Continued progress on all essential areas / 23% growth in revenues, 24% growth in EBITDA

November 8, 2007 at 12:03 AM CET
Continued progress on all essential areas / 23% growth in revenues, 24% growth
in EBITDA 
Strong progress in the US despite a weak dollar. The software development
company, To-Increase B.V. grew by 74% 

•	The Groups business model has been sharpened and the activities in all our
countries has to fit this model. As a consequence the Group has decided to
liquidate/sell the operations in the Czech Republic, Austria and Finland and
classify these as discontinued operations. The subsidiaries in these three
countries had revenues in Q1-3/2007 of DKK 12.5M, and reported in total an
EBITDA of DKK -2.5M. In addition to this is cost totalling DKK -6.1M related to
liquidate/sell the activities in the three countries. 
•	Columbus IT's revenues from continued operations for Q1-3/2007 amounted to
DKK 618M (DKK 503M in 2006), corresponding to an growth of 23% compared to the
same period last year. 
•	Operating profit (EBITDA) from continued operations for the period was DKK
22.6M (DKK 18.2M in 2006), corresponding to an increase of 24%. The result is
in line with the management's expectations. 
•	The Group's software development company, To-Increase B.V. which is the
worlds largest vendor of verti-cal standard industry applications for Microsoft
Dynamics, had revenues to other Microsoft resellers of DKK 25M in Q1-3/2007,
corresponding to an increase of 74% compared to the same period last year.
EBITDA for Q1-3/2007 amounted to DKK 8.7M, corresponding to an increase of 24%
compared to the same period last year. 
•	Revenues in the Russian subsidiary in Q1-3/2007 amounted to DKK 74.2M,
corresponding to an increase of 54% compared to the same period last year.
EBITDA for the period amounted to DKK 7.6M, which is an increase of DKK 18.2M
compared to the same period last year. 
•	Revenues in the American subsidiaries in Q1-3/2007 amounted to DKK 96.7M,
corresponding to an increa-se of 20% compared to the same period last year.
EBITDA for the period amounted to DKK 12.1M, which is an increase of DKK 8.8M
compared to the same period last year. The American subsidiaries have despite a
declining dollar rate succeeded in growing operating profit by 367% compared to
the same period last year. 
•	Revenues in the Danish subsidiary, the largest Microsoft partner in DK in
06/07, amounted in Q1-3/2007 to DKK 176.4M, corresponding to an increase of 7%
compared to the same period last year. EBITDA for the period amounted to DKK
10M, which is a decline compared to the same period last year. 
•	The groups British subsidiary continues its very positive development.
Revenues in the British subsidiary in Q1-3/2007 amounted to DKK 35.3M,
corresponding to an increase of 69% compared to the same period last year.
EBITDA for the period amounted to DKK 5.9M compared to DKK 2.7M for the same
period last year. 
•	The result before taxes from continued operations amounted to DKK 6.2M for
Q1-3/2007 (DKK 5.5M in 2006). 
•	Total equity at the end of Q3/2007 amounted to DKK 215.3M (DKK 172.1M in
2006), resulting in a solvency ratio of 41% (37% in 2006). Previously announced
expectations for 2007 was total revenues for the Group at a level of DKK
870-890M and an EBITDA of DKK 35-40M. In those figures was an expectation to
reve-nues from the discontinued operations at a level of DKK 35-40M, and EBITDA
from these activities at a le-vel of DKK -2 to -3M. Following the results of
Q1-Q3 2007 revenues from the Groups continued operations for 2007 are expected
to be at level of DKK 870-890M, and EBITDA at a level of DKK 38-43M. 


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 Dan-ish language version shall be the governing
version. 
 
Key Figures and Ratios 


MDKK		Q3 2006	Q3 2007	Q1-3 2006	Q1-3 2007	2006
Income Statement		 	 	 	 	 
Net revenues		145.6	186.1	502.6	617.7	735.7
External project costs		-32.2	-42.2	-131.2	-165.3	-204.9
Gross earnings I		113.4	143.9	371.4	452.4	530.8
Staff expenses		-84.4	-105.7	-262.4	-319.4	-360.9
Gross earnings II		29.0	38.2	109.0	133.0	169.9
Other external costs		-32.1	-36.8	-103.7	-110.0	-147.8
Other operating income		13.3	0.0	13.3	0.0	14.8
Other operating costs		0.0	0.0	-0.4	-0.4	-0.7
EBITDA		10.2	1.4	18.2	22.6	36.2
Depreciation excl. goodwill		-3.5	-4.3	-10.0	-12.7	-14.1
EBITA		6.7	-2.9	8.2	9.9	22.1
Amortization and write down of goodwill		0.0	0.0	0.0	0.0	-1.8
EBIT		6.7	-2.9	8.2	9.9	20.3
Result in associated companies		0.0	0.1	-0.2	0.2	-0.1
Net financial items		-0.8	-1.4	-2.5	-3.9	-5.2
Pre-tax earnings		5.9	-4.2	5.5	6.2	15.0
Tax on Q1-3 earnings		-0.2	0.0	-2.1	-2.5	12.0
Earnings Q1-3 from continued operations		5.7	-4.2	3.4	3.7	27.0
Earnings Q1-3 from discontinued operations		-1.7	-6.7	-5.9	-8.6	-6.8
Earnings Q1-3		4.0	-10.9	-2.5	-4.9	20.2
		 	 	 	 	
Allocated thus:		 	 	 	 	
Shareholders of Columbus IT Partner A/S		4.5	-8.2	-2.9	-1.4	21.2
Minority interests		-0.5	-2.7	0.4	-3.5	-1.0
		4.0	-10.9	-2.5	-4.9	20.2
		 	 	 	 	
Balance Sheet		 	 	 	 	
Long-term assets		 	 	234.4	255.2	256.1
Short-term assets		 	 	228.0	266.3	287.7
Total assets 		 	 	462.4	521.5	543.8
		 	 		 	
Group shareholders' equity		 	 	161.5	207.8	201.1
Minority interests		 	 	10.6	7.5	10.9
Debt		 	 	290.3	306.2	331.8
Total liabilities 		 	 	462.4	521.5	543.8
		 	 	 	 	
Cash flow 		 	 	 	 	
Cash inflow from operations		 	 	-9.8	-6.6	27.0
Net cash outflow for investments		 	 	-29.0	-22.2	-46.4
of which for investment in tangible fixed assets		 	 	-4.3	-8.3	-6.4
Cash inflow from financing activities		 	 	27.0	25.2	28.7
Total cash flow		 	 	-11.8	-3.6	9.3
				 	 	
Key ratios				 	 	
Gross margin II				21.7%	21.5%	23.1%
Operating profit margin				1.6%	1.6%	2.8%
Return on equity				-2.0%	-0.7%	13.6%
Equity ratio				37.2%	41.3%	40.0%
Net asset value per share (BV)				2.4	2.8	2.7
Earnings per share (EPS)				-0.0	-0.1	0.3
Average number of shares, in thousands				72,372	76,058	72,706
Share price, end of period				9.7	7.1	8.1
Cash flow per share				-0.1	-0.1	0.4
Headcount at the end of the period				1,012	1,106	1,024

The key figures and ratios have been calculated in accordance with the Danish
Society of Financial Analysts' ”Recommendations and Key Figures 2005”. 
2006 numbers have been corrected to present earnings from discontinued
operations separately. 

The interim report has not been audited  
The Groups business model
The Groups objective is to have full ownership of our operations in the central
markets, and to be repre-sented there with critical mass. Other markets are
covered by partnerships, where Columbus IT aims at having control. On markets
of less importance the objective is solely to be represented through franchise
agreements. The sharpened business model has led to a testing of business model
fit of the Groups activities in all our countries. 

As a consequence of this the Group has changed its presence in the Czech
Republic from a partnership to a franchise agreement. Negotiation regarding
changing the Groups Austrian activities to a franchise agreement did not lead
to an agreeable solution. Based on the lack of strategic importance of Austrian
market the Group has decided not the go ahead with the investment necessary to
put the Austrian com-panies on a sound financial basis, and is in the process
of closing down its Austrian activities. The pos-sibility of changing the
Finnish presence to a franchise agreement is being tested as well. Consequently
the Groups operations in the Czech Republic, Austria and Finland has been
categorized as discontinued operations and are being reported as Earnings from
discontinued operations. The subsidiaries in these three countries had revenues
in Q1-3/2007 of DKK 12.5M, and reported in total an EBITDA of DKK -2.5 for the
period. In addition to this is cost totalling DKK -6.1M related to
liquidating/selling the activities in the three countries. Total earnings from
discontinued operations in Q1-3/2007 amounted to DKK -8.6M compared to DKK -5.6
for the same period last year. 

Developments in Q1-3/2007 in continued operations
Columbus IT's revenues for Q1-3/2007 amounted to DKK 618M, up from DKK 503M for
the same period last year, corresponding to an increase of 23%. 

Revenues	2007	2006
Q1-3	MDKK	     %	MDKK	      %
Hardware 	8	1%	14	3%
Software	216	35%	163	32%
Service	394	64%	326	65%
	 	 	 	 
Total	618	100%	503	100%
	Revenues	2007	2006
Q1-3	MDKK	       %	MDKK	     %
Dynamics AX	365	59%	343	68%
Dynamics NAV	148	24%	92	18%
Other MBS products	38	6%	32	6%
Other	67	11%	36	7%
Total	618	100%	503	100%


The growth in revenues is relating both to software, which rose to DKK 216M
compared to DKK 163M for the same period last year corresponding to an increase
of 33%, and to consulting and services, which rose to DKK 394M compared to DKK
326M for the same period last year corresponding to an increase of 21%. 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 61%, and in Q1-3/2007 constitutes 24% of the
total revenues. 

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

	Revenues	EBITDA	Headcount
	(MDKK)	(MDKK)	(as of September 30)
 Q1-3	2007	2006	2007	2006	2007	2006
Nordic 	217	196	11	21	282	246
Western Europe	153	129	11	12	212	205
Eastern Europe	123	84	8	-7	392	353
Rest of the world	125	94	13	3	208	160
Parent Company	0	0	-20	-11	13	18
	618	503	23	18	1,106	982

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 Par-ent Company. 

The Group's financials show net expenses of DKK 3.9M compared to net expenses
of DKK 2.5M for the same period last year. 

Corporation tax in profit-making foreign subsidiaries means that the total
calculated tax charge for Co-lumbus IT for the period is DKK 2.5M. The result
for the period was DKK 3.7M, corresponding to an im-provement of 9% compared to
the same period last year. 

Regional development

Nordic	2007	2006
Revenues - Q1-3	MDKK	     %	MDKK	      %
Hardware 	6	3%	13	7%
Software	65	30%	61	31%
Service	146	67%	122	62%
	 	 	 	 
Total	217	100%	196	100%
	Nordic	2007	2006
Revenues - Q1-3	MDKK	       %	MDKK	     %
Dynamics AX	126	58%	125	64%
Dynamics NAV	44	20%	30	15%
Other MBS products	31	14%	25	13%
Other	16	8%	16	8%
Total	217	100%	196	100%


Q1-3/2007 revenues for the Nordic region increased by DKK 21M, corresponding to
a 11% increase compared to the same period last year. The increase is due to a
higher level of activity in both the Dan-ish subsidiary where revenues were
increased by 7% compared to the same period last year, and in the Norwegian
subsidiaries where revenues were increased by 34% compared to the same period
last year. The Nordic Region accounts for 35% of the Group's revenues. 

The region's EBITDA is down by 48% compared to the same period last year, to
DKK 11M for Q1-3/2007. The fall is due to a decline in EBITDA for both the
Danish subsidiary and the Norwegian subsidi-aries. The Danish subsidiary had a
good year in 2006. 2007 however has been marked by a fewer new customer adds,
and sales prices have not kept up with the growth in salaries in the market.
Both devel-opments have resulted in lower EBITDA in 2007 compared to 2006.
Furthermore the Danish subsidiary has invested in building up a strong
competence within Microsoft CRM. Columbus IT has been elected Microsoft CRM
partner 2007 in Denmark. 

Western Europe	2007	2006
Revenues - Q1-3	MDKK	     %	MDKK	      %
Hardware 	1	1%	1	1%
Software	56	36%	42	32%
Service	96	63%	86	67%
	 	 	 	 
Total	153	100%	129	100%
	Western Europe	2007	2006
Revenues - Q1-3	MDKK	       %	MDKK	     %
Dynamics AX	76	50%	83	64%
Dynamics NAV	67	44%	37	29%
Other MBS products	3	2%	5	4%
Other	7	4%	4	3%
Total	153	100%	129	100%


In Western Europe revenues for Q1-3/2007 amounted to DKK 153M which is an
improvement of DKK 24M, corresponding to a 19% increase compared to the same
period last year. For Q1-3/2007, the Group's software development company,
To-Increase, had revenues of DKK 25M to other Microsoft re-sellers
corresponding to a 74% increase compared to the same period last year. Likewise
revenues in the British subsidiary have grown markedly to DKK 35M for
Q1-3/2007, corresponding to a 69% increase compared to the same period last
year. The region accounted for 25% of the Group's revenues. 

EBITDA for the region is down DKK 1M compared to the same period last year, to
DKK 11M for Q1-3/2007. The EBITDA of To-Increase grew by 24% compared to the
same period last year to DKK 8.7M in Q1-3/2007. The Groups Dutch consulting
unit has had some challenges in 2007, and the company's revenues have decreased
by DKK 5.6M, while the company's EBITDA has decreased by DKK 2.7M compared to
the same period last year. The growth in the British subsidiary has lead to a
growth in EBITDA of 119% compared to the last period last year, to DKK 5.9M for
Q1-3/2007. 

Eastern Europe	2007	2006
Revenues - Q1-3	MDKK	     %	MDKK	      %
Hardware 	1	1%	0	0%
Software	50	41%	27	32%
Service	72	58%	57	68%
	 	 	 	 
Total	123	100%	84	100%
	Eastern Europe	2007	2006
Revenues - Q1-3	MDKK	       %	MDKK	     %
Dynamics AX	82	67%	68	81%
Dynamics NAV	7	6%	3	4%
Other MBS products	4	3%	2	2%
Other	30	24%	11	13%
Total	123	100%	84	100%


Revenues in Eastern Europe amounted to DKK 123M for Q1-3/2007 which is an
improvement of DKK 39M or 46% compared to the same period last year. Revenues
of the Russian subsidiary increased from DKK 48.1M for Q1-3/2006 to DKK 74.2M
in Q1-3/2007, corresponding to an increase of 54%. The Esto-nian subsidiary had
growth in revenues of 46% compared to the same period last year, and had
reve-nues of DKK 17.2M in Q1-3/2007. Revenues of the Lithuanian subsidiary
decreased by DKK 1.3M com-pared to the same period last year, corresponding to
a decline of 10%. Revenues of the Polish company on the contrary increased from
DKK 3.5M in Q1-3/2006 to DKK 11.7M in Q1-3/2007. 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 20% of the
Group's revenues. 

The region's EBITDA increased by DKK 15M compared to the same period last year
to DKK 8M in Q1-3/2007. 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 7.6M in Q1-3/2007. 

Rest of the world	2007	2006
Revenues - Q1-3	MDKK	     %	MDKK	      %
Hardware 	0	0%	0	0%
Software	45	36%	33	35%
Service	80	64%	61	65%
	 	 	 	 
Total	125	100%	94	100%
	Rest of the world	2007	2006
Revenues - Q1-3	MDKK	       %	MDKK	     %
Dynamics AX	81	65%	67	71%
Dynamics NAV	30	24%	22	24%
Other MBS products	0	0%	0	0%
Other	14	11%	5	5%
Total	125	100%	94	100%


In the Rest of the World region in Q1-3/2007, total revenues amounted to DKK
125M, which is an im-provement of DKK 31M corresponding to a 33% increase
compared to the same period last year. In Q1-3/2007, revenues in the two
American subsidiaries grew from DKK 80.7 in Q1-3/2006 to DKK 96.7M in Q1-3/2007
corresponding to an increase of 20%. The Mexican and the Brazilian
subsidiaries, which were acquired in Q2 and Q3/2006 respectively contributes in
Q1-3/2007 with revenues of DKK 10.8M. The region accounted for 20% of the
Group's revenues. 

EBITDA in the region amounted to DKK 13M, which is an increase of DKK 3M
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 12.1M in Q1-3/2007. The
subsidiaries in Colombia, Chile and Costa Rica delivered a combined EBITDA of
DKK 1.7M compared to DKK 0.3M for the same period last year. The Mexican and
the Brazilian subsidiaries, which both are in a set-up phase, delivered a
combined EBITDA of DKK -0.7M in Q1-3/2007. 

EBITDA of the Parent Company amounted to DKK -20M in Q1-3/2007 before billing
subsidiaries for costs, compared to DKK -11M for the same period last year,
which however was influenced by the earn-ings related to the sale of 49% of the
shares in the Groups French activities. 



Directed rights issues
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 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 re-lease no. 9 of May 18,
2007. 

Accordingly, a total of 1,320,465 shares were issued in Q1-3/2007, 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 No-tice and Copenhagen Stock Exchange requirements for
interim reporting 

Investments
Total investments in tangible and intangible assets, except for goodwill, in
Q1-3/2007 totalled DKK 17.2M compared to 18M for the same period in 2006. DKK
8.9M was attributable to investments in de-velopment projects, while the
remaining DKK 8.3M was attributable to the acquisition of tangible assets. 

Liquidity status
Columbus IT held cash funds of DKK 39M 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)	Q1-3/2007	2006
Equity January 1	201.1	147.3
Forex adjustments for foreign subsidiaries, etc.	0.8	-3.8
Earnings for the period	-4.9	21.2
Warrant scheme exercised	0.0	0.5
Capital increases	10.8	35.9
Group shareholders' equity as of September 30 and December 31 	207.8	201.1
Minority interests' equity as of September 30 and December 31	7.5	10.9
Total equity as of September 30 and December 31	215.3	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, devel-opments in trading
conditions and the financial markets, and the fiscal impact of unforeseen
events: changes in Danish regula-tions 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 Q3
Report for the period 1 January - 30 September 2007 for the Columbus IT Partner
Group. 

The quarterly report has been drawn up in accordance with the provisions in
International Financial Re-porting Standards (IFRS) for recognition and
measurement and additional Danish reporting requirements for the presentation
of quarterly reports laid down in the Company Accounts Act, associated
statutory instruments and Copenhagen Stock Exchange. We regard the accounting
policies applied as appropri-ate and that the Quarterly Report gives a true
picture of the Group's assets and liabilities, financial posi-tion at 30
September 2007, and the results of the Group's activities and cash flow for the
period 1 Janu-ary - 30 September 2007. 







Ballerup, November 8 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 - 30/9 2007	1/1 - 30/9 2006
	 	
Net revenues	617,678	502,580
External project costs	-165,241	-131,192
Gross earnings	452,437	371,388
	 	
Other external costs	-319,420	-262,393
Staff expenses	-110,000	-103,689
Other operating income	0	13,350
Other operating costs	-417	-363
Earnings before depreciation/amortization (EBITDA)	22,600	18,293
	 	
Depreciation	-12,651	-10,033
Earnings before write down of goodwill (EBITA)	9,949	8,260
	 	
Write down of goodwill	0	-41
Operating profit (EBIT)	9,949	8,219
	 	
Results of associated companies	239	-243
Financial income	4,210	5,513
Financial expenses	-8,155	-7,939
Pre-tax earnings	6,243	5,550
	 	
Tax on the result for the period	-2,529	-2,128
Result for the period from continued operations	3,714	3,422
Result for the period from discontinued operations	-8,656	-5,963
Result for the period	-4,942	-2,541
	 	
Allocated thus:	 	
Shareholders of Columbus IT Partner A/S	-1,462	-2,937
Minority interests	-3,480	396
	-4,942	-2,541

 
Balance Sheet

DKK 1,000	1/1 - 30/9 2007	1/1- 30/9 2006
	 	 
Assets	 	 
	 	 
Development projects	37,591	36,991
Royalties	188	372
Goodwill	156,971	163,424
Intangible assets	194,750	200,787
	 	
Plant and operating equipment	15,133	12,630
Tangible assets	15,133	12,630
	 	
Holdings in associated companies	1,426	925
Other receivables	8,953	0
Deferred tax assets	34,997	20,052
Financial assets	45,376	20,977
	 	
Total long-term assets	255,259	234,394
	 	
Inventories	4,696	3,868
	 	
Accounts receivable - sales and services	162,997	137,583
Contract work in progress	28,022	23,978
Receivables from shareholders	0	408
Corporation tax	3,652	4,568
Other receivables	17,498	23,166
Accruals	10,370	11,745
Receivables	222,539	201,448
	 	
Cash funds	39,048	22,739
	 	
Total short-term assets	266,283	228,055
	 	
Total assets	521,542	462,449


 
Balance Sheet

DKK 1,000	1/1 - 30/9 2007	1/1- 30/9 2006
	 	 
Liabilities	 	 
	 	 
Share capital	95,580	91,241
Retained profit	112,193	70,262
Parent Company shareholders' equity	207,773	161,503
Minority interests' equity	7,521	10,603
Equity	215,294	172,106
	 	
Deferred tax	1,014	1,256
Subordinated loan capital	0	9,035
Credit institutions	1373	1,056
Other debt	1,872	2,605
Long-term debt	4,259	13,952
	 	
Subordinated loan capital	0	0
Short-term part of long-term debt	2550	404
Credit institutions	105,407	88,797
Debt to affiliated companies	6,210	0
Client prepayments	30,065	17,963
Trade accounts payable	51,781	39,644
Corporation tax	578	4,262
Payable purchase sum re: acquired companies	294	21,918
Other debt	100,674	90,825
Accruals	4,430	12,578
Short-term debt	301,989	276,391
	 	
Debt	306,248	290,343
	 	
Total liabilities	521,542	462,449