EDB Business Partner ASA FIRST QUARTER 2005 INTERIM REPORT

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1 - 1 - EDB Business Partner ASA FIRST QUARTER 2005 INTERIM REPORT Growth in revenues and profit as a consequence of acquisitions Successful integration of acquired businesses and subsequent cost reductions Increased activity in the Swedish banking and financing market through two new contracts Growth of 6% for IT-services still expected in the Nordic market NOK million Q Q1 2004* 2004* Operating revenue Operating costs Operating profit before amortisation (EBITA) EBITA % 8.5 % 8.5 % 10.1 % EBIT Profit before tax Cash flow from operations Operational investments (CAPEX) Earnings per share (NOK) No. of employees * IFRS adapted EDB Business Partner reported operating revenue for the first quarter of 2005 of NOK 1,231 million as compared to NOK 1,047 million in the same quarter of Adjusting for businesses sold, operating revenue was up by 31% from the same quarter of Revenue for IT Operations was approximately 35% higher than in the first quarter of 2004, principally due to the activities acquired from Telenor Operating Services Division, IBM and Capgemini. The Solutions business area reported operating revenue 15% higher than for the same quarter last year, principally due to the activities acquired from IBM, while the remaining part of the Telecom business area reported a 22% increase in revenue as a result of new contracts in the Network Inventory Management Systems (NIMS) area. The group reports operating profit before intangible asset amortisation (EBITA) of NOK 104 million for the quarter, as compared to NOK 89 million for the first quarter of The group s EBITA margin was 8.5% for the quarter, in line with IFRS-adapted EBITA margin for the same quarter last year but higher than the reported EBITA margin of 7.6% in the first quarter of The IT Operations business area produced an EBITA margin of 8.8%, which is 0.4 percentage points above the same quarter last year. The Solutions business area reported an EBITA margin of 13.2% as compared to an IFRS-adapted EBITA margin of 14.0% for the same period last year, but the first quarter margin is higher than the reported EBITA margin according to NGAAP of 9.3% in the first quarter of The remaining part of the Telecom business reported a profit for the first quarter, but this area s earnings are still not at a satisfactory level. Ordinary depreciation of tangible fixed assets increased from NOK 48 million in the first quarter of 2004 to NOK 73 million in the first quarter of 2005, principally due to transferred assets in connection with acquisitions and new customer contracts that are depreciated over a shorter period than other operational investments.

2 - 2 - Amortisation of intangible assets in the first quarter of 2005 totalled NOK 23 million, and relates to value of customer contracts and software linked to the activities acquired from IBM and Capgemini. The amortisation of intangible assets reported for the first quarter of 2004 in accordance with former accounting principles amounted to NOK 38 million and related mainly to goodwill, which is not subject to amortisation in accordance with IFRS. Operating profit (EBIT) for the first quarter of 2005 was NOK 81 million as compared to NOK 88 million in the first quarter of Net financial items represented a charge of NOK 16 million, in line with the same quarter last year. Net interest expense was NOK 6 million, down from NOK 10 million in the same quarter of The reduction relates to interest rate hedging that caused higher interest costs in Realised and unrealised currency losses were NOK 9 million in the first quarter of 2005, as compared to NOK 4 million in the first quarter of The group reports a post-tax profit for the first quarter of 2005 of NOK 44 million as compared to NOK 51 million for the same quarter in Earnings per share amounted to NOK 0.49 for the quarter as compared to NOK 0.56 for the first quarter of The group s headcount increased from 2,480 at 31 December 2004 to 2,999 at 31 March 2005 as a result of the businesses activities acquired from IBM and Capgemini, which caused an increase in headcount of 541. Cash flow and liquidity The group generated cash from operations of NOK 58 million in the first quarter of This represents an increase of NOK 6 million from the first quarter of 2004 despite an increase in working capital during the quarter in connection with the business activities acquired. Net interest-bearing liabilities totalled NOK 655 million at 31 March 2005, up by NOK 27 million from the close of the fourth quarter The increase relates to additional working capital requirements in the Swedish operations as a result of the business activities acquired. At 31 March 2005 the group s liquidity reserves totalled NOK 808 million, of which NOK 605 million was undrawn credit facilities. Investment Investment in operations-related fixed assets amounted to NOK 66 million in the first quarter of 2005 as compared to NOK 32 million in the same quarter of The increase in investment results from the business activities acquired by the IT Operations business area and a generally high level of customer activity. Order backlog The group s order backlog amounted to NOK 13,007 million at 31 March 2005, including NOK 706 million of contracts taken over from IBM and Capgemini and an increase of NOK 222 million for the Solutions business area as a result of the change in income recognition principles under IFRS. Of the total backlog, NOK 11,098 million relates to the IT Operations business area, NOK 1,071 million relates to Solutions and NOK 132 million relates to Telecom.

3 - 3 - The group s business areas IT Operations This business area comprises both the centralised and remote operation of computer systems, data communications and services related to backup and publishing. The activities of the IT Operations business area cover all industries and sectors, and it operates in Norway and Sweden. NOK million Q1'05 Q1'04* 2004* Operating revenue Salaries and related costs Ordinary depreciation Other operating costs Total operating costs Operating profit before amortisation (EBITA) EBITA % 8.8 % 8.4 % 9.4 % Operational investments (CAPEX) No. of employees * IFRS adapted The IT Operations business area reported operating revenue of NOK 944 million in the first quarter of 2005 as compared to NOK 712 million in the same quarter of This represents revenue growth of around 35% from the first quarter of 2004 after adjusting for activities transferred to Solutions. The growth in revenue relates to the acquisition of Telenor Operating Services Division and the activities acquired from IBM and Capgemini. The revenue expected in 2005 for the activities acquired from IBM has been revised to approximately NOK 450 million, and will be split approximately 45% and 55% between the Solutions and IT Operations business areas. Salaries and related costs increase only by 28% as compared to first quarter 2004 due to a reorganisation of the staff and support functions, which are reported as group functions and charged back to the business area as other operating costs. Other operating costs are also influenced by an increase in use of consultants as a consequence of the implementation of larger projects. Operating profit before intangible asset amortisation (EBITA) was NOK 83 million in the first quarter of 2005, an increase of NOK 23 million (38%) from NOK 60 million in the first quarter of The EBITA margin for the first quarter was 8.8% as compared to 8.4% for the same quarter in This improvement is mainly the result of increased activity as well as continuing cost control. Operational investments were higher than the same quarter last year as a result of acquisitions, larger contracts in the group's Swedish activities, and also reflect an unusually low level of investment in the first quarter of 2004.

4 - 4 - Solutions With effect from the start of 2005, the group has brought all its applications-related activities together in a single business area, Solutions. In addition to Bank & Finance and Telecom, the new unit principally includes the applications business acquired from IBM. The Solutions business area comprises the sale of software, systems and consultancy services to the Bank and Finance, Distribution, Industry and Public and Telecom sectors. The Telecom business will continue to be reported separately from the other parts of the business area. Solutions excluding Telecom NOK million Q1'05 Q1'04* 2004* Operating revenue Salaries and related costs Ordinary depreciation Other operating costs Total operating costs Operating profit before amortisation (EBITA) EBITA % 13.2 % 14.0 % 19.5 % Operational investments (CAPEX) No. of employees * IFRS adapted The Solutions business area reported operating revenue of NOK 250 million in the first quarter of 2005 as compared to NOK 207 million in the same quarter of After adjusting for activities transferred from IT Operations, operating revenue showed growth of around 15% from the first quarter of The increase in operating revenue relates to the business acquired from IBM. A new contract was signed with Sparebanken Møre in the first quarter, and additional contracts for new applications areas were signed with Sparebanken 1 and Terra-Gruppen. A strategically important contract was agreed in April 2005 with Skandinaviska Enskilda Banken (SEB) to develop a new Internet banking solution for part of SEB's activities outside Sweden. The revenue expected in 2005 for the activities acquired from IBM has been revised to approximately NOK 450 million, and will be split approximately 45% and 55% between the Solutions and IT Operations business areas. Salaries and related costs increase only by 11% as compared to first quarter 2004 due to a reorganisation of the staff and support functions, which are reported as group functions and charged back to the business area as other operating costs. The business area produced an operating profit before intangible asset amortisation (EBITA) of NOK 33 million for the first quarter of 2005 as compared to NOK 29 million for the equivalent quarter of The quarter s operating profit represents an EBITA margin of 13.2%, as compared to an EBITA margin of 14.0% for the same quarter last year. The transition to IFRS has caused changes, in some cases quite significant, in the way revenue is recognised on development contracts carried out by Solutions. Relative to the former accounting principles, the new treatment causes a reduction in revenue and EBITA in the first quarter of 2005 of NOK 6 million, while the equivalent changes to the first quarter of 2004 cause an increase in revenue and EBITA of NOK 11 million. After adjusting for this, the business area shows an improvement in earnings and margin for the first quarter of 2005.

5 - 5 - Telecom This activity is part of the Solutions business area and comprises the sale of software, systems and consultancy services to the telecommunications sector, with a focus on Mediation and Network Inventory Management Systems in the Revenue Assurance product area. Telecom operates mainly in Norway and the USA. NOK million Q1'05 Q1'04* 2004 Operating revenue Salaries and related costs Ordinary depreciation Other operating costs Total operating costs Operating profit before amortisation (EBITA) EBITA % 3.2 % 8.1 % 5.7 % Operational investments (CAPEX) No. of employees * IFRS adapted The Telecom business area reported operating revenue for the first quarter of 2005 of NOK 57 million as compared to NOK 153 million in the same period of The reduction in revenue is a result of the sale to Accenture of the business area s System Integration activities with effect from the second quarter of After adjusting revenue figures by NOK 106 million for the business divested, Telecom shows a 22% increase in operating revenue from the first quarter of Telecom secured a number of strategically important contracts in the NIMS area in the fourth quarter of 2004, and the increase in revenue reported for the first quarter of 2005 is largely the result of these contracts. The Telecom business area produced an operating profit before intangible asset amortisation (EBITA) of NOK 2 million, as compared to NOK 12 million for the first quarter of The reduction is due to the sale of the Systems Integration area. The remaining activities have shown a relative improvement from a loss in the first quarter of 2004 as a result of a number of cost saving measures implemented since autumn However, profitability in this area is still not satisfactory. Parent company/other Parent company/other reported an operating loss before intangible asset amortisation (EBITA) of NOK 13 million in the first quarter of 2005, in line with the first quarter of Other matters As part of the company s share option program of up to 1.9 million options, the Executive Management and approximately 50 other key employees have been granted 1,678,176 share options as at 31 March NOK 3.5 million was charged to the first quarter 2005 accounts in respect of the accrued value of the options granted including estimated employer's contribution. The total amount was allocated between the parent company and the relevant business areas. EDB Business Partner has prepared its first quarter 2005 interim accounts in accordance with IFRS, and comparable historic figures presented have been restated in accordance with IFRS. Information on the changes made to the historic figures and the IFRS opening balance sheet can be found in a separate document "EDB Transition to IFRS" dated 25 April 2005, and in Note 26 to the 2004 Annual Report and Accounts. This interim report is published in accordance with the accounting standard for interim reporting.

6 - 6 - Future prospects We believe that macroeconomic conditions in our markets will remain positive throughout 2005 and into We have not changed our view on the prospects for the Nordic IT market in general and the segments of the market in which we operate in particular for 2005, and we still expect market growth in line with The IT Operations business area continues to expect that it will achieve faster growth in operating revenue in 2005 than the market as a whole. This view is supported by the positive effect of the businesses acquired in 2004 and the business area's access to potential new projects in the Norwegian market and, to some extent, the Swedish market. The consolidation expected in the Nordic market may create further pressure on prices in both Norway and Sweden over time. The effect of price pressure on operating revenue has so far been offset in terms of profit margin through cost savings by consolidating software and hardware environments and by improving the efficiency of both operational and support functions. Cost saving is a continuous process in the business area in order to ensure EDB's competitiveness in the Nordic market. The Solutions business area expects the improving trend reported for the first quarter to continue over the next quarters. New contracts signed with Swedish customers in recent months demonstrate that the business area's sustained marketing activities combined with its strong position in the Norwegian banking and finance market are now beginning to produce results in the Swedish market. The business area believes that, over time, it will benefit from the successively stronger position the group is building in the distribution and industry sectors by winning operating services contracts in both Norway and Sweden. The business area's business in the public sector is developing as expected when these activities were acquired from IBM. We expect to make sound progress in the public sector market in due course. Oslo, 25 April 2005 The Board of Directors of EDB Business Partner ASA

7 - 7 - EDB Business Partner Analysis by business area (NOK million) Operating revenue: Q1'05 Q1' Q4'04 Q3'04 Q2'04 Q1'04 Q4'03 Q3'03 Q2'03 Q1'03 IT OPERATIONS SOLUTIONS TELECOM BUSINESS CONSULTING ADMINISTRATION NETTING EDB GROUP Operating profit before amortisation (EBITA) Q1'05 Q1' Q4'04 Q3'04 Q2'04 Q1'04 Q4'03 Q3'03 Q2'03 Q1'03 IT OPERATIONS SOLUTIONS TELECOM BUSINESS CONSULTING ADMINISTRATION EDB GROUP Operating margin: Q1'05 Q1' Q4'04 Q3'04 Q2'04 Q1'04 Q4'03 Q3'03 Q2'03 Q1'03 IT OPERATIONS 8.8 % 8.4 % 9.4 % 10.0 % 10.1 % 8.9 % 8.4 % 9.6 % 9.2 % 8.6 % 7.3 % SOLUTIONS 13.2 % 14.0 % 19.5 % 21.4 % 25.8 % 16.6 % 14.0 % 14.1 % % 7.6 % -7.5 % TELECOM 3.2 % 8.1 % 5.7 % 8.5 % -2.5 % 3.1 % 8.1 % 11.1 % 10.2 % 11.5 % 7.7 % BUSINESS CONSULTING 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % % -1.7 % EDB GROUP 8.5 % 8.5 % 10.1 % 11.1 % 11.7 % 9.1 % 8.5 % 9.5 % -4.5 % 5.5 % 4.0 %

8 - 8 - EDB Business Partner Profit and loss account NOK million Q1'05 Q1' Operating revenue Cost of goods sold Salaries and related costs Other operating costs Operating profit bef. depreciation (EBITDA) Ordinary depreciation Operating profit bef. amortisation (EBITA) Profit from divestments Amortisation of intangible assets Operating profit (EBIT) Write-down of financial fixed assets Net financial items Ordinary profit before tax (EBT) Tax Minority interests Profit after tax Balance sheet NOK million Goodwill Other intangible assets Tangible fixed assets Financial fixed assets Total fixed assets Accounts receivable Other current receivables Liquid assets Total current assets Total assets Paid-in capital Minority interests Total equity Provisions Other non-interest bearing liabilities Loan on special conditions Other interest bearing liabilities Total long-term liabilities Accounts payable Deductions and duties payable Other non-interest bearing liabilities Interest bearing liabilities Total current liabilities Total equity and liabilities

9 - 9 - EDB Business Partner Cash flow analysis NOK million Q1'05 Q1' Net cash flow from operations Operational investments Sale of fixed operating assets 0-2 Acquisition of businesses Sale of businesses Net cash flow from investments Debt repayment New borrowing Net cash flow from financing Net change in liquid assets Liquid assets at start of period Currency translation difference on liquid assets Liquid assets at end of period Key figures Q1'05 Q1' Key figures per share (NOK) Earnings Diluted earnings EBITDA Cash from operations Book equity Other key figures: EBITA-margin 8.5 % 8.5 % 10.1 % Return on invested capital (ROIC) 20.0 % 21.2 % 22.9 % Equity ratio 34 % 35 % 33 % Gearing Net interest bearing debt (NOK mill) Average number of shares Average number of shares incl. dilution Reconciliation of changes in equity (excl. minority interests) NOK million Equity at Profit for the year Implementation effect IAS Option program employees Restatement differences Equity at

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