ANNUAL Report 2013 CVR

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ANNUAL RepoRt 2013

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Annual Report 2013 >> 1

Company Details

Company details 4

Group structure 5

statement & RepoRt

Statement by Management & Board of Directors 8

Independent auditor’s report 10

management’s Review

Key figures & ratios for the group 14

Management’s review 15

ConsoliDateD & paRent Company FinanCial

statement JanuaRy 1

st

– DeCembeR 31

st

Accounting policies 24

Income statement 26

Balance sheet 27

Cash flow statement 31

2013 in numbeRs

Income statement for the period January 1st _{- December 31}st₃₄ Assets 35 Liabilities 36 Cash flow statement for the period January 1st _{- December 31}st₃₇

notes

39

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the FutuRe soCiety is DigitizeD

- seCuRity is the key

IT Security is more relevant than ever. In 2013 GlobalConnect started focusing even more on securing data and housing facilities.

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Annual Report 2013

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4 >> Annual Report 2013

Company name GlobalConnect A/S Hørskætten 3 DK - 2630 Taastrup Denmark Website: www.globalconnect.dk CVR no.: 26 75 97 22 Established: January 1st₁₉₉₈

Registered office: Taastrup

Financial year: January 1st_{– December 31}st ₂₀₁₃

boaRD oF DiReCtoRs Niels Ravn, Chairman Lisbeth Zibrandtsen Michael Potter

Niels Zibrandtsen, CEO Agner N. Mark

Ole Hvelplund Claus Dindler

management Niels Zibrandtsen, Chief Executive Officer Allan V. Reimann, Director

Christian Holm Christensen, Director Pernille S. Ravn, Director

auDitoRs BDO Statsautoriseret revisionsaktieselskab Havneholmen 29

DK - 1561 København V Denmark

bank Nordea Bank Danmark A/S Strandgade 3

DK - 1401 København K Denmark

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Annual Report 2013 >> 5 GC-BO A/S has been sold 30th_{September, 2013.}

The Company has been consolidated 100% until this date.

group structure

subsiDiaRies share capital

share capital in tDkk at

closing rate ownership

GlobalConnect GmbH, Hamburg 25.000 DKK 186 100%

GlobalConnect Netz GmbH, Hamburg 25.000 EUR 186 100%

GC Cloud A/S, Høje Taastrup 6.250.000 DKK 6.250 100%

Con E Com under liquidation A/S, Odense 1.152.000 DKK 1.152 100%

GigaContent A/S, Høje Taastrup 1.500.000 DKK 1.500 100%

GC-BO A/S, Høje Taastrup 500.000 DKK 0 0%

GlobalConnect Netz

GmbH GC Cloud A/S

GlobalConnect A/S

100% 100% 100% 100% 0%

Con E Com under

liquidation A/S GigaContent A/S GC-BO A/S GlobalConnect

GmbH 100%

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innovation is moRe than bRight iDeas

- it has to make an impaCt

In 2013 GlobalConnect started the open wi-fi project at the Town Hall Square in the centre of Copenhagen. The goal is to give citizens and guests wi-fi access to a high speed internet connection, regardless of time

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Annual Report 2013

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The Board of Directors and Management have considered and adopted the Annual Report of GlobalConnect A/S for January 1st_{to December}

31st_{, 2013.}

The Annual Report has been prepared in accordance with the Danish Financial Statements Act.

In our opinion the consolidated financial statement and the financial statement of the Parent company provide the relevant information for assessing the assets, liabilities

and financial position of the Group and the Parent company on December 31st_{2013, and}

the financial statement gives a true and fair view of the result, operations and cash flow of the Group and the Parent company for the period 1st_{January to 31}st_{December 2013.}

We recommend that the Annual Report is adopted at the Annual General Meeting.

Taastrup, February 28th_{, 2014}

statement by management

& boarD of Directors

management

niels zibrandtsen

Chief Executive Officer

pernille s. Ravn

Director

Christian holm Christensen

Director

allan v. Reimann

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boaRD oF DiReCtoRs

lisbeth zibrandtsen agner n. mark Claus Dindler niels zibrandtsen

Chief Executive Officer

niels Ravn

Chairman

ole hvelplund michael potter

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to the shaReholDeRs oF

globalConneCt a/s

REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS AND PARENT COMPANY FINANCIAL STATEMENTS

We have audited the consolidated financial statements and parent company financial statements of GlobalConnect A/S for the financial year 1st_{January to 31}st_{December 2013,}

which comprise the accounting policies applied, income statement, balance sheet, cash flow and notes for the Group as well as for the Parent Company. The consolidated financial statements and parent company financial statements are prepared in accordance with the Danish Financial Statements Act.

boaRD oF DiReCtoRs’ anD boaRD

oF exeCutives’ Responsibility FoR

ConsoliDateD FinanCial

statements anD paRent Company

FinanCial statements

The Board of Directors and Board of Executives are responsible for the preparation of the consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as the Board of Directors and Board of Executives determine is necessary to enable the preparation of the consolidated financial statements and parent company financial

statements free from material misstatement, whether due to fraud or error.

auDitoR’s Responsibility

Our responsibility is to express an opinion on the consolidated financial statements and par-ent company financial statempar-ents based on our audit. We have conducted our audit in accord-ance with international standards on auditing and additional requirements under Danish Au-dit Legislation. This requires that we comply with ethical requirements and plan and per-form the audit to obtain reasonable assurance about whether the consolidated financial ments and parent company financial state-ments are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial ments and parent company financial state-ments. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatements in the consolidated financial statements and parent company financial statements, whether due to fraud or error. In making those risk assess-ments, the auditor considers internal control relevant to the entity’s preparation of the con-solidated financial statements and parent com-pany financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but

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Annual Report 2013 >> 11 not for the purpose of expressing an opinion on

the effectiveness of the entity’s internal con-trol. An audit also includes evaluating the ap-propriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors and Board of Executives, as well as the overall presentation of the consolidated financial statements and parent company financial statements.

We believe that the audit evidence we have ob-tained is sufficient and appropriate to provide a basis for our opinion.

The audit has not resulted in any qualification.

opinion

In our opinion, the consolidated financial statements and parent company financial statements give a true and fair view of the Group’s and the Parent Company’s assets, liabilities and financial position at 31st_December

2013 and of the result of the Group’s and the Parent Company’s operations and the Group’s cash flows for the financial year 1st_{January to}

31st_{December 2013 in accordance with the}

Danish Financial Statements Act.

statement on the management’s

Review

Pursuant to the Danish Financial Statements Act, we have read the Management’s Review.

We have not performed any further procedures in addition to the audit of the financial statements. On this basis, it is our opinion that the information provided in the Management’s Review is consistent with the financial statements.

Copenhagen, February 28th_{, 2014}

BDO Statsautoriseret revisionsaktieselskab

Torben Bjerre-Poulsen

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it is the FutuRe

- anD we suppoRt it

All young people in Denmark should have the same possibilities of being part of the

modern digital society.

In 2013 GlobalConnect worked together with The Children’s IT Foundation to give children

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Annual Report 2013

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group group group group group

2013 2012 2011 2010 2009 mDKK mDKK mDKK mDKK mDKK

income statement

Net revenue 502 433 440 398 377

Gross profit 316 250 289 271 258

Result before depreciations (EBITDA) 186 128 195 185 172

Operating profit (EBIT) 83 45 120 115 109

Financial income and expenses, net -24 -14 -16 -17 -14

Profit for the year 64 22 75 72 70

balance sheet

Balance sheet total 1.828 1.675 1.538 1.396 1.357

Equity 566 524 524 477 417

Cash flows

From operating activities 106 78 248 99 119

From investing activities -226 -183 -168 -135 -77

From financing activities 131 102 -80 6 -7

key figures in % 2013 2012 2011 2010 2009

Gross margin (gross profit as % of revenue) 62,8 57,8 65,7 68,3 68,3

Profit margin (operating profit as % of net revenue) 16,5 10,3 27,3 28,8 28,9

Rate of return

(operating profit as % of average balance sheet total) 4,7 2,8 8,2 8,3 8,8

Equity ratio (equity as % of assets, end of year) 31,0 31,3 34,1 34,1 30,7

Return on equity

(profit before tax as % of average equity) 10,7 5,9 20,9 22,0 17,7

Average number of employees 175 172 139 132 140

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main aCtivities

GlobalConnect A/S is provider of solutions for efficient and secure data networking and housing. Efficient communication adds value for all – cross-organisationally, daughter companies, employees and not least customers. We cover the whole of Denmark, Northern Germany and part of Sweden with more than 12,000 km of high-speed optical fibre network and 8,000 m2_{data centres.}

aChievements anD FinanCial

Development

The Financial Year 2013 has been another exciting and positive year. The growth forecasted in 2012 exceeded all expectations. The growth is based on a combination of strategic focus, optimisation, innovation and thereby a strong demand for GlobalConnect’s products. The growth is expected to continue due to the increased demand for Carrier Class services, outsourcing and continued growth in bandwidth demands. On the customer side we have seen a strong growth, both in direct and indirect sales. On the product side we have seen cloud services and hosting taking off along with high end security products.

Geographically the German market is still a highly important market to operate in and from an investment point of view even more attractive than the Danish market. The consequences of this fact being that at the end of 2013 GlobalConnect has acquired a large asset base in Germany in the form of ducts from Hamburg to Hannover and from Hannover to Berlin. Furthermore, the assets include a city

net in Hannover and access location in the larger cities on the route. As the activities in Germany are expanded, so will the German organisation be. In 2013 a new company – GlobalConnect Netz GmbH – was established to hold and develop the German infrastructure. As a result of the increased strategic focus, GC-BO A/S was sold in 2013 to Stofa A/S. The integration of assets taken over through the demerger of Fyns Optiske Net A/S was completed and assets and activities of Con E Com A/S were taken over by the Parent Company.

Politically, we saw an increasing acceptance of the view held by GlobalConnect that “Teleforliget” has led to an unintended limitation of the competition in the Danish market. GlobalConnect is of the opinion, that open and vendor independent basic infrastructures are required to have free competition and to motivate new innovation in the Danish IKT-market. The financing of long lasting infrastructure, such as duct infrastructure and solid trench installations, also used for trench drainage and power, requires a political review of the financial instruments. Opening the mortgage bond market for these long lasting infrastructures could be an attractive tool to allow operators and developers to reach the less densely populated areas of Denmark.

The Group’s result and financial development is regarded as very satisfactory by the Management.

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The Group’s Net Revenue was DKK 502 mill. (2012: DKK 433 mill.) and EBITDA DKK 186 mill. (2012: DKK 128 mill.). Capital Expenditures reached DKK 226 mill. (2012: DKK 183 mill.). The GlobalConnect Group presents positive Earnings Before Tax (EBT) of DKK 58 mill. (2012: DKK 31 mill.), Net Earnings after tax of DKK 64 mill. (2012: DKK 22 mill.), the Equity is DKK 566 mill.

Future Contracted Cash Payment (FCCP) reached DKK 1.3 billion (2012: DKK 1.3 billion) reflecting the Group’s strong order intake and further securing the high financial predictability relating to the business model.

During 2013, GlobalConnect has restructured its funding in order to prepare for the increase in and importance of the German market. As a result of the restructuring, GlobalConnect issued a Corporate Bond of DKK 500 mill. and used the net proceeds to bring down bank loans. The aim was to raise DKK 400 mill., but due to the strong interest in the market the amount was increased to DKK 500 mill. The Bonds were after the transaction listed on NASDAQ OMX First North and have performed well after the issue.

The rapid growth of data capacity in Denmark led to an increased build-out of high-capacity fibre based network solutions to ensure that GlobalConnect will be able to maintain its high standards for Carrier Class services required by its customers. The company’s Carrier Ethernet solutions as well as telehousing and hosting facilities have been further built out in

Denmark and Germany. GlobalConnect is operating more than 1,000 10Gbit/s ports, showing increased digitalisation of the businesses in Denmark in the segment Small and Medium Enterprises as well as in the Large Enterprise market. We expect to see a further de facto standardisation on 1Gbit/s within the B2B segment, however, expect to see the first demands for 100 Gbit/s interfaces in 2014. As GlobalConnect owns and operates its own “thick” fibre infrastructure, we can continue to fulfil the requirements from the customers for more bandwidth.

GlobalConnect participates in hearings from the Danish Business Authority, ITB, TI and ITEK on developments in the Danish tele-market. The regulatory barriers are highly unpredict-able and competition within fixed networks is untenable, which is why the market is experi-encing declining investments and thus reced-ing development of new telecommunication services.

Unfortunately, GlobalConnect is noticing a slowdown in the positive development of the Danish tele-market, and the tele-operators find it very difficult to obtain attractive profit margins compared to other countries. In GlobalConnect’s opinion this is a “market failure” as described in the EU regulations, directive recommendations. GlobalConnect is expecting a more focused and stable regulation of the tele-market, enabling increased competition with the one significant player in the market. Competition and thus innovation is an important element in the increased challenges for a Denmark which wants to be a globally leading knowledge society.

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Annual Report 2013 >> 17 Competition in the mobile market is intense,

requiring further build-out of next generations of mobile networks. GlobalConnect is following this development closely.

A number of the power utility companies have formed a joint marketing company, addressing the private market. The main purpose of this joint company is to improve the power utility companies’ market position towards the former state-owned monopolist. However, the former monopolist has still significantly higher revenue and profit compared to its competitors; therefore, the market is expecting further regulation by the Danish Business Authority. For society as a whole this is an undesirable utilisation of the common resources, established by a power utility sector and within certain municipality owned utility companies, unwilling to share the infrastructure. This set-up is creating monopolistic conditions within some regions.

Skyline – a subsidiary in the ELRO Energy Group – went bankrupt in 2012, which again led to ELRO Energi A/S suspending its payments, although legislation has been drawn up to prevent this. As a result, the customers of ELRO Energi A/S lost their independence and have been absorbed by EnergiMidt A/S. GlobalConnect is working intensely to extend coverage in “suburban Denmark” and has come up with different suggestions for improving the access to financial instruments for infrastructure to be developed in these areas.

In 2013, GlobalConnect experienced a significant and positive development in the number of customers and incoming orders.

post balanCe sheet events

No events have occurred from the balance sheet date until the date of signature that could change the assessment of the Company’s financial position.

speCial Risks

The price level of the Group’s products is based on supply and demand on the Danish and international telecommunications and data market and are not exposed to particularly price-related risks. The majorities of all contracts cover a longer period of time than a single financial year and are indexed to reflect the future inflation.

The main part of GlobalConnect’s activities is settled in Danish currency (DKK), but due to activities abroad, the result, cash flow and equity are to some extent influenced by exchange and interest rate developments of the Euro. - It is the Group’s policy to cover only commercial currency risks. This is primarily done by forward exchange transactions to hedge expected turnover and purchases within the next 12 months.

The Group is mainly funded through equity, prepayments from customers and external funding. Interest risks on interest-bearing debt are partly hedged by financial instruments.

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enviRonment

GlobalConnect has no special environmental issues, but is working on optimising its consumption of energy in order to contribute to minimising the global CO2_{emissions and the}

resulting global climate changes. Such efforts could be strengthened further through easier terms on which waste heat may be supplied to district heating systems as part of the Community Social Responsibility, - as we call it.

ReseaRCh anD Development

GlobalConnect aims at applying the newest technologies and is interested in encouraging investments in the next generation of the IKT-community through active participation in selected professional and industrial bodies and boards. GlobalConnect works together with research institutions and development companies in order to support the development of disciplines within the telecommunications and knowledge industry. This work has among others led to cooperation with a number of foreign companies to intensify the knowledge development and innovation interest in Denmark.

FutuRe tRenDs

The Group is still focused on securing and developing its current market position through controlled growth based on an increased focus on processes and reporting. Such measures are expected to increase profitability and strengthen the competitiveness. In Denmark we continue working to increase the range of products and services in order to improve the

satisfaction of our customers. Furthermore, a build-out of GlobalConnect’s data centre facilities is expected in order to meet the increasing demand. In Germany we will use the recent acquisitions to further improve the infrastructure for Mecklenburg-Vorpommern and Schleswig-Holstein and to increase our focus on direct sales.

GlobalConnect will continue to improve support and product portfolio for our partners, improving their competitive edge.

CsR – we Call it Community

soCial Responsibility

GlobalConnect makes it possible for all employees to develop their competences in order to make a difference through their personal commitment and diversity. We strive to find a reasonable balance between work and leisure and to ensure equal rights to everybody, regardless of gender, ethnic background, etc.

Number of employees was 188 for the Group as per 31st_{December 2013. Indirectly,}

GlobalConnect activates a significant number of employees at its subcontractors due to its continued strong build-out, with more than 1,000 km new infrastructure per year.

The policy of GlobalConnect A/S is to strive to support diversity and ensure equal rights for everybody, regardless of gender, ethnic background etc. All decisions as for employment, promotion, dismissal, wages and other working conditions are based on relevant and objective criteria.

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Annual Report 2013 >> 19 At any time, GlobalConnect aims to have

positions filled with the best qualified persons, independent of gender, ethnic background, citizenship, physical performance or other specialities. The representation will follow the qualification. We aim at making sure that any positions can be applied for on equal terms independent of gender, ethnic background, physical performance or other specialities. The target is to have equal representation in case of same qualifications.

As part of the GlobalConnect business model, GlobalConnect operates an organisation based on a so-called Cloud Management where tasks and management are changed rapidly based on satellite projects. Therefore, we aim at having equal representation where possible regardless of gender, other ethnic background, citizenship, physical performance or other specialities, and thus counteracting any discrimination in GlobalConnect. Status of the gender distribution of the Board of Directors in GlobalConnect A/S is 16% women and 16% with non-EU citizenship. In the Cloud Management system we have 9% representation of women and 18% with foreign EU citizenship.

GlobalConnect’s policies and reporting within this area are based on the UN’s Global Compact’s ten principles within the areas of human rights, labour (rights), environment and anti-corruption.

GlobalConnect’s vision is to be the alternative network service provider in the field of tele and data communication. Therefore, it is evident for GlobalConnect to involve ourselves in

society and the way in which it functions. It is important for GlobalConnect that our surroundings perceive us as socially responsible and committed. GlobalConnect is working on improving the Community Social Responsibility in contrary to the Corporate Social Responsibility, in order for the state, the public sector and private corporations to make a joint effort for a better society.

Therefore, GlobalConnect’s strategy is to develop nationwide coverage of the fibre infrastructure in Denmark and to offer data communication for all Danes via the infrastructure. We will contribute to a cleaner technology and more efficient energy consumption in society through the provision of our products and services. At the same time, we are reducing our own CO2_{emission as well}

as the Group’s other environmental loading. Purchasing products under appropriate and safe conditions and safeguarding that they are being disposed of in an environmentally sound way is further encouraging this.

GlobalConnect wants to be known as a company, focusing on skilful leadership, employee satisfaction, motivation and a sound environment; at the same time, we are developing the competences of our employees, in order for them to make a difference by their personal commitment and diversity. Further, our staff policy comprises anti-corruption rules, prohibition on child labour and compulsory labour and non-discrimination regardless of gender, age and ethnic background. Also, employees have the right to organise and to elect trade union representatives among them.

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In 2013 the level of absence in GlobalConnect due to illness has been 5.7 working days per employee compared to 7.3 working days as an average reported by the Confederation of Danish Industry from its member organisations. GlobalConnect has formed a working environment committee with representatives from management as well as employees. The committee brings up relevant environmental subjects in order to secure a perennially optimal working environment for the daily work by the employees. GlobalConnect has focus on the health of our employees. The aim is to focus on keeping our employees fit and healthy and to create an environment where the employees are aware of the well-being and Long Term Health status of their colleagues. We offer exercise facilities to employees in our office premises in Denmark and Germany. Moreover, we have an active staff association, focus on healthy food and we are offering an attractive pension scheme and health insurance. Furthermore, GlobalConnect makes demands of suppliers within health, security and working environment.

GlobalConnect is continuously working to exert influence on the legislators so that environmental economic sound laws are overruling the economically inexpedient laws within the boundaries of Community Social Responsibility. GlobalConnect considers cooperation between public authorities and the industry very important.

In 2013 GlobalConnect has once more chosen to support socially disadvantaged children, giving them access to the digital world by

computers as donations. Furthermore, we are working on new projects in cooperation with the children’s IT Foundation. – GlobalConnect GmbH in Hamburg is supporting a sponsorship scheme with donations for education in developing countries. – Last year Herning, DK hosted the European Championships Jumping, Dressage and Para-Dressage 2013 with sponsorship from GlobalConnect to all three areas. - Last but not least, GlobalConnect is working on a project called “Geeks without Frontiers”. The aim of this project is to expand the coverage of telecommunication in developing countries. The project is a non-profit project managed by Manna Energy Foundation, USA - and Google being one of the sponsors.

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ouR CustomeRs aRe outsouRCing

- we aRe expanDing

In 2013 GlobalConnect built six new data centres to meet the increasing demands of a market in change. Today the housing and hosting facilities extend over 10,000 m2_{. The}

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the sky has no limits

- it oFFeRs enDless oppoRtunities

83% of big companies in Denmark consider cloud-outsourcing as an opportunity to embrace the future needs of security and flexibility in IT Management. We are ready to

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Annual Report 2013

ConSolidAted & pARent CompAny

FinanCial statement

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The Annual Report of GlobalConnect A/S for 2013 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class C, big enterprise.

The Annual Report has been prepared in accordance with the same accounting practice as for 2012.

geneRal about ReCognition

oR

measuRement

Income is recognised in the income statement as and when it is earned, including recognition of value adjustments of financial assets and liabilities. Any costs, including depreciation, amortisation and write-down, are also recognised in the income statement.

Assets are recognised in the balance sheet when it is likely that future economic benefits will flow to the company and the value of the asset can be measured reliably.

Liabilities are recognised in the balance sheet when it is likely that future economic benefits will not flow to the company and the value of the liability can be measured reliably.

The initial recognition measures assets and liabilities at cost. Subsequently, assets and liabilities are measured as described in the following for each item.

Certain financial assets and liabilities are measured at amortised cost, recognising a constant effective interest over the term. Amortised cost is stated at initial cost less any

deductions and with addition/deduction of the accumulated amortisation on the difference between cost and nominal amount.

The recognition or measurement takes into account predictable losses and risks arising before the year-end reporting and which prove or disprove matters that existed at the balance sheet date.

The carrying amount of intangible and tangible fixed assets should be estimated annually to determine if there is any indication of impairment in excess of the amount reflected by normal amortisation or depreciation. If this is the case, write-down should be made to the lower

recoverable amount.

DeRivative FinanCial instRuments

Derivative financial instruments are initially recognised in the balance sheet at cost price and subsequently measured at market value. Positive and negative market value adjustments of derivative financial instruments are included in receivables and liabilities, respectively.

Change in the market value of derivative financial instruments classified as and meeting the criteria for hedging the market value of a recognised asset or a recognised liability, are recognised in the profit and loss account together with changes in the market value, if any, of the hedged asset or the hedged liability.

Change in the market value of derivative financial instruments classified as and meeting the conditions of hedging future assets and liabilities, are recognised in receivables or liabilities and in

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Annual Report 2013 >> 25 the equity. If the future transaction results in

recognition of assets or liabilities, amounts are transferred, which were recognised in the equity, from the equity and are recognised in the cost price for the asset or the liability respectively. If the future transaction results in income or costs, amounts are transferred, which were recognised in the equity, to the income statement in the period where the hedged influences the income statement.

For derivative financial statements, if any, which do not meet the conditions for treatment as hedging instruments changes in the market value are recognised currently in the income statement. Changes in the market values of derivative financial instruments, applied for the purpose of hedging net investments in independent subsidiaries, are recognised directly in equity.

ConsoliDateD FinanCial

statements

The consolidated financial statements comprise the parent company, GlobalConnect A/S and subsidiaries in which GlobalConnect A/S directly or indirectly hold more than 50% of the voting rights or through other measures control the company. Associated enterprises are companies in which the Group holds between 20 - 50% of the voting rights and where significant influence is exercised, cf. the Group chart.

The consolidated financial statements have been prepared as a summary of the parent company and subsidiaries accounts by aggregating similar accounting items. On consolidation basis, there is full elimination of intercompany income and

expenses, shareholdings, balances and dividends and realised and unrealised gains and losses on transactions between the consolidated companies.

New acquired or established enterprises are recognised in the consolidated accounts from the time of acquisition. Sold or wound up enterprises are recognised in the consolidated income statement up to the time of disposal. Comparative figures are not adjusted for new acquired, sold or wound up enterprises.

Investments in subsidiary enterprises are set off by the proportional share of the subsidiary enterprises’ market value of net assets and liabilities at the acquisition date.

Positive differences between acquisition value and market value of acquired and identified assets and liabilities, inclusive of provision for liabilities for restructuring, are recognised in intangible fixed assets as goodwill and amortised systematically in the income statement under an individual assessment of the useful life, however, not more than 20 years. Negative differences which correspond to an expected unfavourable development in the enterprises are recognised as negative goodwill under accruals in the balance sheet and recognised in the income statement as and when the unfavourable development is realised.

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INCOME STATEMENT

net

Revenue

The net revenue consists of goods or services provided during the year and is recognised in the income statement if delivery and risk transfer to purchaser have taken place before the end of the year and if the income can be measured reliably and is expected to be received. The net revenue is recognised exclusive of VAT, duties and after discounts related to the sale.

The percentage of completion method is used to determine revenues from work performed for the account of third party.

The value of transactions, in which rights or ownership in GlobalConnect’s network are exchanged for rights or ownership of corresponding monetary or technical value in networks owned by third party (SWAPS), are not included in the income statement or the balance sheet. The market value of the exchanged assets is stated in a note.

In cases where the Company acts as lessor and leases part of its network on contracts lasting more than 15 years and where all substantial risks and benefits connected to the transfer of ownership are transferred to the lessee, the profit, calculated as the difference between the cost price and the net present value of the future incoming leasing payments and the non-secured scrap value at the end of the contract period, is shown in the income statement.

The net present value of future incoming leasing payments and scrap values with deduction of

write- downs on potential unattainable leasing payments are shown in the balance sheet as a financial asset.

Received leasing payments are divided into interest, which are shown in the income statement, and repayments which are set off against the financial leasing receivable.

Costs oF sales

Costs of sales are recognised concurrently with the related income and include purchase and cost price for sold goods during the year. Raw material, consumables and indirect production costs are included in the cost price.

otheR exteRnal expenses

Other external expenses consist of sales and development costs, marketing expenses, administration cost, costs for office premises, loss on trade debtors, operational lease expenses etc.

General development costs which cannot be related to a specific project are expensed as they arise.

staFF

Costs

Staff costs comprise wages and salaries, including holiday pay and pensions and other costs for social security etc. for the company’s employees. Reimbursements from public authorities are included in staff costs.

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investments in subsiDiaRies

The income statement of the parent company recognises the proportional share of the results of each subsidiary enterprise after full elimination of internal gains/loss and deduction of amortisation of goodwill.

FinanCial inCome anD expenses

Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised gains and losses arising from investments in financial securities, debt and transactions in foreign currencies, amortisation of financial assets and liabilities as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the income statement by the amounts that relate to the financial year.

tax on pRoFit FoR the yeaR

The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that can be attributed to the profit for the year, and is recognised directly in the equity by the portion that can be attributed to entries directly to the equity.

GlobalConnect A/S is jointly taxed with wholly owned Danish subsidiaries. The current Danish corporation tax is distributed between the jointly taxed Danish companies in proportion to their taxable income, and with full distribution with refund regarding taxable losses. The jointly taxed companies are included in the tax-on-account scheme.

BALANCE SHEET

intangible FixeD assets

Acquired goodwill is valued at cost less accumulated amortisation. Goodwill is amortised linear over the estimated life of use, which is rated at five years.

Patents and licenses are valued at the lowest of cost less accumulated amortisation or the recoverable amount. Patents are amortised over remaining patent period, and licenses are amortised over the contract period not exceeding eight years.

Development costs comprise costs – including wages and salaries and amortisations – relating directly or indirectly to the Company’s development activities that qualify for recognition.

tangible FixeD assets

The Company adjusted its view upon the lifetime of the Company’s tangible fixed assets, so that the lifetime is consistent with the in 2005 updated announcement published by The National IT and Telecom Agency.

Properties and buildings, technical plants and equipment, working plants and furniture are valued at cost less accumulated depreciations. Plots of land are not depreciated.

The depreciation basis consists of cost price less expected scrap value.

Fibre and transmission equipment, other fixtures and operating equipment are valued at cost less accumulated depreciation.

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Cost comprises the total of the purchase price and cost directly related to the purchase until the time when the asset is ready for use. Assets constructed for own purposes are stated as cost for materials, parts purchased and services rendered by sub-suppliers or contractors, as well as direct labour and indirect production costs. The depreciation basis, which is recorded as purchase price reduced by any scrap value, is determined using the straight-line method over the useful lives of the assets as follows:

Useful life

Fibre 20 years

Duct 40 years

Sea cables, housing and

transmission equipment 10-15 years Other fixtures and equipment 3-10 years Leasehold improvement 10 years

Buildings 20 years

Leases, which do not fulfil the requirements of financial leasing, are expensed on a current basis. The total commitment is disclosed in the notes to the financial report.

Profit or loss on disposal of tangible fixed assets is calculated as the difference between the selling price less selling expenses and the carrying amount at the time of the sale. Profit or loss is recognised in the profit and loss account under depreciation.

FixeD asset investments

Investments in subsidiary enterprises are measured in the parent company balance sheet under the equity method.

Investments in subsidiary enterprises are measured in the balance sheet at the proportional share of the enterprises’ equity value, calculated in accordance with the parent company’s accounting policies with deduction or addition of unrealised intercompany profits or losses and with addition or deduction of the residual value of positive or negative goodwill calculated in accordance with the acquisition method.

Net revaluation of investments in subsidiaries is transferred to the equity to reserve for net revaluation under the equity value method to the extent that the carrying amount exceeds the acquisition value. The acquisition method is used on purchase of subsidiary enterprises; cf. the description above under consolidated financial statements.

Subsidiaries with a negative equity value are measured to DKK 0 and any amounts due from these enterprises are written down by the parent company’s share of the negative equity to the extent that it is deemed to be irrecoverable. If the carrying negative equity value exceeds accounts receivable, the residual amount is recognised under provision for liabilities to the extent that the parent company has a legal or actual liability to cover the subsidiary’s deficit.

inventoRy

Inventories are valued at the lower of first-in-first-out (FIFO) cost or net realisable value. Items where the net realisable value is lower than the cost has been amortised to such lower value. Cost price of manufactured goods as well as raw materials and consumables are valued at purchase price including landing costs.

(30)

aCCounts ReCeivable

Accounts receivable are measured at amortised cost which usually corresponds to nominal value. The value is reduced by write-down to meet expected losses.

Cost price of financial leasing contracts is recorded at the lowest of market value and net present value of the future leasing payments. The net present value is calculated by the use of the leasing contracts internal interest rate or an approximation thereof as discounting factor.

aCCRuals

Accruals recognised as assets include costs incurred relating to the subsequent financial year.

DiviDenD

Proposed dividends are recognised as a separate item under the equity capital.

pRovisions FoR liabilities

Provisions for liabilities include expected guarantee obligations, loss on work in progress and deferred tax.

tax payable anD DeFeRReD tax

Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account.

Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities.

Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected realisable value of the asset, either by set-off against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax unit.

Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the balance sheet date would be applicable when the deferred tax is expected to crystallise as current tax. Changes in the deferred tax in relation to changes in the tax rates are recognised in the income statement except for items recognised directly in the equity.

liabilities

Financial liabilities are recognised at the time of borrowing by the amount of proceeds received less transaction costs. In subsequent periods, the financial liabilities are measured at amortised cost equal to the capitalised value when using the effective interest, the difference between the proceeds and the nominal value being recognised in the income statement over the term of loan. Other liabilities which include debt to suppliers, affiliates and associates and other debt are measured at amortised cost which usually corresponds to the nominal value.

Accruals recognised as liabilities include payments received regarding income in subsequent years.

The capitalised residual lease liability on finance lease contracts is also recognised as financial liabilities.

(31)

Other debts are measured at amortised cost which usually corresponds to the nominal value.

tRanslation oF FoReign CuRRenCies

Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the income statement as a financial item.

If the foreign exchange position is considered to hedge future cash flows, the unrealised exchange adjustments are recognised directly in the equity. Accounts receivable, payable and other monetary items in foreign currencies that are not settled on the balance sheet date are translated at the exchange rate on the balance sheet date. The difference between the exchange rate on the balance sheet date and the exchange rate at the time of occurrence of the receivable or payable is recognised in the income statement as financial income or expenses.

Fixed assets acquired in foreign currencies are translated at the rate of exchange on the transaction date.

On recognition of foreign subsidiaries that are not independent entities, but integrated entities, monetary items are translated at the exchange rate on the balance sheet date. Non-monetary items are translated at the rate at the time of acquisition or at the time of subsequent revaluation or write-down of the asset. The items of the income statement are translated at the rate on the transaction date, items derived from

non-monetary items being translated at the historic rates of the non-monetary item.

Income statements for foreign subsidiaries and associates that fulfil the criteria for independent entities are translated at the average exchange rate for the month and the balance sheet is translated at the exchange rate on the balance sheet date. Gains losses in relation to the translation the equity of foreign subsidiaries at the beginning of the year at the exchange rates at the balance sheet date, together with recalculation of the income statement from average rates to the exchange rates at the balance sheet date, are recognised directly in the equity.

Exchange adjustments of balances with foreign subsidiaries deemed a supplement or a deduction of independent subsidiaries equity are recognised in equity.

(32)

CASH fLOw STATEMENT

The cash flow statement shows the Company’s and Group’s cash flows for the year for operating activities, investing activities and financing activities during the year, the change in cash and cash equivalents of the year and cash and cash equivalents at beginning and end of the year.

Cash Flows FRom opeRating

aCtivities

Cash flows from operating activities are computed as the results for the year adjusted for non-cash operating items, changes in net working capital, corporation tax paid.

Cash Flows FRom investing

aCtivities

Cash flows from investing activities include payments in connection with purchase and sale of intangible and tangible fixed asset and financial fixed asset investments.

Cash Flows FRom FinanCing

aCtivities

Cash flows from financing activities include changes in the size or composition of share capital and related costs, and borrowings and repayment of interest-bearing debt and payment of dividend to shareholders.

Cash anD Cash equivalents

Cash includes overdraft facility and liquid funds.

key FiguRes anD Ratios

The key figures are prepared in accordance with the guidance of The Danish Financial Analyst’s Society’s “Recommendation & Key Figures”. Reference is made to survey of principal figures and key figures concerning the formula for calculation of individual key figures.

(33)

we believe in global ConneCtion

- now we have establisheD

yet anotheR

In 2013 GlobalConnect invested in new duct system of 650 km for fibre from Hamburg through Hannover to Berlin.

Again a new highly secure fibre expansion by GlobalConnect.

(34)

Annual Report 2013

(35)

inCome StAtement

jAnuARy 1

St

- deCembeR 31

St

group group parent parent

Note 2013 2012 2013 2012

tDKK tDKK tDKK tDKK

net revenue 1 502.389 433.331 445.319 376.808

Production costs -127.111 -120.217 -117.277 -111.051

Other external costs -59.646 -62.745 -51.677 -46.876

gross profit 315.632 250.369 276.365 218.881

Staff costs 2 -129.584 -122.069 - 111.045 -106.392

profit before depreciation

(ebitDa) 186.048 128.300 165.320 112.489

Depreciation, amortisation and write-down

of tangible assets -103.277 -83.479 -94.299 -76.956

operating profit (ebit) 82.771 44.821 71.021 35.533

Income from investments in subsidiaries 3 0 0 8.665 4.760

Other financial income 4 13.147 6.246 12.787 5.612

Other financial costs 5 -37.458 -20.007 -37.305 -18.515

profit before tax (ebt) 58.460 31.060 55.168 27.390

Tax 6 5.783 -9.552 9.075 -5.882

profit for the year 64.243 21.508 64.243 21.508

group share of the profit for the year 64.243 21.508

proposed distribution of profit

Proposed dividend for the financial year 25.000 18.000

Allocation to reserve for net revaluation under the equity

method 8.665 4.760

Reserves for revaluation -1.088 -1.125

Retained profit 31.666 -127

(36)

ASSetS

group group parent parent

2013 2012 2013 2012

Note tDKK tDKK tDKK tDKK

Development cost 1.436 104 1.435 0

Prepayments regarding rights to use

and licenses 50.513 39.911 32.286 26.546

Consolidated goodwill 902 3.095 0 0

intangible fixed assets 7 52.851 43.110 33.721 26.546

Land & buildings 29.306 29.925 26.941 27.559

Tangible assets under construction 59.673 16.029 20.489 14.796

Other fixtures and equipment 170.663 143.336 145.993 128.892

Leasehold improvements 5.268 5.330 2.948 2.763 Facility housing 133.992 137.310 130.523 133.680 Fibre/duct 1.092.271 1.029.755 1.056.594 983.809 tangible assets 8 1.491.173 1.361.685 1.383.488 1.291.499 Investments in subsidiaries 0 0 64.161 28.231 Investments in associates 0 0 0 35.842 Deposits 3.856 3.301 3.449 2.961

Receivables regarding financial leases 77.093 80.951 35.503 36.485

Fixed assets investments 9 80.949 84.252 103.113 103.519

FixeD assets 1.624.973 1.489.047 1.520.322 1.421.564

Inventories 19.353 18.682 18.911 17.830

inventories 19.353 18.682 18.911 17.830

Trade receivables 149.877 104.045 101.138 87.271

Amounts due from subsidiaries 1.105 0 121.136 60.605

Amounts due from associated companies 0 6.797 0 13.913

Other receivables 6.270 10.487 4.687 5.687

Income tax receivable 1.646 7.243 0 0

Prepayments & accrued income 10 12.198 36.751 9.297 7.190

accounts receivables 171.096 165.323 236.258 174.666

Cash and cash equivalents 12.622 2.059 4.902 28

CuRRent assets 203.071 186.064 260.071 192.524

(37)

liAbilitieS

group group parent parent

2013 2012 2013 2012

Note tDKK tDKK tDKK tDKK

Share capital 2.542 2.542 2.542 2.542

Reserve for revaluations 20.001 21.089 21.001 21.089

Reserves for net revaluations under the

equity method 0 0 5.832 32.773

Retained earnings 518.374 481.907 512.542 449.134

Proposed dividend for the financial year 25.000 18.000 25.000 18.000

equity 11 565.917 523.538 565.917 523.538 Provision for deferred tax 12 168.109 193.059 168.172 188.795

Other provision for liabilities 11.762 4.762 11.762 4.762

provision for liabilities 179.871 197.821 179.934 193.557

Bonds & Bank debt 491.519 323.721 491.519 310.000

Prepayments received 140.936 162.390 124.735 143.406

Other long-term liabilities 24.128 27.730 24.128 27.730

long-term liabilities 13 656.583 513.841 640.382 481.136 Current portion of long-term liabilities 13 199.581 82.113 196.798 79.502

Derivative financial instruments 23.929 30.957 23.929 30.957

Debt to financial institutions 0 161.077 0 161.077

Trade payables 57.756 43.163 50.961 29.864

Amounts due to associated companies 0 6.405 0 20.467

Corporate tax 14.073 6.355 13.729 4.416

Other liabilities 37.022 34.812 36.681 28.238

Accruals and deferred income 14 93.312 75.029 72.062 61.336

short-term liabilities 425.673 439.911 394.160 415.857

liabilities 1.082.256 953.752 1.034.542 896.993

equity and liabilities 1.828.044 1.675.111 1.780.393 1.614.088

Contingencies etc. 15

Related parties 16

ownership 17

Fee to auditors appointed by the general

(38)

CASH FloW StAtement

jAnuARy 1

St

- deCembeR 31

St

group group parent parent

2013 2012 2013 2012

tDKK tDKK tDKK tDKK

Result of the year 64.243 21.508 64.243 21.508

Reversed depreciations of the year 103.277 83.479 94.299 76.956

Result from associated companies 0 0 0 -2.176

Result from affiliated companies 0 0 -8.665 -2.584

Costs of prepaid rights 3.624 4.186 4.956 4.149

Reversed tax on profit for the year -5.783 9.552 -9.076 5.882

Other adjustments 7.000 0 7.000 0

Corporate tax paid -5.852 -15.408 -7.228 -16.877

Change in inventory -671 2.791 -444 3.276

Change in accounts receivable -26.485 -42.085 -22.292 -10.740

Change in short-term debt

(excl. bank, tax and dividend) -32.034 22.228 -38.467 19.467 Change in intercompany balances -1.123 -8.322 -76.046 -33.292

Cash flows from operating activities 106.196 77.929 8.280 65.569 Purchase and sale of intangible fixed assets -19.270 -1.421 -9.547 -2.071

Purchase and sale of tangible fixed assets -207.876 -180.477 -139.436 -168.603

Purchase and sale of financial fixed assets 708 -1.170 -14.501 2.582

Cash flows from investment activities -226.438 -183.068 -163.484 -168.092 Proceeds from long-term lending 147.270 118.227 176.543 119.096

Dividend paid during the financial year -16.465 -16.570 -16.465 -16.570

Cash flows from financial activities 130.805 101.657 160.078 102.526

Changes in cash and cash equivalents 10.563 -3.482 4.874 3 Cash and cash equivalents as of January 1st _2.059 _5.541 ₂₈ ₂₅

Cash and cash equivalents as of December 31st _12.622 _2.059 _4.902 ₂₈

Cash and cash equivalents as of December 31st

is specified as:

Cash 12.622 2.059 4.902 28

(39)

iF you want to make a Change

- you neeD to stanD up

In 2013 GlobalConnect worked strategically to put pressure on the political environment

in order to improve competition in the Danish telecommunications market.

(40)

Annual Report 2013

(41)

(1) net Revenue

group group parent parent

2013 2012 2013 2012

tDKK tDKK tDKK tDKK

net revenue distributed on products

Fibre, rights of use, maintenance, transmission 315.262 277.245 311.193 277.497

Letting out of premises and telehouses incl. power 88.590 60.525 77.209 49.866

Sale of ducts and fibre systems 34.922 43.065 20.543 28.820

Other revenue 63.615 52.496 36.374 20.625

502.389 433.331 445.319 376.808

net revenue distributed geographically

Domestic 347.083 319.315 360.444 315.376

Abroad 155.306 114.016 84.875 61.432

502.389 433.331 445.319 376.808

(2) staFF Costs

group group parent parent

2013 2012 2013 2012

tDKK tDKK tDKK tDKK

Average number of employees 175 172 152 153

Wages and salaries 114.199 108.657 98.103 93.851

Pensions 14.708 12.761 12.592 12.209

Other social security costs 366 651 350 332

Other staff costs 311 0 0 0

129.584 122.069 111.045 106.392 Total remuneration to the board of directors and management for the financial year amounts to tDKK 9.724.

(42)

(3) inCome FRom subsiDiaRies

group group parent parent

2013 2012 2013 2012

tDKK tDKK tDKK tDKK

Profit from subsidiaries 0 0 8.665 2.584

Profit from associated companies 0 0 0 2.176

0 0 8.665 4.760

(4) otheR FinanCial inCome

group group parent parent

2013 2012 2013 2012

tDKK tDKK tDKK tDKK

Interest income from subsidiaries 0 158 1.453 1.295

Other financial income 13.147 6.088 11.334 4.317

13.147 6.246 12.787 5.612

(5) otheR FinanCial Costs

group group parent parent

2013 2012 2013 2012

tDKK tDKK tDKK tDKK

Interest to affiliated companies 0 326 150 103

Other financial cost 37.458 19.681 37.155 18.412

37.458 20.007 37.305 18.515

(6) tax on the pRoFit oF the yeaR

group group group group

2013 2012 2013 2012

tDKK tDKK tDKK tDKK

Calculated tax on taxable income of the year 19.381 7.951 16.542 4.416

Tax adjustment relating to prior years -36 -297 0 0

Adjustment of deferred tax -6.128 1.898 -6.617 1.466

Adjustment of deferred tax due to change in tax rate -19.000 0 -19.000 0

(43)

(7) intangible FixeD assets

group

Development

Cost Prepaid rightsto use Consolidated Goodwil Amounts in tDKK

Cost January 1st₂₀₁₃ _1.192 _58.888 _13.631

Additions of the year 1.435 20.884 19

Disposals of the year 0 -10.276 0

Cost December 31st₂₀₁₃ _2.627 _69.496 _13.650

Amortisation January 1st₂₀₁₃ _1.087 _18.977 _10.535

Amortisation regarding disposals of

the year 0 -1.766 0

Amortisation of the year 104 1.772 2.213

amortisation December 31st₂₀₁₃ _1.191 _18.983 _12.784

Carrying amount at December 31st 2013 1.436 50.513 902

parent Company

Development

Cost Prepaid rightsto use Amounts in tDKK

Cost January 1st₂₀₁₃ ₀ _26.546

Additions of the year 1.435 11.181

Disposals of the year 0 -5.441

Cost December 31st₂₀₁₃ _1.435 _32.286

(44)

(8) tangible assets

group Land & buildings Tangible assets under

construction and equipmentOther fixtures Amounts in tDKK

Cost January 1st₂₀₁₃ _34.572 _16.029 _270.116

Additions of the year 840 59.708 61.120

Disposals of the year 0 -16.064 -3.396

Cost December 31st 2013 35.412 59.673 327.840

Depreciations January 1st₂₀₁₃ _4.647 ₀ _126.780

Depreciations regarding disposals of the year 0 0 -776

Depreciations of the year 1.459 0 31.173

Depreciations December 31st₂₀₁₃ _6.106 ₀ _157.177

Carrying amount at December 31st₂₀₁₃ _29.306 _59.673 _170.663

group

Leasehold

improvement housingFacility Fibre/ducts Amounts in tDKK

Cost January 1st₂₀₁₃ _8.467 _258.425 _1.358.466

Disposals of the year 0 0 -60.360

Cost at December 31st 2013 9.087 275.384 1.458.063

Revaluations January 1st₂₀₁₃ ₀ _1.197 _19.892

Revaluations of the year 0 -387 -701

Revaluations at December 31st₂₀₁₃ ₀ ₀ _19.191

Depreciations January 1st₂₀₁₃ _3.138 _122.314 _348.603

Depreciations regarding disposals of the year 0 0 -7.790

Depreciations of the year 681 19.888 44.170

Depreciations at December 31st₂₀₁₃ _3.819 _142.202 _384.983

Carrying amount at December 31st₂₀₁₃ _5.268 _133.992 _1.092.271

Hereof:

(45)

(8) tangible assets (ContinueD)

parent company

Land & buildings

Tangible assets under

construction and equipmentOther fixtures Amounts in tDKK

Cost January 1st₂₀₁₃ _32.207 _14.796 _239.685

Disposals of the year 0 -14.796 0

Cost at December 31st 2013 33.047 20.489 284.100

Depreciations January 1st₂₀₁₃ _4.647 ₀ _110.794

Depreciations of the year 1.459 0 27.313

Depreciations at December 31st₂₀₁₃ _6.106 ₀ _138.107

Carrying amount at December 31st₂₀₁₃ _26.941 _20.489 _145.993

parent company

Leasehold

improvements housingFacility Fibre/ducts Amounts in tDKK

Cost January 1st₂₀₁₃ _5.810 _236.236 _1.305.906

Disposals of the year 0 0 -7.800

Cost at December 31st₂₀₁₃ _6.405 _252.841 _1.422.385

Revaluations January 1st₂₀₁₃ ₀ _1.197 _19.892

Revaluations of the year 0 -387 -701

Revaluations at December 31st 2013 0 810 19.191

Depreciations January 1st₂₀₁₃ _3.047 _103.754 _341.988

Depreciations on assets sold 0 0 -1.176

Depreciations of the year 410 19.374 44.170

Depreciations at December 31st₂₀₁₃ _3.457 _123.128 _384.982

Carrying amount at December 31st₂₀₁₃ _2.948 _130.523 _1.056.594

Hereof:

(46)

(9) investments in subsiDiaRies & assoCiates

parent company

Shareholdings in

affiliated companies associated companiesShareholdings in Amounts in tDKK

Cost January 1st₂₀₁₃ _29.824 _22.125

Additions of the year 28.630 0

Disposals of the year -125 -22.125

Cost December 31st₂₀₁₃ _58.329 ₀

Revaluations January 1st₂₀₁₃ _-1.593 _13.717

Revaluations of the year 9.110 -15.527

Other regulations -1.685 1.810

Revaluations at December 31st₂₀₁₃ _5.832 ₀

Carrying amount at December 31st₂₀₁₃ _64.161 ₀

Name Equity Result ofthe year Ownership asper cent

GlobalConnect GmbH 39.043 11.976 100

GlobalConnect Netz GmbH 180 -7 100

GC Cloud A/S 853 1.617 100

Con E Com under liquidation A/S -632 2.740 100

GigaContent A/S 23.183 -3.432 100

GC-BO A/S 0 -2.016 0

Consolidated goodwill 902 0

63.529 10.878

GC-BO A/S has been sold September 30th_{2013. The Company has been consolidated 100% until}

(47)

group group parent parent

2013 2012 2013 2012

tDKK tDKK tDKK tDKK

gross receivable from financial lease

Amounts due within one year (2014) 11.383 11.384 6.263 6.263

Amounts due between 1 and 5 years 43.205 48.330 25.050 25.051

Amounts due after 5 years 33.813 39.941 0 6.262

88.401 99.655 31.313 37.576 Future interest payments, not earned -22.419 -28.777 -11.858 -14.746

65.982 70.878 19.455 22.830

net investments regarding financial lease

Amounts due within one year (2014) 7.241 6.964 3.536 3.375

Amounts due between 1 and 5 years 29.515 32.496 15.919 15.192

Amounts due after 5 years 29.048 33.354 0 4.263

65.804 72.814 19.455 22.830 Net present value of non-guaranteed scrap values 16.844 15.055 16.844 15.054

82.648 87.869 36.299 37.884

accumulated write-down reservations for bad debts on receivable minimum lease

Provision January 1st _-6.917 _-6.607 _-1.399 _-1.568

Provision of the year -1.362 -310 603 169

provision December 31st _-5.555 _-6.917 _-796 _-1.399

Receivable regarding financial lease 77.093 80.951 35.503 36.485

(9) ReCeivables RegaRDing FinanCial lease

(10) pRepayments anD aCCRueD inCome

This amount primarily consists of prepaid cost.

(48)

(11) equity

Amounts in tDKK group Share capital Revalua-tion reserve Net re-valuation under the equity

method Retainedprofit

Proposed dividend for the

Year Total

Equity January 1st₂₀₁₃ _2.542 _21.089 ₀ _481.907 _18.000 _523.538

Purchase of own shares 0 0 0 -5.399 0 -5.399

Dividend paid 0 0 0 0 -16.465 -16.465

Other adjustments 0 0 0 1.535 -1.535 0

Proposed distribution of

profit for the year 0 -1.088 0 40.331 25.000 64.243

equity at December 31st ₂₀₁₃ _2.542 _20.001 ₀ _518.374 _25.000 _565.917 Amounts in tDKK parent company Share capital Revalua-tion reserve Net re-valuation under the equity

method Retainedprofit

Proposed dividend for the

Year Total

Equity January 1st₂₀₁₃ _2.542 _21.089 _32.773 _449.134 _18.000 _523.538

Purchase of own shares 0 0 0 -5.399 0 -5.399

Dividend paid 0 0 0 0 -16.465 -16.465

Other adjustments 0 0 -35.606 37.141 -1.535 0

Proposed distribution of

profit for the year 0 -1.088 8.665 31.666 25.000 64.243

(49)

group group parent parent

2013 2012 2013 2012

tDKK tDKK tDKK tDKK

provision for deferred tax

Deferred tax January 1st₂₀₁₃ _193.059 _191.161 _188.795 _187.329

Adjustment of deferred tax for the year -27.447 1.898 -25.617 1.466

Addition from merger 2.497 0 4.994 0

Deferred tax at December 31st₂₀₁₃ _168.109 _193.059 _168.172 _188.795

Deferred tax relates to:

Intangible fixed assets 327 0 327 0

Tangible fixed assets 101.832 112.112 104.350 114.988

Financial fixed assets 63.149 74.821 60.694 67.681

Current assets -1.715 -422 -1.715 -422

Provisions -1.048 -1.191 -1.048 -1.191

Interest rate swap 5.564 7.739 5.564 7.739

168.109 193.059 168.172 188.795 2013

tDKK

Share capital January 1st₂₀₀₉ _2.528

New shares issued in 2009 14

share capital at December 31st 2013 2.542

2013 2012

tDKK tDKK

share capital

Share capital is split in:

A shares, 2.542.280 shares in the denomination of DKK 1 2.542 2.542

2.542 2.542

shaRe Capital

(50)

(13) long-teRm liabilities

(14) aCCRuals anD DeFeRReD inCome

This amount primarily consists of accrued revenue in future years Amounts in tDKK

group

1/1 2013

total debt 31/12 2013total debt Next year’sinstalment

Remaining debt after

5 years

Bonds and debt to bank 353.721 616.638 125.119 0

Other long-term debt 40.234 34.222 10.094 19

group total 595.953 856.164 199.581 45.627

Amounts in tDKK

parent Company

1/1 2013

total debt 31/12 2013total debt Next year’sinstalment

Remaining debt after

5 years

Bonds and debt to bank 340.000 616.638 125.119 0

Other long-term