Q1-3 / 2008

November 12, 2008 at 12:11 PM CET
Continued solid growth in revenues and a marked increase in earnings 

CEO, Michael Gaardboe:

"For Columbus IT the very positive development in H1 continued in Q3. Compared
to the same period last year, revenues increased by 15%, while EBITDA increased
by 53%, and we find the development very satisfactory. We maintain the
previously announced expec-tations for 2008 with total revenues in the level of
DKK 1,000M and an EBITDA of DKK 60-65M. But the financial turbulence and the
general uncertainty about the global economy have increased the risks for Q4”. 

•	Revenues for Q1-3/2008 totaled DKK 711.7M (DKK 617.7M in Q1-3/2007),
corresponding to an in-crease of 15%. 
•	Earnings before depreciation (EBITDA) for the period totaled DKK 34.6M (DKK
22.6M in Q1-3/2007) corresponding to an increase of 53% compared to Q1-3/2007.
The result is in line with the manage-ment's expectations. 
•	Revenues in the Nordic region amounted to DKK 261M in Q1-3/2008 (DKK 217M in
Q1-3/2007), cor-responding to an increase of 20%. EBITDA for the period totaled
DKK 24.5M (DKK 11.2M in Q1-3/2007), which is an increase of 119% compared to
2007. 
•	Revenues in North and South America amounted to DKK 132M in Q1-3/2008 (DKK
125M in Q1-3/2007), corresponding to an increase of 5%. EBITDA for the period
totaled DKK 14.9M (DKK 13.1M in Q1-3/2007), corresponding to an increase of
14%. 	 
•	Revenues in Eastern Europe amounted to DKK 163M in Q1-3/2008 (DKK 123M in
Q1-3/2007), cor-responding to an increase of 33%. EBITDA for the period totaled
DKK 7M compared to DKK 8.4M in Q1-3/2007, corresponding to a decrease of 17%. 
•	Revenues in Western Europe amounted to DKK 155M in Q1-3/2008 (DKK 153M in
Q1-3/2007). EBITDA for the period totaled DKK 10.5M (DKK 10.6M in Q1-3/2007). 
•	The Group's software development company, To-Increase, had gross revenues of
DKK 29.2M in Q1-3/2008 (DKK 27.1M in Q1-3/2007), corresponding to an increase
of 8%. EBITDA for the period amounted to DKK 8.4M (DKK 8.2M in Q1-3/2007),
corresponding to an increase of 3%. 
•	The result after tax amounted to DKK 15.2M in Q1-3/2008, which is an increase
of DKK 20.1M com-pared to the same period last year. 
•	Total equity increased to DKK 241.3M (DKK 215.3M in Q1-3/2007), resulting in
a solvency ratio of 44.1% (39.1% in 2007). 
•	Previously announced expectations for 2008 are being maintained, with total
revenues in the level of DKK 1,000M and an EBITDA of DKK 60-65M. 

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

For further information, please contact:
Claus E. Hansen, 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		 2007	Q3 2007	Q3 2008	Q1-3 2007	Q1-3 2008
Income statement				 		 
Net revenues		892.4	186.1	217.0	617.7	711.7
External project costs		-250.2	-42.2	-48.6	-165.3	-183.5
Gross earnings I		642.2	143.9	168.4	452.4	528.1
Staff expenses		-438.0	-105.7	-119.5	-319.4	-372.1
Other external costs		-153.8	-36.8	-45.8	-110.0	-121.5
Other operating income		1.0	0.0	0.0	0.0	1.3
Other operating costs		-0.3	0.0	-0.1	-0.4	-1.4
EBITDA		51.0	1.4	3.0	22.6	34.6
Depreciation excl. goodwill		-18.6	-4.3	-5.4	-12.7	-16.7
EBITA		32.4	-2.9	-2.4	9.9	17.9
Amortization and write down of goodwill		-1.5	0.0	0.0	0.0	-0.7
EBIT		31	-2.9	-2.4	9.9	17.2
Result in associated companies		0.3	0.1	0.1	0.2	0.2
Net financial items		-6.1	-1.4	-1.3	-3.9	-3.6
Pre-tax earnings		25.1	-4.2	-3.6	6.2	13.8
Tax on Q1-3 earnings		-4.4	0.0	-0.1	-2.5	1.3
Earnings Q1-3, continued operations		20.7	-4.2	-3.7	3.7	15.2
Earnings Q1-3, discontinued operations		-15.0	-6.7	0.0	-8.6	0.0
Earnings Q1-3		5.7	-10.9	-3.7	-4.9	15.2
		 	 	 		 
Allocated thus:		 	 	 		 
Shareholders of Columbus IT Partner A/S		5.3	-8.2	-2.2	-1.4	18.3
Minority interests		0.4	-2.7	-1.5	-3.5	-3.1
		5.7	-10.9	-3.7	-4.9	15.2
		 				 
Balance sheet		 				 
Long-term assets		250.0			255.2	258.7
Short-term assets		326.3			266.3	288.0
Total assets 		576.3			521.5	546.7
						 
Group shareholders' equity		214.0			207.8	235.2
Minority interests		11.6			7.5	6.0
Debt		350.7			306.2	305.5
Total liabilities 		576.3			521.5	546.7
		 				 
Cash flow 						 
Cash flow from operations		42.3			-6.6	-7.1
Net cash flow for investments		-24.6			-22.2	-31.6
Cash flow from financing activities		-1.7			25.2	20.2
Total cash flow		16.0			-3.6	 -18.5
-						
Key ratios						
Gross margin II		5.7%			3.7%	4.9%
Operating profit margin (EBIT margin)		3.5%			1.6%	2.4%
Equity ratio		39.1%			41.3%	44.1%
Return on equity		2.6%			-0.7%	8.3%
Average number of shares, in thousands		76,160			76,058	77,009
Net asset value per share (BV)		2.81			2.8	3.05
Earnings per share (EPS)		0.07			-0.1	0.24
Cash flow per share		0.5			-0.1	-0.1
Share price, end of period		6.15			7.1	4.7
Headcount at the end of the period		1,124			1,106	1,256

The key figures and ratios have been calculated in accordance with the Danish
Society of Financial Analysts' ”Recommendations and Key Figures 2005”. 2007
figures have been corrected to present earnings from discontinued operations
separately, and headcount figures of 2007 are not including employees in
discontinued operations. 

The quarterly report has not been audited
 
 
Developments in Q1-3/2008
Columbus IT's net revenues for Q1-3/2008 amounted to DKK 711M, up from DKK 618M
in the same period last year, corresponding to an increase of 15%. 

Revenues	2008	2007
Q1-3	DKKm	     %	DKKm	     %
Hardware 	6	1%	8	1%
Software	223	31%	206	33%
Service	36	5%	28	5%
Consultancy	446	63%	376	61%
Total	711	100%	618	100%
	Revenues	2008	2007
Q1-3	DKKm	       %	DKKm	       %
Dynamics AX	458	65%	365	59%
Dynamics NAV	165	23%	148	24%
Other MBS products	43	6%	38	6%
Other	45	6%	67	11%
Total	711	100%	618	100%


The growth in revenues is related to software, which increased by 8%, to
service and support, which increased by 29% as well as to consultancy, which
increased by 19% compared to Q1-3/2007. The Group's Dynamics AX related
revenues increased to DKK 458M, corresponding to an increase of 25% compared to
Q1-3/2007. The Group's Dynamics NAV related revenues increased to DKK 165M,
corres-ponding to an increase of 11% compared to the same period last year. 

As the table below shows, revenues grew in all regions, and the majority of the
Group's subsidiaries have realized a level of activity and earnings in line
with or above expectations. 

	Revenues	EBITDA	Headcount
	(DKKm)	(DKKm)	(as of September 30th) 
 Q1-3	2008	2007	2008	2007	2008	2007
Nordic 	261	217	24.5	11.2	308	282
Western Europe	155	153	10.5	10.6	221	212
Eastern Europe	163	123	7.0	8.4	471	392
North and South America	132	125	14.9	13.1	248	208
Parent Company	0	0	-22.3	-20.7	8	12
	711	618	34.6	22.6	1,256	1,106

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. Thus, the subsidiaries' figures are reported exclusive of
costs billed by the Parent Company. 

The Group's financials show net expenses of DKK 3.6M compared to net expenses
of DKK 3.9M in the same period last year. 

Corporation tax in profit-making foreign subsidiaries and Danish joint taxation
rules mean that the total calculated tax for Columbus IT for the period
amounted to a net income of DKK 1.3M. 

The pre-tax earnings for the period were DKK 13.8M compared to DKK 6.3M in the
same period last year. 

The result for the period was DKK 15.2M, which is an improvement of DKK 20.1M
compared to the same period last year. 

 
Regional developments

Nordic region	2008	2007
Revenues - Q1-3	DKKm	     %	DKKm	      %
Hardware 	5	2%	6	5%
Software	67	26%	63	30%
Service	9	3%	8	3%
Consultancy	180	69%	140	62%
Total	261	100%	217	100%
	Nordic region	2008	2007
Revenues - Q1-3	DKKm	       %	DKKm	     %
Dynamics AX	154	59%	126	58%
Dynamics NAV	71	27%	44	19%
Other MBS products	28	11%	31	15%
Other	8	3%	16	8%
Total	261	100%	217	100%


Q1-3/2008 revenues for the Nordic region increased by DKK 44M, corresponding to
a 20% increase compared to the same period last year. The increase is due to a
higher level of activity both in the Danish subsidiary where revenues amounted
to DKK 210.9M in Q1-3/2008 (DKK 176.7M in 2007), corres-ponding to an increase
of 19%. In the Norwegian subsidiary revenues increased by 27% compared to the
same period last year. The Nordic Region accounts for 37% of the Group's
revenues. 

The region's EBITDA increased by 119% compared to the same period last year, to
DKK 24.5M in Q1-3/2008. EBITDA in the Danish subsidiary increased by 114% to
DKK 21.3M in Q1-3/2008, while EBITDA in the Norwegian subsidiary increased by
200% to DKK 3.2M during the period. 

Western Europe	2008	2007
Revenues - Q1-3	DKKm	     %	DKKm	      %
Hardware 	0	0%	1	1%
Software	50	32%	49	30%
Service	13	8%	12	12%
Consultancy	92	59%	91	57%
Total	155	100%	153	100%
	Western Europe	2008	2007
Revenues - Q1-3	DKKm	       %	DKKm	     %
Dynamics AX	111	71%	76	52%
Dynamics NAV	43	28%	67	44%
Other MBS products	1	1%	3	2%
Other	0	0%	7	2%
Total	155	100%	153	100%


In Western Europe revenues for Q1-3/2008 amounted to DKK 155M which is a minor
increase of 1% compared to the same period last year. For Q1-3/2008, the
Group's software development company, To-Increase, had gross revenues of DKK
29.2M (DKK 27.1M in Q1-3/2007). Revenues in the British subsid-iary amounted to
DKK 35.4M in Q1-3/2008 (DKK 35.3M in Q1-3/2007). Adjusted for foreign currency
translation, revenues in the company grew by 16%. Revenues in the French
subsidiary grew to DKK 47.3M, corresponding to an increase of 10% compared to
Q1-3/2007. Revenues in the Dutch consulting unit grew by 23% to DKK 22.7M. On
the contrary, revenues in the Spanish and the Swiss subsidiaries dropped by 18%
and 27% respectively compared to Q1-3/2007. The region accounted for 22% of the
Group's revenues. 

The region's EBITDA dropped by DKK 0.1M compared to Q1-3/2007, to DKK 10.5M for
Q1-3/2008. The EBITDA of To-Increase increased by 3% to DKK 8.4M in Q1-3/2008.
EBITDA in the British subsidiary amounted to DKK 6.1M (DKK 5.9M in Q1-3/2007).
Adjusted for foreign currency translation, EBITDA in the company increased by
21% compared to Q1-3/2007. The Group's Swiss subsidiary is struggling with a
large client contract, and accordingly the EBITDA in the company has dropped
almost DKK 3.5M com-pared to Q1-3/2007. EBITDA in the Dutch consulting unit
which experienced difficulties during 2007, increased by DKK 3M to DKK 2.2M in
Q1-3/2008. Efforts to improve profitability were implemented, and the company
has maintained its positive development all through Q1-3/2008. 



Eastern Europe	2008	2007
Revenues - Q1-3	DKKm	     %	DKKm	      %
Hardware 	1	1%	1	1%
Software	64	39%	50	41%
Service	11	7%	5	4%
Consultancy	87	53%	67	54%
Total	163	100%	123	100%
	Eastern Europe	2008	2007
Revenues - Q1-3	DKKm	       %	DKKm	     %
Dynamics AX	98	60%	82	67%
Dynamics NAV	27	17%	7	6%
Other MBS products	4	2%	4	3%
Other	34	21%	30	24%
Total	163	100%	123	100%


Revenues in Eastern Europe amounted to DKK 163M for Q1-3/2008 which is an
improvement of 33% compared to Q1-3/2007. Revenues of the Russian subsidiary
increased to DKK 93 in Q1-3/2008, cor-responding to an increase of 25%. The
Lithuanian subsidiary had a growth in revenues of 150% to DKK 28.6M in
Q1-3/2008. The increase is primarily due to the acquisition of the Dynamics NAV
focused con-sultancy company as of March 1st 2008. Revenues of the Polish
company increased by 39% to DKK 16.2M in Q1-3/2008. The region accounted for
23% of the Group's revenues. 

The region's EBITDA dropped by 17% compared to the same period last year to DKK
7M in Q1-3/2008. EBITDA in the Russian subsidiary dropped from DKK 7.6M in
Q1-3/2007 to DKK 3.9M in Q1-3/2008. EBITDA in the Lithuanian subsidiary
increased by 337% to DKK 3.3M, primarily due to the above-mentioned
acquisition. 

North & South America	2008	2007
Revenues - Q1-3	DKKm	     %	DKKm	      %
Hardware 	0	0%	0	0%
Software	42	32%	44	40%
Service	3	2%	3	3%
Consultancy	87	66%	78	57%
Total	132	100%	125	100%
	North & South America	2008	2007
Revenues - Q1-3	DKKm	       %	DKKm	     %
Dynamics AX	95	72%	81	65%
Dynamics NAV	24	18%	30	24%
Other MBS products	10	8%	0	0%
Other	3	2%	14	11%
Total	132	100%	125	100%


In North and South America total revenues in Q1-3/2008 amounted to DKK 132M,
corresponding to a 5% increase compared to Q1-3/2007. Revenues in the
subsidiary in the US amounted to DKK 96.7M in  Q1-3/2008, which is the same
amount as in Q1-3/2007. However, adjusted for foreign currency transla-tion,
revenues in the company increased by 13%. Revenues in the Brazilian subsidiary
grew by 77% to DKK 15M in Q1-3/2008. Revenues in the remaining subsidiaries in
the region in total are in line with Q1-3/2007. The region accounted for 19% of
the Group's revenues. 

EBITDA in the region is up by DKK 1.8M compared to the same period last year to
DKK 14.9M in Q1-3/2008. Due to the development in the USD rate, EBITDA in the
subsidiary in the US dropped by 2% to  DKK 11.8M in Q1-3/2008. Adjusted for
foreign currency translation, EBITDA grew 15% in the company. EBITDA in the
Brazilian subsidiary has increased by DKK 1.1M to DKK 0.8M in Q1-3/2008. EBITDA
in the remaining subsidiaries in the region amounted to DKK 1.7M in Q1-3/2008,
corresponding to an in-crease of 25% compared to the same period last year. 

Before billing subsidiaries for costs, the EBITDA of the Parent Company
amounted to DKK -22.3M in Q1-3/2008, compared to DKK -20.7M in the same period
last year. 

Directed rights issues
In March 2008 Columbus IT issued shares in Columbus IT Partner A/S to settle
the purchase price relat-ing to the purchase of an additional 30% of the shares
in the Lithuanian subsidiary, UAB Columbus IT Partner, Lithuania. Please refer
to stock exchange release no. 4 of 5th March 2008. 

Accordingly, a total of 708,597 shares were issued in Q1-3/2008, which had a
positive net impact on equity of DKK 4.8M.	 


Liquidity status
Columbus IT held cash funds of DKK 41.8M on September 30th 2008 compared to DKK
39M at the same time last year. 





 
Management Report

The Board of Directors and the Executive Board have considered and approved the
interim financial re-port for the period January 1st 2008 - September 30th 2008
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 September 30th 2008, and of the
results of the Group's operations and cash flows during the period January 1st
2008 - September 30th 2008. 

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, November 12th 2008



Executive Board



Michael Gaardboe			Claus Hansen
CEO					COO



Board of Directors




Ib Kunøe	Sven Madsen	Claus Hougesen	Jørgen Cadovius
Chairman	

 
Income Statement

DKK ´000	Note	2007	Q3 2007	Q3 2008	Q1-3 2007	Q1-3 2008
 	 	 	 	 	 	 
Net revenue	2,3	892,366	186,083	217,017	617,678	711,659
External project costs	 	-250,181	-42,178	-48,591	-165,241	-183,544
Gross earnings	 	642,185	143,905	168,426	452,437	528,116
 	 		 	 		 
Staff expenses	4	-438,042	-105,694	-119,496	-319,420	-372,059
Other external costs	 	-153,771	-36,849	-45,787	-110,000	-121,453
Other operating income	 	972	0	0	0	1,344
Other operating expense	 	-318	0	-105	-417	-1,392
Earnings before depreciation (EBITDA)	 	51,026	1,362	3,037	22,600	34,556
 	 		 	 		 
Depreciation	 	-18,578	-4,307	-5,441	-12,651	-16,662
Earnings before write down of goodwill (EBITA)	32.448	-2,945	-2,403	9,949	17.893
 	 		 	 		 
Write down of goodwill 	 	-1,495	0	0	0	-675
Operating profit (EBIT)	 	30,953	-2,945	-2,403	9,949	17,218
 	 		 	 		 
Results in associated companies	263	78	143	239	159
Financial income	 	8,350	1,834	2,430	4,210	4,567
Financial expense	 	-14,470	-3,212	-3,795	-8,155	-8,117
Pre-tax earnings	 	25,096	-4,245	-3,625	6,243	13,828
 	 		 	 		 
Tax on the result of the period	 	-4,414	12	-79	-2,529	1,331
Result for the period, continued operations	20.682	-4,233	-3,704	3,714	15.158
 	 		 	 		 
Result for the period, discontinued operations	 	-14,960	-6,707	0	-8,656	0
Result for the period	 	5,722	-10,940	-3,704	-4,942	15,158
 	 		 	 		 
Allocated thus:	 		 	 		 
Shareholders of Columbus IT Partner A/S	 	5,348	-8,256	-2,164	-1,462	18,237
Minority interests 	 	374	-2,684	-1,541	-3,480	-3,079
 	 	5,722	-10,940	-3,704	-4,942	15,158
 	 		 	 	 	 
Earnings per share (EPS) of 1.25 DKK:	 		 	 	 	 
Continued and discontinued operations (EPS)	 	0.07	-0.11	-0.03	-0.02	0.24
Continued and discontinued operations, diluted
(EPS-D)	0,07	-0.11	-0.03	-0.02	0.24 
Continued operations (EPS)	 	0.27	-0.06	-0.05	0.05	0.20
Continued operations, diluted (EPS-D)	 	0.27	-0.06	-0.05	0.05	0.20


 
Balance Sheet

DKK ´000		 	2007	Q1-Q3 2007	Q1-Q3 2008
 	 	 	 	 	 
Assets 	 	 	 	 	 
 	 	 	 	 	 
Intangible assets	 	 	 	 	 
Goodwill	 	 	151,377	156,971	161,397
Royalties	 	 	141	188	41
Development projects finalized	 	 	38,116	34,421	39,934
Development projects in progress 	 	 	4,145	3,170	1,042
Other intangible assets	 	 	0	0	2,735
Total intangible assets	 	 	193,779	194,750	205,149
 	 	 	 	 	 
Tangible assets	 	 	 	 	 
Leasehold improvement	 	 	1,226	1,035	1,409
Plant and operating equipment	 	 	14,796	14,098	13,509
Total tangible assets 	 	 	16,022	15,133	14,919
 	 	 	 	 	 
Financial assets	 	 	 	 	 
Holdings in associated companies	 	 	1,520	1,426	894
Deferred tax assets	 	 	34,199	34,997	33,282
Other receivables 	 	 	4,476	8,953	4,477
Total financial assets 	 	 	40,195	45,376	38,652
 	 	 	 	 	 
Total long-term assets 	 	 	249,996	255,259	258,720
 	 	 	 	 	 
Inventories	 	 	6,655	4,696	3,981
 	 	 	 	 	 
Receivable 	 	 	 	 	 
Trade receivable	 	 	203,889	162,997	172,797
Contract work in progress	 	 	26,086	28,022	31,360
Corporation tax	 	 	4,536	3,652	3,972
Other receivables 	 	 	18,355	17,498	18,771
Accruals 	 	 	5,814	10,370	15,284
Total receivables	 	 	258,680	222,539	242,184
 	 	 	 	 	 
Cash	 	 	60,959	39,048	41,796
 	 	 	 	 	 
Total short-term assets 	 	 	326,294	266,283	287,961
 	 	 	 	 	 
Total assets 	 	 	576,290	521,542	546,681
 
Balance Sheet

DKK ´000		 	2007	Q1-Q3 2007	Q1-Q3 2008
 	 	 	 	 	 
Liabilities 	 	 	 	 	 
 	 	 	 	 	 
Equity	 	 	 	 	 
Share capital	 	 	95,580	95,580	96,466
Reserves on foreign currency translation	 	 	-5,313	-4,082	-6,460
Retained profit	 	 	123,714	116,275	145,220
Parent company shareholders' equity 	 	 	213,981	207,773	235,226
Minority interests' equity	 	 	11,558	7,521	6,049
Total equity	 	 	225,539	215,294	241,275
 	 	 	 		
Long-term debt	 	 	 		
Deferred tax 	 	 	1,139	1,014	865
Credit institutions	 	 	780	1,373	1,306
Other debt	 	 	2,025	1,872	7,510
Total long-term debt	 	 	3,944	4,259	9,681
 	 	 	 	 	 
Short-term debt	 	 	 	 	 
Short-term part of long-term debt	 	 	0	2,550	547
Credit institutions	 	 	92,775	105,407	107,101
Debt to shareholders and affiliated companies	 	 	6,487	6,210	0
Client prepayments 	 	 	37,679	30,065	29,671
Trade accounts payable	 	 	94,568	51,781	41,395
Corporation tax	 	 	728	578	584
Other debt	 	 	109,185	100,968	110,525
Accruals 	 	 	5,385	4,430	5,902
Total short-term debt	 	 	346,807	301,989	295,725
	 	 	 	 	 
Total debt	 	 	350,751	306,248	305,406
	 	 	 	 	 
Total liabilities	 	 	576,290	521,542	546,681



 
Consolidated statement of changes in equity

DKK ´000	 	 	 	 	 
 	 	 	 	 	 
2008	Share
capital	Reserves on foreign currency translation	Retained profit	Minority
interest	Equity 
 	 	 	 	 	 
Balance at January 1st 2008	95,580	-5,313	123,714	11,558	225,539
 	 	 	 	 	 
Foreign currency translation	0	-1,147	0	-399	-1,546
Other reserves	0	0	0	0	0
Net income recognized directly in equity	95,580	-6,460	123,714	11,159	223,993
Profit for the period	0	0	18,237	-3,079	15,158
Total recognized income and expense 	95,580	-6,460	141,951	8,080	239,151
 		0	0	0	0
Capital increase	886	0	3,955	0	4,841
Issue of share warrant scheme 	0	0	-686	0	-686
Disposal of minority interests 	0	0	0	-2,031	-2,031
Addition of minority interests 	0	0	0	0	0
Payment of dividends 	0	0	0	0	0
Balance at September 30th 2008	96,466	-6,460	145,220	6,049	241,275
 	 	 	 	 	 
2007	 	 	 	 	 
 	 	 	 	 	 
Balance at January 1st 2007	93,929	-1,455	108,614	10,899	211,987
 	 	 	 	 	 
Foreign currency translation	0	-2,626	0	102	-2,524
Other reserves	0	0	0	0	0
Net income recognized directly in equity	93,929	-4,081	108,614	11,001	209,463
Profit for the period	0	0	-1,462	-3,480	-4,942
Total recognized income and expense 	93,929	-4,081	107,152	7,521	204,521
 	 	 	 	 	 
Capital increase	1,651	0	9,123	0	10,773
Issue of share warrant scheme 	0	0	0	0	0
Addition of minority interests 	0	0	0	0	0
Payment of dividends 	0	0	0	0	0
Balance at September 30th 2007	95,580	-4,081	116,275	7,521	215,294


 
Consolidated cash flow statement

DKK ´000	2007	Q1-Q3 2007	Q1-Q3 2008
 			
Result for the period	20,682	3,725	15,158
 			
Adjustments	30,713	4,584	17,378
Changes in working capital	15,556	-7,028	-38,471
 			
Cash flow from operating activities bef.  financials and tax	66,951	1,281	-5,936
 			
Interest received, etc. 	8,350	4,212	4,567
Interest paid, etc. 	-14,470	-8,155	-8,117
Corporation tax paid	-5,241	-3,714	2,394
 			
Cash flow from operating activities	55,590	-6,376	-7,091
 			 
Acquisition and investment in subsidiaries 	-2,371	-1,510	-16,786
Acquisition and investment in associated companies	-321	-8,953	-156
Disposal of associated companies	963	807	2,284
Dividends received from associated companies	96	0	0
Acquisition of intangible assets 	-16,809	-8,898	-12,054
Acquisition of tangible assets	-11,323	-8,322	-5,079
Acquisition of financial assets	0	0	0
Disposal of financial assets	4,470	0	0
Disposal of intangible assets	-30	4028	0
Disposal of tangible assets	709	628	141
 			
Cash flow from investing activities	-24,616	-22,220	-31,649
 			
Proceeds from capital increase	10,774	10,773	4,841
Costs in connection with capital increase	0	-56	0
Redemption of long-term debt	7	2,386	0
Overdraft facilities	-1,230	12,056	15,399
Dividends paid to minority shareholders	-387	0	0
Settlement of payable purchase sum	-10,862	0	0
 			
Cash flow from financing activities	-1,698	25,159	20,240
 			
Cash flow from discontinued activities 	-13,322	-182	0
 			
Net increase in cash funds	15,954	-3,619	-18,500
 			
Cash funds at the beginning of the period	43,633	43,633	60,959
Exchange rate adjustments 	1,372	-966	-663
 			
Cash funds at the end of the period	60,959	39,048	41,796
 			
Cash funds total effect on the cash flow statement during the period:	 	 	 
 			
Cash flow from operating activities	42,268	-6,558	-7,091
Cash flow from investing activities	-24,616	-22,220	-31,649
Cash flow from financing activities	-1,698	25,159	20,240
 			
Net increase in cash funds	15,954	-3,619	-18,500



 
Note 1: Accounting policies

The interim financial report is prepared in accordance with IAS 34 "Interim
Financial Reporting" and addi-tional Danish disclosure requirements to the
interim financial reports for listed companies. 

It is the first time that the Group presents an interim report in accordance
with IAS 34, which compared to previous interim reports has entailed a more
detailed presentation of statement of movements in equity and cash flow
statement and more detailed notes for specific areas. Comparative figures in
the interim financial report are adjusted to reflect the changed presentation. 

The accounting policies applied in the interim financial report are unchanged
with respect to the Compa-ny's Annual Report for 2007. For more information on
the accounting policies, we refer to our Annual Report for 2007. 

 
Note 2: Segment data

Group management and reporting are separated into four geographical regions
which constitute the Group's primary segmentation, and two horizontal business
activities which constitute the Group's sec-ondary segmentation. 

Primary segment - Geographical regions
Q1-3 2008	Nordic region	Western Europe	Eastern Europe	North and South 
America	Continued operations 
Gross revenues	266,761	165,198	166,445	135,798	734,202
Revenues among segments	5,387	9,811	3,658	3,686	22,543
Net revenues	261,374	155,387	162,786	132,112	711,659
 					
Gross earnings	196,738	119,097	115,065	97,216	528,116
Operating profit (EBIT)	11,648	-4,292	-241	10,102	17,218
Results in associated companies	159	0	0	0	159
Pre-tax earnings	12,987	-4,975	-407	6,222	13,828
Result for the period	16,995	-5,254	-743	4,160	15,158
 					
Segment assets	238,893	138,173	89,082	80,533	546,681
Segment liabilities	84,039	103,611	67,009	50,746	305,406
Capital investments	1,383	1,099	2,265	332	5,079
Depreciation	2,939	10,014	2,528	1,181	16,662
Amortization	675	0	0	0	675
Holdings in associated companies	894	0	0	0	894
 	 	 	 	 	 
 	 	 	 	 	
Q1-3 2007	 	 	 	 	 
Gross revenues	221,509	162,231	125,197	126,362	635,299
Revenues among segments	4,684	8,803	2,495	1,633	17,614
Net revenues	216,825	153,428	122,703	124,729	617,685
 					
Gross earnings	158,879	115,804	87,501	90,239	452,423
Operating profit (EBIT)	7,094	-9,269	3,268	8,865	9,958
Results in associated companies	239	0	0	0	239
Pre-tax earnings	5,645	-9,468	2,904	7,173	6,254
Result for the period	6,044	-9,520	2,550	4,651	3,725
 					
Segment assets	254,257	135,654	63,956	67,903	521,771
Segment liabilities	119,133	99,217	46,136	41,991	306,477
Capital investments	3,251	1,989	1,250	1,832	8,322
Depreciation	-5,367	15,384	1,750	881	12,648
Amortization	0	0	0	0	0
Holdings in associated companies	1,426	0	0	0	1,426
 	 	 	 	 	 


 
Note 2: Segment data, continued

2007	Nordic region	Western Europe	Eastern Europe	North and South 
America	Continued operations 
Gross revenues	339,941	229,617	183,999	170,130	923,688
Revenues among segments	5,379	18,117	4,090	3,735	31,321
Net revenues	334,562	211,501	179,909	166,394	892,366
 	 	 	 	 	 
Gross earnings	231,097	163,281	126,877	120,929	642,185
Operating profit (EBIT)	7,849	4,557	9,558	8,989	30,953
Results in associated companies	263	0	0	0	263
Pre-tax earnings	6,332	3,628	9,141	5,994	25,095
Result for the period	5,507	4,894	7,151	3,129	20,682
 	 	 	 	 	 
Segment assets	273,108	149,385	82,401	71,396	576,290
Segment liabilities	136,392	108,545	59,489	46,326	350,751
Capital investments	4,745	2,464	1,915	2,199	11,323
Depreciation	3,896	10,646	2,285	1,752	18,578
Amortization	-289	-985	-221	0	-1,495
Holdings in associated companies	1,520	0	0	0	1,520
 	 	 	 	 	 


Secondary segment - activities
Q1-3 2008		ISV 
business	VAR 
business	Eliminations	Continued operations
	 	 	 	 	 
Net revenues	 	29,201	705,001	-22,543	711,659
Segment assets	 	51,255	495,426	0	546,681
Capital investments	 	405	4,674	0	5,079
 	 				
 	 				
Q1-3 2007	 				
Net revenues	 	27,065	608,234	-17,614	617,685
Segment assets	 	46,518	475,252	0	521,771
Capital investments	 	117	8,205	0	8,322
 	 	 	 	 	 
 	 	 	 	 	 
Year 2007	 	 	 	 	 
Net revenues	 	39,890	883,797	-31,322	892,366
Segment assets	 	54,510	521,780	0	576,290
Capital investments	 	264	11,059	0	11,323



 
Note 3: Net sales

DKK ´000	2007	Q1-Q3 2007	Q1-Q3 2008
 	 	 	 
Sale of products:	 	 	 
Hardware	18,372	7,327	6,064
Software	175,868	126,745	136,501
Subscriptions	128,367	78,552	85,955
Total sale of products	322,607	212,624	228,520
 	 		
Sale of services:	 		
Service- and hotline subscriptions	37,886	25,450	36,322
 	 		
Sales value of completed consulting projects (services):	 		
Sales value of finished projects	509,435	355,836	431,583
Change in contract work in progress 	22,439	23,774	15,233
Total sale of services	569,760	405,060	483,139
 	 		
Total net sales	892,367	617,685	711,658
			
			
Contract work in progress at beginning of the period	19,251	19,251	41,690
Contract work in progress at end of the period	41,690	43,025	56,923
Total change in contract work in progress	22,439	23,774	15,233

 
Note 4: Incentive Scheme

A senior executive has been granted an incentive scheme containing a share
warrant scheme. The share warrant scheme is granted at the market share prices.
The share warrant scheme is based on two criteria: employment and results
achieved. The share warrant scheme will not be adjusted for capital increases. 

On the basis of a Black & Scholes' calculation, the scheme has a total forecast
market value of DKK 1.5M that will be expended in 2008 and 2009. 

Specification of outstanding warrants	Senior
executive	Total 
Numbers	Exercise rate per warrant
 	No.	No. 	DKK
 	 	 	 
Outstanding at January 1st 2008	720,000	720,000	7.44
Granted during the period	0	0	0.00
Used	0	0	0.00
Annulled during the period	0	0	0.00
Outstanding at September 30th 2008	720,000	720,000	7.44
 	 	 	 
Outstanding at January 1st 2007	0	0	0.00
Granted during the period	0	0	0.00
Used	0	0	0.00
Annulled during the period	0	0	0.00
Outstanding at September 30th 2007	0	0	0.00

The Black-Scholes' calculation is based on a future volatility of 38% and a
risk-free interest rate of 4.1%. The interest carrying volatility is based on
the historic volatility. 

 
Note 5: Trade receivable

DKK ´000	2007	Q1-Q3 2007	Q1-Q3 2008
 	 	 	 
Receivables (gross) at September 30th   	217,587	212,039	191,695
 	 	 	 
Allowance for doubtful debts at January 1st  	13,364	13,364	13,699
Change in allowance for doubtful debts during the period	1,380	-2,878	7,328
Loss realized during the period	-1,045	-1,103	-2,129
Allowance for doubtful debts at September 30th 	13,699	9,383	18,898
 	 	 	 
Balance at September 30th 	203,888	202,656	172,797

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.