We make our customers stronger
ANNUAL REPORT 2012
1.0
About Merit Globe AS 1.1
Merit’s History 1.1
Merit Globe’s growth and progression 2.1
Locally & Globally 2.1
Market Penetration 2.2
Market Development 2.3
Partnership 2.4
We Want Our Clients To Excel 3.0
Yearly Report 4.0
Business Results 4.1
Market Conditions 4.2
Economy and Finances 4.3
Organization 4.4
Competence Building 4.5
Research and Development 4.6
Job Satisfaction 4.7
Anti-Discrimination Policies 4.8
Equality Policies 4.9
Environmental impact 4.10
Income statement 5.0
Balance sheet 6.0
Cash flow statement 7.0
Notes 8.0
ANNUAL REPORT | MERIT GLOBE | 2012
Organization is the soul of our business. We focus each day in working together with our customers to implement Merit’s slogan and guiding principle - “turning knowledge into value.” Our future direction is set.
1.0
1.1
ANNUAL REPORT | MERIT GLOBE | 2012
About Merit Globe AS Merit wishes to be a driving force for its customers. We aim to increase our client’s competetivness through our know-how, our products and our services, always keeping in mind the value-creating processes of our clients.
Merit’s History Merit was established in 2004 with offices in Ålesund, Molde and in Trondheim. For the first years we focused on securing a position in our chosen core market, while simultaneously developing in-house solutions for Infor M3, in which transaction reports, business intelligence and processing via mobile devices were used as key elements to foster competitive advantage for our customers. These solutions, together with our own support concept, led to a rapid expansion nationally and, at a later stage, internationally. Since its creation in 2004 until 2012, Merit has experienced an annual organic growth of 20%. In addition, through strategic acquisitions Merit secured a presence in nine countries and has more than 260 employees in 22 offices. In the period 2008 - 2010 Merit established itself in the UK, Finland, Sweden, Denmark, Switzerland and Germany through strategic acquisitions. In 2012 a merger with Capesso, increased our market share in Norway in a considerable way. In late 2012, we established ourselves in the Czech Republic, hiring new colleagues in Czech Republic through our subsidiary in Switzerland. We have opened offices in Brno, where we currently have 6 employees. Since our start in 2004, we have increased our sales from NOK 24 million to NOK 317 million.
UK
Erik Outzen, Molde CEO
MANCHESTER
“2012 has been a great year and it is with great pleasure we see all the enthusiasm, creativity, commitment and expertise of our employees in the effort to make Merit a key driving force for our customers.”
We are projecting that Merit will continue to fulfill its objective: To create value for its shareholders and customers. With that in mind, we foresee the recruitment and training of additional consultants, and a strengthening of our position in our target markets. 107
From the beginning of our operations in 2004, until 2012, Merit had seen a steady growth in the workforce; we presently focus on the recruitment and development of talented advisors. 50
29
27
44 36 25 9
2004
2012
NORWAY
2009
2012
FINLAND
2009
2012
SWEDEN
2010
14
2012
DENMARK
12 3
3
2010
2012
GERMANY
0 2010
2012
SWITZERLAND
2010
6 2012
CHECH REP.
1 2010
8 2012
GREAT BRITAIN
ANNUAL REPORT | MERIT GLOBE | 2012
NORWAY BERGEN GJØVIK MOLDE OSLO SANDNES TRONDHEIM ÅLESUND
DENMARK ODENSE
FINLAND SWEDEN GÖTEBORG KALMAR LINKÖPING MALMÖ STOCKHOLM
GERMANY
CZECH
LANDSHUT
BRNO
SWITZERLAND BASEL ZUG
ITALY
HELSINKI TURKU TAMPERE
1.1
2.1 - 2.4
ANNUAL REPORT | MERIT GLOBE | 2012
Merit Globe’s growth and progression The year of 2012 was a highly rewarding, fast-paced and positively challenging period for Merit, amounting to the best year ever for our company. We have focused on continuous improvement of the planning and delivery processes, and we have increased sales of our portfolio.
Merit AppSuite has risen to a new level, and besides new and significant functional improvements, we launched Merit AppSuite and Merit Portal for Smartphones and tablets, both in IOS and Android. The first deliveries and implementations are being carried out and we see a large and growing demand.
as outside. We’ve also implemented our first upgrade in South America while seeing an increase in the number and dimension of ongoing global projects.
2.2 Market Penetration
We should also underline our new service and product dedicated to operations and monitoring - Merit Operations - which has seen great success this year. Merit Operations will be fine-tuned and will become available to all our customers in 2013. All good news to our clients, who stand to gain by our efforts.
Merit’s products have set new landmarks every day, with a continuous growth of our services. In 2012 we reached a new record in terms of size, number and international scope of our projects. Presently, more than 50 customers and over 30 000 users have chosen Merit as a supplier of new solutions. We are very proud of our accomplishments and very grateful for the confidence our customers show in us.
2.1 Locally & Globally
2.3 Market Development
Besides the increasing number of installations implemented by our European offices, we have seen – in recent years - thousands of new users relying on systems supplied by Merit. Infor M3 has become an important platform for many of our customers, and along with the delivery Infor M3, we usually deliver one or more of our own products. Merit’s products are also delivered as standalone and increasingly as part of both small and large upgrading projects for our customers.
We expect, in 2013, to pick up where 2012 has left us. Merit will remain focused in our customers’ needs and expects to grow further as a company. We have seen the truth of this expectation in the way we have continuously managed to create new business units with competent and motivated resources. We expect to sell our products in new countries, and in local languages. The year of 2013 may be the year we will widen the geographic scope of Merit to the outside of Europe. Based on existing and upcoming markets, this market access will provide an outlook of 20% growth in 2013.
Our geographical scope is also increasing, both at home and abroad. In 2012, we have implemented the first installation of our Merit Portal in Asia, where we simultaneously have created partnerships that grant us access to full-time product developers in this region of the globe. Infor M3 has seen an increased growth both in all of our national markets as well
2.4 Partnership Over 2012 we also got to know our most important partner, Infor, which is the new owner of Infor M3. This new relationship has been shown to be a very positive ex-
perience. Infor is developing and investing in M3 in the best possible way we could wish for. Infor has paid attention to the demands of the market and – therefore - our product portfolio is seeing greater functionality and higher quality. We have seen already significant improvements, and we know there will be more to come. It is also with pride that we see our common efforts – Merit’s and Infor’s – being recognized in the market. This recognition was highlighted during Infor’s Partner Conference, in 2012, where Merit’s efforts in the M3 market were clearly recognized; Merit attained: - Highest Infor M3 revenue in 2012 - Highest Infor M3 service partner revenue in 2012 - Strongest Infor M3 contributor in 2012
2.1 - 2.4
ANNUAL REPORT | MERIT GLOBE | 2012
400
Based on existing and upcoming markets, our market access will provide an outlook of 20% growth in 2013.
350
300
250
200
Revenue: 3,3 MEUR EBITDA: 0,5 MEUR
Revenue: 4,2 MEUR EBITDA: 0,7 MEUR
Revenue: 4,8 MEUR EBITDA: 0,8 MEUR
Revenue: 5,2 MEUR EBITDA: 0,8 MEUR
Revenue: 8,3 MEUR EBITDA: 1 MEUR
Revenue: 14 MEUR EBITDA: 0,4 MEUR
Revenue: 27 MEUR EBITDA: 0,5 MEUR
Revenue: 36 MEUR EBITDA: 1,7 MEUR
Revenue: 41 MEUR EBITDA: 4,5 MEUR
Revenue: 52 MEUR EBITDA: 7,8 MEUR
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
150
100
50
3.0
ANNUAL REPORT | MERIT GLOBE | 2012
Merit relies on the employees focused on improving our clients business. Our true value lies in our knowledge.
ANNUAL REPORT | MERIT GLOBE | 2012
We Want Our Clients To Excel Our vision is to be a key force in our customer’s effort to become better, stronger and more profitable. We will help ensure that our customers will have the adaptability needed to respond quickly to changing market conditions. Our clients are typically market leaders in their respective industries, and Merit will ensure that their relevance will be maintained and strengthened. Merit is known for its holistic approach to the customers, developing and implementing solutions based on knowledge of the industry and client-specific business framework and expectations. We have established long-
term partnership agreements with our customers to ensure that they will always have access to the solutions that will give them the best possible conditions to cope with the changes in this competitive market’s landscape. This will also remain the driving force and inspiration behind the development of our
own in-house applications and concepts. Merit’s AppSuite ensures the seamless execution and reporting of business processes, with improved efficiency and increased security – these are the characteristics that have made Merit’s AppSuite a “must-have” in the eyes of our clients.
Meet some of Merit’s staff:
Lars Lindell, Malmö Senior Project Manager
Stian Sundsbø, Molde Senior Application’s Engineer
Good project management is essential to the improvement of our customers. Lars has extensive experience from several project implementations both in Sweden and other countries where Merit operates.
Merit develops and sells mobile solutions that integrate with Merit Portal and Infor M3. Oskar Sylte Mineral Water Factory, as well as cosmetics wholesaler Sæther Nordic, are examples of clients who rely daily on these solutions, both on Android and iOS platforms. Stian is a key resource in the development of our apps.
Outi Paavola, Helsinki Senior Business Consultant
Jon Kåre Aarskog, Trondheim Senior Business Consultant
Advising clients in the use of Infor M3 is a fundamental part of our process to “improve our customers.” Outi presently works in cooperation with our major clients, aiming to find the best and most effective solutions
Whenever Info-Team - Infor M3 users association in Norway - is looking for presenters on the topic of integration, they look to Trondheim, to our own Jon Kåre Aarskog. Jon Kåre has been a key player in several advanced integration projects between Infor M3 and associated solutions.
3.0
4.1 - 4.2
ANNUAL REPORT | MERIT GLOBE | 2012
Merit’s Unique Offering: We aim to improve our clients competitiveness by streamlining business processes and implementing modern integrated software.
Sales
Account Manager
CUSTOMER TEAM
Operations Service Manager
Industry competence within a few selected industries
Solution Manager
Leading Industry suites � – covering your business requirements
ld-Class Services Wor f st o Be
Project
Breed Applicat ion s
ustry Suites Ind Industry/Vertical
Merit Customer
Infor M 3 Me
r it A
P ro
Best of Breed apps gets the best of the Industry Suite – optimized workflow using the suitable devices
ppSuite | Interfa
je cts |
ce
s
O p e ra t i o n s
Secure efficient implementation with minimized risk and long-term operation of solutions
ANNUAL REPORT | MERIT GLOBE | 2012
4.1 - 4.2
Annual Report In 2012, Merit saw a strengthening of its market position – Merit is now the preferred vendor of business solutions within our industry. 4.1 Business Results Merit Globe AS (MGAS) is the parent company of Merit Group. Merit Globe is a leading provider of business solutions, Enterprise Management Solutions, in specific fields. In addition to being the parent and holding company, MGAS supports - as an organization - common functions such as corporate management, business strategy, economics and finance, IT, marketing and business development. Merit has seen a major expansion to reinforce its leading position in the market, and is presently in a strong position to lead market consolidation efforts. We believe that there are still several interesting opportunities both in our present area of influence and in emerging markets. We are a leading supplier of selected industries of primary business solutions (ERP), namely Infor M3. This has secured Merit a unique position among our competitors, through our own software in the Merit AppSuite. In addition to the traditional ERP solutions, we have also seen a high level of success with our new CRM initiative,
Merit Event Management Solution. This solution is already being presently provided to several large global clients.
4.2 Market Conditions As with other key players in the market, we have witnessed a reduction of investment during the recent financial crisis. The decline in market volume in Norway has been, nevertheless, significantly smaller than in other Nordic and European countries. Our applications and service-based concepts (Merit Operations & Merit Partnership) have thus contributed to Merit’s organic growth, even during the financial crisis. From 2012 on, we have seen a reinforcement of investment which created an increased demand in all our markets. As a response to the financial crisis we have aimed to recruit experienced consultants, and consider we are presently in a position to take advantage of this increased demand. We have seen a significant increase in demand for different types of hosting services, which helps to differentiate our
product and our unique solution concepts. We have also seen an increase on sales of specifically targeted sales mobile solutions for tablet and smartphone. This market seems to have an enormous capacity to quickly apply new technologies, which allow a faster development of the interfaces of our ERP solution, and constant involvement of new user groups, both internally and externally. We have developed a partnership agreement with Infor for the markets in Central Europe, Western Europe and Scandinavia. This agreement provides an excellent framework for further growth. Infor is a leading global software company, with an impressive development plan for the M3 and other applications. With Infor as our partner, we will continue to offer the best solutions for our target markets.
4.3
ANNUAL REPORT | MERIT GLOBE | 2012
4.3 Economy and Finances Operating Revenues Merit had operating revenues of NOK 317,401,010 in 2012, which constitutes an increase of 18 percent from NOK 268,938,848 in 2011. Merit has hired 43 employees in 2012, which has partially explained this increase in operating revenues. In addition, the hiring rate of the Group’s consultants has seen a 3 percent increase when compared to 2011. Group’s services priced per hour increased by 5% percent due to a favorable development in demand for Merit’s services. Sales of own products have increased to NOK 7,000,000, which constitutes an increase of 20% when compared to 2011. Sales of own products are an increasingly important part of Merit’s present profit. The positive trend seen through 2012 proves that Merit is following the right business model and is providing a good range of services tailored to client needs, while selling products and concepts that help our clients improve their business.
Operating Expenses Merit’s total costs grew by 17% percent in 2012 and the total expenses amounted to NOK 320,892,727. The Group reported thus a smaller growth in costs versus revenues, which consequently strengthened its operating margins in 2012. The positive trend seen through 2012 proves that Merit is following the right business model and is providing a good range of services tailored to client needs.
This increase in operating expenses is mainly related to the increase in labor costs and other operating expenses, resulting from the number of employees hired over the year. In 2012, depreciation (write-off) amounted to 6% of operating costs. This value corresponds to the depreciation of assets in software and had no cash-flow effect on the company. This is a reduction in the balance value for our software assets and for holdings we have in companies and
should force us to reflect the appropriate future value of these investments on our balance sheet.
Profit In 2012, our operating profit (EBITDA) amounted to NOK 14,980,172 versus NOK 12,510,166 for the same period last year. This represents an increase of 20 percent with an EBITDA margin of 5 percent. Our long-term target EBITDA margin is 15 percent. The Group will continue to focus strongly on improving operational efficiency. Profit after tax was NOK -7,270,524 in 2012, up from NOK -8,549,186 in 2011, which corresponds to an increase of NOK 1,278,662.
Results from parent company After the splitting in 2010, the parent company only had internal turnover, financial income and financial expenses, which produced a deficit of NOK 370 838 in 2012.
Balance Sheet and Financial Ratios At the close of the fiscal year, Merit had a total balance of NOK 149,872,049. The trade debt balance in 2012 was NOK 59,539,740. The Group has conducted a review of the unpaid invoicing and it is their opinion that the situation can be perceived as solid. Consolidated shareholders’ equity at the close of fiscal year was NOK 50,185,459. Merit has been focused in reinforcing the solvency of the company. The Group’s financial solidity as measured by the equity ratio at the end of the fiscal year was 33%, versus 5% in the previous year. Merit aims to maintain an equity ratio of 30% for the future. In 2012 we made clear investments which will provide future positive cash flow for the Group. The increase in earnings was primarily due to the structuring of ownership in subsidiaries which was implemented in 2012. Merit Globe AS has gone from part-ownership to full-ownership of subsidiaries.
The values which have been demonstrated in the financial statements are based on future earnings from these holdings. The holdings are reflected in the company’s goodwill and equity. The Group’s goodwill will be amortized over 5 years. At the end of fiscal year, the Group had a debt of NOK 99,686,590, of which 24,435,870 corresponded to bank debt. The Group has a liquid inventory of NOK 13,697,126 invested in the bank. Merit has a corporate account (cash pool) with a corresponding credit facility in the bank. This solution allows the use of any excess liquidity in the Group. Merit has seen improved liquidity in the year of 2012. The Board expects that Merit commands enough capital to finance the Group’s obligations, investment requirements and operations through own funding. In accordance with the Accounting Act § 3-3a, the Board confirms that the presumption of viability is true, and the financial statements for 2012 have been based on this presumption. The Board bases this position on the long-term forecasts, and on the Group’s capital and liquidity. The parent company had an equity ratio of 50% on 31/12/2012.
Financial Risks In terms of financial risks, the Group is mainly exposed to foreign exchange risk, liquidity risk and credit risk. The Group’s management is continuously assessing these risks and establishes guidelines for their management. Merit’s financial strategy resides in maintaining sufficient cash or credit resources at any given time, to be able to finance operations and investments according to the Group’s strategy. Excess liquidity is to be invested in the bank. The Group’s client base includes mainly large, solid enterprises and organizations, with high credit ratings. All new accounts that require credit are subject to an assessment of their creditworthiness.
Allocation of Annual Results Annual results NOK - 370.838, transferred to uncovered losses of Merit Globe AS.
ANNUAL REPORT | MERIT GLOBE | 2012
4.4 - 4.7
4.4 Organization Merit’s business covers a good geographical area both in Scandinavia and in Central Europe and is present through 22 offices in 9 countries in 2012. Over the year, Merit has expanded geographically as well as in terms of new service and product areas. One of the examples of service and product expansion was the creation of Merit Operations. These were established because we have seen more and more customers requesting an improvement of monitoring and follow-up of their company’s valueadded processes. Merit Operations is an integral part of Merit’s existing business, developed to help improve our customer’s position in the market. Merit will continue to reinforce the established strategy in Europe. We have now gained new customers in many countries and will now focus on sales and implementation of the products and services we have developed.
4.5 Competence Building Solution Consulting is established as a group at the corporate level with
participants from all Merit companies. This group is responsible for acquiring expertise in new product areas and new functionalities and is involved in the definition of which areas Merit should focus and build expertise. Merit Project and Merit Operations safeguard the implementation of projects and the operational status of the implemented solutions. The whole consultant staff of Merit in these areas is, in principle, included. Professional Groups Merit has been working on the development of groups for different areas of expertise. These areas may be related to specific industries, solutions or process areas. Competence groups are organized by countries with contact points and coordination efforts between countries.
4.6 Certification Merit has been focusing extensively on competence building. This applies both for its products and for the products of our partners. As an example, we have always been very focused on building expertise in
the new product versions of our biggest partner, Infor - when the latest version of Infor M3 was launched we, at Merit, were the first in the world to implement it with our customers. Merit strives to be ahead of the certification of Infor’s programs. We have, additionally, established internal standards and competence certificates to characterize expertise and experience on several different areas.
4.7 Research and Development One of the important parts of Merit’s business model resides in the sale and implementation of our proprietary products, Merit AppSuite. More than one hundred of our customers use our products on their daily activities. The objective of Merit AppSuite is to offer to our customer products that increase efficiency and user-friendliness of work processes; through our AppSuite, the companies have access to data that is critical to their business in a simple and intuitive way. Our products currently have a strong representation in the areas of data
Competence Building Merit’s service organization focuses on the following areas: -->
Services Projects Proven implementation methodology Deep industry knowledge for the focused verticals Complete resource teams Scalable from small local projects to large and international projects
Operations Application Monitoring Process Control Application Support Merit’s “Emergency Ward”
(24/7 costumer support service)
4.7 - 4.11
ANNUAL REPORT | MERIT GLOBE | 2012
storage and analysis as well as in transaction reporting in the client’s value-chain. Our solutions can be used via the web interface on PCs and via mobile devices, in which bar-codes are used extensively.
new team of developers is also distributor for our products in Asia. This increased capacity follows an increased market share for our products in this well established and growing market.
During 2012, our product development focused specifically on advancing our portal concepts, namely our sales portals and supplier portals. We have also developed and implemented our first solutions on mobile platforms like iOS and Android. This solution focuses on exploring the opportunities of new technologies while integrated tightly with our corporate ERP solution. The demand for these solutions is growing very rapidly, as reflected in our continuing product development.
4.8 Job Satisfaction
We have built our product development with product specialists with extensive business knowledge, and developers with broad and in-depth technical expertise. We wish to provide our employees an engaging and stimulating workplace, by providing the opportunity to work closely with our clients and business consultants. We therefore invest a significant percentage of our licensing and business revenues in innovation and research. We motivate our employees to continuously develop their skills. That focus on self-improvement, along with the opportunities they have to influence the functionality and the technology our future products, has made the product development department a workplace that is attractive both for present and future employees. In 2012 we have added an offshore development team, in Asia, to expand our development organization. This addition to our capacity was established through our partner, Serenergy in Singapore, whom besides being responsible for our
The mother company Merit Globe AS has three employees in 2012. The group has 265 employees as of 31.12.2012. The Board considers that Merit’s working environment is satisfactory. Absences due to illness are considered to be at a normal level. There were no serious professionally-related injuries in the Group. At Merit, we are very focused on creating a good working environment with high job satisfaction. An environment in which employees are committed and motivated will increase the chances of a good delivery and satisfied customers. Merit wishes to also facilitate healthy, shared experiences, beyond our work environment. Engaging in sports, and other extra-professional activities, may provide another way of socializing which complements the professional environment. Many of our employees have found the simple pleasure of socializing with colleagues while skiing, cycling, jogging and being involved in other recreational activities. Some of these activities have been managed by the company, while others have been initiated by enterprising colleagues.
4.9 Anti-Discrimination Policies All employees of Merit are committed to contribute to a positive and highly professional working environment. All employees handle each other respect-
fully and all forms of discrimination are considered unacceptable. This includes all types of discrimination based on religion, skin color, sex, sexual orientation, age, nationality, race and level of disability. Both the Company and the Group are working actively to promote equality, to ensure an environment with equal rights and opportunities, and devoid of any discrimination.
4.10 Equality Policies Merit has a long-term policy targeted at the increase of the percentage of women in its workforce, while always focused on securing the appropriate expertise in all recruitment efforts.
4.11 Environmental impact Merit has implemented a number of measures to minimize environmental pollution. Whenever possible, we opt for video and web conferencing in order to reduce the frequency of air-travel. At Merit, we have implemented efforts to minimize printing; also printers are set - by default - to print on both sides of paper.
5.0
ANNUAL REPORT | MERIT GLOBE | 2012
5.0 Income statement PARENT COMPANY 2012
2011
Note
2012
GROUP 2011
Revenue 0
0
Sales revenue
9 142 406
6 400 904
Other operating income
9 142 406
6 400 904
Total revenue
6
311 690 311
265 809 245
5 710 699
3 129 603
317 401 010
268 938 848
29 014 349
50 845 153
204 143 794
162 473 572
Operating expenses 0
0
7 449 362
4 935 211
187 001
Cost of sales Payroll expenses
5
0
Depreciation and amortization
7, 8
18 471 889
8 874 641
0
0
Write-downs
7, 8
0
7 983 675
4 074 990
2 475 218
Other operating expenses
5
69 262 695
43 109 957
11 711 353
7 410 429
Total operating expenses
320 892 727
273 286 998
-2 381 946
-1 009 525
EBITDA
14 980 172
12.510.166
-2 568 947
-1 009 525
EBIT
-3 491 717
-4 348 150
Income from investments in subsidiaries
0
0
Interest income from group companies
0
0
749 115
860 895
0
0
Financial income and expenses 6 612 898
2 554 808
803 724
0
187 764
420 105
2 405 200
14 125 902
636 076
0
1 956 690
538 926
2 606 420
-11 689 915
37 473
-12 699 440
408 311
-257 131
-370 838
-12 442 309
Other financial income Write-down on financial assets
2
Interest expenses to group companies
0
0
2 411 885
1 475 900
Net finance
-1 662 770
-615 005
Profit/(loss) before income tax
-5 154 487
-4 963 155
2 116 037
3 586 032
-7 270 524
-8 549 186
Majority interests
-8 052 919
-12 432 161
Minority interests
782 395
3 882 975
Other financial expenses
Income tax expenses
13
Net profit/(loss)
Distribution
Attributable to: 0
-10 510 424
-370 838
-1 931 885
-370 838
-12 442 309
Other equity
14
Uncovered losses
14
Total
6.0
ANNUAL REPORT | MERIT GLOBE | 2012
6.0 Balance sheet as of December 31 PARENT COMPANY 2012
2011
Note
2012
GROUP 2011
Fixed assets
Intangible assets 0
0
0
394 174
0
0
0
394 174
Research and development
8, 9
Deferred tax asset
13
Goodwill
8
Total intangible assets
11 570 557
6 775 672
334 425
729 106
47 372 893
19 509 901
59 277 875
27 014 679
3 253 705
3 159 051
3 253 705
3 159 051
0
0
241 191
163 800
241 191
163 800
62 772 771
30 337 530
Tangible assets 604 640
0
Fixtures and fittings, tools, office machinery etc.
604 640
0
Total tangible assets
7
Financial assets 79 196 836
31 594 401
Investments in subsidiaries
2
77 391
0
Other receivables
11
79 274 227
31 594 401
Total financial assets
79 878 867
31 988 575
Total fixed assets
Current assets
Receivables 10 859 807
3 084 164
Accounts receivables
12
59 539 740
65 324 942
25 085 150
16 891 995
Other receivables
12, 13
13 862 412
16 578 034
35 944 957
19 976 159
Total receivables
73 402 152
81 902 976
1 252 823
1 510 637
13 697 126
25 084 134
37 197 780
21 486 796
Total current assets
87 099 278
106 987 110
117 076 647
53 475 371
Total assets
149 872 049
137 324 640
Cash and cash equivalents
10
6.0
ANNUAL REPORT | MERIT GLOBE | 2012
6.0 Balance sheet as of December 31 PARENT COMPANY 2012
2011
Note
2012
GROUP 2011
1 739 286
1 008 000
59 799 867
3 893 400
61 539 153
4 901 400
-12 017 115
-6 335 294
-12 017 115
-6 335 294
663 421
8 684 149
50 185 459
7 250 255
0
0
0
0
0
990 600
24 435 870
24 916 117
Equity Paid-in capital 1 739 286
1 008 000
Share capital
14, 15
59 799 867
3 893 400
Share premium
14
61 539 153
4 901 400
Total paid-in capital
Retained earnings -2 302 723
-1 931 885
Other equity
-2 302 723
-1 931 885
Total retained earnings
0
0
59 236 430
2 969 515
14
Minority interests
Total equity
Liabilities Provisions 14 137
0
Deferred tax
14 137
0
Total provisions
13
Current liabilities 0
0
24 435 870
24 134 685
917 783
870 120
0
0
107 124
68 676
32 365 303
Dividend Liabilities to financial institutions
10, 11
Accounts payable
12
6 823 188
7 570 525
Income tax payable
13
632 252
1 827 565
Public duties payable
10
17 463 607
15 629 452
25 432 375
Other current liabilities
2, 12
50 331 673
79 140 126
57 826 080
50 505 856
Total current liabilities
99 686 590
130 074 385
57 840 217
50 505 856
Total liabilities
99 686 590
130 074 385
117 076 647
53 475 371
Total equity and liabilities
149 872 049
137 324 640
7.0
ANNUAL REPORT | MERIT GLOBE | 2012
7.0 Cash flow statement PARENT COMPANY 2012
2011
Note
2012
GROUP 2011
Cash flow from operating activities 37 473
-12 699 440
Profit/(loss) before taxes
-6 612 898
-2 554 808
0
-2 430
0
0
Profit on sale of financial assets
187 001
0
Depreciation and amortization expenses
2 405 200
14 125 902
Impairment of fixed assets
-7 727 980
-2 214 044
Changes in inventories, accounts receivables and accounts payable
21 251 113
14 459 147
Changes in other accruals
9 539 909
11 114 327
Net cash flow from operating activities
Share of the (profit)/loss of associates Income tax paid
-5 154 487
-4 963 155
0
0
-1 827 565
-2 430
0
-185 689
18 471 889
8 874 641
0
7 983 675
5 037 865
-33 400 478
-9 479 923
42 963 769
7 047 779
21 270 333
-1 609 292
-30 662 156
0
555 741
9 229 875
0
-9 183 232
-9 732 116
2 148 250
0
-77 391
0
0
0
-17 951 540
-39 838 531
Cash flow from investing activities -791 642
0
Purchase of tangible fixed assets
0
555 741
-9 229 875
-32 813 675
0
0
Payments in relation with capitalized proprietary R & D
0
0
Proceeds from sale of Goodwill
-77 391
0
Changes in long term receivable
0
1 359 739
-10 098 908
-30 898 195
Proceeds from sale of shares Purchase of shares
Proceeds from dividends from subsidiaries Net cash flow from investing activities
Cash flow from financing activities 0
24 134 685
Proceeds from short term borrowings
0
24 916 117
0
-3 733 332
Repayment of borrowings
0
-3 733 332
301 185
0
Changes in short term borrowings
-480 247
0
0
0
Dividends
0
-683 375
0
-489 439
Share issue expenses
0
-489 439
0
69 498
Proceeds from sale of own shares
0
69 498
301 185
19 981 412
-480 247
20 079 469
-257 814
197 544
-11 384 008
1 511 271
1 510 637
1 313 093
Cash and cash equivalents at 01.01
25 081 134
23 569 863
1 252 823
1 510 637
Cash and cash equivalents at 31.12
13 697 126
25 081 134
Net cash flow from financing activities
Net change in cash and cash equivalents
NOTES | MERIT GLOBE | 2012
8.0 Notes to the accounts for 2012 Note 1 - Accounting Principles The annual report is prepared according to the Norwegian Accounting Act 1998 and to the generally accepted accounting principles.
the exceeding amount represents reimbursement of invested capital, and the distribution will be subtracted from the value of the acquisition in the balance sheet.
Basis for consolidation
Sales revenue
The consolidated financial statements comprise the parent company Merit Globe AS and the subsidiaries as described in Note 2. Subsidiaries are companies in which the Group has a controlling interest. A controlling interest is normally achieved when the Group owns more than 50% of the shares in the company and is also in the position to exercise control over same company. The minority share of the equity is included in the consolidated equity. The consolidated accounts are prepared in such way that the group of companies is presented as a single economic entity. Intercompany transactions have been eliminated from the consolidated accounts. The consolidated accounts are prepared according to the same accounting principles for both parent and subsidiaries. Acquired subsidiaries are reported in the annual accounts on the basis of the parent company’s acquisition cost. Subsidiaries are consolidated in the accounts when a controlling interest is achieved until it no longer applies.
Subsidiaries
Subsidiaries are valued by the cost method in the company accounts. The investment is valued as cost of acquiring shares in the subsidiary, providing that write-downs are not required. Write down to fair value will be carried out if the reduction in value is caused by circumstances which may not be regarded as incidental, and deemed necessary by generally accepted accounting principles. Write-downs are reversed when the causes of the initial write-down are no longer present. Dividends and other distributions are recognized in the same year as appropriated in the subsidiary accounts. If dividends exceed withheld profits after acquisition,
Sales revenues are recognized at the time of delivery. Revenues from services are recognized at execution. The share of sales revenue associated with future services are recorded in the balance sheet as deferred sales revenue, and are recognized at the time of execution. Revenue from projects on fixed price terms that run over a longer period of time are recognized according to the degree of completion. The degree of completion is estimated based on time consumed in relation with estimated total time on the project.
Balance sheet classification
Net current assets comprise creditors due within one year, and entries related to goods circulation. Other entries are classified as fixed assets and/or long term liabilities. Current assets are valued at the lower of acquisition cost and fair value. Short term creditors are recognized at nominal value. Fixed assets are valued by the cost of acquisition, in the case of non incidental reduction in value the asset will be written down to the fair value amount. Long term creditors are recognized at nominal value.
Trade and other receivables
Trade receivables and other current receivables are recorded in the balance sheet at nominal value less provisions for bad debts. Provisions for bad debts are calculated on the basis of individual assessments. In addition, for the remainder of accounts receivables outstanding balances, a general provision is carried out based on expected loss
Foreign currency translation
Foreign currency transactions are translated using the year end exchange rates.
Property, plant and equipment
Property, plant and equipment is capitalized and depreciated over the estimated useful economic life. Direct maintenance costs are expensed as incurred, whereas improvements and upgrading are assigned to the acquisition cost and depreciated along with the asset. If carrying value of a non current asset exceeds the estimated recoverable amount, the asset is written down to the recoverable amount. The recoverable amount is the greater of the net selling price and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value.
Research and development
Research and development costs are capitalized providing that a future economic benefit associated with development of the intangible asset can be identified. Otherwise, the costs are expensed as incurred. Capitalized research and development are amortized linearly over the economic lifetime.
Government grants
Government grants for development projects are recognized when it is probable that the Company will receive the grant. The grant is recognized as a reduction of expensed or capitalized development costs.
Income tax
Tax expenses in the profit and loss account comprise both tax payable for the accounting period and changes in deferred tax. Deferred tax is calculated at 28 percent rate on the basis of existing temporary differences between accounting profit and taxable profit together with tax deductible deficits at the year end. Temporary differences, both positive and negative, are balance out within the same period. Deferred tax assets are recorded in the balance sheet to the extent it is more likely than not that the tax assets will be utilized. Tax payable and deferred tax is recorded directly against the equity to the extent that the tax positions relate to equity transactions.
8.0
8.0
NOTES | MERIT GLOBE | 2012
Cash flow statement
The cash flow statement is presented using the indirect method. Cash and cash equivalents includes cash, bank deposits and other short term highly liquid placement with original maturities of three months or less.
Use of estimates
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts in the profit and loss statement, the measurement of assets and liabilities and the disclosure of contin-
gent assets and liabilities on the balance sheet date. The estimates are related to capitalization of R&D, provision for bad debts and evaluation of projects. Actual results can differ from these estimates.
Note 2 - Investment in subsidiaries PARENT COMPANY Company
Acquisition year
Location
Share owners
Voting rights
Book value 31.12
Merit Consulting AS
2010
Ålesund
100 %
100 %
19 219 030
Merit Platform Partner AS
2009
Ålesund
51 %
51 %
576 500
Merit Consulting OY
2008
Finland
100 %
100 %
25 882 782
Merit Consulting AB
2009
Sweden
100 %
100 %
5 469 839
Tirem Invest AB**
2010
Sweden
100 %
100 %
0
Merit Consulting AS
2009
Denmark
100 %
100 %
5 638 311
Merit Consulting GmBH
2010
Germany
100 %
100 %
4 937 847
Merit Central Europte AG
2010
Switzerland
100 %
100 %
15 893 768
Merit Consulting UK
2008
England
100 %
100 %
1 578 759
Axcentro Solutions LLC*
2010
Switzerland
0
Capesso Provider AS*
2011
Gjøvik
0
Sum
79 196 836
* Axcentro Solutions LLC and Capesso Provider AS is included in the Group, but are owned by subsidiaries. ** The investment in Tirem Invest AB is written down to NOK 0 by NOK 2 405 200 in 2012 and NOK 14 125 902 in 2011. In connection with the acquisition of subsidiaries, the company entered into agreements of investment credit, with settlement in 2012 partially in shares and cash. Total amount is NOK 16 422 481 and is classified as current liabilities in 2011. The investment credit was settled in 2012.
Note 3 - Merger and reorganization PARENT COMPANY
Merger between Merit Consulting I AS and Merit Consulting AS: The wholly owned subsidiary Merit Consulting I AS merged with the subsidiary Merit Consulting AS in 2012. The merger was completed at continuity in booked values with effect from 1.1.2012. The shareholders in Merit Consulting AS got shares in Merit Globe AS as settlement. In relation to the settlement there was a capital increase in Merit Globe AS of NOK 376 978 and a share premium of NOK 3 305 529. Merger between Merit Consulting AS and Merit Consulting Øst AS: Merit Consulting AS merged with the
subsidiary Merit Consulting Øst AS in 2012. The merger was completed at continuity in booked values with effect from 1.1.2012. The shareholders in Merit Consulting Øst AS got shares in Merit Globe AS as settlement. In relation to the settlement there was a capital increase in Merit Globe AS of NOK 48 230 and a share premium of NOK 5 409 831. Reorganization of ownership through buyout of minority shareholders in foreign subsidiaries: The minority shareholders in the foreign subsidiaries of the group were bought out in 2012 by Merit Globe AS, with the purpose of achieving 100 % ownership
in all subsidiaries. The minority shareholders got shares in Merit Globe AS as settlement. In relation to the settlement there was a capital increase in Merit Globe AS of NOK 306 078 and a share premium of NOK 47 191 107. After completion of the mergers and reorganization in 2012, Merit Globe AS now has 100 % ownership in all subsidiaries except of Merit Platform Partner AS. For a list of subsidiaries we refer to note 2. Changes in equity in 2012 are shown in note 14.
8.0
NOTES | MERIT GLOBE | 2012
Note 4 - Financial market risk PARENT COMPANY
a financial institution at floating interest rates. The company has not entered into any fixed rate contracts.
The company and the Group are exposed to interest- and exchange rate risk. The Group has no formal hedging strategy.
entered into any hedging transactions to reduce this risk. The risk is however reduced by the fact that income and expenses in each company in the group to a great extent is in the same currency.
Exchange rate risk The company and the Group have transactions in different currencies. It is not
Interest risk The company has overdraft facilities with
Note 5 - Wage costs, number of employees, remuneration, loans to employees and auditor’s fee PARENT COMPANY 2012
2011
Wage costs
3 230 392
1 792 415
382 430
248 469
112 057
62 751
3 724 483
2 831 577
0
0
Refunds
0
0
Capitalized costs
7 449 362
4 935 212
3
3
Salaries
2012
GROUP 2011
158 716 979
125 178 135
Social security tax
25 752 069
13 640 693
Pension costs
16 441 134
12 001 742
Other payments
11 764 254
18 091 512
-530 642
-1 181 296
-8 000 000
-5 257 214
204 143 794
162 473 572
265
222
Total
Average number of employees
PARENT COMPANY
The managing director is an employee of Merit Consulting AS and gets his salary paid by this company. Other payments include administrative expenses for group management with NOK 2 569 271. Compensation to the board of directors is NOK 112 200 in 2012. Bonus to management is expensed by NOK 875 902 incl. social security tax in 2012. Bonus to the CEO amounts to NOK 250 000 excl. social security tax. Management remuneration Salary Other remuneration Chief Executive Officer 1 277 704 174 121 The parent company and some subsidiaries are obliged to establish a pension plan according to Norwegian pension regulations. The companies have a pension plan that meets the criteria in the regulations. The company has not given loans or security to anyone in the management or shareholders, or any of their affiliates.
PARENT COMPANY 2012
Auditor fee has been divided as follows
GROUP 2012
48 000
Statutory audit fee
355 987
0
Assurance services
20 082
0
Tax advisory fee
31 127
182 523
Other services VAT is not included in the figures of auditor’s fee.
293 500
8.0
NOTES | MERIT GLOBE | 2012
Note 6 - Revenues PARENT COMPANY 2012
2011
2012
GROUP 2011
Geographical distribution 0
0
Norway
171 667 353
112 265 607
0
0
Nordic countries
94 720 164
115 597 170
0
0
Europe
45 302 794
37 946 468
0
0
311 690 311
265 809 245
Note 7 - Tangible assets PARENT COMPANY Fixture and fittings, tools, office machinery, etc.
Total
Additions
791 642
791 642
Acquisition cost 31.12.
791 642
791 642
Acc.depreciation 31.12.
-187 001
-187 001
Net carrying amount at 31.12.
604 641
604 641
Depreciation for the year
187 001
187 001
Useful economic life Amortization plan
3 years Linear
GROUP Fixture and fittings, tools, office machinery, etc.
Total
Acquisition cost 01.01.
7 386 318
7 386 318
Additions
1 609 292
1 609 292
Disposals
-77 736
-77 736
Conversion differences
-135 066
-135 066
Acquisition cost 31.12.
8 782 808
8 782 808
Acc.depreciation 31.12.
-5 529 103
-5 529 103
Net carrying amount at 31.12.
3 253 705
3 253 705
Depreciation for the year
1 397 084
1 397 084
Useful economic life
3-10 years
Amortization plan
Linear
8.0
NOTES | MERIT GLOBE | 2012
Note 8 - Intangible assets GROUP Goodwill
R&D
Total
Acquisition cost at 01.01.
34 048 782
8 264 161
42 312 943
Addition purchased intangibles
44 287 272
0
44 287 272
Addition proprietary intangibles
0
9 183 232
9 183 232
-13 293 695
-1 563 045
-14 856 740
65 042 359
15 884 348
80 926 707
-17 669 466
-4 313 791
-21 983 257
Net carrying amount at 31.12.
47 372 893
11 570 557
58 943 450
Amortization for the year
14 279 035
2 795 770
17 074 805
5 years
5 years
Linear
Linear
Disposal GW/SkatteFUNN/IFU (Norway) Acquisition cost 31.12.
Acc. amortization at 31.12.
Useful economic life Amortization plan
Note 9 - Government grants GROUP
Merit Consulting AS and Merit Platform Partner AS have ongoing development projects that are approved as SkatteFUNN-projects in Norway. The SkatteFUNN government grant for 2012 is in total NOK 1 980 000. NOK 1 394 964 is recognized as a reduction in capitalized development expenses in 2012, while NOK 585 036 is recognized as a reduction in payroll expenses in 2012. In 2012 the company also has applied for a government grant from Innovasjon Norge amounting to NOK 415 052. This grant is recognized as a reduction in capitalized development expenses by NOK 168 081 and a reduction of payroll expenses by NOK 246 971.
Note 10 - Bank deposit PARENT COMPANY
2012 136 804
GROUP 2012
Restricted bank deposits
4 282 598
PARENT COMPANY
The Merit Globe group has established a multi-account system where Merit Globe AS is the holder, while the other group companies are sub-account holders or participants. The bank can offset any balance against one another so that the net position represents the balance between Handelsbanken and Merit Globe AS. Each participants deposit or liability on the sub-account represents an intercompany balance with Merit Globe AS. These intercompany balances are classified as other current liabilities or other current receivables.
8.0
NOTES | MERIT GLOBE | 2012
Note 11 - Debts and receivables PARENT COMPANY 2012
2011
10 859 807
3 084 164
604 640
0
11 464 447
3 084 164
Pledged assets
Accounts receivables Property, plant and equipment Total
2012
GROUP 2011
59 539 740
65 324 942
3 253 705
3 159 051
62 793 445
68 483 993
PARENT COMPANY
The parent company and the group have an overdraft facility agreement of NOK 25 million and an additional credit of NOK 5 million in 2012. As of 31.12.2012 it is drawn NOK 24 435 870 on this facility. The assets in the table above are pledged as collateral. There are financial covenants related to the agreement. The company meets all requirements as of 31.12.2012.
Note 12 - Intercompany balance group companies and associates PARENT COMPANY Receivables
2012
GROUP 2011
Accounts receivables
10 859 807
3 084 164
Other receivables
23 016 582
16 684 592
Total
33 876 389
19 768 756
2012
2011
406 017
0
Other short term payables
31 325 206
6 525 250
Total
31 731 223
6 525 250
Payables Accounts payables
Interest is calculated on intercompany balances in 2012.
8.0
NOTES | MERIT GLOBE | 2012
Note 13 - Income taxes PARENT COMPANY 2012
2011
Income tax expenses
0
0
Tax payable
0
0
Too much/little allocated in previous year(s)
408 311
-394 174
0
137 043
408 311
-257 131
Change in deferred tax
GROUP 2011
1 831 283
3 084 164
56 753
415 059
228 001
106 365
0
137 043
2 116 037
3 586 032
Deferred tax on equity transactions Total income tax expense
2012
Morselskap 2012
2011
37 473
-12 699 440
6 183
-1 299
Permanent differences
2 405 200
14 125 902
Write-down on shares
0
-489 439
-990 600
-2 369 139
-5 622 298
0
Group contribution
-50 491
0
Changes in temporary differences
-4 214 533
-1 407 765
-1 407 765
0
Applied loss carried forward
5 622 298
0
Group contibution
0
-1 407 765
PARENT COMPANY 2012
2011
Tax base estimation
Ordinary result before tax
Share issue expenses Income from investment in subsidiaries
Tax base
Temporary differences outlined
2012
GROUP 2011
50 491
0
Fixed assets
-313 163
798 242
0
0
Non-current receivables and debt in foreign currencies
-313 317
72 897
0
0
Accounting provisions
-650 000
-650 000
50 491
0
Total
-1 276 480
- 1 375 345
-1 407 765
Loss carried forward
-26 048 866
- 7 903 769
50 491
-1 407 765
Net temp differences as of 31.12
-27 325 346
-9 279 114
14 137
-394 174
Deferred tax/deferred tax asset (-)
-7 651 097
-2 598 152
0
0
7 302 535
1 869 046
-348 562
-729 106
Deferred tax asset in subsidiaries not in balance sheet Deferred tax asset
GROUP
It is expected to receive NOK 1 980 000 (NOK 2 200 000 in 2011) in SkatteFUNN (Norwegian R&D refund plan) in Norwegian subsidiaries. NOK 990 000 (NOK 1 100 000 in 2011) is classified as a reduction of tax payable in the balance sheet, and NOK 990 000 (NOK 1 100 000 in 2011) is classified as other current receivables.
8.0
NOTES | MERIT GLOBE | 2012
Note 14 - Owners equity PARENT COMPANY Share capital
Share premium reserve
Other equity
Sum
1 008 000
3 893 400
-1 931 885
2 969 515
0
0
-370 838
-370 838
Capital increase shareholders MC AS
376 978
3 305 529
0
3 682 507
Capital increase foreign shareholders
306 078
47 191 107
0
47 497 185
48 230
5 409 831
0
5 458 061
1 739 286
59 799 867
-2 302 723
59 236 430
Owner’s equity 01.01. Profit for the year
Capital increase shareholders MC Øst AS Owner’s equity 31.12.
There have been three capital increases in 2012, ref note 3. In total the share capital has increased with NOK 731 286 with a share premium increase of NOK 55 906 467. GROUP
Changes in the group’s capital: Share capital
Share premium reserve
Other equity
Minority int.
Total
1 008 000
3 893 400
-6 335 294
8 684 149
7 250 255
Profit for the year
0
0
-8 052 919
782 395
-7 270 524
Change in minority interests
0
0
8 803 123
-8 803 123
0
Loss from changes in minority interests
0
0
-5 788 757
0
-5 788 757
731 286
55 906 467
0
0
56 637 753
0
0
-643 268
0
-643 268
1 739 286
59 799 867
-12 017 115
663 421
50 185 459
Owner’s equity 01.01.
Capital increase Conversion differences Owner’s equity 31.12.
There have been three capital increases in 2012, ref note 3. In total the share capital has increased with NOK 731 286 with a share premium increase of NOK 55 906 467.
8.0
NOTES | MERIT GLOBE | 2012
Note 15 - Share capital and shareholder information PARENT COMPANY Share capital: Number of shares
Face value
Book value
1 739 286
1 kr
1 739 286
Ordinary shares
Ownership share
Voting rights
Kjell Harald Danielsen
128 764
7,40 %
7,40 %
Erik Outzen, Daglig leder
114 907
6,61 %
6,61 %
Jon Jåre Aarskog, Board member
98 283
5,65 %
5,65 %
Arnfinn Hjellen
89 715
5,16 %
5,16 %
Frank Skorgen
76 195
4,38 %
4,38 %
Markus Tronich
69 856
4,02 %
4,02 %
Kjetil Hjellegjerde
62 341
3,58 %
3,58 %
Håvard Valderhaug
55 424
3,19 %
3,19 %
Hallgeir Øvrebust
52 650
3,03 %
3,03 %
Lars Sæther
52 297
3,01 %
3,01 %
Audun Krutvik
48 488
2,79 %
2,79 %
Bjørn Vanebo
48 488
2,79 %
2,79 %
Trond Langørgen
45 024
2,59 %
2,59 %
Ragnhild Sunde
43 992
2,53 %
2,53 %
John Andre Tran
43 605
2,51 %
2,51 %
Bjørn Vidar Remme
41 907
2,41 %
2,41 %
Morten Bremseth
41 561
2,39 %
2,39 %
Egil Gussiås, Board member
36 366
2,09 %
2,09 %
Eirik Nesje
31 171
1,79 %
1,79 %
Halvard Aarønes
25 975
1,49 %
1,49 %
Total
1 207 009
69,41 %
69,41 %
Other
532 277
30,60 %
30,59 %
1 739 286
100,00 %
100,00 %
Ordinary shares
Shareholders per 31.12:
Total number of shares
www.meritglobe.com NORWAY
GERMANY
BERGEN
LANDSHUT
GJØVIK MOLDE OSLO SANDNES TRONDHEIM ÅLESUND Phone: +47 400 03 650 E-mail: norway@meritglobe.com
SWEDEN GÖTEBORG KALMAR
Phone: +49 176 832 799 44 E-Mail: germany@meritglobe.com
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CZECH BRNO
LINKÖPING
Phone: +41 78 688 99 13
MALMÖ
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FINLAND
ITALY Phone: +41 78 688 9912 E-Mail: centraleurope@meritglobe.com
HELSINKI
UK
TURKU
MANCHESTER
TAMPERE
Phone: +44 78 94 414026
Phone: +358 290 091 040
E-mail: enquiries@meritglobe.com
E-mail: finland@meritglobe.com
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