Slide 1: Financial Results for the Half Year Ended 31 December 2012
For personal use only COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2012 13 February 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
Slide 2: Market Announcement
MARKET ANNOUNCEMENT Melbourne, 13 February 2013 – Computershare Limited (ASX:CPU) today reported Statutory Basic Earnings per Share (eps) of 17.02 cents for the six months ended 31 December 2012, a decrease of 15.2% on the prior For personal use only corresponding period (pcp – being the six months
Slide 3: Reconciliation of Statutory results to Management Adjusted results
MARKET ANNOUNCEMENT Reconciliation of Statutory results to Management Adjusted results For personal use only 1H13 USD 000’s Net profit after tax as per Statutory results 94,587 Management Adjustments (after tax) Intangible assets amortisation 33,029 Provision for tax liability 439 Acquisition costs
Slide 4: Commentary (based on Management Adjusted results)
MARKET ANNOUNCEMENT Commentary (based on Management Adjusted results) For personal use only Computershare delivered Management Earnings per Share of 26.87 cents, up 16.4% on the 1H12 result. 1H13 revenues were 26.4% higher at $987.6 million largely as result of acquisitions that occurred during 1H12
Slide 5: Statutory and Management EPS; Regional Summary
MARKET ANNOUNCEMENT Below is a summary of Statutory and Management eps performance since 1H09: For personal use only Statutory & Management eps 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H13 Stat US cents Mgmt US cents Regional Summary Australia and New Zealand Re
Slide 6: United States and Canada
MARKET ANNOUNCEMENT United States For personal use only United States revenues increased 89.3% on 1H12 to $397.1 million and EBITDA was 91.0% higher at $72.0 million. The material increases on pcp were driven by the SLS and Shareowner Services acquisitions that occurred at the end of 1H12. The Share
Slide 7: Debt maturity profile
MARKET ANNOUNCEMENT The debt maturity profile is outlined in the table below: For personal use only Maturity Dates Debt Drawn Committed Bank Private Debt Facilities Debt Facility Placement Facility FY13 Nil Nil Nil Nil FY14 Oct-13 245.7m 250.0m 250.0m FY15 Mar-15 124.5m 124.5m 124.5m FY16 Oct-15 295
Slide 8: Outlook for Financial Year 2013
MARKET ANNOUNCEMENT Outlook for Financial Year 2013 For personal use only In November 2012 at the Annual General Meeting, the Company said that it expected Management eps to be between 10% and 15% higher than FY12. Since November, there has been an increase in optimism about a range of the economies
Slide 9: Half Year Results 2013 Presentation
For personal use only Computershare Limited Half Year Results 2013 Presentation Stuart Crosby Peter Barker 13 February 2013
Slide 10: Introduction, Financial Results, CEO's Report
For personal use only Financial CEO’s Introduction Results Report 2
Slide 11: Introduction
Introduction For personal use only Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER
Slide 12: Results Summary - Statutory
Results Summary Introduction Statutory Results For personal use only Vs 1H12 Management adjusted results are used, along with other 1H13 Vs 2H12 (pcp) measures, to assess operating business performance. The Earnings per share (post NCI) 17.02 cents 54.1%* (15.2%)* Company believes that exclusion of
Slide 13: Results Summary - Management Adjusted
Results Summary Introduction Management Adjusted Results For personal use only 1H 2013 @ 1H 2012 1H 2013 2H 2012 v 2H 2012 1H 2012 v 1H 2012 exchange rates US 26.87 US 26.00 US 23.09 US 27.26 Management Earnings per share (post NCI) cents cents Up 3.3% cents Up 16.4% cents Total Revenue $987.6 $1,03
Slide 14: Drivers Behind 1H13 Financial Performance
Drivers Behind 1H13 Financial Performance Introduction For personal use only › Revenue in transactional business lines, especially corporate actions, remain depressed. Proxy solicitation (corporate and mutual fund) still suffering. › Register maintenance revenues better, but still soft due to lower
Slide 15: Computershare Strengths
Computershare Strengths Introduction For personal use only › 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 qual
Slide 16: Guidance
Guidance Introduction For personal use only › In November 2012 at the AGM we said that we expect Management eps to be between 10% and 15% higher than in FY12. › Since November, there has been an increase in optimism about a range of the economies in which we operate and equity market price levels ha
Slide 17: Financial Results, CEO's Report
For personal use only Financial CEO’s Introduction Results Report 9
Slide 18: Financial - Peter Barker, CFO
Financial Results For personal use only PETER BARKER CHIEF FINANCIAL OFFICER
Slide 19: Group Financial Performance
Group Financial Performance Financial Results For personal use only % variance to % variance to 1H 2013 2H 2012 1H 2012 2H 2012 1H 2012 Sales Revenue $974.7 $1,030.6 (5.4%) $772.0 26.3% Interest & Other Income $12.9 $6.7 92.6% $9.4 37.2% Total Revenue $987.6 $1,037.3 (4.8%) $781.4 26.4% Operating Co
Slide 20: Management EPS
Management EPS Financial Results For personal use only 70 60 57.80 55.67 49.09 50 40 US Cents 31.38 28.71 30 26.42 26.96 26.00 26.87 23.09 20 10 0 2010 2011 2012 2013 1H 2H FY 12
Slide 21: 1H13 Management NPAT Analysis
1H13 Management NPAT Analysis Financial Results For personal use only 180 170 9.6 160 5.7 14.7 1.8 0.0 0.5 2.5 1.6 3.4 150 0.4 34.3 USD M 140 130 149.3 120 128.3 110 100 1H12 EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - Tax Interest Dep'n & NCI 1H13 NPAT USA Canada ANZ UCIA ASIA CE
Slide 22: Revenue & Management EBITDA
Revenue & Management EBITDA Financial Results Half Year Comparisons For personal use only 1,200 60% 1,037.3 987.6 1,000 50% 837.6 807.5 812.1 781.0 781.4 Revenue & EBITDA USD M 800 40% Operating Margin % 34.0% 31.5% 29.1% 29.6% 600 27.1% 30% 23.9% 24.4% 400 20% 274.8 236.1 246.0 247.6 247.5 241.4 21
Slide 23: Revenue Breakdown
Revenue Breakdown Financial Results For personal use only % variance to % variance to Revenue Stream 1H 2013 2H 2012 1H 2012 2H 2012 1H 2012 Register Maintenance $394.7 $440.6 (10.4%) $334.2 18.1% Corporate Actions $92.8 $88.7 4.7% $67.4 37.7% Business Services $241.8 $234.7 3.0% $148.3 63.1% Stakeh
Slide 24: Revenue & Management EBITDA - Regional Analysis
Revenue & Management EBITDA – Regional Analysis Financial Half Year Comparisons Results For personal use only Revenue Breakdown EBITDA Breakdown 1,200 300 1,037.3 987.6 246.0 247.6 247.5 1,000 250 241.4 110.5 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 53.6 452.5 407.2 6
Slide 25: Margin Income Analysis
Margin Income Analysis Financial Results For personal use only 200 16.7 18 15.4 180 16 160 14 12.1 140 11.2 120.0 12 117.4 120 9.2 8.8 10 USD Billion 8.2 USD Million 100 87.0 89.0 84.5 8 74.5 77.5 80 6 60 40 4 20 2 0 0 1H10 2H10 1H11 2H11 1H12 2H12 1H13 Margin Income Average balances Average Market
Slide 26: 1H13 Client Balances - Interest Rate Exposure
1H13 Client Balances – Financial Results Interest Rate Exposure For personal use only Average funds (USD 16.7b) held during 1H13 CPU had an average of USD16.7b of client funds under management during 1H13. No exposure 22% ($3.6b) For 22% ($3.6b) of the 1H13 average client funds under management, CPU
Slide 27: Client Balances - Interest Rate Exposure and Currency
1H13 Client Balances – Financial Results Interest Rate Exposure and Currency For personal use only “Exposed Funds” by Currency (1H13 Average Balances) Total Exposed Funds Non-hedged Exposed (both hedged and non-hedged) Funds Other AUD Other AUD 4% ($0.5b) 3% ($0.3b) 5% ($0.4b) 3% ($0.3b) CAD 19% ($2
Slide 28: Client Balances - Forward view of Hedges
Client Balances – Forward view of Hedges Financial Fixed Rate Deposits and Derivatives in place at 31 Dec 2012 Results For personal use only 4,500 Hedging (fixed rate deposits) Hedging (derivatives) 4,000 3,500 3,000 USD M Total hedges 2,500 2,000 1,500 1,000 500 0 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17
Slide 29: Total Management Operating Costs
Total Management Operating Costs Financial Results Half Year Comparisons For personal use only 900 790.2 800 746.3 700 196.8 168.3 590.4 600 575.7 569.9 535.6 535.1 500 148.6 154.2 132.0 USD M 138.8 139.6 400 300 593.4 577.9 427.1 436.2 437.9 200 396.8 395.4 100 0 1H10 2H10 1H11 2H11 1H12 2H12 1H13
Slide 30: Management Operating Costs
Management Operating Costs Financial Half Year Comparisons Results For personal use only 450 365.9 361.6 400 350 293.4 290.4 283.7 263.7 256.1 300 250 196.8 USD M 168.3 154.2 200 148.6 139.6 138.8 132.0 129.4 122.6 150 89.9 81.8 80.7 80.0 79.3 100 60.6 47.7 44.3 39.2 36.9 34.8 34.6 33.9 30.3 28.9 26
Slide 31: Technology Costs
Technology Costs Financial Results Continued Investment to Maintain Strategic Advantage For personal use only 13.1% 160 11.8% 11.5% 12% 140 129.4 10.1% 10.3% 122.6 10.0% 5.7 Technology costs as a % of revenue 120 9.5% 7.2 10% 100 44.2 89.9 8% 45.9 USD M 80.0 81.8 80.7 79.3 2.9 80 3.9 3.4 4.1 2.7 30.
Slide 32: Free Cash Flows
Free Cash Flows Financial Results For personal use only 250 206.7 207.7 200 188.2 171.2 148.4 146.4 150 133.3 USD M 100 49.7 50 30.1 23.6 15.4 7.3 8.0 10.0 0 1H10 2H10 1H11 2H11 1H12 2H12 1H13 Operating Cash Flows Cash outlay on Capital Expenditure Note 1: 1H10 US$49.7m includes acquisition of Land
Slide 33: 1H13 Operating Cash Flows Analysis
1H13 Operating Cash Flows Analysis Financial Results For personal use only 200 180 160 42.1 49.6 140 16.5 120 USD M 46.4 100 35.5 80 146.4 133.3 60 40 20 0 Net Operating Statutory Profit Non-Cash P&L Increase in Increase in Increase in Net Operating Cash Flow 1H12 after Tax Items Assets Loan Servici
Slide 34: Balance Sheet as at December 2012
Balance Sheet as at 31 December 2012 Financial Results For personal use only Dec-12 Jun-12 Variance See CPU interim Financial Statements USD M USD M Dec-12 to Jun-12 Appendix 4D as at 31 December 2012 for full details. Current Assets $992.0 $956.6 3.7% Dec-12 current liabilities includes the USD 250
Slide 35: Key Financial Ratios
Key Financial Ratios Financial Results For personal use only EBITDA Interest Coverage Net Financial Indebtedness to EBITDA 25 3.5 20 3.0 2.5 15 Times 2.0 Times 22.1 22.3 10 1.5 2.92 2.86 2.72 17.0 15.1 13.2 1.0 5 9.5 1.42 1.40 1.42 1.35 7.3 0.5 0 0.0 1H10 2H10 1H11 2H11 1H12 2H12 1H13 1H10 2H10 1H11
Slide 36: Debt Facility Maturity Profile
Debt Facility Maturity Profile For personal use only Private Maturity Dates Debt Committed Bank Placement USD M Drawn Debt Facilities Debt Facility Facility FY13 Nil Nil Nil Nil FY14 Oct-13 245.7m 250.0m 250.0m FY15 Dec-14 72.7m 150.0m Mar-15 124.5m 124.5m 124.5m FY16 Oct-15 295.9m 300.0m 300.0m FY1
Slide 37: Capital Expenditure vs. Depreciation
Capital Expenditure vs. Depreciation Financial Results For personal use only 60 49.7 50 3.0 44.2 3.0 40 37.9 0.9 USD M 30 35.9 30.0 23.5 24.2 23.9 23.7 1.8 3.2 2.0 20 2.5 3.9 4.6 12.9 2.1 0.8 8.7 10 1.7 17.2 2.0 14.6 2.7 1.0 11.1 9.2 10.4 1.0 6.4 4.7 0 1H10 2H10 1H11 2H11 1H12 2H12 1H13 Information
Slide 38: Working Capital Management
Working Capital Management Financial Results For personal use only Days Sales Outstanding 50 48 45 43 42 41 41 40 40 38 35 30 No. Of Days 25 20 15 10 5 0 1H10 2H10 1H11 2H11 1H12 2H12 1H13 30
Slide 39: Return On Invested Capital vs. WACC and Return on Equity
Return On Invested Capital vs. WACC and Financial Results Return on Equity For personal use only 35% 31.44% 30% 26.93% 24.28% 25% 22.34% 19.90% 20% 18.45% 14.37% 14.73% 15% 17.36% 16.94% 13.57% 13.61% 10% 10.41% 9.83% 8.61% 8.63% 5% 0% FY10 FY11 FY12 1H13 WACC ROIC (Previous) ROIC (Revised) * ROE *
Slide 40: Equity Management - Interim Dividend
Equity Management Financial Results Interim Dividend of 14 cents (AU) For personal use only EPS ‐ Statutory US 17.02 cents EPS ‐ Management US 26.87 cents Interim Dividend AU 14 cents (20% franked) Current Yield* 2.8% * Based on 12 month dividend and share price of AU$10.07 (close 8th Feb 2013) 32
Slide 41: Financial Summary - Final Remarks
Financial Summary – Final Remarks Financial Results For personal use only › We continue to experience generally difficult trading conditions across most business lines. › However, ongoing disciplined expense and capital expenditure management continue to drive solid results and cash flow. › The Serv
Slide 42: Financial Results, CEO's Report
For personal use only Financial CEO’s Introduction Results Report 34
Slide 43: CEO's Report
CEO’s Report For personal use only Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER CEO PRESENTATION
Slide 44: Group Strategy and Priorities
Group Strategy and Priorities CEO’s Report For personal use only 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 acqui
Slide 45: Delivery against strategy
Delivery against strategy CEO’s Report For personal use only Delivering on the first two limbs of the strategy (cost & revenue) is as always a key priority: › Our processes of measuring and benchmarking operational and shared services costs continue to deliver benefits. Over the next period, the Sha
Slide 46: Acquisitions update - Shareowner Services
Acquisitions update – Shareowner Services CEO’s Report For personal use only › While revenues remain softer than originally expected (as with most of our investor services assets around the world), the integration has been very smooth, with accompanying client benefits (many major clients re-signed
Slide 47: USA Update
USA Update CEO’s Report For personal use only › Encouraging new business outcomes across the combined US TA business, winning the majority of IPOs and several competitive tenders, but M&A activity is still weak. › Employee Plans is also winning business and revenue for the Shareowner Services Plans
Slide 48: Canada Update
Canada Update CEO’s Report For personal use only › The Canadian market continues to be competitive so client retention remains a priority. › Transactional activity continues to be down from prior years, however, client revenues holding up well. › Corporate Actions remain soft, however, we have benef
Slide 49: UCIA Update
UCIA Update CEO’s Report For personal use only › Employee Plans business continues to perform well with good new client wins and up-sell to its existing client base. Recovery in equity markets has helped improve transactional revenue although this remains volatile. › The tenancy deposit franchise co
Slide 50: Continental Europe Update
Continental Europe Update CEO’s Report For personal use only › Flat markets in most of CEU region, but the IPO pipeline in the Nordics and in Germany starting to fill up. › Germany saw largest IPO for the last 5 years (Telefonica Germany). We run the register and will provide meeting services. Spin-
Slide 51: Asia Update
Asia Update CEO’s Report For personal use only › HK IPO activities were still subdued in 1H13, but some signs of improvement this year. The pipeline is still healthy so with a recovery in market sentiment these deals will come through. › Other corporate action activity has also been subdued due to m
Slide 52: Australia & New Zealand Update
Australia & New Zealand Update CEO’s Report For personal use only › Our quality, service and client retention levels remain excellent across all our businesses. › Our Investor Services businesses in Australia and NZ continue to maintain their market leading positions. The corporate actions market re
Slide 53: Half Year Results 2013 Presentation
For personal use only Computershare Limited Half Year Results 2013 Presentation Stuart Crosby Peter Barker 13 February 2013
Slide 54: Appendix: Half Year Results 2013 Presentation
For personal use only Appendix: Half Year Results 2013 Presentation 13 February 2013 46
Slide 55: Appendix 1: Group Comparisons
Appendix 1: Group Comparisons For personal use only Group Comparisons 47
Slide 56: CPU Revenues
CPU Revenues Financial Results Half Year Comparisons For personal use only 100% 3% 3% 2% 2% 4% 4% 3% 9% 10% 10% 10% 11% 10% 12% 90% 6% 11% 11% 9% 9% 10% 80% 11% 10% 5% 3% 10% 5% 7% 4% 70% 17% 17% 16% 23% 19% 24% 60% 17% 50% 12% 10% 14% 9% 9% 9% 9% 40% 30% 42% 42% 44% 43% 42% 20% 39% 40% 10% 0% 1H10
Slide 57: Revenue by Product
Revenue by Product Financial Results Half Year Comparisons For personal use only 1,200 1,037.3 17.2 987.6 1,000 91.7 16.3 98.3 837.6 112.3 807.5 812.1 781.0 23.6 781.4 112.5 800 28.8 28.8 52.2 24.1 87.5 21.5 78.1 80.9 31.2 84.7 90.3 49.6 70.1 83.6 234.7 US D M 74.0 85.0 600 81.6 57.6 241.8 81.9 39.5
Slide 58: Revenue
Revenue Financial Results Half Year Comparisons For personal use only 500 440.6 450 394.7 367.7 400 342.9 334.2 330.8 317.3 350 300 241.8 234.7 250 USD M 200 148.3 139.8 136.5 134.9 131.2 112.5 112.3 112.2 150 98.3 96.8 92.8 91.7 90.3 88.7 87.5 85.0 84.7 83.6 82.7 81.9 81.6 80.9 78.1 74.0 71.0 70.1
Slide 59: 1H13 Revenue Regional Analysis
1H13 Revenue Financial Results Regional Analysis For personal use only 184.9 200 180 160 140 107.0 120 100 USD M 77.9 74.4 80 55.4 50.7 48.8 60 40.3 38.8 34.8 33.3 30.6 26.3 40 21.2 20.6 20.0 19.8 14.2 10.6 9.7 20 9.4 7.8 6.3 5.6 5.4 5.0 3.9 3.3 2.6 2.6 2.4 2.4 2.1 2.2 1.4 1.4 1.3 1.2 1.0 0.5 0.3 0.
Slide 60: Effective Tax Rate - Statutory & Management
Effective Tax Rate - Statutory & Management Financial Results For personal use only 30% 27.8% The Group’s effective tax rate is 26.6% 27.0% negative 2.5% for the half-year 25.6% 25.1% ended 31 December 2012. The 25% Group’s effective tax rate for 22.3% the comparative six month period was 20.8%. Ded
Slide 61: Appendix 2: Country Summaries
Appendix 2: Country Summaries For personal use only Country Summaries 53
Slide 62: Australia
Australia Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 250 90 80.0 218.3 217.3 74.7 73.5 73.1 198.1 80 72.4 71.9 71.0 70.9 192.6 187.9 67.8 200 63.9 70 61.6 167.4 165.2 59.9 56.5 54.4 60 150 45.8 50 AUD M AUD M 38.8 35.3 40 100 24.2 30 21.5 20.4 19.3 1
Slide 63: New Zealand
New Zealand Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 9 7 8.3 8.0 7.8 5.8 7.5 5.8 8 7.4 5.7 6 5.6 7.2 5.5 5.5 5.2 7 6.4 5 6 NZD M NZD M 4 5 4 3 2.3 2.1 2.0 2.0 3 1.8 2 1.5 2 0.9 1 1 0.3 0.2 0.2 0.1 0.1 0 0 Register Maintenance Corporate Actions Busi
Slide 64: Hong Kong
Hong Kong Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 400 200 172.0 327.6 159.3 180 157.7 156.0 155.1 350 153.8 151.5 297.0 147.9 160 135.3 300 253.9 140 234.1 226.8 225.0 210.3 250 120 HKD M HKD M 200 100 72.5 80 62.4 150 52.2 46.2 60 40.3 100 40 20.
Slide 65: India
India Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 1,451.3 1,600 1,400 1,140.5 1,400 1,200 1,134.2 1,101.7 1,074.4 1,060.1 1,018.5 1,200 998.0 1,000 798.4 771.6 1,000 714.2 687.8 660.0 INR M 800 INR M 632.5 800 600 600 356.1 330.6 301.6 292.7 290.5 278
Slide 66: United States
United States Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 452.5 500 250 215.1 407.2 450 184.9 400 200 312.2 350 297.1 138.8 135.8 266.4 258.3 126.4 300 150 117.4 112.5 112.0 USD M USD M 217.7 107.0 250 200 100 65.8 65.4 58.3 150 51.4 48.8 48.1 45.2 40
Slide 67: Canada
Canada Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 115 60 110.2 109.5 109.0 48.3 46.7 45.9 110 50 38.7 38.3 38.1 37.8 37.0 36.8 36.3 36.1 36.1 105 40 34.8 32.0 98.6 CAD M CAD M 100 97.7 30 96.9 94.3 95 20 14.0 13.0 12.6 12.3 12.2 11.0 10.6 8.6 8.5 8.0
Slide 68: United Kingdom & Channel Islands
United Kingdom & Channel Islands Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 90 40 82.5 82.0 79.8 77.7 33.7 33.6 76.1 73.5 80 35 67.4 28.7 70 27.0 30 26.1 24.3 24.2 23.2 60 25 21.4 21.0 20.7 20.6 20.5 20.2 20.1 19.9 19.7 19.6 19.2 50 GBP M GBP M 17.2
Slide 69: Ireland
Ireland Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 4 5.7 6 5.5 3.6 5.4 3.5 3.4 3.4 3.3 4 3.3 3.2 4.7 5 4.5 4.4 3 4.2 4 EUR M 3 EUR M 3 2 2 1.3 1.2 2 1.1 1.0 0.8 1 0.8 0.8 0.8 0.7 0.7 0.7 1 1 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0 0 Register Corpor
Slide 70: South Africa
South Africa Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 142.5 128.1 145 140 123.6 118.4 117.7 113.5 138.0 111.5 109.9 140 120 132.6 135 100 130.3 127.7 130 80 RAND M 125.7 RAND M 123.5 125 60 120 40 115 20 9.4 9.1 9.0 7.8 7.8 7.5 7.2 6.3 3.8 3.5 3.3
Slide 71: Germany
Germany Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 30 12 10.9 27.1 10.4 10.4 24.2 10 22.9 25 8.4 7.4 20 8 7.0 16.8 16.3 16.0 6.2 14.8 6.0 EUR M EUR M 5.5 15 6 5.2 4.8 4.8 4.5 3.7 3.6 3.5 3.4 10 4 3.0 2.4 2.3 2.2 2.2 2.1 1.7 1.7 1.7 1.4 1.4 1.4 5 2 1.
Slide 72: Italy
Italy Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 6 8 5.3 5.1 6.9 6.8 7 5 4.5 5.8 6 5.5 4.0 4 5 EUR M EUR M 4 3 3 2 1.6 1.4 1.3 1.3 2 1.6 1.0 1.1 1 0.6 0.6 0.5 0.5 0.6 1 0.4 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0 0 1H10 2H10 1H11 2H11 1H12 2H12 1H13 Register M
Slide 73: Russia
Russia Financial Half Year Comparison Results For personal use only Total Revenue Revenue Breakdown 418.5 450 450 402.1 393.5 371.3 373.8 363.4 400 353.3 400 340.1 312.1 350 350 293.2 300 300 250 RUB M 250 RUB M 182.1 175.3 200 200 135.3 150 129.2 150 100 100 26.8 25.0 23.3 20.5 17.7 50 50 6.8 6.2 4
Slide 74: Appendix 3: Assumptions
Appendix 3: Assumptions Financial Results For personal use only Assumptions 66
Slide 75: Assumptions: 1H13 Exchange Rates
Assumptions: 1H13 Exchange Rates Financial Results For personal use only Average exchange rates used to translate profit and loss to US dollars USD 1.0000 AUD 0.9666 HKD 7.7534 NZD 1.2323 INR 54.8980 CAD 0.9997 GBP 0.6290 EUR 0.7890 RAND 8.4619 RUB 31.8425 AED 3.6728 DKK 5.8775 SEK 6.7229 67