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SimCorp A/S (CPH:SIM) Summary SimCorp's business performed satisfactorily in the first six months of the year. H1 revenue was up by 11% compared with the year-earlier period to EUR 81.7m. As a result of the scheduled staff intake over the past 12 months costs were higher in H1, bringing EBIT for the six-month period to EUR 13.1m, a decrease of EUR 3.3m. As a result of the continued difficult market conditions for SimCorp's customers and hence increased uncertainty regarding SimCorp's order intake in the second half-year of 2008, the company adjusts its projections for 2008 and now projects revenue in the EUR 170 - 180m range against the previous forecast of EUR 175 - 185m and with an EBIT margin of 21 - 24% against the previous forecast of 22 - 25%. - - - SimCorp's Board of Directors today considered and approved the Group's interim report for the six months ended 30 June 2008. Highlights of the report are: * H1 revenue was up 11% y/y to EUR 81.7m. Q2 revenue was up 9% compared with Q2 2007 to EUR 44.8m. Page 5 * Income recognised from licences and add-on licences amounted to EUR 25.6m in the six-month period, an increase of 3% y/y. H1 order intake was EUR 20.3m which was 3% less than in H1 2007, while Q2 order intake increased 61% y/y. The order book increased by EUR 1.5m in Q2 to stand at EUR 19.5m at 30 June 2008. Page 4 * The level of sales and supply of professional services remained high. Professional fees for the first six months of the year were EUR 27.5m, up 8% relative to the year-earlier period. Maintenance income was up by 23% relative to the same period of last year. Page 5 * H1 EBIT was EUR 13.1m, which was better than planned but a decline of EUR 3.3m, or 20%, relative to the same period of last year. This was mainly attributable to scheduled higher costs related to the intake of a total of 198 employees in H2 2007 and H1 2008. Page 7 * In the first half-year, SimCorp acquired 83,865 treasury shares for a total amount of EUR 10.6m. * SimCorp now projects revenue in the EUR 170 - 180m range with an EBIT margin of 21 - 24%. At 30 June 2008, contracts equalling EUR 132.3m of the revenue projected for 2008 had been secured, EUR 14.5m more than at the same time last year. Contractually secured full-year revenue accounted for the same proportion of the projected full-year revenue as in the same period of last year. The Group's pipeline of potential licence contracts is performing satisfactorily. Page 8 Investor meeting SimCorp's Executive Management Board will present the interim report at an investor presentation to be held on Friday, 22 August 2008 at 9:00 a.m. at OMX Nordic Exchange Copenhagen, Nikolaj Plads 6, 1067 Copenhagen K. An electronic meeting facility has been set up through webcast (link: http://webcast.zoomvision.se/denmark/clients/simcorp/080822/). The meeting will be open to the public. Fifteen minutes after conclusion of the meeting, Peter L. Ravn, CEO, tel. +45 4076 1841, Niels Beck, Senior Vice President, tel. +45 2270 1433 and Thomas Bry, Senior Vice President, tel. +45 2092 7454 will be available for questions. The presentation will be available afterwards via SimCorp's website www.simcorp.com.
