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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                                                   |  |
|  | **OR** **               [X]****ANNUAL        REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF        1934 ** For        the fiscal year ended December 31, 2003 
**OR**** ****               [  ]****TRANSITION        REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF        1934**
For the transition periodfrom                    to

Commission file number 333-44404 

SOPHEON PLC (Exact name of Registrant as specified in its charter)

ENGLAND AND WALES (Jurisdiction of incorporation or organization)

SURREY TECHNOLOGYCENTRE, 40 OCCAM ROAD, SURREY RESEARCH PARK, GUILDFORD, SURREY GU2 7YG, UNITED KINGDOM (Address of principal executive offices)

 

Securities registered or to beregistered pursuant to Section 12(b) of the Act. 
Title        of each         Class        N/AName        of each exchange         On which registered        N/A
Securities registered or to beregistered pursuant to 12(g) of the Act. 

N/A (Title of Class) 

Securities for which there is areporting obligation pursuant to 15(d) of the Act. 

Ordinary Shares of 5peach (Title of Class) 

Indicate the number ofoutstanding shares of each of the issuer's classes of capital or common stock asof the close of the period covered by the annual report.

 

96,410,019 Ordinaryshares

 

Indicate by check markwhether the registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90days. 
Yes         [X]          No         [  ]
  Indicate by check mark whichfinancial statement item the registrant has elected to follow. 
Item 17         [X]          Item 18         [  ]
 

PART I

   

   

 1

   

ITEM      1.

IDENTITY      OF DIRECTORS, SENIOR MANAGEMENT, AND ADVISERS

 1 

   

ITEM      2.   

OFFER      STATISTICS AND EXPECTED TIMETABLE 

 1 

   

ITEM      3.   

KEY      INFORMATION

 2 

   

   

A.      SELECTED FINANCIAL DATA 

 2 

   

   

B.      CAPITALIZATION AND INDEBTEDNESS

 5 

   

   

C.      REASONS FOR THE OFFER AND USE OF PROCEEDS   

 5 

   

   

D.      RISK FACTORS 

 5 

   

ITEM      4.

INFORMATION      ON THE COMPANY

 7 

   

   

A.      HISTORY AND DEVELOPMENT OF THE COMPANY   

 7 

   

   

B.      BUSINESS OVERVIEW   

 10 

   

   

C.      ORGANIZATIONAL STRUCTURE   

 12 

   

   

D.      PROPERTY, PLANTS AND EQUIPMENT   

 13 

   

ITEM      5.   

OPERATING      AND FINANCIAL REVIEW AND PROSPECTS   

 14 

   

   

A.      OPERATING RESULTS   

 14 

   

   

B.      LIQUIDITY AND CAPITAL RESOURCES   

 19 

   

   

C.      RESEARCH AND DEVELOPMENT, PATENTS, AND LICENSES, ETC   

 21 

   

   

D.      TREND INFORMATION   

 22 

   

   

E.      OFF BALANCE SHEET ARRANGEMENTS   

 22 

   

   

F.      TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS   

 22 

   

   

G SAFE      HARBOR   

 22 

   

ITEM      6.   

DIRECTORS,      SENIOR MANAGEMENT AND EMPLOYEES   

 23 

   

   

A.      DIRECTORS AND SENIOR MANAGEMENT   

 23 

   

   

B.      COMPENSATION   

 24 

   

   

C.      BOARD PRACTICES   

 26 

   

   

D.      EMPLOYEES   

 26 

   

   

E.      SHARE OWNERSHIP   

 27 

   

ITEM      7.   

MAJOR      SHAREHOLDERS AND RELATED PARTY TRANSACTIONS   

 30 

   

   

A.      MAJOR SHAREHOLDERS   

 30 

   

   

B.      RELATED PARTY TRANSACTIONS   

 30 

   

   

C.      INTERESTS OF EXPERTS AND COUNSEL   

 30 

   

ITEM      8.   

FINANCIAL      INFORMATION   

 30 

   

   

A.      CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION   

 30 

   

   

B.      SIGNIFICANT CHANGES   

 31

 

ii

   

ITEM      9.   

THE      OFFER AND LISTING   

 31 

   

   

A.      OFFER AND LISTING DETAILS   

 31 

   

   

B.      PLAN OF DISTRIBUTION   

 32 

   

   

C.      MARKETS   

 32 

   

   

D.      SELLING SHAREHOLDERS   

 32 

   

   

E.      DILUTION   

 32 

   

   

F.      EXPENSES OF THE ISSUE   

 32 

   

ITEM      10.   

ADDITIONAL      INFORMATION   

 32 

   

   

A.      SHARE CAPITAL   

 32 

   

   

B.      MEMORANDUM AND ARTICLES OF ASSOCIATION   

 32 

   

   

C.      MATERIAL CONTRACTS   

 32 

   

   

D.      EXCHANGE CONTROLS   

 32 

   

   

E.      TAXATION   

 32 

   

   

F.      DIVIDENDS AND PAYING AGENTS   

 36 

   

   

G.      STATEMENT BY EXPERTS   

 36 

   

   

H.      DOCUMENTS ON DISPLAY   

 36 

   

   

I.      SUBSIDIARY INFORMATION   

 36 

   

ITEM      11.   

QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   

 37 

   

ITEM      12.   

DESCRIPTION      OF SECURITIES OTHER THAN EQUITY SECURITIES   

 37 

PART II   

   

   

 38 

   

ITEM      13.   

DEFAULTS,      DIVIDEND ARREARAGES AND DELINQUENCIES   

 38 

   

ITEM      14.   

MATERIAL      MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS   

 38 

   

ITEM      15.   

CONTROLS      AND PROCEDURES   

 38 

   

ITEM      16.   

[RESERVED]   

 38 

   

ITEM      16A.   

AUDIT      COMMITTEE FINANCIAL EXPERT   

 38 

   

ITEM      16B.  

CODE      OF ETHICS   

 38 

   

ITEM      16C.   

PRINCIPAL      ACCOUNTANT FEES AND SERVICES   

 38 

   

ITEM      16D.   

EXEMPTION      FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES   

 38 

   

ITEM      16E.   

PURCHASES      OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS   

 38 

PART III   

   

   

 40 

   

ITEM      17.   

FINANCIAL      STATEMENTS   

 40 

   

ITEM      18.   

FINANCIAL      STATEMENTS   

 40 

   

ITEM      19.   

EXHIBITS   

 41 

SIGNATURES      

   

 42

 

iii

References in thisdocument to "US dollars", "$" or "cents" are tothe currency of the United States and references to "pounds sterling","pounds", "£", "pence" or "p" are tothe currency of the United Kingdom. There are 100 pence to each pound.References to euro and "€" are to the currency of the EuropeanEconomic and Monetary Union. Solely for your convenience, this document containstranslations of certain pounds sterling amounts into U S dollars at specifiedrates. You should not take these translations as assurances that the poundssterling amounts currently represent US dollar amounts or could be convertedinto US dollars at the rate indicated or at any other rate, at any time. 

"SAFE HARBOR"STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: 

Matters discussed inthis document may constitute forward-looking statements. The Private SecuritiesLitigation Reform Act of 1995 provides safe harbor protections forforward-looking statements in order to encourage companies to provideprospective information about their businesses. Forward-looking statementsinclude statements concerning plans, objectives, goals, strategies, futureevents or performance, underlying assumptions and other statements, which areother than statements of historical facts and information set forth in"Material Information-Risk Factors". 

Sopheon plc desires totake advantage of the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995 and is including this cautionary statement inconnection with this safe harbor legislation. This document and any otherwritten or oral statements made by us or on our behalf may includeforward-looking statements that reflect our current views with respect to futureevents and financial performance. The words "believe","expect", "anticipate"," "intend",""estimate"," "forecast"," "project" andsimilar expressions identify forward-looking statements. 

The forward-lookingstatements in this document are based upon various assumptions, many of whichare based, in turn, upon further assumptions, including without limitation,management's examination of historical operating trends, data contained in ourrecords and other data available from third parties. Although we believe thatthese assumptions were reasonable when made, because these assumptions areinherently subject to significant uncertainties and contingencies, we cannotassure you that we will achieve or accomplish these expectations, beliefs orprojections. 

Except to the extentrequired by law, neither Sopheon plc, nor any of its respective agents,employees or advisors intends or has any duty or obligation to supplement,amend, update or revise any of the forward-looking statements contained in thisdocument.

 

iv

**PARTI**

**ITEM1.          IDENTITY OF DIRECTORS,SENIOR MANAGEMENT AND ADVISERS**

Not applicable.

**ITEM2.          OFFER STATISTICS ANDEXPECTED TIMETABLE**

Not applicable.

 

1

**ITEM3.          KEY INFORMATION **

A.SELECTED FINANCIAL DATA. 

The following tablesets forth selected historical financial data of Sopheon for each of the lastfive fiscal years in the period ended December 31, 2003. The selected historicaldata have in part been derived from and should be read in conjunction withSopheon's audited consolidated financial statements, including the notesthereto, beginning at page F-1 of this document. 

**Consolidated Profit and Loss AccountData **

*Amounts in accordance with UK GAAP*

*Year ended      December 31   *

* 1999*

* 2000*

* 2001*

* 2002*

* 2003*

*   *

*£'000*

* £'000*

* £'000*

* £'000*

* £'000*

Turnover   

   

   

   

   

 

          Continuing operations   

 1,510

 4,573

 2,829

 2,854

 2,669

          Discontinued operations   

 - 

 3,190

 11,134

 9,499

 4,065

   

   

1,510

 7,763

 13,963

 12,353

 6,734

Cost of      sales   

 (983
)
 (5,402
)
 (10,186
)
 (9,002
)
 (4,117
)
Gross      profit   

 527

 2,361

 3,777

 3,351

 2,617

Sales and marketing      expenses   

 (760
)
 (3,450
)
 (7,281
)
 (5,437
)
 (3,442
)
Administrative      expenses   

 (1,460
)
 (6,080
)
 (9,802
)
 (8,058
)
 (3,814
)
Amortization of      goodwill   

 (323
)
 (5,561
)
 (12,288
)
 (5,922
)
 (4,586
)
Impairment charge re      goodwill   

 - 

 -

 (9,143
)
 - 

 -

   
Operating loss
          Continuing operations   

 (2,016
)
 (10,664
)
 (13,620
)
 (7,568
)
 (4,269
)
          Discontinued operations   

 -

 (2,066
)
 (21,117
)
 (8,498
)
 (4,95
)
   

   

(2,016
)
 (12,730
)
 (34,737
)
 (16,066
)
 (9,225
)
Share of loss of      associated undertaking   

 -

 (76
)
 (63
)
 (46
)
 -

Profit on disposal      of operations   

 -

 -

 -

 -

 3,568

Net interest      income/(expense)   

 (56
)
 861

 169

 (67
)
 (149
)
   

Loss for the year      before tax   

 (2,072
)
 (11,945
)
 (34,631
)
 (16,179
)
 (5,806
) 
Tax on ordinary      activities   

 -

 -

 -

 126

 305

   

Loss for the year      after tax   

 (2,072
)
 (11,945
)
 (34,631
)
 (16,053
)
 (5,501
)
   
 
Loss per share      (basic and diluted)   

 (10.1)p

 (33.4)p

 (76.2)p

 (19.4)p

 (6.3)p
 
Weighted average      number of shares         issued and outstanding ('000)   

       20,566

       35,732

       45,471

       82,669

       87,275

 

2

*Amounts inaccordance with US GAAP *

*Year ended      December 31   *

* 2000*

* 2001*

* 2002*

* 2003*

*   *

*£'000*

* £'000*

* £'000*

* £'000*

Turnover   

 4,912

 2,829

 2,854

 2,669

Cost of      sales   

 (3,506
)
 (2,110
)
 (1,719
)
 (627
)
   

Gross      profit   

 1,406

 719

 1,135

 2,042

Sales and marketing      expense   

 (3,379
)
 (3,469
)
 (3,577
)
 (2,868
)
Administrative      expenses   

 (4,612
) 
 (6,635
)
 (5,500
)
 (2,939
)
Amortization of      goodwill         and other intangible assets   

       (4,024
      )
       (6,458
      )
       (633
      )
       (523
      )
Impairment charge re      goodwill         and other intangible assets   

       -

       (2,748
      )
       (4,867
      )
       -

   

Operating      loss   

 (10,609
)
 (18,591
)
 (13,442
)
 (4,288
)
Net interest      income/(expense)   

 481

 86

 (140
)
 (149
)
   

Loss before      tax   

 (10,128
)
 (18,505
)
 (13,582
)
 (4,437
)
Tax      credit   

 -

 -

 126

 305

   

Loss after      taxes   

 (10,128
)
 (18,505
)
 (13,456
)
 (4,132
)
Share of loss of      associated undertaking   

 (76
)
 (63
)
 (46
)
 -

   

Loss from continuing      operations   

 (10,204
)
 (18,568
)
 (13,502
)
 (4,132
)
Income/(loss) from      discontinued operations   

   

   

   

 

  Loss from      operations   

 (5,171
)
 (32,904
)
 (6,117
)
 (1,260
)
  Gain on sale
 -
-
-
2,760
  Extraordinary      gain

 -

495

 -

 -

   

Loss for the      year   

 (15,375
)
 (50,977
)
 (19,619
)
 (2,632
)
   
 
Loss per share from      continuing operations   

 (28.5)p

 (40.8)p

 (16.4)p

 (4.7)p
 
(Loss)/income per      share from discontinued operations   

 (14.5)p

 (71.4)p

 (7.4)p

 1.7p
 
   

Net loss per      share   

 (43.0)p

 (112.2)p

 (23.8)p

 (3.0)p

   

No dividends have beendeclared or paid in respect of any of the above financial years.

 

3

**Consolidated BalanceSheet Data **

*At December      31   *

* 1999*

* 2000*

* 2001*

* 2002*

* 2003*

*   *

*£'000*

* £'000*

* £'000*

* £'000*

* £'000*

*Amounts in      accordance with UK GAAP   *   

   

   

   

   
 
Working      capital   

 5,543

 4,726

 8,352

 (317
)
 41

Total      assets   

 17,104

 46,127

 29,988

 11,840

 2,672

Creditors: amounts      falling due         after more than one year   

       (55
       )
      (22
      )
       (2,578
      )
       (2,569
      )
       (2,561
      )
Shareholders'      funds/(deficit)   

 13,479

 38,296

 18,365

 2,426

 (1,885
)
Share      capital   

 22,461

 56,706

 68,337

 68,376

 69,185
 
*Amounts in      accordance with US GAAP *     

   

   

   

 
 
Working      capital   

 5,543

 4,726

 8,352

 (317
)
 41

Total      assets   

 17,944

 61,649

 33,281

 10,779

 4,675

Long-term      obligations less current portion   

 (55
)
 (22
)
 (2,505
)
 (2,569
)
 (2,561
)
Shareholders'      equity   

 14,319

 53,818

 21,731

 1,365

 116

**Exchange Rates **

The tables below setforth, for the periods and dates indicated, the exchange rate for the US dollaragainst pounds sterling, based on the noon buying rate in The City of New Yorkfor cable transfers in pounds sterling as certified for customs purposes by theFederal Reserve Bank of New York. The period average is based on the average ofthe noon buying rates on the last day of each month during the period. Suchrates are not used by Sopheon in the preparation of its consolidated financialstatements. 

For the Months      of   

 High   

 Low 
 
January      2004   

 $1.85   

 $1.79 

February      2004   

 $1.90   

 $1.82 

March      2004   

 $1.87   

 $1.79 

April      2004   

 $1.86   

 $1.77 

May      2004   

 $1.84   

 $1.76 

June      2004   

 $1.84   

 $1.81

 

For the Year ended December 31   

Period Average 
 
1999   

$1.61 

2000   

$1.52 

2001   

$1.45 

2002   

$1.50 

2003   

$1.63

 

4

B.CAPITALIZATION AND INDEBTEDNESS 

Not applicable.

 

C.REASONS FOR THE OFFER AND USE OF PROCEEDS 

Not applicable.

 

D.RISK FACTORS 

**Sopheon has ahistory of losses and its prospects of achieving profitability are dependent onmeeting sales targets for its Accolade software.** Sopheon has in past yearsexperienced substantial net losses due, in part, to its investment in productdevelopment and marketing. The report of Sopheon's independent auditors for theyear ended December 31, 2003 refers to the disclosures made in the financialstatements as to Sopheon's recurring losses from operations and lack of funds,which give rise to uncertainty about its ability to continue as a going concern.Details of the steps taken by management to provide the Group with adequatefunding to support its activities are set out in Note 1 to the financialstatements.

**Sopheon's lack ofprofitability and general investor sentiment towards technology companies mayaffect Sopheon's ability to obtain funding from external investors.** Recentyears have seen a significant deterioration in investor sentiment towardstechnology companies. Sopheon has in the past experienced large operating lossesand accordingly large cash outflows. Should Sopheon not succeed in achievingprofitability, there is no certainty that market conditions will permit it toobtain sufficient further funding from external sources so as to continue tooperate in its current form.

**Weak economicconditions in recent periods have significantly reduced prospective clientbudgets for spending on Sopheon's products.**Although some limited signs ofrecovery in Information Technology spending have been noted in the UnitedStates, overall weak economic conditions may continue to have an adverse effecton demand for Sopheon's products and services, which could harm Sopheon'sbusiness, results of operations and financial condition. In particular,customers' budgets for Information Technology investment have been severelycurtailed, thus sales cycles are lengthened and, in many cases, never brought tofruition. Such a continuing climate, if sustained, could have a significantadverse impact on Sopheon's on-going operations.

**The expectedbenefits from Sopheon's recent restructuring may not be realized.**During2003 the Sopheon Board reached the conclusion that a fundamental restructuringof the business was necessary for a responsible continuation of the developmentstrategy for the business. Accordingly, during 2003 the Group's InformationManagement ("IM") businesses in the United States and Germany weredivested, and further cost reduction measures were implemented in Group'sBusiness Process Solutions ("BPS") activities. In order to improveSopheon's balance sheet, share issues were undertaken during 2003 to raise£1.54 million before expenses and a €10 million equity line of credit was putin place. At December 31, 2003, Sopheon had gross cash resources of £878,000before lines of credit drawn totalling £154,000. Since the year end, Sopheonhas raised a further £1.4 million in equity funding including £0.6 millionpursuant to the equity line of credit.

As a consequence of therestructuring, Sopheon is now able to devote all its resources to its BPSDivision. However, the divestment of the IM businesses has resulted in the lossof a revenue flow which included a substantial predictable element of renewalsby established customers. Accordingly, there will be a reduced level ofpredictability of Sopheon's future revenue streams, which will depend on arelatively small volume of high value sales of proprietary software.

**The acquisitions inrecent years of AppliedNet, Teltech, Orbital and AIT and the subsequentdisposals of the Teltech's IM division and AIT significantly affect thecomparability of Sopheon's results, making it difficult to analyze Sopheon'sperformance.**Accordingly, period-to-period comparisons of Sopheon'soperating performance may not necessarily be meaningful and should not be reliedon as an indication of future performance.

 

5

**Sopheon will requirerelationships with partners who are able to market and implement its products.**Historically, Sopheon has devoted substantial resources to the direct marketingof its products, and its strategy to enter into strategic alliances and othercollaborative relationships to widen the customer base and create a broad salesand implementation channel for its products is still at an early stage. Thesuccessful implementation of this strategy is crucial to Sopheon's prospects.However, Sopheon cannot be sure that partners will devote adequate resources topromoting or selling Sopheon's products.

**Certain of Sopheon'scompetitors have greater financial resources than Sopheon, which may affectSopheon's ability to gain market share for its products.**While Sopheon hasin the past invested substantial resources and effort in sales and marketingactivities, it remains a relatively small organization by global standards. Itsresources would be dwarfed by those of many larger companies that are capable ofdeveloping and offering similar solutions or part solutions. If Sopheon were tocompete directly with such companies, it may not succeed in reaching as deep andbroad an audience or in developing and marketing programs and collateral whichare as effective as its competitors may be able to achieve with their greaterresources.

**The unpredictabilityof Sopheon's revenues and results of operations makes it difficult to predictfinancial performance.**In the short term, Sopheon expects its revenues to besignificantly dependent on a small number of relatively large orders for itsproducts and services. Sopheon's products require a substantial commitment ofresources by customers or their consultants over an extended period of time. Thetime required to complete a product sale may vary from customer to customer andmay be protracted due to unforeseen circumstances. 

**Sopheon is dependentupon certain key management personnel, the loss of whom could have a materialimpact on it.** While service agreements have been entered into with keyexecutives, the retention of their services cannot be guaranteed. The loss ofthe services of these and other key employees could have a material adverseeffect on Sopheon. In addition, it has become increasingly difficult to retainkey employees, and the competition for qualified employees has become moredifficult. 

**The loss of tradingrelationships with key customers would materially adversely affect Sopheon'sbusiness.**A few major customers account for a substantial amount ofSopheon's revenues and there is no guarantee that these customers will continueto do business with Sopheon after the end of their current contracts. Sopheonexpects that it will continue to depend on a relatively small number ofcustomers for a substantial portion of its revenue in the foreseeable future.

**Sopheon's marketscontinue to be at an early stage of development and it is possible thatSopheon's products may not sell in the quantities or at the prices required toachieve sustained profitability.** The market for knowledge managementsoftware and services is emerging and evolving. Because this market is new, itis difficult to determine its potential size and growth rate, or the extent towhich Sopheon's products will achieve market acceptance. Historically, much ofits turnover derived from consultancy, systems integration and researchservices. Sopheon has divested its research service and has reduced itsinvolvement in bespoke consultancy and systems integration services, toconcentrate it resources on its proprietary software solutions. Any delay orfailure in the development of the market for Sopheon's software products wouldharm Sopheon's business and operating results. 

**Sopheon could besubject to claims for damages for errors in its products.**Sopheon may beexposed to claims for damages from customers in the event that there are errorsin its software products. Sopheon has sought to protect itself from such risksthrough its development methodologies, its contract terms and insurance, and isnot aware of any such claims at this time.

 

6

**ITEM4.          INFORMATION ON THECOMPANY **

A.HISTORY AND DEVELOPMENT OF THE COMPANY 

Sopheon is a providerof software solutions, focused on the research and development("R&D") community, to support knowledge intensive businessprocesses that enable customers to access internal and external informationsources more efficiently and effectively. Sopheon operates as a public limitedcompany, under the laws of England and Wales, and currently has operations inthe United Kingdom, the United States and the Netherlands. Sopheon's registeredaddress and principal place of business is located at Surrey Technology Centre,40 Occam Road, Guildford GU2 7YG, United Kingdom. Sopheon's telephone number is+44 (0) 1483 685735. In the United States, Sopheon's principal place of businessis located at 2850 Metro Drive, Minneapolis MN 55425-1566.

Sopheon was founded in1993 as PolyDoc NV. In August 1996, PolyDoc plc, a newly incorporated UK holdingcompany, acquired 100% of PolyDoc NV in a group reorganization. In September1996, PolyDoc plc obtained admission to the Alternative Investment Market (AIM)of the London Stock Exchange and raised £1.66 million by means of a placing ofordinary shares. A further £0.89 million was raised from a venture capitalistin the Netherlands in January 1997, followed by admission to the Euronextstockmarket in Amsterdam in March 1997.

In July 1998, PolyDocplc issued £1.57 million of 5% convertible loan stock, which was subscribed bythree of its shareholders. The loan was converted into ordinary shares, at aprice of £1.46 per ordinary share, on July 31, 2000. As part of thetransaction, each of the three shareholders was also granted 300,000 warrants tosubscribe for ordinary shares at the same price of £1.46 per ordinary share,exercisable on or before March 31, 2001. These warrants lapsed unexercised in2001.

In December 1998,PolyDoc plc acquired Lessenger Associates BV, a Dutch company offering documentmanagement solutions with a customer base of 50 healthcare institutions, for£168,000, satisfied partly in shares and partly in cash (with the cash elementraised primarily through a £100,000 share placing). An additional £500,000 wasraised in March 1999 through a further share issue.

In November 1999,PolyDoc plc acquired AppliedNet Limited, a company offering knowledge managementsolutions with an established market presence and commercial infrastructure inthe United Kingdom, for £8.3 million in shares. Simultaneously, PolyDoc plcraised £7.7 million (net of issue expenses) through an institutional placing ofordinary shares and changed its name to Sopheon plc. Total costs associated withthe transaction were of the order of £0.6 million. Following the change of nameof the holding company to Sopheon plc, Polydoc NV was renamed Sopheon NV andAppliedNet was renamed Sopheon UK Limited.

During 1999, Sopheonbegan to expand its presence in the United States, initially with therecruitment of a chief technology officer and, later, with the creation of asales and development base in Denver, Colorado.

In February 2000,Sopheon paid £164,000 to Pro-GRAM BV, as part of a commitment to contribute atotal of £410,000 for a 25% equity interest in a joint venture with threeleading Dutch teaching hospitals to provide software solutions to the medicaland healthcare sector.

In March 2000, Sopheonannounced the raising of approximately £19.9 million (net of issue expenses ofapproximately £1.1 million) through an institutional placing of its shares, andalso announced the proposed acquisition of Teltech Resource Network Corporation("Teltech"), a company based in Minneapolis, Minnesota, engaged inresearch services and the provision of technical and business information to thedesktop. The acquisition of Teltech was completed on September 15, 2000 for atotal consideration of £26,211,000, financed as to £10,775,000 in cash and thebalance in Sopheon shares and share options.

In October 2000,Sopheon announced the launch of its *Accolade*system, an integrated set ofsoftware applications, tools and research capabilities designed to help majorcorporate customers to enhance their new product development process and successrates. The decision to move forward with Accolade® was partly in response tothe slow buying cycles within public sector healthcare institutions whichrepresented Sopheon's market focus in the late 1990s, leading to an emphasis ondeveloping a solution which was both specific to a business application, andpositioned to be attractive to customers which would have a rapid and commercialapproach to purchasing decisions. Accolade was first released to the market inthe second quarter of 2001. Since the initial release further improvements infunctionality have been made leading up to the current version, Accolade 5.0,released in October 2003. Sopheon developed this product in partnership with theOntario-based Product Development Institute.

 

7

On June 19, 2001,Sopheon raised an additional £2,600,000 for working capital through the issueto management and other investors of 6% Convertible Loan Stock.

In June 2001, Sopheoncompleted the acquisition of the Technology and Information Services division ofAventis Research & Technologies ("AIT"), based in Frankfurt,Germany, the business which providing expert research, content delivery andportal and applications development was transferred into a newly establishedcompany, Sopheon GmbH.

In November 2001,Sopheon completed the acquisition of UK-based Orbital Software Holdings plc("Orbital") a leading provider of knowledge sharing and collaborationsolutions. Based in Edinburgh, Scotland, Orbital had approximately 80 staff andalso had office facilities in Boston, Massachusetts and Gatwick, England. Theprimary product of Orbital was marketed under the product name "Organik"now marketed as Q&A Centre. Q&A Centre creates an environment in whichknowledge workers and user communities can find answers, locate expertise andshare knowledge. It is designed to capture the questions and answers of peoplewithin an organization and to build a searchable and re-usable knowledge base.Key features of Q&A Centre were incorporated into Sopheon's Accoladesoftware solution.

In the final quarter of2001, as the Company was reorganized into two operating divisions: InformationManagement "IM", which comprised the research services side ofSopheon's business acquired with Teltech and AIT; and Business Process Solutions"BPS", which comprised the proprietary Accolade and Q&A Centresoftware business. A healthcare applications unit was also retained in theNetherlands to focus on regional opportunities in that sector. Thereorganization included a sharp reduction in the cost base through eliminationof duplicated costs and a significant contraction of the workforce byapproximately 80 positions. The overall cost of the restructuring amounted toapproximately £1million.

Against a background ofgeneral economic uncertainty prevailing during 2002 and into 2003, which createddifficult trading conditions for the Group, resulting in continued tradinglosses and cash outflows, the Sopheon Board concluded that a fundamentalrestructuring of the business was required to improve the Group's balance sheetand to reduce operating costs, while focusing the business on the high growthpotential of its software business. The restructuring measures taken are set outbelow.

On June 16, 2003, theCompany issued 4.5 million new ordinary shares by way of a placing for cash at12p per share to raise additional working capital for the Company.

On June 30, 2003, theholders of Sopheon's 6% Convertible Loan Stock approved an extension of thematurity date of the stock by a further year to June 19, 2005.

On July 1, 2003, theCompany completed the divestiture of its US-based IM business to FIND/SVP, Inc.("FIND"). The gross value of the transaction amounted to just over $5million, including $3 million in immediate cash consideration and a further $0.4million in potential earn-outs. FIND also assumed approximately $2.1 million ofnet current liabilities and approximately $0.4 million of tangible fixed assets.As part of the structure of the transaction, FIND issued $50,000 of its stock toSopheon on completion, and Sopheon issued $100,000 of Sopheon ordinary shares toFIND.

On August 18, 2003,Sopheon announced the sale of its German-based IM business to FIND for a nominalsum. At the same time its German-based software and services divisions were spunoff to form independent, locally-owned units, which are continuing to supportSopheon's Accolade solution.

 

8

Further cost reductionmeasures were implemented in Sopheon's remaining business, in which headcountwas reduced to less than 60 staff.

On October 22, 2003,Sopheon issued 8,333,334 ordinary shares for cash at 12p per share by way of ashare placing to raise £1 million (before expenses) in additional workingcapital for the Group.

On December 23, 2003,the Company announced that it had entered into a definitive agreement with GEMGlobal Yield Fund Limited ("GEM Global") for a €10 million equityline of credit facility. The agreement takes the form of a subscription andshare lending agreement (the "Agreement") such that the Company may,at its option within the terms of the Agreement, require GEM Global to subscribefor Sopheon shares at a 10% discount to the average market bid price for the 15days preceding the issue, up to an aggregate of €10 million over the two-yearlife of the Agreement. GEM Global's obligation to subscribe for shares issubject to certain restrictions including the prevailing trading volumes ofSopheon shares on the Euronext stock exchange. In all other respects the Companyremains in control of the amount and timing of any subscription under the equityline and is under no obligation to use the facility at any point during theterm.

On January 26, 2004,Sopheon issued 3,600,000 ordinary shares for cash at 23p per share by way of ashare placing to raise £828,000 (before expenses) and on March 3, 2004 Sopheonissued 2,000,000 ordinary shares to GEM Global pursuant to the Agreementreferred to above to raise approximately £620,000 (before expenses), bothissues providing additional working capital for the Group. 

On June 25, 2004,Sopheon issued 4,651,163 ordinary shares for cash at 21.5p to raiseapproximately £1,000,000 before expenses. It also announced that it is puttingproposals to the holders of its 6% Convertible Loan Stock 2005 to defer maturityby six months from June 2005 to December 2005 and reconstitute the instrumentsuch that it will automatically convert to equity at maturity, rather than berepayable, and to eliminate the 6% annual interest coupon. The majority of loanstockholders have confirmed their agreement to the proposal. The modificationswould result in the instrument being classified as equity rather than debt inthe Company's balance sheet.

 

9

B.BUSINESS OVERVIEW 

**Introduction**

The Sopheon Group is aninternational provider of software and services that enable client organisationsto improve their return on investments in innovation and product development.

During 2003 Sopheondivested its information management divisions in the United States and Germany.

Sopheon has operatingbases in the United States, United Kingdom and the Netherlands.

 

**Analysis of TurnoverBy Geographical Destination**

*Year ended      December 31   *

* 2003 *

* 2002 *

* 2001*

*   *

*£'000 *

* £'000 *

* £'000*

United      Kingdom   

 551 

 820 

 2,026 

Rest of      Europe   

 942 

 835 

 375 

North      America   

 1,069 

 1,095 

 201 

Rest of      World   

 107 

 104 

 227 

   

Continuing      businesses   

 2,669 

 2,854 

 2,829 

   

United      Kingdom   

 - 

 9 

 - 

Rest of      Europe   

 1,712 

 3,177 

 2,864 

North      America   

 2,349 

 6,296 

 8,270 

Rest of      World   

 4 

 17 

 - 

   

Discontinued      businesses   

 4,065 

 9,499 

 11,134  

   

   

6,734 

 12,353 

 13,963 

   

 

**Analysis of TurnoverBy Category of Activity**

*Year ended      December 31   *

* 2003 *

* 2002 *

* 2001 *

*   *

*£'000 *

* £'000 *

* £'000 *

Continuing      businesses - software and consultancy   

 2,669 

 2,854 

 2,829 

Discontinued      businesses - software and consultancy   

 252 

 453 

 825 

Discontinued      businesses - information research and services   

 3,813 

 9,046 

 10,309 

   

   

6,734 

 12,353 

 13,963  

   

 

**Reliance onlicenses, contracts and other relationships**

Certain Sopheonproducts incorporate software licensed from third parties in the ordinary courseof business. Sopheon has also entered into industrial and commercial contractswith customers, suppliers, lessors and other parties and has entered intofinancing arrangements with banks and other financial institutions in theordinary course of business, and its operations are dependent on these contractsand arrangements. In addition, Sopheon's range of software products is based ona number of intellectual property assets, the most significant of which are:

 

10
-  Sopheon's    "Integrated Document Production Architecture" ("IDP/A"),    which enables the creation of specific software applications for a wide    variety of industry sectors, and is the subject of a European patent granted    January 1988 and a US patent granted in February 2004.Orbital's    "Information System using Human Resource Profiles", which is used    in the Q&A Centre (formerly Organik) product and is the subject of US    and UK patents. European patent applications have been filed. A business    partnership agreement with the Product Development Institute ("PDI")    of Ontario, Canada, which grants Sopheon the rights to embed certain new    product development methodologies and content into its Accolade products.
In addition, Sopheonhas filed trademark applications in the European Union, the United States andCanada for a number of its brands and products including "Sopheon",the Sopheon logo, "Sopheon Accolade", "IDP/A" and "Organik"Sopheon has no other dependence on patents, licenses, industrial, commercial orfinancial contracts, or new manufacturing processes, which is material to itsbusiness.

Sopheon's businesses inthe United Kingdom, the Netherlands and the United States are impacted bygovernment regulations relating to employment, health and safety and other areasnon-specific to Sopheon's business. Sopheon is not aware of any specificregulatory body applicable to the conduct of its business in any of thesecountries.

 

11

C.ORGANIZATIONAL STRUCTURE 

Details of theinvestments in which the Group holds more than 20% of the nominal value of anyclass of share capital are set out below. Companies marked with an asterisk* areheld via Sopheon UK Limited and those marked with an obelus† are held viaOrbital Software Holdings plc.

   

*Name of Company      and      country of incorporation*
*Holding*
*Proportion of      ownership interest *
*Nature of      Business  *

Sopheon      Corporation   

Common      Stock   

100%   

Software sales and      services 

Minnesota      USA   

   

   

   

 

Sopheon      Corporation   

Common      Stock   

100%   

Software      development 

Delaware      USA   

   

   

   

 

Sopheon NV   

Ordinary      Shares   

100%   

Software sales and      services 

The      Netherlands   

   

   

   

 

Lessenger      BV   

Ordinary      Shares   

100%   

Software sales and      services 

The      Netherlands   

   

   

   

 

Sopheon UK      Ltd   

Ordinary      Shares   

100%   

Software sales and      services 

United      Kingdom   

   

   

   

 

Orbital Software      Inc.†   

Common      Stock   

100%   

Dormant 

Delaware,      USA   

   

   

   

 

Orbital Software      Holdings plc   

Ordinary      Shares   

100%   

Dormant 

United      Kingdom   

   

   

   

 

Sopheon Edinburgh      Ltd†   

Ordinary      Shares   

100%   

Dormant 

United      Kingdom   

   

   

   

 

Orbital Software      Europe Ltd†   

Ordinary      Shares   

100%   

Dormant 

United      Kingdom   

   

   

   

 

Network Managers      (UK) Ltd*   

Ordinary      Shares   

100%   

Dormant 

United      Kingdom   

   

   

   

 

AppliedNet      Ltd*   

Ordinary      Shares   

100%   

Dormant 

United      Kingdom   

   

   

   

 

Future Tense      Ltd*   

Ordinary      Shares   

100%   

Dormant 

United      Kingdom   

   

   

   

 

Polydoc      Ltd   

Ordinary      Shares   

100%   

Dormant 

United      Kingdom   

   

   

   

 

Applied Network      Technology Ltd*   

Ordinary      Shares   

100%   

Employee Share      Ownership Trust 

United      Kingdom   

   

   

   

 

12

D.PROPERTY, PLANTS AND EQUIPMENT

Sopheon does not ownreal property but leases premises in several locations. The basic terms of theleases and the locations of properties leased by Sopheon are as follows: 

*Location   *

*Expiry of      lease   *

*Total square      feet   *

*Use *

 
Guildford,      England   

At one month's      notice   

3,300   

Office 

Minneapolis,      Minnesota, United States   

October      2004   

7,500   

Office 

Arvada, Colorado,      United States   

May      2005   

8,414   

Office 

Amsterdam, the      Netherlands   

December      2006   

4,887   

Office 

Maastricht, the      Netherlands   

December      2004   

3,875   

Office 

Edinburgh,      Scotland   

April      2005   

4,000   

Vacant

Sopheon considers itsproperties and equipment to be adequate in the context of its current businessplan. Full provision has been made in Sopheon's financial statements for futurerental payments in respect of the vacant Edinburgh property.

 

13

**ITEM5.          OPERATING AND FINANCIALREVIEW AND PROSPECTS**

A.OPERATING RESULTS

The followingdiscussion is based upon the Company's financial statements for the three-yearperiod to December 31, 2003, which have been prepared in accordance withaccounting principles generally accepted in the United Kingdom. The results forthe three-year period ended December 31, 2003 are summarized in the table below.

*Year ended      December 31   *

* 2003 *

* 2002 *

* 2001 *

*   *

*£'000 *

* £'000 *

* £'000 *

**TURNOVER**   

   

   

 

Continuing      businesses   

 2,669

 2,854

 2,829

Discontinued      businesses   

 4,065

 9,499

 11,134

   

   

6,734

 12,353

 13,963

Cost of      sales   

 (4,117
)
 (9,002
)
 (10,186 
)
   

**GROSS PROFIT**   

 2,617

 3,351

 3,777

Sales and marketing      expenses   

 (3,442
)
 (5,437
)
 (7,281
)
Research and      development expenses   

 (1,237
)
 (2,331
)
 (3,010
)
Amortisation and      impairment charges in respect of goodwill   

 (4,586
)
 (5,922
)
 (21,431
)
Other administrative      expenses   

 (2,577
)
 (5,727
)
 (6,792 
)
   

**OPERATING LOSS**   

   

   

 

Continuing      businesses   

 (4,269
)
 (7,568
)
 (13,620
)
Discontinued      businesses   

 (4,956
)
 (8,498
)
 (21,117 
)
   

   

(9,225
)
 (16,066
)
 (34,737
)
Share of operating      loss of associated undertaking   

 -

 (46
)
 (63
)
Profit on disposal      of operations   

 3,568

 -

 -

Other      (expense)/income, net   

 (149
)
 (67
)
 169 

   

**LOSS FOR THE YEAR      BEFORE TAX**   

 (5,806
)
 (16,179
)
 (34,631
)
Tax      credit   

 305

 126

 -

   

**LOSS FOR THE YEAR      AFTER TAX **  

 (5,501
)
 (16,053
)
 (34,631
)
   

 

14

The results for thethree years can also be expressed in terms of percentages of turnover asfollows:

*Year ended      December 31   *

* 2003 *

* 2002 *

* 2001*

**TURNOVER **  

   

   

 

Continuing      businesses   

 40
%
 23
%
 20
%
Discontinued      businesses   

 60
%
 77
%
 80
%
   

   

100
%
 100
%
 100 
%
Cost of      sales   

 (61
)
 (73
)
 (73
)
   

**GROSS      PROFIT/(LOSS) **  

 39

 27

 27

Sales and marketing      expenses   

 (51
)
 (44
)
 (52
)
Research and      development expenditures   

 (19
)
 (19
)
 (22
)
Amortisation and      impairment         charges in respect of goodwill   

      (68
      )
       (48
      )
       (153
      )
Other administrative      expenses   

 (38
)
 (46
)
 (49
)
   

**OPERATING LOSS**   

   

   

 

Continuing      businesses   

 (63
)
 (61
)
 (95
)
Discontinued      businesses   

 (74
)
 (69
)
 (154
)

   

(137
)
 (130
)
 (249
)
Profit on disposal      of operations 
53
-
- 
Other      income/(expense), net   

 (2
)
 (1
)
 1

   

**LOSS FOR THE YEAR**   

 (86
)
 (131
)
 (248
)
Tax      credit   

 5

 1

 - 

   

**LOSS FOR THE YEAR      AFTER TAX**   

 (81
)
 (130
)
 (248
)
   

 

**Management'sDiscussion and Analysis**

*Summary*

The Sopheon Group is aninternational provider of software and services. The Sopheon Accolade productdevelopment system automates gate- or phase-based product development processesand provides strategic decision support that allows companies to improveinnovation, cut product development spending waste and shorten time-to-market.Sopheon's Monitor software operates as a "reading robot" thatautomatically reviews, filters, analyzes and pushes relevant content tohealthcare and engineering professionals to enable effective compliance withprotocols, standards and regulations.

The majority of clientswho purchase Sopheon's software and services are R&D intensive companies inthe high-tech, life sciences and healthcare industries. The market for Sopheon'ssoftware and services is highly competitive with demand sensitive to trends inthe overall economy.

Coming into 2003, theSopheon group comprised two separate operating divisions, Information Management("IM") representing research analyst services and informationprovision, and Business Process Solutions ("BPS") representing thegroup's software and services activities.

 

15

During 2003, Sopheonembarked on a restructuring of the Group in order to concentrate resources onthe group's software and services business, and in particular on its proprietaryAccolade software solution. The restructuring involved the divestment ofSopheon's IM businesses in the United States and Germany, which were completedin July 2003 and August 2003, respectively, together with the implementation offurther cost reductions in Sopheon's continuing software and servicesbusinesses.

In 2003, revenuesassociated with Sopheon's software solutions represented over 90% of revenuefrom its continuing businesses.

Sopheon's corporateheadquarters are in Guildford in the United Kingdom, close to the majority ofits investor base, and its operational headquarters are in Minneapolis. TheCompany also has operating bases in Denver in the United States and in theNetherlands. Sopheon's shares are traded on the Alternative Investment Market ofthe London Stock Exchange and on Euronext in the Netherlands.

*Turnover*

Sopheon's 2001consolidated turnover amounted to £13,963,000. In addition to the effect ofhaving a full year of trading of the Teltech business acquired in September2000, this included a contribution of £2,865,000 from AIT for the six monthsfrom July 1, 2001 and £132,000 and from Orbital for the six-week period fromNovember 16, 2001. Approximately 74% of total revenues were generated from IM.BPS contributed 26% of revenue during the year. Both areas experienced adifficult year. Coupled with the impact of general market conditions, certain IMrevenues were adversely impacted by customer merger and acquisition andrestructuring activity. Turnover from bespoke applications and consultancyservices, part of BPS, reduced sharply in line with the end of the websiteconstruction boom. This reduction was partially offset by the initial revenuescontributed by Accolade licenses and services. Revenue performance for Accoladehas itself been influenced by the caution in the marketplace over investment innew systems, leading to longer buying cycles and some disappointment at thespeed of conversion of the sales pipeline. Revenues relating to Sopheon'straditional healthcare solutions are included within the BPS results. 

Sopheon's 2002 turnoveramounted to £12,353,000, a reduction of £1,610,000 compared with 2001. Thisdecline can be attributed to continued economic uncertainty, which persistedduring 2002. Within this total, Sopheon's IM business contributed £9,046,000(73%), representing a decline of £1,263,000 as the IM division faced continuingpressure, with the German business particularly hard hit. Sopheon's BPS businesscontributed £3,307,000, a decline of £353,000. Within the BPS division,turnover from sales of Sopheon's own solutions rose by £1,064,000, offset by adecline of £1,362,000 in sales of bespoke developments and third partyproducts. In the BPS division, activity related to Accolade accelerated, with 30transactions in 2002 compared with four in 2001 As a result of thesedevelopments, 65% of the total BPS turnover during 2002 was related to Sopheon'sproprietary products and services as opposed to third party and bespokesolutions. This compares to 30% in 2001. Nevertheless, Sopheon's integrationteams continued to work on bespoke projects, at a reducing level, as the Companycontinued the transition to supporting its own products. Sopheon's 2002 turnovercomprised £2,854,000 from continuing businesses and £9,499,000 from businessesdivested during 2003. 

Sopheon's 2003 turnoveramounted to £6,734,000, a reduction of £5,619,000 compared with 2002. Turnoverin 2003 includes £4,065,000 in respect of Sopheon's predominantly IM businessesin the United States and Germany, which were divested in July 2003 and August2003, respectively. Turnover from Sopheon's continuing BPS businesses in theUnited States, the United Kingdom and the Netherlands was £2,669,000, areduction of £185,000 compared with 2002. However, over 90% of Sopheon'scontinuing BPS turnover consisted of revenue from Sopheon's proprietarysoftware, compared with 76% in 2002 and just 39% in 2001.

Market conditions forSopheon's BPS business continued to be tough during 2003, but in the fourthquarter some improvement in demand was noted, with orders for nine new Accoladelicenses being received, the highest quarterly total to date. 

No single customeraccounted for 10% or more of Sopheon's consolidated revenues in any of the years2003, 2002 or 2001.

 

16

*Gross Margin *

In 2001, the BPS and IMdivisions achieved gross margins of 20% and 29%, respectively, contributing toan overall gross margin of 27%.

In 2002, the BPS and IMdivisions achieved gross margins of 34% and 24%, respectively, contributing toan unchanged overall gross margin of 27%. Turnover from Sopheon's proprietarysoftware products grew significantly, contributing to the gross marginimprovement in its BPS division, and offsetting the lower contribution from workon bespoke projects, which continued at a lower level, as the Company continuedto transition to supporting its own products. The gross margin for the IMbusiness in 2002 reflected the effects of weak economic conditions, leading tolower staff utilization. The German business was particularly hard hit, as anumber of clients reduced their level of activity with Sopheon as a result oftheir own restructuring or M&A activity, while employment conditions inGermany meant that the cost base remained relatively rigid.

Overall gross marginwas 39% in 2003 compared with 27% in both 2002 and 2001. This is a result of thedivestment of Sopheon's lower margin IM business in the United States andGermany during 2003 (which is included only up to the dates of disposal) and theincreasing proportion of high margin revenue from proprietary software productsincluded in Sopheon's continuing BPS business. Gross margin from Sopheon'scontinuing business in 2003 was 77%. Gross margin on the businesses that weredivested in 2003 was 14%, further depressed by the high and rigid cost structureinherent in the German IM business.

The gross margin forthe IM business was lower in 2003 at 14% compared with 24% in 2002, reflectingthe continued effects of weak economic conditions noted above in both the UnitedStates and Germany.

*Sales, Marketing andAdministrative Costs *

Sales and marketingexpenses totaled £7,281,000 in 2001, reflecting the acquisitions of Teltech,AIT and Orbital. In 2002, sales and marketing costs fell in absolute terms by25% to £5,437,000 and as a proportion of turnover, as part of the overall costbase and headcount reductions implemented during the year. In 2003, sales andmarketing costs fell again in absolute terms by 37% (reflecting the divestmentif the IM businesses and the further cost rationalization measures) but werehigher as a percentage of turnover as marketing resources were concentrated onSopheon's proprietary Accolade software.

Notwithstanding thereduced marketing spend, Sopheon achieved increases in activity relating to itsAccolade software in 2002 and again in 2003, to reach the position at end 2003where it had over 30 licensed software customers.

Sopheon'sadministrative expenses, excluding R&D costs and goodwill amortization,amounted to £2,577,000 in 2003 compared to £5,727,000 in 2002 and £6,792,000in 2001. This category includes all facility and internal infrastructure costsin addition to the specific finance, human resources and administrationdepartmental expenses. The high level of administrative costs in 2001 wasprimarily linked to the impact of the geographically disparate acquisitionswhich were made during 2000 and 2001. At the end of 2001, the annualized fixedcost base for the combined businesses of the Sopheon Group, including AIT andOrbital, was reduced by over 25%, through elimination of duplicated costs and asignificant contraction of the workforce amounting to approximately 80positions. The reduced level of administrative costs in 2002 reflects thesereductions, in addition to a further reduction of fixed costs by 35% during2002, bringing the cumulative reduction since Sopheon's acquisition of Orbitalin late 2001 to 55%. Headcount was reduced to 184 at the end of 2002, comparedwith 264 in January 2002 and 349 in late 2001. 

During 2003,administration costs fell by a further 55%, as a result of the divestment of theGroup's IM businesses and further rationalization of Sopheon's continuingactivities, with headcount reducing to 60 at the end of 2003.

 

17

*Research andDevelopment Costs*

The gross and netresearch costs can be analyzed as follows: 

*Year ended      December 31   *

* 2003 *

* 2002 *

* 2001 *

*   *

*£'000 *

* £'000 *

* £'000 *

Research and      development costs   

 1,237

 2,331

 3,010 

Grants and      subsidies   

 -

 (69
)
 (19 
)
   

Net expenditure      charged   

 1,237

 2,262

 2,991 

   

R&D spending in2001 was predominantly focused at Sopheon's Denver operation on the developmentof the Accolade solution, with the first market release (version 2.0) in thesecond quarter and a further, enhanced release (version 3.0) at the turn of theyear. Development also continued on certain Sopheon linguistic and healthcareapplications in use. However, significant development activities relating toAppliedNet's Knowledge Agents and Teltech's research portals did not continuebeyond the first half of the year.

The acquisition ofOrbital brought with it a development based in the Edinburgh location andfocused on its Organik solution. During 2002, the Organik solution (now marketedas "Q&A Centre") was incorporated into version 4.0 of Sopheon'sAccolade product, providing important additional functionality designed toenable organizations to capture and reuse information using a "question andanswer" technique. Following the release of Accolade version 4.0 Sopheon'sR&D resources were scaled back and concentrated at Sopheon's Denver officeas part of the cost base and headcount reductions implemented during the year.

In 2003, developmentwork at Denver continued to focus on Accolade, culminating in the release ofAccolade version 5.0, incorporating improved capabilities specific to thecontrol of new product development.

*Amortization ofGoodwill *

During 2001, in orderto reflect the changed market conditions since the acquisitions of AppliedNetand Teltech, the total goodwill charge was £21,431,000, comprising £12,288,000of amortization and an exceptional impairment charge of £9,143,000. Theimpairment charge in 2001 was calculated in accordance with the UK's FinancialReporting Standard 11, and represents £2,330,000 in respect of AppliedNet,leaving a carrying value of £nil, and £6,735,000 in respect of Teltech,leaving a carrying value of £9,678,000. The impairment charges were computedusing a discount rate of 15%.

The charge for goodwillamortization in 2002 fell sharply to £5,922,000 and fell further in 2003 to£4,586,000. These amounts represent the amortization charge required in respectof the residual net book value of goodwill arising from the acquisitions ofTeltech and Orbital, and negative goodwill in respect of the acquisition of AIT,based over estimated economic lives of three years in each case.

During 2003, theremaining amounts attributable to goodwill arising from the acquisition ofTeltech were fully amortized. The residual amount of negative goodwill arisingfrom the acquisition of AIT was written off on the disposal of that business inAugust 2003. At December 31, 2003, the Group carried unamortized goodwill of£440,000, all of which arises from the acquisition of Orbital in November 2001.

*OtherIncome/(Expense) *

This category includesbank interest receivable and interest payable and similar charges.

In 2001, net interestincome of £169,000 was recorded. Interest receivable amounted to £373,000.Interest expense was £204,000 including interest on the 6% ConvertibleUnsecured Loan Stock issued in June 2001.

 

18

In 2002, net interestexpense was £67,000, comprising £260,000 in net interest received in respectof Sopheon's cash and bank deposits, and £327,000 in interest expense. Interestreceivable was lower than in 2001, mainly reflecting lower short-term interestrates and the lower level of Sopheon's cash and bank deposits which amounted to£3,355,000 at the end of 2002. The main element in the increase in interestexpense in 2002 was a full year's charge in respect of the 6% ConvertibleUnsecured Loan Stock.

In 2003, net interestexpense was £149,000 and consisted of interest receivable of £76,000,reflecting a further reduction in the Group's cash balances and interest payableof £225,000, including £171,000 in respect of the 6% Convertible Loan Stockand £54,000 in respect of bank interest, which was lower because of reduced useof the group's US-based line of credit following the divestment of the US IMbusiness.

During each of thethree years, the main components of interest expense were interest paid on thebank line of credit, which is secured against the receivables of SopheonCorporation Minnesota, and interest on the 6% Convertible Loan Stock.

*Taxation *

At December 31, 2003,tax losses estimated at £53 million were available to carry forward by Sopheon,arising from historical losses incurred. Approximately £13 million of the taxlosses relate to Teltech Resource Network Corporation and to Orbital SoftwareInc, the future utilization of which may be restricted under section 382 of theUS Internal Revenue Code, whereby the ability to utilize net operating lossesarising prior to a change of ownership is limited to a percentage of the entityvalue of the corporation at the date of change of ownership and is subject to afifteen-year time limit from the year in which the losses were incurred. Fullallowance has been made against the deferred tax asset relating to the above taxlosses, due to prior year reported losses and the lack of certainty over futureoperating profits in the relevant companies. 

In 2003 and 2002,Sopheon benefited from UK tax credits in respect of its R&D expenditureamounting to £305,000 and £126,000, respectively.

 

B.LIQUIDITY AND CAPITAL RESOURCES

**Overview**

A summary of Sopheon'shistorical fund raising activities is provided in the Item 4 --"History ofthe Company".

On December 31, 2003,the Group had £878,000 available in cash resources against which there wereoutstanding bank lines of credit and other borrowings totaling £2,746,000,including £2,561,000 of 6% Convertible Unsecured Loan Stock 2005 (describedbelow) issued to management and other investors. Net current assets were£41,000 at the year end, comprising current assets of £2,037,000 less currentliabilities of £1,996,000. Deferred revenue of £291,000 is included in currentliabilities.

Capital expendituresare expected to be below £50,000 in 2004.

While Sopheon does notown any freehold or leasehold property, it occupies several office locationsaround the world involving leases of varying duration, and is committed toannual property rental charges at December 31, 2003 of approximately £363,000per annum.

Sopheon has continuedto generate operating losses and cash outflows during 2003 and, although it hassucceeded in reducing its cost base during 2003, continued cash burn is likelyduring at least part of 2004.

 

19

On June 19, 2001,Sopheon raised £2,600,000 for working capital through the issue of convertibleloan stock to management and other investors. The principal terms of theconvertible loan stock, as adjusted by subsequent resolutions of stockholders onNovember 7, 2002 and June 30, 2003 are as follows:
-  The Loan Stock    carries an annual coupon rate of 6%.The conversion    price for the Loan Stock (the "Conversion Price") is 12p per    share. Conversion of the Loan Stock is at the option of the investor at any    time prior to redemption. Any portion of the Loan Stock, which is not    converted, will be redeemed at par on June 19, 2005.The Conversion    Price may be adjusted if, at any time after the date of issue of the Loan    Stock and before the date of conversion, the Company undertakes a placing or    similar equity issue at a lower price, in which event the Conversion Price    will be reset to the higher of the placing price or the nominal value of    Sopheon shares, which is 5p.
On June 25, 2004 theCompany announced that proposals would be put to holders of the 6% ConvertibleLoan Stock 2005 to defer maturity of the stock to December 2005 and toreconstitute the instrument such that it will on maturity automatically convertinto ordinary shares rather than be repayable at par, and the annual 6% interestcoupon will be eliminated. Holders of a majority of the stock have givenirrevocable undertakings to vote in favour of the proposals at an ExtraordinaryGeneral Meeting of stockholders convened for July 14, 2004. The proposedmodifications to the stock will enable the instrument to be reclassified asequity in the balance sheet under UK GAAP.

Sopheon has in place asecured line of bank credit of $1,000,000 (£0.6 million). The facility islimited to 80% of the Sopheon Corporation Minnesota's operation's eligibleaccounts receivable. As of December 31, 2003, total outstanding borrowings were$155,000. Borrowings under the facility bear interest at the rate of 2% over thebank's prime rate (4% at December 31, 2003) The line of credit is due forrenewal in September 2004. In addition to its security against the accountsreceivable of Sopheon Corporation Minnesota, the facility is also securedagainst substantially all the assets of that company.

On December 23, 2003,Sopheon entered into a definitive agreement with GEM Global Yield Fund Limited("GEM Global") for a €10 million equity line of credit facility. Theagreement takes the form of a subscription and share lending agreement (the"Agreement") such that the Company may, at its option within the termsof the Agreement, require GEM Global to subscribe for Sopheon shares at a 10%discount to the average market bid price for the 15 days preceding the issue, upto an aggregate of €10 million over the two year life of the Agreement. GEMGlobal's obligation to subscribe for shares is subject to certain restrictionsincluding the prevailing trading volumes of Sopheon shares on the Euronext stockexchange. In all other respects the Company will remain in control of the amountand timing of any subscription under the equity line and is under no obligationto use the facility at any point during the term. On March 3, 2004, the Companyraised £620,000 before expenses by way of a placing of 2,000,000 new ordinaryshares for cash under the Agreement.

In addition to its useof the equity line of credit facility, the Company raised £828,000 beforeexpenses by way of a placing of 3,600,000 new ordinary shares for cash at 23pper share on January 24, 2004 and a further £1,000,000 before expenses by wayof a placing of 4,651,163 new ordinary shares for cash at 21.5p per share onJune 25, 2004.

Sopheon's budget for2004 assumes that the equity funds raised during the year to date, together withthe renegotiation of the Convertible Loan Stock 2005, and the facilitiesavailable to the Group as described above, will be sufficient to meet theGroup's working capital requirements, until the position is reached where theGroup is cash generative. This assumption is predicated on Sopheon's ability tomeet revenue and cost targets established in its 2004 business plans. However,as indicated in note 1 to Sopheon's financial statements, in the event thatSopheon's financial results differ materially from those expected, the cashgenerated from sales would be insufficient to cover the cash outflows of theGroup.

 

20

The Group's cash-flowstatements for the three years to December 31, 2003 are set out on page F-5, andare summarized below:

*Year ended      December 31   *

* 2003 *

* 2002 *

* 2001 *

*   *

*£'000 *

* £'000 *

* £'000 *

Net cash outflow      from operating activities   

 (4,332
)
 (10,268
)
 (11,224
)
Return on      investments and servicing of finance   

 (149
)
 (67
)
 169

Taxation   

 305

 126

 -

Capital      expenditure   

 (27
)
 (86
)
 (201
)
Acquisitions and      disposals   

 1,031

 - 

 13,037

Management of liquid      resources   

 1,934

 8,186

 (3,512
)
   

Net cash outflow      before financing   

 (1,238
)
 (2,109
) 
 (1,731
)
Financing   

 1,480

 (12
)
 4,083 

   

Increase/(decrease)      in cash   

 242

 (2,121
)
 2,352

   

During the period,Sopheon has invested in marketing and product development, resulting in net cashoutflows on operating activities, which have been financed primarily by theissue of equity capital and convertible loan stock.

At December 31, 2003,Sopheon had short-term borrowings of £185,000 consisting primarily of the lineof credit in the United States. 

In addition, Sopheonhad £2,561,000 in 6% Convertible Loan Stock 2005, issued to management andother investors. Subject to the passing of a resolution at the ExtraordinaryGeneral Meeting of stockholders convened for July 14, 2004 in respect of whichstockholders representing a majority of the loan stock have given irrevocableundertakings to vote in favour, this instrument will be reconstituted such thatat maturity it will not be repayable but will automatically convert intoordinary shares, that it will no longer carry a 6% interest coupon, andaccordingly may thenceforth be treated in Sopheon's balance sheet as equityshareholders' funds. 

The report of Sopheon'sindependent auditors for the year ended December 31, 2003 refers to thedisclosures made in the financial statements as to Sopheon's recurring lossesfrom operations and lack of funds, which raise uncertainty over its ability tocontinue as a going concern. Details of the steps taken by management to providethe Group with adequate funding to support its activities are set out in Note 1to the financial statements.

Further information,including certain qualitative and quantitative disclosures on market risk, isgiven in Item 11 and in Note 20 to the financial statements.

 

C.RESEARCH AND DEVELOPMENT, PATENTS, AND LICENSES, ETC. 

Sopheon's expenditureon R&D in the three-year period ended December 31, 2003 is summarized inSection A of Item 5 above. 

In 2001, Sopheon wasgranted a European patent in connection with its knowledge management softwarearchitecture and methodology originally developed in the early 1990s, and inFebruary 2004 a US patent protecting this core technology was granted.

The technologyportfolio has also been enhanced by Sopheon's patented profiling technologyacquired with Orbital, in respect of which a US Patent was granted on February25, 2003. During 2002, these technologies were integrated into the Accoladesystem, applying them to the process of creating, publishing and re-usingcontent from knowledge bases and communities of interest built up by anorganization during the product development life cycle.

 

21

D.TREND INFORMATION 

Sopheon has seen someearly signs of improvement in the investment climate in the fourth quarter of2003 and continuing into the first six months of 2004. Sopheon further reducedits cost base during 2003, and continued to develop its flagship softwareproduct Accolade, with the launch of version 5.0 in October 2003. Accoladecontinues to generate a high level of interest and sales activity, with anexpanding installed client base, and increased validation of the market.Accolade has demonstrated consistently that it is a valuable solution in whichclients are prepared to invest. The divestiture of Sopheon's US-based and GermanIM businesses has reduced complexity and sharpened focus. This progress supportsSopheon's belief that there is a positive outlook for Accolade in the currentyear, and that Sopheon is well-positioned to continue to advance toward its goalof becoming a leading international supplier of software and services thatimprove the financial return on innovation and product development investments.

At Sopheon's AnnualGeneral Meeting of shareholders held on June 25, 2004 the Chairman reported thatthe Company had made further significant progress in the current year towardsmeeting its operational objectives, both in terms of recurring revenues fromexisting clients and new Accolade licence sales.

 

E.OFF-BALANCE SHEET ARRANGEMENTS

The Group had nooff-balance sheet arrangements in place during 2003 as defined by theCommission.

 

F.TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The following tablesets forth the aggregate maturities of the Group's debt and operating leases andother long term obligations for the five years subsequent to December 31, 2003.

   

*2004        *

* 2005        *

* 2006        *

* 2007        *

* 2008 and        thereafter *

*Total*
* *
   

*£'000 *

* £'000 *

* £'000 *

* £'000 *

* £'000 *

* £'000 *

Borrowings   

 185 

 2,561 

 - 

 - 

 - 

 2,746 

Operating lease        obligations   

       422 

       155 

       86 

       9 

       - 

       672  

Total   

607 

2,716 

86 

9 

- 

3,418  

G.SAFE HARBOR

Sopheon plc wishes totake advantage of the safe harbor provisions of S27A of the Securities Act 1934and Schedule 21E of the Securities Exchange Act 1934 in respect offorward-looking information provided pursuant to Item5 D and E.

 

22

**ITEM6.          DIRECTORS, SENIORMANAGEMENT AND EMPLOYEES **

A.DIRECTORS AND SENIOR MANAGEMENT 

The directors andexecutive officers of Sopheon are as follows: 

*Directors *

Name

Age

Title

Barry Mence   

51   

Executive      Chairman 

Andrew Michuda   

49   

Chief Executive      Officer 

Arif Karimjee   

37   

Chief Financial      Officer and Company Secretary 

Stuart Silcock   

56   

Non-executive      director 

Bernard      Al   

59   

Non-executive      director 

Andrew      Davis   

46   

Non-executive      director 

Daniel      Metzger   

50   

Non-executive      director

* *

*Executive      Officers   *

*  *

 

Name

Age

Title

Paul      Heller   

42   

Chief technology      officer 

Huub Rutten   

56   

Vice President      product research and definition 

All directors holdoffice until the next annual meeting of shareholders or until their successorshave been duly elected and qualified. Executive officers of Sopheon areappointed by and serve at the direction of the board of directors. 

*Barry Mence*,Executive Chairman. Barry Mence served as Chairman, Chief Executive Officer andDirector of Sopheon from its inception in 1993 until September 2000, when herelinquished the role of Chief Executive Officer to Andrew Michuda. From 1976 to1990, Mr. Mence was the major shareholder and Group Managing Director of RendeckGroup of Companies based in the Netherlands. 

*Andrew Michuda*,Executive Director. Andrew Michuda was appointed Chief Executive Officer ofSopheon in September 2000. He was elected as President and Chief ExecutiveOfficer of Teltech in April, 1997 and has served as a Director of Teltech sincethat time. Mr. Michuda held the position of Vice President of Teltech from 1994until 1997. He earlier held senior leadership positions at Control Data,including general manager of the business that evolved into Decision Data, theworld's largest independent computer services provider. 

*Arif Karimjee*,Executive Director. Arif Karimjee has served as Chief Financial Officer ofSopheon since February 2000. Mr. Karimjee was previously an accountant andauditor with Ernst & Young from August 1988 until joining Sopheon. 

*Stuart Silcock*,Non-executive Director. Stuart Silcock has served as a Director of Sopheon fromits inception in 1993. Since 1982, Mr. Silcock has been a principal partner ofLawfords & Co. and a director of Lawfords Ltd., chartered accountants. MrSilcock has been a non-executive director of Brown & Jackson Plc since June2001, and also holds a number of other UK directorships. 

*Bernard Al*,Non-executive Director. Bernard Al was appointed as a non-executive director ofSopheon in January 2001 and is a former Chief Executive Officer of WoltersKluwer in the Netherlands and has a background in science and linguistics. 

*Andrew Davis*,Non-executive Director. Andrew Davis was a founder of Spider Systems Ltd in 1983and held the post of Chief Technology Officer for 12 years. He left SpiderSystems Limited in 1995 when it was sold to Shiva Corporation. He has since beenan investor/director in a number of companies, including Orbital SoftwareHoldings plc. 

*Daniel Metzger*was until 1998 an executive vice president of Lawson Software, a leading ERPprovider, where he was responsible for corporate strategy and marketing. Sincethen he has held similar roles at Parametric Technologies, where he led thebusiness strategy and marketing around collaborative product developmenttechnologies and at nQuire Software, which was subsequently sold to Siebel. 

 

23

*Paul Heller* isChief Technology Officer. He joined Sopheon in June 1999, having previously beenVice President of Product Management for Baan Company. 

*Huub Rutten* isresponsible for Sopheon's healthcare business in the Netherlands and also hasresponsibility for product research. A founder of PolyDoc, he has been anemployee of Sopheon for over seven years, and was a director of Sopheon untilSeptember 2000 when he assumed a more operational role.

 

B.COMPENSATION 

***Directors'Remuneration ***

Set out below is asummary of the fees and emoluments received by those persons who were directorsof Sopheon during the fiscal year 2003, or (where applicable) during theirperiod of office.

   

*Salary       and Fees *

*Benefits        *

*Contributions to             Pension *

*Total       2003 *
*Executive      directors *
(£)  
B.K. Mence   

110,969 

4,790 

4,875 

120,634 

A. L. Michuda   

107,507 

5,973 

2,145 

115,625 

A. Karimjee   

82,500 

943 

3,556 

86,999  
 
Non-executive      directors   

   

   

   

   
 
S.A. Silcock   

18,000 

- 

- 

18,000 

B.P.F.      Al   

18,000 

- 

- 

18,000 

A.B.      Davis   

18,000 

- 

- 

18,000 

D.      Metzger   

18,000 

- 

- 

18,000  

   

372,976 

11,706 

10,576 

395,258  

The emoluments of S.A.Silcock are paid to Lawfords Limited, of which Mr. Silcock is a director.

 

24

The following tableshows emoluments payable to all directors and executive officers of Sopheon as agroup in the year to December 31, 2003. 

    

*Salaries      and fees*
*Benefits*
*Pension      contributions*
*Total*
   

*£'000*

* £'000*

* £'000*

* £'000*

 

Total for all      directors and executive officers   

 641

 40

 14

 695

The following tableprovides summary information for each of the directors who held office duringthe year and who held options to subscribe for Sopheon ordinary shares. Alloptions were granted without monetary consideration.

     

*Date of      Grant*
*Exercise      price*
*At      December 31,      2002 *

*Granted      during      year *

*Exercised      during      year*

*At      December31,      2003* 
B.K. Mence (1)   

May 2,      2001   

 77.5p 

 22,500 

 - 

 - 

 22,500 

B.K. Mence (1)   

April 30,      2002   

 14.75p 

 100,000 

 - 

 - 

 100,000 

A. L. Michuda (2)   

September 15,      2000   

 184p 

 187,600 

 - 

 - 

 187,600 

A. L. Michuda (2)   

September 15,      2000   

 230p 

 7,846 

 - 

 - 

 7,846 

A. L. Michuda (2)   

September 15,      2000   

 322p 

 12,501 

 - 

 - 

 12,501 

A. L. Michuda (2)   

September 15,      2000   

 368p 

 1,756 

 - 

 - 

 1,756 

A. L. Michuda (3)   

October 2,      2000   

 427.5p 

 16,280 

 - 

 - 

 16,280 

A.L. Michuda (3)   

January 1,      2001   

 160p 

 5,030 

 - 

 - 

 5,030 

A.L. Michuda (3)   

May 2,      2001   

 77.5p 

 54,662 

 - 

 - 

 54,662 

A.L. Michuda (4)   

April 30,      2002   

 14.75p 

 487,932 

 - 

 - 

 487,932 

A.L Michuda (4)(6)   

November 5,      2003   

 16.25p 

 - 

 2,225,000 

 - 

 2,225,000 

A. Karimjee (1)   

November 22,      1999   

 150p 

 100,000 

 - 

 - 

 100,000 

A. Karimjee (1)   

May 2,      2001   

 77.5p 

 12,500 

 - 

 - 

 12,500 

A. Karimjee (5)   

April 30,      2002   

 14.75p 

 150,000 

 - 

 - 

 150,000 

A. Karimjee (6)(7)   

November 5,      2003   

 16.25p 

 - 

 300,000 

 - 

 300,000 

B.P.F. Al (1)   

May 2,      2001   

 77.5p 

 25,000 

 - 

 - 

 25,000  

______________ 

(1)   

 Exercisable      between the third and tenth anniversaries of the date of grant 

(2)   

 Fully      vested options, which were granted as part of the acquisition of Teltech      Resource Network Corporation. 

(3)   

 One fourth      of these options becomes exercisable on each of the first four      anniversaries of the date of grant. 

(4)   

 Exercisable      as to one third immediately on grant and one third on each of the first      and second anniversaries of grant. 

(5)   

 Exercisable      as to 100,000 options between the third and tenth anniversary of the date      of grant and as to 50,000 options exercisable immediately. 

(6)   

 Options      issued at market price. Vesting of a proportion of thee options is subject      to performance conditions relating to the achievement of positive EBITDA      in two successive quarters. 

(7)   

 Exercisable      as to 93,846 options between the third and tenth anniversary of grant and      as to 206,154 option as to one third immediately and one third on each of      the first and second anniversaries of grant.

 

25

C.BOARD PRACTICES 

The executive directorsof Sopheon and their dates of appointment are as follows: 

*   *

*Date of      appointment *
 
Barry Mence   

August 1994 

Arif Karimjee   

February      2000 

Andy Michuda   

September 2000

The contracts ofservice of the executive directors are for an indefinite term and incorporatevarious benefits including entitlements to option and bonus programs in additionto base salary, which can be increased at the discretion of the board. Thesecontracts also provide for benefits on termination. The service contracts of Mr.Mence and Mr. Karimjee provide for notice periods of six months. Mr. Michuda'sservice contract would entitle him to a severance payment equal to nine months'basic remuneration on termination. 

The non-executivedirectors of Sopheon and their dates of appointment are set out below. None ofthe non-executive directors has a service contract with the Company. 

*   *

*Date of      appointment *
 
Stuart Silcock   

 August      1994 

Bernard      Al   

 January      2001 

Andrew      Davis   

 November      2001 

Daniel      Metzger   

 September      2002

The audit committee ofSopheon comprises the four non-executive directors, under the chairmanship ofMr. Silcock. The committee reviews the annual and interim financial statementsof the Group, together with its accounting policies and financial controls. Itmeets once in each quarter, including one meeting with the external auditors,Ernst & Young LLP, prior to the issue of the Annual Report and Accounts andthe filing of the Annual Report on Form 20-F with the US Securities and ExchangeCommission. 

The remunerationcommittee of Sopheon is responsible for overseeing the contract terms,remuneration and other benefits for executive directors, and comprises Mr. Al(Chairman) and Mr. Silcock, together with Mr. Barry Mence other than in respectof his own compensation. The committee makes recommendations to the board,within agreed parameters, on overall remuneration packages for executivedirectors and other senior executives.

 

D.EMPLOYEES 

The average number ofemployees of the Group in each of the three years to December 31, 2003 was asfollows: 

*Year ended      December 31   *

* 2003 *

* 2002 *

* 2001*
 
Development and      operations   

 75 

 151 

 164 

Sales and      management   

 48 

 81 

 94 

   

   

123 

 232 

 258  

   

 

26

E.SHARE OWNERSHIP 

The following tablesets out certain information regarding the ownership of Sopheon ordinary sharesas at June 30, 2004 by (i) each of the executive and non-executive directors ofSopheon, (ii) each executive officer of Sopheon, and (iii) each person who hasdisclosed an interest in more than 3% of the issued share capital of Sopheonpursuant to Sections 198-208 of the Companies Act 1985. 

Unless otherwiseindicated each person has sole voting and investment power as to the sharesshown. Beneficial ownership is determined in accordance with the rules of theSecurities and Exchange Commission and includes any shares which the person hasthe right to acquire within 60 days of June 30, 2004 through the exercise of anystock option or other right (including the conversion of the 6% Convertible LoanStock 2005 at the adjusted conversion rate of 12p per share):
*Name of      beneficial owner *
*Number      of shares*

*Percentage      owned*
  

*(i)      Directors *
Barry Mence (1)   

 14,269,777 

 14.0% 

Andrew Michuda   

 1,029,802 

 1.0% 

Arif Karimjee   

 372,884 

 0.4% 

Stuart Silcock (2)   

 1,112,793 

 1.1% 

Bernard      Al   

 626,333 

 0.6% 

Andrew      Davis   

 494,520 

 0.5%  
 
*(ii) Executive      officers *  

   

 

Huub Rutten   

 1,103,333 

 1.1% 

Paul      Heller   

 306,041 

 0.3%  
 
*(iii) Other      shareholders with notifiable interests   *

   

 

P. Korpershoek   

 4,000,000 

 4.1% 

Aventis Research      & Technologies GmbH & Co KG   

 3,471,191 

 3.6%  

 ___________ 

(1)   

Includes      3,847,800 ordinary shares held in trust over which Mr Mence exercises      investment control. 

(2)   

Includes 5,362      ordinary shares held in trust for Mr Silcock's wife and 107,010 ordinary      shares registered in Mr Silcock's name but held in trust for two adult      children, a sister and a corporation. Mr Silcock disclaims beneficial      ownership of the 107,010 shares held in trust.

On June 30, 2004, thetotal amount of the Company's voting securities owned Directors and Officers ofthe Company was:

*Class of share*
*Number of      shares*

*Percentage      of class*
 

Ordinary shares
19,315,483

18.9%
At June 30, 2004 noother person owned more than 10% of any class of the Company's votingsecurities.

 

27

The holdings of theabove persons of 6% Convertible Unsecured Loan Stock 2005 of Sopheon plc are setout below. The Stock is convertible into ordinary shares of Sopheon at aconversion rate of 12p per share prior to June 20, 2005.

*Name of      beneficial owner*

* Nominal amount *

*(i)      Directors   *

 

Barry Mence   

 £390,000 

Andrew Michuda   

 £28,000 

Arif Karimjee   

 £17,000 

Stuart Silcock   

 £100,000 

Bernard      Al   

 £25,000       
 
*(ii) Executive      officers   *

* *

Huub Rutten   

 £28,000       

The Group operatesemployee share option schemes as a means of promoting employee share ownership.A summary of the share options which have been granted under such shareownership schemes, which also includes share options granted in September 2000to vendors in connection with the acquisition of Teltech Resource NetworkCorporation, and share options granted in November 2001 by way of exchange toholders of vested options to acquire shares in Orbital, is set out below:

*Number of shares      under option   *

* Subscription      price *

* Normal      expiry date *

*at December 31,      2003   *

*   *

*   *
 
8,494,875   

 6.193p to      960p 

 2004 to 2010

Movements in optionsoutstanding for the three years in the period ended December 31, 2003 are asfollows:

  

*Number of      Shares*
*Weighted average            exercise price *

*£ *
Outstanding at      January 1, 2001   

 2,029,863

 2.22 

Granted under share      option schemes   

 362,339

 0.83 

Granted by way of      exchange to holders of Orbital share options   

 660,066

 0.06 

Exercised   

 (82,543
)
 0.15 

Lapsed   

 (368,149
)
 3.13 

   

 

Outstanding at      December 31, 2001   

 2,601,576

 1.42 

Granted under share      option schemes   

 3,439,328

 0.15 

Exercised   

 (621,734
)
 0.06 

Lapsed   

 (1,076,889
)
 0.85 

 

Outstanding at      December 31, 2002   

 4,342,281

 0.74 

Granted under share      option schemes   

 5,475,000

 0.16 

Exercised   

 (38,360
)
 0.06 

Lapsed   

 (1,284,046
)
 0.63 

 

Outstanding at      December 31, 2003   

 8,494,875

 0.39  

   

 

28

The following tablesummarizes share options outstanding at December 31, 2003

*Outstanding      options*

*Exercisable      options*
 

Range of exercise      prices
Number of      shares (000s)
Weighted      average      contractual      life (years)
Weighted      average      exercise      price
Number of      shares (000s)
Weighted      average      exercise      price
£0.06 to      £0.20   

 7,448 

 8.8 

 £0.16 

 701 

 £0.15 

£0.78 to      £1.98   

 821 

 6.2 

 £1.45 

 646 

 £1.58 

£2.30 to      £3.75   

 120 

 5.6 

 £3.11 

 117 

 £3.09 

£4.06 to      £9.60   

 106 

 6.5 

 £5.33 

 95 

 £5.40  

   

   

   

 

Totals   

 8,495 

 8.5 

 £0.39 

 1,559 

 £1.28  

On December 31, 2003the total number of options granted to Directors and Executive Officers of theCompany were as follows:

*Number of share      options   *

*Subscription      price   *

*Normal expiry      date*

 

5,056,107   

14.75p to      960p   

2005 to 2013

No director orexecutive officer exercised any options between December 31, 2003 and June 30,2004.

The following tableshows the percentage holdings of persons who have notified the Company that theyare interested in 3% or more of the Company's issued share capital: 

*At December      31 *  

* 2001 *

* 2002 *

* 2003*
  
B.K. Mence   

 10.6% 

 13.3% 

 11.4% 

Friends Ivory &      Sime plc   

 5.5% 

 - 

 - 

3i Group      plc   

 4.8% 

 3.7% 

 - 

Aventis Research      & Technologies GmbH & Co KG   

 4.2% 

 4.2% 

 3.6% 

A.      Slater   

 3.7% 

 - 

 - 

C. Smeaton   

 3.7% 

 - 

 - 

P. Korpershoek   

 - 

 - 

 4.1%  

Holders of 3% or moreof the issued share capital of the Company have the same voting rights,proportional to their shareholdings, as other shareholders in the Company.

The Company has notbeen notified since December 31, 2003 of any change in the holdings of personsinterested in 3% or more of the Company's issued share capital.

 

29

**ITEM7.          MAJOR SHAREHOLDERS ANDRELATED PARTY TRANSACTIONS **

A.MAJOR SHAREHOLDERS 

For a listing ofbeneficial owners of 3% or more of Sopheon's voting securities, please see Item6.E "Directors, Senior Management, and Employees - ShareOwnership." 

Sopheon currently has403 holders of record of Sopheon shares with registered addresses in the UnitedStates, who held a total of 704,570 shares, or 0.7% of the total sharesoutstanding. 

There is no tradingmarket at the present time for Sopheon shares in the United States. Details ofSopheon's sponsored American Depositary Receipt ("ADR") program appearunder Item 9 Section C. 

So far as the Companyis aware, it is neither directly nor indirectly owned or controlled by one ormore corporations, by any government, or by any other natural or legal person,severally or jointly. 

The Company does notknow of any arrangement the operation of which might result in a change in thecontrol of the Company.

 

B.RELATED PARTY TRANSACTIONS 

There have been norelated party transactions during the period from January 1, 2003 to June 30,2004.

 

C.INTERESTS OF EXPERTS AND COUNSEL 

Not applicable.

 

**ITEM8.          FINANCIAL INFORMATION**

A.CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION 

The ConsolidatedStatements and other Financial Information required by this Item are containedin the Financial Statements, commencing on page F-1. See Item 17. 

*LegalProceedings *

As of June 30, 2004,neither Sopheon nor any of its subsidiaries are party to any significantlitigation that would have a material adverse effect on the consolidatedfinancial statements. The Company is occasionally involved in litigation in theordinary course of business. 

*DividendPolicy *

Holders of Sopheonordinary shares may, by ordinary resolution, declare dividends but may notdeclare dividends in excess of the amount recommended by the directors. Thedirectors may also pay interim dividends. No dividend may be paid other than outof profits available for distribution. Any dividends on Sopheon ordinary shareswould be announced and paid in pounds sterling. Sopheon has not in the pastdeclared or paid any dividends to holders of its ordinary shares, and there isno present intention to declare or pay any such dividend, nor does Sopheon haveprofits available for distribution as dividends. Furthermore, Sopheon isprecluded by the Companies Act 1985 from paying dividends until its deficit iseliminated.

 

30

B.SIGNIFICANT CHANGES 

There have been nosignificant post balance sheet events since December 31, 2003 other than thethree share placings to provide working capital for the Company disclosed inNote 22 to the Financial Statements and described in Item 4 Section A above.

 

**ITEM9.          THE OFFER AND LISTING**

A.OFFER AND LISTING DETAILS 

At June 30, 2004, themarket price of Sopheon shares was 26p on the Alternative Investment Market ofthe London Stock Exchange and €0.40 on Euronext. The following table shows,for the periods indicated, the high and low closing prices per Sopheon ordinaryshare as reported on the Alternative Investment Market of the London StockExchange and on Euronext. 

     

 

**Alternative      Investment Market**

**Euronext**

*High      (pence)*
*Low      (pence)*
*High      (euro)*
*Low      (euro)*
**2004**

June   

 26 

 23 

 0.41 

 0.36 

May   

 28 

 21 

 0.44 

 0.32 

April   

 36 

 27 

 0.58 

 0.41 

March   

 39 

 31 

 0.63 

 0.47 

February   

 38 

 24 

 0.55 

 0.38 

January   

 24 

 16 

 0.38 

 0.23  
 
**2003  ** 

   

   

   

 

Fourth      quarter   

 18 

 14 

 0.28 

 0.19 

Third      quarter   

 18 

 14 

 0.28 

 0.20 

Second      quarter   

 25 

 8 

 0.39 

 0.13 

First      quarter   

 14 

 9 

 0.22 

 0.13  
 
**2002  ** 

   

   

   

 

Fourth      quarter   

 19 

 5 

 0.34 

 0.09 

Third      quarter   

 11 

 6 

 0.18 

 0.09 

Second      quarter   

 16 

 11 

 0.28 

 0.18 

First      quarter   

 31 

 11 

 0.50 

 0.21  
 
**2001**   

  

   

   

 

Calendar      year   

 160 

 27 

 2.80 

0.39  
 
**2000**   

   

   

   

 

Calendar      year   

 1,762 

 155 

 27.00 

 2.63  
 
**1999**   

   

   

   

 

Calendar      year   

 405 

 126 

 6.00 

 1.75  

 

31

B.PLAN OF DISTRIBUTION 

Not applicable.

 

C.MARKETS 

The ordinary shares ofSopheon have been traded on the Alternative Investment Market of the LondonStock Exchange since August 1996 and on the Euronext market of the AmsterdamStock Exchange since March 1997. 

The shares are tradedin London under the symbol SPE. 

On June 13, 2001,Sopheon filed with the SEC a registration statement on Form F-6 for AmericanDepositary Shares ("ADSs") to be evidenced by American DepositaryReceipts ("ADRs") under a level 1 ADR program, with the Bank of NewYork as depositary. Each Sopheon ADS, which would trade on the OTC market, ifthe program is implemented, under the symbol SOPEY, would represent 10 Sopheonshares. The ADR program has not yet been implemented. 

No listing is beingsought or application for admission made on any other exchange.

 

D.SELLING SHAREHOLDERS 

Not applicable.

 

E.DILUTION 

Not applicable.

 

F.EXPENSES OF THE ISSUE 

Not applicable.

 

**ITEM10.          ADDITIONALINFORMATION **

A.SHARE CAPITAL

Not applicable. 

 

B.MEMORANDUM AND ARTICLES OF ASSOCIATION 

There are norestrictions under the Memorandum and Articles of Association or under Englishlaw that limit the rights of non-resident or foreign holders to hold or voteSopheon shares, nor any other restrictions on rights to own securities. 

The registrar forSopheon ordinary shares is Capita IRG Plc of The Registry, 34 Beckenham Road,Beckenham, Kent BR3 4TV, England. 

The information underthe headings "Description of Sopheon Ordinary Shares" and"Comparison of Rights of Teltech Shareholders and SopheonShareholders" contained in the Company's Registration Statement on Form F-4(File No 333-44404) is incorporated herein by reference.

 

32

C.MATERIAL CONTRACTS 

The following contractsto which the Company is party have been entered into (other than in the normalcourse of business) since January 1, 2002 and are, or may be, material: 
a)
Amended and      restated Asset Purchase Agreement between TTECH Acquisition Corp. as      purchaser, FIND/SVP, Inc. as the parent company of the purchaser, Sopheon      Corporation as vendor and Sopheon plc as the parent company of the vendor,      being an agreement for the divestment of Sopheon Corporation's Information      Management business. The total consideration receivable under the      agreement is $3.0 million in cash together with a further cash amount of      up to $0.4 million contingent on the level of future earnings, as well as      the assumption by TTECH Acquisition Corp of net current liabilities      amounting to approximately $2.1 million. In addition, FIND/SVP is required      to issue to Sopheon $50,000 in FIND/SVP stock, and Sopheon is required to      issue to FIND/SVP $100,000 of Sopheon stock. b)
Agreement dated      August 2003 for the divestiture of Sopheon GmbH 
 

D.EXCHANGE CONTROLS 

There are currently noUK exchange control restrictions on the import or export of capital, the conductof the Company's operations or affecting the remittance of dividends.

 

E.TAXATION. 

***US Federal IncomeTax Consequences of Ownership of Sopheon Ordinary Shares***

*Taxation ofDividends*

Dividends paid to a USholder of Sopheon ordinary shares will be treated as foreign source dividendincome to the US holder for US federal income tax purposes to the extent thatthey are paid out of Sopheon's current or accumulated earnings and profits, asdetermined for US federal income tax purposes. The income will equal the USdollar value of the dividend on the date the dividend is actually orconstructively received by the US holder, calculated by reference to theexchange rate on the relevant date. 

A US holder may beentitled to a foreign tax credit for UK tax withheld with respect to cashdividends paid on Sopheon ordinary shares. If a US holder is so entitled, theforeign tax credit would be equal to the percentage of the payer's tax poolcomputed under IRC §902 plus any taxes withheld in the United Kingdom on anydividend received. In addition, a "gross-up" under IRC §78 would giverise to additional dividend income. US holders that do not elect, or are notpermitted, to claim a foreign tax credit may be entitled to claim a deductionfor foreign tax withheld. 

The United States andthe United Kingdom have entered into a new income tax treaty recently. Each USholder is urged to consult his or her tax adviser concerning whether the USholder is eligible for benefits under the United Kingdom-United States taxtreaty and whether, and to what extent, a foreign tax credit or deduction willbe available with respect to dividends received from Sopheon. A US holder thatrelies on the United Kingdom-United States tax treaty should consider disclosingthis reliance on the US holder's US federal income tax return. A US holder thatfails to disclose reliance on a treaty where disclosure is required would besubject to penalties under US federal income tax law. 

Distributions bySopheon in excess of current and accumulated earnings and profits, as determinedfor US federal income tax purposes, will be treated as a return of capital tothe extent of the US holder's basis in its Sopheon shares and thereafter ascapital gain. Dividends paid by Sopheon will not be eligible for thedividends-received deduction allowed to US corporations in respect of dividendsreceived from other US corporations. US holders should consult their own taxadvisers regarding the treatment of any foreign currency gain or loss on anysterling amounts received on the Sopheon shares which are not converted into USdollars on the date the sterling amounts are actually or constructively receivedby the US holder. For foreign tax credit limitation purposes, dividends paid bySopheon will be income from sources outside of the United States. 

 

33

*Taxation of CapitalGains*

Upon a sale or otherdisposition of Sopheon shares, a US holder will generally recognize a gain orloss for US federal income tax purposes in an amount equal to the differencebetween the US dollar value of the amount realized on such sale or dispositionand the US holder's adjusted tax basis, determined in US dollars, in the Sopheonshares. Such gain or loss recognized will be a long-term capital gain or losswith respect to Sopheon shares held for more than 12 months at the time of thesale or other disposition and any gain recognized generally will be income fromsources within the United States for foreign tax credit limitationpurposes. 

A US holder that isliable for both UK and US tax on a gain on the disposal of Sopheon shares willgenerally be entitled, subject to certain limitations and under the terms of theIncome Tax Convention, to credit the amount of UK capital gains or corporationtax, as the case may be, paid in respect of such gain against such US holder'sUS federal income tax liability in respect of such gain. US holders should seekprofessional tax advice to determine their entitlement to credit UK tax againsttheir US federal income tax liability. 

*Withholding andInformation Reporting*

The relevant payingagents for the Sopheon shares must comply with information reportingrequirements in connection with dividend payments or other taxable distributionsmade with respect to Sopheon shares within the United States to a non-corporateUS person. In addition, "backup withholding" may apply to thesepayments unless the holder or beneficial owner provides an accurate taxpayeridentification number in the manner required by US law and applicableregulations, certifies that the holder or beneficial owner is not subject tobackup withholding, and the holder or beneficial owner otherwise complies withapplicable requirements of the backup withholding rules. 

In general, payment ofthe proceeds from the sale of Sopheon shares to or through a US office of abroker is subject to both US backup withholding and information reportingrequirements, unless the holder or beneficial owner certifies its non-US statusunder penalties of perjury or otherwise establishes an exemption as described inthe preceding paragraph. In general, US backup withholding and informationreporting will not apply to a payment made outside the United States of theproceeds of a sale of Sopheon shares through an office outside the United Statesof a non-US broker. Special rules may require information reporting in the caseof payments made outside the United States of the proceeds of the sale ofSopheon shares through a US broker. 

Amounts withheld underthe backup withholding rules may be credited against a US holder's US federalincome tax liability, and a holder may obtain a refund of any excess amountswithheld under the backup withholding rules by filing the appropriate claim fora refund with the IRS. 

***United KingdomTax Consequences of the Ownership of Sopheon Ordinary Shares ***

*Taxation ofDistributions*

A US holder whoreceives a dividend from Sopheon will not have any further UK tax to pay inrespect of the dividend but will not be able to claim any payment in respect ofthe dividend under the United Kingdom-United States tax treaty. See "UnitedStates Federal Income Tax Consequences of the Ownership of Sopheon OrdinaryShares - Taxation of Dividends." 

*Taxation of CapitalGains*

A US holder who isneither resident or ordinarily resident for tax purposes in the United Kingdomwill not normally be liable for UK tax on capital gains realized on the disposalof Sopheon ordinary shares. However, this will not apply if at the time of thedisposal, the US holder carries on a trade, which for this purpose includes aprofession or vocation, in the United Kingdom through a branch or agency whichconstitutes a permanent establishment and the disposed Sopheon ordinary sharesare or have been used in or for the purposes of that trade or are or have beenused or held by or for the purposes of the branch or agency. An individual USholder who is only temporarily not resident in the United Kingdom may, underanti-avoidance legislation, still be liable for UK tax on capital gainsrealized, subject to any available exemption or relief.

 

34

*Inheritance and GiftTaxes*

An individual who isdomiciled in the United States and who is not a national of the United Kingdomfor the purposes of the United Kingdom-United States estate and gift taxconvention will generally not be subject to United Kingdom inheritance tax inrespect of the Sopheon ordinary shares on the individual's death or on a gift ofthe Sopheon ordinary shares during the individual's lifetime. That is unless theSopheon ordinary shares are part of the business property of a permanentestablishment of an enterprise of the individual in the United Kingdom orpertain to a fixed base in the United Kingdom of the individual used for theperformance of independent personal services. 

Sopheon ordinary sharesplaced in trust will generally not be subject to United Kingdom inheritance taxif the settlor, at the time of settlement, was a United States holder domiciledin the United States for the purposes of the United Kingdom-United States estateand gift tax convention and was not a United Kingdom national. This is againprovided that the Sopheon ordinary shares are not part of the business propertyof a permanent establishment in the United Kingdom and do not pertain to a fixedbase in the United Kingdom, as more fully summarized above. 

In the exceptional casewhere the Sopheon shares are subject to both United Kingdom inheritance tax andUnited States federal gift or estate tax, local law in conjunction with theestate and gift tax convention generally provides for the tax paid in the UnitedKingdom to be available for credit against tax paid in the United States or fortax paid in the United States to be available for credit against tax payable inthe United Kingdom. The country in which a credit is taken will depend onindividual facts and circumstances, together with the priority rules set out inthe estate and gift tax convention. Credit in either jurisdiction is alwayslimited to the lower of foreign tax paid or the equivalent local tax on the sameitem.

*Stamp Duty and StampDuty Reserve Tax*

A transfer for value ofthe Sopheon ordinary shares will generally be subject to ad valorem stamp dutyor to stamp duty reserve tax. Stamp duty will arise on the execution of aninstrument to transfer Sopheon ordinary shares. Stamp duty reserve tax willarise on the entry into an agreement to transfer Sopheon ordinary shares but thecharge may be cancelled if stamp duty has been paid. Stamp duty and stamp dutyreserve tax are normally a liability of the purchaser. The rate of stamp dutyand stamp duty reserve tax is currently 0.5% of the consideration. 

*Qualifications*

As noted above, theforegoing discussion does not address all aspects of United States federalincome taxation or United Kingdom taxation that may be relevant to US residentSopheon shareholders in light of their particular circumstances. For instance,the discussion does not address all aspects of United States federal incometaxation or United Kingdom taxation relevant to shareholders that are resident,or, in the case of an individual shareholder, ordinarily resident, in the UnitedKingdom, shareholders who conduct a trade or business in the United Kingdomthrough a permanent establishment situated therein, or who perform independentpersonal services from a fixed base situated therein. 

The foregoingdiscussion is based on existing US federal income and UK tax law, includinglegislation, administrative rulings and court decisions, as well as on theUnited Kingdom-United States tax treaty, all of which are subject to change, orchanges in interpretation, possibly with retrospective effect. 

Finally, Sopheonbelieves that it is not and will not become a "passive foreign investmentcompany" for US federal income tax purposes within the meaning of Section1297(a) of the US tax code and the foregoing discussion so assumes.

 

35

F.DIVIDENDS AND PAYING AGENTS 

Not applicable. 

 

G.STATEMENT BY EXPERTS 

Not applicable. 

 

H.DOCUMENTS ON DISPLAY 

It is possible to readand copy documents referred to in this annual report on Form 20-F that have beenfiled with the SEC at the SEC's public reference room located at 450 FifthStreet, NW, Washington DC, 20549. Please call the SEC at 1-800-SEC-0330 forfurther information on the public information rooms and their copy charges. TheSEC also maintains an Internet site at http://www.sec.govthat contains reports, registration statements and other information filedelectronically with the SEC.

 

I.SUBSIDIARY INFORMATION 

Not applicable.

 

36

**ITEM11.          QUANTITATIVE ANDQUALITATIVE DISCLOSURES ABOUT MARKET RISK **

Sopheon's principalfinancial instruments comprise cash, short-term deposits, and a bank line ofcredit. Sopheon also has a €10 million Equity Line of Credit with GEM Global(as described above in Item 4.A above). The main purpose of these financialinstruments is to fund the operations of the business. Sopheon has various otherfinancial instruments, such as trade debtors and trade creditors that arisedirectly from its operations. It is, and has been throughout the period underreview, Sopheon's policy that no trading in financial instruments or derivativesthereof or in commodity markets will be undertaken. However, during 2002 theGroup entered into forward contracts to hedge future known foreign exchangeliabilities. 

The main risks arisingfrom the Group's financial instruments are interest rate risk, liquidity riskand foreign currency risk as summarized below. The board reviews and agrees uponpolicies for managing each of these risks. These policies have remainedunchanged during the last three years. 

*Interest Rate Risk*-On June 19, 2001, the Company issued £2,600,000 Convertible Loan Stock, toprovide additional working capital. This loan stock bears interest at a fixedrate of 6% per annum and may be converted into ordinary shares of Sopheon plcprior to June 19, 2005.

Subject to the passingof a resolution at the Extraordinary General Meeting of stockholders convenedfor July 14, 2004 in respect of which a majority of stockholders have givenirrevocable undertakings to vote in favour, this instrument will bereconstituted such that at maturity it will automatically convert into ordinaryshares, that it will no longer carry a 6% interest coupon, and accordingly maythenceforth be treated in Sopheon's balance sheet as equity shareholders'funds. 

The Group has asterling bank loan, of which a total of £28,000 remained outstanding atDecember 31, 2003. This loan bears interest at a floating rate. Sopheon also hasa line of credit in US dollars at a floating rate of interest. Where Sopheon hassignificant cash resources available that are in excess of the short-term needsof the business, such funds are maintained in sterling and are placed on short-and medium-term bank deposit.

*Liquidity Risk* -Sopheon's objective is to maintain a balance between continuity of funding andflexibility, through the use of its US$1million line of credit and theflexibility provided by its €10 million Equity Line with GEM Global. Attentionis, however, drawn to the report of Sopheon's independent auditors for the yearended December 31, 2003, which refers to disclosures in the financial statementsas to Sopheon's recurring losses from operations and lack of funds, which raiseuncertainties over its ability to continue as a going concern. Details of thesteps taken by Sopheon to provide the Group with adequate funding to support itsactivities are set out in Note 1 to the financial statements.

*Foreign CurrencyRisk*- As a result of having significant operating units in the UnitedStates and the Netherlands, which give rise to short-term creditors, debtors andcash balances in US dollars and euros, the Group's balance sheet can be affectedby movements in exchange rates of these currencies. At December 31, 2003 the netamount of such balances amounted to US$ 168,000 and € 9,000. In managing itsstructural exposures, Sopheon's objectives are to maintain a low cost ofborrowings and to retain some potential for currency related appreciation.Sopheon also has transactional currency exposures. Such exposures arise fromsales or purchases by an operating unit in currencies other than that unit'sfunctional currency.

*Credit Risk*-The Company's financial instruments that are exposed to concentrations of creditrisk are primarily trade accounts receivable. Historically, the company hasrelatively low levels of bad debt costs. It should not, however, be inferredthat this experience will continue into future periods. The company does notknow of any reasons today why this position should change.

Further information isgiven in Note 20 to the financial statements and in Item 5B above.

 

**ITEM12.          DESCRIPTION OFSECURITIES OTHER THAN EQUITY SECURITIES**

Not applicable.

 

37

**PARTII**

**ITEM13.          DEFAULTS, DIVIDENDARREARAGES AND DELINQUENCIES **

None 

 

**ITEM14.          MATERIAL MODIFICATIONSTO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS **

Not applicable

 

**ITEM15.          CONTROLS ANDPROCEDURES **

**Evaluation ofDisclosure Controls and Procedures**

Based on its review asof the end of the period covered by this report of the Group's disclosurecontrols and procedures, the Chief Executive Officer and Chief Financial Officerhave concluded that the Group's current disclosure controls and procedures areeffective to ensure that material information relating to the Group is recorded,processed, summarized and reported in a timely manner; and that the informationis accumulated and communicated to management to allow timely decisionsregarding required disclosure.

**Changes in InternalControl over Financial Reporting**

There were no changesin the Group's internal control over financial reporting that occurred duringthe period covered by this report that have materially affected, or are likelyto materially affect, the Group's internal control over financial reporting.

 

**ITEM16.          [RESERVED]**

 

**ITEM16A.          AUDIT COMMITTEEFINANCIAL EXPERT **

Sopheon has notappointed an audit committee financial expert, as defined by Item 401(h) ofRegulation S-K. SEC regulations do not require Sopheon to have an auditcommittee financial expert; however, SEC regulations require Sopheon to disclosewhether it has an audit committee financial expert. Sopheon considers that themembers of its audit committee have demonstrated the ability to (1) understandgenerally accepted accounting principles ("GAAP") and financialstatements, (2) assess the general application of GAAP in connection withaccounting for estimates, accruals and reserves, (3) analyze and evaluatefinancial statements, (4) understand internal controls and procedures forfinancial reporting and (5) understand the functions of the audit committee, allof which are the attributes of an audit committee financial expert.

 

**ITEM16B.          CODE OF ETHICS**

Sopheon has not yetadopted a "code of ethics" as that term is defined in the rulespromulgated under the Sarbanes-Oxley Act, but intends to adopt such a code priorto the next financial year end reporting date of December 31, 2004.

 

38

**ITEM16C.          PRINCIPAL ACCOUNTANTFEES AND SERVICES**

During 2002 and 2003Sopheon paid the following amounts to its auditors, Ernst & Young LLP, foraudit services and tax services:

   

*2002      £'000 *

*2003      £'000*
 
Audit      fees   

 95

75
Audit-related fees
-
-
Tax      fees   

 52

41

Other      fees   

 -

24

Total   

147

140

The tax fees related totaxation advisory services. The other fees were related to transaction supportin respect of corporate disposals.

The audit committee hasa policy of approving the engagement of the independent auditor to perform allaudit and non-audit services of behalf of the Company. The audit committee hasdetermined that the provision of the services covered by the foregoing fees wascompatible with maintaining the independent auditor's independence.

 

**ITEM16D.          EXEMPTION FROM THELISTING STANDARDS FOR AUDIT COMMITTEES **

Not applicable. 

 

**ITEM16E.          PURCHASES OF EQUITYSECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS **

Not applicable.

 

39

**PARTIII**

**ITEM17.          FINANCIALSTATEMENTS **

The following financialstatements together with the report of Ernst & Young LLP thereon are filedas part of the annual report:

Report of      Independent Auditors   

F-1

Consolidated Profit      and Loss Account for the years ended December 31, 2001, 2002 and      2003   

F-2 

Consolidated      Statement of Total Recognized Gains and Losses for the years ended      December 31, 2001, 2002 and 2003   

F-3 

Consolidated Balance      Sheet as of December 31, 2002 and 2003   

F-4 

Consolidated      Statement of Cash Flows for the years ended December 31, 2001, 2002 and      2003   

F-5 

Notes to the      Financial Statements   

F-6

 

**ITEM18.          FINANCIALSTATEMENTS **

The Company hasresponded to Item 17 in lieu of responding to this Item.

 

40

**ITEM19.          EXHIBITS**

1.1   

Memorandum of      Association of Sopheon plc as amended by Special Resolutions passed on      August 18, 1996 and November 22, 1999 (incorporated by reference to      Exhibit 3.1 to Sopheon plc's Registration Statement on Form F-4 filed on      August 24, 2000 under file number 333-44404). 
 
1.2   

New Articles of      Association of Sopheon plc as adopted pursuant to a Special Resolution      passed on August 28, 1996 and amended by a Special Resolution passed on      November 22, 1999 (incorporated by reference to Exhibit 3.2 to Sopheon      plc's Registration Statement on Form F-4 filed on August 24, 2000 under      file number 333-44404). 
 
2.1   

Instrument dated      June 19, 2001 constituting up to £4,000,000 6% Convertible Unsecured Loan      Stock 2005 of Sopheon plc of which £2,600,000 has been issued      (incorporated by reference to Exhibit 2.1 to Sopheon plc's Annual Report      for 2001 on Form 20-F filed on July 15, 2002 under file number      333-44404). 
 
4.1   

Amended and      restated Asset Purchase Agreement between TTECH Acquisition Corp. as      purchaser, FIND/SVP, Inc. as the parent company of the purchaser, Sopheon      Corporation as vendor and Sopheon plc as the parent company of the vendor,      dated as of June 25, 2003 being an agreement for the divestment of Sopheon      Corporation's Information Management business (incorporated by reference      to Exhibit 4.5 of Sopheon's 2002 Annual Report on Form 20-F filed on      November 25, 2003 under file number 333-44404). 
 
4.2   

Agreement dated      August 11, 2003 for divestiture of Sopheon GmbH filed herewith. 
 
8.1   

Subsidiaries of      the Registrant (incorporated by reference to Exhibit 21 to Sopheon plc's      Registration Statement on Form F-4 filed on August 24, 2000 under file      number 333-44404). 
 
12.1   

Certification of      Andrew L. Michuda, Chief Executive Officer, pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 filed herewith. 
 
12.2   

Certification of      Arif Karimjee, Chief Financial Officer, pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 filed herewith. 
 
13.1   

Certification of      Andrew L. Michuda, Chief Executive Officer, pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 furnished herewith. 
 
13.2   

Certification of      Arif Karimjee, Chief Financial Officer, pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 furnished herewith.

 

41

**SIGNATURES **

    Theregistrant hereby certifies that it meets all of the requirements for filing onForm 20-F and that it has duly caused and authorized the undersigned to signthis annual report on its behalf. 
Date: July 13,        2004SOPHEON PLC By:  Arif        Karimjee          Arif Karimjee,         Finance Director         (Principal Financial and           Accounting Officer)
 

42

**EXHIBITS **

1.1   

Memorandum of      Association of Sopheon plc as amended by Special Resolutions passed on      August 18, 1996 and November 22, 1999 (incorporated by reference to      Exhibit 3.1 to Sopheon plc's Registration Statement on Form F-4 filed on      August 24, 2000 under file number 333-44404). 
 
1.2   

New Articles of      Association of Sopheon plc as adopted pursuant to a Special Resolution      passed on August 28, 1996 and amended by a Special Resolution passed on      November 22, 1999 (incorporated by reference to Exhibit 3.2 to Sopheon      plc's Registration Statement on Form F-4 filed on August 24, 2000 under      file number 333-44404). 
 
2.1   

Instrument dated      June 19, 2001 constituting up to £4,000,000 6% Convertible Unsecured Loan      Stock 2005 of Sopheon plc of which £2,600,000 has been issued      (incorporated by reference to Exhibit 2.1 to Sopheon plc's Annual Report      for 2001 on Form 20-F filed on July 15, 2002 under file number      333-44404). 
 
4.1   

Amended and      restated Asset Purchase Agreement between TTECH Acquisition Corp. as      purchaser, FIND/SVP, Inc. as the parent company of the purchaser, Sopheon      Corporation as vendor and Sopheon plc as the parent company of the vendor,      dated as of June 25, 2003 being an agreement for the divestment of Sopheon      Corporation's Information Management business (incorporated by reference      to Exhibit 4.5 of Sopheon's 2002 Annual Report on Form 20-F filed on      November 25, 2003 under file number 333-44404). 
 
4.2   

Agreement dated      August 11, 2003 for divestiture of Sopheon GmbH filed herewith. 
 
8.1   

Subsidiaries of      the Registrant (incorporated by reference to Exhibit 21 to Sopheon plc's      Registration Statement on Form F-4 filed on August 24, 2000 under file      number 333-44404). 
 
12.1   

Certification of      Andrew L. Michuda, Chief Executive Officer, pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 filed herewith. 
 
12.2   

Certification of      Arif Karimjee, Chief Financial Officer, pursuant to Section 302 of the      Sarbanes-Oxley Act of 2002 filed herewith. 
 
13.1   

Certification of      Andrew L. Michuda, Chief Executive Officer, pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 furnished herewith. 
 
13.2   

Certification of      Arif Karimjee, Chief Financial Officer, pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 furnished herewith.

 

**REPORT OF INDEPENDENTREGISTERED PUBLIC ACCOUNTING FIRM**

 

 

To the Board ofDirectorsSopheon plc

We have audited theaccompanying consolidated balance sheets of Sopheon plc as of December 31, 2003and 2002, and the related consolidated profit and loss accounts and consolidatedstatements of total recognized gains and losses and cash flows for each of threeyears in the period ended December 31, 2003. Our responsibility is to express anopinion on these financial statements based on our audits.

We conducted our auditsin accordance with United Kingdom auditing standards and the standards of thePublic Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statement. An audit also includes assessing theaccounting principles used and significant estimates made by the management, aswell as evaluating the overall financial statement presentation. We believe thatour audits provide a reasonable basis for our opinion.

In our opinion, theconsolidated financial statements referred to above present fairly, in allmaterial respects, the consolidated financial position of Sopheon plc atDecember 31, 2003 and 2002, and the consolidated results of its operations andits consolidated cash flows for each of the three years in the period endedDecember 31, 2003 in conformity with accounting principles generally accepted inthe United Kingdom which differ in certain respects from those followed in theUnited States (see Note 21 of Notes to the Financial Statements).

As discussed in Note 1to the financial statements, the Group's recurring losses from operations andlack of funds raise uncertainty about its ability to continue as a goingconcern. (Management's plans as to these matters are also described in Note 1.)The financial statements do not include any adjustments that might result fromthe outcome of this uncertainty.

 

ERNST & YOUNG        LLP
Reading,        England        July 14, 2004
 

 

 

F-1

**SOPHEON plc**

**CONSOLIDATED PROFITAND LOSS ACCOUNT**

 

*Notes*
*Continuing      operations*
*Discontinued      operations*
*Total*

*Year ended      December 31*

*2003*
*2003*
*2003*
*2002*
*2001*

*£'000*
*£'000*
*£'000*
*£'000*
*£'000*
 

**TURNOVER  **
 2  
 2,669
 4,065
 6,734
 12,353
 13,963
Cost of      sales  
  
 (627)
 (3,490)
 (4,117)
 (9,002)
 (10,186)

**GROSS      PROFIT  **
  
 2,042
 575
 2,617
 3,351
 3,777
 

Sales and marketing      expenses  
  
 (2,868)
 (574)
 (3,442)
 (5,437)
 (7,281)
 

Research and      development expenditure
  
 (1,237)
 -
 (1,237)
 (2,331)
 (3,010)
 

Amortization and      impairment        charges in respect of goodwill  
  
      (503      )
       (4,083      )
       (4,586      )
       (5,922      )
      (21,431      )
 

Other administrative      expenses  
  
 (1,703)
 (874)
 (2,577)
 (5,727)
 (6,792)
 

Total administrative      expenses  
  
 (3,443)
 (4,957)
 (8,400)
 (13,980)
 (31,233)

**OPERATING      LOSS  **
 3  
 (4,269)
 (4,956)
 (9,225)
 (16,066)
 (34,737)
Share of operating      loss        of associated undertaking  
  
  
  
       -
      (46      )
      (63      )

**TOTAL OPERATING      LOSS  **
  
 (4,269)
 (4,956)
 (9,225)
 (16,112)
 (34,800)
Profit on disposal      of operations  
  
 -
 3,568
 3,568
 -
 -

**LOSS ON ORDINARY      ACTIVITIES      BEFORE INTEREST AND TAXATION  **
  
      (4,269      )
      (1,388      )
      (5,657      )
      (16,112      )
      (34,800      )
Interest      receivable  
  
  
  
 76
 260
 373
Interest payable        and similar charges  
      5  

      (225      )
       (327      )
       (204      )

**LOSS ON ORDINARY      ACTIVITIES      BEFORE TAXATION  **
  
  
  
       (5,806      )
      (16,179      )
      (34,631      )
 

Tax on ordinary      activities  
 6  

 305
 126
 -

**LOSS FOR      THE YEAR**(1)  
  
  
  
 (5,501)
 (16,053)
 (34,631)

Loss per share -        basic and diluted (pence)  
       7  

       (6.3)p
       (19.4)p
       (76.2)p

_____________

(1)  
A summary of the      significant adjustments to the loss for the year that would be required if      United States generally accepted accounting principles were to be applied      instead of those generally accepted in the United Kingdom is set out in      Note 21 of Notes to the Financial Statements.
*See accompanyingNotes*

 

F-2

**SOPHEON plc**

**CONSOLIDATEDSTATEMENT OF TOTAL RECOGNIZED GAINS AND LOSSES**

 

*Year ended 31      December  *
* 2003*
* 2002*
* 2001*
*  *
* £'000*
* £'000*
* £'000* 
Loss for the      year  
 (5,501)
 (16,053)
 (34,631)
Exchange difference      on retranslation        of net assets of subsidiary undertakings  
       88
       75
       31
Total recognized      gains and losses relating to the year  
 (5,413)
 (15,978)
 (34,600)
_________

The statement ofcomprehensive loss required under United States generally accepted accountingprinciples is set out in Note 21 of Notes to the Financial Statements

*See accompanyingNotes*

 

F-3

**SOPHEON plc**

**CONSOLIDATED BALANCESHEET**

*At December      31  *
* Notes  *

* 2003*

* 2002*

*  *
*  *

*£'000*

* £'000*

* *

**FIXED ASSETS**

Intangible assets           Goodwill  
 8  

 440

 5,091

          Less: Negative goodwill  
 8  

 -

 (166
)

  
  

  
  

 440

 4,925

Tangible fixed      assets  
 9  

 195

 900

  

  
  

 635

 5,825

**CURRENT      ASSETS**  
  

  

 

Debtors  
 12  

 1,159

 2,660

Cash at bank and in      hand  
 13  

 878

 3,355

  
  

  
  

 2,037

 6,015

 
**CREDITORS:**amounts      falling due within one year  
 14  

 (1,996
)
 (6,332
)

  
  

**NET CURRENT      ASSETS/(LIABILITIES)  **
  

 41

 (317
)

  
  

**TOTAL ASSETS LESS      CURRENT LIABILITIES  **
  

 676

 5,508

 
**CREDITORS:**amounts      falling due after more than one year      6% Convertible Loan Stock 2005  
       15  

       (2,561
      )
       (2,569
      )
 
**PROVISIONS      FOR LIABILITIES AND CHARGES**  
 16  

 - |