Computershare Limited · ASX:CPU
Computershare — H1 2013 Earnings Presentation
67 slides from Computershare's earnings presentation, Feb 13, 2013
Slide 1: Computershare Limited Half Year Results 2013 Presentation
Computershare Limited Half Year Results 2013 Presentation Stuart Crosby Peter Barker 13 February 2013
Slide 2: Introduction, Financial Results, CEO's Report
Financial CEO’s Introduction Results Report 2
Slide 3: Introduction – Stuart Crosby
Introduction Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER
Slide 4: Results Summary
Results Summary Introduction Statutory Results 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 certain items permits
Slide 5: Results Summary – Management Adjusted Results
Results Summary Introduction Management Adjusted Results 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 $1,037.3 Down 4.8% $781.4 U
Slide 6: Drivers Behind 1H13 Financial Performance
Drivers Behind 1H13 Financial Performance Introduction › 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 activity based fees an
Slide 7: 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 8: Guidance
Guidance Introduction › 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 have risen. To date, we
Slide 9: Introduction, Financial Results, CEO's Report
Financial CEO’s Introduction Results Report 9
Slide 10: Financial Results – Peter Barker
Financial Results PETER BARKER CHIEF FINANCIAL OFFICER
Slide 11: Group Financial Performance
Group Financial Performance Financial Results % 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 Costs $747.6 $790.2 (5.4
Slide 12: Management EPS
Management EPS Financial Results 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 13: 1H13 Management NPAT Analysis
1H13 Management NPAT Analysis Financial Results 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 CEU Tech & Expense Expen
Slide 14: Revenue & Management EBITDA
Revenue & Management EBITDA Financial Results Half Year Comparisons 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% 274.8 236.1 246.0 247.6 247.5 241.4 211.5 200 10% 0 0% 1H10
Slide 15: Revenue Breakdown
Revenue Breakdown Financial Results % 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% Stakeholder Relationship Mgt
Slide 16: Revenue & Management EBITDA – Regional Analysis
Revenue & Management EBITDA – Regional Analysis Financial Half Year Comparisons Results 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 66.2 69.1 USD M USD M 7
Slide 17: Margin Income Analysis
Margin Income Analysis Financial Results 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 Interest rates * 1H10
Slide 18: 1H13 Client Balances – Interest Rate Exposure
1H13 Client Balances – Financial Results Interest Rate Exposure 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 had no Exposure to ex
Slide 19: Client Balances – Interest Rate Exposure and Currency
1H13 Client Balances – Financial Results Interest Rate Exposure and Currency “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% ($2.5b) CAD 28% ($2.3b) U
Slide 20: 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 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 Policy: Minimum hedge
Slide 21: Total Management Operating Costs
Total Management Operating Costs Financial Results Half Year Comparisons 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 Controllable Costs (ex
Slide 22: Management Operating Costs
Management Operating Costs Financial Half Year Comparisons Results 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 26.8 24.6 22.7 20.7 50 0
Slide 23: Technology Costs
Technology Costs Financial Results Continued Investment to Maintain Strategic Advantage 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 30.5 6% 19.9 19.0 27.6 26
Slide 24: Free Cash Flows
Free Cash Flows Financial Results 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 and Buildings in the U
Slide 25: 1H13 Operating Cash Flows Analysis
1H13 Operating Cash Flows Analysis Financial Results 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 Servicing Payables, Cash Flow
Slide 26: Balance Sheet as at December 2012
Balance Sheet as at 31 December 2012 Financial Results 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 250M club debt facility w
Slide 27: Key Financial Ratios
Key Financial Ratios Financial Results 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 2H11 1H12 2H12 1H13 D
Slide 28: Debt Facility Maturity Profile
Debt Facility Maturity Profile 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 FY17 Oct-16 150.8m 250.0m
Slide 29: Capital Expenditure vs. Depreciation
Capital Expenditure vs. Depreciation Financial Results 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 Technology Communicati
Slide 30: Working Capital Management
Working Capital Management Financial Results 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 31: Return On Invested Capital vs. WACC and Return on Equity
Return On Invested Capital vs. WACC and Financial Results Return on Equity 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 * ROIC = (EBITDA less De
Slide 32: Equity Management – Interim Dividend
Equity Management Financial Results Interim Dividend of 14 cents (AU) 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 33: Financial Summary – Final Remarks
Financial Summary – Final Remarks Financial Results › 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 Serviceworks and SLS acqui
Slide 34: Introduction, Financial Results, CEO's Report
Financial CEO’s Introduction Results Report 34
Slide 35: CEO's Report – Stuart Crosby
CEO’s Report Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER CEO PRESENTATION
Slide 36: 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 37: Delivery against strategy
Delivery against strategy CEO’s Report 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 Shareowner Services busin
Slide 38: 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 smooth, with accompanying client benefits (many major clients re-signed or re- signing), and m
Slide 39: USA Update
USA Update CEO’s Report › 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 business is tracking w
Slide 40: Canada Update
Canada Update CEO’s Report › 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 benefitted from larger tran
Slide 41: UCIA Update
UCIA Update CEO’s Report › 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 continues to grow. In ad
Slide 42: Continental Europe Update
Continental Europe Update CEO’s Report › 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-off of Osram from Siem
Slide 43: Asia Update
Asia Update CEO’s Report › 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 market uncertainty. › R
Slide 44: Australia & New Zealand Update
Australia & New Zealand Update CEO’s Report › 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 remains subdued but we w
Slide 45: Computershare Limited Half Year Results 2013 Presentation
Computershare Limited Half Year Results 2013 Presentation Stuart Crosby Peter Barker 13 February 2013
Slide 46: Appendix
Appendix: Half Year Results 2013 Presentation 13 February 2013 46
Slide 47: Appendix 1: Group Comparisons
Appendix 1: Group Comparisons Group Comparisons 47
Slide 48: CPU Revenues
CPU Revenues Financial Results Half Year Comparisons 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 2H10 1H11 2H11 1H12 2H
Slide 49: Revenue by Product
Revenue by Product Financial Results Half Year Comparisons 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 34.6 134.9 139.8 136.
Slide 50: Revenue
Revenue Financial Results Half Year Comparisons 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 67.4 100 57.6 52.2 49.
Slide 51: 1H13 Revenue – Regional Analysis
1H13 Revenue Financial Results Regional Analysis 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 0.0 0 Register Corporate
Slide 52: Effective Tax Rate – Statutory & Management
Effective Tax Rate - Statutory & Management Financial Results 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%. Deductible 20% interest e
Slide 53: Appendix 2: Country Summaries
Appendix 2: Country Summaries Country Summaries 53
Slide 54: Australia Half Year Comparison
Australia Financial Half Year Comparison Results 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 18.3 17.2 16.3 13.7 20
Slide 55: New Zealand Half Year Comparison
New Zealand Financial Half Year Comparison Results 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 Business Services 1H10 2H1
Slide 56: Hong Kong Half Year Comparison
Hong Kong Financial Half Year Comparison Results 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 20.8 16.1 16.0 14.5 50 20
Slide 57: India Half Year Comparison
India Financial Half Year Comparison Results 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 632.5 800 600 600 356.1 330.6 301.6 292.7 290.5 278.7 400 235.3 400 135.2
Slide 58: United States Half Year Comparison
United States Financial Half Year Comparison Results 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 40.0 39.8 37.8 34.4 31.6
Slide 59: Canada Half Year Comparison
Canada Financial Half Year Comparison Results 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 7.8 7.6 7.2 7.2 90 10
Slide 60: United Kingdom & Channel Islands Half Year Comparison
United Kingdom & Channel Islands Financial Half Year Comparison Results 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 20 40 15 30 9.6 9.0 10
Slide 61: Ireland Half Year Comparison
Ireland Financial Half Year Comparison Results 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 Corporate Actions Employee S
Slide 62: South Africa Half Year Comparison
South Africa Financial Half Year Comparison Results 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 2.9 2.6 2.6 2.5 2.4 2.
Slide 63: Germany Half Year Comparison
Germany Financial Half Year Comparison Results 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 1.3 1.2 1.2 1.0 0.8 0.8
Slide 64: Italy Half Year Comparison
Italy Financial Half Year Comparison Results 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 Maintenance Stakeholder
Slide 65: Russia Half Year Comparison
Russia Financial Half Year Comparison Results 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 4.0 1.2 0.0 0.0 0.0 0 0
Slide 66: Appendix 3: Assumptions
Appendix 3: Assumptions Financial Results Assumptions 66
Slide 67: Assumptions: 1H13 Exchange Rates
Assumptions: 1H13 Exchange Rates Financial Results 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