TRANSCOM REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER

Luxembourg, 19 April 2012 – Transcom WorldWide S.A., the global outsourced
services provider, today announced its financial results for the first quarter
ended 31 March 2012.
Q1 2012 financial highlights

· Net revenue €147.1 million, a 2.1% increase
compared to Q1 2011 (€144.1 million)
· Gross margin 17.8%, a 0.2 percentage
point increase compared to Q1 2011 (17.6%)
· EBITDA €4.4 million (€6.5
million in Q1 2011)
· EBITA €1.9 million compared to €3.2 million in Q1
2011
· EPS -0.1 Euro cents compared to 3 Euro cents in Q1 2011

The
exchange rate impact on revenue was +€0.9 million, and the impact on EBIT was
-€0.1 million)

Q1 2012 financial highlights – underlying performance**

·
Net revenue €147.1 million, a 2.1% increase compared to Q1 2011 (€144.1
million)
· Gross margin 18.3%, a 0.7 percentage point increase compared to Q1
2011 (17.6%)
· EBITDA €5.1 million (€6.5 million in Q1 2011)
· EBITA €3.2
million compared to €3.2 million in Q1 2011
· EPS 0 Euro cents compared to 3
Euro cents in Q1 2011
· The exchange rate impact on revenue was +€0.9
million, and the impact on EBIT was -€0.1 million)

** Excluding restructuring
and other non-recurring costs

Comments from the President and
CEO

Transcom’s primary goals are to improve financial performance, restore
the company to a position of strength and enhance shareholder value. We will
achieve our objectives through a strong focus on operational excellence,
capacity utilization and business development. Q112 results are encouraging in
terms of new business development and underlying operational performance.

On
the operational side of the business, I am glad to see that our efforts to
increase sales are starting to pay off. In Q112, we signed several contracts
with new and existing clients that will contribute positively to our results in
the coming quarters.

The restructuring program announced in 2011, and the
additional consolidation of the North American onshore delivery footprint that
we announced in February, is still underway. The successful completion of these
restructuring actions is our key short-term focus area in order to achieve a
financial uplift. We believe that these programs will be finalized during
Q212.

The 2.1% revenue increase compared to the same quarter last year is a
positive sign considering the disposal of two sites in France during 2011 and
the significant shift in volume from onshore to offshore, at a lower unit price,
in the North America & Asia Pacific region.

Regarding our underlying
operational performance in the quarter, it is encouraging to see that we managed
to achieve a 0.7 percentage point increase in gross margin compared to the same
quarter last year.

One of our organizational strategies is to consolidate
some of the Group Management functions to Stockholm. We made progress during the
quarter, and we will soon be able to complete the establishment of our Corporate
Management office.

As previously disclosed, we are investigating a move of
the legal domicile of the publicly listed parent of the Transcom Group from
Luxembourg to Sweden. The Board of Directors believes that a redomiciliation to
Sweden would be a logical step in order to align the Company’s domicile with
that of its owners. However, the analysis phase, including an assessment of tax
consequences, has been extended. Therefore, a recommendation by the Board of
Directors is not expected during the first half of 2012, as originally
anticipated and disclosed.

Johan Eriksson, President and CEO of
Transcom

Net cost of €1.3 million in Q1 2012 to adjust capacity and increase
efficiency in North America

During the past year, Transcom has experienced a
shift in the demand from its installed client base towards an increased
proportion of offshore delivery. In addition, due to the strong performance of
its Asian operations, Transcom has been successful in winning significant new
business to be delivered from its centers in the Philippines. This positive
growth trend in the company’s Asian operations is expected to continue through
2012, driven by client requirements and market demand. As a result, Asian sites
are running at full capacity. The Iloilo site in the Philippines having been
underutilized, Transcom recorded an onerous lease provision in Q211. The write
-back of this provision in Q112 positively impacted this quarter’s results by
€3.9 million. Lease payments for the Iloilo site in the Philippines are now
fully impacting the region’s P&L when previously the existing onerous lease
accrual was neutralizing the cost. This will reduce the cash outflow associated
with the restructuring & rightsizing plan, announced in June 2011, by
approximately €1.2 million per year in fiscal years 2012, 2013 and 2014, as cash
payments associated with the lease of this site will become operational
cash.

As a consequence of this offshoring trend, the company has experienced
a significant decrease in volumes delivered through its onshore centers in North
America, which have thus become underutilized. As announced on February 21,
2012, four of Transcom’s current sites in North America will be closed by the
end of the second quarter of 2012. The cost to close these sites in North
America amounts to €5.3 million, out of which restructuring costs amount to €4.3
million and other non-recurring costs to €1.0 million. The write-back of the
€3.9 million onerous lease provision – which was included in restructuring costs
in 2011 – results in a net cost in this quarter of €1.3 million. Due to a
positive exchange rate impact associated with the write-back of the onerous
lease provision, this is lower by €0.3 million compared to the estimate
disclosed on February 21, 2012.

The total cash impact of the restructuring
announced on February 21, 2012 is €4.5 million: €0.6 million in Q1 2012, €3.0
million in Q2 2012, €0.2 million in Q3 2012, €0.2 million in Q4 2012, and €0.5
million in the first half of 2013. The non-cash element relates to asset write
-offs.

Once finalized, by the end of Q212, operational costs in the North
America & Asia Pacific region will be reduced by approximately €1.7 million.
Savings to be achieved in fiscal year 2012 are estimated at €1.4 million.

In
order to manage the strong demand for offshore delivery, Transcom decided during
Q112 to increase the capacity of the Bacolod and Manila sites by approximately
900 agent seats.

Group Operating Review, Q1 2012

Group quarterly
development, underlying business performance

Revenue and new business
development

In the first quarter of 2012, Transcom reported net revenue of
€147.1 million, a 2.1% increase compared to the same period last year. Growth in
the North America & Asia Pacific (+3.6%), Iberia (+13.5%), and North (+3.8%)
regions was partially offset by a decrease in revenue in the West & Central (
-5.4%) and the South (-5.2%) regions. Currency effects in Q112 had a €0.9
million positive impact on Group revenue.

In Iberia, we ramped up new volumes
on- and offshore, both with existing as well as with new clients.

In the
North region, a positive growth trend in the interpretation business and higher
inbound contact center volumes contributed to the revenue increase. During the
quarter, we secured a contract with a new client in the high-tech consumer goods
sector worth approximately €9.0 million in annual revenues in the North
region.

The revenue decrease in West & Central is due to the fact that
volumes which were previously accounted for in the West & Central region are now
accounted for in the North America & Asia Pacific and South regions, since these
volumes are delivered from sites in these regions. Net of this change, revenue
in West & Central increased by €0.5 million compared to Q111.

The decrease in
revenue in the South region is a direct consequence of the disposal of the
Roanne and Tulle sites in France during the second quarter of 2011, which
lowered revenue by approximately €4.7 million in Q112 compared to Q111. This
volume loss in France was partly offset by continued growth in our installed
client base in Italy, adding approximately €3.4 million of additional revenue in
the region. During the quarter, we started up delivery of French- and Italian
language services from our offshore centers in Tunis for a new client in the
high-tech consumer goods sector.

Underlying operational performance

Gross
margin was 18.3% in Q112, a 0.7 percentage point increase compared to Q111. This
was driven by margin improvements in North America & Asia Pacific (+4.4pp), as a
result of an increased proportion of offshore delivery, savings achieved through
the restructuring program. Efficiency improved in the South region (+5.7pp) due
to operational improvements in Italy as well as higher capacity utilization in
France, following the site disposals in France in 2011. However, gross margin
was negatively impacted by lower efficiency in the North region (-3.2pp) and in
the West & Central region (-1.6pp).

Transcom’s EBITA in Q112 amounted to €3.2
million, unchanged compared to Q111. Currency effects had a negative €0.1
million impact on EBIT. As expected, Transcom managed to deliver €3.4 million in
EBITA improvement in the quarter through the restructuring & rightsizing program
launched in 2011. In addition, we had efficiency improvements in South and
Iberia for €0.7 million. However, Transcom’s EBITA in Q112 is flat compared to
Q111 due to the margin deterioration in the North and West & Central regions
(€2.7 million), investment in capacity in the North America & Asia Pacific and
Iberia regions, as well as investments in sales force and support functions, for
a total of €1.0 million.

Overall, savings from the restructuring program and
volume-related or efficiency-driven improvements were offset by efficiency
deterioration in some regions as well as additional costs related to the ramp-up
and additional investments in sales and support functions as shown in the table
below. The South, Iberia and North America & Asia Pacific regions generated net
savings while the North and West & Central regions delivered lower operational
performance this quarter.

North West & South Iberia
North America & AP Group
Central

Restructuring
0.2 0.8 0.5 0.3 1.6
3.4
savings
Volume/efficiency 0.5 0.2
0.7
-driven improvements
Positive EBITA 0.2 0.8 1.0 0.5
1.6 4.1
impact

Volume/efficiency -1.6 -1.1
-2.7
-driven
deterioration
Additional costs -0.4 -0.2
-0.6
related to ramp-up
Investments in sales -0.2
-0.6 -0.8
& support functions
Negative EBITA -1.8 -1.5
0.0 -0.2 -0.6 -4.1
impact

Net EBITA impact -1.6
-0.7 1.0 0.3 1.0 0.0

Group Financial
Review

Depreciation & Amortization

Depreciation in the first quarter of
2012 was €2.2 million (€3.1 million in Q111). The main reason behind the
decrease in depreciation is reduced CAPEX and significant write-offs related to
the restructuring plan. Amortization of intangible assets was €1.0 million, €0.3
million higher than in Q111 due to higher IT development costs.

SG&A

SG&A
costs in Q112 amounted to €24.6 million, compared to €22.1 million in Q111. The
savings on SG&A generated out of the restructuring plan launched in Q211 were
offset by significant investments in additional capacity, additional sales force
and additional support functions. The comparison with Q111 is influenced by the
fact that Q111 EBITA benefited from a €0.7 million reversal of an onerous
contract accrual in France. The corresponding figure in Q112 amounted only to
€0.1 million.

Working capital

Net working capital was €36.3 million, a
decrease of €9.4 million compared to €45.7 million in Q411. Year-on-year, the
improvement of working capital was €44.9 million. The improvement in Q112 is
primarily the result of better collections through the quarter, tighter control
on the timing of payments, alignment of credit terms for suppliers, and
exceptional client advances.

Net working capital as a percentage of revenue
was 6.5% in Q112, compared to 8.2% in Q411. Transcom considers a normal working
capital level for its activity to be 10-12% of annual revenue.

Net financial
items

Net financial items amounted to €1.3 million this quarter (€1.0
million). The interest charge was €0.7 million (€0.6 million). The foreign
exchange impact on the income statement was a loss of €0.6 million (-€0.3
million). The foreign exchange impact is mainly due to the revaluation of
intercompany positions, which led to a net loss of €0.7 million, mainly as a
result of the depreciation of the Euro against most of the currencies in which
the Group’s intercompany balances are denominated, while non-intercompany
related foreign exchange movements generated a net gain of €0.1 million during
the quarter.

Debt & Financing

Transcom maintained a stable level of debt
throughout the quarter at €65.4 million. Net debt/EBITDA in Q112 was 0.71, well
within the covenant thresholds and slightly lower than the Q411 level of 0.75.
Transcom expects to continue to be in compliance with its covenant terms for the
remainder of the year.

Tax charge

The tax charge in Q112 amounted to €0.8
million, compared to positive tax income in Q111 of €0.4 million. The positive
tax income in Q111 was the effect of the implementation of a tax contribution
program in Norway, through which a deferred tax asset for €0.6 million was
recognized.

Ongoing tax audits and tax litigations

Between 2010 and 2011,
the Group has been subject to nine tax audits. Three tax audits have been
successfully closed without any material tax costs. One tax audit is still in
progress without any conclusion at this stage. Five tax audits in five
jurisdictions have given rise to a tax reassessment and have been provided for
by an amount of €2.9 million. The other material tax reassessment which has
given rise to litigation, and is currently in a Supreme Court appeal process,
has resulted in a provision for an amount of €15.6 million, as previously
announced. There was no adjustment in the provisioning against tax reassessments
in Q112 and these reassessments have not given rise to any new
dispute.

Regarding the tax litigation currently in progress in one EU
jurisdiction, Transcom has been requested in Q112 to make provisional tax
payments (€3.2 million in relation to FY2004 and €2.7 million in relation to
FY2003). These provisional payments will be refunded should Transcom win the
corresponding cases.

Transcom is expecting additional cumulative tax
provisional payment requests for about €2.9 million in relation to 2005, and
2006 Financial Years.

All these cash outflows have been taken into account in
Transcom’s cash flow forecasts, and should not have any material impact on the
bank covenants. Nevertheless, Transcom already filed a request for payment by
installment for €3.2 million in relation to FY2004, and has obtained agreement
to pay this amount over 36 months. Transcom is in the process of filing
corresponding requests for the €2.7 million in relation to FY2003 as well as for
the upcoming tax bills and is confident that its requests will be
approved.

Segmental operating review, underlying performance

North
America & Asia Pacific

January-March 2012

Revenue in the North America &
Asia Pacific region benefited from the fact that volumes which were previously
accounted for in the West & Central region are now accounted for in the North
America & Asia Pacific region (starting in Q112). Net of this change, revenue
decreased by €0.6 million. Currency had a €1.1 million positive impact on
revenue. While volumes delivered onshore in North America have decreased during
the year, we have significantly expanded our offshore operations in the
Philippines (where the unit price or revenue per hour worked is lower, but
margins are higher). This development reflects both a shift in the demand from
our installed base clients for more offshore delivery, and the ramp-up of new
business in Asia. As a result of this development, we have been experiencing
additional overcapacity in Canada, and have decided to close four Canadian
sites, which are no longer cost competitive (see page 4). Also, in order to
support the rapid growth in Asia, we re-opened the Iloilo site in the
Philippines which has been idle since Q211 (see page 4). We are also increasing
the number of agent seats at our Bacolod and Manila sites by approximately
900..

Gross margin increased 4.4 percentage points due to the higher
proportion of offshore delivery leveraging the favorable unit costs in Asia. The
other main factors explaining the margin improvement are increased operational
efficiency and the capacity adjustment in North America achieved through the
restructuring plan, executed in 2011.

EBITA in the quarter amounted to €0.3
million, compared to €-0.6 million in Q111. Savings from the restructuring
program in North America & Asia Pacific (€1.6 million) were offset by
investments in the expansion of operations in Asia (-€0.6
million).

Depreciation decreased by €0.5 million mainly due to a reduction in
property, plant and equipment related to site closures during the year. EBITDA
increased from €0.4 million to €0.7 million.

West & Central

January-March
2012

The apparent revenue decrease of €1.6 million in the region is mainly
due to a minor change in the reporting, following an adjustment in our internal
transfer pricing policy. Revenues were previously accounted for in the West &
Central region as it was the lead contractor although the services were
delivered in other regions. Since Q112 the revenue is accounted for in the
region where the revenue is delivered. €1.5 million of the revenue decrease is
attributable to volumes which are now accounted for in North America & Asia
Pacific, and €0.6 million is explained by revenues that are now accounted for in
the South region. Net of these reporting adjustment effects, revenue actually
increased by €0.5 million compared to the same period last year.

Gross margin
fell by 1.6 percentage points, mainly driven by lower activity in the
collections operations and ramp-up costs related to new business in the
Netherlands, Germany and Hungary, in the CRM operations.

EBITA decreased by
€0.6 million. Savings from the restructuring program and additional savings in
West & Central (€0.8 million) were offset by lower efficiency (-€1.1 million)
and investment in the ramp-up of volumes for a new client (-€0.4
million).

Depreciation decreased by €0.2 million as a result of the
progressive reduction in CAPEX.

Iberia

January-March 2012

The Iberia
region has experienced significant growth in Q112 compared to the same period
last year. Revenue increased by 13.5%, mainly driven by the ramp-up of
additional volumes with one of our largest clients in the telecommunications
sector, both onshore in Spain and offshore in Chile. We also achieved double
-digit revenue increases in Portugal with a number of installed base clients.
The ramp-up of volumes in Spain and, to a lesser extent, in Peru (pilot site in
anticipation of the opening of a new site in Peru in Q212) with recently won new
clients also contributed to higher revenue.

Despite the ramp-up costs of new
volumes during the quarter, and despite higher salary costs in Chile following a
new labor agreement, Iberia managed to maintain a gross margin at roughly the
same level as in Q111.

EBITA increased by €0.2 million despite a €0.6 million
increase in SG&A costs, driven by higher revenue. Savings from the restructuring
program in Iberia (€0.3 million) and efficiency improvements for €0.2 million
were offset by investment in Peru and Chile (-€0.2 million).

North

January
-March 2012

Revenue in the North region was up by 3.8%. We achieved
significant growth in the interpretation business and higher inbound contact
center volumes from our installed client base. This was counterbalanced by
volume reductions with one client in the media sector during the year. Currency
had a €0.2 million positive impact on revenue. The Transcom Group won a
significant contract with a new global client in the high-tech consumer goods
sector during the quarter, worth approximately €9.0 million on an annual basis
to be delivered from the North region, in addition to significant other revenue
to be delivered in the WCE and South regions, This contract will be ramped up in
the North region in the later part of Q212 or early Q312, using home agents
only.

Gross margin fell by 3.2 percentage points. Additional temporary costs
to meet service levels related to the ramp-up of new business accounts for most
of the decrease. The remainder is attributable to lower efficiency and salary
increases that could not be compensated for.

The EBITA decrease is mainly due
to lower gross margin. SG&A costs increased by €0.6 million, primarily driven by
investments in our sales force and in support functions. Savings from the
restructuring program in the North region (€0.2) were offset by lower
efficiency
(-€1.6 million), and by investments in strengthening sales
capabilities (-€0.2 million).

Depreciation fell by €0.2 million, due to the
fact that some assets were fully depreciated during the
year.

South

January-March 2012

Net revenue decreased by €1.3 million
following a revenue decrease by approximately €4.7 million as a result of the
disposal of two French sites during 2011, and a revenue increase in Italy of
€2.8 million. The increase in Italy was driven both by increases with installed
base clients and new clients, which we started delivering out of our offshore
centers in Tunis (for the same high-tech consumer goods client that we also have
started up new business with in WCE and North). Revenue in the South region
benefited from the fact that revenues previously accounted for in the West &
Central region are now accounted for in the South region. Net of this effect
(+€0.6 million), revenue decreased by €1.9 million in the South region, mainly
as a result of the disposal of the two sites in France in 2011.

We started up
delivery of French- and Italian language services from our offshore centers in
Tunis for a recently won global high-tech consumer goods client (we have also
won new business from this client in the North and West & Central regions). We
also secured a new contract during the quarter with one of our current clients,
worth approximately €32.0 million over two years. This contract will extend an
existing agreement which expired at the end of Q112 with approximately 10% of
additional volumes.

Gross margin improved by 5.7 percentage points, mainly
driven by operational improvement in Italy and enhanced efficiency as well as
higher cost savings achieved through the disposal of two French sites in 2011.
An increased proportion of offshore delivery also contributed to higher
margins.

EBITA in the quarter improved by €1.0 million. Savings in the South
region from the restructuring program amounted to €0.5 million. In addition,
€0.5 million in improved EBITA was achieved through higher capacity utilization
in France following the site disposals in 2011 and operational efficiency
improvements in Italy.

Other information

The financial information in this
report has been prepared in accordance with International Financial Reporting
Standards (“IFRS”) as endorsed by the European Union. While the interim
financial information included in this announcement has been prepared in
accordance with IFRS applicable to interim periods, this announcement does not
contain sufficient information to constitute an interim financial report as
defined in International Accounting Standards 34, “Interim Financial Reporting”.
Unless otherwise noted, the numbers in the press release have not been audited.
The financial information and certain other information presented in a number of
tables in this press release have been rounded to the nearest whole number or
the nearest decimal. Therefore, the sum of the numbers in a column may not
conform exactly to the total figure given for that column. In addition, certain
percentages presented in the tables in this press release reflect calculations
based upon the underlying information prior to rounding and, accordingly, may
not conform exactly to the percentages that would be derived if the relevant
calculations were based upon the rounded numbers.

Results Conference Call and
Webcast

Transcom will host a conference call at 10.30 am CET (09:30 am UK
time) on Thursday, April 19, 2012. The conference call will be held in English
and will also be available as webcast on Transcom’s website,
www.transcom.com.

Dial-in information

To ensure that you are connected to
the conference call, please dial in a few minutes before the start in order to
register your attendance.

Sweden: 08-503 364 34

UK: +44 (0) 1452 555
566

US: +1 631 510 7498

Passcode: 57217459

For a replay of the results
conference call, please visit www.transcom.com to view the webcast of the
event.

Notice of Financial Results

Transcom's financial results for the
second quarter 2012 will be published on 19 July 2012.

Johan Eriksson

19
April 2012

Transcom WorldWide S.A.

45 rue des Scillas

L-2529
Howald

Luxembourg

+352 27 755 000

www.transcom.com

Company
registration number: RCS B59528

Notes to Editors:

The following provides a
breakdown of which countries are included in each geographical region.

·
North: Denmark, Norway and Sweden
· West & Central: Austria, Belgium,
Croatia, the Czech Republic, Estonia, Germany, Hungary, Latvia, Lithuania,
Luxembourg, the Netherlands, Poland, Romania, Serbia, Slovakia, Switzerland and
the United Kingdom
· South: France, Italy and Tunisia
· Iberia: Chile,
Peru, Portugal and Spain
· North America & Asia Pacific: Canada, Philippines
and the United States of America

For further information please
contact:

Johan Eriksson, President and
CEO +46 70 776 80 22

Aïssa
Azzouzi,
CFO
+352 27 755 013

Stefan Pettersson, Head of Investor
Relations +46 70 776 80 88
About Transcom

Transcom is a global outsourced service provider entirely
focused on customers, the service they experience and the revenue they generate.
Our customer management and credit management services are designed to
strengthen our clients’ customer relationships and secure their revenue
streams.

Our broad service portfolio supports every stage of the customer
lifecycle, from acquisition through service, retention, cross and upsell, then
on through early and contingent collections to legal recovery. Expert at
managing both customers and debt, we make a positive contribution to our
clients’ profitability by helping them win customers, maintain their loyalty and
secure their payments.

And, while our services are designed to maximize
revenue, our delivery operations are built to drive efficiency. Through our
global network we can provide service in any country where our clients have
customers, accessing the most appropriate skills and deploying the best
communication channels in the most cost effective locations.

Every day we
handle over 600,000 customer contacts in 33 languages for more than 350 clients,
including brand leaders in some of today’s most challenging and competitive
industry sectors. The experience we gain is used to constantly refine our
service portfolio and business processes, allowing us to respond quickly to
changing market conditions and client requirements.

Transcom WorldWide S.A.
Class A and Class B shares are listed on the Nasdaq OMX Stockholm Small Cap list
under the symbols ‘TWW SDB A’ and ‘TWW SDB B’.

TRANSCOM REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31 MARCH 2012

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