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Fundamentals

The origins of Kofax plc lay in the formation of Swiss based DICOM AG in 1991. Kofax plc is a UK domiciled company formed in early 1996, when it floated on the London Stock Exchange. Since then it has grown in excess of 20% compound annually both in profits and turnover. Kofax is headquartered in Basingstoke, Hampshire UK. Members of its Board and of the top management team operate from an international base as a result of Kofax's broad global coverage.

Kofax is the leading provider of document driven business process automation solutions. During the past years its Intelligent Capture & Exchange Division has grown substantially in particular by the success of its Capture and Kofax VRS product lines and as a result of its rapidly growing IC services business.

On 8 September 2009 the Company announced its intention to report Kofax's future financial results in US dollars. To assist readers in the transition from Pounds Sterling to US dollar reporting, the Company has attached US dollar based financial statements for the years ended 30 June 2009 and 2008 to the Interim Management Statement which had been released on 5 November 2009. Please find the statements below.

Consolidated Income Statement

USD'000	FY2009	H1 FY09	H2 FY09	FY2008	FY2007
Revenue	298,195	154,474	143,721	340,282	309,702
Software	169,391	86,693	82,698	191,800	169,333
Hardware	128,804	67,781	61,023	148,482	140,369
Cost of sales	142,105	74,425	67,680	151,923	135,044
Software	39,068	21,670	17,398	35,556	22,857
Hardware	103,037	52,755	50,282	116,367	112,187
Gross profit	156,090	80,049	76,041	188,359	174,658
Software	130,323	65,023	65,300	156,244	146,476
Hardware	25,767	15,026	10,741	32,115	28,182
Operating expenses	133,514	68,722	64,792	154,672	144,618
Adjusted operating profit before	22,576	11,327	11,249	33,687	30,040
Amortisation of acquired intangible assets	4,408	2,083	2,325	4,629	4,463
Reduction in goodwill arising on the utilisation of previously unrecognised tax losses	0	0	0	0	201
Restructuring costs	5,455	0	5,455	9,639	6,185
Share-based payment expense	1,318	1,110	208	573	2,151
Operating profit	11,395	8,134	3,261	18,846	17,040
Share of result of associated undertakings	173	116	57	174	110
Finance income	1,432	1,306	126	2,265	2,630
Finance expense	(1,008)	(441)	(567)	(5,988)	(228)
Profit before tax	11,992	9,115	2,877	15,297	19,552
Tax expense	3,748	2,362	1,386	8,490	4,055
Profit after tax	8,244	6,753	1,491	6,807	15,497

Earnings per ordinary share	FY2009	H1 FY09	H2 FY09	FY2008	FY2007
- Basic	10.0c	8.1c	1.9c	8.0c	17.6c
- Diluted	10.0c	8.1c	1.9c	7.8c	17.0c
- Adjusted basic	19.4c	9.1c	10.3c	28.9c	26.7c
- Adjusted diluted	19.4c	9.0c	10.4c	28.5c	25.9c

Consolidated Income Statement - Segmental Disclosure

USD'000	FY09	H1 FY09	H2 FY09
Software Revenue	169,391	86,693	82,698
Application Software Licenses	71,413	36,905	34,508
Application Software Services	76,115	37,738	38,377
OEM/POS	21,863	12,050	9,813
Hardware Revenue	128,804	67,781	61,023
Hardware Distribution	92,613	48,954	43,660
Hardware Services	36,191	18,827	17,363
Total Revenue	298,195	154,474	143,721
Cost of sales	142,105	74,425	67,680
Gross profit	156,090	80,049	76,041
Software	130,323	65,023	65,300
Hardware	25,767	15,026	10,741
Operating Expenses	133,514	68,722	64,792
Sales	56,568	28,144	28,425
Marketing	9,787	5,102	4,685
R + D	29,125	15,098	14,027
G + A	38,034	20,378	17,655
Adjusted operating profit before	22,576	11,327	11,249
Amortisation of acquired intangible assets	4,408	2,083	2,325
Restructuring costs	5,455	0	5,455
Share-based payment expense	1,318	1,110	208
Operating profit	11,395	8,134	3,261
Share of result of associated undertakings	173	116	57
Finance income	1,432	1,306	126
Finance expense	(1,008)	(441)	(567)
Profit before tax	11,992	9,115	2,877
Tax expense	3,748	2,362	1,386
Profit after tax	8,244	6,753	1,492

EBITA split	FY09	H1 FY09	H2 FY09
EBITA	22,576	11,327	11,249
Software	13,783	5,619	8,163
Hardware	8,793	5,708	3,086

Consolidated Balance Sheet

USD'000	30.06.2009	31.12.2008	30.06.2008	30.06.2007
Non-current assets
Intangible assets	135,218	132,469	129,968	125,717
Property, plant and equipment	9,808	10,065	9,341	7,321
Deferred tax assts	8,441	4,537	6,854	6,816
Investments	2,252	2,203	2,365	1,884
	155,719	149,274	148,528	141,738
Current assets
Inventories	15,902	13,963	18,276	14,690
Trade and other receivables	95,623	77,144	80,324	73,855
Investments - current	348	596	453	357
Current tax assets	2,173	1,898	3,368	0
Cash and cash-equivalent	49,294	47,541	72,619	78,600
	163,340	141,142	175,040	167,502
Total assets	319,059	290,416	323,568	309,240
Current liabilities
Trade and other payables	62,281	52,303	63,245	47,715
Deferred income - current	47,049	27,731	40,833	38,087
Other financial liabilities	2,531	2,203	3,073	2,161
Current tax liabilities	2,156	0	0	5,605
Provisions - current	5,531	2,780	5,413	5,513
	119,548	85,017	112,564	99,081
Non-current liabilities
Other payables	3,051	2,888	3,936	5,597
Deferred income - non current	10,127	15,384	13,440	11,015
Deferred tax liabilities	10,488	10,479	7,267	5,756
Provisions - non current	717	0	0	0
	24,383	28,751	24,643	22,368
Total liabilities	143,931	113,768	137,207	121,449
Net assets	175,128	176,648	186,361	187,791
Capital and reserves
Called up share capital	4,121	4,114	4,093	4,050
Share premium account	3,880	3,632	2,661	107,523
CTA / retained earnings	194,750	196,525	199,280	74,122
Merger reserve	2,835	2,835	2,835	2,835
ESOP shares	(14,478)	(14,478)	(14,630)	(1,052)
Treasury shares	(15,980)	(15,980)	(7,878)	0
Minority interests - equity	0	0	0	313
Shareholders' equity	175,128	176,648	186,361	187,791

Consolidated Cash Flow Statement

USD'000	FY 09	H1 FY09	H2 FY09	FY08	FY07
Cash flows from operating activities
Profit before tax	11,992	9,115	2,877	15,297	19,552
Share results of associated undertakings	(173)	(116)	(57)	(174)	(110)
Finance income	(1,432)	(1,306)	(126)	(2,265)	(2,630)
Finance expense	1,008	441	567	5,988	228
Depreciation and amortisation	8,702	4,111	4,591	9,560	9,155
Share-based payment expense	889	1,110	(221)	573	2,151
Reduction in goodwill arising on the utilisation of previously unrecognised tax losses	0	0	0	0	201
Movement in provisions	5,211	1,139	4,072	2,686	4,271
Gain/(loss) on disposal of property, plant and equipment	43	3	40	(124)	(110)
Movement in working capital	(11,062)	(11,090)	28	9,102	(1,454)
Cash generated from operations before restructuring	15,178	3,407	11,771	40,643	31,254
Payments under restructuring	(5,214)	(2,676)	(2,538)	(8,265)
Cash generated from for operations	9,964	731	9,233	32,378	31,254
Income tax paid	(1,926)	(1,830)	(96)	(14,358)	(6,297)
Net cash inflow/(outflow) from operating activities	8,038	(1,099)	9,137	18,020	24,957
Cash flows from investing activities
Purchase of property, plant and equipment, licences and similar rights	(12,508)	(6,497)	(6,011)	(7,375)	(3,705)
Disposal of property, plant and equipment, licences and similar rights	153	14	139	397	298
Acquisition of a subsidiary, net of cash acquired	(2,681)	(2,945)	264	(1,445)	(2,085)
Acquisition of subsidiaries, net of cash disposed	0	0	0	(1,251)	(3,253)
Disposal of subsidiaries	0	0	0	(36)	(2,829)
Sale of non-current investment	0	0	0	0	172
Movement in long term loans to non-current investments	0	0	0	0	23
Interest received	944	2,498	(1,554)	1,494	2,362
Net cash (outflow)/inflow from investing activities	(14,092)	(6,930)	(7,162)	(8,216)	(9,017)
Cash flows from financing activities
Issue of share capital	1,248	1,252	(4)	3,169	4,887
Increase/(decrease) in short term borrowings	859	(474)	1,333	(355)	(282)
Share buy back	(7,023)	(7,538)	515	(22,493)	0
Dividends paid to shareholders	(2,378)	(2,378)	0	(3,789)	(3,309)
Dividends paid to minorities interest	0	0	0	(158)	0
Capital element on finance lease payments	0	(5)	5	0	0
Currency swap	1,621	0	1,621	(3,961)	(12)
Interest paid	(305)	(117)	(188)	(283)	(201)
Net cash outflow from financing activities	(5,978)	(9,260)	3,282	(27,870)	1,083
Net (decrease)/increase in cash and cash-equivalents in the period	(12,032)	(17,289)	5,257	(18,066)	17,023
Cash and cash-equivalents at start of the period	70,033	70,033	45,353	77,309	57,150
Exchange rate effects	(9,934)	(7,391)	(2,543)	10,790	3,136
Cash and cash-equivalents at the end of the period	48,067	45,353	48,067	70,033	77,309
Cash and cash-equivalents consists of:
Cash and cash-equivalents	49,294	47,541	49,294	72,618	78,600
Overdrafts	(1,227)	(2,188)	(1,227)	(2,585)	(1,291)
	48,067	45,353	48,067	70,033	77,309

Foreign Exchange Rates

	FY09		H1 FY09		FY08		FY07
	Average rate	Closing rate	Average rate	Closing rate	Average rate	Closing rate	Average rate	Closing rate
USD/GBP	0.62	0.61	0.58	0.69	0.50	0.50	0.50	0.50
USD/EURO	0.73	0.71	0.71	0.71	0.68	0.63	0.68	0.63
USD/CHF	1.12	1.08	1.12	1.06	1.11	1.02	1.11	1.02

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Financial Trends

• Revenue
• Operating Profit before goodwill amortisation and exceptional items
• Adjusted Earnings per Share
• Share Price
• Five Year Record

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Five Year Record

	2009 IFRS £'000	2008 IFRS £'000	2007 IFRS restated £'000	2006 IFRS £'000	2005 IFRS £'000
Consolidated income statement
Revenue	185,757	169,742	160,243	160,397	179,795
Adjusted operating profit	14,064	16,804	15,543	14,373	14,653
Operating profit	7,099	9,401	8,817	9,214	11,297
Profit on ordinary activities before taxation	7,471	7,631	10,117	9,642	11,870
Profit available for shareholders	5,136	3,396	8,019	8,093	8,133
Attributable to:
Equity holders of the parent	5,136	3,356	7,945	7,543	7,918
Minority interests	-	40	74	550	215
Earnings per share*
- basic	6.2p	4.0p	9.1p	8.7p	9.4p
- adjusted	12.1p	14.4p	13.8p	11.5p	11.8p
- diluted	6.2p	3.9p	8.8p	8.4p	9.1p
Consolidated balance sheet
Non-current assets	90,388	79,544	76,035	77,422	76,209
Current assets	98,934	87,770	83,559	74,814	73,321
Total assets	189,322	167,314	159,594	152,236	149,530
Current liabilities	(72,409)	(56,443)	(49,427)	(50,163)	(55,127)
Non-current liabilities	(14,639)	(13,498)	(10,820)	(12,001)	(13,886)
Total liabilities	(87,048)	(69,941)	(60,247)	(62,164)	(69,013)
Net assets	102,274	97,373	99,347	90,072	80,517
Shareholders' funds - Equity	102,274	97,373	99,191	89,906	80,538
Minority interests - Equity	-	-	156	166	(21)

* Prior year EPS numbers have been adjusted for consistency with the current year definition of adjusted EPS. The difference being the inclusion of the share based payment expense.