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Posted on Jul 15, 2024

Choose a major retail company and locate its corporate annual report for the most recent accounting period Some of the sources you could use would

Choose a major retail company and locate its corporate annual report for the most recent accounting period
1. Some of the sources you could use would be:

1. 1. The company website
  2. Securities and Exchange Commission
  3. NASDAQ(click on income statement and you will see all of the financials)
  4. LexisNexis via the college library website.

Review and save the annual report and perform the following accounting analysis using the financial statements. Note: you may have to use the annual report for more than one accounting period if you cannot locate comparative financial statements.

1. Horizontal Analysis (Choose one of the statements).
2. Vertical Analysis (Choose one fo the statements)
3. Ratio Analysis

1. 1. Current Ratio
  2. Inventory Turnover
  3. Working Capital
  4. Days Inventory in Hand
  5. Asset Turnover

Once you have completed your analysis, compose a 250-500 word document focusing on your option of the companys statement of financial position. Include in the response. Make sure your response is well organized and uses proper formatting.Submit your work to the drop box by the due date.
1. The company name.
2. The annual financial report year(s).
3. A summary of your horizontal, vertical, and ratio analysis and what it tells you as a potential investor.
4. Tour option about the overall performance of the chosen company.

Description of Business

Costco Wholesale Corporation (Costco or the Company), a Washington corporation, and its subsidiaries operate membership warehouses based on the concept that offering members low prices on a limited selection of nationally-branded and private-label products in a wide range of merchandise categories will produce high sales volumes and rapid inventory turnover. At September 2, 2018, Costco operated 762 warehouses worldwide: 527 United States (U.S.) locations (in 44 U.S. states, Washington, D.C., and Puerto Rico), 100 Canada locations, 39 Mexico locations, 28 United Kingdom (U.K.) locations, 26 Japan locations, 15 Korea locations, 13 Taiwan locations, 10 Australia locations, two Spain locations, one Iceland location, and one France location. The Company operates e-commerce websites in the U.S., Canada, Mexico, U.K., Korea, and Taiwan.

Basis of Presentation

The consolidated financial statements include the accounts of Costco Wholesale Corporation, its wholly-owned subsidiaries, and subsidiaries in which it has a controlling interest. The Company reports noncontrolling interests in consolidated entities as a component of equity separate from the Companys equity. All material inter-company transactions between and among the Company and its consolidated subsidiaries have been eliminated in consolidation. The Companys net income excludes income attributable to the noncontrolling interest in Taiwan. During the first quarter of 2018, Costco purchased its former joint-venture partner's remaining equity interest in its Korean operations. Unless otherwise noted, references to net income relate to net income attributable to Costco.

Fiscal Year End

The Company operates on a 52/53 week fiscal year basis with the fiscal year ending on the Sunday closest to August 31. References to 2018 and 2016 relate to the 52-week fiscal years ended September 2, 2018, and August 28, 2016, respectively. References to 2017 relate to the 53-week fiscal year ended September 3, 2017.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

Cash and Cash Equivalents

The Company considers as cash and cash equivalents all cash on deposit, highly liquid investments with a maturity of three months or less at the date of purchase, and proceeds due from credit and debit card transactions with settlement terms of up to four days. Credit and debit card receivables were $1,348 and $1,255 at the end of 2018 and 2017, respectively.

The Company provides for the daily replenishment of major bank accounts as checks are presented. Included in accounts payable at the end of 2018 and 2017 are $463 and $383, respectively, representing the excess of outstanding checks over cash on deposit at the banks on which the checks were drawn.

another company ramboll financial report image text in transcribed

(1.281) (3.218) (2.419) (37) 25 50 1.500 1,167 (1422) 4.546 3.379 4,601 3.379 6,055 $ 4,546 Net cash used in financing activities EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS Net change in cash and cash equivalents CASH AND CASH EQUIVALENTS BEGINNING OF YEAR CASH AND CASH EQUIVALENTS END OF YEAR SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the year for: Interest (reduced by $19, $16, and $19, interest capitalized in 2018, 2017, and 2016, respectively) Income taxes, net SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Property and equipment acquired, but not yet paid Cash dividend declared, but not yet paid 143 $ 123 131 $ 1.185 $ 1.204 5 953 250 S The accompanying notes are an integral part of these consolidated financial statements. 40 1.561 (1,332) 421 807 547 5.774 3.292 (106 (1.432) 1078 t365 1.709 (2,9661 (2.5021 (2,649) 4 30 27 (2.947) (2.365) (2,345) Other operating assets and liabilities, net Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchases of short-term investments Maturities and sales of short-term investments Additions to property and equipment Other investing activities, net Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Change in bank checks outstanding Repayments of short-term borrowings Proceeds from short-term borrowings Proceeds from issuance of long-term debt Repayments of long-term debt Tax withholdings on stock-based awards Repurchases of common stock Cash dividend payments Other financing activities, net Net cash used in financing activities (230 (106) 106 3.782 185 (56) (2.2003 (1.285) (2201 (2021 14001 (480) 1080) (2004) (746) (41) 11 55 (1.281) (3.218) (2.4191 437.524 5,490 (1.090) 7.686 2,679 ro $2.079 2,670 253 35 12.332 2,714 35 13 85 518 98 518 518 2,673 (165) (165) (165) 12.998) BALANCE AT AUGUST 28, 2016 Net income Foreign-currency translation adjustment and other net Stock-based compensation Release of vasted RSU inducing tax effects Conversion of convertible notes Repurchases of common stock Cash dividends declared and other BALANCE AT SEPTEMBER 3, 2017 Not income Foreign-currency translation adjustment and other not Stock-based compensation Release of veled RSUS, including tax effects Repurchases of common stock Cash dividends declared and other BALANCE AT SEPTEMBER 2. 2018 2) 5,800 (432) 13.945) 5.98 3,134 1473) (3,945) 10 778 3.134 437,204 (473) (3,945) 11,079 3.179 (1014) 301 45 (185) (71 (185) 547 (192) 547 547 2.741 (1.756) (217) (25) 1217) (322) 1936) 12.799 (296) 1939) 7,887 (217) (322) (971) $ 13,103 3 6,107 (35) 304 438, 189 (1,199 $ $ COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF EQUITY (amounts in millions) Common Stock Shares (000's) Amount 437,952 $ 2 $ Additional Paid in Capital 5,218 5 Accumulated Other Comprehensive Income (1.05) (1.121) 5 Retained Earnings 6,518 2.350 Total Costco Stockholders Equity 10,617 2.350 $ Noncontrolling Total Interests Equity 226 $10,843 26 2,376 22 26 BALANCE AT AUGUST 30, 2015 Net income Foreign-currency translation adjustment and other net Stock-based compensation Stock options exercise, duding fax effects Release of voted restricted stock ni (Rus) including tax 22 450 450 450 2.749 11:46) (146) 3,154) (477) (749 ( Conversion of convertible notes Repurchases of common stock Cash dividends declared and other BALANCE AT AUGUST 20, 2016 Nel come Forwgn-urrency translation adjustment and other not (436) (746) 7,600 2.079 1477) 1746) 12.079 2.670 437,524 5,490 11.0001 35 2.714 85 08 COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (amounts in millions) 52 Weeks Ended September 2, 2018 53 Weeks Ended September 3, 2017 52 Weeks Ended August 28, 2016 2.376 3.179 (192) 2.987 2.714 98 NET INCOME INCLUDING NONCONTROLLING INTERESTS Foreign-currency translation adjustment and other, net Comprehensive income Less: Comprehensive income attributable to noncontrolling interests COMPREHENSIVE INCOME ATTRIBUTABLE TO COSTCO 26 2,812 2.402 38 48 30 $ 2.940 $ 2,764 $ 2,372 (159) 121 (134) 62 (133) 80 4442 1.263 3,179 (45) 4,039 1,325 2,714 (35) 3,619 1.243 2.376 (26) 3.134 $ 2.679 2.350 OTHER INCOME (EXPENSE) Interest expense Interest income and other, not INCOME BEFORE INCOME TAXES Provision for income taxes Net income including noncontroling interests Net income attrbutable to noncontrolling interests NET INCOME ATTRIBUTABLE TO COSTCO NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: Basic Diluted Shares used in calculation (000's) Basic Diluted CASH DIVIDENDS DECLARED PER COMMON SHARE 6.11 $ 7.15 5 7.00 5.36 5.33 6.08 438.515 441.834 438,437 440,937 438,585 441,263 S 2.14 5 8.90 $ 1.70 COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (amounts in millions, except per share data) 52 Weeks Ended September 2. 2018 53 Weeks Ended September 3. 2017 52 Weeks Ended August 28. 2016 $ $ 138.434 3.142 141,576 128,172 2,858 129,025 116,073 2.646 118.719 REVENUE Net sales Membership fees Total revenue OPERATING EXPENSES Merchandise costs Selling general and administrative Preopening expenses Operating income OTHER INCOME (EXPENSE) Interest experte Interest income and other net INCOME BEFORE INCOME TAXES Provision for income taxes Net Income including noncontrolling interests Nama atat in interest 123,152 13,676 68 4480 111,882 12,950 82 4,111 102.901 12,068 78 3.672 (134) (150) 121 (133) BO 3.619 1.243 4442 1,263 3.179 140 4,039 1,325 2,714 145 2.376 1961 27.727 25.268 0 0 4 COMMITMENTS AND CONTINGENCIES EQUITY Preferred stock $0.01 par value: 100,000,000 shares authorized: no shares issued and outstanding Common stock $0.01 par value: 900,000,000 shares authorized: 438, 189,000 and 437,204,000 shares issued and outstanding Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total Costco stockholders' equity Noncontrolling interests Total equity TOTAL LIABILITIES AND EQUITY 6.107 (1.199) 7.887 12.799 304 5.800 (1.014) 5,988 10,778 301 11,079 13.103 40,830 $ 36.347 1.140 30.714 843 28.341 (11.033) 19,681 (10.180) 18.161 869 860 40.830 $ 36.347 5 Construction in progress Less accumulated depreciation and amortization Net property and equipment OTHER ASSETS TOTAL ASSETS LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable Accrued salaries and benefits Accrued member rewards Deferred membership fees Other current liabilities Total current liabilities LONG-TERM DEBT, excluding current portion OTHER LIABILITIES Total liabilities COMMITMENTS AND CONTINGENCIES EQUITY 9,608 2.703 961 11,237 2.994 1,057 1,624 3,014 19.926 6,487 1.314 27,727 1.498 2.725 17.495 6,573 1.200 25.268 Dardal enn 400 non haberi har COSTCO WHOLESALE CORPORATION CONSOLIDATED BALANCE SHEETS (amounts in millions, except par value and share data) September 2, 2018 September 3, 2017 ASSETS $ 4 546 6,055 1.204 1.669 11.040 321 1.233 1432 9.834 272 CURRENT ASSETS Cash and cash equivalents Short-term investments Receivables, net Merchandise inventories Other current assets Total current assets PROPERTY AND EQUIPMENT Land Buildings and improvements Equipment and fixtures Construction in progress 20,289 17,317 5,690 6,193 16,107 15,127 7.274 1.140 30.714 6,681 843 28,341 INCOME STATEMENT Group Parent Company 2019 Note DKK thousand 2019 2018 2018 1 14,188,793 (2,816,530) (1,819,586) (8,588,757) 12,058 11,351,030 (1,531,589) (1,631,762) (7,439,840) 11,668 190,207 (1.921) (129,910) (113,878) 256,797 (1,269) (119,088) (96,229) 2 13 40,211 3 Revenue Project costs External costs Staff costs Income from associates and joint ventures EBITDA Depreciation EBITA Amortisation and write-downs Other income Other costs Income from subsidiaries EBIT 975,978 (213,449) 762,529 759,507 (162,461) 597,046 (55,502) (1,578) (57,080) 40,211 3 4 5 12 (208,446) 14,301 (227.275) (197,432) 9,054 (90,765) (28,806) 230,425 144,539 (31,331) 164,741 173,621 341,109 317,903 6 7 Financial income Financial expenses Profit before tax 51,297 (84,552) 307,854 146,826 (103,960) 360,769 69,188 (38,392) 175,335 152,956 (61.275) 265,302 8 Tax Profit for the year (135,908) 171.946 (122,926) 237,843 (4,002) 171,333 (28,123) 237,179 CASH FLOW STATEMENT Group Note DKK thousand 2019 2018 3 Operating activities: Profit before tax Income from associates and joint ventures Depreciation and amortisation Unrealised exchange loss/(gain), net Cash flow from operating activities before change in working capital 307,854 (12,058) 421,895 9,353 727,044 360,769 (11,668) 359,893 (54,206) 654,788 Change in work in progress Change in receivables Change in payments from clients Change in payables Change in working capital (296,994) (38,895) 316,305 104,057 84,473 (80,232) (124,539) 211,676 89,910 96,815 14,900 (139,676) 686,741 (4,451) (251,110) 496,042 9 92,632 (218,692) (22,343) 1.965 (146,438) (996, 177) (236,975) (12.954) 22.353 (1.223,753) Change in provisions Income tax paid Cash flow from operating activities Investing activities: Acquisition of companies Investment in tangible assets, net Investment in intangible assets, net Investment in other financial assets Cash flow from investing activities Financing activities: Loan payments, net Dividend to minority interest Dividend to shareholders Cash from financing activities Net cash flow for the year Total cash and cash equivalents at 1 January Net cash flow for the year Exchange rate adjustments Total cash and cash equivalents at 31 December (310,331) (558) (50,000) (360,889) 1,050,000 (512) (50,000) 999,488 179,414 271,777 705,141 179,414 25,207 909,762 437,070 271,777 (3,706) 705,141 Restricted cash at 31 December 2019 amounts to DKK 13 milion BALANCE SHEET, ASSETS Group Parent Company 31.12.2019 Note DKK thousand 31.12.2019 31.12.2018 31.12.2018 1,749,919 Goodwill Customer contracts Software, licences, patents, etc. Intangible assets 2,077,694 111,782 41,355 2,230,831 26,564 1,776,483 4,578 4,578 4,748 4,748 10 Property Plant and equipment Leasehold improvements Property, plant and equipment 25,882 399,941 112,356 538,179 24,478 329,951 105,560 459,989 11 12 13 4,133,115 3,059,956 15,106 14,767 Investments in subsidiaries Investments in associates and joint ventures Receivables from subsidiaries Other investments Prepaid investments in subsidiaries Other receivables Deposits Investments 376,220 187 1,180,935 187 14 2,673 2,736 632,652 751 54,206 705,112 3,049 63,039 83,867 15 4,509,522 4,241,078 2,852.877 2.941.584 4,514,100 4,245,826 1,457 745 16 Total fixed assets Accounts receivables, trade Work in progress Other receivables Receivables from subsidiaries Tax receivables Deferred tax assets Prepayments Receivables 2,842,924 1,463,229 215,923 2,332,262 1,016,174 154,280 30,618 133,545 12,721 121,980 8 107,923 79,435 276,776 4,986,210 109,310 87,202 220,380 3,919,608 28,084 193,704 11,424 146,870 909,762 705,141 438,373 368,885 Cash at bank and in hand Total current assets 5,895,972 4,624,749 632,077 515.755 Total assets 8,748,849 7,566,333 5,146,177 4,761,581 BALANCE SHEET, EQUITY AND LIABILITIES Group 31.12.2019 Parent Company 31.12.2019 Note DKK thousand 31.12.2018 31.12.2018 17 35,000 2,502,373 35,000 2.261,692 35,000 2,495,162 7,211 35,000 2.257,988 3,704 50,000 2,346,692 2,537,373 50,000 2.346,692 2.537,373 4,021 2,541,394 3.923 2.350,615 2,537,373 2,346,692 Share capital Retained earnings Reserve for development costs Proposed dividend Equity attributable to shareholders of Parent Company Minority interest Total equity Provision for pensions Provision for deferred tax Provision for claims, etc. Total provisions Bank loans Other payables Total long-term liabilities 19 8 5,344 173,579 109,350 288.273 5,269 173.727 93,488 272.484 17,923 13,877 17,923 13,877 1,400,000 1,100,000 90,953 1,190,953 1,400,000 6,269 1.406,269 1,100,000 2.127 1,102,127 20 1.400,000 16 1,729,280 744,014 982.956 463,404 86,040 1,344,302 44,482 893,527 Bank loans Prepayments from clients Trade payables Payables to subsidiaries Payables to associates Corporation tax Other payables Total short-term liabilities Total liabilities Total equity and liabilities 21 96,288 2.158,647 4.728,229 61,774 2,028,831 3,536,965 10,140 48,272 1,488,754 16,743 46,260 1,001,012 5,919,182 4,943,234 2.590,881 2.401,012 8,748,849 7.566,333 5,146,177 4,761,581 18 22 23 24 25 Distribution of profit Contingent liabilities Operational lease obligations Auditors' fee Related parties and ownership Subsequent event Financial risk management 26 27 EQUITY DKK thousand Share capital Minority Retained earnings Proposed dividend Reserve for development costs Total Equity Equity attributable to shareholders of Parent Company 35,000 2,257,988 50,000 3,704 2,346,692 3,923 2,350,615 73,889 73,889 44 73,933 Total equity at 1 January 2019 Exchange rate adjustments related to foreign subsidiaries and associates Value adjustment of hedging instruments Tax effects Paid dividend Proposed dividend Reserve for development costs Profit for the year Book value at 31 December 2019 (4,541) (50,000) (4,541) (50,000) (559) (4,541) (50,559) 3,507 (3,507) 171,333 35,000 2,495,162 171,333 2,537,373 613 4,021 171,946 2,541,394 7,211 35,000 2,091,292 50,000 2,176,292 3,813 2,180,105 (59) (16,974) 195 (16,974) 195 (17,033) 195 Total equity at 1 January 2018 Exchange rate adjustments related to foreign subsidiaries and associates Value adjustment of hedging instruments Tax effects Paid dividend Proposed dividend Reserve for development costs Profit for the year Book value at 31 December 2018 (50,000) 50,000 (50,000) (495) (50,495) 3,704 (50,000) (3,704) 237,179 35,000 2,257,988 237,179 2,346,692 237,843 2,350,615 50,000 664 3,923 3,704 Ramboll Group has two share option programmes. One share option programme runs in the period 2018 to 2021 and includes the possibility to buy shares for up to 1.2% of the current share capital at a price, DKK 179 per share. The other programme runs in the period 2019 to 2022 and includes the opportunity to buy shares for up to 11% at a price, DKK 190 per share. NOTES Grove DKK thousand Note 1 - Segment information 2019 2018 Revenue by markets: Buildings Environment & Health Transport Energy Water Management Consulting 3.818,648 3,601,388 2.798,727 2.439,454 1,074,258 456,318 14.188793 3.699,895 2724441 2617.853 1.213.272 628,800 466.769 11.351,030 Revenue by geography: Denmark Sweden Norway Finland Americas UK 3,044,368 1.585,387 1,562.996 1,685,782 3.739,074 1,067,546 450,377 638,764 414,499 14188793 2.888.898 1.466 336 1,504915 1.586.971 1,478,018 1,022,725 428.220 598,190 376.755 11.351,030 Germany Middle East & Asia Pacific Central Europe & Africa DKK thousand Group Parent Company Note 2 - Staff costs 2019 2015 2019 2018 Employees Wages and salanes Pension costs Other social security costs (7.401.792) (584,3261 (665.180) 8651,298 16,321,654 1528.807) 1595.444) 7,445.905 (64,961) 15,252) 1667) 770,8801 (S0,053) (4,386) (554) 54,993 Executive Board Board of Directors 39,698) (3.300) 18.694.296 37.936 3.300) 7.487.1411 (39,698 (3.3001 (37,936 (3,300) 196.229 Stalf costs are recognised as follows in the income statement Staff costs Other costs 18,588,757 (105.539) 18.694296 17,439.8403 (47.301) 07.487.141 (113,878) 0 (113,878 (96,229) O 196,229) Number of employees Number of full-time employee equivalents 14,843 13.276 66 DKK thousand Group Parent Company Note 3 - Depreciation and amortisation 2019 2018 2019 2015 (1.578) Software licences patents, etc Leasehold improvements Property Plant and equipment Depreciation see note 1 and 12 (13,6121 (30,733) (558) (168.546) (213,449) (13,644) 23,317) (584) (124,916) (162.4611 (170,634) (200,462) (7,984) Goodwill amortisation Customer contracts amortisation Write-downs Amortisation and write-downs see note 11 (26,798) (197432) (208 446) Depreciation and amortisation (421895) 3592931 (1.578) Group Parent Company 2019 2018 2019 2018 DKK thousand Note 4 - Other income Other income non-operational Gain on disposals fixed assets 9.673 4,628 14,301 5,914 3,140 9,054 DKK thousand Group Parent Company Note 5 . Other costs 2019 2018 2019 2018 112.445) (31,331) (32,203) (47,301) (10.257) Integration and acquisition costs Restructuring costs - redundancies Restructuring costs - vacant premises Restructuring costs other Other costs. non-operational Loss on disposals, fixed assets (77.549) (105,539) 19,708) (23,932 13,156) (7.391) 227.275) (16,3611 (186) (818) 190,7653 (28,806) 31.331 DKK thousand Group Parent Company Note 6 - Financial income 2019 2018 2019 2013 Interest income from subsidiaries Foreign exchange gain Interest income, external Other financial income 46,687 19,895 2.606 36,145 114.976 1.835 40,671 8,682 1.944 51.297 137,004 6,457 3.365 146,826 69,188 152.956 DKK thousand Group Parent Company 2019 2018 2019 2018 Note 7 - Financial expenses Interest expense to subsidiaries Foreign exchange loss Interest expense, external Other financial expenses (56,406) (19,758) (8.388) 184,552) (84,212) (10,064) 19,684) (103.960) (5.426) (18,738) (13,533) (695) (38.392) (1.708) (51,692) 17.276) (599) (61.275) Group Parent Company 2019 2018 2019 2018 (139,632) 164 21,756 122.336) 140,048 193.276) (50,594) 45,747 (24,803) 122.926) 12,941) (4,325) 279 (1,556) 18.543) (12.643) (15,007) (17,316) 16,843 (28,123) DKK thousand Note 8 - Tax Current tax on profit for the year Movements in deferred tax Adjustments to deferred tax related to prior years Other adjustments in respect of prior years Tax for the year Tax for the year is allocated in the following way, Tax on profit for the year Tax on equity movements Tax for the year Deferred tax at 1 January Adjustment of deferred tax. Income Statement Adjustment of deferred tax Equity Deferred tax due to acquisition of companies Deferred tax at 31 December (122,926) (28,123) (135.908) (4.140) (140,048 (4,002) (4,541) (8.543) 122.926) (28,123) (81,677) (4.848) (86,525) 26,816 (4,140) 130.295) 194, 144) (13,878) 496 (4,541) 18,445 (32,322) 56,525) (17,923) (13,877 (697) 242 (1,045) 261 Deferred tax Goodwill Licences Plant and equipment Leasehold improvements Provision for bad debts Work in progress Deferred income/expenses), net Provisions Tax loss for future use Total deferred tax 11,036 (29,875) 10.509 6,049 9,015 (160,868) 9.226 47,639 3,125 15,760 (4.751) 24,830 (5.167) 7,529 (170,596) 11,535 28,659 5,676 86,525 (23,916) 6,448 (9.790) (3.303) (17.923 (13,877) Recognised in balance sheet as follows: Deferred tax assets Deferred tax liabilities 79,435 (173,579) 87,202 (173,727) (17,923) (13,877) NOTES Grove DKK thousand Note 1 - Segment information 2019 2018 Revenue by markets: Buildings Environment & Health Transport Energy Water Management Consulting 3.818,648 3,601,388 2.798,727 2.439,454 1,074,258 456,318 14.188793 3.699,895 2724441 2617.853 1.213.272 628,800 466.769 11.351,030 Revenue by geography: Denmark Sweden Norway Finland Americas UK 3,044,368 1.585,387 1,562.996 1,685,782 3.739,074 1,067,546 450,377 638,764 414,499 14188793 2.888.898 1.466 336 1,504915 1.586.971 1,478,018 1,022,725 428.220 598,190 376.755 11.351,030 Germany Middle East & Asia Pacific Central Europe & Africa DKK thousand Group Parent Company Note 2 - Staff costs 2019 2015 2019 2018 Employees Wages and salanes Pension costs Other social security costs (7.401.792) (584,3261 (665.180) 8651,298 16,321,654 1528.807) 1595.444) 7,445.905 (64,961) 15,252) 1667) 770,8801 (S0,053) (4,386) (554) 54,993 Executive Board Board of Directors 39,698) (3.300) 18.694.296 37.936 3.300) 7.487.1411 (39,698 (3.3001 (37,936 (3,300) 196.229 Stalf costs are recognised as follows in the income statement Staff costs Other costs 18,588,757 (105.539) 18.694296 17,439.8403 (47.301) 07.487.141 (113,878) 0 (113,878 (96,229) O 196,229) Number of employees Number of full-time employee equivalents 14,843 13.276 66 Group Parent Company Goodwill Customer contracts Software licenses etc Goodwill Customer contracts Software, licenses etc. DKK thousand Note 10 - Intangible assets 2019 Opening cost Additions from acquired companies Additions Disposals Exchange rate and other adjustments Closing cost 4,748 3,300,409 499,752 119,766 1,408 104,582 354 26,013 (2.751) 189 128,387 51,830 3,801,010 119.766 6,156 (1,550,490) (78,018) 4,838 (13,612) (200,462) (7,984) (1,578) Opening amortisation Disposals Amortisation for the year Write-downs Exchange rate and other adjustments Closing amortisation Book value at 31 December (23,242) (1.774,194) (7.984) (240) (87,032) (1.578) 2,077,694 111,782 41.355 4,578 Amortisation period (years) 5-20 15 3-7 3-7 3,178,542 83,731 4,748 95,950 539 13,026 (4,582) (351) 104,582 38,136 3,300,409 4,748 2018 Opening cost Additions from acquired companies Additions Disposals Exchange rate and other adjustments Closing cost Opening amortisation Disposals Amortisation for the year Write-downs Exchange rate and other adjustments Closing amortisation Book value at 31 December (1,359,313) (69,121) (4,541) (13,644) (170,634) (26,798) 6,255 (1.550,490) 206 (78,018) 1.749,919 26,564 4,748 Amortisation period (years) 5-20 3-7 3-7 (1.281) (3.218) (2.419) (37) 25 50 1.500 1,167 (1422) 4.546 3.379 4,601 3.379 6,055 $ 4,546 Net cash used in financing activities EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS Net change in cash and cash equivalents CASH AND CASH EQUIVALENTS BEGINNING OF YEAR CASH AND CASH EQUIVALENTS END OF YEAR SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid during the year for: Interest (reduced by $19, $16, and $19, interest capitalized in 2018, 2017, and 2016, respectively) Income taxes, net SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Property and equipment acquired, but not yet paid Cash dividend declared, but not yet paid 143 $ 123 131 $ 1.185 $ 1.204 5 953 250 S The accompanying notes are an integral part of these consolidated financial statements. 40 1.561 (1,332) 421 807 547 5.774 3.292 (106 (1.432) 1078 t365 1.709 (2,9661 (2.5021 (2,649) 4 30 27 (2.947) (2.365) (2,345) Other operating assets and liabilities, net Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Purchases of short-term investments Maturities and sales of short-term investments Additions to property and equipment Other investing activities, net Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Change in bank checks outstanding Repayments of short-term borrowings Proceeds from short-term borrowings Proceeds from issuance of long-term debt Repayments of long-term debt Tax withholdings on stock-based awards Repurchases of common stock Cash dividend payments Other financing activities, net Net cash used in financing activities (230 (106) 106 3.782 185 (56) (2.2003 (1.285) (2201 (2021 14001 (480) 1080) (2004) (746) (41) 11 55 (1.281) (3.218) (2.4191 437.524 5,490 (1.090) 7.686 2,679 ro $2.079 2,670 253 35 12.332 2,714 35 13 85 518 98 518 518 2,673 (165) (165) (165) 12.998) BALANCE AT AUGUST 28, 2016 Net income Foreign-currency translation adjustment and other net Stock-based compensation Release of vasted RSU inducing tax effects Conversion of convertible notes Repurchases of common stock Cash dividends declared and other BALANCE AT SEPTEMBER 3, 2017 Not income Foreign-currency translation adjustment and other not Stock-based compensation Release of veled RSUS, including tax effects Repurchases of common stock Cash dividends declared and other BALANCE AT SEPTEMBER 2. 2018 2) 5,800 (432) 13.945) 5.98 3,134 1473) (3,945) 10 778 3.134 437,204 (473) (3,945) 11,079 3.179 (1014) 301 45 (185) (71 (185) 547 (192) 547 547 2.741 (1.756) (217) (25) 1217) (322) 1936) 12.799 (296) 1939) 7,887 (217) (322) (971) $ 13,103 3 6,107 (35) 304 438, 189 (1,199 $ $ COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF EQUITY (amounts in millions) Common Stock Shares (000's) Amount 437,952 $ 2 $ Additional Paid in Capital 5,218 5 Accumulated Other Comprehensive Income (1.05) (1.121) 5 Retained Earnings 6,518 2.350 Total Costco Stockholders Equity 10,617 2.350 $ Noncontrolling Total Interests Equity 226 $10,843 26 2,376 22 26 BALANCE AT AUGUST 30, 2015 Net income Foreign-currency translation adjustment and other net Stock-based compensation Stock options exercise, duding fax effects Release of voted restricted stock ni (Rus) including tax 22 450 450 450 2.749 11:46) (146) 3,154) (477) (749 ( Conversion of convertible notes Repurchases of common stock Cash dividends declared and other BALANCE AT AUGUST 20, 2016 Nel come Forwgn-urrency translation adjustment and other not (436) (746) 7,600 2.079 1477) 1746) 12.079 2.670 437,524 5,490 11.0001 35 2.714 85 08 COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (amounts in millions) 52 Weeks Ended September 2, 2018 53 Weeks Ended September 3, 2017 52 Weeks Ended August 28, 2016 2.376 3.179 (192) 2.987 2.714 98 NET INCOME INCLUDING NONCONTROLLING INTERESTS Foreign-currency translation adjustment and other, net Comprehensive income Less: Comprehensive income attributable to noncontrolling interests COMPREHENSIVE INCOME ATTRIBUTABLE TO COSTCO 26 2,812 2.402 38 48 30 $ 2.940 $ 2,764 $ 2,372 (159) 121 (134) 62 (133) 80 4442 1.263 3,179 (45) 4,039 1,325 2,714 (35) 3,619 1.243 2.376 (26) 3.134 $ 2.679 2.350 OTHER INCOME (EXPENSE) Interest expense Interest income and other, not INCOME BEFORE INCOME TAXES Provision for income taxes Net income including noncontroling interests Net income attrbutable to noncontrolling interests NET INCOME ATTRIBUTABLE TO COSTCO NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COSTCO: Basic Diluted Shares used in calculation (000's) Basic Diluted CASH DIVIDENDS DECLARED PER COMMON SHARE 6.11 $ 7.15 5 7.00 5.36 5.33 6.08 438.515 441.834 438,437 440,937 438,585 441,263 S 2.14 5 8.90 $ 1.70 COSTCO WHOLESALE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (amounts in millions, except per share data) 52 Weeks Ended September 2. 2018 53 Weeks Ended September 3. 2017 52 Weeks Ended August 28. 2016 $ $ 138.434 3.142 141,576 128,172 2,858 129,025 116,073 2.646 118.719 REVENUE Net sales Membership fees Total revenue OPERATING EXPENSES Merchandise costs Selling general and administrative Preopening expenses Operating income OTHER INCOME (EXPENSE) Interest experte Interest income and other net INCOME BEFORE INCOME TAXES Provision for income taxes Net Income including noncontrolling interests Nama atat in interest 123,152 13,676 68 4480 111,882 12,950 82 4,111 102.901 12,068 78 3.672 (134) (150) 121 (133) BO 3.619 1.243 4442 1,263 3.179 140 4,039 1,325 2,714 145 2.376 1961 27.727 25.268 0 0 4 COMMITMENTS AND CONTINGENCIES EQUITY Preferred stock $0.01 par value: 100,000,000 shares authorized: no shares issued and outstanding Common stock $0.01 par value: 900,000,000 shares authorized: 438, 189,000 and 437,204,000 shares issued and outstanding Additional paid-in capital Accumulated other comprehensive loss Retained earnings Total Costco stockholders' equity Noncontrolling interests Total equity TOTAL LIABILITIES AND EQUITY 6.107 (1.199) 7.887 12.799 304 5.800 (1.014) 5,988 10,778 301 11,079 13.103 40,830 $ 36.347 1.140 30.714 843 28.341 (11.033) 19,681 (10.180) 18.161 869 860 40.830 $ 36.347 5 Construction in progress Less accumulated depreciation and amortization Net property and equipment OTHER ASSETS TOTAL ASSETS LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable Accrued salaries and benefits Accrued member rewards Deferred membership fees Other current liabilities Total current liabilities LONG-TERM DEBT, excluding current portion OTHER LIABILITIES Total liabilities COMMITMENTS AND CONTINGENCIES EQUITY 9,608 2.703 961 11,237 2.994 1,057 1,624 3,014 19.926 6,487 1.314 27,727 1.498 2.725 17.495 6,573 1.200 25.268 Dardal enn 400 non haberi har COSTCO WHOLESALE CORPORATION CONSOLIDATED BALANCE SHEETS (amounts in millions, except par value and share data) September 2, 2018 September 3, 2017 ASSETS $ 4 546 6,055 1.204 1.669 11.040 321 1.233 1432 9.834 272 CURRENT ASSETS Cash and cash equivalents Short-term investments Receivables, net Merchandise inventories Other current assets Total current assets PROPERTY AND EQUIPMENT Land Buildings and improvements Equipment and fixtures Construction in progress 20,289 17,317 5,690 6,193 16,107 15,127 7.274 1.140 30.714 6,681 843 28,341 INCOME STATEMENT Group Parent Company 2019 Note DKK thousand 2019 2018 2018 1 14,188,793 (2,816,530) (1,819,586) (8,588,757) 12,058 11,351,030 (1,531,589) (1,631,762) (7,439,840) 11,668 190,207 (1.921) (129,910) (113,878) 256,797 (1,269) (119,088) (96,229) 2 13 40,211 3 Revenue Project costs External costs Staff costs Income from associates and joint ventures EBITDA Depreciation EBITA Amortisation and write-downs Other income Other costs Income from subsidiaries EBIT 975,978 (213,449) 762,529 759,507 (162,461) 597,046 (55,502) (1,578) (57,080) 40,211 3 4 5 12 (208,446) 14,301 (227.275) (197,432) 9,054 (90,765) (28,806) 230,425 144,539 (31,331) 164,741 173,621 341,109 317,903 6 7 Financial income Financial expenses Profit before tax 51,297 (84,552) 307,854 146,826 (103,960) 360,769 69,188 (38,392) 175,335 152,956 (61.275) 265,302 8 Tax Profit for the year (135,908) 171.946 (122,926) 237,843 (4,002) 171,333 (28,123) 237,179 CASH FLOW STATEMENT Group Note DKK thousand 2019 2018 3 Operating activities: Profit before tax Income from associates and joint ventures Depreciation and amortisation Unrealised exchange loss/(gain), net Cash flow from operating activities before change in working capital 307,854 (12,058) 421,895 9,353 727,044 360,769 (11,668) 359,893 (54,206) 654,788 Change in work in progress Change in receivables Change in payments from clients Change in payables Change in working capital (296,994) (38,895) 316,305 104,057 84,473 (80,232) (124,539) 211,676 89,910 96,815 14,900 (139,676) 686,741 (4,451) (251,110) 496,042 9 92,632 (218,692) (22,343) 1.965 (146,438) (996, 177) (236,975) (12.954) 22.353 (1.223,753) Change in provisions Income tax paid Cash flow from operating activities Investing activities: Acquisition of companies Investment in tangible assets, net Investment in intangible assets, net Investment in other financial assets Cash flow from investing activities Financing activities: Loan payments, net Dividend to minority interest Dividend to shareholders Cash from financing activities Net cash flow for the year Total cash and cash equivalents at 1 January Net cash flow for the year Exchange rate adjustments Total cash and cash equivalents at 31 December (310,331) (558) (50,000) (360,889) 1,050,000 (512) (50,000) 999,488 179,414 271,777 705,141 179,414 25,207 909,762 437,070 271,777 (3,706) 705,141 Restricted cash at 31 December 2019 amounts to DKK 13 milion BALANCE SHEET, ASSETS Group Parent Company 31.12.2019 Note DKK thousand 31.12.2019 31.12.2018 31.12.2018 1,749,919 Goodwill Customer contracts Software, licences, patents, etc. Intangible assets 2,077,694 111,782 41,355 2,230,831 26,564 1,776,483 4,578 4,578 4,748 4,748 10 Property Plant and equipment Leasehold improvements Property, plant and equipment 25,882 399,941 112,356 538,179 24,478 329,951 105,560 459,989 11 12 13 4,133,115 3,059,956 15,106 14,767 Investments in subsidiaries Investments in associates and joint ventures Receivables from subsidiaries Other investments Prepaid investments in subsidiaries Other receivables Deposits Investments 376,220 187 1,180,935 187 14 2,673 2,736 632,652 751 54,206 705,112 3,049 63,039 83,867 15 4,509,522 4,241,078 2,852.877 2.941.584 4,514,100 4,245,826 1,457 745 16 Total fixed assets Accounts receivables, trade Work in progress Other receivables Receivables from subsidiaries Tax receivables Deferred tax assets Prepayments Receivables 2,842,924 1,463,229 215,923 2,332,262 1,016,174 154,280 30,618 133,545 12,721 121,980 8 107,923 79,435 276,776 4,986,210 109,310 87,202 220,380 3,919,608 28,084 193,704 11,424 146,870 909,762 705,141 438,373 368,885 Cash at bank and in hand Total current assets 5,895,972 4,624,749 632,077 515.755 Total assets 8,748,849 7,566,333 5,146,177 4,761,581 BALANCE SHEET, EQUITY AND LIABILITIES Group 31.12.2019 Parent Company 31.12.2019 Note DKK thousand 31.12.2018 31.12.2018 17 35,000 2,502,373 35,000 2.261,692 35,000 2,495,162 7,211 35,000 2.257,988 3,704 50,000 2,346,692 2,537,373 50,000 2.346,692 2.537,373 4,021 2,541,394 3.923 2.350,615 2,537,373 2,346,692 Share capital Retained earnings Reserve for development costs Proposed dividend Equity attributable to shareholders of Parent Company Minority interest Total equity Provision for pensions Provision for deferred tax Provision for claims, etc. Total provisions Bank loans Other payables Total long-term liabilities 19 8 5,344 173,579 109,350 288.273 5,269 173.727 93,488 272.484 17,923 13,877 17,923 13,877 1,400,000 1,100,000 90,953 1,190,953 1,400,000 6,269 1.406,269 1,100,000 2.127 1,102,127 20 1.400,000 16 1,729,280 744,014 982.956 463,404 86,040 1,344,302 44,482 893,527 Bank loans Prepayments from clients Trade payables Payables to subsidiaries Payables to associates Corporation tax Other payables Total short-term liabilities Total liabilities Total equity and liabilities 21 96,288 2.158,647 4.728,229 61,774 2,028,831 3,536,965 10,140 48,272 1,488,754 16,743 46,260 1,001,012 5,919,182 4,943,234 2.590,881 2.401,012 8,748,849 7.566,333 5,146,177 4,761,581 18 22 23 24 25 Distribution of profit Contingent liabilities Operational lease obligations Auditors' fee Related parties and ownership Subsequent event Financial risk management 26 27 EQUITY DKK thousand Share capital Minority Retained earnings Proposed dividend Reserve for development costs Total Equity Equity attributable to shareholders of Parent Company 35,000 2,257,988 50,000 3,704 2,346,692 3,923 2,350,615 73,889 73,889 44 73,933 Total equity at 1 January 2019 Exchange rate adjustments related to foreign subsidiaries and associates Value adjustment of hedging instruments Tax effects Paid dividend Proposed dividend Reserve for development costs Profit for the year Book value at 31 December 2019 (4,541) (50,000) (4,541) (50,000) (559) (4,541) (50,559) 3,507 (3,507) 171,333 35,000 2,495,162 171,333 2,537,373 613 4,021 171,946 2,541,394 7,211 35,000 2,091,292 50,000 2,176,292 3,813 2,180,105 (59) (16,974) 195 (16,974) 195 (17,033) 195 Total equity at 1 January 2018 Exchange rate adjustments related to foreign subsidiaries and associates Value adjustment of hedging instruments Tax effects Paid dividend Proposed dividend Reserve for development costs Profit for the year Book value at 31 December 2018 (50,000) 50,000 (50,000) (495) (50,495) 3,704 (50,000) (3,704) 237,179 35,000 2,257,988 237,179 2,346,692 237,843 2,350,615 50,000 664 3,923 3,704 Ramboll Group has two share option programmes. One share option programme runs in the period 2018 to 2021 and includes the possibility to buy shares for up to 1.2% of the current share capital at a price, DKK 179 per share. The other programme runs in the period 2019 to 2022 and includes the opportunity to buy shares for up to 11% at a price, DKK 190 per share. NOTES Grove DKK thousand Note 1 - Segment information 2019 2018 Revenue by markets: Buildings Environment & Health Transport Energy Water Management Consulting 3.818,648 3,601,388 2.798,727 2.439,454 1,074,258 456,318 14.188793 3.699,895 2724441 2617.853 1.213.272 628,800 466.769 11.351,030 Revenue by geography: Denmark Sweden Norway Finland Americas UK 3,044,368 1.585,387 1,562.996 1,685,782 3.739,074 1,067,546 450,377 638,764 414,499 14188793 2.888.898 1.466 336 1,504915 1.586.971 1,478,018 1,022,725 428.220 598,190 376.755 11.351,030 Germany Middle East & Asia Pacific Central Europe & Africa DKK thousand Group Parent Company Note 2 - Staff costs 2019 2015 2019 2018 Employees Wages and salanes Pension costs Other social security costs (7.401.792) (584,3261 (665.180) 8651,298 16,321,654 1528.807) 1595.444) 7,445.905 (64,961) 15,252) 1667) 770,8801 (S0,053) (4,386) (554) 54,993 Executive Board Board of Directors 39,698) (3.300) 18.694.296 37.936 3.300) 7.487.1411 (39,698 (3.3001 (37,936 (3,300) 196.229 Stalf costs are recognised as follows in the income statement Staff costs Other costs 18,588,757 (105.539) 18.694296 17,439.8403 (47.301) 07.487.141 (113,878) 0 (113,878 (96,229) O 196,229) Number of employees Number of full-time employee equivalents 14,843 13.276 66 DKK thousand Group Parent Company Note 3 - Depreciation and amortisation 2019 2018 2019 2015 (1.578) Software licences patents, etc Leasehold improvements Property Plant and equipment Depreciation see note 1 and 12 (13,6121 (30,733) (558) (168.546) (213,449) (13,644) 23,317) (584) (124,916) (162.4611 (170,634) (200,462) (7,984) Goodwill amortisation Customer contracts amortisation Write-downs Amortisation and write-downs see note 11 (26,798) (197432) (208 446) Depreciation and amortisation (421895) 3592931 (1.578) Group Parent Company 2019 2018 2019 2018 DKK thousand Note 4 - Other income Other income non-operational Gain on disposals fixed assets 9.673 4,628 14,301 5,914 3,140 9,054 DKK thousand Group Parent Company Note 5 . Other costs 2019 2018 2019 2018 112.445) (31,331) (32,203) (47,301) (10.257) Integration and acquisition costs Restructuring costs - redundancies Restructuring costs - vacant premises Restructuring costs other Other costs. non-operational Loss on disposals, fixed assets (77.549) (105,539) 19,708) (23,932 13,156) (7.391) 227.275) (16,3611 (186) (818) 190,7653 (28,806) 31.331 DKK thousand Group Parent Company Note 6 - Financial income 2019 2018 2019 2013 Interest income from subsidiaries Foreign exchange gain Interest income, external Other financial income 46,687 19,895 2.606 36,145 114.976 1.835 40,671 8,682 1.944 51.297 137,004 6,457 3.365 146,826 69,188 152.956 DKK thousand Group Parent Company 2019 2018 2019 2018 Note 7 - Financial expenses Interest expense to subsidiaries Foreign exchange loss Interest expense, external Other financial expenses (56,406) (19,758) (8.388) 184,552) (84,212) (10,064) 19,684) (103.960) (5.426) (18,738) (13,533) (695) (38.392) (1.708) (51,692) 17.276) (599) (61.275) Group Parent Company 2019 2018 2019 2018 (139,632) 164 21,756 122.336) 140,048 193.276) (50,594) 45,747 (24,803) 122.926) 12,941) (4,325) 279 (1,556) 18.543) (12.643) (15,007) (17,316) 16,843 (28,123) DKK thousand Note 8 - Tax Current tax on profit for the year Movements in deferred tax Adjustments to deferred tax related to prior years Other adjustments in respect of prior years Tax for the year Tax for the year is allocated in the following way, Tax on profit for the year Tax on equity movements Tax for the year Deferred tax at 1 January Adjustment of deferred tax. Income Statement Adjustment of deferred tax Equity Deferred tax due to acquisition of companies Deferred tax at 31 December (122,926) (28,123) (135.908) (4.140) (140,048 (4,002) (4,541) (8.543) 122.926) (28,123) (81,677) (4.848) (86,525) 26,816 (4,140) 130.295) 194, 144) (13,878) 496 (4,541) 18,445 (32,322) 56,525) (17,923) (13,877 (697) 242 (1,045) 261 Deferred tax Goodwill Licences Plant and equipment Leasehold improvements Provision for bad debts Work in progress Deferred income/expenses), net Provisions Tax loss for future use Total deferred tax 11,036 (29,875) 10.509 6,049 9,015 (160,868) 9.226 47,639 3,125 15,760 (4.751) 24,830 (5.167) 7,529 (170,596) 11,535 28,659 5,676 86,525 (23,916) 6,448 (9.790) (3.303) (17.923 (13,877) Recognised in balance sheet as follows: Deferred tax assets Deferred tax liabilities 79,435 (173,579) 87,202 (173,727) (17,923) (13,877) NOTES Grove DKK thousand Note 1 - Segment information 2019 2018 Revenue by markets: Buildings Environment & Health Transport Energy Water Management Consulting 3.818,648 3,601,388 2.798,727 2.439,454 1,074,258 456,318 14.188793 3.699,895 2724441 2617.853 1.213.272 628,800 466.769 11.351,030 Revenue by geography: Denmark Sweden Norway Finland Americas UK 3,044,368 1.585,387 1,562.996 1,685,782 3.739,074 1,067,546 450,377 638,764 414,499 14188793 2.888.898 1.466 336 1,504915 1.586.971 1,478,018 1,022,725 428.220 598,190 376.755 11.351,030 Germany Middle East & Asia Pacific Central Europe & Africa DKK thousand Group Parent Company Note 2 - Staff costs 2019 2015 2019 2018 Employees Wages and salanes Pension costs Other social security costs (7.401.792) (584,3261 (665.180) 8651,298 16,321,654 1528.807) 1595.444) 7,445.905 (64,961) 15,252) 1667) 770,8801 (S0,053) (4,386) (554) 54,993 Executive Board Board of Directors 39,698) (3.300) 18.694.296 37.936 3.300) 7.487.1411 (39,698 (3.3001 (37,936 (3,300) 196.229 Stalf costs are recognised as follows in the income statement Staff costs Other costs 18,588,757 (105.539) 18.694296 17,439.8403 (47.301) 07.487.141 (113,878) 0 (113,878 (96,229) O 196,229) Number of employees Number of full-time employee equivalents 14,843 13.276 66 Group Parent Company Goodwill Customer contracts Software licenses etc Goodwill Customer contracts Software, licenses etc. DKK thousand Note 10 - Intangible assets 2019 Opening cost Additions from acquired companies Additions Disposals Exchange rate and other adjustments Closing cost 4,748 3,300,409 499,752 119,766 1,408 104,582 354 26,013 (2.751) 189 128,387 51,830 3,801,010 119.766 6,156 (1,550,490) (78,018) 4,838 (13,612) (200,462) (7,984) (1,578) Opening amortisation Disposals Amortisation for the year Write-downs Exchange rate and other adjustments Closing amortisation Book value at 31 December (23,242) (1.774,194) (7.984) (240) (87,032) (1.578) 2,077,694 111,782 41.355 4,578 Amortisation period (years) 5-20 15 3-7 3-7 3,178,542 83,731 4,748 95,950 539 13,026 (4,582) (351) 104,582 38,136 3,300,409 4,748 2018 Opening cost Additions from acquired companies Additions Disposals Exchange rate and other adjustments Closing cost Opening amortisation Disposals Amortisation for the year Write-downs Exchange rate and other adjustments Closing amortisation Book value at 31 December (1,359,313) (69,121) (4,541) (13,644) (170,634) (26,798) 6,255 (1.550,490) 206 (78,018) 1.749,919 26,564 4,748 Amortisation period (years) 5-20 3-7 3-7