Highly satisfactory first half-year performance
Summary The financial performance was highly satisfactory in the first half-year and business activity continued to perform strongly. H1 revenue was up by 40% to EUR 73.5m (excluding the impact of the recently divested IT2 business). The H1 EBIT was EUR 16.5m, an improvement of EUR 6.8m. SimCorp upgrades expectations and now projects 2007 revenue of EUR 150-160m against the previous forecast of around EUR 146m and an EBIT margin around 24% against the previous forecast of around 20%. - - - SimCorp's Board of Directors today reviewed and approved the Group's interim report for H1 2007 and the three months ended 30 June 2007. After the sale of the IT2 business effective at the beginning of July 2007, see announcements no. 9 and 11, the IT2 business is recognised under assets held for sale and is not included in revenue and EBIT. Comparative historical financial information has been restated to reflect the sale of the IT2 business. Highlights of the report are: * H1 revenue was up by 40% over H1 2006 to EUR 73.5m. Page 5 * The H1 order intake was EUR 21.6m, which was 5% less than in H1 2006. The order book decreased by EUR 3.5m during the half-year to stand at EUR 20.8m at 30 June 2007. Income recognised from licences and add-on licences amounted to EUR 24.9m in H1, a 51% improvement relative to H1 2006. Page 5 * The level of sales and supply of professional services remained high. Professional fees were EUR 25.5m in H1, up 44% relative to the year-earlier period. Maintenance income was up by 26% relative to H1 2006. Page 5 * H1 EBIT was EUR 16.5m, an improvement of EUR 6.8m, or 70%, relative to the same period of last year. Page 6 * The sale of the IT2 business in July improved liquidity by EUR 11m and added EUR 7.5m to equity. Page 7 * SimCorp now projects 2007 revenue of EUR 150-160m and an EBIT margin around 24%. At 30 June 2007, contracts equalling EUR 117.8m of the revenue projected for 2007 had been secured, EUR 24.7m more than at the same time last year. The Group's pipeline of potential licence contracts is performing satisfactorily. Page 7 Investor meeting SimCorp's Management Board will present the interim report at an investor presentation to be held on Wednesday, 22 August 2007 at 2 p.m. at OMX Nordic Exchange Copenhagen, Nikolaj Plads 6, 1067 Copenhagen K. The meeting will be open to the public. An electronic meeting facility has been set up through webcast (link: http://webcast.zoomvision.se/denmark/clients/simcorp/070822/). Fifteen minutes after conclusion of the meeting, Peter L. Ravn, CEO of SimCorp, tel. +45 4076 1841 and Thomas Bry, Senior Vice President of SimCorp, tel. +45 2092 7454 will be available for questions. The presentation will be available afterwards via SimCorp's website www.simcorp.com.