Computershare Limited · ASX:CPU
Computershare — H1 2014 Earnings Presentation
73 slides from Computershare's earnings presentation, Feb 12, 2014
Slide 1: Financial Results for the Half Year Ended 31 December 2013
COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2013 12 February 2014 NOTE: All figures (including comparatives) are presented in US Dollars unless otherwise stated. The non-IFRS financial information contained within this document has not been reviewed or audit
Slide 2: Market Announcement
MARKET ANNOUNCEMENT Melbourne, 12 February 2014 – Computershare Limited (ASX:CPU) today reported Statutory Basic Earnings per Share (eps) of 25.07 cents for the six months ended 31 December 2013, an increase of 47.3% on the prior corresponding period (pcp – being the six months ended 31 December 201
Slide 3: Reconciliation of Statutory Results to Management Results
MARKET ANNOUNCEMENT Reconciliation of Statutory Results to Management Results HY14 USD 000’s Net profit after tax per Statutory Results 139,436 Management Adjustments (after tax) Amortisation Intangible assets amortisation 30,362 Strategic business initiatives Adjustment to disposal accounting (2,59
Slide 4: Commentary (based on Management Adjusted results)
MARKET ANNOUNCEMENT Commentary (based on Management Adjusted results) Computershare delivered Management Earnings per Share of 29.41 cents, up 9.5% on the 1H13 result. Revenues in 1H14 were 1.1% lower at $976.9 million. Management EBITDA was $267.0 million, up 10.6% on pcp whilst Management NPAT ros
Slide 5: Statutory & Management EPS and Regional Summary
MARKET ANNOUNCEMENT Below is a summary of Statutory and Management eps performance since 1H11: Statutory & Management eps 40.0 35.0 Cents per share 30.0 25.0 20.0 15.0 10.0 5.0 0.0 1H11 2H11 1H12 2H12 1H13 2H13 1H14 Statutory US cents Management US cents Regional Summary Australia and New Zealand Re
Slide 6: Canada and Dividend
MARKET ANNOUNCEMENT Canada Canadian revenues were 6.5% down on pcp at $90.2 million and EBITDA fell 10.4% to $36.8 million. Reduced maintenance fees and corporate actions revenue in the registry business as well as market driven reductions in the communication services and corporate proxy businesses
Slide 7: Outlook for Financial Year 2014
MARKET ANNOUNCEMENT Technology Costs Total technology spend for 1H14 was $117.8 million, 9.0% lower than 1H13. Technology costs included $34.4 million (1H13:$31.2 million) in research and development expenditure, which was expensed during the period. The technology cost to total operating revenue ra
Slide 8: Half Year Results 2014 Presentation
Computershare Limited Half Year Results 2014 Presentation Stuart Crosby Mark Davis 12 February 2014 V1DIS
Slide 9: Introduction
Financial CEO’s Introduction Results Report 2
Slide 10: Stuart Crosby
Introduction Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER V1DIS
Slide 11: Results Summary - Statutory Results
Results Summary Statutory Results Introduction 1H14 Vs 2H13 Vs 1H13 (pcp) Earnings per share (post NCI) 25.07 cents Up 123.2% Up 47.3% Management results are used, along with other measures, to assess operating business performance. The Company Total Revenues $981.5m Down 7.3% Down 0.6% believes tha
Slide 12: Results Summary - Management Results
Results Summary Management Results Introduction 1H 2014 @ 1H 2013 1H 2014 2H 2013 v 2H 2013 1H 2013 v 1H 2013 exchange rates US 29.41 US 27.98 US 26.87 US 30.36 Management Earnings per share (post NCI) cents cents Up 5.1% cents Up 9.5% cents Total Operating Revenue $976.9 $1,037.5 Down 5.8% $987.6 D
Slide 13: Drivers Behind 1H14 Financial Performance
Drivers Behind 1H14 Financial Performance Introduction › Register maintenance revenues continue to be a little soft due to active competition in key markets and shareholder attrition, although the reported effect is exacerbated by the stronger US dollar reducing the roll up of non-US revenues. We ar
Slide 14: 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 15: Management Succession
Management Succession Introduction › Stuart Crosby is stepping down as President and CEO effective 30 June 2014. › He will be succeeded by current CIO and long term employee Stuart Irving. › Detail of Stuart Irving’s background and new employment arrangements are provided in the separate announcemen
Slide 16: Guidance
Guidance Introduction › Having considered the year to date results and expectations for the balance of FY14, the Company is anticipating Management EPS for the full year FY14 to be between 5% and 10% higher than in FY13. › This assessment of the outlook assumes that equity, foreign exchange and inte
Slide 17: Financial Results
Financial CEO’s Introduction Results Report 10
Slide 18: Mark Davis
Financial Results Mark Davis CHIEF FINANCIAL OFFICER V1DIS
Slide 19: Group Financial Performance
Group Financial Performance Financial Results % variance to % variance to 1H 2014 2H 2013 1H 2013 2H 2013 1H 2013 Sales Revenue $971.1 $1,041.1 (6.7%) $974.7 (0.4%) Interest & Other Income $5.8 ($3.5) 265.7% $12.9 (55.0%) Total Management Revenue $976.9 $1,037.5 (5.8%) $987.6 (1.1%) Operating Costs
Slide 20: Management EPS
Management EPS Financial Results 60 55.67 54.85 49.09 50 40 28.71 29.41 30 27.98 US Cents 26.96 26.00 26.87 23.09 20 10 0 2011 2012 2013 2014 1H 2H FY 13
Slide 21: 1H14 Management NPAT Analysis
1H14 Management NPAT Analysis Financial Results 190 180 4.3 7.4 1.2 2.3 3.2 3.5 170 33.4 16.2 0.3 3.3 160 USD M 1.3 150 163.6 140 149.3 130 1H13 EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - EBITDA - Tax Interest Dep'n & NCI 1H14 NPAT USA Canada ANZ UCIA ASIA CEU Tech & Expense Expense Amort
Slide 22: Management Revenue & EBITDA
Management Revenue & EBITDA Half Year Comparisons Financial Results 1,200 60% 1,037.3 1,037.5 987.6 976.9 1,000 50% 837.6 781.0 781.4 Revenue & EBITDA USD M 800 40% EBITDA Margin % 31.5% 29.6% 600 30% 27.1% 25.9% 27.3% 23.9% 24.4% 400 20% 268.4 267.0 246.0 247.6 247.5 241.4 211.5 200 10% 0 0% 1H11 2
Slide 23: Management Revenue Breakdown
Management Revenue Breakdown Financial Results % variance to % variance to Revenue Stream 1H 2014 2H 2013 1H 2013 2H 2013 1H 2013 Register Maintenance $389.5 $429.4 (9.3%) $394.7 (1.3%) Corporate Actions $77.2 $76.6 0.8% $92.8 (16.8%) Business Services $246.9 $247.3 (0.2%) $241.8 2.1% Stakeholder Re
Slide 24: Management Revenue & EBITDA – Regional Analysis
Management Revenue & EBITDA – Regional Analysis Half Year Comparisons Financial Results Revenue Breakdown EBITDA Breakdown 1,200 300 268.4 267.0 1,037.3 1,037.5 987.6 976.9 246.0 247.6 247.5 1,000 250 241.4 110.5 102.2 44.3 43.5 97.0 90.0 837.6 48.4 52.2 211.5 50.8 45.1 781.0 781.4 800 111.7 200 94.
Slide 25: Margin Income Analysis
Margin Income Analysis Financial Results 250 18 16.7 15.4 16 14.4 200 13.6 14 12.1 11.2 12 150 USD Billion 9.2 10 USD Million 117.4 120.0 104.9 105.8 8 100 87.0 89.0 84.5 6 4 50 2 0 0 1H11 2H11 1H12 2H12 1H13 2H13 1H14 Margin Income Average balances AVERAGE MARKET INTEREST RATES * 1H11 2H11 1H12 2H1
Slide 26: 1H14 Client Balances Interest Rate Exposure
1H14 Client Balances Interest Rate Exposure Financial Results Average funds (USD 14.4b) held during 1H14 CPU had an average of USD14.4b of client funds under management during 1H14. No exposure 23% ($3.4b) For 23% ($3.4b) of the 1H14 average client Exposure to funds under management, CPU had no inte
Slide 27: Client Balances Interest Rate Exposure and Currency
1H14 Client Balances Interest Rate Exposure and Currency Financial Results “Exposed Funds” by Currency (1H14 Average Balances) Total Exposed Funds Non-hedged Exposed (both hedged and non-hedged) Funds Other AUD Other AUD 4% ($0.5b) 2% ($0.3b) 5% ($0.3b) 4% ($0.2b) CAD 18% ($2.0b) CAD 30% ($2.0b) USD
Slide 28: Client Balances Fixed and Floating Rate Deposits
Client Balances Fixed and Floating Rate Deposits in place Financial Results 7,000 Floating Rate Deposits Fixed Rate Deposits 6,000 5,000 USD M 4,000 3,000 2,000 1,000 0 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Policy: Minimum hedge of 25% / Maximum hedge of 100% Minimum term 1 year / Maximum term 5 years
Slide 29: Total Management Operating Costs
Total Management Operating Costs Half Year Comparisons Financial Results 900 790.2 800 768.9 746.3 709.2 700 196.8 168.3 196.2 590.4 164.9 600 569.9 535.1 500 154.2 132.0 USD M 139.6 400 300 593.4 577.9 572.7 544.3 436.2 437.9 200 395.4 100 0 1H11 2H11 1H12 2H12 1H13 2H13 1H14 Controllable Costs (ex
Slide 30: Management Operating Costs
Management Operating Costs Half Year Comparisons Financial Results 450 373.2 365.9 361.6 352.1 400 350 293.4 290.4 256.1 300 USD M 250 196.8 196.2 168.3 164.9 154.2 200 139.6 132.0 131.9 129.4 122.6 117.8 150 89.9 80.7 79.3 100 60.6 47.7 44.3 39.2 37.4 37.3 37.1 36.9 34.6 33.9 30.3 28.9 24.6 20.7 50
Slide 31: Technology Costs
Technology Costs Continued Investment to Maintain Strategic Advantage Financial Results 180 14% 13.1% 12.7% Technology costs as a % of operating revenue 160 11.8% 12.1% 11.5% 12% 140 10.3% 131.9 129.4 9.5% 122.6 6.2 10% 5.7 117.8 120 7.2 8.9 32.4 100 44.2 8% 89.9 USD M 45.8 30.2 80.7 79.3 2.9 80 4.1
Slide 32: Free Cash Flow
Free Cash Flow Financial Results 250 200.8 200 188.2 191.9 171.2 148.4 146.4 150 133.3 USD M 100 50 30.1 23.6 20.2 15.4 8.0 10.0 6.3 0 1H11 2H11 1H12 2H12 1H13 2H13 1H14 Operating Cash Flows Cash outlay on Capital Expenditure Note: Excludes assets purchased through finance leases which are not cash
Slide 33: 1H14 Operating Cash Flow Analysis
1H14 Operating Cash Flow Analysis Financial Results 250 200 5.3 0.4 1.2 4.1 48.3 150 USD M 100 191.9 133.3 50 0 Net Operating Cash Net Receipts & Loan Servicing Dividends & Interest Paid & Income Taxes Net Operating Cash Flow 1H13 Payments Advances Interest Received Other Finance Paid Flow 1H14 Cost
Slide 34: Balance Sheet at 31 December 2013
Balance Sheet at 31 December 2013 Financial Results Dec-13 Jun-13 Variance USD M USD M Dec-13 to Jun-13 See CPU interim Financial Statements Appendix 4D as at 31 Current Assets $1,016.6 $982.4 3.5% December 2013 for full details. Non Current Assets $2,671.3 $2,636.5 1.3% › Current liabilities increa
Slide 35: Key Financial Ratios
Key Financial Ratios Financial Results EBITDA Interest Coverage Net Financial Indebtedness to EBITDA 18 3.5 16 3.0 14 2.5 12 2.0 Times Times 10 17.0 8 15.1 1.5 2.92 2.86 13.2 2.72 6 2.47 2.26 9.5 1.0 4 7.3 7.7 8.4 1.42 1.35 2 0.5 0 0.0 1H11 2H11 1H12 2H12 1H13 2H13 1H14 1H11 2H11 1H12 2H12 1H13 2H13
Slide 36: Debt Facility Maturity Profile
Debt Facility Maturity Profile Financial Results Private Maturity Dates Debt Committed Bank Placement USD M Drawn Debt Facilities Debt Facility Facility FY14 FY15 Dec-14 93.4 150.0 Mar-15 124.5 124.5 124.5 FY16 Oct-15 296.0 300.0 300.0 FY17 Oct-16 91.4 250.0 250.0 Mar-17 21.0 21.0 21.0 FY18 Jul-17 2
Slide 37: Capital Expenditure vs. Depreciation
Capital Expenditure vs. Depreciation Financial Results 40 37.8 0.9 35 30 25.6 24.3 23.9 25 23.5 23.7 1.6 1.8 3.2 2.0 USD M 5.6 2.5 20 3.9 4.6 3.8 12.9 15 2.1 10.3 10 8.7 0.3 1.5 17.2 2.0 2.7 0.9 14.6 14.6 1.0 11.1 5 1.0 7.6 6.4 4.7 0 1H11 2H11 1H12 2H12 1H13 2H13 1H14 Information Technology Communic
Slide 38: Working Capital Management
Working Capital Management Financial Results Days sales outstanding 50 48 45 45 43 42 42 41 40 38 35 30 No. Of Days 25 20 15 10 5 0 1H11 2H11 1H12 2H12 1H13 2H13 1H14 31
Slide 39: Return On Invested Capital vs. WACC and Return on Equity
Return On Invested Capital vs. WACC and Return on Equity Financial Results 30% 26.93% 27.42% 25.80% 25% 22.34% 20% 18.45% 15.84% 16.18% 14.37% 15% 10% 9.83% 8.61% 8.97% 9.13% 5% 0% FY11 FY12 FY13 1H14 WACC ROIC ROE • ROIC = (Mgt EBITDA less Depreciation less Income Tax expense)/(Total Debt add Total
Slide 40: Equity Management
Equity Management Interim Dividend of 14 cents (AU) Financial Results EPS - Statutory US 25.07 cents EPS - Management US 29.41 cents Interim Dividend AU 14 cents (20% franked) Current Yield* 2.5% * Based on 12 month dividend and share price of AU$11.16 (close 10th Feb 2014). 33
Slide 41: Financial Summary – Final Remarks
Financial Summary – Final Remarks Financial Results › We continue to experience challenging trading conditions across many business lines. › However, ongoing disciplined expense and capital expenditure management continue to drive solid results and cash flow. › On track to deliver expected Shareowne
Slide 42: CEO's Report
Financial CEO’s Introduction Results Report 35
Slide 43: Stuart Crosby - CEO Presentation
CEO’s Report Stuart Crosby PRESIDENT & CHIEF EXECUTIVE OFFICER CEO PRESENTATION V1DIS
Slide 44: 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 45: Delivery against strategy and priorities
Delivery against strategy and priorities CEO’s Report The first two limbs of our strategy (cost & revenue) remain key. Revenue is a defensive game in current conditions. Cost and service highlights include: - The Shareowner Services business off-shore operations capabilities have started to bring me
Slide 46: Acquisitions update – Shareowner Services
Acquisitions update – Shareowner Services CEO’s Report › Synergy realisation continues to track in line with expectation. › At 31 Dec 2013, 51% of the FY14 synergies have been achieved. Cumulative Cost Synergies (USD M) Cost to Realise Synergies (USD M) Expected realisation of Update at 31 Dec At 30
Slide 47: USA Update
USA Update CEO’s Report › US interest rates remain low and merger and acquisition activity remains slow, but shareholder trading increased late in 2013 in line with the stock market. We are getting traction with new offerings to our clients and our shareholders. › Client retention remains strong in
Slide 48: Canada Update
Canada Update CEO’s Report › Corporate Trust debt under administration continues to grow. Major client contract renewals also provide a strong platform going forward. There is also encouraging revenue growth from structured finance and custody. › In the Transfer Agency business, deal flow remains so
Slide 49: UCIA Update
UCIA Update CEO’s Report › The integration of the Morgan Stanley Global Stock Plan business acquired last year is progressing well and new extended contracts have been agreed with key clients. Improved market conditions in late 2013 translated into good transactional volumes and we are seeing more n
Slide 50: Continental Europe Update
Continental Europe Update CEO’s Report › Whilst the larger European markets remain flat, there is an increase in IPO activity in the smaller markets like Denmark, Sweden and the Netherlands. › Our Danish business continued to increase its market share by winning clients from the competition and also
Slide 51: Asia Update
Asia Update CEO’s Report › IPO volumes in HK seem to be recovering and we expect reasonable activity levels for the rest of the fiscal year. › We are also seeing an increased number of EGMs and related corporate actions from M&A and corporate restructuring. This has also helped our proxy solicitatio
Slide 52: Australia & New Zealand Update
Australia & New Zealand Update CEO’s Report › Our Australian Investor Services business maintained its market leading position and a number of key clients were recontracted. › We have recently undertaken a number of important corporate actions including work for Wesfarmers, NAB, IAG, News and Macqua
Slide 53: Half Year Results 2014 Presentation
Computershare Limited Half Year Results 2014 Presentation Stuart Crosby Mark Davis 12 February 2014 V1DIS
Slide 54: Appendix
Appendix: Half Year Results 2014 Presentation 12 February 2014 47
Slide 55: Appendix 1: Group Comparisons
Appendix 1: Group Comparisons Group Comparisons 48
Slide 56: Management Revenue Half Year Comparisons
Management Revenue Half Year Comparisons Financial Results 100% 3% 3% 2% 2% 1% 2% 3% 9% 10% 10% 10% 11% 10% 12% 90% 11% 12% 9% 10% 11% 13% 80% 11% 5% 3% 4% 5% 7% 3% 4% 70% 17% 16% 23% 19% 24% 24% 25% 60% 50% 12% 10% 9% 9% 9% 7% 8% 40% 30% 42% 44% 43% 42% 41% 20% 40% 40% 10% 0% 1H11 2H11 1H12 2H12 1H
Slide 57: Management Revenue by Product
Management Revenue by Product Half Year Comparisons Financial Results 1,200 1,037.3 1,037.5 17.2 987.6 14.5 976.9 1,000 91.7 16.3 99.8 15.6 98.3 94.8 837.6 112.3 124.6 781.0 23.6 781.4 112.5 800 52.2 124.9 24.1 87.5 21.5 45.4 31.2 84.7 90.3 28.0 83.6 234.7 USD M 74.0 85.0 247.3 600 57.6 241.8 39.5 2
Slide 58: Management Revenue Half Year Comparisons
Management Revenue Half Year Comparisons Financial Results 500 440.6 429.4 450 394.7 389.5 367.7 400 334.2 330.8 350 300 247.3 246.9 241.8 234.7 250 USD M 200 148.3 134.9 131.2 124.9 124.6 112.5 112.3 150 99.8 98.3 96.8 94.8 92.8 91.7 90.3 88.7 87.5 85.0 84.7 83.6 82.7 77.2 76.6 74.0 67.4 100 57.6 5
Slide 59: 1H14 Management Revenue Regional Analysis
1H14 Management Revenue Regional Analysis Financial Results 250 196.0 200 131.1 150 USD M 100 67.3 65.8 63.5 49.0 38.5 37.9 35.0 34.1 50 31.3 28.2 26.2 19.7 18.8 16.6 14.4 13.4 12.7 11.1 8.3 8.3 7.9 5.6 5.1 4.1 4.1 3.5 2.6 2.5 2.3 2.3 2.2 2.0 1.5 1.3 0.8 0.6 0.6 0.3 0.3 0.0 0 Register Corporate Busi
Slide 60: Effective Tax Rate
Effective Tax Rate Statutory & Management Financial Results The Group’s effective statutory 30% tax rate is 19.4% for the half 27.0% year ended 31 December 2013. 25.6% The Group’s effective statutory 25.1% 25% 23.2% tax rate for the comparative 22.6% 22.3% prior period was -2.5%. 20% 19.4% In FY13,
Slide 61: Appendix 2: Country Summaries
Appendix 2: Country Summaries Country Summaries 54
Slide 62: Australia Half Year Comparison
Australia Half Year Comparison Financial Results Total Revenue Revenue Breakdown 250 90 218.3 80.0 211.3 80 74.7 198.1 72.4 71.9 192.6 71.5 71.0 189.0 187.9 68.2 200 67.8 70 64.5 63.9 167.4 61.6 59.9 56.5 55.7 60 150 50 AUD M AUD M 39.2 38.8 37.0 35.3 40 100 30 24.2 21.5 20.4 18.3 17.2 16.3 16.1 20
Slide 63: Hong Kong Half Year Comparison
Hong Kong Half Year Comparison Financial Results Total Revenue Revenue Breakdown 400 200 172.0 180 327.6 350 161.2 160.8 159.4 157.7 156.6 153.8 147.9 160 300 253.9 140 247.6 234.1 231.7 226.8 225.0 250 120 HKD M HKD M 200 100 72.5 80 150 62.4 50.6 60 46.2 40.3 100 36.5 31.3 40 28.0 20.8 16.1 16.0 1
Slide 64: India Half Year Comparison
India Half Year Comparison Financial Results Total Revenue Revenue Breakdown 1,400 1,600 1,451.3 1,140.5 1,299.1 1,255.4 1,400 1,200 1,101.7 1,074.4 940.0 1,200 1,018.5 1,000 895.8 998.0 1,000 714.2 800 687.8 INR M 660.0 INR M 632.5 800 600 600 356.1 330.6 400 292.9 292.7 290.5 278.7 260.0 400 135.2
Slide 65: United States Half Year Comparison
United States Half Year Comparison Financial Results Total Revenue Revenue Breakdown 250 600 215.1 208.8 196.0 500 455.2 184.9 452.5 200 437.9 407.2 400 135.8 150 131.1 126.4 116.7 USD M 112.5 112.0 USD M 266.4 107.0 258.3 300 217.7 100 200 51.4 48.8 45.2 40.0 39.8 37.9 37.9 37.8 50 35.0 34.4 34.3 3
Slide 66: Canada Half Year Comparison
Canada Half Year Comparison Financial Results Revenue Breakdown Total Revenue 60 120 110.2 109.0 103.5 48.3 98.6 97.7 96.9 50 46.7 94.0 100 43.2 40.2 38.7 38.1 37.8 37.2 37.0 40 36.8 36.3 36.1 80 34.8 32.7 CAD M CAD M 30 60 40 20 13.0 12.3 12.2 11.0 10.6 9.5 8.7 8.6 8.5 8.5 8.2 7.8 10 7.6 20 7.2 2.7
Slide 67: United Kingdom & Channel Islands Half Year Comparison
United Kingdom & Channel Islands Half Year Comparison Financial Results Total Revenue Revenue Breakdown 45 39.6 39.1 40 100 33.7 33.6 87.8 35 90 82.5 82.4 82.0 79.8 28.7 76.1 73.5 80 30 27.0 24.2 70 23.2 25 21.5 21.0 20.7 20.5 20.5 20.5 20.2 20.1 60 19.9 GBP M 19.7 GBP M 19.2 17.9 20 17.2 50 40 15 3
Slide 68: South Africa Half Year Comparison
South Africa Half Year Comparison Financial Results Total Revenue Revenue Breakdown 160 160 144.5 142.5 138.0 135.8 132.6 140 128.3 128.1 130.3 140 127.7 124.9 123.6 118.4 117.7 109.9 120 120 100 100 RAND M RAND M 80 80 60 60 40 40 20 20 9.0 7.8 7.8 7.5 7.2 7.2 7.1 6.3 5.4 3.8 3.5 3.5 3.4 3.3 2.9 2.
Slide 69: Germany Half Year Comparison
Germany Half Year Comparison Financial Results Total Revenue Revenue Breakdown 30 14 27.1 25.7 11.6 24.2 12 10.9 25 10.4 10 20 8.4 8.4 8.3 16.8 16.0 8 7.4 15.4 EUR M 14.8 EUR M 7.0 15 6.2 6.0 5.5 6 4.8 10 3.5 3.4 4 3.0 2.3 2.3 2.2 2.2 2.2 2.1 2.1 2.0 5 1.7 1.7 1.7 1.5 2 1.4 1.3 1.2 1.2 1.1 0.9 0.8 0
Slide 70: Russia Half Year Comparison
Russia Half Year Comparison Financial Results Total Revenue Revenue Breakdown 600 450 403.5 393.5 371.3 400 353.3 500 342.5 340.1 350 421.2 418.5 402.1 293.2 373.8 363.4 361.2 400 300 312.1 250 RUB M RUB M 300 200 200 150 100 100 26.8 50 25.0 23.3 20.5 18.7 17.7 17.7 4.0 1.2 0.0 0.0 0.0 0.0 0.0 0 0
Slide 71: Appendix 3: Assumptions
Appendix 3: Assumptions Financial Results Assumptions 64
Slide 72: Assumptions: 1H14 Exchange Rates
Assumptions: 1H14 Exchange Rates Financial Results Average exchange rates used to translate profit and loss to US dollars USD 1.0000 AUD 1.08746 HKD 7.75463 NZD 1.24547 INR 62.31423 CAD 1.04514 GBP 0.63533 EUR 0.74692 RAND 10.06150 RUB 32.74783 AED 3.67316 DKK 5.57050 SEK 6.54606 65
Slide 73: Important Notice
Important Notice Forward looking statements › This announcement may include 'forward-looking statements'. Such statements can generally be identified by the use of words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'outlook', 'guid