First half 2003 as forecast - strengthened capital resources

Result of Rights Issue

In the period 19th June - 2nd July 2003, Columbus IT Partner held a rights
issue offering new shares to reconstitute and strengthen the Company's capital
resources. Total take-up was 26,848,867 shares, which was 84% of the total
offering and nine percentage points more than the amount underwritten. Nordea
Bank Danmark A/S became new shareholder in the Company with a holding of 41.88%
of the share capital. Equity, including the results of the rights issue, was
approximately DKK 32m at 30th June 2003. 

Disposal of Icelandic subsidiary

Columbus IT Partner sold its Icelandic subsidiary on 1st July 2003 whilst also
acquiring the Icelandic subsidiary's Danish operations including its “Retail
Solution”. This means an impact on liquidity of about DKK 11m, with a positive
effect on equity and the profit and loss account of approximately DKK 16m. 

Results - 1st half 2003

Q1-2 2003 net sales totaled DKK 265m (2002: DKK 339m). EBITDA (earnings before
interest, tax, depreciation and amortization) for the period was DKK -3m (2002:
DKK 25m). Earnings after tax and minority interests were DKK -28m (2002: DKK
-9m). Adjusted for discontinuing activities, net sales in Q1-2 2003 were DKK
242m (2002: DKK 262m). Axapta sales totaled DKK 177m, an improvement of about
11% on the same period last year. 

Note: Unless otherwise stated, for comparability purposes the comments in the
Interim Report have been adjusted for discontinuing activities in 2002 and
2003, except for the section on developments in liquidity. Discontinuing
activities relate to the disposal of the municipality activities, Columbus IT
Partner Singapore and the Icelandic subsidiary. 

• EBITDA (earnings before interest, tax, depreciation and amortization) for the
period was DKK -6m, an improvement of DKK 9m on the same period in 2002. 
• Earnings after tax and minority interests were DKK -28m, up DKK 15m on the
first half of 2002. 
• In June, the Group's Norwegian subsidiary, Columbus IT Partner AS, Oslo, lost
an arbitration suit for payment of an outstanding amount of NOK 3.5m with an
additional NOK 1.2m in interest charges. The proceedings relate to the
acquisition of Infratech AS, Norway, in 1999. The ruling was unexpected and no
provisions had been made. Legal costs had been expensed as incurred. 
• Columbus IT Partner is now forecasting net sales of around DKK 520m for 2003.
The basis for this is primarily the most recent disposal but also that trading
conditions will remain difficult and static. Previous forecasts for EBITDA of
DKK 20-25m are being maintained since various activities that will demand
significant resources will still be required to further optimize operations. 

Niels Heering         Carsten Dilling
Chairman of the Board Chief Executive Officer