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TRANSCOM REPORTS REVENUES UP BY 20% TO EURO 132.2 MILLION, WITH EBITDA UP 45% TO EURO 14.1 MILLION AND NET INCOME MORE T

TRANSCOM REPORTS REVENUES UP BY 20% TO ?132.2 MILLION,
WITH EBITDA UP 45% TO ?14.1 MILLION AND NET INCOME MORE THAN DOUBLING
TO ?3.8 MILLION

Luxembourg, 7 August 2003 - Transcom WorldWide S.A.
('Transcom') (Stockholmsbörsen: TWWA, TWWB), Europe's
largest CRM operator by geographical footprint, today
announced its financial results for the first six months and
second quarter ended June 30, 2003.

SIX MONTH HIGHLIGHTS

· Net sales up 20% to ?132.2m (?110.6m) with Q2 sales up 28%
· EBITDA up 45% to ?14.1m (?9.7m)
· Pre-Tax Profit up 87% to ?5.8m (?3.1m)
· Net income more than doubled to ?3.8m (?1.7m)
· Consolidation of CIS from April 1 2003
· Commenced debt collection activities in France in Q2,
2003
· Transcom opened its first call centre in Poland



CONSOLIDATED INCOME STATEMENT (M 2003 2002 2002
EUR) Jan 1-June 30 Jan 1-June 30 Full Year

Net Sales 132.2 110.6 228.5
Earnings before depreciation and 14.1 9.7 19.0
amortization
Operating income 6.5 3.4 5.6
Net financial items -0.7 -0.3 -0.6
Income after financial items and 5.8 3.1 5.0
before income tax and minority
interest
Net income 3.8 1.7 2.4
Earnings per share before 0.06 0.03 0.04
dilution
Total weighted average 67,045,001 63,630,248 64,103,903
outstanding number of shares
before dilution


FIRST SIX MONTHS AND Q2 OPERATING REVIEW

Transcom, Europe's largest CRM operation by geographical
footprint, delivered a solid set of results for the first
six months of 2003. Net sales for the first six months
increased by 20% to ?132.2 million (?110.6 million). This
was due to the continuing strong performance from Gestel,
new business growth and the consolidation of CIS. Stripping
out CIS, sales growth would still have risen by 16%. EBITDA
rose by 45% to ?14.1 million (?9.7 million). Operating
income almost doubled to ?6.5 million (?3.4 million) with
profit before tax up 87% to ?5.8 million (?3.1 million) and
net income more than doubling to ?3.8 million (?1.7
million).

The most significant event for Transcom during the second
quarter was the consolidation of CIS's debt collection
business from April 1 2003. The acquisition of this business
has enabled Transcom to expand its product offering in
mainland Europe. As a result Transcom established an
operational debt collection service in France during the
last quarter and intends to provide this capability in at
least two other countries before the end of 2003. CIS
contributed ?4.2 million in sales and a pre-tax profit of
?0.8 million for the second quarter 2003 and is performing
according to plan.

Transcom paid SEK 180 million to Industriförvaltnings AB
Kinnevik for CIS's debt collection business, of which 25%
was paid in Transcom shares and 75% in cash. The number of
shares issued was determined on the basis of the average
transaction price for the Transcom A and B class shares
between March 10, 2003 and March 21, 2003 inclusive. The
price per share was calculated as 9.55 SEK per A share and
10.70 SEK per B share. As a result 2,270,647 Transcom A
class shares and 2,179,002 Transcom B class shares have been
issued to Industriförvaltnings AB Kinnevik.

Transcom opened a new call centre in the city of Olsztyn in
Northern Poland, in June 2003. The Polish CRM market is
relatively immature and in a country of 39 million people,
it offers Transcom an excellent opportunity to enter this
market at an early stage in its development. This call
centre, which is being funded from Transcom's existing cash
flow is expected, in the longer term, to employ around 250
people.

In June, Transcom announced an initial two-year contract
with B2 Bredband AB for handling inbound calls relating to
all customer care, including telephony and internet support
in Sweden. B2 Bredband AB is a fast growing broadband
provider in the Swedish business and residential market,
offering voice, data and video communications. In addition,
during the quarter Transcom signed a new contract with
Durion, the largest supplier of green energy in the
Netherlands, which will generate approximately one million
Euros in annualized revenues.

Transcom, in early July, announced the creation of two new
senior positions. Jon Fitch has joined Transcom as Chief
Technology Officer, with responsibility for technology and
IT functions and Steve Britton has joined as Sales and
Marketing Director, with his primary responsibility being to
develop business with new clients. The rapid growth of
Transcom to 34 centres across Europe and North Africa has
made it necessary to create two new roles dedicated to
giving an international focus to technology and sales
development.

The acquisition of CIS's debt collection business and the
opening of a call centre in Poland increased the number of
Transcom employees to more than 7,800 in 34 centres,
servicing 18 countries. Transcom's geographical expansion
will continue, with particular focus on the establishment of
several new operations in Europe during the course of 2003.
Transcom continues to focus on cost control and will seek to
establish those operations in the most cost-efficient
locations.

Transcom continues to derive a significant proportion of its
income from its principal client, Tele2, the leading pan-
European telecommunications service provider. This
relationship enables Transcom organically to develop the
largest call centre network in Europe. The longer-term aim
is to reduce the percentage of Tele2 business, which, at the
end of the second quarter 2003 accounted for 73% of
Transcom's net sales (including the impact of CIS) compared
with 75% at the end of 2002 and 82% at the end of 2001.

In the first six months of 2003, revenue from external
clients more than tripled to ?26.6 million compared to ?8.2
million for the same period in 2002. The continued growth of
new business contracts will enable the percentage of
Transcom's CRM business that comes from Tele2 to fall in the
longer term.

The outlook for the CRM industry in 2003 is improving over
2002 as clients increasingly recognize that outsourcing is a
necessary requirement in controlling and reducing their
costs. As a result, Transcom continues to develop a growing
prospect list.



FINANCIAL REVIEW FOR FIRST SIX MONTHS OF 2003

Sales increased by 20% to ?132.2 million (?110.6 million).
Earnings before interest, taxes, depreciation and
amortization (EBITDA) rose by 45% to ?14.1 million (?9.7
million).

Operating income for the period was ?6.5 million (?3.4
million). Transcom reported a pre-tax profit of ?5.8
million (?3.1 million), with a ?3.8 million profit after
tax, compared to ?1.7 million for the first six months of
2002. Transcom reported earnings per share (before dilution)
of ?0.06 (?0.03).

Cash flow from operations for the first six months of 2003
was ?13.2 million (?8.1 million). Capital expenditure almost
halved to ?1.2 million (?2.1 million) as only one new call
centre was opened in the first six months of 2003. The
working capital movement was ?-7.6 million (?-5.1 million)
which was the result of strong growth in the Southern
European region, where debtor days are typically longer.
The operating cash flow was ?7.2 million for the quarter
compared to ?6.0 for the first quarter in 2003.

Transcom spent ?11.8 million on business purchases in the
first six months of 2003, nearly all of which were payments
associated with the acquisition of CIS's debt collection
business.

Transcom had liquid funds of ?15.8 million (?18.5 million)
as at June 30, 2003, after taking account of a substantial
proportion of the money owed in respect of the CIS deal and
the final payment for the Gestel acquisition. Long-term debt
was ?18.0, reflecting a slight increase in the amount drawn
from the Kinnevik convertible. The equity to assets ratio at
March 31, 2003 was 54.2% (57.2%).


OTHER INFORMATION

Transcom deregistration and delisting from Nasdaq:

On May 14, 2003 Transcom announced its deregistration and
delisting from Nasdaq for the following reasons:

· The total number of holders of series A and series B
ADSs who were resident in the United States was less than
300 and, as of April 30, 2003, there were 1,200 series A
ADSs and 3,641 series B ADSs outstanding, compared to 35.1
million series A shares and 34.2 million series B shares
outstanding in total

· The volume of trading in the ADSs on the NASDAQ
National Market was very low with only 105,779 ADSs traded
during the period from September 2001 to April 2003,
compared to 66.6 million shares traded on the Stockholm
Stock Exchange during the same period of time

· US shareholders own 0.6% of the issued share capital of
Transcom. Non-Swedish shareholders, including shareholders
in the U.S., own 13% of the issued share capital of Transcom
and have typically acquired shares on the Stockholm Stock
Exchange

· The Board of Directors does not believe that the
deregistration and delisting will have an adverse effect on
the ability of Transcom's principal U.S. shareholders to
hold its shares

These actions will not affect the continued listing of
Transcom's series A and series B shares on the Stockholm
Stock Exchange.

The delisting of Transcom series A and series B shares and
ADSs from the NASDAQ National Market was subsequently
completed at the close of trading on May 28, 2003. For full
details please see Transcom's press release dated May 14,
2003.


Transcom's financial results for the first nine months and
third quarter of 2003 will be announced on October 23, 2003.

This report has not been subject to review by the Company`s
auditors.

The Board of Directors of Transcom WorldWide S.A.
Luxembourg, August 7, 2003.


For further information please contact:
Keith Russell, President and CEO +352 27 755 000
Dwayne Taylor, Investor & Press enquiries +44 20 7321 5010



Transcom WorldWide is a rapidly expanding Customer
Relationship Management (CRM) solution provider, with 34
centres employing more than 7,800 people delivering services
to 18 countries - Luxembourg, Sweden, France, Denmark,
Germany, Finland, Italy, Switzerland, Norway, the
Netherlands, Spain, Austria, Morocco, Poland, Estonia,
Latvia, Lithuania and the UK.

The company provides CRM solutions for companies in a wide
range of industry sectors, including telecommunications and
e-commerce, travel & tourism, retail, financial services and
utilities. Transcom offers clients a broad array of
relationship management services, including inbound and
outbound call handling, Interactive Voice Response, Internet
Services, e-mail processing and fax broadcast. Client
programs are tailor-made and range from single applications
to complex programs, which are offered on a country-specific
or international basis in up to 38 languages.

Transcom WorldWide S.A.'A' and 'B' shares are listed on the
Stockholmsbörsen O-List under the symbols TWWA and TWWB.


This press release contains certain "forward-looking
statements" with respect to our expectations and plans,
strategy, management's objectives, future performance,
costs, revenues, earnings and other trend information. It
is important to note that our actual results in the future
could differ materially from those anticipated in forward-
looking statements depending on various important factors.

All forward-looking statements in this press release are
based on information available to us on the date hereof.
All written or oral forward-looking statements attributable
to Transcom WorldWide, any Transcom WorldWide members or
persons acting on our behalf are expressly qualified in
their entirety by the factors referred to above. We do not
intend to update these forward-looking statements.



CONSOLIDATED INCOME STATEMENT 2003 2002 2002 Full
(M EUR) Jan 1-June Jan 1-June Year
30 30


Net sales 132.2 110.6 228.5
Cost of sales -101.9 -86.1 -177.8
Gross profit 30.3 24.5 50.7
Selling, general and admin -21.6 -19.5 -41.6
expenses
Goodwill amortisation -2.2 -1.6 -3.5
Operating income 6.5 3.4 5.6
Net financial items -0.7 -0.3 -0.6
Profit before tax 5.8 3.1 5.0
Minority share in earnings -0.1 -0.2 -0.5
Taxes -1.9 -1.2 -2.1
Net income 3.8 1.7 2.4
Earnings per share before 0.06 0.03 0.04
dilution
Earnings per share after dilution 0.05 0.02 0.03
Total weighted average 67,045,001 63,630,248 64,103,903
outstanding number of shares
before dilution
Total weighted average 76,083,282 70,724,087 71,935,136
outstanding number of shares
after dilution



CONSOLIDATED INCOME STATEMENT (M 2003 Apr 1- 2002 Apr 1-
EUR) Jun 30 Jun 30

Net sales 67.4 52.5
Cost of sales -52.4 -42.1
Gross profit 15.0 10.4
Selling, general and admin expenses -11.4 -9.8
Goodwill amortisation -1.3 -0.8
Operating income 2.3 -0.2
Net financial items -0.4 -0.2
Income after financial items 1.9 -0.4
Minority share in earnings 0.0 0.0
Taxes -0.6 -0.1
Net income 1.3 -0.5
Earnings per share 0.02 -0.01
Total weighted average outstanding 69,269,825 63,630,248
number of shares




TRANSCOM WORLDWIDE CONSOLIDATED 2003 Apr 1-Jun 30 2002 Apr 1-Jun 30
INCOME STATEMENT (M EUR)
CIS ANALYSIS
Net sales 4.2 0

Profit before tax 0.8 0





CONSOLIDATED BALANCE SHEET 2003 2002 31-Dec
(M EUR) Jan 1-June 30 Jan 1-June 2002
30

Fixed assets
Goodwill 62.6 41.8 46.5
Other fixed assets 21.7 24.6 25.6
84.3 66.4 72.1
Current assets
Short-term receivables 59.0 48.4 41.7
Cash and bank 15.8 18.5 23.2
74.8 66.9 64.9
Total assets 159.1 133.3 137.0

Shareholders equity 86.2 76.3 77.9
Minority interest in equity 1.3 0.6 1.3
Long-term liabilities
Convertible loan 18.0 15.5 15.6
Interest bearing liabilities 1.2 0.3 0.7
19.2 15.8 16.2
Short-term liabilities
Non-interest bearing liabilities 52.4 40.6 41.6
Total shareholders equity and 159.1 133.3 137.0
liabilities




CONSOLIDATED STATEMENT OF CASH 2003 2002 Full
FLOWS Jan 1-June Jan 1-June Year
(M EUR) 30 30 2002


Cash flow from:
Operations 13.2 8.1 15.4
Capital expenditure -1.2 -2.1 -8.4
Purchase of business -11.8 0.0 -7.1
Changes in working capital -7.6 -5.1 4.3
Financing activities 0.0 0.0 1.4
Cash flow for the period -7.4 0.9 5.6
Opening liquid funds 23.2 17.6 17.6
Closing liquid funds 15.8 18.5 23.2


SHAREHOLDERS EQUITY 2003 Full Year 2002
(M EUR) Jan 1-June 30

Opening balance 77.9 74.3
Issuance of stock 4.8 1.3
Translation differences -0.3 -0.1
Net income for the period 3.8 2.4
Closing balance 86.2 77.9

The income statement and balance sheet are produced in accordance with
International Accounting Standards. Transcom uses Euro as its reporting
currency








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