Lavide Holding N.V.

Earnings Release • Jul 24, 2008

Qurius H1 results 2008

(in EUR x 1,000)	H1 2008	H1 2007	% change
Net sales	73,577	50,613	45%
EBIT	3,005	2,441	23%
Result after taxes	1,686	1,223	38%
Earnings per share (in EUR)	0.02	0.01	25%

24 July 2008 – In the first half year of 2008, Qurius showed a solid increase in net sales of 45% towards EUR 73.6 million (H1 2007: EUR 50.6 million). Organic growth is 10%. EBIT level was EUR 3.0 million (H1 2007: EUR 2.4 million). The EBIT margin showed a decline towards 4.1%, compared to 4.8 % in the first half year of 2007. In the first six months of 2008, result after taxes amounted to EUR 1.7 million (H1 2007: EUR 1.2 million).

Although net sales are in line with our expectations, the EBIT-margin still is far off from the 9% Qurius is aiming for by the end of 2010. License sales have been below our expectations in the second quarter of 2008. Qurius does not recognise this as a trend that will continue in the second half of the year. In the first six months of 2008 services revenue was good, which was also the result of the licenses sales peak in the last quarter of 2007. Also for the second half of 2008 Qurius has a healthy backlog of service-contracts. Overall the profitability of the operations outside the Netherlands is still too low.

Fred Hermans, CEO: "The Qurius net sales growth is in line with our expectations, especially where it concerns services, maintenance and hardware. License sales have been slightly disappointing, which is one of the causes of a lower EBIT-margin compared to 2007-H1. In each of the international operations with profitability-issues, we are implementing measures for improvement.

In view of the delay in the improvement of EBIT-margins and in the light of the current economic uncertainties, we focus on improving profitability first and not on top line growth. In the second half of 2008 we therefore will reconsider our acquisitive growth scenario and our midterm net sales objective of EUR 250 - 300 million in 2010 in the second half of 2008. By properly integrating and aligning last year's acquired operations, by improving the effectiveness of our sales teams and by creating excellence in our delivery operations, we aim to achieve our margin objectives of an EBIT on net sales of 9% in 2010."

Qurius organises an analyst presentation and live audio webcast on its H1 results 2008 on 24 July at 2 pm (CET). Please find the link to the live audio webcast of this presentation on www.qurius.com/europe

Profit & loss account

(in EUR x 1,000, except percentages)	H1 2008	H1 2007	% change
Net sales	73,577	50,613	45%
Cost of sales	21,745	14,781	47%
Gross margin	51,832	35,832	45%
(as % of net sales)	70%	71%
Cost of personnel	40,004	27,846	44%
Other operating expenses	7,001	4,135	69%
Operating expenses	47,005	31,981	47%
EBITDA	4,827	3,851	25%
(as % of net sales)	6.6%	7.6%
Depreciation and amortisation	1,822	1,410	29%
EBIT	3,005	2,441	23%
(as % of net sales)	4.1%	4.8%
Financial income and expenses	-563	-694	-19%
Result before taxation	2,442	1,747	40%
Taxation	-701	-524	34%
Third party interest	-55	0
Result after taxes	1,686	1,223	38%
(as % of net sales)	2.3%	2.4%

The profit and loss account shows an overall increase, partly as a result of the acquisitions of last year. Çedilla, Ibitec and Wilhelm + Zeller are consolidated as per 1 July 2007 and Cabus is consolidated as per 1 November 2007. All these acquisitions are not included in the figures of the first half year of 2007. The first half year results of 2007 have been adjusted for the harmonisation of result recognition of maintenance contracts and the amortisation of intangible assets over the year.

Net sales segmentation

The net sales by category for the periods indicated are presented below.

(in EUR x 1,000, except percentages)	H1 2008	H1 2007	% change
Software licenses	10,418	9,256	13%
Maintenance	11,886	9,710	22%
Services	46,316	28,652	62%
Hardware	4,957	2,995	66%
	73,577	50,613	45%

The net sales split between the international activities for the periods indicated are presented below.

(in EUR x 1,000, except percentages)	H1 2008	H1 2007	% change
Netherlands	32,560	28,597	14%
Germany	14,619	3,141	365%
Spain	8,414	7,597	11%
Other international activities*	17,984	11,278	59%
	73,577	50,613	45%

The EBIT of the international activities for the periods indicated are presented below.

(in EUR x 1,000, except percentages)**	H1 2008	H1 2007	% change
Netherlands	2,615	2,331	12%
Germany	-171	-222	23%
Spain	176	81	117%
Other international activities*	385	251	53%
	3,005	2,441	23%

* Individual country results are published when they have reached a minimum net sales level of EUR 10 mio annually

**Holding costs have been allocated to the various country operations. Holding costs were EUR 2.2 mio in the first half year of 2008 (H1 2007: EUR 1.6 million).

In the Netherlands and in Germany license sales were below expectations, which resulted in less net sales growth. In Germany, Qurius is in the midst of the integration of three operations, causing pressure on the EBIT-margin. In Spain license sales was good in the first half of 2008; however due to the current structure of the services organisation, chargeability is not yet on the right level. In all Qurius operations, customer satisfaction, retention and recruitment of personnel on all levels, and increasing operational efficiency are top listed on management's agendas.

Financial income and expenses

The financial income and expenses decreased with EUR 0.1 million due to lower usage of debt in the first half of 2008 compared to the first half of 2007.

Taxation

The tax burden decreased from 30% in the first half of 2007 to 28.7% in the first half of 2008.

Result after taxes

The result after taxes increased from EUR 1.2 million in the first half year of 2007 to EUR 1.7 million in the first half of 2008; an increase of 38%.

Balance Sheet

(in EUR x 1,000)	30 June 2008	31 December 2007
Assets
Fixed assets
Intangible fixed assets	68,566	69,419
Tangible fixed assets	6,198	4,176
Financial fixed assets	7,765	8,138
Current Assets
Receivables	53,935	52,747
Liquid funds	2,420	4,375
Total Assets	138,884	138,855
Equity and Liabilities
Group equity	73,452	71,586
Provisions	2,497	2,357
Long term liabilities	8,563	10,362
Current liabilities	54,372	54,550
Total Equity and Liabilities	138,884	138,855

The total assets remained with EUR 138.9 million at the same level as at year end 2007. The equity increased for the most part with the result of the first half year of 2008.

Cash flow

(in EUR x 1,000)	H1 2008	H1 2007
Net profit	1,686	1,223
Depreciation and amortisation	1,822	1,410
Movements in provisions	140	371
Gross cash flow	3,648	3,004
Adjustments for movements in working capital	-6,870	-7,127
Cash flow from operating activities	-3,222	-4,123
Cash flow from investments activities	-2,992	-962
Cash flow from financing activities	4,259	35,406
	-1,955	30,321

The operational cash flow amounted to EUR 3.2 million negative (H1 2007: EUR 4.1 million negative) mainly caused by investment in working capital and partly compensated by net result. The cash flow from investment activities amounted to EUR 3.0 million (2007: EUR 1.0 million). This is for EUR 2.0 million caused by the new head office in Zaltbommel, the Netherlands.

In the first six months of 2008 the cash flow from financing activities amounted to EUR 4.3 million. Instalments of long term loans amounted to EUR 1.8 million, the increase in bank credit amounted to EUR 5.9 million. Other movements in the cash flow from financing activities amounted to EUR 0.2 million. In the first six months of 2007 the cash flow from financing activities amounted to EUR 35.4 million, mainly through the net proceeds of the share issue and negatively influenced by the reduction of the credit facility.

Employees

Number of employees (fte)	30 June 2008	30 June 2007
Netherlands	395	388
Germany	210	44
Spain	156	136
Other international activities	310	157
	1,071	725

The recruitment and retention of employees have the highest priority in all Qurius countries. In the Netherlands, Qurius has been quite successful in recruiting new employees over the past six months. However due to a number of personnel members leaving; staff turnover rate has still been rather high. The German Qurius operation is currently integrating the companies that were acquired in 2007, which logically increases the personnel turnover rate. In Spain recruitment campaigns have also had good results but retention is challenging in a highly competitive labour market.

Update on mergers & acquisitions

At this moment the announced acquisition of the Spanish company Bíndar is in progress. As communicated, Qurius is aiming to conclude the transaction by 1 September 2008.

Update Czech Republic activities

In the first half year of 2008 the Qurius Near Shore Development Centre in Olomouc, Czech Republic has made good progress. The first team members have been hired and will be trained and staffed on their first programming assignments. The coming period will be used to increase visibility on the Czech labour market, enforcing the relationship with the Olomouc University and to integrate the Czech operation fully in the international Qurius organisation.

Management agenda

Our priorities for the coming period are to fully integrate and optimise the various acquired operations in Germany, the United Kingdom and Sweden and to optimise efficiency and profitability throughout the organisation. We maintain our annual organic growth rate objective of 10%.

For the coming period we see geographical growth potential in our key European countries (Belgium, Germany, Netherlands, Spain, Sweden and the United Kingdom). By building our business lines in the various countries, we can increase cross selling in our installed customer base of 2,800 clients and attract new customers, European wide. The Qurius corporate identity programme will be rolled out internationally in the second half of 2008, and will be continued in 2009. This will create a clear profile towards Qurius employees as well as towards the labour market. Furthermore Qurius is working towards an international industry focus, which will create the foundation for more synergy between the countries.

Qurius N.V.

Qurius provides architecture, realisation and systems management of Microsoft technology based business and IT solutions, including infrastructures. Qurius has over 1,000 staff members; its headquarters are located in Zaltbommel, the Netherlands. Its offices in Belgium, Denmark, Germany, Italy, the Netherlands, Norway, Spain, Sweden and the United Kingdom serve over 2,800 clients. Qurius has been publicly listed on Euronext Amsterdam since 1998 and is included in the AScX-index. Currently Qurius has 105,432,619 listed shares. For more information, visit www.qurius.com.

Contact

Qurius, Suzanne Schaapman: tel. +31 (0)418 683 500 or s.schaapman@qurius.com