annual report
 accounts 2012
statpro group plc
20
60
100
140
dec 07 dec 08 dec 09 dec 10 dec 11 dec 12
aim all share
statpro group plc
share performance

revenue
£millions
adjusted ebitda
£millions
3200
3172
673
612
2012
2011
2012
2011
statpro revolution annualised
recurring revenue 
 increase in year
100 200
0
234
2012 highlights
300 statpro is a global provider of 
portfolio analytics for the 
investment community  
we aim to become the leading supplier of portfolio analytics in the world
we aim to extend the use of portfolio analytics to every part of every business involved  
in portfolio management or distribution our mission is to provide this analysis in  
a sophisticated yet simple way that is useful as well as secure 
it should enable investment managers to do more faster and for less
portfolio analysis provided by statpro utilises cloudbased software and almost 20 years of expertise 
statpro seven provides detailed portfolio analytics for the front and middle office in 2012 our efforts 
were focused on statpro revolution our cloudbased portfolio analytics platform which enables 
analysis of portfolio performance attribution and risk through detailed and accurate data visual charts 
and reports today our clients access this analysis with a simple log on or through a fund administrator
partner in 2013 our focus includes statpro revolution plus ‘r’ which will replace statpro seven 
statpro has grown its annualised recurring revenue from less than £1 million in 1999 to just under 
£30 million at end december 2012 and currently enjoys a renewal rate of approximately 93 statpro 
floated on the london stock exchange in may 2000 and transferred its listing to aim in june 2003  
the group has operations in europe north america south africa asia and australia and around  
350 clients in 30 countries around the world approximately 80 of recurring revenues are  
generated outside the uk 
to access this report online visit wwwstatprocominvestors
business review
1 2012 highlights
2  at a glance
4  statpro strategy 
6  market overview 
8 chairman’s statement 
9  chief executive’s review 
12  chief executive’s qa
14  financial review
20  our people 
22  operational review
24  marketing strategy
25  sales and partnerships
26  product strategy
financial statements
44 independent auditor’s 
 report
46 group income 
statement
46 group statement of 
comprehensive income
47 balance sheets
48 statement of cash flows
49 group statement 
of changes in 
shareholders’ equity
50 company statement 
of changes in 
shareholders’ equity
51 notes to the financial 
statements
81 five year record
82 financial calendar
83 directors and advisers
ibc statpro office locations
governance
28  board of directors
30 directors’ report
33 principal risks and 
uncertainties
36 corporate governance
40 remuneration report 1
business reviewgovernancefinancial statements
20
60
100
140
dec 07 dec 08 dec 09 dec 10 dec 11 dec 12
aim all share
statpro group plc
share performance

revenue
£millions
adjusted ebitda
£millions
3200
3172
673
612
2012
2011
2012
2011
statpro revolution annualised
recurring revenue 
 increase in year
100 200
0
234
2012 highlights
300
2012 highlights
2012 2011 change
revenue £3200 million
£
3172 million 1
profit before tax £378 million
£
386 million 2
adjusted ebitda

£673 million
£
612 million 10
annualised recurring contract revenue  
constant currency

£2952 million
£
2845 million 4
contract renewal rates 93 92 
cash flow from operating activities  
before exceptional items £1018 million
£
1037 million 2
net cashnet debt £367 million 
£
340 million 
earnings per share – basic 43p 48p 10
  – adjusted

59p 57p 4
dividend per share – total for year 27p 26p 4
 total shareholder return see page 41
 adjusted ebitda and adjusted earnings per share are ebitda and earnings per share after adjustment for amortisation of acquired intangible assets  
share based payments and exceptional items notes 3 and 10
 annualised recurring contract revenue is the annual value of revenue contractually committed at year end comparative is at constant currency
highlights
• good progress made in transitioning from traditional software to cloudbased software business
• statpro revolution annualised recurring revenue more than trebled to £151 million at 31 december 2012 2011 £045 million

 
• statpro revolution customer number increased to 156 at year end 2011 50 
• statpro revolution now has 21 fund administrator partners 2011 10 a key target market for the service including six of the  
major operators 2011 1 
• successful placing completed in november 2012 raising £581 million net of expenses 2
business review  governance  financial statements
austria belgium denmark finland france
germany ireland italy liechtenstein
luxembourg netherlands norway spain
sweden switzerland uk
 client locations
at a glance
global overview
statpro office
locations
133
selling distribution and
client services
78
research
and development 
42
operations management
and administration 
statpro employees

emeaa
in the emeaa region revenue increased 
by 3 at constant currency 2 lower  
at actual rates
revenue was
£
201 million
2011 £204 million 
north
america
in the north american region revenue 
increased by 5 at constant currency 
5 higher at actual rates
revenue was
£
119 million
2011 £113 million 
statpro london
united kingdom
statpro paris
france
statpro frankfurt
germany
statpro milan
italy
statpro luxembourg
luxembourg
statpro sydney
australia
statpro cape town
south africa
statpro hong kong
hong kong
statpro boston
united states
statpro montreal  toronto
canada
 average numbers in 2012 3
austria belgium denmark finland france
germany ireland italy liechtenstein
luxembourg netherlands norway spain
sweden switzerland uk
13
31
36
20
1
 annualised contract value
by client type

 annualised contract value
by region

4
7
9
18
61
emeaa
 united kingdom
 continental europe
 rest of the world
 
 north america
 asset managers
 administrators  custodians
 pension funds
 insurance and other
 private  retail banks
 data vendors
at 31 december 2012
2012 milestones
january 
fixed income analysis added 
to statpro revolution
april 
development activity focused  
on cloud technology
june 
statpro revolution clients  
reach 100
july 
two of the world’s largest  
custodian banks subscribe for  
statpro revolution bringing  
channel partner clients to 10
portfolio aggregation and 
multilingual reports launched  
within statpro revolution
september 
statpro holds cloud summit in london 
to share r development plans and 
announce statpro revolution has been 
enhanced with over 250 bond prices
october 
statpro and linedata 
announce partnership
november 
50th release of statpro revolution 
with the inclusion of options and otc 
derivatives coverage
december
statpro revolution clients reach 156 
and distribution partners reach 21
statpro revolution
main dashboard 4
business review  governance  financial statements
statpro strategy
we aim to become the leading supplier of portfolio 
analytics in the world we also aim to extend the use 
of portfolio analysis to every business involved in 
portfolio management we will achieve this through 
three strategic routes
1
 partnerships 
distribution and product
distribution partners
over the next three to five years 
we will expand our network of fund 
administrators and other partners 
that can sell portfolio analysis services 
to their clients this will increase our 
sales capacity significantly as we can 
leverage the existing relationships 
that these partners already have with 
asset managers of all types mutual 
funds hedge funds pension funds 
private wealth family offices corporate 
accounts and insurance companies 
the key to success is the automation of 
portfolio data feeds from our partners 
to statpro revolution making this 
process simple and comprehensive will 
help us remove barriers to sales and 
help our growth this process is already 
proving its worth with a number of our 
partners who have already automated 
the “onboarding” of new clients
product partners
the more services data and applications 
we can supply in the statpro revolution 
app store online store which sells 
additional products  ‘apps’ the 
more reasons there will be for users 
to subscribe to the service the more 
clients and portfolios we have in statpro 
revolution the greater the opportunity 
for any potential partner to sell their 
services through our platform this 
mutually beneficial symbiotic relationship 
is underpinned by our openness and 
transparency with respect to partners and 
clients the first steps towards achieving 
this are in place with a data module from 
interactive data corporation ‘idc’ and 
an index module from russell indexes 
2
 migrating statpro 
seven clients to statpro 
revolution and statpro 
revolution plus r
statpro seven will be replaced with a 
combination of statpro revolution and r 
r will be launched as a beta in july 2013 
and will be fully functional by the end of 
2014 however existing clients of statpro 
seven can already reap the benefits of 
statpro revolution to improve their client 
communications sales and governance 
of portfolios we aim therefore to cross
sell statpro revolution to as many of 
our existing clients of statpro seven as 
possible as an addon sale as our clients 
get a taste for the benefits of statpro 
revolution and its ease of use so we hope 
that they will be happy to migrate to r 
which will replace statpro seven fully
the combination of statpro revolution 
and r will greatly improve our clients’ 
productivity not only will their total cost 
of ownership drop dramatically but they 
will be able to increase the level of service 
they offer their clients greatly with 
online ondemand performance analysis 
and super efficient data management
3
 increase the usage of 
statpro revolution and the 
number of portfolios 
purchased
our development plans include the 
improvement of the sharing functionality 
to encourage fund managers to share 
their portfolios with partners and clients 
a fund manager might share his portfolios 
with a pension fund a pension consultant 
a fund of funds manager a private bank 
an advisor or a client each time one of 
these partners gains access to statpro 
revolution so there is a potential for 
that partner to consider subscribing to 
statpro revolution themselves it is this 
process that could help spread sales of 
statpro revolution to prospects to whom 
we would not otherwise have easy access   5
increase the use of sharing
by increasing the use of the advanced 
sharing functionality clients will be 
able to share their portfolios internally 
with colleagues and externally with 
their clients internally users can 
share with the legal team the sales 
and marketing departments and the 
board to improve transparency and 
communication on the portfolio and its 
performance clients are demanding 
greater transparency too money 
managers can share their performance 
externally as well the more a portfolio 
is shared with people inside and outside 
the client’s company the more likely 
we are to receive follow up orders 
simplifying our processes
by providing a comprehensive integration 
guide for our partners and their sales 
teams sales of statpro revolution will 
increase globally we offer sophisticated 
analytics and our partners need 
our support and help to sell it by 
documenting a tried and tested process 
as well as offering training and support 
we can help our partners sell more with 
the standardisation of statpro revolution 
we have an opportunity to rethink and 
standardise how we support our clients 
globally we have also simplified our 
sales process to reflect the fact that we 
are now promoting just one service 
statpro revolution this will mean 
that we can expand our sales force 
and standardise our sales training
development of statpro 
revolution and r 
our vision is in three parts making 
statpro revolution better building r to 
be the ultimate tool for data management 
and enabling data partners to join us as 
discussed above together this makes 
a pretty compelling proposition we’ve 
learnt much from providing statpro 
revolution as a cloudbased service so 
we are combining all the best features 
from statpro seven with the cloud finally 
with paas platform as a service we 
can enable data and analytics providers 
to offer our customers a wider range 
of solutions as a result of the placing 
in november 2012 we can invest more 
and speed up this development
marketing 
in 2013 we will continue to promote our 
message about statpro revolution “more 
faster for less” to as many people as 
possible via the web conferences white 
papers pr and advertising statpro 
revolution’s name brand and message 
are all designed to stand out from the 
crowd and get noticed we continue to 
receive positive feedback that this singular 
and consistent message is working
training
to encourage usage of statpro revolution 
we aim to train as many people as 
possible within each client organisation 
with a little training individuals will learn 
how to incorporate statpro revolution 
into their daily work flow and so spread 
the word we hope this will increase the 
number of portfolios clients subscribe to 
and keep them renewing year after year 
our tactics
page 9
read more about our data partners and product strategy 6
business review  governance  financial statements
  
                       code  return
 
fr1   677
          729
                      521
                  1222
 274
                621
                134
                
account european equities  
period 31072008  15092008  
                       
 
total   
    equities europe           
       france                 
          oil and gas        
          utilities  
          financials 
          technology
outsourced
market overview
our geographical spread has ensured the company’s 
success as we share market knowledge and client 
feedback across territories 
statpro is proud to be agile and flexible enough to add relevant and timely features to 
statpro revolution to suit our clients’ and investors’ needs this is important as there 
are different regulations in each country as well as varying demand for outsourcing and 
cloudbased solutions the following topics pervade the market we operate in today
transparency
as the impact of the credit crisis 
continues clients’ trust in their fund 
manager has fallen and the demand for 
greater transparency has increased if 
the fund manager cannot provide this 
transparency through more detailed 
more accurate easier to understand 
analysis and reports clients’ assets can 
easily be moved to another fund manager 
in order to preserve wealth and acquire 
new business the fund manager needs 
to have access to analysis whenever 
and wherever they are to satisfy client 
demand as this drive for transparency 
builds momentum in the industry the 
requirement for increased oversight 
rises too with statpro revolution 
because it’s cloudbased the fund 
manager can access his analysis online 
at any time ensuring he can provide an 
up to date dialogue with his clients
increased regulation
governance
statpro constantly reviews the latest 
regulations that affect our clients 
and partners to ensure our product 
development and marketing message are 
current and relevant to the challenges 
experienced in the marketplace
in 201213 ucits iv undertakings for 
collective investment in transferable 
securities and aifmd alternative 
investment fund managers directive are 
the big issues affecting the investment 
community the aim of aifmd is to reduce 
and manage exposure to illiquid assets 
and also to ensure that appropriate 
checking measures and contingency 
plans are in place ucits iv introduces 
five key modifications requiring fund 
managers to undertake a strategic review 
of their product range and management 
structure there are also compulsory 
measures to enhance investor protection 
as we develop our cloudbased products 
we are monitoring these regulations 
to ensure statpro revolution and r 
provide features that help our users 
manage risks when investing in illiquid 
stocks as well as providing accurate 
transparent analysis and reporting
competition
we divide our competition into 
three types 
a system providers – with back middle 
and front office capabilities these large 
players may have the components 
needed to compete with statpro the 
data the software and the means to 
acquire or build the analytics packages 
however the technology used by these  7
competitors is similar to statpro seven 
and is superseded by the new cloud
based technology the new technology 
also permits us to develop new features 
and deliver them far more efficiently 
than in the past we believe it would take 
a number of years for system providers 
to build analysis that can comply with 
market regulations such as ucits and 
aifmd by partnering with industry 
giants such as td ameritrade statpro 
can access a wider net of clients such 
as td veo
®
 users and they in turn can 
improve their analytics packages 
b data and analytics providers –  
provide complete solutions and are a 
greater threat to statpro revolution 
than the system providers however 
the underlying technology is also much 
older and so less flexible to develop 
more importantly the price point of 
these solution providers is much higher 
than statpro revolution by partnering 
with data providers such as idc statpro 
is able to give our clients access to 
more prices through a onestopshop 
environment and immediately “plug” 
new data into their portfolios for more 
accurate performance and risk analysis 
c start ups – have the advantage of 
using the latest technology but the 
disadvantage that they lack scale it 
is also unlikely that they can boast 
such a wide asset coverage as statpro 
revolution it is quite likely that we would 
seek to partner with many startups as 
this would fit our open platform model 
most start ups we have come across are 
focused on the private wealth market 
outsourcing
fund managers will continue to focus 
on managing money and so look to 
outsource any process that can be done 
as well or better by someone else fund 
administrators are ideally placed to 
fulfil this role but they generally lack 
the required expertise in analytics 
by partnering with statpro they can 
create a powerful outsourcing offer 
to their clients by combining data 
management with our cloudbased 
technology to deliver a superior service
adoption of the cloud
a year ago statpro had to explain to 
some clients and partners what “the 
cloud” is and indeed what the benefits 
are concerns included cost accessibility 
and security today when speaking to 
clients demonstrating statpro revolution 
at exhibitions or presenting at shows 
we have often found the audience is 
now expecting a cloudbased product 
and more often than not is proactively 
seeking an online solution we expect 
this trend to continue in 2013
page 26  27
read more about statpro’s
product development to address
the latest regulations
page 9
find out more about how we’re
working with our partners
statpro cloud summit
london 13 september 2012 8
business review  governance  financial statements
chairman’s statement
in the midst of a perfect storm of increased regulation 
higher costs making market outperformance alpha 
more challenging statpro revolution is ideally placed  
to help 
progress
i am pleased to report that your company 
increased total annualised recurring 
revenue by 4 to £295 million 2011 
£285 million at constant currency 
including a greatly increased contribution 
from statpro revolution of £15 million 
2011 £05 million total revenue 
increased by 1 to £320 million 2011 
£317 million and despite continued 
expenditure on statpro revolution 
adjusted profit before tax increased by 
14 to £50 million 2011 £44 million
financing
your company raised £58 million net 
of expenses in a placing in november 
2012 and combined with another year 
of strong operating cash flow the group 
had net cash of £37 million at year end 
2011 net debt of £34 million the 
purpose of raising further equity was 
to allow increased investment in cloud 
services your board believes that statpro 
revolution has immense potential with 
‘first mover’ advantage and the plan 
is to capitalise on this opportunity 
dividend
your board is proposing a final dividend of 
19p per share for 2012 payable on 22 may 
2013 to all shareholders on the register 
at the close of business on 26 april 2013 
taking the total dividend to 27p per share 
2011 26p an increase of 4 we intend 
to maintain a progressive dividend policy
products
in 2012 total research and development 
expenditure was £42 million 2011 
£50 million representing 13 of group 
revenue although total research and 
development expenditure decreased by 
17 following your board’s decision to 
develop solely cloudbased solutions 
research and development expenditure 
increased for statpro revolution and 
statpro revolution plus the cloud 
upgrade path for statpro seven the 
total cash expenditure on statpro 
revolution including marketing and 
other costs incurred in 2012 amounted 
to £37 million 2011 £33 million
corporate governance
as previously announced charles 
fairbairn resigned from the board of 
directors with effect from 31 december 
2012 charles has been a nonexecutive 
director of statpro since april 2000 
and helped prepare the company for 
its stock market flotation successfully 
achieved in may 2000 i would like to 
express my deep gratitude to charles for 
his contribution advice and invaluable 
support over these past 12 years and wish 
him well in his other business ventures 
i was delighted to welcome jane tozer 
obe mbe to the board on 1 october 
2012 jane brings with her a wealth 
of experience in both large and small 
companies the asset management and 
software industries jane was appointed 
chairman of the audit committee 
with effect from 1 january 2013 
people
in what has been a transformational 
year for your company our employees 
have again done a fantastic job and 
i take this opportunity to thank 
them for their contribution to this 
transformation and for ensuring that 
the objectives of both the company 
and of our clients are achieved 
prospects
the asset management industry in 
its broader sense including asset 
owners asset managers advisors 
administrators and custodians is in the 
midst of a perfect storm of increased 
regulation reducing fees higher costs 
greater demands for transparency 
increased global competition making 
market outperformance ‘alpha’ more 
challenging your company with its 
statpro revolution service is ideally 
placed to provide solutions to the 
asset management industry to help 
cope with this storm i look forward 
to capitalising on statpro revolution’s 
undoubted appeal in 2013
carl bacon
chairman
14 march 2013
carl bacon 9
chief executive’s review
we believe we will see growth in statpro revolution 
sales from direct efforts growing our network of 
partners and from the viral effect of people sharing 
portfolio access with others
we are pleased with the excellent 
progress made in 2012 towards our 
strategy of becoming a purely cloud
based analytics service provider the 
existing business has continued to provide 
us with a strong profitable platform 
from which we can drive statpro forward 
capitalising on cloud computing to enter 
new regions and market tiers as well as 
revitalise our existing customer base 
by the end of the year statpro revolution 
our cloudbased portfolio analysis 
service was being used by over 156 
organisations in 22 countries 2011 
9 we have successfully completed the 
switchover of development work from 
statpro seven to statpro revolution and 
begun development of r to be launched 
in mid2013 as a beta allowing upgrades 
over the next three to five years
the cloudbased nature of statpro 
revolution means it can be shared 
between colleagues businesses and 
customers we are confident that with 
the 21 fund administrators signed up as 
partners by the year end we are now 
on the verge of seeing the start of a 
‘network effect’ with each new customer 
of the service potentially driving uptake 
by others we therefore believe the 
outlook for statpro to be positive
financial highlights
we are pleased to report that revenue 
for 2012 increased to £3200 million 
2011 £3172 million and adjusted 
ebitda increased by 10 to £673 
million 2011 £612 million taking 
into account exceptional costs of £098 
million 2011 nil due to the restructuring 
in january 2012 profit before tax was 
down 2 at £378 million 2011 £386 
million cash flow from operations 
before exceptional items was also 
strong at £1018 million 2011 £1037 
million and following a successful 
placing in november 2012 net cash was 
£367 million at the end of december 
2012 2011 net debt £340 million 
adjusted earnings per share was up 4 
to 59p 2011 57p and the board has 
recommended an increase in the dividend 
of 4 for the year to 27p 2011 26p
other kpis that improved in 2012 include 
the contract renewal rate increasing to 
93 2011 92 and annualised recurring 
contract revenue up 4 on a constant 
currency basis to £2952 million as 
the group is going through a complex 
transformation of technology platforms 
this is a pleasing result in early 2012 we 
took the decision to focus all active sales 
efforts on our new cloudbased service 
statpro revolution rather than statpro 
seven the result has been a marked 
increase in sales of statpro revolution in 
2012 with annualised recurring revenues 
rising over 200 at constant currency 
to £151 million 2011 £045 million 
and the number of clients of statpro 
revolution increasing to 156 2011 50
strategic focus
the strategic focus for statpro is to 
work with partners both for distribution 
channels and for upselling additional 
products our secondary focus is to 
migrate our existing clients of statpro 
seven to statpro revolution and r over 
the next three to five years in the short 
term progress towards that goal will be 
manifest by the proportion of our existing 
clients of statpro seven who have also 
subscribed for statpro revolution
partnerships
our strategy is to leverage the clients 
relationships and expertise of other 
companies statpro offers its own 
unique expertise in the form of statpro 
revolution and this is something that 
many companies desire but would be 
hard pressed to achieve themselves 
due to the complexity of the underlying 
technology and the access to data 
the design of statpro revolution also 
makes this a practical proposition and 
results in mutual benefits at the end 
of 2012 we had 21 companies acting 
as distributors for statpro revolution 
including six major operators
the key objective for many of our clients 
is to source as much as possible from one 
supplier it is however impossible for 
any single company to offer everything 
since mastering the required expertise in 
numerous fields becomes too complex 
this is where product partners play a 
justin wheatley 10
business review  governance  financial statements
statpro seven
clients
2013
2014
2016
2015
2012
2011
2010
statpro
revolution
plus r
statpro
revolution
launch
r launch
r beta
launch
all statpro seven
features within r 
option 1
start using statpro
revolution now
option 2
wait for certain
features first
in r
option 3
move over when
all features
fully integrated
into r
statpro
revolution
crucial role we have already partnered 
with idc to offer their data through the 
statpro revolution platform now with a 
simple click of the mouse a user can buy 
coverage of his portfolio from over 32 
million assets we have also entered into 
an agreement with russell investments 
to provide their widely popular indexes 
through statpro revolution’s app store 
uniquely charging on a per portfolio 
basis this is a significant step for an 
index vendor to take embracing statpro 
revolution’s disruptive business model 
and we are delighted to have secured 
the partnership we intend to expand 
these services further with other data 
offerings especially in the area of 
compliance and to work with a number 
of software suppliers using our new web 
application programming interface ‘api’
existing clients
for statpro’s larger clients the move to 
the cloud represents an opportunity to 
improve productivity and the quality of 
the service they provide to their clients 
we have kept up a constant dialogue 
with our clients to explain our strategy 
and objectives and this transparency 
has reaped rewards we now have a 
significant number of existing clients 
using statpro revolution and many 
more testing it clients can see that 
statpro revolution is a quantum step 
up in sophistication and a quantum 
step down in complexity we have also 
shared our plans for r which promises 
to simplify their operations even more
as statpro revolution is a platform for 
distributing analytics and statpro seven 
is a system to produce performance 
calculations this means that statpro 
revolution cannot replace statpro seven 
but it can certainly enhance it only when 
chief executive’s review continued
the migration route for statpro seven clients 11
we have all r modules in full production 
expected to be by the end of 2014 
will we be able to replace statpro seven 
fully with a cloudbased version in the 
meantime therefore we are focused 
on maximising the uptake of statpro 
revolution by clients of statpro seven
spreading the service
sharing is the key functionality that 
will drive statpro revolution sales the 
uniquely simple way of allowing a fund 
manager to share access to a portfolio 
with other people and organisations sets 
statpro revolution apart from anything 
else in the market as more and more 
people have a portfolio shared with them 
so they will become aware of statpro 
revolution the depth of analysis available 
in statpro revolution and its speed is also 
unique in its sophistication and with each 
release it is getting more sophisticated
as we emphasise the core benefits of 
the service so we hope that the product 
will become more and more desirable 
to fund managers and thus also to fund 
administrators many fund administrators 
lack specific knowledge of performance or 
risk but their larger competitors have this 
edge for them to get all that expertise 
packaged in such a simple way is a real 
benefit in addition they can generate 
additional revenues via data services 
for their clients for clients of fund 
administrators the small fee they would 
pay is well worthwhile to gain access to 
statpro revolution without having to do 
any data management several of our 
smaller fund administrator partners are 
making great use of statpro revolution 
to help sell their overall services
training and support
in order to help our many new 
distributors largely fund administrators 
we are producing a handbook that 
sets out the key methods of selling 
and supporting analytics we will be 
offering training courses for their sales 
teams to get familiar with our services 
and help them avoid potential pitfalls 
equally we will offer training courses 
for their support teams to familiarise 
them with common client queries 
we will also assist in actual sales 
processes in order to promote statpro 
revolution as much as possible
development
in 2013 we will be focusing on improving 
the sophistication of the sharing function 
and also of our compliance products 
we will launch a ucits iv module 
shortly which will target the many 
ucits funds that exist the offer greatly 
simplifies the compliance process as 
well as significantly reducing the cost 
towards the end of 2013 we plan to 
release an enhanced cloudbased risk 
module which will effectively replace 
all the current functions available in the 
risk module of statpro seven clients 
that only have the risk module of 
statpro seven will be able to upgrade 
to statpro revolution at that point
r will have its beta release in the 
middle of 2013 and we will initially target 
clients with significant numbers of small 
portfolios r is designed to handle 
massive amounts of data in an efficient 
manner it is less the brute force of 
calculation that is often the problem with 
large datasets and more the manner in 
which the user interface enables efficient 
interaction with so much data our unique 
graphical interface is specifically designed 
to allow performance teams to handle 
vastly more data far more efficiently 
than has ever been possible before
marketing
we aim to continue to promote statpro 
revolution’s strongly differentiated brand 
to increase awareness and generate 
interest in statpro revolution the new 
improved statpro store will be launched 
midyear and it will soon have additional 
modules available for purchase as the 
number of clients and products grows 
so marketing will become an increasingly 
important part of our business the 
barrier to purchase for an existing client 
of statpro revolution is significantly lower 
when it comes to an extra module than 
it is to win the client initially whilst these 
things take time to put in place 2013 
will be a year when we expect significant 
strides to be made towards building the 
underlying foundations for future success
people
i remain constantly impressed at the 
expertise and resourcefulness of the 
people that work at statpro in 2012 i have 
seen even higher levels of motivation and 
pride in working on such an ambitious 
solution like statpro revolution i would 
like to thank each employee for their 
hard work in 2012 and i look forward 
to an even more successful 2013
dividend
in line with our policy of paying a 
progressive dividend which aims 
to balance return to investors 
with our investment needs we are 
pleased to announce an increase 
in our full year dividend to 27p 
per share in 2012 2011 26p
outlook
transforming the business from one 
technology platform to another is no 
simple task but it is one that is largely 
done from a product and organisational 
perspective we believe that over the next 
two to three years we will see continued 
growth in our statpro revolution sales 
in part this will come from our direct 
efforts but increasingly it will come 
from our growing network of partners 
and also from the viral effect of people 
sharing portfolio access with each 
other as a result we remain confident 
of a successful outcome for the year
justin wheatley
chief executive
14 march 2013 12
business review  governance  financial statements
logins
logins
compliance teams
acds directors
trustees
pdfs
xls
pdfs
xls
pdfs
xls
lending
banks
outsourced
investment advisors
portfolio
managers
ceo
risk 
sales 
asset managment
companies
asset service
providers
asset service
providers
advisors
advisors
investors
investors
asset management
companies
chief executive’s qa
discussion on business and strategy with ceo
q
 what do you mean by 
doing more faster  for less
cloud computing offers a quantum leap 
forward in productivity for portfolio 
analytics clients can do more because 
we have brought together all our 
expertise in one product and added 
more functions it is faster because the 
processes that have slowed things down 
in the past have been removed or made 
so efficient that you don’t notice them 
any more and it costs less because the 
economies of scale we are able to gain 
by being cloudbased are amazing the 
gain can be a factor of 30 or more
q
 whats so important 
about sharing and what 
does this mean for the 
future of statpro
every portfolio is a network you have 
the owner of the portfolio the advisor 
the manager the regulator and other 
experts who all have an interest or 
responsibility in that portfolio so a 
fund manager shares with a pension 
fund a pension fund might share with 
a pension consultant a fund of fund 
manager shares with private wealth 
companies private wealth companies 
will share with their clients each needs 
to do this in a safe and secure way and 
statpro revolution does it brilliantly
how statpro revolution
allows sharing internally 
and externally across 
organisations 13
q
 what benefits can 
existing clients get from 
statpro revolution today
statpro revolution provides a wonderful 
method of communicating with your 
clients as well as with other people in your 
business statpro seven was designed to 
produce analysis not really to distribute 
it do you remember when we used to 
get monthly printed bank statements 
only by post now we can just go online 
and see our account the same benefits 
are now available for portfolio analysis 
and our clients of statpro seven will 
find it easy to add statpro revolution 
and start reaping those benefits now
q
 what makes statpro 
different
i think it is our vision and our ambition 
we could not have built statpro 
revolution without a desire to build the 
best most efficient most useful portfolio 
analytics system in the world without 
the stubbornness to ignore the naysayers 
and overcome all the many complex 
physical challenges it would also have 
been impossible but today we have a 
service that has 32 million asset histories 
thousands of indexes and a rapidly rising 
number of clients and portfolios we’re 
different because we sit across the whole 
platform we encompass every level of 
the supply chain it is what people want
q
 what does the future 
hold for statpro
our vision is that our clients will be 
able to use not only all the analytics we 
provide through statpro revolution but 
also access the products and services of 
our current and future partners what 
is more we hope that our clients will 
take increasing advantage of the sharing 
functionality to enable their clients 
and colleagues to see their portfolios 
statpro revolution is to monthly client 
reports what online banking is to 
monthly bank statements the future
q
 what corporate and 
social responsibilities does 
statpro take part in
it is a firm belief of the people in statpro 
that education is one of the most valuable 
gifts any of us can have in the west we 
take this for granted but in africa it is 
a privilege specifically in south africa 
a college education can increase your 
potential salary five to 10 times this is 
why statpro has pledged to contribute 
1 of annual revenue from statpro 
revolution to fund the education of 
school children in and around cape town 
our sponsorship has enabled 23 students 
in 2012 to get an education that would 
otherwise have been impossible we have 
been gradually increasing sponsorship 
over the last five years and we have some 
wonderful success stories our view is 
that the imbalance between the rich and 
poor is largely one of unequal opportunity 
and access to education over the next 
50 years we hope that south africa can 
transform its society and make it better 
balanced through the spread of higher 
education the students we are helping to 
educate today will join the growing ranks 
of taxpayers effectively paying back the 
investment being made in them through 
their taxes statpro can’t do much but 
we can do something and we believe 
that the compound effect of sustained 
support for education will make its mark 
on a sadder note mike walsh who was 
our leading us salesman was struck 
down by a brain tumour around easter 
2011 he had surgery and intensive care 
but after a long fight he succumbed to 
the illness in may 2012 mike was only 44 
years old in great form and married with 
two daughters who were two and three 
years old when he died mike was not only 
a great salesman but also someone who 
led by example and worked extremely 
hard it was not by accident that he was 
always our best or second best salesman 
each year we decided that in memory 
of mike we would create the mike walsh 
award for the top selling salesman each 
year a prize of 1 of the value of the 
sales made by the winner is split between 
the salesman and a foundation we have 
set up for his two daughters the hope 
is that over the years the value of the 
foundation will grow to help fund the 
college education of his daughters 
marc zandt global services director 
and robin brown finance and 
operations director front left  
and front right meet statpro 
sponsored students 14
business review  governance  financial statements
financial review
we now have a very focused business with a 
strong foundation for highly scalable expansion
overview 
in january 2012 the board made 
the decision to develop solely cloud
based technology solutions the result 
of this decision means that we now 
have a very focused business with a 
strong foundation for highly scalable 
expansion the concentration of the 
sales and client services teams’ efforts 
on statpro revolution resulted in a more 
than threefold increase in annualised 
recurring revenue for the cloudbased 
service to £151 million 2011 £045 
million at constant currency we 
are no longer actively promoting our 
traditional statpro seven products 
to new prospects nevertheless we 
achieved some new business and 
extensions and statpro seven software 
revenue increased by 1 at constant 
currency the restructuring in 2012 
resulted in an exceptional restructuring 
charge of £098 million 2011 nil
the statpro seven and data products 
achieved an 8 increase in underlying 
adjusted ebitda at constant currency 
as shown in the table below while 
the statpro revolution service still in 
investment mode achieved a reduced 
ebitda loss of £228 million 2011 
£254 million the group thus achieved 
a 10 increase overall in adjusted 
ebitda to £673 million 2011 £612 
million and an adjusted ebitda margin 
of 210 2011 193 whilst continuing 
to invest in cloud technology
share placing and planned 
investment
the company raised £581 million net 
of expenses in a placing in november 
2012 and combined with another year 
with strong operating cash flow the 
group had net cash of £367 million at 
year end 2011 net debt of £340 million 
the purpose of raising fresh equity 
was to allow increased investment in 
cloud services from a stronger balance 
sheet the board believes that statpro 
revolution has immense potential with 
‘first mover’ advantage and the plan 
is to capitalise on this opportunity 
therefore in 2013 more will be invested 
in the sales team and building on 
partnerships with fund administrators 
statpro will also increase its development 
and web design team as well as 
strengthening our client services team
key performance indicators
the key performance indicators ‘kpis’ 
that are monitored by the board and 
by the group executive board as part 
of the regular monthly management 
reporting are shown in table 2
 
the kpis are discussed in detail 
below in the relevant sections 
of this financial review
revenue
overall group revenue increased by 1 
to £3200 million 2011 £3172 million  
at constant currency the revenue growth 
was 4
revenue by segment
revenue increased in the emeaa 
region by 3 at constant currency 
but at actual rates was 2 lower 
than the prior year at £2008 million 
2011 £2040 million in the north 
american region revenue increased 
by 5 both at constant currency and 
at actual rates to £1192 million 2011 
£1132 million as shown in table 3
revenue by type
as anticipated our decision to focus on 
cloud technology and not proactively 
market statpro seven had an impact on 
statpro seven software licence revenue 
which grew by only 1 at constant 
currency and at actual rates fell by 2 
to £2460 million 2011 £2501 million 
statpro revolution revenue increased by 
324 to £072 million 2011 £017 million 
data fees increased by 2 for the year 
as a whole to £469 million 2011 £461 
million but data fees were lower in h2 
2012 as the level of data overage which 
was higher than usual in h1 2012 reduced 
in the second half of the year professional 
services revenue increased slightly by 
3 to £199 million 2011 £193 million
1
underlying performance
2012
£million
2011
£
million
change

ebitda relating to
seven and data 938 866 8
revolution 228 254 10
fx impact 037 –
adjusted ebitda 673 612 10
adjusted ebitda margin 210 193 15
the split of revenue for the year by 
type is shown in table 4
recurring revenue 
the group’s business model of software 
as a service ‘saas’ and recurring 
revenue contracts continues to provide 
excellent visibility of revenue with the 
recurring revenue element being a 
high percentage 94 of total revenue 
2011 94 the annualised recurring 
revenue from software licences and data 
fees at the end of december 2012 was 
£2952 million 2011 £2845 million at 
constant currency new contracts signed 
in the year amounted to £311 million 
2011 £347 million and the renewal 
rate was higher at 93 2011 92 
andrew fabian
2
client related kpis
2012 2011
new sales of recurring licences and data 
£311 million
£
347 million
new sales of consulting
£199 million
£
193 million
annualised recurring revenue

£2952 million
£
2845 million
annualised recurring revenue

 – statpro revolution £151 million
£
045 million
statpro revolution related recurring revenue

 £404 million
£
162 million
statpro revolution related recurring revenue –  of software 16 7
contract renewal rates 93 92
financial and operational kpis
adjusted operating margin 173 159
adjusted ebitda margin 210 193
adjusted ebitda £673 million
£
612 million
net cashdebt
£367 million
£
340 million
 at constant currency  16
business review  governance  financial statements
financial review continued
the board believes that statpro revolution has immense 
potential with first mover advantage and the plan is to 
capitalise on this opportunity
approximately 71 of new recurring 
contracted revenue arose from existing 
clients 2011 70 the proportion by 
value of recurring software licences and 
data clients at the end of 2012 secured 
to the end of 2013 or beyond amounted 
to 81 2011 78 the weighted 
average length of contracts committed 
was 17 months 2011 17 months 
statpro revolution revenue 
profile
whilst recurring revenue relating to 
statpro revolution is currently only 
5 of the group total it is growing at a 
higher rate as the service is developed 
on a highly scalable technology platform 
the total recurring revenue from clients 
whose subscription includes statpro 
revolution was £404 million 2011 £162 
million representing 16 2011 7 of 
our total software recurring revenue 
a kpi we are focusing on increasing
the profile of our client numbers and 
revenues is a skewed distribution at 
one extreme are a number of fund 
administrator partners typically large 
custodian banks who have contracted 
for say a minimum of 100 portfolios and 
we expect the number of portfolios and 
hence recurring revenue to increase as 
they promote the service to their wide 
client base at the other end are a large 
number of clients who have signed for 
just one portfolio whilst the revenue 
per client for these smaller clients is 
much lower than our current average 
there is a larger market of potential 
clients and we are focusing on growing 
both these target markets in addition 
to prospecting existing clients
the revenue distribution profile for 
statpro revolution is shown in table 6
operating expenses 
operating expenses before amortisation 
of intangible assets and exceptional 
items reduced by 4 1 at constant 
currency to £2302 million 2011 
£2403 million the average number 
of employees reduced by 5 to 253 
2011 266 and we ended the year with 
242 employees 14 fewer than the 
previous year’s staffing level 2011 280 
adjusted operating margin
as a result of increased investment in 
our products and the restructuring in 
2012 the operating profit reduced in 2012 
to £428 million 2011 £449 million 
although the adjusted operating profit 
increased by 9 year on year to £553 
million 2011 £506 million as shown 
in note 3 with the adjusted operating 
margin increasing to 173 2011 159 
the adjusted ebitda note 3 increased by 
10 to £673 million 2011 £612 million
research and development 
and capex
following the decision to develop solely 
cloudbased solutions we focused the 
development team on statpro revolution 
and statpro revolution plus the cloud 
upgrade path for statpro seven as a 
result total research and development 
expenditure reduced overall by 17 
to £418 million 2011 £501 million 
equating to 13 of group revenue 
3
revenue
2012 
£million
2011 
£
million
change 

emeaa 2008 2040 2
north america 1192 1132 5
total 3200 3172 1 17
2011 16 but our expenditure 
dedicated to cloud computing increased 
the total expenditure on statpro 
revolution including marketing and other 
costs incurred in 2012 was £370 million 
2011 £332 million which had an ebitda 
impact in the year of approximately £228 
million 2011 £254 million after taking 
into account associated revenue and the 
impact of capitalised development costs 
development costs of £321 million were 
capitalised in the year 2011 £345 million 
and amortisation on internal development 
increased to £306 million 2011 £264 
million expenditure on other intangible 
assets was £034 million 2011 £036 
million and total capital expenditure 
on property plant and equipment was 
£064 million 2011 £099 million 
finance income and expense 
net finance expense reduced to £049 
million 2011 £063 million as a result 
of lower average net debt in 2012
profit before tax 
profit before taxation in 2012 decreased 
by 2 to £378 million 2011 £386 
million after adjusting for amortisation 
of acquired intangible assets share 
based payments and exceptional items 
the adjusted profit before taxation 
increased by 14 to £504 million 
2011 £443 million the impact of 
currency movements reduced adjusted 
profit before taxation by £037 million 
ie approximately 7 impact 
taxation
the tax charge is £110 million 2011 
£096 million giving an effective tax 
rate of 29 2011 25 this is higher 
than the prevailing uk rate largely due 
to unrelieved losses in our development 
company statpro international sarl
earnings per share
basic earnings per share decreased by 
10 to 43p 2011 48p diluted earnings 
per share decreased to 43p 2011 47p 
based on 025 million 2011 102 million 
potentially dilutive shares outstanding 
adjusted earnings per share note 10 
increased by 4 to 59p 2011 57p 
4
2012 
£million
2011 
£
million
change  

revenue
software licences – statpro seven 2460 2501 2
software licences – statpro revolution 072 017 324
software licences – total 2532 2518 1
data fees 469 461 2
total recurring revenue 3001 2979 1
professional services and other revenue 199 193 3
total revenue 3200 3172 1
     following the  
decision to develop solely 
cloudbased solutions  
we focused the development 
team on statpro revolution
and statpro revolution 
plus r
andrew peddar group coo and andrew fabian 
group fd at the statpro cloud summit 18
business review  governance  financial statements
financial review continued
the purpose of raising fresh equity was to allow 
increased investment in cloud services from a 
stronger balance sheet
balance sheet
the group’s net assets increased to 
£4962 million at 31 december 2012 
2011 £4383 million mainly as a 
result of the placing of shares which 
raised £581 million net of expenses 
cash flow and financing
2012 was another year of positive 
cash generation with cash inflow from 
operating activities before exceptional 
payments of £1018 million 2011 £1037 
million the directors believe that 
the financial risk profile has reduced 
significantly following the extension 
of the financing facility in may 2012 
the placing in november 2012 and the 
general improvement in trading over the 
last year the group was in a net cash 
position amounting to £367 million as 
at 31 december 2012 2011 net debt of 
£340 million the group nevertheless 
retains its longterm financing facility 
which was undrawn at 31 december 2012 
dividends
the directors are recommending an 
increased final dividend for 2012 of 
19p per share 2011 185p making 
a total dividend for 2012 of 27p per 
share 2011 26p it is intended to pay 
the final dividend on 22 may 2013 to 
all shareholders on the register at the 
close of business on 26 april 2013 total 
dividends paid in 2012 amounted to 
£163 million 2011 £150 million the 
board intends to maintain a progressive 
dividend policy reflecting the balance 
between the investment needs of the 
business and the growth in underlying 
earnings per share when proposing the 
dividend the board satisfies itself that the 
current and projected level of dividend 
cover is appropriate the dividend cover 
calculated as adjusted eps dividends per 
share in 2012 was 22 times 2011 22
principal risks and uncertainties 
the principal business risks and 
uncertainties affecting the group 
are described on pages 33 to 35 for 
each category of risk the directors 
have identified means by which the 
risk can be managed or reduced in a 
cost effective way whilst accepting 
that some risks cannot be completely 
eliminated details of key financial 
risks are considered below
financial risk management 
the current and projected financial 
risks of the group are managed by 
the group finance team the primary 
risk relates to financing facilities and 
this is mitigated by ensuring very 
tight control of cash and detailed 
forecasting of business cash flows 
liquidity risk
the group’s cash position is closely 
monitored with weekly updates from all 
overseas operations and daily updates 
of cash collected from customers any 
aged debtor balance that is overdue 
is investigated to ascertain the reason 
and to resolve the situation promptly 
monitoring procedures for short term 
cash projections allow the group finance 
team to closely monitor the key liquidity 
and other financial ratios to ensure that 
there is sufficient liquidity in the business 
at all times and sufficient headroom in 
relation to the banking covenants
5
software licences and data fees
annualised 
recurring 
contract 
revenue
 2012 
£million
annualised 
recurring 
contract 
revenue 
2011 
£
million
as at 31 december 2011 2941 2938
net impact of exchange rates 096 103
at 1 january 2012 at december 2012 rates 2845 2835
new contracted revenue 311 347
cancellationsreductions 204 241
net increase 107 106
recurring licence fees as at 31 december 2012 2952 2941
renewal rate 93 92 19
financing facilities
the company retains its senior debt 
facility with the royal bank of scotland 
plc ‘rbs’ which is committed to 
may 2015 subject to compliance with 
agreed covenants the company has 
the option to extend the facility for a 
further two years to may 2017 subject 
to rbs credit committee approval at 
31 december 2012 the group had both 
net cash of £367 million and undrawn 
credit facilities of approximately 
£950 million available to support its 
business operations and therefore the 
board believes that the group is well 
positioned to manage the business risks
foreign exchange risk 
management
the group is exposed to exchange rate 
fluctuations given that the majority of 
its revenue is nonsterling based the 
group also has a significant proportion 
of its costs in the same currencies 
as its revenues and therefore there 
is a reasonable degree of natural 
reduction in overall currency risk 
all material foreign currency transaction 
exposures ie sales and purchase 
contracts denominated in a different 
currency to the local reporting currency 
are hedged through use of foreign 
exchange contracts as soon as the 
amount and timing of the exposure is 
identified with reasonable certainty 
the group’s policy is not to hedge 
profit and loss translation exposures 
as part of our liability management we 
have made use of currency swaps with 
a total principal value of approximately 
£523 million denominated in usd cad 
and eur to create synthetic currency 
hedges in order to provide a partial hedge 
against movements in the fair value of 
investments in overseas subsidiaries 
as the group continues to grow and 
generates increased profits overseas in 
foreign currencies this exchange rate 
exposure is expected to increase 
interest rate risk management
the group is exposed to interest rate 
risk and an increase in interest rates 
would increase the interest payable on 
the group’s banking facility given the 
group’s current net cash position and 
the benign outlook for interest rates 
the board has decided not to undertake 
any interest rate hedging but will review 
the position from time to time
the risk to rising interest rates should 
the group return to a net debt position 
would be partly mitigated by an increase 
in interest income from surplus cash 
and deposits where the policy is 
to seek to maximise interest return 
without exposure to inappropriate 
liquidity or counterparty risk 
andrew fabian
finance director
14 march 2013
6
statpro revolution
annualised 
revenue bands
annualised 
revenue 
2012 
£’000s
number 
of clients 
2012 
number
average 
revenue 
per client 
2012 
£’000s
annualised 
revenue 
2011 
£
000s
number 
of clients 
2011
 number
average 
revenue 
per client 
2011 
£
000s
£2k 100 108 09 27 38 07
£2k – £10k 126 30 42 17 5 34
£10k – £50k 189 9 210 93 4 231
£50k – £100k 360 5 720 178 2 889
£100k 730 4 1825 135 1 1353
total 1505 156 96 450 50 90 20
business review  governance  financial statements
our people
scott 
harris  
cfa
head of statpro revolution 
development
london uk
runs a team of highly skilled 
programmers who are continually 
building and launching new features 
scott works with the business 
analysts sales and marketing teams 
to gather client feedback to ensure 
that new development in statpro 
revolution is efficient and accurate
rasha
alaswad
senior vice
president canada
toronto canada 
“statpro’s robust portfolio analytics 
offerings as well as its rich data 
services empower statpro’s customers 
and partners to give them a head start 
on their competitors and allow them 
to offer a better service internally 
and to their own customers” rasha is 
responsible for canada’s operations 
and business development in 
this role she focuses on building 
awareness of statpro’s message to 
the local investment community
katie 
ohnemus
statpro revolution 
product specialist
boston usa
it is katie’s role to ensure that our 
north american clients are up to 
speed on using statpro revolution her 
responsibilities include supporting new 
clients with data integration training 
and analysis she shares valuable 
tips and documentation to ensure 
our clients are getting the best out 
of the product as well as integrating 
client feedback with the development 
team to improve statpro revolution 
by understanding the strategy of the 
business we can all work together 
for the common goal to increase 
the usage of statpro revolution 
develop our services and increase our 
partnership network many people 
at statpro become great friends 
this helps our business grow and we 
support all kinds of social events to 
encourage it the emphasis is on team 
work with around 250 employees 
worldwide statpro is both diverse 
and bursting with experience
our company is also our community 21
hans 
groetsch 
cipm
product manager
frankfurt germany
hans works with clients gips
®
 
auditors and authorities as well 
as the statpro sales and client 
services teams to ensure feedback 
and standards requirements are 
converted into features within statpro 
revolution and r he specifically 
prepares functional specifications 
monitoring prioritising and scheduling 
development whilst assisting the client 
service teams as second line support
chris 
stefano
head of cloud development
cape town south africa
chris is responsible for the architecture 
and development of statpro’s second 
cloudbased offering r he is very 
passionate about technology and has 
a tremendous amount of experience in 
developing complex systems such as 
statpro’s governancecompliance product 
the cape town development team which 
he heads is a vibrant and innovative 
environment where the team strives to 
produce software of rich functionality 
and high quality “i am very excited about 
r we are finding new ways to make the 
enduser experience that much better 
and new cloudbased technologies give 
us the ability to break 
traditional 
constraints”
laurent
laclaverie
md asia pacific
hong kong china
laurent’s prime focus is to increase 
awareness of statpro revolution in the 
asian market his role includes sales 
as well as building new partnerships 
within asia and the australian market 
as many deals are global in their 
nature laurent often works alongside 
colleagues in europe and north america 22
business review  governance  financial statements
operational review
our efforts to build additional partnerships  
with software and wealth platforms generated 
positive new relationships
the strategic direction taken at the 
start of 2012 enabled our service and 
relationship teams around the world 
to focus more and more on providing 
excellent service which resulted in the 
high client retention we achieved in 2012 
in addition the continual investment 
in our global operations specifically 
around our data centres and compliance 
with such standards such as iso 27001 
and ssae16 type ii has meant we 
continue to offer a world class service 
our efforts to build additional 
partnerships with software and wealth 
platforms generated positive new 
relationships with linedata pacific 
fund systems td ameritrade caceis 
the way group apex and others all 
of which are now actively promoting 
statpro revolution to clients generating 
additional revenue for us following 
the agreement with interactive data we 
also look forward to being able to offer 
award winning fixed income evaluations 
data on a per portfolio basis through 
the statpro revolution app store in 
march 2013 i am also pleased to report 
a major european asset service provider 
and a large north american custodian 
bank signed significant deals in 2012 
marketing continued to promote 
statpro’s brand around the world 
resulting in a greater number of people 
contacting us through our website 
and associated channels on the 
business side we more than doubled 
our strategic partnerships with fund 
administrators software vendors and 
data suppliers all of which are looking 
to offer a better quality of service to 
their clients through our transparent 
business model our partners are able to 
understand clearly their profit potential
we move into 2013 with confidence 
knowing that our strategic direction is 
the right one for the group our focus 
continues to be on simplifying and 
standardising our processes enabling 
us to deliver an unparalleled level of 
service to our clients global sales are 
being standardised with the 2013 launch 
of our sales training course a three 
month full time training course that will 
run twice a year for all our new sales 
staff the course content is based on our 
almost 20 years of experience and will 
produce a sales force that is well versed 
in statpro its product and its clients 
content from this course will also be 
used to supply our partners with an even 
greater knowledge of statpro revolution 
thus enabling them to sell more 
simplification and standardisation to 
promote best practice is also the theme 
for our global client service team as we 
standardise the way we implement and 
support our clients globally we’ll be able 
to operate more efficiently and deliver 
statpro revolution faster to our clients 
we’ll do this while being ever mindful not 
to lose the local touch we have in each 
regional market that we operate in 
marketing will work even more closely 
with the development sales and service 
teams to ensure our messaging is 
correct and well delivered sophisticated 
tracking tools enable us to determine 
how successful our tactics are we’ll 
continue to attend conferences globally 
so we don’t miss key opportunities to 
meet clients and prospects face to face
     we move into 2013 
with confidence knowing 
that our strategic 
direction is the right 
one for the company 
our focus continues 
to be on simplifying 
and standardising our 
processes enabling us to 
deliver an unparalleled level 
of service to our clients
statpro revolution allocation dashboard 23
statpro revolution is a great product 
and has been consistently delivering 
new functionality with high levels of 
quality this is due to our great team 
great technology and great vision we are 
therefore looking forward later this year 
to deliver the beta version of r that not 
only offers the migration path for existing 
statpro seven clients but also opens 
up some exciting new opportunities
our strategy of offering high quality 
analytics via the cloud with an open 
and transparent business model and 
open architecture is well placed for 
continued success in 2013 as our clients 
continue to feel the pressure from 
their clients to offer more services at a 
lower price with a quicker roi return 
on investment and with the flexibility 
to offer third party integrations 
we feel well placed to support our 
clients in meeting those needs 
andrew peddar
group coo
14 march 2013
andrew peddar
iso27001 and 
ssae16 type ii
achieved and extended to include statpro revolution
28
major marketing events covered across  
eight countries in 2012
108910
unique visitors to wwwstatprocom in 2012
93
contract renewal rates 24
business review  governance  financial statements
fund detective
powered by statpro revolution
market bond etf  even within equities exposure 
is well diversified across geography and sector  
 turning to the top ten performance detractors 
as illustrated by figure 2 they also tell a story about 
our approach to portfolio construction  again it’s 
pleasing to see the detractors spread fairly evenly 
across the ten positions including varied exposure
such as a korean equity etf and a cotton etf  
 that said there are three european banks in the 
top ten detractors namely socgen 
credit suisse and deutsche bank  
these three positions reflected 
the entire exposure to european 
banks over the period with the 
average weights standing at 01 02 and 06 
and with maximum weights capped at 1 15 and 
2 respectively  importantly our risk management 
argues for keeping weights low when faced with 
a higher volatility profile  as such while damage 
can never be avoided entirely it can be limited  
 in terms of sell discipline david jane looks 
to sell negative surprises  for example of the 
ten detractors he has sold three of them  there 
will of course be situations when holding or 
even buying more is appropriate when a stock 
has underperformed  however when faced 
with a negative surprise the general preference 
for ‘cutting losses and moving on’ is consistent 
with an objective approach to risk control  
 cutting up the numbers in a different way 
shows that performance has not been generated 
by one asset class as illustrated by figure 3 
taken from statpro revolution  for example 
equities bonds indexlinked bonds and reits 
have all been working to contribute to the 
outperformance  commodities detracted from 
performance but with a more volatile profile our 
risk management limits exposure to this asset class  
 the consistent and disciplined approach to 
portfolio construction is encouraging and should 
contribute to repeatable outperformance  
anthony rayner 
portfolio analyst 
darwin investment 
managers
it’s been a difficult few years for 
financial markets and it was against this backdrop in 
june 2011 that the tm darwin multi asset fund was 
launched  fund manager david jane above all else 
targets capital preservation and real returns over the 
medium term  in order to achieve these objectives 
in a repeatable manner we believe that a disciplined 
approach to portfolio construction is crucial  
 so with portfolio construction in mind we’ve 
been dissecting the fund’s performance since 
tenure a period that saw the fund increase by 
95 vs the ima mixed investment 2060 sector 
average return of 71 to 13th august 2012  
 drilling down into the headline numbers figure 
1 taken from statpro revolution  illustrates the 
top ten contributors to performance since launch  
it’s encouraging to note that outperformance has 
not come from one or two stocks but builds fairly 
consistently across the top ten contributors to 
performance  this suggests a 
disciplined and rational approach 
to portfolio construction  
 furthermore the top ten isn’t 
dominated by one asset class 
but includes exposure to equities a us government 
long bond an indexlinked gilt and an emerging 
“performance has not been 
generated by one asset class”
figure 1
figure 2
figure 3
marketing strategy
our marketing strategy continues to focus on 
the statpro revolution brand and the benefits 
of our cloud based platform to clients
our marketing strategy continues to focus 
on the statpro revolution brand and the 
benefits of our cloudbased platform 
to clients statprocom is the key vessel 
for this message and hosts a variety of 
content for our marketplace as well as 
the online store where we sell statpro 
revolution short videos and thought 
leadership pieces help position statpro 
as the expert in portfolio analytics 
in september 2012 we hosted our cloud 
summit event in london which attracted 
clients partners fund administrators 
and prospects keen to hear how cloud 
technology is transforming the way 
software is being developed and delivered 
with tangible business benefits for all
to support our global campaigns we 
attend and speak at targeted industry 
events in key locations globally this helps 
us connect with our target audience and 
build relationships with partners it’s also 
a great way to show off the product with 
live demos and presentations as well as 
raise the profile of our senior team
we continue to support our sales 
teams with local initiatives ranging 
from client user groups to breakfast 
briefings and webinars this ensures 
client transparency generates valuable 
product feedback and new leads which 
can be nurtured into sales opportunities
neil smyth
     partnering with
someone like statpro
makes sense for us
because you are the 
experts in the field
we are not the fact
that it is cloudbased
makes sense in terms
of its transferability across
the globe statpro has
the global support so we 
can offer a local support 
base to our clients
colin targett md apex fund services
neil presents to over 100 clients 
and prospects at september’s cloud 
summit event in london
fund detective details a client’s 
performance within investment week 
using a statpro revolution dashboard 25
third party
software vendors
market data
providers
software
platforms
advisors
asset
managers
wealth
platforms
 
fund
admins
hedge fund
managers
wealth
advisors
 
sales and partnerships
the more partners we have the more end users 
we will convince to get on board
product distribution
the 2013 statpro sales strategy is 
focused on our partnership programmes 
built around two main pillars 
increasing the number of available 
services within statpro revolution and 
easing portfolio data integration
•	 e x t e n d i n g 	 o u r 	 o f f e r i n g 	
 adding value to our analytics content 
via third party data or software 
providers gives our clients access 
to best of breed solutions linking 
providers such as idc or linedata 
to our openplatform together with 
a ‘pay as you go business model’ 
is a real game changer clients are 
no longer restricted to a single 
product or provider anymore this 
openplatform concept will impose 
itself as the model of the future
 
•	 h a s s l e  fr e e	i nte g r ati on	
 client portfolio integration is key to 
ensuring the rapid deployment of 
statpro revolution to enduser clients 
statpro has defined a partnership 
programme with fund administrators 
for the mutual benefit of all parties we 
now have multiple partner data feeds 
in place including apex as well as a 
major european asset service provider 
and a large global north american 
custodian bank this shows statpro 
is a business partner rather than a 
service provider or a competitor as 
highlighted in market overview
sales strategy
the statpro sales team is active on all 
continents promoting our platform of 
services directly and with our partners 
this joint marketing will accelerate in 
2013 as we continue to deliver the 
strategy and the business model set out 
in 2012 2013 is the year of deployment as 
we intend to expand our sales capacity 
the world of technology is definitely 
changing statpro revolution is the right 
product coming just at the right time 
michel lempicki
     through this 
agreement statpros asset 
management clients can 
now quickly and easily 
access a broad range 
of interactive datas 
fixed income evaluation 
data that is used by 
thousands of financial 
institutions globally
anthony belcher director emea pricing 
and reference data interactive data
statpro working
with partners 26
business review  governance  financial statements
product strategy
in 2012 we ramped up data coverage within statpro revolution we focused 
on two areas asset classes not supported by the platform and data quality 
during the year the development team successfully delivered full cross 
asset coverage strengthened the platform extended its reach and prepared 
it for the ongoing functional acceleration 
highlights include
new asset classes
statpro revolution is now a full 
crossasset class platform during 
2012 we increased fixed income 
coverage and added a number 
of new asset classes such as
• futures
• cfds
• deposits
• fx forwards
• hedge funds
• options
• otcs ie cds irs equity swaps
fixed income
coverage of fixed income instruments was 
extended to several hundred asset types 
adding optionadjusted risk numbers 
including yieldtomaturity modified 
duration and convexity for all types at 
the same time the functional offering 
was expanded with the calculation of a 
range of exposures eg dv01 cdv01
data quality
we’ve undertaken data cleansing 
within many different asset classes 
reinforcing the daytoday procedures 
of quality assurance and we have 
cut dramatically the time taken to 
resolve and correct data errors
portfolio aggregation
the capacity of aggregating portfolios 
and analysing them with lookthrough 
functionality is one of the key elements 
for satisfying pension funds and 
wealth managers and enables us to 
extend our market reach to these 
sectors with portfolio aggregation 
we have introduced a superior piece of 
functionality not fully available in our 
previous platform statpro seven
longshort strategies
the addition of longshort strategy 
management has been an important 
element to make statpro revolution 
attractive to hedge funds and more 
generally to alternative asset managers
carveouts
being able to produce carveouts is 
important in many ways for instance 
a balanced portfolio can be carved out 
into several portfolios and analysed 
separately the introduction of 
benchmark carveouts lets our clients 
segment indexes with great flexibility 
enrichment of performance 
statistics
2012 has also seen many improvements 
to our traditional strength in performance 
measurement with the addition of many 
new statistics and the improvement of 
the socalled ‘navonly’ portfolios 27
xyz
dario cintioli
statpro revolution app store
during march 2013 we activated the first 
optional and payable module introducing 
idc bond prices subscribers of this 
module will run portfolio analytics with 
idc bond prices idc is a world leader in 
bond pricing adding millions of bonds 
to statpro revolution’s coverage
in q2 2013 we will introduce the ucits 
iv analysis to address regulations 
subscribers will be able to comply with 
the complex regulation on valueatrisk 
‘var’ imposed by the european union 
on collective investments without the 
hassle of further implementation
during 2013 we expect to integrate 
a cloudbased compliance solution 
improving our offering related 
to european regulations
functionality
we have already released in 
january 2013 an innovative stock
level attribution dashboard
during the course of the year we will 
add the ability of attributing relative 
performance against a benchmark 
for fixed income portfolios
towards the end of the year we will 
release another set of addedvalue 
analytics including risk factor 
decomposition
all these developments will further 
increase the potential market 
for statpro revolution and
• encourage existing clients load 
new portfolios
• extend the number of new clients  
that we can acquire
sharing sharing sharing
statpro revolution already offers sharing 
capacity and we plan to enhance this 
offering in q2 2013 with a number 
of improvements to the existing 
functionality that will let our users set 
a date delay for the information they 
share with clients and stakeholders 
at the same time clients can easily 
configure what their users can and 
can’t see based on client feedback 
we expect that this development will 
trigger an immediate increase in the 
number of invitations to endusers
dario cintioli
product director 
14 march 2013
2013 – roadmap
the launch of a new payable module tackling ucits iv will trigger the first crosssale  
opportunities inside statpro revolution equally important is the planned improvement  
in the sharing capability of the platform where users can invite their clients into  
statpro revolution and increase the viral expansion of the product
2013 objectives
the development objectives of 2013 
are to
• introduce the first optional 
and payable modules within 
statpro revolution app store
• expand sharing capabilities to trigger 
viral expansion of the platform
• enrich the functionality to 
expand the market segments and 
extend the potential market 28
business review  governance  financial statements
board of directors
carl bacon cipm 1 2 3
nonexecutive chairman
history
carl 50 previously worked as director 
of risk control and performance at fc 
investment management limited and 
prior to that was vice president – head of 
performance at j p morgan investment 
management inc he is a founder member 
of both the investment performance 
council and gips
®
 previous chair of the 
gips executive committee a member 
of the uk investment performance 
committee and a member of the advisory 
board of the journal of performance 
measurement carl is a director of 
the freedom index company and is 
also the author of ‘practical portfolio 
performance measurement  attribution’ 
joined statpro
2000
expertise
carl’s expertise in risk performance 
measurement and gips enables him 
to add value to product development 
and statpro’s business strategy as 
he continues to publish and teach in 
these fields external market knowledge 
is brought to the statpro board
justin wheatley
group chief executive
history
justin 48 began his career in 1989 as 
a salesman with micropal a provider 
of independent information on mutual 
funds he set up an agency for micropal in 
1991 in switzerland and grew the business 
to cover france and luxembourg in 
1994 he founded statpro floating the 
business in may 2000 raising £5 million 
to build up statpro’s international 
expansion statpro’s revenues have 
grown from under £3 million to over 
£30 million since 2000 he has day to 
day responsibility for the group 
joined statpro
founder 1994
expertise
justin has done many things from sales 
to product development and design to 
the acquisition of ten companies and 
running a public business that covers 
over ten offices around the world today 
his focus is implementing the strategy 
for growing statpro revolution into the 
leading portfolio analysis service
andrew fabian fca fct
group finance director
history
prior to joining statpro andrew 51 was 
group financial controller at william 
baird plc and has previously held 
senior finance roles at de la rue plc 
and deloitte  touche he is a fellow 
of both the icaew and the association 
of corporate treasurers and served 
for three years on the act’s governing 
council andrew is responsible for the 
global finance function at statpro andrew 
was appointed company secretary 
on 25 january 2012 in 2012 andrew 
was awarded a ranking in the ‘hot 20 
fds’ in the tmt sector by bdo llp 
joined statpro
2000
expertise
andrew has significant experience 
in the financial services sector 
and is a chartered accountant and 
qualified corporate treasurer
group executive
board
justin wheatley group chief executive
andrew fabian group finance director
andrew peddar group chief operating officer
dario cintioli product director
michel lempicki european sales director
neil smyth marketing and technology director
marc zandt global services director 29
mark adorian 1 2 3
nonexecutive director
history
mark 50 was previously managing 
director of standard  poor’s fund 
services mark cofounded micropal 
the global fund performance analysis 
company in 1986 becoming their 
sales  marketing director in 1987 in 
1992 he became managing director of 
micropal and subsequently in 1997 
negotiated the sale of micropal to 
standard  poor’s a division of the 
mcgrawhill companies between 1999 
and 2001 mark was managing director 
of standard  poor’s fund services 
mark chairs the group’s nominations 
and remuneration committees 
joined statpro
2002
expertise
mark’s career in the asset management 
industry and experience in business 
growth adds value to the statpro 
board his understanding of market 
data in this industry supports 
the business and strategy
stuart clark 1 2 3
nonexecutive director
history
stuart 65 has been employed in the 
financial information industry since 1968 
from 1995 to 2009 stuart held various 
senior positions at idc as president and 
ceo from 2000 stuart led the business 
through nine years of continuous and 
strong growth with revenues more 
than doubling to us750 million and 
with profitability and cash flow growing 
more than threefold idc consistently 
outperformed the market in growth 
over that period and at around 30 
had close to the highest ebita margin 
amongst major comparable players in 
its industry stuart is also nonexecutive 
chairman of ipreo holdings llc a new 
york based leading provider of deal 
execution platforms market intelligence 
and investor communication tools stuart 
is the senior independent director 
joined statpro
2009
expertise
stuart brings experience in managing 
a global data organisation as well as 
more than 40 years working in the 
financial industry his experience at 
idc and now at ipreo enables stuart 
to add growth acquisition and market 
intelligence value to statpro
jane tozer mbe obe 1 3
nonexecutive director
history
jane 65 began her career with ibm after 
which she was ceo of softwright systems 
ltd taking it from startup to trade sale 
jane has since held a portfolio of non
executive directorships including quoted 
technology companies investment trusts 
the john lewis partnership the dwp and 
the moj and technology startups jane is 
currently a nonexecutive director of fc 
global smaller companies plc jp morgan 
income  growth plc elexon ltd asthma 
uk the information technologists’ 
company charitable trust and her local 
citizen’s advice bureau she also runs 
itnea a networking association for 
chairmen and nonexecutive directors 
of quoted technology companies and 
is a member of the warwick business 
school advisory board jane was awarded 
an mbe for services to the it sector in 
1991 and an obe for services to the 
public service and voluntary sector in 
2009 jane is an independent director 
joined statpro
2012
expertise
jane brings a wealth of experience 
from startup to advisory within 
statpro’s marketplace supporting the 
growth strategy with the appropriate 
level of formality and control
other senior
executives
1 member of the audit committee
2 member of the remuneration committee
3 member of the nominations committee
emeaa region
ruggero frisina head of business outer europe
greg howell chairman asia pacific
nils hübner managing director central europe
laurent laclaverie managing director asia pacific
north american region
atif ansari cfo north america
r a s h a	a l  a s w a d  senior vice president canada
simon stillwell senior vice president sales north america 30
business review  governance  financial statements
directors’ report
for the year ended 31 december 2012
the directors present their annual report and the audited financial statements for the year ended 31 december 2012
principal activity
the principal activity of the company and its subsidiaries during the year was the development marketing and distribution of software 
systems and the provision of cloudbased portfolio analysis and asset pricing services to the global asset management industry 
review of business and future developments
the directors are pleased with the performance of the group which has achieved growth in revenue and an increase in profits  
before exceptional items in a year with further investment in the business a review of the business and likely future developments  
is contained in the chairman’s statement on page 8 and chief executive’s review on pages 9 to 11
principal risks and uncertainties
the group operates in the asset management sector of the financial services industry and whilst many of our clients are part of  
banking groups most of our clients are relatively resilient to the challenging economic backdrop this is because like statpro itself  
they themselves have recurring revenue models and to a large extent the services and software provided by statpro are reasonably 
embedded within their core operations 
the board closely monitors clients that are potentially at risk as well as the pipeline of new business we plan for a level of cancellations 
each year but most of our contracts are multiyear agreements which roll into subsequent commitments unless written notice is given  
to terminate the contract for software service contracts the annual licence fee is payable in advance and for data contracts the fees  
are monthly in advance for these reasons we have good visibility on any potential deterioration in our trading outlook and potential 
liquidity risks to the business
the group has both cash and undrawn credit facilities available to support its business operations and therefore the board believes  
that the group is wellpositioned to manage the business risks in the current uncertain environment
the principal risks and uncertainties that affect the group are identified on pages 33 to 35
financial risk management
the principal financial risks that the group is exposed to and the approach to risk management are described in the financial review  
on pages 18 to 19
going concern
after making appropriate enquiries the directors have a reasonable expectation that the group has adequate resources to continue  
in operational existence for the foreseeable future for these reasons they continue to adopt the going concern basis in preparing the 
group’s financial statements see note 1
research and development 
the group continues to invest in developing improved software products and services development expenditure incurred during the 
year was £418 million 2011 £501 million in accordance with ifrs development costs are capitalised where recognition criteria are 
met and written off over the useful life currently estimated by the directors to be three years the amount capitalised in the year was 
£321 million 2011 £345 million and the total amount of amortisation was £306 million 2011 £264 million 
results dividends and transfers to reserves
the group’s profit attributable to equity shareholders for the financial year was £268 million 2011 £291 million a final dividend of 
19p per ordinary share 2011 185p has been recommended by the directors taking the total dividend for the year to 27p 2011 26p 
if approved by the passing of a resolution at the 2013 annual general meeting it is intended to pay the final dividend on 22 may 2013 to 
all shareholders on the register at close of business on 26 april 2013 exdiv date will be 24 april 2013 the profit for the year has been 
transferred to reserves
shares issued in year
during 2012 the company issued 6149946 shares 2011 601472 as detailed in note 20 to the financial statements there were 225000 
shares held in treasury at 31 december 2012 2011 225000 at the forthcoming annual general meeting the directors are seeking to 
renew the authority to allow the purchase of own shares up to a limit of 10 of the company’s share capital
donations
the group made charitable donations for educational purposes of £32000 2011 £26000 during the year the main component of 
which related to scholarships and sponsorships to students from disadvantaged backgrounds to various educational establishments in 
south africa and this element increased to zar404000 2011 zar330000 no political donations 2011 nil were made during the year 31
directors and their interests
the directors who held office during the year were
cr bacon nonexecutive chairman
jmbt wheatley group chief executive
am fabian group finance director
mc fairbairn nonexecutive director resigned 31 december 2012
mc adorian nonexecutive director
sj clark nonexecutive director
je tozer nonexecutive director appointed 1 october 2012
all directors are subject to election at the first opportunity after their appointment and to reelection thereafter at intervals of no  
more than three years in accordance with the company’s articles of association the company’s articles of association require that  
one third of the directors or the number nearest to one third are to retire from office by rotation accordingly je tozer seeks election 
and  sj clark and jmbt wheatley seek reelection at the forthcoming annual general meeting as noted in the 2011 directors’ report  
gregory wheatley resigned as company secretary on 25 january 2012 and on that date andrew fabian was appointed to the role  
of company secretary
directors’ interests in the company’s share capital and share options are detailed on pages 42 to 43
 
directors’ interests in significant contracts
directors’ interests in significant contracts are described in note 21 to the financial statements
policy and practice on payment of creditors
the group recognises the importance of good relationships with its suppliers and subcontractors and has established the following 
payment policy
a agree payment terms in advance of any commitment being entered into
b ensure suppliers are made aware of these terms by inclusion of the terms of payment on the purchase order or the contract and
c ensure that payments are made in accordance with the terms of the contract or order providing that the presented documentation  
is complete and accurate
the number of days purchases outstanding at 31 december 2012 for the group was 26 days 2011 30 and for the parent company was 
23 days 2011 15
directors’ responsibilities statement
the directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law  
and regulations 
company law requires the directors to prepare financial statements for each financial year under that law the directors have elected  
to prepare the group and company financial statements in accordance with international financial reporting standards ‘ifrss’  
as adopted by the european union under company law the directors must not approve the financial statements unless they are 
satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group  
for that period
in preparing these financial statements the directors are required to
• select suitable accounting policies and then apply them consistently
• make judgements and accounting estimates that are reasonable and prudent
• state whether applicable ifrss adopted by the european union have been followed subject to any material departures disclosed and 
explained in the financial statements and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will 
continue in business
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group and company’s 
transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to 
ensure that the financial statements comply with the companies act 2006 they are also responsible for safeguarding the assets of  
the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
directors’ indemnity insurance
the company carries an appropriate level of professional indemnity insurance cover for the size of the business and also has insurance 
cover for directors’ and officers’ liability 32
business review  governance  financial statements
disclosure of information to auditors
each director has confirmed that
• so far as the director is aware there is no relevant audit information of which the group’s auditors are unaware and
• he or she has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any 
relevant audit information and to establish that the group’s auditors are aware of that information
this confirmation is given in accordance with section 418 of the companies act 2006
substantial shareholdings
the company has been notified of the following disclosable holdings of voting rights in the company’s issued share capital as at 
28 february 2013
number  
of shares
 of share 
capital 
liontrust asset management 12843304 190
herald investment management 7657784 113
axa framlington 7388750 109
jmbt wheatley 7353672 109
artemis investment management 6102189 90
brown brothers harriman  co 3014166 45
mc adorian 2645698 39
in addition to the above holdings jmbt wheatley holds 69000 ordinary shares representing 01 of the ordinary share capital  
in a family trust being a trustee and potential indirect beneficiary of the trust 
employment policies
the group acknowledges the vital role that all employees play in its success through their skills initiative and commitment all operations 
are encouraged to provide the proper resources to maximise this potential through efficient systems of recruitment communication 
training and development it is the group’s policy to give full and fair consideration to the employment and career development of 
disabled persons commensurate with their aptitudes and abilities the group’s policy in respect of staff who become disabled whilst 
employed is to make appropriate adjustments and to assist them wherever possible to continue employment within the group the 
group is also committed to providing equal opportunities regardless of age gender religion or ethnic origin
the group ensures that all employees are kept fully informed as far as it is practicable with regard to the activities of the group by 
circulation of news and regular meetings between directors managers and other employees the london office of statpro the group’s 
head office and base of uk operations retains its investors in people ‘iip’ award in recognition of the investment the company has 
made in its people the award reflects our commitment to and belief in the value of our staff their performance and their contribution 
to the success of the business 
health and safety
the group’s policy is to ensure that as far as is reasonably practicable working environments exist which will minimise risk to the 
health and safety of employees
legal form
the company is a public limited company incorporated and domiciled in england and wales the company’s registration number  
is 2910629
auditors
a resolution to reappoint ernst and young llp as independent auditor to the company will be proposed at the annual general meeting
by order of the board
am fabian
company secretary
14 march 2013
directors’ report
for the year ended 31 december 2012 continued 33
statpro has outlined its strategy in this annual report key to successful outcome is our understanding of statpro’s market drivers
transparency
to ensure that statpro adds the most value possible to its clients it must listen and understand their requirements
• statpro uses client ‘new feature’ requests and sales team feedback to prioritise product enhancement
• statpro also employs suitable financially qualified staff eg to cfa level even on the product development team to ensure that  
it understands its clients’ needs and understand their issues
regulation
by understanding the impact of unfolding regulatory changes and updating its products in time statpro helps clients meet new 
regulatory requirements
competition
statpro has significant resources to deliver on what is required yet small enough to react to changing market threats or opportunities 
such agility is a key corporate attribute
cloud
to allay customer concerns regarding their data being in the ‘cloud’ statpro has invested in both the iso 27001 and ssae 16 
certifications statpro has embraced the best cloud product development and management practices for over three years and has 
partnered with industryleading it services suppliers to ensure the best service availability and security
outsourcing
statpro has invested in its own products with bestpractice procedures for its own staff to ensure that clients’ requirements are 
routinely met
regarding corporate risks and uncertainties more broadly statpro considers and manages the following potential risks
reputational issues controls
• failure to meet client expectationscontractual commitments 
when implementing a new client
• failure to service clients adequately leading to dissatisfaction 
and ultimately lost business
• loss of ‘good’ reputation
• ensure a good understanding of clients’ needs
• allocate an account manager to manage the client relationship
• escalate any issues to director level
• proactive account management
• longterm contracts foster client commitment
• development delays undetected errors in system code and 
poor design compromises system performance
• continual investment in development and quality assurance
• regular monitoring and reporting of project development and 
quality useracceptance testing of enhancements
marketrelated issues controls
• market pressure adversely affects statpro’s market share  
andor profitability
• market takeup of statpro revolution may not be as fast  
as anticipated
• statpro brand is not sufficiently wellknown in the 
marketplace
• competitor products are developed that are superior  
to statpro’s offering 
• statpro actively promotes itself within the asset management 
industry
• statpro uses costeffective online advertising tools to track 
interest in its products enabling effectiveefficient marketing 
and sales efforts
• the board has regular meetings with all teams to ensure that 
products and services meet market requirements
• continually update market and competitor intelligence
• continually monitor user feedback and internal kpis
principal risks  
and uncertainties 34
business review  governance  financial statements
operational issues controls
• lack of high calibre management and staff jeopardises 
statpro’s ability to efficiently and effectively develop new 
products and services win new business and service  
current clients
• statpro’s investors in people accreditation helps management 
ensure that staff needs and aspirations are met within the 
organisation’s objectives and resources
• documenting of key procedures eg for iso 27001 and ssae 
16 accreditation helps ensure that an institutional memory  
is created to capture and exploit key knowledge
• excessive staff turnover jeopardises statpro’s ability to 
operate efficiently and effectively
• continual review of hr issues and remuneration levels
• legal advice on employment and contract law sought  
where necessary
• thirdparty financial data providers deliver incomplete 
erroneous or tardy information
• ongoing monitoring of data quality and service levels
• alternate providers identified in case of need to switch
• data or hosted software failure • data centres and backup facilities outsourced to  
specialist providers
• disaster recovery plans in place and regularly tested
• continual investment in appropriate technology to assure 
meeting service level agreements
financial issues controls
• loss of investor confidence or ability to raise finance • regular communication with investorsfinancial advisors
brokerscommunication consultants
• liquidity risk • the group’s cash position key liquidity and other financial 
ratios closely monitored
• committed banking facility in place with rbs
 – £750 million subject to lending covenants available  
on amortising basis until may 2015
 – the facility was undrawn on as at 31 december 2012
 – in addition £2 million overdraft facility available
• currency risk 
 – us dollar
 – euro
 – canadian dollar
 – south african rand 
 – australian dollar
• client contracts generally denominated in the sales and 
support unit operating currency thereby creating a 
reasonable degree of natural hedging
• all material currency transaction exposures are hedged 
through use of foreign exchange contracts
• use is made of currency swaps to create synthetic hedges 
against movements in the fair value of overseas investments
• interest rate risk • the net debt has now been eliminated although the debt 
facility is still in place
• with no current debt and the benign interest rate outlook  
no new interest rate hedging is currently proposed
• errors omissions or fraud in managing and reporting 
statpro’s finances
• internal controls put in place to minimise risk
• ‘whistleblower’ policy in place to facilitate the reporting  
of unauthorised or illegal behaviour
• bank credit terms or agreed covenants breachedexceeded • close monitoring of actual and projected compliance with 
banking covenants
principal risks  
and uncertainties continued 35
compliance issues controls
• noncompliance with applicable laws regulations and best 
business practice to manage stakeholder expectations 
• laws and regulations monitored by relevant managers 
assisted by external specialist input where required
• product specialists ensure that statpro’s products comply 
with all relevant market regulations
• group finance director manages banking relationships and 
together with the group ceo manages investor relations
• inadequate insurance levels for business interruption 
product liability and professional indemnity
• insurance levels reviewed regularly at least annually
 – in particular professional indemnity insurance director’s 
liability cover and key man insurance
• lack of management control over acquisitionestablishment 
of new companiesoffices 
• contracts structured to limit financial risk
• local management incentivised to ensure common goals and 
management approach 
• challenges to intellectual property rights • ensure adequate protection in place for statpro ip
• legal advice received on costeffective ways to register 
trademarks and other ip rights in key markets
• ensure legal advice sought to ensure risk of potential ip 
infringement by statpro is minimised
• litigation relating to contractual client arrangement or 
employee contract 
• ensure appropriate legal advice taken when any matter is 
likely to result in legal action 36
business review  governance  financial statements
compliance with the uk corporate governance code
as the company is listed on the alternative investment market of the london stock exchange ‘aim’ the company is not required to 
follow the uk corporate governance code which applies only to fully listed companies nevertheless the company is committed to high 
standards of corporate governance and the board is accountable to the company’s shareholders for good corporate governance this 
statement describes how the principles of corporate governance are applied to the company and the company’s compliance with the 
code except as noted below the company has been in compliance with the provisions set out in the uk corporate governance code 
during the year
the workings of the board and its committees
the board
the board currently comprises the nonexecutive chairman the group chief executive the group finance director and three other 
nonexecutive directors and is responsible to shareholders for the proper management of the group directors’ biographies appear  
on pages 28 to 29 and demonstrate a range of relevant experience bringing independent judgement to bear on issues of strategy 
performance resources industry knowledge and standards of conduct which is vital to the success of the group 
jane tozer mbe obe was appointed to the board on 1 october 2012 and was appointed as chairman of the audit committee with effect 
from 1 january 2013 charles fairbairn resigned from the board with effect from 31 december 2012 charles joined the board of statpro 
in april 2000 and helped prepare the company for its stock market flotation which was successfully achieved in may 2000 charles has 
been an active contributor to the board’s strategy over the last 12 years charles has been chairman of the remuneration committee 
from 2000 to 2006 and has been chairman of the audit committee since 2000 
all directors have access to the company secretary who is responsible for all company secretarial matters and compliance with 
relevant statutory obligations all directors receive adequate training to enable them to comply with their duties as a director 
gregory wheatley resigned as company secretary on 25 january 2012 and on that date andrew fabian was appointed to the role 
of company secretary
to enable the board to discharge its duties all directors have full and timely access to all relevant information the board meets at least 
quarterly and has adopted a formal schedule of matters specifically reserved for decision by it thus ensuring that it exercises control 
over appropriate strategic financial operational and compliance issues at these meetings the board reviews trading performance 
ensures adequate financing sets and monitors strategy examines investment and acquisition opportunities and discusses reports to 
shareholders the directors can also take independent professional advice as appropriate at the company’s expense the chairman 
holds meetings with the nonexecutive directors without the executive directors present
the board has a process for evaluating the performance of each director the performance of the executive directors is reviewed by 
the nonexecutive directors on resignation from the board a nonexecutive director would be asked to provide a written statement 
to the chairman for circulation to the board if they were to have any unresolved concerns about the running of the company the 
performance of the chairman and each of the nonexecutive directors is reviewed on an individual basis by the other directors 
the overall effectiveness of the board and its subcommittees is reviewed by the board as a whole through completion of a  
formal questionnaire 
the board believes that the level of sales consulting to promote statpro revolution that mark adorian has performed on behalf of the 
company in 2012 means that he may no longer be considered independent under the uk corporate governance code although the 
board believes that mark adorian continues to act in the interests of all shareholders
the senior independent director charles fairbairn until his resignation on 31 december 2012 holds meetings with the other non
executive directors to appraise the chairman without the chairman present stuart clark is the senior independent director with effect 
from 1 january 2013 and is available to the shareholders for any concerns which contact through the normal channels of chairman 
chief executive or other executive directors has failed to resolve or for which such contact is inappropriate
the following committees have been established to deal with specific aspects of the group’s affairs
audit committee
the audit committee is currently chaired by jane tozer with effect from 1 january 2013 previously chaired by charles fairbairn who 
resigned on 31 december 2012 the audit committee also comprises the chairman carl bacon mark adorian and stuart clark and 
meets at least three times annually the audit committee provides a forum for reporting by the group’s external auditors meetings  
are also attended by invitation by the group finance director 
corporate governance 37
the audit committee is responsible for reviewing a wide range of financial matters as set out in written terms of reference including 
the interim results and the annual report and accounts before their submission to the board and monitoring the controls which are in 
force to ensure the integrity of the financial information reported to shareholders the audit committee reviews the appointment of 
external auditors and their remuneration both for audit and nonaudit work and discusses the nature and scope of the audit the audit 
committee regularly reviews the level of nonaudit work being performed by the auditors to ensure that they remain independent and 
the audit committee is satisfied that the current level of nonaudit work being performed by the auditors is appropriate the audit 
committee reviews the adequacy of the whistleblower process for staff
the audit committee needs to assess annually the qualification expertise and resources and independence of the external auditors 
and the effectiveness of the audit process 
remuneration and nominations committees
the remuneration committee is responsible for determining the contract terms remuneration and other benefits for executive 
directors including performancerelated bonus schemes and participation in the group’s long term incentive scheme mark adorian  
is the chairman of the remuneration committee and the other members are carl bacon and stuart clark and charles fairbairn until  
his resignation on 31 december 2012 
the remuneration report which includes details of directors’ remuneration pension entitlements and directors’ interests together 
with information on service contracts is set out on pages 41 to 43 
mark adorian is the chairman of the nominations committee and the other committee members are carl bacon stuart clark and 
jane tozer and charles fairbairn until his resignation on 31 december 2012 the nominations committee undertakes the function  
of nominating appointments to the board although all such appointments are reviewed and approved by the full board 
there were six full scheduled board meetings held in 2012 during the year there were three audit committee meetings two 
remuneration committee meetings and there was one nominations committee meeting the number of full scheduled board meetings 
and main subcommittee meetings attended by each director during the year were as follows
scheduled 
board 
meetings
audit 
committee 
meetings
remuneration 
committee 
meetings
nominations 
committee 
meetings
cr bacon 66 33 22 11
jmbt wheatley 66
am fabian 66
mc fairbairn resigned 31 december 2012 66 33 22 11
mc adorian 66 33 22 11
sj clark 66 33 22 11
je tozer appointed 1 october 2012 22 11
group executive board
the group executive board ‘geb’ is the executive committee which comprises the executive directors together with other senior 
executives of the group who meet at least 10 times per annum to discuss strategic and operational matters regional executive boards 
and product focused committees have been established to deal with executive decisions within clearly defined terms of reference 
established by the board 
with effect from 1 january 2013 a number of changes were made to the members and roles within the group executive board andrew 
peddar was appointed group chief operating officer and michel lempicki was appointed european sales director marc zandt was 
promoted to the geb and took on the role of global services director
the members of the group executive board and their roles and responsibilities are as follows
justin wheatley group chief executive
andrew fabian group finance director
andrew peddar group coo
dario cintioli product director 
michel lempicki european sales director
neil smyth marketing and technology director
marc zandt global services director 38
business review  governance  financial statements
the group executive board has the following subcommittees
regional boards
emeaa region europe south africa and asia pacific and north american region
operational decisions on implementing the group’s strategy including sales and client services strategy and expenditure and 
recruitment plans are delegated to senior executives in the group’s regions within clearly defined terms of reference and overall 
budgets established by the board 
product strategy
operational decisions on implementing the group’s product strategy including development plans together with related expenditure 
and recruitment plans are delegated to the product director who works with other senior executives on productfocused committees 
within clearly defined terms of reference and overall budgets established by the board 
relations with shareholders
communications with shareholders are given high priority there is regular dialogue with institutional shareholders and market  
analysts including presentations after the company’s preliminary announcement of the annual and interim results and other  
major announcements 
internal controls and risk management 
during the year the board has formally reviewed the group’s risk profile and reported on the effectiveness of the group’s system of 
internal controls and management of group risk in accordance with the combined code this review is required to address not only 
internal financial controls but other risks and controls of the business the directors acknowledge that they are responsible for the 
company’s system of internal control which is designed to manage rather than eliminate business risks and which provides reasonable 
but not absolute assurance against material misstatement or loss 
the company has established risk management procedures which the directors consider appropriate to a group of statpro’s size  
and complexity and during the year the internal controls and risk management procedures were reviewed by the directors this is 
achieved through a series of reports and meetings of specific committees including the information security committee the company 
has a group risk manual which sets out the key risks by region and by function and the controls in place to manage the risks and 
identifies actions to be taken to improve risk management processes the risk review process focuses on adopting enterprise wide  
risk management techniques on a consistent basis and improving risk reporting and management given the size and nature of the 
business the directors consider that the group is compliant with the requirements of the corporate governance code
each senior executive is responsible for managing risks in his or her region or function and making regular reports on risk issues to both 
the main board and group executive board this risk analysis covers all business risks including commercial financial operational legal 
and environmental risks these reports include the potential impact to the business of each key risk and its likelihood along with details 
of all insurance policies including specific cover for directors the board is thus able to monitor the risk profile for all significant business 
risks recommendations on internal controls and risk improvement are reviewed by the audit committee and the board risk awareness 
is further embedded within the business at a series of review meetings during the year extending to group executive board and other 
directors and senior managers
 
a statement of the directors’ responsibilities in respect of the financial statements is set out on page 31 and a statement on going 
concern is below 
financial controls
the group has established written expenditure approval delegation of authority and authorisation levels segregation of duties and 
other control procedures together with accounting policies and procedures which are approved by the board
budgetary process 
each year the board approves the annual budget and key risk areas are identified performance is monitored and relevant action is taken 
throughout the year through regular reporting to the board of variances from the budget updated forecasts for the year together with 
information on the key risk areas
investment appraisal 
major capital and other project expenditure is controlled by a budgetary process and authorisation levels for capital expenditure above 
specified levels and for acquisitions and disposals detailed written proposals have to be submitted to the board for approval 
corporate governance continued 39
internal audit 
the group currently does not have an internal audit function as the directors consider this to be inappropriate given the current size  
of the group however this situation is reviewed by the board annually an element of internal audit assurance is achieved by use of 
internal staff working on specific projects for example to review the policies and procedures relating to information security including 
the effectiveness of related internal controls
going concern
after making appropriate enquiries and for the reasons set out in the directors’ report the directors have a reasonable expectation  
that the group has adequate resources to continue in operational existence for the foreseeable future for this reason they continue  
to adopt the going concern basis in preparing these financial statements see note 1
am fabian
company secretary
14 march 2013 40
business review  governance  financial statements
mark adorian is the chairman of the remuneration committee and the other members of the committee are charles fairbairn until 
31 december 2012 carl bacon and stuart clark the remuneration of all executive directors and other senior executives is recommended 
to the board by the committee the remuneration of the nonexecutive directors is determined by the board during the year the 
committee has reviewed salary surveys and the policies of other companies of a comparable nature but has taken no external advice 
remuneration policy
the group’s policy is to attract retain and motivate high calibre executives by rewarding them with remuneration packages which 
reflect both individual performance and the results of the operations under their control packages consist of basic salary performance
related bonuses share options pensions and other benefits with a significant proportion of potential remuneration based upon 
achievement of demanding performance targets consideration is given to pay and employment policies elsewhere in the group  
details of the remuneration package of each director are set out on pages 41 to 43
the group has implemented a remuneration policy to align the executives’ interests with the objectives of all shareholders the current 
focus is on the execution of the cloud strategy the achievement of group revenue growth and profit targets and bonuses will form a 
greater part of the overall remuneration package
basic salary and benefits
salaries are established by reference to prevailing market rates adjusted to reflect individual performance experience responsibilities 
and skills there were no changes to basic salaries for executive directors for the year commencing 1 january 2012 the remuneration 
committee approved an increase in basic salary for andrew fabian to £150000 with effect from 1 january 2013 there were no changes 
to the fee arrangements for nonexecutive directors
share options 
share options are granted to directors and eligible employees under established hmrc approved and unapproved employee share 
option schemes as the company places emphasis on the encouragement and motivation of senior executives details of the options 
outstanding under the schemes are provided in note 20 to the financial statements options are awarded at the higher of market value 
at the date of grant and a minimum level established by the remuneration committee as being acceptable to all shareholders the 
remuneration committee ensures that awards are made within the overall limits authorised by shareholders and at an appropriate level 
for the individual taking into account their role and contribution to the business previous option grants and market practice share 
options granted to directors and senior managers include performance criteria as determined by the remuneration committee from 
time to time primarily being that exercise is dependent on achieving a minimum share price and earnings per share growth target 
annual performancerelated bonus scheme
in addition to basic salary executive directors and other senior executives participate in an annual performancerelated bonus scheme 
performance targets are designed to both stretch and encourage individuals whilst aligning their interests to that of the group 
in 2012 the targets for performancerelated bonuses for main board executive directors related to the group’s revenue growth  
rate in particular for sales of statpro revolution combined with satisfactory profit and cash generation the committee may also  
award individual discretionary bonuses in 2012 and 2011 there were no discretionary awards bonuses do not form part of  
pensionable earnings 
longterm incentive plan
under the ltip each year the committee considers the grant of options to executive directors and senior executives with a notional 
value at grant dependent upon the seniority of the participant and related to the participant’s base salary and the performance terms 
for those options these options generally have a strike price based on a premium to the market price at the time and be exercisable 
after three years the rules governing these options are identical to existing option schemes and there are performance criteria  
relating to growth in eps and other measures such as statpro revolution sales to ensure incentives are aligned with strategic objectives 
providing this is met and providing that participants have met their individual performance objectives as agreed at the start of  
each year they will be granted a number of options at an exercise price to be determined by the committee 
the ltip award granted in 2009 failed to vest and some options granted to directors in 2006 also lapsed as the 2011 eps performance 
condition was not met and 1975000 options lapsed options over 1045000 shares previously granted to justin wheatley and options 
over 35000 shares previously granted to andrew fabian lapsed
following the decision to make a placing and to increase investment in cloud technology in 2012 and in order to align the directors 
interests with the shareholders a special award of options was granted to senior executive directors on the group executive board 
options over 1000000 shares were granted to justin wheatley and options over 150000 shares were granted to andrew fabian in 
addition an award of options over 100000 shares was granted to andrew fabian under the annual ltip allocation the strike price for 
these options is 108p and there are other performance conditions attached there is no plan to award further options under the ltip  
to group executive board directors in march 2013
remuneration report 41
200
0
dec 07 dec 08 dec 09 dec 10  dec 11 dec 12
150
100
50
— statpro
— aim all share
shareholders will be invited to approve the introduction of any new scheme at the agm in may 2013 shareholders are being asked 
to approve the renewal of the unapproved option scheme which was originally established in 2003 with a 10 year life which expires  
in july 2013 and a new scheme is being proposed with similar rules to the existing scheme
pensions and other benefits
the company also operates a defined contribution pension scheme for executive directors other benefits include allowances  
life assurance and membership of a private healthcare scheme 
service contracts
each of the executive directors has a rolling contract of service which is terminable by no more than 12 months’ notice in the event  
of termination of a service contract compensation amounting to the notice period would be payable details of service agreements  
for each executive director are as follows
date of service 
agreement
notice period  
on termination
jmbt wheatley 31 december 2012 6 months
am fabian 10 july 2000 12 months
statpro international sarl entered into a new employment contract with jmbt wheatley on substantially the same terms as his previous 
employment contract with effect from 1 january 2013 
nonexecutive directors do not have service contracts je tozer seeks election and sj clark and jmbt wheatley seek reelection at the 
forthcoming annual general meeting biographical details of all directors can be found on pages 28 to 29
performance graph
31 december 2007  100
in the opinion of the directors the ftse™ aim index is the most appropriate benchmark for total shareholder return comparatives  
for the fiveyear period from 31 december 2007 to 31 december 2012 the total shareholder return for statpro was 24 over the  
same period the ftse™ aim total shareholder return was 33
directors’ remuneration 
this part of the remuneration report is audited
2012
salaryfees 
£’000s
performance
related bonus 
£’000s
discretionary 
bonus 
£’000s
benefits

 
£’000s
total 
excluding 
pensions 
£’000s
pensions 
£’000s
total 
2012 
£’000s
cr bacon 36 – – – 36 – 36
jmbt wheatley 164 33 – 146 343 – 343
am fabian 142 33 – 9 184 21 205
mc fairbairn  
resigned 31 december 2012
35 – – – 35 – 35
mc adorian 30 – – – 30 – 30
sj clark 28 – – – 28 – 28
je tozer  
appointed 1 october 2012
8 – – – 8 – 8
443 66 – 155 664 21 685 42
business review  governance  financial statements
2011
salaryfees 
£’000s
performance
related bonus 
£’000s
discretionary 
bonus 
£’000s
benefits

 
£’000s
total 
excluding 
pensions 
£’000s
pensions 
£’000s
total 
2011 
£’000s
cr bacon 36 – – – 36 – 36
jmbt wheatley 157 – – 165 322 – 322
am fabian 142 – – 8 150 19 169
mc fairbairn 35 – – – 35 – 35
mc adorian 30 – – – 30 – 30
sj clark 29 – – – 29 – 29
429 – – 173 602 19 621
 benefits in kind for jmbt wheatley and am fabian relate to travel and car allowances private healthcare and life assurance as part of jmbt wheatley’s service agreement 
following his relocation to luxembourg in october 2010 he opted to receive an accommodation allowance in lieu of salary and other benefits
mark adorian and carl bacon have performed some consultancy services during 2012 and 2011 for the company as detailed in note 21
directors’ pension arrangements 
this part of the remuneration report is audited
the table below shows directors’ pension arrangements in respect of a defined contribution scheme 
contribution 
rate
relevant 
salary 
£’000s
contributions 
2012 
£’000s
contributions 
2011 
£’000s 
jmbt wheatley 0 164 – –
am fabian 15 142 21 19
statpro operates a pension salary sacrifice arrangement where individuals can exchange their salary for company paid pension 
contributions where individuals exchange salary this reduces statpro’s national insurance contributions for executive directors 
statpro credits this saving to the individual’s pension as part of jmbt wheatley’s new service agreement jmbt wheatley has opted  
to swap pension benefits for other allowances and therefore he received no pension contribution from the company in 2012 or 2011 
directors’ interests
interests in shares
as at 
31 december 
2012 
number
as at 
31 december 
2011 
number 
cr bacon 794000 755000
jmbt wheatley 7353672 7226367
am fabian 264647 207795
mc fairbairn resigned 31 december 2012 779834 779834
mc adorian 2645698 2545698
sj clark – –
je tozer appointed 1 october 2012 24752 na
in addition to the above interests jmbt wheatley has an interest in 69000 ordinary shares 2011 120000 in a family trust being  
a trustee and potential beneficiary of the trust
remuneration report continued 43
interests in share options 
this part of the remuneration report is audited
as at 
31 december 
2011 
number
granted
in year

 
number
exercised 
in year

 
number
lapsed 
in year 
number
as at 
31 december 
2012 
number
exercise 
price 
pence
exercise 
period
jmbt wheatley 1000000 – – 1000000 – 975 2009–2013

45000 – – – 45000 100 2011–2015

45000 – – 45000 – 80 2012–2016

45000 – – – 45000 135 2013–2017

35000 – – – 35000 130 2014–2018

– 1000000 – – 1000000 108 2015–2022

1170000 1000000 – 1045000 1125000
am fabian 42000 – 42000 – – 60 2006–2013
35000 – – – 35000 100 2011–2015

35000 – – 35000 – 80 2012–2016

35000 – – – 35000 135 2013–2017

35000 – – – 35000 130 2014–2018

– 150000 – – 150000 108 2015–2022

– 100000 – – 100000 108 2015–2019

182000 250000 42000 35000 355000
 performance criteria are attached to these options
gains made by directors on share options 
in 2012 am fabian exercised options over 42000 shares at a market price of 855p realising a gain before applicable taxes of £11000  
in 2011 am fabian exercised options over 35000 shares realising a gain before applicable taxes of £20000 no other directors 
exercised any options in 2012 or 2011 
share price
the highest and lowest midmarket prices of the company’s ordinary shares during the year were 110p and 75p respectively and the 
midmarket price on 31 december 2012 was 965p 
this report was approved by the board on 14 march 2013
mc adorian
chairman of remuneration committee 
14 march 2013 44
business review  governance  financial statements
we have audited the financial statements of statpro group plc for the year ended 31 december 2012 which comprise the group  
income statement group statement of comprehensive income group balance sheet company balance sheet group and company 
statements’ of cash flows group statement of changes in shareholders’ equity company statement of changes in shareholders’  
equity and the related notes 1 to 26 the financial reporting framework that has been applied in their preparation is applicable law  
and international financial reporting standards ‘ifrss’ as adopted by the european union and as regards the company financial 
statements as applied in accordance with the provisions of the companies act 2006
this report is made solely to the company’s members as a body in accordance with chapter 3 of part 16 of the companies act 2006 
our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose to the fullest extent permitted by law we do not accept or assume responsibility to 
anyone other than the company and the company’s members as a body for our audit work for this report or for the opinions we 
have formed 
respective responsibilities of directors and auditor
as explained more fully in the directors’ responsibilities statement set out on page 31 the directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true and fair view our responsibility is to audit and express an 
opinion on the financial statements in accordance with applicable law and international standards on auditing uk and ireland those 
standards require us to comply with the auditing practices board’s ethical standards for auditors
in addition the company has also instructed us to
• report our opinion on whether the section of the directors’ remuneration report that is described as audited has been properly 
prepared in accordance with the basis of preparation described therein and whether the part of the directors’ remuneration report 
to be audited is not in agreement with the accounting records and returns
• review the directors’ statement in relation to going concern as set out on page 39 which for a premium listed uk incorporated 
company is specified for review by the listing rules of the financial services authority
• review certain elements of the report to shareholders by the board on directors’ remuneration which for a premium listed uk 
incorporated company is specified for review by the listing rules of the financial services authority and
• review the part of the corporate governance statement relating to the company’s compliance with the nine provisions of the  
uk corporate governance code which for a premium listed company is specified for review by the listing rules of the financial 
services authority
scope of the audit of the financial statements
an audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material misstatement whether caused by fraud or error this includes an 
assessment of whether the accounting policies are appropriate to the group’s and the company’s circumstances and have been 
consistently applied and adequately disclosed the reasonableness of significant accounting estimates made by the directors and the 
overall presentation of the financial statements in addition we read all the financial and nonfinancial information in the annual report 
and accounts to identify material inconsistencies with the audited financial statements if we become aware of any apparent material 
misstatements or inconsistencies we consider the implications for our report
opinion on financial statements
in our opinion
• the financial statements give a true and fair view of the state of the group’s and of the company’s affairs as at 31 december 2012 
and of the group’s profit for the year then ended
• the group financial statements have been properly prepared in accordance with ifrss as adopted by the european union 
• the company financial statements have been properly prepared in accordance with ifrss as adopted by the european union and  
as applied in accordance with the provisions of the companies act 2006 and
• the financial statements have been prepared in accordance with the requirements of the companies act 2006
independent auditor’s report to 
the members of statpro group plc 45
opinion on other matter prescribed by the companies act 2006
in our opinion the information given in the directors’ report for the financial year for which the financial statements are prepared  
is consistent with the financial statements
opinion on other matter 
in our opinion the part of the directors’ remuneration report to be audited has been properly prepared in accordance with the basis  
of preparation as described therein 
matters on which we are required to report by exception
we have nothing to report in respect of the following matters 
where the companies act 2006 requires us to report to you if in our opinion
• adequate accounting records have not been kept by the company or returns adequate for our audit have not been received from 
branches not visited by us or
• the company financial statements are not in agreement with the accounting records and returns or
• certain disclosures of directors’ remuneration specified by law are not made or
• we have not received all the information and explanations we require for our audit
where under the terms of our engagement we are required to report to you if in our opinion
• the part of the directors’ remuneration report to be audited is not in agreement with the accounting records and returns or 
where under the terms of our engagement we are required to review
• the directors’ statement set out on page 39 in relation to going concern
• the part of the corporate governance statement relating to the company’s compliance with the nine provisions of uk corporate 
governance code and
• certain elements of the report to shareholders by the board on directors’ remuneration
andy glover senior statutory auditor
for and on behalf of ernst  young llp statutory auditor
london
14 march 2013 46
business review  governance  financial statements
notes
2012 
£’000s
2011 
£’000s
revenue 2 32001 31715
operating expenses before amortisation of intangible assets and exceptional items 23016 24029
amortisation of acquired intangible assets 11 440 447
amortisation of other intangible assets 11 3292 2749
exceptional item – restructuring costs 3 978 –
operating expenses 3 27726 27225
operating profit 4275 4490
finance income 6 10 11
finance expense 6 503 638
net finance expense 493 627
profit before taxation 2 3782 3863
taxation 7 1102 955
profit for the year 2680 2908
earnings per share – basic 10 43p 48p
  – diluted 10 43p 47p
group statement of comprehensive 
income 
for the year ended 31 december 2012
2012 
£’000s
2011 
£’000s
profit for the year 2680 2908
other comprehensive income
net exchange differences 984 791
total comprehensive income for the year 1696 2117
group income statement 
for the year ended 31 december 2012 47
notes
group 
2012 
£’000s
group 
2011 
£’000s
company 
2012 
£’000s
company 
2011 
£’000s
noncurrent assets
goodwill 11 51521 52689 – –
other intangible assets 11 6162 6356 210 794
property plant and equipment 12 1974 2390 – –
other receivables 14 231 231 13888 6913
deferred tax assets 17 384 649 9 –
investments 13 – – 43183 43145
60272 62315 57290 50852
current assets
trade and other receivables 14 6962 6136 498 107
financial instruments – other 32 174 32 174
current tax assets – 37 – –
cash and cash equivalents 3681 2447 1005 1094
10675 8794 1535 1375
liabilities
current liabilities
financial liabilities – borrowings 14 11 – –
financial instruments – other 38 38 38 38
trade and other payables 15 4293 4134 16512 13128
current tax liabilities 729 827 275 305
deferred income 13323 12884 – –
provisions 16 1530 1551 1319 1358
19927 19445 18144 14829
net current liabilities 9252 10651 16609 13454
noncurrent liabilities
financial liabilities – borrowings 18 – 5835 – 5835
other creditors 213 265 – –
deferred tax liabilities 17 887 1260 – 185
deferred income 125 290 – –
provisions 16 175 184 – –
1400 7834 – 6020
net assets 49620 43830 40681 31378
shareholders’ equity
share capital 20 677 616 677 616
share premium 23472 17675 23472 17675
shares to be issued 63 63 63 63
treasury shares 249 249 249 249
other reserves 10776 11760 2369 2369
retained earnings 14881 13965 14349 10904
total shareholders’ equity 49620 43830 40681 31378
the financial statements were approved by the board of directors on 14 march 2013 and were signed on its behalf by 
jmbt wheatley  am fabian 
director   director
balance sheets
at 31 december 2012 48
business review  governance  financial statements
notes
group 
2012 
£’000s
group 
2011 
£’000s
company 
2012 
£’000s
company 
2011 
£’000s
operating activities
cash generated from operations before exceptional item 22 10180 10373 1702 4169
payments in respect of exceptional item 947 448 9 –
cash generated from operations 9233 9925 1693 4169
finance income 10 9 2 2
finance costs 316 432 307 432
tax received – 20 – –
tax paid 1261 864 391 195
net cash flow from operating activities 7666 8658 997 3544
investing activities
investment in intangible assets 11 3551 3807 1198 1498
purchase of property plant and equipment 12 639 986 – –
proceeds from the disposal of property plant and equipment 3 8 – –
dividends received from subsidiaries – – 2300 2200
net cash flow used infrom investing activities 4187 4785 1102 702
financing activities
repayment of bank loan 23 6250 750 6250 750
financing costs for bank loan modification 169 – 169 –
proceeds from issue of ordinary shares 20 5858 40 5858 40
payment for net settlement of share options 20 – 52 – 52
dividends paid to shareholders 9 1627 1502 1627 1502
net cash flow used in financing activities 2188 2264 2188 2264
net increasedecrease in cash and cash equivalents 1291 1609 89 1982
cash and cash equivalents at 1 january 2447 871 1094 875
effect of exchange rate movements 57 33 – 13
cash and cash equivalents at 31 december 3681 2447 1005 1094
statement of cash flows
for the year ended 31 december 2012 49
share 
capital 
£’000s
share
 premium 
£’000s
shares to 
be issued 
£’000s
treasury 
shares 
£’000s
other 
reserves 
£’000s
retained 
earnings 
£’000s
total 
equity 
£’000s
at 1 january 2011 610 17176 528 249 12551 12513 43129
profit for the year – – – – – 2908 2908
other comprehensive income – – – – 791 – 791
total comprehensive income – – – – 791 2908 2117
transactions with owners
share based payment transactions – – – – – 119 119
net settlement of share options – – – – – 52 52
tax relating to share option scheme – – – – – 21 21
shares issued 6 499 465 – – – 40
dividends – – – – – 1502 1502
6 499 465 – – 1456 1416
at 31 december 2011 616 17675 63 249 11760 13965 43830
share 
capital 
£’000s
share
 premium 
£’000s
shares to 
be issued 
£’000s
treasury 
shares 
£’000s
other 
reserves 
£’000s
retained 
earnings 
£’000s
total 
equity 
£’000s
at 1 january 2012 616 17675 63 249 11760 13965 43830
profit for the year – – – – – 2680 2680
other comprehensive income – – – – 984 – 984
total comprehensive income – – – – 984 2680 1696
transactions with owners
share based payment transactions – – – – – 159 159
tax relating to share option scheme – – – – – 22 22
shares issued 61 5797 – – – – 5858
dividends – – – – – 1627 1627
61 5797 – – – 1764 4094
at 31 december 2012 677 23472 63 249 10776 14881 49620
other reserves include merger reserves of £2369000 2011 £2369000 and translation reserve of £8407000 2011 £9391000  
the merger reserve arose on acquisitions and represents the difference between the fair value of shares issued and the nominal value 
of the shares the translation reserve incorporates the gains and losses on revaluation of the net assets and liabilities of subsidiary 
undertakings and other currency gains and losses that are treated as part of equity 
group statement of changes 
in shareholders’ equity
for the year ended 31 december 2012 50
business review  governance  financial statements
share 
capital 
£’000s
share 
premium 
£’000s
shares to 
be issued 
£’000s
treasury 
shares 
£’000s
other 
reserves 
£’000s
retained 
earnings 
£’000s
total 
equity 
£’000s
at 1 january 2011 610 17176 63 249 2369 8441 28410
profit for the year – – – – – 3919 3919
other comprehensive income – – – – – – –
total comprehensive income – – – – – 3919 3919
transactions with owners
share based payment transactions – – – – – 119 119
net settlement of share options – – – – – 52 52
tax relating to share option scheme – – – – – 21 21
shares issued 6 499 – – – – 505
dividends – – – – – 1502 1502
6 499 – – – 1456 951
at 31 december 2011 616 17675 63 249 2369 10904 31378
share 
capital 
£’000s
share 
premium 
£’000s
shares to 
be issued 
£’000s
treasury 
shares 
£’000s
other 
reserves 
£’000s
retained 
earnings 
£’000s
total 
equity 
£’000s
at 1 january 2012 616 17675 63 249 2369 10904 31378
profit for the year – – – – – 5209 5209
other comprehensive income – – – – – – –
total comprehensive income – – – – – 5209 5209
transactions with owners
share based payment transactions – – – – – 159 159
tax relating to share option scheme – – – – – 22 22
shares issued 61 5797 – – – – 5858
dividends – – – – – 1627 1627
61 5797 – – – 1764 4094
at 31 december 2012 677 23472 63 249 2369 14349 40681
other reserves are merger reserves of £2369000 2011 £2369000 the merger reserve arose on acquisitions and represents the 
difference between the fair value of shares issued and the nominal value of the shares share based payment transactions in reserves 
include a credit of £38000 relating to investments in subsidiaries
company statement of changes 
in shareholders’ equity
for the year ended 31 december 2012 51
1 principal accounting policies 
the principal accounting policies adopted in the preparation of these financial statements are set out below these policies have been 
consistently applied to all the years presented unless otherwise stated
accounting convention
these financial statements have been prepared in accordance with international financial reporting standards ‘ifrs’ and ifric 
interpretations endorsed by the european union ‘eu’ and those parts of the companies act 2006 applicable to companies reporting 
under ifrs the financial statements have been prepared under the historical cost convention modified to include the measurement  
of financial assets and liabilities at fair value through profit or loss a summary of the significant group accounting policies is set out 
below together with an explanation of where changes have been made to previous policies on the adoption of new accounting 
standards in the year
as permitted by section 408 of the companies act 2006 the company has not presented its own income statement or statement  
of comprehensive income the profit after taxation for the financial year of the company was £5209000 2011 £3919000 
the group and parent financial statements are presented in sterling and all values are rounded to the nearest thousand pounds £000 
except where otherwise indicated
basis of preparation – going concern
the group operates in the asset management sector of the financial services industry and whilst many of our clients are part of banking 
groups most of them are relatively resilient to the challenging economic backdrop this is because like statpro itself they themselves 
have recurring revenue business models and to a large extent the services and software provided by statpro are reasonably embedded 
within their core operations we have a client base of around 350 client groups 2011 300 which is diversified geographically and by 
product and with no significant client concentration our largest client group which comprises a number of contracts for a variety of 
products and in a number of territories represents less than 6 of recurring revenue we plan for a level of cancellations each year but 
most of our contracts are multiyear agreements which roll into subsequent commitments unless written notice is given to terminate 
the contract for most software contracts the annual licence fee is payable in advance and for data contracts the fees are monthly  
in advance for these reasons we have good visibility on any potential deterioration in our trading outlook and potential risks to  
our business
renewals occur throughout the year although there is a slightly greater weighting in the fourth quarter the board closely monitors 
clients that are potentially at risk of cancellation as well as the pipeline of new business 
the group has both cash and undrawn credit facilities available to support its business operations and therefore the board believes  
that the group is wellpositioned to manage the business risks in reaching their conclusion the board has reviewed cash flow forecasts 
after making appropriate enquiries the directors have a reasonable expectation that the group has adequate resources to continue in 
operational existence for the foreseeable future for these reasons the board continues to adopt the going concern basis in preparing 
the group and company financial statements
critical accounting estimates and judgements
the preparation of financial statements under ifrs requires management to make estimates and assumptions concerning the future 
the resulting accounting estimates will by definition therefore not necessarily equate to the actual outcome estimates are made by the 
directors based on experience and estimates believed to be reasonable expectations of future outcomes critical accounting estimates 
and judgements are made in the following areas
• impairment of goodwill
• carrying value of development assets
• deferred tax recognition
the accounting policies in respect of these items are set out below and further details can be found in notes 11 and 17
impairment of goodwill
the group’s impairment test for goodwill and intangible assets with indefinite useful lives is based on a value in use calculation the 
value in use calculation is based on a discounted cash flow model the cash flows are derived from the budget and projections for the 
next five years and do not include restructuring activities that the group is not yet committed to or significant future investments that 
will enhance the asset’s performance of the cash generating unit being tested the recoverable amount is most sensitive to the discount 
rate used for the discounted cash flow model as well as the expected future cashinflows and the growth rate used for extrapolation 
purposes the key assumptions used to determine the recoverable amount for the different cash generating units including a sensitivity 
analysis are disclosed further in note 11
notes to the financial statements 
for the year ended 31 december 2012 52
business review  governance  financial statements
carrying value of development assets
development costs are capitalised in accordance with group accounting policy initial recognition is based on management’s judgement 
that technological and economical feasibility is confirmed usually when a product development project has reached a defined milestone 
according to an established project management model in determining the amounts to be capitalised management makes assumptions 
regarding the expected future cash generation of the assets discount rates to be applied and the expected period of the benefits
deferred tax recognition
the group establishes provisions based on reasonable estimates for possible consequences of audits by tax authorities of the 
respective countries in which it operates the amount of such provisions is based on various factors such as experience with previous 
tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority management 
judgement is required to determine the amount of deferred tax assets that can be recognised based upon the likely timing and the  
level of future taxable profits together with an assessment of the effect of future tax planning strategies 
new and amended accounting standards and interpretations
the following new and amended ifrs and ifric interpretations were effective as of 1 january 2012
• ifrs 1 amendment firsttime adopters – hyperinflation and removal of fixed dates not eu endorsed
• ifrs 7 amendment disclosures about transfers of financial assets
• ias 12 amendment deferred tax – recovery of underlying asset
we believe that there are no areas within these standards which have a material impact to the group
interpretations and revised standards that are not yet effective and have not been early adopted by the group
the following interpretations to existing standards have been published that are mandatory for the group’s future accounting but which 
the group has not adopted early management has not yet fully assessed the impact of these new standards but does not believe they 
will have any material impact on the financial statements
• ias 1 revised presentation of financial statements – 1 january 2013
• ifrs 7 amendment offsetting financial assets and liabilities – 1 january 2013
• ifrs 9 financial instruments – classification and measurement – 1 january 2015
• ifrs 10 consolidated financial statements – 1 january 2014
• ifrs 11 joint arrangements – 1 january 2014
• ifrs 12 disclosure of interest in other entities – 1 january 2014
• ifrs 13 revised fair value measurement – 1 january 2013
• ias 27 revised consolidated and separate financial statements – 1 january 2014
• ias 28 revised investments in associates and joint ventures – 1 january 2014
• ias 32 amendment offsetting financial assets and liabilities – 1 january 2014
basis of consolidation 
the group financial statements consolidate the financial statements of the company and its subsidiary undertakings all made up  
to 31 december each year subsidiaries are entities over which the group has the power to govern the financial and operating policies 
generally accompanying a shareholding of more than one half of the voting rights
revenue 
revenue represents the invoiced value of goods and services excluding value added tax of the following 
a licence revenue and related software support contracts 
 licence revenue and software support contract income relating to obligations under contracts is recognised in the income statement 
over the period of the contract on a monthly basis from the start of the month in which the licence commences any balance not 
relating to the accounting period is carried forward as deferred income on the balance sheet 
b data fees
 data fee income is recognised in the income statement over the period of the contract on a monthly basis from the start of the 
month in which the contract commences any balance not relating to the accounting period is carried forward as deferred income on 
the balance sheet data overage revenue on data contracts data revenue in excess of contracted amount is recognised in the period 
that the overage was incurred
c professional services revenue 
 income relating to consultancy projects is recognised in the income statement as a right to consideration is established as a result  
of performance
notes to the financial statements 
for the year ended 31 december 2012 continued 53
d royalty revenue 
 income is recognised in the income statement as rights to consideration accrues
segmental reporting
operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker  
the chief operating decision maker who is responsible for allocating resources and assessing performance of the operating segments 
has been identified as the group executive board
research and development 
expenditure on research and development comprises salaries and related costs of personnel involved in software programming and 
development activities development costs are capitalised where the appropriate recognition criteria in accordance with ias 38 are met 
including the asset and related costs being separately identifiable the use of the asset being technically feasible and intended and the 
asset being expected to generate future benefits as a result there is an intangible asset relating to capitalised development costs both 
internally developed and acquired recognised on the group’s balance sheet where the board expects the benefits to be recovered 
through incremental revenue from future sales the carrying values which are analysed by product are considered carefully by the 
board and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not  
be recoverable 
intangible assets – customer contracts
customer contracts acquired with acquisitions are valued based on the net contribution expected to be realised over the estimated life 
of the contracts and discounted at an appropriate discount rate taking into account any tax effects the carrying values are reviewed  
for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable 
goodwill 
for business combinations before 1 january 2010 goodwill is calculated as the difference between the fair value of the consideration 
including all costs relating to the acquisition and the fair value of the group’s share of the identifiable net assets of the acquired entity 
in accordance with ifrs 3 revised the calculation of goodwill relating to any acquisitions that completed after 1 january 2010 will  
not include any acquisition related costs goodwill is not amortised but is subject to annual impairment reviews goodwill arising on 
acquisitions prior to 1 january 2004 has been frozen with effect from 1 january 2004 and is no longer amortised but subject to annual 
impairment reviews 
business combinations
the results and net assets of subsidiary undertakings acquired are included in the group income statement and balance sheet using the 
acquisition method of accounting from the effective date of acquisition the date control is gained over the subsidiary the results and 
net assets of subsidiary undertakings disposed of are included in the group income statement and balance sheet using the acquisition 
method of accounting to the effective date of disposal income and expenditure relating to transactions between group undertakings 
are eliminated on consolidation 
amortisation
the cost of other intangibles assets are amortised on a straightline basis over the expected useful lives of the assets as follows
development costs internally generated – 33 per annum
customer contracts – over the period of the contracts between 3 and 7 years 
other intangibles – software – between 14 and 33 per annum
other intangibles – website development costs – 33 per annum 
other intangibles – trademarks – 10 per annum 
depreciation
the cost of property plant and equipment is depreciated on a straightline basis over the expected useful lives of the assets as follows
improvements to short leasehold property – over the period of the lease between 3 and 12 years
office equipment – between 10 and 20 per annum 
fixtures and fittings – between 10 and 20 per annum 
computer equipment – 33 per annum 
investments 
investments in subsidiary undertakings are stated at cost including estimated contingent consideration less any provisions for impairment 54
business review  governance  financial statements
current and deferred taxation 
the tax expense for the period comprises current and deferred tax the current tax charge is calculated on the basis of the tax laws 
enacted or substantively enacted at the balance sheet date in the countries where the company’s subsidiaries operate and generate 
taxable income deferred taxation is recognised in respect of all temporary differences between the tax bases of assets and liabilities 
and their carrying amounts in the financial statements at the balance sheet date and where these transactions or events result in an 
obligation to pay more tax or a right to pay less tax in the future temporary differences are differences between the group’s taxable 
profits and its results as stated in the financial statements deferred taxation assets are only recognised when their recoverability is 
more probable than not deferred taxation is measured at the average tax rates that are expected to apply in the periods in which the 
temporary differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted at the 
balance sheet date recognised deferred tax is measured on a nondiscounted basis 
leased assets 
rentals applicable to operating leases are charged to the income statement on a straightline basis over the term of the lease
financial instruments 
financial assets
the group classifies its financial assets in the following categories fair value through profit or loss loans and receivables and available 
for sale the classification depends on the purpose for which the financial assets were acquired the directors determine the 
classification of its financial assets at initial recognition
a financial assets at fair value through profit or loss
 financial assets at fair value through profit or loss are financial assets held for trading a financial asset is classified in this category  
if acquired principally for the purpose of use in the shortterm derivatives are also categorised as held for trading unless they are 
designated as hedges assets in this category are presented as current assets
b loans and receivables
 loans and receivables are nonderivative financial assets with fixed or determinable payments that are not quoted in an active 
market they are presented in current assets except for those with maturities greater than 12 months after the balance sheet date 
which are presented as noncurrent assets 
c availableforsale financial assets
 the company does not hold any assets available for sale other than investments in subsidiaries which are deemed to be assets 
available for sale
borrowings
borrowings are recognised initially at fair value net of transaction costs incurred borrowings are subsequently stated at amortised 
cost any difference between the proceeds net of prepaid transaction costs and the redemption value including interest is recognised 
in the income statement over the period of the borrowings using the effective interest method borrowings are classified as current 
liabilities unless the facility is committed such that the group has an unconditional right to defer settlement for at least 12 months  
from the balance sheet date
cash and cash equivalents
the group considers all bank deposits and highly liquid investments of less than three months’ maturity which are considered to have 
insignificant risk to a change in value to be cash equivalents bank overdrafts are excluded from cash and cash equivalents and are 
presented within borrowings in current liabilities on the balance sheet
provisions 
a provision is recognised when the group has a legal or constructive obligation as a result of a past event it is probable that an outflow 
of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation if the 
effect is material expected future cash flows are discounted using a current pretax rate that reflects where appropriate the risks 
specific to the liability
pensions 
the group provides contributions on behalf of certain directors and employees to a defined contribution pension scheme 
contributions payable in the year are charged to the income statement
notes to the financial statements 
for the year ended 31 december 2012 continued 55
sharebased payments 
in common with many highgrowth technology enterprises the company has issued a number of share options to executives and 
employees under ifrs the equitysettled sharebased payment awards are valued at fair value at inception and this cost is recognised 
over the option vesting period typically three years as there is no readily available market price for the options the board has used an 
independent model to estimate the fair value of the options there are a number of assumptions that affect the value and the board has 
carefully considered these assumptions in order to derive an appropriate charge for the cost of options note 20 the financial effect of 
awards by the company of options over its equity shares to employees of subsidiary undertakings are recognised by the company in its 
individual statements as an increase in its investment in subsidiaries with a credit to equity equivalent to the ifrs 2 cost in subsidiary 
undertakings 
dividend distribution
dividend distribution to the company’s shareholders is recognised as a liability in the group’s financial statements in the period in 
which the dividend becomes a liability of the company in the case of an interim dividend this is on the payment date for final dividends 
this arises on the passing of the relevant resolution at the annual general meeting of the shareholders
exceptional items
significant items which are separately disclosed on the face of the income statement by virtue of their size or incidence to enable a full 
understanding of the group’s financial performance
foreign currencies 
transactions in foreign currencies are recorded at the rate ruling at the date of the transaction monetary assets and liabilities 
denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date all differences are taken to 
the income statement the assets and liabilities of overseas subsidiary undertakings are translated at the rate of exchange ruling at the 
balance sheet date the profit and loss for the year is translated at the average rate for the year the exchange differences arising on 
retranslation of opening net assets are taken to other comprehensive income the difference between the profit and loss at the average 
rate and closing rate are taken to other comprehensive income all other translation differences are taken to the income statement 
2 segmental information 
the group’s operating segments have been determined based on the information regularly reviewed by the group executive board 
which has been identified as the chief operating decision maker ‘codm’ the group executive board considers the business to be  
split into two primary geographical markets emeaa and north america and central costs which relate to the expenses of the group’s 
headquarters and costs directly associated with the parent company which are managed by the group management team the external 
debt is also held within central 
all revenue profitloss before taxation and total assets are attributable to the principal activity of the group being the development 
marketing and distribution of software systems and the provision of webbased portfolio analysis and asset pricing services to the 
global asset management industry segment assets represent those assets arising from the operating activities of those segments 
segment results exclude the impact of any intercompany recharges of revenues or costs revenue was generated in the uk of 
£59 million 2011 £63 million with noncurrent assets held by uk entities totalling £326million 2011 £215 million
for the year ended 31 december 2012
emeaa 
£’000s
north 
america 
£’000s
central 
£’000s
total 
£’000s
revenue 20085 11916 – 32001
segment expense 15971 10405 1350 27726
operating profitloss 4114 1511 1350 4275
finance net incomeexpense 7 1 501 493
profitloss before taxation 4121 1512 1851 3782
statement of financial position
assets 29968 39762 1217 70947
liabilities 13798 4290 3239 21327
net assets 16170 35472 2022 49620
other
purchase of property plant and equipment 259 380 – 639
net investment in intangible assets 2119 234 1198 3551
depreciation of property plant and equipment 367 596 – 963
amortisation of other intangibles 3126 606 – 3732 56
business review  governance  financial statements
for the year ended 31 december 2011
emeaa 
£’000s
north 
america 
£’000s
central 
£’000s
total 
£’000s
revenue 20395 11320 – 31715
segment expense 15778 10182 1265 27225
operating profitloss 4617 1138 1265 4490
finance net incomeexpense 8 – 635 627
profitloss before taxation 4625 1138 1900 3863
statement of financial position
assets 29106 40886 1117 71109
liabilities 15311 2908 9060 27279
net assets 13795 37978 7943 43830
other
purchase of property plant and equipment 690 296 – 986
net investment in intangible assets 2069 240 1498 3807
depreciation of property plant and equipment 431 522 – 953
amortisation of other intangibles 2567 629 – 3196
3 operating expenses
2012 
£’000s
2011 
£’000s
operating expenses relate to
staff costs 
– research and development 4181 5011
– other staff costs 11019 10639
– share based payments 159 119
– internal development costs capitalised note 11 3208 3451
total staff costs note 4 11833 12318
depreciation of property plant and equipment 963 953
amortisation of intangible assets 3732 3196
operating lease rentals in respect of
– hire of computer equipment 138 202
– other operating lease rentals 1376 1379
auditors’ remuneration see below 186 234
operating exceptional items
– restructuring costs 978 –
other operating expenses 8695 9182
exchange differences 175 239
total operating expenses 27726 27225
auditors’ remuneration
during the year the group including its overseas subsidiaries obtained the following services from the group’s auditor
2012 
£’000s
2011 
£’000s
audit of the financial statements 71 71
local statutory audits of subsidiaries 38 23
total group audit fees 109 94
auditrelated assurance services 20 15
taxation compliance services 15 12
taxation advisory services 42 113
186 234
notes to the financial statements 
for the year ended 31 december 2012 continued 57
exceptional items
the operating exceptional item of £098 million relates to severance payments and related costs following a restructuring in the first half 
of 2012 to refocus the business on cloud technology there were no exceptional items in 2011 
adjusted profit before taxation adjusted operating profit margin and adjusted ebitda
in order to provide the reader of the accounts with profit measures that more clearly demonstrate the underlying business performance 
from year to year a number of adjusted profit measures are shown below
adjusted profit before taxation
2012 
£’000s
2011 
£’000s
profit before taxation 3782 3863
add back amortisation on acquired intangible assets 440 447
deductadd back share based payments 159 119
add back exceptional items 978 –
adjusted profit before tax 5041 4429
adjusted operating profit
2012 
£’000s
2011 
£’000s
operating profit 4275 4490
add back amortisation on acquired intangible assets 440 447
deductadd back share based payments 159 119
add back exceptional items 978 –
adjusted operating profit 5534 5056
adjusted operating margin 173 159
adjusted ebitda
2012 
£’000s
2011 
£’000s
operating profit 4275 4490
add back depreciation of property plant and equipment 963 953 
add back amortisation on purchased intangible assets 231 109
add back amortisation on acquired intangible assets 440 447
deductadd back share based payments 159 119
add back exceptional items 978 –
adjusted ebitda 6728 6118
adjusted ebitda margin 210 193
free cash flow
2012 
£’000s
2011 
£’000s
cash generated from operations before exceptional item 10180 10373
net interest paid 306 423
net tax paid 1261 844
purchase of property plant and equipment 639 986
investment in intangible assets 3551 3807
free cash flow before exceptional item 4423 4313
payments in respect of exceptional item 947 448
free cash flow 3476 3865 58
business review  governance  financial statements
4 employees
the average number of full time equivalent employees including executive directors employed by the group during the year was 
as follows
2012 
number
2011 
number
by activity 
selling distribution and client services 133 129
research and development 78 94
operations management and administration 42 43
253 266
 
2012
 £’000s
2011
 £’000s
staff costs
wages and salaries 12833 13313
share based payments note 20 159 119
social security costs 1889 1805
other pension costs 478 532
15041 15769
capitalisation of internal development costs 3208 3451
employee costs charged to income statement note 3 11833 12318
5 directors’ emoluments 
details of the remuneration of each director pension entitlements and share options are included in the remuneration report on pages 
41 to 43 the number of full time equivalent employees directly employed by the company was 1 2011 1 for the remuneration of key 
management personnel see note 21
6 net finance costs
2012
 £’000s
2011
 £’000s
bank interest receivable 10 11
bank interest payable 313 413
amortisation of arrangement fees 190 225
net finance expense 493 627
7 taxation 
2012
 £’000s
2011
 £’000s
current tax
current tax on profits for the year 1345 1333
adjustments in respect of prior years 141 48
total current tax 1204 1285
total deferred tax 102 330
income tax expense 1102 955
notes to the financial statements 
for the year ended 31 december 2012 continued 59
the tax impact of the exceptional items is as follows
2012
 £’000s
2011
 £’000s
tax charge on profit before tax and exceptional items 1387 955
tax credit on exceptional items 285 –
tax charge on profit before tax and after exceptional items 1102 955
the portion of exchange differences taken to equity as shown in the group statement of comprehensive income on page 46 that has a 
tax impact solely relate to the exchange differences arising on the translation of the borrowings as disclosed in note 18 in 2012 the tax 
credit relating to these items is £41000 2011 £33000
the tax on the group’s profit before tax differs from the standard rate of corporation tax in the uk of 245 2011 265 as follows
2012
 £’000s
2011
 £’000s
profit before tax 3782 3863
tax charge on profit before tax at standard rate of corporation tax in the uk of 245 2011 265 927 1024
tax effects of
nontaxable income and nondeductible expenses 161 126
unrecognised deferred tax movement 403 80
adjustments in respect of prior years 141 48
difference in tax rates on current tax 103 41
difference in tax rates on deferred tax 29 16
tax charge 1102 955
8 noncontrolling interests 
noncontrolling interests amounted to nil book value at the year end 2011 nil the group exercised its option to acquire a 49 
noncontrolling interest in sisoft in june 2010 for an estimated contingent consideration of approximately £14 million and our estimate 
of the measurement of the liability has not changed allowing for fluctuations in exchange rates however as the vendors are disputing 
certain aspects of the valuation the process has not been completed as originally expected in january 2011 a legal process in the 
french commercial court was commenced to try to resolve the matter and formally complete the acquisition and this is ongoing it is 
possible that the matter will not be fully resolved during 2013 and we will provide a further update if the position changes materially  
or on the completion of the acquisition
9 dividends 
dividends of £163 million 2011 £150 million were declared and paid during the year as follows
dividend
dividend 
rate
 pshare
2012 
amount 
£’000s
final dividend 2011 185 1135 
interim dividend 2012 080 492 
 1627 
dividend
dividend 
rate 
pshare
2011 
amount 
£’000s
final dividend 2010 17 1042 
interim dividend 2011 075 460 
1502 
the directors have recommended a final dividend of 19p per ordinary share for 2012 2011 185p resulting in a total dividend for  
the year of 27p per ordinary share 2011 26p if the 2012 final dividend is approved at the annual general meeting in may 2013 the 
dividend will be paid on 22 may 2013 to shareholders on the register at the close of business on 26 april 2013 exdiv date 24 april 2013 
in accordance with ifrs the dividend is not provided for as a liability in the accounts until it becomes a legal liability of the company 
and will therefore be recorded in the interim and annual accounts for 2013  60
business review  governance  financial statements
10 earnings per share
basic earnings per share is calculated by dividing the profit attributable to ordinary shareholders by the weighted average number of 
ordinary shares in issue during the year diluted earnings per share is calculated by adjusting the weighted number of ordinary shares 
outstanding to assume conversion of all dilutive potential shares into ordinary shares the company has two categories of dilutive 
potential ordinary shares shares to be issued and share options for the share options a calculation is performed to determine the 
number of shares that could have been acquired at fair value determined as the average annual market share price of the company’s 
shares based on the monetary value of the subscription rights attached to the outstanding share options the number of shares 
calculated as above is compared with the number of shares that would have been issued assuming the exercise of the share options 
earnings per share – basic and diluted
earnings 
2012 
£’000s
weighted 
average 
number 
of shares 
2012
’000s
earnings 
per share 
2012 
pence
earnings 
2011 
£’000s
weighted 
average 
number 
of shares 
2011
’000s
earnings 
per share 
2011 
pence
earnings per share – basic 2680 62168 43 2908 60801 48
potentially dilutive shares – 246 00 – 1022 01
earnings per share – diluted 2680 62414 43 2908 61823 47
 
earnings per share – adjusted 
earnings 
2012 
£’000s
weighted 
average 
number 
of shares 
2012
’000s
earnings 
per share 
2012 
pence
earnings 
2011 
£’000s
weighted 
average 
number 
of shares 
2011
’000s
earnings 
per share 
2011 
pence
earnings per share – basic 2680 62168 43 2908 60801 48
add back amortisation of acquired intangibles 440 – 07 447 – 07
deductadd back share based payments 159 – 02 119 – 02
add back exceptional losses 978 – 16 – – –
tax credit on exceptional losses 285 – 05 – – –
adjusted earnings per share 3654 62168 59 3474 60801 57
potentially dilutive shares – 246 00 – 1022 01
adjusted earnings per share – diluted 3654 62414 59 3474 61823 56
the adjusted earnings per share information has been provided in order to assist the reader to understand the underlying performance 
of the business on a comparable basis potentially dilutive shares exclude any antidilutive share options
11 intangible assets
group goodwill
£’000s
cost
at 1 january 2011 53617
exchange differences 928
at 31 december 2011 52689
exchange differences 1168
at 31 december 2012 51521
the movement on goodwill relates to exchange differences of £117 million 2011 £093 million the total goodwill of £5152 million 
includes goodwill for the north american region of £3453 million 2011 £3532 million and goodwill for the emeaa region of 
£1699 million 2011 £1737 million
notes to the financial statements 
for the year ended 31 december 2012 continued 61
goodwill impairment review
the carrying value of goodwill arising on acquisition is reviewed at each balance sheet date to assess whether there has been any 
impairment goodwill arising on acquisitions is allocated to cash generating units ‘cgus’ by considering the group’s share of the cash 
that is expected to be generated by the business or product that was acquired the evaluation is based on management forecasts over 
the period five years forward and assuming a terminal value based on 3 growth thereafter discount rates are based upon a prudent 
riskadjusted pretax weighted average cost of capital
2012 2011
discount rate for cgus 
emeaa 9 10
na 10 10
to assess for impairment the value in use of the cgu is compared to the goodwill if the resultant net present value of the discounted 
cash flows is less than the carrying value for goodwill the difference is written off through the income statement key assumptions in  
the projection of cash flows are levels of new sales renewal rates growth in expenses and the discount rate management base these 
projections on the latest budgets and forecasts which take into account market conditions and economic factors the headroom is 
therefore dependent upon sensitivities to these and other assumptions the largest element of goodwill is in the north american region 
and if there were no growth in ebitda in the region then this could result in impairment however it is not considered that there would 
be any impairment based on any reasonable set of assumptions 
2012 2011
sensitivity for north america
headroom at 10 discount rate £16 million £4 million
headroom at 75 discount rate £48 million £31 million
discount rate indicating impairment 13 11
the board believe that the 10 discount rate as being cautious with an acceptable range being 6–10 the fair value measure is also 
sensitive to exchange rates and could have an impact on goodwill impairment assessment in particular the value of goodwill related  
to the fri acquisition is linked to the canadian dollar whereas the underlying projection of cash flows is linked to exchange rates for 
several currencies as a result a strengthening canadian dollar could have an adverse impact on the measured headroom the goodwill 
on all acquisitions has been reviewed and in the opinion of the directors there is no impairment to the carrying value at 31 december 
2012 2011 nil 
other intangible assets
group
development 
costs  
– internally 
generated 
£’000s
development 
costs  
– acquired 
£’000s
customer 
contracts  
– acquired 
£’000s
other 
intangibles  
– purchased 
£’000s
intangible 
assets  
– total 
£’000s
cost 
at 1 january 2012 13721 943 3115 605 18384
additions 3208 – – 343 3551
written off – 924 – 60 984
exchange differences – 19 40 13 72
at 31 december 2012 16929 – 3075 875 20879
amortisation 
at 1 january 2012 8890 943 2045 150 12028
charge for the year 3061 – 440 231 3732
written off – 924 – 60 984
exchange differences – 19 32 8 59
at 31 december 2012 11951 – 2453 313 14717
net book value
at 31 december 2012 4978 – 622 562 6162
included within internally generated development costs are costs capitalised of £216 million in relation to statpro revolution 
2011 £200 million the amortisation charge during 2012 was £147 million 2011 £093 million 62
business review  governance  financial statements
development 
costs 
– internally 
generated 
£’000s
development 
costs 
– acquired 
£’000s
customer 
contracts 
– acquired 
£’000s
other 
intangibles 
– purchased 
£’000s
intangible 
assets
 – total 
£’000s
cost 
at 1 january 2011 10270 945 3146 252 14613
additions 3451 – – 356 3807
exchange differences – 2 31 3 36
at 31 december 2011 13721 943 3115 605 18384
amortisation 
at 1 january 2011 6250 878 1683 41 8852
charge for the year 2640 66 381 109 3196
exchange differences – 1 19 – 20
at 31 december 2011 8890 943 2045 150 12028
net book value
at 31 december 2011 4831 – 1070 455 6356
company
development 
costs 
– internally 
generated 
£’000s
other 
intangibles 
– purchased 
£’000s
intangible 
assets
 – total 
£’000s
cost
at 1 january 2012 6230 19 6249
additions 1198 – 1198
at 31 december 2012 7428 19 7447
amortisation 
at 1 january 2012 5453 2 5455
charge for the year 1780 2 1782
at 31 december 2012 7233 4 7237
net book value
at 31 december 2012 195 15 210
development 
costs 
– internally 
generated 
£’000s
other 
intangibles 
– purchased 
£’000s
intangible 
assets 
– total 
£’000s
cost
at 1 january 2011 4732 19 4751
additions 1498 – 1498
at 31 december 2011 6230 19 6249
amortisation 
at 1 january 2011 3612 – 3612
charge for the year 1841 2 1843
at 31 december 2011 5453 2 5455
net book value
at 31 december 2011 777 17 794
notes to the financial statements 
for the year ended 31 december 2012 continued 63
acquired and internally generated development costs
expenditure on research and development comprises salaries and related costs of personnel involved in software programming and 
development activities development costs are capitalised where recognition criteria are met as a result there is an intangible asset 
relating to capitalised development costs both internally developed and acquired recognised on the group’s balance sheet where the 
board expects the benefits to be recovered through incremental revenue from future sales development expenditure is amortised  
over a three year period as in the opinion of the directors this is the period over which the benefits arise the carrying values which  
are analysed by product are considered carefully by the board and if there has been any impairment in any development costs then  
the carrying value is written down accordingly there was no impairment in 2012 2011 nil 
customer contracts
customer contracts acquired were valued on acquisition by estimating the future cash flows to be derived from those contracts over  
a period varying between three and seven years depending on the type of contract and discounting cash flows at a discount rate of  
10 2011 10 adjusting for any tax impact the resultant fair value for the acquired customer contracts is amortised over a period of 
between three and seven years as in the opinion of the directors this is the period over which the benefits arise at each balance sheet 
date the current values of the original contracts is reviewed against the carrying values to assess for impairment the acquired customer 
contracts have been reviewed and in the opinion of the directors there is no impairment to the carrying value at 31 december 2012 
2011 nil 
12 property plant and equipment
improvements 
to short 
leasehold 
property 
£’000s
office 
equipment 
£’000s
fixtures and 
fittings
 £’000s
computer 
equipment 
£’000s
total 
£’000s
cost 
at 1 january 2012 2414 172 791 1271 4648
additions 30 5 9 595 639
disposalswrite offs 47 1 1 150 199
exchange differences 40 4 29 53 126
at 31 december 2012 2357 172 770 1663 4962
depreciation
at 1 january 2012 1353 124 515 266 2258
charge for the year 172 26 110 655 963
disposalswrite offs 9 1 1 123 134
exchange differences 33 19 7 40 99
at 31 december 2012 1483 130 617 758 2988
net book value
at 31 december 2012 874 42 153 905 1974 64
business review  governance  financial statements
improvements 
to short 
leasehold 
property 
£’000s
office 
equipment 
£’000s
fixtures and 
fittings 
£’000s
computer 
equipment 
£’000s
total 
£’000s
cost 
at 1 january 2011 1799 315 740 5496 8350
additions 195 19 107 665 986
disposalswrite offsreclassifications

468 157 27 4659 4375
exchange differences 48 5 29 231 313
at 31 december 2011 2414 172 791 1271 4648
depreciation
at 1 january 2011 856 194 488 4322 5860
charge for the year 184 28 113 628 953
disposalswrite offsreclassifications

329 94 73 4503 4341
exchange differences 16 4 13 181 214
at 31 december 2011 1353 124 515 266 2258
net book value
at 31 december 2011 1061 48 276 1005 2390
 during 2011 a review was carried out in a number of entities to write off assets that were no longer in use with a cost of £4629000 and a nil net book value as part of  
a system implementation project in 2012 a review of the classifications and amounts the write down of cost has been amended to £4145000 and a nil net book value 
as part of the financing arrangement with the royal bank of scotland plc the bank has security over certain group assets
company 
the company had no property plant or equipment at 31 december 2012 2011 nil
13 investments in subsidiary undertakings
2012 
£’000s
2011 
£’000s
company – cost and net book value
at 1 january 2012 43145 42569
net increase in investments

38 576
at 31 december 2012 43183 43145
 included in increase in investments is £38000 relating to share based payments transactions with subsidiaries 2011 £108000
notes to the financial statements 
for the year ended 31 december 2012 continued 65
the company’s principal subsidiary undertakings at 31 december 2012 comprised the following
country of incorporation
total 
percentage 
held by the 
group
total 
percentage 
held by the 
company
statpro limited england and wales 100 100
performa consultants uk limited england and wales 100 100
statpro sa formerly statpro benelux sa

luxembourg 100 –
statpro international sarl luxembourg 100 –
statpro deutschland gmbh germany 100 –
statpro france sarl france 100 –
statpro italia srl italy 100 100
sisoft sarl

france 51 51
statpro suisse sarl switzerland 100 –
statpro inc usa 100 100
statpro canada inc canada 100 –
statpro north america inc canada 100 100
statpro south africa pty ltd republic of south africa 100 100
statpro asia ltd hong kong 100 100
statpro australia pty ltd australia 100 100
 in march 2013 statpro benelux sa was renamed statpro sa 
 statpro group plc has exercised its option to acquire the remaining 49 of sisoft sarl however the legal process for completion of the transfer is not complete as the 
noncontrolling holders are disputing the valuation note 8
all trading subsidiaries are involved in either the development or marketing and distribution of software and data solutions and related 
professional services to the global asset management industry and have been included in the consolidation 
14 trade and other receivables
group 
2012 
£’000s
group 
2011 
£’000s
company 
2012 
£’000s
company 
2011 
£’000s 
trade debtors 5161 4193 – –
other debtors 140 97 429 –
prepayments 1413 1116 69 94
accrued income 161 587 – –
vat recoverable – 61 – 13
rental deposits 87 82 – –
6962 6136 498 107
the ageing of the group’s trade debtors at 31 december 2012 is analysed as follows
2012 
£’000s
2011 
£’000s
neither past due nor impaired 1391 2501
not more than three months 3670 1487
more than three months and not more than six months 65 149
more than six months 35 56
5161 4193
noncurrent assets other receivables
group 
2012 
£’000s
group 
2011 
£’000s
company 
2012 
£’000s
company 
2011 
£’000s 
rental deposits 231 231 – –
receivables from subsidiaries – – 13888 6913
231 231 13888 6913 66
business review  governance  financial statements
15 trade and other payables
group 
2012 
£’000s
group 
2011 
£’000s
company 
2012 
£’000s
company 
2011 
£’000s
trade creditors 668 902 56 88
other creditors and accruals 2508 2204 442 326
other taxation and social security 1117 1028 14 12
payable to subsidiaries – – 16000 12702
4293 4134 16512 13128
the noncurrent ‘other creditors and accruals’ of £021 million 2011 £027 million relates to lease inducements which are amortised 
over the period of the relevant lease
16 provisions
provisions – group 
2012 
contingent 
consideration 
£’000s
2012 
onerous 
contracts 
£’000s
2012 
restructuring 
provision 
£’000s
2012 
total 
£’000s
2011
 total 
£’000s
at 1 january 1358 272 105 1735 2306
arising in the year – – 978 978 –
utilised in the year – 86 874 960 531
exchange differences 39 10 1 48 40
at 31 december 1319 176 210 1705 1735
the contingent consideration relates to the contingent element of consideration on the sisoft acquisition and is now due to be utilised 
in 2013 although it is possible that it will fall beyond twelve months see note 26 the onerous contracts provision relates to onerous 
leases and other contracts and is expected to be utilised within two years the restructuring provision relates to the costs of 
redundancies and other costs associated with the restructuring and the remaining balance is expected to be utilised by 2014 
the ageing of provisions at 31 december 2012 is analysed as follows
group 
2012 
£’000s
group 
2011 
£’000s
company 
2012 
£’000s
company 
2011 
£’000s
current 1530 1551 1319 1358
noncurrent 175 184 – –
1705 1735 1319 1358
17 deferred taxation
deferred tax comprises
deferred taxation – group
assets
2012 
recognised 
asset 
£’000s
2011 
recognised 
asset 
£’000s
2012 
unrecognised 
asset 
£’000s
2011 
unrecognised 
asset 
£’000s
accelerated capital allowances 34 21 – –
overseas tax losses 297 619 941 499
share based payments 53 9 – 39
as at 31 december 384 649 941 538
notes to the financial statements 
for the year ended 31 december 2012 continued 67
liabilities
2012 
recognised 
liability 
£’000s
2011 
recognised 
liability 
£’000s
fair value adjustment to intangible assets 162 281
other timing differences 725 979
as at 31 december 887 1260
the total potential underlying tax losses and other timing differences at the year end were £694 million 2011 £469 million of the 
total potential deferred tax asset of £132 million 2011 £119 million a total of £038 million 2011 £065 million which represents 29 
2011 55 of the total potential asset was recognised at the end of the year deferred tax has been calculated at an estimated average 
rate for the group of 29 2011 27 a proportion of the deferred tax assets for the group has been recognised as in the opinion of the 
directors this is the probable level of the recoverability of such losses
 
deferred taxation – company
asset and liability
2012 
recognised 
asset
recognised 
liability 
£’000s
2011 
recognised 
asset
recognised 
liability 
£’000s
2012 
unrecognised 
asset 
£’000s
2011 
unrecognised 
asset 
£’000s
share based payments 53 9 – 39
other timing differences 44 194 – –
as at 31 december 9 185 – 39
movements in deferred tax assets
group 
2012 
recognised 
asset 
£’000s
group 
2011 
recognised 
asset 
£’000s
company 
2012 
recognised 
asset 
£’000s
company 
2011 
recognised 
asset 
£’000s
as at 1 january 649 699 9 35
differences in tax rates 11 83 3 1
utilisedrecognised in the year 260 115 25 4
tax credited directly to equity 22 21 22 21
exchange differences 16 3 – –
as at 31 december 384 649 53 9
movements in deferred tax liabilities
group 
2012 
recognised 
liability 
£’000s
group 
2011 
recognised 
liability 
£’000s
company 
2012 
recognised 
liability 
£’000s
company 
2011 
recognised 
liability 
£’000s
as at 1 january 1260 1622 194 303
differences in tax rates 40 68 3 19
utilisedrecognised in the year 333 430 147 90
as at 31 december 887 1260 44 194
no deferred tax liability with respect to unremitted earnings has been recognised at the balance sheet date undistributed profits 
available to be remitted to the uk should meet the requirements of the uk dividend exemption and should therefore be exempt from 
uk corporation tax no deferred tax liability has been recognised with respect to the value of the underlying subsidiaries since in the 
event of a sale a gain or loss arising on disposal should meet the uk substantial shareholders exemption criteria and therefore be 
exempt from uk corporate tax a reduction in the uk corporation tax rate from 26 to 24 was effective from 1 april 2012 a further 
reduction from 24 to 23 was substantively enacted in july 2012 and will be effective from 1 april 2013 accordingly these rates have 
been applied in the measurement of the group’s deferred tax assets and liabilities as at 31 december 2012  68
business review  governance  financial statements
18 financial instruments and financial risk management
the company’s and group’s key financial risks and its approach to managing these risks are described in the financial review on 
pages 18 to 19
a financial instruments
the group’s financial instruments comprise cash money market deposits bank loans provisions derivative financial instruments  
and various other accounts receivable and accounts payable that arise directly from its operations
cash and money market deposits when held are carried at fair value all financial assets except derivatives belong to the category 
‘loans and receivables’ in ias 39 all financial liabilities except derivatives are held at amortised cost the only derivative financial 
instruments relate to forward currency contracts which are purchased from banks and are considered level 2 financial instruments  
in accordance with ifrs 7
bank loans are recorded at the value of the proceeds received less any direct issue costs which due to the short term nature of these 
instruments approximates to fair value they are subsequently stated at cost plus accrued interest less any repayments which due  
to the short term nature of these instruments approximates to amortised cost using the effective interest rate method 
further information on contingent consideration can be found in note 16
derivative financial instruments are used by the group to hedge against various financial risks such as foreign currency and interest 
rate risk they are initially recognised at fair value and are designated by the entity at fair value through profit or loss 
as at 31 december 2012 the group held forward currency hedging contracts to mitigate the effects of currency exposure relating  
to nonsterling financial assets and liabilities cash flows and investments the fair value of forward currency contracts relating to 
commercial transactions is recognised through the income statement the net unrealised gain in respect of these contracts as at 
31 december 2012 was £9000 2011 £96000 the fair value of forward currency contracts relating to hedging of net investments 
designated in hedge accounting relationships is recognised through equity and the net unrealised loss relating to these contracts 
recognised through equity as at 31 december 2012 was £14000 2011 £40000 gain
the company recognises financial instruments in its accounts when it enters into a binding agreement to receive cash or other economic 
benefits and derecognises them once all parties to the agreement have discharged all of their obligations 
interest income and expenses are recognised in the income statement on an accruals basis realised gains and losses upon expiry  
of derivative financial instruments are recognised on settlement of the underlying contract 
financial assets
the group’s and company’s financial assets at the yearend are analysed as follows
2012 
group 
£’000s
2011 
group 
£’000s
2012 
company 
£’000s
2011 
company 
£’000s
cash and cash equivalents 3681 2447 1005 1094
financial instruments 32 174 32 174
rental deposits falling due after more than one year 231 231 – –
rental deposits falling due within one year 87 82 – –
trade debtors 5161 4193 – –
accrued income 161 587 – –
9353 7714 1037 1268
financial liabilities
committed facilities
in may 2012 an agreement was signed with the royal bank of scotland plc to extend our existing financing facilities until may 2015  
with an option to extend for a further two years subject to customary covenants and terms at 31 december 2012 the facility was 
£95 million £75 million of which is available as a revolving credit facility reducing by £05 million tranches every six months to 
£55 million in may 2015 this restructured facility strengthens our financial position and provides financing options at a commercial 
cost and provides more flexibility than the previous arrangement which was negotiated in early 2009
notes to the financial statements 
for the year ended 31 december 2012 continued 69
as a result the current facilities available as at 31 december 2012 comprise
• multicurrency fully revolving threeyear amortising facility amounting to an initial value of £8 million £75 million at december 2012 
with sixmonthly repayments of £05 million
• flexibility to repay early with no penalty and to redraw within the amortising limits
• option to extend for two more years to may 2017 subject to the royal bank of scotland plc credit committee approval and 
compliance with covenants 
• multicurrency revolving working capital loan of £20 million £20 million available at december 2012 
there are covenants associated with the facility primarily relating to the gearing net debtebitda interest cover and debt service 
ratios repayments of the facilities are on a sixmonthly basis and subject to compliance with the covenants the facility remains 
committed until may 2015 as part of the secured financing arrangement with the royal bank of scotland plc the bank has security  
over certain group’s assets including pledges over shares in certain subsidiaries
the maturity of the group’s financial liabilities at 31 december 2012 was as follows
payable in 
1 year 
or less 
£’000s
payable in 
more than 
1 but 
less than 
2 years 
£’000s
payable in 
more than 
2 but 
less than 
5 years 
£’000s
31 december 
2012 
total 
£’000s
bank loans and overdrafts 14 – – 14
trade creditors 668 – – 668
other creditors and accruals 2508 – – 2508
provisions – contingent consideration 1319 – – 1319
provisions – restructuring 125 85 – 210
provisions – onerous contracts 86 90 – 176
4720 175 – 4895
the maturity of the group’s financial liabilities as at 31 december 2011 was as follows
payable in 
1 year 
or less 
£’000s
payable in 
more than 
1 but 
less than 
2 years 
£’000s
payable in 
more than 
2 but 
less than 
5 years 
£’000s
31 december 
2011 
total 
£’000s
bank loans and overdrafts – – 5846 5846
trade creditors 902 – – 902
other creditors and accruals 2204 – – 2204
provisions – contingent consideration 1358 – – 1358
provisions – restructuring 105 – – 105
provisions – onerous contracts 88 91 93 272
4657 91 5939 10687
all trade creditors are due in less than three months 70
business review  governance  financial statements
the maturity of the company’s financial liabilities as at 31 december 2012 was as follows
payable in 
1 year 
or less 
£’000s
payable in 
more than 
1 but 
less than 
2 years 
£’000s
payable in 
more than 
2 but 
less than 
5 years 
£’000s
31 december 
2012 
total 
£’000s
bank loans and overdrafts – – – –
trade creditors 56 – – 56
other creditors and accruals 442 – – 442
payable to subsidiaries 16000 – – 16000
provisions – contingent consideration 1319 – – 1319
17817 – – 17817
the maturity of the company’s financial liabilities as at 31 december 2011 was as follows
payable in 
1 year 
or less 
£’000s
payable in 
more than 
1 but 
less than 
2 years 
£’000s
payable in 
more than 
2 but 
less than 
5 years 
£’000s
31 december 
2011 
total 
£’000s
bank loans and overdrafts – – 5835 5835
trade creditors 88 – – 88
other creditors and accruals 338 – – 338
payable to subsidiaries 12702 – – 12702
provisions – contingent consideration 1358 – – 1358
14486 – 5835 20321
net investment in foreign operations
as part of our liability management in order to provide a partial currency hedge against movements in the fair value of investments  
in overseas subsidiaries we have made use of currency swaps to create synthetic currency hedges denominated in a mixture of 
currencies usd cad and eur at 31 december 2012 the group had currency swaps in place with a notional principal amount of  
£523 million 2011 £541 million as synthetic loan hedges the group recognised a net gain on the hedging instrument of £014 million 
2011 £011 million in equity
b financial risk management
interest rate risk
financial assets as at 31 december 2012
at floating 
interest rates 
£’000s
at fixed 
interest rates 
£’000s
noninterest  
bearing 
£’000s
total 
£’000s
weighted 
average 
interest rate 

sterling 587 – 1193 1780 –
us dollar – – 518 518 –
euro 13 – 831 844 –
swiss franc – – 127 127 –
australian dollar – – 89 89 –
canadian dollar – – 343 343 –
south african rand 91 – 205 296 35
hong kong dollar – – 34 34 –
691 – 3340 4031
notes to the financial statements 
for the year ended 31 december 2012 continued 71
financial assets as at 31 december 2011
at floating 
interest rates 
£’000s
at fixed 
interest rates 
£’000s
noninterest  
bearing 
£’000s
total 
£’000s
weighted 
average 
interest rate 

sterling 320 – 124 444 –
us dollar 81 – 461 542 02
euro – – 1098 1098 –
swiss franc – – 63 63 –
australian dollar 8 – 10 18 44
canadian dollar – – 387 387 –
south african rand 48 – 310 358 33
hong kong dollar – – 24 24
457 – 2477 2934
floating rate financial assets comprise cash rental deposits and shortterm bank deposits bearing interest based on bank base rates 
the noninterest bearing financial assets represent rental deposits and cash balances held in noninterest bearing accounts in overseas 
entities trade debtors of £516 million 2011 £419 million have been excluded from the above tables and are noninterest bearing 
financial liabilities at 31 december 2012
at floating 
interest rates 
£’000s
at fixed 
interest rates 
£’000s
noninterest 
bearing 
£’000s
total 
£’000s
weighted 
average 
interest rate 

sterling – – 78 78 –
canadian dollar – – 1 1 –
us dollar – – 184 184 –
euro 14 – 1476 1490 –
swiss franc – – 3 3 –
14 – 1742 1756
financial liabilities at 31 december 2011
at floating 
interest rates 
£’000s
at fixed 
interest rates 
£’000s
noninterest 
bearing 
£’000s
total 
£’000s
weighted 
average 
interest rate 

sterling 5835 – – 5835 40
canadian dollar – – 14 14 –
us dollar – – 294 294 –
euro 11 – 1456 1467 –
australian dollar – – 9 9 –
5846 – 1773 7619
trade creditors other creditors and accruals and other taxes of £429 million 2011 £413 million have been excluded from the above 
tables and are noninterest bearing 
floating rate financial liabilities predominantly relate to bank loans in sterling canadian dollars us dollars and euros some debt is 
denominated in currencies in order to provide a currency hedge for profits generated by overseas subsidiaries and the investments  
in those overseas net assets 
interest rate risk
as at the 31 december 2012 the group had no borrowings and therefore it has not assumed any risk sensitivity to reasonably possible 
changes in interest rates with all other variables held constant of the group’s profit before tax through the impact of floating rate 
borrowings in 2011 the group assessed the risk of a 100 basis point increase to have a negative impact of the group’s profit before  
tax of £63000 and a 100 basis point decrease to have a positive impact of the group’s profit before tax of £63000 any risk has been 
limited because of the interest rate cap purchased as described above 72
business review  governance  financial statements
currency risk
the group’s principal exposure to exchange rate fluctuations arises on the translation of overseas net assets and trading results into 
sterling for accounting purposes the group has a minimal transaction risk as most of the transactions are invoiced by the entities in 
their local currency where there are material exposures these are covered by taking out currency contracts to eliminate the exposure 
however offsetting revenues against costs in the same currency reduces this risk so that only the residual accounting profit translation 
element is at risk the balance sheet exposures are minimised by reducing the net asset exposure for example by arranging borrowings 
in local currency where appropriate where the resulting hedge qualifies for hedge accounting under ias 39 the gains and losses on the 
translation of both the loan and the investment are deferred in equity as the group continues to grow and generates greater net profits 
overseas this exchange rate exposure will increase following the increase in the percentage of the group’s operations that are overseas 
the exposure to us dollars and euros in particular has increased 
the table below shows the estimated sensitivity of the profit before tax and the net assets to movements in the key exchange rates to 
which the group is exposed if the us dollar and the euro strengthenweaken against sterling this is expected to increasedecrease 
profits as shown below 
change 
in gbp vs 
currency
effect on 
profit before 
tax 
£’000s
2012
sterlingus dollar 5 116
5 105
sterlingeuro 5 161
5 146
2011
sterlingus dollar 5 108
5 98
sterlingeuro 5 177
5 160
the main balance sheet translation exposure is to the revaluation of goodwill denominated in foreign currency the largest component 
relates to the goodwill arising on the acquisition of fri a canadian business and is denominated in canadian dollars a depreciation of 
10 in sterling against canadian dollar would result in a £36 million increase in net assets and an appreciation of 10 in sterling against 
canadian dollar would result in a £29 million decrease in net assets
the fair value of all financial assets and liabilities is approximately equal to book value the group has a forward foreign exchange 
facility which allows the group to hedge foreign exchange exposures the group does not permit anyone in the group to trade in 
financial instruments
counterparty credit risk
this is the risk that a counterparty will be unable to pay amounts in full when due credit risks are associated with deposits with banks 
and receivables from customers the group takes into account the credit risk of the counterparty to any major bank deposits but 
currently the level of bank deposits is such that this is not considered a material risk there is no large concentration of credit risk with 
customers as the largest customer group currently represents less than 6 of projected group revenues the maximum exposure to 
credit risk comprises the value of the group’s cash and debtor balances from time to time
liquidity risk
this is the risk that the group will have insufficient funds to meet its cash obligations when due the group manages this risk by close 
monitoring of projected cash collection from customers and cash obligations to suppliers and salary payments to staff as well as all 
other cash commitments at 31 december 2012 the group also had £950 million headroom under its committed revolving credit and 
overdraft facility in addition to cash reserves to reduce the risk that an unforeseen change in the group’s liquidity position will result  
in a breach of statutory or other payment obligations 
the table below summarises the maturity of the group’s financial liabilities as at 31 december 2012 and 2011 based on contractual 
undiscounted payments 
notes to the financial statements 
for the year ended 31 december 2012 continued 73
the group’s liquidity risk – 31 december 2012
on demand 
£’000s
payable in 
1 year 
or less 
£’000s
payable in 
more than 
1 but 
less than 
2 years 
£’000s
payable in 
more than 
2 but 
less than 
5 years 
£’000s
31 december 
2012 
total
 £’000s
nonderivative financial liabilities
interest bearing loans and overdrafts – – – – –
trade creditors and other payables – 3176 – – 3176
other liabilities – 1530 175 – 1705
– 4706 175 – 4881
derivative financial liabilities
foreign exchange forward contracts outflow – 8229 – – 8229
foreign exchange forward contracts inflow – 8265 – – 8265
– 36 – – 36
the group’s liquidity risk – 31 december 2011
on demand 
£’000s
payable in 
1 year 
or less 
£’000s
payable in 
more than 
1 but 
less than 
2 years 
£’000s
payable in 
more than 
2 but 
less than 
5 years 
£’000s
31 december 
2011 
total
 £’000s
nonderivative financial liabilities
interest bearing loans and overdrafts – 250 250 6292 6792
trade creditors and other payables – 3106 – – 3106
other liabilities – 1551 91 93 1735
– 4907 341 6385 11633
derivative financial liabilities
foreign exchange forward contracts outflow – 7912 – – 7912
foreign exchange forward contracts inflow – 8045 – – 8045
– 133 – – 133
the company’s liquidity risk – 31 december 2012
on demand 
£’000s
payable in 
1 year 
or less 
£’000s
payable in 
more than 
1 but 
less than 
2 years 
£’000s
payable in 
more than 
2 but 
less than 
5 years 
£’000s
31 december 
2012 
total
 £’000s
nonderivative financial liabilities
interest bearing loans and overdrafts – – – – –
trade creditors and other payables – 498 – – 498
other liabilities – 1319 – – 1319
payable to subsidiaries – 16000 – – 16000
– 17817 – – 17817
derivative financial liabilities
foreign exchange forward contracts outflow – 8229 – – 8229
foreign exchange forward contracts inflow – 8265 – – 8265
– 36 – – 36
as noted in the financial review the group has a further £950 million of undrawn facilities available to it under the terms of its 
revolving credit and working capital facilities 74
business review  governance  financial statements
the company’s liquidity risk – 31 december 2011
on demand 
£’000s
payable in 
1 year 
or less 
£’000s
payable in 
more than 
1 but 
less than 
2 years 
£’000s
payable in 
more than 
2 but 
less than 
5 years 
£’000s
31 december 
2011 
total
 £’000s
nonderivative financial liabilities
interest bearing loans and overdrafts – 250 250 6292 6792
trade creditors and other payables – 414 – – 414
other liabilities – 1358 – – 1358
payable to subsidiaries – 12702 – – 12702
– 14724 250 6292 21266
derivative financial liabilities
foreign exchange forward contracts outflow – 7912 – – 7912
foreign exchange forward contracts inflow – 8045 – – 8045
– 133 – – 133
capital risk
the board’s policy is to maintain a strong capital base so as to maintain investor creditor and market confidence and to sustain further 
development of the business the board monitors the composition of investors as well as the return on capital measured as earnings 
per share profit attributable to shareholders divided by the weighted average number of ordinary shares in issue during the year  
the capital managed by the group comprises equity of £4962 million 2011 £4383 million and borrowings of nil 2011 £584 million  
as capital
19 obligations under operating leases
the total of future minimum lease payments under noncancellable operating leases are
2012 
£’000s
2011 
£’000s
land and buildings
due within one year 1165 1296
due between one year and five years 1788 2538
due beyond five years 45 565
2998 4399
2012 
£’000s
2011 
£’000s
other leases
due within one year 66 117
due between one year and five years 37 90
due beyond five years 1 –
104 207
other leases relate to computer equipment under operating leases
notes to the financial statements 
for the year ended 31 december 2012 continued 75
20 called up share capital
2012 
£’000s
2011 
£’000s
authorised
125000000 2011 125000000 ordinary shares of 1p each 1250 1250
allotted called up and fully paid
67703650 2011 61553704 ordinary shares of 1p each 677 616
the company has only one class of ordinary shares in issue and there are no restrictions regarding voting or other distribution or 
repayment rights at 31 december 2012 the company held 225000 shares in treasury 2011 225000 and therefore 67478650 
ordinary shares is the number of shares that may be used by shareholders in the company as the denominator for the calculations by 
which they will determine if they are required to notify their interest in or a change in their interest in the share capital of the company 
under the fsa’s disclosure and transparency rules and for earnings per share calculations the share premium account has increased 
to £2347 million 2011 £1768 million
shares issued during 2012 comprised
number of
ordinary 
shares of 
1p each 
gross 
proceeds
value
£’000s
expenses 
£’000s
net 
proceeds
value 
£’000s
employee and executive options exercised 90333 52 – 52
share placing 6059613 6120 314 5806
6149946 6172 314 5858
 
shares issued during 2011 comprised
number of
ordinary 
shares of 
1p each 
gross 
proceeds
value
 £’000s
expenses 
£’000s
net 
proceeds
value 
£’000s
employee and executive options exercised 77200 40 – 40
shares issued in exchange for fri exchangeable shares 524272 465 – 465
601472 505 – 505
all share options exercised in the year were settled gross for cash in 2011 applications relating to the exercise of options over 115883 
shares were settled on a net basis as a result cash amounting to a total of approximately £52000 including option tax liability was paid 
net settlement which was always at the board’s discretion is no longer permitted by the board 76
business review  governance  financial statements
at 31 december 2012 the following options over shares in the company were outstanding
number of 
options at 
31 december 
2011
‘000
granted 
in year
‘000
exercised 
in year
‘000
lapsed 
in year
‘000
number of 
options at 
31 december 
2012
‘000
option price 
pence
exercise 
period
year
2002 approved scheme 8 – 8 – – 60 2005 to 2012
2003 approved scheme 42 – 42 – – 60 2006 to 2013
2003 unapproved scheme 7 – – – 7 60 2006 to 2013
2005 approved scheme 85 – 40 – 45 60 2008 to 2015
2005 unapproved scheme 80 – – – 80 60 2008 to 2015
2005 emi options 100 – – – 100 60 2008 to 2015
2006 unapproved scheme 897 – – 897 – 975 2008 to 2013
2006 emi options 103 – – 103 – 975 2008 to 2013
2006 individual option agreements 200 – – – 200 88 2009 to 2016
2007 unapproved scheme 500 – – 500 – 95 2008 to 2014
2008 unapproved scheme 702 – – 20 682 100 2011 to 2015
2009 unapproved scheme 250 – – 250 – 60 2012 to 2016
2009 unapproved scheme 410 – – 410 – 80 2012 to 2016
2010 unapproved scheme 980 – – 25 955 135 2013 to 2017
2011 unapproved scheme 575 – – 35 540 130 2014 to 2018
2011 unapproved scheme 50 – – 50 – 125 2014 to 2018
2012 unapproved scheme – 950 – – 950 100 2015 to 2019
2012 unapproved scheme – 2400 – – 2400 108 2015 to 2022
4989 3350 90 2290 5959
at 31 december 2011 the following options over shares in the company were outstanding
number of 
options at 
31 december 
2010
‘000
granted 
in year
‘000
exercised 
in year
‘000
lapsed 
in year
‘000
number of 
options at 
31 december 
2011
‘000
option price 
pence
exercise 
period
year
2001 approved scheme 14 – 14 – – 61 2004 to 2011
2001 unapproved scheme 24 – 24 – – 61 2004 to 2011
2001 approved scheme 22 – 2 20 – 60 2004 to 2011
2001 unapproved scheme 50 – 50 – – 60 2004 to 2011
2002 approved scheme 8 – – – 8 60 2005 to 2012
2003 approved scheme 77 – 35 – 42 60 2006 to 2013
2003 unapproved scheme 7 – – – 7 60 2006 to 2013
2005 approved scheme 115 – 15 15 85 60 2008 to 2015
2005 unapproved scheme 120 – 40 – 80 60 2008 to 2015
2005 emi options 100 – – – 100 60 2008 to 2015
2006 unapproved scheme 897 – – – 897 975 2008 to 2013
2006 emi options 103 – – – 103 975 2008 to 2013
2006 individual option agreements 200 – – – 200 88 2009 to 2016
2007 unapproved scheme 500 – – – 500 95 2008 to 2014
2008 unapproved scheme 778 – 13 63 702 100 2011 to 2015
2009 unapproved scheme 250 – – – 250 60 2012 to 2016
2009 unapproved scheme 468 – – 58 410 80 2012 to 2016
2010 unapproved scheme 1105 – – 125 980 135 2013 to 2017
2011 unapproved scheme – 600 – 25 575 130 2014 to 2018
2011 unapproved scheme – 50 – – 50 125 2014 to 2018
4838 650 193 306 4989
notes to the financial statements 
for the year ended 31 december 2012 continued 77
share based payments
under the approved and unapproved option schemes the remuneration committee can grant options to employees of the group 
options are granted with a fixed exercise price which is typically issued at a premium to the market price the contractual life is 
generally 10 years from date of grant although occasionally a shorter period has been chosen options become exercisable after three 
years although exceptionally the period is shorter options issued to directors and senior executives carry performance criteria there 
are other vesting conditions for options identified in the scheme rules including performance conditions which are in the option terms 
with typically eps growth above a minimum hurdle share price growth above a minimum level and a vesting period of three years 
options are valued using the blackscholes optionpricing model and the fair market value after consideration of market based 
performance conditions has been estimated using the following key assumptions 
2012 
issue 1
2012 
issue 2
2012 
issue 3
2011 
issue 1
2011 
issue 2
average exercise price 100p 108p 108p 130p 125p
average market price at date of grant 895p 985p 985p 118p 95p
total number of options under grant granted after november 2002 950000 600000 1800000 600000 50000
average vesting period years 3 3 3 3 3
expected volatility 25 25 25 25 25
option life years 7 7 10 7 7
expected life years 5 5 7 5 5
risk free rate 135 083 083 270 270
expected dividend yield 295 295 295 220 295
expected lapse rate 10 10 10 10 10
fair value of options issued in year 1098p 1137p 1281p 2195p 905p
the risk free rate is based on the yield to maturity of a uk government bond for a term consistent with the assumed life of the options 
the average share price in the year was 94p the average market share price for options exercised during the year was 90p the 
expected volatility level was determined by comparing the historic and current volatility for the company and comparing with the 
average volatility for companies in the same sector to determine a reasonable estimate for the future volatility following lapses in share 
options as a result of failure to meet performance criteria there was a net credit to the share based payments the total credit in the 
income statement for the year relating to employee share based payments for the group was £159000 2011 charge of £119000 and 
for the company was £197000 2011 charge of £11000
there were 1114367 options exercisable at the balance sheet date 2011 2724700 with a weighted average exercise price of 90p 2011 
93p the weighted average remaining contractual life for options outstanding at the balance sheet date is 636 years 2011 385 years
21 related party transactions
during the year the group paid a fee of £18695 2011 £33486 for training courses and other services supplied by otos limited  
of which cr bacon is a director the yearend creditor balance with otos limited was £4000 2011 £6000
statpro group plc made a financial support payment of £25000 in 2012 2011 nil to the freedom index company ltd a recently 
established notforprofit organisation of which carl bacon chairman is a director the freedom index company ltd is creating the 
freedom index benchmarks which will be made available freeofcharge to the asset management community carl bacon receives  
no fee for his services as a director of the freedom index company ltd
during the year the group paid a fee of £183600 2011 £37005 for consultancy services supplied by mark adorian nonexecutive 
director in relation to revolution sales initiatives including developing the sales function the yearend creditor balance with mark 
adorian was £19176 2011 £25961 it is anticipated that as the statpro revolution sales teams develop mark adorian’s consultancy 
time commitment will reduce in 2013
during the year the group used the services of buzzacott chartered accountants of which gfmt wheatley company secretary until 
25 january 2012 is a partner the purchases from buzzacott in 2012 were £1950 2011 £18640  78
business review  governance  financial statements
21 related party transactions
the company undertakes a range of transactions including management recharges with its subsidiaries which are summarised 
as follows 
company
transactions with related parties
balances 
owed by
due to the 
company 
as at 
31 december 
2012 
£’000s
balances 
owed by
due to the 
company 
as at 
31 december 
2011 
£’000s
payable to subsidiaries
statpro limited – 2403
performa consultants uk limited 7607 6613
statpro sa 690 352
statpro france 177 85
statpro inc 3916 2033
statpro canada inc 3610 1216
16000 12702
receivables from subsidiaries 
statpro limited 3234 –
statpro south africa pty ltd 109 –
statpro north america inc 4327 4100
statpro international sarl 6218 2813
13888 6913
company
nature of transactions
value of 
transactions 
2012 
£’000s
value of 
transactions 
2011 
£’000s
revenue from subsidiaries 11397 11177
expenses recharges from subsidiaries 9325 9576
expenses recharged to subsidiaries 3078 2557
interest paid to subsidiaries 571 356
interest received from subsidiaries 680 541
dividends received from subsidiaries 2300 2200
7559 6543
key management includes the executive directors and other members of the group executive board the compensation paid or payable 
to the executive directors is shown in the directors’ remuneration report on pages 40 to 43 and the share based payment charge 
relating to the executive directors is £9000 2011 £11000 the compensation paid or payable to key management for employee 
services is shown below
key management compensation
year to 
31 december 
2012 
£’000s
year to 
31 december 
2011 
£’000s
salaries and other shortterm employee benefits 1223 998
defined contribution pension benefits 77 76
compensation for loss of office 75 –
share based payment 213 35
1162 1109
notes to the financial statements 
for the year ended 31 december 2012 continued 79
22 reconciliation of profit before tax to net cash inflow from operating activities
group 
2012 
£’000s
group 
2011 
£’000s
company 
2012 
£’000s
company 
2011 
£’000s
profit before taxation 3782 3863 5380 4351
dividends received – – 2300 2200
net finance expense 493 627 380 450
operating profit 4275 4490 3460 2601
exceptional item – restructuring costs 978 – 9 –
operating profit before exceptional items 5253 4490 3469 2601
depreciation of property plant and equipment 963 953 – –
loss on disposal of property plant and equipment 62 26 – –
amortisation of intangible assets 3732 3196 1782 1843
increasedecrease in debtors 501 1659 6699 2230
increase in creditors and provisions 115 505 3345 1944
increasedecrease in deferred income 715 575 – –
share based payments 159 119 195 11
net cash inflow from operating activities before exceptional items 10180 10373 1702 4169
cash payments in respect of exceptional item – restructuring costs 947 448 9 –
net cash inflow from operating activities 9233 9925 1693 4169
23 analysis of changes in net cashdebt
at 
1 january 
2012 
£’000s
cash flow 
£’000s
noncash 
changes 
£’000s
exchange 
differences 
£’000s
at 
31 december 
2012 
£’000s
cash and cash equivalents per balance sheet 2447 1291 – 57 3681
overdrafts – – – – –
cash and cash equivalents per statement of cash flows 2447 1291 – 57 3681
bank and other loans net of issue costs deferred 5846 6250 415 3 14
net debtcash 3399 7541 415 60 3667
at 
1 january 
2011
 £’000s
cash flow 
£’000s
noncash 
changes 
£’000s
exchange 
differences 
£’000s
at 
31 december 
2011 
£’000s
cash and cash equivalents per balance sheet 1757 723 – 33 2447
overdrafts 886 886 – – –
cash and cash equivalents per statement of cash flows 871 1609 – 33 2447
bank loans net of issue costs deferred 6394 750 188 14 5846
net debtcash 5523 2359 188 47 3399 80
business review  governance  financial statements
24 reconciliation of net cash flow to movement in net cashdebt
2012 
group 
£’000s 
2011 
group 
£’000s
2012 
company 
£’000s
2011 
company 
£’000s
increasedecrease in cash and cash equivalents in the year 1291 1609 89 1982
movement on bank loans 6250 750 6250 750
exchange movements 60 47 – 16
other noncash movements 415 188 415 188
movement in net debt 7066 2124 5746 2528
net debt at beginning of year 3399 5523 4741 7269
net cashdebt at end of year 3667 3399 1005 4741
25 pensions
the company operates a defined contribution pension scheme for directors and certain employees the total costs of pensions 
contributions during the year were £478000 2011 £532000 contributions outstanding at the end of december 2012 were £26000 
2011 £37000 
26 contingent liabilities
as is normal for a group of our size and scope of operations group companies are involved in a number of potential legal claims and 
disputes from time to time arising from our activities none of which are expected to have a material impact on the group’s financial results
as noted in our annual reports for 2010 and 2011 the group exercised its option to acquire a 49 noncontrolling interest in sisoft in 
june 2010 for an estimated contingent consideration of approximately £14 million the vendors are disputing certain aspects of the 
valuation and the process has not been completed as originally expected the legal process in the french commercial court commenced 
in 2011 by us to try to resolve the matter is still ongoing and it is possible that it will not be fully resolved during 2013 there is therefore 
a risk that the final consideration determined by the court including related costs will be higher than the amount provided although the 
board’s estimate of the measurement of the liability has not changed allowing for fluctuations in exchange rates – see note 16 we will 
provide a further update if the position changes materially or on the completion of the acquisition
notes to the financial statements 
for the year ended 31 december 2012 continued 81
2012 
£’000s
2011 
£’000s
2010 
£’000s
2009 
£’000s
2008 
£’000s
revenue
– continuing operations 32001 31715 33131 31556 27871
operating profit
– continuing operations before exceptional items 5253 4490 6785 7103 5370
– exceptional operating items 978 – 456 – 2600
4275 4490 6329 7103 2770
net finance expense 493 627 708 890 1478
exceptional gain on refinancing – – – 1158 –
profit before taxation 3782 3863 5621 7371 1292
taxation 1102 955 1480 1813 190
profit after taxation 2680 2908 4141 5558 1102
profit attributable to equity shareholders 2680 2908 4106 5569 1024
profitloss attributable to noncontrolling interests – – 35 11 78
adjusted ebitda

6728 6118 8452 8629 6752
cash inflow from operating activities 9233 9925 10522 10147 8345
free cash flow 3476 3865 4647 6274 2819
net assets
goodwill and other intangible assets 57683 59045 59378 53164 51669
property plant and equipment 1974 2390 2490 2441 2446
other assets and receivables 7609 7227 8969 8529 11256
cash 3681 2447 1757 2366 4263
current liabilities 19927 19445 20724 17078 25726
noncurrent liabilities 1400 7834 8741 11836 13740
net assets 49620 43830 43129 37586 30168
shareholders’ equity
share capital 677 616 610 607 595
share premium 23472 17675 17176 16913 16276
shares to be issued 63 63 528 695 827
treasury shares 249 249 249 – –
other reserves 10776 11760 12551 8569 5912
retained earnings 14881 13965 12513 10773 6515
total shareholders’ equity 49620 43830 43129 37557 30125
noncontrolling interests in equity – – – 29 43
total equity 49620 43830 43129 37586 30168
net cashdebt 3667 3399 5523 8891 14619
earnings per share – basic 43p 48p 68p 93p 18p
earnings per share – diluted 43p 47p 66p 91p 18p
adjusted earnings per share

59p 57p 82p 90p 70p
dividends per share 27p 26p 24p 21p 175p
 adjusted for amortisation of acquired intangibles share based payments and exceptional items 
five year record
statpro group plc 82
business review  governance  financial statements
annual general meeting 2 may 2013 
final dividend for 2012 22 may 2013 
interim report for 2013 august 2013 
interim dividend for 2013 6 november 2013
preliminary announcements of 2013 results march 2014 
report and accounts for 2013 april 2014 
financial calendar 83
directors
cr bacon nonexecutive chairman
jmbt wheatley group chief executive
am fabian group finance director
mc adorian nonexecutive director
sj clark nonexecutive director
je tozer nonexecutive director
secretary and registered office
am fabian 
statpro house
8187 hartfield road
wimbledon
london sw19 3tj
registrars
capita registrars
the registry
34 beckenham road
beckenham
kent br3 4tu
nomad and broker
cenkos securities plc
678 tokenhouse yard
london ec2r 7as
solicitors
boyes turner 
abbots house
abbey street
reading rg1 3bd
registered auditors
ernst and young llp
1 more london place
london se1 2af
bankers
the royal bank of scotland plc
280 bishopsgate
london ec2m 4rb
financial pr consultants
newgate threadneedle communications
5th floor
33 king william street 
london ec4r 9as
company registration no 2910629
incorporated in england  wales
directors and advisers 84
business review  governance  financial statements
notes statpro ltd 
statpro house 
8187 hartfeld road 
wimbledon 
london sw19 3tj 
united kingdom
t 44 20 8410 9876 
f 44 20 8410 9877
statpro france sarl 
62 rue de la 
chaussée d’antin 
75009 paris 
france
t 33 1 40 20 1200 
f 33 1 40 20 1201
statpro benelux sa 
148150 boulevard
de la pétrusse 
2330 luxembourg 
luxembourg 
t 352 30 74 24 1 
f 352 30 74 24 40
statpro italia srl 
via edmondo
de amicis 53 
20123 milan 
italy
t 39 02 00 693 1 
f 39 02 00 693 605  
statpro deutschland gmbh 
taunusanlage 1 
d60329 frankfurt am main 
germany
t 49 69 505 060622 
f 49 69 50 50 60 912
statpro office locations
annual report 2012
statpro inc 
99 summer street 
suite 1660 
boston 
ma 02110 
usa
t 1 617 692 1150 
f 1 617 692 1151
statpro canada inc 
33 yonge street 
suite 1101 
toronto 
ontario m5e 1g4 
canada
t 1 416 598 9500 
f 1 416 598 9530
statpro canada inc 
1801 mcgill college avenue 
suite 750 
montréal 
quebec h3a 2n4 
canada
t 1 514 842 5091 
f 1 514 842 8809
statpro south africa pty ltd 
level 3 
clock tower office suites
va waterfront
cape town 8001
south africa
t 27 21 443 2140
f 27 21 418 3835
statpro australia pty ltd 
chatswood chambers 
level 10 
815 pacific highway 
chatswood 
nsw 2067 
sydney 
australia
t 61 2 9884 8239
f 61 2 9884 9027
statpro asia ltd 
unit 460711 
level 46 
the center 
99 queen’s road central 
hong kong 
china
t 852 3796 7065
f 852 3796 7000
for enquiries please email
infostatprocom
wwwstatprocom s tatpro group plc 
annual report  accounts 2012
statpro group plc
statpro house
8187 hartfield road
wimbledon
london
sw19 3tj
united kingdom
t 44 20 8410 9876
f 44 20 8410 9877
wwwstatprocom


Summary:
 9
chief executive’s review
we believe we will see growth in statpro revolution 
sales from direct efforts growing our network of 
partners and from the viral effect of people sharing 
portfolio access with others
we are pleased with the excellent 
progress made in 2012 towards our 
strategy of becoming a purely cloud
based analytics service provider the 
existing business has continued to provide 
us with a strong profitable platform 
from which we can drive statpro forward 
capitalising on cloud computing to enter 
new regions and market tiers as well as 
revitalise our existing customer base 
by the end of the year statpro revolution 
our cloudbased portfolio analysis 
service was being used by over 156 
organisations in 22 countries 2011 
9 we have successfully completed the 
switchover of development work from 
statpro seven to statpro revolution and 
begun development of r to be launched 
in mid2013 as a beta allowing upgrades 
over the next three to five years
the cloudbased nature of statpro 
revolution means it can be shared 
between colleagues businesses and 
customers we are confident that with 
the 21 fund administrators signed up as 
partners by the year end we are now 
on the verge of seeing the start of a 
‘network effect’ with each new customer 
of the service potentially driving uptake 
by others we therefore believe the 
outlook for statpro to be positive
financial highlights
we are pleased to report that revenue 
for 2012 increased to £3200 million 
2011 £3172 million and adjusted 
ebitda increased by 10 to £673 
million 2011 £612 million taking 
into account exceptional costs of £098 
million 2011 nil due to the restructuring 
in january 2012 profit before tax was 
down 2 at £378 million 2011 £386 
million cash flow from operations 
before exceptional items was also 
strong at £1018 million 2011 £1037 
million and following a successful 
placing in november 2012 net cash was 
£367 million at the end of december 
2012 2011 net debt £340 million 
adjusted earnings per share was up 4 
to 59p 2011 57p and the board has 
recommended an increase in the dividend 
of 4 for the year to 27p 2011 26p
other kpis that improved in 2012 include 
the contract renewal rate increasing to 
93 2011 92 and annualised recurring 
contract revenue up 4 on a constant 
currency basis to £2952 million as 
the group is going through a complex 
transformation of technology platforms 
this is a pleasing result in early 2012 we 
took the decision to focus all active sales 
efforts on our new cloudbased service 
statpro revolution rather than statpro 
seven the result has been a marked 
increase in sales of statpro revolution in 
2012 with annualised recurring revenues 
rising over 200 at constant currency 
to £151 million 2011 £045 million 
and the number of clients of statpro 
revolution increasing to 156 2011 50
strategic focus
the strategic focus for statpro is to 
work with partners both for distribution 
channels and for upselling additional 
products our secondary focus is to 
migrate our existing clients of statpro 
seven to statpro revolution and r over 
the next three to five years in the short 
term progress towards that goal will be 
manifest by the proportion of our existing 
clients of statpro seven who have also 
subscribed for statpro revolution
partnerships
our strategy is to leverage the clients 
relationships and expertise of other 
companies statpro offers its own 
unique expertise in the form of statpro 
revolution and this is something that 
many companies desire but would be 
hard pressed to achieve themselves 
due to the complexity of the underlying 
technology and the access to data 
the design of statpro revolution also 
makes this a practical proposition and 
results in mutual benefits at the end 
of 2012 we had 21 companies acting 
as distributors for statpro revolution 
including six major operators
the key objective for many of our clients 
is to source as much as possible from one 
supplier it is however impossible for 
any single company to offer everything 
since mastering the required expertise in 
numerous fields becomes too complex 
this is where product partners play a 
justin wheatley 10
business review  governance  financial statements
statpro seven
clients
2013
2014
2016
2015
2012
2011
2010
statpro
revolution
plus r
statpro
revolution
launch
r launch
r beta
launch
all statpro seven
features within r 
option 1
start using statpro
revolution now
option 2
wait for certain
features first
in r
option 3
move over when
all features
fully integrated
into r
statpro
revolution
crucial role we have already partnered 
with idc to offer their data through the 
statpro revolution platform now with a 
simple click of the mouse a user can buy 
coverage of his portfolio from over 32 
million assets we have also entered into 
an agreement with russell investments 
to provide their widely popular indexes 
through statpro revolution’s app store 
uniquely charging on a per portfolio 
basis this is a significant step for an 
index vendor to take embracing statpro 
revolution’s disruptive business model 
and we are delighted to have secured 
the partnership we intend to expand 
these services further with other data 
offerings especially in the area of 
compliance and to work with a number 
of software suppliers using our new web 
application programming interface ‘api’
existing clients
for statpro’s larger clients the move to 
the cloud represents an opportunity to 
improve productivity and the quality of 
the service they provide to their clients 
we have kept up a constant dialogue 
with our clients to explain our strategy 
and objectives and this transparency 
has reaped rewards we now have a 
significant number of existing clients 
using statpro revolution and many 
more testing it clients can see that 
statpro revolution is a quantum step 
up in sophistication and a quantum 
step down in complexity we have also 
shared our plans for r which promises 
to simplify their operations even more
as statpro revolution is a platform for 
distributing analytics and statpro seven 
is a system to produce performance 
calculations this means that statpro 
revolution cannot replace statpro seven 
but it can certainly enhance it only when 
chief executive’s review continued
the migration route for statpro seven clients 11
we have all r modules in full production 
expected to be by the end of 2014 
will we be able to replace statpro seven 
fully with a cloudbased version in the 
meantime therefore we are focused 
on maximising the uptake of statpro 
revolution by clients of statpro seven
spreading the service
sharing is the key functionality that 
will drive statpro revolution sales the 
uniquely simple way of allowing a fund 
manager to share access to a portfolio 
with other people and organisations sets 
statpro revolution apart from anything 
else in the market as more and more 
people have a portfolio shared with them 
so they will become aware of statpro 
revolution the depth of analysis available 
in statpro revolution and its speed is also 
unique in its sophistication and with each 
release it is getting more sophisticated
as we emphasise the core benefits of 
the service so we hope that the product 
will become more and more desirable 
to fund managers and thus also to fund 
administrators many fund administrators 
lack specific knowledge of performance or 
risk but their larger competitors have this 
edge for them to get all that expertise 
packaged in such a simple way is a real 
benefit in addition they can generate 
additional revenues via data services 
for their clients for clients of fund 
administrators the small fee they would 
pay is well worthwhile to gain access to 
statpro revolution without having to do 
any data management several of our 
smaller fund administrator partners are 
making great use of statpro revolution 
to help sell their overall services
training and support
in order to help our many new 
distributors largely fund administrators 
we are producing a handbook that 
sets out the key methods of selling 
and supporting analytics we will be 
offering training courses for their sales 
teams to get familiar with our services 
and help them avoid potential pitfalls 
equally we will offer training courses 
for their support teams to familiarise 
them with common client queries 
we will also assist in actual sales 
processes in order to promote statpro 
revolution as much as possible
development
in 2013 we will be focusing on improving 
the sophistication of the sharing function 
and also of our compliance products 
we will launch a ucits iv module 
shortly which will target the many 
ucits funds that exist the offer greatly 
simplifies the compliance process as 
well as significantly reducing the cost 
towards the end of 2013 we plan to 
release an enhanced cloudbased risk 
module which will effectively replace 
all the current functions available in the 
risk module of statpro seven clients 
that only have the risk module of 
statpro seven will be able to upgrade 
to statpro revolution at that point
r will have its beta release in the 
middle of 2013 and we will initially target 
clients with significant numbers of small 
portfolios r is designed to handle 
massive amounts of data in an efficient 
manner it is less the brute force of 
calculation that is often the problem with 
large datasets and more the manner in 
which the user interface enables efficient 
interaction with so much data our unique 
graphical interface is specifically designed 
to allow performance teams to handle 
vastly more data far more efficiently 
than has ever been possible before
marketing
we aim to continue to promote statpro 
revolution’s strongly differentiated brand 
to increase awareness and generate 
interest in statpro revolution the new 
improved statpro store will be launched 
midyear and it will soon have additional 
modules available for purchase as the 
number of clients and products grows 
so marketing will become an increasingly 
important part of our business the 
barrier to purchase for an existing client 
of statpro revolution is significantly lower 
when it comes to an extra module than 
it is to win the client initially whilst these 
things take time to put in place 2013 
will be a year when we expect significant 
strides to be made towards building the 
underlying foundations for future success
people
i remain constantly impressed at the 
expertise and resourcefulness of the 
people that work at statpro in 2012 i have 
seen even higher levels of motivation and 
pride in working on such an ambitious 
solution like statpro revolution i would 
like to thank each employee for their 
hard work in 2012 and i look forward 
to an even more successful 2013
dividend
in line with our policy of paying a 
progressive dividend which aims 
to balance return to investors 
with our investment needs we are 
pleased to announce an increase 
in our full year dividend to 27p 
per share in 2012 2011 26p
outlook
transforming the business from one 
technology platform to another is no 
simple task but it is one that is largely 
done from a product and organisational 
perspective we believe that over the next 
two to three years we will see continued 
growth in our statpro revolution sales 
in part this will come from our direct 
efforts but increasingly it will come 
from our growing network of partners 
and also from the viral effect of people 
sharing portfolio access with each 
other as a result we remain confident 
of a successful outcome for the year
justin wheatley
chief executive
14 march 2013