This annual review document from Logicalis provides an overview of the company's performance in 2011 and objectives for 2012. Some key points: - Revenues increased 25% to $1.05 billion and EBITDA increased 26% to $53.3 million due to excellent operational management and increasing business diversification. - Three acquisitions were completed in Europe, the US, and Asia Pacific to expand operations and services portfolio. - Objectives for 2012 include increasing revenues, profitability, and services portfolio such as cloud-based services, as well as seeking further acquisition targets. - The Chairman notes a strong performance with all regions seeing growth, particularly the US and South America. As services

1. Annual Review 2011
Embracing
new
opportunities

2. Contents
01 Introduction
02 Relevant in a changing marketplace
04 Transforming technologies
06 Strengthening our integrated offer
08 Delivering innovative solutions
10 Case studies
13 Financial highlights
14 Chairman’s statement
16 Chief Executive Officer’s review
18 Logicalis today
20 International operations
22 Corporate social responsibility
24 Board of Directors
26 Financial overview
28 Financial results
29 Our subsidiaries

3. Logicalis
Annual Review 2011
01
Today’s business world is in transition. There
are rapid technological and market changes
which are having a profound effect on business.
As we emerge from the downturn we are
faced with a set of completely new demands
from customers.
With the proliferation of new technologies,
businesses are under increasing pressure to
continually adapt to changing environments.
Yesterday’s investments in technology are
not always meeting current business needs,
so organisations need to rethink.
At Logicalis, we no longer talk to businesses
about technology alone. We talk to them about
what it does for their organisation’s future.
Because it’s not business as usual!

4. Logicalis
Annual Review 2011
02

5. Logicalis
Annual Review 2011
03
Marketplace relevance Be here, now
How can we help your business today? The Internet has changed everything. Whether
At Logicalis, we know that the post-financial- business leaders embrace it or not, every
crisis world brings new opportunities and new organisation today is operating in a Web 2.0 world.
challenges, too. For many businesses, success Some trends, after all, are impossible to ignore.
in this volatile environment demands new strategies, The pressure to use less power and cooling, reduce
new models and new technologies, because IT costs and meet environmental goals is spurring
yesterday’s tools won’t help you grab the attention the uptake of virtualisation. The trend towards the
of today’s customers. That’s why we focus provision of IT as a scalable, pay-per-use service
on helping business and IT work together in to users is prompting businesses to move IT assets
a ‘joined-up’ approach that aims to create shared, to the cloud. The need to reach better business
sustainable and personal value – comprehensive decisions faster is triggering investment in advanced
value. When CEOs and CIOs speak the same communication and collaboration technologies. And
language, the effects can be powerful, creating the value of establishing more meaningful, two-way
businesses that are more agile, more responsive conversations with customers is seeing companies
and more competitive. We see it every day. flock to social networking sites. The landscape is
shifting. At Logicalis, we can help you confidently
navigate your own path, at your own pace.
As a business
relevant
we have to be
in a changing marketplace
Strategic objectives
• Make the most of opportunities offered by
economic recovery
• Invest in innovation for competitive advantage
• Get IT and the business working as one
• Embrace the latest technology trends with confidence

6. Logicalis
Annual Review 2011
04
Strategic objectives
• Give employees the tools they need to
get work done
• Transform corporate IT resources into
always-on services
• Address data security issues with confidence
Transfor

7. Logicalis
Annual Review 2011
05
ming
technologies for
tomorrow’s organisations
Consumer-driven technology platforms Data centre
for instant information Virtualisation is the first step to turning corporate
Today’s employees like to shop around. The tools IT resources into always-on services for employees
they use to get their jobs done are increasingly to use regardless of location or the device
a matter of personal choice – so they’re bringing they’re using.
their own smartphones, laptops and tablets to work
and using them to access cloud-based services. Public cloud
Today’s forward-thinking employer doesn’t stand Scalable computing services available on a pay-per-
in their way. By supporting these devices and use basis transform IT costs from upfront capital
placing corporate data and applications in public expenditure to predictable operating expenses.
and private cloud infrastructures, bosses know that
employees will get more done – whether they’re Private cloud
in the office, at home or meeting with customers. All of cloud’s advantages of reduced cost and
This consumerisation of corporate computing elastic scalability, but from within your own data
transforms IT from a support function to a value centre and according to your own rules on
creator. We’re here to help your business make information governance. There is an emerging view
that step. that a combination of the two, i.e. a hybrid cloud,
is the way forward for many organisations.
Software-as-a-Service
Hosted applications that provide up-to-the-minute
functionality on a subscription basis, but place
the burden of ongoing management in the hands
of third-party specialists.
Security issues
One of the biggest concerns about both mobile
devices and cloud computing, but one that
your organisation can confidently address with
expert help.

8. Logicalis
Annual Review 2011
06

9. Logicalis
Annual Review 2011
07
Strategic objectives
• Move away from yesterday’s technology silos
• Embrace the sophistication provided by multi-vendor,
multi-technology stacks
• Rely on the help of proven experts to create and
support new integrated solutions
integrated
Strengthening our
offer
Expanding our offer to meet changing Working together with you
expectations At Logicalis, we can support customers’ ICT
The world doesn’t stand still and neither does solutions with full life-cycle management – from
a business’s ICT needs. At many companies, planning, design, implementation and integration
yesterday’s technology investments have created to support, management and optimisation.
a legacy of technology silos that are costly to
maintain, burdensome to manage and hard to In particular, our extensive portfolio of managed
integrate – when what businesses really need is a and hosted managed services includes intelligent
stable, streamlined and seamless IT environment remote monitoring, operational management,
that brings together new and existing technologies co-location and full or partial outsourced partnering.
in exciting, value-creating combinations. This allows our clients to take advantage of the
latest technologies in the way that suits them
Some of the most exciting new technologies – best, picking and choosing from a menu of service
from sophisticated business analytics to advanced options, to create the right blend of internal and
communication and collaboration solutions and external resources.
slick multimedia delivery on demand – rely on
multi-vendor, multi-technology stacks, which is
why Logicalis’ clients worldwide rely on our passion
for convergence and our long-established data
centre skills to get these solutions working together
on their behalf.

10. Logicalis
Annual Review 2011
08
Delivering

11. Logicalis
Annual Review 2011
09
solutions
innovative
across public and private sectors
Dare to imagine, dare to innovate Breaking down the barriers
Leading companies do things differently. They think Logicalis has built its business on helping its
differently. They implement technology differently. customers use technology to find creative new
In other words, they innovate. Without innovation, ways to address their challenges. If storing vital
your business can never be a leader – just a business records and data is a struggle, we can
follower. At Logicalis, we believe that the precursor help. If geographical distances between colleagues
to innovation is creative thinking. That’s why we’re slow down decision times, we can help. If your IT
here to help you stretch your imagination. What team could be better deployed on strategic tasks
constraints does your business currently face? that add real value, we can help. If your data centre
How could it serve its customers better? What new space is costly and cramped, we can help. We
products and services would you like to launch? measure our success by our customers’ success.
Today’s technologies can do remarkable things.
More importantly, they can enable businesses like
yours to achieve remarkable results. Go on. Dare
to imagine!

12. Case studies
Logicalis
Annual Review 2011
10
Logicalis is delivering ICT solutions
and services to over 5,000 customers
around the globe.
Loughborough University Singapore Telecommunications Ltd
A new hybrid cloud solution PowerON is SingTel’s end-to-end suite
implemented at Loughborough of cloud-based services covering
University mitigates massive cost of PowerON Connectivity, PowerON
data centre rebuild, and connects the Infrastructure, PowerON Applications
university to Logicalis UK’s hosted and PowerON Managed Services.
cloud service, the first of its kind It provides businesses with an ‘Intelligent Utility’, providing
connected to JANET (the UK’s instant, low-cost, scalable and secure IT resources on demand.
education and research network). SingTel PowerON Compute, enabled by VMware vCloud
Loughborough University, one of the UK’s leading Datacentre Service and part of PowerON Infrastructure,
universities, and its premier university for sport, needed is an Enterprise-Class Cloud that provides all businesses
to replace its 40-year-old data centre which was running with virtual computing needs on demand. With networking
with limited capacity and was badly in need of replacement. by Cisco and storage by EMC, it is the most reliable and
Logicalis was chosen for its Managed Private Cloud (MPC), secure cloud platform built for enterprises.
cooperative cloud offering and for its direct connection from
its Cloud Service to JANET. The university now has a data Logicalis Singapore was chosen as SingTel’s Master Service
centre service that is modular, economical, green, and Agreement (MSA) partner for PowerON Compute Go-To-
fully resilient at the local level, with the option of hosting Market (GTM) strategy. The Cloud GTM will add an additional
services remotely at Logicalis’ data centre, and this has services portfolio to Logicalis’ current partnership with
enabled Loughborough to avoid the need for a multi-million SingTel as the MSA for Customer Premise Equipment (CPE)
pound refurbishment project. ‘MPC, the cooperative cloud and Managed Services.
and Logicalis’ unique virtual container capability lets you
move services from local to remote and back again without ‘We can always trust Logicalis to go the extra mile to deliver
buying in more infrastructure’, says Dr Phil Richards, the services. Also, we are able to leverage on their skill set
Loughborough’s IT Director. and networking resources to complement our cloud services
and applications which will bring greater value to all end
users,’ said Alvin Kok, Head of Infocomm Services, SingTel.

13. Logicalis
Annual Review 2011
11
Watts Water Technologies, Inc. Itaú Bank
Logicalis delivers Managed Services to The client – one of the biggest private
Watts Water Technologies, Inc., a world banks in Brazil – needed to reduce the
leader in the manufacture of innovative time and expenditure for executives’
products to control the efficiency, safety travel within and outside the country
and quality of water within residential, to visit its subsidiaries and customers.
commercial and institutional applications. For that, it needed to improve and expand its video
conferencing rooms. PromonLogicalis’ collaboration solution
With demands from users increasing and budgets tightening,
was chosen to update and add realism to the meetings.
Watts’ Director of Global IT Shared Services, Ty Muscat,
PromonLogicalis has since deployed 23 telepresence rooms,
turned to Logicalis for managed services. This was the
more than 5,000 IP phones, network and data centre
catalyst for a new dimension in the relationship between
equipment and consulting services for the Itaú Group in
Watts and Logicalis which has increasingly shifted system
Brazil. Itaú has nearly 5,000 offices across the Americas,
management responsibilities to Logicalis and freed the
Europe and Asia. It intends to acquire this solution for all
Watts IT team to focus on core competencies that support
international sites, and believes that unified communications
and advance its business objectives.
is strategic to national and international expansion. The
communication solution, which combines audio and video
Through the years, Watts has worked on many projects
on the Internet network (IP), provides a realistic experience
with Logicalis. Muscat says, ‘Logicalis has consistently
to virtual meetings, and thus, leads to greater productivity,
distinguished itself by its willingness to work with my team
reduced travel costs and only minor disruption to executives.
to develop solutions that add value and fit our needs as
a customer. Each project has been a joint effort that we
Outside Brazil, Logicalis has also recently implemented
implement together as a team and support as a team –
a project in Buenos Aires to upgrade its Cisco Call Manager
with Logicalis taking on some responsibility and Watts taking
and Unified Computing System (UCS) and to provide
on some responsibility. There is tremendous flexibility in the
virtualised support, as well as in the US.
range of services Logicalis can offer.’

14. Logicalis
Annual Review 2011
12
Excellent operational
management and increasing
business and geographical
diversification has pushed
revenues and EBITDA up
by 25% and 26% respectively.
EBITDA and operating profit
margins remained steady as
expected, and are planned to
expand next year.

15. Financial highlights
Logicalis
Annual Review 2011
13
+
25 26
Total sales
$1.05 billion
% +
EBITDA
$53.3 million
%
2010: $840 million 2010: $42.2 million
+
21 % +
Annuity service revenues
$142.2 million
26
Operating profit
$31.6 million
%
2010: $117.5 million 2010: $25.0 million
FY 2011 Achievements FY 2012 Objectives
Increased sales, EBITDA and Increase revenues and profitability
operating profit Increase services portfolio, including
Invested in three data centres cloud-based services
and cloud-based services Seek further suitable acquisition targets
Three acquisitions (Europe, US
and Asia Pacific)

16. Chairman’s statement
Logicalis
Annual Review 2011
14
“As our services initiatives develop
around our data centre operations,
this, coupled with a sustained
market recovery, should accelerate
our profit growth.”
I am delighted to report on a year in which Logicalis
delivered a strong performance, accounting for
22% of the Datatec Group’s revenues and 34%
of EBITDA. The marked improvement in demand
in the first half of the financial year continued into
the second half, with all regions enjoying revenue
growth. In particular, the strong recovery in the
US reported in the first half continued during the
year, with the US region enjoying double-digit
growth in the second half.
Growth for the year was particularly strong in the
South America region, driven by increased capital
investment by telecommunication service providers,
with Brazil once again the stand-out market. The
performance of the Asia Pacific region was also
very encouraging with good margins from an
enhanced services mix. Despite a weak recovery
and difficult trading conditions in the UK, Logicalis’
operations are performing well.
During the financial year, Logicalis completed three
acquisitions. In September 2010, it acquired the
business of Touchbase Singapore from Touchbase
Group. Touchbase Singapore has annualised
revenues of approximately $6 million and is a
unified communications (UC) solutions provider
focusing in the areas of UC and customer contact
centre solutions for enterprise and multinational
corporations.

17. Logicalis
Annual Review 2011
15
In December 2010, Logicalis acquired Network Market prospects
The Logicalis Group
Infrastructure Corporation (NIC), a Phoenix, The gradual recovery in global markets and the
is a division of Arizona-based Cisco Gold Partner with annualised growth in networking-dependent cloud computing
Datatec Limited, revenues of approximately $20 million. NIC is providing a strong underpin to our industry. We
listed on the provides network consulting and IT services to expect all our operations to deliver good profitable
Johannesburg and the education, state and local government, gaming growth this year and contribute towards overall
London AIM Stock and hospitality markets across the Southwest margin expansion through operational leverage.
Exchanges, with United States. This acquisition expands Logicalis’
annualised revenues presence in this region, reinforces its strategic The US may still provide the best relative upside
of approximately relationship with Cisco and extends its expertise as businesses continue to invest and industries
$5 billion. into educational markets within which Logicalis such as manufacturing go through something
previously had limited exposure. of a renaissance assisted by the weak dollar,
even if consumer demand remains weak. As our
In February 2011, Logicalis acquired Direct Visual, services initiatives develop around our data centre
a UK-based Tandberg (now part of Cisco) Platinum operations, this, coupled with a sustained market
Partner with annualised revenues of approximately recovery, should accelerate our profit growth.
$15 million. Direct Visual is one of the UK’s leading
independent suppliers of video communications Jens Montanana
solutions and video managed services and is being Chairman
integrated into Logicalis’ Unified Communications
and Collaboration (UCC) operation to strengthen
its video offering and further broaden its managed
services and cloud computing expertise.
Market backdrop
We remain positive on current trading and more
optimistic about the longer term, despite the many
unsettling events in the world so far this year.
Corporate earnings, especially in the technology
sector which tends to benefit from dollar weakness,
have remained strong.
The US is continuing its slow broad-based
recovery, albeit the consumer is still struggling, and
there have also been some fragile global indicators
of late. While Latin America and Asia remain the
most vibrant markets, we detect that global growth
is becoming more aligned.
We see our industry continuing to benefit from
advances in computing that require continuous
networked communications.

18. Chief Executive Officer’s review
Logicalis
Annual Review 2011
16
“Logicalis is a new breed of
business-enabling technology
solutions provider.”
I am pleased to report that Logicalis had a strong
fiscal year with increased revenues and improved
margins. Following one of the toughest downturns
in recent time, our focus on customer needs and
remaining vigilant to economic changes placed
us in an ideal position to move forward quickly as
market environments improved.
Our markets are different; one size does not fit all.
We operate in 19 countries with different growth
rates, cultures, and ethnic and linguistic contrasts.
Our corporate philosophy of empowering local
management teams to create innovative solutions
for their own markets, under a single Logicalis
banner, and then replicating those solutions in other
markets has proved successful.
I would like to thank all of our employees in all
countries for their hard work and commitment in
achieving these results. I would also like to extend
a special thank you to all our customers, partners
and stakeholders whose support we greatly value.

19. Logicalis
Annual Review 2011
17
Group highlights Our expertise in Cloud and XaaS services gives us
The common theme
• Revenues up 25% to $1.05 billion with organic the platform to provide specific business solutions
that runs through
growth of 15% such as this.
our operations is
• Product revenues up 26%, service revenues
customer service of
up 20% Information technology has its own language,
the highest order.
• Annuity service revenues up 21% but in a world where the possibility of what IT can
• Gross margins improved to 23% do and the value that IT can bring is ever more
• EBITDA up 26% to $53.3 million fundamental to the delivery of business outcomes,
(FY 2010: $42.2 million) we must continue to bring the language of business
• Asia Pacific region contributed 8% of revenues and technology together.
• Invested in three data centres and cloud-based
services As we look to the future we can expect to benefit
• Acquisitions completed during FY 2011: from our investments in data centres and the
Touchbase (Singapore) increasing focus on cloud-based services. We
20 September 2010 will continue to manage for improved operational
Network Infrastructure Corporation (US) leverage and will remain focused on developing
1 December 2010 our services portfolio. In addition, we will continue
to seek out suitable acquisition targets.
Direct Visual (UK)
1 February 2011
Logicalis is a new breed of business-enabling
technology solutions provider. Our mission is to
The common theme that runs through our
enable our customers to empower their business
operations is customer service of the highest order.
through technology with a cost and operational
Service on every level, whether undertaking the
model that best meets their needs.
most complex IT outsourcing and Cloud service,
expediting an accounts query or delivering
Our mission is to create equilibrium between the
technology hardware must be at the forefront
business outcomes of our customers and their
of all our customer relationships.
investments and understanding of technology. In
this way we will continue to remain relevant to our
We enjoy extremely good relationships with our
customers and our partners.
global technology partners and work closely
with them to provide solutions that combine their
Ian Cook
technologies with our services. This enables us
Chief Executive Officer
to become increasingly more relevant to our
customers’ businesses. Our Cloud services
are designed to assist organisations with their
objectives, not just in computing terms but in real
business terms. For example, the Logicalis analytics
solution provides businesses with planning,
consolidation and business intelligence tools in
a corporate performance management suite,
enabling senior-level executives to more effectively
manage their organisation’s performance.

20. Logicalis today
Logicalis
Annual Review 2011
18
Collaboration across our markets
With over 60 offices around the globe and more than 2,000 employees, Logicalis is
proud of the wealth of skills and expertise it has to offer. Our organisational structure
enables us to work together closely, pooling our talents and experience to develop
new and innovative solutions. The technologies we use internally make it easy for our
employees to identify colleagues with specific expertise in other parts of the world,
to support multinational sales opportunities, and to share customer references and
relevant industry sector knowledge, leading to a better understanding of our clients
and the sectors and geographies in which they operate.
Responsiveness
Whether the issue at hand is a joint marketing
opportunity or a customer request, our local
account managers can quickly locate
colleagues anywhere else in the world,
ensuring speedy response times and
faster decisions.
More innovation
‘Two heads are better than one.’ That’s
the principle that guides our sales and
marketing personnel, so that local marketing
programmes and initiatives around the world
are fed by the same shared creative spark.
Our business Our business
Communications and Collaboration Data Centre and Cloud Solutions
Logicalis is a recognised leader in the design, implementation Logicalis’ expertise in Data Centre solutions helps
and support of highly integrated Communications and organisations operate their data centres at peak efficiency,
Collaboration solutions, with best-in-class products from minimal cost and maximum effectiveness, and provides the
Cisco, IBM, Microsoft, Tandberg (now part of Cisco) and environmental benefits required today.
other leading vendors.
• Virtualisation and Consolidation
• Voice and IP Telephony • Enterprise Computing
• Network Infrastructure • Cloud Services
• Contact Centre • Storage
• Messaging • Hosting
• Presence • Switching
• Rich Media Conferencing • Security
• Collaborative Content/Web 2.0
• Video
• Security

21. Logicalis Our offices
Annual Review 2011
19 Europe North America South America Asia Pacific
UK Tempe (Arizona) Brazil Australia
Cardiff Irvine, San Diego (California) Barueri Brisbane
Elland Shelton (Connecticut) Belo Horizonte Melbourne
Livingston Atlanta (Georgia) Brasília Sydney
London Lisle (Illinois) Manaus
China
Slough (HQ) Indianapolis (Indiana) Rio de Janeiro
ChongQin
Warrington Waltham (Massachusetts) São Paulo
Shanghai
Farmington Hills,
Resource sharing Germany
Berlin
Cologne
Commerce Twp. (Michigan)
Minneapolis (Minnesota)
Argentina
Buenos Aires
Córdoba
Suzhou
Xiamen
Bridgewater (New Jersey) Hong Kong
Our Managed Service operations around the New York (New York)
Rosário
Hong Kong
world are adept at sharing best practice and Charlotte and Raleigh Bolivia
creating operational efficiencies that lead to (North Carolina) Malaysia
Santa Cruz
West Chester, Dublin (Ohio) Cyberjaya
lower costs for customers. de la Sierra
Houston, Plano, Kuala Lumpur
San Antonio (Texas) Chile
Singapore
Bellevue (Washington) Santiago
Singapore
Green Bay, Brookfield Colombia
(Wisconsin) Taiwan
Bogotá
Hsinchu
Ecuador Kaohsiung
Quito Taichung
Taipei
Paraguay
Asunción
Managed Service Centres Peru
Lima
UK Argentina
Slough Buenos Aires Uruguay
Bracknell Montevideo
Malaysia
Cardiff
Cyberjaya
USA
China
West Chester
Shanghai
Phoenix
Brazil
São Paulo
Efficiencies
We use our own state-of-the-art
telepresence and video conferencing
facilities around the world to reduce our
travel costs but still reap the benefits of
‘face-to-face’ contact.
Time to market
New innovations conceived in our local
centres of excellence – such as our UK
and US Cooperative Cloud Solutions teams
Our business – are quickly disseminated, enabling local
market operations to rapidly bring their own
Professional and Managed Services offerings to market.
Logicalis’ experienced and certified specialists deliver a
portfolio of full life-cycle services, backed by comprehensive
Managed Services expertise. These encompass the voice
and data infrastructure (fixed and mobile), data centre, hybrid
public and private Cloud, and applications found in today’s
enterprise ICT environments.
• Consulting
• Application Integration and Development
• Managed Services
• Remote Monitoring and Management
• Hosting
• Co-location
• Managed Infrastructure Services
• Business Analytics
• Security

22. International operations
Logicalis
Annual Review 2011
20
North America South America
Headcount / 540 Headcount / 730
Customers / 2,280 Customers / 840
Group revenue / 34% Group revenue / 28%
Headquartered in Farmington Hills, Michigan, Logicalis US Logicalis’ South American operation has its main offices
has more than 20 regional offices and over 500 employees in São Paulo (Brazil) and Buenos Aires (Argentina) and
supporting the full spectrum of ICT solutions. employs over 700 staff. The company also has a local
presence in Bolivia, Colombia, Chile, Ecuador, Paraguay,
The company has a strong portfolio of communications and Peru and Uruguay.
enterprise computing solutions which, when combined with
industry-leading partnerships with Cisco, HP and IBM, The company is the largest independent integrator for Cisco
provide customers with powerful choices and solutions. throughout the region and a major supplier to the leading
Augmentation of its Enterprise Cloud Services offering telecoms providers. Logicalis South America will continue to
has been a key focus. leverage its recognised expertise in data centre solutions and
is rapidly developing its managed services capability across
Today, over 30% of the company’s employees are engaged in the region.
services roles applying their specialist expertise in Managed
Services, Enterprise Cloud Services, Private Cloud Services, It has a strong services business employing over 40% of its
Efficient Data Center/Virtualization/Consolidation Services, people in technical and consulting services roles.
Unified Communications and Collaboration Services.
Awards
Awards • Logicalis won seven Cisco awards for the region, including
• Cisco National Solution Innovation Partner of the Year a Cisco Global Award for Enterprise Partner of the Year
• Cisco Powered Private Cloud designation
• HP Solution Elite Partner
• IBM Choice Award North American Excellence
• IBM Beacon Award Outstanding Storage Solutions
• IBM Beacon Award in the Outstanding Virtualization and
Consolidation Solution Category

23. Logicalis
Annual Review 2011
21
Europe Asia Pacific
Headcount / 540 Headcount / 380
Customers / 1,070 Customers / 815
Group revenue / 30% Group revenue / 8%
Logicalis has its headquarters in Slough, UK with local offices Logicalis’ Asia Pacific region is now fully integrated into
in the UK and Germany employing around 540 staff. The UK the Logicalis Group and trades under the Logicalis name.
operation, with offices in Slough, London, Warrington, Cardiff, In September 2010, it acquired the business of Touchbase
Livingston and Elland, has adopted a hybrid sales approach Singapore from Touchbase Group. Touchbase is a unified
to delivering multi-vendor integrated solutions across IBM, communications (UC) solutions provider focusing in the areas
Cisco, HP, Microsoft and other complementary technologies, of UC and customer contact centre solutions for enterprise
and has a rich services offering with major investment in its and multinational corporations. This acquisition has further
Managed Services and Data Centre Cloud facilities. built Logicalis’ presence in Asia Pacific, bringing important
contact centre expertise. The business has been integrated
With its headquarters in Cologne, Logicalis Germany has into Logicalis’ Singapore operation.
a strong presence in both the North Rhein Westphalia (the
largest economic area in Germany by GDP) and the Berlin The company has three main units centred in Australia,
markets. The company is a Cisco Gold Partner and is very Singapore and Taiwan, with further operations in Malaysia,
important strategically to Logicalis for its ability to target new Hong Kong and China, and a primary Network Operations
business opportunities within the Eurozone. Centre in Malaysia, with the facilities to support the needs of
multinational corporations and services companies across the
Awards Asia Pacific region, including some of the largest IP networks
• Logicalis UK won six Cisco awards, including a Cisco in Australia.
Global award for Architectural Excellence Partner of the
Year (Cloud Solutions) Awards
• HP Data Centre Partner of the Year • Logicalis Australia won Cisco Virtualization Partner
• HP Data Protector Partner of the Year of the Year

24. Corporate social responsibility
Logicalis
Annual Review 2011
22
Logicalis’ policy is to actively and
enthusiastically support the welfare
of its people, the environment and
local communities wherever we
have a presence.
Our people Environment
Logicalis aims to be an employer of choice: As a responsible international provider of ICT
attracting, developing and retaining the best solutions, Logicalis seeks to measure and minimise
people. We understand that knowledge is the key the way in which any of our commercial activities
to success and we maintain good communications may impact the environment. We are also
with employees through our information and committed to providing practical advice and
consultation procedures. support to our customers and suppliers to help
them along the path to ever cleaner and greener
Our personnel practices ensure that every ICT solutions.
employee, wherever they work, whatever their role,
is treated equally, fairly and respectfully at all times. As an early adopter of the Green ICT ideas and
Adherence to international health and safety activities, Logicalis recognises that a responsible
standards ensures that our people are properly attitude to Green ICT can lead to significant
protected and cared for, wherever they operate. reductions in energy consumption and carbon
emissions. As well as reducing greenhouse gases
Logicalis maintains consistent and transparent and operational costs, the technologies we
diversity policies across all our markets. We firmly promote, such as remote working and video and
believe that career opportunity, recognition and teleconferencing, enable more flexible working,
reward should be determined by a person’s greater productivity and improved business
capabilities and achievement, not their age, sex, continuity. Green ICT is good for the planet and
race, religion or nationality. Wherever we operate, it’s good for business.
Logicalis strives to maintain a workforce that
reflects the skills, ethnicity and demographics Community
of the local population. Logicalis encourages our operating companies in
every territory to create initiatives that help improve
Logicalis recognises that it is the ideas, skills the quality of life for their local communities. Here
and capabilities of our people that drive our are just a few highlights.
development and growth. In return, Logicalis
will invest in whatever training and resources During the 2010 holiday season, Logicalis US
our people need to ensure that they are able donated $35,000 to 35 charities in communities
to develop and grow with us. where its employees work and live; each charity
was nominated and selected by local employees
Logicalis is committed to rewarding its shareholders in one of 12 geographical regions who also made
through consistently producing above-average the cheque presentation. Their support made a big
returns and growth. difference for community agencies ranging from
food banks and homeless shelters to healthcare
research and quality of family.
In addition, the Logicalis US ‘Give Back to the
Community’ programme allows each employee
eight hours of work time each year to support
charities of their choice; total volunteer hours
in 2010 amounted to 2,349, and 6,771 since
April 2008.

25. Logicalis
Annual Review 2011
23
Our core values
Customer oriented – we listen to our Honest – we have a culture that is
customers’ needs and focus on delivering based on integrity and openness.
value to their organisations.
Quality – we are professional in all
Innovative – we attract spirited and our business dealings and dedicated
creative employees who show heart to achieving, and maintaining the
and conviction in all that they do. highest standards.
Trusted – we consistently deliver on Empowerment – we foster a ‘can-do’
our promises. approach where helping our customers
and colleagues is central to our job
satisfaction.
For the fifth year in succession, Logicalis UK made Another of the charities associated with the
donations to the Berkshire Community Foundation programme is Ser Cidadão, which provides
which provides grants to local voluntary groups to vocational education for adolescents and young
support grassroots projects. These include young adults from poor communities. The association
people with special needs, the disabled, the elderly has a 20-year history grounded in the activities
and the homeless. developed by the Educação de Trabalho
(Education for Work Program).
Logicalis UK also sponsors Pump Aid, a charity that
provides access to clean drinking water and safe, In Australia, Logicalis made a donation of
adequate sanitation to those in need in Zimbabwe, AUS$5,000 towards the Queensland Flood Relief
Malawi and Liberia. after the natural disaster in Brisbane.
Logicalis Southern Cone in South America Local staff also participated in an activity to build
participated for a second year in a recycling brand new bicycles for eight children in foster care.
programme to support the Foundation of Garrahan Each child was presented with a helmet and
Hospital in Argentina, which focuses on complex bicycle, which was assembled by Logicalis staff
treatments for children. The programme consists (and checked over by a mechanic before the
of office collections of disposable paper and plastic children were allowed to ride the bike!). For many
cups, to be donated to the Foundation for its of the children, this was the first bike that they
recycling. ever owned.
Logicalis Southern Cone also contributed to local Logicalis Singapore has supported the SingTel
community organisations that help children, such Touching Lives Fund by participating in its Charity
as A.D.A.N.D and San José Providente; and made Golf tournament for seven years. The Touching
a donation to EGB Nº98 School, which needed Lives Fund (TLF) is SingTel’s corporate philanthropy
technological equipment to develop a project for programme that aims to provide disadvantaged
the improvement of writing and reading skills. children and young persons with special needs or
who are at risk, with learning opportunities and to
In Brazil, PromonLogicalis continues to support improve their quality of life. The beneficiaries
Junior Achievement, an organisation that teaches supported by the TLF in 2010 were APSN Chao
children about work readiness and entrepreneurship. Yang School, APSN Tanglin School, AWWA Early
The PromonLogicalis Volunteer Program, Years Centre – EIPIC, MINDS Lee Kong Chian
established in 2009, provides education, work Gardens School, Students Care Service and the
readiness, and social movements to children in Singapore Cancer Society.
the communities of São Paulo and Rio de Janeiro,
supported through the following charities: Ação
Comunitária, Asylo João Evangelista, CAMP Vila
Isabel, CCA Santa Teresa de Jesus, Gotas de Flor
com Amor and Lar Escola Recanto Cristão.

26. Board of Directors
Logicalis
Annual Review 2011
24
3 4
1
2
1. Jens Montanana 2. Ian Cook 3. Mark Rogers
Chairman Chief Executive Officer Chief Operating Officer
Jens is the founder and chief architect Ian Cook joined Logicalis as CEO, Mark Rogers joined Logicalis in 2003 as
behind Datatec, which he established in European Operations in 2003 and became Finance Director for Logicalis UK, and in
1986, and also Chairman of Logicalis since CEO of Logicalis Group in March 2007. 2004 he became Chief Financial Officer
March 2007. Between 1989 and 1993, Since then, Logicalis has become an (CFO), European Operations. Since March
Jens served as Managing Director and international brand and a respected 2007, he has taken on the role of COO for
Vice-President of US Robotics (UK), a partner of the major technology vendors. Logicalis Group.
wholly owned subsidiary of US Robotics
which was acquired by 3Com. In 1993, he Ian has extensive experience in the Mark has extensive experience in the
co-founded US start-up Xedia Corporation technology industry spanning more than technology and service sectors both in the
in Boston, MA, an early pioneer of network 25 years. He joined Logicalis from Damovo UK and internationally. He spent 20 years
switching and one of the market leaders where he had extensive involvement in at Racal Electronics/Thales, of which
in IP bandwidth management, which was international operations as Chief Operating 13 years were at Finance Director level
subsequently sold to Lucent Corporation. Officer (COO). within divisions providing Managed
In 1994, Jens became Chairman and Network Services, Telecoms and Survey,
Chief Executive Officer (CEO) of Datatec Prior to Damovo in 1990, Ian led the Board and Positioning Services. While at
which listed on the Johannesburg Stock of Cablestream which became Siemens Thales he was also Chairman of Citylink
Exchange in November 1994 and on the Network Systems Ltd (now Affiniti), one Telecommunications, a joint venture
Alternative Investment Market of the of the UK’s leading network integrators. company which had secured a £1.2 billion,
London Stock Exchange in 2006. Jens Over a 10-year period at SNSL, he rose 20-year Private Finance Initiative
is Non-Executive Director of Versatile to Group Managing Director responsible contract with London Underground.
Systems, Inc., a Toronto and London for operations across Europe. Previously, Also, he has significant mergers and
listed Canadian company. he was Sales and Marketing Director acquisitions (M&A) experience, including
at Case Communications Ltd, a the sale of Racal Telecom to Global
manufacturer of data communications Crossing for £1 billion as well as
equipment with operations in the UK, experience in the acquisition and
US and Asia Pacific. integration of smaller businesses.
He started his finance career with
Revlon where he qualified as a Chartered
Management Accountant.

27. Logicalis
Annual Review 2011
25
4. Nigel Drakeford-Lewis Ivan Dittrich Luiz Fernando T. Rudge
Chief Financial Officer Non-Executive Director Non-Executive Director
Ivan is a Chartered Accountant and has been Luiz Rudge is CEO and a member of the Board of
Nigel Drakeford-Lewis is a Fellow of the with Datatec for the past 10 years. He was Directors of Promon SA. Following the acquisition
Institute of Chartered Accountants in appointed as Non-Executive Director to the by Logicalis of a majority stake in Promon
England and Wales and also has an Logicalis Board on 22 April 2008, and later Tecnologia in May 2008, Luiz then became
honours degree in Economics and became Datatec’s Group Finance Director on Non-Executive Director on the Logicalis Board.
1 May 2008. Previously, he was Group Corporate
Accountancy from Exeter University.
Director and Group Company Secretary of He joined Promon SA in 1982 and served as
Nigel joined Datatec in June 2000, initially Datatec for five years, as well as Corporate Treasurer (1987-1991), Finance Director (1991-
to help build an advisory services division Finance Manager. Ivan successfully managed 2001), and CFO (2001-2010), when he was
which was subsequently merged with the Group’s dual listing in London during 2006. elected to his current position. He led several
Logicalis. He then moved across to Prior to joining Datatec, Ivan worked for corporate finance deals on behalf of Promon,
PricewaterhouseCoopers in London. including M&A transactions as well as financing
Logicalis Group in November 2000 to arrangements to support Promon’s proprietary
focus on the reshaping of Logicalis Group investments and its contracts with clients. Prior
and help redefine its strategic direction. to joining Promon and in 1986/1987, Luiz was
Since April 2001, Nigel has been CFO engaged in foreign trade activities.
of the Group with responsibility for the
Luiz holds a BA degree in Business Administration
financial management and control of the from Fundação Getulio Vargas (FGV/São Paulo),
operations across the Group. and he also completed the MA programme in
Geography (Urban Development) of the University
After qualifying as a Chartered Accountant College/University of London and the Advanced
Management Program of the Harvard Business
with Grant Thornton, Nigel held senior School.
financial positions with Black & Decker,
Grand Metropolitan (now Diageo) and
Dixons Group. Prior to joining Datatec,
Nigel worked for five years as a senior
consultant with Arthur D Little on
strategy, corporate finance and
performance improvement assignments,
primarily in the fixed and mobile
telecommunications sector.

28. Financial overview
Logicalis
Annual Review 2011
26
Asia Pacific region increase
The markets of Europe (which is Revenue geographical split % Revenue geographical split %
mainly the UK), North America and 2010 2011
South America are now roughly equal
in size.
The US remains the single largest
market while Asia Pacific, added
through the acquisition of Netstar in
the prior year, is now just under 10%
of the total.
The increase in South America was
driven by product sales, particularly
to telecommunications service
providers.
North America 40% North America 34%
South America 23% South America 28%
UK 34% UK 28%
Germany 2% Germany 2%
Asia Pacific 1% Asia Pacific 8%
Service mix steady
There was almost no change to the Revenue segmental split % Revenue segmental split %
product, professional services and 2010 2011
annuity services mix in 2011.
The stronger product sales in 2011
should drive increased annuity sales,
aided also by the new cloud-based
services.
Overall, as the volume of business
has grown, margins and the services
mix have, encouragingly, remained
very stable.
We are still targeting a 75/25%
product versus services split in the
medium term. Product 77% Product 78%
Professional Services 9% Professional Services 9%
Maintenance & Managed Services 14% Maintenance & Managed Services 13%

29. Logicalis
Annual Review 2011
27
Cisco largest vendor partner
Similarly, our vendor technology Revenue by vendor % Revenue by vendor %
mix is relatively stable. 2010 2011
Approximately half our product
business is networking related and
the other half comprises enterprise
and data centre computer and
storage systems and software.
The big increase in networking product
sales in South America boosted the
Cisco segment, which accounts for
the largest share of the mix.
IBM is the next most significant
vendor, followed by HP.
IBM 31% IBM 30%
The category ‘Others’ includes data Cisco 40% Cisco 48%
storage vendors such as EMC, HP 18% HP 11%
software from IBM and VMware, and Others 11% Others 11%
security and system management
solutions.
Strong gross margins
Strong revenue growth and better Gross margin %
margins in the US drove the overall 2010/2011
improvement.
35.1
In Asia and Brazil in particular, the 31.6
increase in product sales and impact 28.1 28.7
on mix lowered the overall margin 24.6
23.2 22.2 23.0
percentage. 21.8 21.3
18.3 18.3
Our geographical diversification
has helped the consolidated gross
margins.
The UK margins reflect its sales mix
as well as the weaker conditions that
still prevail in the UK market. UK Germany North America South America Asia Pacific Total
We remain very pleased with the 2010
balance of the overall business. 2011

30. Financial results
Logicalis
Annual Review 2011
28
Income statement – unaudited 2011 2010
US$m US$m
Revenue 1,048.0 839.5
Cost of sales (807.6) (653.6)
Gross profit 240.4 185.9
Administrative expenses (187.1) (143.7)
EBITDA 53.3 42.2
Depreciation of property, plant and equipment (10.0) (5.9)
Amortisation of intangible fixed assets (11.7) (11.3)
Operating profit 31.6 25.0
Net finance costs (3.1) (3.3)
Datatec management fees (4.5) (2.8)
Revaluation of minority interest buy-out liability (13.5) (10.4)
Profit before tax 10.5 8.5
Tax on profit on ordinary activities (7.3) (4.9)
Profit for the year for continuing operations 3.2 3.6
Loss from discontinued operations (2.3) (0.1)
Profit for the year 0.9 3.5
Balance sheet – unaudited 2011 2010
US$m US$m
Goodwill and other intangible assets 166.7 154.0
Property, plant and equipment 38.9 29.4
Deferred tax asset 18.9 12.8
Total non-current assets 224.5 196.2
Inventories 28.8 33.7
Trade and other receivables 292.5 254.8
Cash and cash equivalents 93.6 82.8
Total current assets 414.9 371.3
Total assets 639.4 567.5
Trade and other payables (325.8) (299.1)
Bank overdrafts and loans (22.2) (6.1)
Deferred consideration on acquisition of subsidiaries (7.0) (14.2)
Total current liabilities (355.0) (319.4)
Net current assets 59.9 51.9
Amounts owed to holding company and fellow subsidiaries (38.3) (47.1)
Obligations under finance leases (11.2) (5.5)
Liability for minority interest buy-out (46.1) (32.6)
Deferred tax liabilities (20.5) (13.2)
Other long-term liabilities (13.2) (7.8)
Total non-current liabilities (129.3) (106.2)
Total liabilities (484.3) (425.6)
Net assets 155.1 141.9
Share capital and share premium 130.2 130.2
Minority interest buy-out reserve (46.1) (32.6)
Foreign currency exchange and other non-distributable reserves (23.3) (35.4)
Retained earnings 63.4 52.7
Attributable to equity holders of the parent 124.2 114.9
Minority interest 30.9 27.0
Total equity 155.1 141.9

31. Our subsidiaries
Logicalis
Annual Review 2011
29
Percentage held
Statutory name Country of incorporation 2011 2010
Holding Company
Logicalis Group Limited England and Wales 100% 100%
Subsidiaries of Logicalis Group Limited
Logicalis Group Services Limited England and Wales 100% 100%
Logicalis UK Limited England and Wales 100% 100%
Promon-Logicalis Latin America Limited England and Wales 70% 70%
Logicalis Limited (dormant) England and Wales 100% 100%
Logical Group Limited (dormant) England and Wales 100% 100%
Satelcom Limited (dormant) England and Wales 100% 100%
Logicalis Computing Solutions Limited (dormant) England and Wales 100% 100%
Hawke Systems Limited (dormant) England and Wales 100% 100%
T.B.C. Group Limited (dormant) England and Wales 100% 100%
TBC Limited (dormant)* England and Wales 100% 100%
Logicalis Computing Solutions Finance Limited (dormant)* England and Wales 100% 100%
Direct Visual Group Limited (dormant)* England and Wales 100% N/A
Direct Visual Limited* England and Wales 100% N/A
Direct Visual Services Limited (dormant)* England and Wales 100% N/A
Next Generation Internet Limited (dormant)* England and Wales 100% N/A
Logicalis (Ireland) Limited Ireland 100% 100%
Logicalis GmbH* Germany 100% 100%
Logicalis Deutschland GmbH Germany 100% 100%
Logicalis Networks GmbH* Germany 100% 100%
Logicalis (US) Holdings, Inc. USA 100% 100%
Logicalis, Inc.* USA 100% 100%
Logicalis South America, Inc.* USA 70% 70%
Network Infrastructure Corporation* USA 100% N/A
PromonLogicalis Tecnologia e Participacoes Ltda* Brazil 70% 70%
PTLS Comercio, Exportacao e Importacao de Equipamentos de Telecommunicacao Ltda* Brazil 70% 70%
PLLAL International LLC* Brazil 70% 70%
Logicalis Brasil Servicos de Assessoria Tecnica Ltda.* Brazil 70% 70%
Logicalis Argentina S.A.* Argentina 70% 70%
X-Net Cuyo S.A.* Argentina N/A 70%
Logicalis Uruguay S.A.* Uruguay 70% 70%
Logicalis Inc. S.A.* Uruguay 70% 70%
Logicalis Paraguay S.A.* Paraguay 70% 70%
Logicalis Chile S.A.* Chile 70% 70%
Logicalis Andina S.A.C.* Peru 70% 70%
Logicalis Andina Bolivia LAB. Ltda.* Bolivia 70% N/A
Logicalis Colombia S.A.S.* Colombia 70% N/A
Logicalis Ecuador S.A.* Ecuador 70% N/A
NetStar Group Holding Limited British Virgin Islands 100% 100%
NetStar Australia Holding (BVI) Limited (dormant)* British Virgin Islands 100% 100%
NetStar Asia Holding (BVI) Limited (dormant)* British Virgin Islands 100% 100%
Logicalis Australia Pty Limited* Australia 100% 100%
Logicalis Asia Pacific MSC Sdh Bdn* Malaysia 100% 100%
Logicalis Malaysia Sdn Bhd* Malaysia 100% 100%
Logicalis Singapore Pte Limited* Singapore 100% 100%
Logicalis Shanghai Limited* China 100% 100%
Logicalis Xiamen Limited* China 100% 100%
Logicalis Hong Kong Limited* Hong Kong 100% 100%
Note: * indicates a subsidiary which is owned indirectly via an intermediate holding company.

32. Address
Logicalis Group
110 Buckingham Avenue
Slough
Berkshire
SL1 4PF
Visit
www.logicalis.com
Call
+44 (0)1753 777200
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