 25%
181
-270 days 95% 100% 50%
271
-360 days 100% 100% 75%
Over 360 days
100% 100% 100%
The change in provisions for bad debt as per 30 September 2023 is partly due to improved collection pro-
cess and settlement of previous disputes with customers. We have no active disputes with customers as
per 30 September 2023.
Note
5 – Trade receivables
25 Interim Report Q3 2023
Notes
DKK ´000
30 Sep 2023 30 Sep 2022 31 Dec 2022
Balance at 1 Jan
-4,138 -5,815 -5,815
Changes contract assets during the period
19,084 5,835 136
Changes on account billing and prepayments
during the period
-10,034 3,340 1,541
Balance at end of period
4,912 3,360 -4,138
Work in progress
32,750 19,364 13,666
On account billing and prepayments
-27,838
-16,004
-17,804
Balance at end of
period 4,912 3,360 -4,138
The net value is included in the balance as follows:
Contract assets
11,228 10,814 5,822
Contract liabilities
-6,316 -7,454 -9,960
Balance at end of period
4,912 3,360 -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
26 Interim Report Q3 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 not 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
27 Interim Report Q3 2023
Notes
DKK ´000
Q3 2023 Q3 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 im-
pairment
0 0 0 -321 -321
Operating profit (EBIT)
0 0 0 -61 -61
Financial income
0 0 0 7,890 8,826
Financial expenses
0 0 0 -24,958 -3,772
Profit (loss) before tax from
discontinued operations
0 0 0 -17,129 4,993
Corporate tax
0 0 -243 -243
Profit (loss) after tax from
discontinued operations
0 0 0 -17,372 4,750
Total gain (loss) on divestment of
discontinued operations
-231 2,031 2,845 -5,584 -45,966
Profit (loss) from discontinued
operations
-231 2,031 2,845 -22,956 -41,216
Earnings per share from discontinued
operations of DKK 1.25 (EPS)
0.00 0.02 0.02 -0.18 -0.32
Earnings per share from discontinued
operations of DKK 1.25, diluted
(EPS
-D) 0.00 0.02 0.02 -0.18 -0.32
DKK ´000
Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Cash flow from operating activities
0 115 0 1,126 1,065
Cash flow from investing activities
0 0 0 0 0
Cash flow from financing activities
0 0 0 -326 -326
Cash flow from discontinued
operations
0 115 0 800 739
DKK ´000
Q3 2023 Q3 2022 YTD 2023 YTD 2022 2022
Gain (loss) on disposal of
subsidiaries
0 0 0 -9,534 -9,534
Recirculation of historical currency
adjustments
0 0 0 0 -34,938
Transaction costs related to disposal
-231 2,031 2,845 3,950 -1,494
Total gain (loss) on divestment of
discontinued operations
-231 2,031 2,845 -5,584 -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
28 Interim Report Q3 2023
Notes
The transaction costs is related to previous disposals.
DKK ´000
30 Sep 2023 30 Sep 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 receivables
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 Sep 2023 30 Sep 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
Transaction costs related to disposal
2,845 -5,582 -1,494
Net cash inflow arising on disposal
2,845 -12,856 -8,768
Note
9 – Disposal of activities
29 Interim Report Q3 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 invested 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
30 Interim Report Q3 2023
Notes
For more information about Columbus visit www.columbusglobal.com