Results 2012 on track, both SaaS and license revenues show
solid growth
Sliedrecht, 15th August 2012
Restatement of historic financial statements (Poland)
UNIT4 has identified adjustments related to its previous financial statements. Internal governance
systems have discovered irregularities in the financial reporting of UNIT4’s Polish operating
company (UNIT4 Teta), one of UNIT4’s operating companies. The accounting irregularities relate to
a number of historic transactions with external partners and which were not, or incorrectly
recognized in the financial statements. The first of these transactions relate to the period well before
UNIT4 acquired Teta S.A. in July 2010.
On further uncovering the issue, UNIT4 replaced the CEO of its Polish operating company and took
further effective actions to avoid any repetition in the future. The company has also initiated a
comprehensive investigation by external forensic experts with regard to potential off-balance sheet
exposure. This investigation is still ongoing.
UNIT4 has retroactively restated, in accordance with the IFRS requirements for prior period error
adjustment, the fair value of the acquired assets and liabilities related to these transactions at the
date of acquisition. All transactions after the acquisition date have been retroactively adjusted (see:
paragraph 6.5 page 14).
For comparison purposes the income statement for 2011 is adjusted as follows:
As a result of the prior year’s error adjustments explained above, the goodwill for the cashgenerating
unit Teta increased with €10.2 million (balance as per 31 December 2011).
The issue described above does not affect the Polish subsidiary’s ability to continue its normal
course of business and did not lead to an impairment charge as per 30 June 2012.
in € 1 million Q1 2011 Q2 2011 H1 2011 Q3 2011 Q4 2011 FY 2011
Revenues -1.9 -2.0 -3.9 -2.5 -2.5 -8.9
EBITDA -1.0 -1.1 -2.1 -1.1 -1.1 -4.3

As a result of the prior year’s error adjustments explained above, the goodwill for the cashgenerating unit Teta increased with €10.2 million (balance as per 31 December 2011).
The issue described above does not affect the Polish subsidiary’s ability to continue its normal course of business and did not lead to an impairment charge as per 30 June 2012.

1st Half Year 2012 (compared with restated 2011)
• Total revenue increased by 4% to €230.8 million (H1 2011: €222.0 million)
• Product (license) sales increased 5% to €36.0 million (H1 2011: €34.3 million)
• Recurring revenue (contracts & SaaS / subscriptions) increased by 8.3% to €118.2 million (H1 2011: €109.1 million)
• SaaS / subscription revenues grew 20.1% from €18.9 million to €22.7 million
• Services and other revenues decreased by 2.5% to €76.6 million (H1 2011: €78.6 million)
• Cloud applications specialist FinancialForce.com grew strongly with monthly revenue run rate up of more than 100% (compared with June 2011)
• Personnel and other operating costs increased by more than 6% due to investments in sales and marketing which should support growth in the 2nd half year 2012 and beyond
• EBITDA rose by 3.1% to €37.0 million (H1 2011: €35.9 million)
• Excluding FinancialForce.com, EBITDA increased 4.3% to €40.9 million
(H1 2011: €39.2 million)
• Net profit before goodwill decreased by 19.9% to €15.3 million (H1 2011: €19.1 million due to higher depreciation and revaluation of the interest swap.
Highlights
UNIT4’s business operations in the first half year of 2012 were positive with strong growth of 20% in SaaS & Subscriptions along with growth of 5% in products (licenses) of which almost 3% was organic. Especially strong performances were realized in the UK, Norway, North America and Asia.
Total revenue increased with 4% €230.8 million (H1 2011: €222.0 million).
With large orders in Q2 2012 (especially in the UK, Sweden and Benelux, within public and private sector) the product revenue of Q2 grew with almost 2% to €18.5 million (Q2 2011: €18.2 million).
Total Q2 revenue increased more than 3% to €115.5 million (Q2 2011: €111.8 million).
EBITDA increased with 5.6% from €18.0 million in Q2 2011 to €19.0 million in Q2 2012. Excluding the effect of the FinancialForce.com investment EBITDA for the quarter also increased by 5.6% from €19.8 million to €20.9 million.

Highlights
UNIT4’s business operations in the first half year of 2012 were positive with strong growth of 20% in
SaaS & Subscriptions along with growth of 5% in products (licenses) of which almost 3% was
organic. Especially strong performances were realized in the UK, Norway, North America and Asia.
Total revenue increased with 4% €230.8 million (H1 2011: €222.0 million).
With large orders in Q2 2012 (especially in the UK, Sweden and Benelux, within public and private sector) the product revenue of Q2 grew with almost 2% to €18.5 million (Q2 2011: €18.2 million).
Total Q2 revenue increased more than 3% to €115.5 million (Q2 2011: €111.8 million).
EBITDA increased with 5.6% from €18.0 million in Q2 2011 to €19.0 million in Q2 2012. Excluding the effect of the FinancialForce.com investment EBITDA for the quarter also increased by 5.6% from
€19.8 million to €20.9 million.
amounts in € 1 million, unless otherwise stated H1 2012 H1 2011 Δ%
restated
Revenue 230.8 222.0 4.0%
Gross margin 213.4 201.3 6.0%
Gross margin% 92.5% 90.7% +1.8 pts
Personnel costs 149.6 140.3 6.6%
Other operating expenses 26.8 25.1 6.8%
EBITDA 37.0 35.9 3.1%
FinancialForce.com investment 3.9 3.3 18.2%
EBITDA before FinancialForce.com investment 40.9 39.2 4.3%
EBITDA margin 16.0% 16.2% -0.2 pts
EBITDA margin before FinancialForce.com investment 17.7% 17.7% 0.0 pts

Outlook
Based upon current estimates, pipeline and very strong financial performance in July, UNIT4 management maintains its previously communicated target for the full year of 2012, being single digit growth in both revenues and EBITDA in 20121.

Risks and uncertainties
The risks are described in annual report 2011 (page 59 and further). In addition, UNIT4 has engaged independent forensic and legal expertise and is currently investigating whether there are any additional risks related to the Polish situation. At this moment UNIT4 has made adjustments to its financial statements to the extent the results of the investigation to date allow for such adjustments.

1 Excluding extraordinary items