Acquity Group Ltd : Acquity Group Limited Reports Results for Third Quarter and Nine Months Ended September 30, 2012

Acquity Group Limited Reports Results for Third Quarter

and Nine Months Ended September 30, 2012

Third Quarter Revenues Increased by 26.0% to $37.3 Million

Nine Months Revenues up 41.1% to $107.2 million

Third Quarter IFRS Operating Profit Increased by 15.1% to $6.4 Million

Nine Months IFRS Operating Profit up 51.5% to $17.7 million

Chicago. November 8, 2012 - Acquity Group Limited ("Acquity Group" or the "Company") (NYSE MKT: AQ) today reported the following unaudited financial results for the third quarter and nine months ended September 30, 2012.

Financial highlights for the three month period ended September 30, 2012, compared to the three month period ended September 30, 2011

Revenues increased by $7.7 million, or 26.0%, to $37.3 million, compared to $29.6 million for the three month period ended September 30, 2011.
IFRS operating profit increased by $0.8 million, or 15.1%, to $6.4 million, or 17.2% of revenues, compared to $5.6 million, or 18.8% of revenues, for the three month period ended September
30, 2011.
IFRS operating profit, excluding costs associated with our recent initial public offering and amortization of purchased intangible assets, increased by $0.1 million, or 1.3%, to $7.1 million, or 18.9% of revenues, compared to $7.0 million, or 23.5% of revenues, for the three month period ended September 30, 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.
IFRS profit attributable to equity holders of the Company increased by $0.1 million, or 1.0%, to
$3.2 million, or $0.14 per American depositary share ("ADS"), compared to $3.1 million, or $0.17 per ADS for the three month period ended September 30, 2011.
Non-IFRS adjusted profit attributable to equity holders of the Company decreased by $0.7 million, or 17.1%, to $3.6 million, or $0.15 per ADS, compared to $4.3 million, or $0.23 per ADS for the three month period ended September 30, 2011.
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Non-IFRS adjusted EBITDA increased by $0.1 million, or 2.4%, to $7.6 million for the three month period ended September 30, 2012, compared to $7.5 million for the three month period ended September 30, 2011.
As of September 30, 2012, the Company had unrestricted cash and cash equivalents of $31.3 million.

Financial highlights for the nine month period ended September 30, 2012, compared to the nine month period ended September 30, 2011

Revenues increased by $31.2 million, or 41.1%, to $107.2 million, compared to $76.0 million for the nine month period ended September 30, 2011.
IFRS operating profit increased by $6.0 million, or 51.5%, to $17.7 million, or 16.5% of revenues, compared to $11.7 million, or 15.4% of revenues, for the nine month period ended September
30, 2011.
IFRS operating profit, excluding costs associated with our recent initial public offering and amortization of purchased intangible assets, increased by $7.3 million, or 50.8%, to $21.7 million, or 20.3% of revenues, compared to $14.4 million, or 19.0% of revenues, for the nine month period ended September 30, 2011.
IFRS profit attributable to equity holders of the Company increased by $1.4 million, or 20.2%, to
$8.2 million, or $0.38 per ADS, compared to $6.8 million, or $0.36 per ADS for the nine month period ended September 30, 2011.
Non-IFRS adjusted profit attributable to equity holders of the Company increased by $2.6 million, or 29.9%, to $11.4 million, or $0.53 per ADS, compared to $8.8 million, or $0.47 per ADS for the nine month period ended September 30, 2011.
Non-IFRS adjusted EBITDA increased by $7.8 million, or 50.4%, to $23.4 million for the nine month period ended September 30, 2012, compared to $15.6 million for the nine month period ended September 30, 2011.
"It was yet another strong quarter for the Company in the face of challenging macro-economic conditions for our clients," said Christopher Dalton, President and Chief Executive Officer of Acquity Group. "Our deep, and strengthening, work with recognized global clients is a critical component of our success. We have been able to sustain our current level of growth with a diligent focus on executing our business strategy. We are capturing market share in both the business-to-consumer and business-to- business spaces and our clients continue to turn to Acquity Group to help them reinvent their digital Brand e-Commerce™ business models in the face of secular industry changes, changing demographics, and a new era of mobile, social, analytics and digital technologies. "
Paul Weinewuth, Chief Financial Officer of Acquity Group, said, "Our utilization remains strong, driven by deepened client relationships and robust interest in our expertise in Brand eCommerce™ and Digital Marketing services. Our performance strength continues to bump up against continued economic headwinds, and as a result we are maintaining a cautious outlook for the fourth quarter. We are also looking towards conversion to U.S. GAAP next year, which will also include implementation of a new
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enterprise resource planning (ERP) system. In addition, we are looking to simplify our corporate structure by exploring strategic options in relation to our joint ventures."

Recent Business Highlights

Following are some key third quarter highlights:
Marked thirteenth consecutive quarter of positive sequential quarterly revenue growth Significant web site launches that included: Avery Dennison, Godiva, Epicurious, Exemplis, Kennametal, and Dun and Bradstreet
Billable headcount increased 40% year-over- year
Named the ninth largest digital agency for U.S. mobile revenue by Advertising Age
Cited as an emerging example of a "business transformer" in the July 2012 Forrester Research, Inc. report, "The New Interactive Agency Landscape"

Third Quarter 2012 Financial Results

Three Month Period Ended September 30, 2012 Compared to Three Month Period Ended September 30,

2011

Revenues increased by $7.7 million, or 26.0%, to $37.3 million for the three month period ended September 30, 2012, from $29.6 million for the three month period ended September 30, 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 $5.3 million to $21.0 million for the three month period ended September
30, 2012, from $15.7 million for the three month period ended September 30, 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 56.4% for the three month period ended September 30,
2012, from 53.2% for the three month period ended September 30, 2011.
Selling and marketing expenses increased by $0.3 million to $2.4 million for the three month period ended September 30, 2012, from $2.1 million for the three month period ended September 30, 2011. These costs decreased as a percentage of revenues to 6.3% for the three month period ended September 30, 2012, from 7.1% for the three month period ended September 30, 2011. This improvement was the result of leveraging our experienced sales force and entering into engagements that fit our growth model.
Administrative expenses increased by $2.1 million to $7.5 million for the three month period ended September 30, 2012, from $5.4 million for the three month period ended September 30, 2011. These costs increased as a percentage of revenues to 20.0% for the three month period ended September 30,
2012, from 18.3% for the three month period ended September 30, 2011. The increase was primarily due to an increase in operations headcount in order to support the growth of our business.
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Equity in losses of joint ventures was $0.3 million for the three month period ended September 30,
2012, compared to $0.4 million for the three month period ended September 30, 2011.
Income tax expense was $2.9 million and $2.2 million for the three month periods ended September 30,
2012 and September 30, 2011, respectively. Our effective tax rate was 48.5% and 41.8% for the three month periods ended September 30, 2012 and September 30, 2011, respectively. The increase for the three month period ended September 30, 2012, compared to the three month period ended September
30, 2011 was primarily attributable to losses from non-U.S. operations for which no tax benefit was available and an increase in state taxes.

Nine Month Period Ended September 30, 2012 Compared to Nine Month Period Ended September 30,

2011

Revenues increased by $31.2 million, or 41.1%, to $107.2 million for the nine month period ended September 30, 2012, from $76.0 million for the nine month period ended September 30, 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 $16.3 million to $59.1 million for the nine month period ended September 30, 2012, from $42.8 million for the nine month period ended September 30, 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 55.1% for the nine month period ended September 30,
2012, from 56.3% for the nine month period ended September 30, 2011.
Selling and marketing expenses increased by $1.2 million to $6.8 million for the nine month period ended September 30, 2012, from $5.6 million for the nine month period ended September 30, 2011. These costs decreased as a percentage of revenues to 6.3% for the nine month period ended September
30, 2012, from 7.4% for the nine month period ended September 30, 2011. This improvement was the result of leveraging our experienced sales force and entering into engagements that fit our growth model.
Administrative expenses increased by $6.6 million to $21.6 million for the nine month period ended September 30, 2012, from $15.0 million for the nine month period ended September 30, 2011. These costs increased modestly as a percentage of revenues to 20.1% for the nine month period ended September 30, 2012, from 19.8% for the nine month period ended September 30, 2011. The increase was primarily due to an increase in operations headcount in order to support the growth of our business.
Equity in losses of joint ventures was $1.2 million for the nine month period ended September 30, 2012, compared to $0.5 million for the nine month period ended September 30, 2011.
Income tax expense was $8.5 million and $4.5 million for the nine month periods ended September 30,
2012 and September 30, 2011, respectively. Our effective tax rate was 51.3% and 40.6% for the nine month periods ended September 30, 2012 and September 30, 2011, respectively. The increase for the nine month period ended September 30, 2012, compared to the nine month period ended September
30, 2011 was primarily attributable to the impact of non-deductible costs related to our initial public
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offering (IPO), losses from non-U.S. operations for which no tax benefit was available and an increase in state taxes.

Fourth Quarter 2012 Outlook

The Company currently expects the following financial results for the fourth quarter of 2012:
Revenues are expected to be in the range of $36 million to $40 million; and
IFRS operating profit margin, excluding amortization of purchased intangible assets, is expected to range from 14% to 16%.

Webcast and Conference Call

A conference call and webcast have been scheduled for 8:30 a.m. EDT today to discuss these results. Details of the conference call are as follows:
Date: Thursday, November 8, 2012
Time: 8:30 a.m. EDT (please dial in by 8:15 a.m.) Dial-In #: [phone] U.S. & Canada
[phone] International
Confirmation code: 33160322
Alternatively, the conference call will be available via webcast at www.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 joint ventures, 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.
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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 Section 21E 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 "Fourth Quarter 2012 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 Limited is 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 Limited has served more than 500 companies and their global brands through eleven offices in North America and three offices in Asia. For more information about Acquity Group Limited, visit www.acquitygroup.com.
Investor Relations Contact:
Jessica Barist Cohen
Ogilvy Financial, New York
Phone: [phone]
E-mail: [e-mail]
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Acquity Group Limited

Consolidated Statements of Comprehensive Income - Unaudited

(Amounts in thousands, except per share data)

Three Month Periods Ended Nine Month Periods Ended

September 30, 2012 September 30, 2011

September 30, 2012

September 30, 2011

Revenues $ 37,268 100.0% $ 29,569 100.0% $ 107,223 100.0% $ 76,014 100.0% Cost of revenues 21,031 56.4% 15,728 53.2% 59,060 55.1% 42,813 56.3% Gross profit 16,237 43.6% 13,841 46.8% 48,163 44.9% 33,201 43.7%

Selling and marketing expenses 2,361 6.3% 2,107 7.1% 6,800 6.3% 5,625 7.4% Administrative expenses 7,470 20.0% 5,410 18.3% 21,550 20.1% 15,044 19.8% Costs associated with initial public offering 5 0.0% 765 2.6% 2,120 2.0% 853 1.1% Operating profit 6,401 17.2% 5,559 18.8% 17,693 16.5% 11,679 15.4%

Finance income 12 0.0% 64 0.2% 9 0.0% 33 0.0% Equity in losses of joint ventures (331) (0.9%) (441) (1.5%) (1,215) (1.1%) (530) (0.7%) Profit before tax 6,082 16.3% 5,182 17.5% 16,487 15.4% 11,182 14.7%

Income tax expense 2,947 7.9% 2,166 7.3% 8,457 7.9% 4,540 6.0%

Profit 3,135 8.4% 3,016 10.2% 8,030 7.5% 6,642 8.7%

Profit/(loss) attributable to:

Equity holders of the Company $ 3,177 8.5% $ 3,145 10.6% $ 8,176 7.6% $ 6,803 8.9% Non-controlling interests (42) (0.1%) (129) (0.4%) (146) (0.1%) (161) (0.2%) Profit $ 3,135 8.4% $ 3,016 10.2% $ 8,030 7.5% $ 6,642 8.7%

Other comprehensive income:

Profit 3,135 8.4% 3,016 10.2% 8,030 7.5% 6,642 8.7% Currency translation differences (44) (0.1%) 35 0.1% (111) (0.1%) 73 0.1% Comprehensive profit $ 3,091 8.3% $ 3,051 10.3% $ 7,919 7.4% $ 6,715 8.8%

Total comprehensive profit attributable to:

Equity holders of the Company $ 3,133 8.4% $ 3,180 10.8% $ 8,065 7.5% $ 6,876 9.0% Non-controlling interests (42) (0.1%) (129) (0.4%) (146) (0.1%) (161) (0.2%) Comprehensive profit $ 3,091 8.3% $ 3,051 10.3% $ 7,919 7.4% $ 6,715 8.8%

Profit per share attributable to equity holders of the Company:

American depositary shares (1)	$ 0.14	$ 0.17	$ 0.38	$ 0.36
Ordinary shares	$ 0.07	$ 0.08	$ 0.19	$ 0.18

Shares used in computing profit per share:

American depositary shares (1)	23,516.4	18,738.6	21,476.3	18,738.6
Ordinary shares	47,032.8	37,477.3	42,952.5	37,477.3

(1)

On Ma y 2, 2012, the Compa ny completed the initia l public offe ring of its America n depos ita ry s ha res repres enting ordina ry s ha res a nd is now lis ted on NYSE MKT under the s tock s ymbol "AQ." Purs ua nt to our regis tra tion s ta tement filed with the U.S. Securities a nd Excha nge Commis s ion, ea ch America n depos ita ry s ha re pres ented in the cons olida ted s ta tement of comprehens ive income repres ents two ordina ry s ha res outs ta nding.

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Acquity Group Limited

Consolidated Statements of Financial Position - Unaudited

(Amounts in thousands)

Assets

Non-current assets

September 30, 2012 December 31, 2011

Property and equipment, net $ 4,782 $ 3,648

Intangible assets 24,493 26,428

Other non-current assets (1)4,844 74

Investment in joint ventures 2,559 3,887

Deferred tax assets 5,336 4,521

42,014 38,558

Current assets

Trade receivables 27,901 19,906

Unbilled receivables 11,514 8,056

Due from customers under fixed-price contracts 371 456

Prepayments and other receivables 1,842 3,096

Restricted cash - 2,600

Cash and cash equivalents 31,319 6,875

Total current assets 72,947 40,989

Total assets $ 114,961 $ 79,547

Equity and liabilities

Equity

Issued capital $ 5 $ 4

Capital reserve 96,577 71,030

Other comprehensive income/(losses) (43) 68

Retained profit / (losses) 763 (7,413)

Equity attributable to equity holders of parent 97,302 63,689

Non-controlling interests 599 745

Total equity 97,901 64,434

Non-current liabilities

Other non-current liabilities 6,332 5,379

6,332 5,379

Current liabilities

Trade payables 1,532 1,499

Other payables and accruals 7,612 8,159

Due to customers under fixed-price contracts 116 41

Accrued income taxes 1,468 35

10,728 9,734

Total liabilities 17,060 15,113

Total equity and liabilities

$ 114,961 $

79,547

(1) As of September 30, 2012, other non-current as s ets prima rily cons is ts of deposits for joint venture rela ted to a n a dditiona l inves tment in our Huaren Kudong Commercia l Tra ding Co., Ltd. joint venture. We a re a waiting a pproval from the Chines e government, at which time the funds will be recla ss ified to "Inves tment in joint ventures " on the cons olida ted sta tement of fina ncia l pos ition.

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Acquity Group Limited

Consolidated Statements of Changes in Equity - Unaudited

(Amounts in thousands)

Other comprehensive

Retained profit/

Equity attributable to equity holders of

Non-controlling

Issued capital Capital reserve income (losses) parent interests Totalequity

As of 31 December 2010

$ 4 $

71,030 $

- $ (16,020) $

55,014 $

983 $

55,997

Profit/(loss) for the period 1,420 1,420 (2) 1,418

Other comprehensive income 5 5 2 7

Totalfortheperiod- - 5 1,420 1,425 - 1,425

As of 31 March 2011

$ 4 $

71,030 $

5 $ (14,600) $

56,439 $

983 $

57,422

Profit/(loss) for the period 2,238 2,238 (30) 2,208

Othercomprehensiveincome21 21 10 31

Total for the period - - 21 2,238 2,259 (20) 2,239

As of 30 June 2011

$ 4 $ 71,030 $ 26 $ (12,362) $ 58,698 $ 963 $

59,661

Profit/(loss) for the period 3,145 3,145 (130) 3,015

Other comprehensive income 23 23 12 35

Totalfortheperiod- - 23 3,145 3,168 (118) 3,050

As of 30 September 2011

$ 4 $

71,030 $

49 $

(9,217) $

61,866 $

845 $

62,711

Profit/(loss) for the period 1,804 1,804 (111) 1,693

Other comprehensive income 19 19 11 30

Total for the period - - 19 1,804 1,823 (100) 1,723

As of 31 December 2011

$ 4 $

71,030 $

68 $

(7,413) $

63,689 $

745 $

64,434

Profit/(loss) for the period 3,845 3,845 (64) 3,781

Other comprehensive income 2 2 2

Total for the period - - 2 3,845 3,847 (64) 3,783

As of 31 March 2012

$ 4 $

71,030 $

70 $

(3,568) $

67,536 $

681 $

68,217

Profit/(loss) for the period 1,154 1,154 (40) 1,114

Other comprehensive income (69) (69) (69) Issuance of American depositary shares,

net of offering costs (1)1 25,547 25,548 25,548

Totalfortheperiod1 25,547 (69) 1,154 26,633 (40) 26,593

As of 30 June 2012

$ 5 $

96,577 $

1 $ (2,414) $

94,169 $

641 $

94,810

Profit/(loss) for the period 3,177 3,177 (42) 3,135

Othercomprehensiveincome(44) (44) (44)Totalfortheperiod--(44)3,1773,133(42)3,091

As of 30 September 2012

$ 5 $ 96,577 $ (43) $ 763 $ 97,302 $ 599 $

97,901

(1)

During the three month peri od ended June 30, 2012, the Compa ny recorded a n a ddi tiona l is s ue d ca pi ta l a nd ca pi ta l res erve rela te d to the i s s ua nce of the Compa ny's IPO of America n depos ita ry s ha res , which be ga n tra ding on NYSE MKT on Apri l 27, 2012, a nd wa s offs et by cos ts a s s ocia ted with the IPO in a ccorda nce wi th IFRS rules .

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Acquity Group Limited

Consolidated Statements of Cash Flows - Unaudited

(Amounts in thousands)

Operating activities:

Nine Month Periods Ended

September 30, 2012 September 30, 2011

Profit before tax $ 16,487 $ 11,182

Adjustments to reconcile profit before tax to net cash flows from operating activities:

Non-cash:

Depreciation of property and equipment 1,552 1,007

Amortization of intangible assets & straight-line rent 2,033 1,983

Impairment loss of trade receivables 180 - Finance costs (9) (33) Equity in losses of joint ventures 1,215 530

Working capital adjustments:

Trade receivables and unbilled receivables (11,633) (9,028) Due from customers under fixed-price contracts 85 (227) Prepayment and other receivables (432) (223) Trade payables 33 (353) Other payables and accruals (538) 237

Due to customers under fixed-price contracts 75 8

Other non-current assets (8) (8) Income tax paid (5,675) (3,600) Net cash flows generated from operating activities 3,365 1,475

Investing activities:

Purchase of property and equipment (2,686) (1,654) Purchase of intangible assets - (157) Decrease/(increase) in restricted cash 2,600 - Investment in joint venture - (4,822) Loan receivable from officers of Acquity Group LLC - (4,193) Increase in deposits for joint venture (1)(4,762) - Loan to joint venture (270) (97) Net cash flows used in investing activities (5,118) (10,923)

Financing activities:

Proceeds from issuance of American depositary shares 28,667 - Payment of costs associated with initial public offering (2,470) (442) Net cash flows generated from/(used in) financing activities 26,197 (442)

Net increase/(decrease) in cash and cash equivalents 24,444 (9,890) Cash and cash equivalents at the beginning of the period 6,875 12,428

Cash and cash equivalents at the end of the period

$ 31,319 $

2,538

(1) For the nine month period ended September 30, 2012, the increa s e in deposits for joint venture rela tes to a n a dditiona l inves tment in our Hua ren Kudong Commercia l Tra ding Co., Ltd. joint venture. We a re a wa iting a pprova l from the Chinese government, a t which time the funds will be recla s sified to "Inves tment in joint ventures" on the cons olida ted s ta tement of fina ncia l pos ition.

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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 Nine Month Periods Ended

September 30, 2012 September 30, 2011 September 30, 2012 September 30, 2011

IFRS profit attributable to equity holders, as reported $

3,177 $

3,145 $

8,176 $

6,803

Interest income net of interest expense (12) (64) (9) (33) Income tax expense 2,947 2,166 8,457 4,540

Depreciation & amortization:

Property and equipment 549 374 1,552 1,007

Intangible assets 645 638 1,935 1,888

Costs associated with initial public offering (2)5 765 2,120 853

Equity in losses of joint ventures 331 441 1,215 530

Non-IFRS adjusted EBITDA

$ 7,642 $

7,465 $

23,446 $

15,588

Three Month Periods Ended NineMonthPeriodsEnded

September 30, 2012September 30, 2011September 30, 2012September30,2011

I

Amortizationofintangibleassetsrelatedtoacquisition645 638 1,935 1,888

Non-IFRS operating profit

$ 7,051 $

6,962 $

21,748 $

14,420

Three Month Periods Ended

Nine Month Periods Ended

September 30, 2012 September 30, 2011 September 30, 2012 September 30, 2011

Amortization of intangible assets related to acquisition,

net of tax 381 389 1,142 1,152

Non-IFRS adjusted profit

$ 3,563 $

4,299 $

11,438 $

8,808

Adjusted profit per share attributable to equity holders of the Company:

Shares used in computing profit per share:

American depositary shares (3)	23,516.4	18,738.6	21,476.3	18,738.6
Ordinary shares	47,032.8	37,477.3	42,952.5	37,477.3

(1)

(2)

(3)

The Compa ny i nclude s thes e a djus ted ca lcula ti ons for the three a nd nine month pe ri ods e nde d September 30, 2012 a nd Se ptembe r 30, 2011 be ca us e ma na ge me nt belie ve s they a re us eful to inve stors in tha t they provi de for gre a ter tra ns pa re ncy with re spect to suppl eme nta l informa tion use d by ma na gement in its fina ncia l a nd opera tiona l de cis ion ma king.

Accordi ngly, the Compa ny be lieves tha t the pre se nta tion of this a na lys is , when us ed in conjunction wi th IFRS fi na ncia l mea s ure s, is a us eful fina ncia l a na lys is tool tha t ca n a ss is t inves tors in a ss es si ng the Compa ny's ope ra ting performa nce a nd underl ying pros pects . This a na lys is shoul d not be considered in is ola tion or a s a s ubstitute for profit/(los s ) pre pa re d i n a ccorda nce wi th IFRS. Thi s a na l ys is , a s well a s the other informa tion in this pre ss re lea s e, should be re a d in conjunction with the Compa ny's fina ncia l sta teme nts a nd rela ted footnotes conta ined i n the docume nts tha t the Compa ny files with the U.S. Se curities a nd Excha nge Commis si on.

The three a nd nine month periods ended September 30, 2012 a nd Septe mber 30, 2011 include cos ts a s s ocia ted with the Compa ny's IPO of America n de pos ita ry s ha res , which bega n tra di ng on NYSE MKT on April 27, 2012. The Compa ny re corded this cha rge in a ccorda nce with IFRS rul es , which a llow the Compa ny to (1) full y ca pita li ze costs di re ctl y a ttributa ble to the IPO a nd (2) ca pi ta lize a porti on of costs indire ctly a ttri buta ble to the IPO, ba se d on the size of the offering.

On Ma y 2, 2012, the Compa ny compl eted the initi a l publ ic offe ring of its America n de posita ry s ha res repre se nting ordina ry s ha re s a nd is now lis ted on NYSE MKT under the s tock symbol "AQ." Pursua nt to our re gi stra ti on sta teme nt fi led with the Securiti es a nd Excha nge Commis s ion, ea ch America n de pos ita ry s ha re pres ented in the Re concilia tion of Non-IFRS Fina ncia l Mea s ures to IFRS Profit repre se nts two ordina ry s ha re s outs ta nding.

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