Slide 1: Financial Results for the Full Year Ended 30 June 2013
COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE FULL YEAR ENDED 30 JUNE 2013 14 August 2013 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 audited i
Slide 2: Market Announcement
MARKET ANNOUNCEMENT Melbourne, 14 August 2013 – Computershare Limited (ASX:CPU) today reported Statutory Basic Earnings per Share (EPS) of 28.25 cents for the twelve months ended 30 June 2013, a decrease of 9.2% on FY12. Management Earnings per Share were 54.85 cents, an increase of 11.7% over the p
Slide 3: Reconciliation of Statutory Results to Management Results
MARKET ANNOUNCEMENT Reconciliation of Statutory Results to Management Results FY13 USD 000’s Net profit after tax as per Statutory Results 157,014 Management Adjustments (after tax) Amortisation Intangible assets amortisation 68,125 Strategic business initiatives Loss on disposal of businesses 44,33
Slide 4: One-off items
MARKET ANNOUNCEMENT One-off items Integration costs of $30.6 million related to the Shareowner Services acquisition from Bank of New York Mellon and $1.4 million related to completion of UK acquisition integrations were incurred. As part of the FY14 budget process it was determined that it was n
Slide 5: Commentary (based on Management Results)
MARKET ANNOUNCEMENT Commentary (based on Management Results) Computershare delivered Management EPS of 54.85 cents in FY13, up 11.7% on FY12. This is in line with the Company’s guidance of Management EPS between 10% and 15% higher than FY12. Total revenues grew 11.4% on FY12 to $2,025.1 million larg
Slide 6: EPS and Cash Flow Summary; Regional Summary
MARKET ANNOUNCEMENT Below is a summary of annual Statutory and Management Earnings per Share performance and Cash flow from operations since FY07: Statutory / Management EPS and Cash flow from operations 70 450 400 60 350 50 300 Cents per Share 40 250 USD M 30 200 150 20 100 10 50 0 0 FY07 FY08 FY09
Slide 7: Continental Europe and United States
MARKET ANNOUNCEMENT Continental Europe Revenues in the region fell 2.8% on pcp to $110.2 million while EBITDA increased 7.7% to $16.1 million despite the weaker EUR year on year. The pick-up in earnings was largely due to the improvement in the German business. The Italian business was flat year on
Slide 8: Debt Maturity Profile and Outlook for FY2014
MARKET ANNOUNCEMENT The debt maturity profile is outlined in the table below: Maturity Dates Debt Drawn Committed Bank Debt Facility Private Placement Debt Facilities Facility FY14 Nil Nil Nil Nil FY15 Mar-15 124.5m 124.5m 124.5m FY16 Oct-15 296.0m 300.0m 300.0m FY17 Oct-16 103.2m 250.0m 250.0m Mar-
Slide 9: About Computershare Limited
MARKET ANNOUNCEMENT Please refer to the 2013 Full Year Results Presentation for detailed financial data. About Computershare Limited (CPU) Computershare (ASX:CPU) is a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communicat
Slide 10: Full Year Results 2013 Presentation
Computershare Limited Full Year Results 2013 Presentation Stuart Crosby Mark Davis 14 August 2013
Slide 11: Introduction
Financial CEO’s Introduction Results Report 2
Slide 12: Stuart Crosby, President & CEO
Introduction Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER
Slide 13: Results Summary (Statutory)
Results Summary Introduction Statutory Results FY13 Vs FY12 Management results are used, along with other measures, to Earnings per share (post NCI) 28.25 cents Down 9.2% assess operating business performance. The Company believes that exclusion of certain items permits better analysis of the Total
Slide 14: Results Summary (Management)
Results Summary Introduction Management Results FY 2013 @ FY FY 2013 FY 2012 v FY 2012 2012 exchange rates Management Earnings per share (post NCI) US 54.85 cents US 49.09 cents Up 11.7% US 55.62 cents Total Operating Revenue $2,025.1 $1,818.7 Up 11.4% $2,050.1 Operating Costs $1,515.2 $1,360.1 Up 1
Slide 15: Drivers Behind FY13 Financial Performance
Drivers Behind FY13 Financial Performance Introduction › Revenue in transactional business lines, especially corporate actions, remains subdued. Proxy solicitation (corporate and mutual fund) continues to suffer from weak deal flow and lack of hostile activity, a slightly better June quarter notwith
Slide 16: Computershare Strengths
Computershare Strengths Introduction › Leading market position in all major markets for equity investor record-keeping and employee stock plan administration based on: › sustainable advantages in technology, operations, domain knowledge and product development; › sustained quality excellence and ope
Slide 17: Guidance
Guidance Introduction › While the Company expects to realise substantial synergies in the year ahead following the Shareowner Services integration, these benefits are anticipated to be materially offset by the impact of lower margin income returns and the recent strengthening of the USD. Taking this
Slide 18: Financial Results
Financial CEO’s Introduction Results Report 9
Slide 19: Mark Davis, Chief Financial Officer
Financial Results MARK DAVIS CHIEF FINANCIAL OFFICER
Slide 20: Group Financial Performance
Group Financial Performance Financial Results % variance FY 2013 FY 2012 2H 2013 1H 2013 2H 2012 1H 2012 to FY 2012 Sales Revenue $2,015.7 $1,802.6 11.8% $1,041.1 $974.7 $1,030.6 $772.0 Interest & Other Income $9.4 $16.1 (41.6%) ($3.5) $12.9 $6.7 $9.4 Total Management Revenue $2,025.1 $1,818.7 11.4%
Slide 21: Management EPS
Management EPS Financial Results 60 55.67 54.85 49.09 50 40 30 28.71 27.98 US Cents 26.96 26.00 26.87 23.09 20 10 0 2011 2012 2013 1H 2H FY 12
Slide 22: FY 2013 Management NPAT Analysis
FY 2013 Management NPAT Analysis Financial Results 330 2.3 320 5.7 0.9 1.1 18.3 14.0 11.7 310 0.4 2.4 0.3 300 46.8 290 USD M 316.8 280 304.9 304.9 270 272.8 260 250 FY12 EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - Tax Interest Dep'n & NCI FY13 NPAT USA Canada ANZ UCIA ASIA CEU Tec
Slide 23: Management Revenue & EBITDA
Management Revenue & EBITDA Financial Results Half Year Comparisons 1,200 60% 1,037.3 1,037.5 987.6 1,000 50% 837.6 Revenue & EBITDA USD M 781.0 781.4 800 40% Operating Margin % 31.5% 29.6% 600 30% 27.1% 25.9% 23.9% 24.4% 400 20% 268.4 246.0 247.6 247.5 241.4 211.5 200 10% 0 0% 1H11 2H11 1H12 2H12 1
Slide 24: Management Revenue Breakdown
Management Revenue Breakdown Financial Results FY 2013 Revenue Stream FY 2013 FY 2012 variance 2H 2013 1H 2013 2H 2012 1H 2012 to FY 2012 Register Maintenance $824.1 $774.8 6.4% $429.4 $394.7 $440.6 $334.2 Corporate Actions $169.4 $156.1 8.5% $76.6 $92.8 $88.7 $67.4 Business Services $489.1 $383.0 2
Slide 25: Management Revenue & EBITDA – Regional Analysis
Management Revenue & EBITDA – Regional Analysis Financial Half Year Comparisons Results Revenue Breakdown EBITDA Breakdown 1,200 300 268.4 1,037.3 1,037.5 987.6 246.0 247.6 247.5 1,000 250 241.4 110.5 102.2 44.3 97.0 837.6 48.4 52.2 211.5 50.8 45.1 781.0 781.4 800 111.7 200 94.5 99.4 53.6 452.5 455.
Slide 26: Margin Income Analysis
Margin Income Analysis Financial Results 250 16.7 18 15.4 16 13.6 200 14 12.1 11.2 12 USD Billion 150 9.2 120.0 10 USD Million 117.4 104.9 8 100 84.5 87.0 89.0 6 50 4 2 0 0 1H11 2H11 1H12 2H12 1H13 2H13 Margin Income Average balances Average Market Interest rates * 1H11 2H11 1H12 2H12 1H13 2H13 UK 0
Slide 27: FY13 Client Balances – Interest Rate Exposure
FY13 Client Balances – Financial Results Interest Rate Exposure Average funds (USD 15.2b) held during FY13 CPU had an average of USD15.2b of client funds under management during FY13. No exposure Exposure to 23% ($3.6b) For 23% ($3.6b) of the FY13 average client interest rates funds under management
Slide 28: Client Balances – Interest Rate Exposure and Currency
FY13 Client Balances – Financial Results Interest Rate Exposure and Currency “Exposed Funds” by Currency (FY13 Average Balances) Total Exposed Funds Non-hedged Exposed (pre hedging) Funds Other AUD Other AUD 4% ($0.4b) 2% ($0.3b) 5% ($0.3b) 3% ($0.2b) CAD 19% ($2.2b) CAD 30% ($2.0b) USD USD 47% ($5.
Slide 29: Client Balances – Forward view of Hedges
Client Balances – Forward view of Hedges Financial Fixed Rate Deposits and Derivatives in place at 30 June 2013 Results 4,500 Hedging (fixed rate deposits) Hedging (derivatives) 4,000 3,500 3,000 USDm Total hedges 2,500 2,000 1,500 1,000 500 0 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Policy: Minimum hedge
Slide 30: Total Management Operating Costs
Total Management Operating Costs Financial Results Half Year Comparisons 900 790.2 800 768.9 746.3 700 196.8 168.3 196.2 590.4 600 569.9 535.1 500 154.2 132.0 USD M 139.6 400 300 593.4 577.9 572.7 436.2 437.9 200 395.4 100 0 1H11 2H11 1H12 2H12 1H13 2H13 Controllable Costs (excl COS) Cost of Sales (
Slide 31: Management Operating Costs
Management Operating Costs Financial Half Year Comparisons Results 450 373.2 365.9 361.6 400 350 293.4 290.4 256.1 300 USD M 250 196.8 196.2 168.3 154.2 200 139.6 132.0 131.9 129.4 122.6 150 89.9 80.7 79.3 100 60.6 47.7 44.3 39.2 37.3 36.9 34.6 33.9 30.3 28.9 24.6 20.7 50 0 Cost of Sales Personnel O
Slide 32: Technology Costs
Technology Costs Financial Results Continued Investment to Maintain Strategic Advantage 13.1% 14% 12.7% 160 11.8% 11.5% 12% 140 129.4 131.9 10.3% Technology costs as a % of revenue 122.6 5.7 6.2 120 9.5% 10% 7.2 32.4 100 89.9 44.2 8% 45.8 80.7 USD M 79.3 2.9 80 4.1 2.7 30.5 6% 27.6 26.1 56.6 60 48.4
Slide 33: Free Cash Flows
Free Cash Flows Financial Results 250 200.8 200 188.2 171.2 148.4 146.4 150 133.3 USD M 100 50 30.1 23.6 20.2 15.4 8.0 10.0 0 1H11 2H11 1H12 2H12 1H13 2H13 Operating Cash Flows Cash outlay on Capital Expenditure Note: Excludes assets purchased through finance leases which are not cash outlays. 24
Slide 34: FY13 Operating Cash Flows Analysis
FY13 Operating Cash Flows Analysis Financial Results 345 340 6.0 335 15.3 330 0.3 325 20.5 USD M 320 11.4 334.6 334.0 315 310 305 300 Net Operating Net Receipts & Loan Servicing Dividends and Interest paid Income Taxes Net Operating Cash Flow FY12 Payments Advances Interest received and other paid C
Slide 35: Balance Sheet as at 30 June 2013
Balance Sheet as at 30 June 2013 Financial Results Jun-13 Jun-12 Variance USD M USD M Jun-13 to Jun-12 See ASX Appendix 4E as at 30 June 2013 for full details. Current Assets $982.4 $956.6 2.7% › Current assets increased Non Current Assets $2,636.5 $2,725.0 (3.2%) mainly due to SLS’ receivables. Tot
Slide 36: Key Financial Ratios
Key Financial Ratios Financial Results EBITDA Interest Coverage Net Financial Indebtedness to EBITDA 18 3.5 16 3.0 14 2.5 12 10 2.0 Times Times 8 17.0 15.1 1.5 2.92 2.86 13.2 2.72 6 2.47 9.5 1.0 4 7.3 7.7 1.42 1.35 2 0.5 0 0.0 1H11 2H11 1H12 2H12 1H13 2H13 1H11 2H11 1H12 2H12 1H13 2H13 Jun-13 Jun-12
Slide 37: Debt Facility Maturity Profile
Debt Facility Maturity Profile Financial Results Private Maturity Dates Debt Committed Bank Placement USD M Drawn Debt Facilities Debt Facility Facility FY14 FY15 Dec-14 69.2 150.0 Mar-15 124.5 124.5 124.5 FY16 Oct-15 296.0 300.0 300.0 FY17 Oct-16 103.2 250.0 250.0 Mar-17 21.0 21.0 21.0 FY18 Jul-17
Slide 38: Capital Expenditure vs. Depreciation
Capital Expenditure vs. Depreciation Financial Results 40 37.8 0.9 35 30 25.6 24.3 23.9 25 23.5 23.7 1.6 1.8 3.2 2.0 USD M 5.6 20 2.5 3.9 4.6 3.8 15 12.9 2.1 10 8.7 17.2 2.0 14.6 2.7 14.6 1.0 11.1 5 1.0 6.4 4.7 0 1H11 2H11 1H12 2H12 1H13 2H13 Information Technology Communication Services Facilities
Slide 39: Working Capital Management
Working Capital Management Financial Results Days sales outstanding 50 48 45 45 43 42 41 40 38 35 30 No. of Days 25 20 15 10 5 0 1H11 2H11 1H12 2H12 1H13 2H13 30
Slide 40: Return On Invested Capital vs. WACC and Return on Equity
Return On Invested Capital vs. WACC and Financial Results Return on Equity 30% 26.93% 25.80% 25% 22.34% 20% 18.45% 15.84% 14.37% 15% 10% 9.83% 8.61% 8.97% 5% 0% FY11 FY12 FY13 WACC ROIC ROE * ROIC = (Mgt EBITDA less Depreciation less Income Tax expense)/(Total Debt add Total Equity less Cash). 31
Slide 41: Equity Management: Final Dividend of 14 cents (AU)
Equity Management Financial Results Final Dividend of 14 cents (AU) EPS - Statutory US 28.25 cents EPS - Management US 54.85 cents Interim Dividend AU 14 cents (20% franked) Final Dividend AU 14 cents (20% franked) Current Yield* 2.8% * Based on 12 month dividend and share price of AU$10.15 (close 9
Slide 42: Financial Summary – Final Remarks
Financial Summary – Final Remarks Financial Results › We continue to experience generally difficult trading conditions across many business lines. › However, ongoing disciplined expense and capital expenditure management continue to drive solid results and cash flow. › The Shareowner Services acquis
Slide 43: CEO's Report
Financial CEO’s Introduction Results Report 34
Slide 44: Stuart Crosby, CEO Presentation
CEO’s Report Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER CEO PRESENTATION
Slide 45: Group Strategy and Priorities
Group Strategy and Priorities CEO’s Report Our group strategy remains as it has been: › Continue to drive operations quality and efficiency through measurement, benchmarking and technology. › Improve our front office skills to protect and drive revenue. › Continue to seek acquisition and other growt
Slide 46: Delivery against strategy and priorities
Delivery against strategy and priorities CEO’s Report The first two limbs of our strategy (cost & revenue) remain key. Revenue is a defensive game in current conditions. Cost and service highlights include: › The Shareowner Services business’s off-shore operations capabilities have started to bring
Slide 47: Acquisitions update – Shareowner Services
Acquisitions update – Shareowner Services CEO’s Report › While revenues remain softer than originally expected (as with most of our investor services assets around the world), the integration has been very successful, with accompanying client benefits (many major clients re-signed or re-signing). ›
Slide 48: USA Update
USA Update CEO’s Report › The US continues to experience historically low interest rates and lower-than-expected merger and acquisition activity. › The Shareowner Services integration has brought significant synergies across the TA and employee plans business, while retaining the vast majority of cl
Slide 49: Canada Update
Canada Update CEO’s Report › The TA market continues to be competitive so client retention remains a priority, with good results. › Corporate Actions remain soft. › Corporate Trust activity in Structured Finance continues to grow; debt under administration grew by nearly 8%. › Employee Plans achieve
Slide 50: UCIA Update
UCIA Update CEO’s Report › Integration of the HBOS EES business into the UK plans business is complete and the resources released are now focussed on the European GSPS business acquired from Morgan Stanley. This together with organic growth means that the plans business is performing strongly. › The
Slide 51: Continental Europe Update
Continental Europe Update CEO’s Report › Despite flat markets in most of Continental Europe, there is renewed IPO activity in some markets – eg, Russia, Denmark and Germany. › Our Danish business won the only significant IPO since 2010, CPU Germany successfully pitched and won mandates for Siemens,
Slide 52: Asia Update
Asia Update CEO’s Report › HK IPO activity was subdued in FY2013. The pipeline is still healthy so with a recovery in market sentiment these deals will come through. However we’ve been waiting for some time. › Other corporate action activity has been subdued due to market uncertainty, but there is s
Slide 53: Australia & New Zealand Update
Australia & New Zealand Update CEO’s Report › Our Australian Investor Services business maintained its market leading position and was again rated number one in the Australian Registry Services Provider survey. › Despite subdued markets we had significant corporate action wins – News Corp demerger,
Slide 54: Full Year Results 2013 Presentation
Computershare Limited Full Year Results 2013 Presentation Stuart Crosby Mark Davis 14 August 2013
Slide 55: Appendix: Full Year Results 2013 Presentation
Appendix: Full Year Results 2013 Presentation 14 August 2013 46
Slide 56: Appendix 1: Group Comparisons
Appendix 1: Group Comparisons Group Comparisons 47
Slide 57: Management Revenue
Management Revenue Financial Results Half Year Comparisons 100% 3% 3% 2% 2% 1% 3% 9% 10% 10% 11% 10% 12% 90% 11% 11% 12% 9% 10% 80% 11% 5% 3% 4% 5% 7% 4% 70% 17% 16% 23% 19% 24% 24% 60% 50% 12% 10% 9% 9% 9% 7% 40% 30% 42% 44% 43% 42% 41% 20% 40% 10% 0% 1H11 2H11 1H12 2H12 1H13 2H13 Register Maintena
Slide 58: Management Revenue by Product
Management Revenue by Product Financial Results Half Year Comparisons 1,200 1,037.3 1,037.5 17.2 987.6 14.5 1,000 91.7 16.3 99.8 98.3 837.6 112.3 124.6 781.0 23.6 781.4 112.5 800 52.2 24.1 87.5 21.5 45.4 31.2 84.7 90.3 83.6 US D M 74.0 234.7 247.3 57.6 85.0 600 241.8 39.5 34.6 134.9 131.2 148.3 88.7
Slide 59: Management Revenue
Management Revenue Financial Results Half Year Comparisons 500 440.6 450 429.4 394.7 367.7 400 334.2 330.8 350 300 247.3 241.8 234.7 USD M 250 200 148.3 134.9 131.2 124.6 112.5 112.3 150 99.8 98.3 96.8 92.8 91.7 90.3 88.7 87.5 85.0 84.7 83.6 82.7 76.6 74.0 67.4 100 57.6 52.2 45.4 39.5 34.6 31.2 24.1
Slide 60: FY 2013 Management Revenue – Regional Analysis
FY 2013 Management Revenue Financial Results Regional Analysis 450 393.7 400 350 300 223.7 250 USD M 200 140.4 139.1 118.7 150 102.5 86.7 80.6 77.5 75.5 100 66.8 64.9 57.6 53.9 53.7 39.1 36.9 27.4 27.3 20.3 20.0 50 16.2 12.3 11.3 10.9 9.6 8.7 5.3 5.3 5.2 4.9 4.8 4.7 4.6 3.3 3.0 2.8 2.2 1.9 1.2 0.6 0
Slide 61: Effective Tax Rate - Statutory & Management
Effective Tax Rate - Statutory & Management Financial Results 30% 27.0% The Group’s effective statutory 25.6% tax rate is 16.6% for the year 25.1% 25% ended 30 June 2013. The 22.6% 22.3% Group’s effective statutory tax rate for the comparative prior 20% period was 22.3%. This reflects 16.6% the full
Slide 62: Appendix 2: Country Summaries
Appendix 2: Country Summaries Country Summaries 53
Slide 63: Australia Half Year Comparison
Australia Financial Half Year Comparison Results Total Revenue Revenue Breakdown 250 90 218.3 80.0 74.7 198.1 80 192.6 72.4 71.9 189.0 71.0 187.9 67.8 200 64.5 70 63.9 167.4 61.6 59.9 56.5 55.7 60 150 AUD M 50 AUD M 39.2 38.8 35.3 40 100 24.2 30 21.5 20.4 18.3 17.2 16.3 14.1 20 13.7 12.9 12.6 50 11.
Slide 64: Hong Kong Half Year Comparison
Hong Kong Financial Half Year Comparison Results Total Revenue Revenue Breakdown 400 200 172.0 180 327.6 160.8 350 159.4 157.7 156.6 153.8 147.9 160 300 253.9 140 234.1 231.7 226.8 225.0 250 120 HKD M HKD M 200 100 72.5 80 150 62.4 60 46.2 40.3 100 36.5 40 28.0 20.8 16.1 16.0 14.5 50 20 7.1 4.5 4.4
Slide 65: India Half Year Comparison
India Financial Half Year Comparison Results 1,400 Total Revenue Revenue Breakdown 1,451.3 1,140.5 1,600 1,200 1,255.4 1,400 940.0 1,101.7 1,000 1,074.4 1,200 1,018.5 998.0 714.2 1,000 800 687.8 660.0 INR M 632.5 INR M 800 600 600 356.1 330.6 400 292.7 290.5 278.7 260.0 400 135.2 200 200 69.8 55.4 2
Slide 66: United States Half Year Comparison
United States Financial Half Year Comparison Results Total Revenue Revenue Breakdown 500 250 455.2 452.5 215.1 208.8 450 407.2 184.9 400 200 350 135.8 266.4 300 150 258.3 126.4 116.7 USD M 112.5 112.0 USD M 217.7 107.0 250 200 100 150 51.4 48.8 45.2 40.0 39.8 37.9 37.8 34.4 34.3 34.1 100 50 31.6 30.
Slide 67: Canada Half Year Comparison
Canada Financial Half Year Comparison Results Total Revenue Revenue Breakdown 115 60 110.2 48.3 46.7 109.0 50 110 43.2 38.7 38.1 37.8 37.2 37.0 36.8 36.3 36.1 40 34.8 103.5 105 CAD M CAD M 30 98.6 100 97.7 96.9 20 13.0 12.3 12.2 11.0 10.6 9.5 95 8.6 8.5 8.5 7.8 7.6 7.2 10 2.7 2.6 2.3 2.2 2.0 1.9 1.7
Slide 68: United Kingdom & Channel Islands Half Year Comparison
United Kingdom & Channel Islands Financial Half Year Comparison Results Total Revenue Revenue Breakdown 45 39.6 40 100 87.8 33.7 33.6 90 35 82.5 82.0 79.8 76.1 28.7 73.5 80 30 27.0 24.2 70 23.2 25 GBP M GBP M 21.5 21.0 20.7 20.5 20.5 60 20.2 20.1 19.9 19.7 19.2 17.2 50 20 40 15 30 10 7.1 5.8 20 5 2.
Slide 69: South Africa Half Year Comparison
South Africa Financial Half Year Comparison Results Total Revenue Revenue Breakdown 128.1 150 140 123.6 121.7 118.4 144.5 117.7 142.5 109.9 145 120 138.0 140 100 132.6 135 80 RAND M RAND M 130.3 127.7 130 60 125 40 120 20 9.0 7.8 7.8 7.5 7.2 7.1 6.3 5.4 3.8 3.5 3.4 3.3 2.9 2.6 2.6 2.5 2.4 2.3 0.5 0.
Slide 70: Germany Half Year Comparison
Germany Financial Half Year Comparison Results Total Revenue Revenue Breakdown 30 14 27.1 25.7 11.6 24.2 25 12 10.9 10.4 10 20 8.4 8.4 16.8 16.0 7.4 8 14.8 7.0 EUR M EUR M 15 6.2 6.0 5.5 6 4.8 10 3.5 3.4 4 3.0 2.3 2.2 2.2 2.1 2.1 2.0 5 1.7 1.7 1.7 1.4 2 1.3 1.2 1.2 1.1 0.8 0.8 0.4 0.4 0.3 0.3 0.3 0.
Slide 71: Russia Half Year Comparison
Russia Financial Half Year Comparison Results Total Revenue Revenue Breakdown 600 450 393.5 371.3 367.2 400 353.3 340.1 500 421.2 418.5 350 402.1 293.2 373.8 363.4 400 300 312.1 250 RUB M RUB M 300 200 200 150 100 100 26.8 25.0 23.3 20.5 17.7 17.7 50 4.0 1.2 0.0 0.0 0.0 0.0 0 0 1H11 2H11 1H12 2H12 1
Slide 72: Appendix 3: Assumptions
Appendix 3: Assumptions Financial Results Assumptions 63
Slide 73: Assumptions: FY 2013 Exchange Rates
Assumptions: FY 2013 Exchange Rates Financial Results Average exchange rates used to translate profit and loss to US dollars USD 1.0000 AUD 0.9712 HKD 7.7561 NZD 1.2180 INR 54.6508 CAD 1.0063 GBP 0.6372 EUR 0.7752 RAND 8.7774 RUB 31.2246 AED 3.6730 DKK 5.7777 SEK 6.6043 64