2
Annual Report 2022
Financial Statements Governance Our business The big perspective
Management Review
The big perspective
Columbus at a glance 4
Highlights 2022 5
Chairman & CEO letter 8
Key figures and ratios 10
2022 financial performance 11
Outlook for 2023 16
Our business
Our strategy 18
Our business critical solutions 19
Business model 20
Equity story 21
People in Columbus 22
Customer cases 26
Governance governance
Corporate governance 30
Corporate Social Responsibility 36
Sustainability Strategy 37
Risk management 41
Risk issues and actions 43
Notifications to Nasdaq Copenhagen 44
Group overview 45
Board of Directors 46
Executive Board 49
Shareholder information 50
Financial statements
Statement of comprehensive income 53
Balance sheet 54
Statement of changes in equity - Group 55
Statement of changes in equity – Parent company 56
Cash flow 57
Notes 58
Statement by management on the Annual Report 106
Independent Auditor’s Reports 107
Contents
Our new Sustainability
Strategy
Read about our
Sustainability
S
trategy
Committed to
growing the
business
Read the letter from the
Chairman of the Board and
the CEO
& President
Investment in organic
growth
Read the Management
Review
3
Annual Report 2022
Financial Statements Governance Our business The big perspective
3
Annual Report 2022
The big
perspective
Columbus at a glance
4
Financial highlights 2022
5
Chairman & CEO letter
8
Key figures and ratios
10
2022 financial performance: Investment in
organic growth 11
Outlook for 2023
16
Financial Statements Governance Our business The big perspective
Columbus helps
ambitious companies
transform, maximize,
and futureproof their
business digitally
4
Annual Report 2022
Financial Statements Governance Our business The big perspective
Denmark
United Kingdom
Germany
Poland
Czech Republic
United States
Chile
India
Norway
Sweden
Columbus at
a glance
4
Annual Report 2022
Financial Statements Governance Our business The big perspective
+30
years
Founded in 1989
and headquartered
in Denmark.
1,550+
employees globally, located in 10
countries.
2,500
+
customers worldwide.
Advisory
a
nd Business Critical Solutions
within
Cloud ERP, Digital
Commerce,
Data & Analytics
, Application
Management
and Strategy & Change
I
ndustries
Columbus creates
digital solutions
that address the lifecycle and
sustainability demands of the
Retail
&
Distribution; Food & Beverage
products; and
Manufacturing
industries.
5
Annual Report 2022
Financial Statements Governance Our business The big perspective
Solutions revenue split
2022
*Strategy & Change comprise <1% and hence is pre-
sented as 0% above
50%
23%
14%
4%
3%
0%*
6%
Dynamics
M3
Digital Commerce
Data & Analytics
Customer Experience & Engagement
Strategy and change
Other Local Business
Development in recurring revenue
5
Annual Report 2022
Financial highlights 2022
Revenue (DKK)*
1,
389m
corresponding to a
n increase of 9%.
Recurring revenue
(DKK)* **
192
m
corresponding to an increase of
8%
EBITDA (DKK)*
**
92
m
corresponding to an increase of 3%.
Profit after tax
(DKK)*
30
m
corresponding to a decrease of 31%.
*All numbers and comments are on continued business
**
For definition of Alternative Performance Measures, see page 105
13
14
26
14
153
149
192
177
2022 2021
Columbus Care contracts
Cloud
Subscriptions
Financial Statements Governance Our business The big perspective
8
Annual Report 2022
Financial Statements Governance Our business The big perspective
Revenue in 2022 ended at DKK 1.4bn
and the positive development covers
new customers, greater cross-selling to
existing customers and implemented
price increases with full effect in 2023.
EBITDA in 2022 ended at DKK 91.8m,
corresponding to an EBITDA margin at
6.6% which is acceptable, but still far
from the full earnings potential.
Strengthening the organization on all
levels has affected the ability to
improve efficiency and profitability.
Efficiency improved to 63% in Q4 2022,
up from 59% in Q4 2021, and we are
convinced that the initiatives now imple-
mented will further improve efficiency
in 2023.
Our Indian office is a good example of
the value of our ongoing organizational
adjustments. Here, the efficiency has
been raised throughout 2022 from 40%
in the beginning of the year to 60% at
the end of 2022.
Our solid organic growth is important for
a successful acquisition strategy in the
future, but it also takes a strong capital
structure and here we reduced our debt
in 2022 and lifted our equity ratio to al-
most 60%.
Divesting our Russian business
activities
In February 2022, the devastating Rus-
sian invasion of Ukraine happened. The
Board of Directors and Executive
Management quickly assessed the situa-
tion and decided to divest the Russian
business to the local management se-
curing work for more than 200 former
Columbus employees. At the same time
the safety of our colleagues in Ukraine
also had to be handled.
It was not an easy decision to wind down
the Russian business activities, but the
quick decision made it possible to focus
on the original goals set for the year.
Letter from the Chairman of the Board
and the CEO
Committed to
growing the
business
Our strategic choices are coming together, and we are satisfied with the
growth and progress in 2022. As we enter the third and last year of our
three
-year strategy, Focus23, we have a strong starting point to reach
10% organic growth annually and improve profitability.
The world around us
has been undergoing sig-
nificant
changes in 2022, with the Russian in-
vasion of
Ukraine leading to economic
distress
and high inflation
. We quickly had to adapt to
the new reality divesting our Russian activities,
and in 2023 we believe we still have to navi-
gate in challenging waters with a general fear
of prolonged recession leading to
a more cau-
tious investment approach among customers
.
Organic growth – the corner stone of our
growth strategy
Strengthening the base to further grow the
business takes time and investments, but
our
numbers clearly show that we are on the
right track. In our growth strategy, Focus23,
we have a goal of 10% organic growth annu-
ally by 2023, and we are steadily approach-
ing with organic growth of 9% in 2022, com-
pared to 5% in 2021.
“
We are satisfied with our results in 2022 delivering yet another year with
organic growth. Our stronger position with larger custom
ers and strength-
ened organization are the results of our focused growth strategy
-
but we also
recognize that profitability must be improved in 2023”, says Chairman of
the Board, Ib Kunøe
9
Annual Report 2022
Financial Statements Governance Our business The big perspective
Strengthening our core business
To capitalize from more than 30 years of
expertise in Manufacturing, Retail & Distri-
bution and Food & Beverage in the best
possible way, we have defined the Ideal
Customer Profile in relation to size and
industry.
In 2022, we have been winning large cus-
tomers like nVent (US and Europe), a
global leader in electrical connection and
protection solutions and Bremnes, one of
Norway's leading suppliers of farmed
salmon. The average revenue per client
has been increasing in 2022 and we see a
better revenue composition than at the be-
ginning of the strategy period in 2021.
Deep industry insight is essential to act as
trusted advisor for existing and new larger
customers in their digitization efforts.
In line with our Customer Development
Program, we also increased our engage-
ments with several of our existing larger
customers through greater cross-selling.
As an example, Schibsted has added a
Customer Experience solution to their Mi-
crosoft Dynamics setup.
Strengthening the organization
Important organizational changes have
been carried out, and One-Columbus with
new Columbus Values and Leadership
Principles has led to a high level of em-
ployee satisfaction. During 2022, we have
welcomed many new colleagues having
around 1,550 employees at the end of the
year. Our Young Professionals Pro-
gramme onboarding young talent has
been a great success thanks to a very
focused HR strategy.
Leadership has also been strengthened
with the recruitment of a new Chief Finan-
cial Officer, Brian Iversen, a new Busi-
ness Line Executive for Strategy &
Change, Michaël Navon and a new Mar-
ket Unit Executive, Claes Kongsdam.
People Director, Per Fredriksson was
promoted to Chief People Officer, and Ole
Fritze has, in addition to his role as COO,
been appointed Business Line Executive
for Dynamics. Very competent experience
has been added to the Board of Directors
by the election of Per Ove Kogut at the
Annual General Meeting.
Digital transformation plays an important
role for our existing and new potential
customers operating in Food & Beverage,
Retail & Distribution and Manufacturing,
and we experience a demand to become
more sustainable by optimizing supply
chain, minimizing waste and increase effi-
ciency in operations.
Sustainability as a business
Sustainability is a strategic focus for
Columbus also as a business. We have
launched our Sustainability Strategy and
will do our very best to support our cus-
tomers in their digital transformation for a
better tomorrow. Data is needed to get a
better understanding of how to accelerate
the sustainable performance and it also
takes analyzed data to comply with the in-
creasing requirement for non-financial re-
porting and compliance. Columbus has the
expertise to advise and deliver the needed
data.
Welcoming 2023
The first months of 2023 have been in line
with our expectations and for the year we
expect a revenue growth of 8-12% to a
range of DKK 1,500m – 1,550m and an
improvement of EBITDA to a range of
DKK 115m – DKK 135m. The operational
objectives for 2023 are many, but the most
important ones are:
• Ensure continued customer growth
and customer satisfaction
• Improved efficiency
1
above 64%
• Launch of a new three-year growth
strategy in Q4 2023
In 2022, we showed our readiness for
change. We have a strong team and a
strong corporate culture, which makes us
confident that we can grow in a challeng-
ing environment.
A huge thank you to all our people for your
commitment and a special thank you goes
to our business partners and shareholders
for your support and trust in Columbus.
“Industry focus has truly proven its value and by the end of 2022 74% of
our customers originated from our core industries. In 2023, we will also
be selective in our new sales activities to further position Columbus as a
trusted advisor for larger customers looking for
integrity, proven track
record
and high levels of industry specific expertise”, says CEO & Presi-
dent, Søren Krogh Knudsen.
Ib Kunøe
Søren Krogh Knudsen
Chairman of the Board CEO & President
1
For description of efficiency, see page 14
10
Annual Report 2022
Financial Statements Governance Our business The big perspective
Key figures and ratios
DKK ´000
2022 2021 2020 2019 2018
Income related figures
Sale of services
1,317,042 1,210,291 1,183,857 1,417,652 1,467,601
Sale of products
72,392 68,893 79,360 103,083 182,073
Net revenue
1,389,434 1,279,184 1,263,217 1,520,734 1,649,674
Gross sales*
1,523,434 1,414,399 1,407,216 1,761,035 1,875,252
Recurring revenue % of total revenue
13.8% 13.8% 14.9% 14.9% 13.0%
EBITDA before share
-based payment 92,929 92,464 105,364 162,733 181,183
EBITDA
91,830 89,307 100,885 157,263 171,409
EBIT
35,135 40,444 50,925 12,632 107,516
Net financial items
-3,047 -3,410 -16,853 -10,733 7,925
Profit before tax
32,088 37,034 34,072 1,898 115,441
Profit after tax, continuing operations
29,903 43,547 23,663 -18,876 96,674
Profit after tax, discontinued
operations
-41,216 715,001 24,899 39,866 0
Profit after tax
-11,313 758,548 48,562 20,990 96,674
DKK ´000
2022 2021 2020 2019 2018
Balance sheet
Non
-current assets 796,222 833,808 987,440 1,127,381 1,140,954
Current assets
387,725 434,789 438,944 527,136 492,604
Assets classified as held for sale
0 0 214,481 0 0
Total assets
1,183,947 1,268,597 1,640,865 1,654,517 1,633,558
Group shareholder equity
706,405 740,980 712,421 665,354 636,339
Minority interests
0 0 3,184 3,126 3,381
Total liabilities
477,542 527,617 831,369 986,037 993,838
Total liabilities relating to assets
classified as held for sale
0 0 93,891 0 0
Total equity and liabilities
1,183,947 1,268,597 1,640,865 1,654,517 1,633,558
All 2018-2021 balance sheet items include continuing and discontinued operations.
DKK ´000
2022 2021 2020 2019 2018
Investments in tangible assets
8,239 7,434 3,832 5,957 5,907
Cash flow
Cash flow
from operating activities 27,431 -19,674 190,863 189,146 124,294
Cash flow from investing activities
-37,987 754,434 -127,830 -106,370 -255,557
Cash flow from financing activities
-13,932 -844,923 -43,972 -45,853 154,663
Total net change in cash and
cash
equivalents
-24,488 -110,162 19,061 36,923 23,400
Cash flow from continuing operations
-25,227 -84,738 -52,656 -13,141 23,400
Cash flow from discontinued
operations
739 -25,424 71,717 50,064 0
Total net change in cash and cash
equivalents
-24,488 -110,162 19,061 36,923 23,400
Key ratios
EBITDA
-margin 6.6% 7.0% 8.0% 10.3% 10.4%
EBIT
-margin 2.5% 3.2% 4.0% 0.8% 6.5%
Equity ratio
59.7% 58.4% 43.4% 40.2% 39.0%
Return on equity
-1.6% 104.5% 7.0% 3.3% 16.0%
Return on invested capital (ROIC)
7.0% 7.6% 7.8% 12.4% 22.5%
Number of shares
129,276 129,276 124,622 124,622 121,787
Average number of shares
129,276 128,192 124,622 123,012 121,370
Book value of equity per share
(BVPS) (DKK)
5.46 5.73 5.72 5.34 5.23
Earnings per share (EPS) from
continuing operations (DKK)
0.23 0.33 0.19 -0.16 0.78
Cash flow per share (DKK)
0.21 -0.15 1.53 1.54 1.01
Share price, end of period (DKK)
6.29 9.54 11.24 9.65 12.68
Average full time employee for the
period
1,536 1,455 1,665 1,834 1,845
The key figures and financial ratios above have been calculated in accordance with Danish Finance
Society' "Recommendation & Financial Ratios”
11
Annual Report 2022
Financial Statements Governance Our business The big perspective
Columbus had revenue of DKK 1,389m in
2022, corresponding to an increase of 9%.
EBITDA increased by 3% to DKK 91.8m.
All major Business Lines and most Market
Units contributed to the revenue growth,
especially our strategic Business Lines
Digital commerce, Data & Analytics and
Customer Experience & Engagement
showed rapid growth.
Service revenue for 2022 closed at DKK
1,317m, corresponding to an increase of
9%. Product revenue increased by 5%,
and follows Columbus expectations of
shifting towards more cloud-based solu-
tions.
The product revenue is further affected by
a change in accounting principles related
to measurement of resale of third party
software. The change is caused by an
Agenda Decision by the IFRS interpreta-
tions Committee on 20 April 2022. The
Agenda decision states that revenue aris-
ing from resale of third party software must
be recognised at a net principle, only
showing the profit margin of the sale as
revenue. The changes have decreased
the total revenue by DKK 134m in 2022
and DKK 135m in 2021.
As stated in the announcement on 14 No-
vember 2022, the financial outlook for
2022 was adjusted. The revenue was ad-
justed to ~DKK 1.525m, based on revenue
before the above mentioned change to ac-
counting principles, and EBITDA was ad-
justed to ~DKK 100m.
The realized revenue before the above
mentioned change in accounting princi-
ples, now called gross sales, was in line
with the expectation amounting to DKK
1,523m and realized EBITDA was slightly
below amounting to DKK 91.8m.
On Group level, revenue was negatively
impacted by currency by DKK 10m.
Development in Business Lines
Dynamics
Dynamics offers the full range of Microsoft
Dynamics 365 ERP business critical ser-
vices, including solutions for supply chain,
production, finance, project control and
HR, guiding, advising and supporting our
customers in every step of the cloud trans-
formation journey and helping them max-
imize their value chain and drive business
growth.
The Business Line is present in all the ma-
jor Market Units Columbus operates in and
is the largest Business Line in Columbus.
Columbus is further the largest Microsoft
Dynamics ERP partner in Northern Europe
and has been part of the Microsoft Inner
Circle for 20+ years.
On 1 October 2022, the Business Line
was formed by merging the former D365
project Business Line with the D365 part
of our Columbus Care business in order to
better support our customers’ operations
in the cloud whilst improving the value re-
alization of the solution by iterative evolu-
tion. Internally we improved cooperation
between our consultants, especially within
development and support functions.
2022 financial performance: Investment
in o
rganic growth
Service revenue split on
Business Lines
DKK ´000
2022 2021 ∆%
Dynamics
646,128 619,793 4.2%
M3
302,958 296,832 2.1%
Digital Commerce
192,233 157,184 22.3%
Data & Analytics
59,332 37,676 57.5%
Customer Experience & Engagement
45,179 30,008 50.6%
Strategy &
Change 6,513 0 100.0%
Other Local Business
64,699 68,798 -6.0%
Total sale of services
1,317,042 1,210,291 8.8%
Total sale of products
72,392 68,893 5.1%
Total net revenue
1,389,434 1,279,184 8.6%
12
Annual Report 2022
Financial Statements Governance Our business The big perspective
The Business Line increased service reve-
nue in 2022 by 4.2%, with revenue
amounting to DKK 646m for the year. The
growth is mainly driven by cloud transfor-
mations by both new and existing custom-
ers as well as operations.
Dynamics has seen improvements in the
efficiency as well as a strengthened global
operating model, enabling us to deliver lo-
cal service with the support and expertise
from global teams enabling same high
quality in each market.
M3
Columbus is the world’s largest independ-
ent partner for Infor Cloud Solutions and
M3, presented as the M3 Business Line.
As an Infor Global Alliance partner, we
support more than 350 customers with
new implementations and upgrade pro-
jects, as well as providing worldwide sup-
port service. The M3 Business Line also
cooperates with a number of best-in-class
partners for complementary software solu-
tions to give our customers the best possi-
ble advantage in their own digital transfor-
mations.
The M3 Business Line has its largest mar-
ket in the Nordics and with strong pres-
ence in all other markets Columbus oper-
ates in, although with a focus on the Nor-
dic countries.
On 1 October 2022, our Columbus Care
business was merged with the M3 Busi-
ness Line in order to better support our
customers’ operations, as well as improve
cooperation between our consultants
within development and support functions.
Service revenue amounted to DKK 303m
in 2022, corresponding to an increase of
2.1%. The increase is primarily related to
Cloud implementations and Care services
on existing solutions. The year has been
affected by a large number of new hirings
in order to lower the use of subcontractors,
with the aim to increase profitability and
growth. Due to this the average number of
FTEs has increased by 11% in the Busi-
ness Line compared to 2021.
Digital Commerce
Digital Commerce helps leading retailers,
wholesalers, manufacturers and brands to
improve their competitive edge by modern-
izing and futureproofing their customer
facing digital channels and commerce plat-
forms. We optimize the customer journey
Dynamics
Prepare and advice ERP
customer
s for life in the cloud
based on local presence and
empowered by global
resources and strong
industry knowledge
4.2%
Service revenue growth
565
Average FTE
M3
Enable digital transformation
of customers globally with
proven expertise in implement-
ing, supporting and executing
M3 projects and with strong in-
dustry focus
2.1%
Service revenue growth
264
Average FTE
Digital Commerce
I
mprove the competitive edge
of leading retailers, wholesal-
ers, manufacturers and
brands by modernizing and fu-
tureproofing their customer
facing digital channels and
commerce platforms
22.3%
Service revenue growth
209
Average FTE
Data & Analytics
Help ambitious companies
define and execute an AI ena-
blement strategy for data-
driven decision-making to se-
cure competitiveness with a fo-
cus on data, business and
people
57.5%
Service revenue growth
76
Average FTE
Customer
Experience &
Engagement
Help our Customers create
new value through the positive
engagement and development
of their customer experience,
specifically focused on cus-
tomer management and ser-
vice engagements within the
full cross channel journey
50.6%
Service revenue growth
62
Average FTE
Strategy & Change
Support our customers in
defining and executing a
profitable transformation strat-
egy to achieve tangible busi-
ness outcomes
N/A
Service revenue growth
11
Average FTE
13
Annual Report 2022
Financial Statements Governance Our business The big perspective
and grow our customers’ digital business
with a strong focus on UX, growth services
and strategic advisory. We have a strong
presence in Scandinavia and UK, and a
particularly strong position in the Swedish
and Norwegian markets.
The year has been impacted by high
growth including increased average num-
ber of FTEs by 22% enabling the growth in
service revenue by 22% as well. The ser-
vice revenue amounted to DKK 192m.
Data & Analytics
Data & Analytics is supporting our custom-
ers within Business Intelligence, Artificial
Intelligence and Machine Learning solu-
tions. We provide consultancy in develop-
ment of BI strategies, data management &
governance, BI platforms and user adop-
tions. Further, we have deepened our
experience within demand forecasting,
customer segmentation, supply chain opti-
mization and designing and building AI
and ML solutions.
Data & Analytics is present in the Nordic
countries and the UK as well as in the US
with a strong market position in Denmark.
The Business Line is achieving a large
portion of sale to existing customers by of-
fering cross Business Line offerings.
Service revenue amounted to DKK 59m in
2022, corresponding to a growth of 58%
compared to last year. The growth is
mainly driven driven by the cloud journey
and customers investing in Common Data
Platform.
Customer Experience & Engagement
Customer Experience & Engagement
(CXE) is creating value to our customers
through development of their own end-
customer experience, specifically focused
on customer and prospect management
and service engagements. Our services
span across implementation of new busi-
ness solutions, delivery management, pro-
cess optimization and target value man-
agement.
CXE is currently present in the UK, Nor-
way and Sweden and is starting to expand
into the Danish market as well. The Busi-
ness Line is often doing cross Business
Line projects, with a high degree of pro-
jects based on Microsoft Dynamics solu-
tions.
The service revenue in 2022 amounted to
DKK 45m, corresponding to a growth of
51%. The growth has been driven by a
higher number of unique engagements,
but also due to the average project in-
creasing in scope, often resulting in multi-
ple CXE and other cross Business Line of-
ferings.
Strategy & Change
The Business Line Strategy & Change
was established in 2022 and is essential in
achieving the Focus23 strategy.
The Business Line offers a holistic busi-
ness transformation approach encompass-
ing technology expertise and deep indus-
try knowledge to help customers create a
solid foundation for their transformation
journey through business processes, or-
ganizational and people change manage-
ment, as well as plan a strategic direction
and define a detailed roadmap for digital
transformation.
In August 2022, Michaël Navon was ap-
pointed new global leader for the Strategy
& Change Business Line. The Business
Line grew to 12 FTEs by the end of 2022
with the aspiration to grow the team further
in 2023. The team is located primarily in
Sweden and the UK, now expanding in
Norway and Denmark.
Service revenue for 2022 amounted
to DKK 7m.
Development in Market Units
Most of our markets have delivered signifi-
cant growth in 2022, with only one market
declining slightly.
The Swedish Market Unit, which is our
largest market, delivered 8.5% growth in
service revenue compared to 2021. The
service revenue for 2022 amounted to
DKK 525m. The revenue arising from the
Swedish market is negatively impacted by
the weakening of SEK, which impacts the
revenue by DKK 24m.
All the Columbus Business Lines are pre-
sented in the Swedish market, with M3,
Dynamics and Digital Commerce being the
largest contributors. The growth is spread
across all Business Lines.
The Danish Market Unit has grown 2%
compared to last year, with service reve-
nue amounting to DKK 253m.
Service revenue split
in Market Units
DKK ´000
2022 2021 ∆%
Sweden
525,024 483,888 8.5%
Denmark
252,862 247,979 2.0%
Norway
262,271 230,828 13.6%
UK
159,916 137,767 16.1%
US
80,284 80,915 -0.8%
Other
32,337 26,666 21.3%
GDC
4,348 2,248 93.4%
Total sale of services
1,317,042 1,210,291 8.8%
Total sale of products
72,392 68,893 5.1%
Total net revenue
1,389,434 1,279,184 8.6%
14
Annual Report 2022
Financial Statements Governance Our business The big perspective
All the Columbus Business Lines are pre-
sented in the Danish Market, although the
Dynamics Business Line makes out the
largest part.
Our Norwegian Market Unit continues to
prove a strong traction with growth of 14%,
and service revenue amounting to DKK
262m. The Market Unit has delivered the
largest development over the past three
years, growing DKK 120m, corresponding
to a growth of 85% compared to the finan-
cial year 2020. The revenue is positively
affected by currency of DKK 2m in 2022
compared to last year.
Most Business Lines are present in the
Norwegian Market Unit, although the Strat-
egy & Change Business Line has not yet
entered this market in 2022. The largest
contributor is the Dynamics Business Line.
The growth is delivered mainly by Dynam-
ics and Data & Analytics.
The UK Market Unit has delivered 16%
growth in 2022, with service revenue
amounting to DKK 160m. The revenue is
affected positively by currency of DKK 2m.
The largest Business Line in the market is
Dynamics, with Customer Experience &
Engagement growing significantly.
The US Market Unit accounted for DKK
80m in service revenue, corresponding to
a decrease of 1%. The revenue is further
positively affected by DKK 10m in cur-
rency. The negative development is not
considered satisfactory, and management
is focusing on performing a turnaround on
this market.
The US Market Unit is mainly comprised of
the Business Lines Dynamics, M3 and
Data & Analytics.
Growth in recurring revenue
Recurring revenue grew by 8% to DKK
192m. The recurring revenue has consti-
tuted a stable part of the total revenue
over the past years, with recurring revenue
constituting 14% of total revenue in 2022.
The recurring revenue figures are signifi-
cantly affected by the change in account-
ing principles, which impacts revenue from
cloud and subscriptions negatively.
Efficiency
Efficiency is a key performance indicator
for Columbus and remains a strong focus
for the management to continue improv-
ing.
The efficiency in 2022 was ranging be-
tween 61% and 64%, with an average for
the year of 63%. The KPI is affected by
national vacation periods during the year,
which is the main factor for the KPI to fluc-
tuate during the year. A further significant
factor lowering the KPI is the Young Pro-
fessionals Programme used to grow new
talent. New starters generally have a lower
efficiency during the initial period of
employment, and gradually increasing
over time.
Management will continue to focus on effi-
ciency, as the current level is considered
to be too low.
EBITDA development
EBITDA amounted to DKK 91.8m in 2022,
compared to DKK 89.3m in 2021, corre-
sponding to an increase of 3%.
The main impacts on EBITDA are gross
profit, other operating income, staff ex-
penses and other external cost.
Gross profit increased by 8% due to the
higher revenue, although the gross profit
margin decreased slightly from 91.0% to
90.3%. The development is mainly related
to the use of subcontractors.
Staff expenses increased by 9% amount-
ing to DKK 1,035m in 2022. The increase
is in line with the increase in revenue.
Other external costs increased by 16%,
which is mainly related to travel and em-
ployee related expenses returning to a
pre-covid level in 2022.
EBITDA is further affected by other operat-
ing income which is positively affected with
DKK 17m as a consequence of a positive
outcome of a dispute with two former mi-
nority shareholders in iStone who had vio-
lated the terms in the share purchase
agreement. As a result of the dispute
Columbus is no longer obliged to pay the
remaining remuneration/contingent consid-
eration and has also received financial
compensation.
Profit before tax
Profit before tax amounted to DKK 32m
compared to DKK 37m in 2021, corre-
sponding to a decrease of 13%. The de-
crease is mainly affected by increased de-
preciations, which mainly relates to the ad-
dition of internal IT applications.
Discontinued operations
On 16 March 2022 Columbus sold off its
subsidiary in Russia, as a consequence of
the Russian invasion of Ukraine.
Efficiency
Recurring revenue
63%
61%
64%
62%
60%
Q4/22 Q3/22 Q2/22 Q1/22 Q4/21
13
14
26
14
153
149
192
177
2022 2021
Columbus Care contracts
Cloud
Subscriptions
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Annual Report 2022
Financial Statements Governance Our business The big perspective
The business was sold to the local man-
agement. Profit and loss from the Russian
activities have been reclassified to discon-
tinued operations, and comparative figures
have been adjusted. Profit and loss of the
transaction are further presented under
discontinued operations.
Discontinued operations are further im-
pacted by aftermath of divestment com-
pleted in 2021. The impact of the divest-
ments to comprehensive income amounts
to DKK -41m.
For further information, please see note 26
and 27.
Cash
Cash flow from operating activities was
positive with DKK 30m, mainly related to
positive cash flows from the operating
profit. Changes in net working capital af-
fect the cash flows negatively, and is
mainly related to significantly lower paya-
ble payroll costs compared to 2021.
Cash flow from investing activities was
negative with DKK 36m mainly related to
investment in internal IT applications, pur-
chase of tangible assets as well as divest-
ment of the Russian business.
Cash flow from financing was negative
with DKK 16m mainly related to payment
of dividend and repayment of lease liabili-
ties. The financing activities are further af-
fected positively by use of overdraft facili-
ties.
Equity
Columbus’ equity has decreased by DKK
35m since 31 December 2021, primarily
due to the negative net result. The net re-
sult comprise a profit of DKK 30m from the
continuing business and a loss of DKK
41m from the discontinued business. With
a total equity of DKK 706m, Columbus has
a solvency of 60% (2021: 58%).
2022 will be focused on creating value for
our customers while delivering organic
growth as planned in our Focus23
strategy.
Events after the reporting period
There has been no events after the bal-
ance sheet date to be accounted for.
16
Annual Report 2022
Financial Statements Governance Our business The big perspective
For the last two years Columbus has been
deeply focused on building the foundation
for future growth. Based on the imple-
mented organizational changes, the
strengthening of the management team
and the newly defined business approach
focusing on larger customers in our core
industries, we are now entering the last
year of our growth strategy, Focus23. In
2023 we expect organic growth close to or
above 10% and earnings improvements
through enhanced efficiency and focus on
contract profitability.
I
n 2022, revenue growth was broadly a re-
sult of our fast-growing business critical
solutions portfolio: Data & Analytics, Digi-
tal Commerce and Customer Experience
and we will continue to deliver growth by:
• Continuing development and deploy-
ment of our Digital Advisory capabili-
ties
• Development of sustainability offer-
ings leveraging our deep industry ex-
pertise
• Further strengthening our global de-
livery model
• Focus on further improvement of ou
r
ef
ficiency
• Focus on contract delivery and profit-
ability
• Leveraging our strong delivery center
setup
I
n Q4 2023, we will launch our new strat-
egy with long-term operational og financial
goals.
T
he outlook is subject to the general un-
certainties in our markets such as the cur-
rent macro-economic conditions, higher
than normal exchange rate volatility and
recession fear in some countries.
A
lthough we continue to see a strong de-
mand for our digital solutions and transfor-
mation, we do anticipate that a slower de-
cision pace on new projects and the need
to divide projects up in “smaller bites” will
continue throughout 2023. If the general
uncertainties worsen during 2023, it may
impact the Group’s growth and margin
negatively.
Based on the financial performance in
2022 and the current order book and pipe-
line forecast, our full year guidance for
2023 is as follows:
Revenue expected to be in the range of
DKK 1,500m – 1,550m, corresponding to
a growth of 8-12% in c
onstant currencies.
If the current exchange rate development,
continues, it will impact the revenue
growth negatively.
EBITDA is expected to be in the range of
DKK 115m – 135m corresponding to a
margin of 7.4% - 9.0%.
Outlook for 2023
Columbus expects to
continue the strong growth journey in 2023 close to or
above
double-digit growth as well as earnings improvements.
17
Annual Report 2022
Financial Statements Governance Our business The big perspective
Delivering on our growth strategy
18
Our Business Critical solutions
19
Business model
– creating customer value 20
Equity story
– creating shareholder value 21
People in Columbus
22
17
Annual Report 2022
Our
business
Financial Statements Governance Our business The big perspective
We offer a comprehensive solution portfolio
with deep industry knowledge, extensive
technology expertise and profound customer
insight.
We have proven this through 30 years
of experience serving more than 2,500
customers worldwide.
18
Annual Report 2022
Financial Statements Governance Our business The big perspective
The market potential for digital advisory-
and solutions is massive, and we continu-
ously analyze and prioritize our strategic
opportunities in order to unfold the growth
opportunities and expand our portfolio.
Our dedicated focus creates customer
success
The average customer size has grown in
recent years as a result of our dedicated
focus on Columbus’ core business, cloud
ERP, while combining and enabling our
strong portfolio of rising strategic digital of-
ferings such as Data & Analytics, Digital
Commerce, Customer Experience & En-
gagement and Strategy & Change.
Columbus covers a broad range of busi-
ness critical solutions, and we have a
unique opportunity to support our custom-
ers’ digital transformation in an integrated
way. Cross-selling has and will be of high-
est priority in the coming years to fuel our
growth. We know our customers’ chal-
lenges and we have the capabilities to
successfully create value in their
digitalization journey. In 2022 we have de-
livered more value to customers with
cross-sales than ever before.
Strengthening our core
The transformation of Columbus from a
software centered business to a consul-
tancy service company has required effort
and investments.
In 2022, we continued our internal trans-
formation and we have now established a
true One-Columbus with one shared sim-
plified operational model, supported by
one common core business platform for all
entities. Our last region, USA, went live in
October 2022, and we look forward to fur-
ther accelerating our efficiency and collab-
oration across our organization while re-
ducing complexity and increase transpar-
ency.
Columbus is a people business – it is our
growth engine - thus it has been decisive
being able to attract and retain talented
employees in 2022. We continue to build a
strong corporate culture and develop our
people introducing new capabilities and
career planning strengthening the entire
organization.
Focusing on profitable growth
Entering the last year of our Focus23 strat-
egy, we are ready to pursue our high
growth ambitions and improving profitabil-
ity. In 2023, the EBITDA growth is ex-
pected to be at least 10%.
Our multiple digital offering setup is a
growth driver, and it is a priority to keep
winning new customers in our target seg-
ments, larger customers in Manufacturing,
Retail & Distribution, Food & Beverage in-
dustries. We are launching new sustaina-
bility offerings to help our customers de-
liver a greener future for us all and lever-
aging customer programs to increase the
average customer engagement size.
Launching a new strategy in Q4 2023
Columbus stands stronger and more well
consolidated than in the beginning of the
strategic period, and we are ready to lev-
erage our core capabilities to achieve our
objectives in 2023.
Today, we have a customer centric organi-
zation and we have seen that our cus-
tomer programmes are well received deliv-
ering organic growth for the past seven
quarters in a row. We have come far, and
we continuously evaluate opportunities to
accelerate growth further, both organic
and via acquisitions.
In Q4 2023, we will launch our new three
year growth strategy, covering 2024-2026.
Delivering on our growth strategy
We are now entering the last year of our three
-year growth strategy, Focus23,
and we look back at a 2022 with great momentum reaching important milestones.
We have strengthened the core of our business focusing on developing our
consultancy capabilities an
d strategic digital offerings positioning Columbus as
preferred digital partner. We see our strategic choices coming together and are
now ready to endorse the last sprint of Focus23.
19
Annual Report 2022
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 &
Beverage, Retail & Distribution, 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
customers digitalize their
business processes by im-
plementing, 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
focus on data, business and people.
Business & Application
Integration: We enable our
customers to integrate
applications 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
create compelling digital
commerce experiences
based on a solid technical
infrastructure that powers growth and
builds customer loyalty in an omnichannel
environment.
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 2022
In 2022, Columbus Denmark won the
Business Applications Microsoft Partner
Award and Columbus Sweden won the
Microsoft Partner of the Year Award F&O.
Our Business Critical solutions
With our extensive portfolio of Business
Critical Solutions, we can help our
customers in their entire digital transformation journey.
20
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Financial Statements Governance Our business The big perspective
Columbus is leveraging on 30+ years of
industry 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
deliver high quality anchored in an agile
delivery 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.
21
Annual Report 2022
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 &
Beverage, Retail & Distribution, and Manu-
facturing Columbus 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 helps
customers become sustainable by
optimizing supply chain, minimizing waste and
increase efficie
ncy in operations.
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Annual Report 2022
Financial Statements Governance Our business The big perspective
We are proud of our employees – without
them our business could not be what it is
today. Our people are the heart of Colum-
bus and in 2022 we have been engaging
many of our people globally to embed our
company Shared Values and introduce our
Leadership Principles, creating a One-Co-
lumbus culture, within which our employ-
ees can thrive and develop.
We introduced our Columbus Values:
• Stay Curious
• Build Trust
• Collaborate
• Deliver Customer Success
in the second half of 2021 and they con-
tinue to be the foundation of our culture
and the glue that binds us together. They
create a common language across all
countries and are our guiding stars to
reinforce how we should work together
and also how we should work with our
customers.
To enable our colleagues to gain more in-
sight to the company values, we devel-
oped an e-learning course for everyone to
complete. We also created a core group of
global ‘Value Ambassadors’ who shared
examples from their own countries about
the use of the values and generated ideas
on activities to continue to build on the
operational use of the values.
In 2022 we introduced our Leadership
Principles. These principles are not just for
the leaders in our company – they are for
all of our colleagues and therefore, the
Leadership Principles should be at the
heart of everything we all do.
Our Leadership Principles are built on the
foundation of our company values and
provide guidance on how we see our em-
ployees embracing ‘self-leadership’ using
the principles in their daily work, as well as
managers and senior leaders using them
to lead their teams and customers effec-
tively.
Within the Leadership Principles frame-
work, there are three core pillars; Strat-
egy, Operations and People and each
have two main leadership principles.
Operations
Understand the bigger picture
As Columbus leaders we are guided by
our purpose and values, and we seek the
best ways to execute upon our strategy
and deliver customer success. We think
ahead of our own tasks and immediate
teams and consider implications and
changes in a proactive manner. All of this
makes us a resilient and united company.
We make decisions based on what is best
for both Columbus, our people, and the
customers we serve.
Build for the future
We continuously improve our ways of
working, processes, and methods to se-
cure our organizational resilience. The
starting point for initiatives and activities is
our purpose, vision, and strategy.
We attract, hire, and develop new skills
that are needed for our future success. By
doing this, we build trust and stay relevant
for our people and customers for many
years to come.
People in Columbus
Columbus Shared Values
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Financial Statements Governance Our business The big perspective
Strategy
Dare to advise
We capitalize on our curiosity and continu-
ously learn and build deep knowledge and
understanding of our customers’ chal-
lenges and the world we act in. As leaders
we act as role models in being trusted ad-
visors, both to our customers, colleagues,
and employees. We are also coaching and
supporting our employees to be trusted
advisors – together we achieve success
and make a difference for our customers.
Make it easy for all to do a good job
We collaborate to improve our operations
and maximize value, and we constantly
strive to set up the next person in the
chain of work for success. We listen and
understand people’s unique needs and
challenges, and we help them to find ways
forward and remove obstacles to ensure
that work can be done smoothly. By doing
this, we deliver customer success while
developing as a company.
People
Induce energy
We induce energy by empowering people
to grow and act in alignment with the stra-
tegic direction. People can perform at their
best with our leaders giving the right levels
of support and challenge. We encourage
collaboration and teamwork, and we cele-
brate achievements. People are also ener-
gized and motivated by the feedback and
recognition that is given regularly by our
leaders.
Care for people
We always put people first – no matter if it
is employees, customers, or partners. We
listen, show interest and curiosity about
our people. We act and communicate with
transparency and involve people in our
daily operations. As leaders we secure a
sustainable and inclusive environment
where people can perform at their best
and contribute to our common purpose.
We have developed a programme of three
workshops to ensure our colleagues know
how to work with the Leadership Princi-
ples. This commenced in Q3 2022 and
continues to roll-out in the wider organisa-
tion. These workshops are being led by
our business leaders and involve self-anal-
ysis and group activities to help cement
the learning, support the One-Columbus
culture and create the desired leadership
behaviours.
We are actively using the values and lead-
ership principles in our talent acquisition
and employer brand activities to personify
our culture and encourage candidates to
apply to join our Columbus family.
26
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Financial Statements Governance Our business The big perspective
To achieve their strategy and operational
goals Schibsted established the project
“Future Finance” in 2020 in order to
achieve transparency and increase effi-
ciency. Columbus has been Schibsted’s
partner since April 2021.
Through a number of acquisitions and
mergers, the companies in Schibsted had
several different financial and business
systems which made financial operations
more complex than necessary. In 2020
group management decided to implement
one common finance system throughout
the corporation to increase efficiency and
to optimize financial operations.
The choice fell on Microsoft Dynamics 365
Finance, a modern, cloud-based scalable
system, ready for new functionality to be
implemented to meet the needs for the dif-
ferent companies and the group as a
whole.
For Schibsted it is important to emphasize
that “Future Finance” is not an IT project,
but an organizational and business devel-
opment project.
The implementation of one common
Global Template for the entire group will
also make it easier for Schibsted's service
center to offer financial services to the
individual subsidiaries as operations will
be unified and transparent.
Columbus' main contribution has been to
ensure the best possible implementation
of Microsoft Dynamics 365 Finance and
securing that the Global Template based
on Schibsted’s business requirements was
completed. Columbus has also supported
the companies already in the Microsoft
Dynamics 365 production environment, as
more than half of the companies in scope
are already using the new system.
A key task for the Schibsted project group
was to develop the specifications for the
global template for core financial pro-
cesses, an extensive and complex job
considering the template had to cover
the processes for all the companies in
Norway, Sweden and Denmark.
With the template, all the processes from
purchase to pay, order to cash and record
to report is done in a similar way and pro-
cesses are automated where possible.
As of June 2022, a number of the Norwe-
gian, Danish and Swedish subsidiaries are
using Microsoft Dynamics 365 Finance.
The first part of the project has been a
success and the plan is to complete the
roll-outs in 2023.
Columbus has also delivered a new CRM
solution for Schibsted’s Danish operations.
Customer Case
Schibsted is streamlining
the financial operations for
their subsidiaries with
Columbus as a partner
The Schibsted Group is streamlining its financial operations using
Microsoft Dynamics 365 Finance. The goal is to achieve transparency
in the subsidiaries' finances, as well as increasing efficiency in
operations throughout the Schibsted organization.
FACTS AND SUMMARY
The Schibsted Group is streamlining
their financial operations using
Microsoft Dynamics 365 Finance
.
Schibsted Denmark is also updating
their CRM solution
.
In 2022, Columbus helped implement
the solutions in several
subsidiaries in Norway, Sweden
and Denmark
.
The roll
-outs are planned to be
completed in 2023.
27
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Financial Statements Governance Our business The big perspective
Working in partnership with Columbus,
Jackson’s selected a new integrated
Dynamics 365 Finance and Supply Chain
Management (D365 FSCM) ERP solution
as its technology backbone. D365 FSCM
would be key to modernise key processes
from order to invoice, including procure-
ment, EDI automation, advanced forecast-
ing, production planning, material con-
sumption and despatch.
The scope of the project was vast. The
ERP platform implementation needed to
be deployed and go-live in parallel with the
introduction of a new distribution and fulfil-
ment centre, an extensive programme of
factory refurbishments, whole scale capac-
ity ramp-up and significant new product
development and product launches.
Despite this, both the mutual trust and
team spirit were all the stronger because
of this shared global challenge, enhancing
collaboration, passion and customer care.
The transformation project was a true re-
flection of a strong partnership approach
to project planning and execution,
blending together decades of Columbus’
technical and consultancy expertise with
the in-house intimate business and IT pro-
cess knowledge of Jackson’s team mem-
bers.
“The project with Columbus was a great
collaboration through what was very chal-
lenging times and a short timescale”, says
Paul Fletcher, Business Systems Improve-
ment Lead/Dynamics Project Manager at
Jackson's Bakery.
Following on from the success of this
transformation project, the owner of
Jackson’s Bakery, William Jackson Food
Group is keen to roll out further projects to
its other food service businesses with a
long-term continued relationship with
Columbus. This includes a joint “analysis”
phase to cover all the WJFG businesses in
scope, with the plan to then roll out the
core ERP sequentially with further poten-
tial pilots for commerce and customer en-
gagement capabilities.
Customer Case
Jackson’s Bakery scale up
new levels with Microsoft
Dynamics 365 Finance and
Supply Chain Management
As a result of a new ambitious long
-term deal to commen
ce the supply
to a significant UK convenience retailer, Jackson’s production and dis-
tribution rose by 30%.
It quickly
became clear that the company’s disparate legacy IT sys-
tems would be unable to cope with the new level of business growth.
Jackson’s realised that an entire business transformation project was
needed to overhaul the company’s core systems and integrations
.
FACTS AND SUMMARY
To meet new demand, UK company Jackson’s Bak-
ery decided to update their legacy IT systems.
Columbus was brought in to implement Microsoft
Dynamics 365 Finance and Supply Management.
After a successful launch, Columbus and
Jackson’s Bakery will continue their collaboration.
28
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Financial Statements Governance Our business The big perspective
“The lesson here is that you cannot digital-
ize the whole customer journey in one
major IT project. There are almost always
easy wins to start with,” says Cecilia Nils-
son, head of e-commerce and digital mar-
keting at Toyota Material Handling Europe
(TMHE).
To begin with, limited products were made
available online in a few countries. For
TMHE, the most important thing was to get
the journey started, and not to get stuck
planning it for months – or years.
“When we started, all truck sales were
complicated. There were no standard con-
figurations, and every sales case was
unique,” says Cecilia Nilsson. At that time,
pricing needed to be calculated differently
from customer to customer, and country to
country. It was a long and manual pur-
chase process, complex to handle.
Today, six years later, TMHE's transfor-
mation journey continues. TMHE can sell
the most complex trucks via user-friendly
online configurators with a direct price
quote on screen. The spare parts business
has been digitized, as well as offerings re-
garding Used Trucks and Rentals, both for
long-term and short-term.
A success factor for TMHE was the peo-
ple. Instead of relying solely on external
consultants or distributing the responsibil-
ity to existing parts of the organization, the
entire digitalization of the customer experi-
ence was handled by a Digital Business
Team, consisting of both TMHE and
Columbus consultants. Bringing high-de-
mand skills into the project, and creating
one team, reduced time wasted from role
hand-offs and hierarchies.
Every year, TMHE and Columbus review
which parts of the customer experience
can be streamlined, as well as analyzing
what has already been done and/or can be
improved. The roadmap is then broken
down into clearly defined quarterly plans,
using an agile approach while continuing
TMHE’s digital journey into the future.
Customer Case
Toyota Material
Handling
Europe improved customer
service and experience
through their e
-commerce
strategy
When Toyota Material Handling Europe’s
(TMHE) digital
transformation journey began, it was clear that it was
not possible to
run all the businesses through one web
-shop alone. The organization
was lacking the people, processes and technology needed to deliver
high
-performing digital applications and a great customer experience.
Rather than waiting, they wanted to start small, yet think bi
g.
FACTS AND SUMMARY
Toyota Material Handling Europe's e
-commerce journey started in 2016 with a
very
limited product range.
Today, TMHE's webshop covers all European markets where the company has
subsidiaries.
During 2021, a customer portal was developed in collaboration with Columbus to
give existing customers even better possibilities for self
-se
rvice, including access to
different reports related to their fleet, such as orders, usage of trucks and more.
Columbus worked continuously
with Toyota Material Handling Europe throughout
2022. One of the results of the collaboration was a solution called
"Build your
Truck", where customers can design their own Toyota forklift.
29
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Financial Statements Governance Our business The big perspective
29
Annual Report 2022
Corporate governance
30
Corporate Social Responsibility
36
Our new Sustainability Strategy
37
Sustainability Strategy
37
E
SG key figures 40
Risk management
41
Notifications to Nasdaq Copenhagen
44
Group overview
45
Board
of Directors 46
Executive Board
49
Shareholder information
50
Governance
Financial Statements Governance Our business The big perspective
30
Annual Report 2022
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 33 recommenda-
tions and does not comply with seven of
the recommendations. Deviations are all
explained in the Statutory Report on Cor-
porate Governance for 2022 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 five members: Ib Kunøe, Sven
Madsen, Peter Skov Hansen, Karina Kirk
Ringsted and Per Ove Kogut. Per Ove
Kogut was elected as new member of the
Board at the General Meeting in 2022. The
Board members are elected for one year
at a time with the option for re-election.
Three out of the five 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 2022, 11 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 2022, the Board of Directors focused on
the following areas:
• Macro-economic situation
• Divestment of Russian subsidiary
• Financial reporting
• Capital and share structure
• Re-organization and ERP implemen-
tation
• Strategy
• Risk management and internal con-
trols
• 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 46.
Corporate governance
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Financial Statements Governance Our business The big perspective
Executive Board
The Board of Directors appoints the
Executive Board and determines the terms
of employment. The Executive Board is
responsible for the day-to-day operation
and management of Columbus, including
strategy, budgets and targets for the
Company. The Executive Board currently
consists of two members, CEO & Presi-
dent Søren Krogh Knudsen and Group
CFO Brian Iversen. Brian Iversen replaced
the former CFO Hans Henrik Thrane in
October 2022.
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 2022, seven meetings were
held. Both Audit Committee members at-
tended all meetings. New auditors, PwC
was elected at the general meeting in
April 2022.
In 2022, the Audit Committee focused on
the following areas:
• Financial reporting and audit planning
• Monitoring risk management and in-
ternal control systems
• Checking and monitoring the auditors
independence
• Reporting to the Board of Directors
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
Directors and the Executive Board, and
the performance and results of the Board
of Directors and the Executive Board, in-
cluding the areas operation, finance, strat-
egy, 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 2022, 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
Directors 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 quali-
fied members of the Board of Direc-
tors 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
fulfilment of its business strategy
short-term and long-term.
The Remuneration Policy, which is availa-
ble on the Company’s website, was
adopted at the Annual General Meeting in
April 2022.
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
members 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 2022.
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.
DKK’000 Fixed fee
Audit
Committee fee
Total
Board of Directors
Ib Kunøe (Chairman)
450 0 450
Sven Madsen (Deputy
Chairman) 150 38 188
Peter Skov Hansen (member)
150 75 225
Karina Kirk Ringsted (member)
150 0 150
Per
Ove Kogut (member) 150 0 150
32
Annual Report 2022
Financial Statements Governance Our business The big perspective
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 2022.
Pursuant to Section 139b of the Danish
Companies Act, Columbus has prepared a
Remuneration Report for 2022 which is
available at the Company’s website. The
Remuneration Report provides an over-
view and detailed description of the total
remuneration received by each member of
the Board of Directors and of the Execu-
tive Board for the 2022 financial year with
comparative figures for past financial
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 has adopted a Diversity
& Inclusion Policy. The Diversity & Inclu-
sion Policy is available on the Company’s
website.
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.
Our people are key to Columbus success.
Our talent strategy aims to attract, retain
and develop competence to meet future
needs and to stay attractive on the candi-
date market.
With a talented culture, we aim to give all
employees the right level of support and
challenges to develop themselves and
their skills. We do that by looking to every-
one’s unique needs and strengths, which
also help them to see their own potential.
A talented culture at Columbus also im-
plies a working environment where we en-
able learning and feedback and build di-
verse teams with room for creative thinking
and innovation.
Remuneration of the Executive Board 2022
Fixed remuneration Variable remuneration
DKK ´000
Fixed base
salary
Pension Other benefits
Special
allowance
Total
Short-
term
bonus
Granted
Share-based
instruments
Total
Total fixed
& variable
remuneration
Søren Krogh Knudsen, CEO
4,000 0 245 0
4,245
0 0
0 4,245
In percent
94% 0% 6% 0% 100% 0% 0% 0% 100%
Brian Iversen, CFO (from 26 September to 31 December
2022)
581 0 33 0
614
132 0
132 746
In percent
78% 0% 4% 0% 82% 18% 0% 18% 100%
Hans Henrik
Thrane, CFO (from 1 January to 31 August
2022)
1,788 0 153 0
1,941
0 0
0 1,941
In percent
92% 0% 8% 0% 100% 0% 0% 0% 100%
Severance pay
1
1,628 1,628
Total without special arrangements
6,369 0 431 0 6,800 132 0 132 6,932
In
percent 92% 0% 6% 0% 98% 2% 0% 2% 100%
1 In connection with Hans Henrik Thrane's
resignation, the Board of Directors determined an allowance of DKK 1,628 thousand for the period September 2022 to end February 2023. This corresponds to 2022 level fixed
basic salary, on
-target bonus and other benefits and is thus in accordance with the remuneration policy. The severance pay is expensed in the financial year 2022.
33
Annual Report 2022
Financial Statements Governance Our business The big perspective
Leaders in Columbus have a key role to
empower employees and acknowledge
their strengths and potential contribution.
A talented culture requires leaders that
treat everyone fairly and offer equal oppor-
tunities for progression.
Diversity targets and reporting
on progress
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.
By the end of 2021, the proportion of
women in Columbus’ Board of Directors
was 25%, and thereby the gender distribu-
tion in the Board of Directors was consid-
ered to be equal. Therefore, the Board of
Directors decided not to increase the tar-
get for the proportion of women in the
Board of Directors in 2022.
In 2022 the Board was extended with a
new male Board member, Per Ove Kogut,
and consequently, the proportion of
women in Columbus’ Board of Directors
has decreased to 20%.
All Board members have been chosen
based on their individual relevant special
competencies to perform the tasks of the
Board of Directors and the way their ex-
pertise complements each other. Gender
is taken into consideration, but candidates
are chosen based on competences neces-
sary for the specific role.
In 2022, the Board of Directors has set a
new target to increase the proportion of
women in the Board of Directors to 33% in
2025.
In the period 2016 to 2021, the percentage
of women at management level in Colum-
bus A/S increased from 12.5% to 33%. At
the end of 2022, the percentage of women
at management level had decreased to
30%.
The decrease is partly due to reorganiza-
tions in the Company and partly a conse-
quence of women at management level,
who have left Columbus and been re-
placed by a male manager.
In 2020, Columbus set a target to increase
the percentage of female managers in
Columbus A/S to a minimum of 35% by
the end of 2023. Columbus maintains this
target.
To address the decline in women at man-
agement level in 2022, our talent acquisi-
tion team will review all selection pro-
cesses to ensure that they are inclusive
and to approach each recruitment process
with the aim to diversify the company. We
are also reviewing our internal career
pathways, competency framework and
promotion processes to address this issue
and to ensure they are equitable to all em-
ployees.
Furthermore, Columbus has launched a
Sustainability Strategy, which includes a
diversity program and a target of reaching
a gender distribution of 40% women and
60% men in 2027 globally in Columbus.
Pursuant to Section 99b of the Danish Fi-
nancial Statements Act, Columbus has
prepared the statutory report on gender
distribution as part of the Sustainability
Report 2022, which is available at the
Company’s website.
Columbus A/S has no diversity and inclu-
sion policy covering the Company’s Group
Management (Board of Directors and Ex-
ecutive Board), cf. Section 107d of the
Danish Financial Statements Act.
So far Columbus has not found it relevant
with specific diversity targets, besides gen-
der distribution, for the Group Manage-
ment, since the Company, due to its global
structure, already has a high diversity in
terms of nationality, age and educational
background in its Business Unit manage-
ment.
The composition of the Board of Directors
is considered appropriate in terms of pro-
fessional experience and relevant special
competencies to perform the tasks of the
Board of Directors.
Data Ethics
The Board of Directors has adopted a
Data Ethics Policy and continue to comply
with statutory regulations regarding data
and privacy protection. The purpose of the
Data Ethics Policy is to establish the high
standards for data ethics that Columbus
wishes to adhere to and to emphasize our
commitment to a responsible and sustain-
able use of data and to account for our
general data collection and use in order to
ensure transparency. The Data Ethics Pol-
icy is reviewed annually.
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.
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
34
Annual Report 2022
Financial Statements Governance Our business The big perspective
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, Columbus has
posted privacy notices and consents on its
official website that explain data pro-
cessing and security practices; outlining, in
clear and unambiguous language, the in-
tended purpose of the data collection; and
disclosing the possibility of a data transfer
or the use of third-party data where rele-
vant.
Columbus will ensure by means of ongo-
ing awareness-raising e-learning activities
that the organisation is fully aware of and
committed to respecting data ethics within
Columbus. We consequently set high
standards for ourselves as regards our
data collection sources, what we do with
the data, and how we use them.
Among other things, we will refrain from
any comprehensive data collection that
might be tantamount to mass surveillance.
Data in Columbus possession is pro-
cessed and stored in a secure manner,
ensuring a minimal risk of data breach.
With this 2022 report on Data Ethics, Co-
lumbus complies with section 99d of the
Danish Financial Statements Act.
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
inconsistencies in the financial reporting
process 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 the
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
changes to accounting principles, includ-
ing implementation of these.
Control activities and monitoring
All companies in the Columbus Group
report 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 process, monthly business
reviews and controlling meetings are held,
and control visits to all operational compa-
nies in the Group are performed on an on-
going basis in order to ensure that material
errors in the financial reporting are dis-
couraged, 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 2022, no cases had been reported
through the whistle-blower scheme.
Further information
The statutory report on Corporate Governance
for 20
22, cf. section 107b of the Danish Finan-
cial Statement Act is available at:
www.colum-
busglobal.com/Investors/Corporate Governance
Statements
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 202
2, cf. section
139b of the Danish Companies Act is ava
ilable
at:
www.columbusglobal.com/Investors/Remu-
neration
The
statutory report on Gender Distribution for
202
2, cf. section 99b of the Danish Financial
Statements
Act is available as part of the Sus-
tainability
Report at: www.colum-
busglobal.com/Investors/CSR
The Diversity & Inclusion Policy, cf. section 139c
of the Danish Companies Ac
t and the Recom-
mendations on Corporate Governance is availa-
ble at:
www.columbusglobal.com/Investors/Di-
versity&Inclusion
The Data Ethics Policy
is available at: www.co-
lumbusglobal.com/Investors/Polices&Articleso-
fassociation
36
Annual Report 2022
Financial Statements Governance Our business The big perspective
Columbus support
the UN Global Compact
Columbus has been part of the UN
Global Compact since 2012,
which shows our commitment to being socially and environmentally
responsible.
Columbus supports and enacts
seven general principles of corpo-
rate social responsibility.
These principles are based on internationally recognized co
nven-
tions on human rights, labour standards, environment, and anti
-cor-
ruption.
More Information
Columbus’ statutory statement on Corporate Social Responsibility
(
Sustainability Report) pursuant to section 99a of the Danish Finan-
cial Statements Act for the financial year 202
2 is available on the
company’s website at
www.columbusglobal.com/Investors/CSR
Corporate Social Responsibility
In 2022, we have initiated an ambitious
ESG strategy process.
In Columbus, we are
committed to contribute to the UN Sustainable
Development Goals. We
focus on seven of the
17 SDGs. In each of the SDG targets, we have
formulated our commitment and focus points.
We commit to
growing a di-
verse, inclu-
sive, and tal-
ented culture. We continue
to increase the proportion of
women in Columbus.
We ensure
high-quality
work and safe
working con-
ditions for our people, and
we ensure equal opportuni-
ties for career progression
and talent development for
all employees.
We help our
customers
accelerate
their sustaina-
ble performance with digital
advisory and innovative
solutions within the indus-
tries Food & Beverage,
Manufacturing, and Retail
& Distribution.
We ensure
equal rights,
conditions
and opportu-
nities for all candidates and
employees, irrespective of
age, gender, disability, race,
ethnicity, origin, religion, or
other status.
We improve
daily opera-
tions t
o create
significant
sustainable outcome by
striving to recycle waste and
optimize energy and water
consumption.
We advise our
customers and develop inno-
vative digital solutions that
help our customers enable
sustainable production
patterns.
We aim to
reduce our
environmen-
tal footprint
globally by improving our
daily operation such as flight
travel, increase green trans-
portation, recycle our waste
and optimize our consump-
tion and energy mix.
We ensure
responsible
business
conduct by
acting
transparently and as a
morally accountable
company.
Gender
equality
Decent work and
economic growth
Industry,
innovation and
infrastructure
Reduce
inequalities
Responsible
consumption
and production
Climate action
Peace, justice
and strong
institutions
37
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Financial Statements Governance Our business The big perspective
Columbus’ objective is to equip our cus-
tomers with the resources necessary to
mitigate their ecological footprint while
concurrently assessing our internal perfor-
mance in the following aspects: Growing a
diverse and talented culture, ensuring re-
sponsible business conduct and evaluat-
ing the environmental implications of our
operations.
Customers - Enabling sustainable
impact
We help our customers accelerate sustain-
able performance and development by
providing digital solutions that promote sus-
tainability, growth, and profitability in their
business. There is vast potential within digi-
talization and the green transition – two en-
gines of change in our societies that cannot
be separated. We, as digital advisors, have
a golden opportunity to help our customers
in our key industries, Manufacturing, Food,
Beverage & Process and Retail & Distribu-
tion, to achieve their sustainability goals
through ESG solutions and advisory.
We offer end-to-end sustainable digital so-
lutions such as Cloud ERP, Strategy &
Change, Digital Commerce, Data & Analyt-
ics, Application Management and Customer
Experience to address the lifecycle and
sustainability demands of the food and bev-
erage, retail and distribution, and the manu-
facturing industries.
In addition to our existing digital solutions
that are further outlined on page 39, we are
currently working on offerings that special-
ise in our customers’ needs. For instance,
these offerings include an ESG Program
Management Solution to help customers
accelerate and manage their ESG compli-
ance and reporting initiatives. Another offer-
ing aims to help customers to focus and
consolidate their sustainability initiatives by
providing ESG Advisory Services that will
enable companies to lead a sustainable
business culture and provide governance
for the organization’s sustainability initia-
tives.
These offerings, complete with sales and
consulting toolkits, will be launched in Q2
2023, with other customized solutions to
follow.
Our new Sustainability Strategy
In 202
2, Columbus launched a new sustainability strategy aimed at contributing to
the sustainability agenda.
The strategy comprises two streams; An external stream
aiming at accelerating our customers
’ sustainable performance by advising and
providing digital solutions
, and an ESG stream focusing on our culture, conduct
and our operations
’ impact on the environment.
38
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Financial Statements Governance Our business The big perspective
Culture - Growing a diverse and talented
culture
Our vision is to grow a diverse and talented
culture within Columbus. We support peo-
ple to grow, develop, and collaborate within
an inclusive culture. We see the value in
differences that enrich our company and
each individual. Therefore, Columbus has
initiated work in mainly three focus areas to
move in this direction:
Diversity and Inclusion
We want to grow a culture that encourages
managers and employees to embrace di-
versity and set it on the internal communi-
cation and management agenda.
Attract and develop talents
Our crucial flagship is to grow a diverse and
talented culture in Columbus and to ensure
that our people thrive and stay with us. Our
ambition is to attract, retain and develop
competence to meet future needs and to
remain attractive in the candidate market.
Employee engagement
We want to focus on employee engage-
ment and create an inclusive workplace
where we treat each other equally and re-
spectfully. Essential aspects of this work
are developing meaningfulness and engag-
ing employees in projects that align with
their own and the company’s values and
dreams.
Operations - Building sustainable opera-
tions
We strive to improve daily operations to
achieve significant sustainable outcomes.
Building sustainable operations will focus
on Columbus' carbon emissions as well as
waste and energy management.
We started monitoring our greenhouse gas
emissions globally in 2022 to understand
better how our operations affect the cli-
mate. After identifying data sources and se-
lecting tools for data collection, storage,
calculation, and reporting, we have created
an overview of our Carbon footprint by cal-
culating CO2 emissions according to the
Greenhouse Gas (GHG) Protocol.
We have established a baseline that will
enable us to confidently set short, medium,
and long-term targets to reduce GHG emis-
sions in our operations and create a
roadmap on initiatives to fulfil our science-
based targets that are aligned with the
Paris agreement.
Our Scope 3 emissions include only busi-
ness travel data; therefore, Scope 3.6. In
2023, we are determined to expand our ef-
forts and start waste and energy manage-
ment programs.
More information on our initiatives can be
found in the "Environment and climate im-
pact" section in the Sustainability Report
2022.
Conduct - Ensuring responsible busi-
ness conduct
The complexity and need for documenta-
tion are increasing while governance of
sustainability and compliance is increas-
ingly important to stakeholders. Therefore,
we empower and strengthen compliance,
governance, and responsible behavior
within the strategic focus area: "Ensuring
responsible business conduct".
We ensure Columbus' EU taxonomy readi-
ness within a compliance program and
create policies in close cooperation with
"Building sustainable operations" and
"Growing a diverse and talented culture".
Strong policy frameworks guide employ-
ees and managers in Columbus in their
decision-making and daily operations. Ex-
amples of policies currently being devel-
oped include our Diversity & Inclusion Pol-
icy, an Anti-corruption Policy and a Facility
and Procurement Policy.
More information on our initiatives can be
found in "Environment and climate impact"
section in the Sustainability Report 2022.
39
Annual Report 2022
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
insights with more than 2,500 customers.
As sustainability is becoming increasingly
important, we are stepping forward and
leading our customers in creating a better
tomorrow.
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 com-
petition curve by bringing Industry 4.0 best
practices into the picture. We enable the
players to upgrade their technological ca-
pabilities and build a sustainable, reliable,
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
increase transparency and traceability
across the supply chain to ensure a granu-
lar MRP. Columbus solutions help our cus-
tomers respond to changing customer die-
tary preferences and compliance man-
dates by minimizing wastes, improving the
efficiency of supply chains and inventories,
optimizing delivery routes, automating
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
41
Annual Report 2022
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.
-
-
Risks
42
Annual Report 2022
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 34 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
43
Annual Report 2022
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
Risk
Key IT risks are unauthorized
attacks
, operational dependency
and potential non
-compliance to
personal data regulation including
General Data Protection
Regulations (GDPR).
GDPR has
significant ramifications for non
-
compliance.
It is crucial to Columbus’ services
projects to be able to execute high
quality at the agreed time and
price. Risks are attached to the
Sale, Analysis and Design,
Development, Implementation and
Deployment
phases.
Columbus is a knowledge
-
intensive company and in order to
continuously offer optimal
solutions, develop
innovative
products, and ensure satisfactory
financial results, it is necessary to
attract, retain and develop the
right employees.
Rapid changes and competitive
pressures from both existing and
new competitors in the IT market
provide a risk of losing C
olumbus’
competitive edge.
Increased market volatility and a
fragile economy situation increase
the general risk picture.
Columbus’ business is to a wide
extent based on implementation
and servicing of customer
solutions based on third party
software an
d cloud products.
Partnerships with our software and
cloud providers is of crucial
importance to the implementation
of Columbus’ business strategy.
Impact
Business interruptions, property
theft and regulatory consequences
leading to financial losses and
reputational damage.
Potential
impact is considered high, but
mitigation reduces risk and
probability.
Incorrect pricing and unclear
scoping pose a risk of
cost
overruns
, delivery risks and
customer dissatisfaction
.
Probability is considered
low/medium and impact medium.
Lack of talent will limit the future
growth and loss of key employees
could have negative impact on the
existing business
. Both probability
and potential impact is considered
medium.
Failing to spot and follow market
trends and development could
have a negative impact on the
growth opportunities and existing
business.
Both probability and
potential impact is considered
medium.
Loss of par
tnership agreements
or deteriorating relationships
could have a significant negative
impact on the overall business.
Probability is considered low and
impact medium/high.
Mitigation
Columbus has adopted leading
industry standard i.e., ISO
27001
& 27002
and is at an advanced
stage of implementation. ITIL V3
best practices
are leveraged as
part of the contin
uous
improvement process
. Columbus
has subscribed to Cyber
Insurance Plan to safeguard 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 repetition
in solving the customer problems
and the procedures by which
these problems are managed.
Thro
ugh project reviews,
implemented standard contracts
and ongoing analyses before,
during, and after initiation,
Columbus aims
to identify issues
and problems before they
escalate
. This mitigation has
lowered the risk in 2022 compared
to 2021.
Columbus has
the goal of being
an attractive workplace and
achieves this through incentive
programs, attractive working
conditions, employee and
manager development, and
placing great importance on the
company culture.
All employee’s
heartbeat (based on NPS
approach) a
re measured on a
monthly basis to ensure good
culture, personal progress and
employee development
.
Columbus is continuous
ly
improving and developing new
market and industry relevant
services and solutions
. We
measure and react to customer
loyalty
and monitor market
development and competition. We
constant develop our skilled
employees to ensure high quality
in delivery of projects and
services.
Columbus has strong strategic
partnerships with Microsoft and
Infor, among others. Columbus is
in close dialog w
ith our major
partners on an ongoing basis,
which is mitigating the risk of
sudden incidents to deteriorating
the partnership.
Risk issues and actions
44
Annual Report 2022
Financial Statements Governance Our business The big perspective
Notifications to Nasdaq Copenhagen
2022
1
1
4 February
Major
Shareholder Information Pursuant to Section 30 of the Danish Capital Markets
Act
2
16 March
Columbus
Annual Report 2021
3
1
6 March
Columbus
exits Russian market
4
21
March
Transactions by members of senior management and Board of
Directors in shares is-
sued by Columbus A/S and related securities
5
22
March
Transactions by members of senior management and Board of Directors in shares is-
sued by Columbus A/S and related securities
6
24 March
Major shareholder information
pursuant to Section 30 of the Danish Capital Markets Act
7
25 March
Transactions by members of senior management and Board of Directors in shares is-
sued by Columbus A/S and related securities
8
31 March
Transactions by members of senior
management and Board of Directors in shares is-
sued by Columbus A/S and related securities
9
1 April
Transactions by members of senior management and Board of Directors in shares is-
sued by Columbus A/S and related securities
10
4
April
Transactions by members of senior management and Board of Directors in shares is-
sued by Columbus A/S and related securities
1
1
7 April
Notice
to convene annual general meeting
1
2
7 April
CORRECTION:
Notice to convene annual general meeting
1
3
8
April
Transactions by members of senior management and Board of Directors in shares is-
sued by Columbus A/S and related securities
1
4
29 April
Passing
of Columbus Annual General Meeting and subsequent constitution of the
Board
of Directors
1
5
2 May
Amendment
of articles of association
1
6
10 May
Interim Report Q1 2022
1
7
22 May
Transactions by members of senior management and Board of Directors in shares is-
sued by Columbus A/S and related securities
18
26 May
Transactions by members of senior
management and Board of Directors in shares is-
sued by Columbus A/S and related securities
19
1
June
Hans
Henrik Thrane will step down from his role as CFO in Columbus
20
4 July
Brian
Iversen appointed new CFO and member of the Executive Board in Columbus
21
24 August
Interim Report Q2 2022
22
30 August
Transactions by members of senior management and Board of Directors in shares is-
sued by Columbus A/S and related securities
2022
23
2 September
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
24
6 September
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
25
13 September
Transactions by members of senior
management and Board of Directors in
shares issued by Columbus A/S and related securities
26
19 September
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
27
21 September
Transact
ions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
28
14 November
Update
of financial outlook for 2022
29
15 November
Interim Report Q3 2022
30
22 November
Transactions by members of senio
r management and Board of Directors in
shares issued by Columbus A/S and related securities
31
23 November
Transactions by members of senior management and Board of Directors in
shares issued by Columbus A/S and related securities
32
9 December
Notification of transactions in Columbus shares and related securities
20
23
1
3 February
Preliminary unaudited financial results for 2022
Financial calendar 2023
Annual Report 202
2
1
5 March 2023
Annual General Meeting
2
4 April 2023
Interim
Report Q1 2023
1
6 May 2023
Interim Report
Q2 2023
24
August 2023
Interim R
eport Q3 2023
15
November 2023
Immediately following the publication, the notifications will be available on Columbus’ website: www.columbusglobal.com
45
Annual Report 2022
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
Subsidiaries
Columbus Norway AS
Norway
100
100
173
Columbus Sweden AB
Sweden
100 100 426
Columbus Global (UK) Ltd.
England
100 100 188
Columbus Deutschland GmbH
Germany
100 100 21
Company
Country
Ownership by
Columbus A/S,
%
Columbus A/S’
share of voting
right, %
Average no. of
employees
Eastern Europe
Columbus Global s.r.o
Czech
100 100 38
Columbus
Poland Sp.z.o.o.
Pol
and 100 100 46
North America
Columbus US
Inc.
USA
100 100 60
Asia
Columbus Global Services
India Pvt. Ltd.
India
100 100 277
Rest of world
Columbus
Chile SpA
Chile
100 100 13
Note: The overview only contains the Group’s operative companies.
46
Annual Report 2022
Financial Statements Governance Our business The big perspective
Board of Directors
Born
1943
1964
Title and
position
Member of the Board since 2004, re
-elected in 2022, term expires 2023
Member of the Board since 2007, re
-elected in 2022, term expires 2023
CFO in Consolidated Holdings A/S
Member of the Audit C
ommittee
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 Ballerup K/S, CALUM
Åbyh
øj K/S, CALUM Værløse K/S, CALUM Bagsværdlund K/S, Komplemen-
tarselskabet Åbyhøj ApS, Komplementarselskabet Værløse ApS
and Komplemen-
tarselskabet Bagsværlund ApS
CHV III ApS
, Dansk Emballage A/S
Member of the
Board
Atrium Partner A/S
Atea ASA, Consolidated Holdings A/S, core:workers AB, 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 man
agement, 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 2022
45
0,000
948
,529
Changes in fiscal year, shares
0
0
47
Annual Report 2022
Financial Statements Governance Our business The big perspective
Born
1951
1971
Title and position
-elected in 2022, term expires 2023
Chairman of the Audit Committee
-elected in 2022 term expires 2023
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
Fulfil
s the Committee of Corporate Governance definition of independency
Fulfil
s 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 2022
280,000
45
,000
Changes in fiscal year, shares
0
0
48
Annual Report 2022
Financial Statements Governance Our business The big perspective
Born
1964
Title and position
2022, term expires 2023
Education
M
aster, Public Administration & IT science from the University of Copenhagen
Independency
Fulfil
s the Committee of Corporate Governance definition of independency
Chairman of the Board
Digital Hub Denmark, Epista life science A/S
Member of the Board
Loyal Solutions A/S
Special competencies
General management, management of
consulting companies, market and customer
leadership and business development.
No. of shares 31
Dec 2022
0
Changes in fiscal year, shares
0
49
Annual Report 2022
Financial Statements Governance Our business The big perspective
Born
19
74
196
9
Title and position
Joined in Ju
ne 2021
Joined in
October 2022
Education
H
olds an executive MBA in Business Administration, economics and an Academy
Profession Degree in Financial Management.
H
olds an MBA from Henley University in the UK and a Graduate Diploma in Finance
& Accounting.
Chairman of the Board
-
-
Special competencies
General management,
technology-
driven transformation programs, turnarounds and
growth strategies
Leading
,
optimizing and developing global finance operations, implementing strategic
programs, M&A's and improving business performance.
No. of shares 31
Dec 2022
494,658
0
Changes in fiscal year, shares
204,105
0
Total no. of warrants 1
Jan 2022
999,999
0
No. of warrants exercised in 20
2
2
0
0
No. of warrants granted in 20
22
0
0
Total no. of warrants 31 Dec 20
2
2
999,999
0
Executive Board
50
Annual Report 2022
Financial Statements Governance Our business The big perspective
Share capital
At the end of 2022 the share capital in
Columbus A/S comprised of 129,276,264
shares at DKK 1.25 corresponding to nom-
inal share capital of DKK 161,595,330
(2021: 129,276,264 shares at DKK 1.25
corresponding to nominal share capital of
DKK 161,595,330).
Each 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.
1
Source: Nasdaq Copenhagen A/S
Share development
At the end of 2022, the price of the
Columbus A/S share was DKK 6.29, while
at the end of 2021 it was DKK 9.54 – a
decrease of 34.07% (2021: -15.12%)
1
.
I
n 2022, a total of 16m shares were traded
corresponding to 12.4% of the total num-
ber of shares at the end of 2022 (2021:
45.9%). The average trade per business
day in 2022 was DKK 0.5m (2021: DKK
2.7m)
1
.
T
he Company’s market value amounted to
DKK 813.1m at the end of 2022 against
DKK 1,233m at the end of 2021.
Sha
reholders
At the end of 2022 Columbus A/S had
7,366 registered shareholders, who to-
gether owned 97.50% of the total share
capital.
T
he following shareholders have informed
Columbus A/S of possession of 5% or
above of the share capital:
No. of shares %
Protector Forsikring
ASA
8,678,054 6.71
64,350,947 49.78
Ib Kunøe
450,000 0.35
62,714,906 50.13*
Shareholder information
Share price development in 202
2
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 6.29
49,78%
1,72%
48,50%
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 51.18% of the voting rights.
51
Annual Report 2022
Financial Statements Governance Our business The big perspective
Members of Columbus A/S’ Board of
Directors and Executive Board owned in
total 51.50% of the share capital at the
end of 2022.
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
policy.
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 continously
with new information about Columbus’ re-
sults, 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
live and on demand 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.
Contact
The
Group CFO handles the daily contact with
investors and analysts:
Group
CFO,
Brian Iversen
Email:
Brian.Iversen@columbusglobal.com
Columbus
Tel:
+45 7020 5000
General Meeting
The Company’s Annual General Meeting
will be held on:
2
4 April 2023 at 10.00 a.m.
on the Company’s address at:
52
Annual Report 2022
Financial Statements Governance Our business The big perspective
52
Annual Report 2022
Statement of comprehensive income
53
Balance sheet
54
Statement of
changes in equity - Group 55
Statement of changes in equity
– Parent company 56
Cash flow
57
Notes
58
Statement by management on the Annual Report
106
Indep
endent Auditor’s Reports 107
Financial
statements
Financial Statements Governance Our business The big perspective
53
Annual Report 2022
Financial Statements Governance Our business The big perspective
Group Parent Company
DKK ´000
Note 2022 2021 2022 2021
Net revenue
3 1,389,434 1,279,184 346,153 344,757
External project costs
-135,350 -114,628 -68,916 -94,322
Gross profit
Staff expenses and
remuneration
4 -1,035,176 -946,699 -250,065 -237,865
Other external costs
-144,090 -124,343 -60,929 -45,624
Other operating income
6 18,111 1,642 55,267 51,458
Other
operating costs 0 -2,692 0 -1,748
EBITDA before
share
-based payment 92,929 92,464 21,510 16,656
Share
-based payment 4 -1,099 -3,157 -1,099 -3,157
EBITDA
Depreciation, amortization and
impairment
5 -56,695 -48,863 -19,369 -12,614
Operating profit (EBIT)
Results in subsidiaries
26 0 0 55,073 48,017
Financial income
7 2,909 3,613 12,366 6,190
Financial expenses
7 -5,956 -7,023 -5,090 -8,279
Profit before tax from
continuing operations
Corporate tax
8 -2,185 6,513 -3,064 144
Profit after tax from continuing operations
Profit (loss) after tax from
discontinued operations
26
-41,216 715,001 -35,209 775,460
Profit (loss) after tax for the period
-11,313 758,548 25,118 822,417
Group Parent Company
DKK ´000
Note 2022 2021 2022 2021
Items that may be reclassified
subsequently to profit and loss:
Foreign exchange adjustments of
subsidiaries
-8,201 -13,174 0 0
Other comprehensive income
-8,201 -13,174 0 0
Total comprehensive
income for the period
-19,514 745,374 25,118 822,417
Profit (loss) after tax
allocated to:
Shareholders in Columbus A/S
-11,313 759,155
Minority interests
-11,313 758,548
Total comprehensive income
allocated to:
Shareholders in Columbus A/S
-19,514 745,982
Minority interests
-19,514 745,374
Earnings per share of DKK 1.25 (EPS)
-0.09 5.91
Earnings per share of
DKK 1.25, diluted
(EPS
-D)
-0.09 5.89
Statement of comprehensive income
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Group Parent Company
DKK ´000
Note 2022 2021 2022 2021
ASSETS
Goodwill
10 603,299 644,451 131,656 131,656
Customer base
10 17,430 27,174 0 238
Internal applications
10 51,029 46,512 51,029 46,512
Development projects finalized
10 1,650 3,070 685 1,265
Property, plant and equipment
11 12,349 10,866 1,869 2,058
Right
-of-use assets 12 65,316 61,422 11,880 15,008
Investments in subsidiaries
13 0 0 730,438 767,250
Deferred tax assets
8 28,640 22,916 1,883 0
Other receivables
Total non
-current assets
Trade receivables
14 254,800 269,583 47,723 58,451
Contract assets
15 5,822 11,433 229 952
Receivables from subsidiaries
Corporate tax receivables
8 2,254 12,041 0 5,673
Other receivables
Receivables from divestment of
activities 27 59,264 55,631 0 0
Prepayments
Receivables
Cash
Total current assets
TOTAL
ASSETS 1,183,947 1,268,597 1,076,297 1,085,087
Group Parent Company
DKK ´000
Note 2022 2021 2022 2021
EQUITY AND LIABILITIES
Share capital
16 161,595 161,595 161,595 161,595
Reserves on foreign
currency translation -67,643 -59,442 0 0
Reserve to development costs
Retained profit
Equity
Deferred tax
8 2,852 5,542 0 1,789
Other
provisions 17 866 1,056 866 1,056
Debt to credit institutions
Lease liability right-of-use assets
18
Non
-current liabilities 120,514 119,022 83,238 88,901
Debt to credit
institutions 52,335 19,044 75,094 33,758
Debt to subsidiaries
Contingent consideration
17 0 6,539 0 6,539
Contract liabilities
15 9,960 17,248 2,210 6,925
Trade payables
Corporate tax
payables 8 1,426 1,171 0 0
Other payables
19 164,557 217,406 33,202 48,603
Other provisions
17 0 6,722 0 6,722
Accruals and deferred income
Lease liability right
-of-use assets 18 26,926 28,359 6,201 5,814
Current
liabilities 357,028 408,595 185,954 199,138
Total liabilities
TOTAL EQUITY AND LIABILITIES
Balance sheet
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DKK ´000
Share
capital
Reserves
on foreign
currency
translation
Retained
profits Equity
2022
Balance at 1 Jan 2022
Profit
after tax 0 0 -11,313 -11,313
Currency adjustments of investments
in subsidiaries
Total comprehensive income
Share
-based payment 0 0 1,099 1,099
Payment of dividend
Balance at 31 Dec 2022
On the Annual General Meeting held on 29 April 2022, Columbus adopted a dividend of DKK
0.125 per share.
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
Payment of dividend
Balance at 31 Dec 2021
Statement of changes in equity - Group
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DKK ´000
Share
capital
Reserve to
develop-
ment costs
Retained
profits Equity
2022
Balance at 1 Jan 2022
Profit after tax
Total comprehensive income
Share
-based payment cf. note 4 0 0 1,099 1,099
Payment of dividend
Development costs
Balance at 31 Dec 2022
On the Annual General Meeting held on 29 April 2022, Columbus adopted a dividend of DKK
0.125 per share.
DKK ´000
Share
capital
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 1,581 1,581
Payment of
dividend 0 0 -775,658 -775,658
Development costs
Balance at 31 Dec 2021
Statement of changes in equity – Parent company
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Group Parent Company
DKK ´000
Note 2022 2021 2022 2021
Operating
profit (EBIT) 35,135 40,444 1,042 885
Depreciation, amortization and
impairment
5 56,695 48,863 19,369 12,614
Cost of incentive scheme
Changes in net working capital
24 -61,086 -87,221 -23,074 -51,223
Cash flow from
primary activities
Interest received, etc.
Interest paid, etc.
-5,956 -10,756 -5,109 -4,292
Corporate tax paid
-169 -8,957 -1,062 -1,436
Cash flow from operating activities
discontinued operations
26
-4,591
Cash flow from operating activities
Net investment in
development projects
Acquisition of tangible assets
-8,239 -7,434 -1,010 -1,030
Acquisition of intangible assets
-15,823
-33,234
-15,823
-33,234
Disposal of tangible assets
Acquisition of activities
-5,415 -74,152 -5,415 -74,152
Disposal of activities
27 -8,768 876,648 1,603 828,115
Dividends received from subsidiaries
Cash flow from investing activities
discontinued operations
26 0 -7,479 0 0
Cash flow from investing activities
-37,987 754,434 34,478 767,716
Group Parent Company
DKK ´000
Note 2022 2021 2022 2021
Proceeds from capital
increase/warrants exercised
Repayment of loan
Overdraft facilities
Repayment of lease liabilities
-30,770 -31,495 -6,246 -4,233
Dividends paid
-16,160 -775,658 -16,160 -775,658
Cash flow from financing activities
discontinued operations
26 -326 -13,354 0 0
Cash flow from financing activities
-13,932 -844,923 -41,600 -789,593
Total net change in cash and cash
equivalents
-24,488 -110,162 -11,655 -61,385
Cash funds at the beginning
of the period
Exchange rate adjustments
-5,668 8,892 9,164 3,828
Cash funds at the end of the
period
Cash flow
58
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Notes
Financial Statements Governance Our business The big perspective
Note 1 – Significant accounting principles 59
Note 2 – Significant accounting estimates and judgements 61
Note 3 – Segment data 62
Note 4 – Staff expenses and remuneration 66
Note 5 – Depreciation, amortization and impairment 68
Note 6 – Other operating income 68
Note 7 – Financial income and expenses 69
Note 8 – Corporate tax 70
Note 9 – Earnings per share 72
Note 10 – Intangible assets 73
Note 11 – Tangible assets 78
Note 12 – Right-of-use-assets 80
Note 13 – Investments in subsidiaries 83
Note 14 – Trade receivables 84
Note 15 – Contract assets and contract liabilities 85
Note 16 – Share capital 86
Note 17 – Provisions and contingent consideration 87
Note 18 – Lease liability, Right-of-use-assets 89
Note 19 – Other payables 90
Note 20 – Contingent liabilities and commitments for expenditures 90
Note 21 – Related parties 91
Note 22 – Fee to the Group's auditor elected by the annual general meeting 92
Note 23 – Financial risks and financial instruments 93
Note 24 – Changes in working capital 98
Note 25 – Cash flow from financing activities 99
Note 26 – Discontinued operations and gain/loss on sale of shares in subsidiaries 101
Note 27 – Disposal of activities 102
Note 28 – Board of Directors and Executive Board 104
Note 29 – Shareholder information 104
Note 30 – Events after the reporting period 104
Note 31 – Approval of publication of the Annual Report 104
Key figures, ratios and Alternative Performance Measures 105
Notes
Note
Page
Note
Page
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Parent Company
The Parent Company is not exposed in the same level as the Group to changes in foreign exchange rates
due to limited operations in other currencies than DKK.
Interest rate risk is considered to be equal to the Group’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 and intercompany. Trade receivables
are assessed for impairment based on the ECL model, cf. note 14. The maximum credit risk on the balance
date equals the carrying amount.
Foreign exchange rate risk are primarily related to transactions in SEK, NOK, USD, GBP and RUB.
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Executive Board
Søren Krogh Knudsen
CEO & President
Brian Iversen
Group C
FO
Board of Directors
Ib Kunøe
Chairman
Sven Madsen
Deputy Chairman
Peter Skov Hansen
Karina Kirk
Ringsted
Per Ove Kogut
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Independent Auditor’s Reports
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CVR No 33 77 12 31
MNE no mne18628
MNE no mne42816
