Computershare Limited · ASX:CPU
Computershare — FY2012 Earnings Presentation
70 slides from Computershare's earnings presentation, Aug 8, 2012
Slide 1: Full Year Results 2012 Presentation
Computershare Limited Full Year Results 2012 Presentation Stuart Crosby Peter Barker 8 August 2012
Slide 2: CEO's Introduction and Financial Results 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 FY 2012 Vs FY 2011 Management adjusted results are used, along with Earnings per share (post NCI) 28.16 cents (40.8%) other measures, to assess operating business performance. The Company believes that exclusion of Total Revenues $1,840.8m 13.7% certain
Slide 5: Results Summary – Management Adjusted Results
Results Summary Introduction Management Adjusted Results FY 2012 @ FY 2011 FY 2012 FY 2011 v FY 2011 exchange rates Management Earnings per share (post NCI) US 49.09 cents US 55.67 cents Down 11.8% US 48.68 cents Total Revenue $1,818.7 $1,618.6 Up 12.4% $1,798.1 Operating Costs $1,360.1 $1,125.4 Up
Slide 6: Drivers Behind FY 2012 Financial Performance
Drivers Behind FY 2012 Financial Performance Introduction › Revenue in transactional business lines, especially corporate actions, continues to decline. Corporate actions revenues now lower than any year since 2004, which was pre Equiserve. Proxy solicitation (corporate and mutual fund) also sufferi
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 › We do not expect material improvement to the current difficult operating environment for our market-related businesses. However, we do expect continued strong contributions from recent acquisitions. › Looking to FY 2013 and having regard to the current equity, foreign exchang
Slide 9: CEO's Introduction and Financial Results 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 FY 2012 FY 2011 2H 2012 1H 2012 2H 2011 1H 2011 to FY 2011 Sales Revenue $1,802.6 $1,598.9 12.7% $1,030.6 $772.0 $826.2 $772.7 Interest & Other Income $16.1 $19.7 (18.2%) $6.7 $9.4 $11.4 $8.3 Total Revenue $1,818.7 $1,618.6 12.4% $1,037.3 $781
Slide 12: Management EPS
Management EPS Financial Results 70 60 57.80 55.67 52.11 49.09 50 40 US Cents 31.38 28.71 30 26.14 25.97 26.42 26.96 26.00 23.09 20 10 0 2009 2010 2011 2012 1H 2H FY 12
Slide 13: FY 2012 Management NPAT Analysis
FY 2012 Management NPAT Analysis Financial Results 320 310 0.2 1.7 10.5 300 12.2 290 USD M 14.0 13.8 15.7 280 309.3 1.0 0.9 1.6 1.6 270 274.5 272.8 260 271.2 250 FY11 NPAT EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - Tax Interest Dep'n & NCI FY12 NPAT USA Canada ANZ UCIA ASIA CEU T
Slide 14: Revenue & Management EBITDA
Revenue & Management EBITDA Financial Results Half Year Comparisons 1,200 60% 1,037.3 1,000 50% 837.6 807.5 812.1 Revenue & EBITDA USD M 783.0 781.0 781.4 800 40% Operating Margin % 728.7 32.5% 34.0% 31.5% 30.5% 29.6% 600 29.1% 30% 27.1% 23.9% 400 20% 274.8 247.6 211.5 247.5 238.6 236.9 236.1 246.0
Slide 15: Revenue – Impact of Major FY 2012 Acquisitions
Revenue – Impact of Major FY 2012 Acquisitions Financial Results 1,100 1,037.3 1,000 127.0 900 66.8 35.6 USD M 800 781.4 8.5 19.7 700 837.6 807.5 812.1 807.9 781.0 753.3 600 500 1H10 2H10 1H11 2H11 1H12 2H12 CPU Legacy Serviceworks SLS Shareowner Services 15
Slide 16: Revenue Breakdown
Revenue Breakdown Financial Results FY 2012 Revenue Stream FY 2012 FY 2011 variance to 2H 2012 1H 2012 2H 2011 1H 2011 FY 2011 Register Maintenance $774.8 $698.5 10.9% $440.6 $334.2 $367.7 $330.8 Corporate Actions $156.1 $179.5 (13.0%) $88.7 $67.4 $82.7 $96.8 Business Services $383.0 $266.1 43.9% $2
Slide 17: Revenue & Management EBITDA – Regional Analysis
Half Year Comparisons 2012 & 2011 Financial Results Revenue & Management EBITDA – Regional Analysis Revenue Breakdown EBITDA Breakdown 1,200 300 1,037.3 246.0 247.6 247.5 1,000 110.5 250 837.6 48.4 52.2 211.5 50.8 781.0 781.4 800 111.7 200 94.5 99.4 53.6 452.5 66.2 USD M USD M 69.1 600 266.4 150 90.
Slide 18: Margin Income Analysis
Margin Income Analysis Financial Results 200 16 180 15.4 14 12.1 160 11.2 12 140 9.2 117.4 10 120 8.2 8.8 USD Million 86.4 USD Billion 100 87.0 89.0 8 83.9 84.5 74.5 77.5 80 6.4 7.2 6 60 4 40 2 20 0 0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 Margin Income Average balances Average Market Interest rate
Slide 19: FY 2012 Client Balances – Interest Rate Exposure
FY 2012 Client Balances – Financial Results Interest Rate Exposure Average funds (USD 13.7b) held CPU had an average of USD13.7b of during FY 2012 client funds under management during FY 2012. Exposure to For 33% ($4.5b) of the FY 2012 interest rates average client funds under 33% ($4.5b) management
Slide 20: Client Balances – Interest Rate Exposure and Currency
FY 2012 Client Balances – Financial Results Interest Rate Exposure and Currency “Exposed Funds” by Currency (FY 2012 Average Balances) Total Exposed Funds Non-hedged Exposed (both hedged and non-hedged) Funds Other AUD 2% ($0.2b) AUD 4% ($0.4b) Other CAD 3% ($0.1b) 9% ($0.4b) 17% ($1.6b) CAD 24% ($1
Slide 21: Client Balances – Forward view of Hedges
Client Balances – Forward view of Hedges Financial Results Fixed Rate Deposits and Derivatives in place at 30 June 2012 4,500 Synthetic Hedging (fixed rate deposits) Synthetic Hedging (derivatives) 4,000 3,500 3,000 USD M Total Hedges 2,500 2,000 1,500 1,000 500 0 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16
Slide 22: Total Management Operating Costs
Total Management Operating Costs Financial Results Half Year Comparisons 900 790.2 800 700 196.8 575.7 590.4 600 569.9 544.1 535.6 535.1 491.8 142.8 USD M 500 148.6 154.2 132.0 137.4 138.8 139.6 141.2 23.1 400 300 427.1 436.2 450.6 200 406.7 396.8 395.4 414.8 350.6 100 0 1H09 2H09 1H10 2H10 1H11 2H1
Slide 23: Management Operating Costs
Management Operating Costs Financial Half Year Comparisons Results 365.9 400 350 293.4 290.4 283.7 263.7 300 256.1 250 196.8 USD M 200 154.2 148.6 139.6 138.8 132.0 122.6 150 89.9 81.8 80.7 80.0 79.3 100 60.6 44.3 36.9 34.8 34.6 33.9 30.3 28.9 26.8 24.6 22.7 20.7 50 0 Cost of Sales Personnel Occupan
Slide 24: Technology Costs
Technology Costs Financial Results Continued Investment to Maintain Strategic Advantage 11.8% 140 11.5% 12% 10.7% 122.6 10.3% 10.0% 10.1% 120 9.9% 7.2 9.5% 10% Technology costs as a % of revenue 100 89.9 45.9 8% 82.7 81.8 80.7 2.9 80.0 79.3 USD M 80 4.4 3.4 4.1 71.1 3.9 2.7 2.3 30.5 6% 18.5 19.0 19.
Slide 25: Free Cash Flows
Free Cash Flows Financial Results 250 206.7 207.7 200 188.2 181.6 171.2 159.9 148.4 146.4 150 USD M 100 49.7 * 50 30.1 12.6 10.3 15.4 10.0 7.3 8.0 0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 Operating Cash Flows Cash outlay on Capital Expenditure * US$49.7m includes acquisition of Land and Buildings i
Slide 26: FY 2012 Operating Cash Flows Analysis
FY 2012 Operating Cash Flows Analysis Financial Results 450 400 350 300 6.6 54.0 109.2 250 76.7 USD M 200 319.6 334.6 150 100 50 0 Net Operating Cash Net Profit after Tax Non-Cash P&L Decrease in Assets Increase in Net Operating Cash Flow FY11 Items Payables, Flow FY12 Provisions & Tax 26
Slide 27: Balance Sheet as at 30 June 2012
Balance Sheet as at 30 June 2012 Financial Results Jun-12 Jun-11 Variance See ASX Appendix 4E as at 30 June 2012 for full details. USD M USD M Jun-12 to Jun-11 FY12 acquisitions impact most balance sheet lines – but Current Assets $956.6 $733.9 30.3% particularly: a) Working Capital (mainly SLS’ Non
Slide 28: Key Financial Ratios
Key Financial Ratios Financial Results EBITDA Interest Coverage Net Financial Indebtedness to EBITDA* 25 3.5 3.0 20 2.5 15 2.0 Times Times 22.1 22.3 1.5 2.92 10 2.86 17.0 15.1 1.0 13.3 13.2 1.72 1.67 5 10.4 9.5 1.42 1.40 1.42 1.35 0.5 0 0.0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 1H09 2H09 1H10 2H10
Slide 29: Debt Facility Maturity Profile
Debt Facility Maturity Profile Financial Results Maturity Dates Private USD M Debt Committed Bank Placement Drawn Debt Facilities Debt Facility Facility FY14 Oct-13 250.0m 250.0m 250.0m FY15 Mar-15 124.5m 124.5m 124.5m FY16 Oct-15 297.8m 300.0m 300.0m FY17 Oct-16 128.8m 250.0m 250.0m 600 Mar-17 21.0
Slide 30: Capital Expenditure vs. Depreciation
Capital Expenditure vs. Depreciation Financial Results 49.7 50 3.0 44.2 45 3.0 40 37.8 0.9 35 30 USD M 35.9 30.0 24.3 25 23.5 23.7 1.8 3.2 20 2.5 3.9 12.6 4.6 15 10.3 0.5 2.1 0.2 0.8 8.7 10 3.0 1.7 0.7 1.9 1.2 17.2 2.0 14.6 1.0 11.1 5 8.2 9.2 10.4 1.0 7.2 4.7 0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H1
Slide 31: Working Capital Management
Working Capital Management Financial Results Days sales outstanding 45 43 42 41 41 40 40 40 38 38 35 30 No. Of Days 25 20 15 10 5 0 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12 31
Slide 32: Return On Invested Capital vs. WACC and Return on Equity
Return On Invested Capital vs. WACC and Financial Results Return on Equity 40% 36.10% 35% 31.44% 30% 26.93% 25% 22.34% 20% 17.98% 17.36% 16.94% 15% 13.57% 10% 10.57% 10.41% 9.83% 8.61% 5% 0% FY09 FY10 FY11 FY12 WACC ROIC ROE The FY12 ROIC calculation includes a full year proforma for Serviceworks, S
Slide 33: Equity Management – Final Dividend
Equity Management Financial Final Dividend of 14 cents (AU) Results EPS - Statutory US 28.16 cents EPS - Management US 49.09 cents Interim Dividend AU 14 cents (60% franked) Final Dividend AU 14 cents (60% franked) Current Yield* 3.6% * Based on 12 month dividend and share price of AU$ 7.69 (close 2
Slide 34: Financial Summary – Final Remarks
Financial Summary – Final Remarks Financial Results › Difficult trading environment across most business lines is impacting top line revenues and margins. › However, ongoing disciplined expense and capital expenditure management continue to drive solid results and strong free cash flow, and position
Slide 35: CEO's Introduction and Financial Results Report
Financial CEO’s Introduction Results Report 35
Slide 36: CEO's Report – Stuart Crosby
CEO’s Report Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER CEO PRESENTATION
Slide 37: 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 38: Delivery against strategy
Delivery against strategy CEO’s Report Delivering on the first 2 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. The step-change opportunity from looking at the Share
Slide 39: Other priorities
Other priorities CEO’s Report › The volume of cross border deals continues to defy otherwise low transaction volumes. A number of issuers are following or looking to follow the lead of AON in making non-US native securities available within DTCC without a traditional depository wrapper. Our domain k
Slide 40: Acquisitions update – Shareowner Services
Acquisitions update – Shareowner Services CEO’s Report › While revenues have been softer than expected (as with our other US, and indeed many other global, investor services assets), that has been partly offset by synergies being realised more quickly than expected. › Data and system migrations are
Slide 41: Shareowner Services – tracking synergies
Shareowner Services – tracking synergies (USD M) CEO’s Report Synergies – expected timing FY12 FY13 FY14 FY15 Said we expected 2.5 25.0 35.0 10.0 Cumulative expected 27.5 62.5 72.5 Synergies – actual progress FY12 FY13 FY14 FY15 Delivered 9.3 Now expected 25.0 35.0 5.0 Cumulative expected 34.3 69.3
Slide 42: Acquisitions update – SLS and Serviceworks
Acquisitions update – SLS and Serviceworks CEO’s Report › In both cases, there were significant client wins and on-boardings immediately around the acquisitions closing, resulting in top-line growth significantly higher than expected. › In both cases, this accelerated the need for decisions on premi
Slide 43: USA Update
USA Update CEO’s Report › Shareowner Services integration and migration, and SLS on-boarding, continue to dominate management agenda. › Service levels, quality and survey scores remain excellent across all businesses. › Winning new employee plans and transfer agency clients (e.g. Northeast Utilities
Slide 44: Canada Update
Canada Update CEO’s Report › Continued excellent quality, client and shareholder satisfaction and service levels. › No material client losses across all business lines. › Register maintenance revenues holding up well in a difficult environment. › Winning our share of limited IPO activity. › Corporat
Slide 45: UCIA Update
UCIA Update CEO’s Report › Registry business voted top again in independent Capital Anaytics survey of FTSE 350 companies – 5th year in a row. › All components of the Plans business (onshore, offshore and global plans) continue to perform well and in particular generate significant transactional rev
Slide 46: Continental Europe Update
Continental Europe Update CEO’s Report › Flat or shrinking markets in most of CEU region and outlook poor. But, Italy and Spain are generating activity in EGMs and rights and bond issues. › Strong performances by Servizio Titoli and Georgeson corporate proxy in Italy. Both entities had record years.
Slide 47: Asia Update
Asia Update CEO’s Report › The HK IPO pipeline is still stalled. A few issues have got away but many more were deferred and retail demand (our revenue driver) remains very subdued. We expect many of the deferred IPOs to re-emerge as conditions permit. › Corporate action activity has also been subdue
Slide 48: Australia & New Zealand Update
Australia & New Zealand Update CEO’s Report › Our quality and service levels remain excellent across all our businesses. › Our Investor Services businesses in Australia and NZ maintained their market leading positions, but both suffered from the subdued corporate actions market. › The Communication
Slide 49: Full Year Results 2012 Presentation
Computershare Limited Full Year Results 2012 Presentation Stuart Crosby Peter Barker 8 August 2012
Slide 50: Appendix
Appendix: Full Year Results 2012 Presentation 8 August 2012 50
Slide 51: Appendix 1: Group Comparisons
Appendix 1: Group Comparisons Group Comparisons 51
Slide 52: CPU Revenues Half Year Comparisons
CPU Revenues Financial Results Half Year Comparisons 100% 3% 3% 2% 4% 4% 3% 9% 10% 10% 11% 10% 12% 90% 6% 11% 9% 9% 10% 80% 11% 10% 5% 10% 5% 7% 4% 70% 17% 17% 16% 23% 60% 19% 17% 50% 12% 10% 14% 9% 9% 9% 40% 30% 42% 42% 44% 43% 42% 20% 39% 10% 0% 1H10 2H10 1H11 2H11 1H12 2H12 Register Maintenance C
Slide 53: Revenue by Product
Revenue by Product Financial Results Half Year Comparisons - Impact of major FY 2012 acquisitions Serviceworks, Shareowner Services, SLS Serviceworks 19.7 Serviceworks 35.6 revenues INCLUDED in the total revenue SLS 8.5 SLS 66.8 of $781.4M in 1H12 and $1,037.4M in 2H12 Shareowner Services 127.0 1,20
Slide 54: FY 2012 Revenue Regional Analysis
FY 2012 Revenue Financial Results Regional Analysis 400 327.6 350 300 250 200 USD M 152.0 145.8 137.5 150 106.0 103.4 84.9 75.3 100 65.9 63.1 58.5 56.6 53.9 53.8 44.9 37.3 27.4 25.5 23.4 50 20.2 16.4 16.3 16.2 15.7 13.0 11.0 7.5 7.4 6.6 6.1 5.2 4.8 4.3 4.3 4.0 3.8 3.4 3.2 2.7 2.3 1.1 0.0 0 Register
Slide 55: Revenue Half Year Comparisons
Revenue Financial Results Half Year Comparisons 500 440.6 450 367.7 400 342.9 334.2 330.8 317.3 350 300 234.7 USD M 250 200 148.3 139.8 136.5 134.9 131.2 112.3 112.2 150 96.8 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 49.6 39.5 34.6 28.8 28.8 24.1 2
Slide 56: Effective Tax Rate - Statutory & Management
Effective Tax Rate - Statutory & Management Financial Results 29% 28.3% 28% 27.8% 27.5% 27.0% 27% 26.6% 26.4% 26.3% 26% 25.6% Tax Rate % 25.1% 25% 24.0% 24% 23% 22% 21% FY08 FY09 FY10 FY11 FY12 Statutory Management 56
Slide 57: Appendix 2: Country Summaries
Appendix 2: Country Summaries Country Summaries 57
Slide 58: Australia Half Year Comparison
Australia Financial Half Year Comparison Results Total Revenue Revenue Breakdown 250 90 80.0 217.3 74.7 73.5 80 198.1 73.1 72.4 192.6 70.9 187.9 67.8 200 63.9 70 167.4 165.2 61.6 59.9 56.5 60 54.4 150 45.8 50 AUD M AUD M 35.3 40 100 24.2 30 21.5 20.4 19.3 17.2 16.3 50 20 12.6 11.8 10.0 9.6 9.4 9.1 8
Slide 59: New Zealand Half Year Comparison
New Zealand Financial Half Year Comparison Results Total Revenue Revenue Breakdown 9 7 8.3 8.0 5.8 7.5 8 5.8 7.4 5.7 6 5.6 7.2 5.5 5.2 7 6.4 5 6 4 NZD M NZD M 5 4 3 2.3 2.0 3 2.0 1.8 2 1.5 2 0.9 1 1 0.3 0.2 0.1 0.1 0.1 0 0 Register Maintenance Corporate Actions Business Services 1H10 2H10 1H11 2H11
Slide 60: Hong Kong Half Year Comparison
Hong Kong Financial Half Year Comparison Results Total Revenue Revenue Breakdown 400 200 172.0 327.6 180 159.3 157.7 350 155.1 153.8 151.5 297.0 147.9 160 135.3 300 253.9 140 234.1 226.8 250 210.3 120 HKD M HKD M 200 100 72.5 80 62.4 150 52.2 46.2 60 100 40 16.1 16.0 14.5 50 20 7.1 5.6 4.4 4.2 3.8 3
Slide 61: India Half Year Comparison
India Financial Half Year Comparison Results Total Revenue Revenue Breakdown 1,000 1,134.2 1,101.7 1,074.4 1,060.1 1,200 900 1,018.5 798.4 771.6 998.0 714.2 800 687.8 1,000 660.0 632.5 700 INR M INR M 800 600 500 600 356.1 330.6 400 301.6 290.5 278.7 400 300 235.3 135.2 200 69.8 200 61.0 29.9 100 26
Slide 62: United States Half Year Comparison
United States Financial Half Year Comparison Results Total Revenue Revenue Breakdown 500 452.5 250 215.1 450 400 200 312.2 350 297.1 138.8 135.8 266.4 258.3 300 150 126.4 USD M USD M 117.4 112.5 112.0 217.7 250 200 100 65.8 65.4 150 58.3 51.4 48.1 45.2 40.0 39.8 37.8 34.4 100 50 31.6 23.3 22.7 22.3
Slide 63: Canada Half Year Comparison
Canada Financial Half Year Comparison Results Total Revenue Revenue Breakdown 60 110.2 109.5 109.0 120 48.3 98.6 97.7 46.7 94.3 45.9 50 100 38.3 38.1 37.8 37.0 36.8 36.3 36.1 36.1 40 80 32.0 CAD M CAD M 60 30 40 20 14.0 13.0 12.6 12.3 12.2 11.0 8.6 8.5 8.0 7.6 7.2 7.2 20 10 2.3 2.2 2.1 2.0 1.9 1.8 1
Slide 64: 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 77.7 76.1 33.6 73.5 80 35 67.4 28.7 70 27.0 30 26.1 24.3 24.2 60 23.2 25 21.4 21.0 20.7 20.6 20.2 19.9 GBP M GBP M 19.7 19.6 50 19.2 17.2 20 40 15 30 9.6 9.0 10 20 7.1 5.8 3.5 5 2.
Slide 65: 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 5 4.5 4.4 3 4.2 4 3 EUR M EUR M 3 2 2 1.3 1.2 2 1.1 1.0 0.8 1 0.8 0.8 0.7 0.7 1 1 0.3 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0 0 Register Corporate Actions Employee Share Tech & Other Ma
Slide 66: South Africa Half Year Comparison
South Africa Financial Half Year Comparison Results Total Revenue Revenue Breakdown 140 160 123.6 118.4 138.0 117.7 132.6 113.5 130.3 111.5 109.9 127.7 125.7 140 120 123.5 120 100 100 80 ZAR M ZAR M 80 60 60 40 40 20 20 9.4 9.1 9.0 7.8 7.5 7.2 6.3 3.8 3.3 2.6 2.6 2.5 2.4 2.4 2.3 2.3 0.7 0.5 0.5 0.4
Slide 67: 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 20 8 7.0 16.8 16.3 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 10 4 3.0 2.4 2.2 2.2 2.1 1.7 1.7 1.4 1.4 1.4 5 2 1.3 1.2 1.2 1.0 0.8 0.5 0.4 0.3 0.3 0.2 0.2 0
Slide 68: Russia Half Year Comparison
Russia Financial Half Year Comparison Results Total Revenue Revenue Breakdown 418.5 450 450 402.1 393.5 371.3 363.4 400 400 340.1 312.1 350 350 293.2 300 300 RUB M RUB M 250 250 182.1 175.3 200 200 135.3 129.2 150 150 100 100 26.8 25.0 23.3 17.7 50 50 6.8 6.2 4.0 1.2 0.0 0.0 0 0 Register Maintenance
Slide 69: Appendix 3: Assumptions
Appendix 3: Assumptions Financial Results Assumptions 69
Slide 70: Assumptions: Exchange Rates
Assumptions: Exchange Rates Financial Results Average exchange rates used to translate profit and loss to US dollars USD 1.0000 AUD 0.9608 HKD 7.7739 NZD 1.2347 INR 49.6066 CAD 0.9979 GBP 0.6288 EUR 0.7381 RAND 7.6629 RUB 29.9949 AED 3.6730 DKK 5.4915 SEK 6.6521 70