Slide 1: Financial Results for the Full Year Ended 30 June 2011
For personal use only COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE FULL YEAR ENDED 30 JUNE 2011 10 August 2011 NOTE: All figures (including comparatives) are presented in US Dollars (unless otherwise stated). Copies of the FY11 Results Presentation are available for download at: www.com
Slide 2: Market Announcement: FY11 result reflects difficult macro conditions
MARKET ANNOUNCEMENT FY11 result reflects generally difficult macro economic conditions Melbourne, 10 August 2011 – Computershare Limited (ASX:CPU) today reported Statutory Basic Earnings per For personal use only Share of 47.53 cents for the twelve months ended 30 June 2011, a decrease of 10.4% on F
Slide 3: Reconciliation of Statutory Results to Management Adjusted Results
MARKET ANNOUNCEMENT Reconciliation of Statutory Results to Management Adjusted Results FY11 For personal use only USD 000’s Net profit after tax as per Statutory Results 264,086 Management Adjustments (after tax) Restructuring provisions 3,026 Marked to market adjustments on derivatives (92) Intangi
Slide 4: Commentary (based on Management Adjusted Results)
MARKET ANNOUNCEMENT Commentary (based on Management Adjusted Results) Computershare delivered management earnings per share of 55.67 cents, down 3.7% on FY10’s record result. This For personal use only is the company’s second best full year result and is marginally better than guidance of 5%-10% dow
Slide 5: EPS performance and Regional Summary
MARKET ANNOUNCEMENT Below is a summary of annual Statutory and Management EPS performance over the past six years: For personal use only Statutory & Management EPS 60.0 57.8 55.7 50.1 51.6 52.1 53.1 50.0 46.0 47.5 39.1 36.7 40.0 30.0 22.9 22.7 20.0 10.0 FY06 FY07 FY08 FY09 FY10 FY11 Stat US cents Mg
Slide 6: Regional Summary continued
MARKET ANNOUNCEMENT fall in margin income. A significant improvement in the SSP/PMC business was also a positive for the region. As foreshadowed at the beginning of the financial year, opportunities for our mutual fund proxy solicitation business dried up significantly, as did the level of Chapter 1
Slide 7: Gearing, Capital Expenditure and Operating Costs Overview
MARKET ANNOUNCEMENT The company’s Net Debt to Management EBITDA ratio, the key gearing metric, fell from 1.40 times at 30 June 2010 to 1.35 times at 30 June 2011. For personal use only Capital expenditure for FY11 was down 66% on FY10 to $32.2 million, noting that the prior period was impacted by bo
Slide 8: About Computershare Limited (CPU)
MARKET ANNOUNCEMENT About Computershare Limited (CPU) For personal use only Computershare (ASX:CPU) is a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications. We also specialise in corporate trust services, tax vouch
Slide 9: Full Year Results 2011 Presentation
For personal use only Computershare Limited Full Year Results 2011 Presentation Stuart Crosby Peter Barker 10 August 2011
Slide 10: Introduction, Financial Results Report, 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 Highlights
Results Highlights Introduction Management Adjusted Results For personal use only FY 2011 @ FY 2010 FY 2011 FY 2010 v FY 2010 exchange rates Management Earnings per share (post NCI) US 55.67 cents US 57.80 cents Down 3.7% US 54.09 cents Total Revenue $1,618.6 $1,619.6 Down 0.1% $1,566.5 Operating Ex
Slide 13: Computershare Strengths
Computershare Strengths Introduction For personal use only › Strong balance sheet, low gearing and continued robust cash generation. › Diversification into counter and non cyclical businesses gives stability to revenue and profit base. › More than 70% of revenue recurring in nature. › Demonstrated a
Slide 14: Trading environment
Trading environment Introduction For personal use only › In a difficult environment, annuity revenue lines such as register maintenance, employee share plans, communications services, corporate trust (Canada), voucher services (UK) and the deposit protection scheme (UK) continue to hold up well. › N
Slide 15: Investment
Investment Introduction For personal use only › Major acquisitions announced during the year include the Bank of New York Mellon’s shareowner services business (still subject to regulatory clearance), and Servizio Titoli in Italy. › We continue to make good progress on integrating recently acquired
Slide 16: Guidance
Guidance Introduction For personal use only › Looking forward to FY12, the impact and duration of current market volatility are unclear. This makes us even more cautious about guidance than usual. › A week ago, we would have said that we do not expect management eps results from Computershare’s curr
Slide 17: Introduction, Financial Results Report, CEO's Report
For personal use only Financial CEO’s Introduction Results Report 9
Slide 18: Financial
Financial Results For personal use only PETER BARKER CHIEF FINANCIAL OFFICER 1
Slide 19: Drivers Behind FY 2011 Financial Performance
Drivers Behind FY 2011 Financial Performance Financial Results For personal use only › Continued solid delivery in subdued market conditions of recurring revenues across the year, business lines and geographies. Non-equity market businesses (Corporate Trust, Deposit Protection Scheme, Voucher Servic
Slide 20: Group Financial Performance
Group Financial Performance Financial Results For personal use only % variance FY11 FY10 to FY 2010 Sales Revenue $1,598.9 $1,599.6 (0.0%) Interest & Other Income $19.7 $20.0 (1.6%) Total Revenue $1,618.6 $1,619.6 (0.1%) Operating Costs $1,125.4 $1,111.3 1.3% Share of Net (Profit)/Loss of Associates
Slide 21: Management EPS
Management EPS Financial Results For personal use only 60.00 57.80 55.67 52.11 50.00 40.00 US Cents 31.38 28.71 30.00 26.14 25.97 26.42 26.96 20.00 10.00 0.00 2009 2010 2011 1H 2H FY 13
Slide 22: FY 2011 Management NPAT Analysis
FY 2011 Management NPAT Analysis Financial Results For personal use only 350.0 330.0 2.5 2.4 9.8 US$ million 1.5 18.3 3.3 17.4 310.0 12.0 4.2 1.8 8.1 290.0 321.2 309.3 270.0 250.0 14
Slide 23: Revenue & EBITDA Half Year Comparisons
Revenue & EBITDA Financial Results Half Year Comparisons For personal use only 900 50% 837.6 807.5 812.1 800 783.0 781.0 45% 728.7 40% 700 Revenue & EBITDA (US$ million) 34.0% 35% 32.5% 600 31.5% Operating Margin % 30.5% 29.6% 29.1% 30% 500 25% 400 20% 300 274.8 238.6 236.9 236.1 246.0 247.6 15% 200
Slide 24: Revenue Breakdown
Revenue Breakdown Financial Results For personal use only FY 2011 Revenue Stream FY 2011 FY 2010 variance to 2H 2011 1H 2011 2H 2010 1H 2010 FY 2010 Register Maintenance $698.5 $660.2 5.8% $367.7 $330.8 $342.9 $317.3 Corporate Actions $179.5 $183.2 (2.0%) $82.7 $96.8 $71.0 $112.2 Business Services $
Slide 25: FY 2011 Revenue & EBITDA Regional Analysis
FY 2011 Revenue & EBITDA Financial Results Regional Analysis For personal use only Total Revenue breakdown EBITDA breakdown 13% 15% 23% 20% Australia & NZ Asia 10% UCIA 8% Continental Europe 32% USA 27% Canada 24% 19% 6% 3% Regional Reporting Previous Structure Current Structure Australia & NZ Austr
Slide 26: Margin Income Analysis
Margin Income Analysis Financial Results For personal use only 200.0 12.0 11.2 180.0 10.0 160.0 8.8 9.2 140.0 8.2 7.2 8.0 120.0 US$ Million US$ Billion 6.4 100.0 87.0 6.0 86.4 83.9 84.5 74.5 77.5 80.0 4.0 60.0 40.0 2.0 20.0 0.0 0.0 1H09 2H09 1H10 2H10 1H11 2H11 Margin Income Average balances Average
Slide 27: FY11 Client Balances – Interest Rate Exposure
FY11 Client Balances – Financial Results Interest Rate Exposure For personal use only Total funds (USD 10.2b) held CPU had an average of USD10.2b of during FY11 client funds under management during FY11. For 28% ($2.8b) of the FY11 average client funds under Exposure to No exposure management, CPU h
Slide 28: Client Balances – Interest Rate Exposure and Currency
FY11 Client Balances – Financial Results Interest Rate Exposure and Currency For personal use only “Exposed Funds” by Currency (FY11 Average Balances) Total Exposed Funds Non-hedged Exposed (both hedged and non-hedged) Funds AUD Other AUD 3% ($0.2b) Other 7% ($0.6b) 3% ($0.1b) CAD CAD 12% ($0.6b) 16
Slide 29: Client Balances – Forward view of Hedges
Client Balances – Financial Forward view of Hedges Results For personal use only Derivative and Fixed Rate Deposits in place at 30-Jun-11 US$m Total hedges 3,000 2,500 2,000 1,500 1,000 500 0 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Total Synthetic Hedging (derivatives & term deposits) 21
Slide 30: Interest Rate Hedging Policy and Strategy
Client Balances – Financial Results Interest Rate Hedging Policy and Strategy For personal use only 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 swa
Slide 31: Operating Costs Half Year Comparisons
Operating Costs Financial Results Half Year Comparisons For personal use only 700 600 154.2 500 148.6 137.4 138.8 139.6 141.2 400 US$ million 300 427.1 436.2 200 406.7 396.8 395.4 350.6 100 0 1H09 2H09 1H10 2H10 1H11 2H11 Operating costs excl. COS Cost of Sales (COS) 23
Slide 32: Operating Costs by Category
Operating Costs Financial Half Year Comparisons Results For personal use only 350.0 293.4 283.7 263.8 263.7 300.0 256.1 226.6 250.0 US$ million 200.0 154.2 148.6 141.2 139.6 138.8 137.4 150.0 82.2 81.8 80.7 80.0 79.3 71.3 100.0 37.7 34.8 34.6 33.9 32.3 30.3 28.9 26.8 24.6 23.0 22.7 20.4 50.0 0.0 Cos
Slide 33: Technology Costs
Technology Costs Financial Results Continued Investment to Maintain Strategic Advantage For personal use only 120 12.0% 10.7% 10.1% 10.3% 10.0% 9.9% 100 9.5% 10.0% Technology costs as a % of revenue 80 4.4 3.4 4.1 8.0% 3.9 2.7 US$ million 18.5 2.3 19.0 19.9 27.6 26.1 60 19.7 6.0% 23.2 26.3 23.3 40 2
Slide 34: Free Cash Flows
Free Cash Flows Financial Results For personal use only 250 206.7 207.7 200 181.6 171.2 ** 159.9 148.4 150 US$ million 100 49.7 * 50 12.6 15.4 ** 10.3 7.3 8.0 0 1H09 2H09 1H10 2H10 1H11 2H11 Operating Cash Flows Cash outlay on Capital Expenditure Notes: 1. * US$49.7m includes acquisition of Land and
Slide 35: FY 2011 Operating Cash Flows Analysis
FY 2011 Operating Cash Flows Analysis Financial Results For personal use only 450.0 24.1 400.0 32.5 22.9 109.4 350.0 300.0 US$ million 250.0 200.0 414.5 150.0 319.6 100.0 50.0 0.0 27
Slide 36: Balance Sheet as at June 2011
Balance Sheet as at 30 June 2011 Financial Results For personal use only Jun-11 Jun-10 Variance Jun-11 to US#039;000 US#039;000 Jun-10 Current Assets $733,928 $653,512 12.3% Non Current Assets $2,139,310 $2,036,943 5.0% Total Assets $2,873,238 $2,690,455 6.8% Current Liabilities $538,456 $497,347 8.3% Non
Slide 37: Key Financial Ratios
Key Financial Ratios Financial Results For personal use only EBITDA Interest Coverage Net Financial Indebtedness to EBITDA 25.0 2.00 1.80 20.0 1.60 1.40 15.0 1.20 Times Times 1.00 22.1 22.3 1.72 1.67 10.0 0.80 17.0 1.42 1.40 1.42 1.35 15.1 0.60 13.3 5.0 10.4 0.40 0.20 0.0 0.00 1H09 2H09 1H10 2H10 1H
Slide 38: Debt Facility Maturity Profile
Debt Facility Maturity Profile Financial Results For personal use only Debt Committed Bank Private Placement Maturity Dates 600.0 ** Drawn Debt Facilities Debt Facility Facility FY12 Mar-12 123.0 123.0 123.0 550.0 FY13 Jul-12 550.0 550.0 May-13 297.7 300.0 300.0 FY14 May-14 140.0 300.0 300.0 500.0 F
Slide 39: Capital Expenditure vs. Depreciation
Capital Expenditure vs. Depreciation Financial Results For personal use only 50.0 49.7 45.0 44.2 40.0 35.0 US$ million 30.0 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 Other 0.5 0.2 3.0 3.0 2.0 1.8 Occupancy 3.0 0.7 35.9 30.0 1.0 2.5 Communication Services Facilities
Slide 40: Working Capital Management
Working Capital Management Financial Results For personal use only Days sales outstanding 45 41 41 40 40 40 38 38 35 30 No. Of Days 25 20 15 10 5 0 1H09 2H09 1H10 2H10 1H11 2H11 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 For personal use only 40.00% 36.10% 35.00% 31.44% 30.00% 26.93% 25.00% 20.00% 17.98% 17.36% 16.94% 15.00% 10.57% 10.41% 9.83% 10.00% 5.00% 0.00% FY09 FY10 FY11 WACC ROIC ROE 33
Slide 42: Equity Management – Final Dividend
Equity Management – Final Dividend Financial of 14 cents (AU) Results For personal use only EPS - Basic US 47.53 cents EPS - Management US 55.67 cents Interim Dividend AU 14 cents (60% franked) Final Dividend AU 14 cents (60% franked) Current Yield* 3.8% * Based on 12 month dividend and share price
Slide 43: Financial Summary – Final Remarks
Financial Summary – Final Remarks Financial Results For personal use only › Second highest management EPS in group’s history in difficult market conditions. › Diverse portfolio of revenues, disciplined expense, cost and capital expenditure management continue to drive solid margins and strong free c
Slide 44: Introduction, Financial Results Report, CEO's Report
For personal use only Financial CEO’s Introduction Results Report 36
Slide 45: CEO's Report
CEO’s Report For personal use only Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER CEO PRESENTATION 3
Slide 46: 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 47: Delivery Against Strategy
Delivery Against Strategy CEO’s Report For personal use only Delivering on the first 2 limbs of the strategy (cost & revenue) has been a key priority: › Operational productivity and quality continues to improve across the globe. › Revenue initiatives continue to offset to some extent revenue drag fr
Slide 48: Other priorities - Market Position and Market Structure
Other priorities - Market Position and Market Structure CEO’s Report For personal use only › We continue to enhance the quality of our operational and client directed processes, and to develop and launch new and enhanced products across the full range of our businesses. › Third party shareholder and
Slide 49: USA Update
USA Update CEO’s Report For personal use only › Pending regulatory clearance, a strong integration team led by Stuart Irving and Mark Davis is being assembled for the BNY Mellon shareowner services integration. Planning well advanced to ensure quality migrations and undisrupted service for existing
Slide 50: Canada Update
Canada Update CEO’s Report For personal use only › Increased tender activity amongst large clients (ours and not ours) is putting pressure on pricing. › Winning a good number of new TA mandates more generally. › Plans business continues to do well post disposal of the stock options business to Soliu
Slide 51: UCIA Update
UCIA Update CEO’s Report For personal use only › Migration and integration of the former HBOS Employee Equity Solutions business progressing well with sharesave migrations completed, Jersey well advanced, and the financial benefits of those processes meeting or exceeding expectations. › Aviva regist
Slide 52: Continental Europe Update
Continental Europe Update CEO’s Report For personal use only › The November 2011 restructure to break out Continental Europe as a region on its own is already delivering benefits. A range of business development opportunities identified in the very fluid regulatory and structural environment. › Russ
Slide 53: Asia Update
Asia Update CEO’s Report For personal use only › The HK IPO pipeline is still strong but retail demand remains very subdued. › Planning for dematerialisation of the HK equities market continues. › China plans and proxy businesses continue to grow profitably, and we have launched an AGM administratio
Slide 54: Australia & New Zealand Update
Australia & New Zealand Update CEO’s Report For personal use only › Scott Cameron (formerly Asia-Pac regional CFO) has taken over from Mark Davis as regional head. (Mark is jointly heading the BNY Mellon shareowner services business integration project.) › Corporate action levels down significantly.
Slide 55: Full Year Results 2011 Presentation
For personal use only Computershare Limited Full Year Results 2011 Presentation Stuart Crosby Peter Barker 10 August 2011
Slide 56: Appendix: Full Year Results 2011 Presentation
For personal use only Appendix: Full Year Results 2011 Presentation 10 August 2011 48
Slide 57: Appendix 1: Group Comparisons
Appendix 1: Group Comparisons For personal use only Group Comparisons 49
Slide 58: CPU Revenues
CPU Revenues Financial Results For personal use only 3% 11% Register Maintenance Corporate Actions 10% Business Services 43% 6% Stakeholder Relationship M'ment Employee Share Plans Communication Services 16% Tech & Other Revenue 11% 50
Slide 59: FY 2011 Revenue Regional Analysis
FY 2011 Revenue Financial Results Regional Analysis For personal use only 300.0 262.2 250.0 200.0 145.6 US$ million 131.4 150.0 104.7 91.2 85.9 84.8 100.0 71.9 66.8 60.5 51.4 49.8 47.5 45.6 34.7 31.4 30.8 50.0 25.1 22.7 19.3 18.3 17.6 15.6 15.5 12.6 12.0 11.0 8.6 6.1 5.3 4.3 4.3 4.0 3.7 3.5 3.4 3.1
Slide 60: Revenue Half Year Comparisons
Revenue Financial Results Half Year Comparisons For personal use only 367.7 400.0 342.9 339.8 330.8 317.3 350.0 308.2 300.0 250.0 US$ million 200.0 140.8 139.8 136.5 134.9 131.2 114.1 150.0 112.2 100.9 96.8 87.5 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 63.2 57.6 56.6 54
Slide 61: Effective Tax Rate - Statutory & Management
Effective Tax Rate - Statutory & Management Financial Results For personal use only 30.0% 28.5% 28.4% 28.3% 27.5% 27.8% 28.0% 27.0% 26.4% 26.3% 26.6% 25.6% 26.0% 24.0% 22.0% Tax Rate % 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% FY07 FY08 FY09 FY10 FY11 Statutory Management 53
Slide 62: Appendix 2: Country Summaries
Appendix 2: Country Summaries For personal use only Country Summaries 54
Slide 63: Australia
Australia Financial Half Year Comparison Results For personal use only Revenue Breakdown Total Revenue 98.0 84.0 250.0 88.0 80.0 221.5 217.3 74.9 73.5 73.1 78.0 72.4 70.9 192.6 68.7 200.0 68.0 61.6 168.5 167.4 59.9 165.2 57.1 54.4 58.0 AU $ million AU$ million 150.0 45.8 48.0 38.0 32.8 100.0 26.0 24
Slide 64: New Zealand
New Zealand Financial Half Year Comparison Results For personal use only Revenue Breakdown 7.0 Total Revenue 6.4 6.1 5.8 9.0 6.0 5.7 5.6 8.3 5.5 8.1 8.0 7.5 7.4 7.5 7.2 5.0 7.0 6.0 4.0 NZ$ million NZ$ million 5.0 3.0 4.0 2.3 2.0 3.0 1.8 1.7 2.0 1.5 1.4 2.0 1.0 1.0 0.1 0.1 0.1 0.0 0.0 1H09 2H09 1H10
Slide 65: Hong Kong
Hong Kong Financial Half Year Comparison Results For personal use only Revenue Breakdown Total Revenue 250.0 350.0 327.6 297.0 200.0 300.0 177.6 176.8 172.0 155.1 153.8 250.0 234.1 151.5 147.9 210.3 150.0 135.3 195.9 HK$ million 192.4 HK$ million 200.0 150.0 100.0 62.4 100.0 52.2 50.0 50.0 17.1 14.8
Slide 66: India
India Financial Half Year Comparison Results For personal use only 900.0 Revenue Breakdown 798.4 Total Revenue 771.6 800.0 714.2 1,200.0 1,134.2 687.8 1,101.7 1,074.4 700.0 1,060.1 1,000.0 600.0 538.4 836.1 834.4 502.7 800.0 500.0 INR million INR million 400.0 600.0 317.4 301.6 290.5 278.7 276.9 300
Slide 67: United States
United States Financial Half Year Comparison Results For personal use only Revenue Breakdown 160.0 Total Revenue 138.8 135.8 140.0 128.0 126.4 122.8 350.0 117.4 312.2 120.0 297.1 300.0 277.1 258.3 266.4 100.0 250.0 231.7 US$ million 80.0 U S$million 200.0 65.8 65.4 58.3 53.8 60.0 51.4 150.0 48.1 39.
Slide 68: Canada
Canada Financial Half Year Comparison Results For personal use only Revenue Breakdown 60.0 Total Revenue 48.3 115.0 50.0 45.9 45.1 109.5 41.8 109.0 110.0 38.3 40.0 37.0 36.3 36.1 36.1 104.1 32.8 105.0 102.6 32.0 31.5 CA$ million CA$ million 30.0 100.0 97.7 94.3 17.4 20.0 95.0 14.5 14.0 13.0 12.6 12.
Slide 69: United Kingdom & Channel Islands
United Kingdom & Channel Islands Financial Half Year Comparison Results For personal use only Revenue Breakdown 40.0 Total Revenue 33.4 35.0 32.0 120.0 30.0 27.0 26.4 96.4 26.1 100.0 24.7 24.3 24.2 86.5 25.0 23.2 82.0 77.7 21.4 73.5 20.8 80.0 20.6 GBP million 20.2 19.9 67.4 19.6 GBP million 20.0 17.
Slide 70: Ireland
Ireland Financial Half Year Comparison Results For personal use only Revenue Breakdown 5.0 Total Revenue 4.5 4.3 6.0 5.5 5.4 4.0 3.7 4.9 3.5 3.4 5.0 4.5 3.5 3.3 4.5 4.4 3.3 3.0 4.0 million EUR million 2.5 3.0 2.0 EU R 2.0 1.5 1.3 1.1 1.0 1.0 1.0 0.8 0.8 0.7 0.5 0.0 0.5 0.3 0.2 0.1 0.1 0.1 0.1 0.1 0.
Slide 71: Germany
Germany Financial Half Year Comparison Results For personal use only Revenue Breakdown 13.0 Total Revenue 10.9 10.5 11.0 10.4 30.0 26.3 24.2 25.0 22.9 9.0 19.0 7.4 20.0 7.0 6.8 16.8 7.0 EU R million 16.3 EUR million 6.0 5.5 15.0 5.2 5.2 5.2 4.8 5.0 4.5 3.8 10.0 3.7 3.6 3.4 3.0 3.0 2.4 2.2 5.0 1.8 1.
Slide 72: South Africa
South Africa Financial Half Year Comparison Results For personal use only Revenue Breakdown 140.0 Total Revenue 118.4 113.5 112.8 120.0 111.5 109.9 138.0 136.1 107.0 136.0 100.0 134.0 132.6 132.0 80.0 130.0 million ZAR million 127.7 128.0 125.7 126.0 60.0 123.4 123.5 ZAR 124.0 122.0 40.0 120.0 21.2
Slide 73: Russia
Russia Financial Half Year Comparison Results For personal use only Revenue Breakdown 400.0 Total Revenue 371.3 350.0 450.0 402.1 293.2 400.0 300.0 350.0 247.7 312.1 250.0 284.5 300.0 RU B million RUB million 250.0 200.0 175.3 200.0 182.1 135.3 129.2 150.0 150.0 103.0 102.8 100.0 100.0 50.0 36.8 50.
Slide 74: Appendix 3: Assumptions
Appendix 3: Assumptions Financial Results For personal use only Assumptions 66
Slide 75: Assumptions: Exchange Rates
Assumptions: Exchange Rates Financial Results For personal use only Average exchange rates used to translate profit and loss to US dollars USD 1.00000 AUD 1.0196 HKD 7.7763 NZD 1.3270 INR 45.3567 CAD 1.0061 GBP 0.6311 EUR 0.7379 ZAR 7.0344 RUB 29.7754 AED 3.6742 DKK 5.5007 SEK 6.7278 67