Computershare Limited · ASX:CPU
Computershare — FY2009 Earnings Presentation
73 slides from Computershare's earnings presentation, Aug 12, 2009
Slide 1: Full Year Results 2009 Presentation
Computershare Limited Full Year Results 2009 Presentation Stuart Crosby Peter Barker 12 August 2009
Slide 2: Introduction, Financial Results, CEO's Report
Introduction Financial CEO’s Report Results 2
Slide 3: Introduction – Stuart Crosby, President & CEO
Introduction S Stuart C Crosby b President & CEO 3
Slide 4: Results Highlights
Results Highlights Introduction Management Adjusted Results FY09 FY08 FY09 versus FY08 FY09 at FY08 FY09 at FY08 exchange rates versus FY08 rates Earnings per Share (Post OEI) 52.11 cents 51.61 cents Up 1% 59.65 cents Up 16% Total Operating Revenues $1,511.6m $1,582.5m Down 4% $1,680.1m Up 6% Operat
Slide 5: Computershare Strengths
Computershare Strengths Introduction › Strong balance sheet, low gearing and continued robust cash generation › More than 70% of revenue recurring in nature › Revenues, cash-flows and margins holding up reasonably well despite the challenging environment › Diversification into counter and non cyclic
Slide 6: Outlook
Outlook Introduction › We anticipate p USD management g earnings g per p share for financial year y 2010 to be similar to 2009 › Our outlook assumes that equity, interest rate and FX market conditions remain broadly consistent with current levels for the financial year 6
Slide 7: Introduction, Financial Results, CEO's Report
Introduction Financial CEO’s Report p Results 7
Slide 8: Peter Barker, CFO – Financial Results
Financial Results Peter Barker k CFO 8
Slide 9: Drivers Behind FY2009 Financial Performance
Drivers Behind FY2009 Financial Performance Financial Results › Corporate p action environment,, shift from M&A and IPO’s to secondaryy capital p raisings › Significant ongoing cost reductions and operating efficiencies › Continued investments in, in and growing importance of, of counter and non cyc
Slide 10: Group Financial Performance – US$m
Group Financial Performance – US$m Financial Results Variance FY09 FY08 FY09 to FY08 Sales Revenue 1,494.0 1,564.0 (4%) Interest & Other Income 17.6 18.6 (5%) Total Revenue 1,511.6 1,582.5 (4%) Operating Costs 1,035.9 1,106.0 (6%) Share of Net (Profit)/Loss of Associates 0.2 (2.7) Management EBITDA
Slide 11: Analysis of Management EPS
Analysis of Management EPS Financial Half Year Comparison Results US cents 30 25 20 15 10 5 0 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 HY 6.60 9.52 8.82 13.92 17.86 18.83 27.36 24.25 26.14 25.97 FY 16 12 16.12 22 74 22.74 36 68 36.68 51 61 51.61 52 11 52.11 11
Slide 12: FY09 Management NPAT Analysis
FY09 Management NPAT Analysis Financial Results $USm 400 1 EBITDA - EMEA 380 1.9 5.7 2 OEI 65.5 3.0 360 7.9 3 Depn p & Amort 340 26.7 4 Interest 320 5 Tax 300 290.4 289.5 280 42.5 6 EBITDA - AP 260 7 EBITDA - NA FY08 NPAT 1 2 3 4 5 6 7 FY09 NPAT 12
Slide 13: Free Cash Flows
Free Cash Flows Financial Results Operating cash flow vs capital expenditure e pendit e $USm 240 206.2 210 183.5 181.6 180 159.9 150 137.5 141.1 117.8 120 90 73.1 65.8 60 36.7 30 24 0 24.0 14.6 17.9 18 8 18.8 11.8 11.9 10.4 12.6 10.3 7.8 0 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 Operating
Slide 14: Revenue & EBITDA
Revenue & EBITDA Financial Half Year Comparisons Results Revenue EBITDA $USm $USm 788.2 794.3 783.0 800 300 724.4 728.7 694.0 700 257.4 250 626.7 238.6 600 588.1 236.9 221.8 200 500 188.7 456.0 181.7 400 150 354.5 140.4 300 99.7 93.1 100 200 65.4 50 100 0 0 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H
Slide 15: Management EBITDA Margin
Management EBITDA Margin Financial Half Year Comparison Results EBITDA margin 35% 32.7% 32.5% 30.5% 30% 27.2% 27.9% 25% 22 4% 22.4% 25.1% 20.4% 20% 18.5% 17.0% 15% 10% 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 15
Slide 16: Revenue Breakdown – US$m
Revenue Breakdown – US$m Financial Results Variance FY09 FY08 FY09 to FY08 Register Maintenance 736.2 817.6 (10%) Corporate Actions 313.4 303.6 3% Fund Services 83.9 91.3 ( ) (8%) Stakeholder Relationship Mgt 73.9 89.0 (17%) Employee Share Plans 98.4 119.0 (17%) Communication Services 146 6 146.6 10
Slide 17: FY10 Regional Analysis & Revenue Breakdown
FY10 Regional Analysis & Revenue Breakdown (effective 1H FY10 – will include comparatives) Regional Reporting Current Structure Going Forward North America USA Asia Pacific Canada Europe, Middle East & Africa Australia & NZ Asia Europe, Middle East & Africa Revenue e e ue Segments Seg e ts Current S
Slide 18: Margin Income Analysis
Margin Income Analysis Financial Results Average market interest rates: UK 4.55% 4.49% 4.78% 5.30% 5.71% 5.19% 4.16% 0.82% US 3.70% 4.66% 5.25% 5.25% 4.85% 2.67% 1.53% 0.27% Canada 2.79% 3.77% 4.25% 4.25% 4.45% 3.51% 2.58% 0.64% Australia 5.50% 5.58% 6.03% 6.25% 6.52% 7.12% 6.23% 3.35% Average balan
Slide 19: FY09 Revenue & EBITDA Regional Analysis
FY09 Revenue & EBITDA Financial Regional Analysis Results Total Revenue EBITDA breakdown breakdown 17% 26% 43% 46% 40% 28% Asia Pacific EMEA North America As ia Pacific EMEA North America 19
Slide 20: Operating Costs
Operating Costs Financial Half Year Comparisons Results $USm $ 600 500 147.4 137 4 137.4 141.2 144.5 133.2 138.9 139.7 137.0 400 300 200 345.0 355.2 367.4 404.9 395.4 426.2 406.7 350.6 100 0 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 Operating Costs excl. l COS Cost off Sales l (COS) ( ) 20
Slide 21: Technology Costs
Technology Costs Financial Continued Investment to Maintain Strategic Advantage Results $USm 10.1% 10.3% 9.6% 10.0% 180 9.4% 160 6.5 6.7 8.0% 140 6.5 41.3 38.2 120 3.6 6.0% 41.6 100 50.0 44.6 45.3 80 4.0% 60 40.6 21.4 400 2.0% 64.8 63.6 20 40.5 43.3 0 0.0% FY06 FY07 FY08 FY09 Development Infrastruct
Slide 22: Balance Sheet as at 30 June 2009
Balance Sheet as at 30 June 2009 Financial Results Variance Jun-09 Jun-08 Jun-09 to US$'000s US$'000s Jun-08 Current Assets 537,013 516,129 4% Non Current Assets 1,960,523 1,721,889 14% Total Assets 2,497,537 2,238,018 12% Current Liabilities 414,934 436,912 (5%) Non Current Liabilities 1,181,434 1,
Slide 23: Key Financial Ratios
Key Financial Ratios Financial Results Net Financial Indebtedness to EBITDA EBITDA Interest Coverage times times 14 13.3 12.1 11.9 11.5 12 3.0 2.48 10 8.7 2.5 8 2.0 1.68 1.64 1.67 6 1.5 0.94 4 1.0 2 0.5 0 0.0 FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09 US$m US$m Jun-09 to Jun-08 Cash 180.4 124
Slide 24: Debt Facility Maturity Profile
Debt Facility Maturity Profile Financial Results Maturity Dates Debt Drawn Committed Bank Private Debt Facilities Debt Placement F ilit Facility F ilit Facility FY10 FY11 Oct-10 390.6m 550.0m 550.0m Mar-11 50.0m 50.0m 50.0m FY12 Mar-12 123.0m 123.0m 123.0m FY13 US$m FY14 700 FY15 Mar-15 124.5m 124.5
Slide 25: Capital Expenditure
Capital Expenditure Financial Results Capital Expenditure Vs. Depreciation $USm 25 2.6 20 0.6 0.6 4.8 0.8 3.0 15 2.5 79 7.9 2.2 0.5 2.2 0.5 0.2 3.0 10 4.1 1.6 0.7 1.1 1.2 3.8 1.9 13.9 0.9 1.4 12.1 5 2.3 8.8 8.2 7.2 7.6 5.0 2.9 0 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 Information Technology Communic
Slide 26: Working Capital Management
Working Capital Management Financial Results Days y sales outstanding g Days 50 45 45 44 43 40 40 35 30 25 20 15 10 5 0 FY06 FY07 FY08 FY09 26
Slide 27: Return On Invested Capital vs. WACC and Return on Equity
Return On Invested Capital Vs. WACC and Financial Return on Equity Results 42% 40.20% 36 10% 36.10% 36% 30% 26 40% 26.40% 24% 19.64% 19.40% 17.98% 17.62% 8 18% 12% 12.19% 10.57% 10.34% 10.20% 10.24% 6% FY06 FY07 FY08 FY09 WACC ROIC ROE 27
Slide 28: Equity Management – Final Dividend of 11 cps (AU)
Equity Management – Final Dividend of 11 cps (AU) EPS – Basic US 46.02 cents EPS – Management M t US 52 52.11 11 cents t Interim Dividend (40% franked) AU 11 cents Final Dividend (50% franked) AU 11 cents Current Yield* 2.2% * Based on 12 month dividend and share price of A$10.13 (close 10 August 20
Slide 29: Financial Summary – Final Remarks
Financial Summary – Final Remarks Financial Results › Record management g EPS achieved in a ‘once-in-a-generation’ g difficult economic environment › Solid revenues, disciplined expense, cost and capital expenditure management have driven solid margins and generation of free cash flow › Maintained s
Slide 30: Market Overview – CEO's Report
Market Financial CEO’s CEO s Report Overview Results 30
Slide 31: CEO Presentation – Stuart Crosby
CEO Presentation CEO’s Report Stuart Crosby President & CEO 31
Slide 32: 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 33: Delivery Against Strategy
Delivery Against Strategy CEO’s Report › Delivering g on the first two limbs of the strategy gy (cost ( and revenue)) remains a key factor in protecting our profits and margins in these tough times: › Operational productivity continues to improve across the globe › Pay Pay-off off from revenue initi
Slide 34: Priority - Lifting our Market Position
Priority - Lifting our Market Position › We continue to enhance the q qualityy of our operational p and client directed processes › We continue to release a range of new and enhanced products across the full range of our businesses › Third party shareholder and issuer satisfaction surveys, as well a
Slide 35: Priority - Market Structure Projects
Priority - Market Structure Projects › A range of market structure projects are underway around the world › Some are driven by brokers’ and custodians’ desire for back-office efficiencies - in these cases, the interests of our clients (issuers of securities) are often at risk, as back office efficie
Slide 36: Other Key Points at a Group Level
Other Key Points at a Group Level › We acceptp that volatile foreign g exchangeg markets will continue to bringg noise to our reported results; we will continue to focus on local business profitability › Operating margins continue to hold up › Corporate actions revenue has also held up - but it rema
Slide 37: North America Update – United States
North America Update CEO’s United States Report › Investor Services › Client retention remains strong off the back of strong service, but client insolvency having some impact › Revenues also hit by dividend reductions / cessation, cessation and by record low transaction volumes and IPO activity › St
Slide 38: North America Update – Canada
North America Update CEO’s Canada Report › Investor Services › Client retention strong but insolvency biting › Working on a range of industry efficiency initiatives › Corporate C T Trust › Strong business development and growth in a tough environment › Low interest rates drag against that growth › L
Slide 39: EMEA Update
EMEA Update CEO’s UK Russia UK, Russia, Germany, Germany Ireland & South Africa Report › UK › Investor Services had a great FY09 – FY10 more challenging after large client losses through nationalisation, takeover, etc › More registry client acquisition opportunities as competitors struggle to mainta
Slide 40: Asia Pacific Update – Asia
Asia Pacific Update CEO’s Asia Report › Hong g Kong g and China › Hong Kong IPO pipeline strong and starting to flow (hopefully) › Established as a credible provider of proxy services to PRC issuers (where no market for proxy services had previously existed) › Plans offering for foreign listed PRC i
Slide 41: Asia Pacific Update – Australia and New Zealand
Asia Pacific Update CEO’s Australia and New Zealand Report › Investor Services › Very strong major client retention › Strong corporate action flows have offset lower activities in other areas › Investor I self-service lf i levels l l continue i to increase i › Brought a wide range of new products to
Slide 42: Full Year Results 2009 Presentation
Computershare Limited Full Year Results 2009 Presentation Stuart Crosby Peter Barker 12 August 2009
Slide 43: Appendix
Appendix: Full Year Results 2009 Presentation 12 August 2009 43
Slide 44: Appendix 1: Group Comparisons
Appendix 1: Group Comparisons Group Comparisons 44
Slide 45: Behind the Headline – NPAT Impact
Behind the Headline – NPAT IMPACT Financial Results US$000’s Net profit after tax at 30 June 2009 255,733 Redundancy provisions 12 689 12,689 Restructuring provisions 2,524 VEM asset write-downs 12,573 , Profits on sales of controlled entities and business units (6,872) Marked to market adjustments
Slide 46: CPU Revenues
CPU Revenues Financial Results 4% Revenue Type 10% Register Maintenance 6% Corporate Actions Fund Services 5% 49% Stakeholder Relationship 5% Management Employee Share Plans Communication Services 21% Technology & Other Revenue 46
Slide 47: FY09 Revenue Regional Analysis
FY09 Revenue Financial Regional Analysis Results $USm 450 400 386.2 350 300 250 200 184.1 166.0 ` 150 133.0127.5 115 7 115.7 100 52.9 53.7 47.6 50 25.4 31.4 36.9 35.1 26.9 15.7 18.3 12.6 13.1 19.0 4.8 5.7 0 Register Corporate Actions Fund Services Stakeholder Employee Share Communication Technology
Slide 48: Revenue – Full Year Comparisons
Revenue Financial Full Year Comparisons Results $USm $ 900 817.6 736.2 725.9 800 9.7 700 639 600 500 400 313.4 303.6 252.5 300 171.8 146.6 200 7.1 6.1 0.5 105..3 119 9 117 116 1 110 98.4 95.8 91.3 90.3 86.9 83.9 75.7 73.9 63.2 89 59.2 56.8 44.2 43.5 100 0 Register Corporate Actions Funds Services St
Slide 49: Operating Costs – Full Year Comparisons
Operating Costs Financial Full Year Comparisons Results $USm 550 501.6 475.2 459.4 500 431.1 450 400 4 350 84.4 78.6 77.7 278.6 28 300 27 27 250 156.4 200 53.5 15 3 131.3 113.7 150 77.2 66.1 69.5 100 64.5 63.9 61.5 56.2 44.6 39.9 33.5 29.7 2.5 50 22 2 0 Cost of Sales Personnel Occupancy Other Direct
Slide 50: Revenue – Half Year Comparisons
Revenue Financial Half Year Comparisons Results $USm 411.1 450 406.5 386.0 375.8 400 350.1 1 350.1 1 3 350 300 250 169.4 200 159.7 155.2 134.2 132.8 119.7 150 83.5 74.2 100 63.2 60.9 60.0 59.0 58.9 58.2 54.1 49.6 49.1 46.2 44.4 44.2 52.7 41.8 41.7 39.9 38.5 38.1 37.2 36.2 35.9 34.2 32.0 29.5 27.3 27
Slide 51: Operating Costs – Half Year Comparisons
Operating Costs Financial Results Half Year Comparisons $USm 300 261.9 251.5 240.5 239.7 250 3.7 223 218.8 8 200 5 147.5 141.2 138.9 139.7 137.4 137.0 150 100 82.2 79.7 76.7 71.3 70.1 61.3 41.9 38.6 35.6 35.3 50 33.4 31.7 28.9 30.5 29.8 27.4 3.4 21.2 23.4 20.9 2 17.9 9 23 16.5 5 2 12.6 4.6 0 Cos t o
Slide 52: Underlying Effective Tax Rate
Underlying Effective Tax Rate Financial Results Tax rate % 35.0 30 0 30.0 28.5 27.5 26.4 25.0 23.9 19.4 20.0 15.0 10.0 5.0 0.0 FY05 FY06 FY07 FY08 FY09 52
Slide 53: Hedge Lifecycles
Hedge Lifecycles Financial Results Hedging of Long Term Sustainable Balances 100% 80% 60% 40% 20% 0% Jul-09 Jul-10 Jul-11 Jul-12 Total Hedging 53
Slide 54: Interest Rate Sensitivity
Interest Rate Sensitivity Financial Results US$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 Hedged exposure -80 This graph outlines the sensitivity of interest rate changes when measured against core client bala
Slide 55: Interest Rate Hedging
Interest Rate Hedging Financial Risk Management Results Interest Rate Hedging Strategy: - Protect downside risk in current interest rate environment Policy: - Minimum hedge of 25% / Maximum hedge of 100% - Minimum term 1 year / Maximum term 5 years - Current hedging of balances exposed to interest r
Slide 56: Risk Management – Average Funds Balances
Risk Management – Average Funds Balances Financial for year ending 30 June 2009 Results By Category By Country Sharesave/ Employee Plans Australia Dividend US 5% 8% 16% 22% Dissenter Broker Trust 3% 18% Canada C d 49% UK Corporate 24% Regular Actions Trust 34% 21% Average funds balance US$6.8b 56
Slide 57: Appendix 2: Country Summaries
Appendix 2: Country Summaries Financial Results Country Summaries 57
Slide 58: Appendix 2: Country Summaries – Asia Pacific
Appendix 2: Country Summaries Financial Results Asia Pacific 58
Slide 59: Australia
Australia Financial Half Year Comparison Results $Am Total Revenue $Am Revenue Breakdown 90 84.0 250 76.7 74.9 80 221.5 68.7 66.8 70 63.2 63.4 200 57.1 173.6 168.5 60 152.9 47.4 4 143.2 150 136.5 50 35.7 35.0 40 34.0 28.7 100 8.1 26..5 28 2 25.2 2 30 24.7 21.0 20 50 11.2 9.5 8.2 8.7 8.6 8.2 7.8 7.5
Slide 60: Hong Kong
Hong Kong Financial Half Year Comparison Results Total Revenue $HKm $HKm Revenue Breakdown 500 350 441.1 450 300.3 300 400 350 250 300 200 177.6 176.8 250 235.4 227.1 161.4 212.2 150 140.7 195.9 192.4 200 126.0 123.4 109 4 109.4 103.5 150 100 100 50.8 50 50 18.3 15.6 0 0 Register Maintenance Corpora
Slide 61: India
India Financial Half Year Comparison Results Revenue Breakdown INRm 2.3 622 Total Revenue 650 INRm 600 1200 538.4 1,060.0 550 502.7 1000 500 450 836.1 834.4 381.2 812.2 800 400 317..4 309.8 8 350 287.0 582.2 276.9 270.6 261.8 257.9 600 300 533.2 216.3 250 9.8 179 400 200 121.2 150 200 100 46.3 33.4
Slide 62: New Zealand
New Zealand Financial Half Year Comparison Results $NZm Total Revenue $NZm Revenue Breakdown 10 8.6 8 8.4 8.1 8.1 7.0 8 7.5 6.3 6.4 6.4 6.9 6.1 5.9 6 6 4 4 2.0 2 1.8 1.7 2 1.6 1.4 1.0 0 0 1H07 2H07 1H08 2H08 1H09 2H09 Register Maintenance Corporate Actions 1H07 2H07 1H08 2H08 1H09 2H09 62
Slide 63: Appendix 2: Country Summaries – North America
Appendix 2: Country Summaries Financial Results North America 63
Slide 64: United States
United States Financial Half Year Comparison Results $USm Total Revenue Revenue Breakdown $USm 299.4 296 7 296.7 300 200 280.9 277.1 263.2 157.2 250 9.4 231.7 149 150 136.7 133.7 128.1 125.7 200 150 100 66.2 61.2 100 45.5 45.4 44.4 42.6 38.4 50 32.9 30.5 33.1 28.8 27.9 25.9 24.9 21.6 21.3 20.9 20.8
Slide 65: Canada
Canada Financial Half Year Comparison Results $CAm 130 Total Revenue $CAm Revenue Breakdown 120 116.1 90 114.6 81.8 108.5 110 76.4 76.4 76.0 104.1 80 74.7 102.6 96.2 100 70 63.6 90 80 60 70 50 60 40 50 27.5 40 30 24.1 21.4 30 17.4 20 14.5 14.4 20 7.9 7.6 7.2 7.1 6.7 6.6 10 5.1 10 4.1 3.2 2.9 2.6 2.1
Slide 66: Appendix 2: Country Summaries – EMEA
Appendix 2: Country Summaries Financial Results EMEA 66
Slide 67: United Kingdom
United Kingdom Financial Half Year Comparison Results GBP GBPm GBPm Total Revenue Revenue Breakdown 50 100 96.4 45.0 90 86.5 37..7 80 40 34.0 33.6 32.5 70 30.4 29.7 29.6 57.1 30 60 53.7 55.5 50.4 50 40 20 11.8 30 0.6 10.4 10.4 10.3 1 10 9.4 9.3 9.8 8.2 20 10 4.7 4.0 10 2.7 2.4 2.7 2.1 1.8 1.8 1.8 1.
Slide 68: Ireland
Ireland Financial Half Year Comparison Results Total Revenue EURm EURm Revenue Breakdown 6 4 3.4 4.9 3.2 4.5 3.0 3.0 4.4 2.9 4.5 4.2 3 4.1 2.7 3.4 3 2 1.3 1 0.8 1.5 0.7 0.7 0.7 0.5 0.5 0.5 0.4 0.2 2 0.2 2 0.1 0.1 0.1 0 0 Register Maintenance Corporate Actions Funds Services Technology & Other 1H07 2
Slide 69: Germany
Germany Financial Half Year Comparison Results EURm Total Revenue EURm Re e e Breakdown Revenue B e kdo 11.6 6 12 35 31.2 11 10.1 9.8 30 10 8.6 26.3 9 8.2 24.8 25 7.7 8 7.4 7.2 7.0 6.8 19.3 7 20 19 17.4 5.7 5.7 6 5.5 5.2 5.2 5.0 15 5 4.1 3.6 4 3.4 4 3 10 2.9 3 1.8 5 2 0.8 0..7 0.6 6 0 1 5 0.5 5 0.5
Slide 70: South Africa
South Africa Financial Half Year Comparison Results ZARm Total Revenue R Revenue B kd Breakdown 160 ZARm 120 112.8 140 136.1 107.9 110 102.3 100.5 123 4 123.4 100 120 115.2 113.1 90 87.6 99.7 81.5 100 87.7 80 70 80 60 50 60 40 40 30 23.3 20 15.5 20 12.1 12.9 12.6 10 6.3 0 0 1H07 2H07 1H08 2H08 1H09
Slide 71: Russia
Russia Financial Half Year Comparison Results Total Revenue RUBm Revenue Breakdown RUBm 292.9 300 300 284.5 272.6 277.4 255.6 247.7 250 250 200 200 179.8 179.8 150 128.5 150 128.5 103.0 03 0 102 8 102.8 100 100 50 50 36.8 17.0 15.6 0.3 0 0 1H07 2H07 1H08 2H08 1H09 2H09 Register Maintenance Corporate
Slide 72: Appendix 3: Assumptions
Appendix 3: Assumptions Financial Results Assumptions 72
Slide 73: Assumptions: Exchange Rates
Assumptions: Exchange Rates Financial Results Average exchange rates used to translate profit and loss to US dollars USD 1.00000 AUD 1.31946 HKD 7.76874 NZD 1.62827 INR 47.0214 CAD 1.14155 GBP 0 61234 0.61234 EUR 0.71780 ZAR 8.77224 RUB 28.6471 AED 3.67288 73