SQS SQS SOFTWARE QUALITY SYSTEMS AG ORD EUR1

SQS SOFTWARE Currency GBX

Income Statement (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
Revenue	170.41	157.95	162.88	119.27	136.78
Operating Profit/(Loss)	7.52	5.90	7.15	5.21	11.38
Net Interest	1.34	1.14	0.98	0.96	1.09
Profit Before Tax	6.38	4.69	6.44	4.35	10.38
Profit After Tax	4.82	3.52	4.87	3.23	6.41
Discontinued Operations
Profit After Tax	0.00	0.00	0.00	0.00	0.00
PROFIT FOR THE PERIOD	4.82	3.52	4.87	3.23	6.41
Attributable to:
Minority Interests	-0.04	-0.03	0.03	0.00	0.00
Equity Holders of Parent Company	4.78	3.50	4.89	3.23	6.41

Continuing EPS
Earnings per Share - Basic	17.03p	12.53p	18.00p	12.43p	28.71p
Earnings per Share - Diluted	17.03p	12.53p	17.00p	11.54p	27.76p
Earnings per Share - Adjusted	19.47p	15.04p	25.00p	18.64p	41.16p
Continuing and Discontinued EPS
Earnings per Share - Basic	17.03p	12.53p	18.00p	12.43p	28.71p
Earnings per Share - Diluted	17.03p	12.53p	17.00p	11.54p	27.76p
Earnings per Share - Adjusted	19.47p	15.04p	25.00p	18.64p	41.16p

Dividend per Share	4.18p	6.86p	6.21p	10.53p	14.67p

Balance Sheet (£ m)	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Assets
Non-Current Assets
Property, Plant & Equipment	3.81	4.62	3.56	2.98	3.03
Intangible Assets	45.96	48.48	59.06	51.42	53.81
Investment Properties	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00
Other Financial Assets	0.00	0.00	0.00	0.00	0.00
Other Non-Current Assets	2.81	2.65	2.52	1.52	1.69
	52.58	55.75	65.14	55.91	58.54
Current Assets
Inventories	7.70	6.37	4.84	0.39	0.29
Trade & Other Receivables	37.51	36.63	39.75	24.90	27.37
Cash at Bank & in Hand	9.95	5.49	4.30	4.75	5.51
Current Asset Investments	0.00	2.51	0.00	0.00	0.00
Other Current Assets	0.00	0.00	0.00	0.00	0.00
	55.16	50.99	48.88	30.03	33.16

Total Assets	107.74	106.74	114.01	85.94	91.70

Liabilities
Current Liabilities
Borrowings	-7.01	-6.15	-7.42	-2.05	-0.96
Other Current Liabilities	-24.39	-26.44	-27.64	-18.52	-26.82
	-31.41	-32.59	-35.05	-20.57	-27.78

Net Current Assets	23.75	18.40	13.82	9.46	5.38

Non-Current Liabilities
Borrowings	-10.37	-11.01	-3.13	-2.57	-0.70
Provisions	-1.29	-1.79	-2.37	-2.11	-2.71
Other Non-Current Liabilities	-4.95	-3.90	-6.27	-6.00	-7.11
	-16.61	-16.70	-11.78	-10.68	-10.52

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	-48.02	-49.28	-46.83	-31.25	-38.31

Net Assets	59.72	57.45	67.19	54.70	53.40

Capital & Reserves
Share Capital	22.62	23.30	27.26	24.20	25.06
Share Premium Account	28.84	29.70	36.19	30.85	31.69
Other Reserves	-3.09	-4.33	-5.16	-6.49	-9.24
Retained Earnings	11.31	8.77	8.92	6.13	5.88
Shareholders Funds	59.68	57.45	67.21	54.70	53.40

Minority Interests/Other Equity	0.04	0.00	-0.03	0.00	0.00
Total Equity	59.72	57.45	67.19	54.70	53.40

Ratios - based on IFRS	31-Dec-12	31-Dec-11	31-Dec-10	31-Dec-09	31-Dec-08
Continuing Operations
PE Ratio - Adjusted	12.84	9.97	8.80	11.61	5.28
PEG - Adjusted	0.44	-0.25	0.26	-0.21	0.14
Earnings per Share Growth - Adjusted	29.46%	-39.86%	34.10%	-54.70%	36.86%
Dividend Cover	4.66	2.19	4.02	1.77	2.81
Revenue Per Share	610.93p	566.77p	597.44p	454.49p	613.70p
Pre-Tax Profit per Share	22.86p	16.84p	23.61p	16.58p	46.56p
Operating Margin	4.30%	3.60%	4.50%	4.38%	8.21%
Return on Capital Employed	22.11%	19.85%	32.99%	52.50%	286.86%

Continuing & Discontinued Operations
Dividend Yield	1.67%	4.57%	2.82%	4.86%	6.74%
Dividend per Share Growth	-39.08%	10.32%	-40.98%	-28.23%	n/a
Net Asset Value per Share (exc. Intangibles)	49.17p	32.16p	29.90p	12.03p	-1.59p
Net Gearing	12.47%	20.32%	9.30%	-0.25%	-7.20%

Data is provided by Morningstar

SQS SOFTWARE - Fundamentals