In 2007 Columbus IT achieved a considerable growth in revenues on both
consultancy and software. The demand for integrated enterprise systems has
increased steadily and the increase in new customers has been quite good on all
important markets. The focus on optimizing the operations in all parts of the
company has as expected resulted in a strong improvement of the earnings. 

CEO Michael Gaardboe:

"2007 was a good year for Columbus IT. We had some very concrete and ambitious
tar-gets for the year regarding revenues, financial results and our position -
and they have been meet. We have strengthened our position as a leading
international reseller of inte-grated business solutions for medium sized
companies, and we have become an even stronger international vendor of industry
solutions for Microsoft Dynamics. A good geo-graphical spread of our activities
combined with our ability effectively to implement global solutions provides us
with strong opportunities to benefit from the expected future growth in the
marked for integrated enterprise systems". 

•	Columbus IT's revenues in 2007 totaled DKK 892M corresponding to an increase
of 21%. This is in line with the Company's latest announced expectations, cf.
stock exchange release no. 2 of January 30th 2008. 
•	Earnings before depreciation (EBITDA) totaled DKK 51M (DKK 36M in 2006)
corresponding to an im-provement of 41% compared to 2006. The result is in line
with the Company's latest announced ex-pectations, and thus exceeds the
original announced expectations for the year of DKK 33-37M by 38%. The result
is partly achieved through strong earnings in Q4 2007 where EBITDA grew to DKK
28.4M from DKK 18M in Q4 2006 corresponding to an increase of 58%. 
•	The Group's software development company, To-Increase B.V. the world's
largest vendor of vertical standard industry applications for Microsoft
Dynamics, had revenues to other Microsoft resellers of DKK 32M in 2007. This is
an increase of 58% compared to 2006. On top of this To-Increase had reve-nues
of DKK 8M in 2007 working as supplier to other affiliated companies in the
Group (DKK 9.4M in 2006). EBITDA rose to DKK 16.4M in 2007, corresponding to an
increase of 42% compared to 2006. 
•	Revenues in the Russian subsidiary grew to DKK 106.5M in 2007, corresponding
to an increase of 44% compared to 2006. EBITDA rose to DKK 13M, which compared
to 2006 is an increase of DKK 21.5M. 
•	Revenues in the subsidiaries in the US grew to DKK 127.7M in 2007,
corresponding to an increase of 12% compared to 2006. Despite a declining
dollar rate The American subsidiaries have succeeded in growing EBITDA in 2007
by 105% compared to 2006 to DKK 14.9M. 
•	Revenues in the Danish subsidiary, the largest Microsoft partner in Denmark
in 06/07, in 2007 amounted to DKK 267M, corresponding to an increase of 14%
compared to 2006. EBITDA for the pe-riod amounted to DKK 21M, which is a
decline of 25% compared to 2006. 
•	Revenues in the British subsidiary amounted to DKK 51M in 2007, corresponding
to an increase of 59% compared to 2006. The growth in the company has caused an
increase in the EBITDA by 117% amounting to DKK 9.3M in 2007. 
•	Pretax earnings grew to DKK 25.1M corresponding to an increase of 66%
compared to 2006. 
•	Earnings from discontinued operations, which consists of the now closed
activities in Austria, Finland and the Czech Republic, amounted to DKK -15.0M
in 2007. 
•	Total equity amounted to DKK 225.5M at the end 2007 (DKK 212.0M in 2006),
resulting in a solvency ratio of 39% (39% in 2006). 
•	Columbus IT is forecasting 2008 revenues at a level of DKK 1,000M and EBITDA
at a level of DKK60-65M. 


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


For further information, please contact:
CEO Michael Gaardboe, 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. 

The Annual Report for 2007 is expected to be available at:
www.columbusit.com/2007 on April  11th, 2008 at the latest. 
 
Key Figures and Ratios 

MDKK	2003	2004	2005	2006	2007
Income statement					 
Net revenue	523.4	562.4	629.9	735.7	892.4
External project costs	-139.1	-128.3	-176.4	-204.9	-250.2
Gross earnings I	384.3	434.1	453.5	530.8	642.2
Staff expenses	-281.1	-293.3	-311.1	-360.9	-438.0
Other external costs 	-106.5	-109.9	-118.5	-147.8	-153.8
Other operating income	17.0	2.3	0.6	14.8	1.0
Other operating expense	-3.2	-4.7	-0.2	-0.7	-0.3
EBITDA	10.6	28.5	24.3	36.2	51.0
Depreciation excl. goodwill	-19.3	-12.9	-11.7	-14.0	-18.6
EBITA	-8.7	15.6	12.6	22.2	32.4
Amortization and write down of goodwill	-11.2	-12.9	-7.3	-1.8	-1.5
EBIT	-19.9	2.6	5.3	20.4	31.0
Result in affiliated companies	0.0	0.0	-0.1	-0.1	0.3
Net financial items 	-9.4	-8.0	-2.2	-5.2	-6.1
Pre-tax earnings 	-29.2	-5.3	3.0	15.1	25.1
Income tax expense  	-6.8	-6.2	-7.1	12.0	-4.4
Result for the year, continued operations	-36.0	-11.5	-4.1	27.1	20.7
Result for the year, discontinued operations 	-1.6	-6.7	-2.0	-6.9	-15.0
Result for the year 	-37.6	-18.2	-6.1	20.2	5.7
					 
Allocated thus:					 
Shareholders of Columbus IT Partner A/S	-40.3	-23.8	-10	21.2	5.3
Minority interests 	2.7	5.6	3.9	-1.0	0.4
	-37.6	-18.2	-6.1	20.2	5.7
					 
Balance Sheet					 
Long-term assets	124.7	115.1	229.7	256.1	250.0
Short-term assets 	213.4	229.1	256.6	287.7	326.3
Total assets 	338.1	344.2	486.3	543.8	576.3
					
Parent company shareholders' equity 	31.9	6.5	147.3	201.1	214.0
Minority interests' equity	21.5	19.5	11.9	10.9	11.6
Debt	284.7	318.2	327.1	331.8	350.7
Total liabilities 	338.1	344.2	486.3	543.8	576.3
					 
Cash flow					
Cash flow from operations, continued activities	-28.2	-15.4	22.1	35.0	55.6
Cash flow, discontinued activities	-4.3	-0.1	-6.8	-5.2	-13.3
Cash flow from investments 	-13.3	-9.2	-100.3	-47.7	-24.6
Of which for investment in tangible fixed assets 	-5.0	-7.0	-6.9	-6.4	-11.3
Cash flow from financing activities 	31.2	36.8	70.2	27.2	-1.7
Total cash flow 	-6.0	12.3	-1.2	9.3	16.0
					 
Key ratios 					 
EBITDA-margin	2.0%	5.1%	3.9%	4.9%	5.7%
Operating profit (EBIT-margin)	-3.8%	0.5%	0.8%	2.8%	3.5%
Equity ratio	15.8%	7.0%	32.7%	38.8%	39.1%
Return on equity	-305.4%	-264.1%	-10.1%	13.9%	2.6%
Average number of shares, in thousands 	21,433	37,628	59,918	72,529	76,160
Net asset value per share (BV)	1.49	0.17	2.46	2.77	2.81
Earnings per share (EPS)	-1.88	-0.63	-0.17	0.29	0.07
Cash flow per share	-1.5	-0.4	0.3	0.4	0.5
Share price, end of period	7.40	8.50	10.20	8.10	6.15 
Headcount at the end of the period	865	803	943	1,024	1,124

The key figures and financial ratios above have been calculated in accordance
with the Danish Society of Financial Analysts' "Recommendations and 
Key Figures 2005”. Comparison figures for earlier years have been corrected to
present earnings from discontinued operations separately. Comparison figures
for 2003 have not been restated in accordance with IFRS. As a result of the
directed rights issue at a price of DKK 3 per share in April 2005 , the key
figures for "Earnings per share” (EPS) and "Cash flow per share" have been
calculated after applying a factor of 0.79. 

 
Significant events
In 2007 Columbus IT grew both revenues and earnings on the main markets, and
activities on these markets are proceeding very satisfactorily. 2007 was
characterized by strong market growth on most markets and attractive
opportunities for a company as Columbus IT, offering global and industry
specific solutions. 

In 2007 focus was on optimization of operations in all parts of the company, on
implementing an adjust-ment of the group's business model, and on integration
of the 2006 acquisitions. In 2007 no acquisitions were made but acquisition
candidates are continuously assessed. 

Considerable increase in both consulting and software revenues was achieved in
2007. Consulting reve-nues grew by 23% to DKK 533M, and software revenues grew
by 23% to DKK 304M. Columbus IT ex-perienced continued growth in the demand for
integrated business solutions, and the intake of new cus-tomers was
considerable. 

The growth of the Groups software development company, To-Increase, continued
in 2007. To-Increase handles the software development in the Group, and is
among other things developing software product for the Microsoft Industry
Builder program. Columbus IT develops industry solutions to Microsoft Dynam-ics
and sells these to other Microsoft resellers. Columbus IT has partner
agreements all over the world, and more than 170 partners internationally are
selling Columbus solutions developed by To-Increase. 

For the Russian subsidiary, which had considerable difficulties in 2006, 2007
marked a striking turn around. Both revenues and earnings increased
substantially. Columbus IT is very optimistic on the growth possibilities on
the Russian marked in the years to come. The marked is growing considerably and
Columbus IT has established a significant and well-run organization. 

Like the Russian subsidiary the subsidiaries in the US have emerged strengthen
from the difficulties in 2006. And have, despite a declining dollar rate, with
a growth of 12% compared to 2006 increased its revenue satisfactorily. Earnings
were above expectations with a 105% increase in EBITDA compared to 2006. 

The development in the French subsidiary has been disappointing due to a number
of loss-making con-tracts. In 2007 several actions has been taken to reverse
this trend. A new country manager is now in place and project management
resources have been strengthened. 

To secure the long term growth and earning 2007 saw a focusing of the growth
strategy of Columbus IT and a clarification of the business model. The
objective is to have full ownership of our operations in the central markets,
and to be represented there with critical mass. Other markets are covered by
partner-ships. On markets of less importance the objective is to be represented
through franchise agreements. As a consequence the subsidiary in Austria was
liquidated, and the former partnerships in the Czech Republic and Finland have
been replaced by franchise agreements. In 2007 the subsidiaries in these three
countries had revenues of DKK 11.6M, and pre-tax earnings of DKK -4.1M. In
addition the Group had write downs of DKK 12.2M and accounting gains of DKK
1.4M as a consequence of the termination of the activities in the three
countries. Consequently Earnings from discontinued operations amounted to DKK
-15.0M in 2007. 

Latest developments 
There have been no events since December 31st 2007 which could significantly
affect the evaluation of the group's financial position and revenues. Earnings
in January and February 2008 were in line with the Company's expectations. 


 
Outlook for 2008
The overall favorable market conditions are expected to continue in 2008, even
though some variations may be expected. The growth in the demand for ERP
systems is expected to be driven by various cir-cumstances - continued economic
growth in most countries, further globalization and increasing demand for
efficiency and enabling IT systems. At the same time the still more advanced
industry solutions from Columbus IT is expected to invigorate the demand for
business systems. 

Columbus IT is expecting the strongest growth in Eastern Europe lead by Russia,
but continued fair growth is also expected in Western Europe. The outlook for
the US is more uncertain than in recent years due to increased risk of
recession. But Columbus IT is expecting to achieve growth in the US in 2008. 

The customers are expected to show particular interest in the industry
solutions developed by Columbus IT. The comprehensive work that for the past
few years have been undertaken to develop Columbus IT into the leading
consultancy and ISV focus on industry specific business solutions will continue
in 2008. Amongst other things the effort to globally implement the Group
strategy of developing solutions under the Microsoft Industry Builder program
and developing more global and regional industry solutions will be continued. 

In 2008 Columbus IT will continue to position itself as a leading, global
Microsoft Business Solutions partner. And the development of horizontal and
vertical solutions will be based on Microsoft Dynamics. 

The management will continue to implement the Company's growth strategy in 2008
in agreement with the decisions made in 2007 concerning representation through
100% owned companies, partnerships and franchise agreements respectively. 

Columbus IT is continuously assessing the acquisition opportunities, in both
new and existing markets as part of the efforts to obtain critical mass. The
considerations will also take place in 2008. 

For 2008 revenues are expected at a level of DKK 1,000M and EBITDA at a level
of DKK60-65M. 
 
Comments to the Annual Report 2007

Accounting policies
The annual report for Columbus IT Partner A/S has been drawn up in accordance
with International Fi-nancial Reporting Standards (IFRS) as adopted by EU and
other Danish reporting requirements, among others, the requirements for
financial reporting adopted by OMX Nordic Exchange Copenhagen for listed
companies, and the IFRS-order issued pursuant to the order of the Company
Accounts Act. The applied accounting principles are unchanged from the previous
year. 

Profit and Loss account
Columbus IT's revenues amounted to DKK 892M in 2007 against DKK 736M in 2006,
corresponding to an increase of 21%. 

Revenues 	2007	2006
	MDKK	%	MDKK	%
Hardware 	18	2%	21	3%
Software	304	34%	247	34%
Service & Support	37	4%	34	4%
Consultancy	533	60%	434	59%
Total	892	100%	736	100%
	Revenues	2007	2006
	MDKK	%	MDKK	%
Microsoft Dynamics AX	568	64%	510	69%
Microsoft Dynamics NAV	193	22%	137	19%
Other MBS products	55	6%	53	7%
Other	76	8%	36	5%
Total	892	100%	736	100%


Substantial growth in both software and consultancy revenues was achieved in
2007. Software revenue rose to DKK 304M in 2007 compared to DKK 247M in 2006
corresponding to an increase of 23%, con-sulting revenues rose to DKK 533M in
2007 compared to DKK 434M in 2006 corresponding to an in-crease of 23%. All
product groups grew in 2007 compared to 2006. Highest growth was in the Group's
Dynamics NAV-related revenues which compared to 2006 increased by 41%, and
constituted 22% of the total revenues in 2007. 

As the table below shows, revenues grew 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 December 31st)
	2007	2006	2007	2006	2007	2006
Nordic 	334	284	26	35	291	245
Western Europe	212	186	22	19	213	195
Eastern Europe	180	130	17	-5	387	370
Rest of the world	166	136	17	8	221	168
Parent Company	0	0	-31	-21	12	17
	892	736	51	36	1,124	995

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

Earnings before depreciation, EBITDA, totaled DKK 51.0M in 2007 compared to DKK
36.2M in 2006 corresponding to an increase of 41%. Operating profit, EBIT,
totaled DKK 31.0M in 2007 compared to DKK 20.3M in 2006 corresponding to an
increase of 53%. 

The Group's financials show net expenses of DKK 6.1M in 2007 compared to net
expenses of DKK 5.2M in 2006. 

Pretax earnings grew to DKK 25.1M compared to DKK 15.0M in 2006. Corporation
tax in profit-making foreign subsidiaries leads to a total calculated tax
charge for Columbus IT for the year on DKK 4.4M compared to DKK -12.0M in 2006. 

Earnings of the year from continued operations amounted to DKK 20.7M in 2007
compared to DKK 27.0M in 2006. Earnings of the year from discontinued
operations, consisting of the now closed activities in Austria, Finland and the
Czech Republic, amounted to DKK -15.0M. Subsequently the total earnings of the
year amounted tom DKK 5.7M, compared to DKK 20.2M in 2006. 

Equity
Total equity amounted to DKK 225.5M at the end 2007 (DKK 212.0M in 2006),
resulting in a solvency ratio of 39.1% compared to 38.8% at the end of 2006. 

In January 2007, Columbus IT issued shares in Columbus IT Partner A/S, to
settle the outstanding pur-chase price relating to the Polish company, Creative
Innovation Group Sp. Z o.o. Please refer to stock exchange release no. 1 of
January 8th, 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, Vertical-Soft Inc. Please refer to stock exchange release no.
9 of May 18th, 2007. Accordingly, a total of 1,320,465 shares were issued in
2007, which had a positive net impact on equity of DKK 10.8M. 

At the end of 2007 Columbus IT owned 1,749 own shares corresponding to 0.02‰ of
the share capital. 

Investments
Total investments in tangible and intangible assets, except for goodwill, in
2007 totalled DKK 28.1M compared to DKK 24.6M in 2006. DKK 16.8M was
attributable to investments in development projects, while the remaining DKK
11.3M was attributable to the acquisition of tangible assets. 

Cash flow and liquidity status
Cash flow from operating activities constituted DKK 55.6M in 2007, an
improvement of DKK 20.6M com-pared to 2006. This improvement is mainly due to
the improved gross earnings and EBITDA. 

Likewise cash flow from investing activities is improved considerably compared
to 2006, from DKK -47.8M to DKK -24.6M. Cash flow from financing activities was
reduced from DKK 27.2M in 2006 to DKK -1.7M. Cash flow from discontinued
operations accounted for DKK -13.3M in 2007. 

Columbus IT held cash funds of DKK 61.0M on December 31st, 2007 compared to DKK
43.6M same time 2006. Cash funds are mainly held in various foreign
subsidiaries. 


 
Regional development

Nordic	2007	2006
Revenues	MDKK	%	MDKK	%
Hardware 	17	5%	19	7%
Software	105	32%	88	31%
Service & Support	10	3%	9	3%
Consultancy	202	60%	168	59%
Total	334	100%	284	100%
	Nordic	2007	2006
Revenues	MDKK	%	MDKK	%
Microsoft Dynamics AX	200	60%	188	66%
Microsoft Dynamics NAV	70	21%	46	16%
Other MBS products	45	13%	41	14%
Other	19	6%	9	4%
Total	334	100%	284	100%


Revenues for the Nordic region increased in 2007 by DKK 50M to DKK 334M,
corresponding to an 18% growth compared to 2006. The increase is due to a
higher level of activity in both the Danish subsidiary where revenues increased
by 14% compared to 2006 and in the Norwegian subsidiaries where revenues
increased by 36% compared to 2006. The Nordic Region accounts for 37% of the
Group's revenues. 

The region's EBITDA in 2007 amounted to DKK 26M, corresponding to a drop of 26%
compared to 2006. EBITDA in the Norwegian subsidiaries grew by 13% compared to
2006. On the other hand EBITDA in the Danish subsidiary dropped by 25% to DKK
21M. The drop is primarily due to the fact that sales prices have not kept up
with the growth in salaries in the market. Furthermore the Danish subsidiary
has invested in building up a strong competence within Microsoft CRM. Columbus
IT has been elected Mi-crosoft CRM partner 2007 in Denmark. 

Western Europe	2007	2006
Revenues	MDKK	%	MDKK	%
Hardware 	1	1%	1	1%
Software	66	31%	62	33%
Service & Support	17	8%	10	5%
Consultancy	128	60%	113	61%
Total	212	100%	186	100%
	Western Europe	2007	2006
Revenues	MDKK	%	MDKK	%
Microsoft Dynamics AX	134	63%	125	67%
Microsoft Dynamics NAV	73	35%	53	29%
Other MBS products	5	2%	8	4%
Other	0	0%	0	0%
Total	212	100%	186	100%


In Western Europe revenues amounted to DKK 212M in 2007 which is an increase of
DKK 26M, corre-sponding to a 14% growth compared to 2006. The Group's software
development company, To-Increase, had revenues of DKK 32M to other Microsoft
resellers in 2007. This is an improvement of 58% compared to 2006. On top of
this To-Increase had revenues of DKK 8.0M in 2007 working as supplier to other
affiliated companies in the Group (DKK 9.4M in 2006). Revenues in the British
subsidiary have grown significantly to DKK 51M in 2007, corresponding to a
growth of 59%. The region accounted for 24% of the Group's revenues. 

EBITDA for the region grew DKK 22M in 2007 corresponding to an increase of 16%
compared to 2006. EBITDA in To-Increase grew to DKK 16.4M in 2007,
corresponding to an increase of 42% compared to 2006. The Groups Dutch
consulting unit had some challenges in 2007, and the company's EBITDA dropped
DKK 3.3M compared to 2006. The growth in the British subsidiary has lead to a
growth in EBITDA of 117% in 2007, amounting to DKK 9.3M. 

Eastern Europe	2007	2006
Revenues	MDKK	%	MDKK	%
Hardware 	0	0%	0	0%
Software	75	42%	46	35%
Service & Support	7	4%	9	7%
Consultancy	98	54%	75	58%
Total	180	100%	130	100%
	Eastern Europe	2007	2006
Revenues	MDKK	%	MDKK	%
Microsoft Dynamics AX	125	69%	103	79%
Microsoft Dynamics NAV	11	6%	6	5%
Other MBS products	5	3%	4	3%
Other	39	22%	17	13%
Total	180	100%	130	100%


Revenues in Eastern Europe amounted to DKK 180M in 2007 which is an increase of
DKK 50M, cor-responding to a 38% growth compared to 2006. Revenues in the
Russian subsidiary grew from DKK 74.1M in 2006 to DKK 106.5M in 2007,
corresponding to an increase of 44%. The Estonian subsidiary grew revenues by
44% compared to 2006, and had revenues of DKK 26.7M. Revenues of the Lithuanian
subsidiary dropped DKK 2.2M compared to 2006, corresponding to a decline of
11%. Revenues in the Polish company on the contrary grew from DKK 8.4M in 2006
to DKK 18.2M in 2007. The revenue growth in Poland is worked up by the acquired
Polish companies, which in Q3/2006 were merged with the Group's existing Polish
company. The region accounted for 20% of the Group's revenues. 

The region's EBITDA increased by DKK 22M compared to 2006 to DKK 17M in 2007.
The restructuring measures implemented in the Russian company in 2006 have
brought the company back on a profitable track and the Russian company
delivered an EBITDA of DKK 13M in 2007. 

Rest of the world	2007	2006
Revenues	MDKK	%	MDKK	%
Hardware 	0	0%	1	1%
Software	58	35%	51	38%
Service & Support	3	2%	6	4%
Consultancy	105	63%	78	57%
Total	166	100%	136	100%
	Rest of the world	2007	2006
Revenues	MDKK	%	MDKK	%
Microsoft Dynamics AX	109	66%	94	69%
Microsoft Dynamics NAV	39	23%	32	24%
Other MBS products	0	0%	0	0%
Other	18	11%	10	7%
Total	166	100%	136	100%


In the Rest of the World total revenues amounted to DKK 166M in 2007, which is
an increase of DKK 30M, corresponding to a 22% growth compared to 2006.
Revenues in subsidiaries in the US grew from DKK 114.5 in 2006 to DKK 127.7M in
2007 corresponding to an increase of 12%. The Mexican and the Brazilian
subsidiaries, which were acquired in Q2 and Q3/2006 respectively contributed
with total reve-nues of DKK 17.1M in 2007. The region accounted for 19% of the
Group's revenues. 

EBITDA in the region amounted to DKK 17M in 2007, which is an increase of DKK
9M compared to 2006. The optimization measures undertaken by subsidiaries in
the US during 2006 have shown to be quite effective and the companies delivered
a combined EBITDA of DKK 14.9M in 2007. The subsidiaries in Colombia, Chile and
Costa Rica delivered a combined EBITDA of DKK 2.2M compared to DKK 0.3M in
2006. The Mexican and the Brazilian subsidiaries, which both are in a set-up
phase, delivered a combined EBITDA of DKK 0.3M in 2007. 

EBITDA in the Parent Company amounted to DKK -31M in 2007 before billing
subsidiaries for costs, compared to DKK -21M in 2006. 2006 however was
influenced by non-recurrent earnings related to the sale of 49% of the shares
in the Groups French activities. 

 
Annual General Meeting
The Company's Annual General Meeting will be held on April 21st, 2008 at
Tietgensalen, Børsbygningen, Slotsholmsgade, 1217 København K. 

The following Management's review is expected to be made at the annual report:

Management Report
The Boards of Directors and Management have today approved the annual report
for 2007 for Columbus IT Partner Group and the Parent Company. 

The annual report has been drawn up in accordance with the provisions in
International Financial Re-porting Standards (IFRS) as adopted by EU and
additional Danish reporting requirements for the presen-tation of financial
statements by listed companies. We regard the accounting policies applied as
appro-priate and that the annual report gives a true picture of the Group's and
Parent's assets and liabilities, financial position as of 31 December 2007, and
the results of the Group's and Parent's activities and Group's cash flow for
the period 1 January - 31 December 2007. 

The annual report is submitted for approval by the shareholders at the Annual
General Meeting. 



Ballerup, March 17th, 2008



Board of Management



Michael Gaardboe			Claus Hansen
CEO					COO



Board of Directors



Ib Kunøe	Sven Madsen	Claus Hougesen	Jørgen Cadovius
Chairman	
 
Income statement

DKK ´000	2007	2006
	 	
Net revenue	892,366	735,750
External project costs	-250,181	-204,949
Gross earnings	642,185	530,801
		
Staff expenses	-438,042	-360,909
Other external costs	-153,771	-147,836
Other operating income	972	14,817
Other operating expense	-318	-660
Earnings before depreciation and amortization (EBITDA)	51,026	36,213
	 	
Depreciation	-18,578	-14,092
Earnings before write down of goodwill (EBITA)	32,448	22,121
	 	
Write down of goodwill 	-1,495	-1,816
Operating profit (EBIT)	30,953	20,305
	 	
Results in associated companies	263	-137
Financial income	8,350	7,150
Financial expense	-14,470	-12,306
Pre-tax earnings	25,096	15,012
	 	
Tax on the result of the year	-4,414	12,012
Result for the year, continued operations	20,682	27,024
Result for the year, discontinued operations 	-14,960	-6,867
Result for the year	5,722	20,157
	 	
Allocated thus:	 	
Shareholders of Columbus IT Partner A/S	5,348	21,171
Minority interests 	374	-1,014
	5,722	20,157

 
Balance sheet 

DKK ´000	2007	2006
	 	 
Assets 	 	 
	 	 
Goodwill	151,377	156,754
Royalties	141	313
Development projects finalized	38,116	37,444
Development projects in progress 	4,145	2,649
Intangible assets	193,779	197,160
	 	
Leasehold improvement	1,226	461
Plant and operating equipment	14,796	12,047
Tangible assets 	16,022	12,508
	 	
Holdings in associated companies	1,520	1,994
Deferred tax assets	34,199	35,484
Other receivables 	4,476	8,947
Financial assets 	40,195	46,425
	 	
Total long-term assets 	249,996	256,093
	 	
Inventories	6,655	1,764
	 	
Trade receivable 	203,889	189,154
Contract work in progress	26,086	22,847
Receivables from shareholders	0	981
Corporation tax	4,536	3,376
Other receivables 	18,355	17,415
Accruals 	5,814	8,543
Receivables	258,680	242,316
	 	
Cash funds	60,959	43,633
	 	
Total short-term assets 	326,294	287,713
	 	
Total assets 	576,290	543,806


 
Balance sheet

DKK ´000	2007	2006
	 	 
Liabilities 	 	 
	 	 
Share capital	95,580	93,929
Reserves on foreign currency translation	-5,313	-1,455
Retained profit	123,714	108,614
Parent company shareholders' equity 	213,981	201,088
Minority interests' equity	11,558	10,899
Total equity	225,539	211,987
	 	 
	 	 
Deferred tax 	1,139	1,017
Credit institutions	780	773
Other debt	2,025	2,080
Long-term debt	3,944	3,870
	 	 
	 	 
Credit institutions 	92,775	94,005
Debt to shareholders and affiliated companies 	6,487	6,117
Client prepayments 	37,679	35,171
Trade accounts payable	94,568	68,257
Corporation tax	728	1,803
Payable purchase sum re. acquired companies	0	10,862
Other debt	109,185	102,834
Accruals 	5,385	8,900
Short-term debt	346,807	327,949
	 	 
Total debt	350,751	331,819
	 	 
Total liabilities 	576,290	543,806
 
 
Consolidated statement of changes in equity


DKK ´000
	Share
capital	Reserves on foreign currency translation	Retained profit	Minority
interest 	Equity 
 	 	 	 	 	 
Balance at 1 January 2007	93,929	-1,455	108,614	10,899	211,987
Foreign currency translation		-3,858			-3,858
Other reserves				412	412
Net income recognised directly in equity	93,929	-5,313	108,614	11,311	208,541
Profit for the year			5,348	374	5,722
Total recognised income and expense 	93,929	-5,313	113,962	11,685	214,263
Capital increase	1,651		9,123		10,774
Issue of share warrant scheme 			629		629
Addition of minority interests 				260	260
Disposal of minority interests 					 
Payment of dividends 				-387	-387
Balance at 31 December 2007	95,580	-5,313	123,714	11,558	225,539
					
					
DKK ´000
	Share
capital	Reserves on foreign currency translation	Retained profit	Minority
interest 	Equity 
 	 	 	 	 	 
Balance at 1 January 2006	 88,777 	 2,320 	 56,198 	 11,893 	 159,188 
Foreign currency translation		 -3,775 			 -3,775 
Other reserves	 	 	 	 -122 	 -122 
Net income recognised directly in equity	 88,777 	 -1,455 	 56,198 	 11,771 	
155,291 
Profit for the year	 	 	 21,171 	 -1,014 	 20,157 
Total recognised income and expense	 88,777 	-1,455 	 77,369 	 10,757 	 175,448 
Capital increase	 5,152 		 31,028 	  	 36,180 
Costs in connection with capital increase			 -283 		 -283 
Issue of share warrant scheme 			 500 		 500 
Addition of minority interests 				 1,198 	 1,198 
Disposal of minority interests 				 -543 	 -543 
Payment of dividends 	 	 	 	 -513 	 -513 
Balance at 31 December 2006	 93,929 	 -1,455 	 108,614 	 10,899 	 211,987 
 
Consolidated cash flow statement

DKK ´000	2007	2006
 	 	
Result for the period	20,682	27,027
 	 	 
Adjustments	30,713	9,911
Changes in working capital	15,556	-2,143
 	 	 
Cash flow from operating activities bef.  financials and tax	66,951	34,795
 	 	 
Interest received, etc. 	8,350	7,150
Interest paid, etc. 	-14,470	-12,306
Corporation tax paid 	-5,241	5,353
 	 	 
Cash flow from operating activities	55,590	34,992
 	 	 
Acquisition and investment in subsidiaries 	-2,371	-6,718
Acquisition and investment in affiliated companies	-321	-963
Disposal of affiliated companies	963	0
Dividends received from affiliated companies	96	0
Acquisition of intangible assets 	-16,809	-18,230
Acquisition of tangible assets	-11,323	-6,343
Acquisition of financial assets	0	-16,015
Disposal of financial assets	4,470	0
Disposal of intangible assets	-30	148
Disposal of tangible assets	709	464
 	 	 
Cash flow from investing activities	-24,616	-47,657
 	 	 
Proceeds from capital increase	10,774	34,616
Costs in connection with capital increase	0	-284
Raising of debt	0	9,000
Redemption of long-term debt	7	-568
Overdraft facilities	-1,230	20,064
Prepayment of subordinated loan capital	0	-15,239
Dividends paid to minority shareholders	-387	-513
Settlement of payable purchase sum	-10,862	-19,892
 	 	 
Cash flow from financing activities 	-1,698	27,184
 	 	 
Cash flow from discontinued activities 	-13,322	-5,170
 	 	 
Net increase in cash funds	15,954	9,349
 	 	 
Cash funds at the beginning of the year	43,633	35,625
Exchange rate adjustments 	1,372	-1,341
 	 	 
Cash funds at the end of the year 	60,959	43,633