Computershare Limited · ASX:CPU
Computershare — H1 2012 Earnings Presentation
78 slides from Computershare's earnings presentation, Feb 22, 2012
Slide 1: Financial Results for the Half Year Ended 31 December 2011
COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2011 22 February 2012 NOTE: All figures (including comparatives) are presented in US Dollars unless otherwise stated. The non-IFRS financial information contained within this document has not been reviewed or audit
Slide 2: Market Announcement
MARKET ANNOUNCEMENT Melbourne, 22 February 2012 – Computershare Limited (ASX:CPU) today reported Statutory Basic Earnings per Share (eps) of 19.00 cents for the six months ended 31 December 2011, a decrease of 9.7% on the prior corresponding period (pcp – being the six months ended 31 December 2010)
Slide 3: Reconciliation of Statutory results to Management Adjusted results
MARKET ANNOUNCEMENT Reconciliation of Statutory results to Management Adjusted results 1H12 USD 000’s Net profit after tax as per Statutory results 105,579 Management Adjustments (after tax) Intangible assets amortisation 14,738 Provision for tax liability 6,888 Acquisition costs 4,406 Net gain on d
Slide 4: Commentary (based on Management Adjusted results)
MARKET ANNOUNCEMENT Commentary (based on Management Adjusted results) Computershare delivered Management Earnings per Share of 23.09 cents, down 14.4% on the 1H11 result. This is in line with guidance provided at the November 2011 AGM of “down about 15% on 1H11”. Headline 1H12 revenues were flat, bu
Slide 5: Statutory & Management eps; Regional Summary
MARKET ANNOUNCEMENT Below is a summary of Statutory and Management eps performance since 2H08: Statutory & Management eps 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 Stat US cents Mgmt US cents Regional Summary Australia and New Zealand Revenues in Australia & New Z
Slide 6: United States and Canada regional summary
MARKET ANNOUNCEMENT United States US revenues fell 16.2% on 1H11 to $209.8 million and EBITDA was 37.6% lower at $37.7 million. The continued lack of mutual fund proxy solicitation activity as well as weaker corporate action and corporate proxy revenues on the back of suppressed M&A contributed to t
Slide 7: Debt maturity profile
MARKET ANNOUNCEMENT The debt maturity profile, inclusive of the recent USPP transaction, is outlined in the table below: Maturity Dates Debt Drawn Committed Bank Private Debt Facilities Debt Facility Placement Facility FY12 Mar-12 123.0m 123.0m 123.0m FY14 Oct-13 247.8m 250.0m 250.0m FY15 Mar-15 124
Slide 8: Outlook for Financial Year 2012
MARKET ANNOUNCEMENT Outlook for Financial Year 2012 Despite the ongoing difficult market conditions, we have maintained and in certain instances increased our investment in technology, operational capabilities and new product. This is vital to our ability to execute on recent acquisitions and to sup
Slide 9: Half Year Results 2012 Presentation
Computershare Limited Half Year Results 2012 Presentation Stuart Crosby Peter Barker 22 February 2012
Slide 10: Introduction
Financial CEO’s Introduction Results Report 2
Slide 11: Stuart Crosby
Introduction Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER
Slide 12: Results Summary
Results Summary Introduction Statutory Results 1H12 v 2H11 v 1H11 (pcp) Management Adjusted results are used, as well as other measures, by the Chief Executive Officer in Earnings per Share 19.00 cents Down 28.3% Down 9.7 % (post NCI) assessing performance of Computershare’s operating segments. The
Slide 13: Results Summary
Results Summary Introduction Management Adjusted Results 1H 2012 @ 1H 2011 1H 2012 v 2H 2011 v 1H 2011 exchange rates Management Earnings per share (post NCI) US 23.09 cents Down 19.6% Down 14.4% US 21.97 cents Total Revenue $781.4m Down 6.7% Flat $746.3m Operating Expenses $569.9m Down 3.5% Up 6.5%
Slide 14: Results Drivers
Results Drivers Introduction › Registry maintenance revenues continue to hold up pretty well across most business lines and geographies. But there was some softness where the business model is most exposed to trading activity (eg, USA). › Transaction revenues (corporate actions, corporate and mutual
Slide 15: Computershare Strengths
Computershare Strengths Introduction › Strong balance sheet, financially conservative gearing and robust cash generation even in the current difficult environment. › Ongoing diversification into counter and non cyclical businesses gives stability to revenue and profit base. › More than 70% of revenu
Slide 16: Investment
Investment Introduction › This time last year we advised that we were looking at “four or five” acquisitions. We have subsequently closed four: Servizio Titoli (Italy) in 2H11, then SWG, SLS and Shareowner Services in 1H12. › We did not pursue the other possible transaction as the price sought was t
Slide 17: Guidance
Guidance Introduction › Despite the ongoing difficult market conditions, we have maintained and in certain instances increased our investment in technology, operational capabilities and new product. This is vital to our ability to execute on recent acquisitions and to support clients and their stake
Slide 18: Financial Results
Financial CEO’s Introduction Results Report 10
Slide 19: Peter Barker, Chief Financial Officer
Financial Results PETER BARKER CHIEF FINANCIAL OFFICER 1
Slide 20: Group Financial Performance
Group Financial Performance Financial Results % variance to % variance to 1H 2012 2H 2011 1H 2011 2H 2011 1H 2011 Sales Revenue $772.0 $826.2 (7%) $772.7 (0%) Interest & Other Income $9.4 $11.4 (18%) $8.3 13% Total Revenue $781.4 $837.6 (7%) $781.0 0% Operating Costs $569.9 $590.4 (3%) $535.0 7% Sha
Slide 21: Management eps US Cents
Management eps Financial Results 60.00 57.80 55.67 52.11 50.00 40.00 US Cents 31.38 28.71 30.00 26.14 26.42 26.96 25.97 23.09 20.00 10.00 0.00 2009 2010 2011 2012 1H 2H FY 13
Slide 22: 1H12 Management NPAT Analysis
14 US$ million 100.0 110.0 120.0 130.0 140.0 150.0 160.0 1H11 NPAT 149.8 EBITDA - USA 22.7 EBITDA - Canada EBITDA - ANZ 1.3 2.1 EBITDA - UCIA 3.4 EBITDA Asia 10.6 EBITDA - CE 0.0 EBITDA - Tech & 3.0 Corp 1H12 Management NPAT Analysis Tax expense 14.9 Interest expense 2.3 Dep'n & Amort 0.9 NCI 1.3 1H
Slide 23: Revenue & Management EBITDA Half Year Comparisons
Revenue & Management EBITDA Financial Results Half Year Comparisons 900 50% 837.6 807.5 812.1 800 783.0 781.0 781.4 45% 728.7 40% 700 Revenue & EBITDA (US$ million) 34.0% 35% 600 32.5% 30.5% 31.5% Operating Margin % 29.1% 29.6% 30% 500 27.1% 25% 400 20% 300 274.8 238.6 236.9 246.0 247.6 15% 236.1 21
Slide 24: Revenue Breakdown
Revenue Breakdown Financial Results % variance % variance Revenue Stream 1H 2012 2H 2011 1H 2011 to 2H 2011 to 1H 2011 Register Maintenance $334.2 $367.7 (9%) $330.8 1% Corporate Actions $67.4 $82.7 (19%) $96.8 (30%) Business Services $148.3 $134.9 10% $131.2 13% Stakeholder Relationship Mgt $34.6 $
Slide 25: 1H12 Revenue & Management EBITDA Regional Analysis
1H12 Revenue & Management EBITDA Financial Results Regional Analysis Revenue breakdown EBITDA breakdown 13% 16% 25% 27% Australia & NZ 9% Asia UCIA Continental Europe 28% USA 7% Canada 20% 28% 1% 5% 19% * Group functions have been allocated and reported within the six regions 17
Slide 26: Margin Income Analysis
Margin Income Analysis Financial Results 200.0 12.1 12.0 180.0 11.2 160.0 9.2 10.0 8.8 140.0 8.2 120.0 7.2 8.0 US$ Million US$ Billion 6.4 100.0 89.0 86.4 84.5 87.0 6.0 83.9 77.5 80.0 74.5 60.0 4.0 40.0 2.0 20.0 0.0 0.0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 Margin Income Average balances Average Market
Slide 27: 1H12 Client Balances – Interest Rate Exposure
1H12 Client Balances – Financial Results Interest Rate Exposure Total funds (USD 12.1b) held CPU had an average of USD12.1b of client funds under management during during 1H12 1H12. For 38% ($4.6b) of the 1H12 average client funds under management, CPU had Exposure to no exposure to interest rate mo
Slide 28: 1H12 Client Balances – Interest Rate Currency and Exposure
1H12 Client Balances – Financial Results Interest Rate Currency and Exposure “Exposed Funds” by Currency (1H12 Average Balances) Total Exposed Funds Non-hedged Exposed (both hedged and non-hedged) Funds Other AUD AUD Other 5% ($0.4b) 2% ($0.2b) 2% ($0.1b) 8% ($0.4b) CAD CAD 22% ($1.0b) 21% ($1.6b) U
Slide 29: Client Balances – Forward view of Hedges
Client Balances – Financial Forward view of Hedges Results Derivative and Fixed Rate Deposits in place at 31-Dec-11 US$m Total Hedges 3,000 2,500 2,000 1,500 1,000 500 0 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Total Synthetic Hedging (derivatives & term deposits) Average exposed balances prior to hedging
Slide 30: Client Balances – Interest Rate Hedging Policy and Strategy
Client Balances – Financial Results Interest Rate Hedging Policy and Strategy Policy: › Minimum hedge of 25% / Maximum hedge of 100% › Minimum term 1 year / Maximum term 5 years (some exceptions permitted under the Board policy) Current Strategy: › Continue to monitor medium term swap rates with the
Slide 31: Total Management Operating Costs
Total Management Operating Costs Financial Results Half Year Comparisons 700 600 500 148.6 154.2 132.0 137.4 138.8 139.6 141.2 400 US$ million 300 427.1 436.2 437.9 200 406.7 396.8 395.4 350.6 100 0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 Operating costs excl. COS Cost of Sales (COS) 23
Slide 32: Management Operating Costs
Management Operating Costs Financial Half Year Comparisons Results 350.0 293.4 290.4 283.7 300.0 263.8 263.7 256.1 226.6 250.0 US$ million 200.0 154.2 148.6 141.2 139.6 138.8 137.4 132.0 150.0 89.9 82.2 81.8 80.7 80.0 79.3 100.0 71.3 37.7 36.9 34.8 34.6 33.9 32.3 30.3 28.9 26.8 24.6 23.0 22.7 50.0 2
Slide 33: Technology Costs
Technology Costs Financial Results Continued Investment to Maintain Strategic Advantage 120 11.5% 12.0% 10.7% 10.1% 10.3% 10.0% 9.9% 9.5% 100 10.0% Technology costs as a % of revenue 2.9 80 4.4 3.4 4.1 8.0% 3.9 2.7 2.3 30.5 US$ million 18.5 19.0 19.9 27.6 26.1 60 19.7 6.0% 23.2 26.3 23.3 21.8 40 20.
Slide 34: Free Cash Flows
Free Cash Flows Financial Results 250 206.7 207.7 200 181.6 171.2 159.9 148.4 146.4 150 US$ million 100 49.7 * 50 12.6 15.4 10.3 7.3 8.0 10.0 0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 Operating Cash Flows Cash outlay on Capital Expenditure *US$49.7m includes acquisition of Land and Buildings in the UK (U
Slide 35: 1H12 Operating Cash Flows Analysis
1H12 Operating Cash Flows Analysis Financial Results 200.0 180.0 160.0 140.0 12.6 15.9 11.4 6.1 US$ million 120.0 100.0 80.0 148.4 146.4 60.0 40.0 20.0 0.0 Net Operating Net Profit after Non-Cash P&L (Inc)/Dec in Inc/(Dec) in Net Operating Cash Flow HY11 Tax Items Assets Payables, Cash Flow HY12 Pro
Slide 36: Balance Sheet as at 31 December 2011
Balance Sheet as at 31 December 2011 Financial Results Dec-11 Jun-11 Variance See CPU interim Financial Dec-11 to Statements (4D) at 31 December, US$'000 US$'000 Jun-11 2011 for full details. Current Assets $906,842 $733,928 23.6% 1H12 acquisitions impact most balance sheet lines – but Non Current A
Slide 37: Key Financial Ratios
Key Financial Ratios Financial Results EBITDA Interest Coverage Net Financial Indebtedness to Mgmt EBITDA* 25.0 3.50 20.0 3.00 2.50 15.0 Times 2.00 Times 10.0 1.50 1.00 5.0 10.4 13.3 22.1 22.3 17.0 15.1 13.2 1.72 1.67 1.42 1.40 1.42 1.35 2.92 0.50 0.0 0.00 1H09 2H09 1H10 2H10 1H11 2H11 1H12 1H09 2H0
Slide 38: Debt Facility Maturity Profile
Debt Facility Maturity Profile Financial Results Private Maturity Dates Debt Committed Bank Placement Drawn Debt Facilities Debt Facility Facility FY12 Mar-12 123.0 123.0 123.0 FY14 Oct-13 247.8 250.0 250.0 FY15 Mar-15 124.5 124.5 124.5 FY16 Oct-15 295.4 300.0 300.0 FY17 Oct-16 30.6 250.0 250.0 600
Slide 39: Capital Expenditure vs. Depreciation
Capital Expenditure vs. Depreciation Financial Results 50.0 49.7 45.0 44.2 40.0 35.0 US$ million 30.0 24.2 25.0 23.5 20.0 15.0 12.6 10.3 10.0 8.7 5.0 0.0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 Other 0.5 0.2 3.0 3.0 2.0 1.8 0.0 Occupancy 3.0 0.7 35.9 30.0 1.0 2.5 3.2 Communication Services 1.9 1.2 1.7 0.
Slide 40: Working Capital Management
Working Capital Management Financial Results Days sales outstanding 45 42 41 41 40 40 40 38 38 35 30 No. Of Days 25 20 15 10 5 0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 32
Slide 41: Return On Invested Capital Vs. WACC and Return on Equity
Return On Invested Capital Vs. WACC and Financial Results Return on Equity 40.00% 36.10% 35.00% 31.44% 30.00% 26.93% 23.68% 25.00% 20.00% 17.98% 17.36% 16.94% 15.00% 12.41% * 10.57% 10.41% 9.83% 10.00% 8.78% 5.00% 0.00% FY09 FY10 FY11 1H12 WACC ROIC ROE * incorporates all new debt funding used to ac
Slide 42: Equity Management – Interim Dividend of 14 cents (AU)
Equity Management – Interim Dividend Financial of 14 cents (AU) Results EPS - Basic US 19.00 cents EPS - Management US 23.09 cents Interim Dividend AU 14 cents (60% franked) Current Yield* 3.5% * Based on 12 month dividend and share price of AU$ 7.92 (close 17 Feb 2012) 34
Slide 43: Financial Summary – Final Remarks
Financial Summary – Final Remarks Financial Results › Diverse portfolio of revenues, disciplined expense, cost and capital expenditure management continue to drive solid margins and strong free cash flow. › Nonetheless, our financial results reflect the ongoing subdued equity market conditions. › Ma
Slide 44: CEO's Report
Financial CEO’s Introduction Results Report 36
Slide 45: Stuart Crosby – CEO Presentation
CEO’s Report Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER CEO PRESENTATION 3
Slide 46: Group Strategy and Priorities
Group Strategy and Priorities CEO’s Report In the short to medium term, our key focus is executing on and obtaining full value from our recent acquisitions. But in the longer term, our group strategy remains as it has been: › Continue to drive operations quality and efficiency through measurement, b
Slide 47: Delivery Against Strategy
Delivery Against Strategy CEO’s Report › Details of the current status of the three recent acquisitions are given in later slides as part of the “around the grounds” reporting. › Our position at the top of independent service surveys evidences our quality achievements, and supports client retention
Slide 48: USA Update
USA Update CEO’s Report › Service levels, quality and survey scores remain excellent across all businesses. › While we continue to win new clients (eg, Facebook) and re-sign large existing clients, the effects of prior client losses and low transaction volumes and interest rates drag on Transfer Age
Slide 49: Highlights – Shareowner Services
Highlights – Shareowner Services CEO’s Report › Legal completion 31 December 2011. › Support and response from staff and clients have been very positive. › Major focus on client retention, quality and services during integration, best in class products, process and people. › System conversion / data
Slide 50: Shareowner Services Acquisition – Timing and cost to achieve anticipated synergies
Shareowner Services Acquisition – Timing and cost to CEO’s Report achieve anticipated synergies Synergies – anticipated timing FY12 FY13 FY14 FY15 Incremental Expected Synergies 2.5m 25.0m 35.0m 10.0m Cumulative Expected Synergies 27.5m 62.5m 72.5m Costs to Realise Synergies We anticipate one off co
Slide 51: Highlights – Specialized Loan Servicing (SLS)
Highlights – Specialized Loan Servicing (SLS) CEO’s Report › Legal completion 30 November 2011. › Excellent engagement from management and staff, and integration on or ahead of schedule. › Planned governance and oversight processes in place. › Post announcement, SLS’s debt servicer ratings have been
Slide 52: Canada Update
Canada Update CEO’s Report › Service levels, quality and survey scores remain excellent across all businesses. › The flurry of tender activity amongst our large clients is abating. Some are still in progress but no material losses so far. › Winning a good number of new TA mandates more generally. ›
Slide 53: UCIA Update (UK, Channel Islands, Ireland and Africa)
UCIA Update CEO’s (UK, Channel Islands, Ireland and Africa) Report › Service levels, quality and survey scores remain excellent across all businesses. › Re-signed several very significant TA and plans clients. Little new business but winning more than our share of what there is, especially off-shore
Slide 54: Continental Europe Update
Continental Europe Update CEO’s Report › Service levels and quality remain excellent across all businesses. (There are no third-party survey providers in CE.) › Russian business continues to build market position, client numbers and revenues. The fraud litigation there goes on – lost at first instan
Slide 55: Asia Update
Asia Update CEO’s Report › Service levels and quality remain excellent across all businesses. (There are no third-party survey providers in Asia.) › The HK IPO pipeline is still strong. A fair number of issues were got away in late calendar 2011 but many more were deferred and retail demand (our rev
Slide 56: Australian and New Zealand Update
Australian and New Zealand Update CEO’s Report › Service levels, quality and survey scores remain excellent across all businesses. › Scott Cameron (former regional CFO and before that group tax head) in place as regional head, Mark Davis having moved to the US for the Shareowner Services integration
Slide 57: Highlights – Serviceworks Group (SWG)
Highlights – Serviceworks Group (SWG) CEO’s Report › Deal completed with effect from 1 September 2011. › Excellent engagement from management and staff. › Integration milestones being achieved. › Since acquisition, SWG growth from existing clients and new client on-boarding projects has exceeded exp
Slide 58: Half Year Results 2012 Presentation
Computershare Limited Half Year Results 2012 Presentation Stuart Crosby Peter Barker 22 February 2012
Slide 59: Appendix: Half Year Results 2012 Presentation
Financial Results Appendix: Half Year Results 2012 Presentation 22 February 2012 51
Slide 60: Appendix 1: Group Comparisons
Appendix 1: Group Comparisons Financial Results Group Comparisons 52
Slide 61: CPU Revenues
CPU Revenues Financial Results 3% Register Maintenance 12% Corporate Actions 11% Business Services 43% Stakeholder Relationship Management 4% Employee Share Plans Communication Services 19% Technology & Other Revenue 9% 53
Slide 62: 1H12 Revenue
1H12 Revenue Financial Results Regional Analysis 54
Slide 63: Revenue Half Year Comparisons
Revenue Financial Results Half Year Comparisons 367.7 400.0 342.9 339.8 334.2 330.8 317.3 350.0 308.2 300.0 250.0 US$ million 200.0 148.3 140.8 139.8 136.5 134.9 131.2 150.0 114.1 112.2 100.9 96.8 90.3 87.5 85.0 84.7 83.6 83.5 82.7 81.9 81.6 80.9 78.1 76.0 74.0 100.0 71.1 71.0 70.1 67.4 63.2 57.6 56
Slide 64: Effective Tax Rate - Statutory & Management
Effective Tax Rate - Statutory & Management Financial Results 56
Slide 65: Appendix 2: Country Summaries
Appendix 2: Country Summaries Country Summaries Note: country summaries include a list of countries which represent 98.2% of total revenue, and exclude countries such as Italy, Denmark, Argentina, Austria, Bahrain, Belgium, China, France, Japan, Netherlands, Singapore, Spain and Sweden 57
Slide 66: Australia Half Year Comparison
Australia Financial Half Year Comparison Results Total Revenue Revenue Breakdown 250.0 90.0 84.0 80.0 221.5 217.3 74.9 74.7 80.0 73.5 73.1 72.4 70.9 68.7 198.1 67.8 200.0 192.6 70.0 61.6 59.9 168.5 167.4 57.1 165.2 54.4 60.0 150.0 45.8 50.0 A$ million A$ million 40.0 32.8 100.0 26.0 24.2 30.0 21.5 2
Slide 67: New Zealand Half Year Comparison
New Zealand Financial Half Year Comparison Results Total Revenue Revenue Breakdown 9.0 7.0 6.4 8.3 8.1 6.1 8.0 5.8 5.8 8.0 5.7 7.5 7.5 6.0 5.6 7.4 5.5 7.2 7.0 5.0 6.0 NZ$ million 4.0 5.0 NZ$ million 4.0 3.0 2.3 2.0 2.0 3.0 1.8 1.7 2.0 1.5 1.4 2.0 1.0 1.0 0.2 0.1 0.1 0.1 0.0 0.0 1H09 2H09 1H10 2H10 1
Slide 68: Hong Kong Half Year Comparison
Hong Kong Financial Half Year Comparison Results Total Revenue Revenue Breakdown 350.0 250.0 327.6 297.0 300.0 177.6 176.8 200.0 172.0 253.9 157.7 155.1 153.8 151.5 250.0 147.9 234.1 135.3 210.3 195.9 192.4 150.0 HK$ million HK$ million 200.0 150.0 100.0 72.5 62.4 52.2 100.0 50.0 17.1 16.0 14.8 14.5
Slide 69: India Half Year Comparison
India Financial Half Year Comparison Results 900.0 798.4 771.6 Total Revenue 800.0 Revenue Breakdown 714.2 687.8 660.0 1,134.2 1,101.7 700.0 1,074.4 1,060.1 1,200.0 998.0 538.4 600.0 502.7 1,000.0 836.1 834.4 INR million 500.0 INR million 800.0 330.6 400.0 317.4 301.6 290.5 278.7 276.9 600.0 235.3 3
Slide 70: United States Half Year Comparison
United States Financial Half Year Comparison Results Total Revenue Revenue Breakdown 350.0 160.0 138.8 135.8 312.2 128.0 297.1 126.4 140.0 300.0 122.8 277.1 117.4 266.4 112.5 258.3 120.0 250.0 231.7 217.7 100.0 200.0 US$ million US$million 80.0 65.8 65.4 58.3 150.0 53.8 51.4 60.0 48.1 40.0 39.8 37.8
Slide 71: Canada Half Year Comparison
Canada Financial Half Year Comparison Results Total Revenue Revenue Breakdown 60.0 120.0 109.5 109.0 104.1 102.6 48.3 97.7 98.6 50.0 45.9 100.0 45.1 94.3 41.8 38.3 37.8 37.0 36.8 36.3 36.1 36.1 80.0 40.0 32.8 32.0 31.5 CA$ million CA$ million 60.0 30.0 17.4 40.0 20.0 14.5 14.0 13.0 12.6 12.3 12.2 8.
Slide 72: United Kingdom & Channel Islands Half Year Comparison
United Kingdom & Channel Islands Financial Half Year Comparison Results Total Revenue Revenue Breakdown 40.0 100.0 96.4 33.4 90.0 86.5 35.0 32.0 82.0 77.7 28.7 80.0 76.1 73.5 30.0 27.0 26.4 26.1 70.0 67.4 24.7 24.3 24.2 23.2 25.0 21.4 60.0 20.8 20.7 20.6 20.2 GBP million 19.9 19.7 19.6 GBP million 2
Slide 73: Ireland Half Year Comparison
Ireland Financial Half Year Comparison Results Total Revenue Revenue Breakdown 6.0 5.7 5.0 5.5 5.4 4.3 4.5 5.0 4.9 4.0 3.7 4.5 4.5 3.6 4.4 3.5 3.4 3.3 3.3 3.5 4.0 3.0 EUR million EUR million 3.0 2.5 2.0 2.0 1.3 1.5 1.2 1.1 1.0 0.8 0.8 0.8 1.0 0.7 1.0 0.5 0.5 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0
Slide 74: Germany Half Year Comparison
Germany Financial Half Year Comparison Results Total Revenue Revenue Breakdown 30.0 12.0 10.9 10.5 10.4 26.3 25.0 24.2 10.0 22.9 19.0 8.0 7.4 20.0 7.0 6.8 16.8 EUR million 16.3 EUR million 6.2 6.0 14.8 5.5 15.0 6.0 5.2 5.2 5.2 4.8 4.5 3.8 3.7 3.6 3.5 3.4 10.0 4.0 3.0 2.4 2.2 2.1 1.8 1.7 1.7 1.4 1.4
Slide 75: South Africa Half Year Comparison
South Africa Financial Half Year Comparison Results Total Revenue Revenue Breakdown 160.0 140.0 118.4 117.7 113.5 112.8 111.5 136.1 109.9 140.0 132.6 130.3 107.0 120.0 127.7 123.4 123.5 125.7 120.0 100.0 100.0 ZAR million 80.0 ZAR million 80.0 60.0 60.0 40.0 40.0 21.2 10.8 20.0 20.0 9.4 9.1 9.0 7.8
Slide 76: Russia Half Year Comparison
Russia Financial Half Year Comparison Results Total Revenue Revenue Breakdown 450.0 450.0 393.5 418.5 402.1 371.3 400.0 400.0 350.0 350.0 293.2 312.1 300.0 284.5 300.0 247.7 RUB million 250.0 250.0 RUB million 175.3 200.0 182.1 200.0 129.2 135.3 150.0 102.8 150.0 103.0 100.0 100.0 36.8 26.8 25.0 17.
Slide 77: Appendix 3: Assumptions
Appendix 3: Assumptions Financial Results Assumptions 69
Slide 78: Assumptions: 1H12 Exchange Rates
Assumptions: 1H12 Exchange Rates Financial Results Average exchange rates used to translate profit and loss to US dollars USD 1.00000 AUD 0.9547 HKD 7.7859 NZD 1.2244 INR 47.3627 CAD 0.9919 GBP 0.6243 EUR 0.7119 ZAR 7.4212 RUB 29.5181 AED 3.6730 DKK 5.3013 SEK 6.5083 BHD 0.3770 70