systems union group plc
annual report and accounts 2004 £8667
£10369
02
03
£5073
£7894
02
03
£14212 04
£74631
£78427
£104230
02
03
04
78p
93p
110p
02
03
04 £12141 04
major highlights of 2004
 adjusted earnings increased to £111 million from £90 million up 23
 adjusted eps of 110p up 18
 revenue of £1042 million up 33
 ebitda from ongoing activities of £142 million up 37
 cash generation strong operating cash flow for the year of £121 million up 54
 final dividend of 15p proposed giving a total of 20p for the year 2003 10p
 acquisition of lasata pty ltd ncsoft limited and quantum accounting limited
revenue increased by 
33 to £1042m
ebitda rose by 
37 to £142m
cash generation rose by 
54 to £121m
eps rose by 
18 to 110p
corporate statement
systems union group plc provides a comprehensive global portfolio of financial and
performance management solutions
the company which is listed on the alternative investment market aim of the london
stock exchange is committed to growth and to the continual development of solutions 
that improve an organisation’s ability to produce consolidate analyse and report financial 
and wider management information in addition its solutions enable today’s organisations 
to adopt a proactive approach to budgeting planning and forecasting processes crucial for 
the future success of any business
the group’s objective to remain the world’s leading midmarket provider of financial and
performance management solutions is supported by its expanding portfolio of truly global
products its global scale and its global reach this is combined with an international team
of staff and management and the financial resources necessary to further drive the business 
and its success areas of operation
as one of the uk’s leading developers
of web sites and ecommerce systems
redtechnologycom offers a number
of complementary services including
24x7 hosting online marketing and
reporting capabilities to small and
medium sized companies the
company has around 400 customers
across a diverse range of markets
including the retail publishing media
and technology sectors
systems union offices
partners offices
founded 20 years ago foundation
systems specialises in the supply
implementation and support of
integrated financial and business
management solutions based around
sunsystems software over 500
midmarket organisations in both the
private and public sectors benefit
from foundation’s proven track
record in the design delivery and
support of functionally rich solutions
that address the needs of today’s
business rapidly reliably and
cost effectively 
over 100000 end users throughout
the uk benefit from pegasus accounting
and business software solutions opera ii
pegasus payroll xrl capital gold and
pegasus instant messenger are delivered
to small and medium sized businesses
through a network of over 130 pegasus
certified partners and through systems
union offices around the world
ncsoft is the author of a range
of webbased applications for
eprocurement employee expenses
and time recording and resource
management it has customers across
a wide range of sectors including
professional services finance banking
public sector pharmaceuticals utilities
and manufacturing  
systems union at a glance
today systems union group plc comprises sunsystems vision
mis pegasus ncsoft redtechnologycom and foundation
systems the group delivers its financial and performance
management solutions to over 50000 customer sites in 194
countries around the world via its network of 46 corporate
offices in 19 countries and 500 reseller partners in 73 countries
sunsystems is a flexible financial and
performance management software
solution used by a quarter of the
fortune 500 and 75 of the ftse100
the sunsystems solution is available in
30 languages and it has the depth and
breadth of functionality to effectively
manage operations both locally and
globally during the last 20 years
sunsystems has been implemented
in over 18000 sites with in excess
of 100000 end users
sunsystems offers a unique
combination of flexible transactional
processing powerful realtime
reporting and analysis capabilities
together with integrated business
analytics including planning budgeting
and forecasting
the sunsystems proposition comprises
a globally deployable solution with
rapid implementation flexibility
scalability and a low total cost of
ownership and it has become a leading
offering for mid market organisations
across the world
the vision suite is a unique suite
of management reporting analytical
processing scheduling and alerting
with over 100000 end users in
158 countries the vision suite enables
users to rapidly and cost effectively
generate reports and analyse data
from financial and other operational
systems in realtime
mis is a suite of business intelligence
and performance management
solutions that help companies exploit
data locked in their financial and
operational systems over 30000 end
users globally use mis solutions to help
plan budget forecast consolidate and
manage their enterprise wide reporting
and analysis needs
the mis proposition is based on a
rapid implementation capability and
underpinned by the flexibility to extend
the solution to address a wide range of
business requirements all based on the
same underlying framework
coverqxd  09032005  1700  page 2 systems union group plc annual report and accounts 2004 1
ifc corporate statement
ifc major highlights of 2004
ifc systems union group at a glance
ifc areas of operation
2 chairman’s statement
3 chief executive officer’s review
12 global solutions operations and infrastructure
16 directors and advisers
17 directors’ report 
19 statement of directors’ responsibilities
20 remuneration report
21 corporate governance
23 independent auditors report
24 consolidated profit  loss account
25 consolidated balance sheet
26 company balance sheet
27 consolidated cash flow statement
28 consolidated statement of total recognised 
gains  losses
28 reconciliation of movement in shareholders’ funds
29 notes to the accounts
44 notice of annual general meeting
contents
0sysarf04qxd  09032005  1651  page 1 2 systems union group plc annual report and accounts 2004
chairman’s statement
review
the enlarged group has significantly
increased its modus operandi from the
original business model with revenue
of £06 million in 1999 to £1042 million
in 2004 this corporate growth is the
direct result of the change in senior
management in 2000 and the transition
away from the original business model
that was listed on the alternative
investment market of the london stock
exchange in december 1999 the
subsequent growth and considerable
improvement to both cash generation
and profitability has been achieved by
strategic acquisition and a clear focus
on all operations
today we are the proud owners and
operators of some of the best branded
products on the global stage with a
very powerful business in financial and
performance management we can now
sell distribute and implement high quality
software solutions in three prime activities
of financial management reporting and
performance management that can be used
on a stand alone basis or in conjunction
with other software applications
following three years of consolidation
of our financial management businesses
and our entry in december 2003 to
the business analysis and performance
management software markets with the
purchase of mis ag we entered 2004
with optimism the group further
strengthened its intellectual property
portfolio with the acquisition of lasata
software and ncsoft during the year
which added dynamic reporting and
analysis together with a range of
business management solutions
the combination of these businesses and
the adoption of our open environment
are of considerable future value the
benefits of the wider business focus
of the group are already apparent and
will continue to benefit all stakeholders
as the synergies within the product
brands in the systems union portfolio
are promoted and realised spending
on a cohesive research and development
agenda and global support infrastructure
continues to underline the importance
the company places on maintaining its
position as the leading global vendor of
financial and performance management
solutions in its chosen market place
results
the group has continued to grow and
improve its operations and profitability
by acquisition and by investing in its
existing businesses 
group revenues grew by 33 per cent
from £784 million in 2003 to £1042
million in 2004 earnings before interest
tax depreciation and amortisation of
intangibles for ongoing activities grew
by 37 per cent to £142 million from
£104 million 
adjusted earnings as defined in the notes
to the financial statements increased
by 23 per cent to £111 million from
£90 million in 2003 similarly adjusted
earnings per share increased by 18 per
cent to 110p compared to 93p in 2003
dividend
as a result of the group’s ongoing success
the board is delighted to announce that it
is proposing an increase in overall dividends
for the year to 20p 2003 10p a final
dividend of 15p is proposed in addition
to the interim dividend of 05p
already paid payment will be made
on 26 may 2005 to shareholders on
the register on 22 april 2005
senior personnel
tony sweet the chief financial officer
will be leaving the group with effect
from 30 june 2005 to pursue other
opportunities a new finance director will
be appointed in due course we would
like to thank tony for his contribution to
the company for the past two years and
wish him every success for the future
outlook
the group now has an extensive global
presence and product profile we remain
committed to growth both organically
and by acquisition and to the continued
enhancement of shareholder value
bob morton
chairman
28 february 2005
after a period of consolidation and strategic investment
in new businesses systems union now has an unrivalled
portfolio of financial and performance management solutions
making it one of the leading global midmarket business
software vendors the group is well positioned to meet
the challenges of 2005 and beyond
0sysarf04qxd  09032005  1651  page 2 2004 2003
£’000 £’000
adjusted earnings 11095 9027
amortisation – goodwill 5224 3855
restructuring and similar charges 1946 —
profit on sale of fixed asset investment — 500
unadjusted earnings 3925 5672
systems union group plc annual report and accounts 2004 3
chief executive officer’s review
systems union is committed to growth with its comprehensive
portfolio of financial and performance management solutions
an extensive network of 46 offices in 19 countries 500 reseller
partners in 73 countries and over 50000 customer sites in 194
countries the group has extensive global reach global scale
and global solutions
we have continued our strategy of
making acquisitions to complement and
expand the group’s product portfolio
in june we acquired lasata an australian
based provider of realtime reporting
and analysis software solutions in that
month we also acquired ncsoft in the
uk a specialist author and provider of
webbased applications for procurement
time management and expenses
automation in december 2004 the
group acquired quantum accounting
in ireland which has now undergone
major highlights of 2004


Summary:
 systems union group plc
annual report and accounts 2004 £8667
£10369
02
03
£5073
£7894
02
03
£14212 04
£74631
£78427
£104230
02
03
04
78p
93p
110p
02
03
04 £12141 04
major highlights of 2004
 adjusted earnings increased to £111 million from £90 million up 23
 adjusted eps of 110p up 18
 revenue of £1042 million up 33
 ebitda from ongoing activities of £142 million up 37
 cash generation strong operating cash flow for the year of £121 million up 54
 final dividend of 15p proposed giving a total of 20p for the year 2003 10p
 acquisition of lasata pty ltd ncsoft limited and quantum accounting limited
revenue increased by 
33 to £1042m
ebitda rose by 
37 to £142m
cash generation rose by 
54 to £121m
eps rose by 
18 to 110p
corporate statement
systems union group plc provides a comprehensive global portfolio of financial and
performance management solutions
the company which is listed on the alternative investment market aim of the london
stock exchange is committed to growth and to the continual development of solutions 
that improve an organisation’s ability to produce consolidate analyse and report financial 
and wider management information in addition its solutions enable today’s organisations 
to adopt a proactive approach to budgeting planning and forecasting processes crucial for 
the future success of any business
the group’s objective to remain the world’s leading midmarket provider of financial and
performance management solutions is supported by its expanding portfolio of truly global
products its global scale and its global reach this is combined with an international team
of staff and management and the financial resources necessary to further drive the business 
and its success areas of operation
as one of the uk’s leading developers
of web sites and ecommerce systems
redtechnologycom offers a number
of complementary services including
24x7 hosting online marketing and
reporting capabilities to small and
medium sized companies the
company has around 400 customers
across a diverse range of markets
including the retail publishing media
and technology sectors
systems union offices
partners offices
founded 20 years ago foundation
systems specialises in the supply
implementation and support of
integrated financial and business
management solutions based around
sunsystems software over 500
midmarket organisations in both the
private and public sectors benefit
from foundation’s proven track
record in the design delivery and
support of functionally rich solutions
that address the needs of today’s
business rapidly reliably and
cost effectively 
over 100000 end users throughout
the uk benefit from pegasus accounting
and business software solutions opera ii
pegasus payroll xrl capital gold and
pegasus instant messenger are delivered
to small and medium sized businesses
through a network of over 130 pegasus
certified partners and through systems
union offices around the world
ncsoft is the author of a range
of webbased applications for
eprocurement employee expenses
and time recording and resource
management it has customers across
a wide range of sectors including
professional services finance banking
public sector pharmaceuticals utilities
and manufacturing  
systems union at a glance
today systems union group plc comprises sunsystems vision
mis pegasus ncsoft redtechnologycom and foundation
systems the group delivers its financial and performance
management solutions to over 50000 customer sites in 194
countries around the world via its network of 46 corporate
offices in 19 countries and 500 reseller partners in 73 countries
sunsystems is a flexible financial and
performance management software
solution used by a quarter of the
fortune 500 and 75 of the ftse100
the sunsystems solution is available in
30 languages and it has the depth and
breadth of functionality to effectively
manage operations both locally and
globally during the last 20 years
sunsystems has been implemented
in over 18000 sites with in excess
of 100000 end users
sunsystems offers a unique
combination of flexible transactional
processing powerful realtime
reporting and analysis capabilities
together with integrated business
analytics including planning budgeting
and forecasting
the sunsystems proposition comprises
a globally deployable solution with
rapid implementation flexibility
scalability and a low total cost of
ownership and it has become a leading
offering for mid market organisations
across the world
the vision suite is a unique suite
of management reporting analytical
processing scheduling and alerting
with over 100000 end users in
158 countries the vision suite enables
users to rapidly and cost effectively
generate reports and analyse data
from financial and other operational
systems in realtime
mis is a suite of business intelligence
and performance management
solutions that help companies exploit
data locked in their financial and
operational systems over 30000 end
users globally use mis solutions to help
plan budget forecast consolidate and
manage their enterprise wide reporting
and analysis needs
the mis proposition is based on a
rapid implementation capability and
underpinned by the flexibility to extend
the solution to address a wide range of
business requirements all based on the
same underlying framework
coverqxd  09032005  1700  page 2 systems union group plc annual report and accounts 2004 1
ifc corporate statement
ifc major highlights of 2004
ifc systems union group at a glance
ifc areas of operation
2 chairman’s statement
3 chief executive officer’s review
12 global solutions operations and infrastructure
16 directors and advisers
17 directors’ report 
19 statement of directors’ responsibilities
20 remuneration report
21 corporate governance
23 independent auditors report
24 consolidated profit  loss account
25 consolidated balance sheet
26 company balance sheet
27 consolidated cash flow statement
28 consolidated statement of total recognised 
gains  losses
28 reconciliation of movement in shareholders’ funds
29 notes to the accounts
44 notice of annual general meeting
contents
0sysarf04qxd  09032005  1651  page 1