ADVISORY, AUDIT AND ACCOUNTING Empathy creates development 1
Become a BDO client Visit www.bdo.dk where you will find contact information for our employees, or contact us by email at bdo@bdo.dk 2
INTRODUCTION TO BDO Creating the largest possible value for our clients through advisory based on insight and commitment and with a combined local and international outlook - that is what we are here for. With high aims and ambitions we focus on value creation, and we are convinced that insight and commitment form the foundation for a sound and positive development. BDO is one of Denmark s four largest advisory and audit firms. With 31 offices in Denmark and an office in Greenland we are proud to offer you the best local representation in Denmark. We support and strengthen our clients businesses by being their local auditor close to their daily operations, and at the same time we offer international advisory with a global outlook. We are represented in over 157 countries globally and with over 65,000 employees worldwide, the international BDO network offers highly qualified advice through an unmatched network and with a unique approach. WE FOCUS ON THE FUTURE AND OFFER YOU THE BEST OF TWO WORLDS Our knowledge transfer is based on good relations and a close dialogue between your company and our advisors and auditors. We find it important to combine professional and personal competences and we always do our utmost to offer the right team especially for your company - right from the start of our cooperation. Our BDO partners are always close to their clients businesses and ready with advice and feedback. Our partners are backed by a highly qualified team with deep knowledge and insight about the client s business and organization. Our teams also draw upon specialists according to your needs. BDO is your local accounting firm close to your daily business. Our presence in the local markets and knowledge about our clients special challenges are some of the factors that make BDO your unique partner. All this - combined with our volume, five business units, strong international network and strength to invest in the future - is your guarantee that we have the resources and competences to make a difference to our customers. BDO in numbers BDO Denmark is 100 percent Danish own and managed. All stock holders are partners and work for the company: 1 office in Greenland 5 business units 31 offices in 30 cities 904 million DKK turnover in 2014/15 1,100 employees BDO Denmark is part of the international BDO network: 157 BDO countries globally 49,952 accountants and advisors 47,5 billion DKK turnover in 2014/15 Over 65,000 employees globally In short, we offer the same professional expertise, foothold and reach as our large competitors, combined with a unique empathy and local presence. 3
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OUR FIVE BUSINESS UNITS OFFER VALUE CREATING ADVICE We have a high commitment and deep knowledge about small and medium sized companies and we are also one of Denmark s largest companies within advisory and audit in the public markets. Our professional services are targeted towards goals and challenges in both private companies and public institutions and organizations. To BDO personal and professional excellence are not opposites but complementary and mutual preconditions. Our five business units offer professionalism, detailed expert knowledge and local presence: Private market - advisory, audit, accounting and business support Public market - advisory, audit, accounting and business support Taxes and VAT Advisory Corporate Finance PRIVATE MARKET: Advisory, audit, accounting and business support BDO stands for value based auditing. Besides the regulatory audit, our primary focus is to offer you value creation and growth through our consultancy services. Our accountants always make sure, during their accounting tasks, to uncover areas for improvement of the daily operation. It could be simplification of business procedures or direct cost reductions. Whether we carry out a full audit, an extended check or a review, you can rest assured that everything complies with current laws and regulations. We prepare IT declarations and certify all types of allocation statements, company law issues, including formation, capital increase or reduction, insurance statements, etc. Besides joint-stock companies and limited liability companies we also audit public authorities and institutions, schools, social housing associations, energy- and utility businesses and all other who require mandatory or optional audit of their annual financial statements. Outsourcing of internal audit is a natural part of our tasks. PUBLIC MARKET: Advisory, audit, accounting and business support As Denmark s largest operator within the public market, BDO are market leaders within advisory and audit for the public sector. Nearly 60 percent of all Danish municipalities, three Danish regions and the Danish state draw on our professional knowledge and expert methods. Each year, over 500 public organizations cooperate with BDO regarding advisory, audit, control services and administrative services. Our specialized employees are present at BDO s offices all over Denmark, and with their expertise they service public businesses and offer municipal audit, financial control and administration. Within performance audit, which is an integral part of the financial audit, we contribute to economic optimization within important areas in the Danish administrations. We are specialists within the energy- and utility sector, and we have a deep knowledge of the sector both regarding the general legislation and day to day operations. Besides this, BDO has a wide network of contacts in ministries, government agencies and other relevant authorities in the energy- and utility sector, specifically in the areas of waste, energy, water supply, wastewater and heating. Business Support Services BDO Online Accounting and salary administration BDO Extranet OfficeLink 5
TAXES AND VAT BDO s tax and VAT department offer some of Denmark s best advisors in the field of Danish as well as international tax and VAT issues. Our tax experts offer advice about a wide range of subjects from regulations concerning groups or individual companies, tax rules regarding self-employment, individual income tax and tax matters. More specifically our tax and VAT department supports our 31 Danish offices with expert advice. An increasing number of our clients choose BDO because of our wide expertise. We also deliver tax and vat advisory service to other accounting firms. BDO s VAT experts offer advice to both private and public businesses. We cover subjects such as general tax and VAT rules, tax and VAT refund programs under the Danish Home Office as well as green taxes, environmental tax and excise duties. We also offer special advice regarding customs duties, VAT agencies and VAT refund. Strong international relations through BDO International As many of our clients engage in cross border business activities, we are in close cooperation with tax experts and auditors in other countries around the world where BDO is present. With the right contacts in any market, we are able to offer highly qualified advice and solve all our client s challenges with one central contact point. ADVISORY Our Advisory business unit counts over 100 management consultants and covers the business areas Consulting, Public Services and Risk Assurance. Advisory uses agile approaches in both public and private markets. Based on our solid knowledge, we offer flexible solutions in accordance with current regulations governing public organizations. We value an efficient cooperation highly and focus on our client s possibilities to gain new knowledge, and at the same time we help our clients develop and build new competences in their own organizations. BDO Consulting BDO Consulting is one of the largest and leading consultancy houses in Denmark targeted at the public as well as the private sector. BDO Consulting are highly competent analysts offering our clients insight and an solid basis for making informed decisions i complicated settings. Our services are adapted to the main areas of the public sector. We offer a line of services for ministries, government administrations, regions and municipalities. Consulting covers four important core expert areas - strategy, control, optimization and assessment completed by the advisory area People Solutions. BDO Public Services BDO s Public Services department are specialized in inspection and recourse as well as other areas. Via the concept IT services economy, municipalities get a better overview of their total IT costs and the sources of different cost types. This creates a better and more transparent starting point for assessing the equitability of the cost level. We perform a quality inspection with suppliers to the municipalities and the institutions, and we offer services within the main welfare areas. BDO is the market leader within this area. 6
Risk Assurance In the Risk Assurance business area, our auditors and advisors focus on risk management in the public and the private market. We focus on four main areas - IT audit, Forensic, Technological risks and Business risks. In Forensic BDO s specialists work with investigations and prevention of fraud and other financial crime as well as Computer Forensics. We cover the following areas: Investigation During investigation of fraud or civil lawsuits our specialists cooperate with businesses and their lawyers. Support to reconstructors and trustees also offered. Prevention We help both private and public enterprises identify and assess risks for fraud or other economic crime. We advise businesses on how to prevent economic crime by strengthening their internal controls. Forensic Technology Our advisory methods are based on established Computer Forensics methods with regard to data security, e-discovery and data analysis. It is essential to have the right IT based tools both for special investigations and prevention of economic crime. CORPORATE FINANCE Our Corporate Finance business unit rests on several core competences - mergers, acquisitions and divestment regarding small and medium sized businesses, advice about generational handover, Due Diligence and valuation. Corporate Finance is an independent business unit in BDO which also offers M&A, including Due Diligence and Purchase Price Allocation with regard to the Danish Financial Statement Act, IFRS and US GAAP. A both deep and broad knowledge of the technology, media and telco sectors has strengthened their market position over the recent years. A byuers list that creates results Corporate Finance has a strong foot hold based on a broad network of external partners - lawyers, bankers, investors etc. The national network counts over 4,000 decision makers who specialize in acquisition and divestment of businesses. Consultants with an international outlook Corporate Finance holds an international perspective through the global BDO network. We have more than 1,200 colleagues in 60 countries who are all Corporate Finance experts. Through our international network we are able to give professional advice in cross border projects. Our Danish specialists work in close cooperation with experienced and competent Forensics and Computer Forensics specialists in other BDO countries. We create cross border expert teams with specialists from several countries. In case of large and complex forensics assignments, BDO s international network is of unique value. 7
EUROPE GIBRALTAR ALGERIA AUSTRIA DENMARK & FAROE ISLANDS ANGOLA ALBANIA MOLDOVA ARMENIA KAZAKHSTAN GUERNSEY BELGIUM CZECH REPUBLIC ESTONIA CAPE VERDE BOSNIA HERZEGOVINA MONTENEGRO AZERBAIJAN KYRGYZSTAN IRELAND FRANCE GERMANY FINLAND ITALY BULGARIA ROMANIA BELARUS MONGOLIA ISLE OF MAN (FRENCH GUIANA) LIECHTENSTEIN HUNGARY ICELAND GREENLAND PORTUGAL MALTA GREECE CROATIA SLOVENIA SERBIA GEORGIA CYPRUS RUSSIA WEST BANK UNITED KINGDOM JERSEY LUXEMBOURG FRENCH POLYNESIA POLAND LATVIA SAN MARINO KOSOVO TURKEY ISRAEL TAJIKISTAN MOROCCO SLOVAK REPUBLIC LITHUANIA SPAIN MACEDONIA TURKMENISTAN UKRAINE NETHERLANDS SWITZERLAND NORWAY REUNION ISLAND SWEDEN TUNISIA NORTH AMERICA AND CARIBBEAN ANGUILLA ARUBA BAHAMAS BARBADOS BRITISH VIRGIN ISLANDS CANADA CAYMAN ISLANDS CURAÇAO DOMINICAN REPUBLIC JAMAICA MONTSERRAT PUERTO RICO ST LUCIA ST KITTS & NEVIS ST MAARTEN ST VINCENT & THE GRENADINES SURINAME TRINIDAD & TOBAGO USA US VIRGIN ISLANDS LATIN AMERICA ARGENTINA BOLIVIA BRAZIL CHILE COLOMBIA COSTA RICA ECUADOR EL SALVADOR GUATEMALA HONDURAS MEXICO PANAMA PARAGUAY PERU URUGUAY VENEZUELA SUB- SAHARAN AFRICA BURUNDI COMOROS BOTSWANA ETHIOPIA MADAGASCAR MALAWI KENYA MAURITIUS SIERRA LEONE RWANDA MOZAMBIQUE SOUTH AFRICA TANZANIA NAMIBIA ZAMBIA UGANDA NIGERIA ZIMBABWE SEYCHELLES AUSTRALIA AFGHANISTAN BANGLADESH BRUNEI DARUS- SALAM CAMBODIA CHINA FIJI HONG KONG ASIA PACIFIC INDIA INDONESIA JAPAN KOREA MACAO MALAYSIA MYANMAR NEW ZEALAND PAKISTAN MIDDLE EAST BAHRAIN EGYPT JORDAN KUWAIT LEBANON OMAN QATAR SAUDI ARABIA UAE PAPUA NEW GUINEA PHILIPPINES SINGAPORE SRI LANKA TAIWAN THAILAND VIETNAM www.bdointernational.com 8
EXCEPTIONAL CUSTOMER SERVICE FROM GLOBAL NUMBER FIVE ACCOUNTING NETWORK The wide international BDO network has offices in 157 worldwide. The network is growing in a global scale, and especially in China and the US the business volume is expanding rapidly. The ambition is to reach a global turnover of 10 billion USD by 2019 based on a shared vision: To be the leader of exceptional client service Headquartered in Brussels, BDO International is the global number five network of accounting firms. BDO s ultimate strength both and local and global level is strong customer relations emphasized by the network s international vision about Exceptional Client Service. Unlike other large international accounting firms, national ownership and management remain the ground pillars of BDO s international cooperation. We are convinced that only through local insight and commitment to the customers businesses can we leverage our international foothold. The international BDO network enables us here in Denmark to offer our clients services with an international perspective with the same high quality as in our local work, as both quality standard, audit methods and tools are identical throughout the entire network. Regardless of where in the world a client may contact BDO, they will see that everyone at BDO is committed to the same international vision: BDO stands for exceptional client service, delivered by exceptional people BDO stands for exceptional client service, delivered by exceptional people 9
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BDO RANKED IN TOP IN CLIENT AND EMPLOYEE SATISFACTION When we say Empathy creates development, our primary focus is to offer an ethical, honest and value based advice that furthers development for our clients. Our ambition is to constantly increase customer satisfaction and knowledge about BDO and our core competences. MARKET LEADER IN CUSTOMER SATISFACTION IN SMALL, MEDIUM SIZED AND PUBLIC ENTER- PRISES The most comprehensive Danish BtB sector analysis of accounting firms, Aalund Business Research A/S, confirm that in 2015-2016 BDO obtained the highest customer satisfaction rating among accounting firms, both with respondents from smaller businesses with 10-49 employees and in larger companies with over 50 employees. Also from public companies did BDO obtain a high customer satisfaction score. We are very proud of the positive feedback from our clients and we are especially happy that BDO is ranked number one in all these parameters - since our primary focus is precisely to offer client centered proactive value creation. own well-being, job satisfaction and loyalty using the largest and most valid employee survey available on the market today. Over the latest three years we have obtained a response rate of 94% in our survey, and this alone tells us that we have a very dedicated and loyal staff. 85 percent of our staff rank their overall job satisfaction in the positive brackets Passionate and Core employee. In all focus areas our employees rank their satisfaction considerably higher than the Danish average which brings BDO in the Top-in-Class category in six out of seven focus areas. A Top-in-Class ranking means that the company is placed in the best quartile compared to similar firms. We will continue to target our efforts and optimize our working environment for everyone at BDO, develop our professional skills and personal development to make sure that looking forward we will continue to be an attractive and challenging employer who attracts and retains the best talents. Our employee survey guides us, showing the best way forward. EMPLOYEE SATISFACTION TOP-IN-CLASS IN SIX OUT OF SEVEN FOCUS AREAS At BDO we measure job satisfaction once every year. The purpose is to hear how our employees rate their With BDO it is never either/or - but both/and. 11
BDO Empathy creates development Copyright BDO Statsautoriseret revisionsaktieselskab September 2016 All rights reserved. According to the Danish copyright act, mechanical, photographic, electronic or any other form of representation or distribution of this brochure or part hereof is only permitted with a prior written consent from BDO. Short excerpts may be used for publicity. This publication serves as a general guideline only. This publication does not relate to specific cases and no action should be taken or omitted without prior professional advice. BDO can be contacted regarding specific cases. BDO, our partners and employees cannot be held responsible for any loss resulting from actions or omissions based on the information in this publication. BDO Statsautoriseret revisionsaktieselskab, a Danish limited liability company, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. BDO in Denmark employs almost 1,100 people and the world wide BDO network has more than 65.000 partners and staff in 157 countries. ADVISORY, AUDIT AND ACCOUNTING