Computershare Limited · ASX:CPU
Computershare — H1 2008 Earnings Presentation
79 slides from Computershare's earnings presentation, Feb 13, 2008
Slide 1: Computershare Limited Half Year Results 2008 Presentation
Computershare Limited Half Year Results 2008 Presentation Stuart Crosby Tom Honan 13 February 2008
Slide 2: Introduction, Financial Results, CEO's Report
Introduction Financial CEO’s Report Results 2
Slide 3: Introduction: Stuart Crosby, President & CEO
Introduction Stuart Crosby President & CEO 3
Slide 4: Results Highlights
Introduction Results Highlights › Management EPS of 27.36 cents, up 53% › Management Net Profit After OEI of $155.8m, up 46% › Free cash flows of $187.4m, up 44% › Total Operating Revenues of $788.2m, up 14% › Operating Costs of $532.4m, up 5% › Interim Dividend of 10 cents* (AUD) per share, up 25%
Slide 5: Global Interest Rate Market
Introduction Global Interest Rate Market % % UK US 8 8 6 6 4 4 2 2 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2000 2001 2002 2003 2004 2005 2006 2007 2008 % Canada 8 6 4 2 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 5
Slide 6: Computershare Strengths
Introduction Computershare Strengths › More than 70% of Revenue recurring in nature › Global Diversification – across 17 countries including growth engines China, India and Russia › Proven technology capabilities and innovation › Demonstrated ability to acquire and integrate businesses › Strong and
Slide 7: Outlook
Outlook Introduction In light of the excellent half year result and despite recent equity and interest rate market conditions, we expect Management EPS to be approximately 40% higher than last year. 7
Slide 8: Introduction, Financial Results, CEO's Report
Introduction Financial CEO’s Report Results 8
Slide 9: Financial Results: Tom Honan, CFO
Financial Results Tom Honan CFO 9
Slide 10: Group Financial Performance – US$m
Group Financial Performance – US$m Financial Results 1H08 1H07 Variance Sales Revenue 779.8 687.9 13% Interest & Other Income 8.5 6.1 39% Total Revenue 788.2 694.0 14% Operating Costs 532.4 506.3 (5%) Share of Net (Profit)/Loss of Associates (1.6) (1.0) Management EBITDA 257.4 188.7 36% Management A
Slide 11: Drivers behind financial performance
Drivers behind financial performance Financial Results • Corporate action environment • Higher balances • Revenue enhancements • New clients • Acquisitions • Cost control • Operating efficiency • Balance sheet improvements • Acquisition synergies • Foreign exchange 11
Slide 12: Management EPS Performance
Management EPS Performance Financial Results Rolling 12 months US cents 50 40 30 20 10 0 1H05 1H06 1H07 1H08 12
Slide 13: EPS Growth FY05 to FY10
EPS Growth FY05 to FY10 Financial Results Rolling 12 months Management EPS US cents 60 50 40 30 20 10 0 FY05 1H06 FY06 1H07 FY07 1H08 FY08 1H09 FY09 1H10 FY10 EPS projected from FY05 at 20% p.a. Rolling 12 months Actual EPS 13
Slide 14: Analysis of Management EPS – Half Year Comparison
Analysis of Management EPS – Financial Half Year Comparison Results US cents 30.00 25.00 20.00 15.00 10.00 5.00 0.00 1H05 2H05 1H06 2H06 1H07 2H07 1H08 6.60 9.52 8.82 13.92 17.86 18.83 27.36 14
Slide 15: 1H08 NPAT Analysis
1H08 NPAT Analysis Financial Results $USm 180 17.8 2.4 160 4.8 16.9 13.2 0.4 1 EBITDA - AP 140 2 EBITDA - EMEA 34.0 3 EBITDA - NA 120 4 Depn & Amort 5 Interest 100 155.8 6 Tax 107.0 7 OEI 80 60 1H07 NPAT 1 2 3 4 5 6 7 1H08 NPAT 15
Slide 16: Net Operating Cash Flows
Net Operating Cash Flows Financial Results $USm Operating Cash Flow Vs. Capital Expenditure 240 206.2 210 183.5 180 150 137.5 117.8 120 90 65.8 60 30 14.6 17.9 18.8 10.4 7.8 0 1H06 2H06 1H07 2H07 1H08 Operating Cash Flows Capital Expenditure 16
Slide 17: Free Cash Flow – up 44% on 1H07
Free Cash Flow – up 44% on 1H07 Financial Results $USm Operating Cash Flows less Capital Expenditure 200 187.4 Free Cash Flow: 165.6 - 3 year 1H CAGR 96% - 4 year CAGR 71% 150 129.7 107.4 100 51.3 50 0 1H06 2H06 1H07 2H07 1H08 17
Slide 18: Half Year Comparisons – Revenue & EBITDA
Half Year Comparisons – Revenue & EBITDA Financial Results $USm $USm 900 3 00 .0 257. 4 750 2 50 .0 188. 7 R 600 181. 7 2 00 .0 E e B v I e 140. 4 T n 450 150.0 D u A e 99. 7 300 100 .0 150 50.0 694. 0 588. 1 626. 7 724. 4 788. 2 0 0 .0 1H0 6 2 H0 6 1H0 7 2 H0 7 1H0 8 To t al Revenue M anag ement EB
Slide 19: Half Year Comparisons – Revenue & EBITDA
Half Year Comparisons – Revenue & EBITDA Financial Results $USm 1st Half $USm $USm 2nd Half $USm 800 300 800 200 181.7 257.4 700 700 250 600 600 140.4 150 188.7 200 500 500 400 93.1 100 400 788.2 150 724.4 694.0 99.7 626.7 300 300 100 455.9 200 200 50 588.1 50 100 100 0 0 0 0 1H06 1H07 1H08 2H05 2H0
Slide 20: Management EBITDA Margin
Management EBITDA Margin Financial Results 35.0% 32.7% 30.0% 27.2% 25.0% 22.4% 25.1% 20.4% 20.0% 18.5% 17.0% 15.0% 10.0% 1H05 2H05 1H06 2H06 1H07 2H07 1H08 20
Slide 21: Revenue Breakdown – US$m
Revenue Breakdown – US$m Financial Results 1H08 1H07 Variance Register Maintenance 406.5 350.1 16% Corporate Actions 169.4 119.7 42% Fund Services 41.7 74.2 (44%) Stakeholder Relationship Mgt 39.9 34.2 17% Employee Share Plans 59.0 58.2 1% Communication Services 44.4 37.2 19% Technology & Other Reve
Slide 22: Margin Income analysis
Margin Income analysis Financial Results US$m 140 123.4 120 100 89.7 84.0 80 65.3 60 52.1 40 20 0 1H06 2H06 1H07 2H07 1H08 Average Interest rates: UK 4.55% 4.50% 4.78% 5.31% 5.71% US 3.70% 4.66% 5.25% 5.25% 4.85% Canada 2.79% 3.77% 4.25% 4.25% 4.45% Average balances (US$bn) * 6.4 6.4 6.4 7.0 8.7 *No
Slide 23: Regional Analysis – 1H08 Revenue & EBITDA
Regional Analysis – 1H08 Revenue & EBITDA Financial Results Total Revenue Breakdown EBITDA Breakdown 28% 30% 48% 50% 22% 22% Asia Pacific EMEA North America Asia Pacific EMEA North America 23
Slide 24: Half Year Comparisons – Operating Costs
Half Year Comparisons – Operating Costs Financial Results $USm 600 500 139.7 137.0 138.9 144.5 133.2 400 300 200 404.9 395.4 355.2 367.4 345.0 100 0 1H06 2H06 1H07 2H07 1H08 Operating Costs excl. COS Cost of Sales (COS) 24
Slide 25: Technology Costs – Establishing Global Platform
Technology Costs – Establishing Global Platform Financial Results US$m % 100.0 12.0% 90.0 10% 10% 10% 9% 9% 80.0 77.1 70.0 70.3 8.0% 60.0 61.7 59.1 56.4 50.0 40.0 4.0% 30.0 20.0 10.0 0.0 0.0% 1H06 2H06 1H07 2H07 1H08 Total Technology costs Technology costs as a % of sales revenue 25
Slide 26: Analysis of 1H08 Technology Costs
Analysis of 1H08 Technology Costs Financial Results 4% 28% 40% Total Costs US$77.1m Development Costs US$30.3m 28% Development Infrastructure Maintenance Administration 26
Slide 27: Balance Sheet as at 31 December 2007
Balance Sheet as at 31 December 2007 Financial Results Dec-07 Jun-07 Variance US$'000s US$'000s Current Assets 369,763 368,891 0% Non Current Assets 1,520,793 1,366,224 11% Total Assets 1,890,556 1,735,115 9% Current Liabilities 332,971 338,550 2% Non Current Liabilities 874,854 563,990 (55%) Total
Slide 28: Key Financial Ratios
Key Financial Ratios Financial Results EBITDA interest coverage Net Financial Indebtedness to EBITDA times times 14 3.0 12.1 11.9 12.2 2.48 12 2.5 10 8.7 2.0 1.68 8 1.46 1.5 6 0.94 1.0 4 0.5 2 0 0.0 FY05 FY06 FY07 1H08 FY05 FY06 FY07 1H08 % Funds Flow to Total Debt Gearing (Net Debt / Net Debt + 80%
Slide 29: Computershare Borrowings
Computershare Borrowings Financial Results Dec-07 Jun-07 Variance US$m US$m Cash 108.0 86.8 24% Interest Bearing Liabilities * 747.4 435.1 (72%) Net Debt 639.4 348.3 (84%) Management EBITDA** 439.1 370.5 19% Net debt to Management EBITDA 1.46 0.94 (55%) *Average Tenor of drawn debt is 4 years ** Rol
Slide 30: Debt Facility Maturity Profile
Debt Facility Maturity Profile US$m FY08 Nil 600 FY09 $160.0m 490.0 FY10 Nil 500 FY11 $490.0m 400 FY12 $123.0m FY13 Nil 300 FY14 Nil FY15 $124.5m 200 160.0 123.0 124.5 FY16 Nil 100 FY17 $21.0m 21.0 Total $918.5m 0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 30
Slide 31: Capital Expenditure
Capital Expenditure Financial Results $USm 20.0 Capital Expenditure Vs. Depreciation 0.6 0.6 3.0 0.8 15.0 7.9 2.2 2.2 Depreciation 0.5 10.0 4.1 1.6 3.8 1.1 1.4 12.1 0.9 5.0 2.3 8.8 7.6 5.0 2.9 0.0 1H06 2H06 1H07 2H07 1H08 Information Technology Communication Services Facilities Occupancy Other 31
Slide 32: Working Capital Management
Working Capital Management Financial Results Days Sales Outstanding Days 60 53 50 45 45 43 40 37 30 20 10 0 1H06 FY06 1H07 FY07 1H08 32
Slide 33: Return On Invested Capital Vs. WACC
Return On Invested Capital Vs. WACC Financial Results Increased returns, Cost of Capital flat 20% AGAAP AIFRS 18% 16% 14% 12% 10% 8% 6% FY03 FY04 FY05 FY06 FY07 1H08 WACC ROIC 33
Slide 34: Return on Equity Vs. Return on Assets
Return on Equity Vs. Return on Assets Financial Results AGAAP AIFRS 40% 30% 20% 10% 0% FY03 FY04 FY05 FY06 FY07 1H08 ROA ROE 34
Slide 35: Equity Management – Interim Dividend of 10 cps (AU)
Equity Management – Interim Dividend of 10 cps (AU)Financial Results › EPS – Basic US 27.20 cents › EPS – Management US 27.36 cents › Interim Dividend (20 % franked) AU 10 cents › Current Yield* 2.5% * Based on 12 month dividend and share price of A$7.56 (close 12 February 2008) 35
Slide 36: Equity Management – Ordinary Share Buy-back
Equity Management – Ordinary Share Buy-back Financial Results › Acquired 45,000,000 ordinary shares › Average price AUD $9.91 36
Slide 37: Financial Summary – Final Remarks
Financial Summary – Final Remarks Financial Results › Continued strong EPS growth - 53% › Free cash flow up 44% › Record revenues › Maintained strong balance sheet › Return on equity > 35% › Dividend increased to 10 cents (AUD) per share, 20% franked 37
Slide 38: Market Overview, Financial Results, CEO's Report
Market Financial Overview Results CEO’s Report 38
Slide 39: CEO Presentation: Stuart Crosby, President & CEO
CEO Presentation CEO’s Report Stuart Crosby President & CEO 39
Slide 40: Group Strategy
Group Strategy CEO’s Report Focus unchanged: 1. Continue to drive operations quality and efficiency through measurement, benchmarking and technology 2. Improve our front office skills to protect and drive revenue 3. Continue to seek acquisition and other growth opportunities where we can add value a
Slide 41: Taking advantage of M&A opportunities in a changed environment
Taking advantage of M&A opportunities in a CEO’s changed environment Report Year to date transactions include: › Datacare › UMB › Administar › RSS › VEM › QMT › In total, over US$300m in 8 transactions YTD after nearly US$100m in 7 transactions last year › Strong cash-flows and balance sheet, positi
Slide 42: Specific initiatives – quality differentiation and shareholder communications
Specific initiatives – quality differentiation CEO’s and shareholder communications Report › Over the past few years, we have made many significant improvements to client and stakeholder servicing › We’re now investing in taking service excellence to a new level › The timing is ideal for this exerci
Slide 43: Specific initiatives – quality differentiation and shareholder communications
Specific initiatives – quality differentiation CEO’s and shareholder communications Report › In parallel, the introduction of e-communication initiatives in a range of markets offers much more efficient channels of communication with these stakeholders › Computershare is a thought leader in e-commun
Slide 44: Electronic shareholder communications – around the grounds
Electronic shareholder communications CEO’s – around the grounds Report › USA – notice and access reforms in first year; better than expected uptake of the products we’d prepared › Australia – only 10% of shareholders electing to receive hard copy annual reports, with good uptake of integrated Compu
Slide 45: North America update - USA
North America update - USA CEO’s Report Investor Services › Client retention remains strong off the back of robust service delivery › Corporate action pipeline changing shape, but holding up better than many predicted › Good returns from investment in “business as usual” capacities over past 12 to 1
Slide 46: North America update - Canada
North America update - Canada CEO’s Report Investor Services › Strong local and cross-border corporate actions deal flow continues, but deals generally smaller in size › Operations efficiency being enhanced by deployment of CPU best practice › Quality client relationships Corporate Trust › Steady bu
Slide 47: EMEA update – UK, Russia, Germany, Ireland and South Africa
EMEA update – UK, Russia, Germany, Ireland CEO’s and South Africa Report UK › Market more rational on price post ownership change at main competitor › Deposit Protection Scheme continues to exceed expectations › Investment in adviser relationships in the IPO/DI sector continues to bear fruit › Chang
Slide 48: Asia Pacific update - Asia
Asia Pacific update - Asia CEO’s Report Hong Kong and China › IPO pipeline continues to hold up much better than expected – continue to monitor market conditions › PRC opportunities continue to take shape. Plans still the most developed; other areas remain interesting but rate of progress hard to pr
Slide 49: Asia Pacific update – Australia and New Zealand
Asia Pacific update – Australia and CEO’s New Zealand Report Investor Services › Good news continues: better margins, a range of positive pricing outcomes Communication Services › QM takeover offers opportunity to take CCS Australia to a new level in a rationalised industry Plans › Organic growth co
Slide 50: Looking forward to 2008
Looking forward to 2008 CEO’s Report Computershare has a strong operational and financial platform for continued growth: › Healthy revenues › Strong understanding of cost structures and margins › Strong balance sheet to support acquisitions and capital management › Well positioned to take on new bus
Slide 51: Specific current priorities and expectations
Specific current priorities and expectations CEO’s Report › Continue to take advantage of M&A opportunities › Strong focus on taking service quality to next level › Lever shareholder communications opportunities from regulatory change EPS growth expectations for FY 08 upgraded to approximately 40% 5
Slide 52: Computershare Limited Half Year Results 2008 Presentation
Computershare Limited Half Year Results 2008 Presentation Stuart Crosby Tom Honan 13 February 2008
Slide 53: Appendix: Half Year Results 2008 Presentation
Appendix: Half Year Results 2008 Presentation 13 February 2008 53
Slide 54: Appendix 1: Group Comparisons
Appendix 1: Group Comparisons Group Comparisons 54
Slide 55: Behind the Headline – NPAT IMPACT
Behind the Headline – NPAT IMPACT Financial Results US$000’s Net profit after tax at 31 December 2007 154,934 Acquisition provisions no longer required (272) Intangible assets amortisation 1,546 US property rationalisation 710 Marked to market adjustments - derivatives (1,113) Management adjusted pr
Slide 56: CPU Revenues
CPU Revenues Financial Results Revenue Type 3% 6% 7% Register Maintenance Corporate Actions 5% Fund Services Stakeholder Relationship Management 5% Employee Share Plans 53% Communication Services Technology & Other Revenue 21% 56
Slide 57: Regional Analysis – 1H08 Revenue
Regional Analysis – 1H08 Revenue Financial Results $USm 250.0 211.4 200.0 150.0 97.0 98.0 100.0 ` 73.9 71.3 50.0 28.8 31.4 30.3 24.2 16.0 17.8 19.5 11.9 8.2 9.7 7.9 12.0 6.1 4.3 4.4 1.0 0.0 Register Maintenance Corporate Actions Fund Services Stakeholder Employee Share Communication Technology & Oth
Slide 58: Half Year Comparisons - Revenue
Half Year Comparisons - Revenue Financial Results $USm 450.0 400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 Register Corporate Funds Serv ices Stakeholder Employ ee Share Communication Technology & Maintenance Actions Relationship Plans Serv ices Other Rev enue Management 1H06 2H06 1H07 2H07 1H0
Slide 59: Half Year Comparisons – Operating Costs
Half Year Comparisons – Operating Costs Financial Results $USm 240.5 250 239.7 220.7 218.8 210.4 200 144.5 150 139.7 138.9 137.0 133.2 100 76.7 70.1 61.3 58.0 55.7 50 41.9 34.2 35.6 35.4 35.3 30.5 30.2 26.0 28.9 27.4 23.4 20.9 16.5 15.3 14.4 0 Cost of Sales Personnel Oc c upanc y Other Direc t T ec
Slide 60: Underlying Effective Tax Rate
Underlying Effective Tax Rate Financial Results % 35.0 30.0 28.5 28.0 23.9 25.0 19.4 20.0 15.0 10.0 5.0 0.0 FY05 FY06 FY07 1H08 60
Slide 61: Interest Rate Sensitivity
Interest Rate Sensitivity Financial Results US$m PBT 80 Impact 60 40 20 0 -3.00% -2.50% -2.00% -1.50% -1.00% -0.50% Current 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% -20 -40 -60 Exposure -80 Hedged exposure 61
Slide 62: Risk Management - Interest Rate Sensitivity
Risk Management - Interest Rate Sensitivity Financial Results No Interest Rate Hedging exposure Strategy: - Protect downside risk in current interest rate 22% environment Policy: - Minimum hedge of 25% / Maximum hedge of 100% Exposure to - Minimum term 1 year / Maximum term 5 years interest rates 41
Slide 63: Risk Management – Average Funds Balances for year ending 31 December 2007
Risk Management – Average Funds Balances Financial for year ending 31 December 2007 Results By Category By Country Sharesave/ Employee Australia Dividend Plans 2% 16% 11% US Dissenter Broker Trust 29% 3% 14% Canada 48% Regular Trust Corporate 17% UK Actions 21% 39% Average funds balance US$8.7b 63
Slide 64: Appendix 2: Country Summaries
Appendix 2: Country Summaries Financial Results Country Summaries 64
Slide 65: Appendix 2: Country Summaries – Asia Pacific
Appendix 2: Country Summaries Financial Results Asia Pacific 65
Slide 66: Australia Half Year Comparison
Australia Half Year Comparison Financial Results $Am Total Revenue $Am Revenue Breakdown 200.0 80.0 76.7 174.6 70.0 66.8 63.2 150.0 143.6 139.9 60.0 120.0 115.9 50.0 100.0 40.0 35.7 35.0 30.0 28.1 28.7 24.7 21.0 20.0 50.0 10.3 8.6 8.2 8.7 8.8 10.0 6.9 7.6 4.9 5.6 3.0 3.0 2.8 0.0 0.0 Register Corpora
Slide 67: New Zealand Half Year Comparison
New Zealand Half Year Comparison Financial Results Total Revenue $NZm $NZm Revenue Breakdown 9.7 10 8.0 8.6 7.0 8.1 8 7.7 6.3 6.9 5.9 6.0 6 4.0 4 2.0 1.8 1.6 2 1.0 0 0.0 1H06 2H06 1H07 2H07 1H08 Register Maintenance Corporate Actions 1H07 2H07 1H08 67
Slide 68: Hong Kong Half Year Comparison
Hong Kong Half Year Comparison Financial Results Total Revenue Revenue Breakdown $HKm $HKm 500 350.0 450 441.1 300.3 300.0 400 250.0 350 300 200.0 235.4 250 227.1 140.7 150.0 126.0 123.4 200 109.4 103.5 145.2 100.0 150 120.6 100 50.0 50 0.0 0 Register Maintenance Corporate Actions 1H06 2H06 1H07 2H0
Slide 69: India Half Year Comparison
India Half Year Comparison Financial Results Total Revenue Revenue Breakdown INRm INRm 900 400.0 381.2 812.2 796.6 350.0 800 309.8 700 300.0 287.0 270.6 261.8 600 540.8 582.2 533.2 250.0 216.3 500 200.0 400 150.0 121.2 300 100.0 200 46.3 50.0 33.4 100 0.0 0 Register Maintenance Corporate Actions Fun
Slide 70: Appendix 2: Country Summaries – North America
Appendix 2: Country Summaries Financial Results North America 70
Slide 71: United States Half Year Comparison
United States Half Year Comparison Financial Results Total Revenue $USm Revenue Breakdown $USm 299.4 296.7 200.0 300.0 282.5 282.0 263.2 157.2 250.0 150.0 136.7 133.7 200.0 100.0 150.0 66.2 100.0 50.0 45.5 45.4 44.4 33.1 28.8 27.9 25.9 24.9 21.6 12.7 13.7 50.0 9.9 9.7 11.6 3.5 3.7 3.1 0.0 Register M
Slide 72: Canada Half Year Comparison
Canada Half Year Comparison Financial Results Total Revenue $CAm $CAm Revenue Breakdown 130 90.0 120 114.6 116.1 80.0 76.0 76.4 110 70.0 100 97.7 96.2 63.6 90 60.0 80 73.4 50.0 70 40.0 60 30.0 27.5 50 24.1 21.4 40 20.0 30 7.9 10.0 6.7 6.6 5.1 4.1 2.9 20 1.5 1.5 1.2 0.4 0.1 0.1 0.0 10 Register Corpor
Slide 73: Appendix 2: Country Summaries – EMEA
Appendix 2: Country Summaries Financial Results EMEA 73
Slide 74: United Kingdom Half Year Comparison
United Kingdom Half Year Comparison Financial Results GBPm Revenue Breakdown Total Revenue GBPm 40.0 38.6 70.0 33.9 32.3 60.8 60.0 56.2 54.0 30.0 50.0 48.3 40.0 35.9 20.0 30.0 10.6 20.0 9.8 10.0 8.6 9.4 9.3 10.0 4.7 2.7 1.8 1.6 1.5 1.4 1.8 1.1 0.8 1.0 0.0 0.0 1H06 2H06 1H07 2H07 1H08 Register Corpor
Slide 75: Ireland Half Year Comparison
Ireland Half Year Comparison Financial Results EURm Total Revenue EURm Revenue Breakdown 4.5 4.4 4 4.1 3.4 3.0 3.4 3 3.0 2.7 3.0 3.0 2 1.5 1 0.7 0.7 0.7 0.5 0.2 0 Register Maintenance Corporate Actions Funds Services Technology & Other 0.0 Revenue 1H06 2H06 1H07 2H07 1H08 1H07 2H07 1H08 75
Slide 76: Germany Half Year Comparison
Germany Half Year Comparison Financial Results EURm Total Revenue 24.8 Revenue Breakdown 25 EURm 23.9 10 9.8 9 8.6 20 19.3 8 7.7 7.2 7.0 17.4 7 15.5 6 5.7 5.7 15 5 4.1 4 10 2.9 3 2 1 0.7 5 0.5 0.4 0.4 0.3 0.3 0.1 0.1 0.1 0 Register Corporate Stakeholder Employee Share Communication Technology & Main
Slide 77: South Africa Half Year Comparison
South Africa Half Year Comparison Financial Results Total Revenue ZARm ZARm Revenue Breakdown 140 110 102.3 120 115.2 100 99.4 99.7 90 87.6 100 81.5 92.8 80 87.7 70 80 60 60 50 40 40 30 20 12.1 12.9 20 10 6.3 0 0 Register Maintenance Corporate Actions 1H06 2H06 1H07 2H07 1H08 1H07 2H07 1H08 77
Slide 78: Appendix 3: Assumptions
Appendix 3: Assumptions Financial Results Assumptions 78
Slide 79: Assumptions: Exchange Rates
Assumptions: Exchange Rates Financial Results Average exchange rates used to translate profit and loss to US dollars. USD 1.0000 AUD 1.15385 HKD 7.78792 NZD 1.32490 INR 44.07212 CAD 1.02133 GBP 0.49185 EUR 0.71329 ZAR 6.92475 79