Substantial progress in Columbus IT - Outlook for both revenue and EBITDA for 2007 is adjusted upwards

Substantial progress in Columbus IT
- Outlook for both revenue and EBITDA for 2007 is adjusted upwards

•	Columbus IT's revenues for H1/2007 amounted to DKK 441M (DKK 365M in 2006),
corresponding to an increase of 21% compared to the same period last year. 

•	Operating profit (EBITDA) for the period was DKK 20.0M (DKK 5.3m in 2006),
which is above the management's expectations. 

•	The Group's software development company, To-Increase B.V., continues its
strong growth and had revenues to other Microsoft resellers of DKK 18M in
H1/2007, corresponding to an increase of 102% compared to the same period last
year. EBITDA for H1/2007 amounted to DKK 7.8M, corresponding to an increase of
90% compared to the same period last year. 
	
•	Revenues in the Russian subsidiary in H1/2007 amounted to DKK 44.5M and
EBITDA for the period amounted to DKK 4.8M. This is a strong improvement
compared to the same period last year and a steady continuation of the very
positive development from H2/2006. The Russian subsidiary is clear of its
earlier crises and maintains its profitable growth. 

•	Revenues in the American subsidiaries in H1/2007 amounted to DKK 68.7M and
EBITDA for the period amounted to DKK 9M. This is a strong improvement compared
to H1/2006, which contrary to usual practice was not good, and a continuation
of the very positive results from H2/2006. 

•	Revenues in the Danish subsidiary in H1/2007 amounted to DKK 128.3M,
corresponding to an increase of 9% compared to the same period last year.
EBITDA for the period amounted to DKK 9M which is a decline compared to the
same period last year. 

•	The groups British subsidiary is in a very positive development. Revenues in
the British subsidiary in H1/2007 amounted to DKK 24.6M compared to DKK 14.9M
for the same period last year. EBITDA for the period amounted to DKK 4.2M
compared to DKK 2.1M for the same period last year. 

•	The result before taxes amounted to DKK 8.5M for H1/2007 (DKK -4.6m in 2006).

•	Total equity at the end of H1/2007 amounted to DKK 227.5M (DKK 161.4M in
2006), resulting in a solvency ratio of 39% (34% in 2006). 

•	As a consequence of the H1 performance previously announced expectations for
2007 are adjusted upwards from total Group revenues on the level of DKK
810-830M to DKK 870-890M. Expectations for 2007 EBITDA are adjusted upwards
from DKK 33-37M to DKK 35-40M. 



Ib Kunøe 				Michael Gaardboe
Chairman				CEO
Columbus IT Partner A/S		Columbus IT Partner A/S


For further information, please contact:
CEO Michael Gaardboe or CFO Sven Madsen, T: +45 70 20 50 00

Translation: In the event of any inconsistency between this document and the
Danish language version, the Danish language version shall be the governing
version. 
 
Key Figures and Ratios 


MDKK		Q2 2006	Q2 2007	H1 2006	H1 2007	2006
Income Statement		 	 	 	 	 
Net revenues		196.6	250.7	364.7	440.9	756.7
External project costs		-57.7	-79.1	-100.8	-124.1	-211.1
Gross earnings I		138.9	171.6	263.9	316.8	545.6
Staff expenses		-95.2	-114.6	-183.9	-220.4	-375.0
Gross earnings II		43.7	57.0	80.0	96.4	170.6
Other external costs		-34.0	-39.5	-74.3	-75.7	-153.8
Other operating income		0.0	0.0	0.0	0.0	15.1
Other operating costs		0.0	-0.6	-0.4	-0.7	-0.7
EBITDA		9.7	16.9	5.3	20.0	31.2
Depreciation excl. goodwill		-3.6	-4.3	-6.8	-8.6	-14.7
EBITA		6.1	12.6	-1.5	11.4	16.5
Amortization and write down of goodwill		0.0	0.0	0.0	0.0	-2.4
EBIT		6.1	12.6	-1.5	11.4	14.1
Result in associated companies		-0.2	0.0	-0.2	0.1	-0.1
Net financial items		-2.1	-1.6	-2.9	-3.0	-5.8
Pre-tax earnings		3.8	11.0	-4.6	8.5	8.2
Tax on H1 earnings		-1.5	-2.4	-2.0	-2.5	12.0
Earnings H1		2.3	8.6	-6.6	6.0	20.2
		 	 	 	 	
Allocated thus:		 	 	 	 	
Shareholders of Columbus IT Partner A/S		1.3	8.1	-7.5	6.8	21.2
Minority interests		1.0	0.5	0.9	-0.8	-1.0
		2.3	8.6	-6.6	6.0	20.2
		 	 	 	 	
Balance Sheet		 	 	 	 	
Long-term assets		 	 	226.7	259.5	256.1
Short-term assets		 	 	250	317.3	287.7
Total assets 		 	 	476.7	576.8	543.8
		 	 	 	 	
Group shareholders' equity		 	 	150.0	217.5	201.1
Minority interests		 	 	11.4	10.0	10.9
Debt		 	 	315.3	349.3	331.8
Total liabilities 		 	 	476.7	576.8	543.8
		 	 	 	 	
Cash flow 		 	 	 	 	
Cash inflow from operations		 	 	-7.1	9.1	27.0
Net cash outflow for investments		 	 	-19.3	-22.2	-46.4
of which for investment in tangible fixed assets		 	 	-33.3	-5.7	-6.4
Cash inflow from financing activities		 	 	15.3	18.5	28.7
Total cash flow		 	 	-11.1	5.4	9.3
				 	 	
Key ratios				 	 	
Gross margin II				21.9%	21.9%	22.5%
Operating profit margin				-0.4%	2.6%	1.9%
Return on equity				-4.9%	3.6%	13.6%
Equity ratio				33.9%	39.4%	40.0%
Net asset value per share (BV)				2.2	2.9	2.7
Earnings per share (EPS)				-0.1	0.1	0.3
Average number of shares, in thousands				71,970	75,850	72,706
Share price, end of period				9.7	7.3	8.1
Cash flow per share				-0.1	0.1	0.4
Headcount at the end of the period				964	1,096	1,024

The key figures and ratios have been calculated in accordance with the Danish
Society of Financial Analysts' ”Recommendations and Key Figures 2005”. 

The interim report has not been audited  
Developments in H1/2007
Columbus IT's net revenues for H1/2007 amounted to DKK 441M, up from DKK 365M
for the same period last year. 

Revenues	2007	2006
H1	MDKK	     %	MDKK	      %
Hardware 	10	2%	8	2%
Software	163	37%	131	36%
Service	268	61%	226	62%
	 	 	 	 
Total	441	100%	365	100%
	Revenues	2007	2006
H1	MDKK	       %	MDKK	     %
Dynamics AX	259	59%	249	68%
Dynamics NAV	113	26%	72	20%
Other MBS products	27	6%	22	6%
Other	42	10%	22	6%
Total	441	100%	365	100%


The growth in revenues is relating both to software, which rose to DKK 163M
compared to DKK 131M for the same period last year corresponding to an increase
of 24%, and to consulting and services, which rose to DKK 268M compared to DKK
226M for the same period last year corresponding to an increase of 19%. All
product groups have grown compared to the same period last year. Highest growth
is in the Group's Dynamics NAV-related revenues which compared to the same
period last year have increased by 57%, and now in H1/2007 constitutes 26% of
the total revenues. 

As the table below shows, there is growth in revenues in all regions, and the
majority of the Group's subsidiaries have realized an activity level in line
with or above expectations. 

	Revenues	EBITDA	Headcount
	(MDKK)	(MDKK)	(as of June 30)
 H1	2007	2006	2007	2006	2007	2006
Nordic 	162	142	10	14	288	224
Western Europe	115	98	10	6	223	219
Eastern Europe	79	61	6	-1	384	366
Rest of the world	85	64	9	2	192	137
Parent Company	0	0	-15	-16	10	18
	441	365	20	5	1,097	964

Note: Revenue figures state the revenue generated outside the Group in the
regions. The Parent Company's figures are reported before costs being billed to
subsidiaries. Thus, the subsidiaries' figures are reported exclusive of costs
billed by the Parent Company. 

The Group's financials show net expenses of DKK 3.0M compared to net expenses
of DKK 2.9M for the same period last year. 

Corporation tax in profit-making foreign subsidiaries means that the total
calculated tax charge for Columbus IT for the period is DKK 2.5M. The result
for the period was DKK 6.0M, which is an improvement of DKK 12.6M compared to
the same period last year. 

 
Regional development

Nordic	2007	2006
Revenues - H1	MDKK	     %	MDKK	      %
Hardware 	7	4%	7	5%
Software	52	32%	49	34%
Service	103	64%	86	61%
	 	 	 	 
Total	162	100%	142	100%
	Nordic	2007	2006
Revenues - H1	MDKK	       %	MDKK	     %
Dynamics AX	93	58%	94	66%
Dynamics NAV	34	21%	21	15%
Other MBS products	23	14%	17	12%
Other	12	7%	10	7%
Total	162	100%	142	100%


H1/2007 revenues for the Nordic region increased by DKK 20.2M, corresponding to
a 14% increase compared to the same period last year. The increase is due to a
higher level of activity in both the Danish subsidiary where revenues were
increased by 9% compared to the same period last year, and in the Norwegian
subsidiaries where revenues were increased by 36% compared to the same period
last year. The Finnish subsidiary, which was acquired in Q3/2006, contributes
with revenues of DKK 4.3M. The Nordic Region accounts for 37% of the Group's
revenues. 

The region's EBITDA is down DKK 4M compared to the same period last year, to
DKK 10M for H1/2007. The fall is due to a decline in EBITDA for the Danish
subsidiary compared to the same period last year, which was marked by few
larger deals. In addition to this the results in the Norwegian subsidiaries are
affected by extraordinary costs due to the ongoing merger of the two Norwegian
companies. The operating result of the Finnish subsidiary ended in a deficit of
DKK 0.2M for H1/2007. 

Western Europe	2007	2006
Revenues - H1	MDKK	     %	MDKK	      %
Hardware 	1	1%	1	1%
Software	44	38%	37	38%
Service	70	61%	60	61%
	 	 	 	 
Total	115	100%	98	100%
	Western Europe	2007	2006
Revenues - H1	MDKK	       %	MDKK	     %
Dynamics AX	59	51%	60	61%
Dynamics NAV	53	46%	35	36%
Other MBS products	2	2%	3	3%
Other	1	1%	0	0%
Total	115	100%	98	100%


In Western Europe revenues for H1/2007 amounted to DKK 115M which is an
improvement of DKK 17M, corresponding to a 17% increase compared to the same
period last year. For H1/2007, the Group's software development company,
To-Increase, had revenues of DKK 18M to other Microsoft resellers which is an
improvement of DKK 9.1M, corresponding to a 102% increase compared to the same
period last year. Likewise revenues in the British subsidiary have grown
markedly to DKK 25M for H1/2007, corresponding to a 65% increase compared to
the same period last year. The region accounted for 26% of the Group's
revenues. 

EBITDA for the region rose DKK 4M compared to the same period last year, to DKK
12M for H1/2007. The EBITDA of To-Increase grew by 90% from DKK 4.1M in H1/2006
to DKK 7.8M in H1/2007. The Groups Dutch consulting unit has had a poor start
in 2007, and the company's revenues have decreased by DKK 5.7M, while the
company's EBITDA has decreased by DKK 2.4M compared to the same period last
year. The growth in the British subsidiary has lead to a growth in EBITDA of
103% compared to the last period last year, to DKK 4.2M for H1/2007. 



Eastern Europe	2007	2006
Revenues - H1	MDKK	     %	MDKK	      %
Hardware 	2	3%	0	0%
Software	31	39%	20	33%
Service	46	58%	41	67%
	 	 	 	 
Total	79	100%	61	100%
	Eastern Europe	2007	2006
Revenues - H1	MDKK	       %	MDKK	     %
Dynamics AX	53	67%	48	79%
Dynamics NAV	5	6%	3	5%
Other MBS products	2	3%	2	3%
Other	19	24%	8	13%
Total	79	100%	61	100%


Revenues in Eastern Europe amounted to DKK 79M for H1/2007 which is an
improvement of DKK 18M or 30% compared to the same period last year. Revenues
of the Russian subsidiary increased from DKK 33.7M for H1/2006 to DKK 44.5M in
H1/2007, corresponding to an increase of 32%. The Estonian subsidiary had a
growth in revenues of 28% compared to the same period last year, and had
revenues of DKK 11.3M in H1/2007. Revenues of the Lithuanian subsidiary
decreased by DKK 1M compared to the same period last year, corresponding to a
decline of 11%. Revenues of the Polish company on the contrary increased from
DKK 3.1M in H1/2006 to DKK 8.7M in H1/2007. The revenue growth in Poland is
worked up by the acquired Polish company, which in Q3/2006 was merged with the
Group's existing Polish company. The region accounted for 18% of the Group's
revenues. 

The region's EBITDA increased by DKK 7M compared to the same period last year
to DKK 6M in H1/2007. The implemented restructuring measures in the Russian
company in 2006 have brought the company back on a profitable track and the
Russian company delivered an EBITDA of DKK 4.8M in H1/2007. The Polish
subsidiary is after a loss-making Q1 once again profitable but delivers in
total an EBITDA of DKK -0.2M in H1/2007. 

Rest of the world	2007	2006
Revenues - H1	MDKK	     %	MDKK	      %
Hardware 	0	0%	0	0%
Software	36	42%	25	39%
Service	49	58%	39	61%
	 	 	 	 
Total	85	100%	64	100%
	Rest of the world	2007	2006
Revenues - H1	MDKK	       %	MDKK	     %
Dynamics AX	54	63%	47	74%
Dynamics NAV	21	25%	13	20%
Other MBS products	0	0%	0	0%
Other	10	12%	4	6%
Total	85	100%	64	100%


In the Rest of the World region in H1/2007, total revenues amounted to DKK 85M,
which is an improvement of DKK 21M corresponding to a 33% increase compared to
the same period last year. In H1/2007, revenues in the two American
subsidiaries grew from DKK 56.2 in H1/2006 to DKK 68.7M in H1/2007
corresponding to an increase of 22%. The Mexican and the Brazilian
subsidiaries, which were acquired in Q2 and Q3/2006 respectively contributes in
H1/2007 with revenues of DKK 6.2M. The region accounted for 19% of the Group's
revenues. 

EBITDA in the region amounted to DKK 9M, which is an increase of DKK 7M
compared to the same period last year. The optimization measures undertaken by
the two American subsidiaries during 2006 have shown to be quite effective and
the companies delivered a combined EBITDA of DKK 9M in H1/2007. The
subsidiaries in Colombia, Chile and Costa Rica delivered a combined EBITDA of
DKK 0.9M corresponding to an increase of 75% compared to the same period last
year. The acquired Mexican and Brazilian subsidiaries, which both are in a
set-up phase, delivered a combined EBITDA of DKK -0.9M in H1/2007. 

EBITDA of the Parent Company amounted to DKK -15M in H1/2007 before billing
subsidiaries for costs, which is an improvement of DKK 1M compared to the same
period last year. 



Directed rights issues
In January 2007, Columbus IT issued shares in Columbus IT Partner A/S, to
settle the outstanding purchase price relating to the Polish company, Creative
Innovation Group Sp. Z o.o. Please refer to stock exchange release no. 1 of
January 8, 2007. 

In May 2007, Columbus IT issued shares in Columbus IT Partner A/S, to settle
the second part of the purchase sum relating to the American company,
VerticalSoft Inc. Please refer to stock exchange release no. 9 of May 18, 2007. 

Accordingly, a total of 1,320,465 shares were issued in H1/2007, which had a
positive net impact on equity of DKK 10.8M. 
	
Accounting policies
This quarterly report has been drawn up in accordance with the provisions of
the Interim Reporting Notice and Copenhagen Stock Exchange requirements for
interim reporting 

Investments
Total investments in tangible and intangible assets (except for goodwill) in
H1/2007 totalled DKK 12.4M compared to 13.0M for the same period in 2006. DKK
6.7M was attributable to investments in development projects, while the
remaining DKK 5.7M was attributable to the acquisition of tangible assets. 

Liquidity status
Columbus IT held cash funds of DKK 48M on June 30, 2007 compared to DKK 23M
last year. Cash 
funds are mainly held in various foreign subsidiaries.

Forex
The Group did not enter into any hedging contracts in the preceding part of the
year. In international 
contracts, exchange risks are limited by servicing operations from local
companies so that Group 
income and costs in foreign currencies are matched insofar as possible.

Equity
Development in shareholders' equity (MDKK)	H1/2007	2006
Equity January 1, 2007	201.1	147.3
Forex adjustments for foreign subsidiaries, etc.	-0.4	-3.8
Earnings for the period	6.0	21.2
Warrant scheme exercised	0.0	0.5
Capital increases	10.8	35.9
Group shareholders' equity as of June 30 and December 31 	217.5	201.1
Minority interests' equity as of June 30 and December 31	10.0	10.9
Total equity as of June 30 and December 31	227.5	212.0

Safe Harbor statement
The statements about the future made in this report reflect the Management's
current expectations for certain future events and financial results. By their
very nature, some uncertainties attach to statements about the future, and the
results finally achieved could, therefore, vary considerably from the
expectations expressed. Further, some expectations are based on assumptions for
future events, which may turn out to be incorrect. 

Factors that could mean significantly different results from the expectations
expressed include, but are not restricted to, developments in trading
conditions and the financial markets, and the fiscal impact of unforeseen
events: changes in Danish regulations and legislation and EU regulations;
rising competition for business solutions in Denmark and abroad; trends in
demand; product composition and pricing for business solutions; the development
of Columbus IT Partner's international activities to which some political risks
are attached, and investment in, and disposal of, national and international
companies. 
 
Management Report

The Boards of Directors and Management have considered and approved the Interim
Report for the period January 1 - June 30 2007 for the Columbus IT Partner
Group. 
	
The interim report has been drawn up in accordance with the provisions in
International Financial Reporting Standards (IFRS) for recognition and
measurement and additional Danish reporting requirements for the presentation
of interim reports laid down in the Company Accounts Act, associated statutory
instruments and Copenhagen Stock Exchange. We regard the accounting policies
applied as appropriate and that the Interim Report gives a true picture of the
Group's assets and liabilities, financial position at 30 June 2007, and the
results of the Group's activities and cash flow for the period January 1- June
30 2007. 






Brøndby, August 9 2007



Board of Management



Michael Gaardboe			Sven Madsen
CEO					CFO



Board of Directors



Ib Kunøe	Sven Madsen	Claus Hougesen	Jørgen Cadovius
Chairman	

 
Income statement

DKK 1000	1/1 - 30/6 2007	1/1 - 30/6 2006
	 	
Net revenues	440,888	364,749
External project costs	-124,066	-100,835
Gross earnings	316,822	263,914
	 	
Other external costs	-75,747	-74,254
Staff expenses	-220,405	-183,937
Other operating income	0	0
Other operating costs	-657	-393
Earnings before depreciation/amortization (EBITDA)	20,013	5,330
	 	
Depreciation	-8,628	-6,809
Earnings before write down of goodwill (EBITA)	11,385	-1,479
	 	
Write down of goodwill	0	-41
Operating profit (EBIT)	11,385	-1,520
	 	
Results of associated companies	161	-203
Financial income	2,374	3,020
Financial expenses	-5,381	-5,875
Pre-tax earnings	8,539	-4,578
	 	
Tax on the result for the period	-2,541	-1,983
Result for the period	5,998	-6,561
	 	
Allocated thus:	 	
Shareholders of Columbus IT Partner A/S	6,794	-7,490
Minority interests	-796	929
	5,998	-6,561

 
Balance Sheet

DKK 1,000	1/1 - 30/6 2007	1/1- 30/6 2006
	 	 
Assets	 	 
	 	 
Completed development projects	39,527	31,109
Royalties	241	472
Goodwill	157,419	157,295
Development projects in progress	2,195	3,982
Intangible assets	199,382	192,858
	 	
Plant and operating equipment	14,377	13,009
Tangible assets	14,377	205,867
	 	
Holdings in associated companies	1,506	965
Other receivables	8,953	0
Deferred tax assets	35,265	19,897
Financial assets	45,724	20,862
	 	
Total long-term assets	259,483	226,729
	 	
Inventories	5,383	6,839
	 	
Accounts receivable - sales and services	202,656	159,776
Contract work in progress	31,659	23,854
Receivables from shareholders	0	7,093
Corporation tax	2,290	4,676
Other receivables	19,515	15,250
Accruals	7,778	9,058
Receivables	263,898	219,707
	 	
Cash funds	48,031	23,433
	 	
Total short-term assets	317,312	248,979
	 	
Total assets	576,795	476,708


 
Balance Sheet

DKK 1,000	1/1 - 30/6 2007	1/1- 30/6 2006
	 	 
Liabilities	 	 
	 	 
Share capital	95,580	90,367
Retained profit	121,906	59,672
Parent Company shareholders' equity	217,486	150,039
Minority interests' equity	10,010	11,353
Equity	227,496	161,392
	 	
Deferred tax	1,014	1,387
Subordinated loan capital	0	7,500
Credit institutions	1515	1,099
Other debt	1,596	2,091
Long-term debt	4,125	12,077
	 	
Subordinated loan capital	0	2,851
Short-term part of long-term debt	2636	532
Credit institutions	98,758	80,399
Debt to affiliated companies	6,210	0
Client prepayments	32,390	20,789
Trade accounts payable	78,882	60,173
Corporation tax	1,512	3,787
Payable purchase sum re: acquired companies	0	23,497
Other debt	118,166	98,225
Accruals	6,620	12,986
Short-term debt	345,174	303,239
	 	
Debt	349,299	315,316
	 	
Total liabilities	576,795	476,708