2
Annual Report 2021
Financial Statements Governance Our business The big perspective
Management Review
The big perspective
Columbus at a glance 4
Highlights 2021 5
Chairman & CEO letter 6
2021 outlined 8
Key figures and ratios 9
2021 financial performance 10
Outlook for 2022 12
Our business
Our business critical solutions 15
Business model 16
Equity story 17
People in Columbus 18
Customer cases 21
Governance governance
Corporate governance 24
Corporate Social Responsibility 29
Risk management 32
Risk issues and actions 34
Notifications to Nasdaq Copenhagen 35
Group overview 36
The Board of Directors 37
Executive Board 39
Shareholder information 40
Financial statements
Statement of comprehensive income 43
Balance sheet 44
Statement of changes in equity - Group 45
Statement of changes in equity – Parent company 46
Cash flow 47
Notes 48
Statement by management on the Annual Report 99
Independent Auditor’s Reports 100
Contents
Organic growth in a
year of
transformation
Read the letter from the
Chairman of the
Board and
the CEO
& President.
Organic growth and
EBITDA margin increase
in a year of transition.
Read the Management Review
Important steps to focus
the company was suc-
cessfully completed
during 2021.
Read about our strategy
3
Annual Report 2021
Financial Statements Governance Our business The big perspective
3
Annual Report 2021
The big
perspective
Columbus at a glance
4
Highlights
5
Chairman & CEO letter
6
2021 outlined
8
Key figures and ratios
9
Organic growth and EBITDA margin increase in a year
of
transition
10
Outlook for 2022
12
Financial Statements Governance Our business The big perspective
Columbus will
strengthen our digital
advisory capabilities
and bring our full range
of
Business Critical
offerings into all our
markets.
4
Annual Report 2021
Financial Statements Governance Our business The big perspective
Columbus at
a glance
Columbus helps ambitious companies transform, max-
imize, and futureproof their business digitally.
4
Annual Report 2021
Financial Statements Governance Our business The big perspective
1989
Columbus was founded in 1989
It is headquartered in Denmar k with
offices and partners all over the
world, delivering solutions and
services locally
—on a global scale.
1,750+
+
1,750 employees
employees
.
2,500
+
S
erving 2,500+ customers
Columbus is
helping ambitious
companies
worldwide to maximize,
transform and futureproof their
business digitally.
Solutions
Business Critical Solutions
Columbus’ innovative solutions and
services portfolio delivers end
-to-
end
digital solutions like cloud ERP,
Digital
Commerce, Data & Analytics,
and Application Management.
3
industries
Columbus creates digital solutions
that address the lifecycle and
sustainability demands of the retail
&
distribution
; food & beverage
products;
and manufacturing
industries.
5
Annual Report 2021
Financial Statements Governance Our business The big perspective
Solutions revenue split
2021
Development in recurring revenue
Highlights 2021
Columbus
delivered satisfactory results in a year
of transformation.
Revenue (DKK)*
1,
482m
corresponding to a
n increase of 5%.
Recurring revenue
(DKK)* **
319
m
corresponding to an increase of
12%
EBITDA (DKK)*
**
1
09m
corresponding to an increase of 8%.
Profit after tax
(DKK)*
61
m
corresponding to an increase of 158%.
5
Annual Report 2021
*All numbers and comments are on continued business
*
* For definition of Alternative Performance Measures, see page 98
98 88
144
171
43
61
285
319
2020 2021
Cloud
Columbus Care contracts
Subscriptions
Financial Statements Governance Our business The big perspective
60%
18%
10%
2%
2%
8%
Cloud ERP
Columbus Care
Digital Commerce
Data & Analytics
Customer Experience & Engagement
Other Local Business
6
Annual Report 2021
Financial Statements Governance Our business The big perspective
A year of transformation
Throughout the year, we have been
heavily investing in executing our
strategy Focus23 with the ambition to
become trusted digital advisor to larger
customers in the retail, food and
manufacturing industries.
Our main focus has been to build the
foundation to accelerate our growth.
We implemented the largest organiza-
tional change in the company’s history
by introducing a more customer centric
operating model materializing in global
Business Lines and local Market Units.
The new operating model allows us to
pull together our global strength around
our solution areas and create full cus-
tomer focus in our marketplaces.
In order to swiftly deliver progress and
support our strategic focus, we launched
a comprehensive acceleration program
with focus on empowering our employ-
ees, delighting and creating value to our
customers and building solutions in the
growing market for digital sustainability.
To support collaboration across Busi-
ness Lines and Market Units, we rolled
out a new global ERP platform. We al-
ready start to see the benefits of in-
creased transparency and reduced com-
plexity in our operations.
Streamlining our US business
On 1 November, we completed the di-
vestment of our Microsoft Dynamics
SMB Business Unit in the US. This was
an important milestone in the Focus23
Letter from the Chairman of the Board
and the CEO
Organic growth in a
year of
transformation
2021 was a year of transformation for Columbus
where we reached
important milestones while delivering organic revenue growth of 5%.
It was
the first year of the Focus23 strategy where we initiated major
changes to the operation to focus and simplify the business and
increase operating efficiency to move into a position as trusted
digital advisor.
Organic growth of 5%
Columbus delivered a satisfactory result with
5% organic growth in 2021. We delivered a
growth in Q2 of 6%, which almost compen-
sated for the revenue decline in Q1. In Q3, rev-
enue increased by 11% and in Q4 the positive
development continued
with a growth of 9%.
T
he majority of our business units delivered
top
-line growth while onboarding new col-
leagues to the delivery organization.
Especially Columbus Norway delivered a
strong result of 47% revenue growth and
our global Business Lines Data & Analyt-
ics, D
igital Commerce and Customer Expe-
rience all delivered double digit growth.
EBITDA grew by 8% to DKK 10
9m which is
mainly driven by
the strong development in
Norway and good development in the con-
tinuing business in the US.
The result is in line with management ex-
pectations.
6
Annual Report 2021
Financial Statements Governance Our business The big perspective
7
Annual Report 2021
Financial Statements Governance Our business The big perspective
strategy to streamline our US business to
focus all efforts on growing our Enterprise
business.
Extended solution offerings
Columbus is among the most experienced
market leaders in the cloud ERP industry
while having a growing business within the
layer around ERP such as Data &
Analytics, Digital Commerce and
Customer Experience. In fact, today
Columbus has grown to a position among
the Nordic leaders within Digital
Commerce. Combined with our deep
industry knowledge, this strong market
position has laid out the path to move up
the value chain to strengthen our digital
advisory capabilities and bring our full
range of business critical offerings into all
our markets.
Focus on company values
Columbus is built on our talented people,
serving our customers all over the world.
With many acquisitions during recent
years and a new strategy where we
transform our business, we have seen a
need to strengthen our “One Columbus”
culture. Therefore, we launched and
completed a global values program to
define our common company values.
The program resulted in four strong
company values:
• STAY CURIOUS – we are explorers
• BUILD TRUST – we’ve got each other’s
backs
• COLLABORATE – we win and lose to-
gether
• DELIVER CUSTOMER SUCCESS –
it’s how we make a difference in the
world
We are very excited about the result of the
program and have been especially im-
pressed with the great commitment from
our employees defining our common val-
ues.
Digital transformation for a better
tomorrow
Digital transformation is more important
than ever, and we believe that Columbus
has an important role to play helping our
customers in their sustainability journey.
Our purpose “Digital transformation for a
better tomorrow” sets the direction for us
to contribute to the global sustainability
agenda.
Digital transformation plays an important
role for our existing and new potential cus-
tomers operating in food, retail and manu-
facturing, and we experience a demand to
become more sustainable by optimizing
supply chain, minimizing waste and in-
crease efficiency in operations.
Therefore, Columbus is now taking the
next step in our sustainability strategy to
further lead the way for our employees
and customers. During 2022, we will
launch a new ambitious sustainability
strategy which will frame the advisory
services in the years to come.
Our transformational journey continues
Going forward we will continue the execu-
tion of our Focus23 strategy. The willing-
ness to change and to grow in new roles
and navigate in a new operating model re-
assures us that we have a strong and re-
silient organization.
2022 will be focused on bringing our new
operating model even more to life with the
purpose of creating further value for our
customers while growing our business.
Exiting the Russian market
With a part of Columbus’ business in Rus-
sia and Ukraine, Columbus is impacted by
Russia’s invasion of the sovereign state of
Ukraine. Consequently, Columbus is cur-
rently investigating various options for how
to exit the Russian market.
Thank you
As always, we owe a huge thanks to our
employees for their commitment to Colum-
bus, to our customers and our loyal share-
holders. On behalf of the Board of Direc-
tors and the Executive Board, we would
like to extend sincere thanks to everyone
for contributing to our achievements in
2021.
Ib Kunøe
Chairman of the Board
Søren Krogh Knudsen
CEO & President
7
Annual Report 2021
Financial Statements Governance Our business The big perspective
8
Annual Report 2021
Financial Statements Governance Our business The big perspective
A year of transformation
2021 was the first year of the Focus23
strategy with major changes to the opera-
tion and a focus to simplify the business.
We introduced a new operating model
which materialized in a matrix organization
with the business being operated in global
Business Lines and local Market Units.
On 1 November, we completed the divest-
ment of our Microsoft Dynamics SMB
Business Unit in the US.
Consequently, all numbers and comments
are on the continued business, thus ex-
cluding assets classified as held for sale
and discontinued operations.
In 2021, the Group delivered revenue
growth of 5.3% resulting in revenue of
DKK 1,482m. Reported EBITDA grew by
8.4% to DKK 109m providing an EBITDA
margin of 7.4%.
Result for the year after tax increased to
DKK 61m.
Improved normalized EBITDA margin
The revenue increase resulted in normal-
ized EBITDA of DKK 109m, corresponding
to an increase of 21.6% providing normal-
ized margin increase of 15.1 percentage
points to 7.4%.
EBITDA in line with expectations
In connection with the Q3 financial state-
ment, Columbus confirmed the expecta-
tions for both top line growth and margin
based on the financial performance in Q3
2021, current order book and pipeline fore-
cast. The full year guidance for 2021 for
the continued business was expected to
be in the range of DKK 1,500m and DKK
1,650m. Accordingly, reported EBITDA
was expected to be in the range of DKK
100m and DKK 125m.
The realized revenue is just below the ad-
justed guidance, while reported EBITDA
was in line with expectations in the middle
of the adjusted guidance.
Key strategic milestones during 2021
In summary, we reached important strate-
gic milestones during 2021:
• New CEO & President for Columbus,
Søren Krogh Knudsen joined Columbus
in June 2021
• Divestment of To-Increase and Colum-
bus’ Microsoft Dynamics US SMB Busi-
ness Unit
• Completed a comprehensive strategic
acceleration program
• Implementing a new global customer-
centric operating model
• Implementing new global ERP platform
• Launching common company values
2021 outlined
Revenue and EBITDA w
ere in line with expectations.
DKKm
2021 2020 ∆%
EBITDA reported
109 101 8.4%
Adjustment of provision for loss making contract
0 35 -100.0%
Reversal of earn
-out 0 -46 100.0%
Normalized EBITDA
109 90 21.6%
Normalized EBITDA
-margin 7.4% 6.4% 15.1%
* For definition of Alternative Performance Measures, see page
98
9
Annual Report 2021
Financial Statements Governance Our business The big perspective
Key figures and ratios
DKK ´000
2021 2020 2019* 2018* 2017*
Income related figures
Sale of services
1,267,125 1,183,857 1,417,652 1,467,601 841,620
Sale of products
214,693 223,359 343,384 407,651 377,142
Net revenue
1,481,818 1,407,216 1,761,035 1,875,252 1,218,762
Recurring revenue % of total revenue
21.6% 20.2% 22.4% 22.7% 27.8%
EBITDA before share
-based
payment
112,598 105,364 162,733 181,183 148,510
EBITDA
109,441 100,885 157,263 171,409 146,208
EBIT
58,702 50,925 12,632 107,516 106,729
Net financial items
-3,502 -16,853 -10,733 7,925 -5,099
Profit before tax
55,200 34,072 1,898 115,441 101,630
Profit after tax,
continuing operations
61,062 23,663 -18,876 96,674 96,129
Profit after tax,
discontinued operations
697,486 24,899 39,866 0 0
Profit after tax
758,548 48,562 20,990 96,674 96,129
DKK
´000 2021 2020 2019* 2018* 2017*
Balance sheet*
Non
-current assets 833,808 987,440 1,127,381 1,140,954 584,274
Current assets
434,789 438,944 527,136 492,604 267,489
Assets classified as held for sale
0 214,481 0 0 0
Total assets
1,268,597 1,640,865 1,654,517 1,633,558 851,763
Group shareholder equity
740,980 712,421 665,354 636,339 549,112
Minority interests
0 3,184 3,126 3,381 3,031
Total liabilities
527,617 831,369 986,037 993,838 299,620
Total liabilities relating to assets
classified as held for sale
0 93,891 0 0 0
Total equity and liabilities
1,268,597 1,640,865 1,654,517 1,633,558 851,763
DKK ´000
2021 2020 2019* 2018* 2017*
Investments in tangible assets
7,434 3,832 5,957 5,907 5,106
Cash flow
Cash flow from operating activities
-3,229 190,863 189,146 124,294 103,708
Cash flow from investing activities
744,149
-127,830
-106,370
-255,557
-95,609
Cash flow from financing activities
-847,513 -43,972 -45,853 154,663 -15,365
Total net change in cash and cash
equivalents
-106,593 19,061 36,923 23,400 -7,266
Cash flow from continuing
operations -71,669 -52,656 -13,141 0 0
Cash flow from discontinued
operations
-34,924 71,717 50,064 0 0
Total net change in cash and cash
equivalents
-106,593 19,061 36,923 0 0
Key ratios
EBITDA
-margin 7.4% 7.2% 8.9% 9.1% 12.0%
EBIT
-margin 4.0% 3.6% 0.7% 5.7% 8.8%
Equity ratio**
58.4% 43.4% 40.2% 39.0% 64.5%
Return on equity**
104.5% 7.0% 3.3% 16.0% 17.3%
Return on invested capital (ROIC)**
10.1% 7.8% 12.4% 22.5% 29.2%
Number of shares
129,276 124,622 124,622 121,787 119,866
Average number of shares
128,192 124,622 123,012 121,370 119,101
Book value of equity per share
(BVPS) (DKK)
5.73
5.72
5.34
5.23
4.58
Earnings per share (EPS) from
continuing operations (DKK)
0.47 0.19 -0.16 0.78 0.80
Cash flow per
share (DKK) -0.03 1.53 1.54 1.01 0.85
Share price, end of period (DKK)
9.54 11.24 9.65 12.68 14.80
Average full time employee for the
period
* 2017-2019 is not restated and include discontinued operations
**
All 2017-2020 balance sheet items include continuing and discontinued operations
*** Key ratios are calculated with balance sheet items including assets classified as held for sale
The key figures an
d financial ratios above have been calculated in accordance with Danish Finance Socie-
ty' "Recommendation & Financial Ratios”
10
Annual Report 2021
Financial Statements Governance Our business The big perspective
Columbus had revenue of DKK 1,482m in
2021 corresponding to an increase of
5.3%. EBITDA increased by 8.4% to DKK
109m. Normalized EBITDA increased by
21.6% to DKK 109m.
Most of the Business Units and Market
Units contributed to the revenue growth
with especially Norway showing strong
revenue growth of 47%.
Revenue development
Service revenue increased by 7.0% and
product revenue declined by 3.9%. The in-
crease in service and decline in product
revenue is part of Columbus strategic de-
velopment towards a global digital advi-
sory company with less dependency on
products.
Growth in recurring revenue
Recurring revenue grew by 12.2% to DKK
319m. The recurring revenue continues to
constitute a larger part of the total revenue
with recurring revenue constituting 22.0%
of total revenue (2020: 20.0%).
EBITDA development
Normalized EBITDA increased by 21.6%
to DKK 109m providing normalized
EBITDA margin of 7.4%.
The EBITDA increase is driven by the
strong development in Norway and im-
provements in the continuing business in
the US.
During 2021, we welcomed many new em-
ployees in order to add new capabilities to
the organization. With a strong focus on
fast onboarding, the many new consult-
ants were quickly to deliver value to cus-
tomers.
Customer work remained high amounting
to 57% vs. 54% last year.
Development in customer work
2021 financial performance: Organic
growth and
EBITDA margin increase
in a year
of transition
Development in services revenue
Development in recurring revenue
27%
57%
16%
2021
Non-chargeable
Chargeable
Other
30%
54%
16%
2020
Non-chargeable
Chargeable
Other
1.184
1.267
2020 2021
98 88
144
171
43
61
285
319
2020 2021
Cloud
Columbus Care contracts
Subscriptions
11
Annual Report 2021
Financial Statements Governance Our business The big perspective
Cost development
Staff cost increased by 3% to DKK 985m
despite a small decrease in average num-
ber of FTE’s of 1% to 1,644. Further the
salary adjustment for 2020 was delayed
six months due to Covid-19.
Other external cost decreased by 10% to
DKK 123m. The reduction is primarily re-
lated to lower cost for consultants and less
internal travel.
Cash
Cash flow from continued operations was
negative DKK 72m. The primary reason
for this decline is an instalment of bank
loans of DKK 100m
Operational cash flow decreased by DKK
194m to DKK -3m and cash flow from in-
vesting activities and financing contributed
with negative DKK 103m mainly due to the
divestment of To-Increase and extraordi-
nary dividend payment early in the year.
In total, Columbus’ cash position de-
creased by DKK 107m compared to 31
December 2020.
Accounts receivable
We have continued our close monitoring of
accounts receivables and continue to have
no significant loss on accounts receivable.
Equity
Columbus’ equity has increased by DKK
45m since 31 December 2020, primarily
due to the positive net result. With a total
equity of DKK 761m, Columbus has a sol-
vency of 59% (2020: 43%). The high sol-
vency ratio together with the cash position
leaves Columbus in a strong financial po-
sition to support the execution of the Fo-
cus23 strategy.
Development in Business Lines
Cloud ERP
Revenue increased by 1.1% to DKK 689m
mainly due to lower M3 revenue in Swe-
den that was offset by strong D365 growth
in Norway and Sweden.
Columbus Care
Revenue increased by 7.3% to DKK
261m. The revenue increase is mainly due
to increased revenue in Norway and UK.
Digital Commerce
Revenue increased by 22.7% to DKK
157m. The revenue increase is coming
from all markets.
Data & Analytics
Revenue increased by 16.1% to DKK
38m. The revenue increase is stemming
from Denmark, Norway and Sweden.
Customer Experience & Engagement
Revenue increased by 26.3% to DKK
30m. The revenue increase is stemming
from Norway, Sweden and UK.
Discontinued operations
As part of Columbus’ Focus23 strategy
Columbus divested the software Company
To-Increase, the legal entities in Baltics
and the SMB business in US with the pur-
pose to focus the business on Digital Con-
sultancy Services. Profit after tax from dis-
continued operations primarily related to
the difference between the consideration
and the booked value of the divested com-
panies. The result after tax from discontin-
ued operations was DKK 697m.
Group
DKK ´000
2021 2020 ∆%
Cloud ERP
689,365 681,716 1.1%
Columbus Care
260,812 243,012 7.3%
Digital Commerce
157,184 128,059 22.7%
Data & Analytics
37,676 32,442 16.1%
Customer Experience & Engagement
30,008 23,763 26.3%
Other Local Business
92,080 74,865 23.0%
Total sale of services
1,267,125 1,183,857 7.0%
Total sale of products
214,693 223,359 -3.9%
Total net revenue
1,481,818 1,407,216 5.3%
12
Annual Report 2021
Financial Statements Governance Our business The big perspective
2022 will be focused on creating value for
our customers while delivering organic
growth as planned in our Focus23 strat-
egy.
In 2021, we delivered double digit growth
in our key Business Critical Solutions;
Data & Analytics, Digital Commerce and
Customer Experience which was driven by
growth in some of the key marketplaces.
In 2022, we will expand and grow our key
solutions into more of our geographical
marketplaces. In addition, we will focus on
growing a broader range of our Business
Critical Solutions portfolio.
We continue to invest in building digital ad-
visory capabilities in more areas of our
business and develop sustainability offer-
ings to meet customer demands.
Columbus’ industry expertise and global
delivery power are key parts of our com-
petitive edge. We will continue to
strengthen and develop these areas fur-
ther during 2022.
In 2021, we reached important milestones
to focus and simplify our operations. In
2022, we will continue to streamline opera-
tions to improve efficiency and profitability.
In short, Columbus will deliver organic
growth by:
• Developing and expanding Business
Critical Solutions into key markets
• Building Digital Advisory capabilities
• Developing sustainability offerings
• Leveraging our deep industry expertise
• Further strengthening our global deliv-
ery model
• Continue to streamline operations
Financial guidance
The management believes that there con-
tinues to be good business opportunities
going forward, despite the continued un-
certainty due to the current geo-political
situation.
Columbus’ ambition during the current
strategy period is to gradually increase
profitable growth to minimum 10% annu-
ally by 2023.
Based on the financial performance in
2021, current order book and pipeline fore-
cast, our full year guidance for 2022 is as
follows:
Revenue excluding Russia is expected to
be in the range of DKK 1,525m – 1,625m
corresponding to a growth of 3%-10%.
The organic growth, excluding Russia is
8% and 15% respectively.
EBITDA is expected to be in the range of
DKK 120m –145m corresponding to a
margin of 7.4%-9.5%.
Events after the reporting period
With a part of Columbus’ business in Rus-
sia and Ukraine, Columbus is impacted by
Russia’s invasion of the sovereign state of
Ukraine.
Columbus has with effect from 3 March
stopped new sales and hiring in Russia,
but continues to serve existing contracts.
Columbus will respect all present and fu-
ture sanctions.
Columbus is currently investigating various
options for how to exit the Russian market.
A total loss of the Columbus activities in
Russia will impact the net assets in the
Columbus Group negatively by DKK 20m
as at 31 December 2021. As at 15 March
2022 this amount is reduced to DKK 11m
due to the decline in the Russian rouble.
Apart from uncertainty related to Colum-
bus’ Russian activities there have been no
events since 31 December 2021 which
could significantly affect the evaluation of
the Group’s financial position and reve-
nues at 31 December 2021.
Earnings in January and February 2022
are in line with the Company’s expecta-
tions encountered the situation in Russia.
Outlook for 2022
DKKm
Revenue
EBITDA
2022 Outlook
1,525
-
1,625
120
-
145
Implied growth to 2021 result
3%
-
10%
10%
-
32%
Implied organic growth ex. Russia
8%
-
15%
16%
-
21%
Implied EBITDA margin
7.4%
-
9.5%
13
Annual Report 2021
Financial Statements Governance Our business The big perspective
Our strategy
14
Our Business Critical solutions
15
Bu
siness model – creating customer value 16
Equity story
– creating shareholder value 17
People in Columbus
18
13
Annual Report 2021
Our
business
Financial Statements Governance Our business The big perspective
Columbus is leveraging
on 30+ years of industry
expertise delivering
advisory and
Business
C
ritical solutions for
larger enterprises
.
14
Annual Report 2021
Financial Statements Governance Our business The big perspective
During 2021, we took important steps to
focus and simplify our business as part of
the Focus23 strategy. The ambition re-
mains unchanged to become digital
trusted advisor for large enterprises in our
key industries food, retail, and manufactur-
ing.
In the beginning of 2021, we implemented
a new global organization model to focus
our global strengths around our solution
areas and create customer centricity in our
marketplaces. The new organization
model is structured in two dimensions,
global Business Lines and geographical
Market Units.
To support our focus on serving our larger
customers, we initiated key strategic di-
vestments during 2021 comprising our
software company To-Increase, our pri-
vate cloud business, our companies in Es-
tonia and Lithuania, and the US SMB busi-
ness unit. The divestments allow us to fo-
cus our business on large enterprises in
our key marketplaces.
In order to enable the new organization
model, we implemented a new global ERP
platform in 2021. We already start to see
the benefits of increased transparency and
reduced complexity in our operations.
With the new organization model, key di-
vestments and a new ERP platform all
completed in just nine months, the founda-
tion for next step in the Focus23 strategy
was established.
In Q3, we launched a comprehensive ac-
celeration program to swiftly deliver pro-
gress and support our strategic focus to
empower our employees, delighting and
creating value to our customers and build-
ing solutions in the growing market for dig-
ital sustainability.
The acceleration program ranges from tal-
ent and leadership development, company
values to commercial optimization and
sustainability strategy.
The next step in our strategic journey will
be structured in three strategic programs
to create customer value by:
• Delivering Business Critical Solutions
• Building Digital Advisory capabilities
• Leveraging our deep industry expertise
Our strategy
Important steps to focus the company w
ere successfully completed during 2021.
Creating customer value with digital advisory capabilities, business critical
solutions and deep industry expertise are key elements in the Focus23 strategy to
support the overall growth of Columbus in the coming years.
15
Annual Report 2021
Financial Statements Governance Our business The big perspective
For many years, Columbus has been lead-
ing within the ERP space in our key indus-
tries and geographical markets and has at
the same time managed to stay relevant
and innovative.
In recent years, Columbus has established
a strong market position within digital
transformation offering end-to-end busi-
ness critical digital solutions which has
opened new opportunities to help our cus-
tomers in their entire digital transformation
journey.
With a broad portfolio of business critical
solutions, Columbus ensures high value
creating for our customers in the food, re-
tail, and manufacturing industries.
Our solutions are built in strong ecosys-
tems that ensure our customers the best
technology suited for their specific busi-
ness needs and challenges.
Each of our solutions are anchored in one
of our global Business Lines which ensure
that we leverage solution development,
capabilities, and resources across our
business while being at the forefront of
digital trends. All with the purpose of deliv-
ering increased customer value.
Our solutions in brief
Strategy & Change: We
help our customers create
value through engagement
and development of their
strategy and business change agenda,
specifically focused on a value driven,
people centric and holistic business trans-
formation.
Cloud ERP: We help cus-
tomers digitalize their busi-
ness processes by imple-
menting, mitigating risk, and
supporting State-of-Art solutions with a
business-driven process approach.
Data & Analytics: We ena-
ble our customers to define
and execute the data driven
journey to base their deci-
sions on the insights the
data provides to secure growth with the fo-
cus on data, business and people.
Business & Application
Integration: We enable our
customers to integrate ap-
plications in the cloud as a
service, on premise or private cloud to
seamless orchestrate the enterprise digital
landscape.
Application Management:
We provide life cycle sup-
port services for customers’
complete business applica-
tions platform.
Digital Commerce: We cre-
ate compelling digital com-
merce experiences based
on a solid technical infra-
structure that powers growth and builds
customer loyalty in an omnichannel envi-
ronment.
Customer Experience &
Engagement: We help our
customers create value
through customer manage-
ment and service engagements within the
full cross channel journey.
Microsoft Partner Awards 2021
In 2021, Columbus Denmark won the
Business Applications Microsoft Partner
Award.
Microsoft quote: ”Columbus has embraced
our Dynamics Platform and has proven to
articulate value through their industry ex-
perience and end-to-end platform
knowledge. Columbus has been on an
amazing journey and truly know how to
deliver excellent customer service and lev-
erage
customer data bringing value to the
customers”.
Our Business Critical solutions
With our extensive
portfolio of Business Critical Solutions, we can help our
customers in their entire digital transformation journey.
16
Annual Report 2021
Financial Statements Governance Our business The big perspective
Columbus is leveraging on 30+ years of in-
dustry expertise delivering advisory and
business critical solutions for larger enter-
prises, and our global delivery setup has
been essential for creating value for the
growing loyal customer base with a need
for digital transformation.
Our business model is based on customer
intimacy, which makes it possible to act as
trusted advisor ensuring that our loyal cus-
tomer base gets exactly what they need to
digitize their business.
Columbus’ core strength is also expressed
in the execution power - the ability to de-
liver high quality anchored in an agile de-
livery setup and good industry practice.
The business model supports the creation
of customer value and makes it possible to
implement and deliver on the set goals in
the three-year growth strategy, Focus23.
Business model – creating customer value
Columbus
’ purpose is digital transformation for a better tomorrow, and our solid
business model ensures
that we can deliver on our purpose.
17
Annual Report 2021
Financial Statements Governance Our business The big perspective
Based on the leading position in the Nor-
dics and UK within Cloud ERP and digital
commerce in our key industries; food, re-
tail & distribution, and manufacturing Co-
lumbus will continue to create value to its
shareholders.
Loyal customers, leveraging industry ex-
pertise, leading business critical solutions
in strong ecosystem and an agile delivery
setup describes Columbus’ strength pro-
file. Columbus’ highly skilled employees
are the engine in retaining a high customer
satisfaction. Columbus has more than
2.500 customers and a customer centric
approach in all aspects of the business.
With a defined growth strategy focused on
digital advisory and a growing market within
data for sustainability, Columbus is posi-
tioned to deliver on the Focus23 goals.
Shareholder value will be created organi-
cally by growing the business, improve
profitability and non-organically by identify-
ing relevant acquisition opportunities.
Company’s dividend policy is to distribute
dividend of minimum 10% of the nominal
share capital each year, corresponding to
DKK 0.125 per share.
Equity story – creating shareholder value
The Columbus share gives shareholders an exposure to the digital and green
transformation with Columbus
’ increased sustainability focus. Columbus makes
sustainability happen by utilizing data to become more sustainable by optimizing
supply c
hain, minimizing waste and increase efficiency in operations.
18
Annual Report 2021
Financial Statements Governance Our business The big perspective
Columbus is a people business and with-
out our talented team we could not be the
business we are today.
We strive to improve our Employee jour-
ney, well-being and development/engage-
ment as a core part of our strategy.
In 2021, we achieved a huge organisa-
tional change, transforming from a coun-
try-centric business to a customer- centric
business enabling servicing customers
across business lines in all markets. We
introduced new global shared values, as
well as continuing to align our employee
processes globally as we work towards a
One-Columbus ethos.
Our brand is under transformation as a re-
sult of the global initiative in the second
half of 2021 to define our shared Colum-
bus Values.
Our Shared Columbus Values are:
• Stay Curious
• Build Trust
• Collaborate
• Deliver Customer Success
These values were developed from within
the business, through a number of initia-
tives that have taken place since Septem-
ber 2021. Over 850 employees were in-
volved in the generation of the values,
through the completion of surveys, partici-
pating in workshops and then voting for
the final outcome.
Our Shared Values are the glue that bind
us together as One Columbus – they drive
our behaviours and leadership principles
in the business and act as guiding stars in
everything we do both internally and with
our customers and in respect of our em-
ployer brand and for talent attraction.
Taking a deeper dive in to the meanings
behind the values:
Through CURIOSITY we keep an open
mind, which enables us to see new possi-
bilities internally and for our customers.
We dare to challenge the norm to deliver
creative solutions and we advocate
People in Columbus
Columbus is built on our talented people serving our customers all
over the world around the clock. Attracting, developing, and retaining
our
people is crucial for Columbus and will continue to be a key part
of our new strategy Focus23.
19
Annual Report 2021
Financial Statements Governance Our business The big perspective
learning and seeking out knowledge to de-
velop skills and benefit our customers. We
are all explorers.
We BUILD TRUST by proactively taking
responsibility and delivering on what we
promise. We communicate clearly and
quickly and ‘tell it as it is’. We listen, ask
and challenge and become trusted advi-
sors. We have got each other’s backs.
We COLLABORATE with colleagues, part-
ners and customers as one global team.
We add value and get things done – hav-
ing a little fun along the way and we re-
spect each other and embrace diversity of
thought to ensure the best outcomes. We
win and lose together.
We DELIVER CUSTOMER SUCCESS
through the creation of long lasting rela-
tionships, leading and guiding to ensure
digital improvement and transformation
and improve business results for our cus-
tomers. We make a difference in the
world.
Through 2022 we will start to really embed
and live our values in everything we do in
the employee journey with Columbus and
have already completed workshops glob-
ally on how to use these values in our eve-
ryday work.
For explanation of graphs above, see
CSR Report at: www.columbusglobal.com/Investors/CSR
21
Annual Report 2021
Financial Statements Governance Our business The big perspective
A series of pre-study workshops were held
with Columbus management consultants, all
of Vidinge Grönt management and several
key stakeholders from various parts of
Vidinge’ s organization. This helped secure
broad organizational alignment around key
strategic goals, making it easier to identify
what was needed in terms of features and
benefits to best meet these goals.
“In our role as strategic advisor, we stimu-
lated fruitful discussion in an end-to-end pro-
cess during the workshops. The focus was
on linking the overall strategy to business
goals, highlighting strategic areas of
improvement, mapping benefits and perform-
ing a strategic analysis of all relevant pro-
cesses,” says Björn Åsbrink, Head of Strat-
egy & Change at Columbus.
Måns Nordmark, CEO of Vidinge Grönt, dis-
cusses how strategic advice from Columbus
and a focus on the big picture made it easier
to align both processes and functionalities
around an overall strategy and gain a better
understanding of needs:
“Our business transformation was not just or-
ganizational in nature but represented a
completely new way of reaching consum-
ers, which required much greater flexibil-
ity, agility and scalability. Columbus was
responsive and really understood this, en-
suring that the pre-study matched our
needs every step of the way. By also ob-
taining a better understanding of what we
want to achieve in practice with our strate-
gic goals, we were able to better concep-
tualize our long-term strategy and define
clear steps. This pre-study with Columbus
gives us confidence that we will see
greater long-term value, and we look for-
ward to taking the next step in building our
future business platform together”.
Customer Case
Strategic alignment crucial
for Vidinge Grönt
’s bold
business transformation
Vidinge Grönt adopted a bold growth strategy to increase market share
by starting to sell products under its own brand in addition to its private
label business. This required a new business platform and strategy to
support a new sales organization, new direct dis
tribution capabilities
and new ways of working. Columbus performed a pre
-study with
Vidinge to ensure that this platform would be aligned with long
-term
strategic goals.
“
By challenging old truths and staying
focused on key needs and benefits
from an overall strategic perspective,
the best path forward was made much
clearer. Columbus provided strategic
advice and thought
-provoking
discussion points throughout the
process that helped us uncover
valuable insights and understand our
needs better
”
Måns Nordmark, CEO,
Vidinge Grönt].
22
Annual Report 2021
Financial Statements Governance Our business The big perspective
As part of a wider CRM system implemen-
tation project, Watson-Marlow wanted to
discover new value and ensure it’s priori-
tised. This will help the manufacturer align
their project with strategy, which is key to
creating the right environment for success.
Columbus set up a series of 12 workshops
that involved nearly 60 Watson-Marlow
stakeholders from across the world - the
Americas, EMEA and APAC. Not only did
this help secure broad organisational
alignment on key strategic goals, but it
also improved stakeholder engagement
and helped to overlay value realisation on
top of the software implementation. This
would set Watson-Marlow in good stead to
realise various areas of value, such as im-
proved user adoption, a customer-centric
culture, data-driven insights and a stand-
ardised global approach with a local ser-
vice.
Andrew Jones, Head of Sales Excellence
& Governance at Watson-Marlow, said:
“We are a global organisation but working
across our entities was still a challenge.
Achieving a global way of working wasn’t
our only goal, we also wanted to maintain
an element of localism to ensure we stay
close to our customers.
“Columbus really understood this, ensur-
ing their workshops aligned with our goals
for total consultative selling. They helped
us discover how to prioritise value and
overlay value realisation on top of the soft-
ware implementation.”
Toby Mankertz, Principal Advisor – Busi-
ness Transformation at Columbus, said: “It
was a pleasure working with Andrew and
the team at Watson-Marlow; they have an
excellent business strategy already in
place and are focused its successful deliv-
ery.”
“Strategy & Change at Columbus will help
Watson-Marlow realise the value from their
business system implementations through
the provision ofbusiness value realisation
and change management advisory ser-
vices throughout the duration of the project
lifecycle.”
Customer Case
Value envisioning propels
Watson
-Marlow towards
business transformation
success
Watson
-Marlow Fluid Technology Group is a global leader in niche
peristaltic pump manufacturing and associated fluid path technologies
and part of
Spirax-Sarco Engineering plc, a FTSE-100 company. To
stay that way, they need to improve operational efficiency, boost global
reach and gain access to the tools required to drive customer success
-
all of which can be achieved via business transformation.
“
Columbus really understood [our needs],
ensuring their workshops aligned with our
goals for total consultative selling. They helped
us discover how to
prioritise value and overlay
value realisation on top of the software
implementation.
”
Andrew Jones, Head of Sales Excellence &
Governance at Watson
-Marlow
23
Annual Report 2021
Financial Statements Governance Our business The big perspective
23
Annual Report 2021
Corporate governance
24
Corporate Social Responsibility
29
Risk management
32
Notifications to Nasdaq Copenhagen
35
Group overview
36
The Board of Directors
37
Executive Board
39
Shareholder information
40
Governance
Financial Statements Governance Our business The big perspective
24
Annual Report 2021
Financial Statements Governance Our business The big perspective
Columbus is committed to follow the Dan-
ish Recommendations on Corporate Gov-
ernance of 2 December 2020, issued by
the Danish Committee on Corporate Gov-
ernance. Accordingly, the Board of Direc-
tors continuously considers the updated
recommendations in order to determine
which are relevant for Columbus, consider-
ing the size, ownership structure, nature of
the Company and the Company’s busi-
ness model.
Each year, in connection with the Annual
Report, Columbus A/S publishes the statu-
tory report on Corporate Governance, cf.
Section 107b of the Danish Financial
Statements Act.
Columbus complies with 34 recommenda-
tions and does not comply with six of the
recommendations. Deviations are all ex-
plained in the statutory report on Corpo-
rate Governance for 2021 according to the
“comply or explain principle”.
Shareholders
The shareholders have the final authority
over the company and exercise their right
to make decisions at the Company’s
General Meetings.
Management
Columbus has a unified management
structure consisting of a Board of Directors
and an Executive Board. The two bodies
are separate, and no one serves as mem-
bers of both.
The Board of Directors is responsible for
the overall management of the Company
on behalf of the shareholders and super-
vises the Company and the work of the
Executive Board. The Executive Board is
responsible for the day-to-day manage-
ment. Together with the Executive Board,
the Board of Directors determines goals
and strategies, and approves budgets and
action plans.
Board of Directors
The Board of Directors in Columbus A/S
consists of four members: Ib Kunøe, Sven
Madsen, Peter Skov Hansen and Karina
Kirk Ringsted. The Board members are
elected for one year at a time with the op-
tion for re-election.
Two out of the four members elected by
the General Meeting are independent
members, and none of the Board mem-
bers participates in the day-to-day opera-
tion of the Company.
The Board of Directors holds at least ten
meetings a year according to a meeting
schedule planned one year in advance on
the Board meeting in December. Extraor-
dinary Board meetings are held according
to need. In 2021, 15 Board meetings were
held. All Board members attended all
meetings.
The Executive Board participates in Board
meetings in order to ensure a direct dia-
logue and that the Board of Directors is
well informed about the operation of the
Company.
In 2021, the Board of Directors focused on
the following areas:
• Covid-19
• Financial reporting
• Capital and share structure
• Re-organization and ERP implementa-
tion
• Strategy
• Risk management and internal controls
• Budgets
For more details about the members of the
Board of Directors and the members of the
Audit Committee, see “Board of Directors
and Executive Board” on page 37.
Corporate governance
25
Annual Report 2021
Financial Statements Governance Our business The big perspective
Executive Board
The Board of Directors appoints the Exec-
utive Board and determines the terms of
employment. The Executive Board is re-
sponsible for the day-to-day operation and
management of Columbus, including strat-
egy, budgets and targets for the Company.
The Executive Board currently consists of
two members, CEO & President Søren
Krogh Knudsen and Corporate CFO Hans
Henrik Thrane.
Audit Committee
The purpose of the Audit Committee is to
supervise accounting, audit, risk and con-
trolling issues. The Audit Committee con-
sists of Peter Skov Hansen (Chairman)
and Sven Madsen.
The tasks of the Audit Committee have
been determined in a Terms of Reference,
which have been approved by the Board
of Directors. The Terms of Reference are
available on the Company’s website. The
Committee determines the meeting fre-
quency. In 2021, five meetings were held.
Both Audit Committee members attended
all meetings.
In 2021, the Audit Committee focused on
the following areas:
• Audit planning
• Financial reporting and compliance
• Risk management and internal controls
Evaluation of performance
The Chairman of the Board is responsible
for conducting an annual evaluation of the
competencies of the Board of Directors,
the cooperation between the Board of Di-
rectors and the Executive Board, and the
performance and results of the Board of
Directors and the Executive Board, includ-
ing the areas operation, finance, strategy,
organization and management.
The individual Board and Executive Board
members anonymously complete an
online survey. The results of the evalua-
tion are presented and discussed at the
subsequent Board meeting.
Based on the evaluation, which was con-
ducted in 2021, it was concluded that the
work of the Board of Directors and Execu-
tive Board is efficient, and that the compo-
sition and qualifications of the Board of Di-
rectors is appropriate in terms of profes-
sional experience and relevant special
competences to perform the tasks of the
Board of Directors in the best possible
manner.
Remuneration
Columbus’ remuneration policy determines
the frame for fixed and variable remunera-
tion for the Board of Directors and the
Executive Board.
The overall objective with Columbus’ re-
muneration policy is to ensure:
• That Columbus will constantly be able
to attract, motivate and retain qualified
members of the Board of Directors and
the Executive Board.
• Aligned interests for the company’s
shareholders, Board of Directors and
the Executive Board.
• Promoting of the long-term interests
and sustainability of Columbus and ful-
filment of its business strategy short-
term and long-term.
The Remuneration Policy, which is availa-
ble on the Company’s corporate website,
was adopted at the Annual General Meet-
ing in April 2021.
Board of Directors
Members of the Board of Directors in
Columbus A/S receive a fixed annual
basic remuneration. The Chairman of the
Board receives triple basic remuneration.
The Chairman of the Audit Committee re-
ceives and additional remuneration of 50%
of the basic remuneration, and other mem-
bers of the Audit Committee receives an
additional remuneration of 25% of the
basic remuneration. In addition, potential
travel expenses related to board meetings
are reimbursed. The Board of Directors
may allot share-based instruments, if the
Board of Directors considers it expedient
in order to encourage common goals for
Columbus’s management and sharehold-
ers.
The Board of Directors evaluates its remu-
neration at least once a year. When deter-
mining the remuneration, the Board takes
into consideration benchmarks from other
companies, responsibilities and qualifica-
tions.
The overview below shows the total remu-
neration for the Board of Directors in 2021.
Total remuneration
of the Board of Directors in 2021
DKK’000 Fixed fee
Audit
Committee
fee
One-off fee
Cash settle-
ment of war-
rant exercise
Total
Board of Directors
Ib Kunøe (Chairman)
450 0 90 0 540
Sven Madsen (Deputy Chairman)
150
38
37
0
225
Peter Skov
Hansen (member) 150 75 45 108 378
Karina Kirk Ringsted (member)
150 0 30 108 288
*
All Board members received a one-off fee as compensation for involvement and time spent on recruiting of the new CEO &
President, organisational changes in Columbus and on divestment of the Columbus subsidiaries in Estonia, Lithuania and the
US
. The Board played a major role in these areas. Two of the Board members received a cash settlement of warrant programs.
See Remuneration Report for further details regarding this one-off bonus www.columbusglobal.com/Investors/Remuneration
26
Annual Report 2021
Financial Statements Governance Our business The big perspective
Executive Board
The Board of Directors determines the re-
muneration of the Executive Board. The
size and components of the remuneration
to the Executive Board are evaluated on
yearly basis.
The Executive Board receives a fixed re-
muneration. In addition to the fixed remu-
neration, other benefits such as pension
contribution, company car, insurances and
other normal benefits related to local con-
ditions may be agreed to cover the Execu-
tive Board member’s daily performance.
Furthermore, an allowance or reimburse-
ment of additional costs related to station-
ing is offered. The fixed fee is determined
based on market standard hereunder
scope of responsibility and qualifications.
In addition to the fixed remuneration, vari-
able incentive programs may be allotted.
Incentive programs may comprise any
form of variable remuneration, including
share-based instruments such as share
options, warrants and phantom shares as
well as non share-based bonus schemes -
both ongoing, single-based and event-
based.
The overview below shows the total remu-
neration of the Executive Board in 2021.
Pursuant to Section 139b of the Danish
Companies Act, Columbus has prepared a
Remuneration Report for 2021 which is
available at the Company’s corporate web-
site. The Remuneration Report provides
an overview and detailed description of the
total remuneration received by each
member of the Board of Directors and of
the Executive Board for the 2021 financial
year with comparative figures for past fi-
nancial years where relevant.
Diversity and inclusion
In accordance with Section 139c of the
Danish Companies Act and the Recom-
mendations on Corporate Governance, the
Board of Directors in Columbus A/S has
adopted a Diversity & Inclusion Policy.
Columbus is a people business and our
employees are our greatest asset. We as-
pire to be a company where people stay
for many years. Employee well-being, a fo-
cus on diversity & inclusion and on the
creation of a unique culture and authentic
values are therefore key focus areas in
Columbus.
Columbus is committed to have a diverse
and inclusive work culture, where our peo-
ple thrive and grow with equal career op-
portunities and where our people feel
heard and included in the organization.
We believe that diversity within gender,
age, experience, educational and socio-
economic background, ethnicity, sexuality,
disability etc. is important, and we do not
tolerate any kind of discrimination, harass-
ment or bullying of employees.
Remuneration of the Executive Board 2021
Fixed remuneration
Variable
remuneration
DKK ´000
Fixed base
salary Pension Other benefits Total
Short-
term
bonus One-off bonus
Granted Share-
based
instruments
2
Total
Total fixed &
variable remu-
neration
Søren Krogh Knudsen, CEO (from 7 June 2021)
2.267
0
116
2.383
453
0
2.199
2.652 5.035
In percent
45% 0% 2% 47% 9% 0% 44% 53% 100%
Hans Henrik Thrane, CFO (interim CEO from 1 January
to 6 June 2021)
2.682 0 212
2.894
1.023 300
1
990
2.313 5.207
In percent
52% 0% 4% 56% 20% 6% 19% 44% 100%
Total without special arrangements
4.949
0
328
5.277
1.476
300
3.189
4.965 10.242
In percent
48% 0% 3% 52% 14% 3% 31% 48% 100%
1 One-off bonus for the CEO interim responsibility
2 Share
-based instruments is calculated as Granted Fair Value of the warrants program. The reporting practice has been changed from ‘Total expensed remuneration’ to ‘Total Granted Value’ and that comparative information
has been restated for this element only. This means that Share-based instruments is now reported at granted Share-based instruments value in the remuneration report.
27
Annual Report 2021
Financial Statements Governance Our business The big perspective
Diversity
Columbus A/S has chosen to set target
figures and report on target figures only for
the companies in the Group that individu-
ally meet the criteria for being subject to
the rules, cf. The Danish Business Author-
ity’s “Guidelines on target figures, policies
and reporting on the gender composition
of management”. Only the parent com-
pany, Columbus A/S meets the criteria,
and therefore target setting and reporting
on development in relation to targets will
only apply for Columbus A/S.
The Board of Directors have set targets for
the gender distribution in Columbus. The
targets are reviewed annually.
According to the Danish Business Author-
ity’s guidelines on target figures, policies
and reporting on the gender composition
of management from March 2016, a distri-
bution of 25/75% in a company with four
Board members is considered to be an
equal gender distribution.
The proportion of women in Columbus’
Board of Directors is 25%, and thereby the
gender distribution in the Board of Direc-
tors is considered to be equal.
For now, the Board of Directors has de-
cided not to increase the target for the pro-
portion of women in the Board of Direc-
tors. However, this is being considered on
an ongoing basis.
In 2020 the gender distribution at manage-
ment level in Columbus A/S constituted
28% women and 72% men. At the end of
2021, the percentage of women at man-
agement level had increased to 33%.
In 2020, Columbus set a target to increase
the percentage of female managers in Co-
lumbus A/S to a minimum of 35% by the
end of 2023. Columbus maintains this tar-
get.
Pursuant to Section 99b of the Danish Fi-
nancial Statements Act, Columbus has
prepared the statutory report on gender
distribution as part of the CSR Report
2021, which is available at the Company’s
corporate website.
Data Ethics
The Board adopted a Data Ethics Policy in
2021. The purpose of the Data Ethics Pol-
icy is to establish the high standards for
data ethics that Columbus wishes to ad-
here to and to emphasize our commitment
to a responsible and sustainable use of
data and to account for our general data
collection and use in order to ensure trans-
parency.
Columbus will periodically review and re-
vise the principles to reflect evolving tech-
nologies, the regulatory landscape, stake-
holder expectations, and understanding of
the risks and benefits to individuals and
society of data use.
The digital ecosystem imposes a new and
more significant risk for organizations and
society. In this data-driven, digital world,
the creation and collection of data do not
pose a major risk. However, when an anal-
ysis is prepared for insight from collected
data, and consumers act upon this data,
that action certainly poses a new risk for
the organization.
Columbus as an organization has laid
down principles and guidelines which sup-
port ethical decision making when using
data across the value chain. In 2021, data
ethics principles were enhanced and will
be implemented through the Data Ethics
Policy to ensure data management stand-
ards are upheld and issues are evaluated
and resolved regularly.
At Columbus, control and sustainable utili-
zation of data is vital component in data
management lifecycle. While Columbus is
concentrating its resources on building an
ecosystem that is well-connected and can
evolve sustainable technologies to define
customer needs. Data privacy and security
are integral to the future of these services.
In the reporting year, there was an en-
hanced focus on data ethics at all levels.
Frameworks are developed and adapted
with an emphasis on data collection to pur-
pose limitation, usage and storage with
transparency throughout the lifecycle.
Technologies, processes and practices
designed to enable transparency and ac-
countability of data.
The Board of Directors approves the Data
Ethics Policy, which is updated annually.
Internal controls and risk management
related to financial reporting
The intention of Columbus A/S’ internal
control system is to eliminate or mitigate
significant risks identified in the financial
reporting, and that material errors and in-
consistencies in the financial reporting pro-
cess are identified and corrected.
Overall control environment
The Board of Directors has the overall re-
sponsibility for Columbus A/S’ internal con-
trols and has approved Group policies re-
lated to internal controls, standards and
procedures for financial reporting.
The Board of Directors has appointed an
Audit Committee to assist the Board of Di-
rectors with supervising the financial re-
porting process and monitoring the effec-
tiveness of the internal controls and risk
management system.
The responsibility for maintaining efficient
internal controls and a risk management
system in connection with the financial re-
porting lies with the Executive Board which
in cooperation with the Board of Directors
annually evaluate the control system of the
Group. Responsibilities, authorities and
procedures relating to essential areas are
defined in a Group policy which is ap-
proved by the Board of Directors.
Risk assessment
The Board of Directors and the Executive
Board annually assess the risks that Co-
lumbus A/S is exposed to, including risks
related to the financial reporting process.
On an ongoing basis, the Audit Committee
monitors the effectiveness of the internal
controls for financial reporting and reviews
and discusses material and relevant
28
Annual Report 2021
Financial Statements Governance Our business The big perspective
changes to accounting principles, includ-
ing implementation of these.
Control activities and monitoring
All companies in the Columbus Group re-
port financial and operational data to the
head office on a monthly basis. The re-
porting includes comments to the financial
and business development. Based on this
reporting the Group’s financial statements
are consolidated and reported to the
Group management. As part of this pro-
cess, monthly business reviews and con-
trolling meetings are held, and control vis-
its to all operational companies in the
Group are performed on an ongoing basis
in order to ensure that material errors in
the financial reporting are discouraged,
discovered and corrected.
The need for an internal audit is consid-
ered annually by the Audit Committee.
However, due to the size of the Company
and the established control activities the
Audit Committee so far considers it unnec-
essary to establish an independent inter-
nal audit function.
Information and communication
Columbus has implemented a formalized
reporting process for monthly, quarterly
and annual reporting as well as for budget-
ing and forecasting.
Columbus’ reporting manual and other re-
porting instructions are updated on an on-
going basis. All updates are communi-
cated to the global finance organization.
All employees have access to reporting
manuals and instructions.
Whistleblower function
As part of the risk management, Columbus
has established a whistle-blower function
for expedient and confidential notification
of possible or suspected wrongdoing. At
the end 2021, no cases had been reported
through the whistle-blower scheme.
Further information
The statutory report on Corporate Governance
for 20
21, cf. section 107b of the Danish Finan-
cial Statement Act is available at:
Remuneration Policy, including g
uidelines for in-
centive programs
, cf. section 139 and 139a of
the Danish Companies Act is
available at:
www.columbusglobal.com/Investors/Remunera-
tion
The Remuneration Report for 2021, cf. section
139b of
the Danish Companies Act is available
at:
www.columbusglobal.com/Investors/Remu-
neration
The
statutory report on Gender Distribution for
2021, c
f. section 99b of the Danish Financial
Statements Act
is available as part of the CSR
Report
at: www. columbusgl obal.com /Inves -
The Diversity & Inclusion Policy, cf. section 139c
of the Danish Companies Act and the Recom-
mendations on Corporate Governan
ce is availa-
ble at:
The Data Ethics Policy, cf. section 99d of the
Danish Financial Statements Act is available at:
29
Annual Report 2021
Financial Statements Governance Our business The big perspective
Columbus sup
port
the UN Global Compact
Columbus has been part of
the UN Global Compact since
2012, which shows our com-
mitment to being socially and
environmentally responsible.
Columbus supports and en-
acts ten general principles of
corporate social responsibility.
These principles are based on
internationally recognized con-
ventions on human rights, la-
bour standards, environment
and anti
-corruption.
More Information
Columbus’ statutory statement
on Corporate Social Respon-
sibility (CSR) pursuant to sec-
tion 99a, se
ction 99b and sec-
tion 107d of the Danish Finan-
cial Statements Act for the fi-
nancial year 2021 is available
from the company’s website at
www.columbusglobal.com/In-
vestors/CSR
Corporate Social Responsibility
In
Columbus, we are committed to contribute to the UN Sustainable Development
Goals. In 2019, we took an important step to focus on five of the 17 SDGs. In
each of the SDG targets, we have formulated our commitment and focus points
.
In 2022, we have initiated an ambitious ESG strategy process.
We commit to
gender equality
and continue to
increase the
proportion of women in
Columbus.
We ensure high-
quality work and
safe working
conditions for
our people and we
strive to fos-
ter an inclusive workplace
where people thrive and grow
with equal career opportunities
for all.
We help our
customers mod-
ernize their in-
frastructure by
building new, innovative digital
solutions that help our custom-
ers run a sustainable business.
We reduce
waste genera-
tion through
reduction, recy-
cling and reuse in our offices
globally. We develop innova-
tive digital solutions that moni-
tor, analyse and report produc-
tion patterns in order to help
our customers reduce waste
and loss in production and
optimize supply chain to
enable sustainable production
patterns.
We reduce our
environmental
footprint globally
by reducing
flight travel, recycle and opti-
mize our consumption and
energy mix.
Gender
equality
Decent work and
economic growth
Industry,
innovation and
infrastructure
Responsible
consumption
and production
Climate action
30
Annual Report 2021
Financial Statements Governance Our business The big perspective
With ever-increasing emphasis on sustain-
ability, organizations seek new, innovative
business models to future-proof, trans-
form, and modernize their infrastructure.
Columbus helps our customers future-
proof their business by enabling them to
run a sustainable, growing, and profitable
business through digitalization.
Columbus has strong domain knowledge
within key industries based on more than
30 years of experience and profound in-
sights with more than 2,500 customers. As
sustainability is becoming increasingly im-
portant, we are stepping forward and lead-
ing our customers in creating a better to-
morrow.
We offer end-to-end sustainable business
critical solutions such as Cloud ERP, Digi-
tal Commerce, Data & Analytics, and Ap-
plication Management and advisory ser-
vices to address the lifecycle and sustain-
ability demands of the manufacturing,
food, and retail and distribution industries.
Manufacturing
An acute shortage of skilled workforce,
expensive machinery, and increasing pro-
duction costs have a high impact on the
manufacturing sector. Columbus supports
manufacturers to stay ahead of the
competition curve by bringing Industry 4.0
best practices into the picture. We enable
the players to upgrade their technological
capabilities and build a sustainable, relia-
ble, and resilient infrastructure.
Our services include, but are not limited to,
efficient global supply chain integration,
IoT for improved connectivity, personaliza-
tion and configuration, as well as artificial
intelligence and machine learning-related
expertise for demand prediction and plan-
ning.
This results in streamlined production at a
lesser cost, and an efficient global supply
chain.
Food, Beverage & Process
The last few decades have seen an infuse
of IT in the food and beverage industry. In-
creased competition from medium and
small companies and evolving consumer
needs necessitates food manufacturers
and retailers to build capabilities around
technology for pricing, to forecast cus-
tomer demand, ensure high levels of qual-
ity in a highly regulated industry.
Columbus solutions help our customers in-
crease transparency and traceablity
across the supply chain to ensure a
granular MRP. Columbus solutions help
our customers respond to changing cus-
tomer dietary preferences and compliance
mandates by minimizing wastes, improving
the efficiency of supply chains and inven-
tories, optimizing delivery routes, automat-
ing manual processes, and ensuring that
the food products adhere to the highest
quality and safety standards.
Retail & Distribution
A modern-day consumer goes through
several touchpoints before making a pur-
chase. Columbus enables retailers, distrib-
utors, and brands to ensure a seamless
customer experience throughout this jour-
ney. Our solutions enable our customers
to provide a unified customer experience
across all channels and touchpoints, opti-
mize costs with centralized inventory man-
agement, increase order values through
improved engagement, maximize revenue
from existing customers, and gain new
customers.
Helping our customers run a growing,
profitable
, and sustainable business
32
Annual Report 2021
Financial Statements Governance Our business The big perspective
As Columbus has grown and developed
over time, focus on risk management has
increased and become an integrated part
of the Group’s business activities. By con-
stantly monitoring and mitigating risks, Co-
lumbus aims to reduce risks to an ac-
ceptable level to reduce potential negative
impact on operational performance and fi-
nancial results.
Columbus risk management is organized
according to the “Three lines of defence”
model which organizes roles and responsi-
bilities for risk decisions and controls to
ensure efficient risk management and gov-
ernance.
The Executive Board is responsible for the
ongoing risk management and continu-
ously considers and reviews key risks.
Risk management is reported to and dis-
cussed with the Audit Committee at com-
mittee meetings during the year.
The Board of Directors has the final re-
sponsibility for the Group’s risk manage-
ment.
Once a year, a formalized updated risk as-
sessment, including measures to mitigate
risks, is reported to the Board of Directors
for approval.
Risk definition
Columbus’ is exposed to several commer-
cial and financial risks that potentially
could reduce the ability to realize the Com-
pany’s strategic and operational objec-
tives. Risks are evaluated in terms of:
Probability that the risk will materialize
X
Impact without any mitigation
=
Gross Risk
-
Mitigation activities
=
Net Risk
Risk management
As a global company operating in a continuously changing environment,
Columbus is exposed to
several commercial and financial risks. Consequently, it
is essential for the Company to ensure that risks are constantly identified,
monitored
and controlled in order to reduce potential negative impact on
operational performance and financial
results.
33
Annual Report 2021
Financial Statements Governance Our business The big perspective
Risk handling
Columbus constantly strives to bring risks
to a level that is acceptable. Columbus’
seeks to transfer the risk to a third party
and/or to mitigate the risk seeking to mini-
mize the exposure. Ultimately some risks
will remain that Columbus accepts. By
constantly monitoring and mitigating these
risks, Columbus aims to reduce them to an
acceptable level.
Risk grouping
Columbus groups the risks in Commercial
and Financial risks.
Columbus’ potential to realize the Com-
pany’s strategic and operational objectives
is exposed to several commercial risks,
such as the ability to adapt to market
changes, project and contract risks, em-
ployee dependency and partnership with
software providers.
Due to Columbus’ international activities,
investments and financing, the Group’s
earnings and equity are impacted by
changes in currency rates, interest rates,
liquidity and credit risk. The overall objec-
tive of the financial risk management is to
reduce the sensitivity of earnings to fluctu-
ations in economic trends.
The Parent Company controls the financial
risks in the Group centrally and coordi-
nates the Group’s liquidity management,
including provision of capital and place-
ment of excess liquidity pursuant to the
“Finance policy and financial risk manage-
ment guidelines” determined by the Board
of Directors and the Executive Board.
These guidelines are updated and ap-
proved by the Board of Directors annually,
based on a low risk profile so that currency
and interest risks only emerge in commer-
cial conditions.
Internal controls and risk management re-
lated to financial reporting are described
on page 27 under “Corporate Governance”
and are included in the Company’s Statu-
tory Corporate Governance statement, cf.
section 107b of the Danish Financial
Statements Act which is available on
Columbus’ website.
The top risk issues are mapped in terms of
probability and impact in the graph to the
right and further described on the next
page.
Risk map
34
Annual Report 2021
Financial Statements Governance Our business The big perspective
IT, GDPR and cybercrime
Project and contract
risks
Employee dependency
Competitive pressure and
market changes
Partnership with software
providers
Key IT risks are unauthorized
attacks and operational de-
pendency and potential non
-
compliance to personal data
regulation including General
Data Protection Regulations
(GDPR).
GDPR has significant
ramifications for non
-compli-
ance.
It is crucial to Columb
us’ ser-
vices projects to be able to exe-
cute high quality at the agreed
time and price. Risks are at-
tached to the Sale, Analysis
and Design, Development, Im-
plementation and
Deployment
phases.
Columbus is a knowledge
-in-
tensive company and in order
to continuously offer optimal so-
lutions, develop innovative
products, and ensure satisfac-
tory financial results, it is neces-
sary to attract, retain and de-
velop the right employees.
Rapid changes and competitive
pressures from both existing
and new competitors i
n the IT
market provide a risk of losing
relevance.
Columbus’ business is to a
wide extent based on imple-
mentation and servicing of cus-
tomer solutions based on third
party software and cloud prod-
ucts. Partnerships with our soft-
ware and cloud providers i
s of
crucial importance to the imple-
mentation of Columbus’ busi-
ness strategy.
Risk
Business interruptions, property
theft and regulatory conse-
quences leading to financial
losses and reputational dam-
age.
Potential impact is consid-
ered high, but mitigation re-
duces risk and probability.
Incorrect pricing and unclear
scoping pose a risk of
cost
overruns
, delivery risks and
customer dissatisfaction
. Prob-
ability is considered low/me-
dium and impact medium.
Lack of talent will limit the future
growth and loss of key employ-
ees could have negative impact
on the existing business
. Both
probability and potential impact
is considered medium.
Failing to spot and follow mar-
ket trends and development
could have a negative impact
on the growth opportunities and
existing business.
Both proba-
bility and potential impact is
considered medium.
Loss of partnership agreements
or deteriorating relationships
could have a significant nega-
tive impact on the overall busi-
ness.
Probability is considered
low and impact medium/high.
Impact
Mitigation
Columbus has adopted leading
industry standard i.e., ISO
27001 & 27002
and is at an ad-
vanced stage of implementa-
tion
. ITIL V3 best practices are
leveraged as part of the contin-
uous improvement process
.
Co-
lumbus has subscribed to
Cyber Insurance Plan to safe-
guard itself from financial
cost
arising in the event of
a Cyber
Incident. This in combination
with our business continuity
proces
s reduces the risks.
By focusing on the sales phase,
we are striving towards repeti-
tion in solving the customer
problems and the procedures
by which thes
e problems are
managed. Through project re-
views
, implemented standard
contracts
and ongoing analyses
before, during, and after initia-
tion, Columbus aims that con-
tracts are entered into
with the
correct pricing
and estimations.
Columbus has the goal of being
an attractive workplace and
achieves this through incentive
programs, attractive working
conditions, employee and man-
ager development, and placing
great importance on the com-
pany culture.
All employee’s
heartbeat (based on NPS ap-
proach) are measured on a
monthly basis to ensure good
culture, personal progress and
employee development
.
Columbus is continuous
ly im-
proving and developing new
market and industry relevant
services and solutions
. We
measure and react to customer
loyalty
and monitor market de-
velopment and competition. We
constant develop our skilled
employees to ensure high qual-
ity in delivery of projects and
services.
Columbus has strong strategic
partnerships with Microsoft and
Infor, among others. Columbus
is in close dialog with our major
partners on an ongoing basis,
which is mitigating the risk of
sudden incidents to deteriorat-
ing the partnership.
Risk issues and actions
35
Annual Report 2021
Financial Statements Governance Our business The big perspective
Notifications to Nasdaq Copenhagen
2021
1
15 January
Works
Council consultation procedures finalized in relation to Columbus divest-
ment
of To-Increase
2
26 January
Columbus
completes the divestment of To-Increase
3
10
March
Major shareholder information pursuant to Section 30 of the Danish Capital Mar-
kets Act
4
15 March
Extraordinary dividend payment
5
16
March
Columbus
Annual Report 2020
6
18
March
Transactions by members of senior management and Board of
Directors in
shares issued by Columbus A/S and related securities
7
19
March
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
8
2
2 March
Notice
to convene annual general meeting
9
24 March
Major
Shareholder Information Pursuant to Section 30 of the Danish Capital Mar-
kets
Act
10
6
April
Columbus
issues new shares as a consequence of the exercise of warrants
1
1
6
April
Subscription
for shares by exercising of warrants
1
2
6
April
Capital
increase registered - new articles of association
1
3
7 April
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
1
4
8 April
Transactions by
members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
1
5
8 April
Columbus
issues new shares as a consequence of the exercise of warrants
1
6
8 April
Capital
increase registered - new articles of association
1
7
9 April
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
18
12 April
Transactions by members of senior management and Board of Directors in
shares issued by
Columbus A/S and related securities
19
13 April
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
20
23 April
Søren
Krogh Knudsen appointed new CEO of Columbus
2
1
27 April
Passing
of Columbus Annual General Meeting and subsequent constitution of
the
Board of Directors
2
2
27 April
Merger
plan for Columbus A/S and Columbus M3 Danmark ApS
2
3
7 May
Søren
Krogh Knudsen joins Columbus 7 June 2021
2
4
18 May
Q1 Report 2021
2021
2
5
20 May
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
26
15 June
Merger
of Columbus AS and Columbus M3 Danmark ApS
2
7
16 June
Transactions by members of senior
management and Board of Directors in
shares issued by Columbus A/S and related securities
28
28 June
Incentive scheme
29
28 June
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related
securities
30
27 July
Amendment
of articles of association
31
18 August
Interim Report 20
21
32
1 November
Columbus
divests US SMB business unit
33
3 November
Q3 Report 2021
34
13 November
Transactions by members of senior management and Board of
Directors in
shares issued by Columbus A/S and related securities
35
16 November
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
36
23 November
Transactions by members of
senior management and Board of Directors in
shares issued by Columbus A/S and related securities
37
25 November
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
38
1 December
Tran
sactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
20
22
1
1
4 February
Major shareholder information pursuant to Section 30 of the Danish Capital Mar-
kets Act
Financial calendar 2022
Annual Report 202
1
16
March 2022
Annual General Meeting
29
April 2022
Q1 Report 202
2
10 May
2022
Interim Report H1 202
2
24
August 2022
Q3 Report 202
2
9
November 2022
Immediately following the publication, the notifications will be available on Columbus’ website: www.columbusglobal.com
36
Annual Report 2021
Financial Statements Governance Our business The big perspective
Group overview
Company
Country
Ownership by
Columbus A/S,
%
Columbus A/S’
share of voting
right, %
Average no. of
employees
Columbus A/S
Denmark
290
Subsidiaries
R H ApS
Denmark
100
100
0
Columbus Norway AS
Norway
100 100 139
Columbus Sweden AB
Sweden
100 100 378
iStone
AB
Sweden
100 100 0
iStone Saplication AB
Sweden
100 100 0
Columbus Global (UK) Ltd.
England
100 100 177
iStone Switzerland SA
Switzerland
100 100 1
Columbus Deutschland GmbH
Germany
100 100 17
Company
Country
Ownership by
Columbus A/S,
%
Columbus A/S’
share of voting
right, %
Average no. of
employees
Eastern Europe
AO
Columbus
Russia
100 100 178
000
Columbus Global
Russia
100 100 6
Columbus Global
Ukraine
Ukraine
100 100 2
Columbus Global
Kazakhstan
Kazakhstan
100 100 3
Columbus Global s.r.o
Czech
100 100 32
Columbus
Poland Sp.z.o.o.
Pol
and 100 100 39
North America
Columbus US Inc.
USA
100 100 57
Columbus M3
Inc.
USA
100 100 10
Asia
Columbus Global Services
India Pvt. Ltd.
India
100 100 303
Rest of world
Columbus
Chile SpA
Chile
100 100 12
Note: The overview only contains the Group
’s operative companies.
37
Annual Report 2021
Financial Statements Governance Our business The big perspective
The Board of Directors
Born
1943
1964
Title and position
Member of the Board since 2004, re
-elected in 2020, term expires 2021
Member of the Board since 2007, re
-elected in 2020, term expires 2021
CFO in Consolidated Holdings A/S
Member of the Audit Committee
Education
Holds an HD Graduate Diploma in Organization and Management as well as a back-
ground as a
professional officer (major).
Holds a Graduate Diploma in Financial and Management Accounting and an MSc in
Business Economics and Auditing
Independency
Does not
fulfil the Committee of Corporate Governance definition of independency
Does not
fulfil the Committee of Corporate Governance definition of independency
Chairman of the Board
Atea ASA, Consolidated Holdings A/S, X
-Yacht A/S, Calum, Åbyhøj K/S, Calum,
Værløse K/S, Calum, Bagsværdlund K/S, Komplementarselskabet Åbyhøj ApS,
Komplementarselskabet Værløse ApS
and Komplementarselskabet Bagsværlund
ApS
CHV III ApS
Member of the Board
Atrium Partner A/S
Atea ASA, Consolidated Holdings A/S, core:workers A
B, core:workers Holding A/S,
X
-Yachts A/S, Ejendomsaktieselskabet af 1920 A/S, CHV V A/S, DAN-Palletiser Fi-
nans A/S and MonTa Biosciences ApS.
Special competencies
Company management, including management of IT companies, development of
and dealing with
companies.
General management, M&A, business development, economic and financial issues.
No. of shares 31
Dec 2021
45
0,000
948
,529
Changes in fiscal year, shares
90,000
180,000
Total no. of warrants 1
Jan 2021
90
,000
180
,000
No. of
warrants exercised in 202
1
90,000
180,000
No. of warrants granted in 20
21
0
0
Total no. of warrants 31 Dec 20
2
1
0
0
38
Annual Report 2021
Financial Statements Governance Our business The big perspective
Born
1951
1971
Title and position
Member of the Board since 2012,
re-elected in 2021, term expires 2022
Chairman of the Audit Committee
Member of the Board since 2018, re
-elected in 2021 term expires 2022
Owner of KIRK & CO.
Executive and board advisory
Education
Completed State Authorized Public Accountant
education in 1980, registered as
nonpracticing.
Holds a Master of Science in International Business Administration (1996), NYU
Stern School of Business, MBA selected classes (1994), Executive, Board Leader-
ship and Governance (2017)
Independency
Fulfils
the Committee of Corporate Governance definition of independency
Fulfils
the Committee of Corporate Governance definition of independency
Chairman of the Board
-
–
Member of the Board
X
-Yachts A/S
Ringsted Olie A/S
Special competencies
Business development and financial, accounting and tax related issues.
General management, management of consulting companies, market and customer
leadership, business development and business transformation.
No. of shares 31
Dec 2021
280,000
45
,000
Changes in fiscal year, shares
0
25,000
Total no. of warrants 1
Jan 2021
90,000
90,000
No. of warrants exercised in 20
2
1
90,000
90,000
No. of warrants granted in 20
21
0
0
Total no. of warrants 31 Dec 20
2
1
0
0
39
Annual Report 2021
Financial Statements Governance Our business The big perspective
Born
19
74
1968
Title and position
Joined in Ju
ne 2021
Joined in July 2010
Education
H
olds an executive MBA in Business Administration, economics and an Academy
Profession Degree in Financial Management.
Holds a Graduate Diploma in Financial and Management Accounting and an MSc in
Business Economics and Auditing
State Authorized Public Accountant
Chairman of the Board
Skylight A/S
, Sky-Light Ejendomme A/S
Special competencies
General management,
technology-
driven transformation programs, turnarounds and
growth strategies
General management, M&A, business development, economic and financial issues.
No. of shares 31
Dec 2021
290,553
957,094
Changes in fiscal year, shares
290,553
-
171,706
Total no. of warrants 1
Jan 2021
0
1,320,000
No. of warrants exercised in 2021
0
1,320,000
No. of warrants granted in 20
21
999,999
450,000
Total no. of warrants 31 Dec 2021
999,999
450
,000
Executive Board
40
Annual Report 2021
Financial Statements Governance Our business The big perspective
At the end of 2021, the price of the
Columbus A/S share was DKK 9.54, while
at
the end of 2020 it was DKK 11.24 – a
decrease of 15.12% (2020: +16.48%)
1
.
In 2021, a total of 59m shares were traded
corresponding to 45.9% of the total num-
ber of shares at the end of 2021 (2020:
34.5%). The average trade per business
day in 2021 was DKK 2.7m (2020: DKK
1.4m)
1
.
The Company’s market value amounted to
DKK 1,233m at the end of 2021 against
DKK 1,401m at the end of 2020.
1
Source: Nasdaq Copenhagen A/S
Share capital
At the end of 2021 the share capital in
comprised of 129,276,264
shares at DKK 1.25 corresponding to nom-
inal share capital of DKK 161,595,330
(2020: 124,622,132 shares at DKK 1.25
corresponding to nominal share capital of
DKK 155,777,665).
E
ach share provides one vote. The shares
are marketable securities and no re-
strictions have been set for the shares’ ne-
gotiability. The shares must be named and
noted in the Company’s share register.
Shareholders
At the end of 2021 Columbus A/S had
7,987 registered shareholders, who to-
gether owned 97.75% of the total share
capital.
The following shareholders have informed
Columbus A/S of possession of 5% or
above of the share capital:
No. of shares %
Protector Forsikring
ASA
7,724,305 5.98
Consolidated
Holdings A/S
*
62,264,906 48.16
Ib Kunøe
450,000 0.35
62,714,906 48.51**
Shareholder information
Share price development in 202
1
1
:
Shareholders
Share data
Share capital
DKK 161,595,330
No. of shares
12
9,276,264
Stock exchange
Nasdaq Copenhagen A/S
ISIN code
DK0010268366
Abbreviated name
COLUM
Index
Mid Cap
Share price at year-end
DKK 9.54
48,16%
2,30%
49,54
%
Consolidated Holdings
Board of Directors and Executive Board
Other
2
Distribution of dividend of DKK 6 per share
2
* Due to shareholder voting agreements, Consolidated
Holdings A/S holds 49.56% of the voting rights.
41
Annual Report 2021
Financial Statements Governance Our business The big perspective
Members of Columbus A/S’ Board of
Directors and Executive Board owned in
total 50.46% of the share capital at the
end of 2021.
Dividend
The Company’s dividend policy is to dis-
tribute dividend of minimum 10% of the
nominal share capital each year, corre-
sponding to DKK 0.125 per share. Be-
sides, the Board of Directors may decide
to propose to the General Meeting that this
dividend be supplemented with an extraor-
dinary dividend for a specific fiscal year.
However, it is decisive for Columbus to
reduce debts and improve financial re-
sources in order to be able to seize any
positive development opportunities for
continued strengthening of the long-term
value creation for the Company. The
Board of Directors may therefore decide to
deviate from the dividend policy and pro-
pose at the General Meeting that divi-
dends are not distributed for a specific
fiscal year.
The Board of Director proposes that the
Annual General Meeting adopts ordinary
dividends to shareholders of 10% of the
nominal value in line with the dividend pol-
icy.
Investor Relations
Columbus seeks to provide a high and
consistent level of information to our
shareholders and other interested parties.
A company goal is to have an open and
active dialogue with shareholders, share
analysts, the press and the public in order
to ensure the necessary insight and
thereby the best possibility to evaluate the
Company. This will be obtained in accord-
ance with rules and legislation for compa-
nies listed on Nasdaq Copenhagen and in
accordance with Columbus’ Investor Rela-
tions policy. Communication with inter-
ested parties takes place via the ongoing
publication of notifications, investor
presentations and individual meetings.
The website www.columbusglobal.com is
the primary source of information for inter-
ested parties. It is updated constantly with
new information about Columbus’ results,
activities and strategy.
At the Company’s website, it is possible to
subscribe to Columbus’ e-mail service and
thereby receive company announcements,
financial statements and investor news via
e-mail.
Columbus hosts a conference call after
publication of financial statements. The
call and presentations can be followed
directly via the Company’s website.
Analyst coverage
The Danish share analysts, Aktieinfo
covers Columbus, and four times a year
they publish a share analysis with recom-
mendations about the Columbus share
based on the Company’s results and fac-
tors that may influence the Company’s
business and future share price develop-
ment.
Con
tact
The
Corporate CFO handles the daily contact
with investors and analysts:
Corporate CFO,
Hans Henrik Thrane
Email:
hht@columbusglobal.com
Columbus
2750 Ballerup
Tel: +45 7 020 500 0
General Meeting
The Company’s Annual General Meeting
will be held on:
on the Company’s address at:
I
t will also be possible to participate electroni-
cally via webcast
Development in share capital
Development in share capital in Columbus A/S since 1 January 2021
Capital increase
(DKK nom.)
Total share
capital
(DKK nom.)
No. of shares of
DKK 1.25 (nom.)
Capital increase 6 and 8 April 2021*
5,817,665
161,595,330
129,276,264
* Capital increase as a consequence of the exercise of warrants by members of the Board of Directors, Executive Board and a number of senior executives.
The warrants were granted as part of the Company’s warrant program. The subscription price for the new shares was DKK 8.99 for 644,200 shares, DKK
12.3 for 2,364,932 shares, DKK 13.5 for 1,615,000 and DKK 15.08 for 30,000 shares.
42
Annual Report 2021
Financial Statements Governance Our business The big perspective
42
Annual Report 2021
Statement of comprehensive income
43
Balance sheet
44
Statement of changes in equity
- Group 45
Statement of changes in equity
– Parent company 46
Cash flow
47
Notes
48
Statement by management on the Annual Report
99
Independent Auditor’s Reports
100
Financial
statements
Financial Statements Governance Our business The big perspective
43
Annual Report 2021
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
Note 2021 2020 2021 2020
Net revenue
3 1,481,818 1,407,216 401,289 382,367
External project costs
-260,733 -254,793 -150,854 -130,097
Gross profit
Staff expenses and
remuneration
4 -984,941 -956,559 -237,865 -230,456
Other external costs
-122,844 -136,748 -38,902 -40,788
Other operating income
6 1,642 46,265 51,458 93,892
Other operating costs
-2,344 -17 -1,748 0
EBITDA before share
-based payment 112,598 105,364 23,378 74,918
Share
-based payment 4 -3,157 -4,479 -3,157 -4,479
EBITDA
Depreciation, amortization and
impairment
5 -50,739 -49,960 -12,614 -10,109
Operating profit (EBIT)
Results in subsidiaries
Financial income
7 3,712 948 6,190 1,444
Financial expenses
7 -7,214 -17,801 -8,279 -15,612
Profit before tax from continuing operations
Corporate tax
8
-10,409
-2,326
Profit after tax from continuing operations
Profit after tax from discontinued
operations
27
Profit after tax for the period
Group Parent Company
DKK ´000
Note 2021 2020 2021 2020
Items that may be reclassified
subsequently to profit and loss:
Foreign exchange adjustments of subsidiaries
-13,174 -5,916 0 0
Other comprehensive income
-13,174 -5,916 0 0
Total comprehensive
income for the period
Profit after tax allocated to:
Shareholders in Columbus A/S
Minority interests
-607 70
Total comprehensive income
allocated to:
Shareholders in Columbus A/S
Minority interests
-608 58
Earnings per share of DKK 1.25 (EPS)
Earnings per share of DKK
1.25, diluted
(EPS
-D)
Statement of comprehensive income
44
Annual Report 2021
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
Note 2021 2020 2021 2020
ASSETS
Goodwill
10 644,451 776,961 131,656 110,240
Customer base
10 27,174 41,394 238 952
Internal applications
10 46,512 17,805 46,512 17,783
Development projects finalized
10 3,070 3,397 1,265 1,871
Development projects in progress
10 0 940 0 0
Property, plant and equipment
11 10,866 8,674 2,058 2,019
Right
-of-use assets 12 61,422 87,616 15,008 13,268
Investments in subsidiaries
13 0 0 767,250 862,847
Deferred tax assets
8 22,916 43,390 0 2,615
Other receivables
Total non
-current assets
Trade receivables
14 269,583 222,571 58,451 36,350
Contract assets
15 11,433 14,733 952 1,638
Receivables from subsidiaries
Corporate tax receivables
8 12,041 871 5,673 0
Other receivables
Receivables from divestment of activities
28 55,631 0 0 0
Prepayments
Receivables
Cash
Total current assets
Assets classified as held for sale
29
TOTAL ASSETS
Group Parent Company
DKK ´000
Note 2021 2020 2021 2020
EQUITY AND LIABILITIES
Share capital
Reserves on foreign currency translation
-59,442 -46,269 -7,366 -7,366
Reserve to development costs
Retained profit
Group shareholders' equity
Minority interests
Equity
Deferred tax
8 5,542 24,493 1,788 0
Other provisions
17 1,056 21,337 1,056 21,337
Debt to credit institutions
Lease liability right
-of-use assets 18 36,454 59,929 10,087 9,142
Non
-current liabilities 119,022 281,759 88,901 206,479
Debt to credit institutions
Debt to subsidiaries
Contingent consideration
17 6,539 81,594 6,539 81,594
Contract liabilities
15 17,248 19,607 6,925 9,164
Trade payables
Corporate tax payables
8 1,171 10,202 0 11
Other payables
19 217,406 300,470 48,603 78,789
Other provisions
17
Accruals and deferred income
Lease liability right
-of-use assets 18 28,359 32,006 5,814 5,169
Current liabilities
Total liabilities
Total liabilities relating to assets
classified as held for sale
29
TOTAL EQUITY AND LIABILITIES
Balance sheet
45
Annual Report 2021
Financial Statements Governance Our business The big perspective
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits
Minority
interests Equity
2021
Balance at 1 Jan 2021
Profit after tax
Currency adjustments of investments
in subsidiaries
Total comprehensive income
Capital increase
Share
-based payment 0 0 1,666 0 1,666
Disposal of minority interest
-2,576
-2,576
Payment of dividend
Balance at 31 Dec 2021
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits
Minority
interests Equity
2020
Balance at 1 Jan 2020
Profit after tax
Currency adjustments of investments
in subsidiaries
Total comprehensive income
Share
-based payment 0 0 4,479 0 4,479
Balance at 31 Dec 2020
Accounting policies
Dividend
Proposed dividends are recognized as a liability at the time of approval by the general meeting (time of dec-
laration).
Translation reserve
The translation reserve comprises foreign exchange differences arising from translation of the financial re-
port for entities with a different functional currency than Danish kroner.
Statement of changes in equity - Group
46
Annual Report 2021
Financial Statements Governance Our business The big perspective
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Reserve to
develop-
ment costs
Retained
profits Equity
2021
Balance at 1 Jan 2021
Profit after tax
Total comprehensive income
Capital increase
Share
-based payment cf. note 4 0 0 0 1,581 1,581
Payment of dividend
Development costs
Balance at 31 Dec 2021
DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Reserve to
develop-
ment costs
Retained
profits Equity
2020
Balance at 1 Jan 2020
Profit after tax
Total comprehensive income
Share
-based payment cf. note 4 0 0 0 4,479 4,479
Development costs
Balance at 31 Dec 2020
Statement of changes in equity – Parent company
47
Annual Report 2021
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
Note 2021 2020 2021 2020
Operating profit (EBIT)
Non
-recurring income and expenses
from acquisitions
Depreciation, amortization and
impairment
5 50,739 49,960 12,614 10,109
Cost of incentive scheme
Changes in net working capital
25 -87,221 25,236 -51,223 -41,988
Cash flow from primary activities
Interest received, etc.
Interest paid, etc.
-7,779 -3,363 -3,834 -4,496
Corporate tax paid
-8,957
-6,019
-1,436
-4,516
Cash flow from operating activities
discontinued operations
27 -14,091 114,817 0 1,410
Cash flow from operating activities
-3,229 190,863 -28,502 -18,994
Net investment in
development projects -2 509 0 1,463
Acquisition of tangible assets
-7,434
-3,832
-1,030
-1,771
Acquisition of intangible assets
-33,234 -9,408 -33,234 -9,408
Disposal of tangible assets
Acquisition of activities
21 -74,152 -75,147 -74,152 -38,667
Disposal of activities
28 866,363 -2,696 821,393 -6,714
Dividends received from subsidiaries
Cash flow from investing activities
discontinued operations
27 -7,479 -37,256 0 0
Cash flow from
investing activities
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.
Group Parent Company
DKK ´000
Note 2021 2020 2021 2020
Proceeds from capital increase/warrants
exercised
Repayment of loan
-100,030 0 -100,030 0
Overdraft facilities
Repayment of lease liabilities
-34,085 -38,128 -4,689 -6,005
Dividends paid
-775,658 0 -775,658 0
Cash flow from financing activities
discontinued operations
27 -13,354 -5,844 0 0
Cash flow from financing activities
-847,513 -43,972 -790,049 -6,005
Total net change in cash and cash
equivalents
-106,593 19,061 -57,557 25,412
Cash funds at the beginning of the
period
Exchange rate adjustments
Cash funds at the end of the period
Cash flow from investment activities
Cash flow from investment activities comprise payments relating to purchase and divestment of businesses
and activities, purchase and divestment of intangible and other long-term assets as well as purchase and
divestment of securities not recognized as cash and dividends received.
Cash flow from acquired companies is included from the date of acquisition, while cash flow from divest-
ments is recognized until the time of sale.
Cash flow from financing activities
Cash flow from financing activities comprise changes in size or composition of share capital and related
costs, proceeds from capital increase/warrants exercised as well as raising and repayment of loans, repay-
ment of interest-bearing debt, repayment of lease liabilities, purchase and divestment of treasury shares
and payment of dividend to shareholders. Inception of leases are treated as non-cash transactions. Cash
flow realigned to financial leases are recognized as payments of interest and repayment of debt.
Cash
Cash comprise cash less any overdraft facilities that are an integral part of cash management. Cash pool
arrangements exist and are recognized as either net asset or liability. Cash flows in currencies other than
the functional currency are translated using average exchange rates unless these deviates significantly
from the transaction date.
Cash flow
48
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Note 1 – Significant accounting principles 49
Note 2 – Significant accounting estimates and judgements 51
Note 3 – Segment data 52
Note 4 – Staff expenses and remuneration 56
Note 5 – Depreciation, amortization and impairment 58
Note 6 – Other operating income 58
Note 7 – Financial income and expenses 59
Note 8 – Corporate tax 60
Note 9 – Earnings per share 62
Note 10 – Intangible assets 63
Note 11 – Tangible assets 68
Note 12 – Right-of-use-assets 70
Note 13 – Investments in subsidiaries 73
Note 14 – Trade receivables 74
Note 15 – Contract assets and contract liabilities 75
Note 16 – Share capital 76
Note 17 – Provisions and contingent consideration 77
Note 18 – Lease liability, Right-of-use-assets 79
Note 19 – Other payables 80
Note 20 – Contingent liabilities and commitments for expenditures 80
Note 21 – Business combinations 81
Note 22 – Related parties 83
Note 23 – Fee to the Group's auditor elected by the annual general meeting 84
Note 24 – Financial risks and financial instruments 85
Note 25 – Changes in working capital 90
Note 26 – Cash flow from financing activities 91
Note 27 – Discontinued operations 93
Note 28 – Disposal of activities 95
Note 29 – Assets classified as held for sale 96
Note 30 – Board of Directors and Executive Board 97
Note 31 – Shareholder information 97
Note 32 – Events after the reporting period 97
Note 33 – Approval of publication of the Annual Report 97
Key figures, ratios and Alternative Performance Measures 98
Notes
Note
Page
Note
Page
49
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
The financial statements for 2021 for Columbus, which include financial statements for the Parent Company
Columbus A/S and consolidated financial statements for the Columbus Group have been prepared in ac-
cordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and Danish
disclosure requirements for annual reports prepared after reporting class D (listed), cf. IFRS Executive
Order issued pursuant to the Financial Statements Act. Columbus is a public limited company seated in
Denmark.
The consolidated and Parent Company’s financial statements are presented in Danish Kroner (DKK), which
is the presentation currency for the Group's activities and the functional currency of the parent.
The consolidated and Parent Company’s 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’s financial statements, the management makes various
accounting assessments that form the basis of presentation, recognition and measurement of the Parent
Company and the Group’s assets and liabilities. The most significant estimates and assessments are pre-
sented in note 2.
Consolidated financial statements
The consolidated financial statements include Columbus A/S and the companies in which the Group holds
more than 50% of the voting rights, or otherwise has the power to govern the financial and operating poli-
cies for achieving returns or other benefits from its activities.
Principles of consolidation
The consolidated financial statements are prepared based on financial reporting for Columbus A/S and its
subsidiaries. The consolidated financial statements are prepared by combining financial statements uniform
items. The financial reporting that is used for the consolidation is prepared in accordance with the Group's
accounting policies.
On consolidation, intercompany income and expenses, intercompany accounts and dividends, and gains
and losses on transactions between the consolidated companies are eliminated.
In the consolidated financial statements items of subsidiaries are included 100%.
Minority interests
On initial recognition, minority interests are measured at fair value or at their proportionate share of the fair
value of the acquiree’s identifiable assets, liabilities and contingent liabilities. The adopted method is se-
lected for each transaction. Minority interests are subsequently adjusted for their proportionate share of
changes in equity of the subsidiaries. Comprehensive income is allocated to minority interests regardless of
whether the minority interest thus may be negative. Purchase and sale of minority shares in a subsidiary
that does not result in a loss of control are treated in the consolidated financial statements as an equity
transaction, and the difference between the consideration and the carrying amount is allocated to the Par-
ent Company's share of equity.
Gains and losses on divestments or dissolvement of subsidiaries or associates
Gains or losses on divestments or dissolvements of subsidiaries and associates are stated as the differ-
ence between the sales price or settlement price and the fair value of any remaining equity and the book
value of net assets on the time of sale or winding up, including goodwill, less any minority interests. Gains
or losses are recognized in the statement of comprehensive income as well as accumulated foreign cur-
rency translation adjustments previously recognized in other comprehensive income.
Business Units that have been divested of in the financial year or are expected to be divested within the fol-
lowing 12 months, are in the profit and loss classified as discontinued operations, and in the balance sheet
classified as assets and liabilities held for sale. For further description of the accounting principles, please
refer to note 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 capital value.
For cash-generating units, the impairment is firstly distributed on goodwill, and then any remaining impair-
ment 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’s 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.
Deferred tax assets are reviewed annually and recognized only to the extent that it is probable for utilization
within a five-year period.
Note 1
– Significant accounting principles
50
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
The effect of new accounting standards
All new and revised standards, which entered into force with effect from fiscal periods beginning at 1 Janu-
ary 2021, 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 2021.
New standards effective from 2021
IASB has not issued new or amended standards and interpretations which have effect on the consolidated
financial statements for 2021 or onwards.
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 licenses, subcontractors, etc. External project costs
are recognized as the project progresses and product cost are recognized when incurred.
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.
51
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
By applying the Group’s 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 assumptions 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 32
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.
Areas
Note
Estimates
Revenue recognition and contract assets and liabilities
3, 15
Deferred tax asset
8
Impairment of goodwill and internal
applications
10
For further description of the applied judgements and estimates, please refer to the specific notes listed
above.
The following judgements and estimates are considered the most significant for the Group.
Estimate of revenue recognition of contracts
The stage of completion, forming the basis for the current recognition of revenue at the Group, uses the
production method of contracts. The stage of completion is determined on the basis of the relationship be-
tween the entity's resources in relation to recent total estimate of resource consumption. The degree of
completion is assessed regularly by the responsible employees and the projects are closely monitored by
management, and further adjustments are made to the stage of completion, etc., if deemed necessary.
When performing this evaluation, all factors concerning the relevant contract are taken into consideration
and assessed appropriately. The group has a limited number of fixed price projects, which generally re-
duces the risk related to this.
Estimate of recoverable amount of goodwill and internal applications
The determination of impairment of recognized goodwill requires determination of the value of the cash-
generating units to which the goodwill is allocated. Determination of the value requires an estimate of ex-
pected future cash flows of each cash-generating unit and a reasonable discount rate. At 31 December
2021, the carrying value of goodwill is DKK 644,541k. 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 2021, the carrying value of internal applications is DKK 46,512. For a more detailed
description of methods and assumptions related to recognition of internal applications, see note 10.
Estimate of utilization of deferred tax assets
Deferred tax assets are recognized for all unused tax losses and difference values to the extent it is
deemed likely that within the foreseeable future taxable profits will be realized in which the losses and the
difference values can be utilized. Determining the size of the amount that can be recognized for deferred
tax assets is based on management’s estimate of the likely time and amount of future taxable profits. At 31
December 2021, the carrying value of recognized tax was DKK 22,916k, which is estimated to be realized
in a foreseeable future (5 years or less), see note 8.
Note 2
– Significant accounting estimates and judgements
52
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
In order to support decisions about allocation of resources and assessment of performance of the seg-
ments, the Group’s internal reporting to the Board of Directors of the Parent Company is based on the fol-
lowing grouping of operating segments:
Strategic Business Lines
Market Units
Global Delivery Centers (GDC)
Cloud ERP
Columbus Care
Digital Commerce
Data & Analytics
Customer Experience & Engagement
Other Local Business
Sweden
Denmark
Norway
UK
US
Russia
Other
Poland
Czech Republic
India
Management monitors the business primarily based of the geographical segments and the type of service
or products sold. The Market unit other includes enterprises in Germany and Chile.
During the launch of the Focus23 strategy, management has changed the way the business is assessed. In
order to support decisions and the Focus23 strategy, the operating segments have been divided into Busi-
ness Lines and Market Units.
Business Lines relate to the type of services or products that are delivered, and comprise of Cloud ERP,
Columbus Care, Digital Commerce, Data & Analytics, Customer Experience & Engagement and Other Lo-
cal Business. Market Units comprise of significant geographical markets that the group operates in.
The operating segments are measured from revenue to EBITDA, as this represents the significant part of
the operation of the segments. The balance sheet is measured for legal entities only.
Information about the Group’s segments is stated below. Only revenue to external customers is stated.
Group Parent Company
DKK ´000
2021 2020 2021 2020
Sale of services
Cloud ERP
689,365
681,716
119,231
87,858
Columbus Care
260,812 243,012 82,169 102,806
Digital Commerce
157,184 128,059 4,508 0
Data & Analytics
37,676 32,442 23,151 20,152
Customer Experience & Engagement
30,008 23,763 580 2,707
Other Local Business
92,080 74,865 18,447 16,228
Total sale of services
1,267,125 1,183,857 248,086 229,751
Sale of
products
Cloud ERP
156,306 163,233 55,907 63,342
Columbus Care
11,082 13,757 1,976 3,577
Digital Commerce
11,883 10,196 0 0
Data & Analytics
1,911 895 1,269 654
Customer Experience & Engagement
2,109 2,741 32 417
Other Local Business
31,402 32,537 16,277 14,181
Total sale of products
214,693 223,359 75,461 82,171
Total net revenue
1,481,818 1,407,216 323,547 311,922
Note 3
– Segment data
Business Lines Revenue Split 2021
60%
18%
10%
2%
2%
8%
Cloud ERP
Columbus Care
Digital Commerce
Data & Analytics
Customer Experience & Engagement
Other Local Business
53
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Sweden Denmark Norway UK US Russia Other* GDC** Eliminations Total
2021
Sale of services
483,888 247,979 230,828 137,767 80,088 57,661 26,666 2,248 0
1,267,125
Sale of products
43,169 75,567 28,327 37,460 18,158 10,585 1,427 0 0
214,693
Total revenue from own markets
527,057 323,546 259,155 175,227 98,246 68,246 28,093 2,248 0 1,481,818
Total revenue from group companies
70,021 77,743 7,402 21,565 818 0 9,589 105,662 -292,800
0
Total revenue
597,078 401,289 266,557 196,792 99,064 68,246 37,682 107,910 -292,800 1,481,818
Gross profit
372,372 263,007 164,458 158,958 68,778 55,463 32,774 102,913 2,362
1,221,085
EBITDA
32,996 26,931 19,150 10,829 -7,523 5,432 6,314 15,312 0
109,441
Operating profit
(EBIT)
58,702
Profit before tax
55,200
Profit after tax
61,062
Average number of FTEs
378 290 139 177 67 189 31 373 0 1,644
2020
Sale of services
495,586 246,129 141,790 143,749 77,303 53,738 23,251 2,311 0
1,183,857
Sale of products
37,967 84,992 34,000 28,880 20,372 15,454 1,694 0 0
223,359
Total revenue from own markets
533,553 331,121 175,790 172,629 97,675 69,192 24,945 2,311 0 1,407,216
Total revenue from group companies
40,476 81,582 28,404 7,506 1,953 0 6,265 102,227 -268,413
0
Total revenue
574,029 412,703 204,194 180,135 99,628 69,192 31,210 104,538 -268,413 1,407,216
Gross profit
309,069 304,332 133,081 154,537 72,713 55,774 25,436 97,481 0
1,152,423
EBITDA
6,051 71,771 15,584 18,538 -22,199 5,583 2,880 16,561 -13,884
100,885
Normalization, See explanations on page 8
35,000 -46,000 0 0 0 0 0 0 0
-11,000
Normalized EBITDA
41,051 25,771 15,584 18,538 -22,199 5,583 2,880 16,561 -13,884
89,885
Operating profit (EBIT)
50,925
Profit before tax
34,072
Profit after tax
23,663
Average number of
FTEs 443 296 132 176 71 186 27 333 0 1,665
* Incl. Chile, Germany
** Incl. Poland, Czech Republic, India
54
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Non-current assets distributed in geographic areas
The Group’s non-current assets distribution in geographical areas are specified below. The non-current as-
sets are distributed according to location and legal relation.
Non-current assets
DKK ´000
2021 2020
Sweden
443,241 498,245
Denmark
209,660 168,195
Norway
75,670 72,159
UK
50,935 49,108
US
25,648 142,368
Russia
15,895 34,894
Other
1,326
10,120
GDC
11,433 12,351
Total
833,808 987,440
Accounting policies
Segment data
Segment data are prepared in accordance with the Group’s accounting policies and the Group’s internal
management reporting. Segment income, expenses, segment assets, and liabilities include items directly
attributable to a segment and items that can be allocated to the individual segments on a reliable basis.
Assets in the segments comprise assets used directly in segment operations, including intangible and tan-
gible fixed assets, investments in associates, inventories, receivables from sales of goods and services,
other receivables, prepayments and cash.
Liabilities related to the segments comprise of liabilities derived from segment operations, including debts to
suppliers of goods and services, provisions and other payables.
Revenue
Revenue is recognized upon transfer of control of promised products or services to customers in an amount
that reflects the consideration Columbus expects to receive in exchange for the products or services. Reve-
nue is recognized net of VAT, taxes etc. collected on behalf of third parties and discounts.
Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract
term for the effect of incremental costs of obtaining a contract. The incremental costs to obtain a contract
are recognized as an expense when incurred if the amortization period of the asset that Columbus other-
wise would have recognized is one year or less.
Columbus has chosen to apply the practical expedient to not adjust the total consideration over the contract
term for the effect of a financing component if the period between the transfer of services to the customer
and the customer’s payment for these services is expected to be one year or less.
Columbus typically enters into contracts that include a combination of software licenses and consulting ser-
vices. These contracts are classified either as multiple element contracts or compound contracts. Multiple
element contracts and compound contracts which include multiple products and services, are generally ca-
pable of being distinct and accounted for as separate performance obligations. Multiple element contracts
are contracts where price and other significant issues in the contract are negotiated independently. In this
group of contracts, each element is recognized individually, so that the sale of software and consulting ser-
vices is recognized separately at their standalone selling prices.
Compound contracts are contracts where price and other essential items are negotiated together and can-
not be disassembled. For these types of contracts products and services are recognized as their relative
estimated standalone prices. The majority of Columbus’ customer base has payment terms between 14
and 30 days from the invoice date. Columbus’ accounting policies for each revenue line are disclosed be-
low.
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
Note 3
– Segment data continued
55
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
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.
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.
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.
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 “Contract assets”. Amounts billed in accord-
ance with customer contracts, but not yet earned, are recorded and presented as part of “Contract liabili-
ties”.
56
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
2021 2020 2021 2020
Staff expenses
Salary and wages
823,846 779,476 229,966 220,860
Other social security costs
133,204 141,646 2,490 1,715
Other staff
expenses 27,891 35,437 5,409 7,881
Staff costs before share
-based payment 984,941 956,559 237,865 230,456
Share
-based payment 3,157 4,479 3,157 4,479
Staff expenses
988,098 961,038 241,022 234,935
Average number of FTEs
1,644 1,665 290 274
The parent company's Executive Board and Board of Directors are remunerated as follows:
DKK ´000
Executive
Board
Board of
Directors
Other
senior
employees
2021
Salary and wages
5,577 1,013 28,118
Share
-based payment 2,065 0 116
One
-off fee 0 202 0
7,642 1,215 28,234
2020
Salary and wages
5,435 473 30,809
Share
-based payment 861 76 612
Severance pay
7,517 0 0
One
-off bonus 4,985 1,000 0
18,798 1,549 31,420
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 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.
Defined contribution plans
The Group finances defined contribution plans through continuous premium payments to independent pen-
sion and insurance companies, which are responsible for the pension liabilities. After payment of pension
contribution to defined contribution plans, the Group has no further pension liabilities towards employees or
resigned employees in relation to the future development in interest rates, inflation, mortality, disability etc.
with regards to the amount to be paid to employees at a later time.
Incentive schemes
In February 2020 Columbus established a warrant program for senior executives and other senior employ-
ees. The program, which can only be exercised by purchasing the shares in question, grants the right to
subscribe a number of shares in the parent company at a price agreed in advance. The vesting period cor-
responds to the fiscal year with the final grant at 31 December 2023. At the grant date the market value of
the shares was DKK 4,546,962. The exercise periods are scheduled to the first 14 days after publication of
the Company’s Annual Report. Warrants not exercised within the last exercise period will be lost. The war-
rant program is contingent on employment in the Company.
In June 2021 Columbus established a warrant program for senior executives. The program, which can only
be exercised by purchasing the shares in question, grants the right to subscribe a number of shares in the
parent company at a price agreed in advance. The vesting period corresponds to the fiscal year with the
final grant at 31 December 2024. At the grant date the market value of the shares was DKK 3,188,559. The
exercise periods are scheduled to the first 14 days after publication of the Company’s Annual Report. War-
rants not exercised within the last exercise period will be lost. The warrant program is contingent on em-
ployment in the Company.
Changes in the capital in Columbus, distribution of dividend or change of control does not result in any ad-
justment of the number of warrants or the exercise price.
Note
4 – Staff expenses and remuneration
57
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
The development in outstanding warrants can be specified as follows:
Number of warrants
Avg. exercise rate
per warrant
2021 2020 2021 2020
Outstanding 1 January
10,642,500 8,340,000 12.07 13.22
Granted during the period
1,449,999 3,105,000 10.63 8.99
Lost due to termination of employment
-650,000 -802,500 9.01 12.13
Exercised during the period
-5,339,200 0 12.13 0.00
Expired
during the period -2,887,500 0 12.43 0.00
Outstanding end of period
3,215,799 10,642,500 9.73 12.07
Number of warrants which can be exercised
at balance sheet date
135,800 5,276,250
Weighted average contractual life (years)
2.75 1.86
Weighted average exercise rate
8.99 13.59
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:
Warrants
December 2021
Share price
at grant
date (DKK
per share)
Exercise
price (DKK
per share)
Number of
warrants
end of
period
Estimated
volatility
(%)*
Risk
free
interest
(%)
Expiry
(num-
ber of
years)
Granted
February 2020
8.99 8.99 1,765,800 25.4% -0.75% 2.30
Granted
June 2021
10.63 10.63 1,449,999 32.8% -0.50% 3.30
* 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
´000 2021 2020 2021 2020
Expensed share
-based payment related to
equity instruments
1,666 4,479 1,581 4,479
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
4 – Staff expenses and remuneration (continued)
58
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Note 5 – Depreciation, amortization and impairment
Group Parent Company
DKK ´000
2021 2020 2021 2020
Depreciation
35,849 37,434 6,789 6,385
Amortization
14,890 12,526 5,825 3,724
Total depreciation, amortization
and impairment
50,739 49,960 12,614 10,109
Note 6 – Other operating income
Group
Parent Company
DKK ´000
2021 2020 2021 2020
Non
-recurring income from acquisitions 0 45,464 0 45,766
Central cost allocation Columbus Group
0 0 51,458 48,126
Other services
1,642 801 0 0
Total other operating income
1,642 46,265 51,458 93,892
Non-recurring income in 2020 is related to adjustment of provision of unachieved earn out remuneration to
seller from the acquisition of iStone in earlier years.
Accounting policies
Other operating income and expenses include income and expenses of a secondary nature to the Group’s
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.
59
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
2021 2020 2021 2020
Financial income
Interest income from
subsidiaries 0 0 133 217
Interest income on bank deposits, etc.
55 147 1,813 1,200
Other interest income
435 801 416 27
Interest income on financial assets
measured at amortised cost in the result
490 948 2,362 1,444
Foreign
exchange gains (net) 3,222 0 3,828 0
Total financial income
3,712 948 6,190 1,444
Financial expenses
Interests expense to subsidiaries
0 0 3,223 200
Interest expense on bank loans
3,191 2,478 3,318 2,522
Interest
expense leases, Right-of-use-assets 2,589 3,305 456 515
Other interest expense
1,434 2,745 1,282 2,087
Interest expense from financial liabilities that
are measured at amortised cost in the result
7,214 8,528 8,279 5,324
Foreign
exchange loss (net) 0 9,273 0 10,288
Total financial expenses
7,214 17,801 8,279 15,612
In 2020, discounted interest expenses of DKK 1,294k related to contingent consideration (note 17) were
included in other interest expenses.
Foreign exchange gain includes a fair value adjustment loss of currency forward derivative in 2021 of DKK
20k and in 2020, foreign exchange loss included a fair value adjustment gain of currency forward derivative
of DKK 2,252k.
Accounting policies
Transactions in currencies other than the Group's functional currency are translated initially at the transac-
tion date. Receivables and payables and other monetary items denominated in foreign currencies that have
not been settled at the balance sheet date are translated at the closing rate. Gains and losses arising from
the difference between the exchange and the transaction date are recognized in the statement of compre-
hensive income as financial items. Tangible and intangible assets, inventories and other non-monetary as-
sets acquired in foreign currency and measured at historical cost are translated at the transaction date.
Non-monetary items revalued at fair value are translated using the exchange rate at the date of revaluation.
Simple forward contracts are measured at fair value and recognized in other receivables or other payables.
Gain and losses arising from the forward contracts are recognized in the statement of comprehensive in-
come as financial items.
Translation of foreign subsidiaries
On recognition in the consolidated financial statements of foreign subsidiaries with a functional currency
other than Danish kroner (DKK), income statements are translated at average exchange rates for the
months unless these deviate significantly from the actual exchange rates at the transaction dates. In the
latter case, the actual exchange rates are used. Balance sheet items are translated at the closing exchange
rates. Goodwill is considered to belong to the acquired entity and is translated at the closing rate.
Foreign exchange differences arising from the translation of foreign company balance sheet items at the
beginning of the closing exchange rates, and on translation of foreign entities' income statements from av-
erage rates to closing rates are recognized in other comprehensive income. Similarly, exchange differences
arising as a result of changes made directly in the foreign enterprise's equity, are also recognized in other
comprehensive income. Adjustment of receivables or debt to subsidiaries which are considered part of the
Parent Company's overall investment in the subsidiary in question are recognized in other comprehensive
income in the consolidated financial statements, whereas they are recognized in the statement of compre-
hensive income of the Parent Company.
Financial items
Financial items include interest income and expenses, the interest portion of lease payments, gains and
losses on foreign currency transactions and surcharges and allowances under the account tax scheme.
Note
7 – Financial income and expenses
60
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
2021 2020 2021 2020
Tax on result for the year
Current tax
233 14,374 0 11
Change in deferred tax
8,810 -6,095 1,269 746
Withholding tax
0 1,553 0 1,553
Adjustment to previous years
-14,905
577
-1,413
16
Total tax on result for the year
-5,862 10,409 -144 2,326
Tax on result for the year explained as follows
Calculated 22% on pre
-tax earnings on continuing
operations
12,144 7,496 11,778 32,856
Tax effect of:
Adjustment to tax concerning previous years
-14,905 577 -1,413 16
Adjustment to tax rates in foreign subsidiaries
relative to 22%
118 -333 0 0
Non
-capitalized tax value of losses 3,483 10,564 0 0
Withholding tax
0 1,553 0 1,553
Effect of reduced corporate tax rate
1,852 0 0 0
Not taxable income
-100 -272 -10,597 -23,066
Not taxable expenses
764 1,760 88 23
Other taxes and adjustments
-9,218 -10,936 0 -9,056
Total tax on result for the year
-5,862 10,409 -144 2,326
Effective tax rate (%)
-10.62 30.55 -0.27 1.53
Group Parent Company
DKK ´000
2021 2020 2021 2020
Corporate tax receivable (net)
Balance at 1 January
-9,331 -3,767 -11 -2,946
Currency adjustment
-97 -65 0 0
Adjustment to previous years
-4,983 1,901 -1,126 0
Current tax for the year
-233 -14,584 5,673 -11
Tax paid on account for the year
19,472 3,688 0 0
Corporate tax paid during the year
5,996 4,154 1,436 2,946
Reclassified to assets classified as held for sale
0 -658 0 0
Disposals due to divestment of activities
47 0 0 0
Additions due to merger
0 0 -299 0
Balance at 31 December
10,871 -9,331 5,673 -11
Corporate tax receivable
12,041 871 5,673 0
Corporate tax payable
-1,170 -10,202 0 -11
Balance at 31 December
10,871 -9,331 5,673 -11
The effective tax rate in 2021 is extraordinarily low mainly due to an adjustment from previous years.
Note
8 – Corporate tax
61
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
2021 2020 2021 2020
Deferred tax assets
Balance at 1 January
43,390 29,550 0 3,361
Deferred tax assets 1 January
43,390 29,550 0 3,361
Currency adjustments
-984 -1,735 0 0
Adjustment to previous years
2,710 2,227 0 0
This year's change in deferred tax
-6,037 13,348 0 -746
Disposals due to
divestment of activities -16,163 0 0 0
Balance at 31 December
22,916 43,390 0 2,615
Deferred tax assets relate to
Intangible assets
-255 1,100 0 1,337
Tangible assets
588 2,241 0 1,130
Current assets
1,771 4,139 0 148
Loss
carry forward 20,812 35,910 0 0
Balance at 31 December
22,916 43,390 0 2,615
Based on the management’s assessment of future income, short-term tax assets are expected to be DKK
15m and the total tax assets are expected to be utilized within a 5-year period.
Group Parent Company
DKK ´000
2021 2020 2021 2020
Deferred tax liabilities
Balance at 1 January
24,493 26,296 -2,615 0
Deferred tax liabilities 1 January
24,493 26,296 -2,615 0
Currency
adjustment -2,626 88 0 0
Adjustment to previous years
-17,178 8,618 -2,539 0
This year's change in deferred tax
2,773 5,614 6,942 0
Reclassified to assets classified as held for sale
0 -16,123 0 0
Disposals due to divestment of activities
-1,920 0 0 0
Balance 31 December
5,542 24,493 1,788 0
Deferred tax liabilities relate to
Intangible assets
7,580 21,943 4,407 0
Tangible assets
-2,257 0 -2,338 0
Current assets
219 2,550 -281 0
Balance 31 December
5,542 24,493 1,788 0
The Group’s non-capitalized tax assets amount to DKK 36m (2020: DKK 29m).
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.
Note
8 – Corporate tax (continued)
62
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Note 8 – Corporate tax (continued)
Deferred tax is recognized using the balance sheet liability method on all temporary differences between
accounting and tax values of assets and liabilities, except for deferred taxes on temporary differences aris-
ing on the initial recognition of goodwill or from the initial recognition of a transaction that is not a business
combination, and where the temporary difference identified by the initial recognition affects neither the ac-
counting profit nor the taxable income. Deferred income tax is provided on temporary differences arising on
investments in subsidiaries and associates, unless the parent is able to control when the deferred tax is re-
alized, and it is probable that the deferred tax will not crystalize as current tax in the foreseeable future. De-
ferred tax is calculated based on the planned use 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
in reality enacted laws at the balance sheet dates that are expected to apply when the deferred tax is ex-
pected to crystallize as current tax. Changes in deferred tax due to changes in tax rates or rules are recog-
nized in the statement of comprehensive income unless the deferred tax is attributable to transactions pre-
viously recognized directly in equity or in other comprehensive income. In the latter case, the change is also
recognized in equity, respectively, in other comprehensive income.
Deferred tax assets, including the tax value of tax loss carry forwards, are recognized at the value at which
they are expected to be realized, either as net assets to offset against future taxable income or against de-
ferred tax liabilities in the same legal tax entity and jurisdiction. It is assessed at each reporting date
whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax as-
set can be utilized.
The Parent Company and its Danish subsidiaries are part of a mandatory Danish joint taxation with all Dan-
ish companies controlled by Consolidated Holdings A/S. The calculated Danish tax on the joint taxable in-
come is distributed among the jointly taxed companies in proportion to their taxable income (full allocation
with credit for tax losses).
Note 9 – Earnings per share
The calculation of earnings per share is based on the following:
DKK ´000
2021 2020
Result for the year from continuing operations
61,062 23,663
Minority
interests' share of the result for the year -607 70
Result used for calculating earnings per share from continuing op-
erations, diluted
60,455 23,733
Result for the year from discontinued operations
697,486 24,899
Result used for
calculating earnings per share, diluted 757,941 48,632
Average number of shares listed on NASDAQ Copenhagen (pcs.)
128,191,703 124,622,132
Number of shares used to calculate earnings per share (pcs.)
128,191,703 124,622,132
Average
dilutive effect on outstanding subscription rights (pcs.) 495,600 0
Number of shares used to calculate earnings per share, diluted
(pcs.)
128,687,303 124,622,132
Earnings per share from continuing operations of DKK 1.25 (EPS)
0.47 0.19
Earnings per share from continuing operations of DKK 1.25, diluted
(EPS
-D) 0.47 0.19
Earnings per share from discontinued operations of DKK 1.25 (EPS)
5.44 0.20
Earnings per share from discontinued operations of DKK 1.25, diluted
(EPS
-D)
5.42 0.20
Earni
ngs per share of DKK 1.25 (EPS) 5.91 0.39
Earnings per share of DKK 1.25, diluted (EPS
-D) 5.89 0.39
63
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Goodwill
Customer
base
Internal
applications
Develop-
ment
projects
finalized
Develop-
ment
projects
in progres
Total
Group 2021
Balance at
1 January 2021
933,696 91,136 26,229 36,898 940 1,088,899
Currency translation
-9,472 1,838 77 792 14 -6,751
Additions
0 0 33,234 0 0 33,234
Disposal for the year
-130,257 -25,604 -2,126 -13,901 0 -171,888
Transfer
0 0 0 954 -954 0
Balance at
31 December 2021
793,967 67,370 57,414 24,743 0 943,494
Amortization at
1 January 2021
156,735 49,742 8,424 33,501 0 248,402
Currency
translation 6,726 1,492 78 649 0 8,945
Amortization
0 11,888 4,507 1,424 0 17,819
Reversal of
amortization
-13,945 -22,926 -2,107 -13,901 0 -52,879
Amortization at
31 December 2021
149,516 40,196 10,902 21,673 0 222,287
Carrying amount at
31 December 2021
644,451 27,174 46,512 3,070 0 721,207
Except for goodwill, economic life of all intangible assets is expected to be finite.
The addition on internal applications relates to update of a number of the groups internal IT systems.
DKK ´000
Goodwill
Customer
base
Internal
applications
Develop-
ment
projects
finalized
Develop-
ment
projects
in progress
Total
Group 2020
Balance at
1 January 2020
1,011,163 96,552 16,916 241,555 6,066 1,372,252
Foreign currency
translation
-12,608 -1,210 -117 -1,092 -14 -15,041
Additions
0 0 9,430 397 955 10,782
Additions relating to
acquisitions
17,048 9,409 0 854 0 27,311
Disposal for the year
0 0 0 -2,389 0 -2,389
Transfer
0 0 0 277 -277 0
Reclassified to assets
held for sale
-81,907 -13,615 0 -202,704 -5,790 -304,016
Balance at
31 December 2020
933,696 91,136 26,229 36,898 940 1,088,899
Amortization at
1 January 2020
165,389 45,620 6,351 162,703 0 380,063
Foreign currency
translation
-8,654 -1,156 -117 -951 0 -10,878
Amortization
0 12,265 2,190 1,472 0 15,927
Reversal of
amortization
0 0 0 -529 0 -529
Reclassified to assets
held for sale
0 -6,987 0 -129,194 0 -136,181
Amortization at
31 December 2020
156,735 49,742 8,424 33,501 0 248,402
Carrying amount at
31 December 2020
776,961 41,394 17,805 3,397 940 840,497
Note 1
0 – Intangible assets
64
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Goodwill
The carrying amount of goodwill is distributed on cash-generating units as shown below:
DKK ´000
Country
31 December
2021
31 December
2020
Columbus Sweden AB
SE 381,973 409,738
Columbus A/S
DK 131,656 110,240
ZAO Columbus
RU 12,327 30,944
Columbus US Inc.
US 21,231 115,498
Columbus Norway AS
NO 50,953 51,270
UAB Columbus Lietuva
LT 0 4,694
Columbus Global (UK) Ltd.
UK 42,532 39,547
Columbus Eesti AS
EE 0 10,900
Columbus CoMakeIt
India Pvt Ltd. IN 3,779 4,130
Total goodwill
644,451 776,961
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 2021 (31 December 2020).
The recoverable amount of goodwill related to the individual cash generating units is calculated based on
the Discounted Cash Flows method (DCF).
The main changes in the goodwill from 2020 to 2021 related to disposal of goodwill in Columbus US Inc.,
following the sale of the SMB business in the US.
Future cash flows
The recoverable amount of the individual cash-generating units to which the goodwill belongs, is calculated
based on the calculations of capital value. 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.
In generating a terminal value, a conservative real growth in revenue and cost of 2% is applied. With re-
gards to staff cost a real growth of 2% is expected in the 3-year interim period and 2% in generating the ter-
minal value.
Columbus is operating in a market where the development has low sensitivity to market development in
general and to the development in general IT spending by companies. The management believes that likely
changes in the key assumptions will not cause the carrying amount of goodwill to exceed the recoverable
amounts. Group management has performed a sensitivity analysis of goodwill impairment tests to show the
headroom between carrying amount and the recoverable amounts. The sensitivity analysis is focusing on
changes in free cash flow in terminal period with 5% and changes in discount rate with 1 percentage point.
The analysis did not identify any indication of impairment.
Note 1
0 – Intangible assets (continued)
65
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
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 between 7.5% and
10.5% after tax (2020: 7.1% - 10.1%), representing 7.5% and 10.4% pretax (2020: 7.2% - 10.2%). The rea-
son for the insignificant difference between after tax and pre-tax discount rates is due to a relatively low
debt to equity ratio and due to the fact that Columbus has substantial tax losses carry forwards to offset tax
payments. 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. How-ever,
to accommodate for higher assessed risk in the future cash flows in US and RU, a 3% higher discount fac-
tor has been applied for these markets.
Most important assumptions for the impairment test
With the applied method for the annual impairment test, the growth rate applied in the terminal value and
the WACC becomes the most important assumptions for the net present value of the future cash flows.
Overall, the impairment based on the above assumptions demonstrates that the present value of the future
cash flows from the cash generating units exceeds the carrying amount of goodwill. The management has
applied conservative growth rates for the projection period and for the period following the projection period
developed for the purpose of the impairment test.
Note 1
0 – Intangible assets (continued)
66
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Goodwill
Customer
base
Internal
applications
Develop-
ment
projects
finalized Total
Parent 2021
Balance at 1 January 2021
111,224 8,979 24,181 27,362 171,746
Additions relating to mergers
21,416 0 0 0 21,416
Additions
0 0 33,234 0 33,234
Disposal for the year
0 -729 0 -13,695 -14,424
Balance at 31 December
2021
132,640 8,250 57,415 13,667 211,972
Amortization at 1 January
2021
984 8,027 6,398 25,491 40,900
Amortization
0 714 4,505 606 5,825
Reversal of depreciation
0 -729 0 -13,695 -14,424
Amortization at 31 Decem-
ber 2021
984 8,012 10,903 12,402 32,301
Carrying amount at
31 December 2021
131,656 238 46,512 1,265 179,671
Internal applications include development projects for internal use with a net carrying amount of
DKK 46,512k.
The addition on internal applications relates to update of a number of the groups internal IT systems.
DKK ´000
Goodwill
Customer
base
Internal
applications
Develop-
ment
projects
finalized
Total
Parent 2020
Balance at 1 January 2020
111,224 18,979 13,755 28,647 172,605
Reclassification of previous years
0 0 1,018 707 1,725
Additions
0 0 9,408 397 9,805
Disposal for the year
0 0 0 -2,389 -2,389
Reclassification to assets held for sale
0 -10,000 0 0 -10,000
Balance at 31 December 2020
111,224 8,979 24,181 27,362 171,746
Amortization at 1 January 2020
984 12,853 3,200 24,486 41,523
Reclassification of previous years
0 0 1,019 706 1,725
Amortization
0 715 2,179 828 3,722
Reversal of depreciation
0 0 0 -529 -529
Reclassification to assets held for sale
0 -5,541 0 0 -5,541
Amortization at 31 December 2020
984 8,027 6,398 25,491 40,900
Carrying amount at
31 December 2020
110,240 952 17,783 1,871 130,846
Internal applications include development projects for internal use with a net carrying amount of
DKK 17,783k.
Note 1
0 – Intangible assets (continued)
67
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
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’s 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’s 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’s recoverable amount is calculated. If the recoverable amount is lower
than the carrying value, the internal applications are impaired to this value.
Development projects
Development projects are projects that are clearly defined and identifiable, where the technical feasibility,
adequate resources and a potential future market or application in the Group can be demonstrated and
where the intention is to produce, promote or use the project. Development projects are recognized as in-
tangible assets if the cost can be measured reliably and there is sufficient assurance that future earnings or
the net selling price will cover production, sales, administration and development costs. Other development
costs are recognized in the statement of comprehensive income as incurred.
Development costs are measured at cost less accumulated depreciation and impairment losses.
After completion of the development project, development costs are depreciated on straight-line basis over
the estimated useful life. The depreciation period is usually 3-5 years.
Note 1
0 – Intangible assets (continued)
68
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Land and
buildings
Leasehold
improve-
ments
Fixtures
and
equipment
Total
Group 2021
Balance at 1 January 2021
89 721 43,003 43,813
Foreign
currency translation 7 -31 1,127 1,103
Additions
0
1,992
5,578
7,570
Disposals
0 -147 -7,007 -7,154
Disposals relating to divestments
0 -172 -3,809 -3,981
Reclassification of previous years
0 152 -152 0
Balance at 31 December 2021
96 2,515 38,740 41,351
Depreciation at 1 January 2021
76 712 34,351 35,139
Foreign currency translation
7 1 840 848
Depreciation
13 276 4,405 4,694
Reversed depreciation on disposals
0 -147 -6,921 -7,068
Reversed depreciation on disposals
relating to di-
vestments
0 -172 -2,956 -3,128
Reclassification of previous years
0 144 -144 0
Depreciation at 31 December 2021
96 814 29,575 30,485
Carrying amount at 31 December 2021
0 1,701 9,165 10,866
DKK ´000
Land and
buildings
Leasehold
improve-
ments
Fixtures
and
equipment Total
Group 2020
Balance at 1 January 2020
95 818 61,636 62,549
Foreign currency translation
-6 -8 -2,138 -2,152
Additions
0 0 4,248 4,248
Additions relating to
acquisitions 0 0 13 13
Disposals
0 0 -6,441 -6,441
Reclassification of previous years
0 0 -6,852 -6,852
Reclassified to asset held for sale
0 -89 -7,463 -7,552
Balance at 31 December 2020
89 721 43,003 43,813
Depreciation at 1
January 2020 66 749 49,486 50,301
Foreign currency translation
-3 -5 -1,739 -1,747
Depreciation
13 53 5,193 5,259
Reversed depreciation on disposals
0 0 -6,441 -6,441
Reclassification of previous years
0 0 -6,852 -6,852
Reclassified to asset
held for sale 0 -85 -5,296 -5,381
Depreciation at 31 December 2020
76 712 34,351 35,139
Carrying amount at 31 December 2020
13 9 8,652 8,674
Note 1
1 – Tangible assets
69
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Leasehold
improve-
ments
Fixtures
and
equipment Total
Parent 2021
Balance at 1 January 2021
486 27,242 27,728
Additions
0 1,030 1,030
Disposals
-147 -1,418 -1,565
Reclassification of previous years
152 576 728
Balance at 31 December 2021
491 27,430 27,921
Depreciation at 1 January 2021
482 25,227 25,709
Depreciation
10 1,106 1,116
Additions relating to acquisitions
0 0 0
Reversed depreciation on disposals
-145 -1,373 -1,518
Reclassification of previous years
144 412 556
Depreciation at 31
December 2021 491 25,372 25,863
Carrying amount at 31 December 2021
0 2,058 2,058
DKK ´000
Leasehold
improve-
ments
Fixtures
and
equipment Total
Parent 2020
Balance at 1 January 2020
486 25,471 25,957
Additions
0 1,771 1,771
Balance at 31 December 2020
486 27,242 27,728
Depreciation at 1 January 2020
455 24,153 24,608
Depreciation
27 1,074 1,101
Depreciation at 31 December 2020
482 25,227 25,709
Carrying amount at 31
December 2020 4 2,015 2,019
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’s 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 impaired to the recoverable amount if this is lower than the carrying value. The residual value is
determined at the acquisition date and reassessed annually. Depreciation is discontinued if the residual
value exceeds the carrying amount.
In amendment of the depreciation period or the residual value, the effect is recognized prospectively as a
change in accounting estimates.
Note 1
1 – Tangible assets (continued)
70
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Other
equipment Cars Offices Total
Group 2021
Balance at 1 January 2021
2,161 18,963 171,948 193,072
Foreign currency translation
-8 13,884 4,733 18,609
Re
-assessment of existing assets 339 0 2,093 2,432
Additions
271 6,592 3,404 10,267
Additions related to acquisitions
0 0 0 0
Disposals
-154 -8,764 -9,645 -18,563
Reclassified to assets held for sale
-80 -14,295 -13,237 -27,612
Balance at 31 December 2021
2,529 16,380 159,296 178,205
Depreciation at 1 January 2021
737 6,602 98,117 105,456
Reclassification of previous years
23 0 -324 -301
Foreign currency translation
-8 4,382 3,513 7,887
Depreciation
585 3,513 27,045 31,143
Reversed depreciation on
disposals -95 -4,437 -9,345 -13,877
Reclassified to assets held for sale
-38 -5,030 -8,457 -13,525
Depreciation at 31 December 2021
1,204 5,030 110,549 116,783
Carrying amount at 31 December 2021
1,325 11,350 48,747 61,422
Total cash flow for the Group relating to right-of-use-assets is equal to the actual payments on the leases
amounting to DKK 34m.
DKK ´000
Other
equipment Cars Offices Total
Group 2020
Balance at 1 January 2020
(initial recognition) 1,756 25,151 161,328 188,235
Foreign currency translation
112 708 -5,239 -4,419
Re
-assessment of existing assets 366 0 28,614 28,980
Additions
1,684 7,328 10,557 19,569
Additions relating to acquisitions
0 0 1,051 1,051
Disposals
-1,604 -5,434 -20,221 -27,259
Reclassification of previous years
-153 -8,790 -4,142 -13,085
Balance at 31 December 2020
2,161 18,963 171,948 193,072
Depreciations at 1 January 2020 (initial
recognition)
1,053 10,493 90,762 102,308
Foreign currency translation
32 123 -2,174 -2,019
Depreciation
656 3,976 29,597 34,229
Reversed depreciation on disposals
-869 -2,739 -16,271 -19,879
Reclassified to assets held for sale
-135 -5,251 -3,797 -9,183
Depreciation at 31
December 2020 737 6,602 98,117 105,456
Carrying amount at 31 December 2020
1,424 12,361 73,831 87,616
Total cash flow for the Group relating to right-of-use-assets is equal to the actual payments on the leases
amounting to DKK 38m.
Note 1
2 – Right-of-use-assets
71
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Other
equipment Cars Offices Total
Parent 2021
Balance at 1
January 2021 155 3,135 37,258 40,548
Re
-assessment of existing assets 30 732 4,598 5,360
Additions
0 1,684 565 2,249
Disposals
0 -1,802 0 -1,802
Balance at 31 December 2021
185 3,749 42,421 46,355
Depreciation at 1 January 2021
63 2,198 25,019 27,280
Depreciation
30 1,121 4,523 5,674
Reversed depreciation on disposals
0 -1,606 -1 -1,607
Depreciation at 31 December 2021
93 1,713 29,541 31,347
Carrying amount at 31 December 2021
92 2,036 12,880 15,008
Total cash flow for the parent company relating to right-of-use-assets is equal to the actual payments on the
leases amounting to DKK 4.7m.
DKK ´000
Other
equipment Cars Offices Total
Parent 2020
Balance at 1
January 2020 (initial recognition) 139 3,280 34,866 38,285
Re
-assessment of existing assets 70 237 5,110 5,417
Additions
219 157 0 376
Disposals
-273 -539 -2,718 -3,530
Balance at 31 December 2020
155 3,135 37,258 40,548
Depreciations at 1 January 2020
(initial recognition)
123 1,515 23,677 25,315
Depreciation
55 1,174 4,058 5,287
Reversed depreciation on disposals
-115 -491 -2,716 -3,322
Depreciation at 31 December 2020
63 2,198 25,019 27,280
Carrying amount at 31 December 2020
92 937 12,239 13,268
Total cash flow for the parent company relating to right-of-use-assets is equal to the actual payments on the
leases amounting to DKK 6m.
Accounting policies
Lease assets are classified separately from other assets in the financial statement. The lease assets are
depreciated on a straight-line basis over the lease term. The lease asset can be adjusted due to modifica-
tions to the lease contract or reassessment of lease term.
Columbus’ 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
Note 1
2 – Right-of-use-assets (continued)
72
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
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:
Reference rate
Financing spread adjustment
Lease specific adjustment
The interest rate used for measuring lease liabilities ranges between 2.84% and 5.84% (2020: 2.81% and
5.81%).
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 also recognized as right-of-use-assets.
Note 1
2 – Right-of-use-assets (continued)
73
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Parent Company
DKK ´000
2021 2020
Balance at 1 January
1,023,300 1,073,121
Additions
0 22
Disposals
-15,737
-4,777
Disposals related to mergers
-26,217 0
Reclassified to assets held for sale
0 -45,066
Balance at 31 December
981,346 1,023,300
Write down at 1 January
-160,454 -160,454
Write down
-53,643 0
Amortization and write down at 31 December
-214,097 -160,454
Carrying amount 31 December
767,250 862,847
Disposals of investments in subsidiaries in 2021 relate to disposal of group entities in the Baltic region, UAB
Columbus Lietuva and Columbus Eesti AS.
Additions of investments in subsidiaries in 2020 relate to acquisition of a shelf company related to the pur-
chase of Advania Business Solutions (Norway). Disposals of investment in subsidiaries relates to disposal
of iStone Group entities Columbus China Ltd and Columbus Global Iberia SAL.
Reclassification in 2020 relates to To-Increase, which is as per 31.12.2020 considered as Assets held for
sale.
Write down in 2021 relates to impairment in connection with the divestment of the Columbus US SMB busi-
ness.
Accounting policies
Investments in subsidiaries in the Parent Company’s financial statement
Investments in subsidiaries are measured in the Parent Company’s 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’s 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’s profit in the accounting period, where
the right for the dividend is earned.
Note 1
3 – Investments in subsidiaries
74
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
2021 2020 2021 2020
Receivables (gross) at 1 Jan
241,749 322,535 37,023 50,060
Change in receivables during the period
39,384 -80,786 22,705 -13,037
Receivables (gross) end of period
281,133 241,749 59,728 37,023
Provisions for bad debt at 1 Jan
19,178 15,304 673 620
Change in provisions for bad debt during the pe-
riod
-7,609 3,799 585 -169
Loss realized during the period
-19 75 19 222
Provisions for bad debt end of period
11,550 19,178 1,277 673
Carrying amount end of period
269,583 222,571 58,451 36,350
Provisions for bad debt are made based on the lifetime expected credit losses in line with the Group’s ac-
counting policies.
Group Parent Company
DKK ´000
2021 2020 2021 2020
Age of receivables (gross):
Not due
190,113 167,236 42,380 27,832
0
-30 days 57,896 48,834 11,630 6,369
30
-60 days 9,859 9,827 2,340 1,606
61
-90 days 8,033 2,771 781 156
91
-180 days 4,627 4,508 1,603 807
181
-270 days 2,131 954 151 77
270
-360 days 142 1,874 170 23
Above 360 days
8,332 5,745 673 153
Total
281,133 241,749 59,728 37,023
Group Parent Company
DKK ´000
2021 2020 2021 2020
Age of impairment:
Not due
747 2,599 16 28
0
-30 days
50 1,044 12 32
30
-60 days 130 446 28 40
61
-90 days 250 2,008 39 12
91
-180 days 1,019 4,508 284 308
181
-270 days 880 954 70 77
271
-360 days 142 1,874 155 23
Over 360 days
8,332 5,745 673 153
Total
11,550 19,178 1,277 673
Group Parent Company
DKK ´000
2021 2020 2021 2020
Provision matrix:
Not due
0.4% 1.6% 0.0% 0.1%
0
-30 days 0.1% 2.1% 0.1% 0.5%
30
-60 days 1.3% 4.5% 1.2% 2.5%
61
-90 days 3.1% 72.5% 5.0% 7.7%
91
-180 days 22.0% 100.0% 17.7% 38.2%
181
-270 days 41.3% 100.0% 46.4% 100.0%
271
-360 days 99.4% 100.0% 91.2% 100.0%
Over 360 days
100.0% 100.0% 100.0% 100.0%
Note 1
4 – Trade receivables
75
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Note 14 – Trade receivables (continued)
Accounting policies
Receivables consist of receivables from sales of products and services and other receivables.
Receivables are measured at initial recognition at fair value and subsequently at amortized cost, which usu-
ally corresponds to nominal value less provisions for bad debts.
When assessing impairment for the Group’s 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’s. 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’s financial statement
Impairment losses on loans to subsidiaries will be recognized based on a 12-month ECL model.
Note 15 – Contract assets and contract liabilities
Group Parent Company
DKK ´000
2021 2020 2021 2020
Balance at 1 Jan
-4,874 10,877 -7,525 -1,596
Changes contract assets during the period
-32,400 -65,331 -6,419 -9,443
Changes on account billing and prepayments
during the period
31,459 47,526 7,973 3,514
Reclassified to assets held for sale
0 2,054 0 0
Balance at end of period
-5,815 -4,874 -5,971 -7,525
Work in progress
13,529 45,929 5,537 11,957
On
account billing and prepayments -19,344 -50,803 -11,510 -19,483
Balance at end of period
-5,815 -4,874 -5,973 -7,526
The net value is included in the balance as follows:
Contract assets
11,433 14,733 952 1,638
Contract
liabilities -17,248 -19,607 -6,925 -9,164
Balance at end of period
-5,815 -4,874 -5,973 -7,526
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.
Of the prepayments as of 31 December 2020 (DKK 19,607, hereof DKK 6,138k from the continued busi-
ness) DKK 5,574k has been recognized as revenue in the reporting period corresponding to 91%.
76
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Note 15 – Contract assets and contract liabilities (continued)
The Group’s total value of contracts relating to "Contract assets" represents DKK 32,292k as of 31 Decem-
ber 2021 (DKK 51,946k as of December 2020). DKK 13,529k of the total contract value is recognized as
revenue as of 31 December 2021 (DKK 38,037k as of 31 December 2020). The remaining DKK 18,763k is
expected to be recognized as revenue within 12-18 months from the balance date (DKK 13,909k as of 31
December 2020). The lower contract values in 2021 compared to 2020 is affected by divestment of activi-
ties 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’s contract work in progress the simplified approach under the
ECL model is used in line with impairment for the Group’s trade receivables.
Note 16 – 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.
In 2021 the Company increased the capital by 4,654,132 shares of DKK 1.25, corresponding to DKK
5,817k (nom.) as a result of exercised warrant programs.
There has been no capital increase in 2020.
Parent Company
2021 2020
Number of shares at the beginning of the year
124,622,132 124,622,132
Capital increase
4,654,132 0
Number of shares at 31 December
129,276,264 124,622,132
77
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Group
Parent Company
DKK ´000
2021 2020 2021 2020
Contingent consideration
6,539 81,594 6,539 81,594
Other provisions
7,778 28,059 7,778 28,059
14,317 109,653 14,317 109,653
DKK ´000
Contingent
consideration
Other
provisions
Total
Group 2021
Balance (non
-current) at 1 January 2021 0 21,337 21,337
Balance (current) at 1 January 2021
81,594 6,722 88,316
Foreign currency translation, year
-end exchange rate -57 102 45
Changes in forward contract
0 2,252 2,252
Paid earn out during the
period -74,998 0 -74,998
Payment of retained holiday allowance
0 -22,635 -22,635
Carrying amount at 31 December 2021
6,539 7,778 14,317
Carrying amount non
-current at 31 December 2021 0 1,056 1,056
Carrying amount current at 31
December 2021 6,539 6,722 13,261
Contingent consideration
Contingent consideration concerns earn outs related to acquisition of enterprises. The development in the
contingent consideration is related to the iStone earn out.
Other provisions
Other provisions are primarily related to claims and refurbishment obligations of leased assets.
DKK ´000
Contingent
consideration
Other
provisions
Total
Group 2020
Balance (non
-current) at 1 January 2020 157,850 28,635 186,485
Balance (current) at 1 January 2020
15,774 26,000 41,774
Foreign currency translation, year
-end exchange rate 505 0 505
Additions during the period
1,294 27,204 28,498
Completion of fixed price project
0 -47,231 -47,231
Changes in forward contract
0 -6,549 -6,549
Paid earn out during the period
-39,847 0 -39,847
Unachieved earn out reversed during the period
-45,766 0 -45,766
Reclassified to assets held for sale
-8,216 0 -8,216
Carrying amount at 31 December 2020
81,594 28,059 109,653
Carrying amount non
-current at 31 December 2020 0 21,337 21,337
Carrying amount current at 31 December 2020
81,594 6,722 88,316
Note 1
7 – Provisions and contingent consideration
78
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Contingent
consideration
Other
provisions Total
Parent 2021
Balance (non
-current) at 1 January 2021 0 21,337 21,337
Balance (current) at 1 January 2021
81,594 6,722 88,316
Foreign currency translation, year
-end exchange rate -57 102 45
Changes in forward contract
0 2,252 2,252
Paid earn out
during the period -74,998 0 -74,998
Payment of retained holiday allowance
0 -22,635 -22,635
Carrying amount at 31 December 2021
6,539 7,778 14,317
Carrying amount non
-current at 31 December 2021 0 1,056 1,056
Carrying amount
current at 31 December 2021 6,539 6,722 13,261
Contingent consideration
Contingent consideration concerns earn outs related to acquisition of enterprises. The development in the
contingent consideration is related to the iStone earn out.
Other provisions
Other provisions are primarily related to repairment obligations on leased assets.
DKK ´000
Contingent
consideration
Other
provisions Total
Parent 2020
Balance (non
-current) at 1 January 2020 153,368 7,393 217,024
Balance (current) at 1 January 2020
10,838 0 81,888
Foreign currency
translation, year-end exchange rate 505 0 505
Additions during the period
1,294 20,492 21,786
Changes in forward contract
0 -6,548 -6,548
Paid earn out during the period
-38,645 0 -38,645
Unachieved earn out reversed during the period
-45,766 0 -45,766
Carrying amount at 31 December 2020
81,594 21,337 102,931
Carrying amount non
-current at 31 December 2020 0 21,337 21,337
Carrying amount current at 31 December 2020
81,594 6,722 88,316
Accounting policies
Provisions
Provisions for liabilities are recognized as a result of events occurring before or at the balance sheet date,
that has a legal or constructive obligation and it is probable that settlement of the obligation will result in an
outflow of economic resources.
Provisions are measured at management's best estimate of the amount required to settle the obligation.
Provisions with an expected maturity more than one year from the balance sheet date are measured at pre-
sent value.
Note 1
7 – Provisions and contingent consideration (continued)
79
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Other
equipment Cars Offices Total
Group 2021
Less than 1 year
645 2,915 24,799 28,359
Between 1 and 5 years
706 8,462 27,286 36,454
More than 5 years
0 0 0 0
1,351 11,377 52,085 64,813
The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are
monitored closely by the management.
DKK ´000
Other
equipment
Cars Offices Total
Group 2020
Less than 1 year
572 3,380 28,053 32,005
Between 1 and 5 years
874 9,024 48,358 58,256
More than 5 years
0 0 1,674 1,674
1,446 12,404 78,085 91,935
DKK ´000
Other
equipment Cars Offices Total
Parent 2021
Less
than 1 year 30 924 4,859 5,814
Between 1 and 5 years
63 1,132 8,892 10,087
More than 5 years
0 0 0 0
93 2,056 13,751 15,901
DKK ´000
Other
equipment
Cars Offices Total
Parent 2020
Less than 1 year
30 712 4,427 5,169
Between 1 and 5 years
63 242 8,837 9,142
More than 5 years
0 0 0 0
93 954 13,264 14,311
Note 1
8 – Lease liability, Right-of-use-assets
80
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Note 19 – Other payables
Group Parent Company
DKK ´000
2021 2020 2021 2020
Payroll cost, payroll tax, retirement benefit
obligations etc.
111,899 118,402 28,659 45,189
Holiday pay etc.
48,421 61,719 10,354 11,354
VAT payable
29,163 38,391 4,796 2,221
Other liabilities
27,923 81,958 4,794 20,025
217,406 300,470 48,603 78,789
The carrying amount of other payables matches the fair value of the liabilities.
The holiday pay obligation represents the Group’s obligation to pay salary during employees' holiday in the
following financial year.
Decrease in other liabilities relates to transaction costs in Parent in 2020.
Accounting policies
Current liabilities
Current liabilities include bank loans, trade payables and other liabilities to public authorities, etc. Current
liabilities are initially measured at fair value, less any transaction costs. In subsequent periods, current lia-
bilities are measured at amortized cost using the "effective interest method" so that the difference between
the proceeds and the nominal value is recognized in the income statement under financial expenses over
the loan period.
Other liabilities are measured at amortized cost.
Pensions
Contributions to defined contribution plans are recognized in the statement of comprehensive income in the
period to which they relate and any contributions payable are recognized in the balance sheet under other
payables.
Note 20 – Contingent liabilities and commitments for expenditures
Parent Company
Contingent liabilities
The Danish jointly taxed companies are jointly and severally liable for tax on joint taxation income.
The Company and Danish subsidiaries are included in Danish jointly taxation with Consolidated Holdings
A/S as controlling company. Thus, the Company is, in accordance with the Danish Corporation Tax Act, lia-
ble for income tax etc. for the jointly taxed companies and also for potential liabilities, including withholding
tax on interest, royalties and profits for these companies. The total tax liability for the Danish jointly taxation
is presented in the annual report for Consolidated Holdings A/S.
Commitments for expenditures
The Company has guaranteed payment of banking arrangements in Nordea for subsidiaries. As of 31 De-
cember 2021, the maximum liability is DKK 13,442k (2020: DKK 12,646k).
81
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Acquisition of companies in 2021
There has been no acquisitions during 2021.
Acquisition of companies in 2020
The Group has per 6 January 2020 acquired Advania Business Solutions. The acquisition was an asset
purchase.
Name
Primary
activity
Date of
control
gained
Acquired
ownership
Acquired
voting
rights
Total con-
sideration
DKK ’000
Advania Business Solutions
Distribution
and implemen
-
tation of
stand-
ardised busi-
ness solutions.
6 January Activity Activity 36,357
Total
36,357
Opening balances
DKK ´000
2021 2020
Tangible fixed assets
0 13
Other intangible assets
0 10,800
Other receivables
0 85
Total
non-current assets 0 10,898
Trade receivables
0 14,826
Work in progress
0 191
Prepayments
0 5,315
Total current assets
0 20,332
Corporation tax and deferred tax
0 -2,187
Deferred income
0 -3,736
Accruals
0 -398
Other debt
0 -5,404
Total current debt
0 -11,725
Net assets acquired
0 19,505
Goodwill
0 16,852
Total consideration
0 36,357
Net working capital not paid
0 -987
Cash consideration on acquisition date
0 35,370
Contingent
consideration payments* 74,152 39,777
Net cash flows on acquisitions
74,152 75,147
* Contingent consideration payments in 2020 relate to the acquisitions of iStone AB, which were paid in Q2
and Q4 2020. (DKK 38,645k.) and BMI (DKK 1,132k)
* Contingent consideration payments in 2021 relate to the acquisitions of iStone AB, which were paid in Q2
2021 (DKK 74,152).
Note 2
1 – Business combinations
82
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
2021 2020
Fair value assessment of trade receivables
Trade
receivables, gross amount 0 15,103
Trade receivables, not expected to be collected
0 -277
Trade receivables, fair value
0 14,826
Accounting policies
Newly acquired or newly established subsidiaries are consolidated from the date of acquisition or formation.
The acquisition date is the date on which the Columbus Group obtains control of the acquiree. Divested
companies are included in the consolidated financial statements until the date of disposal or winding up.
Disposal is the date when control is actually transferred to third parties.
Acquisition of new companies or activities in which the Group obtains control of the acquisition decision,
acquired business will be accounted for under the purchase method, so that the identified assets, liabilities
and contingent liabilities are measured at fair value at the acquisition date. Identified intangible assets are
recognized separately from goodwill if they are separable or arise from a contractual right and the fair value
can be measured reliably. Non-current assets which are held for sale are measured at fair value less esti-
mated selling costs. Restructuring liabilities are only recognized in the acquisition balance sheet if they rep-
resent a liability to the acquired company. Account is taken for the tax effect of the restatements.
The purchase consideration for a company is the fair value of the consideration paid for the acquired com-
pany. If the final determination is subject to one or more future events, these fair values are recognized at
the acquisition date. Costs directly attributable to the acquisition are recognized directly in the statement of
comprehensive income as incurred.
Positive differences (goodwill) between, on one hand, the purchase price of an acquired company, the
value of non-controlling interests in the acquiree and the fair value of previously held equity interests, and
on the other hand, the fair value of the identifiable assets, liabilities and contingent liabilities is recognized
as goodwill under intangible fixed assets. Goodwill is not amortized but is tested annually for impairment.
The first impairment test is performed before the end of the year of acquisition. Upon acquisition, goodwill is
allocated to the cash-generating units, which subsequently form the basis of the impairment test. The deter-
mination of cash-generating units follows the management structure and internal financial control and re-
porting of the Group. If the carrying amount of an asset exceeds its recoverable amount it is written down to
its recoverable amount.
In case of negative differences (negative goodwill), the calculated fair values, the calculated purchase con-
sideration for the company, the value of non-controlling interests in the acquiree and the fair value of previ-
ously held equity interests is reassessed. If the difference is still negative, the difference is recognized as
income in the statement of comprehensive income.
If at the time of acquisition there is an uncertainty about the identification or measurement of acquired as-
sets, liabilities or contingent liabilities or the determination of the consideration, initial recognition is based
on preliminary fair values. The preliminary calculated amounts can be adjusted, or additional assets or lia-
bilities can be recognized until one year after the purchase date, if new information on conditions that ex-
isted at the acquisition date is obtained, which would have affected the calculation of values at the acquisi-
tion date, had the information been known.
Changes in estimates of contingent consideration are recognized in the statement of comprehensive in-
come.
Note 2
1 – Business combinations (continued)
83
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
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’s 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 Vedbæk)
Consolidated Holdings A/S owns 48.16% 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 (49.56%) of the votes at the annual general meeting. Trans-
actions with the company are made on an arm's length basis. Ib Kunøe 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 2021 Columbus paid tax to Consolidated Holdings A/S
for DKK 1.436k (2020: DKK 3.544K)
Related parties with significant influence
ATEA (Lautrupvang 6, 2750 Ballerup)
Consolidated Holdings A/S has significant influence in ATEA, and certain dual roles in the management are
filled by the same persons in ATEA and the Columbus Group. Transactions with the company are made on
an arm's length basis.
In January 2021 we divested our private cloud business to Atea. The transaction happened on arm’s length
basis, and is described further in note 27 and note 28. The transaction has been excluded from the follow-
ing tables.
Atrium Partners A/S (Strandvejen 102B, 2900 Hellerup)
Consolidated Holdings A/S has a significant incluence in Atrium Partners A/S. Atrium partners assisted Co-
lumbus in the divestment of our former subsidiary To Increase, which were sold off in the beginning of
2021. The transaction with Atrium Partners A/S were made on arm’s length.
Parent
DKK ´000
2021 2020
Net
sales
Atea
5,264 3,118
Total
5,264 3,118
Net purchase
Atrium Partners
-9,349 0
Atea
-12,268 -10,152
Total
-21,617 -10,152
Sold to Atea is primarily consultancy and sale of licenses from 3
rd
parties.
Purchase from Atea is primarily office rent as well as purchase of IT equipment.
Parent
DKK ´000
2021 2020
Trade receivables
Atea
1,713 744
Total
1,713 744
Trade payables
Atea
-2,806 -2,004
Total
-2,806 -2,004
Executive Board and Board of Directors
Remuneration of the Executive Board, the Board of Directors and executives appears from note 5.
Note 2
2 – Related parties
84
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Note 22 – Related parties (continued)
Subsidiaries
Related parties in Columbus also comprise the subsidiaries in which the Company has controlling interest,
cf. the Group overview.
Trading with subsidiaries was as follows:
Parent Company
DKK ´000
2021 2020
Purchase from subsidiaries
-71,016 -27,299
Sold to subsidiaries
62,379 107,443
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’ Danish and Norwegian companies.
Transactions with subsidiaries are eliminated in the consolidated financial statements in accordance with
applied accounting policies.
Outstanding accounts with subsidiaries
Columbus' outstanding accounts with subsidiaries are shown directly in the balance sheet. Outstanding
accounts are interest-bearing. The interest payment of outstanding accounts is shown in note 7. Payment
terms for regular outstanding accounts are invoiced month + 30 days.
Note 23 – Fee to the Group's auditor elected by the annual general meeting
Group Parent Company
DKK ´000
2021 2020 2021 2020
Auditor elected by the annual general meeting
Statutory audit
2,112 1,847 623 483
Other assurance services
91 40 91 40
Tax and VAT advisory services
0 27 0 27
Other non
-audit services 110 0 0 0
2,313 1,914 714 550
Other
auditors
Statutory audit
544 1,351 0 0
Other assurance services
176 641 0 0
Tax and VAT advisory services
75 287 0 0
Other non
-audit services 15 86 0 0
810 2,365 0 0
Total audit fee
3,123 4,279 714 550
Other services provided by the auditors elected by the annual general meeting comprise of fee for review of
the Group’s transfer pricing documentation and review of the remuneration report.
85
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
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.
DKK ´000
Less than
1 year
Between
1 and 5
years
More than
5 years
Total
Group 2021
Financial assets
Trade receivables
269,583 0 0 269,583
Contract assets
11,433 0 0 11,433
Corporate tax receivables
12,041 0 0 12,041
Other receivables
3,791 10,132 7,266 21,189
Receivables from divestment of activities
55,631 0 0 55,631
Prepayments
19,367 0 0 19,367
Cash and bank balances
62,943
0
0
62,943
Total financial assets
434,789 10,132 7,266 452,187
Financial liabilities
Debt to credit
institutions 19,660 75,970 0 95,630
Contingent consideration
6,539 0 0 6,539
Contract liabilities
17,248 0 0 17,248
Trade payables
79,168 0 0 79,168
Corporate tax payables
1,171 0 0 1,171
Other payables
217,406 0 0 217,406
Accruals and
deferred income 32,938 0 0 32,938
Lease liability right
-of-use assets 29,966 37,539 0 67,505
Other provisions
6,722 1,056 0 7,778
Total financial liabilities
410,818 114,565 0 525,383
Ratio
1.06
0.86
The total financial liabilities are expected to be financed by the positive cash flows from primary activities,
as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall
due for payment.
The below table disclose the expected interest payments for credit institutions and for lease liability and
provisions the discounted interest on the debt to represent net present value.
DKK ´000
Less than
1 year
Between
1 and 5
years
More than
5 years Total
Debt to credit institutions
-616 0 0 -616
Lease liability right
-of-use assets -1,607 -1,085 0 -2,692
Liquidity risk management
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrow-
ing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity pro-
files of financial assets and liabilities. For all the primary financial instruments, the carrying amounts are
equivalent to the fair value.
Note 2
4 – Financial risks and financial instruments
86
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Less than
1 year
Between
1 and 5
years
More than
5 years Total
Group 2020
Financial assets
Trade receivables
222,571 0 0 222,571
Contract assets
14,733 0 0 14,733
Corporate tax receivables
871 0 0 871
Other receivables
8,058 0 7,263 15,321
Prepayments
28,498 0 0 28,498
Cash and bank balances
164,213 0 0 164,213
Total financial assets
438,944 0 7,263 446,207
Financial liabilities
Debt to credit institutions
1,415 176,000 0 177,415
Contingent consideration
81,594 0 0 81,594
Contract liabilities
19,607 0 0 19,607
Trade payables
69,210 0 0 69,210
Corporate tax payables
10,202 0 0 10,202
Other
payables 300,959 0 0 300,959
Accruals and deferred income
29,799 0 0 29,799
Lease liability right
-of-use assets 34,943 61,287 1,746 97,976
Other provisions
6,722 9,053 12,284 28,059
Total financial liabilities
554,451 246,340 14,030 814,821
Ratio
0.79
0.55
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.
DKK ´000
Less than
1 year
Between
1 and 5
years
More than
5 years
Total
Debt to credit institutions
-1,415
0
0
-1,415
Other payables
-489 0 0 -489
Lease liability right
-of-use assets -2,938 -3,031 -72 -6,041
Note 2
4 – Financial risks and financial instruments (continued)
87
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK
´000
Less than
1 year
Between
1 and 5
years
More than
5 years Total
Parent 2021
Financial assets
Trade receivables
58,451 0 0 58,451
Receivables from subsidiaries
29,306 0 0 29,306
Contract assets
952 0 0 952
Other receivables
2,082 10,132 2,794 15,008
Prepayments
9,219 0 0 9,219
Cash and bank balances
2,491 0 0 2,491
Total financial assets
102,501 10,132 2,794 115,427
Financial liabilities
Debt to credit institutions
34,373 75,970 0 110,343
Contingent consideration
6,539 0 0 6,539
Debt to subsidiaries
65,589 0 0 65,589
Contract liabilities
6,925 0 0 6,925
Trade payables
21,572 0 0 21,572
Other payables
48,603 0 0 48,603
Accruals and deferred income
3,617 0 0 3,617
Lease liability right
-of-use assets 6,158 10,354 0 16,512
Other provisions
6,722 1,056 0 7,778
Total financial liabilities
200,098 87,380 0 287,478
Ratio
0.51
0.40
The total financial liabilities are expected to be financed by the positive cash flows from primary activities,
as well as unused lines of credit. Further, part of the short term financial liabilities are not expected to fall
due for payment.
The below table discloses the expected interest payments for credit institutions and for lease liability and
provisions the discounted interest on the debt to represent net present value.
DKK ´000
Less than
1 year
Between
1 and 5
years
More than
5 years
Total
Debt to credit institutions
-616
0
0
-616
Lease
liability right-of-use assets -344 -267 0 -611
Note 2
4 – Financial risks and financial instruments (continued)
88
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
DKK ´000
Less than
1 year
Between
1 and 5
years
More than
5 years Total
Parent 2020
Financial assets
Trade receivables
36,350 0 0 36,350
Receivables from subsidiaries
62,460 0 0 62,460
Contract assets
1,638 0 0 1,638
Other receivables
3,568 0 2,997 6,565
Prepayments
8,468 0 0 8,468
Cash and bank balances
60,048 0 0 60,048
Total financial assets
172,532 0 2,997 175,529
Financial liabilities
Debt to credit institutions
1,415 176,000 0 177,415
Contingent consideration
81,594 0 0 81,594
Debt to subsidiaries
123,721 0 0 123,721
Contract
liabilities 9,164 0 0 9,164
Trade payables
20,022 0 0 20,022
Corporate tax payables
11 0 0 11
Other payables
86,000 0 0 86,000
Accruals and deferred income
5,313 0 0 5,313
Lease liability right
-of-use assets 5,553 9,435 0 14,988
Other
provisions 0 9,053 12,284 21,337
Total financial liabilities
332,793 194,488 12,284 539,565
Ratio
0.52
0.33
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.
DKK ´000
Less than
1 year
Between
1 and 5
years
More than
5 years
Total
Debt to credit institutions
-1,415
0
0
-1,415
Other payables
-489 0 0 -489
Lease liability right
-of-use assets -384 -293 0 -677
Note 2
4 – Financial risks and financial instruments (continued)
89
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Financing facilities
Group
DKK ´000
2021 2020
Cash and
bank balances 62,943 164,213
Unused credits
13,565 236,757
76,508 400,970
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. 78%
of the revenue comes from NOK, SEK, GBP, USD, RUB, CLP, CZK, PLN and INR the Group has per-
formed a sensitive analysis on the relevant foreign exchange rates. The exchange rate risk for EUR is con-
sidered to be minimal.
Equity exchange rates sensitivity
Group
DKK ´000
2021 2020
Effect of 10% decrease in USD
-5,707 -9,435
Effect of 10% decrease in GBP
-5,862 -6,279
Effect of 10% decrease in SEK
-41,225 -40,509
Effect of 10% decrease in NOK
-5,487 -3,445
Effect of 10% decrease in RUB
241 -745
Effect of 10% decrease in CLP
-523 -418
Effect of 10% decrease in CZK
-2,788 -1,123
Effect of 10% decrease in PLN
-2,227 -486
Effect of 10% decrease in INR
-1,149 -1,376
Profit after tax exchange rates sensitivity
Group
DKK ´000
2021 2020
Effect of 10% decrease in USD
-359 130
Effect of 10% decrease in GBP
-594 -1,427
Effect of 10% decrease in SEK
-1,805 1,203
Effect of 10% decrease in NOK
-1,753 -890
Effect of 10% decrease in RUB
-280
-254
Effect of 10% decrease in CLP
-148 -77
Effect of 10% decrease in CZK
-75 -62
Effect of 10% decrease in PLN
-133 -81
Effect of 10% decrease in INR
-532 -960
Revenue exchange rates sensitivity
Group
DKK ´000
2021 2020
Effect of 10% decrease in USD
-9,906 -9,963
Effect of 10% decrease in GBP
-19,679 -18,014
Effect of 10% decrease in SEK
-59,708 -57,403
Effect of 10% decrease in NOK
-26,656 -20,419
Effect of 10%
decrease in RUB -6,825 -6,919
Effect of 10% decrease in CLP
-718 -669
Effect of 10% decrease in CZK
-807 -1,991
Effect of 10% decrease in PLN
-1,872 -1,922
Effect of 10% decrease in INR
-3,546 -6,541
Note 2
4 – Financial risks and financial instruments (continued)
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Notes
Financial Statements Governance Our business The big perspective
Note 24 – Financial risks and financial instruments (continued)
Interest rates
Fluctuations in interest rates have an effect on the Group's financial instruments. By the end of 2021 an in-
crease in interest rates of half a percentage point would increase the Group's financial liabilities by DKK
380k (2020: DKK 880k). 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 estimates whether the capital structure is in accordance with the in-
terests 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 2021 nor in 2020 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 very limited operations in other currencies than DKK.
Interest rate risk is considered to be equal to the Group’s 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. 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.
Note 25 – Changes in working capital
Group
Parent Company
DKK ´000
2021 2020 2021 2020
Change in receivables and contract assets
-33,067 79,567 14,263 -2,075
Change in trade payable and liabilities
15,021 -17,901 1,550 -1,775
Change in other liabilities
-69,175 -36,430 -67,036 -38,138
Cash flow from changes in working capital
-87,221 25,236 -51,223 -41,988
91
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Notes
Financial Statements Governance Our business The big perspective
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.
DKK ´000
Right-of-
use-assets
liabilities
Long term
borrowings
Overdraft
facilities
Total
Group 2021
Balance at 1 January
91,935 176,000 0 267,935
Cash flow from continuing operations
-34,085 -100,030 19,044 -115,071
Cash changes
-34,085 -100,030 19,044 -115,071
New leases
10,267 0 0 10,267
Changes to existing leases
335 0 0 335
Foreign exchange movements
-3,639 0 0 -3,639
Non
-cash changes 6,963 0 0 6,963
Balance at 31 December
64,813 75,970 19,044 159,827
DKK ´000
Right-of-
use-assets
liabilities
Long term
borrowings
Total
Group 2020
Balance at 1 January
91,771 176,000 267,771
Cash flow from
continuing operations
-38,128 0 -38,128
Cash flows from
discontinued operations
0 0 0
Cash changes
-38,128 0 -38,128
New leases
19,569 0 19,569
Changes to existing leases
25,261 25,261
Foreign exchange movements
-3,552 0 -3,552
Acquisition
1,051
1,051
Reclassified to assets held for sale
-4,037 0 -4,037
Non
-cash changes 38,292 0 38,292
Balance at 31 December
91,935 176,000 267,935
Note 2
6 – Cash flow from financing activities
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DKK ´000
Right-of-
use-assets
liabilities
Long term
borrowings
Overdraft
facilities
Total
Parent 2021
Balance at 1 January
14,311 176,000 0 190,311
Cash flows
-4,689 -100,030 33,758 -70,961
Cash changes
-4,689 -100,030 33,758 -104,719
New leases
6,279 0 0 6,279
Cash Flows
0 0 0 0
Non
-cash changes 6,279 0 0 6,279
Balance at 31 December
15,901 75,970 33,758 91,871
DKK ´000
Right-of-
use-assets
liabilities
Long term
borrowings Total
Parent 2020
Balance at 1 January
14,216 176,000 190,216
Cash flows
-6,005 0 -6,005
Cash changes
-6,005 0 -6,005
New leases
6,100 0 6,100
Non
-cash changes 6,100 0 6,100
Balance at 31 December
14,311 176,000 190,311
Note 2
6 – Cash flow from financing activities (continued)
93
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
2021 2020 2021 2020
Net revenue
157,326 379,604 0 10,477
External project
costs -62,351 -87,143 0 -6,414
Gross profit
94,975 292,461 0 4,063
Staff expenses and remuneration
-61,754 -168,405 0 -3,675
Other external costs
-7,814 -21,446 0 0
Other operating income
15 314 0 0
Other operating costs
-348 0 0 0
EBITDA
25,074 102,924 0 388
Depreciation, amortization and impairment
-3,457 -33,183 -53,643 -1,409
Operating profit (EBIT)
21,617 69,741 -53,643 -1,021
Financial income
703 49 0 0
Financial expenses
-634 -1,621 0 0
Profit
before tax from discontinuing operations 21,686 68,169 -53,643 -1,021
Corporate tax
-20 -13,768 0 0
Profit after tax from discontinuing operations
21,666 54,401 -53,643 -1,021
Total gain (loss) on divestment of
discontinued op-
erations
675,820 -29,502 822,381 -37,605
Profit from discontinued operations
697,486 24,899 768,738 -38,626
Earnings per share from discontinued operations of
DKK 1.25 (EPS)
5.44 0.20
Earnings per share from
discontinued operations of
DKK 1.25, diluted (EPS
-D)
5.42 0.20
Discontinued operations in 2021
During 2020 Columbus initiated the process of a sale of our software company To-Increase, which repre-
sent our entire ISV segment. The sale was finalised in January 2021, and the business is therefore reported
as discontinued operations in the profit and loss for 2021 and 2020.
In addition, during 2020 we have closed our Spanish subsidiary and sold our Chinese and consequently
reported this as discontinued operations in 2020. Both subsidiaries were part of our consultancy segment.
In January 2021, our Danish private cloud business was sold and this business is consequently also classi-
fied as discontinued operations in 2021 and 2020. The private cloud business was represented in our con-
sultancy segment.
In March 2021 our two Baltic companies were sold and the segment is consequently classified as discontin-
ued operations in 2021 and 2020. Both subsidiaries were part of our consultancy segment.
In November 2021, our SMB business in our US entity was sold as part of the Focus23 strategy. The busi-
ness activity is consequently classified as discontinued operations in 2021 and 2020.
Note 2
7 – Discontinued operations
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Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Note 27 – Discontinued operations (continued)
Gain (loss) on divestment of discontinued operations
Group Parent Company
DKK ´000
2021 2020 2021 2020
Gain on disposal of subsidiaries
697,095
0
830,960
0
Transaction costs related to disposal
-21,275 -29,502 -8,579 -37,605
Total gain
(loss) on divestment of discontinued
operations
675,820 -29,502 822,381 -37,605
Cash flow
Group Parent Company
DKK ´000
2021 2020 2021 2020
Cash flow from operating activities
-14,091 114,817 0 1,410
Cash flow from investing
activities -7,479 -37,256 0 0
Cash flow from financing activities
-13,354 -5,844 0 0
Cash flow from discontinued operations
-34,924 71,717 0 1,410
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.
95
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
On 26 January 2021, the Group disposed of its 100% equity interest in its subsidiary, To-Increase. The sub-
sidiary was classified as held for sale in the 2020 consolidated financial statement.
On 26 March 2021, the Group disposed of its 100% equity interest in its subsidiary, Columbus Lithuania
and its 51% equity interest in its subsidiary, Columbus Estonia.
The deferred consideration was partly settled in cash by the purchaser in April 2021 (DKK 12m), and the
remaining consideration will be paid in monthly instalments until 2026.
There were no disposals of subsidiaries made in 2020.
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.
Group
Parent
DKK ´000
2021 2020 2021 2020
Goodwill
197,980 0 0 0
Customer base
7,295
0
3,050
0
Other intangible assets
19 0 0 0
Development projects finalized
52,334 0 0 0
Development projects in
progress 42,404 0 0 0
Property, plant and equipment
2,419 0 0 0
Right
-of-use assets 20,712 0 0 0
Investments in subsidiaries
0
0
60,803
0
Trade receivables
36,404 0 0 0
Contract assets
7,575 0 0 0
Corporate tax receivables
1,052 0 0 0
Deferred tax assets
30,961 0 0 0
Other receivables
1,506 0 0 0
Prepayments
6,957 0 0 0
Cash
22,169 0 0 0
Total assets
429,787 0 63,853 0
Group Parent
DKK ´000
2021 2020 2021 2020
Deferred tax
19,095 0 0 0
Debt to credit
institutions 357 0 0 0
Lease liability right
-of-use assets 20,277 0 0 0
Contract liabilities
3,854
0
0
0
Trade payables
18,425 0 0 0
Corporate tax payables
54 0 0 0
Other payables
31,180 0 0 0
Accruals and deferred income
30,578 0 0 0
Total
liabilities 123,818 0 0 0
Minority interests
2,847 0 0 0
Net assets disposed of
303,122 0 63,853 0
Cash and cash equivalents
928,334 0 865,279 0
Deferred consideration
71,883 0 29,535 0
Total consideration
1,000,217 0 894,813 0
Gain on disposal of activities
697,095 0 830,960 0
Net Cash inflow arising on disposal:
Consideration received in cash and
cash equivalents
928,334 0 865,279 0
Less: cash and cash equivalents disposed of
-22,169 0 -19,775 0
Transaction costs related to disposal
-39,802 -2,696 -24,111 -6,714
Net cash inflow arising on disposal
866,363 -2,696 821,393 -6,714
Note 28
– Disposal of activities
96
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
At 31 December 2020, assets and related liabilities held for sale comprised To-Increase and our Danish
private cloud business.
Group Parent Company
DKK ´000
2021 2020 2021 2020
Goodwill
0 81,683 0 0
Customer base
0 4,670 0 3,050
Development projects finalized
0 52,350 0 0
Development projects in progress
0 38,899 0 0
Property, plant and equipment
0 1,567 0 0
Right-of-use assets
0
16,086
0
0
Investments in subsidiaries
0 0 0 45,064
Trade receivables
0 15,739 0 0
Contract assets
0 950 0 0
Corporate tax
receivables 0 1,050 0 0
Other receivables
0 676 0 0
Prepayments
0 811 0 0
Total assets classified as held for sale
0 214,481 0 48,114
Group Parent Company
DKK ´000
2021 2020 2021 2020
Deferred tax
0 17,181 0 0
Other
provisions 0 4,464 0 0
Lease liability right
-of-use assets 0 15,409 0 0
Contract liabilities
0 3,004 0 0
Trade payables
0 3,278 0 2,831
Other payables
0 13,380 0 637
Accruals and deferred income
0 37,175 0 2,647
Total liabilities relating to assets classified
as held for sale
0 93,891 0 6,115
Net assets
0 120,590 0 41,999
Accounting policies
Assets classified as held for sale comprise assets and liabilities, the value of which are highly probable to
be recovered through a sale within 12 months rather than through continued use. Assets and liabilities clas-
sified as held for sale are measured at the carrying amount at the time of classification as 'held for sale' or
at market value less selling costs, whichever is lower. The carrying amount is measured in accordance with
the Group's accounting policies. No depreciation or amortisation is recognized on intangible assets and
property, plant and equipment from the time of classification as 'held for sale'.
Note 2
9 – Assets classified as held for sale
97
Annual Report 2021
Notes
Financial Statements Governance Our business The big perspective
Note 30 – Board of Directors and Executive Board
See section "The Board of Directors and Executive Board” in the Management's Review, page 37.
Note 31 – Shareholder information
See section "Shareholder information" in the Management's Review, page 40.
Note 32 – Events after the reporting period
With a part of Columbus’ business in Russia and Ukraine, Columbus is impacted by Russia’s invasion of
the sovereign state of Ukraine.
Columbus has with effect from 3 March stopped new sales and hiring in Russia, but continues to serve ex-
isting contracts. Columbus will respect all present and future sanctions.
Columbus is currently investigating various options for how to exit the Russian market.
A total loss of the Columbus activities in Russia will impact the net assets in the Columbus Group nega-
tively by DKK 20m as at 31 December 2021. As at 15 March 2022 this amount is reduced to DKK 11m due
to the decline in the Russian rouble.
Apart from uncertainty related to Columbus’ Russian activities there have been no events since 31 Decem-
ber 2021 which could significantly affect the evaluation of the Group’s financial position and revenues at 31
December 2021.
Earnings in January and February 2022 are in line with the Company’s expectations encountered the situa-
tion in Russia.
Note 33 – Approval of publication of the Annual Report
On the Board meeting on 16 March 2022 the Board of Directors approved publication of the Annual Report
2021. The Annual Report 2021 will be submitted for approval by the shareholders of Columbus A/S on the
Annual General Meeting on 29 April 2022.
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Annual Report 2021
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Financial Statements Governance Our business The big perspective
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
Result 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)
Result 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
Organic Growth and Revenue
Organic Growth and Revenue represents the business excluding the impact of acquisitions and divest-
ments.
The purpose of defining Organic Growth is to show a “like-for-like” comparison with the previous year.
Recurring Revenue
Recurring Revenue includes Columbus Software maintenance, Columbus Cloud revenue, 3rd party mainte-
nance revenue, 3rd party cloud revenue, Columbus Care agreements.
Recurring revenue does not necessarily mean a binding contractual agreement. However recurring revenue
is defined as revenue with a high degree of certainty for renewal >95%.
The purpose of defining Recurring Revenue is to express a level of predictability in the revenue. The higher
degree of Recurring Revenue in pct. of total revenue – the more predictable is the Columbus revenue going
forward.
EBITDA before Share Based Payment
EBITDA before Share Based Payment is Earnings Before Interest Taxes Depreciation, Amortization and
the expense (black Scholes value) from Share Based Payment.
The purpose of excluding Share Based Payment is that this is a non-cash consideration and therefore dif-
ferent characteristics than cash-based considerations. Another purpose is that the IFRS rules for expending
Share Based payments is uneven through the 3-year maturing period Columbus normally exercise.
EBITDA before Share Based Payment will therefore express a more comparable year over year develop-
ment.
Normalized EBITDA
Normalized EBITDA represents the business excluding the impact of one-off items, such as acquisitions,
divestments etc. Details on the normalization is provided in the management review cf. page 8.
Key figures, ratios and Alternative Performance Measures
99
Annual Report 2021
Financial Statements Governance Our business The big perspective
Statement by management
on the Annual Report
Ballerup, 16 March 2022
Executive Board
Søren Krogh Knudsen
CEO &
President
Hans Henrik Thrane
Corporate CFO
Board of Directors
Ib Kunøe
Chairman
Sven Madsen
Deputy Chairman
Peter Skov Hansen
Karina Kirk Ringsted
100
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Financial Statements Governance Our business The big perspective
Independent Auditor’s Reports
101
Annual Report 2021
Financial Statements Governance Our business The big perspective
102
Annual Report 2021
Financial Statements Governance Our business The big perspective
103
Annual Report 2021
Financial Statements Governance Our business The big perspective
104
Annual Report 2021
Financial Statements Governance Our business The big perspective
Business Registration No 33 96 35 56
MNE no mne 30131
MNE no mne 11681
