1 Interim Report Q1 2024
•
Columbus A/S | CVR no. 13 22 83 45
Interim Report Q1 2024
2 Interim Report Q1 2024
8
May 2024
Highligh
ts
Q
1 2024 highlights
•
Revenue growth of 14% amounting
to DKK 444m. 11% growth adjusted
for acquisitions and currency.
•
EBITDA amounted to DKK 55m.
DKK 35m adjusted for the M3CS le-
gal case.
•
EBITDA margin was 12.4% com-
pared to 10.0% in Q1 2023.
Adjusted
for the M3CS legal case, EBITDA
margin was 7.9%.
•
Efficiency of 62% in Q1 2024, com-
pared to 64% in Q1 2023.
Outlook 202
4 maintained
Based on the development in the first
quarter of 202
4
, our strong pipeline and
order backlog, we maintain our 2024
expectations
:
•
Revenue guidance expected to be
in the range of 8-10% organic
growth
•
EBITDA margin expected to be in
the range of 9-10%
.
R
evenue growth of 14% in Q1 2024, primarily arising from our key Cloud ERP Business Lines,
Dynamics a
nd M3. EBITDA amounted to DKK 55m, corresponding to an EBITDA margin of 12.4%
.
Excluding a ne
t gain of DKK 20m from settlement of M3CS legal case the EBITDA margin was
7.9%.
Overall, a satisfactory start to the year.
Contents
Highlights
2
2024 off to a good start
despite market
uncertainty
3
Key figures and ratios
4
Revenue growth
continues in Q1
5
Outlook for 2024
8
Statement by
management
9
Financial statements
10
Webcast
8 May 2024
at 13:00
CET:
Webcast and presentation
ma-
terial
: LINK
Registration to attend
telephone
conference: LINK
DK
-2750 Ballerup
Tel: +45 70 20 50 00
“
We came off to a good start of
the year driven by strong performance in our Cloud ERP business.
Our customers’ focus on safeguarding critical business systems is currently reshaping demand,
thus underlining the strength of our end
-to-end portfolio of services in a wide range of markets.”
CEO & President Søren Krogh Knudsen
3 Interim Report Q1 2024
Columbus has come off to a good start in
2024, meeting our expectations. This is
the first quarter of our new strategy "New
Heights", and we have been focused on
implementing the selected strategic growth
initiatives as well as balancing the different
market sentiments.
Safeguarding critical business systems
We experience that our customers’ strate-
gic priorities are even more focused to-
wards ensuring resilience, agility, and con-
tinuity in operations. Consequently, the de-
mand for IT services is being reshaped to
safeguard the core business critical IT
systems.
Especially, Columbus' core services within
Cloud ERP have been requested, while in-
vestments within Data & AI and Digital
Commerce have been restrained. Our
portfolio of business areas and services in
a wide range of markets is showing its
strength at the moment, constantly
balancing and matching demand.
Cloud ERP drives revenue growth
In Q1 2024, we realized DKK 444m in rev-
enue – a growth of 14% (11% organic).
The growth is primarily driven by a strong
development in Cloud ERP, delivering a
growth of 17% in Dynamics and 15% in
M3. We are especially pleased to see that
our M3 business is back to growth after a
challenging period. Cloud ERP accounted
for 75% of the revenue in Q1 2024.
Revenue in our strategic Business Lines
Data & AI and Digital Commerce de-
creased by 3% and 9%, respectively. As
the Business Lines are largely represented
in Sweden and Norway, they have been
challenged by the underlying nervousness
in these markets causing longer decision
processes or projects being postponed. In
addition, Security has had a slow start to
the year, not meeting our expectations.
In the UK and Denmark, we saw a strong
start to the year with a revenue growth of
65% and 35%, respectively. Sweden and
Norway delivered revenue growth of 1%
and -8% respectively.
EBITDA in line with expectations
In Q1 2024 EBITDA amounted to DKK
55m, and the EBITDA margin was 12.4%,
or 7.9% excluding the net gain of DKK
20m from the legal proceedings against
M3CS. EBITDA was impacted by early
Easter holiday in March, challenges in Se-
curity, and increased engagement of sub-
contractors due to rapid M3 growth. The
EBITDA development was in line with ex-
pectations.
Enabling Life Science readiness
To become a trusted partner within the
Life Science industry is a key part of “New
Heights”. Therefore, a global Life Science
industry team has been established to
drive the development and progress of the
initiative covering the go-to-market strat-
egy, sales enablement, and partnerships.
Focus on integrating acquired
companies
1 January 2024, we welcomed our new
Endless Gain colleagues in the UK and In-
dia. The integration process is close to be-
ing completed, and the business has
demonstrated solid performance in Q1
2024 with a promising outlook.
With the acquisition of ICY Security in April
2023, Columbus expanded its business to
meet customers’ increasing demand for
secure access to business-critical data.
The Security Business Line is well
integrated into Columbus; however, the
expected cross-sales effect is taking
longer time to establish than first antici-
pated. We have initiated various cost and
sales initiatives to improve performance.
Maintaining the 2024 expectations
Based on the development in Q1 2024,
our strong pipeline and order backlog, we
maintain our financial guidance for the
year.
In the months to come we will keep a
close eye on the geopolitical situation and
its influence on investment appetite and in-
itiated projects, but we are convinced that
we have a strong proposition in the current
business climate.
I want to thank our employees for continu-
ous commitment and contribution to the
results and our customers for trusting and
supporting Columbus.
2024 off to a good start with continued revenue growth
Columbus delivered satisfying growth of 14%
in Q1 2024, driven by strong performance in the Cloud ERP business. The EBITDA margin for the
quarter
was 12.4%, or 7.9% excluding the net gain of DKK 20m from the settlement of the M3CS legal case. In Q1 2024, the Norwegian and
Swedish markets weakened, but the development was more than compensated
for by the positive Danish and UK markets, thus we are maintaining
financial expectations for the year.
Søren Krogh Knudsen
CEO & President
4 Interim Report Q1 2024
DKK ´000
Q1 2024 Q1 2023 2023
Income related figures
Sale of services
428,842 376,880 1,475,056
Sale of products
15,398 13,620 64,899
Net revenue
444,240 390,500 1,539,955
Recurring revenue % of total revenue
13.0% 12.4% 13.3%
EBITDA
55,224 39,169 117,534
EBIT
39,787 24,984 60,088
Net financial items
-2,419 -7,947 -20,750
Profit before tax
37,368 17,037 39,338
Profit after tax, continuing operations
35,778 15,260 23,762
Profit after tax, discontinued operations
-711 3,462 3,127
Profit after tax
35,067 18,722 26,889
DKK ´000
31 Mar 2024 31 Mar 2023 31 Dec 2023
Balance sheet
Non
-current assets 861,877 778,041 852,442
Current assets
490,805
395,977
445,409
Total assets
1,352,682 1,174,018 1,297,851
Group shareholder equity
741,383 720,792 716,829
Total liabilities
611,299 453,226 581,022
Total equity and liabilities
1,352,682 1,174,018 1,297,851
Key figures and ratios
DKK ´000
31 Mar 2024 31 Mar 2023 2023
Investments in tangible assets
1,469 475 7,888
Cash flow
Cash flow from operating activities
23,496 35,720 76,954
Cash
flow from investing activities -14,084 1,786 -47,080
Cash flow from financing activities
-7,010 -27,414 -15,894
Total net change in cash and cash equivalents
2,402 10,092 13,980
Cash flow from continuing operations
2,402 10,092 13,980
Cash flow
from discontinued operations 0 0 0
Total net change in cash and cash equivalents
2,402 10,092 13,980
Key ratios
EBITDA
-margin 12.4% 10.0% 7.6%
EBIT
-margin 9.0% 6.4% 3.9%
Equity ratio
54.8% 61.4% 55.2%
Return on equity
4.8% 2.6% 3.8%
Return on invested capital (ROIC)
5.3% 3.8% 9.6%
Number of shares
129,276 129,276 129,276
Average number of shares
129,276 129,276 129,276
Book value of equity per share (BVPS) (DKK)
5.73 5.58 5.54
Earnings per share (EPS) from
continuing operations (DKK) 0.28 0.12 0.18
Earnings per share (EPS)
0.27 0.14 0.21
Cash flow per share (DKK)
0.18 0.28 0.60
Share price, end of period (DKK)
8.04 6.44 7.10
Average
full-time employee for the period 1,634 1,520 1,568
The key figures and financial ratios above have been calculated in accordance with Danish Finance
Society's "Recommendation & Financial Ratios”
5 Interim Report Q1 2024
Revenue development
In Q1 2024, Columbus realized a revenue
of DKK 444m, corresponding to an in-
crease of 14% compared to Q1 2023. The
increase is mainly driven by sale of ser-
vices, which increased by 14% compared
to the same period last year and counts for
97% of total revenue in Q1 2024. Product
sales increased by 13%, which is in line
with expectations.
We continue to see strong growth in ser-
vice revenue in our major Business Lines
Dynamics (17%) and M3 (15%) as well as
our strategic Business Line Customer
Experience & Engagement growing by
25%. The strategic Business Line Digital
Commerce declined by 9%, caused by the
current market uncertainty. The strategic
Business Line Data & AI declined by 3% in
Q1 2024 after strong growth during 2023
due to market uncertainty in Sweden and
Norway, causing longer decision pro-
cesses and projects being postponed. Our
strategic Business Lines are key compo-
nents in extending our capabilities within
digital advisory.
Our largest Business Line, Dynamics, de-
livered a strong Q1 with growth of 17% in
service revenue, and we continue to see a
strong win rate and request for our ser-
vices.
The overall performance across markets is
achieved by high efficiency and good cus-
tomer projects. Dynamics is expected to
continue the growth journey during 2024.
After the announcement of the New
Heights strategy and the formal introduc-
tion of the new Life Science vertical, we
are pleased to announce that we have
signed contracts with new customers in
both pharma production and med-tech.
Furthermore, focused efforts to accelerate
expertise in PowerPlatform and AI (Mi-
crosoft CoPilot) have been conducted to
ensure continued relevance in the Dynam-
ics space.
M3, our second largest Business Line,
saw an increase in service revenue of
15%. This increase is impacted by multiple
go lives in Q1 and startup of new projects
of significant size. The overall M3 busi-
ness is operating with a satisfactory effi-
ciency.
Revenue growth continues in Q1
Service revenue split on Business Lines
DKK ´000
Q1 2024 Q1 2023 ∆%
Dynamics
230,038 196,380 17%
M3
93,074 80,595 15%
Digital Commerce
53,379 58,681 -9%
Data & A
I 18,707 19,366 -3%
Customer Experience & Engagement
19,427 15,602 25%
Security
7,968 0 100%
Other Local Business
6,249 6,256 0%
Total sale of services
428,842 376,880 14%
Total sale of products
15,398 13,620 13%
Total net revenue
444,240 390,500 14%
Service revenue split on
Market Units
DKK ´000
Q1 2024 Q1 2023 ∆%
Sweden
147,946 145,865 1%
Denmark
108,318 80,451 35%
Norway
66,115 71,807 -8%
UK
75,534 45,706 65%
US
19,555 22,020 -11%
Other
10,104 10,059 0%
GDC
1,270 972 31%
Total sale of services
428,842 376,880 14%
Total sale of products
15,398 13,620 13%
Total net revenue
444,240 390,500 14%
6 Interim Report Q1 2024
Digital Commerce revenue decreased by
9% in Q1 2024 compared to Q1 2023.
Adjusted for the acquistion of Endless
Gain on 1 January 2024, the revenue de-
clined by 16%. The lower than usual
growth in the Business Line is primarily
due to the uncertainty in the Swedish and
Norwegian markets.
The Market uncertainty is impacting the
signing and starting pace for new projects,
consequently impacting the expectations
for the near future of Digital Commerce.
The Acquistion of Endless Gain is
performing well, and is being rolled out
globally adding new and additonal
business.
Data & AI continues the focus on develop-
ing talents, and the participants in the
graduate program from autumn 2023 have
now graduated. In Q1 2024, a temporary
slowdown is impacting the financials due
to a delay on existing and new customers
signings. This is expected to improve in
the coming quarters.
In Q1 2024, there has been a significant
focus on launching new services within
data storage which will be a key compo-
nent in Data & AI projects going forward.
From 2024, we changed the name from
Data & Analytics to Data & AI to reflect our
commitment to delivering innovative and
impactful AI solutions to our customers.
In Customer Experience & Engagement,
a continued focus on expanding is a high
priority. The growth is driven globally with
an extra focus on Denmark and Sweden.
Additional resources are added to ensure
continued growth. Short term this nega-
tively impacts efficiency due to onboarding
and training.
Security, which was acquired 1 April
2023, started the expansion to the Swe-
dish and Norwegian markets during Q4
2023. Q1 2024 performance was below
expectations. We continue to see a strong
collaboration with Columbus’ other Busi-
ness Lines, however the expected cross-
sales effect is taking longer time to estab-
lish than initially expected. We have initi-
ated restructuring and cost initiatives,
while at the same time increasing sales ef-
forts to boost cross-sales.
From 1 January 2024, the Strategy &
Growth Business Line, which is key in
our strategic advisory towards our custom-
ers, was incorporated in our existing Busi-
ness Lines to secure the best interaction
and one point of contact with our custom-
ers.
The service revenue amounted to DKK
429m in Q1 2024 compared to DKK 377m
in the same period last year, correspond-
ing to an increase of 14%. The growth is in
line with management expectations. Prod-
uct revenue increased by 13%
which is slightly faster than our service
business adjusted for M&A. In total, reve-
nue grew by 14%.
Development in Market Units
In Q1 2024 we saw a scattered picture
with both strong growth markets and
slightly negative growth markets. This is
partly due to macro-economic develop-
ments. The currencies have stabilized
compared to Q1 2023.
The Swedish Market Unit, which is our
largest market, delivering 34% of total ser-
vice revenue in Q1, ending Q1 2024 with a
1% growth. The growth was primarily
driven by M3 and Customer Experience &
Engagement projects. The Business Lines
M3 and Customer Experience & Engage-
ment grew by 10% and 123%, respectively
compared to Q1 2023. The Swedish Mar-
ket Unit is experiencing some reluctance
from our customers to commit to and start
new engagements due to macroeconomic
factors.
The Danish Market Unit maintained their
strong growth journey with a growth of
35% in service revenue in Q1 2024, pri-
marily driven by Dynamics and M3. Ex-
cluding the acquisition of ICY Security in
April 2023, Denmark grew by 26%.
The Norwegian Market Unit is impacted
by challenging market conditions, resulting
in a decrease of 8% in revenue compared
to Q1 2023. Measured in constant curren-
cies, service revenue decreased by 3%.
The UK Market Unit delivered an impres-
sive growth of 65% in Q1 2024, including
the newly acquired company Endless Gain
and a slightly positive currency impact. Or-
ganically, the UK Market Unit delivered a
significant growth of 50%. All Business
Lines contributed to the positive progress.
Especially Dynamics and Digital Com-
merce demonstrated strong growth in Q1
2024. Currency development impacted the
UK Market Unit marginally.
The US Market Unit ended Q1 2024 with
a 11% decline. US is primarily represented
by the M3 and Dynamics Business Lines.
The M3 Business Line delivered growth,
while the Dynamics Business Line de-
creased slightly.
End-to-end customer engagements
drive value
In Q1 2024, the growth was primarily
driven by our Cloud ERP Business Lines
welcoming new customers or expanding
the engagements with existing customers.
Columbus has successfully implemented a
state-of-the-art solution to Bremnes Sea-
shore, a leading salmon farming producer
in Norway. The solution provides important
insight to Bremnes’ value chain, automat-
ing a number of processes, increasing
scalability and reducing cost.
The comprehensive solutions comprise
services from more Business Lines, cover-
ing Dynamics 365 for Finance & Opera-
tions with a CRM and a Data & AI solution.
7 Interim Report Q1 2024
In Denmark, we successfully implemented
a new IT platform for By Malene Birger,
comprising a global roll-out of Infor M3 and
Product Lifecycle Management (PLM). In
addition, By Malene Birger entered into a
larger support agreement including sup-
port for ongoing M3 Cloud updates and in-
tegration monitoring, ensuring continued
operation and development.
In the UK, we closed a deal with Avire, a
global producer of light curtains, emer-
gency communication and connectivity so-
lutions. The solution comprises a global
roll-out of Dynamics 365 Finance & Supply
Chain in seven legal entities across fi-
nance, procurement, sales, products, plan-
ning, production, quality, and logistics.
Recurring revenue
In Q1 2024, recurring revenue amounted
to DKK 58m, corresponding to a growth of
18% compared to Q1 2023. Our Opera-
tional Service Agreement (OSA) business,
former Care contracts, continued to grow
as expected and in line with our service
business growth.
Recurring Operational Service Agree-
ments (OSA) followed the same trend as
the overall service revenue in Q1 2024, re-
sulting in recurring revenue constituting a
stable part of total revenue of 13%.
Efficiency
The efficiency in Q1 2024 reached 62%,
compared to 64% in Q1 2023. The de-
crease is caused by the weakened reve-
nue development in the strategic Business
Lines in Q1 2024, partly due to postpone-
ment of new projects. Compared
to 2023, we adjusted the calculation
methodology of the efficiency KPI to be in
line with the organizational setup. Compar-
ison figures have been adjusted accord-
ingly.
EBITDA development
In Q1 2024 reported EBITDA amounted to
DKK 55m, which is an increase of DKK
16m compared to Q1 2023. The EBITDA
margin was 12.4%. Adjusted for the net
gain of DKK 20m from the settlement of
the M3CS legal case, the EBITDA margin
was 7.9%, which is a decrease compared
to Q1 2023. The decrease is primarily
linked to the easter holiday falling in Q1 in
2024.
The weak start to the year in some of the
strategic Business Lines, especially Secu-
rity, also impacted the EBITDA margin.
Other external costs increased in line with
overall activities. Net other operating in-
come amounted to DKK 20m, which is
linked to the M3CS case.
Profit before tax
Compared to Q1 2023, profit before tax in-
creased by 20m to DKK 37m. The in-
crease is primarily arising from the M3CS
case reported in other operational income.
The reduction in financial expenses is due
to the stabilisation in currencies and re-
duced net debt.
Discontinued operations
In Q1 2024 no new events related to dis-
continued operations occurred. The loss of
DKK 0.7m relates to expenses in connec-
tion with former divestments.
Cash
Cash flow from operating activities in Q1
2024 was positive with DKK 24m. The
cash flow has decreased by DKK 12m
compared to Q1 2023 due to the develop-
ment in working capital and especially in-
creased accounts receivables linked to in-
creased activity.
Equity
Columbus’ equity increased by net DKK
25m since 31 December 2023, primarily
due to the retained earnings. In addition,
no dividend has been paid out in the quar-
ter.
Employee development
Columbus employs an average of 1,634
FTE’s in Q1 2024, which was an increase
of 114 FTE’s compared to Q1 2023 (1,520
FTEs). The increase in workforce is pri-
marily attributed to the strategic acquisi-
tions of Endless Gain and ICY Security in
2023, which collectively added over 70
employees to the organization.
Furthermore, the organic growth in FTEs is
predominantly driven by our Business
Lines Dynamics. We also observed mod-
est onboardings in Customer Experience
& Engagement and Data & AI contribution
to the overall growth.
D
evelopment in recurring revenue
Development in
efficiency
2
2
48
40
8
7
58
49
Q1 2024 Q1 2023
Cloud
Recurring Operational Service Agreements
Subscriptions
62% 62%
60%
66%
64%
Q1/24 Q4/23 Q3/23 Q2/23 Q1/23
8 Interim Report Q1 2024
During the past year, Columbus was
deeply focused on building the foundation
for future growth. Based on the imple-
mented organizational changes, a new
backbone operational system across the
Group, Columbus is ready to continue the
growth journey and to increase focus on
profitability improvement. In 2024 we ex-
pect organic growth of 8-10% and earn-
ings improvements through enhanced effi-
ciency and focus on contract profitability.
Besides the already strong foothold in the
industries, food, retail & distribution and
manufacturing, we have also added life
science as a key focus industry.
Our commitment and continuous efforts to
improve earning is now part of Columbus’
new strategy, New Heights.
As part of the new strategy, we estab-
lished a dedicated program named
EBITDA15, where increased focus on be-
low listed areas will support our mid-term
aim to reach an EBITDA margin of 15%:
• Continuous focus on efficiency
• Increasing use of Columbus’ service
centers
• Commercial excellence
• Leveraging of Columbus’ strong busi-
ness model
The outlook is subject to the general un-
certainties in our markets, such as the cur-
rent macro-economic conditions, higher
than normal exchange rate volatility and a
continuous geopolitical situation that may
impact the general business environment.
Although we continue to see a strong de-
mand for our digital advisory and services,
we do anticipate that some reluctance in
IT investments and the need to divide pro-
jects up into “smaller bites” will continue
throughout 2024. If the general uncertain-
ties worsens during 2024, it may impact
the Group’s growth and margin negatively.
Based on the financial performance in Q1
2024 and the current order book and pipe-
line forecast, our full year guidance for
2024 is maintained as follows:
Outlook for 2024
The financial guidance is maintained
.
Outlook 2024
Realized 2023
Organic revenue growth
8-10%
14.8%
EBITDA margin
9-10%
7.6%
9 Interim Report Q1 2024
We have today considered and approved
the interim financial report for the period 1
January 2024 – 31 March 2024 for
Columbus A/S.
The interim financial report has been pre-
pared in accordance with IAS 34 and addi-
tional Danish interim reporting require-
ments for listed companies. The interim fi-
nancial report is unaudited and has not
been reviewed by the Company’s auditor.
We consider the accounting policies ap-
plied to be appropriate to the effect that
the interim financial report gives a true and
fair view of the Group’s assets, liabilities
and financial position at 31 March 2024,
and of the results of the Group’s opera-
tions and cash flows during the first three
months of 2024.
We consider the management report to
give a true and fair view of the develop-
ment in the Group’s business activities
and financial situation, the financial result
for the period and the Group’s financial po-
sition as a whole together with a true and
fair description of the significant risks and
uncertainty factors which the Group faces.
Executive Board
Board of Directors
10 Interim Report Q1 2024
10 Interim Report Q1 2024
Financial
statements
11 Interim Report Q1 2024
DKK ´000
Note Q1 2024 Q1 2023 2023
Net revenue
2 444,240 390,500 1,539,955
External project costs
-51,294 -38,316 -168,716
Gross profit
Staff expenses and remuneration
3 -318,688 -278,101 -1,102,820
Other external costs
-39,160 -35,265 -154,359
Other
operating income/expenses 20,126 351 3,474
EBITDA
Depreciation, amortization and impairment
4 -15,437 -14,185 -57,446
Operating profit (EBIT)
Financial income
Financial expenses
-4,127 -8,268 -23,568
Profit before tax from
continuing operations
Corporate tax
-1,590 -1,777 -15,576
Profit after tax from
continuing operations
Profit (loss) after tax from
discontinued operations
8
-711 3,462 3,127
Profit (loss) after tax for the period
DKK ´000
Note Q1 2024 Q1 2023 2023
Items that may be reclassified
subsequently to profit and loss:
Foreign exchange adjustments of subsidiaries
-10,848 -4,396 -910
Other comprehensive income
-10,848 -4,396 -910
Total comprehensive income for the period
Profit (loss) after tax allocated to:
Shareholders in Columbus A/S
Total comprehensive income allocated to:
Shareholders in Columbus A/S
Earnings per share of DKK 1.25 (EPS)
Earnings per share of DKK 1.25, diluted (EPS
-D)
Statement of comprehensive income
12 Interim Report Q1 2024
DKK ´000
Note 31 Mar 2024 31 Mar 2023 31 Dec 2023
ASSETS
Goodwill
Customer base
Internal applications
Development projects finalized
Property, plant and equipment
Right
-of-use assets 97,602 57,835 82,328
Deferred tax assets
Other receivables
Total non
-current assets
Trade receivables
5 347,106 259,878 293,906
Contract
assets 6 10,263 8,300 9,065
Corporate tax receivables
Other receivables
Receivables from divestment of activities
8 58,612 58,218 57,322
Prepayments
Receivables
Cash
Total current assets
TOTAL ASSETS
DKK ´000
Note 31 Mar 2024 31 Mar 2023 31 Dec 2023
EQUITY AND
LIABILITIES
Share capital
Reserves on foreign currency translation
-79,401 -72,039 -68,553
Retained profit
Equity
Deferred tax
Other provisions
Contingent consideration
Debt to credit institutions
Lease liability right
-of-use assets 73,466 34,323 60,687
Non
-current liabilities 218,240 114,295 200,248
Debt to credit institutions
Contract liabilities
6 6,034 6,676 8,241
Trade payables
Corporate tax payables
Other payables
Accruals and
deferred income 36,100 31,680 31,755
Lease liability right
-of-use assets 27,095 25,813 24,029
Current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
Balance sheet
13 Interim Report Q1 2024
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits Equity
Q1 2024
Balance at 1 Jan
2024 161,595 -68,553 623,787 716,829
Profit after tax
Currency adjustments of investments
in subsidiaries
Total comprehensive income
Share
-based payment 0 0 335 335
Balance at 31 Mar 2024
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits Equity
Q1 2023
Balance at 1 Jan 2023
Profit after tax
Currency adjustments of investments
in subsidiaries
Total comprehensive income
Share
-based payment 0 0 61 61
Balance at 31 Mar
2023 161,595 -72,039 631,236 720,792
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits Equity
2023
Balance at 1 Jan 2023
Profit after tax
Currency adjustments of investments
in subsidiaries
Total comprehensive income
Share
-based payment 0 0 605 605
Payment of dividend
Balance at 31 Dec 2023
Statement of changes in equity
14 Interim Report Q1 2024
DKK ´000
Note Q1 2024 Q1 2023 2023
Operating profit (EBIT)
Non
-recurring income and expenses
from acquisitions
Depreciation, amortization and impairment
4 15,437 14,185 57,446
Cost of incentive scheme
Changes in net working capital
-26,687 -2,147 -21,025
Cash flow from primary activities
Interest received, etc.
Interest paid, etc.
-4,018 -1,181 -11,776
Corporate tax paid
-2,253 -516 -7,703
Cash flow from operating activities
Acquisition of tangible assets
-1,469 -475 -7,888
Acquisition of intangible assets
Disposal of tangible assets
Payments for Financial assets
Acquisition of activities
-12,575 138 -35,895
Disposal of activities
9 -711 3,462 1,927
Cash flow from investing activities
-14,084 1,786 -47,080
DKK
´000 Note Q1 2024 Q1 2023 2023
Proceeds from borrowings
Overdraft facilities
-29 -20,039 -12,533
Repayment of lease liabilities
-6,981 -7,375 -27,201
Dividends paid
Cash flow from financing activities
-7,010 -27,414 -15,894
Cash flow from continuing operations
2,402 10,092 13,980
Total net change in cash and cash equivalents
Cash funds at the beginning of the period
Exchange rate
adjustments 88 -6,478 -8,498
Cash funds at the end of the period
Cash flow
15 Interim Report Q1 2024
Note 1 – Material accounting principles 16
Note 2 – Segment data 16
Note 3 – Staff expenses and remuneration 20
Note 4 – Depreciation, amortization and impairment 20
Note 5 – Trade receivables 21
Note 6 – Contract assets and contract liabilities 22
Note 7 – Business combination 23
Note 8 – Discontinued operations 26
Note 9 – Disposal of activities 27
Key figures, ratios and Alternative Performance Measures 28
Notes
Note
Page
16 Interim Report Q1 2024
Notes
Note 1 – Material accounting principles
The consolidated interim financial report is prepared in accordance with IAS 34, Presentation of Interim Fi-
nancial Reporting, as approved by the EU, and additional Danish disclosure requirements for interim re-
ports of listed companies. The interim financial report is presented in Danish kroner (DKK), which is the
Parent Company’s functional currency.
The accounting policies applied in the interim financial report are unchanged compared to 2023, except for
any new, amended or revised accounting standards and interpretations endorsed by the EU, effective for
the accounting period beginning on 1 January 2024.
For more information on the accounting policies, we refer to our Annual Report for 2023.
Note 2 – Segment data
In order to support decisions about allocation of resources and assessment of performance of the seg-
ments, the Group’s management reporting to the Executive Board is based on the following grouping of op-
erating segments:
Strategic Business Lines
Market Units
Global Delivery Centers (GDC)
Dynamics
M3
Digital Commerc
e
Data &
AI
Customer Experience & Engagement
Security
Other Local Business
Sweden
Denmark
Norwa
y
UK
U
S
Other
Poland
Czech Republic
India
Management monitors the business, primarily based on the Business Lines and secondarily on the geo-
graphical segments. Information about the Group’s Business Lines is stated below.
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 maintain-
ing 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 & AI, Customer Experience & Engagement and Security. The remaining
revenue, which does not fall into any of the above-mentioned Business Lines, is classified as Other Local
Business.
Market Units comprise of significant geographical markets that the Group operates in. Management uses
the Market Units to assess market conditions and performance on revenue only.
The operating segments are measured from revenue to contribution, as this represents the significant part
of the operation of the segments. The balance sheet is measured for legal entities only.
Cost related to functions necessary to support the business is classified as Enabling Functions and com-
prise of all cost not directly related to a specific Business Line, including costs related to facility, marketing,
finance, people, legal and management. Enabling Functions mostly operate as global teams, servicing
across Business Line and geography.
17 Interim Report Q1 2024
Notes
Development in Business Lines
All comments relating to the growth of the strategic Business Lines have been described in the revenue de-
velopment segment.
Reconciliation between EBITDA and Profit before tax is shown in the comprehensive income statement.
Note
2 – Segment data (continued)
Business Lines Revenue Split YTD 2024
54%
21%
12%
4%
5%
2%
2%
Dynamics
M3
Digital Commerce
Data & AI
Customer Experience & Engagement
Security
Other Local Business
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
Q1 2024
Dynamics
230,038 8,936
238,974
-168,602
70,372 29%
M3
93,074 2,170
95,244
-70,475
24,769 26%
Digital Commerce
53,379 416
53,795
-47,906
5,889 11%
Data & AI
18,707 138
18,845
-18,607
238 1%
Customer Experience & Engagement
19,427 246
19,673
-19,163
510 3%
Security
7,968 588
8,556
-13,107
-4,551 -53%
Other Local Business
6,249 2,904
9,153
-5,211
3,942 43%
Total
428,842 15,398 444,240 -343,071 101,169 23%
Enabling Functions
-45,945
EBITDA
55,224
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
Q1 2023
Dynamics
196,380 8,071
204,451
-143,807
60,644 30%
M3
80,595 1,989
82,584
-66,156
16,428 20%
Digital Commerce
58,681 775
59,456
-43,942
15,514 26%
Data & AI
19,366 190
19,556
-14,919
4,637 24%
Customer Experience & Engagement
15,602 139
15,741
-13,670
2,071 13%
Other Local Business
6,256 2,456
8,712
-8,507
205 2%
Total
376,880 13,620 390,500 -291,001 99,499 25%
Enabling Functions
-60,330
EBITDA
39,169
18 Interim Report Q1 2024
Notes
Note
2 – Segment data (continued)
Average FTE
Q1 2024 Q1 2023 2023
Business Line
Dynamics
669 620 639
M3
259 269 265
Digital Commerce
229 219 216
Data & AI
94 80 87
Customer Experience & Engagement
83 69 70
Security
47 0 36
Other Local Business
31 29 29
Business Line average number of FTE
1,412 1,286 1,342
Enabling Functions
222 234 226
Average number of FTE
1,634 1,520 1,568
DKK ´000
Services Products Total revenue Direct costs Contribution CM %
2023
Dynamics
778,901 44,151
823,052
-598,198
224,854 27%
M3
301,472 6,362
307,834
-247,591
60,243 20%
Digital Commerce
195,418 1,820
197,238
-163,584
33,654 17%
Data &
AI 77,233 658
77,891
-64,991
12,900 17%
Customer Experience & Engagement
67,248 700
67,948
-59,006
8,942 13%
Security
29,538 1,757
31,295
-36,083
-4,788 -15%
Other Local
Business 25,246 9,451
34,697
-33,691
1,006 3%
Total
1,475,056 64,899 1,539,955 -1,203,144 336,811 22%
Enabling Functions
-219,277
EBITDA
117,534
19 Interim Report Q1 2024
Notes
Note
2 – Segment data (continued)
DKK ´000
Sweden Denmark Norway UK US Other GDC Eliminations Total
Q1 2024
Sale of services
147,946 108,318 66,115 75,534 19,555 10,104 1,270 0
428,842
Sale of products
5,608 4,311 1,789 2,673 1,017 0 0 0
15,398
Total revenue from own markets
153,554 112,629 67,904 78,207 20,572 10,104 1,270 0 444,240
Total revenue from group companies
15,520 17,256 5,233 4,802 2,574 1,600 31,894 -78,879
0
Total revenue
169,074 129,885 73,137 83,009 23,146 11,704 33,164 -78,879 444,240
Average number of FTE
434 376 179 213 47 36 349 0 1,634
Q1 2023
Sale of services
145,865 80,451 71,807 45,706 22,020 10,059 972 0
376,880
Sale of products
5,788 3,036 1,730 2,421 645 0 0 0
13,620
Total revenue from own markets
151,653 83,487 73,537 48,127 22,665 10,059 972 0 390,500
Total revenue from group companies
8,946
12,347
1,537
2,383
758
1,097
25,182
-52,250
0
Total revenue
160,599 95,834 75,074 50,510 23,423 11,156 26,154 -52,250 390,500
Average number of FTE
444 296 183 184 50 37 326 0 1,520
2023
Sale 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
20 Interim Report Q1 2024
Notes
Note 3 – Staff expenses and remuneration
DKK ´000
Q1 2024 Q1 2023 2023
Staff expenses
Salary and wages
265,244 227,437 944,367
Other social security costs
36,981 32,971 130,749
Other staff expenses
16,128
17,632
27,099
Share
-based payment 335 61 605
Total staff expenses
318,688 278,101 1,102,820
Average number of FTEs
1,634 1,520 1,568
Note 4 – Depreciation, amortization and impairment
DKK ´000
Q1 2024 Q1 2023 2023
Depreciation
9,587 8,820 35,324
Amortization
5,850 5,365 22,122
Total depreciation, amortization and
impairment 15,437 14,185 57,446
21 Interim Report Q1 2024
Notes
DKK ´000
31 Mar 2024 31 Mar 2023 31 Dec 2023
Receivables (gross) at 1 Jan
295,807 261,422 261,422
Change in receivables during the period
54,333 1,096 34,385
Receivables
(gross) end of period 350,140 262,518 295,807
Provisions for bad debt at 1 Jan
1,901 6,622 6,622
Change in provisions for bad debt during the period
1,133 -4,015 -4,767
Loss realized during the period
0 33 46
Provisions for bad debt end of
period 3,034 2,640 1,901
Carrying amount end of period
347,106 259,878 293,906
Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group’s ac-
counting policies.
DKK ´000
31 Mar 2024 31 Mar 2023 31 Dec 2023
Age of receivables (gross):
Not due
227,659 206,709 193,805
0
-30 days 110,072 44,416 88,157
30
-60 days 5,499 3,675 8,333
61
-90 days 2,793 1,618 1,068
91
-180 days 1,111 5,311 1,705
181
-270 days 386 704 1,978
270
-360 days 1,720 71 197
Above 360 days
900 14 564
Total
350,140 262,518 295,807
DKK ´000
31 Mar 2024 31 Mar 2023 31 Dec 2023
Age of impairment:
Not due
6 65 18
0
-30 days
275 222 220
30
-60 days 41 92 125
61
-90 days 60 121 53
91
-180 days 269 1,351 426
181
-270 days 193 704 298
271
-360 days 1,290 71 197
Over 360 days
900 14 564
Total
3,034 2,640 1,901
DKK ´000
31 Mar 2024 31 Mar 2023 31 Dec 2023
Provision matrix:
Not due
0.0% 0.0% 0.0%
0
-30 days 0.2% 0.5% 0.3%
30
-60 days 0.7% 2.5% 1.5%
61
-90 days 2.2% 7.5% 5.0%
91
-180 days 24.2% 25.4% 25.0%
181
-270 days 50.0% 100.0% 15.1%
271
-360 days 75.0% 100.0% 100.0%
Over 360 days
100% 100.0% 100.0%
Note
5 – Trade receivables
22 Interim Report Q1 2024
Notes
DKK ´000
31 Mar 2024 31 Mar 2023 31 Dec 2023
Balance at 1 Jan
824 -4,138 -4,138
Changes contract assets during the period
-2,419 4,003 25,631
Changes on account billing and prepayments
during the period
5,824 1,759 -20,669
Balance at end of period
4,229 1,624 824
Work in progress
36,878 17,669 39,297
On account billing and prepayments
-32,649 -16,045 -38,473
Balance at end of
period 4,229 1,624 824
The net value is included in the balance as follows:
Contract assets
10,263 8,300 9,065
Contract liabilities
-6,034 -6,676 -8,241
Balance at end of period
4,229 1,624 824
The Group’s contract assets are subject to significant judgements in relation to the classification of the con-
tract and in terms of how the contract is handled and recognized in the financial statements. When deter-
mining the appropriate recognition of the contract, the Group accounting policies are applied.
Note
6 – Contract assets and contract liabilities
23 Interim Report Q1 2024
Notes
Acquisition of companies in 2024
The Group has per 1 January 2024 acquired Endless Gain Limited. The acquisition was a share purchase.
After recognition of identifiable assets, liabilities and contingent liabilities at fair value, goodwill in relation to
the acquisition was assessed at GBP 1,049k (As of 31 December 2023 DKK 8,996k).
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 at 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 on a Weighted Average Cost of Capital
(WACC) of 10% as the basis for the calculation.
Opening balance
DKK ´000
Endless Gain Limited
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
8,996 8,996
Total consideration
17,500 17,500
Net working capital not paid
1,704 1,704
Acquired cash funds
-3,016 -3,016
Contingent consideration
-4,350 -4,350
Cash consideration on acquisition date
11,838 11,838
Note
7 – Business combination
Name
Primary
activity
Date of control
gained
Acquired
ownership
Acquired
voting
rights
Total consideration
DKK ’000
Endless Gain
Limited
E
-commerce
business
01. January 2024 100% 100% 17,500
Total
17,500
24 Interim Report Q1 2024
Notes
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 is 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.
Acquisition of companies in 2023
The Group has per 11 April 2023 acquired ICY Security ApS. The acquisition was a share purchase. With
the acquisition of ICY Security, Columbus expanded its business to meet customers’ increasing demand 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 at DKK 51.6m. Compared to the previously presented opening balance latest in
the Annual Report 2023, 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 at 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.
The opening balance presented is a preliminary balance since post-closing work is still ongoing.
Note
7 – Business combination (continued)
Name
Primary
activity
Date of control
gained
Acquired
ownership
Acquired
voting
rights
Total considera-
tion
DKK ’000
ICY Security
ApS
Implementation of Identity and
Access management solu-
tions.
1. April 2023 100% 100% 53,920
Total
53,920
25 Interim Report Q1 2024
Notes
Opening balance 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 is included in the Other external cost in the income statement.
Revenue and profit contribution
ICY Security ApS contributed revenue of DKK 9m and contribution of DKK -5m to the group for the period
from 1 January to 31 March 2024.
Note
7 – Business combination (continued)
DKK ´000
ICY Security ApS Total 2023
Tangible fixed assets
1,670 1,670
Other
intangible assets
0 0
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
Tax receivables
0 0
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 paid
7,554 7,554
Acquired cash funds
-3,449 -3,449
Contingent
consideration -18,025 -18,025
Cash consideration on acquisition date
40,000 40,000
26 Interim Report Q1 2024
Notes
DKK ´000
Q1 2024 Q1 2023 2023
Net revenue
0 0 0
External project costs
0 0 0
Gross profit
0 0 0
Staff expenses and remuneration
0 0 0
Other external costs
0 0 0
Other operating income
0 0 0
EBITDA
0 0 0
Depreciation, amortization and impairment
0 0 0
Operating profit (EBIT)
0 0 0
Financial income
0 0 0
Financial
expenses 0 0 0
Profit (loss) before tax from
discontinued operations
0 0 0
Corporate tax
0 0 0
Profit (loss) after tax from
discontinued operations
0 0 0
Total gain (loss) on divestment of
discontinued operations
-711 3,462 3,127
Profit (loss) from discontinued
operations
-711 3,462 3,127
Earnings per share from discontinued operations of DKK 1.25
(EPS)
-0.01 0.03 0.02
Earnings per share from discontinued operations of DKK 1.25,
diluted (EPS
-D)
-0.01 0.03 0.02
DKK ´000
Q1 2024 Q1 2023 2023
Gain (loss) on disposal of subsidiaries
0 0 3,050
Recirculation of historical currency adjustments
0 0 1,200
Transaction costs related to disposal
-711 3,462 -1,123
Total gain (loss) on divestment of
discontinued operations
-711 3,462 3,127
Discontinued operations in 2024
There have not been any discontinued operations in 2024. The transaction costs are related to previous
disposals.
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 58.612k. 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.
Note
8 – Discontinued operations
27 Interim Report Q1 2024
Notes
The transaction costs are related to previous disposals.
DKK ´000
31 Mar 2024 31 Mar 2023 31 Dec 2023
Goodwill
0 0 0
Property, plant and equipment
0 0 0
Right
-of-use assets 0 0 0
Trade receivables
0 0 0
Contract assets
0 0 0
Other receivables
0 0 0
Prepayments
0 0 0
Cash
0 0 0
Total assets
0 0 0
DKK ´000
31 Mar 2024 31 Mar 2023 31 Dec 2023
Deferred tax
0 0 0
Lease liability right
-of-use assets 0 0 0
Contract liabilities
0 0 0
Trade payables
0 0 0
Corporate tax payables
0 0 0
Other payables
0 0 0
Total liabilities
0 0 0
Net
assets disposed of 0 0 0
Cash and cash equivalents
0 0 3,050
Total consideration
0 0 3,050
Loss on disposal of activities
0 0 3,050
Net Cash inflow arising on disposal:
Consideration received in cash and
cash equivalents
0 0 3,050
Less: cash and cash equivalents disposed of
0 0 0
Transaction costs related to disposal
-711 3,462 -1,123
Net cash inflow arising on disposal
-711 3,462 1,927
Note
9 – Disposal of activities
28 Interim Report Q1 2024
Notes
Key figures and ratios
Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with
IAS 33.
Other ratios are calculated in accordance with the Danish Finance Society “Recommendations & Financial
Ratios”. The financial ratios stated are calculated as follows:
EBITDA
-margin
Earnings before interest, tax, depreciations and
amortizations (EBITDA)
Net revenue
Operating margin
Operating profit (EBIT)
Net revenue
Return o
n equity
Profit after tax and excl. minority interests
Average equity excl. minority interests
Return on invested capital (ROIC)
EBITA
Average invested capital including goodwill
Equity ratio
Equity excl. minority interests
Total equity and liabilities
Earnings per share (EPS)
Profit after tax and excl. minority interests
x f
Average number of shares
Book value per share (BVPS)
Equity excl. minority interests end of year x 100
x f
Number of shares end of year
Cash flow per share
Cash flow from operations
x f
Average number of diluted shares
Adjustment factor (f)
Theoretical rate
Listed price of stock the day before the subscription
and/or stock right cease
Re
curring Revenue % of total revenue
Recurring revenue
Net revenue
Alternative Performance Measures
Recurring Revenue
Recurring Revenue includes Software maintenance, Cloud revenue and Columbus Care agreements.
Recurring revenue does not necessarily mean a binding contractual agreement. However recurring revenue
is defined as revenue with a high degree of certainty for renewal >95%.
The purpose of defining Recurring Revenue is to express a level of predictability in the revenue. The higher
degree of Recurring Revenue in pct. of total revenue – the more predictable is the Columbus revenue going
forward.
Efficiency
Efficiency is calculated as all invoiced customer hours divided by available customer hours. Available cus-
tomer hours are calculated as normal work schedule hours for all productive employees, less hours for holi-
day and parental leave.
Constant currency growth
Growth is measured in constant currency by converting actual figures in local currency to DKK with the his-
torical exchange rate for the given currency. When measuring for a period, the average historical exchange
rate is used. Growth is measured based on the actual historical figure compared to the calculated constant
currency figure.
Key figures, ratios and
Alternative Performance Measures
29 Interim Report Q1 2024
Notes
For more information about Columbus visit www.columbusglobal.com