Acquity Group Limited Reports Results for Fourth Quarter and Twelve Months Ended December 31, 2012

  Acquity Group Limited Reports Results for Fourth Quarter and Twelve Months
                           Ended December 31, 2012

- Twelve Months Revenues up 32.2% to $141.0 Million -

- Twelve Months IFRS Operating Profit up 31.2% to $20.8 Million -

PR Newswire

CHICAGO, March 20, 2013

CHICAGO, March 20, 2013 /PRNewswire/ -- Acquity Group Limited ("Acquity Group"
or the "Company") (NYSE MKT: AQ) today reported the following financial
results for the fourth quarter and twelve months ended December 31, 2012.

Financial highlights for the three month period ended December 31, 2012,
compared to the three month period ended December 31, 2011

  oRevenues increased by $3.2 million, or 10.3%, to $33.8 million, compared
    to $30.6 million for the three month period ended December 31, 2011.
  oIFRS operating profit was $3.1 million, or 9.1% of revenues, compared to
    $4.1 million, or 13.5% of revenues, for the three month period ended
    December 31, 2011.
  oIFRS operating profit, excluding costs associated with our recent initial
    public offering and amortization of purchased intangible assets was $3.7
    million, or 11.0% of revenues, compared to $5.1 million, or 16.8% of
    revenues, for the three month period ended December 31, 2011. Refer to the
    "Reconciliation of Non-IFRS Financial Measures to IFRS Profit" in the
    tables that follow for additional details for all non-IFRS financial
    measures.
  oWe reported an impairment loss of $7.0 million related to our investments
    in two associate companies.
  oIFRS profit/(loss) attributable to equity holders of the Company was
    $(4.9) million, or $(0.21) per American depositary share ("ADS"), compared
    to $1.8 million, or $0.10 per ADS, for the three month period ended
    December 31, 2011.
  oNon-IFRS adjusted profit attributable to equity holders of the Company was
    $1.9 million, or $0.08 per ADS, compared to $2.6 million, or $0.14 per
    ADS, for the three month period ended December 31, 2011.
  oNon-IFRS adjusted EBITDA was $4.4 million for the three month period ended
    December 31, 2012, compared to $5.7 million for the three month period
    ended December 31, 2011.
  oAs of December 31, 2012, the Company had unrestricted cash and cash
    equivalents of $36.5 million.

Financial highlights for the twelve month period ended December 31, 2012,
compared to the twelve month period ended December 31, 2011

  oRevenues increased by $34.3 million, or 32.2%, to $141.0 million, compared
    to $106.7 million for the twelve month period ended December 31, 2011.
  oIFRS operating profit increased by $5.0 million, or 31.2%, to $20.8
    million, or 14.7% of revenues, compared to $15.8 million, or 14.8% of
    revenues, for the twelve month period ended December 31, 2011.
  oIFRS operating profit, excluding costs associated with our recent initial
    public offering and amortization of purchased intangible assets, increased
    by $5.9 million, or 30.1%, to $25.5 million, or 18.0% of revenues,
    compared to $19.6 million, or 18.3% of revenues, for the twelve month
    period ended December 31, 2011.
  oWe reported an impairment loss of $7.0 million related to our investments
    in two associate companies.
  oIFRS profit attributable to equity holders of the Company was $3.3
    million, or $0.15 per ADS, compared to $8.6 million, or $0.46 per ADS, for
    the twelve month period ended December 31, 2011.
  oNon-IFRS adjusted profit attributable to equity holders of the Company
    increased by $1.9 million, or 17.3%, to $13.3 million, or $0.61 per ADS,
    compared to $11.4 million, or $0.61 per ADS, for the twelve month period
    ended December 31, 2011.
  oNon-IFRS adjusted EBITDA increased by $6.5 million, or 30.8%, to $27.8
    million for the twelve month period ended December 31, 2012, compared to
    $21.3 million for the twelve month period ended December 31, 2011.

"We grew the business substantially in 2012 amidst uncertain macro-economic
conditions in the second half of the year," said Christopher Dalton, Chief
Executive Officer of Acquity Group. While our fourth quarter performance was
impacted by these challenging conditions, we are seeing positive trends as we
close the first quarter that are supporting our objectives for 2013."

Mr. Dalton added, "We are entering the new year with improvements in our
corporate structure that will keep us focused on our core business, three new
markets in Ottawa, Toronto and Atlanta along withnew senior talent with a
significant depth of experience, a strong business strategy, pipeline and
value proposition driving our long-term growth."

Fourth Quarter 2012 Financial Results

Three months ended December 31, 2012 compared to three months ended December
31, 2011

Revenues increased by $3.2 million, or 10.3%, to $33.8 million for the three
month period ended December 31, 2012, from $30.6 million for the three month
period ended December 31, 2011. Revenues continued to grow due to strong
demand seen in the market place for the Company's expertise and focused
approach to delivering customer value.

Cost of revenues increased by $2.4 million to $20.1 million for the three
month period ended December 31, 2012, from $17.7 million for the three month
period ended December 31, 2011, which was primarily driven by continued
organic growth of our staff to accommodate the demand for our services. These
costs increased as a percentage of revenues to 59.5% for the three month
period ended December 31, 2012, from 57.9% for the three month period ended
December 31, 2011.

Selling and marketing expenses increased by $0.5 million to $2.6 million for
the three month period ended December 31, 2012, from $2.1 million for the
three month period ended December 31, 2011. These costs increased as a
percentage of revenues to 7.7% for the three month period ended December 31,
2012, from 6.9% for the three month period ended December 31, 2011. This
result was due to continued investment in business development as we plan for
continued growth.

Administrative expenses increased by $1.7 million to $8.0 million for the
three month period ended December 31, 2012, from $6.3 million for the three
month period ended December 31, 2011. These costs increased as a percentage
of revenues to 23.8% for the three month period ended December 31, 2012, from
20.5% for the three month period ended December 31, 2011. The increase was
primarily due to an increase in operations headcount in order to support the
planned growth of our business.

Equity in losses of associate companies, prior to the impairment of associate
companies, was $0.2 million for the three month period ended December 31,
2012, compared to $0.5 million for the three month period ended December 31,
2011.

Impairment losses related to our investments in two associate companies were
$7.0 million for the three month period ended December 31, 2012. In the fourth
quarter, the board of directors, based on continued operational losses at the
two associate companies and significant uncertainty in the respective business
plans, determined to pursue strategic alternatives with these investments. As
part of these considerations, the Company believed that indicators of the
investment impairment were present. For the Huaren Commercial Trading, Co.
business, the Company engaged an independent valuation firm to determine the
fair value of its investment. Based on the results of this valuation, the
Company reduced the carrying value of its investment to zero and recorded a
$6.3 million impairment loss. For Digital Li-Ning Company Limited, the Company
carried out a net realizable value analysis based on a liquidation scenario
and recorded an impairment loss of $0.7 million, based on the difference
between the carrying amount of investment and the expected net realizable
value of $0.2 million.

Income tax expense was $1.4 million and $1.9 million for the three month
periods ended December 31, 2012 and 2011, respectively. Excluding the effect
of the impairment losses on associate companies in 2012, our effective tax
rate was 48.9% and 53.3% for the three month periods ended December 31, 2012
and 2011, respectively. 

Twelve months ended December 31, 2012 compared to twelve months ended December
31, 2011

Revenues increased by $34.3 million, or 32.2%, to $141.0 million for the
twelve month period ended December 31, 2012, from $106.7 million for the
twelve month period ended December 31, 2011. Revenues increased as a result
of our continued focus on being one of the best providers in Brand eCommerce™
and Digital Marketing service capabilities and our ability to continue to
secure new accounts that are committed to the digital channel.

Cost of revenues increased by $18.6 million to $79.1 million for the twelve
month period ended December 31, 2012, from $60.5 million for the twelve month
period ended December 31, 2011, which was primarily driven by organic growth
of our staff to accommodate the demand for our services. These costs
decreased as a percentage of revenues to 56.1% for the twelve month period
ended December 31, 2012, from 56.8% for the twelve month period ended December
31, 2011.

Selling and marketing expenses increased by $1.6 million to $9.4 million for
the twelve month period ended December 31, 2012, from $7.8 million for the
twelve month period ended December 31, 2011. These costs decreased as a
percentage of revenues to 6.7% for the twelve month period ended December 31,
2012, from 7.3% for the twelve month period ended December 31, 2011. This
improvement as a percentage of revenues was the result of leveraging our sales
force.

Administrative expenses increased by $8.3 million to $29.6 million for the
twelve month period ended December 31, 2012, from $21.3 million for the twelve
month period ended December 31, 2011. These costs were 21.0% and 20.0% of
revenues for the twelve month periods ended December 31, 2012 and 2011,
respectively. The increase as a percentage of revenues was primarily due to an
increase in operations headcount in order to support the overall growth and
strategic initiatives of our business.

Equity in losses of associate companies was $1.4 million for the twelve month
period ended December 31, 2012, compared to $1.0 million for the twelve month
period ended December 31, 2011.

Impairment losses related to our investments in two associate companies was
$7.0 million for the twelve month period ended December 31, 2012 as discussed
above.

Income tax expense was $9.9 million and $6.5 million for the twelve month
periods ended December 31, 2012 and 2011, respectively. Excluding the effect
of the impairment losses on associate companies in 2012, our effective tax
rate was 50.9% and 43.7% for the twelve month periods ended December 31, 2012
and 2011, respectively. The increase for the twelve month period ended
December 31, 2012, compared to the twelve month period ended December 31, 2011
was primarily attributable to the impact of non-deductible costs related to
our initial public offering ("IPO") and losses from non-U.S. operations for
which no tax benefit was available.

First Quarter 2013 Outlook

The Company currently expects the following financial results for the first
quarter of 2013:

  oRevenues are expected to be at or above $33.5 million; and
  oIFRS operating profit margin, excluding amortization of purchased
    intangible assets, is expected to be at or above 7.5%.

Webcast and Conference Call

A conference call and webcast have been scheduled for 4:30 p.m. EDT today to
discuss these results. Details of the conference call are as follows:

Date:              Wednesday, March 20, 2013
Time:              4:30 p.m. EDT (please dial in by 4:15 p.m.)
Dial-In #:         (800) 901-5241 U.S. & Canada
                   +1(617) 786-2963 International
Confirmation code: 23348258

Alternatively, the conference call will be available via webcast
atwww.acquitygroup.comby clicking on the "Investors" tab.

Non-IFRS Financial Measures

Acquity Group provides non-IFRS financial measures to complement reported IFRS
results. Management believes these measures help illustrate underlying trends
in the Company's business and uses the measures to establish budgets and
operational goals, communicated internally and externally, for managing the
Company's business and evaluating its performance.The Company anticipates
that it will continue to report both IFRS and certain non-IFRS financial
measures in its financial results, including non-IFRS results that exclude
interest, income tax provisions, depreciation and amortization, costs
associated with its initial public offering, equity in losses of its
associates, acquisition costs and other related charges, among other costs.
Consequently, Acquity Group's non-IFRS financial measures should not be
evaluated in isolation or as a substitute for IFRS measures, but, rather,
should be considered together with its consolidated financial statements,
which are prepared according to IFRS.

Special Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements. These statements are
made under the "safe harbor" provisions of Section 27A of the Securities Act
of 1933, as amended, and Section21E of the Securities Exchange Act of 1934,
as amended, and as defined in the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by terminology such
as "aim," "anticipate," "believe," "confident," "continue," "estimate,"
"expect," "future," "intend," "is currently reviewing," "it is possible,"
"likely," "may," "plan," "potential," "will" or other similar expressions or
the negative of these words or expressions. The Company has based these
forward-looking statements largely on its current expectations and projections
about future events and financial trends that it believes may affect its
financial condition, results of operations, business strategy and financial
needs. In particular, the section entitled "First Quarter 2013 Outlook" in
this announcement consists of forward-looking statements. Statements that are
not historical facts, including statements about the Company's beliefs and
expectations, are forward-looking statements and are subject to change, and
such change may be material and may have a material adverse effect on the
Company's financial condition and results of operations for one or more
periods. Forward-looking statements involve inherent risks and uncertainties.
A number of important factors could cause actual results to differ materially
from those contained, either expressly or impliedly, in any of the
forward-looking statements in this announcement. Potential risks and
uncertainties include, but are not limited to, the risks outlined in the
Company's Registration Statement on Form F-1 and other documents filed with
the U.S. Securities and Exchange Commission. Unless otherwise specified, all
information provided in this announcement and in the attachments is as of the
date of this announcement, and the Company does not undertake any obligation
to update any such information, except as required under applicable law.

About Acquity Group Limited

Acquity Group Limitedis a leading Brand eCommerce™ and Digital Marketing
company that leverages the Internet, mobile devices and social media to
enhance its clients' brands and e-commerce performance. It is the digital
agency of record for a number of well-known global brands in multiple
industries.Acquity Group Limitedhas served more than 600 companies and their
global brands through thirteen offices inNorth America. For more information
about Acquity Group Limited, visit www.acquitygroup.com.



    Acquity Group Limited
    Consolidated Statements of Comprehensive Income - Unaudited
    (Amounts in thousands, except per share data)
                                                                          Three Month Periods Ended                                                 Twelve Month Periods Ended
                                                                          December31,2012  December31,2011  December31,2012  December31,2011
    Revenues  $     33,788        100.0%       $     30,641        100.0%       $     141,011        100.0%       $    106,655         100.0%
    Cost of revenues                                                      20,088                  59.5%        17,730                  57.9%        79,148                   56.1%        60,543                   56.8%
     Gross profit                                                        13,700                  40.5%        12,911                  42.1%        61,863                   43.9%        46,112                   43.2%
    Selling and marketing expenses                                        2,601                   7.7%         2,125                   6.9%         9,401                    6.7%         7,750                    7.3%
    Administrative expenses                                              8,040                   23.8%        6,292                   20.5%        29,590                   21.0%        21,336                   20.0%
    Costs associated with initial public offering                         -                       0.0%         354                     1.2%         2,120                    1.5%         1,207                    1.1%
     Operating profit                                                 3,059                   9.1%         4,140                   13.5%        20,752                   14.7%        15,819                   14.8%
    Other non-operating expense                                           (2)                     0.0%         -                       0.0%         (2)                      (0.0%)       -                        0.0%
    Finance income/(costs), net                                           6                       0.0%         (7)                     (0.0%)       15                       0.0%         26                       0.0%
    Equity in losses of associates                                        (173)                   -0.5%        (508)                   (1.7%)       (1,388)                  (1.0%)       (1,038)                  (1.0%)
    Impairment losses in associates                                       (6,970)                 -20.6%       -                       0.0%         (6,970)                  (4.9%)       -                        0.0%
     Profit/(loss) before tax                                            (4,080)                 -12.1%       3,625                   11.8%        12,407                   8.8%         14,807                   13.9%
    Income tax expense                                                    1,413                   4.2%         1,932                   6.3%         9,870                    7.0%         6,472                    6.1%
     Profit/(loss)                                                      $    (5,493)        -16.3%       $     1,693        5.5%         $      2,537       1.8%         $     8,335         7.8%
    Profit/(loss) attributable to:
     Equity holders of the Company                                      $    (4,922)        -14.6%       $     1,804        5.9%         $      3,254       2.3%         $     8,607         8.1%
     Non-controlling interests                                          (571)                   -1.7%        (111)                   (0.4%)       (717)                    (0.5%)       (272)                    (0.3%)
     Profit/(loss)                                                      $    (5,493)        -16.3%       $     1,693        5.5%         $      2,537       1.8%         $     8,335         7.8%
    Other comprehensive income:
     Profit/(loss)                                                      $    (5,493)        -16.3%       $     1,693        5.5%         $      2,537       1.8%         $     8,335         7.8%
     Currency translation differences                                   15                      0.0%         29                      0.1%         (96)                     (0.1%)       102                      0.1%
     Comprehensive profit/(loss)                                        $    (5,478)        -16.2%       $     1,722        5.6%         $      2,441       1.7%         $     8,437         7.9%
    Total comprehensive profit/(loss) attributable to:
     Equity holders of the Company                                      $    (4,879)        -14.4%       $     1,827        6.0%         $      3,186       2.3%         $     8,675         8.1%
     Non-controlling interests                                          (599)                   -1.8%        (105)                   (0.3%)       (745)                    (0.5%)       (238)                    (0.2%)
     Comprehensive profit/(loss)                                        $    (5,478)        -16.2%       $     1,722        5.6%         $      2,441       1.7%         $     8,437         7.9%
    Profit/(loss) per share attributable to equity holders of the Company:
     American depositary shares ^(1)                                    $     (0.21)                    $      0.10                    $       0.15                   $      0.46
     Ordinary shares                                                    $     (0.10)                    $      0.05                    $       0.07                   $      0.23
    Shares used in computing profit per share:
     American depositary shares ^(1)                                    23,516.4                             18,738.6                             21,989.1                              18,738.6
     Ordinary shares                                                    47,032.8                             37,477.3                             43,978.2                              37,477.3
(1) On May 2, 2012, the Company completed the initial public offering of its American depositary shares representing ordinary shares and is now listed on NYSE MKT under the stock symbol "AQ." Pursuant to our registration
    statement filed with the U.S. Securities and Exchange Commission, each American depositary share presented in the consolidated statement of comprehensive income represents two ordinary shares outstanding.

 

 Acquity Group Limited
 Consolidated Statements of Financial Position - Unaudited
 (Amounts in thousands)
                                                                                                          December31,2012  December31,2011
 Assets
 Non-current assets:
 Property and equipment, net                                                                              $           $       
                                                                                                          5,872              3,648
 Intangible assets                                                                                        23,849             26,428
 Other non-current assets                                                                                 87                 74
 Investment in associates                                                                                 189                3,887
 Deferred tax assets                                                                                      5,985              4,521
                                                                                                          35,982             38,558
 Current assets:
 Trade receivables                                                                                        26,641             19,906
 Unbilled receivables                                                                                     9,865              8,056
 Due from customers under fixed-price contracts                                                           62                 456
 Prepayments and other receivables                                                                        1,852              3,186
 Restricted cash                                                                                         -                  2,600
 Cash and cash equivalents                                                                                36,454             6,875
                                                                                                          74,874             41,079
 Total assets                                                                                             $              $      
                                                                                                          110,856           79,637
 Equity and liabilities
 Equity:
 Issued capital                                                                                           $          $        
                                                                                                            5                 4
 Capital reserve                                                                                          96,577             71,030
 Other comprehensive income                                                                               -                  68
 Retained profit/(loss)                                                                                   (4,159)            (7,413)
 Equity attributable to equity holders of the Company                                                     92,423             63,689
 Non-controlling interests                                                                                -                  745
 Total equity                                                                                             92,423             64,434
 Non-current liabilities:
 Other non-current liabilities                                                                            6,590              5,379
                                                                                                          6,590              5,379
 Current liabilities:
 Trade payables                                                                                           2,343              1,589
 Other payables and accruals                                                                              8,508              8,159
 Due to customers under fixed-price contracts                                                             154                41
 Accrued income taxes                                                                                     838                35
                                                                                                          11,843             9,824
 Total liabilities                                                                                        18,433             15,203
 Total equity and liabilities                                                                             $              $      
                                                                                                          110,856           79,637



Acquity Group Limited
Consolidated Statements of Changes in Equity - Unaudited
(Amounts in thousands)
                                                                                                      Other          Retainedprofit/  Equityattributable   Non-controlling
                                                                     Issuedcapital  Capitalreserve  comprehensive  (losses)             toequityholdersof  interests  Totalequity
                                                                                                      income                              Company
    Asof1January2011  $         $           $        $              $            $         983   $    55,997
                                                                       4          71,030              -     (16,020)             55,014
    Profit/(loss) for the period                                     -               -                -              8,607                8,607                 (272)                    8,335
    Other comprehensive income                                       -               -                68             -                    68                    34                       102
    Total for the period                                             -               -                68             8,607                8,675                 (238)                    8,437
    As of 31 December 2011                                           $         $           $        $              $            $         745    $    64,434
                                                                       4          71,030             68       (7,413)             63,689
    Profit/(loss) for the period                                     -               -                -              3,254                3,254                 (717)                    2,537
    Other comprehensive income                                       -               -                (68)           -                    (68)                  (28)                     (96)
    Issuance of American depositary shares ^(1)                      1               28,666           -              -                    28,667                -                        28,667
    American depositary shares offering costs ^(1)                   -               (3,119)          -              -                    (3,119)               -                        (3,119)
    Total for the period                                             1               25,547           (68)           3,254                28,734                (745)                    27,989
    As of 31 December 2012                                           $         $           $        $              $            $              $    92,423
                                                                       5          96,577              -     (4,159)             92,423               -
(1) During the three month period ended June 30, 2012, the Company recorded an additional issued capital and capital reserve related to the issuance of the Company's IPO of American depositary shares,
    which began trading on NYSE MKT on April 27, 2012, and was offset by costs associated with the IPO in accordance with IFRS rules.





  Acquity Group Limited
  Consolidated Statements of Cash Flows - Unaudited
  (Amounts in thousands)
                                                                Twelve Month Periods Ended
                                                                December31,2012  December31,2011
 Operating activities:
  Profit before tax                                             $             $     
                                                                12,407             14,807
  Adjustmentstoreconcileprofitbeforetaxtonetcashflows
  from operating activities:
          Non-cash:
                  Depreciation of property and equipment        2,200              1,436
                  Amortization of intangible assets and         2,650              2,592
                  straight-line rent
                  Impairment losses in associates               6,970              -
                  Impairment loss of trade receivables          271                21
                  Finance costs, net                            (15)               (26)
                  Other                                         2                  -
                  Equity in losses of associates                1,388              1,038
          Working capital adjustments:
                  Trade receivables and unbilled receivables    (8,815)            (10,542)
                  Due from customers under fixed-price          394                451
                  contracts
                  Prepayment and other receivables              (172)              (646)
                  Trade payables                                754                447
                  Other payables and accruals                   428                2,736
                  Due to customers under fixed-price contracts  113                41
                  Other non-current assets                      (13)               (18)
                  Other non-current liabilities                 -                  66
          Interest received                                     -                  87
          Income tax paid                                       (8,594)            (7,828)
 Net cash flows generated from operating activities             9,968              4,662
 Investing activities:
  Purchase of property and equipment                            (4,424)            (2,388)
  Purchase of intangible assets                                 -                  (158)
  (Increase)/decrease in restricted cash                        2,600              (2,600)
  Investment in associates                                      (4,762)            (4,822)
  Loan to associate                                             -                  (247)
 Net cash flows used in investing activities                    (6,586)            (10,215)
 Financing activities:
  Proceeds from issuance of American depositary shares          28,667             -
  Payment of costs associated with initial public offering      (2,470)            -
 Net cash flows generated from financing activities             26,197             -
 Net increase/(decrease) in cash and cash equivalents           29,579             (5,553)
 Cash and cash equivalents at the beginning of the period       6,875              12,428
 Cash and cash equivalents at the end of the period             $             $      
                                                                36,454             6,875





    Acquity Group Limited
    Reconciliation of Non-IFRS Financial Measures to IFRS Profit - Unaudited ^(1)
    (Amounts in thousands, except per share data)
                                                                                                       Three Month Periods Ended                              Twelve Month Periods Ended
                                                                                                       December31,2012  December31,2011  December31,2012  December31,2011
    IFRS profit/(loss) attributable to equity holders, as reported                                     $               $              $               $             
                                                                                                       (4,922)                     1,804                     3,254                      8,607
    Financecosts,net  (6)                         7                          (15)                        (26)
    Income tax expense                                                                                 1,413                       1,932                      9,870                       6,472
    Depreciation and amortization:
    Property and equipment                                                                             647                         429                        2,200                       1,436
    Intangible assets                                                                                  644                         645                        2,579                       2,533
    Costs associated with initial public offering ^(2)                                                 -                           354                        2,120                       1,207
    Equity in losses of associates                                                                     173                         508                        1,388                       1,038
    Impairment losses in associates attributable to equity holders                                     6,426                       -                          6,426                       -
    Non-IFRS adjusted EBITDA                                                                           $               $              $                $           
                                                                                                        4,375                      5,679                    27,822                     21,267
                                                                                                       Three Month Periods Ended                              Twelve Month Periods Ended
                                                                                                       December 31, 2012           December 31, 2011          December 31, 2012           December 31, 2011
    IFRS operating profit, as reported                                                                 $               $              $                $           
                                                                                                        3,059                      4,140                    20,752                     15,819
    Costs associated with initial public offering ^(2)                                                 -                           354                        2,120                       1,207
    Amortization of intangible assets                                                                  644                         645                        2,579                       2,533
    Non-IFRS operating profit                                                                          $               $              $                $           
                                                                                                        3,703                      5,139                    25,451                     19,559
                                                                                                       Three Month Periods Ended                              Twelve Month Periods Ended
                                                                                                       December 31, 2012           December 31, 2011          December 31, 2012           December 31, 2011
    IFRS profit/(loss) attributable to equity holders, as reported                                     $                $              $               $            
                                                                                                       (4,922)                     1,804                     3,254                     8,607
    Costs associated with initial public offering ^(2)                                                 -                           354                        2,120                       1,207
    Amortization of intangible assets, net of tax                                                      380                         393                        1,522                       1,545
    Impairment losses in associates attributable to equity holders                                     6,426                       -                          6,426                       -
    Non-IFRS adjusted profit                                                                           $               $              $                $           
                                                                                                        1,884                      2,551                    13,322                     11,359
    Adjusted profit per share attributable to equity holders of
    the Company:
    American depositary shares ^(3)                                                                    $               $              $               $             
                                                                                                         0.08                      0.14                    0.61                     0.61
    Ordinary shares                                                                                    $               $              $               $             
                                                                                                         0.04                      0.07                    0.30                     0.30
    Shares used in computing profit per share:
    American depositary shares ^(3)                                                                    23,516.4                    18,738.6                   21,989.1                    18,738.6
    Ordinary shares                                                                                    47,032.8                    37,477.3                   43,978.2                    37,477.3
(1) The Company includes these adjusted calculations for the three and twelve month periods ended December 31, 2012 and December 31, 2011 because management believes they are useful to investors in that they
    provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making.
    Accordingly, the Company believes that the presentation of this analysis, when used in conjunction with IFRS financial measures, is a useful financial analysis tool that can assist investors in assessing the
    Company's operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for profit/(loss) prepared in accordance with IFRS. This analysis, as well as the
    other information in this press release, should be read in conjunction with the Company's financial statements and related footnotes contained in the documents that the Company files with the U.S. Securities
    and Exchange Commission.
    The three and twelve month periods ended December 31, 2012 and December 31, 2011 include costs associated with the Company's IPO of American depositary shares, which began trading on NYSE MKT on April 27, 2012.
(2) The Company recorded this charge in accordance with IFRS rules, which allow the Company to (1) fully capitalize costs directly attributable to the IPO and (2) capitalize a portion of costs indirectly
    attributable to the IPO, based on the size of the offering.
    On May 2, 2012, the Company completed the initial public offering of its American depositary shares representing ordinary shares and is now listed on NYSE MKT under the stock symbol "AQ." Pursuant to our
(3) registration statement filed with the Securities and Exchange Commission, each American depositary share presented in the Reconciliation of Non-IFRS Financial Measures to IFRS Profit represents two ordinary
    shares outstanding.





SOURCE Acquity Group LLC

Website: http://www.acquitygroup.com
Contact: Jessica Barist Cohen, Ogilvy Financial, New York, +1(646)460-9989,
aq@ogilvy.com