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Interim Management Statement Q1 2019

Release no. 11/2019

Columbus had a good start to the year

In the first quarter of 2019 Columbus delivers a revenue growth of 3% (adjusted for last year’s divestiture of the SAP ERP business the growth is 7%) and an increase in net result before tax of 11%. The growth is primarily driven by sale of Columbus Care services and growth in the services business. Columbus maintains guidance for the year.

In accordance with the regulations for listed companies’ submission of interim statements, Columbus A/S hereby submits the interim management statement for the period 01.01.2019-31.03.2019 (3 months).

 

Organic growth of 7%

Revenue in Q1 2019 amounted to DKK 482m (2018: DKK 469m), corresponding to an increase of 3% compared to the same period last year. Isolated for the SAP ERP Business and Columbus Latvia divested in 2018 (constituting DKK 19.8m), Columbus delivered an organic growth of 7.2%.

The revenue growth is mainly driven by increased sale of Columbus Care services, a general growth in the services business and increased sales of external software.

EBITDA increased from DKK 50.6m to DKK 60.5m, a growth of 19%.

EBITDA is impacted by a decline in EBITDA in the US Business of DKK 5.8m and continued integration cost of iStone of DKK 2m.

Q1 is in general characterized by increased investments in building new offerings (9 Doors to Digital Leadership®), digitalization, marketing and continued integration of iStone.  

The result before tax increased by 11% to DKK 35.7m.

Currency rate effect

Revenue and EBITDA were not significantly impacted by currency fluctuations. However, the USD has increased compared to 2018 and SEK has declined. The net effect of the changes in these two currencies are immaterial.

Progress in the services business

In Q1, the service revenue increased by 3%. Organically (without SAP) the increase in service revenue is 8.5%. The increase in the service revenue was primarily driven by increased sale of Columbus Care services and a general progress in the services business where especially the business areas M3 and Commerce showed strong progress.

Chargeable hours constitute 56% in the first quarter of 2019 (2018: 57%). The small decline is primarily caused by lower efficiency in Russia, UK and US. 

Recovery of Columbus US

The US business entered 2019 with a challenging outlook in continuation of a difficult 2018. Columbus expects a continued decline in revenue and EBITDA during the first half of 2019 with a slow turn around in second half of 2019. We believe we have the right team in the US with many highly skilled individuals. However, as the turnaround has not materialized as expected, we are in the process of hiring a new local General Manager.

Progress in new business areas

In 2018, Columbus launched the framework of 9 Doors to Digital Leadership® which is our comprehensive services and solutions

catalogue. In Q1, the sale of the new business areas within Analytics & Business Insight, Customer Experience and Application Management (Columbus Care) delivered significant growth.

Progress in the sale of Columbus Cloud

The sale of Columbus Cloud has come off to a good start with a total revenue growth of 46%.  Columbus Cloud revenue now constitutes a larger part of Columbus Software sales than licenses sales, which

has been expected due to the cloud conversion. Overall, Columbus Software declined by 16% due to the accelerated cloud conversion and an extraordinary strong sale in 2018.

 

Columbus Care and cloud drive growth in recurring revenue

In Q1 2019 recurring revenue increased by 9% and constituted 22% of the total revenue. The progress is driven by a considerable increase in sale of Columbus Care of 14% as well as an increase in total cloud revenue of 54%.

Expectations to 2019

IFRS 16 “Leasing” is expected to have

a total impact on EBITDA 2019 of DKK 36m. This will impact the expected EBITDA margin by 1.7 percentage points. Profit before taxes will be slightly negatively

impacted by DKK -0.2m.

Columbus maintains the announced expectations to 2019:

  • Revenue in the level of DKK 2bn
  • EBITDA in the level of DKK 240m
  • Columbus Software revenue in the level of DKK 110m
  • 10% dividend on nominal share capital

Latest developments

No events or transactions with a material effect on the company’s financial position have occurred since the balance sheet date.

”Columbus started the year according to plan with progress in our business overall. We delivered an improvement in organic growth and satisfactory progress in a range of our strategic business areas such as Columbus Care and Analytics & Business Insight and Customer Experience”, says CEO and President in Columbus, Thomas Honoré.

DKK ´000

Q1 2019

Q1 2018*

2018*

Columbus Software licenses3,6496,95929,373
Columbus Software subscriptions14,77516,90757,949
Columbus Cloud4,0092,75215,547
External software licenses17,02017,77474,029
External software subscriptions45,86143,401206,658
External cloud7,1024,48524,095
Services379,729369,6011,432,109
Other10,3287,51035,492

Total net revenue

482,473

469,389

1,875,252

       
EBITDA before share-based payment 61,46751,453181,183
Share-based payment-998-837-9,774

EBITDA

60,469

50,616

171,409

Ib Kunøe

Chairman

Columbus A/S

 

Thomas Honoré

CEO & President

Columbus A/S

For further information, please contact:

CEO & President, Thomas Honoré .: +45 70 20 50 00

Income statement

DKK ´000

Q1 2019

Q1 2018*

2018*

       
Net revenue482,473469,3891,875,252
External project costs-95,827-91,720-391,276

Gross profit

386,646

377,669

1,483,976

       
Staff expenses and remuneration-283,935-274,718-1,091,192
Other external costs-41,739-52,718-220,048
Other operating income4971,2208,472
Other operating costs-20-25

EBITDA before share-based payment

61,467

51,453

181,183

       
Share-based payment-998-837-9,774

EBITDA

60,469

50,616

171,409

       
Depreciation, amortization and impairment-22,092-28,295-63,893

Operating profit (EBIT)

38,377

22,321

107,516

Financial income7609,92513,663
Financial expense-3,411-118-5,738

Profit before tax

35,726

32,128

115,441

Depreciation, amortization and impairment contains depreciations of right-of-use assets in the amount of DKK 9.3m.

Balance sheet

DKK ´000

Q1 2019

Q1 2018*

2018*

       

ASSETS

     
       
Goodwill935,109909,223933,872
Customer base60,87172,39864,350
Other intangible assets6,2891,1276,661
Development projects finalized71,98564,00467,480
Development projects in progress9,7676,88411,723
Property, plant and equipment23,81125,25724,190
Right-of-use assets101,05200
Investments in subsidiaries02960
Deferred tax assets22,03122,54924,389
Other receivables7,4936,4748,289

Total non-current assets

1,238,407

1,108,212

1,140,954

       
Inventories6605
       
Trade receivables 334,499276,579316,111
Contract assets38,87913,98525,317
Corporate tax receivables7,6593,6591,278
Deferred tax assets7,5953,5334,521
Other receivables19,6409,83611,327
Prepayments23,83627,76225,136

Receivables

432,108

335,354

383,690

       
Cash114,08592,000108,909
       

Total current assets

546,258

427,354

492,604

       

TOTAL ASSETS

1,784,665

1,535,566

1,633,558

DKK ´000

Q1 2019

Q1 2018*

2018*

       

EQUITY AND LIABILITIES

     
       
Share capital155,778149,832152,234
Reserves on foreign currency translation-26,475-54,706-44,503
Retained profit558,071450,021528,608
Group shareholders' equity687,374545,147636,339
Minority interests3,2814,1513,381

Equity

690,655

549,298

639,720

       
Deferred tax20,04033,34625,016
Other provisions14,825012,015
Contingent consideration219,508341,564227,259
Debt to credit institutions183,230184,658184,270
Lease liability rigth-of-use assets70,60200

Non-current liabilities

508,205

559,568

448,560

       
Debt to credit institutions13,7386,0897,494
Contingent consideration87,156088,561
Contract liabilities 25,79820,19830,745
Trade payables75,31267,017105,585
Corporate tax payables5,5821,7214,514
Other Payables263,276268,056235,173
Accruals79,32763,61973,206
Lease liability rigth-of-use assets35,61600

Current liabilities

585,805

426,700

545,278

       

Total liabilities

1,094,010

986,268

993,838

       

TOTAL EQUITY AND LIABILITIES

1,784,665

1,535,566

1,633,558

* 2018 numbers are not adjusted for IFRS 16 (Leasing) effect.

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 areas

Description

 

 

 

Geographical segment

ISV (Independent Software Vendor)Development and sale of industry-specific software within Columbus' three focus industries: Retail, food and manufacturingNo specific area
ConsultancySale, implementation and service of standard business systems.Western Europe

Eastern Europe

North America

             
Information about the Group’s segments is stated below.
             
   

Consultancy

   

DKK ´000

ISV

Western

Europe

Eastern

Europe

North

America

HQ, GDC and Eliminations

Total

             

Q1 2019

           
             
Columbus Software licenses2,6241,369128390-8623,649
Columbus Software subscriptions12,4124,2132081,282-3,34014,775
Columbus cloud3,1021,7871180-9984,009
External licenses62410,0512,3604,575-59017,020
External subscriptions1,96319,9683,51521,705-1,29045,861
External cloud5042,5991993,80007,102
Services13,221306,02425,50644,531-9,553379,729
Other2369,2824351,101-72610,328

Total net revenue

34,686

355,293

32,469

77,384

-17,359

482,473

             
Gross profit30,759273,72826,44749,9525,760386,646
EBITDA15,50650,8452,5891,202-9,67360,469
             
             
   

Consultancy

   

DKK ´000

ISV

Western

Europe

Eastern

Europe

North

America

HQ, GDC and Eliminations

Total

             

Q1 2018

           
             
Columbus Software licenses5,6192,343281890-2,1746,959
Columbus Software subscriptions16,2414,323256963-4,87616,907
Columbus cloud2,3181,180490-7952,752
External licenses88610,1211,6345,524-39117,774
External subscriptions2,27616,3773,29922,349-90043,401
External cloud1051,653392,68804,485
Services14,252279,72823,69653,537-1,612369,601
Other1965,6556411,161-1437,510

Total net revenue

41,893

321,380

29,895

87,112

-10,891

469,389

             
Gross profit34,607247,06524,40658,17713,414377,669
EBITDA17,94430,7633,3207,022-8,43350,616

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