This annual report summarizes the financial performance of KILROY in 2011. Key figures show that turnover was 1,437 million DKK while EBITDA was 42 million DKK and net profit was 29 million DKK. Total assets increased to 291 million DKK from 282 million DKK in 2010. The report also provides an overview of KILROY's business segments including KILROY travels, KILROY education, and KILROY group travel.
We’re all trying to find that idea or spark that will turn a good project into a great project. Creativity plays a huge role in the outcome of our work. Harnessing the power of collaboration and open source, we can make great strides towards excellence. Not just for designers, this talk can be applicable to many different roles – even development. In this talk, Seasoned Creative Director Sara Cannon is going to share some secrets about creative methodology, collaboration, and the strong role that open source can play in our work.
The impact of innovation on travel and tourism industries (World Travel Marke...Brian Solis
From the impact of Pokemon Go on Silicon Valley to artificial intelligence, futurist Brian Solis talks to Mathew Parsons of World Travel Market about the future of travel, tourism and hospitality.
The Six Highest Performing B2B Blog Post FormatsBarry Feldman
If your B2B blogging goals include earning social media shares and backlinks to boost your search rankings, this infographic lists the size best approaches.
Each technological age has been marked by a shift in how the industrial platform enables companies to rethink their business processes and create wealth. In the talk I argue that we are limiting our view of what this next industrial/digital age can offer because of how we read, measure and through that perceive the world (how we cherry pick data). Companies are locked in metrics and quantitative measures, data that can fit into a spreadsheet. And by that they see the digital transformation merely as an efficiency tool to the fossil fuel age. But we need to stretch further…
2024 State of Marketing Report – by HubspotMarius Sescu
https://www.hubspot.com/state-of-marketing
· Scaling relationships and proving ROI
· Social media is the place for search, sales, and service
· Authentic influencer partnerships fuel brand growth
· The strongest connections happen via call, click, chat, and camera.
· Time saved with AI leads to more creative work
· Seeking: A single source of truth
· TLDR; Get on social, try AI, and align your systems.
· More human marketing, powered by robots
ChatGPT is a revolutionary addition to the world since its introduction in 2022. A big shift in the sector of information gathering and processing happened because of this chatbot. What is the story of ChatGPT? How is the bot responding to prompts and generating contents? Swipe through these slides prepared by Expeed Software, a web development company regarding the development and technical intricacies of ChatGPT!
We’re all trying to find that idea or spark that will turn a good project into a great project. Creativity plays a huge role in the outcome of our work. Harnessing the power of collaboration and open source, we can make great strides towards excellence. Not just for designers, this talk can be applicable to many different roles – even development. In this talk, Seasoned Creative Director Sara Cannon is going to share some secrets about creative methodology, collaboration, and the strong role that open source can play in our work.
The impact of innovation on travel and tourism industries (World Travel Marke...Brian Solis
From the impact of Pokemon Go on Silicon Valley to artificial intelligence, futurist Brian Solis talks to Mathew Parsons of World Travel Market about the future of travel, tourism and hospitality.
The Six Highest Performing B2B Blog Post FormatsBarry Feldman
If your B2B blogging goals include earning social media shares and backlinks to boost your search rankings, this infographic lists the size best approaches.
Each technological age has been marked by a shift in how the industrial platform enables companies to rethink their business processes and create wealth. In the talk I argue that we are limiting our view of what this next industrial/digital age can offer because of how we read, measure and through that perceive the world (how we cherry pick data). Companies are locked in metrics and quantitative measures, data that can fit into a spreadsheet. And by that they see the digital transformation merely as an efficiency tool to the fossil fuel age. But we need to stretch further…
2024 State of Marketing Report – by HubspotMarius Sescu
https://www.hubspot.com/state-of-marketing
· Scaling relationships and proving ROI
· Social media is the place for search, sales, and service
· Authentic influencer partnerships fuel brand growth
· The strongest connections happen via call, click, chat, and camera.
· Time saved with AI leads to more creative work
· Seeking: A single source of truth
· TLDR; Get on social, try AI, and align your systems.
· More human marketing, powered by robots
ChatGPT is a revolutionary addition to the world since its introduction in 2022. A big shift in the sector of information gathering and processing happened because of this chatbot. What is the story of ChatGPT? How is the bot responding to prompts and generating contents? Swipe through these slides prepared by Expeed Software, a web development company regarding the development and technical intricacies of ChatGPT!
Product Design Trends in 2024 | Teenage EngineeringsPixeldarts
The realm of product design is a constantly changing environment where technology and style intersect. Every year introduces fresh challenges and exciting trends that mold the future of this captivating art form. In this piece, we delve into the significant trends set to influence the look and functionality of product design in the year 2024.
How Race, Age and Gender Shape Attitudes Towards Mental HealthThinkNow
Mental health has been in the news quite a bit lately. Dozens of U.S. states are currently suing Meta for contributing to the youth mental health crisis by inserting addictive features into their products, while the U.S. Surgeon General is touring the nation to bring awareness to the growing epidemic of loneliness and isolation. The country has endured periods of low national morale, such as in the 1970s when high inflation and the energy crisis worsened public sentiment following the Vietnam War. The current mood, however, feels different. Gallup recently reported that national mental health is at an all-time low, with few bright spots to lift spirits.
To better understand how Americans are feeling and their attitudes towards mental health in general, ThinkNow conducted a nationally representative quantitative survey of 1,500 respondents and found some interesting differences among ethnic, age and gender groups.
Technology
For example, 52% agree that technology and social media have a negative impact on mental health, but when broken out by race, 61% of Whites felt technology had a negative effect, and only 48% of Hispanics thought it did.
While technology has helped us keep in touch with friends and family in faraway places, it appears to have degraded our ability to connect in person. Staying connected online is a double-edged sword since the same news feed that brings us pictures of the grandkids and fluffy kittens also feeds us news about the wars in Israel and Ukraine, the dysfunction in Washington, the latest mass shooting and the climate crisis.
Hispanics may have a built-in defense against the isolation technology breeds, owing to their large, multigenerational households, strong social support systems, and tendency to use social media to stay connected with relatives abroad.
Age and Gender
When asked how individuals rate their mental health, men rate it higher than women by 11 percentage points, and Baby Boomers rank it highest at 83%, saying it’s good or excellent vs. 57% of Gen Z saying the same.
Gen Z spends the most amount of time on social media, so the notion that social media negatively affects mental health appears to be correlated. Unfortunately, Gen Z is also the generation that’s least comfortable discussing mental health concerns with healthcare professionals. Only 40% of them state they’re comfortable discussing their issues with a professional compared to 60% of Millennials and 65% of Boomers.
Race Affects Attitudes
As seen in previous research conducted by ThinkNow, Asian Americans lag other groups when it comes to awareness of mental health issues. Twenty-four percent of Asian Americans believe that having a mental health issue is a sign of weakness compared to the 16% average for all groups. Asians are also considerably less likely to be aware of mental health services in their communities (42% vs. 55%) and most likely to seek out information on social media (51% vs. 35%).
AI Trends in Creative Operations 2024 by Artwork Flow.pdfmarketingartwork
This article is all about what AI trends will emerge in the field of creative operations in 2024. All the marketers and brand builders should be aware of these trends for their further use and save themselves some time!
A report by thenetworkone and Kurio.
The contributing experts and agencies are (in an alphabetical order): Sylwia Rytel, Social Media Supervisor, 180heartbeats + JUNG v MATT (PL), Sharlene Jenner, Vice President - Director of Engagement Strategy, Abelson Taylor (USA), Alex Casanovas, Digital Director, Atrevia (ES), Dora Beilin, Senior Social Strategist, Barrett Hoffher (USA), Min Seo, Campaign Director, Brand New Agency (KR), Deshé M. Gully, Associate Strategist, Day One Agency (USA), Francesca Trevisan, Strategist, Different (IT), Trevor Crossman, CX and Digital Transformation Director; Olivia Hussey, Strategic Planner; Simi Srinarula, Social Media Manager, The Hallway (AUS), James Hebbert, Managing Director, Hylink (CN / UK), Mundy Álvarez, Planning Director; Pedro Rojas, Social Media Manager; Pancho González, CCO, Inbrax (CH), Oana Oprea, Head of Digital Planning, Jam Session Agency (RO), Amy Bottrill, Social Account Director, Launch (UK), Gaby Arriaga, Founder, Leonardo1452 (MX), Shantesh S Row, Creative Director, Liwa (UAE), Rajesh Mehta, Chief Strategy Officer; Dhruv Gaur, Digital Planning Lead; Leonie Mergulhao, Account Supervisor - Social Media & PR, Medulla (IN), Aurelija Plioplytė, Head of Digital & Social, Not Perfect (LI), Daiana Khaidargaliyeva, Account Manager, Osaka Labs (UK / USA), Stefanie Söhnchen, Vice President Digital, PIABO Communications (DE), Elisabeth Winiartati, Managing Consultant, Head of Global Integrated Communications; Lydia Aprina, Account Manager, Integrated Marketing and Communications; Nita Prabowo, Account Manager, Integrated Marketing and Communications; Okhi, Web Developer, PNTR Group (ID), Kei Obusan, Insights Director; Daffi Ranandi, Insights Manager, Radarr (SG), Gautam Reghunath, Co-founder & CEO, Talented (IN), Donagh Humphreys, Head of Social and Digital Innovation, THINKHOUSE (IRE), Sarah Yim, Strategy Director, Zulu Alpha Kilo (CA).
Trends In Paid Search: Navigating The Digital Landscape In 2024Search Engine Journal
The search marketing landscape is evolving rapidly with new technologies, and professionals, like you, rely on innovative paid search strategies to meet changing demands.
It’s important that you’re ready to implement new strategies in 2024.
Check this out and learn the top trends in paid search advertising that are expected to gain traction, so you can drive higher ROI more efficiently in 2024.
You’ll learn:
- The latest trends in AI and automation, and what this means for an evolving paid search ecosystem.
- New developments in privacy and data regulation.
- Emerging ad formats that are expected to make an impact next year.
Watch Sreekant Lanka from iQuanti and Irina Klein from OneMain Financial as they dive into the future of paid search and explore the trends, strategies, and technologies that will shape the search marketing landscape.
If you’re looking to assess your paid search strategy and design an industry-aligned plan for 2024, then this webinar is for you.
5 Public speaking tips from TED - Visualized summarySpeakerHub
From their humble beginnings in 1984, TED has grown into the world’s most powerful amplifier for speakers and thought-leaders to share their ideas. They have over 2,400 filmed talks (not including the 30,000+ TEDx videos) freely available online, and have hosted over 17,500 events around the world.
With over one billion views in a year, it’s no wonder that so many speakers are looking to TED for ideas on how to share their message more effectively.
The article “5 Public-Speaking Tips TED Gives Its Speakers”, by Carmine Gallo for Forbes, gives speakers five practical ways to connect with their audience, and effectively share their ideas on stage.
Whether you are gearing up to get on a TED stage yourself, or just want to master the skills that so many of their speakers possess, these tips and quotes from Chris Anderson, the TED Talks Curator, will encourage you to make the most impactful impression on your audience.
See the full article and more summaries like this on SpeakerHub here: https://speakerhub.com/blog/5-presentation-tips-ted-gives-its-speakers
See the original article on Forbes here:
http://www.forbes.com/forbes/welcome/?toURL=http://www.forbes.com/sites/carminegallo/2016/05/06/5-public-speaking-tips-ted-gives-its-speakers/&refURL=&referrer=#5c07a8221d9b
ChatGPT and the Future of Work - Clark Boyd Clark Boyd
Everyone is in agreement that ChatGPT (and other generative AI tools) will shape the future of work. Yet there is little consensus on exactly how, when, and to what extent this technology will change our world.
Businesses that extract maximum value from ChatGPT will use it as a collaborative tool for everything from brainstorming to technical maintenance.
For individuals, now is the time to pinpoint the skills the future professional will need to thrive in the AI age.
Check out this presentation to understand what ChatGPT is, how it will shape the future of work, and how you can prepare to take advantage.
A brief introduction to DataScience with explaining of the concepts, algorithms, machine learning, supervised and unsupervised learning, clustering, statistics, data preprocessing, real-world applications etc.
It's part of a Data Science Corner Campaign where I will be discussing the fundamentals of DataScience, AIML, Statistics etc.
Time Management & Productivity - Best PracticesVit Horky
Here's my presentation on by proven best practices how to manage your work time effectively and how to improve your productivity. It includes practical tips and how to use tools such as Slack, Google Apps, Hubspot, Google Calendar, Gmail and others.
The six step guide to practical project managementMindGenius
The six step guide to practical project management
If you think managing projects is too difficult, think again.
We’ve stripped back project management processes to the
basics – to make it quicker and easier, without sacrificing
the vital ingredients for success.
“If you’re looking for some real-world guidance, then The Six Step Guide to Practical Project Management will help.”
Dr Andrew Makar, Tactical Project Management
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Applitools
During this webinar, Anand Bagmar demonstrates how AI tools such as ChatGPT can be applied to various stages of the software development life cycle (SDLC) using an eCommerce application case study. Find the on-demand recording and more info at https://applitools.info/b59
Key takeaways:
• Learn how to use ChatGPT to add AI power to your testing and test automation
• Understand the limitations of the technology and where human expertise is crucial
• Gain insight into different AI-based tools
• Adopt AI-based tools to stay relevant and optimize work for developers and testers
* ChatGPT and OpenAI belong to OpenAI, L.L.C.
Product Design Trends in 2024 | Teenage EngineeringsPixeldarts
The realm of product design is a constantly changing environment where technology and style intersect. Every year introduces fresh challenges and exciting trends that mold the future of this captivating art form. In this piece, we delve into the significant trends set to influence the look and functionality of product design in the year 2024.
How Race, Age and Gender Shape Attitudes Towards Mental HealthThinkNow
Mental health has been in the news quite a bit lately. Dozens of U.S. states are currently suing Meta for contributing to the youth mental health crisis by inserting addictive features into their products, while the U.S. Surgeon General is touring the nation to bring awareness to the growing epidemic of loneliness and isolation. The country has endured periods of low national morale, such as in the 1970s when high inflation and the energy crisis worsened public sentiment following the Vietnam War. The current mood, however, feels different. Gallup recently reported that national mental health is at an all-time low, with few bright spots to lift spirits.
To better understand how Americans are feeling and their attitudes towards mental health in general, ThinkNow conducted a nationally representative quantitative survey of 1,500 respondents and found some interesting differences among ethnic, age and gender groups.
Technology
For example, 52% agree that technology and social media have a negative impact on mental health, but when broken out by race, 61% of Whites felt technology had a negative effect, and only 48% of Hispanics thought it did.
While technology has helped us keep in touch with friends and family in faraway places, it appears to have degraded our ability to connect in person. Staying connected online is a double-edged sword since the same news feed that brings us pictures of the grandkids and fluffy kittens also feeds us news about the wars in Israel and Ukraine, the dysfunction in Washington, the latest mass shooting and the climate crisis.
Hispanics may have a built-in defense against the isolation technology breeds, owing to their large, multigenerational households, strong social support systems, and tendency to use social media to stay connected with relatives abroad.
Age and Gender
When asked how individuals rate their mental health, men rate it higher than women by 11 percentage points, and Baby Boomers rank it highest at 83%, saying it’s good or excellent vs. 57% of Gen Z saying the same.
Gen Z spends the most amount of time on social media, so the notion that social media negatively affects mental health appears to be correlated. Unfortunately, Gen Z is also the generation that’s least comfortable discussing mental health concerns with healthcare professionals. Only 40% of them state they’re comfortable discussing their issues with a professional compared to 60% of Millennials and 65% of Boomers.
Race Affects Attitudes
As seen in previous research conducted by ThinkNow, Asian Americans lag other groups when it comes to awareness of mental health issues. Twenty-four percent of Asian Americans believe that having a mental health issue is a sign of weakness compared to the 16% average for all groups. Asians are also considerably less likely to be aware of mental health services in their communities (42% vs. 55%) and most likely to seek out information on social media (51% vs. 35%).
AI Trends in Creative Operations 2024 by Artwork Flow.pdfmarketingartwork
This article is all about what AI trends will emerge in the field of creative operations in 2024. All the marketers and brand builders should be aware of these trends for their further use and save themselves some time!
A report by thenetworkone and Kurio.
The contributing experts and agencies are (in an alphabetical order): Sylwia Rytel, Social Media Supervisor, 180heartbeats + JUNG v MATT (PL), Sharlene Jenner, Vice President - Director of Engagement Strategy, Abelson Taylor (USA), Alex Casanovas, Digital Director, Atrevia (ES), Dora Beilin, Senior Social Strategist, Barrett Hoffher (USA), Min Seo, Campaign Director, Brand New Agency (KR), Deshé M. Gully, Associate Strategist, Day One Agency (USA), Francesca Trevisan, Strategist, Different (IT), Trevor Crossman, CX and Digital Transformation Director; Olivia Hussey, Strategic Planner; Simi Srinarula, Social Media Manager, The Hallway (AUS), James Hebbert, Managing Director, Hylink (CN / UK), Mundy Álvarez, Planning Director; Pedro Rojas, Social Media Manager; Pancho González, CCO, Inbrax (CH), Oana Oprea, Head of Digital Planning, Jam Session Agency (RO), Amy Bottrill, Social Account Director, Launch (UK), Gaby Arriaga, Founder, Leonardo1452 (MX), Shantesh S Row, Creative Director, Liwa (UAE), Rajesh Mehta, Chief Strategy Officer; Dhruv Gaur, Digital Planning Lead; Leonie Mergulhao, Account Supervisor - Social Media & PR, Medulla (IN), Aurelija Plioplytė, Head of Digital & Social, Not Perfect (LI), Daiana Khaidargaliyeva, Account Manager, Osaka Labs (UK / USA), Stefanie Söhnchen, Vice President Digital, PIABO Communications (DE), Elisabeth Winiartati, Managing Consultant, Head of Global Integrated Communications; Lydia Aprina, Account Manager, Integrated Marketing and Communications; Nita Prabowo, Account Manager, Integrated Marketing and Communications; Okhi, Web Developer, PNTR Group (ID), Kei Obusan, Insights Director; Daffi Ranandi, Insights Manager, Radarr (SG), Gautam Reghunath, Co-founder & CEO, Talented (IN), Donagh Humphreys, Head of Social and Digital Innovation, THINKHOUSE (IRE), Sarah Yim, Strategy Director, Zulu Alpha Kilo (CA).
Trends In Paid Search: Navigating The Digital Landscape In 2024Search Engine Journal
The search marketing landscape is evolving rapidly with new technologies, and professionals, like you, rely on innovative paid search strategies to meet changing demands.
It’s important that you’re ready to implement new strategies in 2024.
Check this out and learn the top trends in paid search advertising that are expected to gain traction, so you can drive higher ROI more efficiently in 2024.
You’ll learn:
- The latest trends in AI and automation, and what this means for an evolving paid search ecosystem.
- New developments in privacy and data regulation.
- Emerging ad formats that are expected to make an impact next year.
Watch Sreekant Lanka from iQuanti and Irina Klein from OneMain Financial as they dive into the future of paid search and explore the trends, strategies, and technologies that will shape the search marketing landscape.
If you’re looking to assess your paid search strategy and design an industry-aligned plan for 2024, then this webinar is for you.
5 Public speaking tips from TED - Visualized summarySpeakerHub
From their humble beginnings in 1984, TED has grown into the world’s most powerful amplifier for speakers and thought-leaders to share their ideas. They have over 2,400 filmed talks (not including the 30,000+ TEDx videos) freely available online, and have hosted over 17,500 events around the world.
With over one billion views in a year, it’s no wonder that so many speakers are looking to TED for ideas on how to share their message more effectively.
The article “5 Public-Speaking Tips TED Gives Its Speakers”, by Carmine Gallo for Forbes, gives speakers five practical ways to connect with their audience, and effectively share their ideas on stage.
Whether you are gearing up to get on a TED stage yourself, or just want to master the skills that so many of their speakers possess, these tips and quotes from Chris Anderson, the TED Talks Curator, will encourage you to make the most impactful impression on your audience.
See the full article and more summaries like this on SpeakerHub here: https://speakerhub.com/blog/5-presentation-tips-ted-gives-its-speakers
See the original article on Forbes here:
http://www.forbes.com/forbes/welcome/?toURL=http://www.forbes.com/sites/carminegallo/2016/05/06/5-public-speaking-tips-ted-gives-its-speakers/&refURL=&referrer=#5c07a8221d9b
ChatGPT and the Future of Work - Clark Boyd Clark Boyd
Everyone is in agreement that ChatGPT (and other generative AI tools) will shape the future of work. Yet there is little consensus on exactly how, when, and to what extent this technology will change our world.
Businesses that extract maximum value from ChatGPT will use it as a collaborative tool for everything from brainstorming to technical maintenance.
For individuals, now is the time to pinpoint the skills the future professional will need to thrive in the AI age.
Check out this presentation to understand what ChatGPT is, how it will shape the future of work, and how you can prepare to take advantage.
A brief introduction to DataScience with explaining of the concepts, algorithms, machine learning, supervised and unsupervised learning, clustering, statistics, data preprocessing, real-world applications etc.
It's part of a Data Science Corner Campaign where I will be discussing the fundamentals of DataScience, AIML, Statistics etc.
Time Management & Productivity - Best PracticesVit Horky
Here's my presentation on by proven best practices how to manage your work time effectively and how to improve your productivity. It includes practical tips and how to use tools such as Slack, Google Apps, Hubspot, Google Calendar, Gmail and others.
The six step guide to practical project managementMindGenius
The six step guide to practical project management
If you think managing projects is too difficult, think again.
We’ve stripped back project management processes to the
basics – to make it quicker and easier, without sacrificing
the vital ingredients for success.
“If you’re looking for some real-world guidance, then The Six Step Guide to Practical Project Management will help.”
Dr Andrew Makar, Tactical Project Management
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Applitools
During this webinar, Anand Bagmar demonstrates how AI tools such as ChatGPT can be applied to various stages of the software development life cycle (SDLC) using an eCommerce application case study. Find the on-demand recording and more info at https://applitools.info/b59
Key takeaways:
• Learn how to use ChatGPT to add AI power to your testing and test automation
• Understand the limitations of the technology and where human expertise is crucial
• Gain insight into different AI-based tools
• Adopt AI-based tools to stay relevant and optimize work for developers and testers
* ChatGPT and OpenAI belong to OpenAI, L.L.C.
1. Casper from KILROY in Copenhagen visiting a school in Karauli, Rajasthan, India
Annual Report 2011
2. Content 2
Key Figures 3
The KILROY Group 5
Report of the Board of Directors 7
KILROY travels 10
KILROY education 11
KILROY group travel 12
Our customers dream of doing
KILROY deals 13
something different, studying in a
foreign country, achieving self- Jysk Rejsebureau 14
realization, exploring the world and Team Benns 15
sharing their experiences with others. Financial Review 16
We are continuously trying to fulfil Management’s Statement 17
these dreams in our very own Auditors’ Report 18
dedicated way.
Accounting Policies 19
Profit & Loss Account 21
We make dreams happen! Balance Sheet 22
Cash Flow Statement 24
Notes to the Accounts 25
Board of Directors and Management 31
Addresses 32
The History and the Legend 33
This annual report with financial statements is presented in accordance with the Danish Financial Statements Act. The following is a translation of a Danish original document. The original Danish text shall be governing for all purposes and in case of any
discrepancy the Danish wording shall be applicable. The Danish worded annual report is subject to approval at the ordinary general meeting on March 28, 2012, and will be filed with the Danish Commerce and Companies Agency.
3. Key Figures in DKK 3
2011 2010 2009 2008 2007
Profit & Loss Account (DKK million)
Turnover 1,437 1,492 1,072 1,122 1,094
EBITDA 42 35 26 22 12
EBIT 36 27 17 11 -4
Net financials 4 4 5 7 6
EBT 40 30 22 18 2
Net profit for the year 29 22 16 13 2
Balance Sheet (DKK million)
C ash and bonds 198 184 193 158 162
C urrent assets 265 255 251 222 227
Total assets 291 282 262 238 253
C apital expenditure 4 23 2 4 8
Equity 56 49 40 27 30
C urrent liabilities 220 218 219 204 217
C ash flow from operating activities 35 -1 48 11 39
Key Figures
EBITDA - Margin (%) EBITDA / turnover (excl. other operating income) 2.9 2.3 2.4 2.0 1.1
EBIT - Margin (%) EBIT / turnover 2.5 1.8 1.6 0.9 -0.3
Return on assets (%) EBIT / total assets 12.3 9.5 6.7 4.4 -1.5
Return on equity (%) Net profit (excl. extraordinary income/expenses) / average equity 54.6 48.8 48.5 46.4 4.6
Liquidity ratio (%) Current assets / current liabilities 120.4 117.1 114.6 108.6 104.9
Equity ratio (%) Equity (excl. minority interests) / total assets 19.2 17.5 15.3 11.2 11.8
Earnings per share (DKK) Net profit (excl. extraordinary income/expenses) / number of shares 161.2 122.3 90.6 73.3 8.8
C ash flow per share (DKK) Cash flow from operating activities / number of shares 196.3 -4.7 267.9 62.0 219.5
Proposed dividend (DKK million) 20.0 19.0 14.0 17.0 1.5
Average number of full-time employees
(FTE) 311 324 280 304 318
Note. Due to the merger of KILROY Denmark and Jysk Rejsebureau per 1 January 2010 the key figures for the years 2010-2011 are not fully comparable to the years 2007-2009
Report of The History
The KILROY Jysk Financial Mgmt.'s Auditors’ Accounting Profit & Loss Balance Cash Flow Notes to the Board and
Key Figures the Board of KILROY Team Benns Addresses and the
Group Rejsebureau Review Statement Report Policies Statement Sheet Statement Accounts Management
Directors Legend
4. Key Figures in EUR 4
2011 2010 2009 2008 2007
Profit & Loss Account (EUR million)
Turnover 192.9 200.3 144.0 150.4 146.8
EBITDA 5.6 4.7 3.5 3.0 1.7
EBIT 4.8 3.6 2.3 1.4 -0.5
Net financials 0.6 0.5 0.6 1.0 0.8
EBT 5.4 4.1 3.0 2.4 0.3
Net profit for the year 3.9 2.9 2.2 1.8 0.2
Balance Sheet (EUR million)
C ash and bonds 26.6 24.7 25.9 21.3 21.7
C urrent assets 35.7 34.2 33.8 29.7 30.5
Total assets 39.1 37.9 35.3 32.0 33.9
C apital expenditure 0.5 3.1 0.3 0.5 1.1
Equity 7.5 6.6 5.4 3.6 4.0
C urrent liabilities 29.6 29.2 29.5 27.4 29.0
C ash flow from operating activities 4.7 -0.1 6.4 1.5 5.3
Key Figures
EBITDA - Margin (%) EBITDA / turnover (excl. other operating income) 2.9 2.3 2.4 2.0 1.1
EBIT - Margin (%) EBIT / turnover 2.5 1.8 1.6 0.9 -0.3
Return on assets (%) EBIT / total assets 12.3 9.5 6.7 4.4 -1.5
Return on equity (%) Net profit (excl. extraordinary income/expenses) / average equity 54.6 48.8 48.5 46.4 4.6
Liquidity ratio (%) Current assets / current liabilities 120.4 117.1 114.6 108.6 104.9
Equity ratio (%) Equity (excl. minority interests) / total assets 19.2 17.5 15.3 11.2 11.8
Earnings per share (EUR) Net profit (excl. extraordinary income/expenses) / number of shares 21.6 16.4 12.2 9.8 1.2
C ash flow per share (EUR) Cash flow from operating activities / number of shares 26.4 -0.6 36.0 8.3 18.9
Proposed dividend (EUR million) 2.7 2.6 1.9 2.3 0.2
Average number of full-time employees
(FTE) 311 324 280 304 318
Note. Due to the merger of KILROY Denmark and Jysk Rejsebureau per 1 January 2010 the key figures for the years 2010-2011 are not fully comparable to the years 2007-2009
Report of The History
The KILROY Jysk Financial Mgmt.'s Auditors’ Accounting Profit & Loss Balance Cash Flow Notes to the Board and
Key Figures the Board of KILROY Team Benns Addresses and the
Group Rejsebureau Review Statement Report Policies Statement Sheet Statement Accounts Management
Directors Legend
5. The KILROY Group 5
KILROY International A/S
heads a European-based
Own Operations
group of companies that are
leading in the segments in
which they operate.
The Group operates several
brands in six markets, and
DK
employs nearly 400 people.
FI
Brands and Competence
IS
The KILROY Group believes in the
importance of strong brands to
NL
create long-term benefits for our
customers and for our company. We
NO
constantly allocate resources to
expand our knowledge of customer
SE
needs and preferences. This
knowledge is integrated into our
branding process to create a clear
and unique position in the minds of Operations through Cooperation
our customers.
This brand value is further supported
by the high competence of our staff
SkiTravelGroup
who, together, comprise a platform
of specialists that is regarded as an
authority by our customers. DK
Operation SE
The KILROY Group‘s activities are
separated into a number of business
areas which have full profit & loss
responsibility.
Report of The History
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6. The KILROY Group 6
Legal Structure as per March 28, 2012 Locations
Amsterdam Bergen Copenhagen Gothenburg
KILROY International A/S Groningen Helsinki Holstebro Lund Odense Oslo
(Denmark)
Reykjavik Stockholm Trondheim Turku Utrecht
Uppsala Aalborg Aarhus
57% Horizons A/S
(Denmark)
100% OY KILROY Finland AB
(Finland)
100% KILROY Iceland ehf.
(Iceland)
100% KILROY Norway AS
(Norway)
100% KILROY Sweden AB
(Sweden)
100% KILROY Netherlands B.V.
(Netherlands)
100% KILROY group travel A/S
(Denmark)
40% OurWorld A/S (Denmark)
27.6% SkiTravelGroup (Denmark)
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7. Report of the Board of Directors 7
The KILROY Group delivered a robust Income, the improvement of EBITDA is Distribution
result for the year 2011. 45%. The self-service sales channel continues
Turnover reached DKK 1,437 million The above-mentioned reclassification also to grow, and this channel is often the
compared to DKK 1,492 million in affected the turnover with DKK 51 first step in a chain of sales transactions.
2010. million, which balances the turnover in Sales channels offering personal
Operating profit (EBITDA) was DKK 2011 with 2010. counselling are important to travellers
42 million, up from DKK 35 million in The EBITDA development for the KILROY planning long and complicated journeys,
2010. Group is shown in the chart below. and to very young travellers preparing
The KILROY Group closed 2011 with their first trip. These channels must
a profit before tax (EBT) of DKK 40 develop constantly in order to ensure
million, which equals a return on significant and relevant value
equity of 55% compared to 49% in propositions.
EBITDA
2010. 45 3,5% In regard to physical sales locations, the
The financial result of the KILROY 40 EBITDA mDKK number remained unchanged during
3,0% 2011. The Utrecht sales location has
Group has met the targets for both 35
EBITDA %
sales and profitability, and the Board been relocated and plans have been
2,5%
of Directors considers this 30 made to relocate the Lund location. In
development satisfactory. 25 2,0% general, larger units have proven
essential in developing valued
42
The improved 2011 profitability stems 20 1,5% competences.
35
from several areas of the KILROY Group. 15
However, the Team Benns activities in 26 1,0%
10
22 The unique youth and student ticket
Denmark and KILROY in Norway have
12 0,5% For several decades, the KILROY Group
shown particularly strong development. 5
has been active in SATA (Student Air
The Danish company Horizons, which 0 0,0% Travel Association), which has facilitated
holds the merged operations of KILROY 2007 2008 2009 2010 2011 travel opportunities for students and
Denmark and Jysk Rejsebureau, has also young people. Originally, this type of
developed considerably and is now travel was conducted on the SATA
contributing to the Group’s result in member’s own flight ticket stock, and
accordance with expectations. settlement was made after the ticket was
Market environment
The increase in EBITDA must be seen in flown. This is also known as the flown
the context that 2010 included a one-off 2011 offered its usual share of external revenue concept. The SATA ticket met
income of DKK 6.8 million due to events that impacted the industry. That the demands of a special segment of
reclassification of certain business aside, the market environment was students and other young people who
segments. Adjusted for this one-off generally positive. often travel for longer periods. Those
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8. Report of the Board of Directors 8
demands are affordable prices and a high merged company, which has been named KILROY uses mainstream technology in
degree of flexibility. SkiTravelGroup. In addition to Højmark all parts of the IT infrastructure.
The KILROY Group is unyielding in Rejser and Team Benns Ski,
The majority of operational IT costs are
keeping these demands in focus. SkiTravelGroup also operates the ski
based on long-term maintenance
However, the Group is also moving to brands ClickSki.com and Lion Alpin. See
agreements ensuring ongoing updates,
streamline the business to meet the page 6.
and adoption of the newest market
suppliers’ demand for seamless In August 2011, KILROY group travel A/S trends and developments.
integration. This is pursued via industry divested its 15% stake in the Danish
standard settlement procedures ensuring charter company Primo Tours A/S.
cost-efficiency both for KILROY and the Organisation
airlines. At the end of 2011, KILROY Iceland ehf.
The average number of employees
was established as a fully-owned
The unique youth and student ticket has (fulltime equivalent) in 2011 was 311
subsidiary of KILROY International A/S.
been the instrument for serving more compared to 324 in 2010. The main
than 10,000 young people while en route driver for the reduction has been the
in 2011. This service is primarily provided Brands & business areas transfer of staff to SkiTravelGroup in
online from a central service team in During 2011, Team Benns further connection with the merger between
Copenhagen. expanded its activities in Norway. Team Benns Ski and Højmark Rejser.
Safaritur.no and USAtur.no have been
Mergers & acquisitions added to the sub-brand “tur.no.” Once again, there are many reasons to
thank our employees for their effort in
As of January 1, 2011, KILROY group KILROY also expanded during 2011 by 2011. The continuous improvement of
travel A/S (Team Benns) acquired 40% of adding KILROY deals to its business. See profitability has many sources - first and
OurWorld A/S – a Danish-based travel more about “deals” on page 14. foremost a vigorous and determined
company specialised in guided group
organisation!
tours. IT & other investments
The KILROY Group sees the competences
Also from January 1, 2011, KILROY The KILROY Group will continue to make of the sales organisation as imperative
Invest A/S was merged into KILROY investments in businesses and assets for our future success. Consequently,
International A/S in order to simplify and that facilitate long-term growth and resources are sharply focused on training
optimise the business operation. Changes development. and upgrading the organisation.
in Danish legislation made this merger
Investments in IT remain a focus area. Investments in IT technology and the
relevant.
Thus an internal project was launched in optimisation of work processes are seen
As of May 1, 2011, all skiing activities in 2011 with the purpose of developing a as an integral part of this development in
the brand Team Benns Ski were merged new, enhanced selling point. A beta- order to reduce average transaction
with Højmark Rejser. In return, KILROY version was released in the beginning of costs, and to save employees’ time and
group travel A/S now owns 27.6% of the 2012 and initial test results are positive. focus for creating customer value.
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9. Report of the Board of Directors 9
The chart below illustrates the understanding and respect among However, KILROY believes that education
development in the number of employees cultures. However, the nature of the in a broad context is as important today
and sales per employee. business also involves a significant as it was then.
amount of air transportation, which To support this vision, it was decided in
carries a certain environmental impact. December 2011 to establish the KILROY
Employees mDKK The KILROY Group does not have an Foundation.
350 5,0 official written policy for social The purpose of the
4,5 responsibility, consequently concrete foundation is to
300
4,0
results regarding the work with social contribute to the
responsibility cannot be presented at this development of
250 3,5 stage. However, the KILROY organisation international
200
3,0 has developed a Code of Conduct that understanding through supporting
2,5 was implemented in 2011 in all educational activities throughout the
150 companies of the KILROY Group. The world.
2,0
purpose of the code is to clarify how all
1,5
Initially, the KILROY Foundation received
100 individuals in the KILROY Group should
a gift from KILROY International of DKK
1,0 conduct business matters. Initially, the
1,000,000 (EUR 130,000).
50 main focus has been on local issues, e.g.,
0,5
general legislation, gender justice,
0 0,0 working environment and environmental Shareholder information
2007 2008 2009 2010 2011
consciousness. The ownership structures remained
Number of FTE Turnover per FTE This work will proceed, and issues such unchanged during 2011. The Danish
as illness, supplier evaluation and company, SSTS A/S, holds 100% of the
corruption are expected to be included in shares in KILROY International A/S.
the code. SSTS A/S currently has no other
activities than the ownership of the
Corporate Social Responsibility KILROY Foundation KILROY Group. SSTS A/S is owned by a
It is a goal of the KILROY Group that Some of the companies that form the group of Nordic investors who have, or
employees, suppliers and customers all KILROY Group were founded after World have had, management positions within
pursue their best endeavours in a War II in an atmosphere of quest for the Group.
manner that supports the neighbouring broader understanding between cultures.
community and, to the extent possible, This was pursued through the exchange Expectations for 2012
limits any negative impact on the of students. It may be argued that the The expectation for 2012 is that the
environment. globalisation of the world today offers KILROY Group will deliver a result close
The KILROY Group business by its very intercultural interaction far beyond what to the result of 2011, save for external
nature facilitates and builds the students in the forties dreamed of. events beyond the control of the Group.
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10. KILROY travels 10
KILROY travels has built a solid reputation as the leading specialist in youth and student travel.
We specialise in tailor-made packages. Our sales consultants are experts at putting together complex flight itineraries and round-
the-world trips. And just as importantly, they are passionate about travelling.
With KILROY, customers get the best of both worlds: expert personal service from our sales consultants, and self-service through
the KILROY website.
Read more at www.kilroy.eu
Sweden D enmark
19% 23%
2011
Turnover per
market
Finland
N orway 14%
31%
N etherlands
13%
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11. KILROY education 11
KILROY education is a strong brand in the student market, offering counselling to students who wish to study abroad.
KILROY education works closely with recognised universities throughout the world, offering primarily fulltime degree programmes.
Based on 15 years of experience, KILROY education is constantly expanding. We now offer our services in all five Nordic markets,
as well as in the Netherlands. KILROY education is also launched in the Icelandic market in 2011 providing online services with
local support during the ongoing startup phase.
Read more at www.kilroy.eu
D enmark
12%
Finland
Sweden 10%
35%
2011 N etherlands
Turnover per 9%
market
N orway
34%
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12. KILROY group travel 12
KILROY group travel maintains a dominant position in the Nordic market, specialising in youth and student educational travel.
Our market share has grown steadily, and we are both ensuring and building upon our strong position by focusing on concept
development and staff competence. The concept, “Go beyond sightseeing,” has been developed in collaboration with our target
group, the teachers. The concept is to provide them with educational material to be used both before and during their study trip,
enabling them to save time on preparation and strengthen the educational content in the order to justify the costs.
Read more at www.kilroygroups.com
Sweden
8%
D enmark
38%
N orway 2011
32% Turnover per
market
Finland
22%
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13. KILROY deals 13
KILROY deals is a new brand being launched across the KILROY markets offering discounts relevant for students and youth in their
daily life.
KILROY deals is a development of the ISIC card (International Student Identity Card), which KILROY has represented across the
Nordic countries for more than 40 years. ISIC is supported by UNESCO, has over 4 million card holders and gives access to over
40,000 benefits worldwide.
Read more soon at kilroy.eu
Key Figures
The KILROY
Report of
the Board of KILROY
Jysk
Team Benns
Financial Mgmt.'s Auditors’ Accounting Profit & Loss Balance Cash Flow Notes to the Board and
Addresses
13
The History
and the
Group Rejsebureau Review Statement Report Policies Statement Sheet Statement Accounts Management
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14. Jysk Rejsebureau 14
Jysk Rejsebureau has been tailoring tours for the adventurous traveller for more than 25 years.
Our sales consultants are experienced travellers themselves, and they focus on giving customers the opportunity to experience
areas that are often found only where the asphalt ends and the roads turn into trails. We love to compose trips with a high content
of “feeling the world” – trips that are unique in experience yet affordable.
Read more at www.jr.dk
D enmark
100%
2011
Turnover per
market
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15. Team Benns 15
Team Benns is a Danish travel agency specializing in a number of unique concepts which all have a solid and profitable market
position.
With a starting point in group travel, TEAM BENNS has expanded its product portfolio to include skiing, safaris, cruises, escorted
tours and comprehensive destination programs in USA/Canada and Australia/New Zealand, aimed at the +50 segments. A
number of these product lines have also been launched in Norway under the umbrella brand, “tur.no.”
Read more at www.team-benns.com and www.australiatur.no / usatur.no / safaritur.no / gruppetur.no
D enmark
95%
2011
Turnover per
market
N orway
5%
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16. Financial Review 16
KILROY International A/S’ net liquid assets in excess of those required for Events in 2012
result in 2011 is DKK 25.4 million, normal operations, and they shall not accrue
No material events have occurred after the
debt locally or make other financial
compared with DKK 21.6 million arrangements/-agreements.
balance sheet date, which affect the
in 2010. assessment of the Annual Report 2011.
The financial risk of doing business in Auditing
Shareholders’ equity multiple countries and currencies is managed
according to established policies to ensure KPMG is sole auditor.
The share capital remains unchanged at DKK that currency exposure is minimized to the
17.8 million. Free reserves including proposed extent possible. SSTS A/S Annual Report
dividend total DKK 38.1 million. Total Group
shareholders’ equity is DKK 55.9 million at the KILROY International’s treasury function The Annual Report of KILROY International
end of the year. controls and hedges the consolidated foreign A/S is included in the Annual Report of SSTS
exchange exposure. A/S.
Dividends and dividend policy
Established procedures for reporting are in The Annual Report of SSTS A/S can be
As ordinary dividend to be decided at the place, as are limits for managing currency obtained from
Annual General Meeting, the Board positions.
recommends a payment of DKK 20.0 million. SSTS A/S
Knabrostræde 8
These policies ensure that financial
Future dividends will also be proposed with DK-1210 Copenhagen K
instruments are used to limit risks.
consideration to the KILROY Group’s
Subsidiaries operate mainly in their own local
expansion plans, continued consolidation and
currencies.
liquidity.
In cases where the subsidiaries have foreign
Financial management exchange exposure, they hedge their
The KILROY Group placement policy allows exposure via the KILROY Group’s corporate
placement in portfolio agreements with treasury function.
weighted average duration of 1-3 years and
liquid assets in the short-term money market Investments
and in publicly traded securities and mortgage
Investments in technology are a high priority
backed bonds with a relatively short average
and is considered as one of the key elements
maturity.
for long term sustainability.
It is the policy of the KILROY Group that the
In the last decade KILROY has invested
liquidity ratio always exceeds 100 in order to
substantial amounts in software and
ensure that all short-term liabilities can be
hardware. Consequently, our IT platform and
paid immediately.
supporting systems are up to date, flexible
It is also a policy that subsidiaries do not hold and scalable.
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17. Management’s Statement 17
Statement by the Board of It is our opinion that the consolidated financial the development in the Group's and the
Directors and Management statements and the parent company financial Company's operations and financial matters
statements give a true and fair view of the and the results of the Group's and the
Group's and the Company's financial position Company's operations and financial position.
Today, the Board of Directors have discussed
at December 31, 2011 and of the results of We recommend that the annual report be
and approved the annual report of KILROY
the Group's and the Company's operations approved at the annual general meeting.
International A/S for the financial year
and cash flows for the financial year January 1
January 1 – December 31, 2011.
– December 31, 2011.
The annual report has been prepared in
Further, in our opinion, the report of the
accordance with the Danish Financial
Board of Directors gives a fair assessment of
Statements Act.
Copenhagen, March 28, 2012
Board of Management
Claus H. Hejlesen
Managing Director
Board of Directors
Arnar Thorisson Tapio Kiiskinen Sigurdur Kiernan Claus H. Hejlesen Robert Doeleman
Chairman Vice Chairman (elected by staff)
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18. Independent Auditor’s Report 18
To the shareholders of KILROY Auditors' responsibility We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our
International A/S Our responsibility is to express an opinion on the
opinion.
consolidated financial statements and the parent
Independent auditors' report on the company financial statements based on our audit. We Our audit has not resulted in any qualification.
consolidated financial statements conducted our audit in accordance with International Opinion
and the parent company financial Standards on Auditing and additional requirements
In our opinion, the consolidated financial statements
under Danish audit regulation. This requires that we
statements and the parent company financial statements give a
comply with ethical requirements and plan and
We have audited the consolidated financial perform the audit to obtain reasonable assurance as true and fair view of the Group's and the parent
statements and the parent company financial to whether the consolidated financial statements and company's financial position at 31 December 2011
statements of KILROY International A/S for the the parent company financial statements are free and of the results of the Group's and the parent
financial year 1 January – 31 December 2011. The from material misstatement. company's operations and consolidated cash flows for
consolidated financial statements and the parent the financial year 1 January – 31 December 2011 in
An audit involves performing procedures to obtain accordance with the Danish Financial Statements Act.
company financial statements comprise accounting
audit evidence about the amounts and disclosures in
policies, income statement, balance sheet, cash flow
statement and notes for the Group as well as for the
the consolidated financial statements and the parent Statement on the Management's
company financial statements. The procedures review
parent company. The consolidated financial
selected depend on the auditors' judgement,
statements and the parent company financial Pursuant to the Danish Financial Statements Act, we
including the assessment of the risks of material
statements are prepared in accordance with the have read the Management's review. We have not
misstatement of the consolidated financial
Danish Financial Statements Act. performed any further procedures in addition to the
statements and the parent company financial
audit of the consolidated financial statements and the
Management's responsibility for the statements, whether due to fraud or error. In making
parent company financial statements. On this basis,
consolidated financial statements those risk assessments, the auditors consider
internal control relevant to the Company's it is our opinion that the information provided in the
and the parent company financial preparation of consolidated financial statements and Management's review is consistent with the
statements parent company financial statements that give a true consolidated financial statements and the parent
and fair view in order to design audit procedures that company financial statements.
Management is responsible for the preparation of
consolidated financial statements and parent are appropriate in the circumstances, but not for the
company financial statements that give a true and purpose of expressing an opinion on the effectiveness
fair view in accordance with the Danish Financial of the Company's internal control. An audit also
Statements Act and for such internal control that includes evaluating the appropriateness of accounting
Management determines is necessary to enable the policies used and the reasonableness of accounting
preparation of consolidated financial statements and estimates made by Management, as well as
parent company financial statements that are free evaluating the overall presentation of the
from material misstatement, whether due to fraud or consolidated financial statements and the parent
error. company financial statements.
Copenhagen, March 28, 2012
KPMG
Statsautoriseret Revisionspartnerselskab
Sven Carlsen Per Lund
State Authorised Public Accountant State Authorised Public Accountant
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19. Accounting Policies 19
General Tax
The Annual Report for 2011 for KILROY from the value of the net assets, the difference is, KILROY International A/S is jointly taxed with
International A/S is presented in accordance with to the extent possible, allocated to the assets or Danish subsidiaries and the parent company SSTS
the provisions of the Danish Financial Statements liabilities that have a higher or lower value. In A/S. Subsidiaries are included/excluded in the joint
Act for accounting class large-C companies. addition, provisions are made for the expenses taxation at the same time, as they are
The Annual Report has been prepared using the incurred at the time of purchase. included/excluded in the consolidation.
same accounting policies as last year. Goodwill in connection to acquisitions is capitalised The current Danish corporation tax is allocated
and amortised over a maximum 20-year period. among the jointly taxed Danish companies in
Consolidated Accounts proportion to their taxable income (full absorption
Newly acquired or established companies are
The consolidated accounts include the annual with refunds for tax losses).
included in the consolidated accounts from the date
accounts of the parent company; KILROY when control was gained. Tax for the year comprises current tax, joint
International A/S, and all subsidiaries that the taxation and changes in deferred tax for the year
parent company controls directly or indirectly. Divested companies are included up to the date of
including adjustments to tax rates. The tax expense
disposal.
relating to the profit/loss for the year is recognised
The consolidated accounts are prepared by adding
Other financial assets includes investments in non- in the income statement, and the tax expense
items of a similar nature in the accounts of KILROY
controlled companies. relating to changes directly recognised in equity is
International A/S and its subsidiaries.
recognised directly in equity.
Subsidiary accounts that are included in the Deferred tax is provided under the liability method
consolidated accounts are prepared in accordance Profit and Loss Account
and covers all temporary differences between
with the accounting policies of the parent company. accounting and tax values of the assets and
Turnover
Profit and loss statements of foreign subsidiaries are liabilities.
Turnover includes the year’s sales of travel products
converted into Danish kroner (DKK) using the and services. Deferred tax is furthermore provided for re-taxation
average exchange rates for the year. Balance sheet of tax deductible losses realised in non-Danish
items are converted at the exchange rate at the end Revenues from individual oriented products are associated companies, if the re-taxation is expected
of the year. booked at the time of invoicing, regardless of to be realised by the associated companies’
departure date. departure from the Danish joint taxation scheme.
Exchange rate adjustments of the equity of foreign
subsidiaries at the beginning of the year, and Revenues from group travel products are booked in The tax value of tax loss carry-forwards will be set
exchange rate adjustments of the profit and loss the accounting period that coincides with the off against deferred tax liabilities to the extent that
accounts from average rates to year-end rates, are departure date of the trip. the tax losses and other tax assets are expected to
posted against the Group shareholders’ equity. In Cost of products sold be utilised in the future taxable income. Deferred
the consolidation of the accounts, intercompany tax is calculated according to applicable tax laws
income and expenses, intercompany accounts, and Cost of products contains invoiced and accrued cost and according to the expected tax rate.
intercompany profits and losses are eliminated. The of travel related products, services and financial
parent company’s share in a subsidiary is calculated arrangements.
as its share of the subsidiary’s net assets. Result from shares in subsidiaries
Upon acquisition of a subsidiary, the share of the Net profits or losses in subsidiaries contain the
net assets is calculated according to the Group’s proportionate share of net profits or losses in the
accounting policies. If the purchase price deviates subsidiaries.
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