Management Review
The figures for the first three quarters of 2014 show a satisfactory growth in
revenue reaching DKK 406.2 million (DKK 331.2 million 2013) and an EBITDA of DKK
175.2 million (DKK 111.0 million). As depreciations and financial costs were
higher in the three quarters of 2014 than in 2013 Profit Before Tax for the
three quarters of 2014 was DKK 69.6 million (DKK 30.4 million). Cash Flow from
operating activities was in the first three quarters of 2014 DKK 120.1 million
(DKK 84.3 million).
For the full year of 2014 GlobalConnect expects on Group level to see a rise in
EBITDA compared with 2013 and a Net Profit below 2013.
GlobalConnect has been approved as supplier for the National Procurement Ltd.
Denmark opening a significant new market for GlobalConnect's value adding
services.
The special focus on expanding the business in Germany with respect to direct
sales is starting to show effect and the build out of the infrastructure based
on the ducts acquired in December 2013 is continuing.
The efforts to find a funding model enabling GlobalConnect to be able to provide
broadband coverage of the less populated areas of Denmark at an affordable price
for the end users, is showing progress as the aim still is to have an opening of
the Danish Mortgage Bond System in order to have ducts financed as any other
fixed asset.
Events after September 30, 2014
GlobalConnect has changed the organization to the effect that Niels Zibrandtsen
has been appointed new Chairman of the Board of Directors and will be active in
developing the strategies of the company and developments on the Northern
European telemarket. Niels Zibrandtsen is the Founder and primary owner of
GlobalConnect. He has been Managing Director of GlobalConnect since the company
was founded in 1998.
The Board of Directors has furthermore appointed Christian Holm Christensen new
Managing Director of GlobalConnect. Christian Holm Christensen is part of
GlobalConnect's Management Group and has served as Director of Sales and
Marketing up till now. Christian Holm Christensen joined GlobalConnect in 2007,
and therefore he has a deep understanding of the company and its operations.
Christian Holm Christensen has a background from the military and holds a
master's degree in Political Science from the University of Aarhus. He has
extensive experience from the IT industry and he has held senior positions at
Mobilix, Butlernetworks and as an independent consultant specialising in start-
ups. Christian Holm Christensen has 14 years of management experience.
The focus for Christian Holm Christensen is to keep the growth focus and ensure
continuity of the business going forward.
Results for 2014 will be published on March 10, 2015.
[HUG#1871621]
