Computershare Limited Half Year Results 2008 …Half Year Results 2008 Presentation Stuart Crosby...
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Computershare Limited Half Year Results 2008 Presentation Stuart Crosby Tom Honan 13 February 2008
Transcript of Computershare Limited Half Year Results 2008 …Half Year Results 2008 Presentation Stuart Crosby...
Computershare LimitedHalf Year Results 2008 Presentation
Stuart CrosbyTom Honan
13 February 2008
2
Introduction FinancialResults
CEO’s Report
3
Introduction
Stuart Crosby
President & CEO
4
Results Highlights
› Management EPS of 27.36 cents, up 53%
› Management Net Profit After OEI of $155.8m, up 46%
› Free cash flows of $187.4m, up 44%
› Total Operating Revenues of $788.2m, up 14%
› Operating Costs of $532.4m, up 5%
› Interim Dividend of 10 cents* (AUD) per share, up 25%
› Return to dividend franking – 20% franked
Introduction
Note: all results are in USD except for dividend; all comparisons with 1H07
*20% franked
5
Global Interest Rate MarketIntroduction
US
0
2
4
6
8
2000 2001 2002 2003 2004 2005 2006 2007 2008
%UK
0
2
4
6
8
2000 2001 2002 2003 2004 2005 2006 2007 2008
%
Canada
0
2
4
6
8
2000 2001 2002 2003 2004 2005 2006 2007 2008
%
6
Computershare Strengths
› More than 70% of Revenue recurring in nature
› Global Diversification – across 17 countries including growth engines China, India and Russia
› Proven technology capabilities and innovation
› Demonstrated ability to acquire and integrate businesses
› Strong and sustained earnings and cashflow growth
› Unique cross-border transaction capacities
Introduction
7
Outlook Introduction
In light of the excellent half year result and despite recent equity and interest rate market conditions, we expect Management EPS to be approximately 40% higher than last year.
8
Introduction FinancialResults
CEO’s Report
9
Tom Honan
CFO
FinancialResults
10
Group Financial Performance – US$m
1H08 1H07 VarianceSales Revenue 779.8 687.9 13%
Interest & Other Income 8.5 6.1 39%
Total Revenue 788.2 694.0 14%
Operating Costs 532.4 506.3 (5%)
Share of Net (Profit)/Loss of Associates (1.6) (1.0)
Management EBITDA 257.4 188.7 36%
Management Adjustments - Revenue/(Expense) 0.9 10.3
Reported EBITDA 258.3 199.0 30%
Management EPS 27.36 17.86 53%
FinancialResults
11
Drivers behind financial performance
• Corporate action environment
• Higher balances
• Revenue enhancements
• New clients
• Acquisitions
• Cost control
• Operating efficiency
• Balance sheet improvements
• Acquisition synergies
• Foreign exchange
FinancialResults
12
Management EPS Performance
0
10
20
30
40
50
1H05 1H06 1H07 1H08
US cents
FinancialResults
Rolling 12 months
13
EPS Growth FY05 to FY10
Rolling 12 months Management EPS
0
10
20
30
40
50
60
FY05 1H06 FY06 1H07 FY07 1H08 FY08 1H09 FY09 1H10 FY10
US cents
EPS projected from FY05 at 20% p.a. Rolling 12 months Actual EPS
FinancialResults
14
0.00
5.00
10.00
15.00
20.00
25.00
30.00
1H05 2H05 1H06 2H06 1H07 2H07 1H08
US cents
Analysis of Management EPS –Half Year Comparison
FinancialResults
18.83 27.3617.8613.928.829.526.60
15
1H08 NPAT Analysis
OEI7Tax6Interest5Depn & Amort4EBITDA - NA3EBITDA - EMEA2EBITDA - AP1
$USm
FinancialResults
4.8
0.413.2
34.0
16.9
17.8
107.0
155.8
2.4
60
80
100
120
140
160
180
1H07 NPAT 1 2 3 4 5 6 7 1H08 NPAT
16
Net Operating Cash Flows
Operating Cash Flow Vs. Capital Expenditure
65.8
117.8
137.5
206.2
183.5
18.817.97.810.414.6
0
30
60
90
120
150
180
210
240
1H06 2H06 1H07 2H07 1H08
$USm
Operating Cash Flows Capital Expenditure
FinancialResults
17
Free Cash Flow – up 44% on 1H07
Operating Cash Flows less Capital Expenditure
51.3
107.4
129.7
187.4
165.6
0
50
100
150
200
1H06 2H06 1H07 2H07 1H08
$USm
Free Cash Flow:- 3 year 1H CAGR 96%- 4 year CAGR 71%
FinancialResults
18
Half Year Comparisons – Revenue & EBITDA
788. 2724. 4694. 0626. 7588. 1
188. 7
257. 4
181. 7
140. 4
99. 7
0
150
300
450
600
750
900
1H06 2H06 1H07 2H07 1H080.0
50.0
100.0
150.0
200.0
250.0
300.0
Total Revenue M anagement EBITDA
Revenue
EBITDA
$USm $USm
FinancialResults
19
2nd Half
455.9
626.7
724.4
181.7
140.4
93.1
0
100
200
300
400
500
600
700
800
2H05 2H06 2H07
$USm
0
50
100
150
200
$USm
Revenue Management EBITDA
Half Year Comparisons – Revenue & EBITDA
1st Half
694.0
788.2
588.1
99.7
188.7
257.4
0
100
200
300
400
500
600
700
800
1H06 1H07 1H08
$USm
0
50
100
150
200
250
300
$USm
Revenue Management EBITDA
FinancialResults
20
32.7%
18.5%20.4%
25.1%
27.2%
22.4%
17.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
1H05 2H05 1H06 2H06 1H07 2H07 1H08
Management EBITDA Margin FinancialResults
21
Revenue Breakdown – US$m
1H08 1H07 VarianceRegister Maintenance 406.5 350.1 16%Corporate Actions 169.4 119.7 42%Fund Services 41.7 74.2 (44%)Stakeholder Relationship Mgt 39.9 34.2 17%Employee Share Plans 59.0 58.2 1%Communication Services 44.4 37.2 19%Technology & Other Revenues 27.3 20.4 34%
Total Revenue 788.2 694.0 14%
Note: Included in the revenue results are $123.4m of Margin Income (1H07: $84.0m) and $116.3m of Recoverable Income (1H07: $132.9m).
FinancialResults
22
52.1
65.3
84.089.7
123.4
0
20
40
60
80
100
120
140
1H06 2H06 1H07 2H07 1H08
US$m
Margin Income analysis FinancialResults
5.71%5.31%4.78%4.50%4.55%UK4.85%5.25%5.25%4.66%3.70%US4.45%4.25%4.25%3.77%2.79%Canada
8.77.06.46.46.4Average balances (US$bn) *
Average Interest rates:
*Note: some balances attract no interest or a set margin for Computershare
23
Regional Analysis – 1H08 Revenue & EBITDA
Total Revenue Breakdown
30%
48%
22%
Asia Pacific EMEA North America
EBITDA Breakdown
28%
22%
50%
Asia Pacific EMEA North America
FinancialResults
24
Half Year Comparisons – Operating Costs
345.0 355.2 367.4404.9 395.4
144.5 133.2138.9
139.7137.0
0
100
200
300
400
500
600
1H06 2H06 1H07 2H07 1H08
$USm
Operating Costs excl. COS Cost of Sales (COS)
FinancialResults
25
Technology Costs – Establishing Global Platform
56.461.7
70.3
77.1
59.1
10%10%9%
10%
9%
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
1H06 2H06 1H07 2H07 1H08
US$m
0.0%
4.0%
8.0%
12.0%
%
Total Technology costs Technology costs as a % of sales revenue
FinancialResults
26
Analysis of 1H08 Technology Costs
40%
28%
28%
4%
Development Infrastructure Maintenance Administration
Total Costs US$77.1m
Development Costs US$30.3m
FinancialResults
27
Balance Sheet as at 31 December 2007
Dec-07 Jun-07 VarianceUS$'000s US$'000s
Current Assets 369,763 368,891 0%
Non Current Assets 1,520,793 1,366,224 11%
Total Assets 1,890,556 1,735,115 9%
Current Liabilities 332,971 338,550 2%
Non Current Liabilities 874,854 563,990 (55%)
Total Liabilities 1,207,825 902,540 (34%)
Total Equity* 682,731 832,575 (18%)
* After buy-back of US$297.5m.
FinancialResults
28
Key Financial Ratios
EBITDA interest coverage
12.1
8.7
11.9 12.2
0
24
68
1012
14
FY05 FY06 FY07 1H08
timesNet Financial Indebtedness to EBITDA
2.48
1.68
0.94
1.46
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY05 FY06 FY07 1H08
times
Gearing (Net Debt / Net Debt + Equity)
41%37%
29%
48%
0%
10%
20%
30%
40%
50%
FY05 FY06 FY07 1H08
%
Funds Flow to Total Debt
27%
43%
76%
53%
0%
20%
40%
60%
80%
FY05 FY06 FY07 1H08
%
FinancialResults
29
Computershare Borrowings
Dec-07 Jun-07 VarianceUS$m US$m
Cash 108.0 86.8 24%
Interest Bearing Liabilities * 747.4 435.1 (72%)
Net Debt 639.4 348.3 (84%)
Management EBITDA** 439.1 370.5 19%
Net debt to Management EBITDA 1.46 0.94 (55%)
*Average Tenor of drawn debt is 4 years** Rolling 12 months
FinancialResults
30
Debt Facility Maturity Profile
NilFY16
NilFY13NilFY14
$160.0mFY09NilFY08
NilFY10$490.0mFY11$123.0mFY12
$124.5mFY15
$21.0mFY17$918.5mTotal
160.0
490.0
123.0 124.5
21.00
100
200
300
400
500
600
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17
US$m
31
5.0
2.3
2.2
1.6
3.0
7.9
7.6
2.9
12.1
8.8
0.9
4.1
2.2
3.8
1.4
0.6
0.6
0.8
0.5
1.1
0.0
5.0
10.0
15.0
20.0
1H06 2H06 1H07 2H07 1H08
Information Technology Communication Services Facilities Occupancy Other
Capital Expenditure
Capital Expenditure Vs. Depreciation$USm
Depreciation
FinancialResults
32
Working Capital Management
Days Sales Outstanding
45 45 43
37
53
0
10
20
30
40
50
60
1H06 FY06 1H07 FY07 1H08
Days
FinancialResults
33
Return On Invested Capital Vs. WACC
Increased returns, Cost of Capital flat
6%
8%
10%
12%
14%
16%
18%
20%
FY03 FY04 FY05 FY06 FY07 1H08
WACC ROIC
AGAAP AIFRS
FinancialResults
34
Return on Equity Vs. Return on Assets
0%
10%
20%
30%
40%
FY03 FY04 FY05 FY06 FY07 1H08
ROA ROE
AGAAP AIFRS
FinancialResults
35
Equity Management – Interim Dividend of 10 cps (AU)
› EPS – Basic US 27.20 cents
› EPS – Management US 27.36 cents
› Interim Dividend (20 % franked) AU 10 cents
› Current Yield* 2.5%
* Based on 12 month dividend and share price of A$7.56 (close 12 February 2008)
FinancialResults
36
› Acquired 45,000,000 ordinary shares
› Average price AUD $9.91
Equity Management – Ordinary Share Buy-back FinancialResults
37
Financial Summary – Final Remarks FinancialResults
› Continued strong EPS growth - 53%
› Free cash flow up 44%
› Record revenues
› Maintained strong balance sheet
› Return on equity > 35%
› Dividend increased to 10 cents (AUD) per share, 20% franked
38
MarketOverview
FinancialResults CEO’s Report
39
CEO Presentation
Stuart CrosbyPresident & CEO
CEO’s Report
40
Group StrategyCEO’s Report
Focus unchanged:
1. Continue to drive operations quality and efficiency through measurement, benchmarking and technology
2. Improve our front office skills to protect and drive revenue
3. Continue to seek acquisition and other growth opportunities where we can add value and enhance returns for our shareholders
41
CEO’s Report
Taking advantage of M&A opportunities in a changed environment
Year to date transactions include:› Datacare› UMB› Administar› RSS› VEM› QMT
› In total, over US$300m in 8 transactions YTD after nearly US$100m in 7 transactions last year
› Strong cash-flows and balance sheet, position us to take full advantage of opportunities that emerge from current business environment
42
CEO’s Report
Specific initiatives – quality differentiationand shareholder communications
› Over the past few years, we have made many significant improvements to client and stakeholder servicing
› We’re now investing in taking service excellence to a new level
› The timing is ideal for this exercise, as increasing numbers of issuers and employers see untapped value in the relationships with theirinvestors/employees that Computershare manages for them
43
CEO’s Report
Specific initiatives – quality differentiationand shareholder communications
› In parallel, the introduction of e-communication initiatives in a range of markets offers much more efficient channels of communication with these stakeholders
› Computershare is a thought leader in e-communication developments, which are generating meaningful new revenues and assisting in strengthening client relationships
› The Georgeson consulting and solicitation offering rounds out our investor communications offering – we are reshaping the market face of Georgeson to fit evolving requirements
44
CEO’s Report
› USA – notice and access reforms in first year; better than expected uptake of the products we’d prepared
› Australia – only 10% of shareholders electing to receive hard copy annual reports, with good uptake of integrated Computershare on-line report and hosting services
› UK - into second year of the deemed consent regime, with good uptakeof new products
› Canada, HK, Ireland, SA, NZ, Japan – watch developments in other markets with great interest but no change implemented as yet.
Generally – we are ideally placed to lever our data and experience of the wide range of regulatory approaches across different markets
Electronic shareholder communications– around the grounds
45
North America update - USA
Investor Services› Client retention remains strong off the back of robust service delivery› Corporate action pipeline changing shape, but holding up better than many
predicted› Good returns from investment in “business as usual” capacities over past 12 to
18 months
Other› Fund Services - continues to win vast majority of work, but lower volumes
than recently› Plans – rolling out new options technology› IML (wireless voting), GSC (subsidiary management and governance services),
RSS (insider dealing program management) cross sell strong› Encouraging pipeline for Administar (class action and bankruptcy admin)
CEO’s Report
46
North America update - Canada
Investor Services› Strong local and cross-border corporate actions deal flow continues,
but deals generally smaller in size› Operations efficiency being enhanced by deployment of CPU best
practice› Quality client relationships
Corporate Trust › Steady business with excellent margin› No adverse effect as yet from Sub-prime
Proxy› Georgeson dominates the Canadian proxy market
CEO’s Report
47
EMEA update – UK, Russia, Germany, Ireland and South Africa
UK› Market more rational on price post ownership change at main competitor › Deposit Protection Scheme continues to exceed expectations› Investment in adviser relationships in the IPO/DI sector continues to bear fruit› Change in corporate actions mix, but good pipeline still › Good new business prospects in Plans space
Russia› CPU continues to drive consolidation – now 65% NRC and 40% NIKoil
Germany› VEM acquisition nearly complete, materially extending the range of our service
offering to German corporates
Other:› Ireland - Improving margins and good revenue growth, esp. in ETF space› IML – rolling up distribution network globally – acquisitions complete in
Australia, Belgium; other jurisdictions in progress
CEO’s Report
48
Asia Pacific update - Asia
Hong Kong and China› IPO pipeline continues to hold up much better than expected – continue to
monitor market conditions› PRC opportunities continue to take shape. Plans still the most developed; other
areas remain interesting but rate of progress hard to predict› Beijing office now established
Japan› Joint venture with MUTB continues to perform well› Working on expanding range of cooperation
India› Reliance Power (we processed 6M IPO applications in 8 days) is the largest (in
applications) IPO ever!› UTI MF book also won and migrated
CEO’s Report
49
Asia Pacific update – Australia and New Zealand
Investor Services› Good news continues: better margins, a range of positive pricing
outcomes
Communication Services› QM takeover offers opportunity to take CCS Australia to a new level in
a rationalised industry
Plans› Organic growth continues. Strong support for China and other regional
business development
Fund Services› Now has a solid platform and well positioned to grow into Asia as well
as Australia
Proxy› Georgeson remains market leader in proxy services
CEO’s Report
50
Looking forward to 2008
Computershare has a strong operational and financial platformfor continued growth:› Healthy revenues› Strong understanding of cost structures and margins› Strong balance sheet to support acquisitions and capital management› Well positioned to take on new business lines (eg, Administar in US)
The strategic focus remains unchanged:› 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 growth opportunities where we
can add value and enhance returns for our shareholders
CEO’s Report
51
Specific current priorities and expectations
› Continue to take advantage of M&A opportunities› Strong focus on taking service quality to next level› Lever shareholder communications opportunities from regulatory
change
EPS growth expectations for FY 08 upgraded to approximately 40%
CEO’s Report
Computershare LimitedHalf Year Results 2008 Presentation
Stuart CrosbyTom Honan
13 February 2008
53
Appendix:Half Year Results 2008 Presentation
13 February 2008
54
Appendix 1: Group Comparisons
Group Comparisons
55
Behind the Headline – NPAT IMPACT
Net profit after tax at 31 December 2007 154,934
Acquisition provisions no longer required (272)
Intangible assets amortisation 1,546
US property rationalisation 710
Marked to market adjustments - derivatives (1,113)
Management adjusted profit after tax at 31 December 2007 155,805
US$000’s
FinancialResults
56
CPU Revenues
Revenue Type
21%
5%
6% 3%
53%
7%
5%
Register MaintenanceCorporate ActionsFund ServicesStakeholder Relationship ManagementEmployee Share PlansCommunication ServicesTechnology & Other Revenue
FinancialResults
57
Regional Analysis – 1H08 Revenue
97.0
73.9
11.9 6.1 8.2
30.3
7.9
98.0
24.2
1.016.0 19.5
9.7 4.412.0
31.4
4.317.8
28.8
71.3
211.4
0.0
50.0
100.0
150.0
200.0
250.0
Register Maintenance Corporate Actions Fund Services StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology & OtherRevenue
$USm
Asia Pacific EMEA North America
`
FinancialResults
58
Half Year Comparisons - Revenue
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
RegisterMaintenance
CorporateActions
Funds Serv ices StakeholderRelationshipManagement
Employ ee SharePlans
CommunicationServ ices
Technology &Other Rev enue
$USm
1H06 2H06 1H07 2H07 1H08
FinancialResults
59
Half Year Comparisons – Operating Costs
144.5
15.3
220.7
30.2
138.9
28.9
41.9
61.3
16.5
139.
7
240.5
35.6
35.3
70.1
23.4
137.0
239.7
30.5
27.4
76.7
20.9
35.4
26.0
210.4
58.0
133.2
55.7
14.4
34.2
218.8
0
50
100
150
200
250
Cost of Sales Personnel Occupancy Other Direct T echnology Corporate
$USm
1H06 2H06 1H07 2H07 1H08
FinancialResults
60
Underlying Effective Tax Rate
19.423.9
28.5 28.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY05 FY06 FY07 1H08
%
FinancialResults
61
Interest Rate SensitivityFinancialResults
-80
-60
-40
-20
0
20
40
60
80
-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% Current 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%
US$m PBTImpact
Exposure
Hedged exposure
62
Risk Management - Interest Rate Sensitivity
Interest Rate HedgingStrategy: - Protect downside risk in current interest rate
environmentPolicy: - Minimum hedge of 25% / Maximum hedge of 100%
- Minimum term 1 year / Maximum term 5 years- Current hedging: 37%
FinancialResults
Exposure to interest rates
41%
Effective hedging in place - both
natural & synthetic
37%
No exposure
22%
63
Risk Management – Average Funds Balances for year ending 31 December 2007
Average funds balance US$8.7b
FinancialResults
By Category
Broker Trust14%
Corporate Actions
39%
Dissenter3%
Dividend16%
Sharesave/Employee
Plans11%
Regular Trust17%
By Country
Canada48%
UK21%
US29%
Australia2%
64
Appendix 2: Country Summaries
Country Summaries
FinancialResults
65
Appendix 2: Country Summaries
Asia Pacific
FinancialResults
66
Australia Half Year Comparison
Revenue Breakdown
66.8
24.7
3.04.9
8.6
28.1
7.6
63.2
21.0
3.05.6
8.2
28.7
10.3
76.7
35.7
2.8
6.98.7
35.0
8.8
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
RegisterMaintenance
CorporateActions
Fund Services StakeholderRelationship
Management
EmployeeShare Plans
CommunicationServices
Technology &Other Revenue
$Am
1H07 2H07 1H08
Total Revenue
174.6
120.0 115.9
139.9143.6
0.0
50.0
100.0
150.0
200.0
1H06 2H06 1H07 2H07 1H08
$Am
FinancialResults
67
New Zealand Half Year Comparison
Revenue Breakdown
7.0
1.6
5.9
1.0
6.3
1.8
0.0
2.0
4.0
6.0
8.0
Register Maintenance Corporate Actions
$NZm
1H07 2H07 1H08
Total Revenue
8.1
9.7
7.76.9
8.6
0
2
4
6
8
10
1H06 2H06 1H07 2H07 1H08
$NZm
FinancialResults
68
Hong Kong Half Year Comparison
Total Revenue
441.1
227.1235.4
145.2120.6
0
50
100
150
200
250
300
350
400
450
500
1H06 2H06 1H07 2H07 1H08
$HKmRevenue Breakdown
103.5
123.4126.0109.4
140.7
300.3
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
Register Maintenance Corporate Actions
$HKm
1H07 2H07 1H08
FinancialResults
69
India Half Year Comparison
Total Revenue
812.2
582.2533.2
796.6
540.8
0
100
200
300
400
500
600
700
800
900
1H06 2H06 1H07 2H07 1H08
INRmRevenue Breakdown
287.0
33.4
261.8
216.3
46.3
270.6
309.8
121.2
381.2
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
Register Maintenance Corporate Actions Fund Services
INRm
1H07 2H07 1H08
FinancialResults
70
Appendix 2: Country Summaries
North America
FinancialResults
71
United States Half Year Comparison
Revenue Breakdown
45.5
66.2
12.7
27.9
3.59.9
157.2
45.4
33.1
21.625.9
3.79.7
136.7
44.4
28.8
13.7
24.9
3.111.6
133.7
0.0
50.0
100.0
150.0
200.0
Register Main Corp Actions Fund Services StakeholderRelationshipManagement
EmployeeShare Plans
CommunicationServices
Technology &Other Revenue
$USm
1H07 2H07 1H08
Total Revenue
263.2
282.5282.0
296.7299.4
0.0
50.0
100.0
150.0
200.0
250.0
300.0
1H06 2H06 1H07 2H07 1H08
$USm
FinancialResults
72
Canada Half Year Comparison
Revenue Breakdown
63.6
21.4
2.96.7
1.5 0.1
76.0
24.1
5.17.9
1.5 0.1
76.4
27.5
4.16.6
1.2 0.40.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
RegisterMaintenance
CorporateActions
StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology &Other Revenue
$CAm
1H07 2H07 1H08
Total Revenue
116.1
73.4
97.7
114.6
96.2
0
10
20
30
40
50
60
70
80
90
100
110
120
130
1H06 2H06 1H07 2H07 1H08
$CAm
FinancialResults
73
Appendix 2: Country Summaries
EMEA
FinancialResults
74
United Kingdom Half Year Comparison
Revenue Breakdown
32.3
10.6
1.8
9.4
1.1 1.0
33.9
4.7
2.7
9.8
1.5 1.4
38.6
8.6
1.6
9.3
0.81.8
0.0
10.0
20.0
30.0
40.0
RegisterMaintenance
Corporate Actions StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology &Other Revenue
1H07 2H07 1H08
GBPm
Total Revenue
60.8
35.9
48.3
54.056.2
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
1H06 2H06 1H07 2H07 1H08
GBPm
FinancialResults
75
Ireland Half Year Comparison
Revenue Breakdown
2.7
0.7
3.4
0.7
3.0
0.50.7
0.2
0
1
2
3
4
Register Maintenance Corporate Actions Funds Services Technology & OtherRevenue
EURm
1H07 2H07 1H08
Total Revenue4.4
3.03.0
4.1
3.4
0.0
1.5
3.0
4.5
1H06 2H06 1H07 2H07 1H08
EURm
FinancialResults
76
Germany Half Year Comparison
Revenue Breakdown
0.7
4.1
7.2
0.1
7.0
0.30.5
9.8
8.6
0.1
5.7
0.10.4
2.9
7.7
0.4
5.7
0.3
0
1
2
3
4
5
6
7
8
9
10
RegisterMaintenance
CorporateActions
StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology &Other Revenue
EURm
1H07 2H07 1H08
Total Revenue
17.415.5
23.924.8
19.3
0
5
10
15
20
25
1H06 2H06 1H07 2H07 1H08
EURm
�
FinancialResults
77
South Africa Half Year Comparison
Revenue Breakdown
81.5
6.3
87.6
12.1
102.3
12.9
0
10
20
30
40
50
60
70
80
90
100
110
Register Maintenance Corporate Actions
ZARm
1H07 2H07 1H08
Total Revenue
115.2
99.4
92.8
99.7
87.7
0
20
40
60
80
100
120
140
1H06 2H06 1H07 2H07 1H08
ZARm
FinancialResults
78
Appendix 3: Assumptions
Assumptions
FinancialResults
79
Assumptions: Exchange Rates
1.02133CAD
1.0000USD
6.92475ZAR
0.71329EUR
0.49185GBP
44.07212INR
1.32490NZD
7.78792HKD
1.15385AUD
Average exchange rates used to translate profit and loss to US dollars.
FinancialResults
