KMD Annual Report

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ANNUAL REPORT 2009_KMD A/S


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Relevant informa tion on the business activities etc. of KMD A /S together with an electronic version of theannual report for 2009 w ill be found on KMDs w ebsite at ww w.kmd.dk. The website also provides access tofigures relating to the annual reports for KMD Holding A/S and KM D Equity Holding A/S, the annual reportsof which show results for the Group after deduction of finance costs and accelerated depreciation occasionedby the acquisition of KMD A/S.

KMD A/SBallerupCVR no. 26 91 17 45Annual Report 20098th financial year


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_CONTENTS

MANAGEMENT'S REVIEW04_RESULTS

_ Profile

_ The past year

_ Results 2009

_ Financial highlights

_ Cost control and financial outlook

_ Events after the balance sheet date

08_MARKETS

_ The local government market

_ The central government market

_ The private market_ The regional market

_ Business areas

12_MANAGEMENT AND RISKS

_ Corporate Governance

_ Special risks

_ Strategic agreements

_ Processes

15_CSR

_ Corporate Social Responsibility

_ Green IT

_ Social responsibility

_ Special collaborations20_STRATEGY AND ORGANISATION

_ Group strategy

_ Employees

_ Subsidiaries and associate

_ Board of Directors

_ Executive Board

FINANCIAL INFORMATION

25_FINANCIAL STATEMENTS

_ Accounting policies

_ Income statement

_ Balance sheet

_ Statement of changes in equity

_ Statement of cash flows

_ Notes

_ Statement and auditor's report


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We use our insight into our customers, processes andemployees to deliver IT that optimises and develops ourcustomers' businesses. We have offices throughoutDenmark, which means that we are close at hand andflexible.

LONG EXPERIENCE OF COMPLICATED ITPROJECTSKMD has been working with the development, operation

and maintenance of some of Denmark's largest IT systemsfor more than 35 years. These systems are designed toefficiently support citizen services and theunderlying administrative processes, and are adapted tokeep abreast of developments in legislation. This is ourcore business.

SAP KMDS STRATEGIC PLATFORMKMD has chosen SAP as its strategic collaboration partnerand technological platform for our development work,particularly for our local government solutions. The choiceof SAP as a common cornerstone speeds up developmentand offers better coherence between systems, global

market standards, and greater openness and freedom ofchoice for our customers.

CUSTOMERS CAN FOCUS ON THEIR COREBUSINESSAt KMD we help local government, central government,regional and private customers to administer their IToperating environments so that they are free to focus ontheir core business without having to worry about devotingresources to monitoring, maintaining and developingcomplex IT installations.

We develop Business Process Outsourcing (BPO)

solutions, where we take over the organisation'sadministrative procedures particularly payroll. Based onmany years' experience of optimising complicated, labour-intensive processes, KMD has attained a unique wealth ofknow-how when it comes to large-scale operations andoptimisation of administration-heavy tasks. KMD currentlycarries out total payroll and HR administration for more than115,000 salary-earners.

KMD IT WITH INSIGHT

KMD HAS MORE THAN 3,200 EMPLOYEES AND ANNUAL REVENUE OF OVER DKK 3.8 BILLION. KMD DEVELOPS ANDDELIVERS IT SOLUTIONS TO THE LOCAL GOVERNMENT, CENTRAL GOVERNMENT, REGIONAL AND PRIVATE MARKETS.

A growing area of activity for KMD in the centralgovernment market in particular is ApplicationManagement, where we help with the maintenance anddevelopment of customers' IT systems, ensuring optimal ITsupport for their business.

DENMARK'S BEST LARGE IT WORKPLACEOur employees are the key to our success. KMD istherefore striving to be Denmark's best large IT workplace,

constantly focusing on recruiting, developing and retainingthe right competences.

Geographically, we are located in Denmark's four largeuniversity cities. This provides great opportunities forcollaboration with leading specialists and enables us toattract the best candidates from the educational institutions.

RESULTS

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A SATISFACTORY 2009 FOR KMDKMD has had an exciting year, with the new ownershipand the management of KMD continuing KMDs previousstrategy and introducing rationalisation programmes tomake KMD even more competitive in the future. In 2009KMD maintained its strong position as a provider of ITservices to local governments, the regions and centralgovernment, and experienced continued growth in theprivate market.

2009 was also the year when KMD sold the associate e-Boks to PBS and Post Danmark.

NEW OWNERSHIPIn December 2008 Local Government Denmark (KL)agreed to sell KMD to EQT and ATP, giving KMDcompletely private ownership. The sale was approved bythe Danish Competition Authority in February 2009 andofficially completed on 2 March 2009. The sale of KMDtook place in pursuance of Act no. 548 of 8 June 2006,which means that companies in local governmentownership that earn more than 25% of their revenue

outside the local government area over a 3-year periodmust be privately owned. In concrete terms, the act meantthat KMD was obliged to find a new owner by the end of2011 at the latest.

THE PAST YEAR

2009 WAS A SATISFACTORY YEAR FOR KMD A/S. THE COMPANY EXPERIENCED REVENUE GROWTH OF 10%,REALISING REVENUE IN EXCESS OF DKK 3.8 BILLION. PROFIT AFTER TAX WAS DKK 109 MILLION.

Revenue excl. local government reformRevenue, local government market

Revenue with and without the local governmentreform

DKK million

Revenue/ave. number of employees

TDKK

RESULTS 2009The Group's profit after tax for 2009 was DKK 109million against DKK 144 million in 2008.

Revenue in 2009 developed as expected, while theGroup's expenses were impacted by one- off items totallingDKK 93 million, primarily relating to rationalisationmeasures etc. and changes in accounting estimates ofprovisions for holiday pay and employee anniversaries.

Seen in this light, KMD considers the net profit for the yearto be satisfactory.

The Group recorded revenue of DKK 3,827 million in2009, an increase of 10.1% on 2008 and therefore inline with the outlook for the year. This growth comes on topof growth of 10.9% in 2008 (excl. effects of the localgovernment reform in 2007) and is considered satisfactoryin the current market.

The Group's revenue per employee rose in 2009 fromDKK 1.15 million to just under DKK 1.19 million, which is

satisfactory and reflects both good growth in revenue andcontinued growth in number of employees.

THE PAST YEAR

2009 WAS A SATISFACTORY YEAR FOR KMD A/S. THE COMPANY EXPERIENCED REVENUE GROWTH OF 10%,REALISING REVENUE IN EXCESS OF DKK 3.8 BILLION. PROFIT AFTER TAX WAS DKK 109 MILLION.

Revenue excl. local government reformRevenue, local government market

Revenue with and without the local governmentreform

DKK million

Revenue/ave. number of employees

TDKK

RESULTS

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GroupThe Groups development can be described

as follows:

DKK million 2009 2008 1.1.2008* 2007 2006 2005

Income s ta tement

Revenue 3,826.9 3,475.6 3,230.9 3,385.9 2,862.4

Expenses 3,568.8 3,166.6 2,908.8 3,003.7 2,484.6

Earnings before interest, tax, depreciationand amortisation (EBITDA)

258.1 309.0 322.1 382.2 377.8

Depreciation and amortisation 133.4 115.5 101.6 142.8 105.1

Earnings before interest and tax (EBIT) 124.7 193.5 220.5 239.4 272.7

Net financials 11.2 -2.2 -9.0 -10.2 -16.0

Tax -27.0 -47.8 -60.5 -69.2 -81.7

Net profit for the year 108.9 143.5 151.0 160.0 175.0

Ba lance shee t

Balance sheet total 1,928.0 1,647.9 1,489.4 2,764.2 2,832.0 2,525.3

Capital investments 105.7 164.3 217.2 362.5 481.6

Equity, year- end 426.1 419.7 321.2 1,196.3 1,082.5 942.6

Net interest- bearing debt 286.1 464.6 407.7 764.2 926.9 918.2

Cash f lowFrom operating activities 432.6 195.4 455.7 353.8 252.3

From investing activities - 153.1 - 223.6 - 270.9 - 322.8 - 535.7

From financing activities - 178.2 5.0 -186.8 -18.0 291.9

Net cash flow for the year 101.3 -23.2 -2.0 12.9 8.5

Financial rat ios

Profit margin (EBIT margin) 3.3%** 5.6% 6.8% 7.1% 9.5%

Return on capital employed 7.0% 12.3% 7.9% 8.9% 12.3%

Solvency ratio 22.1% 25.5% 43.3% 38.2% 37.3%

Return on equity (ROE) 25.8% 38.7% 13.3% 15.8% 20.1%Asset turnover rate 2.1 2.2 1.2 1.3 1.3

Emp loyees

Number of full- t ime employees, period-end 3,245.0 3,129.0 2,890.0 2,971.0 2,853.0

Average number of full-time employees 3,225.0 3,027.0 2,879.0 2,908.0 2,613.0

* Three of KMD's properties were demerged into independent companies effective 1 January 2008. The financial highlights for2007 and earlier have not been restated.** Profit margin adjusted for one-off costs was 5.7%. One-off expenses relate to rationalisation measures and changes in accountingestimates of holiday pay and employee anniversaries.The financial ratios have been calculated in accordance with Recommendations and Key Ratios 2005, issued by the Danish Society

of Financial Analysts.

FINANCIAL HIGHLIGHTS

RESULTS

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COST CONTROLThe Group's expenses in 2009 were in line withexpectations when adjusted for one-off items, includingrationalisation measures and changes in accountingestimates of holiday pay, employee anniversaries andprovisions.

The Group's expenses rose by 12.7% to DKK 3,569million, an increase of DKK 402 million on 2008.

Adjusted for one-off items etc., the increase is 9.3% orDKK 295 million.

Staff costs rose by DKK 297 million in 2009, equivalent toa 17.1% increase on 2008 and mainly attributable to thefact that the average number of employees increased by198 compared to 2008 and that KMD changedaccounting estimates of provisions for holiday pay andemployee anniversaries during the year. This item alsoincludes expenses for realisation of the Group'srationalisation measures.

Other external expenses rose by DKK 106 million,

equivalent to a 7.4% increase on 2008. Adjusted for one-off expenses for rationalisation measures etc., the increasewas 5.4%.

Compared to 2007 the expenses in 2008 and 2009were impacted by KMDs domiciles in Aalborg, Odenseand Ballerup being demerged on 1 January 2008. KMDhas subsequently leased its former domiciles from KL. Seenin isolation, the effect of this impacted KMDs EBIT by DKK-45.5 million and EBT by DKK -29.0 million in both 2008and 2009.

COST CONTROL AND FINANCIAL OUTLOOK

Other external expenses as % of revenue

%

O rdin ar y expen ses E ff ect o f dem er ger and o ne o ff i tems

EBIT/ave. number of employees

TDKK

EBIT/ave. number of employees Effect of demerger and one off items

With a profit (EBIT) margin of 3.3% the Grouprecorded EBIT of DKK 124.7 million in 2009, which at firstsight is a significant fall compared to 2008, when theprofit margin was 5.6%. Adjusted for one-off expenses in2009, the profit margin was 5.7%, which isconsidered satisfactory.

F INANCIAL OUTLOOKFor 2010 KMD expects revenue growth of 5-8%. Theresults for 2010 are expected to be slightly higher than2009, primarily driven by new sales, and process andrationalisation improvements.

With the above outlook for growth in 2010, we expectKMD to maintain its position as one of the top three largeIT service providers in Denmark.

EVENTS AFTER THE BALANCE SHEET DATE No events have occurred since the balance sheet datewhich have a material impact on the Companys financialposition as at 31 December 2009.

RESULTS

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KMD IN THE LOCAL GOVERNMENT MARKETThe local government market is KMDs key market. In2009 KMD generated approx. 70% of its revenue in thismarket.

Satisfaction with KMD among local government decision-makers is generally very high, although there arechallenges in some areas. Overall satisfaction with KMD in2009 was 83%, which was marginally lower than in

2008. In general there has been a weak downward trendin customer satisfaction since 2006, when KMD achievedgreat success in helping the local governments through thereform process. KMD expects that customer satisfaction hasnow reached a more natural, but still very high level, andwants to maintain this going forward. The generalperception of IT companies has fallen since 2008, andKMD is still comfortably above the market average.

Overall satisfaction with collaboration with KMD in thevarious business areas is generally very high. In the schooland cultural administration area, satisfaction rose by 5percentage points from 2008 to 2009 to a level of 93%.

While things are going well in the vast majority of areas,KMD has experienced a decline in the labour market area,where satisfaction has fallen from 79% to 61%. This is adrastic fall, which can be attributed to problems with KMDOpera in job centres, primarily in the spring of 2009.KMD has resolved the key issues with the KMD Operaproduct, and the most recent measurement showed thatoverall satisfaction with the product was back on anupward trend.

KMD Opus, which is KMDs offering for the SAP-basedbusiness systems of the future, was particularly well

KMD'S MARKETS

Revenue excl. the local government reformRevenue, local government market

Local government market

DKK million

Central government market

DKK million

Revenue, central government market

received by KMDs customers. In 2009 the proportion ofcustomers who thought KMD Opus was the right strategyfor the local government market rose to 61% of thosequestioned, an increase of 5 percentage points on 2008.At the same time the proportion of customers who did notexpress an opinion fell from 38% to 30%. KMD sees thisas a sign that customers are increasingly aware of thestrategy behind KMD Opus.

DO YOU THINK KMD OPUS IS THERIGHT STRATEGY FOR THE LOCALGOVERNMENT MARKET?

Renewal of local government IT solutions with the SAP-based business platform KMD Opus continued to gatherpace in 2009. KMD has introduced a new implementationconcept, offering customers a far more customisedimplementation of their KMD Opus. Implementations are infull progress in the finance area, and from the start of2010 a total of 27 customers are now using the SAPplatform, with implementations for a further 10 customersscheduled for 2010. In the payroll and HR area we havefocused on stabilising and quality-assuring the product. A

MARKETS

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new product for user and rights management was alsointroduced in 2009 (Opus Brugerstyring), together with anoverall concept for Business Intelligence.

KMD Opus integrates local government production ininstitutions, the public sector, etc. and provides a generaloverview and cohesive work processes, enabling serviceimprovements and significantly improving opportunities forcontrol and overview through the addition of a cohesiveand visible data flow. This results in a correspondingimprovement in financial control, providing localgovernments with the necessary financial overview tocontrol and schedule resources.

In 2009 KMD continued implementation of the new IT

solutions for the social area (known as 4S), and animportant milestone was reached with completion of theimplementation of 4S in the Copenhagen local governmentarea. 4S includes four IT solutions: KMD Social Pension,KMD Underholdsbidrag [maintenance payments], KMDBrneydelse [child benefit] and KMD Boligsttte [housingbenefit]. 4S makes it easier for caseworkers to deal withcustomers straight away, rather than sending the case tothe back office for processing. User satisfaction with thefour IT solutions is very high. KMDs latest analysis ofsatisfaction shows that between 87% and 95% ofcustomers are satisfied with 4S.

KMD continues to enjoy success within Business ProcessOutsourcing in the payroll area, including inVesthimmerland and Hillerd, where KMD is taking overpayroll administration and payroll employees from the twolocal governments.

KMD has also entered into collaboration agreements witha number of local governments to investigate how they canrationalise objective caseworking. Objective caseworkinginvolves rationalising the local governments work in fivesocial areas, with allowances, benefits and pensionsbeing allocated according to objective criteria. The five

areas are national retirement pension, housing benefit,family allowance, scholarships and maternity pay. KMDhas entered into agreements to refine the concept it callsBPOsocial. The BPOsocial solution covers the objectivecase areas and is based on KMDs portfolio of solutions inthe areas KMD Boligsttte [housing benefit], KMD Socialpension, KMD Brneydelse [child benefit], KMDUnderholdsbidrag [maintenance payments], KMDDagpenge [unemployment benefit] and KMD Institution.

In 2009 KMD took over full operation of IT systems forCopenhagens local government. KMD and the localgovernment of Copenhagen have also entered into an

agreement to migrate to KMDs service office solutions. Byentering into this agreement, Copenhagens localgovernment has made the transition to a standard KMD-ASP environment.

KMD IN THE CENTRAL GOVERNMENT MARKETIn 2009 KMD recorded revenue growth of approx. 17%in the central government market.

KMD has many years experience of the public sector, andwe are good at converting complicated legislation intoeffective IT solutions. This gives KMD a good starting pointfor our involvement in the central government market.

Each year KMD carries out analyses of the centralgovernment market, and we are pleased to confirm thatKMD is a well-known actor in the central governmentmarket. As such, 91% of the customers questioned arefamiliar with KMD as a major provider of total IT solutionsfor central government; the corresponding figure in 2008

was 87%. At the same time, KMDs image is very highlyrated in the central government market, with customersviewing KMD as the enterprise best able to deliver IToperating services and outsourcing; a full 79% of thecustomers questioned perceive KMD as very solidorsolidin this respect. KMD is also assessed as being themost solid enterprise in delivery of ApplicationOutsourcing, a position which KMD has retained from2008. KMD views this position as a strong starting pointfor its continued growth strategy in the central governmentmarket.

KMD views the central government market as a key growth

area. SKAT, the Danish tax authority, is KMD's largestcustomer in the central government market. Among otherthings, KMD provides the Advance tax payment system,which for the 2010 tax year is based solely on digitalcommunication with citizens, and E- indkomstdata, thesystem for displaying income data. In addition KMD isinvolved in developing SKATs new A Common Collectionsystem (EFI).

New business won by KMD in 2009 includes the deliveryof Nemrefusion, a system being developed for theNational Directorate of Labour and local governments,

among other things to facilitate the task of reportingsickness benefits.

During 2009 KMD also entered into new agreements withthe Danish police and the Ministry of Education, amongothers. KMD has developed a knowledge-support systemfor the polices service centres. In 2009 KMD alsoexpanded its collaboration with the Road Safety andTransport Agency. KMD has been responsible for theAgencys eSyn system, which is used to administer vehicleinspections, for four years, and now KMD will also beresponsible for printing and enveloping more than 1million annual reminders for periodic inspections.

MARKETS

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KMD IN THE PRIVATE MARKET KMDs position in the private market was strengthened bya DKK 48 million increase in revenue in 2009, a positionKMD considers satisfactory.

KMDs business opportunities in the private market liewithin its products for the energy segment and KMD NEW,which covers the areas Business Process Outsourcing, IToutsourcing and Application Management.

KMDs visibility in the private market was at the same highlevel in 2009 as in 2008. KMDs analysis of the privatemarket for 2009 shows that 86% of the customers askedare familiar with KMD as one of the key providers of IToutsourcing. Customers also consider KMD to be the most

solid provider of IT operating services and outsourcing.

In the Business Process Outsourcing area, KMD enteredinto outsourcing agreements in 2009 with AalborgPortland and Royal Unibrew, taking over the payrollfunction for more than 1,000 employees in bothcompanies. KMD has also signed a contract with thepublic- sector employees' pension fund LnmodtagernesDyrtidsfond (LD) concerning administration of the funds 1million or so members. In 2009 KMD also entered into aclassic IT outsourcing agreement with BankInvest, whichamong other things involves taking over operation of aserver environment with approx. 100 servers.

KMDs Mail Centre experienced growth in 2009, andKMD is now taking a leading position in the print providermarket. In 2009 KMD entered into a contract with BEC.When providing print solutions, the focus is on reliability ofdelivery, modern technology and prioritisation of IT security.

Private market

DKK million

Revenue, private market

Regional market

DKK million

Revenue, regional market

KMD IN THE REGIONAL MARKETKMDs revenue in the regional market was DKK 79 millionin 2009.

The regional market is generally a market where KMD seesgrowth potential in 2010, particularly in relation to thetenders expected to be announced this year.

The fall in revenue from 2008 to 2009 is due to astrategic focusing of KMDs activities in the regional market.

KMD and Region Zealand have long enjoyed a fruitfulcollaboration, and this continued in 2009. Similarly, KMDhas long enjoyed good collaboration with Region SouthDenmark, which has led to a number of IT operating

contracts for central systems being renewed. KMD viewsthe collaborations with Region Zealand and Region SouthDenmark as a good starting point for further activities in theregional market.

Private market

DKK million

Revenue, private market

Regional market

DKK million

Revenue, regional market

MARKETS

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KMD's business areas

Product business Customer ServiceTechnical and Operations Project and ConsultancyProduct Sales

KMDS BUS INESS AREASThe increase in revenue reflects a positive development inthe Groups primary business areas.

The growth is in line with the growth strategy and thefinancial targets set in the strategic plan 2004 for theperiod up to 2010.

KMDs business is divided into five product and serviceareas: Product business, Customer Service, Technical andOperations business, Project and Consultancy business,and Product Sales. In 2009 all business areas made goodprogress.

Net revenue in the Productbusiness rose by 10.0% to

DKK 2,175.5 million. The increase in revenue can beattributed to continued good development in sales of ITsolutions to the local government market. This includes thenew IT solutions for the social area and the employmentarea, and KMDs SAP-based ERP solutions for localgovernments KMD Opus. Sales of BBR and the threeelections in 2009 also contributed to the additionalrevenue (regional and local government elections plus theelections to the European Parliament).

Net revenue in the Customer Servicebusiness area roseby 4.9% to DKK 374.9 million. The growth reflects salesof new solutions to both the local government market and

the private market as well as good growth within theBusiness Process Outsourcing area (BPO), particularlyoutsourcing of payroll administration, where KMD hasunique expertise in terms of effective operation andspecialist knowledge.

KMD's business areas

Product business Customer ServiceTechnical and Operations Project and ConsultancyProduct Sales

Net revenue in the Technical and Operationsbusinessrose by 19.4% to DKK 586.7 million, with growth coming

in particular from the private market. This was achieveddespite very stiff competition in this market, which wasaffected by the financial crisis and a generally low level ofactivity. All the business areas within Technical andOperations achieved high growth, but Printingexperienced particularly significant growth, both organicallyand as a result of acquisitions of small complementarybusinesses.

Net revenue in the Project and Consultancybusiness roseby 9.9% to DKK 274.5 million. The increase in revenuecame mainly within the central government area, including

as the provider of A Common Collection System (EFI), butthe private market also showed good growth.

Net revenue in Product Sales(hardware/software) rose by6.2% to DKK 275.6 million.

MARKETS

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The basis for the managements work includes the DanishCompanies Act, the Danish Financial Statements Act, thecompanys articles of association, and generally acceptedpractice for companies of the same size as KMD.

Furthermore, the Managements review has been drawnup in accordance with the guidelines of the Danish VentureCapital and Private Equity Association: Active ownershipand transparency in private equity funds(see

www.dvca.dk).OWNERSHIP AND CAPITAL STRUCTUREAt 31 December 2009 the entire share capital of DKK240 million (240,000 shares) in KMD A/S was owned bythe parent company KMD Holding A/S, which is 100%owned by KMD Equity Holding A/S. KMD Equity HoldingA/S is owned 83.6% by EQT and 14.7% by ATP. At 31December 2009 the management of KMD and othershareholders owned 1.7% of the share capital. Thecompany structure is illustrated below. The share capital ofKMD A/S is not divided into share classes.

In connection with the acquisition of the share capital inKMD A/S, loans have been taken out in 2009 with FIH,Nykredit, Danske Bank, Nordea and ATP. The loans weretaken out on market terms.

GENERAL MEETINGThe Company's articles of association authorise the Boardof Directors to take decisions on distribution of extraordinarydividends where the Company's and the Group's financialsituation so permit.

CORPORATE GOVERNANCE

KMD'S BOARD OF DIRECTORS AND EXECUTIVE BOARD ARE RESPONSIBLE FOR ENSURING THAT THE GROUPSMANAGEMENT STRUCTURE AND CONTROL SYSTEMS ARE APPROPRIATE AND FUNCTION SATISFACTORILY.

THE WORK OF THE BOARD OF DIRECTORSThe Board of Directors held nine board meetings in 2009,including a strategy seminar to follow up on KMD'scorporate strategy and action plans. A supervisory boardcommittee has been appointed to prepare board meetingsand discuss current topics, and comprises the Chairman ofthe Board of Directors, EQTs general partner and theCEO. In addition, the Executive Board reports to the Boardof Directors on the Groups financial development on a

monthly basis.

REMUNERATION OF THE BOARD OFDIRECTORS AND MANAGEMENTA total of DKK 18.9 million was paid in remuneration tothe Board of Directors and management in the financialyear.

Remuneration to the Executive Board and Board of

Directors is discussed in [note 2] to the income statement.

CORPORATE GOVERNANCE ANDCOMPLIANCEKMD works with Corporate Governance on several fronts.In 2009 KMD introduced a special Compliance function,which will ensure that KMD acts in accordance with thecompetition rules. More than 450 employees underwentcompliance training in 2009, and follow-up courses andtraining for new employees are being conducted on anongoing basis.

KMD also works on an ongoing basis with IT security

policies and programmes that support KMD's target ofsecure and correct data processing.

KMD will step up these efforts in 2010 by introducing aprogramme for Corporate Governance and Compliance inthe Group based on the applicable recommendations forgood corporate governance from the Committee for GoodCorporate Governance. The Corporate Governanceprogramme is intended to be accompanied by a numberof Corporate Compliance initiatives.

Executive Board DKK 17.7mBoard of Directors DKK 1.2mTotal DKK 18.9m

MANAGEMENT AND RISKS

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BUSINESS R ISKSThe following risks are regarded as special risks in relationto KMD:

Centralisation of local government task performanceGiven that a large proportion of the Companys businessis connected with sales to local governments, a transfer oftasks to central government would entail a certain risk tothe Groups current business.

The transitional agreementIn connection with the sale of KMD to KommunernesLandsforening (Local Government Denmark), a transitionalagreement was signed concerning the regulation of futureprice developments and the service level for certain ITsystems critical to the local governments administration oflegislation in a number of vital welfare areas. The purposeof the agreement is to ensure that the local governmentsexperience continuity in KMD's development of thesecritical systems, irrespective of a change in ownership. Theagreement is thus designed to ensure that, as a minimum,KMD continues its provision of these systems according to

an as is principle, but does not include obligations forthe local governments to purchase KMDs services infuture.

The management assesses that in the short and mediumterm the agreement will not have a negative influence onKMD's possibilities of implementing its current strategy.

Development and implementation of the Opus projectAs well as providing KMD with major businessopportunities, the Opus project also represents the largestsingle operational risk for KMD.

The development of the Opus administrative suite (finance,payroll, procurement, etc.) is of major importance and isexpected to be completed during the current strategyperiod.

The initial development has taken more time and resourcesthan first expected, but the management is convinced thatthe current development is realistic. The management isalso convinced that sufficient resources have beenallocated to the project, and that the project has thenecessary project management in place and the seniormanagement attention required to achieve a successful

outcome.

SPECIAL RISKS

LIKE ALL OTHER IT COMPANIES, KMD IS EXPOSED TO A NUMBER OF BUSINESS RISKS IN RELATION TO DEVELOPMENTOF THE MARKET, CUSTOMER DEMAND, TECHNOLOGICAL CHANGE, EMPLOYEE RECRUITMENT, PROJECT

MANAGEMENT, ETC.

FINANCIAL RISKSKMD is not particularly exposed to financial risks. Thepresent financial crisis is of minor significance for KMD, asthe major part of our revenue derives from the localgovernment market. KMD is not therefore subject to cyclicalimpacts and, consequently, is not being directly affected bythe current economic situation, as is the case elsewhere inthe IT industry.

KMD trades only minimally in foreign currencies, mostly theeuro. Repayments of KMD's long-term bank borrowingsare linked to a fixed amortisation plan and variableamortisation determined on the basis of KMDs excessliquidity. The Group has complied with all the covenantslinked to these bank borrowings, and it is expected thatthe Group can continue to do so for the lifetime of theborrowings.

KMD's credit risk is considered minimal because of KMDscustomer segment.

The financial risk therefore relates primarily to changes in

interest rates. KMD follows a board-approved financepolicy with a low risk profile, such that interest rate andcredit risks only arise from commercial matters. On thebalance sheet date 80% of KMDs interest expenses werelinked to the senior debt, which is hedged for the comingyears.

The management continuously assesses whether KMD hasan adequate capital structure.

SECURITY RISKSKMD manages huge amounts of both administrative andsensitive personal data on behalf of our customers and, on

that basis, security has always been high on the Groupsagenda. In order to sharpen our focus on this area, weended the year with an internal campaign to increase focusamong our employees on the security aspects of our dailywork.

KMDS INTERNAL CONTROL AND RISKMANAGEMENT SYSTEMS

Control environmentResponsibility and authorities are defined in the Board ofDirectors instructions for the Executive Board, policies,procedures and codes. The Board of Directors approvesthe Groups primary policy for treasury and finance policy,risk management and the Groups code of conduct for thebusiness. The Executive Board approves other policiesand procedures, and the responsible functions issueguidelines and supervise the application of all policies and


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procedures. Systems have been established to ensurecorrect separation of functions in the accounts department.The organisational structure and the internal guidelinesdefine the control environment in conjunction with laws andother regulations.

Risk assessmentThere is a relatively higher risk of errors in items in thefinancial statements which are based on estimates orgenerated in complex processes than in other items. Adetailed risk assessment with the aim of identifying theseitems and indicating the extent of the associated risks iscoordinated by the accounts department in collaborationwith the controllers with commercial responsibility.

Control activitiesThe aim of the control activities is to prevent, disclose andcorrect any errors and irregularities. The activities areintegrated in KMDs accounting and reporting proceduresand cover, among other things, procedures for certification,authorisation, approval, reconciliation, analyses of results,separation of incompatible functions, controls relating to ITapplications and the general IT controls.

All risk assessments and associated controls are consistentwith KMDs strategy and targets.

Information and communication

KMD maintains information and communication systems toensure that the financial reporting is correct and complete.KMDs bookkeeping rules and procedures for financialreporting are set out in an accounting manual. Theaccounting manual and other reporting instructions,including the budget and month-end procedures, areupdated as necessary and reviewed at least once a year.Together with other policies relevant to internal control offinancial reporting, these are available to all financeemployees and other relevant employees on KMDsintranet.

MonitoringKMD uses a comprehensive finance system to monitor theCompanys results, making it possible to detect and correctany errors and irregularities in the financial reporting at anearly stage, including established weaknesses in theinternal controls, lack of compliance with procedures andpolicies, etc.

Compliance with the accounting manual is monitored on anongoing basis at Group level.

STRATEGIC AGREEMENTSKMD currently has two vital collaboration partners: SAPand Mahindra Satyam.

Since 2005 the German company SAP has been KMDsstrategic partner in product renewal for the localgovernment IT market. KMD Opus, as KMD calls theproduct renewal system, is a vital element of KMDsstrategy, and the ongoing development andimplementation of KMD Opus will remain a distinctive partof KMDs business going forward.

Offshoring is key to many companies in order to ensure theright expertise and be competitive. The same applies toKMD, which has gained important expertise through its

offshoring strategy. As part of the rationalisation plan, KMDwill in future make increasing use of offshoring, so that wecan offer our customers more competitive solutions.

Since 2006 KMD has been working with MahindraSatyam (previously Satyam) on offshoring in the SAP area,where Mahindra Satyam is a world leader. At the start of2009 Satyam was facing big challenges, which finallyresulted in new ownership at the end of the year, inconnection with which the company changed name fromSatyam to Mahindra Satyam. KMD will continue to workwith Mahindra Satyam in 2010, and expects thepartnership to expand in the years ahead.

KMDS PROCESSESCustomers satisfaction with KMDs performance is a vitalsuccess criterion, which is why KMD has made efforts tofurther rationalise its internal processes in 2009.

This takes the form of a Deliver to Market project, whichhas two aims:

_to implement a cross-company control model that willensure that major customer projects are carried outefficiently and with the agreed level of quality

_to improve the customers' experience when contactingKMD

The targets for 2009 were achieved, and work toimplement the project will continue in 2010.


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On 16 December 2008 the Danish parliament passed anact with the aim of placing Denmark in the forefront ofcorporate social responsibility reporting.

The act requires the 1,100 or so largest enterprises, listedcompanies, state-owned public liability companies andinstitutional investors in Denmark to report on their work oncorporate social responsibility. With revenue of DKK 3.8billion and more than 3,200 employees, kMD A/S is one

of the companies required by the act to provide informationon its work on corporate social responsibility.

KMD AND CORPORATE SOCIALRESPONSIB IL ITYKMD demonstrates social responsibility towards theenvironment and the Companys employees, and inexternal collaboration agreements. The focus is on thoseareas where KMD can make a difference, including in theenvironmental area, which has been KMDs primary focusin 2009.

KMD wishes to live up to relevant legislation and rules in

the areas where we operate. However, no policies havebeen adopted for voluntary integration of corporate socialresponsibility in the Companys strategy and activities,although KMD has a number of activities involvingcorporate social responsibility.

CORPORATE SOCIAL RESPONSIBILITY

KMD HAS WORKED ON CORPORATE SOCIAL RESPONSIBILITY FOR SEVERAL YEARS. AS A LARGE DANISH COMPANY, ITIS BOTH NECESSARY AND NATURAL FOR KMD TO DEMONSTRATE SOCIAL RESPONSIBILITY.

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Among other things, KMD seeks to live up to the aim ofreducing the overall environmental impact through a seriesof climate policy targets set in 2008. In 2009 KMDworked intensively on these targets, and will continue tooptimise and reduce energy consumption in 2010.

_Direct energy consumption will be CO2- neutral from2009_Direct energy consumption will be reduced by at least

10% by the end of 2010_CO2 emissions will be cut by reducing travel by 10% bythe end of 2010

Where climate policy targets are concerned, KMDgenerally uses the term direct energy consumption todescribe the quantity of energy, in the form of electricityand heat (primarily natural gas and district heating), usedin KMDs data centres, properties and leaseholds.

During 2010 KMD will set new climate and environmentalpolicy targets for the period after 2010.

AGREEMENT WITH DONG ENERGYIn 2008 KMD entered into a partnership agreement withDONG Energy with the aim of reducing KMDs impact onthe climate and the environment by moving toenvironmentally friendly energy and reducing energyconsumption.

The transition to environmentally friendly energy involvesKMD buying renewable energy equivalent to the outputfrom two wind turbines in the worlds largest offshore windfarm, which DONG has built at Horns Rev 2. KMD willalso buy CO2 quotas equivalent to its heating consumption.This makes KMD the first large Danish-based IT company

to have made the transition to wind energy and CO2-neutral heating, and the IT systems KMD runs in its datacentres are now based on sustainable energy.

GREEN IT

THE IT INDUSTRY IS RESPONSIBLE FOR APPROX. 2% OF THE WORLDS CO2 EMISSIONS. AS THE LARGEST DANISH-BASEDIT COMPANY, KMD SEES IT AS NATURAL TO MAKE A CONTRIBUTION TO THE OVERALL CONSIDERATION FOR THE

ENVIRONMENT. THIS IS WHY KMD HAS A TARGET OF STEADILY REDUCING ITS ENVIRONMENTAL IMPACT.

CO2- NEUTRAL FROM 2009 KMDs direct energy consumption will be CO2-neutral from2009.

The target describes KMDs wish for consumption ofelectricity to be based on renewable energy in the form ofCO2-free electricity (green power) from wind turbines atHorns Rev 2, and for heat consumption to be CO2-neutral.At the end of 2009 this target had been achieved, and

this will also be the case for 2010.The entire consumption of electricity in 2009 was basedon renewable energy. KMD has purchased and redeemedRECS certificates equivalent to the electricity consumption asevidence that the electricity produced is based onrenewable energy sources. Until October 2009 thecertificates were issued for electricity produced by Danishwind turbines but, since the construction of Horns Rev 2 inOctober 2009, KMDs electricity has come from there.

The entire consumption of heat in 2009 was CO2-neutral,as KMD purchased CO2 quotas equivalent to KMDs heat

consumption. KMD expects to make the transition to districtheating by spring 2010 at the latest, whenVestforbrnding completes the district heating pipe toKMD in Ballerup. This will reduce CO2 emissions fromKMDs leasehold in Ballerup by up to 80% in 2010.

GREEN IT

THE IT INDUSTRY IS RESPONSIBLE FOR APPROX. 2% OF THE WORLDS CO2 EMISSIONS. AS THE LARGEST DANISH-BASEDIT COMPANY, KMD SEES IT AS NATURAL TO MAKE A CONTRIBUTION TO THE OVERALL CONSIDERATION FOR THE

ENVIRONMENT. THIS IS WHY KMD HAS A TARGET OF STEADILY REDUCING ITS ENVIRONMENTAL IMPACT.

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ENERGY CONSUMPTION MUST BE REDUCED KMDs direct energy consumption will be reduced by atleast 10% by the end of 2010.

In 2008 KMDs total direct energy consumption i.e. thetotal consumption of electricity and heat converted to kWh was 38.2 million kWh. The target of reducing this by10% by the end of 2010 means that KMD must reducetotal consumption by 3.82 million kWh by the end of thisyear.

This is an ambitious target, which has proved more difficultto achieve than expected. A number of extraordinaryprojects not in the original plan have been and willcontinue to be initiated with a view to ensuring that the

target is achieved.

KMDs total direct energy consumption in 2009 was on apar with 2008. The reason why consumption was notlower in 2009 than 2008 is that KMD has expanded itsactivities, resulting in the renovation of data centres andmore servers and more locations. In 2009 KMD launcheda number of initiatives, which in the first instance haveresulted in energy savings of approx. 1.3 million kWh.Several of the energy-saving projects were only initiatedlate in 2009, so the full impact of the savings will not befelt until 2010.

KMD has been working to reduce energy consumption inits data centres for several years, among other things bymeans of virtualisation, improved cooling systems usingrecycled water and redesign of the data centres. This workcontinued in 2009, when there was a particular focus onmaking the older buildings in Ballerup more energy-efficient, and this too will continue in 2010. KMDs datacentres are in Ballerup, so it is here that the potential forenergy savings is greatest.

KMD has identified around 60 projects which offer or willoffer potential energy savings. Major projects started by

KMD in 2009 include conversion to district heating andreplacement of the ventilation systems in the oldest buildingin Ballerup. This will generate significant savings in bothelectricity and heat consumption at the same time asimproving air quality. The conversion to district heating willalso reduce the environmental impact.

Another major project launched in 2009 is theimplementation of an energy registration system able toregister, analyse and present energy data for electricity,heating and water. KMD will subsequently process thedata collected as part of its ongoing monitoring andmapping of energy consumption and potential for efficiency

savings.

TRAVEL ACTIVITY MUST BE REDUCED KMDs CO2 emissions will be cut by reducing travel by10% by the end of 2010.

KMDs total travel-related CO2 emissions in 2008 havebeen calculated at 3,725 tons CO2. Travel is defined aspassenger transport in connection with business travel(plane, car, train and ferry).

A reduction of 10% requires KMD to reduce travel-relatedCO2 emissions by 373 tons in 2010 compared to 2008.

KMDs total travel-related CO2 emissions in 2009 areexpected to be on a par with 2008, which is notsatisfactory seen in the light of KMDs objective. As a

result, late in 2009 KMD introduced a new travel policyintended to ensure, among other things, that the target isachieved in 2010. KMD has several different locations inDenmark, and there is a general need for KMDsemployees to meet to coordinate and liaise on activities.This entails a certain amount of travel. The easiest way toreduce CO2 emissions is by making fewer journeys.Accordingly, in 2010 KMD will, among other things,increase the number of videoconferencing facilities,enabling employees to conduct meetings more effectivelywithout meeting face to face. In addition, KMD hasintroduced more stringent rules governing the actualjourneys, in expectation of fewer journeys being made.

As well as the environmental benefits of fewer journeys,KMD also expects a financial gain as a result of less travel.

Based on the measures above, KMD expects to achievethe desired target of a 10% saving in KMDs travel-relatedCO2 emissions in 2010.

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KMD focuses on wellbeing and tries to create a goodsocial framework that can be combined with opportunitiesfor professional development. A key issue for KMD as aworkplace is ensuring a good work/life balance andoffering flexibility in relation to our employees stage of life.We are convinced that the flexibility we offer gives ouremployees the motivation that is needed for KMD toachieve its objectives. This is why, as well as flexitime,KMD offers employees the opportunity to work from home,

a life phase policy, staff development policy and generousparental leave arrangements. In 2009 there was also aparticular focus on employees health.

KMDS L IFE PHASE POLICYAt KMD we understand that our employees may havedifferent needs depending on the stage they are at in boththeir work and private life. In extension of our HR policyand the desire to promote a sensible work/life balance,KMD has a life phase policy which provides employeeswith the greatest possible flexibility to organise their worklife in the best way they can. Among other things, KMDslife phase policy offers the following opportunities:

At KMD we understand that our employees may havedifferent needs depending on the stage they are at in boththeir work and private life. In extension of our HR policyand the desire to promote a sensible work/life balance,KMD has a life phase policy which provides employeeswith the greatest possible flexibility to organise their worklife in the best way they can. Among other things, KMDslife phase policy offers the following opportunities:

Employees with seniority of more than five years with thecompany can reduce their working hours to 30 hours aweek for up to four years without this affecting theirpension contributions. In 2009 a total of 11 employeestook advantage of this opportunity.

Employees can take time off to look after a sick child on thefirst and second day of illness. The employee can takepart-days or full days off with pay on the first and secondday the child is sick in the case of illness of a child who isunder 18 and living at home. In 2009 a total of 144employees asked for time off for a childs second day ofillness.

Days off for employees with children under the age of

seven. Employees with children under the age of sevencan apply for a maximum of two extra days off a year perchild living at home. A total of 397 employees tookadvantage of this in 2009.

KMD AND SOCIAL RESPONSIBILITY

AS A LARGE, KNOWLEDGE-INTENSIVE COMPANY, IT IS PARTICULARLY IMPORTANT FOR KMD TO ENSURE A GOOD,ATTRACTIVE WORKING ENVIRONMENT FOR OUR EMPLOYEES. CONSEQUENTLY, FOR KMD SOCIAL RESPONSIBILITY

MEANS IN PARTICULAR RESPONSIBILITY FOR OUR EMPLOYEES.

KMD employees can buy up to two weeks extra holidayper year. 21 employees bought extra holiday in 2009.

PARENTAL LEAVEAt KMD we take work/life balance seriously.

Work/life balance, including parental leave, is animportant element of KMDs ability to recruit and retain themost talented employees. This is why both parents can

take parental leave without affecting their career progressat KMD.

Paternity leave at KMD: New fathers are entitled to twoweeks continuous leave in the first 14 weeks after thebirth. KMD offers two weeks paternity leave at full pay.

Parental leave at KMD: After the 14th week after the birth,each parent is entitled to 32 weeks leave. KMD offersfathers two weeks parental leave at full pay before thechild reaches the age of nine. KMD employees are entitledto leave at full pay, equivalent to the current rate ofemployment, for up to ten weeks.

Female employees at KMD typically take 14 weeks paidmaternity leave and 14 weeks paid parental leave.Around half of them take a further 10-18 weeks' unpaidparental leave.

All fathers at KMD take two weeks paternity leave androughly half of them take 4-12 weeks' paid parentalleave.

EQUAL PAY AT KMDAt KMD we take equal pay seriously. In connection withthe new Equal Pay Act, we therefore decided not just to

record statutory, highly general statistics on equal pay, butrather to draw up a more specific annual equal payreview.

The Company Cooperation Committee has set up aworking group, consisting of three shop stewards from theUnion of Commercial and Clerical Employees (HK) andthree HR representatives, to annually investigate equal payissues and present an equal pay review.

In the first instance, the working group identified 30 areaswhere we needed to look more closely at why there is adifference of more than 4% in the pay for men andwomen. The pay levels for men and women werecompared in relation to seniority, competences and jobcontent.

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The general conclusions were that there are naturalreasons for the difference in pay and that KMD paysequally for men and women in comparable jobs withcomparable seniority. KMDs history and trends in the ITsector confirm that women make up around a third ofemployees and that the seniority of female employees isgenerally lower than that of male employees, which isreflected, among other things, in the fact that relativelymore men than women are specialists and managers at ahigh level.

STAFF DEVELOPMENT POLICYIn 2009 KMD spent over DKK 37.8 million on furthertraining for its employees.

For KMD, staff development is something other than, andmore than, courses and formal training. Gainingknowledge and experience on the job, internal jobrotation, participation in projects and taking an activeinterest in life in and outside KMD are all valuabledevelopment activities.

An individual status of the employees skills is drawn up atleast once a year. This is done in connection with thecompulsory staff development interview (PULS) at whichmanager and employee jointly appraise results for theperiod under review and set new targets. The interviewalso identifies the skills the employee has and those he or

she needs to develop. The employees skills aredeveloped, among other things, by means of internalcourses, open courses and training programmes, peertraining and other planned development measures.

In 2009 KMD spent over DKK 37.8 million on furthertraining for its employees.

HEALTHThe IT industry is often characterised as involving extremelysedentary work in front of a computer monitor, which iswhy KMD sees a need to focus on the value of exercise

and health.We believe that healthy employees are happy employees and this means both a better working environment andbetter working relations with our customers. Health andexercise are as such generally in focus at KMD, and weoffer our employees complimentary fruit, healthy canteenfood and the chance to participate in a range of sportsactivities.

Back in 2005 KMD launched a health project with the aimof reducing sickness absence. The project focused, amongother things, on the smoking policy, courses to help

employees quit smoking, help with stress management,better handling of employees on long-term sick leave, and

a food policy which is still being implemented. In 2009the health project resulted in employees being able toparticipate in a number of running events around Denmarksponsored by KMD.

For example, in 2009 KMD participated in and sponsoredIforms womens race in Aalborg, the Mens Race inAalborg, the Computerworld Race in Ballerup and the DHLrelays in Odense and rhus. In total, more than 500running enthusiasts from KMD registered to take part insuch events in 2009.

KMD will continue working on healthy lifestyles in 2010,and among other things is the main sponsor for theComputerworld Race.

KMDS SPECIAL COLLABORATIONSKMD has a partnership with The Specialists, a firm whichemploys people with autism.

KMD engages The Specialists on an equal footing withother subcontractors, and has been very satisfied with thework performed. The employees are able to perform anumber of specialised IT tasks in areas where there is ashortage of relevant labour. In April KMD attended theseminar One Million Specialist People, which soughtprecisely to demonstrate that people who fall outside theconcept of "normal" have certain high-level skills that are of

benefit to the business community. In addition to itsprofessional involvement with The Specialists, KMD haschosen to make a one-off donation to the Specialist PeopleFoundation, which works to further improve working life forpeople with autism, among others. At KMD we call thisconverting sympathy into results.

KMD also has strong relations with academia andcollaborates with Aalborg University, the University ofCopenhagen, the University of Southern Denmark and theIT University of Copenhagen on everything from mentoringschemes via careers guidance to an award for the best IT

dissertation of the year. A prize for best IT dissertation ofthe year, also called the KMD Prize, is awarded eachyear to a student who has particularly distinguishedthemselves with their IT dissertation. The winningdissertation is selected by a committee of research groupleaders and the pro-rector at the IT University ofCopenhagen, and in 2009 the prize was awarded to adissertation on interactive textiles. The prize includes atravel bursary from KMD worth DKK 20,000.

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We call this strategy review Plan 2013, and it is anambitious growth plan requiring KMD to increase revenue,market share, earnings and number of employees. Plan2013 is based on KMDs existing strategy and will ensurethat KMD exploits its full potential.

The strategy house frames KMDs strategy in the period to2013.

The roof of the strategy house consolidates thecompanys overall financial target of revenue growth of 5-10% a year.

The left-hand side of the strategy house, KMD Classic,concerns product renewal in the local government productportfolio and to a large extent encompasses KMD'stransition to basing its IT solutions on the SAP platform,which is the pivot point for KMD's local government systemdevelopment going forward.

THE GROUPS STRATEGY IN THE PERIOD TO 2013

KMDS NEW OWNERS AND THE MANAGEMENT OF KMD HAVE JOINTLY SET THE COURSE FOR AN EFFICIENT ANDMORE COMPETITIVE KMD.

The right-hand side of the strategy house, KMD New,concerns the relatively new growth markets: IT outsourcing,Business Process Outsourcing and ApplicationManagement.

The foundations of the strategy house are all aboutsecuring the necessary employees and optimising theenterprises processes. KMD's strategy requires the cross-company processes to function, and is based on satisfied

employees and efficient working procedures andprocesses.

KMD is evaluating the possibility of launching aninternational strategy, and the strategy house is expected tobe extended in this respect in 2010.

STRATEGY AND ORGANISATION

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As well as its own employees, KMD needs access toadditional specialist expertise. This is why KMD hasexternal collaboration partners which can guarantee KMDaccess to the specialist expertise it needs to implement thecompanys strategy. This is achieved by drawing onexternal collaboration partners both within and outsideDenmark.

In order to secure the necessary SAP expertise at KMD,

we carried out two SAP training courses in 2009, one inBallerup and one in Odense, for both KMD employeesand external participants.

The employee satisfaction survey for 2009 producedparticularly satisfying results. The general level ofsatisfaction with KMD as a workplace is 97%.

In 2008 we succeeded in reducing the number ofemployees leaving of their own accord from 8.1% in2007 to 5.0%, which is much better than expected inrelation to the target for 2008, which was 7.5%. KMDhas been able to maintain this positive trend, and the

number of employees leaving of their own accord in 2009was only 2.1%.

EMPLOYEE COMPOSIT IONAt the end of 2009 KMD A/S had 3,331 employees.KMDs employees possess a vast range of expertise and awealth of domain knowledge, both specific technologicalknowledge within a wide range of information technologiesand in-depth knowledge of IT solutions, particularly inrelation to Danish legislation and administrative tasks in the

KMDS EMPLOYEES

ITS EMPLOYEES ARE KMDS MOST IMPORTANT RESOURCE, LAYING THE FOUNDATION FOR THE SUCCESS OF KMD'SGROWTH STRATEGY, AND THIS IS WHY KMD GOES TO GREAT LENGTHS TO RECRUIT AND RETAIN EMPLOYEES WITH

THE RIGHT QUALIFICATIONS.

Employee turnover

%

Basic and upper secondary educationShort training course (trainee etc.)First cycle programme (bachelor etc.)Second cycle programme (master etc.)

Education

public sector and business enterprises.

KMDs employee composition is very broad in terms ofeducational background and level. Employees range fromself-taught IT specialists with many years experience tograduates and other highly educated professionals. Thefigure below shows the breakdown of employees byeducation level.

In the annual survey carried out by Version 2(the ITmedium of Danish weekly newspaper The Engineer),KMD came a creditable eighth in the list of Denmarks 100best IT companies and departments. A total of 2,000respondents completed the survey, and for the third year ina row we were in the top five for the parameters "level ofknowledge", "responsibility", "corporate culture" and"work/life balance".


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E - BOKS A/SKMD was originally behind the development andestablishment of the company e-Boks. KMD sold itsshares in the company on 2 March 2009. e-Boks hasdeveloped into a success, primarily operating in thefinancial and public sectors. It was therefore natural thatthe ownership should pass fully to PBS and Post Danmark.However, KMD is continuing its close cooperation with e-Boks, which in future will also be one of KMDs large

private customers.

ORGANISATOR A/SOrganisator A/S, which is a wholly owned subsidiary ofKMD A/S, provides IT solutions, system development,system integration, and centralised and decentralisedoperational services for unemployment insurance fundsand trade unions.

Organisator A/S reported a net profit of DKK 0.6 millionfor 2009, against DKK 6.1 million in 2008. 2009 hasbeen an extremely atypical year for Organisator, with highexpenses for implementing projects and activities to secure

future earnings. At the end of 2009 measures were takento improve profitability, and a significant improvement inprofit is expected for 2010. At the end of the yearshareholders' equity totalled DKK 28.4 million.

Organisator A/S in figures:Revenue 2009 DKK 192.4 millionProfit before tax 2009 DKK 0.9 millionNumber of employees 2009 109

SUBSIDIARIES AND ASSOCIATE

KMD INTERNATIONALKMD International is KMDs subsidiary for certaininternational activities. There has not been any materialactivity in the Company in 2009.

KMD International's results for 2009 are solely based onrevenue in Denmark. At the end of the year shareholders'equity was DKK 6.0 million.

KMD International A/S in figures:Revenue 2009 DKK 1.1 millionProfit before tax 2009 DKK 0.1 millionNumber of employees 2009 0

SUBSIDIARIES AND ASSOCIATE


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CHAIRMAN:

VAGN SRENSENBorn 1959B.Com., Aarhus School of BusinessMember since 2009Other board positions:Chairman of the boards of TDC A/S, Select Service PartnerLtd. and Scandic Hotels AB

Vice-Chairman of the boards of DFDS A/S and ST GlobalAGMember of the boards of SIMI, Air Canada Inc., BraganzaA/S, FLSmidth A/S, FLSmidth & Co. A/S and CimberSterling Group A/S

MEMBERS:

ENS MOBERGBorn 1962B.Com (A), Copenhagen Business SchoolCEO, Better Place Denmark A/S, and Head of EMEA

Business DevelopmentMember since 2009Other board positions:Member of the boards of Axcel and Mindkey

OHN HELMSE- ZINCKBorn 1958M.B.A., Harvard Business SchoolManaging Partner in Via Venture Partners A/SMember since 2009Other board positions:Chairman of Panther Applications A/SMember of the boards of ADRA Match AS, Ddd Retail A/S,Nordic International Holdings AS, Retail SupportInternational ApS and Via Venture Partners A/S

SVEN KALLSTENIUSBorn 1961B.Com. and graduate electrical engineerMember since 2009

ANNIK KRUSE PEDERSENBorn 1973B.Com in Financing, Copenhagen Business School, andM.B.A., Fordham Business School

Director of EQT Partners A/SMember since 2009Other board positions:Member of the boards of BTX Group A/S and AlerisHolding AB

BOARD OF DIRECTORS

MORTEN HUMMELMOSEBorn 1971M.A. (econ.), Copenhagen University, and M.Sc. inFinance, University of LondonPartner in EQT Partners A/SMember since 2009Other board positions:Member of the board of Dako A/S

CARSTEN BRUSE ANDERSENBorn 1947Network consultant at KMD A/SEmployed in KMD since 1971Member since 1998Other positions:Employee representative at KMD

BJERNE KAJ N IE LSENBorn 1956Project manager at KMD A/SEmployed in KMD since 1981Member since 2002

Other positions:Employee representative at KMD

ERIK LYKKE HANSENBorn 1952Surveillance operator at KMDEmployed in KMD since 1969Member since 2002Other positions:HK union representative at KMD A/SChairman of the KMD National Club within HK


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LARS MONRAD- GYLLING*CEO

CARSTEN FENSHOLT*CFO

OLE N. J . JENSEN* Executive Vice President, Product business

HANS HENRIK VON P LATEN- HALLERMUND*

Executive Vice President, Sales and Marketing

AKSEL BJRN MLLERSenior Vice President, Technical and Operations business

K IM KOCHSenior Vice President, Customer Service business

KARIN SKJDT HINDKJRSenior Vice President, HR and Communication

MICHAEL DUPONT FISCHERVice President, Project and Consultancy business

FLEMMING PRISTEDVice President, Head of Management Staff, IT security

* Registered with the Danish Commerce and CompaniesAgency

EXECUTIVE BOARD AT 31 DECEMBER 2009


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The accounting policies are unchanged from last year.

In connection with the change of ownership on 2 March2009, a review was carried out of a number of accountingestimates and presentation of the income statement andbalance sheet, resulting, among other things, in minorcorrections being made to some previous accountingestimates. These estimates have been adjusted via theincome statement for 2009, cf. discussion in the section on

Cost control in the Management's review.CONSOLIDATIONThe consolidated financial statements cover the ParentCompany and enterprises in which the Parent Companydirectly or indirectly owns more than 50% of the votingrights or otherwise has control. Enterprises in which theParent Company directly or indirectly owns between 20%and 50% of the voting rights or otherwise exercisessignificant influence are considered associates.The financial statements of subsidiaries are prepared inaccordance with the same accounting policies as thoseapplied by the Parent Company. The consolidated financial

statements are prepared by combining the financialstatements of the Parent Company and the subsidiaries byadding together items of a uniform nature.

Intercompany income, expenditure, losses, profits andbalances are eliminated.

The Parent Companys and subsidiaries investments insubsidiaries are eliminated at the proportionate share ofthe relevant subsidiarys equity.

Newly acquired and divested Group enterprises areincluded in the consolidated income statement for the

period of ownership. The comparative figures forenterprises which have been divested or newly acquiredare not restated.

ACCOUNTING POLICIES

THE ANNUAL REPORT OF KMD HAS BEEN PREPARED IN ACCORDANCE WITH THE PROVISIONS OF THE DANISHFINANCIAL STATEMENTS ACT FOR LARGE COMPANIES IN REPORTING CLASS C.

The purchase method is applied to acquisition of newenterprises. The acquisition cost is calculated as the cashconsideration plus directly attributable costs. Conditionalpayments are recognised at the amount expected to bepaid. Identifiable assets and liabilities in the acquiredenterprises are recognised at fair value on the acquisitiondate. Any remaining difference between the acquisitioncost and the Groups share of the net value of theidentifiable assets and liabilities is goodwill or negative

goodwill. Restructuring provisions related to the acquiredenterprise are included in the calculation, provided therestructuring has been approved and announced on theacquisition date.

FOREIGN CURRENCY TRANSLATIONTransactions in foreign currencies are translated into Danishkroner at the rate prevailing on the transaction date.Monetary assets and liabilities in foreign currencies aretranslated into Danish kroner at the rates prevailing on thebalance sheet date. Realised and unrealised foreignexchange gains and losses are included under financialitems in the income statement.

DERIVATIVE F INANCIAL INSTRUMENTSDerivative financial instruments are measured at fair value.Positive and negative fair values are recognised as otherreceivables and other payables respectively.

The change in the fair value of financial instruments whichare classified as and fulfil the conditions for hedging ofexpected future transactions is recognised in equity underthe hedging reserve where the effective portion of thehedging is concerned. The ineffective portion is recognisedin the income statement. If the hedged transaction results inan asset or liability, the amount which is deferred underequity is transferred from equity and recognised in thecost of the asset or liability respectively. If the hedgedtransaction results in a revenue or cost, the amount which is deferred under equity is transferred from equityto the income statement in the period in which the hedgedtransaction is recognised. The amount is recognised in thesame item as the hedged transaction.

FINANCIAL STATEMENTS

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INCOME STATEMENT

REVENUEIncome from the sale of services is recognised when theservice is provided. Income from the disposal of goods forresale is included in revenue at the time of delivery and risktransfer if the income is considered reliable. Revenue isstated net of VAT, charges and discounts.

Income from construction contracts is recognised asrevenue as the production is carried out, with revenuecorresponding to the selling price of the work carried outduring the year.

Licence and royalty income is recognised at the time the

underlying transaction is carried out.

OTHER EXTERNAL EXPENSESOther external expenses include cost items incurred toachieve the revenue for the year, including cost of sales inconnection with the disposal of goods for resale, and otherexternal expenses for distribution, sales, advertising,administration, premises, bad debts, operating leasepayments, etc.

DEPRECIATION, AMORTISATION AND WRITE-DOWNSDepreciation, amortisation and write-downs of intangibleassets and property, plant and equipment are provided onthe basis of an ongoing assessment of the assetsdepreciation/amortisation profile, useful life and residualvalue.

Goodwill and other intangible assets are amortised overthe estimated useful economic life, which is determined onthe basis of factors such as the nature of the enterprise,market position, stability of the sector and dependence onkey workers. Amortisation is provided as follows:

Property, plant and equipment is depreciated on astraight-line basis over the expected useful life of theindividual assets. The depreciation periods, which arecalculated by reference to the historic cost, are as follows:

AMORTISATION PERIOD

Acquired softwarerights

3 years

Completeddevelopment projects

5-15 years

Other rights,including goodwill

3-20 years

Purchases below DKK 40,000 are expensed in the yearof acquisition.

Gains and losses on the replacement of fixed assets areincluded in depreciation and amortisation for accountingpurposes. Losses and profits are calculated as thedifference between the selling price less costs of disposaland the carrying amount at the time of disposal.

F INANCIAL ITEMSFinancial income and expenses are recognised in theincome statement at the amounts relating to the financialyear. Financial items include interest income and expenses,share dividends, financial expenses in connection withfinance leases, realised and unrealised exchange gainsand losses relating to securities and transactions in foreign

currencies, amortisation of exchange losses and borrowingcosts. Dividends from equity investments other thaninvestments in subsidiaries and associates are recognisedas income in the financial year in which the dividend isdeclared. Interest expenses and other expenses onborrowing to finance manufacture of intangible assets andproperty, plant and equipment, and which relate to themanufacturing period, are not recognised in the cost.

INCOME FROM INVESTMENTS INSUBSIDIARIES AND ASSOCIATESThis includes the proportionate share of the profit after tax

in subsidiaries and associates after adjustment for internalprofit/loss and deduction of amortisation of anyconsolidated goodwill and any losses/gains on sale ofGroup enterprises.

TAXTax on the profit for the year includes current tax on theexpected taxable income for the year and adjustment ofdeferred tax for the year less that part of the tax for theyear which relates to changes in equity.

Current and deferred tax relating to changes in equity isrecognised directly in equity.

The Company and the Danish Group enterprises are taxedon a joint basis. Danish corporate income tax is allocatedbetween the profitable and loss-making Danish companiesin proportion to their taxable income (full allocation).

DEPRECIATIONPERIOD

RESIDUALVALUE

Land and buildings 50 years Land valueMajor installations 10 years 0.0Leaseholdimprovements

10- 30 years 0.0

Plant and machinery 2- 4 years 0.0Fixtures, ITequipment andvehicles

2-5 years 0.0


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BALANCE SHEET

INTANGIBLE ASSETSGoodwill covers the excess price over and above the fairvalue of the identifiable net assets in connection withacquisitions. Goodwill is measured at cost less accumulatedamortisation and write-downs.

Goodwill is tested for impairment if there are indications ofa decrease in value. The impairment test is carried out forthe activity or business area to which the goodwill relates.Goodwill is written down to the higher of the value in useand the net selling price for the activity or business area towhich the goodwill relates (recoverable value) where thisis lower than the carrying amount.

Intangible assets also include acquired intellectual propertyrights and any development projects which meet thecriteria for capitalisation.

Development projects which are clearly defined andidentifiable, where the technical rate of utilisation,adequate resources and a potential future market ordevelopment opportunity in the enterprise can bedemonstrated, and where the intention is to manufacture,market or use the product or process, are recognised asintangible assets if there is sufficient assurance that future

earnings will cover the costs of production, sales andadministrative expenses, and total development costs.Other development costs are recognised as costs in theincome statement as they are incurred.

Development costs are calculated as directly incurred costsplus a proportion of other costs which can indirectly beattributed to the individual development projects.

Acquired intangible assets and completed developmentprojects are tested for impairment if there are indications ofa decrease in value. An annual impairment test is alsocarried out on development projects in progress. The

impairment test is carried out for each individual asset orgroup of assets respectively. The assets are written downto the higher of the value in use and the net selling price(recoverable value) for the asset or group of assets wherethis is lower than the carrying amount.

PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment includes land andbuildings, plant and machinery, and fixtures, IT equipmentand vehicles. Property, plant and equipment is measuredat cost less accumulated depreciation and write-downs.

Assets held under finance leases are measured at the

lower of the acquisition cost pursuant to the lease and thepresent value of the lease payments, calculated on thebasis of the internal interest on the lease less accumulateddepreciation and write-downs. Assets held under financeleases are classified as own fixed assets.

Property, plant and equipment is tested for impairment ifthere are indications of a decrease in value. The

impairment test is carried out for each individual asset orgroup of assets respectively. The assets are written downto the higher of the value in use and the net selling price(recoverable value) for the asset or group of assets wherethis is lower than the carrying amount.

INVESTMENTSInvestments in subsidiaries and associates are measuredusing the equity method at the proportionate share ofequity owned in the enterprises, plus consolidatedgoodwill and less internal profits and negative goodwill.Enterprises with negative equity are measured at 0, withthe proportionate share corresponding to the negativevalue being offset against any receivables, and anyamount over and above this is recognised underProvisions.

Securities which the enterprise plans to hold to term aremeasured at amortised cost, calculated on the basis of theeffective rate of interest on the acquisition date. Marketvalue adjustment is recognised in the income statement asa financial item.

Securities and investments are measured at the marketvalue at the balance sheet date if they are listed, or at an

estimated fair value if they are unlisted.

INVENTORIESInventories are measured on the basis of weightedaverage prices.

Where the acquisition cost exceeds the expected sellingprice less costs of completion and sale, inventories arewritten down to the lower net realisable value.

RECEIVABLESTrade and other receivables are measured at the lower ofamortised cost and net realisable value, calculated on the

basis of an assessment of each individual receivable.

PERFORMANCE OF SERVICES IN PROGRESSPerformance of services in progress is measured at theselling price of the work performed. The stage ofcompletion is calculated on the basis of the direct andindirect costs incurred in relation to the expected total costs.

The value of the individual performances in progress lessinvoicing on account is classified as receivables if theamounts are positive and as payables if the amounts arenegative.

Deductions for losses are calculated as the total expectedloss on the contract, irrespective of the stage of completion.


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PREPAYMENTS (ASSETS )Prepayments recognised under assets include prepaidexpenses.

CORPORATE INCOME TAXCurrent tax liabilities are recognised in the balance sheetas tax calculated on the expected taxable income for theyear, adjusted for tax on taxable income in previous yearsand taxes paid on account.

Provision for deferred tax is calculated at 25% of alltemporary differences between book and tax values, withthe exception of temporary differences arising on theacquisition date for assets and liabilities which impactneither profit nor taxable income and temporary differences

on goodwill where amortisation for tax purposes is notallowed.

Deferred tax assets are recognised at the value which isexpected to be utilised, either by elimination in tax onfuture earnings or by offsetting against deferred taxliabilities.

F INANCE LEASE COMMITMENTSFinance lease commitments are measured at the presentvalue of the remaining lease payments, including anyguaranteed residual value based on the internal rate ofinterest on the individual leases.

F INANCIAL L IABIL IT IES OTHER THANPROVIS IONSFinancial liabilities other than provisions are recognised atthe time of borrowing at the proceeds received lesstransaction costs incurred. Interest-bearing debt issubsequently measured at amortised cost calculated on thebasis of the effective rate of interest on the borrowing date.

Other payables are subsequently measured at amortisedcost corresponding to the nominal debt outstanding.

DEFERRED INCOME ( L IABIL IT IES )

Deferred income recognised under liabilities includespayments received relating to income in subsequent years.

STATEMENT OF CASH FLOWSThe statement of cash flows shows the enterprises cashflows for the year, change in cash and cash equivalents forthe year, and the enterprises cash and cash equivalents atthe beginning and end of the year.

Cash flow from operating activities is shown using theindirect method and is calculated as the net profit for theyear adjusted for non-cash operating items, change inworking capital, financial and extraordinary items paid, andcorporate income tax paid.

Cash flow from investing activities includes payments inconnection with purchase and sale of fixed assets,securities attributed to investing activities, and dividends

received from subsidiaries and associates.

Cash flow from financing activities includes dividendpayments to shareholders, capital increases andreductions, plus the raising of loans and repayments ofinterest-bearing debt.

Cash and cash equivalents include cash at bank and inhand, and highly liquid securities with an insignificant riskof changes in value.

CONTINGENT L IABIL IT IES AND GUARANTEESTotal rental obligations and operating lease commitments

not recognised in the balance sheet are stated undercontingent liabilities.

Counter-guarantees for bank guarantees relating toindividual contracts for deliveries to customers, and forbank guarantees relating to holiday pay obligations inaccordance with agreements entered into with the tradeunion HK, are recognised under contingent liabilities.

Pension obligations for current and former employees whoare not or were not members of the Companys ExecutiveBoard are covered by pension insurance companies.Where contributions already paid are not sufficient to cover

current obligations calculated by the pension insurancecompany, additional contributions are paid to the pensioninsurance company on an annual basis.

Special obligations to employees employed on termsequivalent to public servants, including tideover allowancesand compensation for temporary unemployment, are aspecial termination benefit and are disclosed undercontingent liabilitiesSEGMENT REPORTINGThe management considers the activities of KMD A/S toconstitute onesegment.


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Parent Company Group

2009 2008 Note DKK million 2009 2008

3,686 .0 3,345.2 Tota l revenue 3 ,826 . 9 3,475.6

1,472.0 1,372.7 1 Other external expenses 1,539.5 1,433.9

1,957.9 1,671.8 2 Staff costs 2,029.3 1,732.7

256 .1 300.7Earnings before in teres t , tax,deprec ia t ion and amor t isa t ion (EB ITDA)

258 .1 309.0

129.9 111.0 3 Depreciation and amortisation 133.4 115.5

126 .2 189.7 Earnings before in teres t and tax (EB IT) 124.7 193.5

29.8 8.3 9 Investments in Group enterprises 31.9 5.9

7.0 7.4 4 Financial income 6.8 8.4

27.4 16.5 5 Financial expenses 27.5 16.5

135 .6 188.9 Earnings before tax (EBT ) 135 . 9 191.3

26.7 45.4 6 Tax 27.0 47.8

108 .9 143.5 Net profi t for the year 108 . 9 143.5

108.9 143.5 Proposed appropriation of the net profit:

0 0 Dividend

108.9 143.5 Retained earnings

INCOME STATEMENT FOR THE PERIOD 1 JANUARY 31

DECEMBER 2009


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Balance sheet at 31 December 2009


2009 2008 Note DKK million 2009 2008

0.3 0.6 Rights 0.3 0.6

3.3 4.4 Goodwill 11.7 15.6

23.1 1.7 Completed development projects 23.1 1.8

280.9 206.2 Development projects in progress 280.9 206.2

307 .6 212.9 7 In tang ib le asset s 316 . 0 224.2

121.4 134.3 Land and buildings 121.4 134.3

7.6 0 Leasehold improvements 7.6 0

206.2 207.5 Plant and machinery 206.2 207.5

44.4 61.9 Fixtures, IT equipment and vehicles 47.4 62.7

379 .6 403.7 8 Proper ty , p lan t and equipmen t 382 . 6 404.5

42.8 44.9 9 Investments in subsidiaries 0 0

0 18.1 9 Investments in associates 0 18.1

39.2 38.7 Other receivables 40.8 40.3

82 .0 101.7 Inves tment s 40.8 58.4

769 .2 718.3 Total f ixed assets 739.4 687.1

19.4 35.4 Inventor ies 19.4 35.4

768.2 663.8 10 Trade receivables 787.3 688.1

47.4 4.3 Receivables from subsidiaries 0 0

0 2.8 Receivables from associates 0 2.8

39.5 25.8 11 Contract work in progress 102.2 53.7

31.6 40.5 Other receivables 32.1 40.7

1.5 11.9 Corporate income tax 1.8 12.2

137.9 121.4 12 Prepayments 139.0 122.1

1 ,026 .1 870.5 Total receivables 1 ,062 .4 919.6

0 0 Other secu r i t ie s and inves tments 3 .2 3.5

88 .6 0.1 Cash 103 . 6 2.3

1 ,134.1 906.0 Tota l cur ren t assets 1 , 188 .6 960.8

1 ,903 .3 1,624.3 Tota l assets 1 , 928 .0 1,647.9

BALANCE SHEET, ASSETS


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Balance sheet at 31 December 2009


2009 2008 Note DKK million 2009 2008

240.0 240.0 13 Share capital 240.0 240.0

-2.5 0 Hedging reserve -2.5 0

188.6 179.7 Retained earnings 188.6 179.7

0 0 Proposed dividend for the financial year 0 0

426.1 419.7 Total equity 426 .1 419.7

28.6 23.7 14 Provisions for deferred tax 27.5 22.2

28 .6 23.7 Tota l prov isions 27 . 5 22.2

276.0 0 15 Bank loans 276.0 0

7.9 7.5 15 Other payables 7.9 7.5

0 13.3 15 Trade payables 0 13.3

283.9 20.8 Long- term l iabi l i t ies 283 . 9 20.8

135.8 19.6 16 Short- term portion of long- term liabilities 135.8 19.6

0 469.2 Bank loans 0 470.4

22.3 16.9 Prepayments from customers 22.4 17.6

309.3 155.9 Trade payables 317.4 158.2

0.2 1.8 Debt to Group enterprises 0 1.6

602.4 496.4 17 Other payables 620.2 515.3

8.5 0 Corporate income tax payable 8.5 2.2

86.2 0.3 Deferred income 86.2 0.3

1 ,164.7 1,160.1 Short - term l iabi l i t ies 1 ,190 . 5 1,185.2

1,448.6 1,180.9 Total l iabil i t ies 1,474.4 1,206.0

1 ,903 .3 1,624.3 Total equi ty and l iabil i t ies 1 ,928 . 0 1,647.9

18 Contingent assets and liabilities

19 Related parties

BALANCE SHEET, EQUITY AND LIABILITIES


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Parent Company

DKK million Sharecapital Hedgingreserve Retainedearnings Proposeddividend Total

Balance at 31 December 2008 240.0 0 179.7 0 419.7

Value adjustm. of hedging transactions before tax -3 .3 -3.3

Tax effect of hedging transactions 0.8 0.8

Provision for interim dividend -100.0 100.0 0

Interim dividend paid for 2009 -100.0 -100.0

Net profit for the year 108.9 108.9

Proposed dividend to shareholders 0

Equity at 31 December 2009 240.0 -2.5 188.6 0 426.1

Group

DKK millionShare

capitalHedgingreserve

Retainedearnings

Proposeddividend

Total

Balance at 31 December 2008 240.0 0 179.7 0 419.7

Value adjustm. of hedging transactions before tax -3 .3 -3.3

Tax effect of hedging transactions 0.8 0.8

Provision for interim dividend -100.0 100.0 0

Interim dividend paid for 2009 -100.0 -100.0

Net profit for the year 108.9 108.9

Proposed dividend to shareholders 0

Equity at 31 December 2009 240.0 -2.5 188.6 0 426.1

STATEMENT OF CHANGES IN EQUITY


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2009 2008 DKK million 2009 2008Cash f low from operat ing act ivi t ies

126.2 189.7 Earnings before interest and tax (EBIT) 124.7 193.4

130.0 113.5 Depreciation and amortisation excl. losses/gains on sales 133.4 117.8

Operat ing prof i t adjus ted for

256 .2 303.2 non - cash i tems 258 . 1 311 .2

2.0 2.7 Tax paid 4.1 5.2

-20.4 -9.1 Net financials -20.7 -8.0

Documents

KMD Annual Report