Ubisense Group Plc  
St. Andrew’s House, St. Andrew’s Road  
Chesterton, Cambridge CB4 1DL
Tel: +44 (0)1223 535 170 Fax: +44 (0)1223 535 167
www.ubisense.net
Ubisense Group Plc    Annual Report 2014
Ubisense Group Plc
2014
Annual   
Report   CONTENTS
Overview
2014 highlights 4
Our Chairman’s statement 6
Strategic report
Ubisense in brief – What we do 8
Smart Factory 10
myWorld 12
Case studies 14
Chief Executive’s review 18
Financial review 20
Strategic report 24 
Governance
Board of Directors 28
Directors’ report 32
Corporate governance report 34
Directors’ responsibilities statement  37
Financial statements
Independent auditor’s report 38
Consolidated income statement 39
Consolidated statement of comprehensive income 40
Consolidated statement of changes in equity 41
Consolidated statement of financial position 42
Consolidated statement of cash flows 44
Notes to the consolidated financial statements 45
Independent auditor’s report 77
Company balance sheet 78
Notes to the Company financial statements 79
Additional information
Notice of Annual General Meeting 82
Notes to the notice of Annual General Meeting 84
Advisors 87
Shareholder information 87
Visit our website for further information on  
our company and products at ubisense.net
Enterprise  
Location 
Intelligence 
Solutions
We enable some of the world’s largest  
businesses to improve operational effectiveness, 
significantly increasing their profitability.
2 Ubisense Annual Report Ubisense Annual Report 3 Company
Highlights
   The Group’s stated policy is to grow revenues and margins from  
its Solutions businesses, resulting in Solutions contribution growing 
faster than Services. In 2014 for the first time Solutions revenues  
were greater than Services: 
   Solutions revenues (as above) grew by 49.8% to £20.1 million  
(2013: £13.4 million), of which £18.5 million, 42%, was organic
   Services revenue grew by 10.3% to £15.0 million (2013: £13.6 million),  
organic revenues fell by £2.7 million, 21%. 
   Recurring revenues grew by 27.3% as a result of the increasing focus 
on Solutions and now represent 28.1% of total revenues (2013: 26.5%). 
Within this total, the Solutions portion increased by almost 70%. 
   Gross margin increased to 39.9% (2013: 34.2%). 
   Adjusted EBITDA* was £1.9 million (2013: £1.1 million). However,  
a much higher amortisation charge of £3.7 million following the 
Geoplan acquisition plus various exceptional charges (£1.3 million)  
and non-recurring items (£1.1 million) led to an operating loss of  
£4.6 million (2013: £1.6m). 
   £8.1 million bank facility to provide capacity to meet future working 
capital requirements, with £6.9 million drawn.
Strategic highlights
   The Group won its largest ever contract in each of its two core 
Solutions markets. (Daimler has installed Ubisense’s Smart Factory 
product on its E-Class assembly line, and Duke Energy has  
deployed Ubisense’s myWorld to approx. a quarter of its 20,000+  
field operations personnel.)
   The Group signed up major new customers in both market segments: 
T esla, Honda, Komatsu and CLAAS in automotive, and Exelon,  
NiSource and Liberty Utilities in utilities.
   2014 saw a high number of extensions among existing customers  
for both Smart Factory and myWorld, including VW, Daimler, BMW, 
Toyota, John Deere, Central Hudson and Cablevision. 
   Geoplan acquisition performing well and producing new Solutions 
revenue streams in Japan and South Korea.
Financial highlights
Margins +5.7%
39.9%
Core revenues +50%
£20.1m
Adjusted EBITDA +73%
£1.9m
Cash and cash equivalents (6.7%)
£3.7m
*
  Measured as operating profit excluding depreciation, amortisation, share-based payments  
charge and non-recurring costs such as reorganisation costs, and acquisition costs.
5 Ubisense Annual Report Ubisense Annual Report 4 Andy Hopper, CBE 
Chairman 
16 March 2015
OUR CHAIRMAN’S  
STATEMENT
ANDY HOPPER, CBE 
CHAIRMAN
In the Financial Review, you will 
see, in detail, how we have been 
able to increase revenues in our chosen 
core Solutions business, transitioning from 
the lower margin services element we 
had experienced in earlier years.
The response we have received from new 
and existing customers – as evidenced in 
the Chief Executive’s Review – gives us 
great confidence that this is a sustainable 
trajectory which can create substantial 
value for shareholders.
I am immensely proud to have been 
associated with Ubisense since its 
inception, and in this statement I will focus 
on the context of our achievements in 
terms of the business and the technology 
that continues to be applied at the very 
highest level. Our priority is to ensure that 
we are market leader to our customers.
Why customers need us
First it must be understood that, in driving 
Enterprise Location Intelligence into two 
solution areas, we were anxious to prove 
that our ideas would have a genuine 
application in the commercial world. The 
combined entity, formed from my earlier 
Cambridge Computer Laboratory projects 
and Richard Green’s unit (which had 
evolved from Smallworld), spent its early 
years providing proof of concept at a  
very high level. Having achieved this, 
it took us some years to find scalable 
commercial opportunities and it was not 
until 2008 that BMW helped us identify 
a critical commercial application of our 
IP, which became known as the Smart 
Factory product. That technology is now 
installed in 8 of the 15 major vehicle 
manufacturers in the world.
Similarly, our myWorld location 
intelligence product only came into  
being in 2012 by identifying a mission 
critical industry challenge after years  
of experience in the US utilities markets. 
Following significant new wins in the  
US in 2014 we also expect substantial 
growth in this market.
Shareholders should be aware that we 
are serving two of the largest markets 
in the world where the cost of “down-
time” is measured in hundreds of dollars 
per minute – vehicle manufacturing and 
utility networks. These are not markets 
dependent on short-term trends or 
sudden new technology shocks. They are 
mature and require immense attention 
to detail at every level to continue to 
further drive down costs, to improve 
production or response times, to establish 
better quality, to retain customers and to 
respond to increasing health and safety 
regulation. Perhaps most importantly 
we help ensure that our customers’ 
management has better visibility of their 
critical processes, so that mistakes are 
not repeated, assets are more swiftly 
identified or recovered and lessons 
learned, so that improvements can be 
made in assets, people and process.
So while Ubisense’s products and 
expertise is genuinely differentiated and 
innovative, the demand for it is driven by 
that most fundamental customer need – 
to do the job better. This gives us great 
confidence that we are a business with  
a very long-term future.
However, I do want to draw attention to our 
continued preoccupation with providing 
the very best application of modern 
technological thinking and innovation.
As we predicted last year, Ubisense has travelled 
fast towards achieving its goal of becoming a global 
enterprise software and solutions business. We have 
achieved this by turning our location technology and 
experience into a vital component of the processes and 
practices of some of the world’s best known businesses.
Continued technological advance 
will keep us ahead
During 2014 we participated in a number of 
very important and exciting programmes:
  Industry 4. 0 This German Government 
inspired initiative is clearly key to any 
number of our automotive customers and 
the experience we have gained has kept 
us as a prime proponent of the skills and 
thinking needed to create advancement 
in this area. Ubisense has been a long-
standing partner with the FIR (Institute 
for Industrial Management) at the RWTH 
Aachen University.
  Manufacturing Technology Centre  
We are also a partner at the 
Manufacturing Technology Centre (MTC) 
in Coventry, UK alongside major players 
such as Siemens and Rolls-Royce, and 
have been pleased to be amongst the 
first to demonstrate actual applications 
to assist digital enablement in the 
manufacturing process.
  The University of Sheffield Advanced 
Manufacturing Research Centre (AMRC) 
This newly formed UK Government 
backed initiative is developing the 
AMRC Factory 2050 initiative – the 
“factory of the future”. Ubisense won a 
tender in November 2014 for the supply 
of a factory-wide system for tracking 
and monitoring. Once again we are one 
of the few partners to have already 
developed installable product into  
this new initiative.
All of the aforementioned is part of  
the broader market drive towards an 
industrial “internet of things”, and the  
new impetus to create products which 
gather information and help enable 
intelligent production during their lifecycle. 
As you would expect, Ubisense, despite 
our youth and size, is very much at the  
cutting edge of this thinking.
Conclusion
In this Report you will see that we have 
made important financial steps to help 
us achieve our business goals during 
2015 and beyond. The Company has 
transformed since Initial Public Offering 
(IPO) and is continuing to evolve from a 
Cambridge tech company into a global 
enterprise software business. But our 
technological and innovative expertise 
remains constant and these, combined 
with the robustness of the giant markets 
which we serve, give your Board great 
confidence for the future.
Ubisense Annual Report Ubisense Annual Report 7 6 We unlock previously inaccessible 
intelligence and insight, which 
empower our customers to realise 
dramatic benefits in diverse application 
areas including tool control, logistics 
tracking, process analytics, quality 
management, network operations, field 
operations and asset management.
Our Solutions help all levels and  
locations of users – from the operator  
to senior management to the boardroom 
– to achieve significant improvements, 
exploiting new operational possibilities 
by gaining visibility while leveraging their 
current best practices and procedures. 
Ubisense has a proven track 
record of enabling companies to 
gain significant value from a single 
starting point, and seamlessly expand 
deployments to extend the value 
across a wide range of locations  
and operations.
Ubisense Location Intelligence 
Solutions are proven to give 
businesses new abilities and 
operational intelligence, allowing 
them to evolve, refine and even 
transform operational effectiveness  
in a dramatic and measurable way.
UBISENSE IN BRIEF
WHAT WE DO
Ubisense is a global leader in  
Enterprise Location Intelligence 
Solutions for Manufacturing, 
Communication and Utility companies. 
Our Solutions leverage 
location data with other 
types of data from across 
the enterprise to enable 
some of the world’s largest 
businesses to improve 
operational effectiveness, 
significantly increasing 
their profitability.
Once customers start to unleash location 
intelligence, the possibilities are limitless.
Ubisense Annual Report 8 Ubisense Annual Report 9 SMART FACTORY 
OVERCOMING 
MANUFACTURING 
BUSINESS CHALLENGES
The global automotive manufacturing industry  
is growing rapidly, and it is evolving. It is estimated 
that by 2019 manufacturers will be producing  
a staggering 100 million light vehicles per year.  
But selective pressures are forcing companies  
to adapt their processes, or risk losing out.
Ubisense Smart Factory  
is a production-proven 
solution designed specifically 
to help manufacturers  
better exploit their vehicle 
assembly processes, and 
meet the demands of their 
volatile marketplace.
Managing complexity and  
product variation 
There is now an unfathomable level 
of complexity and product variation 
confronting vehicle manufacturers,  
and it is increasing. This presents an 
enormous array of challenges: controlling 
worker mistakes; ensuring that assets 
and tools are in the right place at the 
right time; interpreting vast quantities 
of enterprise information… the list goes 
on. Smart Factory provides the adaptive 
control and automation required to cope 
with multiple, complex process variations 
on the same assembly line.
Cost and waste reduction
Just meeting the most essential needs 
for product development increases 
overheads by around 4% each year,  
yet vehicle companies are unable to 
offset this expense onto customers.  
With Smart Factory manufacturers can 
drive measurable cost reduction and  
lean, optimised procedures throughout 
their assembly process.
Coping with accelerated innovation
The percentage of each vehicle’s sale 
value that comes from its component 
parts is on the rise, and this is driving 
a fundamental shift in the market 
environment. Innovation that occurs 
on a supplier level is immediately and 
simultaneously available to all OEMs. 
No one can afford to fall behind, but the 
increased up-take of new parts means 
that burdensome assembly line re-fits 
are required more and more frequently. 
Smart Factory gives manufacturers an 
unprecedented ability to refine and 
improve their processes, by delivering 
real-time knowledge and data-driven 
insights into their operations.
How it works
Smart Factory gathers location data, and data from  
existing plant systems and devices. The system combines  
this information, correlating the real-time process interactions 
with operational details, to deliver a virtual interpretation  
of exactly what’s going on in the factory.
By leveraging this knowledge, Smart Factory empowers 
automation and drives widespread improvements to users’ 
manufacturing processes.
What manufacturers get
  Measurable cost reduction, with lean, optimised  
procedures throughout the assembly process
  Guaranteed productivity gains, as errors and wasted  
time are reduced or eliminated 
   Reduced cost of quality, by maximising right-first-time  
and reducing the cost of rework 
   The ability to manage product customisation,  
through error-proofing and guiding increasingly  
variable manual processes.
OPERATIONS
SMART
VIRTUAL
PROCESS
CENTER
DEVICE
EXPLORER
STATION
IMPROVEMENT
UBISENSE
RTLS
OTHER
SENSORS
ENTERPRISE
SYSTEMS
INTELLIGENCE 
ENGINE
The Smart Factory model
Ubisense Annual Report Ubisense Annual Report 11 10 MYWORLD  
OVERCOMING 
NETWORKS BUSINESS 
CHALLENGES
Organisations that excel in operations and maintenance 
empower their people with the knowledge resources 
they need to do their jobs. They strive to make data 
interpretation simple and sharing fast – from the field,  
to the office, and back again. When that happens,  
the right decisions are made faster, costs reduce  
and customer experience improves. Ubisense 
myWorld is a means to achieve exactly that. 
Ubisense myWorld integrates 
data from multiple sources 
and uses a Google Maps style 
interface to deliver actionable 
information to field and office 
users. myWorld enables 
network organisations to 
meet the demands of internal 
and external stakeholders 
without burdening their  
IT infrastructure.
Unlocking critical information
Utility and Telecoms companies store 
their critical location and enterprise 
data inside one or more disconnected 
business systems, which are typically only 
accessible by a small group of trained 
personnel. This means that staff in key 
operational roles have very limited access 
to the knowledge they need to make 
the best decisions day to day. myWorld 
enables every person in the enterprise 
to leverage the power of maps, spatial 
data and other task-relevant information, 
so that their jobs can be completed with 
optimal efficiency.
Transitioning to the future 
Networks enterprises are not technology 
enabled. Their operations are based 
around paper processes, which are 
disconnected, laborious and error prone. 
However, the steps required to level-up 
network enterprises are perceived to 
be too costly, disruptive and risk laden 
for them to progress. myWorld delivers 
flexible technology and connectivity 
without burdening a company’s IT 
infrastructure. Its innovative browser-
based approach greatly simplifies 
myWorld deployment and administration, 
removing barriers to technology adoption.
Coping with external pressures 
It is estimated that within the next five 
years electric utilities will lose up to 
30% of their revenue due to changes 
in the industry, and there are similar 
environmental pressures affecting the 
T elecom and Gas sectors. The only way to 
stay profitable and thrive in this arena is to 
reduce costs and wasted time. myWorld is 
specifically developed to help companies 
to correlate issues, identify performance 
trends, and prioritise activities, so that they 
can drive enterprise-wide efficiencies.
How it works 
Ubisense myWorld is a web and  
mobile platform that integrates data  
from multiple sources – companies’ 
existing GIS products, other enterprise 
systems and external information –  
into one, single view. It supports anyone  
in an organisation with access to a map-
based overview of detailed network  
data, whether they’re online or offline.
What utilities get
  Make better use of data, and leverage 
external information
    Share actionable knowledge between 
office and field workers
  Optimise inspections, servicing and 
maintenance activities
 Improve emergency response times
    Uphold compliance and integrity
    Boost customer service performance 
and increase customer retention.
myWorld: Simple, smart and fast applications that 
improve operations and maintenance efficiency  
for Utilities and T elecoms enterprises.
Ubisense Annual Report Ubisense Annual Report 13 12  HOW WE HELPED
BOOSTING 
PRODUCTIVITY  
AT BMW
BMW, renowned for innovation and ultra-efficiency, 
implemented Ubisense Smart Factory in its 
Regensburg car manufacturing plant to automate 
tool control and eliminate manual barcode 
scanning, driving widespread efficiency gains. 
UBISENSE 
SMART 
FACTORY
Challenge
BMW urgently needed to gain  
better visibility of its operations and 
eliminate inefficiencies.
Every day, more than 1,000 cars are 
manufactured at BMW Regensburg with 
multiple models produced on the same 
assembly line, each to an exact customer 
specification. Achieving this level of 
productivity and customisation involves 
many thousands of complex processes. 
With so many interactions happening 
simultaneously, errors, delays and waste 
were proving impossible to monitor  
and avoid. 
Solution
Using its best-in-class real-time location 
system (RTLS) to track thousands of 
interactions along the BMW assembly 
line and instantly adapt tool settings, 
Ubisense Smart Factory enabled BMW 
factory workers to seamlessly complete 
their processes and meet their objectives, 
without delaying operations.
Ubisense Smart Factory completely 
eliminated manual barcode scanning  
at the plant, saving time and helping 
factory workers avoid costly mistakes. 
The Smart Factory automatic 
identification capabilities allowed 
the BMW team to easily rebalance 
operations to maintain optimal 
production flow.
Results
By implementing Ubisense Smart 
Factory at the Regensburg plant,  
BMW was able to completely  
eliminate costs related to manual  
tool control, minimise line stoppages 
and significantly reduce cycle time.  
It has saved hundreds of unproductive 
hours a day, cut the risk of errors and 
minimised the amount of rework. 
Empowered with unprecedented levels 
of visibility into their manufacturing 
processes, BMW can now make better 
informed, data-driven decisions to 
continually streamline and enhance 
operations at the plant.
In terms of value creation, the project 
has been a complete success. 
Project Manager, BMW Regensburg
Ubisense Annual Report 14 Ubisense Annual Report 15  HOW WE HELPED
ENABLING RAPID 
RECOVERY FROM 
HURRICANE SANDY
Ubisense myWorld gave a major cable operator 
unprecedented operational visibility to pinpoint 
widespread damage to infrastructure, prioritise 
response efforts and restore service to customers.
UBISENSE 
MYWORLD
Challenge
The devastation caused by Hurricane 
Sandy left nearly 8 million businesses  
and households without power in  
15 states and the District of Columbia.  
The largest Atlantic hurricane on record,  
it caused widespread flooding and  
power failures that wiped out cable 
service in the Northeast. 
Sixty-five percent of one cable operator’s 
customer base was without service,  
and the company quickly realised it 
needed to gain much greater operational 
visibility to fully comprehend the extent 
of the storm damage. Without this critical 
insight the cable company would be 
unable to effectively manage its disaster 
response teams.
Solution
Ubisense had just begun working  
with this major cable provider to 
deploy Ubisense myWorld, and was 
able to accelerate the deployment 
to just 36 hours so that the cable 
operator could respond to Hurricane 
Sandy’s destruction.
Ubisense myWorld delivered an 
unprecedented degree of operational 
awareness, and allowed the cable 
operator to quickly assess the 
450 miles of cable that had been 
damaged across 16,000 locations, 
and prioritise and streamline 
restoration efforts accordingly. 
Results
The cable operator was the first  
of those impacted by the storm  
to restore service to its customers.  
It was able to respond more quickly 
and effectively than the other network 
operators impacted by the storm’s 
devastation, and provided accurate 
and timely information to utility 
partners – helping them with their 
critical restoration efforts.
The largest Atlantic hurricane on record, 
and the second most costly hurricane in 
United States history, caused widespread 
flooding and power failures that wiped  
out cable service in the Northeast. 
Ubisense Annual Report 17 16 Ubisense Annual Report CHIEF EXECUTIVE’S  
REVIEW
RICHARD GREEN 
CHIEF EXECUTIVE 
OFFICER
This year I am very pleased to report 
that the strategy is bearing fruit. 
We have reached a watershed in terms of 
contracts and customers won in our target 
industries around the globe and I believe 
our company stands on the threshold of 
significant gains in Solutions revenue, 
margin growth and profitability, which will 
take us to a new level as a business.
Highlights
In both of our key revenue streams – 
vehicle manufacturing (via Smart Factory 
RTLS products) and networks asset 
management (via myWorld geospatial 
products) we have this year won our two 
largest and most important customer 
contracts in our company’s history.
  Existing customer Daimler has deployed 
Smart Factory to support the production 
process of its flagship next-generation 
Mercedes E-Class model in the assembly 
line at Sindelfingen, Stuttgart. This 
significant new contract comes after 
our proven installation on the S-Class 
assembly line at the same factory and 
shows precisely how our Solutions are 
capable of adaption and adoption by 
existing customers to enhance their 
processes for multi-line and multi-site use.
  In other words we are capable of 
generating new sales from existing 
customers at an ever increasing rate,  
as our skills and understanding of  
their business and technical needs  
grow apace.
  In network asset management, we won 
a major new contract with Duke Energy 
in North Carolina, one of the largest 
power utility companies in North America, 
to install our myWorld product across 
almost a quarter of their field operations 
personnel. The contract followed the 
merger of Duke with Progress Energy 
and we competed against the existing 
incumbent providers. Ubisense proved 
that it has critical differentiators over 
vastly larger installed competitors.
  And while we cannot rest on our laurels, 
we would hope to increase our installed 
base with companies like Duke Energy, 
increasing the scale of what we can 
do for them from 25% of their field 
operations workforce to 50% of their 
customer-facing and field operations 
and beyond in the foreseeable future.
New customers
We were also pleased to be selected 
by a number of new household-name 
customers in our target markets.
In vehicle manufacturing we signed 
breakthrough Smart Factory deals with 
automotive manufacturers Honda, and 
with Tesla, the electric car manufacturer. 
We also were delighted to sign our first 
deal with Komatsu and CLAAS, the heavy 
vehicle specialists. 
Following on from the excellent work 
we are doing for John Deere, we see 
further opportunities to develop in 
vehicle manufacturing areas such as 
agricultural and construction, diversifying 
from automotive to a wider range of 
applications and business segments.
In network asset management we added 
Exelon, NiSource, Duke Energy and Liberty 
Utilities as new myWorld customers. 
I should remind shareholders that it 
was Duke Energy that was a significant 
managed services customer for Ubisense 
In last year’s Annual Report, I wrote about the 
exceptional progress we had made in developing  
our strategic and product focus in order to enable  
us to improve how we approach our key markets – 
vehicle manufacturing, utilities and communications.
where we had proven our expertise as a 
partner. This enabled us to be considered, 
compete and ultimately win our first 
myWorld installation at Duke Energy against 
much larger, incumbent competitors.
Existing customers
2014 was also notable for solid growth 
of expanded installations amongst our 
existing customer base in both vehicle 
manufacturing and networks asset 
management and it is fitting that we review 
progress in this regard. I have already 
stated that we are showing strong business 
gains from new-name customers in both 
business areas. But an equally exciting 
opportunity is to build impact and influence 
within our existing customer group.
As customers see how Ubisense is 
enabling them to handle increasing 
complexity, while driving volume,  
quality and reduced cost in one part  
of the manufacturing process or in one 
location, they work with us to expand 
that success into other processes, lines 
and plants. For example where we often 
begin in automotive manufacturing on 
the final assembly line, it is now standard 
practice for us to work on new Smart 
Factory installations in other areas such 
as repair and rework, to help customers 
manage cost and quality, while increasing 
throughput. Our expertise grows and thus 
so does the scope of what we are able to 
achieve within our existing customer base.
BMW, a cornerstone customer for 
Ubisense, has nine major assembly plants 
around the world and when we began our 
Smart Factory installations with them in 
2008, we were in one. T oday we are in six 
and are continuously proving that we can 
add value with each expanded installation 
on a line, including the Mini in Oxford, as 
well as plants in China.
And we are experiencing strong traction at 
VW, now featuring in 4 of their 100+ plants.
It seems to us that this is the ultimate 
expression of confidence in our people, 
processes and products. Customers 
choose to use us more and more,  
in multiple locations and across  
ever-increasing application areas.
Whilst this trend is most pronounced  
in vehicle manufacturing, I see the  
networks business replicating this 
success. As mentioned, our network asset 
management product is some five years 
younger than the vehicle manufacturing 
product in terms of customer adoption.  
We believe each is capable of a great  
deal more.
Other progress and delivery
I am very pleased with the Geoplan 
acquisition we made last year in Asia 
Pacific. Having integrated the business 
successfully we are now seeing real 
prospects for geographical expansion 
across Asia Pacific. We have begun our 
first installations at Hyundai and also at 
Toyota and we are very positive about 
further developments in the region, 
including further work for NYK in their 
automotive logistics business.
We have also referenced over the years 
our continued work with partners such 
as Atlas Copco and Daifuku, who have 
helped us integrate into their own network 
of products and solutions in very large 
businesses and geographical segments. 
I’m encouraged by progress here too. 
Our new Smart Factory DIMENSION4 
technology will make it far easier for our 
partners to deploy and adopt our products 
and incorporate them more swiftly and 
economically into their own solutions. I see 
this as a strong engine for growth in the 
medium term, quite outside the impact it 
will have amongst existing customers.
People
An enterprise software business of course 
relies on its people and I must congratulate 
the team in adapting to our new strategy 
and making it work. I would also like to 
thank some of our newer senior team 
additions, in particular our CFO Robert 
Parker and our new Marketing and 
Commercial T eam, led by Charles Watson. 
These new arrivals are complementing our 
established technology skills and together 
we are moving the business onto a more 
accomplished corporate footing, which  
will clearly benefit shareholder returns.
Outlook
We believe Ubisense’s prospects  
have never looked better for winning 
new customers and yet we also believe 
that there is quite literally a world of 
opportunity for us to provide solutions  
and value for our current customers.  
We are, as ever, very grateful for the 
support of our shareholders and  
look forward to a rewarding future.
Richard Green 
Chief Executive Officer 
16 March 2015
Ubisense Annual Report Ubisense Annual Report 19 18 FINANCIAL REVIEW
ROBERT PARKER  
CHIEF FINANCIAL 
OFFICER
Revenue 
The Group is organised as a single 
Enterprise Location Intelligence business 
unit, combining Vehicle Manufacturing 
and Network Asset Management 
application areas. The Group’s strategy 
is outlined further in the Strategic Report. 
While we market, organise and report a 
single offering, Ubisense has two distinct 
revenue streams which are serviced by  
a common cost base:
  Solutions revenues are those driven 
from the Ubisense product suites (Smart 
Factory and myWorld), technical expertise 
and exclusive reseller arrangements. 
A solution sale will include a mixture 
of application software (licences in 
perpetuity and subscription based), 
installation and commissioning services, 
hardware (for vehicle manufacturing) 
and maintenance and support. Margins 
in any given period will vary depending 
upon the make-up and phase of the 
given set of Solutions being delivered. 
The Company sees this revenue stream 
as critical to driving the long-term growth 
and profitability of the business and there 
is a strategic shift towards this higher 
margin revenue stream.
  Services revenues are those not 
involving the Ubisense product suites 
as defined above. These revenues are 
typically multi-year managed services 
contracts, consultancy and training. The 
Company generally has good visibility 
on future revenue from Services and 
drives customer loyalty in addition to 
providing a customer base into which  
it can sell its Solutions.
The majority of our revenues relate to  
a small number of large deals, the timing 
of which is not solely within our control, 
and each can carry a significant impact on 
our results in any single reporting period.
Total revenues grew 29.8% to £35.1 million 
(2013: £27.0 million); of this £28.7 million  
was organic growth. Within total revenues, 
the Solutions revenue grew by 49.8%  
to £20.1 million (2013: £13.4 million), of 
which £18.5 million, 41% was organic. 
Services revenue grew by 10.2% to  
£15.0 million (2013: £13.6 million). This  
was primarily due to services revenues  
of £4.8 million from the Geoplan group, 
whilst the organic business in Services  
fell by £3.4 million.
Recurring revenues grew by 27.3%  
to £9.8 million (2013: £7.2 million) or  
28.1% of total revenues (2013: 26.5%),  
of which £4.2 million was maintenance 
and support which increased by 69.9% 
(2013: £1.3 million), and represents 12.0%  
of total revenues (2013: 4.7%). This increase 
is as a result of the installed base of 
products progressively increasing and  
it serves to stabilise revenue trends  
as the business grows. 
As a global business with activities 
focussed in Europe, North America and 
Asia Pacific, the reported results are 
subject to exchange rate volatility. During 
the period, Sterling has strengthened 
against the US Dollar, Euro and Japanese 
Yen; currencies in which the Group 
derives a significant proportion of its 
revenues. If currency exchange rates had 
remained constant in 2014 compared 
2014 saw a number of major new contract awards and 
extensions to existing contracts resulting in new orders 
for the period of £31.6 million.
to 2013, the Board estimates that Group 
reported revenues would have been  
£2.5 million higher at £37.6 million and 
adjusted EBITDA £0.1m higher. 
To mitigate currency effects, the Group’s 
policy is to maintain natural hedges where 
possible by matching foreign currency 
revenues and expenditure. The Board 
regularly reviews the forecast currency 
requirements and at this stage, does not 
consider external hedging arrangements 
for profit and loss items to be appropriate 
for the Group.
Orders
2014 saw a number of major new  
contract awards and extensions to 
existing contracts resulting in new orders 
for the period of £31.6 million (2013:  
£32.5 million), of which £21.0 million 
related to Solutions (2013: £18.3 million).  
A number of major Solutions deals closed 
in 2014 which included further expansion 
into our automotive customers with Smart 
Factory systems. In addition, our network 
Solutions business is continuing to grow 
with myWorld and we secured contracts 
with some of the largest utilities in the 
United States during the year. 
The order book as at 31 December 2014 
stood at £12.4 million (2013: £17.9 million) 
– a 31% decrease from 2013. This reflects 
the Group’s strategy to focus on the 
Solutions business, which provides shorter 
lead time between order and revenue 
generation than Services, which in 2013 
was significantly made up of multi-year 
contracts at lower margin.  
Of the 2013 backlog, £14.4 million of 
revenue was recognised in 2014 and  
£3.5 million will be recognised in 2015 and 
beyond. Of the 2014 backlog, £10.7 million 
will be recognised as revenue in 2015, 
with £1.7 million forecast to be recognised 
in 2016 and beyond. The Group has 
increasing visibility on revenues into 
2015 as our penetration within existing 
customers increases. 
Gross margin
The gross margin increased from  
34.2% in 2013 to 39.9% in 2014. This  
was primarily as a result of an increase  
in Solutions revenue in the revenue  
mix, which provides higher margins  
than Services revenues.
Operating expenses
Operating expenses increased by  
£7.7 million (70%) to £18.6 million (2013: 
£10.9 million). The increase is due to the 
inclusion of operating expenses from the 
Geoplan group of £2.7 million following 
its acquisition in December 2013 and 
£5.0 million of the increase was from 
the existing Group, which included an 
increase in amortisation charges by 
£2.0 million to £3.7 million for the year 
and non-recurring items of £2.4 million. 
Operating expenses includes marketing, 
product marketing, product development, 
administration, depreciation & amortisation 
and foreign exchange. 
Gross expenditure on product 
development was £3.9 million (2013:  
£4.0 million) reflecting constant investment 
in our flagship Smart Factory and 
myWorld products. Capitalised product 
development costs at £3.0 million (2013: 
£3 million) represented 75% (2013: 76%)  
of gross development spend. Amortisation 
of the capitalised development costs 
increased to £2.6 million (2013: £1.2 million) 
as a result of significant investment in 
product development in recent years.
The Group incurred non-recurring 
expenditure of £2.4 million (2013:  
£0.8 million). £0.6 million related to 
strategic Asia Pacific market entry costs 
relating to integration of the Geoplan 
acquisition made in December 2013.  
The Group underwent an internal  
re-organisation in the second half  
of the year, which incurred £0.5 million  
of related costs. Acquired intangible 
assets relating to Services revenues  
were impaired by £1.3 million during  
the year. This impairment is a result  
of the Group’s strategy of focussing  
on high-margin Solutions revenues.
Ubisense Annual Report Ubisense Annual Report 21 20 FINANCIAL REVIEW
CONTINUED
EBITDA and operating profit
Group Adjusted EBITDA for the period  
was £1.9 million (2013: £1.1 million). To 
provide a better guide to underlying 
business performance adjusted EBITDA 
excludes share-based payment charges 
and non-recurring items along with 
depreciation, amortisation, interest  
and tax from the measure of profit.
Both the operating loss of £4.6 million 
(2013: £1.6 million) and loss before tax  
of £4.8 million (2013: £1.7 million) includes 
amortisation charges of £3.7 million  
(2013: £1.6 million), depreciation charges 
of £0.4 million (2013: £0.3 million) and  
the non-recurring items noted above  
of £2.4 million (2013: £0.8 million). 
Amortisation charges have increased 
significantly due to the amortisation of 
acquired intangible assets following the 
Geoplan acquisition in December 2013 
and higher amortisation on capitalised 
development costs reflecting the 
increased investment in recent years.
Interest and tax
Net interest payable for the period was 
£0.2 million (2013: £0.1 million) as a result 
of drawing down our HSBC bank and 
Mizuho bank loans. 
The Group has a net tax credit of  
£0.7 million (2013: £0.2 million expense) as 
a result of cash receivable of £0.5 million 
under the UK R&D tax credit regime and 
£0.2 million of non-cash deferred tax 
on capitalised development costs and 
acquired intangible assets. Management’s 
best estimate of the effective current tax 
rate is nil due to the availability of prior 
years’ losses. The Group has substantial 
tax losses carried forward but does not 
currently recognise a deferred tax asset  
in respect of these losses.
EPS and dividend
Adjusted diluted loss per share  
was 3.5 pence (2013: 3.5 pence loss). 
Reported basic and diluted loss per  
share was 16.7 pence (2013: 8.9 pence). 
No dividend has been declared.
Balance sheet, cash and cash flow
The Group has a robust balance  
sheet with net assets at 31 December 
2014 of £18.8 million (31 December 2013:  
£19.4 million). Due to the proximity to the 
year end of the Geoplan acquisition in 
December 2013, the fair values of assets 
and liabilities acquired were provisional  
2014 
£m
Loss before tax (4.8)
Depreciation and amortisation charges 5.3
Other non-cash expenses 0.3
Operating cash inflow before working  
capital movement 0.8
Working capital outflows (3.5)
Operating cash flows before capital expenditure (2.7)
Capital expenditure on product development and 
property, plant & equipment (4.4)
Deferred and contingent consideration paid in 
respect of Geoplan group acquisition (0.5)
Interest and tax paid (0.1)
Cash outflow from trading activities (7.7)
2014 
£m
Net funds at 1 January 2014 0.5
Cash outflow from trading activities (7.7)
Share placing to institutional investors 4.0
Net debt at 31 December 2014 (3.2)
With the bank loan outstanding of £6.9 million, net debt  
at 31 December 2014 was £3.2 million (31 December 2013:  
£0.5 million net funds). The movement in the net debt  
position is summarised below:
Cash and cash equivalents held in the balance sheet  
at 31 December 2014 was £3.7 million (31 December 2013:  
£4.0 million). The movement in the cash position during  
the year is summarised below:
Capital structure
The issued share capital at 31 December 2014 was 25,062,842 
(December 2013: 23,079,146) ordinary shares of £0.02 each.  
The increase of 1,983,696 shares relates to 1,929,589 shares 
issued in the April 2014 placing and 54,107 share option  
exercises by employees. 447,500 share options were granted  
to employees on 23 May 2014 at an exercise price of £2.25, 
being the share price at the time. 192,500 options vest after  
three years, depending on continued service during the vesting 
period. 255,000 options also have certain performance criteria 
attached in order to vest. The total number of unexercised  
share options at 31 December 2014 was 2,343,271.
at 31 December 2013 in line with IFRS 3. 
The post-acquisition review of the net 
assets acquired has been conducted in the 
current period and as a result, the balance 
sheet at 31 December 2013 restated.
In April 2014, the business completed 
a share placing raising gross proceeds 
of £4.2 million with the placement of 
1,929,589 new ordinary shares at a price 
of £2.20 per share from existing and new 
shareholders. The net proceeds from the 
placing are being used by the Group to 
support the growing Solutions business.
The Group has a three-year working capital 
facility of £5.0 million agreed with HSBC in 
2013. £4.0 million of this facility was drawn 
as at 31 December 2014 (2013: £3.5 million). 
In June 2014, a 130 million Japanese 
Y en denominated loan (£0.8 million) was 
agreed with Mizuho Bank and fully drawn 
down in H1 2014. The facility was increased 
to 200 million Japanese Y en in H2 2014 
and 170 million Japanese Y en was drawn at 
31 December 2014 (2013: £nil). This facility 
takes advantage of the low interest rates 
available in Japan and acts as a natural 
hedge against the Group’s assets in Asia.
In October 2014, the Group agreed an 
additional £2.0 million four-year term loan 
with HSBC to provide funds for future 
acquisitions. This facility was drawn in  
full at the year end (2013: £nil).
Robert Parker 
Chief Financial Officer 
16 March 2015
Ubisense Annual Report Ubisense Annual Report 23 22 STRATEGIC REPORT
ROBERT PARKER  
CHIEF FINANCIAL 
OFFICER
We help unlock previously 
inaccessible intelligence and insight 
to empower our customers to realise 
dramatic benefits in diverse application 
areas including vehicle manufacturing, 
network operations, field operations and 
asset management. Ubisense Enterprise 
Location Intelligence Solutions are used 
by a number of blue chip customers 
across the world, such as Toyota, VW, GM, 
Hyundai, Honda, PSA, BMW and Daimler. 
Ubisense is headquartered in Cambridge, 
UK, with offices in the USA, Canada, 
Germany, France, Japan, South Korea  
and Singapore. 
The enterprise acceptance of our 
Solutions has been accelerated by several 
factors such as the consumerisation of 
maps led by Google, the proliferation 
of smart devices, the growth in cloud 
technologies and the modern device-
to-device networking referred to as 
“internet of things”. Ubisense’s software 
products and services capability benefit 
from these trends, enabling enterprises 
across the high-value Manufacturing, 
Utility and Telecommunications sectors to 
deliver significant improvements in quality, 
efficiency and cost savings. This also 
opens up new, adjacent markets  
for Ubisense. 
The Group acquired the Geoplan  
group of companies in December 2013  
to accelerate market penetration into  
the Asia Pacific region. With the business 
reorganisation conducted in 2014, the 
strategy of the Group is to: 
  Continue to transition to a  
products-led business, supported  
by Services capability
  Drive a change in the revenue mix  
to deliver more, high-margin software 
with associated recurring revenues
  Develop next-generation applications 
that deliver ROI to customers 
  Focus direct business on Vehicle 
Manufacturing and Network Asset 
Management enterprises including 
Communications and Utility
  Drive step and repeat business  
in Automotive manufacturing across 
new site locations
  Focus on our key target markets of 
North America, Europe and Asia Pacific
  Streamline and align operations, 
providing a rewarding work environment 
to attract and retain talented staff.
Business review and future 
developments
Business development
An increase in our gross margin by 5.7 
percentage points from 34.2% to 39.9%, 
adds validity to our strategy to focus 
on our Enterprise Location Intelligence 
Solutions, and the investment we have 
made in our next-generation platforms 
and sales and marketing infrastructure.
The Group‘s products are becoming 
generally accepted across its chosen 
industries and Ubisense is increasingly 
able to penetrate deeper into its customer 
base by installing additional applications 
on each site, and is confident this trend 
Ubisense is a global leader in Enterprise Location 
Intelligence Solutions for Manufacturing, Communication 
and Utility companies. We enable some of the world’s 
largest businesses to improve operational effectiveness, 
significantly increasing their profitability.
will continue. With the acquisition of the 
Geoplan group in Asia, we believe that 
our geographical footprint is complete  
at present.
The Group continues to invest in 
product development with activities 
focusing on two product lines: Smart 
Factory in the vehicle manufacturing 
industry and myWorld in the utilities 
and communications industries. Future 
acquisition strategy will extend to the 
Group’s product portfolio, allowing 
opportunities to upsell into our existing 
customer base.
Partnerships
While our direct sales channel is gaining 
strong customer traction, our solution 
partners are also contributing to the 
strong revenues in the year. The Group 
continues to develop relationships with 
partners such as Atlas Copco and Daifuku 
and is optimistic about the opportunities 
to expand market presence these 
relationships provide. The Group is also 
setting the foundation for developing a 
reseller channel to extend geographic 
footprint in 2016 and beyond.
Key performance indicators
The primary financial key performance 
indicators for the Group, which are 
reported monthly, are as follows:
  Adjusted EBITDA 
Adjusted EBITDA excludes amortisation, 
depreciation, non-recurring items and 
share-based payments and is reported 
as it reflects the performance of the 
Group. Adjusted EBITDA for the year 
was £1.9 million (2013: £1.1 million). 
  Revenue mix 
The revenue mix of Solutions and 
Services is reported as the gross margin 
on each stream is different. Solutions 
revenues, which attract a higher margin 
than Services revenues, accounted for 
57% of total revenues (2013: 50%).
  Cash and working capital 
The Group closely monitors the 
cash balances and working capital 
movements. The closing cash balance 
for the Group was £3.7 million (2013: 
£4.0 million) and net debt was  
£3.2 million (2013: £0.5 million net 
funds). The movement in the cash 
position is explained in detail in the 
Financial Review starting on page 20.
  Order backlog 
Order backlog provides the Group  
with visibility over future revenues.  
At 31 December 2014, the order backlog 
was £12.4 million (2013: £17.9 million). This 
decrease reflects the Group’s strategy 
to focus on Solutions revenues, which 
attract shorter lead times between order 
and revenue generation than Services.
Non-financial key performance indicators 
for the Group include:
  Quantity and quality of lead  
generation, pipeline and conversions  
to deals in the sales pipeline
  Project duration, including installation 
service days
  Our reaction and solution times  
to customer requests.
Having regularly reviewed the KPIs  
in respect of changes within periods  
and changes between reporting periods 
the Directors believe that the Group  
has made steady progress against 
the KPIs, especially revenue mix and 
adjusted EBITDA.
Financial instruments
Information on both the Group’s financial 
risk management objectives and the 
Group’s policies on exposure to relevant 
risks in respect of financial instruments 
are set out in note 26 of the consolidated 
financial statements.
Principal risks and uncertainties
The Group faces competitive and 
strategic risks that are inherent in a rapidly 
growing emerging market. The Board 
and the Executive Management Team 
review strategy and risks to the business 
regularly. Where possible, processes  
are in place to monitor and mitigate  
the identified risks.
The key business risks affecting the 
Group are set out below:
Technological risks
The Group operates in an industry 
where competitive advantage is heavily 
dependent on technology. It is possible 
that technological development may 
reduce the importance of the Group’s 
function in the market or render the 
patents on which it relies redundant. 
For instance, the Group’s Enterprise 
Location systems rely on ultra-wideband 
radio signals to operate. There is no 
guarantee that technological advances 
will not render systems based on ultra-
wideband radio obsolete. The Group’s 
Ubisense Annual Report Ubisense Annual Report 25 24 STRATEGIC REPORT
CONTINUED
existing reference designs may become 
obsolete or may be superseded by new 
technologies or changes in customer 
requirements. The technology used in the 
Group’s products is still evolving, is highly 
complex and may change rapidly. 
In order to mitigate this risk, Ubisense 
invests in a range of research and 
development activities to maintain its 
competitive advantage and participates in 
industry and research forums in order to 
keep abreast of technological advances.
Growth management and acquisitions
The Directors believe that further 
expansion, either organic or via acquisition, 
will be required in the future to capitalise 
on the anticipated increase in demand for 
the Group’s Solutions. The Group’s future 
success will depend, in part, on its ability  
to manage this anticipated expansion. 
Such expansion is expected to place 
demands on management, support 
functions, accounting, sales and marketing 
and other resources. If the Group is unable 
to manage its expansion effectively, its 
business and financial results could suffer. 
In order to mitigate this risk, the Group 
undertakes extensive due diligence on 
acquisition targets and uses dedicated 
project teams to integrate acquisitions  
into the Group.
It is the Board’s strategy to investigate 
and explore complementary acquisition 
targets from time to time. In this regard, 
the Board would seek to acquire 
businesses which enable the Company 
to expand its product portfolio and its 
geographic footprint in order to increase 
its offering to its customers and expand 
demand for the Group’s Solutions.
Staff recruitment and retention
The contribution made by Ubisense’s highly 
skilled and experienced staff is vital to the 
Group’s success. As the Group grows, it is 
important to recruit and retain staff.
The Group has in place appropriate 
incentive structures to attract and retain 
the calibre of employees necessary to 
ensure the efficient development and 
management of the Group.
Reliance on third parties, including 
manufacturers
The Group relies on third party equipment 
manufacturers in the completion of its 
products and, therefore, does not always 
have complete control over the equipment 
and materials it requires to comply with its 
obligations under customer contracts.  
T o the extent that the Group cannot 
acquire equipment or materials according 
to its plans and budgets, its ability to 
complete its work for its customers 
within the timetable laid down by the 
contract or at a profit may be impaired. 
If a manufacturer is unable to deliver the 
products for any reason, the Group may 
be required to purchase such equipment 
or materials from another source at a 
higher price. The resulting additional 
costs may be substantial and the Group 
may be in breach of its contracts with 
customers, which may result in a financial 
loss on a particular contract or a loss of 
business. In addition, any resulting failure 
to fulfil contracts with customers and other 
business partners may have an adverse 
effect on the Group’s future profitability 
and reputation. One key supplier supplies 
more than 75% of the hardware required 
annually by the Group.
In order to mitigate this risk, the  
Group closely manages and reviews  
its relationship with key suppliers on  
a regular basis.
Dependence on key customers
The Group is dependent on a number of 
key contracts and customer relationships 
for its current and future growth and 
development. Ubisense has strong 
customer relationships with considerable 
repeat business from a number of large 
international organisations. In the financial 
year to 31 December 2014 the Group’s 10 
largest customers accounted for 47% of 
the Group’s revenue (2013: 60%), of which 
one customer accounted for in excess 
of 10% (2013: 10%). The loss of a major 
customer could result in a decrease in 
Group revenues, margins and profitability.
In order to mitigate this risk, the Group has 
extensive sales and account management 
processes and procedures and is 
continuing to diversify its customer base.
Contracts
Some of the Group’s commercial 
contracts include terms where revenues 
and/or invoicing are related to customer 
acceptance. Other contracts contain terms 
whereby the timing of cash collections  
is contingent on the customer re-selling 
our products to end users. 
The Group’s exposure under such 
contracts is reviewed regularly by the 
Executive Management Team and the 
main Board.
Credit
The main credit risk is attributable to trade 
receivables owed by customers. As the 
majority of the Group’s customers are very 
large, blue chip utilities, telecoms and 
manufacturing companies, the risk  
of non-payment tends to be less of  
a traditional credit nature and more 
related to customer satisfaction.
Credit exposure by customer is reviewed 
regularly by the Executive Management 
Team and the main Board with provision 
made for doubtful receivables when  
there are circumstances which, based  
on experience, are evidence of  
a likely reduction in the recoverability  
of the receivable. 
Bank covenants
The Group has bank loan facilities of  
£7.0 million with HSBC Bank plc to provide 
future working capital capacity and for 
acquisitions. The loans are repayable in 
2016 (£5.0 million) and 2017 (£2.0 million) 
and the outstanding balance at  
31 December 2014 was £6.0 million. 
The Group is required to meet certain 
financial criteria agreed as covenants for 
the bank loans. The financial measures 
are regularly reviewed against covenant 
requirements to ensure the Group’s 
obligations can be met. All covenants tests 
during the year were met and all tests for 
the forthcoming 12 months are forecast 
to be met based on our annual operating 
plan and our latest rolling forecast.
Research and development (R&D)
The Group continues to invest in 
R&D, spending £3.9 million in its R&D 
programmes in the year (2013: £4.0 million) 
of which £3.0 million (2013: £3.0 million) 
was capitalised. In the opinion of the 
Directors, these investments will maintain 
and generate significant revenues in 
future years.
Intellectual property
The Group owns intellectual property 
both in its software tools and the products 
derived from them. The Directors consider 
such properties to be of significant value 
to the business.
Employee involvement
The Group aims to attract, retain and 
motivate the best staff regardless of 
gender, race, religion, sexual orientation, 
age or disability. T o that end it is committed 
to offering equal employment opportunities.
The Group provides its employees 
systematically with information on matters 
of concern to them and regularly consults 
its staff, or their representatives, for views 
on matters affecting them.
The Group encourages employee 
involvement in the Group’s performance 
by granting share options and 
Group performance-related variable 
compensation, and ensures that 
employees are fully aware of financial 
and economic factors affecting the 
performance of the Group.
Employee policies
The Group is committed to following  
the applicable employment laws in  
each territory in which it operates. 
The Group is committed to ensuring  
that disabled persons, whether registered 
or not, have equal opportunities when 
applying for vacancies, with due regard to 
their aptitudes and abilities. In addition to 
complying with legislative requirements, 
procedures ensure that disabled 
employees are fairly treated and that 
their training and career development 
needs are carefully managed. For those 
employees becoming disabled during the 
course of their employment, every effort 
is made, whether through retraining or 
redeployment, to provide an opportunity 
for them to remain with the Group.
Health and safety environment
The Group is committed to maintaining a 
safe and healthy working environment for 
all staff. T o that end it provides appropriate 
training and supervision and complies with 
all applicable regulatory requirements.
The Group seeks wherever possible to 
minimise its impact on the environment 
for the benefit of its staff and the public 
at large. The Group is committed to 
complying with environmental regulations, 
in particular WEEE, and encourages and 
supports staff in waste recycling within  
its offices.
Approved by the Board of Directors and 
signed on behalf of the Board.
Robert Parker 
Chief Financial Officer 
16 March 2015 
Ubisense Group plc
Registered number: 05589712
Ubisense Annual Report Ubisense Annual Report 27 26 BOARD OF DIRECTORS
PROFESSOR ANDREW 
HOPPER CBE 
NON-EXECUTIVE 
CHAIRMAN
RICHARD GREEN  
CHIEF EXECUTIVE 
OFFICER
ROBERT PARKER  
CHIEF FINANCIAL 
OFFICER
PETER HARVERSON  
NON-EXECUTIVE 
DIRECTOR
Andy is one of the foremost leaders in the 
technology industry having co-founded 
12 successful companies, including 
Acorn Computers Limited acquired by 
Olivetti; Virata, Inc. listed on NASDAQ; 
Adaptive Broadband Limited, acquired 
by California Microwave, Inc.; Cambridge 
Broadband Limited; Level 5 Networks 
Limited; and RealVNC Limited. Andy is 
Professor of Computer Technology at the 
University of Cambridge and is currently 
Head of the University of Cambridge 
Computer Laboratory and a member of 
the University’s Council. Andy has worked 
on location systems for over 20 years. 
He was elected as a Fellow of the Royal 
Society in 2006 and the Royal Academy 
of Engineering in 1996. Andy was made  
a CBE in 2007 for services to the 
computer industry.
Richard initially trained as a mechanical 
engineer and has over 25 years’ of 
experience in the software industry. 
Having established Smallworld as one 
of the leading geographic information 
system companies serving utility and 
telecoms companies in Europe and the 
US, the company subsequently listed on 
NASDAQ in 1996 and was acquired by GE 
in 2000 for $214 million. Richard was Ernst 
& Young UK’s Science and Technology 
Entrepreneur of the Year in 2010. Richard 
is a Fellow of the Institute of Mechanical 
Engineers and sits on the Institute of 
Mechanical Engineers Manufacturing 
Industries Board.
He is also Entrepreneur in Residence at 
Judge Business School, Cambridge and  
a Fellow of the Royal Society of Arts.
Robert is a Chartered Accountant with 
more than 25 years’ experience in senior 
finance roles across multiple sectors.  
Most recently Robert was CFO of the 
Optitune Group, a Finnish cleantech 
company. Robert has held senior positions 
with Sumitomo Electric Europe Ltd, Eircom 
UK, National Grid and Immedia.
Peter has held a number of senior 
international sales and marketing 
roles in the IT industry. These included 
Regional Director, Intel Corporation 
and Vice President Europe, Cadence 
Design Systems. In 1995 he joined 
Sun Microsystems where he was 
responsible for the development of the 
company’s European Corporate Accounts 
programme. Subsequently he became 
Director of Services Sales – EMEA 
with a charter to develop new areas of 
business, including professional services. 
Peter retired from Sun Microsystems 
in December 2005. Most recently he 
was Non-Executive Chairman of Aspex 
Semiconductors Limited, sold to Ericsson 
AB in July 2012. Currently, Peter is a  
Non-Executive Director of Brady plc, CRFS 
Limited, and Chairman of eoSemi Limited. 
Peter is also an advisor to Cambridge  
IP Limited.
  A udit Committee
 Non-Executive Chairman
  R emuneration Committee
 Audit Committee
  R emuneration Committee
  Nominations Committee
 Remuneration Chairman
 Nominations Committee
IAN KERSHAW  
NON-EXECUTIVE 
DIRECTOR
Ian has over 28 years’ experience  
in the automotive, manufacturing and 
power industries. He is responsible  
for Ricardo’s strategic consulting  
activities in Northern Europe and is also 
a Board member of Surface Generation, 
a developer of advanced manufacturing 
systems for high-performance materials. 
Ian has held management positions with 
Caterpillar, Rolls-Royce Motor Cars and 
Arthur D. Little.
 Audit Committee
Ubisense Annual Report Ubisense Annual Report 29 28 BOARD OF DIRECTORS
 CONTINUED
DR ROBERT SANSOM  
NON-EXECUTIVE 
DIRECTOR
An active angel investor and mentor 
to start-ups, Robert is founder of the 
Cambridge Angels, a group of seasoned 
technology and bio-technology 
entrepreneurs who invest in and 
mentor technology start-ups in the 
Cambridge area. Previously, Robert was 
co-founder, CTO and Director of FORE 
Systems, Inc., a leading provider of 
networking equipment. FORE was listed 
on NASDAQ in 1994 and subsequently 
acquired by Marconi for $4.5 billion 
in 1999. Additionally, Robert served 
as the Chief Technology Officer at 
Marconi in 1999. Robert is a member 
of the Board of Directors of Cambridge 
Communications Systems Limited, CRFS 
Limited, Featurespace Ltd and Netronome 
Systems, Inc. He was elected as a Fellow 
of the Royal Academy of Engineering  
in 2010.
  Nominations Chairman
 Remuneration Committee
PAUL TAYLOR  
NON-EXECUTIVE 
DIRECTOR
Paul is a Fellow of the Association  
of Chartered Certified Accountants. 
Paul joined AVEVA Group Plc in 1989 
and was heavily involved in the flotation 
process and was responsible for UK 
accounting and for the development of 
AVEVA’s overseas subsidiaries including 
adherence to group standards. Between 
1998 and 2001, Paul was also UK Director 
of Human Resources and was appointed 
to the position of Finance Director and 
Company Secretary of AVEVA Group plc 
on 1 March 2001. Before joining AVEVA, 
Paul trained within the accountancy 
profession before moving to Philips 
Telecommunications (UK) where he was 
responsible for the management accounts 
of its Public Sectors division. Paul was a 
recipient of the FTSE250 Finance Director 
of the Year award and is also a Non-
Executive Director of Anite plc, Escher 
Group Holdings plc, Digital Barriers plc 
and KBC Advanced Technologies plc.
 Audit Chairman
  Nominations Committee
  R emuneration Committee
Ubisense has a proven 
track record of helping 
businesses evolve, refine  
and transform operational 
effectiveness.
Ubisense Annual Report 30 31 Ubisense Annual Report Incorporation and constitution
Ubisense Group plc is domiciled in England and incorporated in England and Wales 
under Company Number 05589712. Ubisense Group plc’s Articles of Association are 
available on the Group’s website at www.ubisense.net. 
Capital structure
The Company has one class of ordinary share of two pence each which carries no right to 
fixed income. Each share carries the right to one vote at general meetings of the Company.
Details of the share capital of the Company, including shares issued during the year,  
can be found in note 20 of the consolidated financial statements. 
Total holding 
Number
% of issued 
share capital
Robert Sansom 2,493,676 9.95
Richard Green 1,734,906 6.92
NFU Mutual Investment Managers 1,417,046 5.65
FIL Investments International 1,261,280 5.03
Unicorn Asset Management 1,205,978 4.81
Ubisense Employee Share Plan 1,141,113 4.55
Threadneedle Investments 1,000,453 3.99
Charles Stanley 974,354 3.89
City Financial 800,000 3.19
Substantial shareholdings
On 16 March 2015, the Company had been notified of the following significant interests 
in its ordinary share capital:
Directors
The Directors serving at 31 December 2014 were as follows: Richard Green, Peter 
Harverson, Prof Andrew Hopper, Ian Kershaw, Robert Parker, Robert Sansom, Paul Taylor.
Board changes 
In February 2014, after 10 years at Ubisense, Gordon Campbell, Chief Financial Officer, 
notified the Board of his intention to step down from his role. Gordon Campbell has made 
a significant contribution to the growth and development of the Group, including listing  
on AIM, and this will continue in a new role leading the post-acquisition integration. 
On 10 February 2014, Robert Parker was appointed as CFO of Ubisense Group plc. 
Robert Parker joins Ubisense from Optitune plc where he had been CFO since 2012. 
Robert Parker brings extensive experience in both the strategic development and 
operational management of high growth, multicultural businesses. He has a proven  
track record of driving organic growth, executing M&A and raising finance in both  
the private and public markets.
On 27 May 2014, J Keith Lomas and Richard Newell notified the Board of their intentions 
to resign as Non-Executive Directors after five and seven years of service respectively. 
Ian Kershaw, Managing Director of Ricardo Strategic Consulting, joined the Board on  
27 May 2014 as a Non-Executive Director.
The Directors present their 
annual report on the affairs  
of the Group together 
with the audited financial 
statements for the year  
to 31 December 2014.
DIRECTORS’ REPORT
There has been no change in the interests set out above between 31 December 2014 
and 16 March 2015. Paul Taylor, Robert Parker and Ian Kershaw hold no shares as at  
31 December 2013 (or their appointment date if later), 31 December 2014 nor 16 March 2015.
Directors’ remuneration, share options and loans
Details of Directors’ remuneration, share options and loans are provided in note 7 of the 
financial statements.
Directors’ indemnity arrangements
The Group has made qualifying third party indemnity provisions for the benefit of its 
Directors, which were made during the year and remain in force at the date of this report.
The Group has purchased and maintained throughout the year Directors’ & Officers’ 
liability insurance in respect of itself and its Directors.
Corporate governance
The Company’s statement on corporate governance can be found in the Corporate 
Governance report on pages 34 to 36 of these financial statements. The Corporate 
Governance report forms part of the Directors’ report and is incorporated into it by  
cross-reference.
Post balance sheet events
There are no significant post balance sheet events.
Dividends
The Directors do not recommend payment of a dividend for the year (2013: £nil).
Auditor
A resolution to re-appoint Grant Thornton UK LLP as the Group’s auditor will be 
proposed at the forthcoming Annual General Meeting. In accordance with normal 
practice, the Directors will be authorised to determine the auditor’s remuneration.
Annual General Meeting
The Annual General Meeting of the Company is due to take place at the Group  
head office of St Andrew’s House, St Andrew’s Road, Chesterton, Cambridge,  
CB4 1DL on 24 April 2015 at 8.30 a.m. Details of the resolutions proposed at the  
AGM are explained on pages 82–86 of this document.
Robert Parker 
Chief Financial Officer 
16 March 2015 
Ubisense Group plc
Registered number: 05589712
Approved by the Board of Directors and 
signed on behalf of the Board
2014
Number
2013
Number
Richard Green* 1,734,906 1,734,906
Peter Harverson 65,161 65,161
Andrew Hopper 225,000 225,000
Robert Sansom 2,493,676 2,493,676
T otal 4,518,743 4,518,743
*  Includes 115,617 (2013: 115,617) shares held by the RT Green Children’s Trust of which Richard Green  
is a trustee.
Directors’ interests – shares
Directors’ interests in the ordinary shares of Ubisense Group plc at 31 December 2014 
were as follows: 
Ubisense Annual Report Ubisense Annual Report 33 32 The Directors believe that effective 
corporate governance, appropriate to  
the Group considering its size and stage 
of development, will assist in the delivery 
of corporate strategy, the generation of 
shareholder value and the safeguarding 
of shareholders’ long-term interests.  
We do not comply with the UK Corporate 
Governance Code September 2014 
(“the Code”). However, the Directors are 
committed, wherever it is reasonably 
practicable, to ensure that the Group 
is managed in accordance with the 
principles set out in the Code.
Composition of the Board
The Board comprises the non-executive 
Chairman, four Non-Executive Directors 
and two Executive Directors. Biographical 
details of all members of the Board are 
set out on pages 28–30.
Since the flotation of the Company in 
2011, no equity-based incentives have 
been granted to Non-Executive Directors 
and there are no such plans for any such 
grants in the future. At the end of the  
year, the Chairman and two of the four 
Non-Executive Directors had shares and 
share options in Ubisense Group Plc.
The holding of shares and share  
options by Non-Executive Directors 
could, amongst other things, be relevant 
in determining whether a Non-Executive 
Director is independent. Therefore,  
after detailed consideration, the Board  
has determined that Paul Taylor and  
Ian Kershaw are the only independent 
Non-Executive Directors within the 
meaning of the Code.
The roles of Chairman and Chief 
Executive Officer are vested in separate 
individuals, each with clear allocation 
of accountability and responsibility. The 
Chairman has prime responsibility for 
running the Board and the Chief Executive 
Officer has executive responsibilities 
for the Group’s strategic development, 
operations and results. The structure 
of the Board and the integrity of each 
Director ensures that there is no one 
individual or group dominating the 
decision-making process.
CORPORATE GOVERNANCE 
REPORT
The role of the Board
The Board holds full meetings at least 10 
times per year, with attendance required in 
person whenever possible. The principal 
matters that it considers are as follows:
  Reviewing operating and financial 
performance
  Ensuring that appropriate management 
development and succession plans are 
in place
  Determining corporate strategy, 
including consideration and approval of 
the Company’s annual strategy review
  Establishing dividend policy
  Approving and accepting all new 
committed funding facilities
  Approving and accepting major 
changes in the capital structure  
of the Company
  Reviewing and approving formal 
treasury policies relating to funding, 
liquidity, transactional foreign exchange 
and interest rate risk management
  Reviewing the health and safety  
and environmental performance  
of the Company
  Approving corporate acquisitions, 
mergers, divestments, joint ventures 
and major capital expenditure
  Receiving, reviewing and approving 
recommendations by the designated 
committee on matters related to audit, 
nominations and remuneration.
The Board is supplied with information 
in a timely manner and in a form and 
of a quality appropriate to enable it to 
discharge its duties. The Board has a policy 
to set out which matters are reserved for 
the decision of the Board and those to 
which the Executive Directors need not 
refer for approval. This policy also requires 
that all recommendations and decisions 
by a Board Committee are approved or 
ratified by the Board.
Board Committees
The Board has established three 
Committees: the Audit Committee, 
the Nomination Committee and the 
Remuneration Committee. 
T otal meetings attended*
Gordon Campbell 1 (2)
Richard Green 14 (14)
Peter Harverson 12 (14)
Andrew Hopper 14 (14)
Ian Kershaw 5 (6)
J Keith Lomas 7 (8)
Richard Newell 5 (8)
Robert Parker 11 (12)
Robert Sansom 12 (14)
Paul Taylor 14 (14)
Summary of Board meeting attendance in 2014
The Board is expected to meet regularly on a formal basis at least 10 times a year.  
14 Board meetings were held in 2014. Attendance at the meetings was as follows:
Summary of Committee membership
The Committee membership as at 31 December 2014, and at 16 March 2015, is as follows;
Audit 
Committee
Nomination 
Committee
Remuneration 
Committee
Richard Green – Observer –
Peter Harverson – Yes Chair
Andrew Hopper Observer Yes Observer
Ian Kershaw Yes – –
Robert Parker Observer – Observer
Robert Sansom – Chair Yes
Paul Taylor Chair Observer Yes
Summary of Committee meeting attendance
Audit 
Committee*
Nomination 
Committee*
Remuneration 
Committee*
Gordon Campbell – – –
Richard Green – 1 (1) 1 (3)
Peter Harverson – 1 (1) 3 (3)
Andrew Hopper 1 (3) 1 (1) 2 (3)
Ian Kershaw 3 (3) – –
J Keith Lomas 1 (1) 1 (1) 1 (1)
Richard Newell – 1 (1) –
Robert Parker 3 (3) – 2 (3)
Robert Sansom 3 (3) 1 (1) 3 (3)
Paul Taylor – 1 (1) 3 (3)
* Figures in brackets denote the maximum number of meetings that could have been attended.
The role of each Committee is described in more detail overleaf.
Although not required to do 
so by the AIM Listing Rules, 
the Directors have chosen to 
provide selected corporate 
governance disclosures 
with this report, which they 
consider to be valuable to  
the reader.
Ubisense Annual Report Ubisense Annual Report 35 34 Audit Committee
The Audit Committee has responsibility 
for the following matters:
Financial reporting 
   Review of all financial reports released 
to the market and shareholders.
   Review of significant reporting issues 
and key judgements.
   Review of accounting policies selected 
and their application.
External audit 
  R ecommending appointment,  
re-appointment or removal of the 
external auditors.
  Overseeing the Group’s relationship 
with the external auditors, including 
assessing their independence.
  Agreeing the annual audit plan and 
reviewing the finding and effectiveness 
of the audit.
Whistleblowing 
  Review of the Group’s whistleblowing 
policies and procedures.
As part of its procedures, the Committee 
discusses the interim and annual financial 
statements with the external auditors. 
When appropriate, non-Committee 
members are invited to attend. During the 
period under review, the Committee has 
met three times on a formal basis excluding 
meetings of the Chairman with external 
advisors. The Committee is expected  
to meet formally four times a year.
Nomination Committee
The Nomination Committee has 
responsibility for the following matters:
  Reviewing the size and composition of 
the Board to ensure that an appropriate 
mix of skills, knowledge and experience 
is achieved
  Succession planning for the Board and 
other key management roles
  Identifying and recommending to the 
Board candidates to fill Board vacancies
  Ensuring Non-Executive Directors 
are able to make the necessary time 
commitments to fulfil their role
Company law requires the Directors 
to prepare financial statements for 
each financial year. Under that law the 
Directors are required to prepare the 
consolidated financial statements in 
accordance with International Financial 
Reporting Standards (IFRSs) as adopted 
by the European Union and have elected 
to prepare the parent company financial 
statements in accordance with United 
Kingdom Generally Accepted Accounting 
Practice (United Kingdom Accounting 
Standards and applicable laws). Under 
company law the Directors must not 
approve the financial statements unless 
they give a true and fair view of the state 
of affairs and profit or loss of the Company 
and Group for that period. In preparing 
these financial statements, the Directors 
are required to:
  Select suitable accounting policies  
and then apply them consistently
  Make judgements and estimates  
that are reasonable and prudent
  State whether applicable IFRSs have 
been followed, subject to any material 
departures disclosed and explained in 
the consolidated financial statements
  State whether applicable UK Accounting 
Standards have been followed, subject 
to any material departures disclosed 
and explained in the Company  
financial statements
  Prepare the financial statements on 
the going concern basis unless it is 
inappropriate to presume that the 
Company will continue in business.
  Ensuring Non-Executive Directors 
receive letters of appointment, detailing 
their responsibilities
  Making recommendations to the Board 
about the appointment, removal or 
continuation in office of any Director.
During the period under review, the 
Committee has met once on a formal 
basis. The Committee is expected to  
meet formally twice a year.
Remuneration Committee
The Remuneration Committee has 
responsibility for the following matters:
  Agreeing the framework for the Group’s 
remuneration policy for Directors and 
key management personnel, including 
determining individual remuneration 
policies for Executive Directors
  Approving the design and targets for 
short and long-term incentive plans
  Determining the policy and scope  
of pension arrangements
  Ensuring contractual terms and 
payments made on termination are fair  
to both the individual and the Group
  Agreeing the policy for authorising 
expense claims by the Chair and  
Chief Executive.
The Group has a formal and transparent 
procedure for developing policy on 
Directors’ remuneration. No Director is 
involved in deciding his own remuneration.
The Committee aims to set levels of 
remuneration for Executive Directors 
that are sufficient to attract, retain and 
motivate Directors of the quality required, 
without paying more than necessary, 
and that are appropriate for the size 
and complexity of the Group. It aims 
to see that a significant proportion of 
each Executive Director’s remuneration 
package is performance related.
During the period under review,  
the Committee has met three times  
on a formal basis. The Committee is 
expected to meet formally twice a year.
Internal control
The Board of Directors has overall 
responsibility for the Group’s system 
of internal control and for reviewing 
its effectiveness. The risk-managing 
process and systems of internal control 
are designed to manage rather than 
eliminate the risk of failure to achieve 
the Company’s objectives. It should be 
recognised that such systems can only 
provide reasonable but not absolute 
assurance against material misstatement 
or loss. The Directors acknowledge their 
responsibilities for the Group’s system 
of internal control and for reviewing its 
effectiveness. The principal features of the 
system of internal financial controls are:
  Budgetary control over all operations, 
measuring performance against  
pre-determined targets on at least  
a monthly basis
  Regular forecasting and reviews 
covering trading performance,  
assets, liabilities, cash flows and  
bank covenants
  Delegated limits of authority covering 
key financial commitments including 
capital expenditure and recruitment
  Identification and management of key 
business risks.
The Board continually reviews the 
effectiveness of other internal controls, 
including financial, operational, compliance 
controls and risk management.
DIRECTORS’ RESPONSIBILITIES 
STATEMENT
The Directors are responsible for preparing the Directors’ 
report, the Strategic report and the financial statements  
in accordance with applicable law and regulations.
The Directors are responsible for 
keeping adequate accounting records 
that are sufficient to show and explain 
the Company’s transactions and disclose 
with reasonable accuracy at any time the 
financial position of the Company, and 
enable them to ensure that the financial 
statements comply with the Companies 
Act 2006. They are also responsible for 
safeguarding the assets of the Company 
and hence for taking reasonable steps  
for the prevention and detection of fraud 
and other irregularities.
Disclosure of information to auditor
Each of the persons who are Directors  
at the time when this Directors’ report  
is approved has confirmed that:
  So far as that Director is aware, there  
is no relevant audit information of which 
the Company’s auditors are unaware
  The Director has taken all the steps  
that ought to have been taken as a 
Director in order to be aware of any 
relevant audit information and to 
establish that the Company’s auditors 
are aware of that information.
The Directors are responsible for the 
maintenance and integrity of the corporate 
and financial information included on 
the Company’s website. Legislation 
in the United Kingdom governing the 
preparation and dissemination of financial 
statements may differ from legislation  
in other jurisdictions.
CORPORATE GOVERNANCE 
REPORT 
CONTINUED
Ubisense Annual Report Ubisense Annual Report 37 36 INDEPENDENT AUDITOR’S REPORT
to the members of Ubisense Group Plc
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2014
We have audited the group financial statements of Ubisense Group Plc for the year ended 31 December 2014 which comprise the 
consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, 
the consolidated statement of financial position, the consolidated statement of cashflows and the related notes. The financial reporting 
framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted 
by the European Union.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  
Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them  
in an auditor’s report and for no other purpose. T o the fullest extent permitted by law, we do not accept or assume responsibility to anyone 
other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 37, the directors are responsible for the preparation 
of the group financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an 
opinion on the group financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). 
Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website  
at www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion, the group financial statements:
 give a true and fair view of the state of the group’s affairs as at 31 December 2014 and of its loss for the year then ended; 
 have been properly prepared in accordance with IFRSs as adopted by the European Union; and
 have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic report and the Directors’ report for the financial year for which the group financial 
statements are prepared is consistent with the group financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where under the Companies Act 2006 requires us to report to you if,  
in our opinion:
 certain disclosures of directors’ remuneration specified by law are not made; or
 we have not received all the information and explanations we require for our audit.
Other matter
We have reported separately on the parent company financial statements of Ubisense Group plc for the year ended 31 December 2014.
Paul Naylor  
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
Cambridge
16 March 2015
Notes
2014 
£’000
2013 
£’000
Revenue 5 35,051 27,002
Cost of revenues (21,053) (17,761)
Gross profit 13,998 9,241
Operating expenses (18,579) (10,867)
Operating loss (4,581) (1,626)
Analysed as:
Gross profit 13,998 9,241
Other operating expenses (12,094) (8,100)
Adjusted EBITDA 1,904 1,141
Depreciation 13 (359) (266)
Amortisation of acquired intangible assets 12 (751) (313)
Amortisation of other intangible assets 12 (2,937) (1,332)
Share-based payments charge 21.2 (75) (92)
Non-recurring items 9.2 (2,363) (764)
Operating loss (4,581) (1,626)
Finance income 8 14 10
Finance costs 8 (211) (103)
Loss before tax 9 (4,778) (1,719)
Income tax 10.1 736 (219)
Loss for the year (4,042) (1,938)
Loss attributable to:
Equity shareholders of the Company (4,085) (1,968)
Non-controlling interest 43 30
(4,042) (1,938)
Loss per share attributable to the equity shareholders of the parent (pence)
Basic 11 (16.7p) (8.9p)
Diluted 11 (16.7p) (8.9p)
The notes on pages 45 to 76 are an integral part of these consolidated financial statements.
Ubisense Annual Report Ubisense Annual Report 39 38 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2014
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2014
2014 
£’000
2013 
£’000
Loss for the year (4,042) (1,938)
Other comprehensive income:
Items that may be reclassified subsequently to profit and loss
Exchange difference on retranslation of net assets and results of overseas subsidiaries (531) (203)
T otal comprehensive loss for the year (4,573) (2,141)
Attributable to:
– Equity shareholders of the Company (4,549) (2,141)
– Non-controlling interest (24) –
Total comprehensive loss for the year (4,573) (2,141)
The notes on pages 45 to 76 are an integral part of these consolidated financial statements.
Attributable to equity shareholders of the parent company
Share 
capital 
£’000
Share 
premium 
£’000
Share-based 
payment 
reserve 
£’000
Translation 
reserve 
£’000
Retained 
earnings 
£’000
Sub-total   
£’000
Non-
controlling 
interest
£’000
Total 
£’000
Balance at 1 January 2013 438 22,251 654 (48) (4,374) 18,921 – 18,921
Loss for the year – – – – (1,968) (1,968) 30 (1,938)
Exchange difference on retranslation 
of net assets and results of overseas 
subsidiaries
 – – – (173) – (173) (30) (203)
Total comprehensive loss for the year – – – (173) (1,968) (2,141) – (2,141)
Reserve credit for equity-settled share-
based payment
 – – 92 – – 92 – 92
Non-controlling interest in new subsidiary – – – – – – 554 554
Issue of new share capital 23 – – – – 23 – 23
Premium on new share capital – 1,799 – – – 1,799 – 1,799
Transactions with owners 23 1,799 92 – – 1,914 554 2,468
Balance at 31 December 2013 (restated)   461 24,050 746 (221) (6,342) 18,694 554 19,248
Loss for the year – – – – (4,085) (4,085) 43 (4,042)
Exchange difference on retranslation 
of net assets and results of overseas 
subsidiaries
 – – – (464) – (464) (67) (531)
Total comprehensive loss for the year – – – (464) (4,085) (4,549) (24) (4,573)
Reserve credit for equity-settled share-
based payment
 – – 75 – – 75 – 75
Issue of new share capital 40 – – – – 40 – 40
Premium on new share capital – 4,230 – – – 4,230 – 4,230
Share issue costs – (229) – – – (229) – (229)
Transactions with owners 40 4,001 75 – – 4,116 – 4,116
Balance at 31 December 2014 501 28,051 821 (685) (10,427) 18,261 530 18,791
The notes on pages 45 to 76 are an integral part of these consolidated financial statements.
Ubisense Annual Report Ubisense Annual Report 41 40 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the year ended 31 December 2014
Notes
2014 
£’000
2013 
R estated       
£’000
Assets
Non-current assets
Intangible assets 12 14,363 16,247
Property, plant and equipment 13 1,112 628
T otal non-current assets 15,475 16,875
Current assets
Inventories  14 2,881 2,587
Trade and other receivables 15 15,541 11,547
Cash and cash equivalents 16 3,697 3,964
Total current assets 22,119 18,098
Total assets  37,594 34,973
Liabilities   
Current liabilities
Trade and other payables 17 (9,816) (10,023)
Bank loans  18 (927) –
Total current liabilities (10,743) (10,023)
Non-current liabilities
Deferred income tax liabilities 10 (1,336) (1,773)
Trade and other payables (120) –
Bank loans 18 (6,000) (3,500)
Other payables 19 (604) (429)
Total non-current liabilities (8,060) (5,702)
Total liabilities (18,803) (15,725)
Net assets 18,791 19,248
Notes
2014 
£’000
2013 
R estated   
£’000
Equity attributable to owners of the parent company
Ordinary share capital 20 501 461
Share premium 20 28,051 24,050
Share-based payment reserve 821 746
Translation reserves (685) (221)
Retained earnings (10,427) (6,342)
Equity attributable to shareholders of the Company 18,261 18,694
Non-controlling interests 530 554
Total equity 18,791 19,248
The notes on pages 45 to 76 are an integral part of these consolidated financial statements.
The financial statements were approved by the Board of Directors on 16 March 2015 and signed on its behalf by:
Richard Green  
Chief Executive Officer  
Ubisense Group plc
Registered number: 05589712
Robert Parker 
Chief Financial Officer
Ubisense Annual Report Ubisense Annual Report 43 42 1 General information
Ubisense Group plc (“the Company”) and its subsidiaries (together, “the Group”) deliver mission-critical location-based smart technology 
which enables companies to optimise their business processes.
The Company is a public limited company which is listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange  
(UBI) and is incorporated and domiciled in the United Kingdom. The value of Ubisense Group plc shares, as quoted on the London  
Stock Exchange plc at 31 December 2014, was 120.0 pence per share (31 December 2013: 246.0 pence).
The Company was incorporated as Ubisense Trading Limited on 11 October 2005 and changed its name to Ubisense Group plc on 31 May 
2011 ahead of its initial public offering and listing on AIM on 22 June 2011. The address of its registered office is St. Andrew’s House,  
St. Andrew’s Road, Chesterton, Cambridge, CB4 1DL.
The Group has its main operations in the UK, US, Canada, Germany, France, Japan, South Korea, Singapore and the Philippines and sells 
mainly in North America, Europe and Asia. The Group legally consists of 12 companies headed by Ubisense Group plc (UK). A full list of 
subsidiaries is given in note 23 of the financial statements.
These consolidated financial statements have been approved for issue by the Board of Directors on 16 March 2015.
2 New accounting standards
For the purposes of the preparation of these consolidated financial statements, the Group has applied all standards and interpretations 
that are effective for accounting periods beginning on or after 1 January 2014. 
During 2014, the Group has applied several new revised and amended standards and interpretations which became effective in  
the year: IFRS 10 “Consolidated financial statements”, IAS 32 “Financial instrument: Presentation” (amended), IAS 36 “Impairment 
on assets” (amended) and IAS 39 “Financial instruments: recognition and measurement” (amended). Their adoption has not had a 
material impact on the disclosures and amounts reported. Otherwise the accounting policies used are the same as set out in detail 
in the Report and Accounts 2013 and have been applied consistently to all periods presented in these financial statements. No new 
standards, amendments or interpretations to existing standards that have been published and that are mandatory for the Group’s 
accounting periods beginning on or after 1 January 2015, or later periods, have been adopted early. The Directors do not consider  
that the adoption of these standards and interpretations would have a material impact on the Group’s financial statements. 
Standards and interpretations not yet applied by the Group 
The following new Standards and Interpretations, which are yet to become mandatory, have not been applied in the Group’s  
financial statements. 
 Amendment to IAS 19 “Employee benefits” (effective date financial year commencing on/after 1 July 2014)
 Amendment to IAS 16 “Property, plant and equipment” (effective date financial year commencing on/after 1 January 2016)
 Amendment to IAS 38 “Intangible assets” (effective date financial year commencing on/after 1 January 2016)
 Annual improvements 2012 and 2013 (effective date financial year commencing on/after 1 July 2014)
 Annual improvements 2014 (effective date financial year commencing on/after 1 January 2016)
 IFRS 15 “Revenue from contracts with customers” (effective date financial year commencing on/after 1 January 2017)
 IFRS 9 “Financial Instruments” (effective date financial year commencing on/after 1 January 2018)
All standards and interpretations are not expected to have any significant impact on the financial statements when applied.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 December 2014
Notes
2014 
£’000
2013      
£’000
Loss before tax (4,778) (1,719)
Adjustments for:
Depreciation 9, 13 359 266
Amortisation and impairment 9, 12 4,956 1,645
Loss on the disposal of property, plant and equipment 9 22 –
Share-based payments charge 21.2 75 92
Finance income 8 (14) (10)
Finance costs 8 211 103
Operating cash flows before working capital movement 831 377
Change in inventories (293) (639)
Change in receivables (3,661) 242
Change in payables 447 (727)
Cash used in operations before tax (2,676) (747)
Net income taxes received/(paid) 47 (7)
Net cash flows from operating activities (2,629) (754)
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired 24 (509) 1,846
Purchases of property, plant and equipment (885) (140)
Proceeds on disposal of property, plant and equipment 1 –
Expenditure on intangible assets (3,500) (3,085)
Interest received 14 10
Net cash flows from investing activities (4,879) (1,369)
Cash flows from financing activities
Proceeds of borrowings 3,427 3,500
Interest paid (151) (92)
Proceeds from the issue of ordinary share capital 4,041 111
Net cash flows from financing activities 7,317 3,519
Net (decrease)/increase in cash and cash equivalents (191) 1,396
Cash and cash equivalents at start of period 3,964 2,716
Exchange differences on cash and cash equivalents (76) (148)
Cash and cash equivalents at end of period 16 3,697 3,964
The notes on pages 45 to 76 are an integral part of these consolidated financial statements.
Ubisense Annual Report Ubisense Annual Report 45 44 Segment reporting
IFRS 8 requires a “management approach” under which information in the financial statements is presented on the same basis as that 
used for internal management reporting purposes.
The Group is organised on a global basis as a single Enterprise Location Intelligence business. This is the basis of the Group’s external 
market offering and internal organisational and management structure and is the primary way in which the Chief Executive Officer, who 
is the Chief Operating Decision Maker, receives financial information to assess Group performance. As a result, the Group has therefore 
determined that it has only one reportable segment as defined by IFRS 8. 
The internal management accounting information is prepared on an IFRS basis but has a non-GAAP “Adjusted EBITDA” as the primary 
measure of profit, and this is reported on the face of the income statement.
In addition, the Board and Management T eam consider the business to have two revenue streams with different characteristics,  
Solutions and Services, which are generated from the same asset and cost base. 
Revenue recognition
Revenue represents amounts derived from the provision of goods and services which fall within the Group’s ordinary activities,  
exclusive of value added tax and other similar sales taxes. Revenue is measured by reference to the fair value of consideration  
received or receivable.
Revenues on product sales are recognised at the time that units are shipped, except for shipments under arrangements involving 
significant acceptance requirements. Under such arrangements, revenue is recognised when the Group has substantially met all  
its performance obligations.
Revenue earned from sales under licence agreements is recognised when the software is made available. When the sale includes  
a period of support and maintenance, a proportion of the revenue is deferred and recognised straight line over the period of support. 
For licence rental fees, amounts are recognised over the period of the contract, commencing from when the software is available for use.
Services and training revenue from time and materials contracts is recognised in the period that the services and training are provided  
on the basis of time worked at agreed contractual rates and as direct expenses are incurred.
Revenue from fixed-price, long-term customer-specific contracts, including customisation and modification, is recognised on  
the stage of completion of each assignment at the period end date compared to the total estimated service to be provided over  
the entire contract where the outcome can be estimated reliably. If a contract outcome cannot be estimated reliably, revenues  
are recognised equal to costs incurred, to the extent that costs are expected to be recovered. An expected loss on a contract  
is recognised immediately in the income statement.
Where bundled sales including a combination of some or all of the above are made, the revenue attributable to the deal  
is apportioned across the constituents of the bundle, and then recognised according to the policies stated above.
Employee benefits
(a) Retirement benefits
The Group operates various defined contribution pension arrangements for its employees.
For defined contribution pension arrangements, the amount charged to the income statement represents the contributions payable  
in the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals  
or prepayments in the statement of financial position.
(b) Share-based payments
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are measured at 
fair value at the date of grant using the Black–Scholes pricing model. The fair value is expensed on a straight-line basis over the vesting 
period, together with a corresponding increase in equity in the share-based payment reserve, based on the Group’s estimate of the 
number of shares that will eventually vest. 
(c) T ermination benefits
T ermination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, 
to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result 
of an offer made to encourage voluntary redundancy. T ermination benefits for voluntary redundancies are recognised as an expense if 
the Group has made an offer of voluntary redundancy, it is probable the offer will be accepted, and the number of acceptances can be 
estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value.
3 Summary of significant accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out below.  
These policies have been consistently applied to all the years presented, unless otherwise stated. 
Basis of preparation
The consolidated financial statements of Ubisense Group plc have been prepared in accordance with International Financial  
Reporting Standards (“IFRS”) as adopted by the European Union (IFRSs as adopted by the EU) and the Companies Act 2006 applicable  
to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention.  
The consolidated financial statements are presented in Sterling and all values are rounded to the nearest thousand pounds (£’000)  
except when otherwise indicated.
The preparation of these financial statements in conformity with IFRS requires the Directors to make certain critical accounting estimates 
and judgements that affect the amounts reported in the financial statements and accompanying notes. The areas involving a higher 
degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, 
are disclosed in note 4.
Going concern basis
The Group meets it day-to-day working capital requirements through its bank facilities. The Group had cash of £3.7 million at the 
balance sheet date along with £1.2 million undrawn on its bank facilities as well as an order book equivalent to 35% of annual revenue. 
In this context, the Group’s forecasts and projections, taking account of reasonably possible changes in trading performance, support 
the conclusion that there is a reasonable expectation that the Company and the Group have adequate resources to continue in 
operational existence for the foreseeable future, a period of not less than 12 months from the date of this report. The Group,  
therefore, continues to adopt the going concern basis in preparing its financial statements.
Consolidation
The Group financial statements include the results, financial position and cash flows of the Company and all of its subsidiary undertakings. 
Subsidiary undertakings are those entities controlled directly or indirectly by the Company. Control arises when the Company has the 
power to govern the financial and operating policies of an entity, uses this power to affect the returns from that entity and has exposure  
to variable returns from its investment in the entity. 
Co-terminous financial statements of the subsidiaries are prepared for the same reporting year as the Company, using consistent 
accounting policies. Businesses acquired or disposed of during the year are accounted for using acquisition method principles from,  
or up to, the date control passed. Intra-group transactions and balances are eliminated on consolidation. All subsidiaries use uniform 
accounting policies for like transactions and other events and similar circumstances. 
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein.  
Non-controlling interests consist of the amount of those interests at the date of the original business combination and the  
non-controlling interest’s share of changes in equity since the date of combination. 
Foreign currencies
(a) Functional and presentation currency 
The functional currency of each Group entity is the currency of the primary economic environment in which each entity operates.  
The consolidated financial statements are presented in Sterling, which is the Company’s functional and presentation currency. 
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency of each Group entity using the exchange rates prevailing at 
the dates of transactions. Monetary assets and liabilities denominated in foreign currencies are translated at rates ruling at the period 
end date. Such exchange differences are included in the income statement within “operating expenses”. Non-monetary items that are 
measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions.
(c) Consolidation
For the purpose of presenting consolidated financial statements, the results and financial position of all the Group entities (none of which 
have the currency of a hyperinflationary economy) that have a functional currency other than Sterling are translated into Sterling as follows:
 Assets and liabilities for each statement of financial position are translated at the exchange rate at the period end date
  Income and expenses for each income statement are translated at the exchange rate ruling at the time of each period  
the transaction occurred
 All resulting exchange differences are recognised in other comprehensive income.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
Ubisense Annual Report Ubisense Annual Report 47 46 Goodwill
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling  
interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net  
assets of the subsidiary acquired, the difference is recognised in profit or loss.
Goodwill arising on an acquisition of a business is the difference between the fair value of the consideration paid and the net fair  
value of the assets and liabilities acquired. Goodwill is carried at cost less accumulated impairment losses.
Research and development
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Development activities involve a plan or design for the production of new or substantially improved products and processes. 
Development expenditure is only capitalised if all of the following conditions are met:
 Completion of the intangible asset is technically feasible so that it will be available for use or sale
 The Group intends to complete the intangible asset and use or sell it
 The Group has the ability to use or sell the intangible asset
  The intangible asset will generate probable future economic benefits. Among other things, this requires that there is a market  
for the output from the intangible asset or for the intangible asset itself, or, if it is to be used internally, the asset will be used in 
generating such benefits
 There are adequate technical, financial and other resources to complete the development and to use or sell the intangible asset
 The expenditure attributable to the intangible asset during its development can be measured reliably.
Internally-generated intangible assets, consisting mainly of direct labour costs, are amortised on a straight-line basis over  
their useful economic lives. Amortisation is shown within administrative expenses in the income statement. The estimated  
useful lives of current development projects are three years. Upon completion the assets are subject to impairment testing. 
Where no internally-generated intangible asset can be recognised, development expenditure is recognised as an expense  
in the period in which it is incurred.
Other intangible assets
Intangible assets that are purchased separately, such as software licences that do not form an integral part of related hardware,  
are capitalised at cost and amortised on a straight-line basis over their useful economic life, which is typically 3 years. 
Acquired intangible assets
Intangible assets acquired through a business combination are initially measured at fair value and amortised on a straight line basis  
over their useful economic lives. Amortisation is shown within operating expenses in the income statement. The useful economic  
lives of the intangible assets recognised on acquisition are as follows:
 Software products recognised on acquisition: 3 years 
 Customer relationships recognised on acquisition: 5–10 years
 Order backlog: based on contract life recognised on acquisition, typically less than 1 year.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any recognised impairment loss. Depreciation  
is charged to the income statement so as to write off the cost or valuation less estimated residual values over their expected useful  
lives on a straight-line basis over the following periods:
 Fixtures and fittings: 3–8 years, or period of the lease if shorter
 Computer equipment: 3 years
 Demonstration equipment: 1 year.
Residual values and useful economic lives are assessed annually. The gain or loss on the disposal or retirement of an asset is determined 
as the difference between the sales proceeds and the carrying amount of the asset and is recognised in operating expenses.
3 Summary of significant accounting policies (continued)
Operating lease income and expense
(a) Rental expense
Operating lease rentals are charged as operating expenses to the income statement in equal annual amounts over the lease term.  
Assets leased under operating leases are not recorded in the statement of financial position because the lessor retains a significant 
portion of the risks and rewards of ownership. 
(b) Lease incentives
The benefits of lease incentives such as rent-free periods or up-front cash payments are spread equally on a straight-line basis over  
the lease term. 
Non-recurring items
Non-recurring items are disclosed separately in the financial statements where it is necessary to do so to provide further understanding  
of the financial performance of the Group. They are material one-off items of income or expense that have been shown separately due  
to the significance of their nature or amount and do not reflect the on-going cost base or revenue-generating ability of the Group.
Interest income and expense
Interest income and expense is included in the income statement on a time basis, using the effective interest method by reference  
to the principal outstanding.
Tax 
The tax charge or credit comprises current tax payable and deferred tax:
(a) Current tax
The current tax charge represents an estimate of the amounts payable or receivable to or from tax authorities in respect of the Group’s 
taxable profits and is based on an interpretation of existing tax laws. Taxable profit differs from profit before tax as reported in the income 
statement because it excludes certain items of income and expense that are taxable or deductible in other years or are never taxable or 
deductible. Taxation received is recognised only when it is probable that the Group is entitled to the asset.
(b) Deferred tax
Deferred income taxes are calculated using the liability method on temporary differences. This involves the comparison of the carrying 
amounts of assets and liabilities in the consolidated financial statements with their respective tax bases. In addition, tax losses available 
to be carried forward as well as other income tax credits to the Group are assessed for recognition as deferred tax assets. However, 
deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability, unless the related 
transaction is a business combination or affects tax or accounting profit.
Deferred tax liabilities are always provided in full. Deferred tax assets are recognised to the extent that it is probable that the underlying 
deductible temporary differences will be able to be offset against future taxable income. Deferred tax assets and liabilities are calculated, 
without discounting, at tax rates that are expected to apply to their respective period of realisation, provided they are enacted or 
substantively enacted at the reporting date. Deferred tax is recognised as a component of tax expense in the income statement,  
except where it relates to items charged or credited directly to other comprehensive income or equity when it is recognised in  
other comprehensive income or equity.
Business combinations
The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a 
subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests 
issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration 
arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially 
at their provisional fair values at the acquisition date. Fair values are reassessed during the measurement period and updated if required. 
The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the  
non-controlling interest’s proportionate share of the recognised amounts of the acquiree’s identifiable net assets. 
Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the 
acquiree is remeasured to fair value at the acquisition date through profit or loss.
Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes  
to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IAS 39 either  
in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not remeasured 
and its subsequent settlement is accounted for within equity.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
Ubisense Annual Report Ubisense Annual Report 49 48 4 Critical accounting judgements and key sources of estimation and uncertainty
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,  
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material  
adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Impairment of goodwill and intangible assets
The Group tests goodwill for impairment annually in accordance with the accounting policy stated in note 3. This requires an  
estimation of the value in use of the cash-generating units to which the goodwill is allocated. Estimating the value in use requires 
 the Group to make an estimate of the expected future cash flows from the cash-generating unit and also to choose a suitable  
discount rate in order to calculate the present value of those cash flows. The Group uses pre-tax discount rates of 11.5% for this  
purpose. The carrying amount of goodwill at 31 December 2014 is £8.2 million, following an impairment of £1.2 million. Further 
consideration of the impairment of goodwill is included in note 12.
Capitalisation of development costs
The point at which development costs meet the criteria for capitalisation is critically dependent on management’s judgement  
of the point at which technical and commercial feasibility is demonstrable. The carrying amount of capitalised development  
costs at 31 December 2014 is £4.2 million.
Revenue recognition
Significant management judgement is applied in determining the allocation and timing of the recognition of revenue on fixed  
price, long-term customer-specific contracts. In this process management takes into account milestones, hardware supplied,  
actual work performed and further obligations and costs expected to complete the work. The carrying value of amounts  
recoverable on contracts at 31 December 2014 is £4.1 million.
Inventories
The provision for obsolete, slow-moving or defective inventory is based on management’s estimation of the commercial life  
of inventory lines and is applied on a prudent basis. In assessing this, management takes into consideration the sales history  
of products and the length of time that they have been available for resale.
Deferred tax
A deferred tax asset is recognised where the Group considers it probable that future tax profits will be available against which  
the tax credit will be utilised in the future. This specifically applies to tax losses and to outstanding vested share options at the  
statement of financial position date. In estimating the amount of the deferred tax asset that should be recognised, the Directors  
make judgements based on current budgets and forecasts about the amount of future taxable profits and the timings of when  
these will be realised. No deferred tax asset is currently recognised.
Valuation of separately identifiable intangible assets
As detailed in note 3, separately identifiable intangible assets are identified and amortised over defined periods. The Directors  
use an acknowledged valuation approach but this is reliant upon certain judgements which they determine are reasonable by  
reference to companies in similar industries.
Contingent consideration
The Group initially estimates the amounts payable under ‘earn-out’ plans to the former shareholders of acquired companies  
based on the business model produced at the time of acquisition. Earn-out clauses within acquisition agreements typically  
contain provisions for amounts payable to the former shareholders based on future financial performance. In order to  
calculate the expected future payments, the acquisition business model contains estimates of the future financial  
performance for the acquired business.
The post-acquisition performance and expected future performance of acquired companies is reviewed throughout the year.  
Any adjustments required to contingent consideration arising from a significant departure of financial performance from the  
original acquisition plan are made as required and recognised through the profit and loss.
The Directors do not consider that there are any other critical accounting judgements or key sources of estimation uncertainty.
3 Summary of significant accounting policies (continued)
Impairment of non-financial assets
Assets that have an indefinite useful life – for example, goodwill or intangible assets not ready to use – are not subject to amortisation  
and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes 
in circumstances indicate that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable 
amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are 
grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other  
than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out  
basis. Net realisable value is based on estimated selling price less additional cost to completion and disposal. Provision is made  
for obsolete, slow-moving or defective items where appropriate and these are recognised as an expense in the period in which  
the write-down or loss occurs.
Trade receivables
Trade receivables are amounts due from customers for products sold or services performed in the ordinary course of business.  
If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest  
method, less provision for impairment.
Cash and cash equivalents
In the Consolidated statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks and  
other short-term highly liquid investments with original maturities of three months or less.
Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. 
Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current 
liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; 
any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the 
period of the borrowings using the effective interest method.
Fees paid on the establishment of debt facilities are recognised as transaction costs of the debt to the extent that it is probable that some 
or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. T o the extent there is no evidence that 
it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised 
over the period of the facility to which it relates.
All borrowing costs are recognised in the income statement in the period they are incurred.
Share capital and share premium
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in  
equity as a deduction, net of tax, from the proceeds. The nominal value of shares issued is classified as share capital and the amounts 
paid over the nominal value in respect of share issues, net of related costs, are classified as share premium.
Share-based payment reserve
The share-based payment reserve relates to a cumulative charge made in respect of share options granted by the Company to the 
Group’s employees under its employee share option plans.
Translation reserve
Exchange differences relating to the translation of the results and net assets of the Group’s foreign operations from their functional 
currencies to the Group’s presentation currency of Sterling are recognised directly in other comprehensive income and accumulated  
in the translation reserve.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
Ubisense Annual Report Ubisense Annual Report 51 50 By geography 2014 
Number
2013 
 Number
2014 
Number
2013 
Number
United Kingdom 61 53 63 51
Europe 69 54 63 56
Americas 79 72 80 71
Asia Pacific 41 60 44 8
250 239 250 186
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
5 Segment information
IFRS 8 requires a “management approach” under which information in the financial statements is presented on the same basis as  
that used for internal management reporting purposes. As announced in September 2013, the Group is now organised on a global basis 
as a single Enterprise Location Intelligence business. This is the basis of the Group’s external market offering and internal organisational  
and management structure and is the primary way in which the Chief Executive Officer, who is the Chief Operating Decision Maker, 
receives financial information to assess Group performance. As a result, the Group has therefore determined that it has only one 
reportable segment as defined by IFRS 8. 
The internal management accounting information is prepared on an IFRS basis but has a non-GAAP “Adjusted EBITDA” as the  
primary measure of profit and this is reported on the face of the income statement. 
In addition, the Board and Management T eam consider the business to have two revenue streams with different characteristics,  
Solutions and Services, which are generated from the same asset and cost base.
5.1 Revenue by nature
2014 
£’000
2013 
£’000
Solutions 20,067 13,375
Services 14,984 13,627
Total revenues 35,051 27,002
6 Employee information
6.1 Employee numbers
The average monthly number of people, including Executive Directors, employed by the Group during the year was:
Actual number of people  
as at 31 December
Average monthly  
number of people
By activity 2014 
Number
2013 
 Number
2014 
Number
2013 
Number
T echnical consultants 134 130 135 97
Sales & marketing 46 40 45 34
Research & development 33 40 32 35
Administration 37 29 38 20
250 239 250 186
Included in the wages and salaries figure above are termination benefits of £458,000 (2013: £nil) which are presented as non-recurring 
costs in the income statement – see note 9.2. The employment terminations in 2014 are expected to provide annualised cost savings  
of £3,360,000 in 2015.
6.2 Employee benefits
Notes
2014 
£’000
2013 
£’000
Wages and salaries 15,905 13,152
Social security costs 1,512 1,346
Contributions to defined contribution pension arrangements 784 626
Share-based payments 21.2 75 92
Total aggregate employee benefits 18,276 15,216
The Board and Management T eam also review the revenues on a geographical basis, based around the regions where the Group has  
its significant subsidiaries or markets.
5.3 Information about major customers
During 2014, revenues of £4.4 million (2013: £6.0 million) were derived from one European customer. There were no other customers  
in 2014 or 2013 who contributed in excess of 10% of revenue.
Revenues from external customers in the Group’s domicile, the UK, as well as its major markets, Europe, Americas and Asia Pacific, have 
been identified on the basis of the customer’s geographical location. Non-current assets are allocated based on their physical location.
Revenue Non-current assets
2014 
£’000
2013 
 £’000
2014 
£’000
2013 
£’000
UK 743 539 4,563 4,239
Europe 12,743 12,478 446 294
Americas 14,223 11,988 769 477
Asia Pacific 7,342 1,997 1,473 2,464
35,051 27,002 7,251 7,474
5.2 Geographical areas
The Group’s revenue from external customers and information about its non-current assets (excluding goodwill and deferred tax)  
by geography is detailed below:
Ubisense Annual Report Ubisense Annual Report 53 52 6 Employee information (continued)
6.3 Key management compensation
Key management includes Directors (Executive and Non-Executive) and members of the Executive Management Team. During  
the year, there was an average number of 10 key management personnel (2013: 12) and 11 personnel at 31 December 2014 (2013: 11).  
The compensation paid or payable to key management for employee services is shown below:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
2014 
£’000
2013 
£’000
Short-term employee benefits 
Wages and salaries 973 998 
Social security costs 95 151 
Other benefits 19 28 
 1,087 1,177 
Post-employment benefits 
Contributions to defined contribution pension arrangements 47 49 
Share-based payments 
Equity-settled share-based payments 25 37 
Total key management compensation 1,159 1,263 
Director
Award 
date  
Y ear
Vests 
Y ear
Expires 
Y ear
Exercise 
price 
£
Awards 
outstanding at  
1 January 2014 
Number
Cease to be 
Director during 
the year 
Number
Granted  
during  
the year 
Number
Exercised 
during  
the year 
Number
Lapsed during  
the year 
Number
Awards 
outstanding at 
31 December 
2014 
Number
Awards 
exercisable at 
31 December 
2014 
Number
Gordon Campbell 2010 2011–13 2020 0.140 120,500 (120,500) – – – – – 
2011 2012–14 2021 1.050 32,500 (32,500) – – – – – 
2012 2013–15 2022 2.125 40,000 (40,000) – – – – – 
2013 2014–16 2023 2.055 40,000 (40,000) – – – – – 
    233,000 (233,000) – – – – – 
Richard Green 2011 2012–14 2021 1.050 100,000 – – – – 100,000 100,000
2012 2013–15 2022 2.125 60,000 – – – – 60,000 40,000 
2013 2014–16 2023 2.055 60,000 – – – – 60,000 20,000 
2014 2015–17 2024 2.250 – – 75,000 – – 75,000 –
220,000 – 75,000 – – 295,000 160,000
Robert Parker 2014 2015–17 2024 2.250 – – 60,000 – – 60,000 –
Peter Harverson 2010 2011–13 2020 0.140 91,333 – – – – 91,333 91,333 
Andrew Hopper 2010 2011–13 2020 0.140 20,278 – – – – 20,278 20,278
Richard Newell 2010 2011–13 2020 0.140 1,056 (1,056) – – – – –
Total 565,667 (234,056) 135,000 – – 466,611 271,611 
7.2 Directors’ interests – share options
The 2014 grants vest subject to meeting performance criteria set out in the long-term incentive plan (“LTIP”). No other Directors have  
been granted share options in the Company or other Group entities. None of the terms and conditions of the share options were  
varied during the year. All options were granted in respect of qualifying services. 
Ian Kershaw, Robert Sansom and Paul Taylor do not have any share options as at 31 December 2014. There have been no options  
granted to or exercised by Directors between 31 December 2014 and 16 March 2015.
The market price of the Company’s shares at the end of the financial year was £1.20. The range of market prices during the year  
was between £1.20 and £2.75.
Gain on
exercise
2014
£’000
Gain on 
exercise
2013
£’000
Richard Green – 155
Directors’ gains on share options
7 Directors’ remuneration and interests
7.1 Directors’ remuneration
Director
Basic
salary
£’000
Performance
payments
£’000
Benefits 
in kind
£’000
Subtotal
£’000
Employer’s
contributions
to defined
contribution
pension
arrangements
£’000
Total
2014
£’000
Total
2013
£’000
Robert Parker* 134 49 3 186 14 200 –
Gordon Campbell* 11 – – 11 2 13 169
Richard Green* 166 102 3 271 18 289 267
Peter Harverson 20 – – 20 – 20 15
Andrew Hopper 28 – – 28 – 28 25
J Keith Lomas 6 – – 6 – 6 15
Richard Newell 6 – – 6 – 6 15
Robert Sansom** – – – – – – –
Paul Taylor 20 – – 20 – 20 15
Ian Kershaw 12 – – 12 – 12 –
Total 403 151 6 560 34 594 521
*  The Directors are remunerated through the Company’s flexible benefits scheme under which they can elect to switch basic salary into pension contributions  
and other benefits. The basic salary entitlement in the year was: Richard Green £175,000, Robert Parker £133,654, Gordon Campbell £12,440.
** Robert Sansom has waived his entitlement to annual remuneration in the year of £20,000 (2013: £15,000 waived).
Ubisense Annual Report Ubisense Annual Report 55 54 7 Directors’ remuneration and interests (continued)
7.3 Directors’ interests – shares
Directors’ interests in the ordinary shares of Ubisense Group plc, at 31 December 2014 and 31 December 2013, were as follows:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
2014
Number
2013
Number
Gordon Campbell – 87,987 
Richard Green* 1,734,906 1,734,906
Peter Harverson 65,161 65,161 
Andrew Hopper 225,000 225,000 
J Keith Lomas – 47,712 
Richard Newell – 643,354 
Robert Sansom 2,493,676 2,493,676 
 4,518,743 5,297,796
* Includes 115,617 (2013: 115,617) shares held by the RT Green Children’s Trust of which Richard Green is a trustee.
Gordon Campbell, J Keith Lomas and Richard Newell ceased to be Directors during the year and therefore no interest in shares  
is disclosed at 31 December 2014, although these individuals still retain an interest in the ordinary shares of Ubisense Group Plc. 
There has been no change in the interests set out above between 31 December 2014 and 16 March 2015.
Paul Taylor, Robert Parker and Ian Kershaw hold no shares as at 31 December 2013 (or their appointment date if later),  
31 December 2014 nor 16 March 2015.
8 Finance income and costs
2014
£’000
2013
£’000
Interest income from cash and cash equivalents 14 10
Finance income 14 10
Interest payable – bank (197) (103)
Interest payable – other (14) –
Finance costs (211) (103)
Net finance costs (197) (93)
Notes
2014 
£’000
2013        
£’000
Amortisation of acquired intangible assets 12 751 313
Amortisation and impairment of other intangible assets 12 2,937 1,332
Depreciation of owned property, plant and equipment 13 359 266
Loss on disposal of property, plant and equipment 22 –
Operating lease rental charges – land and buildings 715 445
Operating lease rental charges – other 167 135
Inventory recognised as an expense 2,884 1,057
Research and development costs expensed 766 946
Net foreign currency gains (180) (153)
Non-recurring items 9.2 2,363 764
Auditors’ remuneration 9.3 254 216
9 Loss before tax: analysis of expenses by nature
9.1 Expenses by nature
The following items have been charged/(credited) to the income statement in arriving at loss before tax:
9.2 Non-recurring items
2014
£’000
2013
£’000
Strategic Asia Pacific market entry costs 603 650
Acquisition costs 34 114
Reorganisation costs 458 –
Impairment of acquired intangible assets 1,268 –
Total non-recurring items 2,363 764
During 2014, the Group incurred non-recurring items of £2.4 million of which £0.6 million (2013: £0.7 million) related to strategic Asia Pacific 
market entry. In addition, the Group incurred acquisition costs, mainly comprising professional fees, in connection with a potential future 
acquisition (2013: professional fees in connection with an acquisition that did not proceed). 
During 2014, the Group incurred reorganisation costs totalling £458,000 comprising mainly redundancy costs in order to align the 
employee base with the future strategy of the Group.
The impairment of acquired intangible assets relates to the write-off of goodwill and customer relationships acquired with Realworld  
OO Systems Limited in 2011. More details are included in note 12.
Ubisense Annual Report Ubisense Annual Report 57 56 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
2014
£’000
2013
£’000
Fees payable to the Group’s auditor for the audit of:
Parent Company and consolidated financial statements 27 16
Financial statements of subsidiaries, pursuant to legislation 100 91
Total audit fees 127 107
Fees payable to the Group’s auditor for other services:
Tax services 74 26
Corporate Finance services 53 75
Other services – 8
Total non-audit fees 127 109
Total auditors’ remuneration 254 216
9 Loss before tax: analysis of expenses by nature (continued)
9.3 Auditors’ remuneration
During the year the Group (including its overseas subsidiaries) obtained the following services from the Company’s auditor  
and its associates:
The auditor of Ubisense Group plc is Grant Thornton UK LLP.
During the year, the auditor was used for due diligence work as this was considered most beneficial to the Group due to the auditor’s 
established knowledge and experience of the Group’s activities. The auditor’s independence and objectivity was safeguarded through 
the use of separate engagement teams. No services were provided pursuant to contingent fee arrangements.
10 Income tax
10.1 Income tax recognised in the income statement 2014
£’000
2013
£’000
Current tax
UK corporation tax – 2
Foreign tax 239 36
Research and development tax credits – prior years (537) (177)
Total current tax credit (298) (139)
Deferred tax
Origination and reversal of temporary differences   (438) 358
Total deferred tax (credit) / expense (438) 358
Total income tax (credit) / expense (736) 219
2014
£’000
2013
£’000
Loss before tax (4,778) (1,719)
Loss before tax multiplied by the standard rate of corporation tax in the UK of 21.5% (2013: 23%) (1,027) (395)
Tax effects of:
Expenses not deductible for tax purposes 137 219
Accrued contingent consideration released not subject to tax 7 –
Utilisation of previously unrecognised tax losses 77 (96)
Tax losses for which no deferred tax asset was recognised 734 708
Tax unprovided in prior years – 38
Research and development tax credits – prior years (537) (188)
Difference on tax treatment of share options 17 74
Re-measurement of deferred tax – change of tax rate 120 –
Differential on overseas tax rates (31) (149)
Other temporary differences (233) 8
Total income tax (credit) / expense (736) 219
The tax credit differs from the standard rate of corporation tax in the UK for the year of 21.5% (2013: 23%) for the following reasons:
10.2 Factors that may affect future tax charges
The Group has tax losses of £9.3 million (2013: £8.9 million) that are available for offset against future taxable profits of those subsidiary 
companies in which the tax losses arose. Deferred tax assets have not been recognised in respect of these losses as they may not be 
used to offset taxable profits elsewhere in the Group, and they have arisen in subsidiaries whose future taxable profits are uncertain.  
No deferred tax has been recognised on the unremitted earnings of overseas subsidiaries, because the earnings are continually 
reinvested by the Group and no tax is expected to be payable on them in the foreseeable future.
On 3 July 2012, the UK Government substantially enacted reductions to the UK corporation tax rates. Effective from 1 April 2014,  
the UK corporation tax rate reduced from 23% to 21% and effective from 1 April 2015, the rate will reduce further to 20%. As a  
result, the deferred tax balances have been re-measured.
Ubisense Annual Report Ubisense Annual Report 59 58 10 Income tax (continued)
10.3 Deferred tax
The movement in deferred tax in the Consolidated statement of financial position during the year is as follows:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
Deferred income tax assets Deferred income tax liabilities
2014 
£’000
2013 
 £’000
2014  
£’000
2013 
Restated 
£’000
At 1 January – – (1,773) (653)
Arising on acquisition of subsidiaries – – – (761)
Deferred tax credited to the income statement – – 1,085 57
Deferred tax charged to the income statement – – (648) (416)
At 31 December – – (1,336) (1,773)
The components of deferred tax included in the Consolidated statement of financial position are as follows:
2014
£’000
2013 
Restated 
£’000
Development costs capitalised (448) (901)
Intangible assets recognised on acquisition of subsidiaries (888) (872)
Total deferred income tax liabilities (1,336) (1,773)
Deferred tax assets have not been recognised in respect of the following items because it is not probable that future taxable profits will 
be available against which the Group can utilise the benefits:
2014
£’000
2013
£’000
Tax losses carried forward 2,546 2,537
Equity-settled share options temporary differences 201 452
Total unrecognised deferred tax assets 2,747 2,989
11 Earnings per share (EPS)
2014 2013
Earnings
Earnings for the purposes of basic and diluted EPS being net loss attributable  
to equity holders of the parent company (£’000)
(4,085) (1,968)
Number of shares
Weighted average number of ordinary shares for the purposes of basic EPS (’000) 24,541 21,984
Effect of dilutive potential ordinary shares: 
– Share options (’000) 969 1,034
Weighted average number of ordinary shares for the purposes of diluted EPS (’000) 25,510 23,018
Basic EPS (pence) (16.7) (8.9)
Diluted EPS (pence) (16.7) (8.9)
Basic earnings per share is calculated by dividing profit for the period attributable to ordinary shareholders of the Company by the 
weighted average number of ordinary shares outstanding during the period. For diluted earnings per share, the weighted average 
number of shares is adjusted to allow for the effects of all dilutive share options and warrants outstanding at the end of the year. Options 
have no dilutive effect in loss-making years, and hence the diluted loss per share for the year is the same as the basic loss per share.
The Group also presents an adjusted diluted earnings per share figure which excludes amortisation on acquired intangible assets,  
share-based payments charge and non-recurring items such as acquisition, integration or reorganisation costs and impairment of  
assets from the measurement of profit for the period.
The adjusted EPS information is considered to provide a fairer representation of the Group’s trading performance.
Notes
2014 
£’000
2013        
£’000
Earnings for the purposes of diluted EPS being net loss attributable to equity holders of the 
parent company (£’000)
(4,085) (1,968)
Adjustments:  
Reversal of amortisation on acquired intangible assets (£’000)  9, 12 751 313
Reversal of share-based payments charge (£’000) 21.2 75 92
Reversal of non-recurring items (£’000) 9.2 2,363 764
Net adjustments (£’000) 3,189 1,169
Adjusted earnings (£’000) (896) (799)
Adjusted diluted EPS (pence) (3.5) (3.5)
Ubisense Annual Report Ubisense Annual Report 61 60 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
Goodwill
Restated
£’000
Acquired 
customer 
relationships 
and order 
backlog       
£’000
Acquired 
software 
products
R estated       
£’000
Capitalised 
product 
development 
costs       
£’000
Software       
£’000
Total
R estated      
 £’000
Cost 
At 1 January 2013 7,418 449 529 4,424 299 13,119
Effects of movement in exchange rates – – – – – –
Acquisition of Geoplan 2,201 1,593 408 – 173 4,375
Additions – – – 3,037 161 3,198
At 31 December 2013 9,619 2,042 937 7,461 633 20,692
Exchange difference (203) (205) (52) – (38) (498)
Additions – – – 2,956 544 3,500
At 31 December 2014 9,416 1,837 885 10,417 1,139 23,694
Accumulated amortisation
At 1 January 2013 – (148) (221) (2,314) (117) (2,800)
Charge for the year – (120) (193) (1,227) (105) (1,645)
At 31 December 2013 – (268) (414) (3,541) (222) (4,445)
Effects of movement in exchange rates – 36 11 (1) 24 70
Charge for the year – (497) (254) (2,568) (289) (3,608)
Impairment for the year (1,192) (76) – (80) – (1,348)
At 31 December 2014 (1,192) (805) (657) (6,190) (487) (9,331)
Net book amount
At 31 December 2014 8,224 1,032 228 4,227 652 14,363
At 31 December 2013 9,619 1,774 523 3,920 411 16,247
The acquired software products, customer relationships and order backlog assets arose on the acquisition in 2013 of the Geoplan 
group of companies and in 2011 of Integrated Mapping Solutions, Inc. (now merged into Ubisense Inc.) and Realworld OO Systems 
Limited (now re-named Geospatial Systems Limited). Capitalised development assets relate to expenditure that can be applied to  
a plan or design for the production of new or substantially improved products and processes. The software assets represent assets  
purchased from third parties.
The restatement of 2013 goodwill and acquired software products relates to the provisional fair value of assets acquired with the  
Geoplan group. Further details are included in note 24.
During the year, an impairment expense of £1,192,000 was recognised in respect of goodwill and £76,000 in respect of acquired customer 
relationships. This impairment expense related to goodwill and unamortised customer relationships relating to the acquisition of Realworld 
OO Systems Limited in 2011, which have been written down to £nil carrying value at 31 December 2014. This impairment arose as a result 
of the Group strategy focussing on higher margin Solutions revenue streams and exiting from specific lower margin business areas.
In assessing whether intangible assets have been impaired, the carrying amount of the cash-generating unit (“CGU”) or groups of CGUs 
(including goodwill) is compared with the recoverable amount of the CGU or groups of CGUs. The recoverable amount is the higher 
of fair value less costs to sell and value in use. In the absence of readily available information about the fair value of a cash-generating 
unit, the recoverable amount is deemed to be the value in use for the purposes of performing an impairment test of goodwill, unless this 
would lead to an impairment loss. If goodwill would be impaired using value in use as the recoverable amount, a fair value less costs to 
sell assessment would be performed as this may lead to a higher recoverable amount. The Group calculates the value in use using a 
discounted cash flow model. The future cash flows are adjusted for risks specific to the cash-generating unit and are discounted 
12 Other intangible assets
using a pre-tax discount rate. The discount rate is derived from the Group’s post-tax weighted average cost of capital and is adjusted 
where applicable to take into account any specific risks. A discount rate of 11.5% has been used for impairment calculations performed  
in 2014 (2013: 10.0% and 14.5%). The recoverable amounts of all CGUs have been determined from value-in-use calculations based on  
3–5 year forecasts projected from the 2014 annual operating plan approved by the Board for each CGU, with an assumed terminal  
growth rate of nil (2013: 0–3%) and no improvement in relative operating margin after the forecast period. The Board has considered 
reasonable possible sensitivities in key assumptions on which the value-in-use calculations are based. If the discount factor increased  
to 35%, this would not cause the carrying value to exceed the estimated recoverable amount. 
There was no further impairment of intangible assets as the estimated recoverable amount exceeded the carrying value for all CGUs.
13 Property, plant and equipment
Fixtures and 
fittings      
 £’000
Computer 
equipment       
£’000
Total
 £’000
Cost 
At 1 January 2013 543 517 1,060
Effect of movements in exchange rates (42) 4 (38)
Additions 52 88 140
Acquisition of subsidiary 136 – 136
Disposals – (2) (2)
At 31 December 2013 689 607 1,296
Effect of movements in exchange rates (23) (26) (49)
Additions 556 402 958
Disposals (331) (96) (427)
At 31 December 2014 891 887 1,778
Accumulated depreciation
At 1 January 2013 (199) (240) (439)
Effect of movements in exchange rates 32 3 35
Charge for the year (88) (178) (266)
Disposals – 2 2
At 31 December 2013 (255) (413) (668)
Effect of movements in exchange rates 17 13 30
Charge for the year (139) (220) (359)
Disposals 239 92 331
At 31 December 2014 (138) (528) (666)
Net book amount
At 31 December 2014 753 359 1,112
At 31 December 2013 434 194 628
Ubisense Annual Report Ubisense Annual Report 63 62 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
14 Inventories
There are no impairment provisions against inventory included in the above amounts (2013: £nil). The Group’s inventories are comprised  
of products which are not generally subject to rapid obsolescence on account of technological, deterioration in condition or market trends.
2014
£’000
2013
Restated
£’000
Raw materials 1,088 811
Finished goods 1,793 1,777
Total inventories 2,881 2,588
All amounts disclosed are short term. The carrying value of trade receivables is considered a reasonable approximation of fair value. 
Due to having a blue chip customer base and effective credit control procedures, the Group is not significantly exposed to the risk  
of bad debt. The following disclosures are in respect of trade receivables that are either impaired or past due. The individually  
impaired receivables mainly relate to customers who are in unexpectedly difficult economic situations. Any impairment is assessed  
on a customer-by-customer basis following a detailed review of the particular circumstances. T o the extent they have not been  
specifically provided against, the trade receivables are considered to be of sound credit rating.
15 Trade and other receivables
Notes
2014 
£’000
2013        
£’000
Trade receivables, gross 8,961 7,072
Allowances for doubtful debts 15.1 (68) (141)
Trade receivables, net 15.2 8,893 6,931
Amounts recoverable on contracts 4,134 3,347
Other receivables 211 285
Prepayments and accrued income 1,255 645
Corporation tax recoverable 521 177
VAT and taxation receivable 527 162
Total trade and other receivables 15,541 11,547
16 Cash and cash equivalents
2014
£’000
2013
£’000
Cash at bank and in hand 3,697 3,848
Short-term bank deposits – 116
Cash and cash equivalents 3,697 3,964
The carrying amount approximates to fair value because of the short-term maturity of these instruments, being no greater  
than three months.
Cash at bank earns interest at floating rates based on daily bank overnight deposit rates. Short-term cash deposits earn  
interest at fixed rates for the term of the deposit.
2014
£’000
2013
£’000
British Pound (GBP) 904 489
Euro (EUR) 1,361 496
US Dollar (USD) 1,169 739
Japanese Yen (JPY) 122 1,718
South Korean Won (KRW) 36 352
Canadian Dollar (CAD) 103 11
Philippine Peso (PHP) 2 –
Turkish Lira (TRY) – 159
Cash and cash equivalents 3,697 3,964
The composition of cash and cash equivalents by currency is as follows:
15.1 Movement in allowance for doubtful debts
2014
£’000
2013
£’000
At 1 January (141) (80)
Amounts recovered in the year 33 2
Amounts written off in the year 41 –
Allowance made (1) (63)
At 31 December (68) (141)
15.2 Ageing of past due but not impaired receivables
2014
£’000
2013
£’000
Neither past due nor impaired 5,492 5,114
Past due but not impaired:
– 0 to 90 days overdue 2,494 1,500
– More than 90 days overdue 907 317
Total 8,893 6,931
Ubisense Annual Report Ubisense Annual Report 65 64 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
All amounts disclosed are short term. The carrying value of trade payables is considered a reasonable approximation of fair value.
17 Trade and other payables
Notes
2014 
£’000
2013        
£’000
Payments received on account 2,137 2,765
Trade payables 4,021 3,570
Trade accruals 2,020 1,748
Current tax liability 51 41
Other taxation and social security 822 667
Other payables 765 705
Other liabilities – deferred consideration 24.2 – 172
Other liabilities – contingent consideration 24.2 – 355
Total trade and other payables 9,816 10,023
18 Bank loans
In August 2013, the Group agreed a new three-year bank loan facility of up to £5.0 million to provide additional future working capital 
capacity and is repayable in full in August 2016. Interest is payable at LIBOR plus 3% and the facility is secured on the fixed and floating 
assets of the Group. The facility is subject to certain operating performance and net worth covenants of the business. As at 31 December 
2014, and as at 16 March 2015, £4.0 million (31 December 2013: £3.5 million) is outstanding and is repayable by Ubisense Limited to  
HSBC Bank plc.
In June 2014, the Group agreed a new one-year bank loan of 130 million Japanese Yen. The facility was increased to 200 million 
Japanese Y en in October 2014. The loan is unsecured and interest is payable at 0.99%. At 31 December 2014, and as at 16 March 2015, 
170 million Japanese Y en (2013: nil) is outstanding and repayable by Geoplan Company Limited to Mizuho Bank.
In August 2014, the Group agreed a new additional four year bank loan facility of £2.0 million to provide funds for acquisitions and  
is repayable in quarterly instalments. Interest is payable at Bank of England base rate plus 3% and the facility is secured on the fixed 
and floating assets of the Group. The facility is subject to certain operating and net worth covenants of the business. As at 31 December 
2014, £2.0 million (31 December 2013: £nil) was outstanding and at 16 March 2015 £1.9 million was outstanding. The loan is repayable by 
Ubisense Limited to HSBC Bank plc.
All covenants tests during the year were met and all tests for the forthcoming 12 months are forecast to be met based on our annual 
operating plan and our latest rolling forecast.
In September 2014, Ubisense Limited entered a new 10-year lease on the Group’s headquarter offices. The property provision is a 
dilapidation provision to restore the office to its original state. It is included in fixtures and fittings within Property, Plant and Equipment  
and is being depreciated over the lease term.
19 Other payables
Notes
2014
£’000
2013
£’000
Contingent consideration 24.2 414 429
Property provisions 179 –
Rent deposit repayable 11 –
604 429
The Company has one class of ordinary shares which carry no right to fixed income.
During the period, the Company issued 1,983,696 shares, increasing the total number of shares in issue from 23,079,146 to 25,062,842  
as follows:
  1,929,589 shares at £2.20 per share for a total gross consideration of £4,246,000 with share issue costs of £229,000 written off  
against the share premium account
  54,107 shares as a result of options exercised with a weighted average exercise price of £0.45 per share for total cash consideration  
of £24,334.
20 Share capital and premium
Number of 
ordinary shares
 of £0.02 each
Share capital 
£’000
Share premium 
£’000
Total 
£’000
Balance at 1 January 2013 21,919,744 438 22,251 22,689 
Issued under share-based payment plans 399,593 8 103 111 
Issued on acquisition of subsidiary 759,809 15 1,696 1,711 
Change in year 1,159,402 23 1,799 1,822 
Balance at 31 December 2013 23,079,146 461 24,050 24,511
Issued under share-based payment plans 54,107 1 23 24               
Issued on placing to institutional shareholders 1,929,589 39 3,978 4, 017           
Change in year 1,983,696 40 4,001 4,041
Balance at 31 December 2014 25,062,842 501 28,051 28,552
21 Share-based payments: options
21.1 Equity-settled share-based payment arrangements
The Group operates a number of plans to award options over shares in the Company to the best-performing employees of the Group 
around the world. 
Options are generally granted at an exercise price equal to the market price of the shares under option at the date of the grant. The 
options generally vest evenly over three years on the anniversary from the date of the grant or entirely on the third anniversary from  
the date of grant, depending on continuing service during the vesting period. The contractual life of the options is 10 years from the  
date of grant, after which they expire if unexercised.
21.2 Analysis of amounts recognised in the financial statements
(a) Analysis of amounts recognised in the Consolidated income statement
2014
£’000
2013
£’000
Total share-based payments charge recognised in operating profit 75 92
(b) Analysis of amounts recognised in the Consolidated statement of changes in equity in the year
2014
£’000
2013
£’000
Net share-based payments credit recognised in equity 75 92
(b) Cumulative amounts included within equity in the Consolidated statement of financial position
2014
£’000
2013
£’000
Cumulative reserve credit for share-based payments 821 746
Ubisense Annual Report Ubisense Annual Report 67 66 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
21 Share-based payments: options (continued)
21.3 Reconciliation of movements in equity-settled share-based payment arrangements in the year
Arrangement
Award 
date  
Y ear
Vests 
Y ear
Expires 
Y ear
Exercise 
price 
£
Awards 
outstanding at 
1 January 2014 
Number
Granted during  
the year 
Number
Exercised 
during  
the year 
Number
Forfeited during 
the year 
Number
Awards 
outstanding at 
31 December 
2014 
Number
Awards 
exercisable at 
31 December 
2014
Number
Options 2007 2008–10 2017 0.900 300 – – – 300 300
2008 2009–11 2018 0.900 650 – – – 650 650
2009 2010–12 2019 0.900 3,750 – – – 3,750 3,750
2010 2011–13 2020 0.140 883,144 – (35,690) – 847,454 847,454
2011 2012–14 2021 1.050 408,450 – (18,417) (3,916) 386,117 386,117
2011 2012–14 2021 1.975 11,386 – – (11,386) – –
 2012 2013–15 2022 2.125 344,000 – – (28,000) 316,000 210,667
2013 2014–16 2023 2.055 371,500 – – (20,000) 351,500 117,167
2014 2015–17 2024 2.250 – 447,500 – (10,000) 437,500 –
Total 2,023,180 447,500 (54,107) (73,302) 2,343,271 1,556,105
Weighted average exercise price (£) 1.025 2.250 0.450 2.042 1.240 0.777
In May 2014, 447,500 share options were granted to employees with an exercise price of £2.25 per share, being the market  
value at the date of exercise. The weighted average share price at the date of exercise for options exercised during the year  
was £1.921 (2013: £2.1053).
21.4 Principal assumptions
The fair value of share-based payments grants has been valued using the Black–Scholes option-pricing model. Expected volatility was 
determined based on the historic volatility of comparable companies. The expected life is the expected period from grant to exercise 
based on management’s best estimate of the effects of non-transferability, exercise restrictions and behavioural considerations. The 
risk-free rate of return is an average yield on the zero-coupon UK Government Bond in issue at the date of grant with a similar life  
to the option or warrant.
The following assumptions were used in the model for options granted during the years ended 31 December 2014 and 31 December 2013.
22 Operating lease commitments
Leases as lessee
At 31 December 2014, the Group has lease agreements in respect of property and equipment for which payments extend over a number 
of years. The Group enters into these arrangements as these are a cost-efficient way of obtaining the short-term benefits of these assets. 
The Group lease rental charge is disclosed in note 9.1. There are no other material off-balance sheet arrangements.
The Group’s future aggregate minimum lease payments under non-cancellable operating leases are as follows:
Instrument Option Option
Number granted 447,500 421,500
Grant date 23 May 2014 19 April 2013
Share price at grant date (£) 2.250 2.055
Exercise price (£) 2.250 2.055
Fair value per option (£) 0.60 0.30
Expected life (years) 3.0 3.0
Expected volatility (%) 34 20
Risk-free interest rate (%) 1.83 0.79
Expected dividends expressed as a dividend yield (%) – –
Land and buildings Other
Lease ending
2014 
£’000
2013
£’000
2014 
£’000
2013 
£’000
No later than one year 785 433 121 111
Later than one year and no later than five years 2,441 1,409 85 117
Later than five years 3,043 550 – –
Total 6,269 2,392 206 228
The above table reflects the committed cash payments under operating leases, rather than the expected charge to the income  
statement in the relevant periods. The effect on the income statement will differ from the above figures due to the amortisation  
of rent-free and discounted rent periods included in property leases signed in 2012 and 2014. The expected charge in 2015 for  
operating leases is expected to be £84,000 higher than the committed cash payments shown above. 
The Group has guaranteed rent bonds issued by its banks on its behalf totalling £134,000 as at 31 December 2014 (2013: £122,000).  
These are not expected to result in any material financial loss.
All subsidiaries are directly held by Ubisense Group plc except those denoted * which are held by intermediate holding companies.
All subsidiaries prepare local statutory accounts up to 31 December each year except for Geospatial Systems Limited which prepares 
accounts up to 31 March and Binary Star Developments K.K. to 31 January. For subsidiaries which have a different financial year-end  
to the Group, additional co-terminous accounts are prepared reflecting the same financial reporting as the Group for the purposes  
of consolidation.
23 Principal subsidiaries
Subsidiary
Country of 
incorporation Principal activity
Proportion  
of ordinary 
shares held by 
group (%)
Proportion 
of ordinary 
shares held by 
non-controlling 
interests (%)
Ubisense Limited UK Location solutions 100 –
Ubisense GmbH Germany Location solutions 100 –
Ubisense SAS France Location solutions 100 –
Ubisense Inc. US Location solutions 100 –
Ubisense Solutions Inc. Canada Location solutions 100 –
Geospatial Systems Limited UK Location solutions 100 –
Ubisense Inc. Japan Intermediate holding company 100 –
Geoplan Company Limited* Japan Location solutions 77 23
Binary Star Developments K.K.* Japan Non-trading 100 –
Ubisense Company Limited* South Korea Location solutions 100 –
Geoplan Philippines, Inc.* Philippines Location solutions 100 –
Ubisense Annual Report Ubisense Annual Report 69 68 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
Consideration was satisfied by issue of Ubisense shares, comprised 759,809 new ordinary shares of nominal value of £0.02  
in Ubisense at a price of 225.25 pence per ordinary share, being the average of the volume-weighted mid-market closing  
price on each of the preceding five business days.
The deferred consideration was paid in full in January 2014. 
Under the contingent cash consideration arrangement, the Group is required to pay additional amounts to the vendors of Geoplan  
based on the achievement of two separate performance milestones that may arise between 2014 and 2017 with a combined 
undiscounted range of outcomes between nil and 149 million Japanese Y en (£nil to £892,000).
At acquisition, the fair value of the contingent consideration was 136 million Japanese Yen (£816,000) being management’s best  
estimate of the probability-adjusted estimated discounted future cash flows. The discount rate used is 3.5%, based on the Group’s 
estimated incremental borrowing rate for unsecured liabilities at the reporting date, and therefore reflects the Group’s credit position.  
The fair value amount recognised for this arrangement is revised based on the most recent management estimates and, as the  
liability is denominated in Japanese Yen, it is subject to the impact of exchange rates.
24 Business combinations
24.1 Subsidiaries acquired
Subsidiary Country of incorporation Principal activity Date of acquisition
Proportion of 
equity interest 
acquired
Ubisense Inc. Japan Location solutions 3 December 2013 100%
The Ubisense Inc. (formerly named Geoplan Interworks K.K.) group of companies (“Geoplan”) was acquired to enhance the Group’s 
geographic reach into the Asian market. The Geoplan group is headquartered in Japan and its markets across the region will be 
developed from there.
At 31 December 
2013          
£’000
Effect of 
ex change rates     
  £’000
Paid in the 
period
  £’000
Unwinding of 
discount
  £’000
Fair value 
adjustment
  £’000
At 31 December 
2014                  
£’000
Contingent consideration – non-current 429 (29) – 14 – 414
Contingent consideration – current 355 7 (330) – (32) –
Total contingent consideration 784 (22) (330) 14 (32) 414
Deferred consideration 172 7 (179) – – –
Total 956 (15) (509) 14 (32) 414
24.3 Assets acquired and liabilities recognised at the date of acquisition
As at 31 December 2013, the fair values of acquired assets, liabilities and goodwill for Geoplan were determined on a provisional  
basis due to the proximity of the acquisition to the year end. The post-acquisition review of the fair value of the net assets acquired  
was completed in the current period. The following amendments have been retrospectively applied to net assets acquired and  
liabilities recognised at the date of acquisition.
At 31 December 
2013 
£’000
Fair value 
adjustment
£’000
At 31 December 
2013  
Restated
£’000
Assets  
Non-current assets
Acquired software products 626 (218) 408
Acquired customer relationships and order backlog 1,593 – 1,593
Other intangible assets 173 – 173
Property, plant and equipment 132 – 132
Total non-current assets 2,524 (218) 2,306
Current assets
Inventories 1,605 (518) 1,087
Trade and other receivables 1,080 – 1,080
Cash and cash equivalents 2,481 – 2,481
Total current assets 5,166 (518) 4,648
Liabilities
Current liabilities
Trade and other payables (4,500) – (4,500)
Total current liabilities (4,500) – (4,500)
Non-current liabilities
Deferred income tax liabilities (843) 83 (760)
Total non-current liabilities (843) 83 (760)
Non-controlling interest (704) 150 (554)
Fair value of identifiable net assets acquired 1,643 (503) 1,140
Total 
£’000
Cash consideration paid 635
Consideration satisfied by issue of Ubisense shares 1,711
Deferred consideration 178
Contingent cash consideration arrangement 816
Consideration transferred 3,340
24.2 Consideration transferred
Acquisition-related costs amounting to £464,000 have been excluded from the consideration transferred and have been recognised  
as an expense within the “operating expenses” line item in the consolidated income statement in 2013.
Ubisense Annual Report Ubisense Annual Report 71 70 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
24 Business combinations (continued)
24.4 Goodwill arising on acquisitions
Total 
£’000
Fair value of consideration transferred 3,340
Less: fair value of identifiable net assets acquired (1,140)
Goodwill arising on acquisitions 2,200
Effect of movement of exchange rates (203)
Goodwill at 31 December 2014 1,997
Goodwill arose on the acquisition of Geoplan in respect of the benefits of a highly knowledgeable workforce, expected operational 
synergies, revenue growth and future market development. These benefits are not recognised separately from goodwill because  
they do not meet the recognition criteria for identifiable intangible assets. 
Goodwill is not expected to be deductible for tax purposes.
24.5 Impact of acquisitions on the results of the Group
Geoplan contributed £109,000 to the consolidated profit from 3 December 2013 to 31 December 2013. If Geoplan had been  
acquired on 1 January 2013, revenue of the Group for 2013 would have been £31,649,000, adjusted EBITDA would have been  
£870,000 and the loss before tax would have been £1,903,000.
24.6 Post-period disposal
The Group is in the progress of selling Geoplan Philippines Inc. under a management buy-out. This proposed transaction will  
not have a material impact on the Group or on the results for 2015. 
25 Related party transactions
Other than compensation of key management personnel disclosed in note 6.3 there are no transactions with other related parties.  
Full details of Directors’ remuneration are given in note 7.
There were no other transactions with Directors of the Company.
26 Financial risk management
26.1 Risk management objectives and policies
The Group is exposed to various risks in relation to financial instruments. The Group’s financial assets and liabilities by category are 
summarised below. The main types of risks are market risk (including foreign currency risk and interest rate risk), credit risk and liquidity risk. 
The Group’s risk management is coordinated at its headquarters, in close cooperation with the Board of Directors, and focuses  
on actively securing the Group’s short to medium-term cash flows. The Group does not actively engage in the trading of financial  
assets /for speculative purposes. The most significant financial risks to which the Group is exposed are described below. 
26.2 Foreign currency risk management
The Group operates globally and undertakes certain transactions denominated in foreign currencies, predominantly in US dollars (USD), 
Euros (EUR) and Japanese Y en (JPY), exposing the Group to foreign currency risk. The Group’s risk management policy is to maintain natural 
hedges where possible, by matching foreign currency revenue and expenditure. The Group does not enter into forward exchange contracts 
to mitigate the exposure to foreign currency risk as the Group’s currency transactions are not considered significant enough to warrant this. 
Foreign currency denominated monetary assets and liabilities which expose the Group to currency risk are disclosed below.  
The amounts shown are those not denominated in the local functional currency, translated into GBP at the closing rate.
Japanese Y en US Dollars Euros
2014
£’000
2013
£’000
2014
£’000
2013
£’000
2014
£’000
2013
£’000
Assets – – 2,240 777 886 623
Liabilities – – (199) (5) – (5)
All foreign currency financial assets and liabilities are classified as current.
26.3 Foreign currency sensitivity analysis
The following table illustrates the sensitivity of profit and equity in regard to the Group’s financial assets and financial liabilities and  
the USD/GBP, EUR/GBP and JPY/GBP exchange rates “all other things being equal”. It assumes a +/-5% change in the GBP exchange  
rate against the relevant foreign currencies. The percentage has been determined based on the average market volatility in  
exchange rates in the previous 12 months.
The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the  
period end. A positive number indicates an increase in profit and equity.
26.4 Interest rate sensitivity
The Group’s exposure to interest rate risk relates primarily to the Group’s variable rate bank loan facilities of £7.0 million, which are  
partially offset by cash held at variable rates. Interest is payable at LIBOR plus 3% on the £5.0 million facility and £4.0 million was 
outstanding at 31 December 2014 (2013: £3.5 million). Interest is payable at Bank of England base rate plus 3% on the £2.0 million  
facility, which was fully drawn at 31 December 2014 (2013: £nil). Other bank loans are at a fixed interest rate of 0.99%. 
The following table illustrates the sensitivity of the net profit of the Group for the year and equity to a reasonably possible change in 
interest rates of +/-0.5%. These changes are considered to be reasonably possible based on observation of current market conditions. 
The calculations are based on a change in the interest rate with effect from the beginning of the year and the financial instruments held  
at the reporting date that are sensitive to interest rate changes. All other variables are held constant. A positive number indicates an 
increase in profit or equity.
Japanese Y en US Dollars Euros
2014
£’000
2013
£’000
2014
£’000
2013
£’000
2014
£’000
2013
£’000
Effect of a 5% strengthening in relevant exchange rate on: 
Income statement (5) – 182 41 221 33
Equity (5) – 182 41 221 33
Effect of a 5% weakening in relevant exchange rate on:
Income statement 5 – (201) (37) (244) (30)
Equity 5 – (201) (37) (244) (30)
2014
£’000
2013
£’000
Effect of a 0.5% decrease in interest rate on:
Income statement 23 17
Equity 23 17
Effect of a 0.5% increase in interest rate on:
Income statement (23) (17)
Equity (23) (17)
Exposure to foreign currency exchange rates vary during the year, depending on the volume of transactions. Nonetheless, the analysis 
above is considered to be representative of the Group’s exposure to currency risk.
Ubisense Annual Report Ubisense Annual Report 73 72 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
26 Financial risk management (continued)
26.5 Credit risk analysis
Credit risk is the risk that a counterparty fails to discharge a contractual obligation resulting in financial loss to the Group. The Group’s 
maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at the reporting date, as summarised  
in note 26.8, which are principally cash and cash equivalents and trade receivables.
Cash and cash equivalents are held at banks with good independent credit ratings in accordance with the Group Treasury policy. 
The Group continuously monitors defaults of customers and other counterparties, identified either individually or by the Group, and 
incorporates this information into its credit risk controls. Where available at reasonable cost, external credit ratings and/or reports  
on customers and other counterparties are obtained and used. The Group’s policy is to deal only with creditworthy counterparties.
The Group’s management considers that its financial assets that are not impaired or past due for each of the reporting dates under  
review are of good credit quality. All receivables are subject to regular review to ensure that they are recoverable and any issues 
identified as early as possible. In order to manage credit risk the Directors set limits for customers based on a combination of payment 
history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt 
ageing and collection history. In addition many of the Group’s customers, and approximately 80% by balance at any given time, are  
large utility companies and other blue chip companies that would be considered a low credit risk.
The amount of exposure to any single counterparty or a group of counterparties having similar characteristics is subject to a limit, which 
is reassessed periodically by management. At 31 December 2014, no customers individually accounted for more than 10% of the trade 
receivables balance.
None of the Group’s financial assets are secured by collateral or other credit enhancements.
Details of certain trade receivables at 31 December 2014 that have not been settled by the contractual due date but are not considered  
to be impaired are included in note 15.2.
26.6 Liquidity risk analysis
Liquidity risk is the risk arising from the Group not being able to meet its obligations as they fall due. The Group seeks to manage this  
risk by monitoring scheduled debt servicing payments for long-term financial liabilities, regularly reviewing forecast inflows and outflows 
due in day-to-day business and investing cash assets safely and profitably. The data used for analysing these cash flows is consistent  
with that used in the contractual maturity analysis below.
Cash flow forecasting is performed at the subsidiary level and aggregated by Group finance. Rolling cash flow forecasts are used by 
the Group to monitor liquidity requirements to ensure it has sufficient cash to meet operational needs, as well as maintaining sufficient 
headroom so that loan covenants are not breached. The Group policy throughout the year has been to remit surplus working capital 
balances at the subsidiary level to Group treasury and place on short-term deposit or interest-bearing reserve accounts and to draw  
down on borrowing facilities and distribute funds locally when required. As disclosed in note 18, the Group has total bank loan facilities  
of £8.1 million, of which £6.9 million was drawn down at 31 December 2014 (2013: £5.0 million facility, £3.5 million drawn down).
The Group considers expected cash flows from financial assets, predominately cash and trade receivables, in assessing and  
managing liquidity risk. The Group’s cash and trade receivable resources at 31 December 2014 (see note 15) exceed the current  
cash outflow requirements.
As at 31 December 2014, the Group’s financial liabilities, including interest payments where applicable, have contractual maturities  
as summarised in the following:
Cash flows from trade and other receivables are contractually due within six months in the majority of cases. Extended credit terms  
have been agreed with specific customers. Cash is generally held in accounts with immediate notice. Where surplus cash deposits  
are identified these are placed in accounts with access terms of no more than three months.
26.7 Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern whilst maximising  
the return to stakeholders and to maintain an optimal capital structure to reduce the long-term cost of capital. The capital structure  
of the Group consists of cash and cash equivalents and capital and reserves attributable to the owners of the Company, and the  
Group’s borrowing facilities.
In order to maintain or adjust the capital structure, the Group may issue shares, take on debt, sell assets to raise cash, adjust the  
amount of dividends payable to shareholders or return capital to shareholders.
The capital structure is continually monitored by the Group. The Group’s strategy is to have a capital structure that allows investment  
in long-term profitable growth, takes into account prevailing trading conditions and seeks to improve balance sheet efficiency over time. 
The Group is not subject to externally imposed capital requirements.
The Group entered into a £5.0 million bank facility in 2013 of which £4.0 million was drawn as at 31 December 2014 (2013: £3.5 million)  
in order to provide working capital capacity to fund business growth. A further £3.1 million of loan facilities were entered into in 2014,  
£2.0 million denominated in GBP and £1.1 million denominated in JPY. At the year end, £2.9 million of these new facilities were drawn  
of which £2.0 million was denominated in GBP and £0.9 million was Japanese Y en. The Group may need to seek further capital,  
through equity or debt, in the future in order to support the current growth plans.
26.6 Liquidity risk analysis (continued)
Current Non-current
Within
6 months
£’000
Between  
6 and 12 months
£’000
Between  
1 and 5 years
£’000
Later than  
5 years
£’000
As at 31 December 2014
Trade and other payables 9,465 351 120 –
Bank loans 927 – 6,000 –
Provision for liabilities – – 425 179
As at 31 December 2013
Trade and other payables 6,195 355 430 –
Bank loans – – 3,500 –
Financial assets used for managing liquidity risk.
Ubisense Annual Report Ubisense Annual Report 75 74 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED
26 Financial risk management (continued)
26.8 Categories of financial instruments
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement 
and the basis on which income and expenses are recognised in respect of each class of financial asset, financial liability and equity 
instrument, are disclosed in the accounting policies in note 3. The carrying amounts presented in the Consolidated Statement of 
Financial Position relate to the following categories of financial instrument:
Notes
2014 
£’000
2013     
£’000
Financial assets
Loans and receivables:
– Trade receivables 15 8,893 6,931
– Amounts recoverable on contracts 15 4,134 3,347
– Other receivables 15 2,514 285
– Cash and cash equivalents 16 3,697 3,964
Total financial assets 19,238 14,527
Financial liabilities
Amortised cost:
– Trade payables 17 4,021 3,570
– Trade accruals 17 2,020 1,748
– Other payables 17 3,775 705
– Deferred consideration 24.2 – 172
– Contingent consideration 24.2 414 785
– Provisions 19 190 –
– Bank loans 18 6,927 3,500
Total financial liabilities 17,347 10,480
INDEPENDENT AUDITOR’S REPORT
to the members of Ubisense Group Plc
We have audited the parent company financial statements of Ubisense Group Plc for the year ended 31 December 2014 which comprise 
the parent company balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is 
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  
Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them  
in an auditor’s report and for no other purpose. T o the fullest extent permitted by law, we do not accept or assume responsibility to anyone 
other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Directors’ Responsibilities Statement set out on page 37, the directors are responsible for the preparation  
of the parent company financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and 
express an opinion on the parent company financial statements in accordance with applicable law and International Standards on  
Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors.
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements is provided on the Financial Reporting Council’s website  
at www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion the parent company financial statements:
 give a true and fair view of the state of the company’s affairs as at 31 December 2014; 
 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
 have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Strategic Report and Directors’ Report for the financial year for which the financial  
statements are prepared is consistent with the parent company financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if,  
in our opinion:
  adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not  
been received from branches not visited by us; or
  the parent company financial statements are not in agreement with the accounting records and returns; or 
  certain disclosures of directors’ remuneration specified by law are not made; or
  we have not received all the information and explanations we require for our audit.
Other matter
We have reported separately on the Group financial statements of Ubisense Group plc for the year ended 31 December 2014.
Paul Naylor  
Senior Statutory Auditor 
for and on behalf of Grant Thornton UK LLP 
Statutory Auditor, Chartered Accountants 
Cambridge
16 March 2015
Ubisense Annual Report Ubisense Annual Report 77 76 Richard Green  
Chief Executive Officer  
Ubisense Group plc
Registered number: 05589712
Robert Parker 
Chief Financial Officer
NOTES TO THE COMPANY FINANCIAL STATEMENTS COMPANY BALANCE SHEET
for the year ended 31 December 2014
Notes
2014 
£’000
2013       
£’000
Fixed assets
Investments in subsidiaries 3 17,999 17,332
Current assets
Debtors 4 10,113 7,540
Cash at bank and in hand 19 288
10,132 7,828
Creditors – amounts falling due within one year 5 (143) (403)
Net current assets 9,989 7,425
Total assets less current liabilities 27,988 24,757
Net assets 27,988 24,757
Capital and reserves
Called-up share capital 6 501 461
Share premium account 7 28,051 24,050
Share-based payment reserve 7 821 746
Profit and loss reserve 7 (1,385) (500)
Equity shareholders’ funds 8 27,988 24,757
The notes on pages 45 to 76 are an integral part of these consolidated financial statements.
The financial statements were approved by the Board of Directors on 16 March 2015 and signed on its behalf by:
1 Principal accounting policies
The separate financial statements of the Company are presented as required by the Companies Act 2006. They have been  
prepared under the historical cost convention and in accordance with applicable United Kingdom Accounting Standards and law. 
The principal accounting policies are summarised below. They have been applied consistently throughout the year and the preceding year.
The Company has taken advantage of the exemption allowed under FRS 8 “Related party disclosures” not to show transactions with  
other wholly owned companies in the Group headed by Ubisense Group plc.
Share-based payments
The Company issues equity-settled share-based payments to certain employees of its subsidiaries. Equity-settled share-based payments 
are measured at fair value at the date of grant using the Black–Scholes pricing model. The expected life used in the model has been 
adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. 
The share-based payment is accounted for as a capital contribution to the subsidiaries. Investments in subsidiaries are increased by the 
aggregate amount of share-based payment with a corresponding increase in shareholders’ funds for the same amount.
Investments in subsidiaries
Fixed asset investments are shown at cost less provision for impairment. 
Deferred taxation
Deferred tax is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to  
pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences 
arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they  
are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that  
they will be recovered. Deferred tax assets and liabilities are not discounted.
2 Loss for the year
As permitted by Section 408 of the Companies Act 2006, the Company has elected not to present its own profit and loss account  
for the year. Ubisense Group plc reported a loss for the financial year ended 31 December 2014 of £885,000 (2013: £835,000).
The Company does not have any employees (2013: nil). Directors’ emoluments are disclosed in note 7 of the consolidated  
financial statements. The Directors were not remunerated by the parent Company.
Ubisense Annual Report Ubisense Annual Report 79 78 NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED
3 Investments in subsidiaries
Investments 
in subsidiaries  
£’000
Cost and net book amount
At 1 January 2014 17,332
Additions 592
Capital contribution relating to share-based payments 75
At 31 December 2014 17,999
Additions
Additions in the year relate to a subscription of new shares in existing subsidiary companies; Ubisense Group Plc purchased  
55 million shares in Ubisense Inc. (formerly named Geoplan Interworks K.K.) for consideration of 100 million Japanese Y en.
Capital contribution
The capital contributions relating to share-based payments arise because the Company has granted share options to the  
employees of its various subsidiaries.
A description of the movements in share capital in the year is given in note 20 of the consolidated financial statements.
4 Debtors
2014
£’000
2013
£’000
Amounts owed by subsidiary undertakings 10,113 7,537
Other debtors – 3
10,113 7,540
5 Creditors: amounts falling due within one year
2014
£’000
2013
£’000
Trade accruals 143 403
2014
Number
2013
Number
2014
£’000
2013
£’000
Allotted, called up and fully paid
Ordinary shares of £0.02 each 25,062,842 23,079,146 501 461 
6 Share capital
7 Reserves
Share    
premium        
£’000
Share-based 
payment 
reserve       
£’000
Profit and 
loss reserve       
£’000
Balance at 1 January 2014 24,050 746 (500)
Loss for the year – – (885)
Reserve credit for equity-settled share-based payment – 75 –
Premium on new share capital 4,230 – –
Share issue costs (229) – –
Change in year 4,001 75 (885)
Balance at 31 December 2014 28,051 821 (1,385)
2014
£’000
2013
£’000
Loss for the year (885) (835)
Reserve credit for equity-settled share-based payment 75 92
Issue of new share capital 40 23
Premium on new share capital 4,001 1,799
Net change in shareholders’ funds 3,231 1,079
Shareholders’ funds at 1 January 24,757 23,678
Shareholders’ funds at 31 December 27,988 24,757
8 Reconciliation of movements in shareholders’ funds
Ubisense Annual Report Ubisense Annual Report 81 80 NOTICE OF ANNUAL GENERAL MEETING
Ubisense Group plc 
(Incorporated and registered in England and Wales with registered number 05589712)
6.   THAT subject to and conditional upon the passing of resolution number 5 above, the Directors be and are hereby generally authorised 
in accordance with Section 570 of the Act to allot equity securities (as defined in Section 560 of the Act) of the Company for cash as if 
Section 561(1) of the Act did not apply to any such allotment, provided that this authority shall be limited to:
a.   the allotment of equity securities in connection with an offer by way of rights in favour of the holders of equity securities in proportion 
(as nearly as may be possible) to the respective number of ordinary shares of £0.02 each held by them, but subject to such exclusions 
or other arrangements as the Directors may deem necessary or expedient to deal with fractional entitlements or legal or practical 
problems in respect of overseas holders or otherwise;
b.    the allotment of equity securities in connection with options granted in accordance with the Company’s articles of association prior to 
the Company’s admission to trading on the AIM Market of the London Stock Exchange up to an aggregate nominal value of £24,765;
c.    the allotment of equity securities (otherwise than pursuant to sub-paragraphs (a) and (b) above) up to a maximum aggregate nominal 
value of £75,189 (being the nominal value of approximately 15% of the issued share capital of the Company),
and this authority shall expire on the earlier of the conclusion of the next Annual General Meeting of the Company held after the date 
on which this resolution becomes unconditional and the date 15 months after the passing of this resolution save that the Company may 
make any offer(s) or enter into any agreement(s) before such expiry which would or might require equity securities to be allotted after such 
expiry and the Directors may allot equity securities pursuant to any such offer(s) or agreement(s) as if the authority conferred hereby had 
not expired. This resolution revokes and replaces all unexercised authorities previously granted to the Directors to allot equity securities 
but without prejudice to any allotment of equity securities already made, offered or agreed to be made pursuant to such authorities.
By order of the Board
Notice is hereby given that the annual general meeting (“Meeting”) of Ubisense Group plc (the “Company”) is to be held at the  
Group Head Office at St. Andrew’s House, St. Andrew’s Road, Chesterton, Cambridge, CB4 1DL on 24 April 2015 at 8.30 a.m.
Y ou will be asked to consider and vote on the resolutions below. Resolutions 1, 2, 3, 4 and 5 will be proposed as ordinary  
resolutions and resolution 6 will be proposed as a special resolution.
Ordinary business
Report and accounts
1.   THAT the Company’s annual accounts for the financial year ended 31 December 2014, together with the Directors’ report and  
Auditor’s report on those accounts, be received and adopted.
Re-election of Directors
2.   THAT Paul Taylor, who retires by rotation and offers himself for re-appointment by general meeting, be re-elected as a Director  
of the Company.
3.   THAT Richard Green, who retires by rotation and offers himself for re-appointment by general meeting, be re-elected as a Director  
of the Company.
Re-appointment of auditors
4.   THAT Grant Thornton UK LLP be reappointed as the Company’s auditors to hold office from the conclusion of this meeting until  
the conclusion of the next meeting at which accounts are laid before the Company and that the Directors be authorised to agree  
the remuneration of the auditors.
Special business
Issue of ordinary shares
5.   THAT the Directors be hereby generally and unconditionally authorised and empowered pursuant to and in accordance with  
Section 551 of the Companies Act 2006 (the ”Act”) to exercise all the powers of the Company to allot shares and/or grant rights  
to subscribe for or to convert any security into shares (“Rights”):
a.    up to an aggregate nominal value of £167,086 (being the nominal value of approximately one third of the issued share capital  
of the Company); and
b.   up to an aggregate nominal value of £24,765 in connection with options granted in accordance with the Company’s articles  
of association prior to the Company’s admission to trading on the AIM Market of the London Stock Exchange, 
such authorities to expire on the earlier of the next Annual General Meeting of the Company held after the date on which this resolution 
becomes unconditional and the date 15 months after the passing of this resolution, save that the Company may at any time before 
such expiry make any offer(s) or enter into any agreement(s) which would or might require shares to be allotted or Rights to be granted 
after such expiry and the Directors may allot shares or grant Rights in pursuance of any such offer(s) or agreement(s) as if the authority 
conferred hereby had not expired. This resolution revokes and replaces all unexercised authorities previously granted to the Directors  
to allot shares or grant Rights but without prejudice to any allotment of shares or grant of Rights already made, offered or agreed to be 
made pursuant to such authorities.
Robert Parker 
Company Secretary  
Ubisense Group plc  
St. Andrew’s House  
St. Andrew’s Road 
Chesterton 
Cambridge 
CB4 1DL
16 March 2015
Ubisense Annual Report Ubisense Annual Report 83 82 NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING
Ubisense Group plc
Appointment of proxies through CREST
8.   As an alternative to completing the hard-copy proxy form, CREST members who wish to appoint a proxy or proxies by utilising 
the CREST electronic proxy appointment service may do so for the Meeting and any adjournment(s) of it by using the procedures 
described in the CREST Manual. CREST Personal Members or other CREST sponsored members, and those CREST members who 
have appointed a voting service provider(s), should refer to their CREST sponsor or voting service provider(s), who will be able to  
take the appropriate action on their behalf.  
 
In order for a proxy appointment made by means of CREST to be valid, the appropriate CREST message (a “CREST Proxy  
Instruction”) must be properly authenticated in accordance with Euroclear UK & Ireland Limited’s (“EUI”) specifications and  
must contain the information required for such instructions, as described in the CREST Manual. The message, regardless of  
whether it constitutes the appointment of a proxy or an amendment to the instruction given to a previously appointed proxy,  
must, in order to be valid, be transmitted so as to be received by the Company’s agent (ID: 3RA50) by not later than 48 hours  
prior to the time appointed for the Meeting or adjourned Meeting. For this purpose, the time of receipt will be taken to be the  
time (as determined by the timestamp applied to the message by the CREST Applications Host) from which the Company’s  
agent is able to retrieve the message by enquiry to CREST in the manner prescribed by CREST. After this time any change  
of instructions to proxies appointed through CREST should be communicated to the appointee through other means. 
 
CREST members and, where applicable, their CREST sponsors or voting service providers should note that EUI does not make 
available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in 
relation to the input of CREST Proxy Instructions. It is the responsibility of the CREST member concerned to take (or, if the CREST 
member is a CREST personal member or sponsored member or has appointed a voting service provider(s), to procure that his  
CREST sponsor or voting service provider(s) take(s)) such action as shall be necessary to ensure that a message is transmitted  
by means of the CREST system by any particular time. In this connection, CREST members and, where applicable, their CREST 
sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical  
limitations of the CREST system and timings. 
 
The Company may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5)(a) of the  
Uncertificated Securities Regulations 2001.
Appointment of proxy by joint members
9.   In the case of joint holders, where more than one of the joint holders purports to appoint a proxy, only the appointment  
submitted by the most senior holder will be accepted. Seniority is determined by the order in which the names of the joint  
holders appear in the Company’s register of members in respect of the joint holding (the first-named being the most senior).
Changing proxy instructions
10.  T o change your proxy instructions simply submit a new proxy appointment using the methods set out above. Note that the  
cut-off time for receipt of proxy appointments (see above) also applies in relation to amended instructions; any amended  
proxy appointment received after the relevant cut-off time will be disregarded.
   Where you have appointed a proxy using the hard-copy proxy form and would like to change the instructions using another  
hard-copy proxy form, please contact The Company Secretary, Ubisense Group plc, St. Andrew’s House, St. Andrew’s Road, 
Chesterton, Cambridge CB4 1DL.
   If you submit more than one valid proxy appointment, the appointment received last before the latest time for the receipt  
of proxies will take precedence.
Entitlement to attend and vote
1.   Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that only those members 
registered on the Company’s register of members:
   At the time which is 48 hours prior to the Meeting; or,
    If this Meeting is adjourned, at the time which is 48 hours prior to the adjourned Meeting, 
  shall be entitled to attend and vote at the Meeting.
Appointment of proxies
2.   If you are a member of the Company at the time set out in note 1 above, you are entitled to appoint a proxy to exercise all or  
any of your rights to attend, speak and vote at the Meeting and you should have received a proxy form with this notice of meeting.  
Y ou can only appoint a proxy using the procedures set out in these notes and the notes to the proxy form.
3.   If you are not a member of the Company but you have been nominated by a member of the Company to enjoy information rights,  
you do not have a right to appoint any proxies under the procedures set out in this “Appointment of proxies” section.
4.   A proxy does not need to be a member of the Company but must attend the Meeting to represent you. Details of how to appoint  
the Chairman of the Meeting or another person as your proxy using the proxy form are set out in the notes to the proxy form. If you 
wish your proxy to speak on your behalf at the Meeting you will need to appoint your own choice of proxy (not the Chairman) and  
give your instructions directly to them.
5.   Y ou may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. Y ou may not 
appoint more than one proxy to exercise rights attached to any one share. T o appoint more than one proxy, you may photocopy the 
proxy form. Please indicate the proxy holder’s name and the number of shares in relation to which they are authorised to act as your 
proxy (which, in aggregate, should not exceed the number of shares held by you). Please also indicate if the proxy instruction is one  
of multiple instructions being given. All forms must be signed and should be returned together in the same envelope. Failure to  
specify the number of shares to which each proxy appointment relates or specifying more shares than the number of shares held  
by you at the time set out in note 1 above will result in the proxy appointments being invalid.
6.   A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against  
the resolution. If no voting indication is given, your proxy will vote or abstain from voting at his or her discretion. Y our proxy  
will vote (or abstain from voting) as he or she thinks fit in relation to any other matter which is put before the Meeting.
Appointment of proxies using hard-copy form
7.   The notes to the proxy form explain how to direct your proxy how to vote on each resolution or withhold their vote.
  T o appoint a proxy using the proxy form, the form must be:
    Completed and signed;
    Sent or delivered to The Company Secretary, Ubisense Group plc, St. Andrew’s House, St. Andrew’s Road,  
Chesterton, Cambridge CB4 1DL or emailed to The Company Secretary at companysecretary@ubisense.net; and
    Received by The Company Secretary no later than 48 hours prior to the time set for the start of the Meeting.
   CREST members should use the CREST electronic proxy appointment service and refer to note 8 below in relation  
to the submission of a proxy appointment via CREST.
   In the case of a member which is a company, the proxy form must be executed under its common seal or signed on its behalf  
by an officer of the company or an attorney for the company.
   Any power of attorney or any other authority under which the proxy form is signed (or a duly certified copy of such power or authority) 
must be included with the proxy form.
   In each case the proxy appointment must be received not less than 48 hours before the time for the holding of the Meeting or 
adjourned Meeting together (except in the case of appointments made electronically) with any authority (or notarially certified  
copy of such authority) under which it is signed.
Ubisense Annual Report Ubisense Annual Report 85 84 Termination of proxy appointments
11.   In order to revoke a proxy instruction you will need to inform the Company by sending a signed hard-copy notice clearly stating your 
intention to revoke your proxy appointment to The Company Secretary, Ubisense Group plc, St. Andrew’s House, St. Andrew’s Road, 
Chesterton, Cambridge CB4 1DL. In the case of a member which is a company, the revocation notice must be executed under its 
common seal or signed on its behalf by an officer of the company or an attorney for the company. Any power of attorney or any  
other authority under which the revocation notice is signed (or a duly certified copy of such power or authority) must be included  
with the revocation notice.
   The revocation notice must be received by The Company Secretary not less than 48 hours before the time for holding the Meeting  
or adjourned Meeting.
   If you attempt to revoke your proxy appointment but the revocation is received after the time specified then, subject to the paragraph 
directly below, your proxy appointment will remain valid.
   Appointment of a proxy does not preclude you from attending the Meeting and voting in person. If you have appointed a proxy and 
attend the Meeting in person, your proxy appointment will automatically be terminated.
Corporate representatives
12.  A corporation which is a member can appoint one or more corporate representatives who may exercise, on its behalf, all its powers  
as a member provided that no more than one corporate representative exercises powers over the same share.
Issued shares and total voting rights
13.  As at 5.00 p.m. on 16 March 2015, the Company’s issued share capital comprised 25,062,842 ordinary shares of £0.02 each.  
Each ordinary share carries the right to one vote at a general meeting of the Company and, therefore, the total number of voting rights 
in the Company as at 5.00 p.m. on 16 March 2015 is 25,062,842.
Communication
14.  Except as provided above, members who have general queries about the Meeting should use the following means of communication:
    Calling The Company Secretary on +44 (0) 1223 535 170; or
     Calling our shareholder helpline on 0870 707 1131 or +44 (0) 870 707 1131 from outside of the UK. Lines are open Monday to Friday, 
9.00 a.m. to 5.00 p.m.; or 
    Emailing The Company Secretary at companysecretary@ubisense.net
  Y ou may not use any electronic address provided either:
     In this notice of annual general meeting; or
    Any related documents (including the proxy form), to communicate with the Company for any purposes other than those  
expressly stated.
NOTES TO THE NOTICE OF ANNUAL GENERAL MEETING CONTINUED
ADVISORS
Registered Office Ubisense Group Plc
St. Andrew’s House, St. Andrew’s Road 
Chesterton, Cambridge CB4 1DL, UK 
T el: +44 (0)1223 535 170 
Fax: +44 (0)1223 535 167 
www.ubisense.net
Registered number 
05589712
Company Secretary 
Robert Parker
Nominated Advisors and Brokers  
Numis Securities Limited 
The London Stock Exchange Building  
10 Paternoster Square, London  
EC4M 7LT, UK
Banker 
HSBC Bank plc  
Vitrum, St John’s Innovation Park  
Cowley Road, Cambridge CB4 0WS, UK
Lawyers to the Company  
Mills & Reeve LLP 
Botanic House 98-100 Hills Road 
Cambridge CB2 1PH, UK
Auditor  
Grant Thornton UK LLP 
Cambridge Office  
101 Cambridge Science Park, Milton Road 
Cambridge CB4 0FY, UK
Registrar 
Computershare Investor Services PLC  
The Pavilions, Bridgwater Road  
Bristol BS99 6ZZ, UK
Investor relations  
Montfort Communications
2nd Floor Berkeley Square House 
Berkeley Square, London W1J 6BD, UK
Shareholder enquiries 
Any shareholder with enquiries should,  
in the first instance, contact our Registrars, 
Computershare, using the address 
provided in the list of Advisors.
Share price information
London Stock Exchange Alternative 
Investment Market (AIM) symbol: UBI
Information on the Company’s share  
price is available on the Ubisense Investor 
Relations website at:  
www.ubisense.net/en/investor-relations/
SHAREHOLDER INFORMATION
Investor relations
St. Andrew’s House, St. Andrew’s Road  
Chesterton, Cambridge CB4 1DL, UK
Email: corporate@ubisense.net  
T el: + 44 (0) 1223 535 170
Financial calendar
Financial year end 31 December 2014
Full year results announced 16 March 2015
Annual General Meeting 24 April 2015
Ubisense Annual Report 86 Ubisense Group Plc  
St. Andrew’s House, St. Andrew’s Road  
Chesterton, Cambridge CB4 1DL
Tel: +44 (0)1223 535 170 Fax: +44 (0)1223 535 167
www.ubisense.net
Ubisense Group Plc    Annual Report 2014
Ubisense Group Plc
2014
Annual   
Report