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Courage

NounThe quality of mind or spirit that

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KPMG P/S ANNUAL REPORT

KPMG P/S

Courage

Contents

1.

ě 16

2. 18 3. 4. 5.

ě 33

36
6. 7. 8. 9. 10. 11.

Management's

Company details

KPMG P/S

Board of Directors

Anja Bjørnholt Lüthcke (Chairperson)

Executive Board

Henrik R. Mulvad

Leadership

Henrik R. Mulvad, CEO & Senior Partner

Auditor

Redmark

DKK"0002019/20

1,009,737

Revenue KPMG P/S

ě7,779

income and expenses

ě6,194

Investments in property,

Equity

23

Ĝ105,649

Operating margin

Financial highlights

2015/16 2016/17 2017/18 2018/19 2019/20

Total assets

DKKm

2015/16 2016/17 2017/18 2018/19 2019/20

Revenue

DKKm 6

Courage to shape

2020 was a successful year for KPMG in Denmark

fast growth and our position as a leading professional our courage to shape the future, think bold, deliver and

Shaping the new normal

As if climate change and geopolitical uncertainty were

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solution during the second wave and beyond. Our intelligence, the use of automation and a range of inno

Our people are our most important

These virtues are clearly evident when looking at our support our business with a positive mindset. We 8 our young talent and experienced leaders all the way

Diversity is a way of living

To KPMG, diversity will never be an end goal. It is a respect that we live by in KPMG.

Trust is our licence to operate

Our independent auditors perform the valuable role of FY20 was a strong year for our audit business. A sig providing audit and assurance services to our existing mid-size companies and scalable start-ups offering

A state of hyper automation

KPMG in Denmark has carved a strong foothold in the enables automation on a substantially greater scale

Leaders in an evolving tax landscape

The rate of regulatory change has never been greater.

Driving sustainability for a better

Climate change has climbed to the top of the societal ever-evolving environmental, social and governance 10 "While technology and the world

Henrik R. Mulvad,

CEO & Senior Partner, KPMG

expectations from investors, customers, policymakers

Making a difference in our local

At KPMG, both in Denmark and globally, one of our

Showing courage today to build a

At KPMG, we help our clients build a better, more

come. We will keep developing innovative tech-based Paraphrasing an old Robert F. Kennedy quote sums up 13

Our global network

KPMG is a global network of professional services

We operate in 146 countries and have 220,000+

world. We work closely with a broad range of

KPMG in Denmark

KPMG in Denmark is organised in separate

220,000

Number of employees

146

Countries

-1%

Revenue

29.3

Combined

22%

Revenue

1,010

Combined

759

Employees

238

Employees

Increase in revenue

KPMG P/S

251

About KPMG

14

Events after the balance sheet date

No events have occurred after the balance sheet date for 2019/20.

Development in activities and

KPMG P/S realised revenue of DKK 690 million in the

2018/19, and a net result of DKK 6.2 million. Our reve

savings incurred in particular due to less spent on travel economic condition: our continued strong growth in all support from KPMG International. We have incurred

Financial outlook 2020/21

We expect to keep growing in the coming year as we net result in line with this year's result.

Intellectual capital

Our people are our most important asset. We continu to create a Centre of Excellence (CoE) responsible for

Goals and policies for the

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female and 24% of the leadership team are currently

Principal activities and

Principal activities of the Company

The principal activities of KPMG P/S are offering profes other assurance engagements, management consult the KPMG global organisation of independent member

Operational risk

The operational risks facing our business include those conditions, attracting, developing and retaining the best

Acting with integrity

We are constantly striving to uphold the highest profes expect of each other and our clients. Our employees and meets our strict quality objectives. We have a of this and continue our work. Trust needs to be earned

Financial risk

We are exposed to credit risk through our ongoing

in Management's accounting policies. We do not have 16

Climate change and

Substantial reduction in CO

As a result of our shift to more remote and virtual

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While pleased with this reduction, we know that we

Committed to doing our part

In 2020, the COVID-19 pandemic posed unexpected

businesses in all sectors. In the midst of such global is by far the most material environmental topic (read

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14.27 tonnes waste recycled in 2019-20. From 2020

whereby organic waste that would have otherwise

Nurturing tomorrow's business

We have completed our yearly Mind Your Own

company for a period of eight months and help the a new context, but it is also an 'out of the ordinary'

Cornelia Bergholt,

KPMG In FY20, KPMG's contribution to our local communities &WFOUZS+VMBOE3FE#BSOFU As part of our focus on citizenship and contribution to

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support the foundation's important cause of providing "KPMG's contributions help ensuring that our

Chairman of the Ronald McDonald Foundation

In FY20, we continued our rewarding partnership with "The veterans are 'taking one for the team'.

Brian Lyng,

Director, KPMG

18

Veterans in new clothes

Improving our local communities

20

Values

Integrity

Integrity means we are honest,

We never stop learning

Excellence means relentlessly

We think and act boldly

Courage is about being open

Together

We respect each other

our differences

We do our best work when we

For better means we take a

22
In FY20, we all had to adjust to new ways of working support our business with a positive mindset.

KPMG is a popular workplace

KPMG in Denmark has grown at a staggering pace

Diversity is a way of living

To KPMG, diversity will never be an end goal. It is of themselves.

Employee-rooted

On the diversity agenda in terms of nationality, we are

Learning for the future

at KPMG P/S, we saw this as an opportunity to look at to create a Centre of Excellence (CoE) responsible for 24
courage

To be true to yourself, take chances

Julie Aabo,

courage

Never compromise your own

Lasse-Erik Bønsøe Larsen,

Independent auditors perform the valuable role of

Innovation is at the heart of our audit strategy. With have as auditors to society and the capital markets.

A winner in the large-cap segment

The former perception of KPMG as being less rele

strategy focused on both the large-cap and mid-size through providing audit and assurance services to our "During the unpredictable and uncertain times we

Jørgen Nielsen,

CEO, Copenhagen Zoo

Trust is our

28
courage to act

As a musician, Sona masters classical

Sona Pakhchanyan,

KPMG "We acknowledge the responsibility audits are essential to maintaining we must keep pushing the bar and

Lau Bent Baun,

Head of Audit, KPMG

31

In KPMG's Accounting Advisory & Assurance Ser

cost savings, reduced errors, faster reporting or a for timely and accurate information and to some including both accounting specialists, process of time and continue to improve the information management and external stakeholders. We help

Deriving

reporting 32

Building resilience in

Climate change has climbed to the top of the societal ever-evolving environmental, social and governance

Clients in focus

This year, KPMG continued to support our clients

reporting and impact from the transport industry to fur supported HusCompagniet in scaling up sustainability "We engaged KPMG to help us progress further

Mads Dehlsen Winther,

An important part of our work at KPMG is to constant The study used OCR (Optical Character Recognition) to assess companies' CO improve carbon reporting as a basis for further emis capital to sustainable ends, such as green- and

Committing to Real Change

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A fundamental reshaping

In 2020, the European Union adopted

the EU taxonomy for sustainable activities, a cornerstone of the EU which aims to:

1. Ĝ

more sustainable technologies and businesses 2. over the long term 3. contribute to a low-carbon, climate-resilient and circular economy. 34

Cutting through

The strategic agenda for the Financial Services

entrants. and experienced auditors and advisers, working

Strong demand for innovative

KPMG's banking team supports both Danish,

requirements and Management Consulting,

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team is working closely together with cutting-edge

Transparency and digital

guided and supported our clients and potential standard for insurance contracts and helped plan 36

Continued solid presence

In FY20, KPMG kept building a solid presence in the

Creating clarity in uncertain times

As a consequence of the COVID-19 outbreak, a

and company, the tool calculates the possible com calculator' had more than 30,000 visitors, and more

Søren Agersbaek Jensen,

Co-founder and CEO, Yggdrasil Commodities ApS

39

KPMG Services in Denmark

KPMG Audit

Financial statements

KPMG Acor Tax

Mergers & Acquisitions Tax

KPMG Advisory

Financial Services

40

Helping start-ups reach

The Danish start-up scene has been growing at a rapid help start-ups see the opportunities that are available "KPMG has been an important partner on our

Torkel Elgh,

Chairman of the Board, Hymeth ApS

courage

Troels Leth Petersen,

43

While COVID-19 has swept across the globe in

society at large. The winners in the coming years automation is crucial to succeed for the individual

Morten Mønster,

A catalyst for

44

Global disruption is

Disruption is an overused buzzword, but it is truly the

Moving from intelligent automation

Our NewPractice framework has matured and is

Erik Halskov,

"Technology is the starting innovation at the centre at Alm.

Kristian Hjort-Madsen,

Group EVP, CCO & CDO, Alm. Brand

47

When doing this kind of hyper automation, a range

Finally, the maturity of machine learning is also evolv "KPMG brought strong competency in AI to anti-fraud measures. The consultants from KPMG

Jeppe Folling,

Vice President, Risk Management Services, Nets

Game-changing technologies are

2020 proved that emerging technologies are gaining

to do so. New cells are continuously emerging and "If we can convert the Danish stronghold in

Malene Stidsen,

48

Digitalisation capabilities

When an unforeseen all-encompassing event such

Doing Digital versus Being Digital

In KPMG in Denmark's Technology Enablement team,

by the demands of new, modern customer engage

Nothing is ever simple

Our clients face massive challenges with driving down courage

Counter-Strike teaches you that

Marc Anthony Herskind Woolrych,

disciplines seriously challenge organisations not used

IT strategy, assessments, roadmaps and hands-on

Streamlining customer engagement

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,1.(IBTESBXOVQBSPBENBQXJUI a number of key initiatives across key business %BOJTI$SPXO'PPETOPXXPSLTPOJOJUJBUJWFTUP streamline customer engagement and increase the availability of data across platforms and teams

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50
courage to

Climbing is problem-solving in its most

Kristine Waldal Olsen,

Procurement digitalisation as

Globally, IT departments are under a constant pressure cost level, improving control over spend. Many of our

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through Source-2-Pay (S2P) software implementa

Driving a revolution in performance

The old procurement archetype of cost reduction and innovative models are developing in the digital transfor and they have continued to invest heavily in build worked on many of Coupa"s most complex

Roger Goulart,

Optimising operating

Digitalisation has for decades been a central part of level of technology support for business processes,

Creating the foundation for taking the

Information technology has developed at a tremen

We continue into 2021 to work with Danmarks

Recognised IT outsourcing leader

With a track record of high-quality performance and a

KPMG has become widely recognised as a market

54

FY20 was a historically challenging year for the

The future of transportation

KPMG supports a number of transportation cli

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and operational level. This also enabled Vejdirek

Jens Holmboe,

According to the report, the strong position is due important focus for KPMG going forward.

Developing strategy for a sustainable

In the area of energy and supply, KPMG plays an

Lars Therkildsen,

Towards a

56
Many companies are experiencing how application of delivery model for Finance will to a greater extent instead of standardisation for humans. Combined with

Data provides better forecasting

Data has become the new oil, and the volumes of

Digitalising risk and compliance

Risk and compliance will also be subject to digitali robust compliance set-up.

Bringing Finance

business skills also has to provide data modelling and

Optimising visions and digital

Many companies face opportunities within applica

of digital opportunities to implementation of digital

Within the Enterprise Performance Management

models and facilitating the subsequent analysis and to drive a strong Finance organisation. "The key to success for the Finance function of the

Martin Andersen,

58

In FY20, Business and ICT leadership were tremen

the organisational and technological aspects. KPMG's their most valuable assets against the hordes of cyber "KPMG helped us dimension and establish Ener

Jørgen S. Christensen,

Compliance and cybersecurity

KPMG"s DGO team encompasses all the must-have

develop and implement solutions. data to provide organisations with the best data basis

Establishing

Establishing EnergiCERT

A Computer Emergency Response Team

60

E-sports sharpens the senses

Rebounding M&A

Businesses today are under more pressure than ever

The past year has without a doubt been unusual

in unexpected ways. For instance, our real estate deal

Market-leading forecast analytics

In Deal Advisory, we have a strong focus on Data

courage to

Boxing forces Lasse to have a strong

courage to overcome his fears, and

Lasse Møller Pedersen,

64

On The Other Side

Mette Lykke,

CEO,

Marie Høst,

Henrik R. Mulvad,,

Jim Hagemann Snabe,

Shaping the future of tax

The world around us has changed dramatically. More

Leaders in an evolving tax landscape

The pace of regulatory change has never been faster. pricing and indirect tax. This means that we are thequotesdbs_dbs19.pdfusesText_25

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