Interim report
Q3 2024
Columbus Interim report Q3 2024 2
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Highlights 3
Sustained focus on profitability fuels
EBITDA growth 4
Key figures and ratios 6
Revenue growth continues in Q3 7
Outlook for 2024 10
Statement by management 11
Financial statements 12
Contents
Columbus Interim report Q3 2024 3
Q3 2024 highlights
• Revenue growth of 8%, amounting to DKK 371m. 6%
growth adjusted for acquisitions and currency.
• EBITDA amounted to DKK 29m, an increase of 42%
compared to Q3 2023.
• EBITDA margin was 7.9% compared to 6.0% in
Q3 2023.
• Efficiency of 60% in Q3 2024, which is at the same
level as Q3 2023.
Outlook 2024 maintained
Based on the development in the first three quarters of
2024, our strong pipeline and order backlog, we main-
tain our 2024 expectations:
• Revenue guidance expected to be in the range
of 8-10% organic growth
• EBITDA margin expected to be in the range
of 9-10%.
YTD 2024 highlights
• Revenue growth of 10%, amounting to DKK 1,243m.
9% growth adjusted for acquisitions and currency.
• EBITDA amounted to DKK 115m, an increase of
47.4% compared to Q3 YTD 2023.
• EBITDA margin was 9.2% compared to 6.9% in
Q3 YTD 2023.
• Efficiency of 62% in Q3 YTD 2024, compared to 63%
in Q3 YTD 2023.
We are satisfied with the
growth in Q3 2024,
driven by continued
customer demands for a
strong digital core”.
CEO & President
Søren Krogh Knudsen
Highlights
Revenue growth of
8% in Q3 2024, driven by our Cloud ERP
Business Line, Dynamics
as well as Data & AI and CXE. Strong
progress in
our Danish and UK Market Units. EBITDA growth of 42%
with a
n EBITDA margin of 7.9%. Overall, another satisfactory quarter
for Columbus
.
Dynamics Business Line
+8%
Service revenue of DKK 203m
M3 Business Line
+3%
Service revenue of DKK 66m
Digital Commerce Business Line
+2%
Service revenue of DKK 39m
Data & AI Business Line
+23%
Service revenue of DKK 22m
CXE Business Line
+23%
Service revenue of DKK 19m
Columbus Interim report Q3 2024 4
Sustained focus in a dynamic market
The Q3 results underline the strong interest in our solu-
tions and our ability to deeply understand our custom-
ers' business by providing concrete digital solutions and
adopting new technology such as generative AI. We ex-
perience an increased focus on reinvention, focusing on
transforming the business to stay competitive in a dy-
namic market. A strong digital core is the key driver in
the reinvention which has allowed us to meet expecta-
tions once again in Q3 2024.
However, we remain vigilant of the ongoing market un-
certainty and geopolitical concerns which in some of our
markets have extended decision-making processes and
postponed projects, as risk mitigation is an increasing
topic among our customers.
Continued growth and improved EBITDA margin
In the third quarter, we grew revenue by 8% to DKK
371m, mainly driven by Dynamics, CXE and Data & AI
Business Lines growing by 8%, 23% and 23%, respec-
tively, as well as strong progress in our Danish and UK
Market Units. Continued market uncertainty in our Swe-
dish market affects our Digital Commerce business,
however, we are beginning to see positive impacts of
the restructure we implemented in Q2 2024.
We are particularly pleased to see how our Data & AI
Business Line continues to deliver strong results. Many
of our customers are still investigating how much they
can accomplish with the powerful technology ML (Ma-
chine Learning) and AI while navigating in the tensions
between potential risks and the desire to seize
opportunities. In this accelerated adoption phase, we
primarily help companies reap the low-hanging fruits of
efficiency optimizations and better business insights. In
Q3 2024, we entered into new partnerships with valued
customers such as Kappahl and Calliditas.
EBITDA for the quarter increased by 42% resulting in
an EBITDA margin of 7.9%, which is an improvement of
1.9 percentage points compared to Q3 2023. For the
first nine months of 2024, EBITDA amounted to DKK
115m, reflecting a growth of 47% and an EBITDA mar-
gin of 9.2%. The improved EBITDA margin is an im-
portant step towards achieving our EBITDA15 goal by
2026. A key element in the EBITDA15 program is to im-
prove commercial excellence, thus improving project
profitability, and we are pleased to see that the progress
has continued in Q3 2024.
Strengthening of the executive management team
In Q3 2024, we have announced two key recruitments
strengthening our executive management team. To lead
Columbus’ People First approach, we have hired
Katharina Hofman as Chief People Officer. Katharina
has extensive experience in building robust HR
processes, creating a strong Employee Value Proposi-
tion and driving successful career development pro-
grammes.
Additionally, we have hired Beatrice Silow as Chief
Marketing Officer to strengthen our brand as a strategic
digital advisor for larger companies while strengthening
our efforts in customer engagement and sales through
strong customer relations. I am convinced that the
strengthening of the executive management team will
further accelerate our strategic journey to become
trusted digital advisor in our key markets.
Welcoming 40 new Columbus Accelerators
In September, we welcomed 40 new talents to our an-
nual Accelerator program – the largest group in our his-
tory. Columbus has been running an Accelerator Pro-
gram for several years with a mix of graduates and
more experienced professionals who wish to take the
next step in their careers. The program is a key element
in building our global talent pool. This year, we were
able to attract more women to the program than previ-
ously, accounting for 40% of the Accelerators. This pro-
gress in attracting more women is a result of our strate-
gic work with diversity in Columbus.
Sustained focus on profitability fuels EBITDA growth
The positive development in the first half of 2024 continued in Q3
2024 with
a revenue growth of 8%, EBITDA growth of 42%, and an
EBITDA margin
of 7.9%. Customer demands for increased efficiency
and business insights
driven by a strong digital core are driving the
growth
. We maintain our 2024 full-year financial expectations.
Columbus Interim report Q3 2024 5
Strategic Partnerships are key to growth
Our strategic partnerships with key technology partners
are essential to deliver innovative solutions to our cus-
tomers. We are pleased to see that our commitment
has once again been acknowledged by Optimizely with
the “Commerce Partner of the Year” award in the UK&I
region for the second year running.
In September, we had the pleasure of attending the In-
for Velocity Summit in Las Vegas together with Infor’s
executive management. I participated in engaging panel
discussions about Infor’s new partner program which
was launched at the summit. As a strategic partner to
Infor, Columbus has been deeply involved in the pro-
cess of developing this new partner program.
Maintaining our 2024 expectations
As mentioned, we continue to monitor the geopolitical
landscape and the impacts on our business, however I
remain positive about our financial expectations for
year.
I want to thank our employees for their continuous hard
work and commitment and our customers and share-
holders for their trust in Columbus.
Søren Krogh Knudsen
CEO & President
Columbus Interim report Q3 2024 6
The key figures and financial ratios above have been calculated in
accordance with Danish Finance
Society's "Recommendation & Financial Ratios”
Key figures and ratios
DKK ´000
Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Income related figures
Sale of services
355,157 330,239 1,194,356 1,077,609 1,475,056
Sale of products
16,271 14,559 48,210 48,160 64,899
Net revenue
371,428 344,798 1,242,566 1,125,769 1,539,955
Recurring revenue % of total revenue
15.8% 14.7% 14.1% 13.5% 13.3%
EBITDA
29,375 20,640 114,610 77,776 117,534
EBIT
13,756 6,499 49,071 35,070 60,088
Net financial items
-4,570 -1,090 -10,451 -14,828 -20,750
Profit before tax
9,186 5,409 38,620 20,242 39,338
Profit after tax, continuing operations
5,675 3,596 28,055 14,748 23,762
Profit after tax, discontinued operations
-908 -231 -2,986 2,845 3,127
Profit after tax
4,767 3,365 25,069 17,593 26,889
DKK ´000
30 Sep 2024 30 Sep 2023 31 Dec 2023
Balance sheet
Non
-current assets 824,691 887,445 852,442
Current assets
446,556 418,650 445,409
Total assets
1,271,247 1,306,095 1,297,851
Group shareholder equity
720,516 698,047 716,829
Total liabilities
550,731 608,048 581,022
Total equity and liabilities
1,271,247 1,306,095 1,297,851
DKK ´000
Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Investments in tangible assets
1,270 1,702 4,635 4,526 7,888
Cash flow
Cash flow from operating activities
56,780 324 95,932 48,099 76,954
Cash flow from investing activities
-613 -134 -17,560 -40,141 -47,080
Cash flow from financing activities
-52,127 -17,573 -64,864 -633 -15,894
Total net change in cash and cash equivalents
4,040
-17,383
13,508
7,325
13,980
Key ratios
EBITDA
-margin 7.9% 6.0% 9.2% 6.9% 7.6%
EBIT
-margin 3.7% 1.9% 3.9% 3.1% 3.9%
Equity ratio
56.7% 53.4% 56.7% 53.4% 55.2%
Return on equity
0.7% 0.5% 3.5% 2.5% 3.8%
Return on invested capital (ROIC)
2.1% 1.4% 9.5% 5.8% 9.6%
Number of shares
129,276 129,276 129,276 129,276 129,276
Average number of shares
129,276 129,276 129,276 129,276 129,276
Book value of equity per
share (BVPS) (DKK) 5.57 5.40 5.57 5.40 5.54
Earnings per share (EPS) from continuing operations
(DKK)
0.04 0.03
0.22 0.11 0.18
Cash flow per share (DKK)
0.44 0.00 0.74 0.37 0.60
Share price, end of period (DKK)
10.75 6.40 10.75 6.40 7.10
Average full time employee for the period
1,573 1,588 1,599 1,572 1,568
Columbus Interim report Q3 2024 7
Revenue development
In Q3 2024, Columbus realized a revenue of DKK
371m, corresponding to an increase of 8% compared to
Q3 2023. The growth was primarily driven by sale of
services, which increased by 8% compared to the same
period last year and accounted for 96% of the total rev-
enue in Q3 2024. Additionally, product sales increased
by 12%, which is slightly above expectations.
Our major Business Lines Dynamics and M3 delivered
a modest growth compared to previous quarters. The
strategic Business Line Customer Experience & En-
gagement and Data and AI continued to show strong
growth, each delivering a growth of 23% in the quarter.
Digital Commerce increased by 2%, which was nega-
tively impacted by the market uncertainty in the retail
sector, particularly in our Swedish market.
Our strategic Business Lines are key components in ex-
tending our capabilities within digital advisory and posi-
tioning us as a full-service Digital Partner.
Our largest Business Line, Dynamics, delivered a
growth of 8% in service revenue. We continue to see a
strong win rate and high demand for our services, alt-
hough we are starting to experience increased post-
ponements and changing decision patterns from our
customers on larger projects.
The Dynamics PowerPlatform and AI remain key focus
areas for us, ensuring that we maintain relevance and
capabilities within the Dynamics space.
M3, our second largest Business Line, experienced a
3% increase in service revenue. The decline in the
growth compared to previous quarters is partly due to
the completion of a few major projects and a slower-
than-expected sales process resulting in a slow-
down/gap between projects and consequently lower ef-
ficiency and growth.
Digital Commerce revenue grew by 2% in Q3 2024
compared to Q3 2023. Adjusted for the acquisition of
Endless Gain on 1 January 2024, the revenue declined
by 8%. The lower-than-usual growth in the Business
Line is primarily due to market uncertainty in Sweden
and Norway. Additionally, the weakened retail sector
has negatively impacted the Business Line. The Acqui-
sition of Endless Gain is performing as planned and is
being rolled out globally, adding business.
Data & AI realized a strong growth of 23% in Q3 2024,
confirming the increased need for data specialists en-
gaging in AI enabling projects, among other initiatives.
Revenue growth continues in Q3
Service revenue split on Business Lines
DKK ´000
Q3 2024 Q3 2023 ∆% YTD 2024 YTD 2023 ∆%
Dynamics
203,091 188,407 8% 673,045 588,348 14%
M3
66,377 64,665 3% 241,386 219,978 10%
Digital Commerce
38,925 38,116 2% 137,412 146,999 -7%
Data & AI
22,254 18,115 23% 63,066 56,200 12%
CXE
18,971 15,468 23% 62,173 46,923 33%
Other Local Business
5,539 5,468 1% 17,274 19,161 -10%
Total sale of
services 355,157 330,239 8% 1,194,356 1,077,609 11%
Total sale of products
16,271
14,559
12%
48,210
48,160
0%
Total net revenue
371,428 344,798 8% 1,242,566 1,125,769 10%
Service revenue split on Market Units
DKK ´000
Q3 2024 Q3 2023 ∆% YTD 2024 YTD 2023 ∆%
Sweden
100,221 112,317 -11% 382,015 405,912 -6%
Denmark
92,699 76,121 22% 307,930 240,206 28%
Norway
46,630 46,802 0% 173,359 175,947 -1%
UK
83,184 61,614 35% 236,178 161,356 46%
US
21,204 23,225 -9% 61,001 64,584 -6%
Other
10,256 8,990 14% 30,504 26,488 15%
GDC
963 1,170 -18% 3,369 3,116 8%
Total sale of services
355,157
330,239
8%
1,194,356
1,077,609
11%
Total sale of products
16,271 14,559 12% 48,210 48,160 0%
Total net revenue
371,428 344,798 8% 1,242,566 1,125,769 10%
Columbus Interim report Q3 2024 8
During 2024, we focused significantly on launching new
services within data storage which will be a key compo-
nent in Data & AI projects going forward.
Customer Experience & Engagement (CXE) experi-
enced 23% growth in Q3 2024 compared to Q3 2023,
reflecting our commitment to expanding CXE.
Overall, the total service revenue amounted to DKK
355m in Q3 2024 compared to DKK 330m in the same
period last year, corresponding to an increase of 8%.
The growth is in line with management expectations.
Adjusted for M&A and currency, service revenue in-
creased by 6%, which is acceptable given the current
market conditions.
Development in Market Units
In Q3 2024, we experienced a decline in our largest
market, Sweden, but saw solid growth in both Denmark
and the UK. The growth is primarily driven by strong
project execution, cross-selling of our service deliveries,
and our proven track record within IT consultancy.
The Swedish Market Unit, our largest market, deliv-
ered 28% of the total service revenue in Q3 2024. Com-
pared to Q3 2023, we saw an 11% decline. The decline
in revenue spans across all our Business Lines, and as
a result, internal initiatives have been implemented to
adjust the business accordingly. The Swedish Market
Unit is experiencing some reluctance from customers to
commit to and start new engagements due to macro-
economic factors.
The Danish Market Unit maintained the strong growth
journey with a 22% increase in service revenue in Q3
2024. Columbus continues to gain market share and
strengthen its reputation as a leading IT consultancy
company in Denmark.
The Norwegian Market Unit was impacted by chal-
lenging market conditions, resulting in flat revenue
growth of 0% compared to Q3 2023. However, when
measured in constant currencies, service revenue in-
creased by 2%.
The UK Market Unit delivered impressive growth of
35% in Q3 2024. Organically, the UK Market Unit deliv-
ered a growth of 27%. All Business Lines contributed to
the positive progress with Dynamics, Digital Commerce
and CXE demonstrating particularly strong growth in Q3
2024.
The US Market Unit ended Q3 2024 with a 9% decline.
The US is primarily represented by the M3 and Dynam-
ics Business Lines. The M3 Business Line delivered
growth, while the Dynamics Business Line decreased
slightly.
End-to-end customer engagements drive value
In Q3 2024, we welcomed new customers and ex-
panded engagements with existing customers across
our Business Lines.
In Denmark, we have strengthened our partnership with
BoConcept through a new agreement for the opera-
tional support of BoConcept's Microsoft Dynamics 365
Finance and Operations system. This agreement high-
lights BoConcept's continued trust in Columbus and the
value Columbus has provided over the years.
Additionally, we have expanded our partnership with the
Danish construction machinery manufacturer, Hydrema
Group, by signing a new Digital Commerce agreement.
The agreement includes an advanced Digital Com-
merce solution aimed at enhancing Hydrema's online
presence and optimizing e-commerce processes. The
solution will modernize Hydrema's B2B e-commerce,
improve customer experience, and increase internal
process efficiency.
Recurring revenue
In Q3 2024, recurring revenue amounted to DKK 59m,
corresponding to a growth of 18% compared to Q3
2023. Recurring revenue now constitutes a stable part
of total revenue with 16%, up from 15% in Q3 2023. Our
Operational Service Agreement (OSA) business, for-
merly known as Care contracts, continued to grow as
expected and is in line with our overall service business
growth.
Development in
recurring revenue
Development in efficiency
48
41
143
122
11
9
33
30
59
50
176
152
Q3 2024 Q3 2023 2024YTD 2023YTD
Recurring Licenses
Operational Service Agreements
62%
63%
60%
64%
66%
60%
62%
Q1 Q2 Q3 Q4
2024 2023
Columbus Interim report Q3 2024 9
Efficiency
The efficiency in Q3 2024 reached 60%, maintaining the
same level as in Q3 2023. The streamlining initiatives,
which were implemented during Q2, are gradually re-
sulting in improved efficiency. Historically, Q3 tends to
be lower than the other three quarters. We continue our
efforts to further increase the efficiency level in line with
our New Heights strategy.
EBITDA development
In Q3 2024, reported EBITDA amounted to DKK 29m,
which is an increase of DKK 9m, or 42% compared to
Q3 2023. The EBITDA margin reached 7.9% compared
to 6.0% in Q3 2023. The increase is a result of the high
focus on contract profitability, general cost awareness
and efficiency.
Profit before tax
Compared to Q3 2023, profit before tax increased by
DKK 4m to DKK 9m. The increase was driven by the
improved EBITDA but was partially offset by unrealized
FX losses of DKK 2m, which were a gain of DKK 3m in
Q3 2023.
Discontinued operations
In Q3 2024, the expense of DKK 0.9m relates to legal
expenses in connection with former divestments.
Cash
Cash flow from operating activities in Q3 2024 contin-
ued to show strong signs and ended at DKK 57m. The
main reason for the strong development compared to
Q3 2023 was a positive development in our trade re-
ceivables.
Equity
Columbus’ equity increased by DKK 22m to DKK 721m
in Q3 2024, compared to end of Q3 2023, primarily due
to retained earnings. Equity ratio increased to 57% by
the end of Q3 2024, compared to 53% by the end of Q3
2023.
Employee development
Columbus employs an average of 1,573 FTE’s in Q3
2024, which was a decrease of 15 FTE’s compared to
Q3 2023 (1,588 FTEs). The decrease in workforce is
primarily driven by the business alignment in Digital
Commerce.
Columbus Interim report Q3 2024 10
In 2024 we expect organic growth of 8-10% and earn-
ings improvements through enhanced efficiency and fo-
cus on contract profitability.
As part of the new strategy, we established a dedicated
program named EBITDA15, where increased focus on
below listed areas will support our mid-term aim to
reach an EBITDA margin of 15%:
• Continuous focus on efficiency
• Increasing use of Columbus’ service centers
• Commercial excellence
• Leveraging of Columbus’ strong business model
The outlook is subject to the general uncertainties in our
markets, such as the current macro-economic condi-
tions, exchange rate volatility and a continuous geopolit-
ical situation that may impact the general business envi-
ronment.
Although we continue to see a strong demand for our
digital advisory and services, we do anticipate that
some reluctance in IT investments will continue
throughout the last quarter of 2024. If the general uncer-
tainties worsen during Q4 2024, it may impact the
Group’s growth and margin.
Based on the financial performance in the first three
quarters of 2024 and the current order book and pipe-
line forecast, our full-year guidance for 2024 is main-
tained as follows:
Outlook for 2024
Outlook 2024
Realized 2023
Organic revenue growth
8-
10%
14.8%
EBITDA margin
9-
10%
7.6%
Columbus Interim report Q3 2024 11
We have today considered and approved the interim
financial report for the period 1 January 2024 –
30 September 2024 for Columbus A/S.
The interim financial report has been prepared in
accordance with IAS 34 and additional Danish interim
reporting requirements for listed companies. The interim
financial report is unaudited and has not been reviewed
by the Company’s auditor.
We consider the accounting policies applied to be ap-
propriate to the effect that the interim financial report
gives a true and fair view of the Group’s assets, liabili-
ties and financial position at 30 September 2024, and of
the results of the Group’s operations and cash flows
during the first nine months of 2024.
We consider the management report to give a true and
fair view of the development in the Group’s business
activities and financial situation, the financial result for
the period and the Group’s financial position as a whole
together with a true and fair description of the significant
risks and uncertainty factors which the Group faces.
Executive Board
Board of Directors
CONTENTS Columbus Interim report Q3 2024 12
Statement of comprehensive income 13
Balance sheet 14
Statement of changes in equity 15
Cash flow 16
Financial statements
Notes
Note 1 - Material accounting principles 17
Note 2 - Management judgements and estimates 17
Note 3 - Segment data 18
Note 4 - Staff expenses and remuneration 23
Note 5 - Other operating income/expense 23
Note 6 - Depreciation, amortization and impairment 24
Note 7 - Right of use assets 25
Note 8 - Trade Receivables 27
Note 9 - Financial instruments 28
Note 10 - Contract assets and contract liabilities 28
Note 11 - Contingent consideration 29
Note 12 - Business combinations 29
Note 13 - Discontinued operations 31
Note 14 - Related parties 32
Note 15 - Events after the balance sheet date 32
Columbus Interim report Q3 2024 13
Statement of comprehensive income
DKK ´000
Note Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Net revenue
3 371,428 344,798 1,242,566 1,125,769 1,539,955
External project costs
-36,752 -38,242 -140,301 -116,860 -168,716
Gross profit
Staff expenses and remuneration
4 -268,584 -250,009 -903,261 -820,787 -1,102,820
Other external costs
-36,717 -39,038 -112,214 -113,836 -154,359
Other operating income/expenses
5 0 3,131 27,820 3,490 3,474
EBITDA
Depreciation, amortization and impairment
6 -15,619 -14,141 -65,539 -42,706 -57,446
Operating profit (EBIT)
Financial income
Financial expenses
-5,368 -4,901 -12,879 -16,579 -23,568
Profit before tax from continuing
operations
Corporate tax
-3,511 -1,813 -10,565 -5,494 -15,576
Profit after tax from continuing operations
Profit (loss) after tax from discontinued
operations
13 -908 -231 -2,986 2,845 3,127
Profit (loss) after tax for the period
DKK ´000
Note Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Items that may be reclassified subsequently
to profit and loss:
Foreign exchange adjustments of subsidiaries
-3,582 -5,818 -6,227 -10,214 -910
Other comprehensive income
-3,582 -5,818 -6,227 -10,214 -910
Total comprehensive income for the
period
Profit (loss) after tax allocated to:
Shareholders in Columbus A/S
4,767 3,365 25,069 17,593 26,889
Total comprehensive income allocated to:
Shareholders in Columbus A/S
Earnings per
share of DKK 1.25 (EPS) 0.04 0.03 0.19 0.14 0.21
Earnings per share of DKK 1.25, diluted
(EPS
-D)
Columbus Interim report Q3 2024 14
Balance sheet
D
KK ´000 Note 30 Sep 2024 30 Sep 2023 31 Dec 2023
ASSETS
Goodwill
Customer base
Internal applications
Development projects finalized
Property, plant and equipment
Right
-of-use assets 7 88,154 68,524 82,328
Deferred tax assets
Other receivables
Total non
-current assets
Trade receivables
8 295,266 274,162 293,906
Contract assets
10 6,293 11,228 9,065
Corporate tax receivables
Other receivables
Receivables from divestment of activities
13 56,606 59,832 57,322
Prepayments
Receivables
Cash
Total current assets
TOTAL ASSETS
DKK ´000
Note 30 Sep 2024 30 Sep 2023 31 Dec 2023
EQUITY AND LIABILITIES
Share
capital 161,595 161,595 161,595
Reserves on foreign currency translation
-74,780 -77,857 -68,553
Retained profit
Equity
Deferred tax
Other provisions
Contingent consideration
11, 12 4,869 73,469 16,961
Debt to credit institutions
Lease liability right
-of-use assets 63,495 43,930 60,687
Non
-current liabilities 191,597 238,118 200,248
Debt to credit
institutions 6,292 49,934 36,297
Contract liabilities
10 6,323 6,316 8,241
Trade payables
Corporate tax payables
Other payables
Accruals and deferred income
Lease liability right
-of-use assets 28,625 26,746 24,029
Current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
Columbus Interim report Q3 2024 15
Statement of changes in equity
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves on
foreign
currency
translation
Retained
profits Equity
YTD 2024
Balance at 1 Jan 2024
Profit after tax
Currency adjustments of investments in subsidiaries
Total comprehensive income
-6,227
Share
-based payment 0 0 1,005 1,005
Payment of dividend
Balance at 30 Sep 2024
-74,780
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves on
foreign
currency
translation
Retained
profits Equity
YTD 2023
Balance at 1 Jan 2023
Profit after tax
Currency adjustments of investments in subsidiaries
Total comprehensive income
-10,214
Share
-based payment 0 0 423 423
Payment of
dividend 0 0 -16,160 -16,160
Balance at 30 Sep 2023
-77,857
Shareholders in Columbus A/S
DKK ´000
Share
capital
Reserves on
foreign
currency
translation
Retained
profits
Equity
2023
Balance at 1 Jan 2023
Profit after tax
Currency adjustments of investments in subsidiaries
Total comprehensive income
-910
Share
-based payment 0 0 605 605
Payment of dividend
Balance at 31 Dec 2023
-68,553
Columbus Interim report Q3 2024 16
Cash flow
DKK ´000
Note Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Operating profit (EBIT)
Non
-recurring income and expenses from ac-
quisitions
Depreciation, amortization and impairment
6 15,619 14,141 65,539 42,706 57,446
Cost of incentive scheme
Changes in net
working capital 31,276 -14,213 11,282 -18,201 -21,025
Cash flow from primary activities
Interest received, etc.
Interest paid, etc.
-4,082 -5,000 -13,211 -9,700 -11,776
Corporate tax paid
-1,037 -2,275 -3,641 -4,253 -7,703
Cash flow from operating activities
Acquisition of tangible assets
-1,270 -1,702 -4,635 -4,526 -7,888
Acquisition of intangible assets
Disposal of tangible assets
Payments for financial assets
Acquisition of activities
Disposal of activities
-908 -231 -2,986 2,845 1,927
Cash flow from investing activities
-613
-134
-17,560
-40,141
-47,080
DKK ´000
Note Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Proceeds from borrowings
Overdraft facilities
-44,738 -10,366 -26,940 -2,401 -12,533
Repayment of lease liabilities
-7,389 -7,207 -21,764 -22,072 -27,201
Dividends paid
Cash flow from financing activities
-52,127
-17,573
-64,864
-633
-15,894
Cash flow from continuing operations
4,040 -17,383 13,508 7,325 13,980
Total net change in cash and cash equiva-
lents
-17,383
Cash funds at the beginning of the period
Exchange rate adjustments
-3,849 3,763 -1,967 -7,143 -8,498
Cash funds at the end of the period
Columbus Interim report Q3 2024 17
The consolidated interim financial report is prepared in ac-
cordance with IAS 34, Presentation of Interim Financial Re-
porting, as approved by the EU, and additional Danish disclo-
sure requirements for interim reports of listed companies. The
interim financial report is presented in Danish kroner (DKK),
which is the Parent Company’s functional currency.
The accounting policies applied in the interim financial report
are unchanged compared to 2023, except for any new,
amended or revised accounting standards and interpretations
endorsed by the EU, effective for the accounting period begin-
ning on 1 January 2024.
For more information on the accounting policies, we refer to
our Annual Report for 2023.
In preparing the interim financial statements, Management
makes various accounting judgements and estimates that af-
fect the reported amounts and disclosures in the financial
statements and in the notes to the statements. These are
based on professional experience, historical data and other
factors available to Management.
By nature, a degree of uncertainty is involved when carrying
out these judgements and estimates, hence actual results
may deviate from the assessments made at the reporting
date. Judgements and estimates are continuously evaluated,
and the effects of any changes are recognised in the relevant
period.
Primary financial statement items in which more significant
accounting judgements and estimates are applied are listed in
Chapter 1 of the Notes to the 2023 Columbus A/S Annual Re-
port to which is referred.
Estimate of payable tax and utilization of deferred tax assets
Taxable income and payable tax for the year assessed for
each of the Groups individual entities. The estimate is based
on expected full year performance and taxable income as well
as current tax positions.
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 30 Sep-
tember 2024, the carrying value of recognized deferred tax
was DKK 16.1m, which is estimated to be realized in the fore-
seeable future (5 years or less).
Receivables from divestment of activities
For the receivable from divestments, there is a significant
judgement related. Refer to note 13 – Discontinued opera-
tions.
NOTE 1
Material accounting principles
NOTE 2
Management judgements and estimates
Columbus Interim report Q3 2024 18
In order to support decisions about allocation of resources
and assessment of performance of the segments, the Group’s
management reporting to the Executive Board is based on the
above grouping of operating segments.
Management monitors the business, primarily based on the
Business Lines and secondarily on the geographical seg-
ments. Information about the Group’s Business Lines is stated
below.
The Group has transformed its operations into a global oper-
ating model, with the Strategic Business Lines becoming the
primary driver for decision-making. Previously, Columbus
used geography to divide each segment. Markets are now a
secondary driver and only used for assessing market strate-
gies and maintaining customer relations.
The Business Lines relate to the type of services and prod-
ucts that are delivered, and comprise of Dynamics, M3, Digital
Commerce, Data & AI and Customer Experience & Engage-
ment. The remaining revenue, which does not fall into any of
the above-mentioned Business Lines, is classified as Other
Local Business.
Market Units comprise of significant geographical markets
that the Group operates in. Management uses the Market
Units to assess market conditions and performance on reve-
nue only.
The operating segments are measured from revenue to con-
tribution, as this represents a significant part of the operation
of the segments. The balance sheet is measured for legal en-
tities only.
Cost related to functions necessary to support the business is
classified as Enabling Functions and comprise of all cost not
directly related to a specific Business Line, including costs re-
lated to facility, marketing, finance, people, legal and manage-
ment. Enabling Functions mostly operate as global teams,
servicing across Business Line and geography. Income and
costs recognized in the profit and loss, that is not directly re-
lated to a business line is included in Enabling functions, i.e.
legal cases and M&A activities.
Reconciliation between EBITDA and Profit before tax is
shown in the comprehensive income statement.
Business Lines Revenue
Split YTD 2024
57%
20%
11%
5%
5%
2%
Dynamics
M3
Digital Commerce
Data & AI
CXE
Other Local Busines
NOTE 3
Segment data
Strategic Business Lines
Market Units
Global Delivery Centers (GDC)
Dynamics
M3
Digital Commerce
Data & A
I
Customer Experience & Engagement
(CXE)
Other Local Business
Sweden
Denmark
Norway
UK
US
Other
Poland
Czech Republic
India
Columbus Interim report Q3 2024 19
Development in Business Lines
All comments relating to the growth of the strategic Business
Lines have been described in the revenue development seg-
ment.
As of 1 July 2024, the Security Business Line has been
merged into Dynamics Business Line. Security shifted its fo-
cus to delivering Microsoft Security solutions with a primary
emphasis on serving Dynamics customers. To streamline the
Business Line setup, the Business Line has been merged into
Dynamics. This consolidation combines the strengths and re-
sources of both Business Lines to create a more efficient and
streamlined operation, enhancing our overall capabilities and
market presence.
The figures in all tables related to the Segment Data, have
been updated accordingly including all historical data.
Goodwill
As a result of the merger of Security into Dynamics, the Good-
will from Security on DKK 32,8m,785m, has been transferred
to Dynamics as of July 1, 2024.
To ensure a fair and appropriate valuation of the Goodwill
from Security before its transfer to Dynamics, an impairment
test was performed as of 30 June 2024. Consequently, Good-
will was written down to DKK 32,8m to reflect the recoverable
amount (present value of future cash flow). Therefore, the
merger has resulted in a transfer of DKK 32,8m from Security
to Dynamics. As a consequence of the merger, the Business
Line Security has been discontinued as an independent Busi-
ness Line.
NOTE 3
Segment
of data - continued
DKK ´000
Services Products Total revenue
Direct costs Contribution
CM %
Q3 2024
Dynamics
203,091 11,710 214,801
-151,384 63,417
30%
M3
66,377 659
67,036
-58,299
8,737
13%
Digital Commerce
38,925 361 39,286
-34,666 4,620
12%
Data & AI
22,254 147
22,401
-17,931
4,470
20%
CXE
18,971 253 19,224
-17,641 1,583
8%
Other Local Business
5,539 3,141
8,680
-5,146
3,534
41%
Total
355,157
16,271
371,428
-285,067
86,361
23%
Enabling Functions
-56,986
EBITDA
29,375
DKK ´000
Services Products Total revenue
Direct costs Contribution
CM %
Q3 2023
Dynamics
188,407 10,171 198,578
-150,534 48,044
24%
M3
64,665 1,866
66,531
-49,213
17,318
26%
Digital Commerce
38,116 259 38,375
-35,616 2,759
7%
Data & AI
18,115 170
18,285
-16,168
2,117
12%
CXE
15,468 152 15,620
-15,127 493
3%
Other Local Business
5,468 1,941
7,409
-6,791
618
8%
Total
330,239
14,559
344,798
-273,449
71,349
21%
Enabling Functions
-50,709
EBITDA
20,640
Columbus Interim report Q3 2024 20
NOTE 3
Segment data
- continued
DKK ´000
Services Products Total revenue
Direct costs Contribution
CM %
YTD 2024
Dynamics
673,045 32,856
705,901
-517,348
188,553
27%
M3
241,386 3,639 245,025
-199,743 45,282
18%
Digital Commerce
137,412 1,196 138,608
-129,983 8,625
6%
Data & AI
63,066 452 63,518
-55,789 7,729
12%
CXE
62,173 770
62,943
-57,414
5,529
9%
Other Local Business
17,274 9,297 26,571
-16,834 9,737
37%
Total
1,194,356 48,210 1,242,566
-977,111 265,455
21%
Enabling Functions
-150,845
EBITDA
114,610
DKK ´000
Services Products Total revenue
Direct costs Contribution
CM %
YTD 2023
Dynamics
588,348 33,943 622,291
-459,724 162,567
26%
M3
219,978 4,687 224,665
-182,622 42,043
19%
Digital Commerce
146,999 1,496 148,495
-121,968 26,527
18%
Data & AI
56,200 556
56,756
-47,806
8,950
16%
CXE
46,923 605 47,528
-42,557 4,971
10%
Other Local Business
19,161 6,873 26,034
-25,032 1,002
4%
Total
1,077,609 48,160 1,125,769
-879,709 246,060
22%
Enabling Functions
-168,284
EBITDA
77,776
DKK ´000
Services Products Total revenue
Direct costs Contribution
CM %
2023
Dynamics
808,439 45,908 854,347
-634,281 220,066
26%
M3
301,472 6,362
307,834
-247,591
60,243
20%
Digital Commerce
195,418 1,820 197,238
-163,584 33,654
17%
Data & AI
77,233 658
77,891
-64,991
12,900
17%
CXE
67,248 700 67,948
-59,006 8,942
13%
Other Local Business
25,246 9,451
34,697
-33,691
1,006
3%
Total
1,475,056
64,899
1,539,955
-1,203,144
336,811
22%
Enabling Functions
-219,277
EBITDA
117,534
Average FTE
Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Business Line
Dynamics
700 695 705 678 675
M3
253 262 256 266 265
Digital Commerce
206 219 216 218 216
Data & AI
91 90 92 85 87
Customer Experience &
Engagement 82 69 82 68 70
Other Local Business
33 28 33 28 29
Business Line average number of FTE
1,365 1,363 1,384 1,343 1,342
Enabling Functions
208 225 215 229 226
Average number of FTE
1,573
1,588
1,599
1,572
1,568
Columbus Interim report Q3 2024 21
NOTE 3
Segment data
- continued
DKK ´000
Sweden Denmark Norway UK US Other GDC Eliminations Total
Q3 2024
Sale of services
100,221 92,699 46,630 83,184 21,204 10,256 963 0
355,157
Sale of
products 4,625 6,094 1,475 2,849 1,228 0 0 0 16,271
Total revenue from own markets
104,846 98,793 48,105 86,033 22,432 10,256 963 0 371,428
Total revenue from group companies
10,217 13,989 3,267 4,528 3,526 1,301 30,127 -66,955 0
Total revenue
115,063 112,782 51,372 90,561 25,958 11,557 31,090 -66,955 371,428
Average number of FTE
414 363 174 210 40 39 333 0 1,573
Q3 2023
Sale of services
112,317 76,121 46,802 61,614 23,225 8,990 1,170 0
330,239
Sale of products
4,743 5,299 1,275 2,277 965 0 0 0 14,559
Total revenue from own markets
117,060 81,420 48,077 63,891 24,190 8,990 1,170 0 344,798
Total revenue from group companies
9,147 15,963 3,311 2,656 1,861 1,819 25,892 -60,649 0
Total revenue
126,207 97,383 51,388 66,547 26,051 10,809 27,062 -60,649 344,798
Average number of FTE
434 364 181 195 46 37 331 0 1,588
Columbus Interim report Q3 2024 22
NOTE 3
Segment data
- continued
DKK ´000
Sweden Denmark Norway UK US Other GDC Eliminations Total
YTD 2024
Sale of services
382,015 307,930 173,359 236,178 61,001 30,504 3,369 0
1,194,356
Sale of products
15,129 14,686 5,876 8,620 3,899 0 0 0 48,210
Total revenue
from own markets 397,144 322,616 179,235 244,798 64,900 30,504 3,369 0 1,242,566
Total revenue from group companies
39,366 48,489 13,593 13,898 9,224 4,296 94,250 -223,116 0
Total revenue
436,510 371,105 192,828 258,696 74,124 34,800 97,619 -223,116 1,242,566
Average number of FTE
424 368 175 211 42 37 342 0 1,599
YTD 2023
Sale of services
405,912 240,206 175,947 161,356 64,584 26,488 3,116 0 1,077,609
Sale of products
18,858 13,188 4,870 7,763 3,481 0 0 0 48,160
Total revenue from own markets
424,770 253,394 180,817 169,119 68,065 26,488 3,116 0 1,125,769
Total revenue from group companies
34,713 55,246 9,131 9,475 4,590 5,101 78,434 -196,690 0
Total revenue
459,483 308,640 189,948 178,594 72,655 31,589 81,550 -196,690 1,125,769
Average number of FTE
438
354
181
188
47
37
327
0
1,572
DKK ´000
Sweden Denmark Norway UK US Other GDC Eliminations Total
2023
Sale of services
557,072 331,809 234,391 229,317 82,608 35,531 4,328 0 1,475,056
Sale of products
24,212 19,400 6,910 10,071 4,306 0 0 0 64,899
Total revenue from own markets
581,284
351,209
241,301
239,388
86,914
35,531
4,328
0
1,539,955
Total revenue from group companies
45,266 73,665 13,280 12,379 6,157 6,621 108,220 -265,588 0
Total revenue
626,550
424,874
254,581
251,767
93,071
42,152
112,548
-265,588
1,539,955
Average number of FTE
438 346 181 191 47 37 328 0 1,568
Columbus Interim report Q3 2024 23
NOTE 4
Staff expenses and
remuneration
DKK ´000
Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Staff expenses
Salary and wages
242,287 217,401 765,197 701,391 944,367
Other social security costs
29,007 28,078 103,808 95,809 130,749
Other staff expenses
-3,045 4,349 33,251 23,164 27,099
Share
-based payment 335 181 1,005 423 605
Total staff expenses
268,584 250,009 903,261 820,787 1,102,820
Average number of FTEs
1,573 1,588 1,599 1,572 1,568
NOTE 5
Other operating income/expense
DKK ´000
Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Other operating income / (expenses)
Redundancy cost
0 0 -9,083 0 0
Unachieved earn
-out 0 3,100 16,777 3,100 3,104
Legal cases
0 0 20,126 0 0
Other
0 31 0 390 370
Total Other operating income/(expenses)
0 3,131 27,820 3,490 3,474
Columbus Interim report Q3 2024 24
NOTE 6
Depreciation, amor
tization and impairment
DKK ´000
Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Depreciation
10,491 8,719 29,990 26,543 35,324
Amortization
5,128 5,422 16,772 16,163 22,122
Impairment
0 0 18,777 0 0
Total depreciation, amortization and impairment
15,619 14,141 65,539 42,706 57,446
Columbus Interim report Q3 2024 25
Total cash flow for the Group relating to right-of-use-assets is
equal to the actual payments on the leases amounting to DKK
22m.
Total cash flow for the Group relating to right-of-use-assets is
equal to the actual payments on the leases amounting to DKK
22m
NOTE 7
Right of use assets
DKK ´000
Other
equipment
Cars Offices Total
Group YTD 2024
Balance at 1 January 2024
4,159 16,601 173,931 194,691
Foreign currency
translation -80 -163 -1,825 -2,068
Re
-assessment of existing assets -83 161 4,766 4,844
Additions
861 1,851 25,336 28,048
Disposals
-117 -4,493 -8,481 -13,091
Balance at 30 September 2024
4,740 13,957 193,727 212,424
Depreciation at 1 January 2024
1,627 6,596 104,140 112,363
Foreign currency translation
-26 -51 -563 -640
Depreciation
573 2,483 20,296 23,352
Reversed depreciation on disposals
-103 -2,583 -8,119 -10,805
Depreciation at 30 September 2024
2,071
6,445
115,754
124,270
Carrying amount at 30 September 2024
2,669 7,512 77,973 88,154
DKK ´000
Other
equipment
Cars Offices Total
Group YTD 2023
Balance at 1 January
3,336 16,125 153,264 172,725
Foreign currency translation
-103 -282 -2,138 -2,523
Re
-assessment of existing assets 334 9 15,797 16,140
Additions
345 4,875 7,431 12,651
Disposals
-38 -5,213 -12,726 -17,977
Balance at 30 September 2023
3,874
15,514
161,628
181,016
Depreciations at 1 January
1,462 6,413 99,534 107,409
Foreign currency translation
-50 -119 -1,124 -1,293
Depreciation
577 2,714 18,544 21,835
Reversed depreciation on disposals
-38 -2,954 -12,467 -15,459
Depreciation at 30 September 2023
1,951
6,054
104,487
112,492
Carrying amount at 30 September 2023
1,923
9,460
57,141
68,524
Columbus Interim report Q3 2024 26
Total cash flow for the Group relating to right-of-use-assets is
equal to the actual payments on the leases amounting to DKK
27m
NOTE 7
Right of use assets
- continued
DKK ´000
Other
equipment
Cars Offices Total
Group 2023
Balance at 1 January 2023
3,336 16,125 153,264 172,725
Foreign currency translation
-2 80 -300 -222
Re
-assessment of existing assets 1,159 228 34,307 35,694
Additions
479 5,798 5,768 12,045
Additions relating to acquisitions
0 331 1,663 1,994
Disposals
-813 -5,961 -20,771 -27,545
Balance at 31 December 2023
4,159 16,601 173,931 194,691
Depreciations at 1 January 2023
1,462 6,413 99,534 107,409
Foreign currency translation
-9 -7 -344 -360
Depreciation
768 3,635 24,450 28,853
Reversed depreciation on disposals
-594 -3,445 -19,500 -23,539
Depreciation at 31 December 2023
1,627
6,596
104,140
112,363
Carrying amount at 31 December 2023
2,532 10,005 69,791 82,328
Columbus Interim report Q3 2024 27
Provisions for bad debt are made based on the lifetime
expected credit losses in line with the Group’s accounting
policies.
NOTE 8
Trade Receivables
DKK ´000
30 Sep 2024 30 Sep 2023 31 Dec 2023
Receivables (gross) at 1 Jan
295,807 261,422 261,422
Change in
receivables during the period 671 16,502 34,385
Receivables (gross) end of period
296,478 277,924 295,807
Provisions for bad debt at 1 Jan
1,901 6,622 6,622
Change in provisions for bad debt during the period
1,225 -2,887 -4,767
Loss
realized during the period -1,914 27 46
Provisions for bad debt end of period
1,212
3,762
1,901
Carrying amount end of period
295,266 274,162 293,906
DKK ´000
30 Sep 2024 30 Sep 2023 31 Dec 2023
Age of receivables (gross):
Not due
262,690 241,302 193,805
0
-30 days 17,543 15,321 88,157
30
-60 days 5,953 8,268 8,333
61
-90 days 4,558 3,878 1,068
91
-180 days 4,695 7,941 1,705
181
-270 days 840 583 1,978
270
-360 days 1 485 197
Above 360 days
198 146 564
Total
296,478 277,924 295,807
DKK ´000
30 Sep 2024 30 Sep 2023 31 Dec 2023
Age of
impairment:
Not due
0 16 18
0
-30 days 0 77 220
30
-60 days 0 207 125
61
-90 days 111 291 53
91
-180 days 482 1,985 426
181
-270 days 420 555 298
271
-360 days 1 485 197
Over 360 days
198 146 564
Total
1,212 3,762 1,901
DKK ´000
30 Sep 2024 30 Sep 2023 31 Dec 2023
Provision matrix:
Not due
0.0% 0.0% 0.0%
0
-30 days 0.0% 0.5% 0.3%
30
-60 days 0.0% 2.5% 1.5%
61
-90 days 2.4% 7.5% 5.0%
91
-180 days 10.3% 25.0% 25.0%
181
-270 days 50.0% 95.2% 15.1%
271
-360 days 100.0% 100.0% 100.0%
Over 360 days
100.0% 100.0% 100.0%
Columbus Interim report Q3 2024 28
Overdraft and credit facilities
The carrying amount of overdraft and credit facilities meas-
ured at amortized cost is not considered to differ significantly
from the fair value.
Trade receivables, trade payables and other receivables
Receivables and payables pertaining to operating activities
with short churn ratios are considered to have a carrying
amount equal to fair value.
Contracts assets and liabilities
Contract assets are recognized at present value, which re-
flects the current economic value of money and the risk of fu-
ture cash flows.
The Group’s contract assets are subject to significant judge-
ments in relation to the classification of the contract and in
terms of how the contract is handled and recognized in the fi-
nancial statements. When determining the appropriate recog-
nition of the contract, the Group accounting policies are ap-
plied.
NOTE 9
Financial instruments
DKK ´000
30 Sep 2024 30 Sep 2023 31 Dec 2023
Balance at 1 Jan
824 -4,138 -4,138
Changes contract assets during the period
-19,270 19,084 25,631
Changes on account billing and prepayments during the period
18,416 -10,034 -20,669
Balance at end of period
-30
4,912
824
Work in
progress 20,027 32,750 39,297
On account billing and prepayments
-20,057 -27,838 -38,473
Balance at end of period
-30 4,912 824
The net value is included in the balance as follows:
Contract assets
6,293 11,228 9,065
Contract
liabilities -6,323 -6,316 -8,241
Balance at end of period
-30
4,912
824
NOTE 10
Contract assets
and contract liabilities
Columbus Interim report Q3 2024 29
Changes in contingent considerations
As part of the opening balance of ICY Security as of 1 April
2023, the contingent consideration was recognized based on
management's best estimate. Based on unsatisfactory perfor-
mance in first half of 2024, it is assessed that the earn-out is
unlikely to be achieved. Hence it is assessed most appropri-
ate to reverse the full earn-out amount on DKK 16.8m and
recognize it as another operating income.
The addition in 2024 relates fully to the earn-out for Endless
Gain. The management has assessed that the provision for
the earn-out payment for Endless Gain continues to be based
on the best estimate and recognition. The remaining part of
the earn-out that is recognized solely represents the provision
for Endless Gain.
The Group’s contract assets are subject to significant judge-
ments in relation to the classification of the contract and in
terms of how the contract is handled and recognized in the
financial statements. When determining the appropriate
recognition of the contract, the Group accounting policies are
applied.
Acquisition of companies in 2024
The Group has per 1 January 2024 acquired Endless Gain
Limited. The acquisition was a share purchase.
After recognition of identifiable assets, liabilities and contin-
gent liabilities at fair value, goodwill in relation to the acquisi-
tion was assessed at GBP 1,049k (As of 31 December 2023
DKK 8,996k).
The opening balance presented is a preliminary balance since
post-closing work is still ongoing.
Contingent consideration
The contingent consideration is based on a 3-year earn-out
period with an increasing potential payout each year based on
specified revenue and Business Line contribution targets for
each earn-out period. The minimum payout for the entire con-
tingent consideration is GBP 0, while the maximum is GBP
1,950k (As of 31 December 2023 DKK 16,726k). The earn-out
period covers the financial years 2024 - 2026. The most prob-
able undiscounted contingent consideration for the three-year
period is assessed at GBP 658k (As of 31 December 2023
DKK 5,644k). The fair value of the contingent consideration is
GBP 507k (As of 31 December 2023 DKK 4,349k). The esti-
mates are based on a Weighted Average
Cost of Capital (WACC) of 10% as the basis for the calcula-
tion.
NOTE 11
Contingent consideration
NOTE 12
Business combinations
Name
Primary
activity
Date of
control gained
Acquired
ownership
Acquired
voting rights
Total
consideration
DKK ’000
Endless Gain Limited
E
-commerce
business
01. January 2024 100% 100% 17,500
Total
17,500
Columbus Interim report Q3 2024 30
Opening balance
Other information
The fair value of acquired trade receivables is GBP 218k (as
of 31 December 2023 DKK 1,866k). No material amounts are
recognized as provision for loss.
Goodwill is primarily attributable to the specific competences
within the advanced analytical and behavioral psychology in-
sights their platform generates in Endless Gain. The goodwill
is fully allocated to the Business Line Digital Commerce and is
not deductible for tax purposes.
All transaction costs were included in the Other external cost
in the income statement.
Revenue and profit contribution
Endless Gain Limited were acquired on 1 January 2024,
hence all revenue and profit contribution will be included in
the financial year 2024.
NOTE 12
Business combinations
- continued
DKK ´000
Endless Gain
Limited Total 2024
Other intangible assets
7,033 7,033
Total non-current assets
7,033
7,033
Trade receivables
1,866 1,866
Prepayments
103 103
Other receivables
148 148
Cash
3,139 3,139
Total current assets
5,256
5,256
Trade payables
-237 -237
Debt to credit institutions
-123 -123
Corporation tax and deferred tax
-2,262 -2,262
Accruals
-174 -174
Other debt
-989 -989
Total current debt
-3,785 -3,785
Net assets acquired
8,504
8,504
Goodwill
8,996 8,996
Total consideration
17,500
17,500
Net working capital not paid
1,704 1,704
Acquired cash funds
-3,016 -3,016
Contingent consideration
-4,350 -4,350
Cash consideration on acquisition date
11,838 11,838
Columbus Interim report Q3 2024 31
Discontinued operations in 2024
There have not been any discontinued operations in 2024.
The transaction costs are related to previous disposals.
Receivables from divestments of activities
On 1 November 2021, our SMB business in our US entity was
sold as part of the Focus23 strategy. The business activity is
consequently classified as discontinued operations in 2021.
The transaction was settled partly in cash at the transaction
date (USD 8m), and partly as deferred consideration which
was due in Q2 2022 (USD 8.5m) corresponding to DKK
56.606k. The buyer has still not paid the outstanding amount
since they have asserted claims related to the acquired activ-
ity. In 2024 the requirement was specified. We continue to
consider our chances of recovering our receivable as good. It
remains our assessment that we will receive the full amount.
The lawsuit, based on previous legal discussions, will proceed
in 2025.
The requirement is not specified or documented further, why a
legal collecting process has been initiated to collect our re-
ceivable.
NOTE 13
Discontinued operations
DKK ´000
Q3 2024 Q3 2023 YTD 2024 YTD 2023 2023
Gain (loss) on
disposal of subsidiaries 0 0 0 0 3,050
Recirculation of historical currency adjustments
0 0 0 0 1,200
Transaction costs related to disposal
-908 -231 -2,986 2,845 -1,123
Total gain (loss) on divestment of discontinued
operations
-908
-231
-2,986
2,845
3,127
Columbus Interim report Q3 2024 32
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. Transac-
tions with the company are made on an arm's length basis.
X-Yachts A/S (Fjordagervej 21, 6100 Haderslev)
Consolidated Holdings A/S has a significant influence in X-
Yachts A/S and certain roles in the management are filled by
the same persons in X-Yachts and Columbus Group. Trans-
actions with X-Yachts A/S were made on arm’s length.
To this date, no events have occurred after the balance sheet
date, which would influence the evaluation of this report.
NOTE 14
Related parties
DKK ´000
Q3 2024 Q3 2023
Net sales
Atea
2,893 2,129
X
-Yachts A/S 389 388
Total
3,282 2,517
Net purchase
Atea
-3,777 -4,503
Total
-3,777
-4,503
NOTE 15
Events after the balance sheet date
Columbus Interim report Q3 2024 33
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:
Alternative Performance Measures
Recurring Revenue
Recurring Revenue includes Software maintenance, Cloud
revenue and Columbus Care agreements.
Recurring Revenue does not necessarily mean a binding con-
tractual 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 predict-
able is the Columbus revenue going forward.
Efficiency
Efficiency is calculated as all invoiced customer hours divided
by available customer hours. Available customer hours are
calculated as normal work schedule hours for all productive
employees, less hours for holiday and parental leave.
Constant currency growth
Growth is measured in constant currency by converting actual
figures in local currency to DKK with the historical exchange
rate for the given currency. When measuring for a period, the
average historical exchange rate is used. Growth is measured
based on the actual historical figure compared to the calcu-
lated constant currency figure.
NOTE
Key figures, ratios and Alternative Performance Measures
EBITDA
margin
Earnings before interest, tax, depreciations and
amortizations (EBITDA)
Net revenue
Operating margin
Operating profit (EBIT)
Net revenue
Return on equity
Profit after tax and excl. minority interests
Average equity excl. minority interests
Return on invested capital (ROIC)
EBITA
Average invested capital including goodwill
Equity ratio
Equity excl. minority interests
Total equity and liabilities
Earnings per
share (EPS)
Profit after tax and excl. minority interests
x f
Average number of shares
Book value per share (BVPS)
Equity excl. minority interests end of year x 100
x f
Number of shares end of year
Cash flow per share
Cash flow from operations
x f
Average number of diluted shares
Adjustment factor (f)
Theoretical rate
Listed price of stock the day before the subscription
and/or stock right cease
Recurring Revenue % of total revenue
Recurring revenue
Net revenue
