Columbus delivers 11% growth in EBITDA*
In the first three quarters of 2017 Columbus delivers revenue growth of 6% and
increases EBITDA* by 11%. The growth in EBITDA is driven by strong product
sales.
Release no. 22/2017
In accordance with the regulations for listed companies' submission of interim statements, Columbus A/S hereby submits the interim management statement for the period 01.01.2017-30.09.2017 (9 months).
EBITDA growth driven by product sales
Revenue in Q3 YTD 2017 amounted to DKK 907m (2016: DKK 855m), corresponding to an increase of 6% compared to the same period last year.
The revenue growth is driven by an increase in product sales of 5% and progress in the services business of 7%.
EBITDA* amounted to DKK 97.3m (2016: DKK 87.6m), corresponding to an increase of 11% compared to the same period last year. Consequently, the EBITDA margin increased to 10.7% (2016: 10.2%).
The increase in EBITDA* is also driven by increased earnings in the services business and in product sales. Product sales have lead to a number of larger projects, higher earnings and higher margin on sale of products.
The net result before tax increased by 4% to DKK 61.2m. The result is negatively affected by financial expense of DKK 5.1m compared to DKK 1.3m in the same period 2016. This increase primarily concerns exchange rate adjustments in relation to group receivables.
General progress in the services business
Service EBITDA in Q3 YTD 2017 increased by 7%, from DKK 60.9m to DKK 65.1m.
The growth in earnings is driven by a general high activity level in the services business as well as increased utilization of Columbus' Global Delivery Center.
Expectations to 2017 -- Revenue in the level of DKK 1.35bn -- EBITDA* in the level of DKK 150m -- Service EBITDA in the level of DKK 120m -- Columbus Software revenue in the level of DKK 80m -- 10% dividend on nominal share capital
However, Service EBITDA is negatively affected by continued challenges in Columbus' SMB business in the US.
The US SMB market has been affected by a change in technology, leading to a hesitant market. This temporary challenge has caused a decrease in revenue of DKK 36m and a decrease in EBITDA* of DKK 19m. Further, the US SMB business was impacted by a loss of DKK 4m on customer engagements in H1 2017.
The market hesitation is expected to continue in Q4, but with an adjusted cost level in the US SMB business earnings are expected to improve in Q4. Besides, a positive development in the US SMB market is expected in 2018.
Chargeable hours declined from 56% to 52% in the first three quarters of the year compared to the same period in 2016. The decline is primarily caused by a decrease in chargeable hours in the US SMB business due to the above-mentioned market challenges.
The challenges in the US market resulted in a lower Service EBITDA than expected.
Columbus Software as expected
In Q3 YTD 2017 the sale of Columbus
Software decreased by 7%. Sale of subscriptions increased by 27% due to a satisfactory renewal rate. However, license sales decreased by 42% due to the cloud conversion. Own cloud revenue showed good progress and constituted DKK 4.4m.
The sale of Columbus Software developed according to plan.
ColumbusCare and cloud drive growth in recurring revenueIn Q3 YTD 2017 recurring revenue increased by 18%. The increase is driven
By considerable growth in sale of ColumbusCare contracts, which increased significantly by 62% while the total cloud revenue grew by 223%.
Recurring revenue constituted 27.2% of total revenue (Q3 YTD 2016: 24.5%).
DKK '000 YTD 2017 YTD 2016 2016 ---------------------------------------------------------------- Columbus Software licenses 17,925 30,793 44,187 Columbus Software subscriptions 40,895 32,178 46,876 External licenses 69,599 61,655 86,495 External subscriptions 144,848 136,126 195,164 Services 619,388 577,685 796,401 Other 14,086 17,058 23,584 ---------------------------------------------------------------- Total net revenue 906,741 855,495 1,192,707 EBITDA before share-based payment 97,346 87,632 144,070 Share-based payment -1,737 -3,399 -5,524 EBITDA 95,609 84,233 138,546 ----------------------------------------------------------------
Expectations to 2017
Columbus maintains the announced expectations to EBITDA* in the level of DKK 150m, as higher product sales are expected which will compensate for the reduced Service EBITDA.
Expectations to 2017:
-- Revenue in the level of DKK 1.35bn -- EBITDA* in the level of DKK 150m -- Service EBITDA in the level of DKK 120m -- Columbus Software revenue in the level of DKK 80m -- 10% dividend on nominal share capital
As a consequence of the situation in the US described above, the expectations to Service EBITDA are adjusted to the level of DKK 120m.
Latest developments
No events or transactions with a material effect on the company's financial position have occurred since the balance sheet date.
"I am satisfied with the total result for the first three quarters. We see progress in our product sales and at the same time we continue the growth in our ColumbusCare and cloud businesses. We expect that the market hesitation in the US will continue in Q4, but with an adjusted cost level in Columbus' US SMB business, we expect improved earnings. Besides, we expect a positive development in the US SMB market in 2018", says Thomas Honoré, CEO & President in Columbus A/S.
* EBITDA before share-based payment
Ib Kunøe Thomas Honoré Chairman CEO & President Columbus A/S Columbus A/S For further information, please contact: CEO & President, Thomas Honoré .: +45 70 20 50 00
Translation: In the event of any inconsistency between this document and the Danish language version, the Danish language version shall be the governing version.
Customer Success - Taking care of our customers for life Columbus' fundamental their ERP investments and satisfaction from the goal is to take care of by leading them in the customer meet Columbus our customers for life. digital transformation for the first time to Columbus aims to be of their business delivering unique widely recognized as a This means that Columbus solutions, high strategic business will intensify the focus quality services and partner that enhances on creating a unique streamlined project our customer's success customer experience and delivery and support by improving the value increase customer 24/7. realization of -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Digital Leadership - Accelerate business innovation Columbus helps our methodologies and business in order to customers in the digital business processes that succeed in the digital transformation of their optimizes and improves economy. Columbus will business. With Digital the implementation of develop solutions and Leadership Columbus has ERP-solutions. Secondly, services within cloud, two focus areas. Columbus will establish mobile, social, Firstly, Columbus will a leadership position analytics and Internet continue to strengthen within Digital of Things that help our leadership position Transformation. Many companies take within ERP by investing companies are about to advantage of the in new companies, or in the process of digital opportunities. applications, transforming their -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Process Excellence - Quality in everything we do In Columbus, we quality to our customers. over sales and design constantly strive to Our goal is to create of the business optimize and streamline the best customer solution to the our business operations experience in the implementation process in order to achieve industry. The focal and lifetime support. strong sales excellence point is quality in This means an intense and deliver projects, everything we do - from focus on optimizing services and support of the initial contact with and streamlining our high customers, processes globally. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Our People - Attract, develop and retain the best people Columbus' greatest asset providing challenging meeting the customers' is our employees and career opportunities, expectations sets the therefore it is crucial attractive working direction in that we attract and conditions and everything we do. retain the best people professional and This means that in the industry. We want personal growth. Columbus always to attract highly Columbus want to create strives to deliver skilled people by a customer culture, projects on time, where within budget and at the highest quality.
Income statement
---------------------------------------------------------------- DKK '000 YTD 2017 YTD 2016 2016 ---------------------------------------------------------------- Net revenue 906,741 855,495 1,192,707 External project costs -193,355 -183,258 -264,601 ---------------------------------------------------------------- Gross profit 713,386 672,237 928,106 Staff expenses and remuneration -505,577 -468,738 -631,675 Other external costs -110,494 -116,064 -158,982 Other operating income 53 546 6,685 Other operating costs -22 -349 -64 ---------------------------------------------------------------- EBITDA before share-based payment 97,346 87,632 144,070 Share-based payment -1,737 -3,399 -5,524 ---------------------------------------------------------------- EBITDA 95,609 84,233 138,546 Depreciation -29,356 -24,051 -33,275 ---------------------------------------------------------------- Operating profit (EBIT) 66,253 60,182 105,271 Financial income 83 106 2,674 Financial expense -5,137 -1,396 -642 Profit before tax 61,199 58,892 107,303 ----------------------------------------------------------------
Financial income and expenses
Financial income and expenses primarily concerns exchange rate adjustments in relation to group receivables and monetary items.
Balance sheet
------------------------------------------------------------- DKK '000 YTD 2017 YTD 2016 2016 ------------------------------------------------------------- ASSETS Goodwill 442,710 379,687 415,152 Customer base 29,427 28,769 30,562 License rights 9 0 17 Development projects finalized 58,518 52,906 59,354 Development projects in progress 13,495 12,210 8,491 Property, plant and equipment 13,695 15,821 17,142 Deferred tax assets 21,786 17,592 17,053 Total non-current assets 579,639 506,985 547,771 ------------------------------------------------------------- Inventories 163 328 205 ------------------------------------------------------------- Trade receivables 136,867 113,700 151,475 Contract work in progress 8,713 9,357 8,994 Corporate tax receivables 6,473 1,552 11,531 Deferred tax assets 3,108 7,500 7,500 Other receivables 8,414 13,240 8,155 Prepayments 10,706 8,063 7,206 Receivables 174,281 153,412 194,861 ------------------------------------------------------------- Cash 65,192 73,152 94,669 ------------------------------------------------------------- Total current assets 239,636 226,892 289,735 ------------------------------------------------------------- TOTAL ASSETS 819,275 733,877 837,506 -------------------------------------------------------------
Balance sheet
--------------------------------------------------------------------- DKK '000 YTD 2017 YTD 2016 2016 --------------------------------------------------------------------- EQUITY AND LIABILITIES Share capital 149,832 145,247 145,247 Reserves on foreign currency translation -25,346 -14,585 -6,475 Retained profit 385,873 295,332 331,041 --------------------------------------------------------------------- Group shareholders equity 510,359 425,994 469,813 Minority interests 3,134 1,844 1,774 --------------------------------------------------------------------- Equity 513,493 427,838 471,587 --------------------------------------------------------------------- Deferred tax 12,691 6,436 10,614 Provisions 11,579 19,652 11,532 Non-current liabilities 24,270 26,088 22,146 --------------------------------------------------------------------- Debt to credit institutions 18,978 27,551 29,091 Client prepayments 18,488 32,150 33,645 Trade payables 45,057 38,823 66,211 Corporate tax payables 17,351 11,455 24,177 Other liabilities 134,813 133,893 157,228 Accruals 46,825 36,079 33,421 Current liabilities 281,512 279,951 343,773 --------------------------------------------------------------------- Total liabilities 305,782 306,039 365,919 --------------------------------------------------------------------- TOTAL EQUITY AND LIABILITIES 819,275 733,877 837,506 ---------------------------------------------------------------------
Segment data
In order to support decisions about allocation of resources and assessment of performance of the segments, the Group's internal reporting to the Board of Directors of the Parent Company is based on the following grouping of operating segments:
Strategic business Descrip Geographical segment areas tion ------------------------ -------------------- ISV (Independent Development and sale of No specific area Software Vendor) industry-specific software within Columbus' three focus industries: Retail, food and manufacturing ------------------------------------------------------------ Consultancy Sale, implementation and service Western Europe of standard business systems. Eastern Europe North America -------------------------------------------------------------------------------- Information about the Group's segments is stated below. Consultancy --------------------------- DKK '000 ISV Western Eastern North HQ, GDC and Total Europe Europe America Eliminations -------------------------------------------------------------------------------- YTD 2017 -------------------------------------------------------------------------------- Columbus Software 14,350 7,563 1,859 1,416 -7,263 17,925 licenses Columbus Software 36,358 11,918 951 4,203 -12,535 40,895 subscriptions External licenses 0 29,157 11,594 29,008 -160 69,599 External 0 50,780 17,018 77,456 -406 144,848 subscriptions Services 12,735 337,573 71,298 210,416 -12,634 619,388 Other 352 6,567 1,514 6,379 -726 14,086 -------------------------------------------------------------------------------- Total net revenue 63,795 443,558 104,234 328,878 -33,724 906,741 -------------------------------------------------------------------------------- Gross profit 54,756 334,756 78,225 224,562 21,087 713,386 EBITDA 30,612 63,838 8,778 6,563 -14,182 95,609 Consultancy --------------------------- DKK '000 ISV Western Eastern North HQ, GDC and Total Europe Europe America Eliminations -------------------------------------------------------------------------------- YTD 2016 -------------------------------------------------------------------------------- Columbus Software 25,080 10,605 1,774 2,910 -9,576 30,793 licenses Columbus Software 27,521 10,126 907 5,091 -11,467 32,178 subscriptions External licenses 0 18,833 6,466 36,806 -450 61,655 External 0 48,066 15,102 73,758 -800 136,126 subscriptions Services 10,485 334,306 65,549 186,941 -19,596 577,685 Other 850 7,852 1,300 6,833 223 17,058 -------------------------------------------------------------------------------- Total net revenue 63,936 429,788 91,098 312,339 -41,666 855,495 -------------------------------------------------------------------------------- Gross profit 56,283 326,277 70,294 205,716 13,667 672,237 EBITDA 30,431 59,537 6,285 18,395 -30,415 84,233
Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=651199
In accordance with the regulations for listed companies' submission of interim statements, Columbus A/S hereby submits the interim management statement for the period 01.01.2017-30.09.2017 (9 months).
EBITDA growth driven by product sales
Revenue in Q3 YTD 2017 amounted to DKK 907m (2016: DKK 855m), corresponding to an increase of 6% compared to the same period last year.
The revenue growth is driven by an increase in product sales of 5% and progress in the services business of 7%.
EBITDA* amounted to DKK 97.3m (2016: DKK 87.6m), corresponding to an increase of 11% compared to the same period last year. Consequently, the EBITDA margin increased to 10.7% (2016: 10.2%).
The increase in EBITDA* is also driven by increased earnings in the services business and in product sales. Product sales have lead to a number of larger projects, higher earnings and higher margin on sale of products.
The net result before tax increased by 4% to DKK 61.2m. The result is negatively affected by financial expense of DKK 5.1m compared to DKK 1.3m in the same period 2016. This increase primarily concerns exchange rate adjustments in relation to group receivables.
General progress in the services business
Service EBITDA in Q3 YTD 2017 increased by 7%, from DKK 60.9m to DKK 65.1m.
The growth in earnings is driven by a general high activity level in the services business as well as increased utilization of Columbus' Global Delivery Center.
Expectations to 2017 -- Revenue in the level of DKK 1.35bn -- EBITDA* in the level of DKK 150m -- Service EBITDA in the level of DKK 120m -- Columbus Software revenue in the level of DKK 80m -- 10% dividend on nominal share capital
However, Service EBITDA is negatively affected by continued challenges in Columbus' SMB business in the US.
The US SMB market has been affected by a change in technology, leading to a hesitant market. This temporary challenge has caused a decrease in revenue of DKK 36m and a decrease in EBITDA* of DKK 19m. Further, the US SMB business was impacted by a loss of DKK 4m on customer engagements in H1 2017.
The market hesitation is expected to continue in Q4, but with an adjusted cost level in the US SMB business earnings are expected to improve in Q4. Besides, a positive development in the US SMB market is expected in 2018.
Chargeable hours declined from 56% to 52% in the first three quarters of the year compared to the same period in 2016. The decline is primarily caused by a decrease in chargeable hours in the US SMB business due to the above-mentioned market challenges.
The challenges in the US market resulted in a lower Service EBITDA than expected.
Columbus Software as expected
In Q3 YTD 2017 the sale of Columbus
Software decreased by 7%. Sale of subscriptions increased by 27% due to a satisfactory renewal rate. However, license sales decreased by 42% due to the cloud conversion. Own cloud revenue showed good progress and constituted DKK 4.4m.
The sale of Columbus Software developed according to plan.
ColumbusCare and cloud drive growth in recurring revenueIn Q3 YTD 2017 recurring revenue increased by 18%. The increase is driven
By considerable growth in sale of ColumbusCare contracts, which increased significantly by 62% while the total cloud revenue grew by 223%.
Recurring revenue constituted 27.2% of total revenue (Q3 YTD 2016: 24.5%).
DKK '000 YTD 2017 YTD 2016 2016 ---------------------------------------------------------------- Columbus Software licenses 17,925 30,793 44,187 Columbus Software subscriptions 40,895 32,178 46,876 External licenses 69,599 61,655 86,495 External subscriptions 144,848 136,126 195,164 Services 619,388 577,685 796,401 Other 14,086 17,058 23,584 ---------------------------------------------------------------- Total net revenue 906,741 855,495 1,192,707 EBITDA before share-based payment 97,346 87,632 144,070 Share-based payment -1,737 -3,399 -5,524 EBITDA 95,609 84,233 138,546 ----------------------------------------------------------------
Expectations to 2017
Columbus maintains the announced expectations to EBITDA* in the level of DKK 150m, as higher product sales are expected which will compensate for the reduced Service EBITDA.
Expectations to 2017:
-- Revenue in the level of DKK 1.35bn -- EBITDA* in the level of DKK 150m -- Service EBITDA in the level of DKK 120m -- Columbus Software revenue in the level of DKK 80m -- 10% dividend on nominal share capital
As a consequence of the situation in the US described above, the expectations to Service EBITDA are adjusted to the level of DKK 120m.
Latest developments
No events or transactions with a material effect on the company's financial position have occurred since the balance sheet date.
"I am satisfied with the total result for the first three quarters. We see progress in our product sales and at the same time we continue the growth in our ColumbusCare and cloud businesses. We expect that the market hesitation in the US will continue in Q4, but with an adjusted cost level in Columbus' US SMB business, we expect improved earnings. Besides, we expect a positive development in the US SMB market in 2018", says Thomas Honoré, CEO & President in Columbus A/S.
* EBITDA before share-based payment
Ib Kunøe Thomas Honoré Chairman CEO & President Columbus A/S Columbus A/S For further information, please contact: CEO & President, Thomas Honoré .: +45 70 20 50 00
Translation: In the event of any inconsistency between this document and the Danish language version, the Danish language version shall be the governing version.
Customer Success - Taking care of our customers for life Columbus' fundamental their ERP investments and satisfaction from the goal is to take care of by leading them in the customer meet Columbus our customers for life. digital transformation for the first time to Columbus aims to be of their business delivering unique widely recognized as a This means that Columbus solutions, high strategic business will intensify the focus quality services and partner that enhances on creating a unique streamlined project our customer's success customer experience and delivery and support by improving the value increase customer 24/7. realization of -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Digital Leadership - Accelerate business innovation Columbus helps our methodologies and business in order to customers in the digital business processes that succeed in the digital transformation of their optimizes and improves economy. Columbus will business. With Digital the implementation of develop solutions and Leadership Columbus has ERP-solutions. Secondly, services within cloud, two focus areas. Columbus will establish mobile, social, Firstly, Columbus will a leadership position analytics and Internet continue to strengthen within Digital of Things that help our leadership position Transformation. Many companies take within ERP by investing companies are about to advantage of the in new companies, or in the process of digital opportunities. applications, transforming their -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Process Excellence - Quality in everything we do In Columbus, we quality to our customers. over sales and design constantly strive to Our goal is to create of the business optimize and streamline the best customer solution to the our business operations experience in the implementation process in order to achieve industry. The focal and lifetime support. strong sales excellence point is quality in This means an intense and deliver projects, everything we do - from focus on optimizing services and support of the initial contact with and streamlining our high customers, processes globally. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Our People - Attract, develop and retain the best people Columbus' greatest asset providing challenging meeting the customers' is our employees and career opportunities, expectations sets the therefore it is crucial attractive working direction in that we attract and conditions and everything we do. retain the best people professional and This means that in the industry. We want personal growth. Columbus always to attract highly Columbus want to create strives to deliver skilled people by a customer culture, projects on time, where within budget and at the highest quality.
Income statement
---------------------------------------------------------------- DKK '000 YTD 2017 YTD 2016 2016 ---------------------------------------------------------------- Net revenue 906,741 855,495 1,192,707 External project costs -193,355 -183,258 -264,601 ---------------------------------------------------------------- Gross profit 713,386 672,237 928,106 Staff expenses and remuneration -505,577 -468,738 -631,675 Other external costs -110,494 -116,064 -158,982 Other operating income 53 546 6,685 Other operating costs -22 -349 -64 ---------------------------------------------------------------- EBITDA before share-based payment 97,346 87,632 144,070 Share-based payment -1,737 -3,399 -5,524 ---------------------------------------------------------------- EBITDA 95,609 84,233 138,546 Depreciation -29,356 -24,051 -33,275 ---------------------------------------------------------------- Operating profit (EBIT) 66,253 60,182 105,271 Financial income 83 106 2,674 Financial expense -5,137 -1,396 -642 Profit before tax 61,199 58,892 107,303 ----------------------------------------------------------------
Financial income and expenses
Financial income and expenses primarily concerns exchange rate adjustments in relation to group receivables and monetary items.
Balance sheet
------------------------------------------------------------- DKK '000 YTD 2017 YTD 2016 2016 ------------------------------------------------------------- ASSETS Goodwill 442,710 379,687 415,152 Customer base 29,427 28,769 30,562 License rights 9 0 17 Development projects finalized 58,518 52,906 59,354 Development projects in progress 13,495 12,210 8,491 Property, plant and equipment 13,695 15,821 17,142 Deferred tax assets 21,786 17,592 17,053 Total non-current assets 579,639 506,985 547,771 ------------------------------------------------------------- Inventories 163 328 205 ------------------------------------------------------------- Trade receivables 136,867 113,700 151,475 Contract work in progress 8,713 9,357 8,994 Corporate tax receivables 6,473 1,552 11,531 Deferred tax assets 3,108 7,500 7,500 Other receivables 8,414 13,240 8,155 Prepayments 10,706 8,063 7,206 Receivables 174,281 153,412 194,861 ------------------------------------------------------------- Cash 65,192 73,152 94,669 ------------------------------------------------------------- Total current assets 239,636 226,892 289,735 ------------------------------------------------------------- TOTAL ASSETS 819,275 733,877 837,506 -------------------------------------------------------------
Balance sheet
--------------------------------------------------------------------- DKK '000 YTD 2017 YTD 2016 2016 --------------------------------------------------------------------- EQUITY AND LIABILITIES Share capital 149,832 145,247 145,247 Reserves on foreign currency translation -25,346 -14,585 -6,475 Retained profit 385,873 295,332 331,041 --------------------------------------------------------------------- Group shareholders equity 510,359 425,994 469,813 Minority interests 3,134 1,844 1,774 --------------------------------------------------------------------- Equity 513,493 427,838 471,587 --------------------------------------------------------------------- Deferred tax 12,691 6,436 10,614 Provisions 11,579 19,652 11,532 Non-current liabilities 24,270 26,088 22,146 --------------------------------------------------------------------- Debt to credit institutions 18,978 27,551 29,091 Client prepayments 18,488 32,150 33,645 Trade payables 45,057 38,823 66,211 Corporate tax payables 17,351 11,455 24,177 Other liabilities 134,813 133,893 157,228 Accruals 46,825 36,079 33,421 Current liabilities 281,512 279,951 343,773 --------------------------------------------------------------------- Total liabilities 305,782 306,039 365,919 --------------------------------------------------------------------- TOTAL EQUITY AND LIABILITIES 819,275 733,877 837,506 ---------------------------------------------------------------------
Segment data
In order to support decisions about allocation of resources and assessment of performance of the segments, the Group's internal reporting to the Board of Directors of the Parent Company is based on the following grouping of operating segments:
Strategic business Descrip Geographical segment areas tion ------------------------ -------------------- ISV (Independent Development and sale of No specific area Software Vendor) industry-specific software within Columbus' three focus industries: Retail, food and manufacturing ------------------------------------------------------------ Consultancy Sale, implementation and service Western Europe of standard business systems. Eastern Europe North America -------------------------------------------------------------------------------- Information about the Group's segments is stated below. Consultancy --------------------------- DKK '000 ISV Western Eastern North HQ, GDC and Total Europe Europe America Eliminations -------------------------------------------------------------------------------- YTD 2017 -------------------------------------------------------------------------------- Columbus Software 14,350 7,563 1,859 1,416 -7,263 17,925 licenses Columbus Software 36,358 11,918 951 4,203 -12,535 40,895 subscriptions External licenses 0 29,157 11,594 29,008 -160 69,599 External 0 50,780 17,018 77,456 -406 144,848 subscriptions Services 12,735 337,573 71,298 210,416 -12,634 619,388 Other 352 6,567 1,514 6,379 -726 14,086 -------------------------------------------------------------------------------- Total net revenue 63,795 443,558 104,234 328,878 -33,724 906,741 -------------------------------------------------------------------------------- Gross profit 54,756 334,756 78,225 224,562 21,087 713,386 EBITDA 30,612 63,838 8,778 6,563 -14,182 95,609 Consultancy --------------------------- DKK '000 ISV Western Eastern North HQ, GDC and Total Europe Europe America Eliminations -------------------------------------------------------------------------------- YTD 2016 -------------------------------------------------------------------------------- Columbus Software 25,080 10,605 1,774 2,910 -9,576 30,793 licenses Columbus Software 27,521 10,126 907 5,091 -11,467 32,178 subscriptions External licenses 0 18,833 6,466 36,806 -450 61,655 External 0 48,066 15,102 73,758 -800 136,126 subscriptions Services 10,485 334,306 65,549 186,941 -19,596 577,685 Other 850 7,852 1,300 6,833 223 17,058 -------------------------------------------------------------------------------- Total net revenue 63,936 429,788 91,098 312,339 -41,666 855,495 -------------------------------------------------------------------------------- Gross profit 56,283 326,277 70,294 205,716 13,667 672,237 EBITDA 30,431 59,537 6,285 18,395 -30,415 84,233
Attachment:
https://cns.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=651199