CEO, Claus Hansen:

“A growth of 23.1% in the operational income has been created based on a 4.5%
increase in revenue. This is in line with the planned growth for H1/2010 and
shows that Columbus IT is basically in good shape. The Group's Western European
companies are showing progress and especially England and Norway are performing
well. On another positive note we are pleased to see that the American
subsidiary is showing significant progress in both revenue and profit. Revenues
of DKK 5.4M against DKK -4.4M in 2009 bears witness to the fact that Columbus
IT has been able to gear the global business to maintain growth in a
challenging market.” 
 
•	Revenues for H1/2010 totaled DKK 441.8M (DKK 422.8M in H1/2009),
corresponding to an increase of 4.5%. The result is in line with the
management's expectations. 
•	EBITDA for the period totaled DKK 16.1M (DKK 13.1M in H1/2009) corresponding
to an increase of 23.1% compared to H1/2009. The result is in line with the
management's expectations. 
•	Revenues in the ISV-segment totaled DKK 16.7M in H1/2010 (DKK 17.8M in
H1/2009). EBITDA for the period totaled DKK 7.7M (DKK 7.6M H1/2009). 
•	Revenues in the Nordic region amounted to DKK 204.3M in H1/2010 (DKK 193.2M
in H1/2009), cor-responding to an increase of 5.7%. EBITDA for the period
totaled DKK 15.7M (DKK 18.1M in H1/2009), which is a decrease of 13.4% compared
to 2009. The reason for this should in particular be found in the increasing
staff expenses. 
•	Revenues in Western Europe amounted to DKK 80.5M in H1/2010 (DKK 73.0M in
H1/2009). EBITDA for the period totaled DKK 2.1M (DKK 3.7M in H1/2009). 
•	Revenues in Eastern Europe amounted to DKK 80.6M in H1/2010 (DKK 87.3M in
H1/2009). EBITDA for the period totaled DKK 1.2M (DKK 2.7 in H1/2009). 
•	Revenues in North and South America amounted to DKK 57.8M in H1/2010 (DKK
49.4M in H1/2009). EBITDA for the period totaled DKK 5.7M (DKK -3.3M in
H1/2009). 	 
•	The result amounted to DKK 5.4M in H1/2010 which is an improvement of DKK
9.8M in comparison with H1/2009. 
•	At the end of H1/2010 the total equity amounted to DKK 245.5M (DKK 244.0M in
H1/2009), resulting in a solvency ratio of 45.7% (45.9% in 2009). 
•	Previously announced expectations for 2010 are being maintained and Columbus
IT continuously ex-pects a revenue of approx. DKK 890M and an EBITDA of DKK
50-55M . 

			Ib Kunøe 				Claus Hansen
Chairman				CEO
Columbus IT Partner A/S		Columbus IT Partner A/S



For further information, please contact:
CEO Claus E. Hansen, or CFO Heine Thorsgaard, 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 


DKKm				2009	H1 2009	H1 2010
Income statement						 
Net revenues				835.7		422.8		441.8
External project costs				-214.9		-106.8		-124.2
Gross earnings H1				620.8		316.0		317.6
Staff expenses				-440.9		-231.9		-231.2
Other external costs				-145.2		-70.9		-68.4
Other operating income				1.0		0.0		1.1
Other operating costs				-0.4		-0.1		-3.0
EBITDA				35.4		13.1		16.1
Depreciation excl. goodwill				-23.1		-10.5		-9.5
EBITA				12.2		2.7		6.6
Amortization and write down of goodwill				-17.5		0.0		0.0
EBIT				-5.3		2.7		6.6
Result in associated companies				0.2		0.0		-0.9
Net financial items				-4.9		-4.0		1.4
Pre-tax earnings				-10.0		-1.4		7.1
Tax on H1 earnings				-7.6		-3.1		-1.8
Earnings H1				-17.6		-4.4		5.4
						
Allocated thus:						
Shareholders of Columbus IT Partner A/S				-18.6		-4.7		4.2
Minority interests				1.0		0.3		1.2
				-17.6		-4.4		5.4
						
Balance sheet						
Long-term assets				245.6		254.3		251.6
Short-term assets				269.3		277.6		285.7
Total assets 				515.0		531.9		537.4
						
Group shareholders' equity				222.1		232.4		233.7
Minority interests				10.1		11.6		11.7
Debt				282.8		287.9		291.9
Total liabilities 				515.0		531.9		537.4
						
Cash flow 						
Cash flow from operations				65.0		25.4		6.6
Net cash flow from investments				-8.9		-1.2		-2.3
Cash flow from financing activities				-46.0		-19.2		-9.8
Total cash flow				10.1		5.0		-5.5
-						
Key ratios						
Gross margin II				4.2%		3.1%		3.7%
Operating profit margin (EBIT margin)				-0.6%		0.6%		1.5%
Equity ratio				45.4%		45.9%		45.7%
Return on equity				-8.2%		-2.0		1.8%
Average number of shares, in thousands				77,656		77,172		79,305
Net asset value per share (BV)				2.8		3.01		2.95
Earnings per share (EPS)				-0.24		-0.06		0.05
Cash flow per share				0.84		0.33		0.08
Share price, end of period				2.30		2.57		2.58
Headcount at the end of the period				934		989		884

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 H1/2010
Columbus IT's net revenues amounted to DKK 441.8M in H1/2010 compared to DKK
422.8M in H1/2009, corresponding to an increase of 4.5%. Revenues adjusted for
foreign currency translation have increased by 1.3%. 

Columbus IT's revenues primarily derive from sale of software licenses to
Microsoft's business systems, from sale of maintenance contracts related to
these software licenses, and from sale of consultancy ser-vices and service &
support in relation to customers' use of these systems. To this comes “other”
reve-nue, concerning sale of e.g. hardware to customers. 

Revenues 	2009	2010
(H1)	DKKm	DKKm
Software	71.7	76.2
Maintenance	69.5	91.9
Consultancy	270.4	265.0
Other 	11.1	8.79
Total	422.8	441.8
	

Revenues from sale of software licenses increased to DKK 76.2M in H1/2010
compared to DKK 71.7M in H1/2009. Revenues from sale of maintenance contracts
increased to DKK 91.9M in H1/2010 com-pared to DKK 69.5M in the same period of
2009, corresponding to an increase of 32.2%. The reason being that in addition
to an increase in software revenue, Columbus IT has acquired a number of
existing customers from competitors thus also acquiring the resigned
maintenance contracts. 
During the same period Microsoft has also, with great success, launched a
global campaign focusing on the renewal of subscriptions to customers who for a
number of years have not had maintenance con-tracts. 

Revenues from consultancy amounted to DKK 265.0M in H1/2010 compared to DKK
270.4M in H1/2009, corresponding to a decrease of 2.0%. The Group's total
revenue grew by 4.5% in H1/2010 compared to the same period in 2009. This could
be described as a modest growth which is due to the fact that many customers
and some markets continuously hold back on investing in IT as a consequence of
the global financial crisis despite the fact that the market as a whole is
showing positive signs. 


		Revenues	EBITDA	Headcount
		(DKKm)	(DKKm)	(as of June 30th) 
	 H1	2009	2010	2009	2010	2009	2010
 	ISV	   17.8	   16.7	     7.6	   7.7	      44	      47
VAR	Nordic region	   193.2	204.3	18.1	15.7	296	305
	Western Europe	73.0	80.5	3.7	2.1	138	147
	Eastern Europe	87.3	80.6	2.7	1.2	416	298
	North and South America	49.4	57.8	-3.3	5.7	83	75
	Parent Company	0.2	1.2	-15.8	-16.3	13	12
	Total	421.0	441.0	13.1	16.1	989	884

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

While especially the western markets (the Nordic region, Western Europe and
America) have expe-rienced an increase in revenue the Eastern European markets
have experienced a decrease. The main part of the Group's subsidiaries has
realized an increased activity- and earnings level in line with the
expectations. 

The Group's staff expenses for H1/2001 amounted to DKK 231.2M compared to DKK
231.9M in H1/2009, corresponding to a decrease of 0.3%. The average number of
employees decreased by 11.4% from 1,023 employees in H1/2009 to 906 employees
in H1/2010. The low decrease in staff expenses is partly due to the development
in the foreign currency translation which has had a negative effect on the
staff expenses of DKK 5.5M, additional expenses in connection with
organizational changes, as well as a change in the composition of the number of
employees across the countries where we have seen an increase in employees in
countries with high staff expenses and a decrease in the number of employees in
countries with low staff expenses. 

The Group's EBITDA amounted to DKK 16.1M which is an increase of 23.1% compared
to the same period in 2009. EBITDA for the parent company amounted to DKK
-16.3M in H1/2010, before invoicing expenses to the subsidiaries, compared to
DKK -15.8M in the same period last year. 

The Group's financial items show a net income of DKK 1.4M in H1/2010 compared
to a net expense of DKK 4.0M in the same period last year. The main part of the
financial net income derives from realized and unrealized regulations for
foreign currency. 

Corporation tax in profit-making companies means that the total calculated tax
for Columbus IT for the period amounted to a net expense of DKK 1.8M in H1/2010
(DKK -3.1M in H1/2009). 

The result for the period was DKK 5.4M, which is an increase of DKK 9.8M
compared to the same period last year. 

Segment developments

ISV	H1/2009	H1/2010
Revenues - H1	DKKm	DKKm
Software	8.4	6.9
Maintenance	5.5	5.4
Consultancy	3.9	4.5
Other	0.0	-0.1
Total	17.8	16.7

Revenue from the ISV segment amounted to DKK 16.7M in H1/2010 which is a slight
decrease of 5.9% compared to the same period in 2009, where revenues amounted
to DKK 17.8M. This is primarily due to the fact that RCM customers (Retail
Chain Management) are not purchasing software due to the expec-tations of an
impending release from Microsoft of a new version of the RCM-product. 

The segment's EBITDA in H1/2010 amounted to DKK 7.7M which is a small increase
from DKK 7.6M in the same period in 2009. 


Nordic region	H1/2009	H1/2010
Revenues - H1	DKKm	DKKm
Software	21.5	19.3
Maintenance	29.6	36.0
Consultancy	139.2	147.1
Other 	2.9	1.8
Total	193.2	204.3
	

H1/2010 revenues for the Nordic region increased by DKK 11.0M, corresponding to
a 5.7% increase compared to the same period last year. The increase is due to a
higher level of activity in the Norwegian subsidiary where revenue has
increased by 26.4% compared to the same period last year. The Nordic region
accounts for 46.3% of the Group's revenues which is comparative to the same
period in 2009. 

The region's EBITDA for H1/2010 amounted to DKK 15.7M which is a decrease of
13.4% from DKK 18.1M in 2009. The reason for this being an increase in staff
expenses as a consequence of more em-ployees. 

Western Europe	H1/2009	H1/2010
Revenues - H1	DKKm	DKKm
Software	11.8	18.7
Maintenance	11.4	17.7
Consultancy	46.6	42.1
Other 	3.2	1.9
Total	73.0	80.5
	

In Western Europe revenues for H1/2010 amounted to DKK 80.5M compared to DKK
73.0M in the same period last year which is an improvement of 9.7%. Especially
the Group's British subsidiary contributed significantly to the total revenue
improvement with a revenue improvement of DKK 32.7%. Revenues in the British
subsidiary amounted to DKK 37.2M in H1/2010 compared to DKK 28.0M in H1/2009.
Adjusted for foreign currency translation, this is a progress of 30.1%.
Revenues in the Dutch subsidiary amounted to 10.9M H1/2010 DKK compared to DKK
10.0M in H1/2009 corresponding to an increase of 9.3%. Rev-enues in the French
subsidiary amounted to DKK 23.8M, corresponding to a decrease of 6.8% compared
to the same period last year. The primary reason is the execution of projects
where many hours are delivered at a low margin. Revenues in the Spanish company
amounted to DKK 8.8M compared to DKK 10.0M in H1/2009. This corresponds to a
decrease in revenue of 12.3% which is due to a decrease in the service revenue
as a consequence of a few problem filled projects. The launched initiatives
concerning a standardization of both sales and implementing processes will
decrease the future project risk. The region accounted for 18.3% of the Group's
revenues. 

The region's EBITDA amounted to 2.1M corresponding to a decrease of DKK 1.6M
from DKK 3.7M in the same period in 2009. EBITDA in the British subsidiary
increased to DKK 18.3% primarily as a conse-quence of an increase in revenue.
EBITDA in the Dutch subsidiary decreased by 55.4% compared to the same period
last year and came to DKK -0.4M. The negative result is primarily due to
extraordinary ex-penses in connection with the dismissal of the CEO of the
subsidiary. EBITDA in the Spanish subsidiary decreased by 55.4% compared to
H1/2009 and amounted to DKK 0.4M. EBITDA in the French subsidi-ary amounted to
DKK -1.9M corresponding to a decrease of 10.9% compared to the same period last
year. For both companies the reason has been described in the above paragraph. 
 
Eastern Europe	H1/2009	H1/2010
Revenues - H1	DKKm	DKKm
Software	21.9	20.3
Maintenance	11.3	17.4
Consultancy	52.7	41.6
Other 	1.4	1.4
Total	87.3	80.6
	

Revenues in Eastern Europe amounted to DKK 80.6M in H1/2010 compared to DKK
87.3M in H1/2009. This corresponds to a decrease of 7.5%. Especially a decrease
in consultancy services has contributed to the total decrease. Revenues from
consultancy services for H1/2010 amounted to DKK 41.6M com-pared to DKK 52.7M
in the same period of 2009 corresponding to a decrease of 21.1%. The reason for
this should primarily be found in the Baltic subsidiaries (Estonia, Latvia, and
Lithuania) where the revenue decreased by 16.7% from DKK 35.5M in H1/2009 to
DKK 29.5M in H1/2010. Especially the consultancy revenue has decreased
amounting to DKK 16.3M corresponding to a decrease of 29.0%. The Baltic markets
have been more affected by the financial crisis compared to the other markets
which Columbus IT operates within and we have not yet seen an improvement of
market conditions as we have in other markets. Furthermore, we are experiencing
difficult competitive conditions especially for our Lithuanian subsidiary where
especially the competition in price is difficult. According to the strategy
Columbus IT is working towards a larger consolidation of the Baltic
subsidiaries and has implemented a new man-agement structure with a common
management team and CEO for all the Baltic subsidiaries. The reve-nue in the
Russian subsidiary amounted to DKK 41.7M in H1/2010 compared to DKK 42,4M in
the same period last year. Revenues in the Polish subsidiary amounted to DKK
9.6M in H1/2010 compared to DKK 9,5M in the same period of 2009. The region
accounted for 18.3% of the Group's revenues. 

The region's EBITDA amounted to DKK 1.2M corresponding to a decrease of DKK
1.5M compared to the same period last year. 

North & South America	H1/2009	H1/2010
Revenues - H1	DKKm	DKKm
Software	8.2	10.9
Maintenance	11.5	15.4
Consultancy	28.0	29.9
Other 	1.8	1.6
Total	49.4	57.8
	

Revenue for the region amounted to DKK 57.8M in H1/2010 compared to DKK 49.4M
in H1/2009 cor-responding to an increase of 16.9%. It is, amongst others, an
increase in the focus on verticals as well as the strengthening of management
in the American subsidiary which has contributed positively to the revenue. The
region contributed with 13.1% of the Group's revenue. 

The region's EBITDA increased by DKK 9.0M in comparison with the same period
last year and thus contributes to a positive EBITDA of DKK 5.7M in H1/2010. In
comparison the EBITDA for H1/2009 was DKK -3.3M. 

Liquidity status
Columbus IT held cash funds of DKK 65.8M as of June 30th, 2010 compared to DKK
61.7M at the same time last year. The cash funds are mainly placed in a number
of foreign subsidiaries. The company's collected debt (short-term and
long-term) to credit institutions amounted to DKK 60.7M at the end of H1/2010
compared to DKK 97.8M at the end of H1/2009. The main part of the debt to
credit institutions is short-term and concerns factoring debt in the Danish
company. 

Uncertainty factors and significant risks
Determining the carrying amount of some assets and liabilities requires
judgments, estimates and as-sumptions concerning future events. The judgments,
estimates and assumptions made are based on historical experience and other
factors, which management assesses to be liable, but which by their na-ture are
associated with uncertainty and unpredictability. The assumptions may prove
incomplete or in-correct, and unexpected events or circumstances may arise. It
may be necessary to change previous estimates as a result of changes to the
assumptions on which the estimates were based or due to new information or
subsequent events. 

Estimates which are of material importance to the presentation of the accounts,
are among other things applied to statement of impairment, goodwill and other
long term assets as well as trade receivables, selling price of contract work
in progress, valuation of deferred tax assets, deferred debt and contingent
liabilities and assets, cf. detailed description in the Annual Report 2009. 

The Company is also subject to risks and uncertainties which may lead to actual
results differing from these estimates. Columbus IT's business risks are
unchanged compared to the risks described in the Annual Report 2009. 

Significant events after balance date
Referring to announcement no. 17/2010 of 20th July 2010 Columbus IT has
completed a fully subscribed rights issue by issuing 26,434,873 new shares at a
price of DKK 1.90 pr. share. The gross proceeds of the rights issue is DKK
50.2M. After deduction of expenses in connection with the rights issue the net
proceeds is DKK 47.9M to Columbus IT. After the registration of the 26,434,873
new shares of DKK 1.25 (nom.) the total share capital in Columbus IT amounts to
DKK 132,174,366.25, corresponding to 105,739,493 shares of DKK 1.25 (nom.). 

Apart from this no circumstances has occurred between the balance day and the
day of the publication which has any significant influence on the interim
report. 
Management Report

The Board of Directors and the Executive Board have considered and approved the
interim financial re-port for the period January 1st 2010 - June 30th 2010 for
Columbus IT Partner A/S. 

The interim financial report has been prepared in accordance with IAS 34 and
additional Danish interim reporting requirements for listed companies. The
interim financial report is unaudited and has not been reviewed by the
Company's auditor. 

We consider the accounting policies applied to be appropriate to the effect
that the interim financial report gives a true and fair view of the Group's
assets, liabilities and financial position at June 30th 2010, and of the
results of the Group's operations and cash flows during the period January 1st
2010 - June 30th 2010. 

We consider the management report to give a true and fair view of the
development in the Group's busi-ness activities and financial situation, the
financial result for the period and the Group's financial position as a whole
together with a true and fair description of the significant risks and
uncertainty factors which the Group faces. 


Ballerup, August 19th 2010



Executive Board



Claus Hansen
CEO



Board of Directors





Ib Kunøe 
Chairman	Jørgen Cadovius
Deputy Chairman	Claus Hougesen 	Sven Madsen	Carsten Gottschalck
 
Total Income Statement

DKK ´000				2009	H1 2009	H1 2010
 				 	 	 
Net revenue				835,737	422,817	441,832
External project costs				-214,920	-106,767	-124,191
Gross earnings				620,818	316,050	317,641
 				 	 	 
Staff expenses				-440,859	-231,898	-231,187
Other external costs				-145,197	-70,904	-68,388
Other operating income				993	0	1,061
Other operating expense				-376	-129	-2,985
Earnings before depreciation (EBITDA)				35,379	13,118	16,143
 				 	 	 
Depreciation				-23,142	-10,451	-9,498
Earnings before write down of goodwill (EBITA)			12,236	2,667	6,645
 	 			 	 	 
Write down of goodwill 	 			-17,507	0	0
Operating profit (EBIT)	 			-5,271	2,667	6,645
 	 			 	 	 
Results in associated companies			151	-1	-932
Financial income	 			4,965	2,414	6,628
Financial expense	 			-9,848	-6,446	-5,217
Pre-tax earnings	 			-10,003	-1,366	7,123
 	 			 	 	 
Tax on the result of the period	 			-7,599	-3,056	-1,760
Result for the period			-17,602	-4,422	5,363
 	 			 	 	 
Foreign exchange rate translation re. subsidiaries			40	4,312	7,917
Other total income				40	4,312	7,917
						
Total recognized income for the period				-17,562	-110	13,280
						
Allocation of the result of the period:	 					
Shareholders of Columbus IT Partner A/S				-18,576	-4,694	4,213
Minority interests 	 			974	272	1,150
 	 			-17,602	-4,422	5,363
 	 					
Allocation of other total income:						
Shareholders of Columbus IT Partner A/S	 			-39	2,742	7,383
Minority interest	 			79	1,570	534
				40	4,312	7,917
						
						
Earnings per share (EPS) of DKK 1.25				-0.24	-0.06	0.05
Earnings per share, diluted (EPS-D) of DKK 1.25				-0.24	-0.06	0.05


 

Assets

DKK ´000		 	2009	H1 2009	H1 2010
 	 	 	 	 	 
Goodwill	 	 	154,498	158,535	157,908
Royalties	 	 	5,022	2,875	4,153
Development projects finalized	 	 	41,362	45,354	43,334
Development projects in progress 	 	 	1,952	876	4,038
Total intangible assets	 	 	202,833	207,640	209,433
 	 	 	 	 	 
Leasehold improvement	 	 	509	702	403
Plant and operating equipment	 	 	9,010	9,697	8,468
Total tangible assets 	 	 	9,519	10,399	8,872
 	 	 	 	 	 
Holdings in associated companies	 	 	1,233	1,081	423
Financial assets			1,233	1,081	423
					
Deferred tax assets	 	 	32,056	35,212	32,912
Total long-term assets	 	 	245,642	254,332	251,641
					
Inventories	 	 	774	1,257	1,185
 	 	 	 	 	 
Trade receivable	 	 	152,611	170,480	166,577
Contract work in progress	 	 	22,619	24,135	24,035
Corporation tax	 	 	1,234	2,343	1,228
Other receivables 	 	 	13,904	7,955	14,944
Accruals 	 	 	11,834	9,710	11,918
Total receivables	 	 	202,202	214,624	218,702
 	 	 	 	 	 
Cash	 	 	66,346	61,706	65,838
 	 	 	 	 	 
Total short-term assets 	 	 	269,321	277,587	285,725
 	 	 	 	 	 
Total assets 	 	 	514,963	531,919	537,366
 
 
Liabilities

DKK ´000		 	2009	H1 2009	H1 2010
 	 	 	 	 	 
Equity	 	 	 	 	 
Share capital	 	 	99,131	96,466	99,131
Reserves on foreign currency translation	 	 	-14,157	-11,376	-6,519
Retained profit	 	 	137,138	147,341	141,096
Parent Company shareholders' equity 	 	 	222,112	232,431	233,708
Minority interests' equity	 	 	10,059	11,595	11,743
Total equity	 	 	232,171	244,026	245,451
 	 	 	 	 	 
Deferred tax 	 	 	816	365	836
Credit institutions	 	 	5,034	12,723	1,849
Other debt	 	 	1,270	466	1,299
Total long-term debt	 	 	7,119	13,553	3,984
 	 	 	 	 	 
Short-term part of long-term debt	 	 	9,171	5,345	4,992
Credit institutions	 	 	56,331	73,783	53,886
Client prepayments 	 	 	25,082	30,276	26,103
Trade accounts payable	 	 	59,804	40,735	69,402
Corporation tax	 	 	13	594	1,680
Other debt	 	 	115,987	113,751	123,295
Accruals 	 	 	9,284	9,857	8,573
Total short-term debt	 	 	275,672	274,340	287,930
	 	 	 	 	 
Total debt	 	 	282,791	287,894	291,915
	 	 	 	 	 
Total liabilities	 	 	514,963	534,919	537,366



 
Consolidated Statement of Changes in Equity

DKK ´000	 	 	 	 	 
 	 	 	 	 	 
H1/2010	Share
capital	Reserves on foreign currency translation	Retained profit	Minority
interest	Equity 
 	 	 	 	 	 
Balance at January 1st 2010	99,131	-14,158	137,139	10,059	232,171
Total recognized income for the period 	0	7,639	3,957	1,684	13,280
					
Capital increase	0	0	0	0	0
Issue of share warrant scheme 	0	0	0	0	0
Addition of minority interests 	0	0	0	0	0
Disposal of minority interests 	0	0	0	0	0
Payment of dividends 	0	0	0	0	0
Balance at June 30th 2010	99,131	-6,519	141,096	11,743	245,451
 	 	 	 	 	 
H1 / 2009	 	 	 	 	 
 	 	 	 	 	 
Balance at January 1st 2009	96,466	-14,118	152,035	9,753	244,136
Total recognized income for the period	0	2,742	-4,694	1,842	-110
					
Capital increase	0	0	0	0	0
Issue of share warrant scheme 	0	0	0	0	0
Addition of minority interests 	0	0	0	0	0
Disposal of minority interests	0	0	0	0	0
Payment of dividends 	0	0	0	0	0
Balance at June 30th 2009	96,466	-11,376	147,341	11,595	244,026
					
					
2009					
					
Balance at January 1st 2009	96,466	-14,118	152,035	9,753	244,136
Total recognized income for the period	0	-39	-18,575	1,053	-17,561
					
Capital increase	2,665	0	3,335	0	6,000
Issue of share warrant scheme	0	0	345	0	345
Addition of minority interests	0	0	0	0	0
Disposal of minority interests	0	0	0	0	0
Payment of dividends	0	0	0	-746	-746
Balance at December 31st 2009	99,131	-14,158	137,139	10,059	232,171
					
					
					


 
Consolidated Cash Flow Statement

DKK ´000	2009	H1 2009	H1 2010
 	 	 	 
Result for the period (EBIT)	-5,271	2,667	6,645
Depreciations and write downs	40,649	10,451	9,498
Net adjustments of development projects	-8,388	-6,202	-9,214
Changes in working capital	38,396	24,190	1,522
Cash flow from primary activities	65,387	31,106	8,450
 	 	 	 
Interest received, etc. 	7,162	2,414	278
Interest paid, etc. 	-8,387	-6,446	-1,375
Corporation tax paid	852	-1,681	-922
Cash flow from operating activities	65,014	25,393	6,596
 	 	 	 
Acquisition of tangible assets	-2,912	-1,111	-1,877
Acquisition of intangible assets 	0	-154	-121
Disposal of tangible assets	0	341	32
Acquisition and investment in subsidiaries 	-5,996	-280	0
Acquisition of associated companies	-49	0	-123
Cash flow from investing activities	-8,957	-1,204	-2,089
 	 	 	 
Proceeds from capital increase	6,000	0	0
Overdraft facilities	-51,242	-19,238	-9,809
Dividends paid to minority shareholders	-746	0	0
Cash flow from financing activities	-45,988	-19,238	-9,809
 	 	 	 
Cash flow	10,070	4,951	-5,467
			
Cash funds at the beginning of the year	54,121	54,121	66,346
Exchange rate adjustments 	2,155	2,635	4,959
 	 	 	 
Cash funds at the end of the period	66,346	61,707	65,838


 
Note 1: Accounting policies

The consolidated interim financial report is prepared in accordance with IAS
34, Presentation of Interim Financial Reporting, as approved by the EU, and
additional Danish disclosure requirements for interim financial reports of
listed companies. No interim report has been prepared for the Parent Company.
The interim financial report is presented in Danish kroner (DKK), which is the
Parent Company's functional currency. 

The accounting policies applied in the interim financial report are, except for
the below listed changes, unchanged with respect to the Company's Annual Report
for 2009, which is prepared in accordance with International Financial
Reporting Standards, as approved by the EU, and additional Danish disclosure
requirements for interim financial reports of listed companies. For more
information on the accounting policies, we refer to our Annual Report for 2009. 

Changes in accounting policies
With effect from 2010 Columbus IT has implemented the following new and changed
standards and in-terpretations: 

•	IAS 27, Consolidated and separate financial statements (January 2008)
•	IFRS 3, Business Combinations (January 2008)

The implementation of the new and changed standards and interpretations has not
affected recognition and measurement. 

 
Note 2: Segment data


The Group presents segment data according to IFRS, Operating Segments.

In order to support decisions about allocation of resources and assessment of
performance of the seg-ments, the Group's internal reporting to the Board of
Directors of the parent company is based on the following grouping of operating
segments: 


Strategic business areas			Description				  Geographical segment
														

ISV (Independent Software Vendor)		Development and sale of own ERP software		 
No specific area 
					products to resellers and strategic partners					
														
													

VAR (Value Added Resellers)		Sale and implementation of standard ERP		  The
Nordic region 
					software products to end users			  Western Europe
											  Eastern Europe
											  North and South America
														


H1/2010	 	ISV	VAR	Parent Company	Total
Gross revenue	 	22,415	429,308	1,160	452,883
Intercompany revenue 	 	-5,710	-5,341	0	-11,051
Net revenue		16,705	423,967	1,160	441,832
					
Operating result (EBIT)		2,325	8,433	-4,113	6,645
Results in associated companies		0	0	-932	-932
Pre-tax earnings		2,282	9,148	-4,306	7,123
Result for the period		2,279	7,390	-4,306	5,363
					
Segment assets		63,727	352,270	121,370	537,366
Segment liabilities	 	22,618	250,239	19,058	291,915
Capital investments	 	595	1,282	0	1,877
Depreciations	 	-4,687	-4,338	-473	-9,498
Amortizations		0	0	0	0
Holdings in associated companies		0	0	423	423
					
Average number of employees		47	849	11	906
					
					
					
					





 
Note 2: Segment data, continued

H1/2009	 	ISV	VAR	Parent Company	Total
Gross revenue	 	21,156	413,891	188	435,235
Intercompany revenue 	 	-3,398	-9,020	0	-12,418
Net revenue		17,758	404,871	188	422,817
					
Operating profit (EBIT)		1,819	4,826	-3,977	2,667
Results in associated companies		0	0	-1	-1
Pre-tax earnings		1,281	3,878	-6,525	-1,366
Result for the period		1,249	854	-6,525	-4,422
					
Segment assets		56,008	199,029	276,882	531,920
Segment liabilities	 	26,049	225,762	36,083	287,894
Capital investments	 	102	967	42	1,111
Depreciations	 	-5,142	-4,712	-596	-10,451
Amortizations		0	0	0	0
Holdings in associated companies		0	0	1,081	1,081
					
Average number of employees		44	932	13	989

2009	 	ISV	VAR	Parent Company	Total
Gross revenue	 	79,898	792,473	0	872,371
Intercompany revenue 	 	-21,468	-15,166	0	-36,634
Net revenue		58,430	777,307	0	835,737
					
Operating profit (EBIT)		12,442	6,383	-24,095	-5,270
Results in associated companies		0	0	151	151
Pre-tax earnings		12,155	6,350	-28,506	-10,002
Result for the period		1,249	854	-6,525	-4,422
					
Segment assets		107,268	212,436	195,260	514,964
Segment liabilities	 	20,710	226,030	38,098	284,838
Capital investments	 	18,224	3,835	3,051	25,110
Depreciations	 	-12,117	-9,902	-1,123	-23,142
Amortizations		0	-17,507	0	-17,507
Holdings in associated companies		0	0	1233	1233
					
Average number of employees		44	941	12	997
 
Note 3: Net Revenue

DKK ´000	2009	H1 2009	H1 2010
 	 	 	 
Sale of products:	 	 	 
Hardware	3,364	1,846	916
Software licenses	151,415	71,747	76,202
Maintenance, service and hotline subscriptions	144,283	69,538	91,941
Total sale of products	299,061	143,132	169,059
 	 	 	 
Sale of services:	 	 	 
Support	31,047	15,355	14,393
Sales value of finished projects	474,620	277,214	270,786
Change in contract work in progress 	31,009	-12,883	-12,405
Total sale of services	536,676	279,686	272,774
 	 	 	 
Total net sales	835,737	422,817	441,832
	 	 	 
Contract work in progress at beginning of the period	54,140	54,140	85,149
Contract work in progress at end of the period	85,149	41,258	72,744
Total change in contract work in progress	31,009	-12,883	-12,405
 
Note 4: Incentive Scheme

Two senior executives have been granted an incentive scheme containing a share
warrant scheme. The share warrant schemes are granted at the market share
price. The share warrant schemes are based on the employment period. The share
warrant schemes will not be adjusted for subsequent capital increases. 

On the basis of a Black & Scholes' calculation, the scheme has a total forecast
market value of up to DKK 0.4M that will be expended in 2010, and 2011. 

Specification of outstanding warrants	 		Number of warrants		Exercise rate per
warrant 
DKK ´000	 	H1/2009	H1/2010	H1/2009	H1/2010
					
Outstanding at January 1st 		0	1,150,000	0	2.51
Granted during the period		1,150,000	0	2.51	0
Lost due to termination of employment		0	100,000	0	0
Used		0	0	0	0
Expired during the period		0	383,334	0	0
Annulled during the period		0	0	0	0
Outstanding at June 30th 		1,150,000	666,666	2.51	2.51




 
Note 5: Trade Receivable

DKK ´000	2009	H1 2009	H1 2010
 	 	 	 
Receivables (gross) at June 30th     	171,259	190,325	187,591
 	 	 	 
Allowance for doubtful debts at January 1st  	20,927	20,927	18,648
Change in allowance for doubtful debts during the period	7,360	1,882	6,870
Loss realized during the period	-9,638	-2,964	-4,505
Allowance for doubtful debts at June 30th   	18,648	19,845	21,014
 	 	 	 
Balance at June 30th  	152,611	170,480	166,577

All trade receivables are due for payment within 1 year.

Allowance for doubtful debts is recognized in the income statement under “Other
external costs”. Allow-ance for doubtful debts are made based on individual
impairments of trade receivables.