Ctac N.V. — Earnings Release 2008

Nov 13, 2008

Total number of pages: 2

P R E S S R E L E A S E

's-Hertogenbosch, 13 November 2008

Ctac books good results in 3rd quarter

Key figures

(x EUR million)	Q3-2008	Q3-2007	∆	9 months 2008	9 months 2007	∆
Turnover	17.4	12.6	+38%	52.5	34.9	+50%
Operating result	1.6	0.7	+	5.9	2.2	+
Net result	0.9	0.3	+	3.7	1.0	+

Key developments

• Turnover up 38% compared with the third quarter of 2007; organic growth of 35% due to greater demand across the board
• Operating result in the third quarter more than doubled to EUR 1.6 million; operating margin increased strongly to 9.2%, from 5.6%
• Outlook for the full year 2008: turnover increase of 40%-45%, operating margin of approximately 11%

SAP / ERP services provider Ctac booked a 38% increase in turnover to EUR 17.4 million in the 3rd quarter of 2008. Organic growth was 35% on the back of greater demand for Ctac services across the board.

The strong growth, which was also accompanied by an improvement in efficiency resulted in a tripling of net profit to EUR 0.9 million in the third quarter. This implies that the strong progress booked in the first half was continued in the third quarter. Ctac employed a staff of 440 as per 30 September 2008.

Turnover and results (nine-month basis)

In the first nine months of 2008, turnover was up 50%, while the operating result increased to EUR 5.9 million, from EUR 2.2 million. The operating margin increased to 11.2% from 6.4%, as a result of higher capacity utilisation levels and improved efficiency. In this context, it should be noted that the results in the first nine months of 2007 were pressured by investments in the back-office systems which were necessitated by the continuing strong growth of the organisation.

Net profit after deduction of third party share came in at EUR 3.7 million, compared with EUR 1.0 million in the first nine months of 2007. This translates to net earnings per weighted average outstanding ordinary share of EUR 0.33.

The average number of outstanding shares in the first nine months of the year was 11,099,929. The total number of outstanding ordinary shares at the end of September was 12,076,459.

Outlook

To date, Ctac hardly suffered any adverse impact on the orderintake from the deterioration in economic conditions. Nonetheless, Ctac recognizes the importance of its ability to react in a flexible manner to changing market circumstances. In the past years, Ctac has focused on increasing the variable elements of its total cost structure. Furthermore, Ctac aims at 15% to 20% of its total capacity need to be filled in by external staff. In this way, fluctuations in demand can be absorbed without having too much impact on the capacity utilisation of own staff.

On the basis of the new organisational model, considerable attention wil be devoted to further boosting the profile of Ctac as SAP/ERP specialist, the expansion of market positions and utilising cross-selling opportunities between the various divisions.

Barring unforeseen circumstances. Ctac expects turnover growth for the full year 2008 of 40% - 45% compared with 2007. The operating margin is expected to come in at approximately 11%, compared with 7% in 2007.

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About Ctac

Ctac is an ICT services provider specialising in ERP solutions. Activities include implementation, integration and management of among other things SAP systems and related activities such as system upgrades and system optimisations. The company is a SAP Gold Partner and the largest SAP reseller for medium-sized enterprises in the Netherlands. Ctac Belgium is Silver Partner of SAP. Ctac's clients include approximately 600 organisations in trade and industry, of each size and in several sectors. Ctac employed a staff of 440 as per 30 September 2008. Ctac is active in the Netherlands, Belgium and Germany with its corporate headquarters based in 's-Hertogenbosch (the Netherlands). Ctac is listed on Euronext Amsterdam (ticker: CTAC). For more information, please visit: www.ctac.nl.

For more information, please contact:

Ctac N.V. Goudsbloemvallei 30 Postbus 773 5201 AT 's-Hertogenbosch www.ctac.nl

Jan-Willem Wienbelt – CEO T. +31 (0)73-692 06 92 E. info@ctac.nl

Bart Hogendoorn – CEO T + 31 (0)73-692 06 92 E. info@ctac.nl