Dato for ledelsens godkendelse af årsrapporten:2024-02-08
Ledelsespåtegning:CC Globe Holding II A/S operates as the holding company for Group Online A/S, the leading online marketing and web design agency for small and medium-sized businesses (SMBs) in Denmark. In 2023, Group Online A/S successfully completed the acquisition of Web-Koncept A/S, reinforcing its already strong industry presence. This strategic merger resulted in the incorporation of 5,500 clients and 80 skilled professionals into Group Online’s im-pressive portfolio and workforce. Both entities will maintain their distinct brand identities. As a uni ed force, Group Online now serves over 15,000 SMB clients, supported by a dedicated team of 280+ pro-fessionals commi ed to empowering Danish SMBs in the digital landscape. Group Online A/S and Web-Koncept continue their growth trajectory under the majority ownership of private equity fund CataCap, in collaboration with the original founders and management. ur position was further solidi ed th-rough the strategic acquisition of Web-Koncept, propelling us to the Oabsolute Danish market leader with 15,000 clients. Web-Koncept, with a three-digit million turnover, complements our existing busi-ness, expertise, and the group‘s growth potential. Automation. Performance. Data. Group Online‘s foundation rests on three robust pillars :1. Automation and AIOur use of automation and AI enables us to o er tailored, competitively priced, and highly e ec-tive solutions to our clients across channels and segments. 2. Sales and performance organizationWe have a unique, fully conceptualized, and sys-tematized sales and performance organization. Automation ensures easy implementation for new employees and signi cant e iciency for the entire organization. 3. Data insightsOur clients‘ websites a ract visits equivalent to the entire population of Denmark every fourth hour, providing us with a colossal base of data and knowledge. This allows us to deliver even be er results by understanding our clients, their markets, and their behavior. This virtuous cycle reinforces our market position and future growth. Ready for international expansion As we enter the next phase of our journey, we are well-prepared. Our business and platform are op-timized, conceptualized, and automated, not only for further scaling in the Danish market but also for international expansion. The next natural step is targeting markets with substantial digitization potential, such as Germany and the Nordic region. Growth. Despite everything Despite the challenging business landscape in 2023, characterized by repayments of Corona loans, rising interest rates, increasing energy prices, high in ation, SMB bankruptcies and a de-cline in consumer demand, Group Online achieved growth. While not as extensive as anticipated, we express satisfaction. Looking ahead to 2024, signals indicate a year with fewer challenges and a budding optimism among consumers. We are geared up for a busy 2024, dedicated to helping our clients regain their growth trajectory. Welcome to Web-Koncept In 2023, we welcomed Web-Koncept to the group, a company that has proved successful in building and selling websites to small and medium-sized businesses. The acquisition of this talented com-petitor truly complements Group Online‘s focus on growth-oriented marketing clients, creat-ing synergies that contribute to a stronger and more extensive product portfolio, a larger client base, a more extensive data foundation, and in-creased expertise. These synergies contribute to our strengthened presence, increased size, and sharpened focus as we enter 2024 with a robust SMB product range, an expanded client portfolio, even more extensive data foundation, and en-hanced expertise in all critical areas. ”New growth døsn‘t come automatically. It comes from automation Group Online, as a group, is now sharper, more streamlined, and scalable than ever before. The organization‘s transformation towards further automation is supported by a strong, dedicated, and competent AI team driving game-changing automation initiatives across the organization. AI is a global disruptor in a world where we have only seen the very beginning. Automation døsn‘t mean a reduction in service level or the personal touch. Instead, it allows us to excel at the essentials, constantly streamline processes, and spend more time engaging with clients. We plan continued growth, both organi-cally and inorganically, for new and existing clients, leveraging a broader product range and optimized production to deliver a competitive edge in a rapidly changing market. We take pride in our collective achievements in 2023 and eagerly anticipate an even more excit-ing and favorable 2024. Group Online stands as Denmark’s premier full-service provider of websites, online marketing, and other digital tools catering speci cally to the needs of SMBs. Formed th-rough the merger of Danaweb and Optimeo in 2019, followed by the inclusion of Plico in 2020, this strategic consolidation elevated Group Online into the position of Denmark’s largest online marketing and web agency. Headquartered in Ballerup, Group Online boasts more than 280 employees across four locations in Denmark : Ålborg, Århus, and Odense. With a client portfolio spanning 15,000 busi-nesses, Group Online has cultivated a strong reputation founded on long-term client rela-tionships. O ering a comprehensive suite of services, including website development, on-line marketing, and digital tools, the company positions itself as a reliable one-stop solution provider for SMBs. Leveraging advanced technologies like AI and Machine Learning, Group Online ensures streamlined and e e-ctive processes tailored to meet each client‘s unique needs. Commitment to enhancing cli-ent’s online presence through ground-brea-king website design, ongoing maintenance, and support, as well as managing both organic and paid search engine optimization, Group Online leverages the power of these chan-nels to drive business growth for all its clients. n 2024, Group Online remains commi ed to transforming its business to be er empower all Danish SMBs in building brands and engaging Iclients online. Group Online aims to expand its product portfolio, o ering bene ts to customers across various industries and varying levels of online maturity. While Machine Learning, AI, and other automation tools will play an even more sig-ni cant role in 2024, the primary focus will remain on four pillars of functionality, creating a uni ed, all-in-one platform for client growth :PresenceThe custom GO-CMS enables the swift creation of professional-quality, mobile-friendly websites, and domain acquisition, in addition to the estab-lishment of a distinct social media presence, in-cluding e-commerce solutions. MarketingProviding clients with integrated marketing solu-tions, including e-mail campaigns, customer rela-tionship management (CRM), Search Engine Op-timization (SEO), Search Engine Marketing (SEM), web shops, booking engines, and price calcula-tors. These customer-targeted services help cli-ents target their customers, drive tra ic and sales conversion. ProductivityThrough strategic partnerships with industry lead-ers like Google and Microsoft, Group Online o ers state-of-the-art productivity solutions, standing out as one of the few local providers of Microsoft support in Danish, which is di erentiating advan-tage for clients in the SMB-segment. SafetyGroup Online provides safety solutions, ensuring smooth online operations with features such as backup plans, encrypted e-mails, SSL certi cates, and Cookie modules. In addition to product o erings, Group Online pri-oritizes client service, consistently achieving high NPS scores and delivering unparalleled service and client satisfaction. stablished in 2013 by its current CEO and CSO with the ambition to provide digital services to SMBs. Today Web-Koncept Ehas evolved from an Ålborg-based com-pany into a nationwide one-stop-shop, serving 5,500 SMBs with websites and comprehensive di-gital marketing solutions, all being managed from 4 o ices across Denmark by 80 employees. Together, Group Online and Web-Koncept are Denmark‘s largest and strongest unit support-ing each other and complementing each other‘s strengths in making companies shine digitally. Two online marketing agencies, sharing knowledge, in-sights, and more with complementing strengths all in one group. 2023 has been a challenging but nonetheless prosperous year for Group Online with a revenue increase of just under 12%, including a notable 3% organic growth. Our clients in the SMB segment faced challenges with rising interest rates, in- ation, and declining demand, leading to more bankruptcies among our clients. Consequently, resulting in an increased number of adjustments in ongoing agreements due to unful lled contracts from struggling clients. Despite these hurdles, we showed increased engagement with new clients. Pro t/loss for the year in relation to expected developments EBITDA 2023 was 71. 6 mDKK which was above the Outlook that was 50-55 mDKK. 2023 EBITDA was impacted by the acquisition of Web-Koncept (17 mDKK), the change to IFRS 15+16 (18 mDKK), non-recurring costs related to the acquisition of Web-Koncept (5 mDKK) and lower revenue in Group Online (8 mDKK). While we fell slightly short of our ambitious goals, we nd the 2023 results satisfactory given the cir-cumstances. Acquisition of Web-Koncept Group Online strategically expanded its pres-ence, particularly in Jutland, through the acqui-sition of Web-Koncept in July, which is included in the 2023’s accounts. Web-Koncept, a skilled competitor specializing in websites for small and medium-sized businesses, complements Group Online‘s focus on growth-oriented SMBs. Cater-ing to distinct needs in the SMB market where Group Online has focused on those requiring a strong marketing position Web-Koncept has fo-cused on smaller companies with a smaller ap-petite for investment in growth. The acquisition complements Group Online‘s concept, allowing the two separate units with distinct sales organizations to cover di erenti-ated needs in the SMB market. The acquisition furthermore leverages synergies in areas like data utilization as well as administration, nance, and HR functions. This acquisition has a substan-tial positive impact on the nancial statements, resulting in a 50% increase in inorganic revenue growth and a 100% rise in operating pro t on a full year basis. Web-Koncept has been consoli-dated since the acquisition date, July 6, thereby in uencing the 2023 EBITDA by 17 mDKK. On an annual basis and adjusted for one-time expenses related to the acquisition, the EBITDA for the en-tire group in 2023 amounts to 93 mDKK. New accounting principles Moving forward, Group Online is transitioning to international IFRS standards, changing account-ing principles from a cost-based method to rec-ognizing revenue based on the market value of individual underlying products or services within a contract. The value of revenue from agreements is therefore higher in our 2023 nancial state-ments compared to previous annual reports. Financial leasing agreements will be recorded ac-cording to IFRS standards and are re ected in the balance sheet as assets and liabilities. Compara-tive gures have also been adjusted. This change aligns Group Online with both industry standards and international practices. The impact on 2023 EBITDA was 18 mDKK. Scaled for future growth As Denmark‘s largest online marketing and web agency with 15,000 clients, Group Online pos-sesses a unique database o ering insights into our clients‘ businesses and their customers‘ be-havior across channels, segments, and platforms growing our o erings to our clients‘ marketing strategies. We are leading the way in everything related to automation and applied AI, focusing on stream-lined automated processes and response times, all freeing up time for personal customer service. We are a results-oriented business focusing on what creates value for our clients and eventually us. We are conceptualizing and optimizing toward sales and customer management. Data, automation, and result orientation form the bedrock of our business, a foundation that can be scaled across segments, channels, bor-ders, and languages. The ambition is unmistak-able : Scalability that ensures expansion. Both in terms of market, geography, and economics. OUTLOOK Anticipating marginally improved demand in 2024, we aim for an EBITDA between 100-110 mDKK. Financial highlights Financial highlights are dened and calculated in accordance with the current version of ”Recommenda-tions & Ratios” issued by the CFA Society Denmark. The key nancial gures and ratios for 2020 and 2021 are presented without the adoption of IFRS 15 and IFRS 16. Equity ratio (%) :Equity * 100Balance sheet totalThe Board of Directors and the Executive Board have today considered and approved the annual report Globe Holding II A/S of for the nancial year 01. 01. 2023 – 31. 12. 2023. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the consolidated nancial statements and the parent nancial statements give a true and fair view of the Group‘s and the Parent‘s nancial position at 31. 12. 2023 and of the results of their operations and the consolidated cash ows for the nancial year 01. 01. 2023 – 31. 12. 2023. We believe that the management commentary contains a fair review of the a airs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting.
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