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"iso4217:DKK" } }, "s9_notesesefdkgaap__7__52-1": { "value": "Accounting policies Dividend Proposed dividends are recognized as a liability at the time of approval by the General Meeting (time of declaration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial re-port for entities with a different functional currency than Danish kroner.Cash flow Accounting policies The cash flow statement is presented using the indirect method based on operating profit. The cash flow statement shows cash flows for the year, the change in cash, as well as the balance of cash at the beginning and end of the year. Cash flow from operating activities Cash flow from operating activities is calculated as profit before tax adjusted for noncash operating items, changes in working capital, interests received and paid, and corporation tax paid. Cash flow from investment activities Cash flow from investment activities comprises payments relating to purchase and divestment of busi-nesses and activities, purchase and divestment of intangible and other long-term assets as well as pur-chase and divestment of securities not recognized as cash and dividends received. Cash flow from acquired companies is included from the date of acquisition, while cash flow from divest-ments is recognized until the time of sale. Cash flow from financing activities Cash flow from financing activities comprises changes in size or composition of share capital and related costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repay-ment of interest-bearing debt, repayment of lease liabilities, purchase and divestment of treasury shares and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash flow realigned to financial leases are recognized as payments of interest and repayment of debt. Note 1 \u2013 Significant accounting principles The financial statements for 2023 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-cordance with the IFRS accounting standards as adopted by the EU and Danish disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in Denmark. The consolidated and Parent Company\u2019s financial statements are presented in Danish Kroner (DKK), which is the presentation currency for the Group's activities and the functional currency of the Parent Company. The consolidated and Parent Company\u2019s financial statements have been prepared based on historical cost. The main elements of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the individual notes to the financial statements. In preparing the consolidated and Parent Company\u2019s financial statements, the management makes various accounting assessments that form the basis of presentation, recognition and measurement of the Parent Company and the Group\u2019s assets and liabilities. The most significant estimates and judgements are pre-sented in note 2. Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-cies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and enti-ties controlled by Columbus A/S. Control exists when Columbus has effective power over the entity and has the right to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal. The consolidated financial statements are prepared by combining financial state-ments uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains and losses on transactions between the consolidated companies are eliminated. In the consolidated financial statements items of subsidiaries are included 100%. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans-action date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognized in the income statement as financial in-come or financial expenses. Property, plant and equipment, intangible assets, and other non-monetary as-sets that have been purchased in foreign currencies are translated using historical rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries\u2019 bal-ance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income. Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 27. Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed. The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2023, and interpretations that are relevant to the Columbus Group are used in preparing the financial state-ments. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2023. New standards and interpretations effective from 2023 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-ary 2023, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpretations have not had any material impact on Columbus Annual Report 2023. IASB has also issued new and amended standards and interpretations which have not yet been effective and therefore also not yet been implemented in the consolidated financial statements for 2023. Columbus expects to implement these new standards and amendments when they take effect and become manda-tory. None of the new standards and amendments issued are expected to have any significant impact on the consolidated financial statement when implemented. External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc. Prepayments Prepayments recognized under assets include expenses paid concerning subsequent financial years and are measured at cost. Deferred income Deferred income recognized under liabilities comprises payments received concerning income in subse-quent years measured at cost.Accounting policies Due to the changes in 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. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus primarily enters contracts which span over a longer period. Revenue is recognized on an ongo-ing basis since the product delivered is generally not usable for Columbus in other circumstances. Addition-ally, the asset is under control of the customer, and Columbus has the right to payment for work performed according to the contract. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified as multiple element contracts. Multiple element contracts are generally capable of being distinct and accounted for as separate performance obligations. Multiple element con-tracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting services is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d.Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group\u2019s primary activities, including adjustments of contingent liabilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale.Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is provided on temporary differ-ences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is realized, and it is probable that the deferred tax will not crystalize as current tax in the fore-seeable future. Deferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses).Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. Accounting policies Property plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Fixtures and equipment are depreciated over 3 to 5 years, equal to the asset\u2019s estimated useful life. Lease-hold improvements are amortized over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carrying value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a change in accounting estimates.Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreciated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. Columbus\u2019 portfolio of leases include three main groups: Offices, cars and other fixtures. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We meas-ure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or before the commencement date of the lease, less any lease incentives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of three parts: \ue813 Reference rate \ue813 Financing spread adjustment \ue813 Lease specific adjustment The interest rate used for measuring new lease liabilities is 8.43% (2022: in the range between 2.84% and 5.84%). Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease compo-nents comprise of services and operating costs etc. Variable lease expenses are recognized in other exter-nal expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognized in financial expenses. Each lease payment is separated into re-payment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classi-fied as cash flows from operating activities. Short-term leases and leases of low-value assets are not recognized as right-of-use-assets. Note 13 \u2013 Investments in subsidiaries Accounting policies Investments in subsidiaries in the Parent Company\u2019s financial statement Investments in subsidiaries are measured in the Parent Company\u2019s financial statements at historical cost. If the historical cost exceeds the recoverable amount, the costs are impaired to the lower value. When dividend distributed exceeds the accumulated earnings after the acquisition date this is considered as an indication of impairment. If the Parent Company has a legal or constructive obligation to cover a subsidiary\u2019s deficit, a provision is recognized to the extent that it exceeds amounts owed by the subsidiary. Gains and losses on disposal of subsidiaries are calculated as the difference between the sale or liquida-tion amount and the carrying amount at the time of sale less costs to sell. Gains or losses are recognized in the statement of comprehensive income under \"Other operating income\" and \"Other operating expenses\". Dividends from subsidiaries Dividends from investments are recognized in the Parent Company\u2019s profit in the accounting period, where the right for the dividend is earned.Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and expected losses. Market value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the con-sumption of resources cannot be used as a base, the measurement is instead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is taken immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognized at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognized in the balance sheet under current assets or liabili-ties, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognized in statement of comprehensive income as in-curred. When assessing impairment for the Group\u2019s contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group\u2019s trade receivables. Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity of more than one year from the balance sheet date are measured at present value.Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-bilities are measured at amortized cost using the \"effective interest method\" so that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the loan period. Other liabilities are measured at amortized cost. Pensions Contributions to defined contribution plans are recognized in the statement of comprehensive income in the period to which they relate, and any contributions payable are recognized in the balance sheet under other payables.Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. Key figures, ratios and Alternative Performance MeasuresKey figures and ratios Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33. Other ratios are calculated in accordance with the Danish Finance Society \u201cRecommendations & Financial Ratios\u201d. The financial ratios stated are calculated as follows: Earnings before interest, tax, depreciations and EBITDA-margin amortizations (EBITDA) Net revenue Operating profit (EBIT) Operating marginNet revenue Result after tax and excl. minority interests Return on equity Average equity excl. minority interests EBITA Return on invested capital (ROIC) Average invested capital including goodwill Equity excl. minority interests Equity ratioTotal equity and liabilities Result after tax and excl. minority interests Earnings per share (EPS)x f Average number of shares Equity excl. minority interests end of year x 100 Book value per share (BVPS)x f Number of shares end of year Cash flow per share Cash flow from operations x f Average number of diluted shares Theoretical rate Adjustment factor (f)Listed price of stock the day before the subscription and/or stock right cease Recurring revenue Recurring Revenue % of total revenue Net revenue Alternative Performance Measures Organic Growth and Revenue Organic Growth and Revenue represents the business excluding the impact of acquisitions, divestments and changes in currency. The purpose of defining Organic Growth is to show a \u201clike-for-like\u201d comparison with the previous year. 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. Recurring Revenue Recurring Revenue includes Columbus Software maintenance, Columbus Cloud revenue, 3rd party mainte-nance revenue, 3rd party cloud revenue, Columbus Care agreements. Recurring revenue does not necessarily mean a binding contractual agreement. However recurring revenue is defined as revenue with a high degree of certainty for renewal >95%. The purpose of defining Recurring Revenue is to express a level of predictability in the revenue. The higher degree of Recurring Revenue in pct. of total revenue \u2013 the more predictable is the Columbus revenue going forward. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__55": { "value": "Statement of changes in equity - Group Accounting policies Dividend Proposed dividends are recognized as a liability at the time of approval by the General Meeting (time of declaration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial re-port for entities with a different functional currency than Danish kroner.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__54": { "value": "Statement of changes in equity - Group Accounting policies Dividend Proposed dividends are recognized as a liability at the time of approval by the General Meeting (time of declaration). Translation reserve The translation reserve comprises foreign exchange differences arising from translation of the financial re-port for entities with a different functional currency than Danish kroner.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__53": { "value": "Statement of changes in equity - Group Accounting policies Dividend Proposed dividends are recognized as a liability at the time of approval by the General Meeting (time of declaration). 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"ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35346": { "value": "7888000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35349": { "value": "8239000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35364": { "value": "7095000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35368": { "value": "15823000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35382": { "value": "7000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35385": { "value": "258000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35400": { "value": "-1864000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35404": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35414": { "value": "35895000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35417": { "value": "5415000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35433": { "value": "1927000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35437": { "value": "-8768000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35459": { "value": "-47080000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35462": { "value": "-37987000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35584": { "value": "40000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35587": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35597": { "value": "-12533000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35600": { "value": "33324000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35615": { "value": "27201000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35618": { "value": "30770000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35629": { "value": "16160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35632": { "value": "16160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35649": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35652": { "value": "-326000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35665": { "value": "-15894000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35668": { "value": "-13932000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35697": { "value": "13980000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35700": { "value": "-24488000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35725": { "value": "32787000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35728": { "value": "62943000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35739": { "value": "-8498000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35743": { "value": "-5668000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35755": { "value": "38269000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2024-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f35758": { "value": "32787000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s9_notesesefdkgaap__7__57": { "value": "Cash flow Accounting policies The cash flow statement is presented using the indirect method based on operating profit. The cash flow statement shows cash flows for the year, the change in cash, as well as the balance of cash at the beginning and end of the year. Cash flow from operating activities Cash flow from operating activities is calculated as profit before tax adjusted for noncash operating items, changes in working capital, interests received and paid, and corporation tax paid. Cash flow from investment activities Cash flow from investment activities comprises payments relating to purchase and divestment of busi-nesses and activities, purchase and divestment of intangible and other long-term assets as well as pur-chase and divestment of securities not recognized as cash and dividends received. Cash flow from acquired companies is included from the date of acquisition, while cash flow from divest-ments is recognized until the time of sale. Cash flow from financing activities Cash flow from financing activities comprises changes in size or composition of share capital and related costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repay-ment of interest-bearing debt, repayment of lease liabilities, purchase and divestment of treasury shares and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash flow realigned to financial leases are recognized as payments of interest and repayment of debt. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__56-1": { "value": "Cash flow Accounting policies The cash flow statement is presented using the indirect method based on operating profit. The cash flow statement shows cash flows for the year, the change in cash, as well as the balance of cash at the beginning and end of the year. Cash flow from operating activities Cash flow from operating activities is calculated as profit before tax adjusted for noncash operating items, changes in working capital, interests received and paid, and corporation tax paid. Cash flow from investment activities Cash flow from investment activities comprises payments relating to purchase and divestment of busi-nesses and activities, purchase and divestment of intangible and other long-term assets as well as pur-chase and divestment of securities not recognized as cash and dividends received. Cash flow from acquired companies is included from the date of acquisition, while cash flow from divest-ments is recognized until the time of sale. Cash flow from financing activities Cash flow from financing activities comprises changes in size or composition of share capital and related costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repay-ment of interest-bearing debt, repayment of lease liabilities, purchase and divestment of treasury shares and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash flow realigned to financial leases are recognized as payments of interest and repayment of debt. Note 25 \u2013 Changes in working capital Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Change in receivables and contract assets -46,352 2,511 -35,241 -35,137 Change in trade payable and liabilities -6,379 -11,484 -3,070 1,747 Change in other liabilities 31,706 -52,113 40,258 -50,214 Cash flow from changes in working capital -21,025 -61,086 1,947 -83,604 *Comparative figures for parent company 2022 have been adjusted due to misstatement in change in re-ceivables and contract assets, and change in other liabilities. Change in receivables and contract assets has been adjusted from DKK -79,358k to DKK -35,137k. Change in other liabilities has been adjusted from DKK 54,537k to DKK -50,214k. The correction has further impacted statement of cash flow and Note 26 \u2013 Cash flow from financing activities. Note 26 \u2013 Cash flow from financing activities The table below specifies changes in liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flow will be, classified in the cash flow statement as cash flow from financing activities. Lease liability right-of-use Long term Overdraft DKK \u00b4000assets borrowings facilities Total Group 2023Balance at 1 January 67,722 76,000 52,335 196,057 Cash flow from operations -27,201 0 -12,533 -39,734 Additions related to acquisitions 0 40,000 -3,449 36,551 Cash changes -27,201 40,000 -15,982 -3,183 New leases 12,045 0 0 12,045 Changes to existing leases 34,893 0 0 34,893 Reclassification 0 0 -56 -56 Foreign exchange movements -2,743 0 0 -2,743 Non-cash changes 44,195 0 -56 44,139 Balance at 31 December 84,716 116,000 36,297 237,013 Lease liability right-of-use Long term Overdraft DKK \u00b4000assets borrowings facilities Total Group 2022Balance at 1 January 64,813 75,970 19,044 159,827 Cash flows from operations -30,770 0 33,324 2,554 Cash changes -30,770 0 33,324 2,554 New leases 22,882 0 0 22,882 Changes to existing leases 18,801 0 0 18,801 Reclassification 3 30 -33 0 Foreign exchange movements -8,007 0 0 -8,007 Non-cash changes 33,679 30 -33 33,676 Balance at 31 December 67,722 76,000 52,335 196,057", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__60": { "value": "The financial statements for 2023 for Columbus, which include financial statements for the Parent Company Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-cordance with the IFRS accounting standards as adopted by the EU and Danish disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in Denmark.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__62": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__61": { "value": "Denmark", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__64": { "value": "The consolidated and Parent Company\u2019s financial statements are presented in Danish Kroner (DKK), which is the presentation currency for the Group's activities and the functional currency of the Parent Company. The consolidated and Parent Company\u2019s financial statements have been prepared based on historical cost. The main elements of the accounting policies and changes compared to last year due to new and amended standards are described below. The accounting principles are also disclosed in each of the individual notes to the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__63": { "value": "Consolidated financial statements The consolidated financial statements include Columbus A/S and the companies in which the Group holds more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-cies for achieving returns or other benefits from its activities. Principles of consolidation The consolidated financial statements are prepared based on financial reporting for Columbus A/S and enti-ties controlled by Columbus A/S. Control exists when Columbus has effective power over the entity and has the right to variable returns from the entity. The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal. The consolidated financial statements are prepared by combining financial state-ments uniform items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's accounting policies. On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains and losses on transactions between the consolidated companies are eliminated. In the consolidated financial statements items of subsidiaries are included 100%", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__65-1": { "value": "Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the trans-action date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognized in the income statement as financial in-come or financial expenses. Property, plant and equipment, intangible assets, and other non-monetary as-sets that have been purchased in foreign currencies are translated using historical rates. When subsidiaries, which prepare their financial statements in a functional currency different from DKK are consolidated into the consolidated financial statements, the items of the income statement are translated at the average exchange rates. Exchange differences arising out of the translation of foreign subsidiaries\u2019 bal-ance sheet items at the beginning of the year using the balance sheet date exchange rates as well as out of the translation of income statements from average rates to the exchange rates at the balance sheet date are recognized in other comprehensive income.Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__69-1": { "value": "Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 27. Receivables from divestment of activities Please refer to note 28 for more information.Note 27 \u2013 Discontinued operations and gain/loss on sale of shares in subsidiaries Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Net revenue 0 9,192 0 0 External project costs 0 -464 0 0 Gross profit 0 8,728 0 0 Staff expenses and remuneration 0 -7,768 0 0 Other external costs 0 -700 0 0 Other operating income 0 0 0 0 EBITDA 0 260 0 0 Depreciation, amortization and impairment 0 -321 0 -36,812 Operating profit (EBIT) 0 -61 0 -36,812 Financial income 0 8,826 0 0 Financial expenses 0 -3,772 0 0 Profit (loss) before tax from discontinued operations 0 4,993 0 -36,812 Corporate tax 0 -243 0 0 Profit (loss) after tax from discontinued operations 0 4,750 0 -36,812 Total gain (loss) on divestment of discontinued operations 3,127 -45,966 1,172 1,603 Profit (loss) from discontinued operations 3,127 -41,216 1,172 -35,209 Earnings per share from discontinued operations of DKK 1.25 (EPS) 0.02 -0.32 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) 0.02 -0.32 Discontinued operations in 2023 - Group No new disposals have occurred in 2023. Income from discontinued operations relates to received consid-eration from previous divestments, that had been written off. On 16 March 2022 Columbus divested its Russian business, due to the Russian invasion of Ukraine. The business was sold to the local management, and the business is therefore reported as discontinued opera-tions in the profit and loss for 2022. Gain/loss on sale of shares \u2013 Parent The gain/loss on sale of shares in subsidiaries and impairment losses related to subsidiaries, which are classified as discontinued operations in the consolidated financial statements, are classified as discontin-ued operations in the parent company. Gain (loss) on divestment of discontinued operations Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Gain (loss) on disposal of subsidiaries 3,050 -9,534 1,200 0 Recirculation of historical currency adjustments 1,200 -34,938 0 0 Transaction costs related to disposal -1,123 -1,494 -28 1,603 Total gain (loss) on divestment of discontinued operations 3,127 -45,966 1,172 1,603 Cash flow Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Cash flow from operating activities 0 1,065 0 0 Cash flow from investing activities 0 0 0 0 Cash flow from financing activities 0 -326 0 0 Cash flow from discontinued operations 0 739 0 0 Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. Note 28 \u2013 Disposal of activities Group Parent DKK \u00b4000 2023 2022 2023 2022 Goodwill 0 8,822 0 0 Property, plant and equipment 0 204 0 0 Right-of-use assets 0 2,102 0 0 Trade receivables 0 1,762 0 0 Contract assets 0 3,731 0 0 Other receivables 0 176 0 0 Prepayments 0 1,790 0 0 Cash 0 9,274 0 0 Total assets 0 27,861 0 0 No new disposals of activities has occurred in 2023. On 16 March 2022, the Group disposed of its 100% equity interest in its Russian subsidiaries. The gain on disposal is included in the profit for the year from discontinued operations, note 27. At the date of disposal, the carrying amounts of disposed subsidiaries net assets were as follows. 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) corresponding to DKK 57.322k. The buyer has still not paid the outstanding amount since they have asserted claims related to the acquired activity. The requirement is not specified or documented further, why a legal collecting process has been initiated to collect our receivable. Group Parent DKK \u00b4000 2023 2022 2023 2022 Deferred tax 0 358 0 0 Lease liability right-of-use assets 0 2,254 0 0 Contract liabilities 0 2,355 0 0 Trade payables 0 1,758 0 0 Corporate tax payables 0 5 0 0 Other payables 0 9,597 0 0 Total liabilities 0 16,327 0 0 Net assets disposed of 0 11,534 0 0 Cash and cash equivalents 3,050 2,000 1,200 0 Total consideration 3,050 2,000 1,200 0 Loss on disposal of activities 3,050 -9,534 1,200 0 Net Cash inflow arising on disposal:Consideration received in cash and cash equivalents 3,050 2,000 1,200 0 Less: cash and cash equivalents dis-posed of0 -9,274 0 0 Transaction costs related to disposal -1,123 -1,494 -28 1,603 Net cash inflow arising on disposal 1,927 -8,768 1,172 1,603", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__68-1": { "value": "Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 27. Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__67-1": { "value": "Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 27. Receivables from divestment of activities Please refer to note 28 for more information.Note 27 \u2013 Discontinued operations and gain/loss on sale of shares in subsidiaries Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Net revenue 0 9,192 0 0 External project costs 0 -464 0 0 Gross profit 0 8,728 0 0 Staff expenses and remuneration 0 -7,768 0 0 Other external costs 0 -700 0 0 Other operating income 0 0 0 0 EBITDA 0 260 0 0 Depreciation, amortization and impairment 0 -321 0 -36,812 Operating profit (EBIT) 0 -61 0 -36,812 Financial income 0 8,826 0 0 Financial expenses 0 -3,772 0 0 Profit (loss) before tax from discontinued operations 0 4,993 0 -36,812 Corporate tax 0 -243 0 0 Profit (loss) after tax from discontinued operations 0 4,750 0 -36,812 Total gain (loss) on divestment of discontinued operations 3,127 -45,966 1,172 1,603 Profit (loss) from discontinued operations 3,127 -41,216 1,172 -35,209 Earnings per share from discontinued operations of DKK 1.25 (EPS) 0.02 -0.32 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) 0.02 -0.32 Discontinued operations in 2023 - Group No new disposals have occurred in 2023. Income from discontinued operations relates to received consid-eration from previous divestments, that had been written off. On 16 March 2022 Columbus divested its Russian business, due to the Russian invasion of Ukraine. The business was sold to the local management, and the business is therefore reported as discontinued opera-tions in the profit and loss for 2022. Gain/loss on sale of shares \u2013 Parent The gain/loss on sale of shares in subsidiaries and impairment losses related to subsidiaries, which are classified as discontinued operations in the consolidated financial statements, are classified as discontin-ued operations in the parent company. Gain (loss) on divestment of discontinued operations Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Gain (loss) on disposal of subsidiaries 3,050 -9,534 1,200 0 Recirculation of historical currency adjustments 1,200 -34,938 0 0 Transaction costs related to disposal -1,123 -1,494 -28 1,603 Total gain (loss) on divestment of discontinued operations 3,127 -45,966 1,172 1,603 Cash flow Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Cash flow from operating activities 0 1,065 0 0 Cash flow from investing activities 0 0 0 0 Cash flow from financing activities 0 -326 0 0 Cash flow from discontinued operations 0 739 0 0 Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. Note 28 \u2013 Disposal of activities Group Parent DKK \u00b4000 2023 2022 2023 2022 Goodwill 0 8,822 0 0 Property, plant and equipment 0 204 0 0 Right-of-use assets 0 2,102 0 0 Trade receivables 0 1,762 0 0 Contract assets 0 3,731 0 0 Other receivables 0 176 0 0 Prepayments 0 1,790 0 0 Cash 0 9,274 0 0 Total assets 0 27,861 0 0 No new disposals of activities has occurred in 2023. On 16 March 2022, the Group disposed of its 100% equity interest in its Russian subsidiaries. The gain on disposal is included in the profit for the year from discontinued operations, note 27. At the date of disposal, the carrying amounts of disposed subsidiaries net assets were as follows. 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) corresponding to DKK 57.322k. The buyer has still not paid the outstanding amount since they have asserted claims related to the acquired activity. The requirement is not specified or documented further, why a legal collecting process has been initiated to collect our receivable. Group Parent DKK \u00b4000 2023 2022 2023 2022 Deferred tax 0 358 0 0 Lease liability right-of-use assets 0 2,254 0 0 Contract liabilities 0 2,355 0 0 Trade payables 0 1,758 0 0 Corporate tax payables 0 5 0 0 Other payables 0 9,597 0 0 Total liabilities 0 16,327 0 0 Net assets disposed of 0 11,534 0 0 Cash and cash equivalents 3,050 2,000 1,200 0 Total consideration 3,050 2,000 1,200 0 Loss on disposal of activities 3,050 -9,534 1,200 0 Net Cash inflow arising on disposal:Consideration received in cash and cash equivalents 3,050 2,000 1,200 0 Less: cash and cash equivalents dis-posed of0 -9,274 0 0 Transaction costs related to disposal -1,123 -1,494 -28 1,603 Net cash inflow arising on disposal 1,927 -8,768 1,172 1,603", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__66-1": { "value": "Gains and losses on divestments or dissolvement of subsidiaries or associates Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-ence between the sales price or settlement price and the fair value of any remaining equity and the book value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-rency translation adjustments previously recognized in other comprehensive income. Business units that have been divested of in the financial year or are expected to be divested within the fol-lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet classified as assets and liabilities held for sale. For further description of the accounting principles, please refer to note 27. Accounting policies Discontinued operations comprise all revenue and expenses and gain and losses for operations either be-ing held for sale or which have already been disposed of. Discontinued operations are reported separately from the continued operations in the financial statements. Comparative figures are restated to segregate the continuing and discontinuing assets, liabilities, income, expenses, and cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__71-1": { "value": "Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed.Note 5 \u2013 Depreciation, amortization and impairment Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Depreciation 35,324 35,814 7,404 7,245 Amortization 22,122 20,881 13,751 12,124 Total depreciation, amortization and impairment 57,446 56,695 21,155 19,369Note 10 \u2013 Intangible assets Develop-ment Customer Internal projects DKK \u00b4000 Goodwill base applicationsfinalized Total Group 2023Balance at 1 January 2023757,109 64,080 73,237 23,613 918,039 Currency translation -3,277 -31 0 -210 -3,518 Additions 0 0 7,094 0 7,094 Additions relating to acquisitions 51,563 5,300 0 0 56,863 Disposal for the year 0 -23,452 0 -810 -24,262 Balance at 31 December 2023 805,395 45,897 80,331 22,593 954,216 Amortization at 1 January 2023 153,810 46,650 22,208 21,963 244,631 Currency translation -2,658 450 0 -209 -2,417 Amortization 0 7,857 13,254 1,011 22,122 Reversal of amortization 0 -23,452 0 -810 -24,262 Amortization at 31 December 2023 151,152 31,505 35,462 21,955 240,074 Carrying amount at 31 December 2023 654,243 14,392 44,869 638 714,142 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on goodwill and customer base relates to the acquisition of ICY Security cf. note 21. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- ment Customer Internal projects DKK \u00b4000 Goodwill base applications finalized Total Group 2022Balance at 1 January 2022793,967 67,370 57,414 24,743 943,494 Currency translation -5,914 -3,290 0 195 -9,009 Additions 0 0 15,823 0 15,823 Disposal for the year -30,944 0 0 -1,325 -32,269 Balance at 31 December 2022 757,109 64,080 73,237 23,613 918,039 Amortization at 1 January 2022149,516 40,196 10,902 21,673 222,287 Currency translation 4,294 -1,751 0 245 2,788 Amortization 0 8,205 11,306 1,370 20,881 Reversal of amortization 0 0 0 -1,325 -1,325 Amortization at 31 December 2022 153,810 46,650 22,208 21,963 244,631 Carrying amount at 31 December 2022 603,299 17,430 51,029 1,650 673,408 Goodwill The carrying amount of goodwill is distributed on cash-generating units as shown below: Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Business LineDynamics 309,391 309,250 116,040 115,955 M3 157,173 157,601 4,600 4,600 Digital Commerce 107,296 106,083 692 692 Data & Analytics 16,140 16,340 10,025 10,025 Customer Experience & Engagement 6,921 6,946 83 83 Strategy & Change 0 1,221 0 85 Security 51,562 0 0 0 Other Local Business 5,760 5,858 216 216 Total goodwill 654,243 603,299 131,656 131,656 In 2023 Columbus has redefined its operating segments and concurrently changed the definition of cash-generating units to Business Lines. As a consequence of the redefined operating segments, the goodwill has been allocated to the Business Lines based on Revenue and EBTIDA. The above shown figures there-fore have been adjusted with comparative figures. The management performs an impairment test of the carrying amount of goodwill, development projects and other non-current assets at least annually and more frequently if there are indicators of impairment. The annual impairment test is performed per 31 December 2023 (31 December 2022). The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs is calculated based on the calculations of value in use. The most significant uncertainties are connected to the determi-nation of discount rates, growth rates and expected changes in costs in the budget and terminal periods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general devel-opment in cost. The budget process takes place in October through November and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in Columbus i.e., Con-sultancy. For the two largest Business Lines who operates within ERP applications, comprising Dynamics an M3, growth rates are generally slightly more modest (8-10%), based on the mature business models. For our strategic Business Lines, comprising of Digital Commerce, Data & Analytics, Customer Experience & Engagement and Security, slightly higher growth rates are applied (8-20%), based on the historic higher growth rate and higher expectations for the future. In generating a terminal value, a conservative growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a growth of 2% is expected in the 3-year interim period and 2% in generating the terminal value for all CGUs. Columbus is operating in a market where the development has low sensitivity to market development in general and to the development in general IT spending by companies. The management believes that likely changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis focuses on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Discount rate. The determined discount factors reflect the market assessment of the time value of money in the countries where the cash generating units operate expressed as a risk-free rate and the specific risks associated with each cash-generating unit. The discount rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of expected future cash flow is 11.4% pre-tax (2022: 10.3%). The discount rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are determined using external sources. The Group applies the same discount rates for all cash generating units, as the risk of the individual cash generating units are reflected in their estimated cash flow. Most important assumptions for the impairment test With the applied method for the annual impairment test, the growth rate applied in the terminal value and the WACC becomes the most important assumptions for the net present value of the future cash flows. Overall, the impairment based on the above assumptions demonstrates that the present value of the future cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has applied conservative growth rates for the projection period and for the period following the projection period developed for the purpose of the impairment test. Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__70": { "value": "Impairment of tangible and intangible assets as well as investments in subsidiaries The carrying values of tangible and intangible assets of indefinite useful lives as well as investments in sub-sidiaries are reviewed at each balance sheet date to determine any indications of impairment. If this is the case, the asset's recoverable value is determined to identify any need for impairment and the extent thereof. If the asset does not generate cash flow independent of other assets, the recoverable amount of the small-est cash-generating unit to which the asset belongs is determined. The recoverable amount of an asset is the higher of net selling price and value in use. For cash-generating units, the impairment is firstly distrib-uted on goodwill, and then any remaining impairment is distributed to other assets in the unit. Impairment losses are recognized in the statement of comprehensive income. On any subsequent reversal of impairment losses resulting from changes in the assumptions used to determine the recoverable amount, the asset and the cash-generating unit\u2019s carrying amount is increased to the adjusted recoverable amount, however not exceeding the carrying value of the asset or cash-generating excluding impairment. Impair-ment of goodwill is not reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__72-1": { "value": "The effect of amended accounting standards All amended standards, which entered into force with effect from fiscal periods beginning at 1 January 2023, and interpretations that are relevant to the Columbus Group are used in preparing the financial state-ments. Columbus Group has assessed that the amended standards and interpretations have not had any material impact on Columbus Annual Report 2023. New standards and interpretations effective from 2023 All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-ary 2023, and interpretations that are relevant to the Columbus Group are used in preparing the financial statements. Columbus Group has assessed that the new or amended standards and interpretations have not had any material impact on Columbus Annual Report 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__75-1": { "value": "External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc.Note 5 \u2013 Depreciation, amortization and impairment Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Depreciation 35,324 35,814 7,404 7,245 Amortization 22,122 20,881 13,751 12,124 Total depreciation, amortization and impairment 57,446 56,695 21,155 19,369", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__74-1": { "value": "External project costs External projects costs include the expenses excluding wages and salaries that are directly incurred to achieve revenue for the year and include the cost of subcontractors, etc. External project costs are recog-nized as the project progresses. Other external costs Other external costs include expenses of premises, sale and distribution, office expenses, etc.Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__78": { "value": "Prepayments Prepayments recognized under assets include expenses paid concerning subsequent financial years and are measured at cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__79": { "value": "Deferred income Deferred income recognized under liabilities comprises payments received concerning income in subse-quent years measured at cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__82-1": { "value": "Estimate of revenue recognition of contracts The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship be-tween the entity's resources in relation to recent total estimate of resource consumption. The degree of completion is assessed regularly by the responsible employees and the projects are closely monitored by management, and further adjustments are made to the stage of completion, etc., if deemed necessary. When performing this evaluation, all factors concerning the relevant contract are taken into consideration and assessed appropriately. The group has a limited number of fixed price projects, which generally re-duces the risk related to this.Note 3 \u2013 Segment data In order to support decisions about allocation of resources and assessment of performance of the seg-ments, the Group\u2019s internal management reporting of the Parent Company is based on the following group-ing of operating segments: Strategic Business LinesMarket UnitsGlobal Delivery Centers (GDC)DynamicsSwedenPolandM3DenmarkCzech RepublicDigital CommerceNorwayIndiaData & AnalyticsUKCustomer Experience & EngagementUSSecurityOtherStrategy & ChangeOther Local BusinessManagement monitors the business, primarily based on the Business Lines and secondarily on the geo-graphical segments. Information about the Group\u2019s 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. DKK \u00b4000 Services Products Total revenue Direct costs Contribution CM % 2023Dynamics 778,901 44,151 823,052 -598,198 224,854 27.3% M3 301,472 6,362 307,834 -247,591 60,243 19.6% Digital Commerce 195,418 1,820 197,238 -163,584 33,654 17.1% Data & Analytics 77,233 658 77,891 -64,991 12,900 16.6% Customer Experience & Engagement 67,248 700 67,948 -59,006 8,942 13.2% Security 29,538 1,757 31,295 -36,083 -4,788 -15.3% Strategy & Change 8,389 0 8,389 -17,446 -9,057 -108.0% Other Local Business 16,857 9,451 26,308 -16,245 10,063 38.3% Total 1,475,056 64,899 1,539,955 -1,203,144 336,811 21.9% Enabling Functions-219,277 EBITDA 117,534 DKK \u00b4000 Services Products Total revenue Direct costs Contribution CM % 2022Dynamics 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 EBITDA91,830 Development in Business Lines All comments relating to the growth of the Business Lines have been described in the management commentary under the financial review. Reconciliation between EBITDA and Profit before tax is shown in the comprehensive in-come 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 secu-rity 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 dedi-cated team of experts, and a commitment to excellence, we have already garnered posi-tive feedback from early adopters. Customers have lauded our comprehensive approach to security, which encompasses from state-of-the-art software solutions. DKK \u00b4000 Sweden Denmark Norway UK US Other GDC Eliminations Total 2023Sale of services 557,072 331,809 234,391 229,317 82,608 35,531 4,328 0 1,475,056 Sale of products 24,212 19,400 6,910 10,071 4,306 0 0 0 64,899 Total revenue from own markets 581,284 351,209 241,301 239,388 86,914 35,531 4,328 0 1,539,955 Total revenue from group companies 45,266 73,665 13,280 12,379 6,157 6,621 108,220 -265,588 0 Total revenue 626,550 424,874 254,581 251,767 93,071 42,152 112,548 -265,588 1,539,955 Average number of FTE 438 346 181 191 47 37 328 0 1,568 Non-current assets 357,064 263,652 57,574 45,128 22,980 64,838 18,466 0 829,702 2022Sale 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 Non-current assets 349,453 209,261 62,788 46,281 24,638 60,741 14,420 0 767,582 Average FTE 2023 2022 Business LineDynamics 639 635 M3 265 270 Digital Commerce 216 209 Data & Analytics 87 76 Customer Experience & Engagement 70 62 Security 36 0 Strategy & Change 14 11 Other Local Business 29 39 Business Line average number of FTE 1,356 1,302 Enabling Functions 212 234 Average number of FTE 1,568 1,536 Accounting policies Due to the changes in 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. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus primarily enters contracts which span over a longer period. Revenue is recognized on an ongo-ing basis since the product delivered is generally not usable for Columbus in other circumstances. Addition-ally, the asset is under control of the customer, and Columbus has the right to payment for work performed according to the contract. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified as multiple element contracts. Multiple element contracts are generally capable of being distinct and accounted for as separate performance obligations. Multiple element con-tracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting services is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d.Note 15 \u2013 Contract assets and contract liabilities Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Balance at 1 Jan -4,138 -5,815 -1,981 -5,973 Changes contract assets during the period 25,631 136 2,279 1,726 Changes on account billing and prepayments during the period-20,669 1,541 -1,675 2,266 Balance at end of period 824 -4,138 -1,377 -1,981 Work in progress 39,297 13,666 9,542 7,263 On account billing and prepayments -38,473 -17,804 -10,919 -9,244 Balance at end of period 824 -4,138 -1,377 -1,981 The net value is included in the balance as follows:Contract assets 9,065 5,822 1,375 229 Contract liabilities -8,241 -9,960 -2,752 -2,210 Balance at end of period 824 -4,138 -1,377 -1,981 The Group\u2019s contract assets are subject to significant judgements in relation to the classification of the con-tract and in terms of how the contract is handled and recognized in the financial statements. When deter-mining the appropriate recognition of the contract, the Group accounting policies are applied. Of the prepayments as of 31 December 2022 (DKK 8,778k) DKK 7,038k has been recognized as revenue in the reporting period corresponding to 80%. The Group\u2019s total value of contracts represents DKK 37,529k as of 31 December 2023 (DKK 15,137k as of December 2022). DKK 5,252k of the total contract value is recognized as revenue as of 31 December 2022 (DKK 5,461k as of 31 December 2022). The remaining DKK 32,276k is expected to be recognized as reve-nue within 12-18 months from the balance date (DKK 9,676k as of 31 December 2022). The higher contract values in 2023 compared to 2022 are affected by higher activity and acquisition of ICY Security ApS in the financial year. Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and expected losses. Market value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the con-sumption of resources cannot be used as a base, the measurement is instead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is taken immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognized at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognized in the balance sheet under current assets or liabili-ties, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognized in statement of comprehensive income as in-curred. When assessing impairment for the Group\u2019s contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group\u2019s trade receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__81-1": { "value": "Estimate of revenue recognition of contracts The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship be-tween the entity's resources in relation to recent total estimate of resource consumption. The degree of completion is assessed regularly by the responsible employees and the projects are closely monitored by management, and further adjustments are made to the stage of completion, etc., if deemed necessary. When performing this evaluation, all factors concerning the relevant contract are taken into consideration and assessed appropriately. The group has a limited number of fixed price projects, which generally re-duces the risk related to this.Note 3 \u2013 Segment data In order to support decisions about allocation of resources and assessment of performance of the seg-ments, the Group\u2019s internal management reporting of the Parent Company is based on the following group-ing of operating segments: Strategic Business LinesMarket UnitsGlobal Delivery Centers (GDC)DynamicsSwedenPolandM3DenmarkCzech RepublicDigital CommerceNorwayIndiaData & AnalyticsUKCustomer Experience & EngagementUSSecurityOtherStrategy & ChangeOther Local BusinessManagement monitors the business, primarily based on the Business Lines and secondarily on the geo-graphical segments. Information about the Group\u2019s 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. DKK \u00b4000 Services Products Total revenue Direct costs Contribution CM % 2023Dynamics 778,901 44,151 823,052 -598,198 224,854 27.3% M3 301,472 6,362 307,834 -247,591 60,243 19.6% Digital Commerce 195,418 1,820 197,238 -163,584 33,654 17.1% Data & Analytics 77,233 658 77,891 -64,991 12,900 16.6% Customer Experience & Engagement 67,248 700 67,948 -59,006 8,942 13.2% Security 29,538 1,757 31,295 -36,083 -4,788 -15.3% Strategy & Change 8,389 0 8,389 -17,446 -9,057 -108.0% Other Local Business 16,857 9,451 26,308 -16,245 10,063 38.3% Total 1,475,056 64,899 1,539,955 -1,203,144 336,811 21.9% Enabling Functions-219,277 EBITDA 117,534 DKK \u00b4000 Services Products Total revenue Direct costs Contribution CM % 2022Dynamics 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 EBITDA91,830 Development in Business Lines All comments relating to the growth of the Business Lines have been described in the management commentary under the financial review. Reconciliation between EBITDA and Profit before tax is shown in the comprehensive in-come 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 secu-rity 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 dedi-cated team of experts, and a commitment to excellence, we have already garnered posi-tive feedback from early adopters. Customers have lauded our comprehensive approach to security, which encompasses from state-of-the-art software solutions. DKK \u00b4000 Sweden Denmark Norway UK US Other GDC Eliminations Total 2023Sale of services 557,072 331,809 234,391 229,317 82,608 35,531 4,328 0 1,475,056 Sale of products 24,212 19,400 6,910 10,071 4,306 0 0 0 64,899 Total revenue from own markets 581,284 351,209 241,301 239,388 86,914 35,531 4,328 0 1,539,955 Total revenue from group companies 45,266 73,665 13,280 12,379 6,157 6,621 108,220 -265,588 0 Total revenue 626,550 424,874 254,581 251,767 93,071 42,152 112,548 -265,588 1,539,955 Average number of FTE 438 346 181 191 47 37 328 0 1,568 Non-current assets 357,064 263,652 57,574 45,128 22,980 64,838 18,466 0 829,702 2022Sale 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 Non-current assets 349,453 209,261 62,788 46,281 24,638 60,741 14,420 0 767,582 Average FTE 2023 2022 Business LineDynamics 639 635 M3 265 270 Digital Commerce 216 209 Data & Analytics 87 76 Customer Experience & Engagement 70 62 Security 36 0 Strategy & Change 14 11 Other Local Business 29 39 Business Line average number of FTE 1,356 1,302 Enabling Functions 212 234 Average number of FTE 1,568 1,536 Accounting policies Due to the changes in 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. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus primarily enters contracts which span over a longer period. Revenue is recognized on an ongo-ing basis since the product delivered is generally not usable for Columbus in other circumstances. Addition-ally, the asset is under control of the customer, and Columbus has the right to payment for work performed according to the contract. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified as multiple element contracts. Multiple element contracts are generally capable of being distinct and accounted for as separate performance obligations. Multiple element con-tracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting services is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__83-1": { "value": "Estimate of utilization of deferred tax assets Deferred tax assets are recognized for all unused tax losses and difference values to the extent it is deemed likely that within the foreseeable future taxable profits will be realized in which the losses and the difference values can be utilized. Determining the size of the amount that can be recognized for deferred tax assets is based on management\u2019s estimate of the likely time and amount of future taxable profits. At 31 December 2023, the carrying value of recognized tax was DKK 16,969k, which is estimated to be realized in the foreseeable future (5 years or less), see note 8. Note 8 \u2013 Corporate tax Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Tax on result for the yearCurrent tax 7,097 432 0 0 Change in deferred tax 285 8,625 5,195 1,973 Withholding tax 586 3,081 414 1,857 Adjustment to previous years 7,608 -9,953 856 -766 Total tax on result for the year 15,576 2,185 6,465 3,064 Tax on result for the year explained as follows Calculated 22% on pre-tax earnings on continuing operations 8,654 7,059 8,598 13,946 Tax effect of:Adjustment to tax concerning previous years 7,608 -9,953 856 -766 Adjustment to tax rates in foreign subsidiaries relative to 22%-262 268 0 0 Non-capitalized tax value of losses 539 4,864 0 0 Withholding tax -586 3,081 -414 1,857 Not taxable income -262 -120 -3,827 -12,219 Not taxable expenses 289 530 136 246 Capitalized tax value, current year 856 0 0 0 Other adjustments -1,260 -3,544 1,117 0 Total tax on result for the year 15,576 2,185 6,465 3,064 Effective tax rate (%) 39.60 6.81 16.54 4.83 The effective tax rate in 2023 is high mainly due to an adjustment from previous years. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Corporate tax receivable (net)Balance at 1 January 828 10,870 0 5,673 Currency adjustment 23 -733 0 0 Adjustment to previous years 0 -8,333 0 -4,877 Current tax for the year -7,097 -432 0 0 Tax paid on account for the year 5,144 0 0 0 Corporate tax paid during the year 1,349 -270 0 -796 Disposals due to divestment of activities 0 -274 0 0 Additions from business combinations -46 0 0 0 Balance at 31 December 201 828 0 0 Corporate tax receivable 2,049 2,254 0 0 Corporate tax payable -1,848 -1,426 0 0 Balance at 31 December 201 828 0 0 Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Deferred tax assets/liabilities (net)Balance at 1 January 25,788 17,374 1,883 -1,788 Deferred tax assets / liabilities 1 January 25,788 17,374 1,883 -1,788 Currency adjustments -886 -1,747 0 0 Adjustment to previous years -7,608 18,286 -856 5,644 Additions from business combinations -40 0 0 0 This year's change in deferred tax -285 -8,625 -5,195 -1,973 Disposals due to divestment of activities 0 500 0 0 Balance at 31 December 16,969 25,788 -4,168 1,883 Deferred tax assets / liabilities relate toIntangible assets -14,710 -4,324 -7,002 -3,105 Tangible assets 2,680 2,990 1,871 2,377 Current assets 2,128 5,833 -2,478 1,226 Loss carry forward 26,871 21,289 3,441 1,385 Balance at 31 December 16,969 25,788 -4,168 1,883 Based on the management\u2019s assessment of future income, short-term tax assets are expected to be DKK 16m and the remaining tax assets are expected to be utilized within a 3-5-year period. The capitalized loss carry forward primarily relates to the subsidiaries in Sweden and Norway. The Swedish deferred tax asset primarily originates from before the acquisition of iStone in 2018, and is now being re-covered by the ordinary operations. The Norwegian subsidiary has incurred the losses over the past two years, primarily due to a slowdown in the market and significant negative impact from the NOK. The group has concluded that the Norwegian deferred tax asset will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The Group\u2019s non-capitalized tax assets amount to DKK 32m (2022: DKK 34m). Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is provided on temporary differ-ences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is realized, and it is probable that the deferred tax will not crystalize as current tax in the fore-seeable future. Deferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__86-1": { "value": "Estimate of recoverable amount of goodwill and internal applications The determination of impairment of recognized goodwill requires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of ex-pected future cash flows of each cash-generating unit and an appropriate discount rate. On 31 December 2023, the carrying value of goodwill is DKK 654,243k. For a detailed description of methods and assump-tions for impairment of goodwill, see note 10. The determination of impairment of recognized internal applications requires determination of the future economic benefits derived from these assets, which are determined as the optimization of internal work-flows. At 31 December 2023, the carrying value of internal applications is DKK 44,869k. For a more de-tailed description of methods and assumptions related to recognition of internal applications, see note 10.Note 10 \u2013 Intangible assets Develop-ment Customer Internal projects DKK \u00b4000 Goodwill base applicationsfinalized Total Group 2023Balance at 1 January 2023757,109 64,080 73,237 23,613 918,039 Currency translation -3,277 -31 0 -210 -3,518 Additions 0 0 7,094 0 7,094 Additions relating to acquisitions 51,563 5,300 0 0 56,863 Disposal for the year 0 -23,452 0 -810 -24,262 Balance at 31 December 2023 805,395 45,897 80,331 22,593 954,216 Amortization at 1 January 2023 153,810 46,650 22,208 21,963 244,631 Currency translation -2,658 450 0 -209 -2,417 Amortization 0 7,857 13,254 1,011 22,122 Reversal of amortization 0 -23,452 0 -810 -24,262 Amortization at 31 December 2023 151,152 31,505 35,462 21,955 240,074 Carrying amount at 31 December 2023 654,243 14,392 44,869 638 714,142 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on goodwill and customer base relates to the acquisition of ICY Security cf. note 21. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- ment Customer Internal projects DKK \u00b4000 Goodwill base applications finalized Total Group 2022Balance at 1 January 2022793,967 67,370 57,414 24,743 943,494 Currency translation -5,914 -3,290 0 195 -9,009 Additions 0 0 15,823 0 15,823 Disposal for the year -30,944 0 0 -1,325 -32,269 Balance at 31 December 2022 757,109 64,080 73,237 23,613 918,039 Amortization at 1 January 2022149,516 40,196 10,902 21,673 222,287 Currency translation 4,294 -1,751 0 245 2,788 Amortization 0 8,205 11,306 1,370 20,881 Reversal of amortization 0 0 0 -1,325 -1,325 Amortization at 31 December 2022 153,810 46,650 22,208 21,963 244,631 Carrying amount at 31 December 2022 603,299 17,430 51,029 1,650 673,408 Goodwill The carrying amount of goodwill is distributed on cash-generating units as shown below: Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Business LineDynamics 309,391 309,250 116,040 115,955 M3 157,173 157,601 4,600 4,600 Digital Commerce 107,296 106,083 692 692 Data & Analytics 16,140 16,340 10,025 10,025 Customer Experience & Engagement 6,921 6,946 83 83 Strategy & Change 0 1,221 0 85 Security 51,562 0 0 0 Other Local Business 5,760 5,858 216 216 Total goodwill 654,243 603,299 131,656 131,656 In 2023 Columbus has redefined its operating segments and concurrently changed the definition of cash-generating units to Business Lines. As a consequence of the redefined operating segments, the goodwill has been allocated to the Business Lines based on Revenue and EBTIDA. The above shown figures there-fore have been adjusted with comparative figures. The management performs an impairment test of the carrying amount of goodwill, development projects and other non-current assets at least annually and more frequently if there are indicators of impairment. The annual impairment test is performed per 31 December 2023 (31 December 2022). The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs is calculated based on the calculations of value in use. The most significant uncertainties are connected to the determi-nation of discount rates, growth rates and expected changes in costs in the budget and terminal periods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general devel-opment in cost. The budget process takes place in October through November and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in Columbus i.e., Con-sultancy. For the two largest Business Lines who operates within ERP applications, comprising Dynamics an M3, growth rates are generally slightly more modest (8-10%), based on the mature business models. For our strategic Business Lines, comprising of Digital Commerce, Data & Analytics, Customer Experience & Engagement and Security, slightly higher growth rates are applied (8-20%), based on the historic higher growth rate and higher expectations for the future. In generating a terminal value, a conservative growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a growth of 2% is expected in the 3-year interim period and 2% in generating the terminal value for all CGUs. Columbus is operating in a market where the development has low sensitivity to market development in general and to the development in general IT spending by companies. The management believes that likely changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis focuses on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Discount rate. The determined discount factors reflect the market assessment of the time value of money in the countries where the cash generating units operate expressed as a risk-free rate and the specific risks associated with each cash-generating unit. The discount rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of expected future cash flow is 11.4% pre-tax (2022: 10.3%). The discount rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are determined using external sources. The Group applies the same discount rates for all cash generating units, as the risk of the individual cash generating units are reflected in their estimated cash flow. Most important assumptions for the impairment test With the applied method for the annual impairment test, the growth rate applied in the terminal value and the WACC becomes the most important assumptions for the net present value of the future cash flows. Overall, the impairment based on the above assumptions demonstrates that the present value of the future cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has applied conservative growth rates for the projection period and for the period following the projection period developed for the purpose of the impairment test. Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__85-1": { "value": "Estimate of recoverable amount of goodwill and internal applications The determination of impairment of recognized goodwill requires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of ex-pected future cash flows of each cash-generating unit and an appropriate discount rate. On 31 December 2023, the carrying value of goodwill is DKK 654,243k. For a detailed description of methods and assump-tions for impairment of goodwill, see note 10. The determination of impairment of recognized internal applications requires determination of the future economic benefits derived from these assets, which are determined as the optimization of internal work-flows. At 31 December 2023, the carrying value of internal applications is DKK 44,869k. For a more de-tailed description of methods and assumptions related to recognition of internal applications, see note 10.Note 10 \u2013 Intangible assets Develop-ment Customer Internal projects DKK \u00b4000 Goodwill base applicationsfinalized Total Group 2023Balance at 1 January 2023757,109 64,080 73,237 23,613 918,039 Currency translation -3,277 -31 0 -210 -3,518 Additions 0 0 7,094 0 7,094 Additions relating to acquisitions 51,563 5,300 0 0 56,863 Disposal for the year 0 -23,452 0 -810 -24,262 Balance at 31 December 2023 805,395 45,897 80,331 22,593 954,216 Amortization at 1 January 2023 153,810 46,650 22,208 21,963 244,631 Currency translation -2,658 450 0 -209 -2,417 Amortization 0 7,857 13,254 1,011 22,122 Reversal of amortization 0 -23,452 0 -810 -24,262 Amortization at 31 December 2023 151,152 31,505 35,462 21,955 240,074 Carrying amount at 31 December 2023 654,243 14,392 44,869 638 714,142 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on goodwill and customer base relates to the acquisition of ICY Security cf. note 21. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- ment Customer Internal projects DKK \u00b4000 Goodwill base applications finalized Total Group 2022Balance at 1 January 2022793,967 67,370 57,414 24,743 943,494 Currency translation -5,914 -3,290 0 195 -9,009 Additions 0 0 15,823 0 15,823 Disposal for the year -30,944 0 0 -1,325 -32,269 Balance at 31 December 2022 757,109 64,080 73,237 23,613 918,039 Amortization at 1 January 2022149,516 40,196 10,902 21,673 222,287 Currency translation 4,294 -1,751 0 245 2,788 Amortization 0 8,205 11,306 1,370 20,881 Reversal of amortization 0 0 0 -1,325 -1,325 Amortization at 31 December 2022 153,810 46,650 22,208 21,963 244,631 Carrying amount at 31 December 2022 603,299 17,430 51,029 1,650 673,408 Goodwill The carrying amount of goodwill is distributed on cash-generating units as shown below: Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Business LineDynamics 309,391 309,250 116,040 115,955 M3 157,173 157,601 4,600 4,600 Digital Commerce 107,296 106,083 692 692 Data & Analytics 16,140 16,340 10,025 10,025 Customer Experience & Engagement 6,921 6,946 83 83 Strategy & Change 0 1,221 0 85 Security 51,562 0 0 0 Other Local Business 5,760 5,858 216 216 Total goodwill 654,243 603,299 131,656 131,656 In 2023 Columbus has redefined its operating segments and concurrently changed the definition of cash-generating units to Business Lines. As a consequence of the redefined operating segments, the goodwill has been allocated to the Business Lines based on Revenue and EBTIDA. The above shown figures there-fore have been adjusted with comparative figures. The management performs an impairment test of the carrying amount of goodwill, development projects and other non-current assets at least annually and more frequently if there are indicators of impairment. The annual impairment test is performed per 31 December 2023 (31 December 2022). The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs is calculated based on the calculations of value in use. The most significant uncertainties are connected to the determi-nation of discount rates, growth rates and expected changes in costs in the budget and terminal periods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general devel-opment in cost. The budget process takes place in October through November and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in Columbus i.e., Con-sultancy. For the two largest Business Lines who operates within ERP applications, comprising Dynamics an M3, growth rates are generally slightly more modest (8-10%), based on the mature business models. For our strategic Business Lines, comprising of Digital Commerce, Data & Analytics, Customer Experience & Engagement and Security, slightly higher growth rates are applied (8-20%), based on the historic higher growth rate and higher expectations for the future. In generating a terminal value, a conservative growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a growth of 2% is expected in the 3-year interim period and 2% in generating the terminal value for all CGUs. Columbus is operating in a market where the development has low sensitivity to market development in general and to the development in general IT spending by companies. The management believes that likely changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis focuses on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Discount rate. The determined discount factors reflect the market assessment of the time value of money in the countries where the cash generating units operate expressed as a risk-free rate and the specific risks associated with each cash-generating unit. The discount rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of expected future cash flow is 11.4% pre-tax (2022: 10.3%). The discount rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are determined using external sources. The Group applies the same discount rates for all cash generating units, as the risk of the individual cash generating units are reflected in their estimated cash flow. Most important assumptions for the impairment test With the applied method for the annual impairment test, the growth rate applied in the terminal value and the WACC becomes the most important assumptions for the net present value of the future cash flows. Overall, the impairment based on the above assumptions demonstrates that the present value of the future cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has applied conservative growth rates for the projection period and for the period following the projection period developed for the purpose of the impairment test. Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__84-1": { "value": "Estimate of recoverable amount of goodwill and internal applications The determination of impairment of recognized goodwill requires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of ex-pected future cash flows of each cash-generating unit and an appropriate discount rate. On 31 December 2023, the carrying value of goodwill is DKK 654,243k. For a detailed description of methods and assump-tions for impairment of goodwill, see note 10. The determination of impairment of recognized internal applications requires determination of the future economic benefits derived from these assets, which are determined as the optimization of internal work-flows. At 31 December 2023, the carrying value of internal applications is DKK 44,869k. For a more de-tailed description of methods and assumptions related to recognition of internal applications, see note 10.Note 10 \u2013 Intangible assets Develop-ment Customer Internal projects DKK \u00b4000 Goodwill base applicationsfinalized Total Group 2023Balance at 1 January 2023757,109 64,080 73,237 23,613 918,039 Currency translation -3,277 -31 0 -210 -3,518 Additions 0 0 7,094 0 7,094 Additions relating to acquisitions 51,563 5,300 0 0 56,863 Disposal for the year 0 -23,452 0 -810 -24,262 Balance at 31 December 2023 805,395 45,897 80,331 22,593 954,216 Amortization at 1 January 2023 153,810 46,650 22,208 21,963 244,631 Currency translation -2,658 450 0 -209 -2,417 Amortization 0 7,857 13,254 1,011 22,122 Reversal of amortization 0 -23,452 0 -810 -24,262 Amortization at 31 December 2023 151,152 31,505 35,462 21,955 240,074 Carrying amount at 31 December 2023 654,243 14,392 44,869 638 714,142 Except for goodwill, economic life of all intangible assets is expected to be finite. The addition on goodwill and customer base relates to the acquisition of ICY Security cf. note 21. The addition on internal applications relates to update of a number of the groups internal IT systems. Develop- ment Customer Internal projects DKK \u00b4000 Goodwill base applications finalized Total Group 2022Balance at 1 January 2022793,967 67,370 57,414 24,743 943,494 Currency translation -5,914 -3,290 0 195 -9,009 Additions 0 0 15,823 0 15,823 Disposal for the year -30,944 0 0 -1,325 -32,269 Balance at 31 December 2022 757,109 64,080 73,237 23,613 918,039 Amortization at 1 January 2022149,516 40,196 10,902 21,673 222,287 Currency translation 4,294 -1,751 0 245 2,788 Amortization 0 8,205 11,306 1,370 20,881 Reversal of amortization 0 0 0 -1,325 -1,325 Amortization at 31 December 2022 153,810 46,650 22,208 21,963 244,631 Carrying amount at 31 December 2022 603,299 17,430 51,029 1,650 673,408 Goodwill The carrying amount of goodwill is distributed on cash-generating units as shown below: Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Business LineDynamics 309,391 309,250 116,040 115,955 M3 157,173 157,601 4,600 4,600 Digital Commerce 107,296 106,083 692 692 Data & Analytics 16,140 16,340 10,025 10,025 Customer Experience & Engagement 6,921 6,946 83 83 Strategy & Change 0 1,221 0 85 Security 51,562 0 0 0 Other Local Business 5,760 5,858 216 216 Total goodwill 654,243 603,299 131,656 131,656 In 2023 Columbus has redefined its operating segments and concurrently changed the definition of cash-generating units to Business Lines. As a consequence of the redefined operating segments, the goodwill has been allocated to the Business Lines based on Revenue and EBTIDA. The above shown figures there-fore have been adjusted with comparative figures. The management performs an impairment test of the carrying amount of goodwill, development projects and other non-current assets at least annually and more frequently if there are indicators of impairment. The annual impairment test is performed per 31 December 2023 (31 December 2022). The recoverable amount of goodwill related to the individual cash generating units is calculated based on the Discounted Cash Flows method (DCF). Future cash flows The recoverable amount of the individual cash-generating units to which the goodwill belongs is calculated based on the calculations of value in use. The most significant uncertainties are connected to the determi-nation of discount rates, growth rates and expected changes in costs in the budget and terminal periods. Budget for the individual cash generating units is based on a bottom-up process. The key assumptions for the budget are expected development in efficiency (number of chargeable hours compared to total hours) in the consultancy business and expected revenue and gross profits from sale of software and general devel-opment in cost. The budget process takes place in October through November and takes into consideration the historical performance and current condition and performance of the cash generating unit in terms of pipeline, order book and current capacity in terms of consultants. The 3-year projection period is based on assumptions for the main revenue stream in Columbus i.e., Con-sultancy. For the two largest Business Lines who operates within ERP applications, comprising Dynamics an M3, growth rates are generally slightly more modest (8-10%), based on the mature business models. For our strategic Business Lines, comprising of Digital Commerce, Data & Analytics, Customer Experience & Engagement and Security, slightly higher growth rates are applied (8-20%), based on the historic higher growth rate and higher expectations for the future. In generating a terminal value, a conservative growth in revenue and cost of 2% is applied to all CGUs. With regards to staff cost a growth of 2% is expected in the 3-year interim period and 2% in generating the terminal value for all CGUs. Columbus is operating in a market where the development has low sensitivity to market development in general and to the development in general IT spending by companies. The management believes that likely changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the headroom between carrying amount and the recoverable amounts. The sensitivity analysis focuses on changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point. The analysis did not identify any indication of impairment. Discount rate. The determined discount factors reflect the market assessment of the time value of money in the countries where the cash generating units operate expressed as a risk-free rate and the specific risks associated with each cash-generating unit. The discount rate is determined on an \"after tax\" basis on the assessed Weighted Average Costs of Capital (WACC). The discount rate used to calculate the present value of expected future cash flow is 11.4% pre-tax (2022: 10.3%). The discount rate has been determined based on the Capital Asset Pricing Model and comprise a risk-free interest rate, the market risk premium and a beta factor, covering systematic market risk and a company premium. The values for the risk-free interest rate, the market risk premium and the beta factor are determined using external sources. The Group applies the same discount rates for all cash generating units, as the risk of the individual cash generating units are reflected in their estimated cash flow. Most important assumptions for the impairment test With the applied method for the annual impairment test, the growth rate applied in the terminal value and the WACC becomes the most important assumptions for the net present value of the future cash flows. Overall, the impairment based on the above assumptions demonstrates that the present value of the future cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has applied conservative growth rates for the projection period and for the period following the projection period developed for the purpose of the impairment test. Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__88-1": { "value": "Contingent consideration The contingent consideration on the balance sheet pertains to an earn-out agreement associated with the acquisition of ICY Security in April 2023. This earn-out agreement is divided into three distinct target peri-ods, with measurements based on revenue achieved and contribution from the business line. The actual earn-out amount, which depends on future performance, involves a significant estimate related to the busi-ness\u2019s performance. To estimate the most likely performance and consequent earn-out achievement, man-agement takes into account the current budgets for the upcoming year, as well as long-term expectations and plans. As of 31 December 2023, the fair value of the contingent consideration on the balance sheet stands at DKK 16,961k. For additional information on the earn-out agreement, please refer to note 21Note 17 \u2013 Provisions and contingent consideration Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Contingent consideration 16,961 0 16,961 0 Other provisions 829 866 829 866 17,790 866 17,790 866 Contingent Other DKK \u00b4000consideration provisions Total Group 2023Balance (non-current) at 1 January 2023 0 866 866 Balance (current) at 1 January 2023 0 0 0 Additions during the period 18,025 0 18,025 Fair value adjustment 2,040 0 2,040 Unachieved earn-out during the period -3,104 0 -3,104 Changes in other provisions 0 -37 -37 Carrying amount at 31 December 2023 16,961 829 17,790 Carrying amount non-current at 31 December 2023 16,961 829 17,790 Carrying amount current at 31 December 2023 0 0 0 Contingent consideration The addition of earn-out is related to the acquisition of ICY Security ApS. The earn-out target amount com-prises DKK 85m and is measured as the most likely scenario and discounted until time of payment. The earn-out agreement covers a three-year period whereof first period for 2023 has been adjusted to match the actual achievement. Other provisions Other provisions are primarily related to claims and refurbishment obligations of leased assets. Contingent Other DKK \u00b4000consideration provisions Total Group 2022Balance (non-current) at 1 January 2022 0 1,056 1,056 Balance (current) at 1 January 2022 6,539 6,722 13,261 Unachieved earn-out reversed during the period -6,539 0 -6,539 Settlement of claim 0 -6,722 -6,722 Changes in other provisions 0 -190 -190 Carrying amount at 31 December 2022 0 866 866 Carrying amount non-current at 31 December 2022 0 866 866 Carrying amount current at 31 December 2022 0 0 0 Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity of more than one year from the balance sheet date are measured at present value.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__87-1": { "value": "Contingent consideration The contingent consideration on the balance sheet pertains to an earn-out agreement associated with the acquisition of ICY Security in April 2023. This earn-out agreement is divided into three distinct target peri-ods, with measurements based on revenue achieved and contribution from the business line. The actual earn-out amount, which depends on future performance, involves a significant estimate related to the busi-ness\u2019s performance. To estimate the most likely performance and consequent earn-out achievement, man-agement takes into account the current budgets for the upcoming year, as well as long-term expectations and plans. As of 31 December 2023, the fair value of the contingent consideration on the balance sheet stands at DKK 16,961k. For additional information on the earn-out agreement, please refer to note 21Note 17 \u2013 Provisions and contingent consideration Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Contingent consideration 16,961 0 16,961 0 Other provisions 829 866 829 866 17,790 866 17,790 866 Contingent Other DKK \u00b4000consideration provisions Total Group 2023Balance (non-current) at 1 January 2023 0 866 866 Balance (current) at 1 January 2023 0 0 0 Additions during the period 18,025 0 18,025 Fair value adjustment 2,040 0 2,040 Unachieved earn-out during the period -3,104 0 -3,104 Changes in other provisions 0 -37 -37 Carrying amount at 31 December 2023 16,961 829 17,790 Carrying amount non-current at 31 December 2023 16,961 829 17,790 Carrying amount current at 31 December 2023 0 0 0 Contingent consideration The addition of earn-out is related to the acquisition of ICY Security ApS. The earn-out target amount com-prises DKK 85m and is measured as the most likely scenario and discounted until time of payment. The earn-out agreement covers a three-year period whereof first period for 2023 has been adjusted to match the actual achievement. Other provisions Other provisions are primarily related to claims and refurbishment obligations of leased assets. Contingent Other DKK \u00b4000consideration provisions Total Group 2022Balance (non-current) at 1 January 2022 0 1,056 1,056 Balance (current) at 1 January 2022 6,539 6,722 13,261 Unachieved earn-out reversed during the period -6,539 0 -6,539 Settlement of claim 0 -6,722 -6,722 Changes in other provisions 0 -190 -190 Carrying amount at 31 December 2022 0 866 866 Carrying amount non-current at 31 December 2022 0 866 866 Carrying amount current at 31 December 2022 0 0 0 Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity of more than one year from the balance sheet date are measured at present value.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__80-1": { "value": "Note 2 \u2013 Material accounting estimates and judgements By applying the Group\u2019s accounting principles as described in each of the individual notes to the consoli-dated financial statements, it is necessary that the management performs judgements, estimates and as-sumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The performed estimates and judgements are based on historical experience and other factors that man-agement considers reasonable under the circumstances, but which are inherently uncertain and unpredicta-ble. The assumptions may be incomplete or inaccurate, and unexpected events or circumstances may oc-cur. The Company is also subject to risks and uncertainties that may cause actual results to differ from these estimates. Specific risks for the Columbus Group are described in \"Risk Management\", cf. page 47. The estimates and underlying assumptions are reviewed regularly. Changes to accounting estimates are recognized in the accounting period in which the change occurs and in future periods if the change affects both the period in which the change occurs and subsequent accounting periods. AreasNoteEstimatesRevenue recognition and contract assets and liabilities3, 15Deferred tax asset8Impairment of goodwill and internal applications10Contingent considerations21Receivables from divestment of activities28For further description of the applied judgements and estimates, please refer to the specific notes listed above. The following judgements and estimates are considered as the most material for the Group. Estimate of revenue recognition of contracts The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the production method of contracts. The stage of completion is determined on the basis of the relationship be-tween the entity's resources in relation to recent total estimate of resource consumption. The degree of completion is assessed regularly by the responsible employees and the projects are closely monitored by management, and further adjustments are made to the stage of completion, etc., if deemed necessary. When performing this evaluation, all factors concerning the relevant contract are taken into consideration and assessed appropriately. The group has a limited number of fixed price projects, which generally re-duces the risk related to this. Estimate of utilization of deferred tax assets Deferred tax assets are recognized for all unused tax losses and difference values to the extent it is deemed likely that within the foreseeable future taxable profits will be realized in which the losses and the difference values can be utilized. Determining the size of the amount that can be recognized for deferred tax assets is based on management\u2019s estimate of the likely time and amount of future taxable profits. At 31 December 2023, the carrying value of recognized tax was DKK 16,969k, which is estimated to be realized in the foreseeable future (5 years or less), see note 8. Estimate of recoverable amount of goodwill and internal applications The determination of impairment of recognized goodwill requires determination of the value of the cash-generating units to which the goodwill is allocated. Determination of the value requires an estimate of ex-pected future cash flows of each cash-generating unit and an appropriate discount rate. On 31 December 2023, the carrying value of goodwill is DKK 654,243k. For a detailed description of methods and assump-tions for impairment of goodwill, see note 10. The determination of impairment of recognized internal applications requires determination of the future economic benefits derived from these assets, which are determined as the optimization of internal work-flows. At 31 December 2023, the carrying value of internal applications is DKK 44,869k. For a more de-tailed description of methods and assumptions related to recognition of internal applications, see note 10. Contingent consideration The contingent consideration on the balance sheet pertains to an earn-out agreement associated with the acquisition of ICY Security in April 2023. This earn-out agreement is divided into three distinct target peri-ods, with measurements based on revenue achieved and contribution from the business line. The actual earn-out amount, which depends on future performance, involves a significant estimate related to the busi-ness\u2019s performance. To estimate the most likely performance and consequent earn-out achievement, man-agement takes into account the current budgets for the upcoming year, as well as long-term expectations and plans. As of 31 December 2023, the fair value of the contingent consideration on the balance sheet stands at DKK 16,961k. For additional information on the earn-out agreement, please refer to note 21. Receivables from divestment of activities Please refer to note 28 for more information.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) corresponding to DKK 57.322k. The buyer has still not paid the outstanding amount since they have asserted claims related to the acquired activity. The requirement is not specified or documented further, why a legal collecting process has been initiated to collect our receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__92": { "value": "Note 3 \u2013 Segment data In order to support decisions about allocation of resources and assessment of performance of the seg-ments, the Group\u2019s internal management reporting of the Parent Company is based on the following group-ing of operating segments: Strategic Business LinesMarket UnitsGlobal Delivery Centers (GDC)DynamicsSwedenPolandM3DenmarkCzech RepublicDigital CommerceNorwayIndiaData & AnalyticsUKCustomer Experience & EngagementUSSecurityOtherStrategy & ChangeOther Local BusinessManagement monitors the business, primarily based on the Business Lines and secondarily on the geo-graphical segments. Information about the Group\u2019s 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. DKK \u00b4000 Services Products Total revenue Direct costs Contribution CM % 2023Dynamics 778,901 44,151 823,052 -598,198 224,854 27.3% M3 301,472 6,362 307,834 -247,591 60,243 19.6% Digital Commerce 195,418 1,820 197,238 -163,584 33,654 17.1% Data & Analytics 77,233 658 77,891 -64,991 12,900 16.6% Customer Experience & Engagement 67,248 700 67,948 -59,006 8,942 13.2% Security 29,538 1,757 31,295 -36,083 -4,788 -15.3% Strategy & Change 8,389 0 8,389 -17,446 -9,057 -108.0% Other Local Business 16,857 9,451 26,308 -16,245 10,063 38.3% Total 1,475,056 64,899 1,539,955 -1,203,144 336,811 21.9% Enabling Functions-219,277 EBITDA 117,534 DKK \u00b4000 Services Products Total revenue Direct costs Contribution CM % 2022Dynamics 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 EBITDA91,830 Development in Business Lines All comments relating to the growth of the Business Lines have been described in the management commentary under the financial review. Reconciliation between EBITDA and Profit before tax is shown in the comprehensive in-come 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 secu-rity 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 dedi-cated team of experts, and a commitment to excellence, we have already garnered posi-tive feedback from early adopters. Customers have lauded our comprehensive approach to security, which encompasses from state-of-the-art software solutions. DKK \u00b4000 Sweden Denmark Norway UK US Other GDC Eliminations Total 2023Sale of services 557,072 331,809 234,391 229,317 82,608 35,531 4,328 0 1,475,056 Sale of products 24,212 19,400 6,910 10,071 4,306 0 0 0 64,899 Total revenue from own markets 581,284 351,209 241,301 239,388 86,914 35,531 4,328 0 1,539,955 Total revenue from group companies 45,266 73,665 13,280 12,379 6,157 6,621 108,220 -265,588 0 Total revenue 626,550 424,874 254,581 251,767 93,071 42,152 112,548 -265,588 1,539,955 Average number of FTE 438 346 181 191 47 37 328 0 1,568 Non-current assets 357,064 263,652 57,574 45,128 22,980 64,838 18,466 0 829,702 2022Sale 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 Non-current assets 349,453 209,261 62,788 46,281 24,638 60,741 14,420 0 767,582 Average FTE 2023 2022 Business LineDynamics 639 635 M3 265 270 Digital Commerce 216 209 Data & Analytics 87 76 Customer Experience & Engagement 70 62 Security 36 0 Strategy & Change 14 11 Other Local Business 29 39 Business Line average number of FTE 1,356 1,302 Enabling Functions 212 234 Average number of FTE 1,568 1,536 Accounting policies Due to the changes in 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. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus primarily enters contracts which span over a longer period. Revenue is recognized on an ongo-ing basis since the product delivered is generally not usable for Columbus in other circumstances. Addition-ally, the asset is under control of the customer, and Columbus has the right to payment for work performed according to the contract. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified as multiple element contracts. Multiple element contracts are generally capable of being distinct and accounted for as separate performance obligations. Multiple element con-tracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting services is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__96": { "value": "Accounting policies Due to the changes in 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. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus primarily enters contracts which span over a longer period. Revenue is recognized on an ongo-ing basis since the product delivered is generally not usable for Columbus in other circumstances. Addition-ally, the asset is under control of the customer, and Columbus has the right to payment for work performed according to the contract. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified as multiple element contracts. Multiple element contracts are generally capable of being distinct and accounted for as separate performance obligations. Multiple element con-tracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting services is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__95": { "value": "Accounting policies Due to the changes in 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. Revenue Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract are recognized as an expense when incurred if the amortization period of the asset that Columbus other-wise would have recognized is one year or less. Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract term for the effect of a financing component if the period between the transfer of services to the customer and the customer\u2019s payment for these services is expected to be one year or less. Columbus primarily enters contracts which span over a longer period. Revenue is recognized on an ongo-ing basis since the product delivered is generally not usable for Columbus in other circumstances. Addition-ally, the asset is under control of the customer, and Columbus has the right to payment for work performed according to the contract. Columbus typically enters into contracts that include a combination of software licenses and consulting ser-vices. These contracts are classified as multiple element contracts. Multiple element contracts are generally capable of being distinct and accounted for as separate performance obligations. Multiple element con-tracts are contracts where price and other significant issues in the contract are negotiated independently. In this group of contracts, each element is recognized individually, so that the sale of software and consulting services is recognized separately at their standalone selling prices. The majority of Columbus\u2019 customer base has payment terms between 14 and 60 days from the invoice date. Columbus\u2019 accounting policies for each revenue line are disclosed below. Each revenue line is subject to the 5-step model which includes: 1. Identification of contract 2. Separation of performance obligations 3. Determining the transaction price 4. Allocation of price to performance obligations 5. Recognition of revenue External licenses External licenses are licenses to third party software where Columbus does not own the software and Co-lumbus is a reseller of the software. External licenses are classified as on-premises software where the customer is provided with a right to use the software as it exists when made available to the customer. Rev-enue from distinct on-premise licenses is recognized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced. Columbus recognizes the rev-enue from external licenses on a net basis with gross invoiced sales, less costs of the resold products re-ported as revenue. External subscriptions External subscriptions are subscriptions to third party software where Columbus does not own the software and Columbus is a reseller of the software subscriptions. The subscriptions to external software entitle the customer to receive new versions of the software that the third-party software provider releases. External subscriptions are recognized at the point in time when the subscription is accepted by the customer as the performance obligation to Columbus is completed. Columbus recognizes the revenue from external sub-scriptions on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. External cloud External cloud is third party software where Columbus does not own the software and Columbus is a re-seller of the usage to the software. External cloud is classified as software-as-a-service (SaaS), which al-lows customers to use hosted software without taking possession of the software. External cloud is recog-nized upfront at the point in time when the software is made available to the customer and the right to use the software has commenced as Columbus has fulfilled all its obligations. Columbus recognizes the reve-nue from external cloud on a net basis with gross invoiced sales, less costs of the resold products reported as revenue. Services/other Professional services and other fees on time and material contracts are recognized over time as production of each project is carried out. Revenue from fixed price projects is recognized based on the value corre-sponding to the stage of completion method. Revenue is recognized when total income and expenses of the projects and completion at the balance sheet date can be measured reliably as Columbus satisfies its performance obligations and it is probable that the economic benefits including payments will flow to the Group. Columbus considers this input method to be an appropriate measure of the progress towards com-plete satisfaction of these performance obligations under IFRS 15. The timing of revenue recognition often differs from contract payment schedules, resulting in revenue that has been earned but not billed. These amounts are included in \u201cContract assets\u201d. Amounts billed in accordance with customer contracts, but not yet earned, are recorded and presented as part of \u201cContract liabilities\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__103": { "value": "Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Staff expensesSalary and wages 944,367 865,700 277,783 241,183 Other social security costs 130,749 137,720 2,261 2,956 Other staff expenses 27,099 31,756 2,670 5,926 Share-based payment 605 1,099 605 1,099 Total staff expenses 1,102,820 1,036,275 283,319 251,164 Average number of FTEs 1,568 1,536 308 294", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__102": { "value": "The key management in the Group are remunerated as follows: Total Other Executive Board of Executive senior DKK \u00b4000Board Directors Management employees 2023Salary and wages 8,795 1,163 9,958 17,382 Share-based payment 605 0 605 0 Severance pay 0 0 0 0 9,400 1,163 10,563 17,382 2022Salary and wages 6,932 1,163 8,095 15,474* Share-based payment 813 0 813 37 Severance pay 1,628 0 1,628 0 9,373 1,163 10,536 15,511 *In the 2022 annual report, the salary amount for other senior employees was incorrectly reported as DKK 12.8m, the correct amount was DKK 15.5m which is corrected in the 2023 report. Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees is DKK 1.8m higher than 2022, due to one new employee, two employees who started in the middle of 2022 and now receive a full year salary as well as general increase in salaries. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. In April 2023 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2026. At the grant date the fair value of the warrants was DKK 589,500. The ex-ercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control do not result in any adjust-ment of the number of warrants or the exercise price. The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2023 2022 2023 2022 Outstanding 1 January 2,817,499 3,215,799 9.75 9.73 Granted during the period 450,000 0 6.45 0.00 Lost due to termination of employment 0 -398,300 0.00 9.61 Expired during the period -1,517,500 0 8.99 0.00 Outstanding end of period 1,749,999 2,817,499 9.56 9.75 Number of warrants which can be exercised at balance sheet date966,666 1,338,333 Weighted average contractual life (years) 1.81 1.76 Weighted average exercise rate 10.63 9.58 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (number Warrants date (DKK price (DKK end of volatility interest of December 2023per share) per share) period (%)* (%) years) Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 0.30 Granted April 20236.45 6.45 450,000 25.3% 2.60% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Expensed share-based payment related to equity instruments 605 1,099 605 1,099 Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__101-1": { "value": "The key management in the Group are remunerated as follows: Total Other Executive Board of Executive senior DKK \u00b4000Board Directors Management employees 2023Salary and wages 8,795 1,163 9,958 17,382 Share-based payment 605 0 605 0 Severance pay 0 0 0 0 9,400 1,163 10,563 17,382 2022Salary and wages 6,932 1,163 8,095 15,474* Share-based payment 813 0 813 37 Severance pay 1,628 0 1,628 0 9,373 1,163 10,536 15,511 *In the 2022 annual report, the salary amount for other senior employees was incorrectly reported as DKK 12.8m, the correct amount was DKK 15.5m which is corrected in the 2023 report. Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees is DKK 1.8m higher than 2022, due to one new employee, two employees who started in the middle of 2022 and now receive a full year salary as well as general increase in salaries. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. In April 2023 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2026. At the grant date the fair value of the warrants was DKK 589,500. The ex-ercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control do not result in any adjust-ment of the number of warrants or the exercise price. The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2023 2022 2023 2022 Outstanding 1 January 2,817,499 3,215,799 9.75 9.73 Granted during the period 450,000 0 6.45 0.00 Lost due to termination of employment 0 -398,300 0.00 9.61 Expired during the period -1,517,500 0 8.99 0.00 Outstanding end of period 1,749,999 2,817,499 9.56 9.75 Number of warrants which can be exercised at balance sheet date966,666 1,338,333 Weighted average contractual life (years) 1.81 1.76 Weighted average exercise rate 10.63 9.58 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (number Warrants date (DKK price (DKK end of volatility interest of December 2023per share) per share) period (%)* (%) years) Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 0.30 Granted April 20236.45 6.45 450,000 25.3% 2.60% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Expensed share-based payment related to equity instruments 605 1,099 605 1,099 Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. Note 22 \u2013 Related parties Consolidated Holdings A/S has a controlling interest in the Columbus Group, including Columbus A/S. Other related parties with significant influence in the Columbus Group are the Company\u2019s Board of Direc-tors, Executive Board and certain executives and their related parties. Furthermore, related parties are companies in which the above persons have significant influence. Related parties with controlling interest Consolidated Holdings A/S (Fredheimvej 9, 2950 Vedb\u00e6k) Consolidated Holdings A/S owns 58.75% of the shares in Columbus A/S. Consolidated Holdings A/S has a controlling interest in Columbus A/S, as Consolidated Holdings A/S, through its shareholding and its share-holder voting agreements, controls the majority (62.20%) of the votes at the annual general meeting. Trans-actions with the company are made on an arm's length basis. Ib Kun\u00f8e is the majority shareholder in Con-solidated Holdings A/S. Dividend to Consolidated Holdings A/S is paid on equal principals as with other shareholders. Furthermore, Consolidated Holdings A/S is in a joint taxation with the Danish entities in the Columbus Group, with Con-solidated Holdings A/S as management company. In 2023 Columbus received a tax receivable from Con-solidated Holdings A/S for DKK 0 (2022: DKK 773k). Related parties with significant influence ATEA (Lautrupvang 6, 2750 Ballerup) Consolidated Holdings A/S has significant influence in ATEA, and certain dual roles in the management are filled by the same persons in ATEA and the Columbus Group. Transactions with the company are made on an arm's length basis. X-Yachts A/S (Fjordagervej 21, 6100 Haderslev) Consolidated Holdings A/S has a significant influence in X-Yachts A/S and certain roles in the management are filled by the same persons in X-Yachts and Columbus Group. Transactions with X-Yachts A/S were made on arm\u2019s length. Parent DKK \u00b4000 2023 2022 Net salesAtea 793 2,354 X-Yachts A/S 2,248 945 Total 3,041 3,299 Net purchaseAtea -16,208 -16,496 Total -16,208 -16,496 rdSale to Atea and X-Yachts is primarily consultancy and sale of licenses from 3 parties. Purchase from Atea and subsidiaries is primarily office rent, purchase of IT equipment and consultancy ser-vices. The lease contract for office rent constitute right-of-use asset of DKK 10,883k and lease liability of DKK 11,411k. Parent DKK \u00b4000 2023 2022 Trade receivablesX-Yachts A/S 385 99 Total 385 99 Trade payablesAtea -3,073 -3,129 Total -3,073 -3,129 Executive Board and Board of Directors Remuneration of the Executive Board, the Board of Directors and executives appears from note 4. Subsidiaries Related parties in Columbus also comprise the subsidiaries in which the Company has controlling interest, cf. the Group overview. Trading with subsidiaries was as follows: Parent Company DKK \u00b4000 2023 2022 Purchase from subsidiaries -35,464 -48,520 Sold to subsidiaries 127,185 110,610 Purchases from subsidiaries are primarily consultancy and development hours from Columbus' Global Delivery Center, and internally developed software for customer sales. Sold to subsidiaries is primarily service and tools fees, consultancy and development hours, as well as cost split for the shared service center in Columbus\u2019 Danish and Norwegian companies. Transactions with subsidiaries are eliminated in the consolidated financial statements in accordance with applied accounting policies. Outstanding accounts with subsidiaries Columbus' outstanding accounts with subsidiaries are shown directly in the balance sheet. Outstanding accounts are interest-bearing. The interest payment of outstanding accounts is shown in note 7. Payment terms for regular outstanding accounts are invoiced month + 30 days.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__98-1": { "value": "Note 4 \u2013 Staff expenses and remuneration Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Staff expensesSalary and wages 944,367 865,700 277,783 241,183 Other social security costs 130,749 137,720 2,261 2,956 Other staff expenses 27,099 31,756 2,670 5,926 Share-based payment 605 1,099 605 1,099 Total staff expenses 1,102,820 1,036,275 283,319 251,164 Average number of FTEs 1,568 1,536 308 294The key management in the Group are remunerated as follows: Total Other Executive Board of Executive senior DKK \u00b4000Board Directors Management employees 2023Salary and wages 8,795 1,163 9,958 17,382 Share-based payment 605 0 605 0 Severance pay 0 0 0 0 9,400 1,163 10,563 17,382 2022Salary and wages 6,932 1,163 8,095 15,474* Share-based payment 813 0 813 37 Severance pay 1,628 0 1,628 0 9,373 1,163 10,536 15,511 *In the 2022 annual report, the salary amount for other senior employees was incorrectly reported as DKK 12.8m, the correct amount was DKK 15.5m which is corrected in the 2023 report. Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees is DKK 1.8m higher than 2022, due to one new employee, two employees who started in the middle of 2022 and now receive a full year salary as well as general increase in salaries. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. In April 2023 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2026. At the grant date the fair value of the warrants was DKK 589,500. The ex-ercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control do not result in any adjust-ment of the number of warrants or the exercise price. The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2023 2022 2023 2022 Outstanding 1 January 2,817,499 3,215,799 9.75 9.73 Granted during the period 450,000 0 6.45 0.00 Lost due to termination of employment 0 -398,300 0.00 9.61 Expired during the period -1,517,500 0 8.99 0.00 Outstanding end of period 1,749,999 2,817,499 9.56 9.75 Number of warrants which can be exercised at balance sheet date966,666 1,338,333 Weighted average contractual life (years) 1.81 1.76 Weighted average exercise rate 10.63 9.58 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (number Warrants date (DKK price (DKK end of volatility interest of December 2023per share) per share) period (%)* (%) years) Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 0.30 Granted April 20236.45 6.45 450,000 25.3% 2.60% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Expensed share-based payment related to equity instruments 605 1,099 605 1,099 Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__97-1": { "value": "Note 4 \u2013 Staff expenses and remuneration Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Staff expensesSalary and wages 944,367 865,700 277,783 241,183 Other social security costs 130,749 137,720 2,261 2,956 Other staff expenses 27,099 31,756 2,670 5,926 Share-based payment 605 1,099 605 1,099 Total staff expenses 1,102,820 1,036,275 283,319 251,164 Average number of FTEs 1,568 1,536 308 294The key management in the Group are remunerated as follows: Total Other Executive Board of Executive senior DKK \u00b4000Board Directors Management employees 2023Salary and wages 8,795 1,163 9,958 17,382 Share-based payment 605 0 605 0 Severance pay 0 0 0 0 9,400 1,163 10,563 17,382 2022Salary and wages 6,932 1,163 8,095 15,474* Share-based payment 813 0 813 37 Severance pay 1,628 0 1,628 0 9,373 1,163 10,536 15,511 *In the 2022 annual report, the salary amount for other senior employees was incorrectly reported as DKK 12.8m, the correct amount was DKK 15.5m which is corrected in the 2023 report. Other senior employees are defined as those employees involved in management of the parent company, as well as the Managing Directors of the parent company's subsidiaries. The remuneration to other senior employees is DKK 1.8m higher than 2022, due to one new employee, two employees who started in the middle of 2022 and now receive a full year salary as well as general increase in salaries. The Executive Board and a number of senior employees in the Parent Company as well as the Group are subject to special bonuses depending on individually defined performance targets. The arrangements are unchanged compared to last year. Incentive schemes Columbus only grant warrant programs to key management as part of remuneration and retention of the employee. In June 2021 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2024. At the grant date the fair value of the warrants was DKK 3,188,559. The exercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. In April 2023 Columbus established a warrant program for senior executives. The program, which can only be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the final grant at 31 December 2026. At the grant date the fair value of the warrants was DKK 589,500. The ex-ercise periods are scheduled to the first 14 days after publication of the Company\u2019s Annual Report. War-rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-ployment in the Company. Changes in the capital in Columbus, distribution of dividend or change of control do not result in any adjust-ment of the number of warrants or the exercise price. The development in outstanding warrants can be specified as follows: Avg. exercise rate Number of warrants per warrant 2023 2022 2023 2022 Outstanding 1 January 2,817,499 3,215,799 9.75 9.73 Granted during the period 450,000 0 6.45 0.00 Lost due to termination of employment 0 -398,300 0.00 9.61 Expired during the period -1,517,500 0 8.99 0.00 Outstanding end of period 1,749,999 2,817,499 9.56 9.75 Number of warrants which can be exercised at balance sheet date966,666 1,338,333 Weighted average contractual life (years) 1.81 1.76 Weighted average exercise rate 10.63 9.58 The incentive scheme is based on Black & Scholes' calculations for the estimated market value at the time of allocation. The assessment is based on the following assumptions: Share price Number of Risk Expiry at grant Exercise warrants Estimated free (number Warrants date (DKK price (DKK end of volatility interest of December 2023per share) per share) period (%)* (%) years) Granted June 2021 10.63 10.63 1,299,999 32.8% -0.50% 0.30 Granted April 20236.45 6.45 450,000 25.3% 2.60% 2.30 * The expected volatility is calculated based on the historic adjusted volatility during the past year until the grant of the war-rant programs. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Expensed share-based payment related to equity instruments 605 1,099 605 1,099 Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__108": { "value": "Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__107": { "value": "Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__106": { "value": "Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__105": { "value": "Accounting policies Wages and salaries, social security contributions, leave and sick leave, bonuses and non-monetary bene-fits are recognised in the financial year in which services are rendered by employees of Columbus. Termination benefits are recognised at the time an agreement between Columbus and the employee is made and no future service is rendered by the employee in exchange for the benefits. Share option schemes Equity-settled share options are measured at fair value at grant date and recognized in the income state-ment under share-based payment over the period in which the final right of the options vest. The balancing item is recognized directly in equity. On initial recognition of share options, the number of options expected to vest at expiry is estimated. Sub-sequently revised for changes in the estimated number of vested options, so that the total recognition is based on the actual number of vested options. The fair value of the options granted is estimated using the Black-Scholes model with the parameters stated in the Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__110": { "value": "Note 5 \u2013 Depreciation, amortization and impairment Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Depreciation 35,324 35,814 7,404 7,245 Amortization 22,122 20,881 13,751 12,124 Total depreciation, amortization and impairment 57,446 56,695 21,155 19,369", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__114": { "value": "Note 6 \u2013 Other operating incomeGroup Parent Company DKK \u00b4000 2023 2022 2023 2022 Central cost allocation Columbus Group 0 0 57,433 55,267 Other services 3,474 18,111 0 0 Total other operating income 3,474 18,111 57,433 55,267 Other operating income from other services is primarily related to adjustment of unearned earn out. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group\u2019s primary activities, including adjustments of contingent liabilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__113": { "value": "Note 6 \u2013 Other operating incomeGroup Parent Company DKK \u00b4000 2023 2022 2023 2022 Central cost allocation Columbus Group 0 0 57,433 55,267 Other services 3,474 18,111 0 0 Total other operating income 3,474 18,111 57,433 55,267 Other operating income from other services is primarily related to adjustment of unearned earn out. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group\u2019s primary activities, including adjustments of contingent liabilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__112": { "value": "Note 6 \u2013 Other operating incomeGroup Parent Company DKK \u00b4000 2023 2022 2023 2022 Central cost allocation Columbus Group 0 0 57,433 55,267 Other services 3,474 18,111 0 0 Total other operating income 3,474 18,111 57,433 55,267 Other operating income from other services is primarily related to adjustment of unearned earn out. Accounting policies Other operating income and expenses include income and expenses of a secondary nature to the Group\u2019s primary activities, including adjustments of contingent liabilities related to acquisitions, gains and losses on disposal of intangible and tangible assets. Gains and losses on disposal of intangible and tangible assets are calculated as the selling price less selling costs and the carrying amount at the time of sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__127": { "value": "Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__126": { "value": "Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__125": { "value": "Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__124": { "value": "Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__121": { "value": "Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Financial incomeInterest income from subsidiaries 0 0 4,935 2,741 Interest income on bank deposits, etc. 2,358 18 1,821 18 Other financial income 460 630 397 443 Interest income on financial assets measured at amortised cost 2,818 648 7,153 3,202 Dividends from subsidiaries0 0 16,204 55,073 Foreign exchange gains (net) 0 2,261 3,370 9,164 Total financial income 2,818 2,909 26,727 67,439 Financial expensesInterests expense to subsidiaries 0 0 3,383 2,179 Interest expense on bank loans 8,539 2,763 8,535 1,455 Interest expense leases, Right-of-use-assets 3,205 1,966 685 378 Other financial expense 2,071 1,227 2,052 1,078 Interest expense from financial liabilities that are measured at amortised cost 13,815 5,956 14,655 5,090 Foreign exchange loss (net) 9,753 0 0 0 Total financial expenses 23,568 5,956 14,655 5,090 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__120": { "value": "Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Financial incomeInterest income from subsidiaries 0 0 4,935 2,741 Interest income on bank deposits, etc. 2,358 18 1,821 18 Other financial income 460 630 397 443 Interest income on financial assets measured at amortised cost 2,818 648 7,153 3,202 Dividends from subsidiaries0 0 16,204 55,073 Foreign exchange gains (net) 0 2,261 3,370 9,164 Total financial income 2,818 2,909 26,727 67,439 Financial expensesInterests expense to subsidiaries 0 0 3,383 2,179 Interest expense on bank loans 8,539 2,763 8,535 1,455 Interest expense leases, Right-of-use-assets 3,205 1,966 685 378 Other financial expense 2,071 1,227 2,052 1,078 Interest expense from financial liabilities that are measured at amortised cost 13,815 5,956 14,655 5,090 Foreign exchange loss (net) 9,753 0 0 0 Total financial expenses 23,568 5,956 14,655 5,090 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__119": { "value": "Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Financial incomeInterest income from subsidiaries 0 0 4,935 2,741 Interest income on bank deposits, etc. 2,358 18 1,821 18 Other financial income 460 630 397 443 Interest income on financial assets measured at amortised cost 2,818 648 7,153 3,202 Dividends from subsidiaries0 0 16,204 55,073 Foreign exchange gains (net) 0 2,261 3,370 9,164 Total financial income 2,818 2,909 26,727 67,439 Financial expensesInterests expense to subsidiaries 0 0 3,383 2,179 Interest expense on bank loans 8,539 2,763 8,535 1,455 Interest expense leases, Right-of-use-assets 3,205 1,966 685 378 Other financial expense 2,071 1,227 2,052 1,078 Interest expense from financial liabilities that are measured at amortised cost 13,815 5,956 14,655 5,090 Foreign exchange loss (net) 9,753 0 0 0 Total financial expenses 23,568 5,956 14,655 5,090 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__118": { "value": "Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Financial incomeInterest income from subsidiaries 0 0 4,935 2,741 Interest income on bank deposits, etc. 2,358 18 1,821 18 Other financial income 460 630 397 443 Interest income on financial assets measured at amortised cost 2,818 648 7,153 3,202 Dividends from subsidiaries0 0 16,204 55,073 Foreign exchange gains (net) 0 2,261 3,370 9,164 Total financial income 2,818 2,909 26,727 67,439 Financial expensesInterests expense to subsidiaries 0 0 3,383 2,179 Interest expense on bank loans 8,539 2,763 8,535 1,455 Interest expense leases, Right-of-use-assets 3,205 1,966 685 378 Other financial expense 2,071 1,227 2,052 1,078 Interest expense from financial liabilities that are measured at amortised cost 13,815 5,956 14,655 5,090 Foreign exchange loss (net) 9,753 0 0 0 Total financial expenses 23,568 5,956 14,655 5,090 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__117": { "value": "Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Financial incomeInterest income from subsidiaries 0 0 4,935 2,741 Interest income on bank deposits, etc. 2,358 18 1,821 18 Other financial income 460 630 397 443 Interest income on financial assets measured at amortised cost 2,818 648 7,153 3,202 Dividends from subsidiaries0 0 16,204 55,073 Foreign exchange gains (net) 0 2,261 3,370 9,164 Total financial income 2,818 2,909 26,727 67,439 Financial expensesInterests expense to subsidiaries 0 0 3,383 2,179 Interest expense on bank loans 8,539 2,763 8,535 1,455 Interest expense leases, Right-of-use-assets 3,205 1,966 685 378 Other financial expense 2,071 1,227 2,052 1,078 Interest expense from financial liabilities that are measured at amortised cost 13,815 5,956 14,655 5,090 Foreign exchange loss (net) 9,753 0 0 0 Total financial expenses 23,568 5,956 14,655 5,090 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__116": { "value": "Note 7 \u2013 Financial income and expenses Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Financial incomeInterest income from subsidiaries 0 0 4,935 2,741 Interest income on bank deposits, etc. 2,358 18 1,821 18 Other financial income 460 630 397 443 Interest income on financial assets measured at amortised cost 2,818 648 7,153 3,202 Dividends from subsidiaries0 0 16,204 55,073 Foreign exchange gains (net) 0 2,261 3,370 9,164 Total financial income 2,818 2,909 26,727 67,439 Financial expensesInterests expense to subsidiaries 0 0 3,383 2,179 Interest expense on bank loans 8,539 2,763 8,535 1,455 Interest expense leases, Right-of-use-assets 3,205 1,966 685 378 Other financial expense 2,071 1,227 2,052 1,078 Interest expense from financial liabilities that are measured at amortised cost 13,815 5,956 14,655 5,090 Foreign exchange loss (net) 9,753 0 0 0 Total financial expenses 23,568 5,956 14,655 5,090 Accounting policies Transactions in currencies other than the Group's functional currency are translated initially at the transac-tion date. Receivables and payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from the difference between the exchange and the transaction date are recognized in the statement of compre-hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-sets acquired in foreign currency and measured at historical cost are translated at the transaction date. Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation. Simple forward contracts are measured at fair value and recognized in other receivables or other payables. Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-come as financial items. Translation of foreign subsidiaries On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency other than Danish kroner (DKK), income statements are translated at average exchange rates for the months unless these deviate significantly from the actual exchange rates at the transaction dates. In the latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate. Foreign exchange differences arising from the translation of foreign company balance sheet items at the beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive income in the consolidated financial statements, whereas they are recognized in the statement of compre-hensive income of the Parent Company. Financial items Financial items include interest income and expenses, the interest portion of lease payments, gains and losses on foreign currency transactions and surcharges and allowances under the account tax scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__129": { "value": "Note 8 \u2013 Corporate tax Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Tax on result for the yearCurrent tax 7,097 432 0 0 Change in deferred tax 285 8,625 5,195 1,973 Withholding tax 586 3,081 414 1,857 Adjustment to previous years 7,608 -9,953 856 -766 Total tax on result for the year 15,576 2,185 6,465 3,064 Tax on result for the year explained as follows Calculated 22% on pre-tax earnings on continuing operations 8,654 7,059 8,598 13,946 Tax effect of:Adjustment to tax concerning previous years 7,608 -9,953 856 -766 Adjustment to tax rates in foreign subsidiaries relative to 22%-262 268 0 0 Non-capitalized tax value of losses 539 4,864 0 0 Withholding tax -586 3,081 -414 1,857 Not taxable income -262 -120 -3,827 -12,219 Not taxable expenses 289 530 136 246 Capitalized tax value, current year 856 0 0 0 Other adjustments -1,260 -3,544 1,117 0 Total tax on result for the year 15,576 2,185 6,465 3,064 Effective tax rate (%) 39.60 6.81 16.54 4.83 The effective tax rate in 2023 is high mainly due to an adjustment from previous years. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Corporate tax receivable (net)Balance at 1 January 828 10,870 0 5,673 Currency adjustment 23 -733 0 0 Adjustment to previous years 0 -8,333 0 -4,877 Current tax for the year -7,097 -432 0 0 Tax paid on account for the year 5,144 0 0 0 Corporate tax paid during the year 1,349 -270 0 -796 Disposals due to divestment of activities 0 -274 0 0 Additions from business combinations -46 0 0 0 Balance at 31 December 201 828 0 0 Corporate tax receivable 2,049 2,254 0 0 Corporate tax payable -1,848 -1,426 0 0 Balance at 31 December 201 828 0 0 Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Deferred tax assets/liabilities (net)Balance at 1 January 25,788 17,374 1,883 -1,788 Deferred tax assets / liabilities 1 January 25,788 17,374 1,883 -1,788 Currency adjustments -886 -1,747 0 0 Adjustment to previous years -7,608 18,286 -856 5,644 Additions from business combinations -40 0 0 0 This year's change in deferred tax -285 -8,625 -5,195 -1,973 Disposals due to divestment of activities 0 500 0 0 Balance at 31 December 16,969 25,788 -4,168 1,883 Deferred tax assets / liabilities relate toIntangible assets -14,710 -4,324 -7,002 -3,105 Tangible assets 2,680 2,990 1,871 2,377 Current assets 2,128 5,833 -2,478 1,226 Loss carry forward 26,871 21,289 3,441 1,385 Balance at 31 December 16,969 25,788 -4,168 1,883 Based on the management\u2019s assessment of future income, short-term tax assets are expected to be DKK 16m and the remaining tax assets are expected to be utilized within a 3-5-year period. The capitalized loss carry forward primarily relates to the subsidiaries in Sweden and Norway. The Swedish deferred tax asset primarily originates from before the acquisition of iStone in 2018, and is now being re-covered by the ordinary operations. The Norwegian subsidiary has incurred the losses over the past two years, primarily due to a slowdown in the market and significant negative impact from the NOK. The group has concluded that the Norwegian deferred tax asset will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The Group\u2019s non-capitalized tax assets amount to DKK 32m (2022: DKK 34m). Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is provided on temporary differ-ences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is realized, and it is probable that the deferred tax will not crystalize as current tax in the fore-seeable future. Deferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__128": { "value": "Note 8 \u2013 Corporate tax Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Tax on result for the yearCurrent tax 7,097 432 0 0 Change in deferred tax 285 8,625 5,195 1,973 Withholding tax 586 3,081 414 1,857 Adjustment to previous years 7,608 -9,953 856 -766 Total tax on result for the year 15,576 2,185 6,465 3,064 Tax on result for the year explained as follows Calculated 22% on pre-tax earnings on continuing operations 8,654 7,059 8,598 13,946 Tax effect of:Adjustment to tax concerning previous years 7,608 -9,953 856 -766 Adjustment to tax rates in foreign subsidiaries relative to 22%-262 268 0 0 Non-capitalized tax value of losses 539 4,864 0 0 Withholding tax -586 3,081 -414 1,857 Not taxable income -262 -120 -3,827 -12,219 Not taxable expenses 289 530 136 246 Capitalized tax value, current year 856 0 0 0 Other adjustments -1,260 -3,544 1,117 0 Total tax on result for the year 15,576 2,185 6,465 3,064 Effective tax rate (%) 39.60 6.81 16.54 4.83 The effective tax rate in 2023 is high mainly due to an adjustment from previous years. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Corporate tax receivable (net)Balance at 1 January 828 10,870 0 5,673 Currency adjustment 23 -733 0 0 Adjustment to previous years 0 -8,333 0 -4,877 Current tax for the year -7,097 -432 0 0 Tax paid on account for the year 5,144 0 0 0 Corporate tax paid during the year 1,349 -270 0 -796 Disposals due to divestment of activities 0 -274 0 0 Additions from business combinations -46 0 0 0 Balance at 31 December 201 828 0 0 Corporate tax receivable 2,049 2,254 0 0 Corporate tax payable -1,848 -1,426 0 0 Balance at 31 December 201 828 0 0 Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Deferred tax assets/liabilities (net)Balance at 1 January 25,788 17,374 1,883 -1,788 Deferred tax assets / liabilities 1 January 25,788 17,374 1,883 -1,788 Currency adjustments -886 -1,747 0 0 Adjustment to previous years -7,608 18,286 -856 5,644 Additions from business combinations -40 0 0 0 This year's change in deferred tax -285 -8,625 -5,195 -1,973 Disposals due to divestment of activities 0 500 0 0 Balance at 31 December 16,969 25,788 -4,168 1,883 Deferred tax assets / liabilities relate toIntangible assets -14,710 -4,324 -7,002 -3,105 Tangible assets 2,680 2,990 1,871 2,377 Current assets 2,128 5,833 -2,478 1,226 Loss carry forward 26,871 21,289 3,441 1,385 Balance at 31 December 16,969 25,788 -4,168 1,883 Based on the management\u2019s assessment of future income, short-term tax assets are expected to be DKK 16m and the remaining tax assets are expected to be utilized within a 3-5-year period. The capitalized loss carry forward primarily relates to the subsidiaries in Sweden and Norway. The Swedish deferred tax asset primarily originates from before the acquisition of iStone in 2018, and is now being re-covered by the ordinary operations. The Norwegian subsidiary has incurred the losses over the past two years, primarily due to a slowdown in the market and significant negative impact from the NOK. The group has concluded that the Norwegian deferred tax asset will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The Group\u2019s non-capitalized tax assets amount to DKK 32m (2022: DKK 34m). Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is provided on temporary differ-ences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is realized, and it is probable that the deferred tax will not crystalize as current tax in the fore-seeable future. Deferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__134": { "value": "Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is provided on temporary differ-ences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is realized, and it is probable that the deferred tax will not crystalize as current tax in the fore-seeable future. Deferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__133": { "value": "Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is provided on temporary differ-ences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is realized, and it is probable that the deferred tax will not crystalize as current tax in the fore-seeable future. Deferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__132": { "value": "Accounting policies Income tax for the year, comprising current tax and movements in deferred tax, is recognized in the state-ment of comprehensive income by the portion attributable to the profit and directly in equity or in other com-prehensive income to the extent that it relates to items recognized directly in equity and in other compre-hensive income. Exchange adjustments of deferred tax is recognized as part of the adjustment of deferred tax. Current tax liabilities and receivables are recognized in the balance sheet as estimated tax on the taxable income, adjusted for prepaid tax. When calculating the current tax, the applicable tax rates and rules on the balance sheet date is used. Deferred tax is recognized using the balance sheet liability method on all temporary differences between accounting and tax values of assets and liabilities. Deferred income tax is provided on temporary differ-ences arising on investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is realized, and it is probable that the deferred tax will not crystalize as current tax in the fore-seeable future. Deferred tax is calculated based on the expected recovery of each asset and settlement of each liability. Deferred tax is measured based on the tax rules and rates in the respective countries, based on enacted or substantively enacted laws at the balance sheet dates that are expected to apply when the deferred tax is expected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are rec-ognized in the statement of comprehensive income unless the deferred tax is attributable to transactions previously recognized directly in equity or in other comprehensive income. In the latter case, the change is also recognized in equity, respectively, in other comprehensive income. Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which they are expected to be realized, either as net assets to offset against future taxable income or against de-ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-set can be utilized. The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation with credit for tax losses).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__135": { "value": "Note 9 \u2013 Earnings per share The calculation of earnings per share is based on the following: DKK \u00b4000 2023 2022 Result for the year from continuing operations 23,762 29,903 Result used for calculating earnings per share from continuing operations, diluted 23,762 29,903 Result for the year from discontinued operations 3,127 -41,216 Result used for calculating earnings per share, diluted 26,889 -11,313 Average number of shares listed on NASDAQ Copenhagen (pcs.) 129,276,264 129,276,264 Number of shares used to calculate earnings per share (pcs.) 129,276,264 129,276,264 Average dilutive effect on outstanding subscription rights (pcs.) 9,807 0 Number of shares used to calculate earnings per share, diluted (pcs.) 129,286,071 129,276,264 Earnings per share from continuing operations of DKK 1.25 (EPS) 0.18 0.23 Earnings per share from continuing operations of DKK 1.25, diluted (EPS-D) 0.18 0.23 Earnings per share from discontinued operations of DKK 1.25 (EPS) 0.02 -0.32 Earnings per share from discontinued operations of DKK 1.25, diluted (EPS-D) 0.02 -0.32 Earnings per share of DKK 1.25 (EPS) 0.21 -0.09 Earnings per share of DKK 1.25, diluted (EPS-D) 0.21 -0.09", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__144": { "value": "Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__141": { "value": "Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__140": { "value": "Accounting policies Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment. Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years. Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred. Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__145": { "value": "Goodwill Goodwill is recognized and measured at initial recognition as the difference between the cost and the net assets of the acquired company. The net assets of the acquired company are based on the fair value of as-sets and liabilities at the acquisition date. On recognition of goodwill, the goodwill is allocated to each of the Group\u2019s activities that generate separate cash flows (cash generating units). The determination of cash-generating units follows the management structure and internal financial management and reporting of the Group. Goodwill is not amortized but is tested annually for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__147-1": { "value": "Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years.Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred.Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. Accounting policies Property plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Fixtures and equipment are depreciated over 3 to 5 years, equal to the asset\u2019s estimated useful life. Lease-hold improvements are amortized over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carrying value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a change in accounting estimates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__146-1": { "value": "Customer base Customer bases are primarily capitalized to the fair value of the customer base in acquired companies, rec-ognized during the purchase price allocation. Customer base is amortized on a straight-line basis over 7 years.Internal applications Internal applications comprise internally developed projects, that are carried out to optimize internal work-flows. These are measured at cost less accumulated amortization and impairment losses. The cost in-cludes wages, salaries, services and other costs directly attributable to the Group\u2019s development and which are necessary to complete the project, from the time when the internal application first qualifies for recogni-tion as an asset. Internal applications are amortized on a straight-line basis over the expected life. The amortization period is usually 5 years. Internal applications are reviewed annually to determine whether there are indications of impairment. If such an indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the internal applications are impaired to this value. Development projects Development projects are projects that are clearly defined and identifiable, where the technical feasibility, adequate resources and a potential future market or application in the Group can be demonstrated and where the intention is to produce, promote or use the project. Development projects are recognized as in-tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or the net selling price will cover production, sales, administration and development costs. Other development costs are recognized in the statement of comprehensive income as incurred.Development costs are measured at cost less accumulated depreciation and impairment losses. After completion of the development project, development costs are depreciated on straight-line basis over the estimated useful life. The depreciation period is usually 3-5 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__152": { "value": "Note 11 \u2013 Tangible assets Leasehold Fixtures Land and improve-and DKK \u00b4000buildings ments equipment Total Group 2023Balance at 1 January 2023 91 2,708 15,647 18,446 Foreign currency translation 0 14 64 78 Additions 0 127 7,751 7,878 Additions related to acquisitions 0 0 11 11 Disposals -91 0 -1,004 -1,095 Balance at 31 December 2023 0 2,849 22,469 25,318 Depreciation at 1 January 2023 91 1,194 4,812 6,097 Foreign currency translation 0 16 -69 -53 Depreciation 0 418 6,054 6,472 Additions related to acquisitions 0 0 0 0 Reversed depreciation on disposals -91 0 -997 -1,088 Depreciation at 31 December 2023 0 1,628 9,800 11,428 Carrying amount at 31 December 2023 0 1,221 12,669 13,890 Leasehold Fixtures Land and improve-and DKK \u00b4000buildings ments equipment Total Group 2022Balance at 1 January 2022 96 2,515 38,740 41,351 Foreign currency translation -5 -178 -1,038 -1,221 Additions 0 379 7,963 8,342 Disposals 0 -8 -29,422 -29,430 Disposals relating to divestments 0 0 -596 -596 Balance at 31 December 2022 91 2,708 15,647 18,446 Depreciation at 1 January 2022 96 814 29,575 30,485 Foreign currency translation -5 -37 -530 -572 Depreciation 0 422 5,320 5,742 Reversed depreciation on disposals 0 -5 -29,166 -29,171 Reversed depreciation on disposals relating to di-vestments0 0 -387 -387 Depreciation at 31 December 2022 91 1,194 4,812 6,097 Carrying amount at 31 December 2022 0 1,514 10,835 12,349 Accounting policies Property plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Fixtures and equipment are depreciated over 3 to 5 years, equal to the asset\u2019s estimated useful life. Lease-hold improvements are amortized over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carrying value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a change in accounting estimates.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__155": { "value": "Accounting policies Property plant and equipment These are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date the asset is ready for use. Fixtures and equipment are depreciated over 3 to 5 years, equal to the asset\u2019s estimated useful life. Lease-hold improvements are amortized over the lease period not exceeding 5 years. The basis for depreciation is determined taking into account the residual value less impairment losses. The value is written down to the recoverable amount if this is lower than the carrying value. The residual value is determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual value exceeds the carrying amount. In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a change in accounting estimates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__156-1": { "value": "Note 12 \u2013 Right-of-use-assets Other DKK \u00b4000equipment Cars Offices Total Group 2023Balance at 1 January 2023 3,336 16,125 153,264 172,725 Foreign currency translation -2 80 -300 -222 Re-assessment of existing assets 1,159 228 34,307 35,694 Additions 479 5,798 5,768 12,045 Additions related to acquisitions 0 331 1,663 1,994 Disposals -813 -5,961 -20,771 -27,545 Balance at 31 December 2023 4,159 16,601 173,931 194,691 Depreciation at 1 January 2023 1,462 6,413 99,534 107,409 Foreign currency translation -9 -7 -344 -360 Depreciation 768 3,635 24,450 28,853 Reversed depreciation on disposals -594 -3,445 -19,500 -23,539 Depreciation at 31 December 2023 1,627 6,596 104,140 112,363 Carrying amount at 31 December 2023 2,532 10,005 69,791 82,328 Total cash flow for the Group relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 27m. For more information about lease the lease liability for right-of-use assets, please refer to note 18. There has been an increase of 26% in right-of-use-assets compared to 2022, which mainly relates to reas-sessment of lease terms. Other DKK \u00b4000equipment Cars Offices Total Group 2022Balance at 1 January 2022 2,529 16,380 159,296 178,205 Foreign currency translation -181 -890 -4,959 -6,030 Re-assessment of existing assets 995 -13 19,623 20,605 Additions 494 5,009 17,379 22,882 Disposals -501 -4,361 -29,708 -34,570 Disposals related to divestments 0 0 -8,367 -8,367 Balance at 31 December 2022 3,336 16,125 153,264 172,725 Depreciations at 1 January 2022 1,204 5,030 110,549 116,783 Reclassification of previous years 0 -26 0 -26 Foreign currency translation -98 -263 -3,149 -3,510 Depreciation 717 3,854 25,527 30,098 Reversed depreciation on disposals -361 -2,182 -28,260 -30,803 Reversed depreciation on disposals relating to di-vestments0 0 -5,133 -5,133 Depreciation at 31 December 2022 1,462 6,413 99,534 107,409 Carrying amount at 31 December 2022 1,874 9,712 53,730 65,316 Total cash flow for the Group relating to right-of-use-assets is equal to the actual payments on the leases amounting to DKK 31m. Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreciated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. Columbus\u2019 portfolio of leases include three main groups: Offices, cars and other fixtures. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We meas-ure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or before the commencement date of the lease, less any lease incentives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of three parts: \ue813 Reference rate \ue813 Financing spread adjustment \ue813 Lease specific adjustment The interest rate used for measuring new lease liabilities is 8.43% (2022: in the range between 2.84% and 5.84%). Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease compo-nents comprise of services and operating costs etc. Variable lease expenses are recognized in other exter-nal expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognized in financial expenses. Each lease payment is separated into re-payment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classi-fied as cash flows from operating activities. Short-term leases and leases of low-value assets are not recognized as right-of-use-assets. Note 18 \u2013 Lease liability, Right-of-use-assets Other DKK \u00b4000equipment Cars Offices Total Group 2023Less than 1 year 540 3,080 20,409 24,029 Between 1 and 5 years 2,035 6,995 51,657 60,687 More than 5 years 0 0 0 0 2,575 10,075 72,066 84,716 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored closely by the management. For more information about right-of use assets, please refer to note 12. For analysis of maturity, please refer to note 24. Other DKK \u00b4000equipment Cars Offices Total Group 2022Less than 1 year 707 2,851 23,367 26,925 Between 1 and 5 years 1,187 7,044 32,566 40,797 More than 5 years 0 0 0 0 1,894 9,895 55,933 67,722", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__158": { "value": "Accounting policies Right-of-use-assets are classified separately from other assets in the financial statement. The right-of-use-assets are depreciated on a straight-line basis over the lease term. The right-of-use-asset can be adjusted due to modifications to the lease contract or reassessment of lease term. Columbus\u2019 portfolio of leases include three main groups: Offices, cars and other fixtures. Lease liabilities are initially measured at the net present value of the fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We meas-ure the lease asset to the value of the lease liability at initial recognition with the addition of lease payments at or before the commencement date of the lease, less any lease incentives received, any initial direct costs, and an estimate of costs to be incurred upon returning the underlying asset to the lessor. Lease liabilities are measured using the incremental borrowing rate, rather than the interest rate implicit in the leases since these cannot easily be determined in the contracts. The incremental borrowing rate comprises of three parts: \ue813 Reference rate \ue813 Financing spread adjustment \ue813 Lease specific adjustment The interest rate used for measuring new lease liabilities is 8.43% (2022: in the range between 2.84% and 5.84%). Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease compo-nents comprise of services and operating costs etc. Variable lease expenses are recognized in other exter-nal expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recognized in financial expenses. Each lease payment is separated into re-payment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classi-fied as cash flows from operating activities. Short-term leases and leases of low-value assets are not recognized as right-of-use-assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__162-1": { "value": "Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group\u2019s ac-counting policies. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Age of receivables (gross):Not due 193,805 174,400 50,163 35,410 0-30 days 88,157 72,614 11,518 15,625 30-60 days 8,333 9,009 1,253 1,141 61-90 days 1,068 3,358 416 339 91-180 days 1,705 1,724 0 457 181-270 days 1,978 114 344 189 270-360 days 197 3 0 35 Above 360 days 564 200 180 101 Total 295,807 261,422 63,874 53,297 Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Age of impairment:Not due 18 5,091 4 5,106 0-30 days 220 363 29 78 30-60 days 125 226 19 29 61-90 days 53 252 116 25 91-180 days 426 431 0 114 181-270 days 298 57 344 95 271-360 days 197 2 0 26 Over 360 days 564 200 180 101 Total 1,901 6,622 692 5,574 Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Provision matrix:Not due0.0% 2.9% 0.0% 14.4% 0-30 days 0.3% 0.5% 0.3% 0.5% 30-60 days 1.5% 2.5% 1.5% 2.5% 61-90 days 5.0% 7.5% 28.0% 7.4% 91-180 days 25.0% 25.0% 100.0% 25.0% 181-270 days 15.1% 50.0% 100.0% 50.0% 271-360 days 100.0% 75.0% 0.0% 75.0% Over 360 days 100.0% 100.0% 100.0% 100.0% The parent entity has applied management provisions, to mitigate the risk of credit loss due to a dispute with a single customer, resulting in the provision percentage for the \u201cnot due\u201d category being higher than usual.Credit risks The Group's credit risks primarily derive from trade receivables. Trade receivables are distributed between many customers and geographical areas. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the eco-nomic environment. The maximum credit risk on the balance sheet date equals the carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__161": { "value": "Note 14 \u2013 Trade receivables Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Receivables (gross) at 1 Jan 261,422 281,133 53,297 59,728 Change in receivables during the period 34,385 -19,711 10,577 -6,431 Receivables (gross) end of period 295,807 261,422 63,874 53,297 Provisions for bad debt at 1 Jan 6,622 11,550 5,574 1,277 Change in provisions for bad debt during the period-4,767 -7,074 -4,955 4,273 Loss realized during the period 46 2,146 73 24 Provisions for bad debt end of period 1,901 6,622 692 5,574 Carrying amount end of period 293,906 254,800 63,182 47,723 Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group\u2019s ac-counting policies. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Age of receivables (gross):Not due 193,805 174,400 50,163 35,410 0-30 days 88,157 72,614 11,518 15,625 30-60 days 8,333 9,009 1,253 1,141 61-90 days 1,068 3,358 416 339 91-180 days 1,705 1,724 0 457 181-270 days 1,978 114 344 189 270-360 days 197 3 0 35 Above 360 days 564 200 180 101 Total 295,807 261,422 63,874 53,297 Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Age of impairment:Not due 18 5,091 4 5,106 0-30 days 220 363 29 78 30-60 days 125 226 19 29 61-90 days 53 252 116 25 91-180 days 426 431 0 114 181-270 days 298 57 344 95 271-360 days 197 2 0 26 Over 360 days 564 200 180 101 Total 1,901 6,622 692 5,574 Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Provision matrix:Not due0.0% 2.9% 0.0% 14.4% 0-30 days 0.3% 0.5% 0.3% 0.5% 30-60 days 1.5% 2.5% 1.5% 2.5% 61-90 days 5.0% 7.5% 28.0% 7.4% 91-180 days 25.0% 25.0% 100.0% 25.0% 181-270 days 15.1% 50.0% 100.0% 50.0% 271-360 days 100.0% 75.0% 0.0% 75.0% Over 360 days 100.0% 100.0% 100.0% 100.0% The parent entity has applied management provisions, to mitigate the risk of credit loss due to a dispute with a single customer, resulting in the provision percentage for the \u201cnot due\u201d category being higher than usual. Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__160": { "value": "Note 14 \u2013 Trade receivables Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Receivables (gross) at 1 Jan 261,422 281,133 53,297 59,728 Change in receivables during the period 34,385 -19,711 10,577 -6,431 Receivables (gross) end of period 295,807 261,422 63,874 53,297 Provisions for bad debt at 1 Jan 6,622 11,550 5,574 1,277 Change in provisions for bad debt during the period-4,767 -7,074 -4,955 4,273 Loss realized during the period 46 2,146 73 24 Provisions for bad debt end of period 1,901 6,622 692 5,574 Carrying amount end of period 293,906 254,800 63,182 47,723 Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group\u2019s ac-counting policies. Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Age of receivables (gross):Not due 193,805 174,400 50,163 35,410 0-30 days 88,157 72,614 11,518 15,625 30-60 days 8,333 9,009 1,253 1,141 61-90 days 1,068 3,358 416 339 91-180 days 1,705 1,724 0 457 181-270 days 1,978 114 344 189 270-360 days 197 3 0 35 Above 360 days 564 200 180 101 Total 295,807 261,422 63,874 53,297 Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Age of impairment:Not due 18 5,091 4 5,106 0-30 days 220 363 29 78 30-60 days 125 226 19 29 61-90 days 53 252 116 25 91-180 days 426 431 0 114 181-270 days 298 57 344 95 271-360 days 197 2 0 26 Over 360 days 564 200 180 101 Total 1,901 6,622 692 5,574 Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Provision matrix:Not due0.0% 2.9% 0.0% 14.4% 0-30 days 0.3% 0.5% 0.3% 0.5% 30-60 days 1.5% 2.5% 1.5% 2.5% 61-90 days 5.0% 7.5% 28.0% 7.4% 91-180 days 25.0% 25.0% 100.0% 25.0% 181-270 days 15.1% 50.0% 100.0% 50.0% 271-360 days 100.0% 75.0% 0.0% 75.0% Over 360 days 100.0% 100.0% 100.0% 100.0% The parent entity has applied management provisions, to mitigate the risk of credit loss due to a dispute with a single customer, resulting in the provision percentage for the \u201cnot due\u201d category being higher than usual. Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__164": { "value": "Accounting policies Receivables consist of receivables from sales of products and services and other receivables. Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-ally corresponds to nominal value less provisions for bad debts. When assessing impairment for the Group\u2019s receivables the expected credit losses model (ECL) is applied in accordance with IFRS 9. The ECL model involves a three-stage approach under which financial assets move through the stages as their credit quality changes. The stages determine how impairment losses are measured. For trade receivables the Group uses the simplified approach in calculating ECL\u2019s. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic envi-ronment. Provision rates are determined based on grouping of trade receivables sharing the same credit risk characteristics and days past due. Loans to subsidiaries in the Parent Company\u2019s financial statement Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__165": { "value": "Note 15 \u2013 Contract assets and contract liabilities Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Balance at 1 Jan -4,138 -5,815 -1,981 -5,973 Changes contract assets during the period 25,631 136 2,279 1,726 Changes on account billing and prepayments during the period-20,669 1,541 -1,675 2,266 Balance at end of period 824 -4,138 -1,377 -1,981 Work in progress 39,297 13,666 9,542 7,263 On account billing and prepayments -38,473 -17,804 -10,919 -9,244 Balance at end of period 824 -4,138 -1,377 -1,981 The net value is included in the balance as follows:Contract assets 9,065 5,822 1,375 229 Contract liabilities -8,241 -9,960 -2,752 -2,210 Balance at end of period 824 -4,138 -1,377 -1,981 The Group\u2019s contract assets are subject to significant judgements in relation to the classification of the con-tract and in terms of how the contract is handled and recognized in the financial statements. When deter-mining the appropriate recognition of the contract, the Group accounting policies are applied. Of the prepayments as of 31 December 2022 (DKK 8,778k) DKK 7,038k has been recognized as revenue in the reporting period corresponding to 80%. The Group\u2019s total value of contracts represents DKK 37,529k as of 31 December 2023 (DKK 15,137k as of December 2022). DKK 5,252k of the total contract value is recognized as revenue as of 31 December 2022 (DKK 5,461k as of 31 December 2022). The remaining DKK 32,276k is expected to be recognized as reve-nue within 12-18 months from the balance date (DKK 9,676k as of 31 December 2022). The higher contract values in 2023 compared to 2022 are affected by higher activity and acquisition of ICY Security ApS in the financial year. Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and expected losses. Market value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the con-sumption of resources cannot be used as a base, the measurement is instead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is taken immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognized at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognized in the balance sheet under current assets or liabili-ties, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognized in statement of comprehensive income as in-curred. When assessing impairment for the Group\u2019s contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group\u2019s trade receivables. ", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__168": { "value": "Accounting policies Contract assets and contract liabilities are measured at the sales value of the work performed less progress billings and expected losses. Market value is measured based on completion at the balance sheet date and the total expected income from the contract. The stage of completion is determined as the ratio between the resources spent and the total estimated resource for the project. For some projects where the con-sumption of resources cannot be used as a base, the measurement is instead based on the ratio between completed sub activities and the total project. When it is probable that total costs will exceed total revenue on a contract work in progress, the expected loss on the contract is taken immediately as an expense and a provision. When the outcome of a contract cannot be estimated reliably, the selling price is only recognized at cost, to the extent that it is probable, they will be recovered. Contract assets and contract liabilities are recognized in the balance sheet under current assets or liabili-ties, depending on whether net value of a contract is a receivable or liability. Costs of sales work and securing contracts are recognized in statement of comprehensive income as in-curred. When assessing impairment for the Group\u2019s contract work in progress the simplified approach under the ECL model is used in line with impairment for the Group\u2019s trade receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__170": { "value": "Note 16 \u2013 Share capital The share capital consists of 129,276,264 shares of DKK 1.25, corresponding to DKK 161,595k (nom.). The shares are not divided into classes, and no shares have any special rights. The share capital is fully paid up. There has been no capital increase in 2023. Parent Company 2023 2022 Number of shares at the beginning of the year 129,276,264 129,276,264 Capital increase 0 0 Number of shares at 31 December 129,276,264 129,276,264", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__169": { "value": "Note 16 \u2013 Share capital The share capital consists of 129,276,264 shares of DKK 1.25, corresponding to DKK 161,595k (nom.). The shares are not divided into classes, and no shares have any special rights. The share capital is fully paid up. There has been no capital increase in 2023. Parent Company 2023 2022 Number of shares at the beginning of the year 129,276,264 129,276,264 Capital increase 0 0 Number of shares at 31 December 129,276,264 129,276,264", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__173": { "value": "Note 17 \u2013 Provisions and contingent consideration Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Contingent consideration 16,961 0 16,961 0 Other provisions 829 866 829 866 17,790 866 17,790 866 Contingent Other DKK \u00b4000consideration provisions Total Group 2023Balance (non-current) at 1 January 2023 0 866 866 Balance (current) at 1 January 2023 0 0 0 Additions during the period 18,025 0 18,025 Fair value adjustment 2,040 0 2,040 Unachieved earn-out during the period -3,104 0 -3,104 Changes in other provisions 0 -37 -37 Carrying amount at 31 December 2023 16,961 829 17,790 Carrying amount non-current at 31 December 2023 16,961 829 17,790 Carrying amount current at 31 December 2023 0 0 0 Contingent consideration The addition of earn-out is related to the acquisition of ICY Security ApS. The earn-out target amount com-prises DKK 85m and is measured as the most likely scenario and discounted until time of payment. The earn-out agreement covers a three-year period whereof first period for 2023 has been adjusted to match the actual achievement. Other provisions Other provisions are primarily related to claims and refurbishment obligations of leased assets. Contingent Other DKK \u00b4000consideration provisions Total Group 2022Balance (non-current) at 1 January 2022 0 1,056 1,056 Balance (current) at 1 January 2022 6,539 6,722 13,261 Unachieved earn-out reversed during the period -6,539 0 -6,539 Settlement of claim 0 -6,722 -6,722 Changes in other provisions 0 -190 -190 Carrying amount at 31 December 2022 0 866 866 Carrying amount non-current at 31 December 2022 0 866 866 Carrying amount current at 31 December 2022 0 0 0 Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity of more than one year from the balance sheet date are measured at present value.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__175": { "value": "Accounting policies Provisions Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date, that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an outflow of economic resources. Provisions are measured at management's best estimate of the amount required to settle the obligation. Provisions with an expected maturity of more than one year from the balance sheet date are measured at present value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__177-1": { "value": "Note 18 \u2013 Lease liability, Right-of-use-assets Other DKK \u00b4000equipment Cars Offices Total Group 2023Less than 1 year 540 3,080 20,409 24,029 Between 1 and 5 years 2,035 6,995 51,657 60,687 More than 5 years 0 0 0 0 2,575 10,075 72,066 84,716 The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored closely by the management. For more information about right-of use assets, please refer to note 12. For analysis of maturity, please refer to note 24. Other DKK \u00b4000equipment Cars Offices Total Group 2022Less than 1 year 707 2,851 23,367 26,925 Between 1 and 5 years 1,187 7,044 32,566 40,797 More than 5 years 0 0 0 0 1,894 9,895 55,933 67,722The below maturity analysis is based on undiscounted cash flow, and the method of accounting is equiva-lent to Columbus' cash flow exposure going forward. The maturity analysis shows a balanced current ratio. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2023Financial assetsTrade receivables 293,906 0 0 293,906 Contract assets 9,065 0 0 9,065 Corporate tax receivables 2,049 0 0 2,049 Other receivables 13,709 6,521 12,820 33,050 Receivables from divestment of activities 57,322 0 0 57,322 Prepayments 31,089 0 0 31,089 Cash and bank balances 38,269 0 0 38,269 Total financial assets 445,409 6,521 12,820 464,750 Financial liabilitiesDebt to credit institutions 41,656 129,398 0 171,054 Contingent consideration 0 16,961 0 16,961 Trade payables 60,666 0 0 60,666 Other payables 217,938 0 0 217,938 Lease liability right-of-use assets 29,640 68,315 0 97,955 Total financial liabilities 349,900 214,674 0 564,574 Ratio 1.27 0.82 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities is not expected to fall due for payment. The below table discloses the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -5,359 -13,398 0 -18,757 Lease liability right-of-use assets -5,611 -7,628 0 -13,239 Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrow-ing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity pro-files of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are equivalent to the fair value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2022Financial assetsTrade receivables 254,800 0 0 254,800 Contract assets 5,822 0 0 5,822 Corporate tax receivables 2,254 0 0 2,254 Other receivables 12,930 9,110 7,399 29,439 Receivables from divestment of activities 59,264 0 0 59,264 Prepayments 19,868 0 0 19,868 Cash and bank balances 32,787 0 0 32,787 Total financial assets 387,725 9,110 7,399 404,234 Financial liabilitiesDebt to credit institutions 55,702 84,265 0 139,967 Trade payables 64,926 0 0 64,926 Other payables 164,557 0 0 164,557 Lease liability right-of-use assets 28,639 41,969 0 70,608 Total financial liabilities 313,824 126,234 0 440,058 Ratio 1.24 0.92 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 0 -11,632 Lease liability right-of-use assets -1,715 -1,171 0 -2,886Financing facilities Group DKK \u00b4000 2023 2022 Cash and bank balances 38,269 32,787 Unused credits 57,619 89,978 95,888 122,765 The Group's cash reserves consist of cash and unused credits.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__179": { "value": "Note 19 \u2013 Other payables Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Payroll cost, payroll tax, retirement benefit obligations etc. 101,021 58,791 27,879 9,972 Holiday pay etc. 50,046 47,690 8,352 10,584 VAT payable 32,482 25,224 11,604 3,515 Other liabilities 34,389 32,852 6,579 9,131 217,938 164,557 54,414 33,202 The carrying amount of other payables matches the fair value of the liabilities. The holiday pay obligation represents the Group\u2019s obligation to pay salary during employees' holiday in the following financial year. Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-bilities are measured at amortized cost using the \"effective interest method\" so that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the loan period. Other liabilities are measured at amortized cost. Pensions Contributions to defined contribution plans are recognized in the statement of comprehensive income in the period to which they relate, and any contributions payable are recognized in the balance sheet under other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__178": { "value": "Note 19 \u2013 Other payables Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Payroll cost, payroll tax, retirement benefit obligations etc. 101,021 58,791 27,879 9,972 Holiday pay etc. 50,046 47,690 8,352 10,584 VAT payable 32,482 25,224 11,604 3,515 Other liabilities 34,389 32,852 6,579 9,131 217,938 164,557 54,414 33,202 The carrying amount of other payables matches the fair value of the liabilities. The holiday pay obligation represents the Group\u2019s obligation to pay salary during employees' holiday in the following financial year. Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-bilities are measured at amortized cost using the \"effective interest method\" so that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the loan period. Other liabilities are measured at amortized cost. Pensions Contributions to defined contribution plans are recognized in the statement of comprehensive income in the period to which they relate, and any contributions payable are recognized in the balance sheet under other payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__181": { "value": "Accounting policies Current liabilities Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-bilities are measured at amortized cost using the \"effective interest method\" so that the difference between the proceeds and the nominal value is recognized in the income statement under financial expenses over the loan period. Other liabilities are measured at amortized cost. Pensions Contributions to defined contribution plans are recognized in the statement of comprehensive income in the period to which they relate, and any contributions payable are recognized in the balance sheet under other payables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__182": { "value": "Note 21 \u2013 Business combinations Acquisition of companies in 2023 The Group has on 11 April 2023 acquired ICY Security ApS. The acquisition was a share purchase. Acquired Total considera-Primary Date of control Acquired voting tion Nameactivitygained ownership rights DKK \u2019000 Implementation of Identity and Access ICY Security management solu-ApStions. 1 April 2023 100% 100% 53,920 Total 53,920 With the acquisition of ICY Security, Columbus expanded its business to meet customers\u2019 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 is assessed to DKK 51.6m. Compared to the previously presented opening balance latest in the Q3 report, the contingent consideration in the opening balance has been remeasured, to align with the fair value of the contingent consideration. Contingent consideration The contingent consideration is based on a 3-year earn-out period with an increasing potential payout each year based on specified revenue and Business Line contribution targets for each earn-out period. The mini-mum payout for the entire contingent consideration is DKK 0, while the maximum is DKK 119m. The earn-out period covers the financial years 2023 - 2025. The most probable undiscounted contingent consideration for the three year period is assessed to DKK 23m. The fair value of the contingent consideration is DKK 18m. The estimates are based a Weighted Aver-age Cost of Capital (WACC) of 8% as the basis for the calculation. ICY Security DKK \u00b4000ApS Total 2023 Tangible fixed assets 1,670 1,670 Other intangible assets 5,300 5,300 Total non-current assets 6,970 6,970 Trade receivables 9,370 9,370 Work in progress 505 505 Prepayments 507 507 Other receivables 439 439 Cash 3,517 3,517 Total current assets 14,338 14,338 Trade payables -2,119 -2,119 Debt to credit institutions -68 -68 Corporation tax and deferred tax -1,518 -1,518 Deferred income -1,037 -1,037 Accruals -11,398 -11,398 Other debt -2,810 -2,810 Total current debt -18,950 -18,950 Net assets acquired 2,358 2,358 Goodwill 51,562 51,562 Total consideration 53,920 53,920 Net working capital not paid7,554 7,554 Acquired cash funds -3,449 -3,449 Contingent consideration -18,025 -18,025 Cash consideration on acquisition date 40,000 40,000 Other information The fair value of acquired trade receivables is DKK 9m. No material amounts are recognized as provision for loss. The goodwill is primarily attributable to the specific competences within the IT Security space at ICY Secu-rity ApS. The goodwill is fully allocated to our new business line Security and is not deductible for tax pur-poses. All transaction cost are included in the Other external cost in the income statement. Revenue and profit contribution ICY Security ApS contributed revenue of DKK 31m and net profit of DKK -10m to the group for the period from 1 April to 31 December 2023. If the acquisition had occurred on 1 January 2023, consolidated pro-forma revenue and profit for the year ended 31 December 2023 would have been DKK 1,555m and DKK 27m respectively. These amounts have been calculated using the subsidiary\u2019s results and adjusting them for: \u2022 differences in the accounting policies between the group and the subsidiary, and \u2022 the additional depreciation and amortization that would have been charged assuming the fair value adjust-ments to intangible assets had applied from 1 April 2023, together with the consequential tax effects. Acquisition of companies in 2022 There have been no acquisitions during 2022. Acquisition of companies in 2024 The Group has per 1 January 2024 acquired Endless Gain Ltd. The acquisition was a share purchase. Acquired Primary Date of control Acquired voting Total consideration Nameactivitygained ownership rights DKK \u2019000 Endless Gain E-commerce Limitedbusiness 1 January 2024 100% 100% 16,471 Total 16,471 After recognition of identifiable assets, liabilities and contingent liabilities at fair value, goodwill in relation to the acquisition was assessed to GBP 929k (As of 31 December 2023 DKK 7,967k). The opening balance presented is a preliminary balance since post-closing work is still ongoing. Contingent consideration The contingent consideration is based on a 3-year earn-out period with an increasing potential payout each year based on specified revenue and Business Line contribution targets for each earn-out period. The mini-mum payout for the entire contingent consideration is GBP 0, while the maximum is GBP 1,950k (As of 31 December 2023 DKK 16,726k). The earn-out period covers the financial years 2024 - 2026. The most probable undiscounted contingent consideration for the three year period is assessed to GBP 658k (As of 31 December 2023 DKK 5,644k). The fair value of the contingent consideration is GBP 507k (As of 31 December 2023 DKK 4,349k). The estimates are based a Weighted Average Cost of Capital (WACC) of 10% as the basis for the calculation. Other information The fair value of acquired trade receivables is GBP 218k (As of 31 December 2023 DKK 1,866k). No mate-rial amounts are recognized as provision for loss. The goodwill is primarily attributable to the specific competences within the advanced analytical and behav-ioral psychology insights their platform generates in Endless Gain. The goodwill is fully allocated to the business line Digital Commerce and is not deductible for tax purposes. All transaction cost are included in the Other external cost in the income statement. Revenue and profit contribution Endless Gain Limited were acquired on first of January, hence all revenue and profit contribution will be in-cluded in the financial year 2024. Endless Gain DKK \u00b4000Limited Total 2024 Other intangible assets 7,033 7,033 Total non-current assets 7,033 7,033 Trade receivables 1,866 1,866 Prepayments 103 103 Other receivables 148 148 Cash 3,139 3,139 Total current assets 5,256 5,256 Trade payables -237 -237 Debt to credit institutions -123 -123 Corporation tax and deferred tax -2,262 -2,262 Accruals -174 -174 Other debt -989 -989 Total current debt -3,785 -3,785 Net assets acquired 8,504 8,504 Goodwill 7,967 7,967 Total consideration 16,471 16,471 Net working capital not paid 2,733 2,733 Acquired cash funds -3,016 -3,016 Contingent consideration -4,350 -4,350 Cash consideration on acquisition date 11,838 11,838", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__184": { "value": "Note 23 \u2013 Fee to the Group's auditor elected by the annual general meeting Group Parent Company DKK \u00b4000 2023 2022 2023 2022 Auditor elected by the annual general meetingStatutory audit 2,976 2,174 481 593 Other assurance services 34 71 34 71 Other non-audit services 88 358 88 358 Total audit fee 3,098 2,603 603 1,022 A few Group enterprises are not audited by the Parent\u2019s appointed auditors (PwC) or the auditors foreign affiliates. Other services provided by the auditors elected by the annual general meeting comprise of fee for advisory related to ESG reporting and review of the remuneration report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__187": { "value": "The below maturity analysis is based on undiscounted cash flow, and the method of accounting is equiva-lent to Columbus' cash flow exposure going forward. The maturity analysis shows a balanced current ratio. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2023Financial assetsTrade receivables 293,906 0 0 293,906 Contract assets 9,065 0 0 9,065 Corporate tax receivables 2,049 0 0 2,049 Other receivables 13,709 6,521 12,820 33,050 Receivables from divestment of activities 57,322 0 0 57,322 Prepayments 31,089 0 0 31,089 Cash and bank balances 38,269 0 0 38,269 Total financial assets 445,409 6,521 12,820 464,750 Financial liabilitiesDebt to credit institutions 41,656 129,398 0 171,054 Contingent consideration 0 16,961 0 16,961 Trade payables 60,666 0 0 60,666 Other payables 217,938 0 0 217,938 Lease liability right-of-use assets 29,640 68,315 0 97,955 Total financial liabilities 349,900 214,674 0 564,574 Ratio 1.27 0.82 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities is not expected to fall due for payment. The below table discloses the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -5,359 -13,398 0 -18,757 Lease liability right-of-use assets -5,611 -7,628 0 -13,239 Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrow-ing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity pro-files of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are equivalent to the fair value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2022Financial assetsTrade receivables 254,800 0 0 254,800 Contract assets 5,822 0 0 5,822 Corporate tax receivables 2,254 0 0 2,254 Other receivables 12,930 9,110 7,399 29,439 Receivables from divestment of activities 59,264 0 0 59,264 Prepayments 19,868 0 0 19,868 Cash and bank balances 32,787 0 0 32,787 Total financial assets 387,725 9,110 7,399 404,234 Financial liabilitiesDebt to credit institutions 55,702 84,265 0 139,967 Trade payables 64,926 0 0 64,926 Other payables 164,557 0 0 164,557 Lease liability right-of-use assets 28,639 41,969 0 70,608 Total financial liabilities 313,824 126,234 0 440,058 Ratio 1.24 0.92 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 0 -11,632 Lease liability right-of-use assets -1,715 -1,171 0 -2,886", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__185": { "value": "Note 24 \u2013 Financial risks and financial instruments The below maturity analysis is based on undiscounted cash flow, and the method of accounting is equiva-lent to Columbus' cash flow exposure going forward. The maturity analysis shows a balanced current ratio. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2023Financial assetsTrade receivables 293,906 0 0 293,906 Contract assets 9,065 0 0 9,065 Corporate tax receivables 2,049 0 0 2,049 Other receivables 13,709 6,521 12,820 33,050 Receivables from divestment of activities 57,322 0 0 57,322 Prepayments 31,089 0 0 31,089 Cash and bank balances 38,269 0 0 38,269 Total financial assets 445,409 6,521 12,820 464,750 Financial liabilitiesDebt to credit institutions 41,656 129,398 0 171,054 Contingent consideration 0 16,961 0 16,961 Trade payables 60,666 0 0 60,666 Other payables 217,938 0 0 217,938 Lease liability right-of-use assets 29,640 68,315 0 97,955 Total financial liabilities 349,900 214,674 0 564,574 Ratio 1.27 0.82 The total financial liabilities are expected to be financed by the positive cash flows from primary activities, as well as unused lines of credit. Further, part of the short term financial liabilities is not expected to fall due for payment. The below table discloses the expected interest payments for credit institutions and for lease liability and provisions the discounted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -5,359 -13,398 0 -18,757 Lease liability right-of-use assets -5,611 -7,628 0 -13,239 Liquidity risk management The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrow-ing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity pro-files of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are equivalent to the fair value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Group 2022Financial assetsTrade receivables 254,800 0 0 254,800 Contract assets 5,822 0 0 5,822 Corporate tax receivables 2,254 0 0 2,254 Other receivables 12,930 9,110 7,399 29,439 Receivables from divestment of activities 59,264 0 0 59,264 Prepayments 19,868 0 0 19,868 Cash and bank balances 32,787 0 0 32,787 Total financial assets 387,725 9,110 7,399 404,234 Financial liabilitiesDebt to credit institutions 55,702 84,265 0 139,967 Trade payables 64,926 0 0 64,926 Other payables 164,557 0 0 164,557 Lease liability right-of-use assets 28,639 41,969 0 70,608 Total financial liabilities 313,824 126,234 0 440,058 Ratio 1.24 0.92 The below table discloses the expected interest payments for credit institutions and for provisions the dis-counted interest on the debt to represent net present value. Between Less than 1 and 5 More than DKK \u00b40001 year years 5 years Total Debt to credit institutions -3,367 -8,265 0 -11,632 Lease liability right-of-use assets -1,715 -1,171 0 -2,886Financing facilities Group DKK \u00b4000 2023 2022 Cash and bank balances 38,269 32,787 Unused credits 57,619 89,978 95,888 122,765 The Group's cash reserves consist of cash and unused credits. Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group follows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx. 76% of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the relevant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. The sensitivity effect is symmetrical in both decrease and increase situations. Profit after tax exchange rates sensitivityGroup DKK \u00b4000 2023 2022 Effect of 10% decrease in USD 391 459 Effect of 10% decrease in GBP -1,385 278 Effect of 10% decrease in SEK -917 -1,294 Effect of 10% decrease in NOK 1,199 -314 Effect of 10% decrease in CLP -101 -268 Effect of 10% decrease in CZK -118 -118 Effect of 10% decrease in PLN -259 -218 Effect of 10% decrease in INR -551 -602 Revenue exchange rates sensitivityGroup DKK \u00b4000 2023 2022 Effect of 10% decrease in USD -9,307 -8,727 Effect of 10% decrease in GBP -25,177 -18,879 Effect of 10% decrease in SEK -62,655 -60,265 Effect of 10% decrease in NOK -25,458 -28,289 Effect of 10% decrease in CLP -1,053 -1,094 Effect of 10% decrease in CZK -104 -46 Effect of 10% decrease in PLN 0 0 Effect of 10% decrease in INR -329 -329 Interest rates Fluctuations in interest rates have an effect on the Group's financial instruments. By the end of 2023 an in-crease in interest rates of half a percentage point would increase the Group's interest by DKK 659k (2022: DKK 659k). The financial liabilities included in the sensitivity analysis include long-term and short-term debt to credit institutions. Credit risks The Group's credit risks primarily derive from trade receivables. Trade receivables are distributed between many customers and geographical areas. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the eco-nomic environment. The maximum credit risk on the balance sheet date equals the carrying amount. Optimization of capital structure The Group management continuously determines whether the capital structure is in accordance with the interests of the Company and shareholders. The overall goal is to ensure a capital structure which supports long-term financial growth, and at the same time maximizes the return to the Group's stakeholders through optimization of the debt and equity balance. The Group's capital structure consists of debt, comprising fi-nancial liabilities such as bank loans, lease liabilities, corporation tax payable, cash and equity, including share capital, reserves for foreign exchange adjustments and profit/loss carried forward. Breach of loan agreements The Group has neither in the financial year 2023 nor in 2022 failed to perform or defaulted on any loan agreements. Parent Company The Parent Company is not exposed in the same level as the Group to changes in foreign exchange rates due to limited operations in other currencies than DKK. Interest rate risk is considered to be equal to the Group\u2019s level of risk since the Parent Company controls the financial risks in the Group centrally and coordinates the cash management. The Parent's credit risks are primarily deriving from trade receivables and intercompany receivables. Trade receivables are assessed for impairment based on the ECL model, cf. note 14. The maximum credit risk on the balance date equals the carrying amount. Foreign exchange rate risk are primarily related to transactions in SEK, NOK, USD and GBP. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__190-1": { "value": "Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group follows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx. 76% of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the relevant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. The sensitivity effect is symmetrical in both decrease and increase situations. Profit after tax exchange rates sensitivityGroup DKK \u00b4000 2023 2022 Effect of 10% decrease in USD 391 459 Effect of 10% decrease in GBP -1,385 278 Effect of 10% decrease in SEK -917 -1,294 Effect of 10% decrease in NOK 1,199 -314 Effect of 10% decrease in CLP -101 -268 Effect of 10% decrease in CZK -118 -118 Effect of 10% decrease in PLN -259 -218 Effect of 10% decrease in INR -551 -602 Revenue exchange rates sensitivityGroup DKK \u00b4000 2023 2022 Effect of 10% decrease in USD -9,307 -8,727 Effect of 10% decrease in GBP -25,177 -18,879 Effect of 10% decrease in SEK -62,655 -60,265 Effect of 10% decrease in NOK -25,458 -28,289 Effect of 10% decrease in CLP -1,053 -1,094 Effect of 10% decrease in CZK -104 -46 Effect of 10% decrease in PLN 0 0 Effect of 10% decrease in INR -329 -329Interest rates Fluctuations in interest rates have an effect on the Group's financial instruments. By the end of 2023 an in-crease in interest rates of half a percentage point would increase the Group's interest by DKK 659k (2022: DKK 659k). The financial liabilities included in the sensitivity analysis include long-term and short-term debt to credit institutions.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__186": { "value": "Foreign exchange rate risk, interest rate risk and use of financial instruments As a consequence of the operation, investments and financing, the Group is exposed to changes in foreign exchange rates and interest rates. The Parent Company controls the financial risks in the Group centrally and coordinates the cash management, including cash generation and excess liquidity. The Group follows a finance policy approved by the Board of Directors, and operates with a low risk profile, in order to ensure that foreign exchange rate risks and interest risks only occur in commercial situations. Fluctuations in exchange rates have an effect on the Group's equity, results and revenue. As approx. 76% of the revenue comes from NOK, SEK, GBP, USD, CLP, CZK, PLN and INR the Group has performed a sensitive analysis on the relevant foreign exchange rates. The exchange rate risk for EUR is considered to be minimal. The sensitivity effect is symmetrical in both decrease and increase situations. Profit after tax exchange rates sensitivityGroup DKK \u00b4000 2023 2022 Effect of 10% decrease in USD 391 459 Effect of 10% decrease in GBP -1,385 278 Effect of 10% decrease in SEK -917 -1,294 Effect of 10% decrease in NOK 1,199 -314 Effect of 10% decrease in CLP -101 -268 Effect of 10% decrease in CZK -118 -118 Effect of 10% decrease in PLN -259 -218 Effect of 10% decrease in INR -551 -602 Revenue exchange rates sensitivityGroup DKK \u00b4000 2023 2022 Effect of 10% decrease in USD -9,307 -8,727 Effect of 10% decrease in GBP -25,177 -18,879 Effect of 10% decrease in SEK -62,655 -60,265 Effect of 10% decrease in NOK -25,458 -28,289 Effect of 10% decrease in CLP -1,053 -1,094 Effect of 10% decrease in CZK -104 -46 Effect of 10% decrease in PLN 0 0 Effect of 10% decrease in INR -329 -329", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__193-1": { "value": "Optimization of capital structure The Group management continuously determines whether the capital structure is in accordance with the interests of the Company and shareholders. The overall goal is to ensure a capital structure which supports long-term financial growth, and at the same time maximizes the return to the Group's stakeholders through optimization of the debt and equity balance. The Group's capital structure consists of debt, comprising fi-nancial liabilities such as bank loans, lease liabilities, corporation tax payable, cash and equity, including share capital, reserves for foreign exchange adjustments and profit/loss carried forward. Breach of loan agreements The Group has neither in the financial year 2023 nor in 2022 failed to perform or defaulted on any loan agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__205": { "value": "Note 31 \u2013 Events after the reporting period There has been no events after the balance sheet date to be accounted for other than the following. On 1 January 2024 Columbus confirmed the acquisition of Endless Gain Ltd. Please refer to note 21 for more information about the business combination. In January 2024, the Swedish city court ruled judgement and awarded damages and costs to Columbus in the range of SEK 43-45m. This was related to a court case against the Swedish M3 consultancy company M3CS AB and its founders, in a dispute about disloyal behaviour, breach of IP and other unlawful acts. On 21 February 2024, M3CS AB fulfilled the judgement by payment of SEK 44.8m. The judgement against M3CS settled the majority of a separate legal case that Columbus had against the former minority share-holders in iStone in 2022. The combined gain to be accounted for in Q1 2024 will be around DKK 20m after deducting the settled receivable from the former minority shareholder and related cost incurred.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s9_notesesefdkgaap__7__206": { "value": "Note 32 \u2013 Approval of publication of the Annual Report On the Board meeting on 13 March 2024 the Board of Directors approved publication of the Annual Report 2023. The Annual Report 2023 will be submitted for approval by the shareholders of Columbus A/S on the Annual General Meeting on 25 April 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800WP2W676G7HLJ94", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }