Financial Highlights
Despite challenging market conditions total revenue increased to € 212 million from € 206 million in 2003;
At constant currency rates total revenue would have amounted to € 218 million;
Net income amounted to € 33 million in 2004 compared to € 32 million in 2003;
Earnings per share increased from € 1.37 in 2003 to € 1.41 in 2004;
Net increase of cash balance and cash equivalents with € 19 million to € 130 million;
Proposed interim and final dividend of € 1 per share payable on March 21.
Operational highlights and strategic outlook

Number of e-Synergy seats nearly doubled;
Organic revenue growth;
Stable margins in slow market;
Installation US management team;
Management Board extended;
Strategic orientation and outlook to be presented in April 2005.


Results
DELFT - Exact Holding N.V. a vendor of ERP and e-business products, today announced solid and stable financial results for the year 2004. Total revenue increased from € 206 million in 2003 to € 212 million in 2004. At constant exchange rates total revenue would have amounted to € 218 million.

Earnings before amortization, financial income & expenses and income taxes for the year rose slightly to € 50 million as compared to € 49 million in 2003. Despite challenging and very competitive market conditions Exact was able to realize an operating margin before amortization of 23.7 percent.

Revenue
License revenue amounted to € 65 million in 2004, as compared to € 60 million in 2003. This increase in license revenue was accomplished despite a sluggish mid-market. The successful new product line e-Synergy was responsible for 19 percent of total license revenue. Maintenance revenue in 2004 remained stable at € 117 million. Service revenue amounted to € 30 million as compared to € 29 million in 2003. e-Synergy related revenue, including licenses, maintenance and services increased to € 18 million from € 10 million in 2003. Exact Globe related revenue amounted in 2004 to € 86 million.