77
Computershare Limited Full Year Results 2007 Presentation Stuart Crosby Tom Honan 15 August 2007
Computershare LimitedFull Year Results 2007 Presentation
Stuart CrosbyTom Honan
15 August 2007
2
Introduction FinancialResults
CEO’s Report
3
Introduction
Stuart Crosby
President & CEO
4
Results Highlights
› Management EPS of 36.68 cents, up 61%
› Management Net Profit After OEI of $219.4m, up 62%
› Free cash flows of $295.3m, up 86%
› Total Operating Revenues of $1,418.4m, up 17%
› Operating Costs of $1,050.9m, a 7% increase
› Management EBITDA margin up from 20% to 26%
› Total Dividend 17 cents (AUD) per share, up 31%
Introduction
Note: all results are in USD except for dividend; all comparisons with FY06
5
A Strong Result From a Broad Base
› Continued strong performance across all major business lines and regions
› Standouts: HK, UK, Canada, Aus, US (ie, just about everywhere!)
› Revenue growth a factor but margin growth just as important
› Cost growth 7% vs. revenue growth 17% takes Management EBITDA margin from 20% to 26%
› No material impact from recent market volatility expected
Introduction
6
Global Equities Market Introduction
Completed M & A Volume Annual M & A Book to Bill Ratio
Source: SDC Thomson Financial and UBS Securities Australia Ltd
7
US
0
2
4
6
8
2000 2001 2002 2003 2004 2005 2006 2007
%UK
0
2
4
6
8
2000 2001 2002 2003 2004 2005 2006 2007
%
Canada
0
2
4
6
8
2000 2001 2002 2003 2004 2005 2006 2007
%
Global Interest Rate MarketIntroduction
8
Computershare Strengths
› More than 70% of Revenue recurring in nature
› Global Diversification – across 17 countries including growth engines China, India and Russia
› Exposure to global interest rates
› 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
9
Outlook
Long-term growth in Management EPS of 20% per year remains the target, to be achieved by a combination of organic growth and acquisitions, as well as continued balance-sheet management.
Looking to FY08 and having regard to current equity and interest rate market conditions, we expect Management EPS to be more than 15% higher than FY07.
Introduction
10
Ordinary Share buy-back
› Increase total buy-back program to 45 million ordinary shares, leaving 31,582,023 ordinary shares still to be purchased.
› Buy-back period extended to 31st January 2008.
Introduction
11
Introduction FinancialResults
CEO’s Report
12
Tom Honan
CFO
FinancialResults
13
Group Financial Performance – US$m
FY07 FY06 VarianceSales Revenue 1,404.2 1,198.3 17%
Interest & Other Income 14.2 16.4 (13%)
Total Revenue 1,418.4 1,214.7 17%
Operating Costs 1,050.9 977.8 (7%)
Share of Net (Profit)/Loss of Associates (3.0) (3.2)
Management EBITDA 370.5 240.1 54%
Management Adjustments - Revenue/(Expense) 16.2 (1.8)
Reported EBITDA 386.6 238.3 62%
Management EPS 36.68 22.74 61%
FinancialResults
14
Drivers behind financial performance
• Corporate action environment
• Interest rate levels
• Higher balances
• New clients
• Acquisitions
• Divestment of underperforming business
• Cost control
• Operating efficiency
• Balance sheet improvements
• Acquisition synergies
• Foreign exchange
FinancialResults
15
Management EPS Performance
0
5
10
15
20
25
30
35
40
FY03 FY04 FY05 FY06 FY07
US centsAGAAP AIFRS
FinancialResults
16
EPS Growth FY05 to FY10
Management EPS
0
10
20
30
40
50
FY05 FY06 FY07 FY08 FY09 FY10
US cents
EPS projected from FY05 at 20% p.a. Actual / Forecast EPS growth
FinancialResults
17
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
1H05 2H05 1H06 2H06 1H07 2H07
US c
ents
Analysis of Management EPS –Half Year Comparison
FinancialResults
18.8317.8613.928.829.526.60
18
FY07 NPAT Analysis
OEI7Tax6Interest5Depn & Amort4EBITDA - NA3EBITDA - EMEA2EBITDA - AP1
$USm
FinancialResults
3.5
2.3
42.3
25.1
39.8
65.5
135.5219.4
1.6
0
50
100
150
200
250
300
FY06 NPAT 1 2 3 4 5 6 7 FY07 NPAT
19
Net Operating Cash Flows
Operating Cash Flow Vs. Capital Expenditure
109.8
183.6
321.0
25.725.023.7
0
30
60
90
120
150
180
210
240
270
300
330
FY05 FY06 FY07
$USm
Operating C ash Flow s C apital Ex penditure
FinancialResults
20
Free Cash Flow – up 86% on FY06
Operating Cash Flows less Capital Expenditure
86.2
158.6
295.3
0
50
100
150
200
250
300
FY05 FY06 FY07
$USm
FinancialResults
21
Cash Flows
86.2
158.6
295.3
321.0
109.896.3
46.2
183.6
34.3
81.5
0
30
60
90
120
150
180
210
240
270
300
330
FY03 FY04 FY05 FY06 FY07
$USm
Operating C ash Flow s Free C ash Flow s
FinancialResults
Free Cash Flow 4 year CAGR 71%
22
Full Year Comparisons – Revenue & EBITDA
810.4 1214.7 1418.4
370.5
158.5
240.1
0
200
400
600
800
1000
1200
1400
1600
FY05 FY06 FY070.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
Total Revenue M anagement EBITDA
Revenue
EBITDA
$USm $USm
FinancialResults
23
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
$U Sm
0
20
40
60
80
100
120
140
160
180
200
$U Sm
Rev enue M anagement EBITDA
Half Year Comparisons – Revenue & EBITDA
1st Half
354.5
588.1
694.065.4
99.7
188.7
0
100
200
300
400
500
600
700
800
1H05 1H06 1H07
$USm
0
20
40
60
80
100
120
140
160
180
200
$USm
Revenue Management EBITDA
FinancialResults
24
18.6%
20.5%
26.1%
19.8%19.6%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
22.0%
24.0%
26.0%
28.0%
FY03 FY04 FY05 FY06 FY07
Management EBITDA Margin FinancialResults
25
Revenue Breakdown – US$m
FY07 FY06 VarianceRegister Maintenance 725.9 639.6 13%Corporate Act ions 252.5 171.8 47%Fund Services 116.1 110.5 5%Stakeholder Relat ionship Mgt 86.9 90.3 (4%)Employee Share Plans 117.1 95.8 22%Communicat ion Services 75.7 63.2 20%Technology & Other Revenues 44.2 43.5 2%
Total Revenue 1,418.4 1,214.7 17%
Note: Included in the revenue results are $173.7m of Margin Income (FY06: $117.5m) and $263.8m of Recoverable Income (FY06: $245.6m).
FinancialResults
26
Regional Analysis – FY07 Revenue & EBITDA
Total Revenue Breakdown
23%
55%
22%
Asia Pacific EMEA North America
EBITDA Breakdown
20%
23%57%
Asia Pacific EMEA North America
FinancialResults
27
Full Year Comparisons – Operating Costs
977.8 1,050.9
653.4
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
FY05 FY06 FY07
$USm
FinancialResults
28
Technology Costs – Establishing Global Platform
115.5
132.0
79.8
10%10%
9%
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
130.0
140.0
FY05 FY06 FY07
US$m
0.0%
5.0%
10.0%
15.0%
%
Total Technology costs Technology costs as a % of sales revenue
FinancialResults
29
Analysis of FY07 Technology Costs
33%
31%
31%
5%
Development Infrastructure Maintenance Administration
Total Costs US$132.0m
Development Costs US$43.3m
FinancialResults
30
Balance Sheet as at 30 June 2007
Jun-07 Jun-06 VarianceUS$'000s US$'000s
Current Assets 368,891 338,475 9%
Non Current Assets 1,366,224 1,264,318 8%
Total Assets 1,735,115 1,602,793 8%
Current Liabilities 338,551 265,620 (27%)
Non Current Liabilities 563,989 637,305 12%
Total Liabilities 902,541 902,925 0%
Total Equity* 832,574 699,868 19%
FinancialResults
* After buy-back of US$80.2m and dividends of US$70.3m
31
Key Financial Ratios
EBITDA interest coverage
21.1
12.1
8.7
11.9
0
5
10
15
20
25
FY04 FY05 FY06 FY07
timesNet Financial Indebtedness to EBITDA
1.21
2.48
1.68
0.94
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY04 FY05 FY06 FY07
times
Gearing (Net Debt / Net Debt + Equity)
27%
41%37%
29%
0%
10%
20%
30%
40%
50%
FY04 FY05 FY06 FY07
%
Funds Flow to Total Debt
57%
27%
43%
76%
0%
20%
40%
60%
80%
FY04 FY05 FY06 FY07
%
AGAAP AIFRS
AGAAP AIFRS
AGAAP AIFRS
AGAAP AIFRS
FinancialResults
32
Computershare Borrowings
Jun-07 Jun-06 VarianceUS$m US$m
Cash 86.8 72.8 19%
Interest Bearing Liabilities * 435.1 476.5 9%
Net Debt 348.3 403.7 14%
Management EBITDA 370.5 240.1 54%
Net debt to Management EBITDA 0.94 1.68 44%
* Average Tenor of drawn debt is 4.6 years
FinancialResults
33
12.6
4.5
12.615.1
5.14.8
4.3
6.0 4.4
2.01.3 1.7
0.0
5.0
10.0
15.0
20.0
25.0
30.0
FY05 FY06 FY07
Information Technology Communication Services Facilities Occupancy Other
Capital Expenditure
Capital Expenditure Vs. Depreciation$USm
Depreciation
FinancialResults
34
Working Capital Management
Days Sales Outstanding
45 43
63
0
10
20
30
40
50
60
70
FY05 FY06 FY07
Days
Note: historical DSO restated to exclude deferred revenue
FinancialResults
35
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
WACC ROIC
AGAAP AIFRS
FinancialResults
36
Return on Equity Vs. Return on Assets
0%
5%
10%
15%
20%
25%
30%
FY03 FY04 FY05 FY06 FY07
ROA ROE
AGAAP AIFRS
FinancialResults
37
Equity Management – Final Dividend of 9 cps (AU)
› EPS – Basic US 39.08 cents
› EPS – Management US 36.68 cents
› Final Dividend (unfranked) AU 9 cents
› Current Yield* 1.9%
* Based on 12 month dividend and share price of A$9.14 (close 14th August 2007)
FinancialResults
38
› 15th November 2006 – announced on market share buy-back of up to 25 million ordinary shares
› 24th May 2007 - buy-back extended to earlier of 29th
November 2007 or until maximum number of shares are purchased
› Acquired 13,417,977 ordinary shares as at 14th August 2007
› Average price AUD $10.56 as at 14 August 2007
› Extended today to 45 million ordinary shares
Equity Management – Ordinary Share buy-back FinancialResults
39
Financial Summary – Final Remarks
› Continued strong EPS growth - 61% ..
FinancialResults
61%FY0741%FY0628%FY0561%FY04
Reported EPS growth
Year
› Free cash flow up 86% after increasing 84% last year
› Record revenues
› Maintained strong balance sheetlowering earnings to debt coverage by 44%
› Return on equity > 25%
› Dividend increased to 9 cents (AUD) per share
40
MarketOverview
FinancialResults CEO’s Report
41
CEO Presentation
Stuart CrosbyPresident & CEO
CEO’sReport
42
Group Strategy
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
CEO’sReport
43
Global Services
Advice and solutions for major multi-jurisdiction M&A deals› NYSE and Euronext, RBS and ABN Amro, Rio Tinto and Alcan, many more
Cross-border listings and services› LSE and AIM DI listings, DIFX listings› Dedicated units for rapid inter-market stock movement for brokers and
investors› New product opportunities
Foreign currency dividend and other distribution payments
Award-winning global employee share plan management› BHP Billiton, ANZ – won Global Equity Awards for CPU-administered plans› First global tax calculator delivered (Shell)
CEO’sReport
44
North America update - USA
Investor Services› Client retention remains strong› Corporate action pipeline remains robust despite recent market volatility› Some post-migration operational fine-tuning continues› Further consolidated US TA market by acquiring smaller players (USST, UMB)› Rolling out a suite of new services to allow our clients to take advantage of
our thought leadership position on the SEC’s “notice and access” reforms
Other› Fund Services - continues to win vast majority of work› Plans – rolling out new options technology› Proxy – Georgeson continues to win the lion’s share of large deals
CEO’sReport
45
North America update - Canada
Investor Services› Strong local and cross-border corporate actions deal flow› Operations efficiency being enhanced by deployment of CPU best practice› Quality client relationships
Corporate Trust › Steady business with excellent margin› Business acquired from Toronto Dominion integrated successfully
Proxy› Georgeson dominating the Canadian proxy market
CEO’sReport
46
EMEA update – UK, Russia, Germany, Ireland and South Africa
UK› Lloyds TSB Registrars sold to Advent, offering new business opportunities› Deposit Protection Scheme live and exceeding expectations; exploring other
government business opportunities › Launched dedicated broker / adviser portal “InSearch”
Russia› CPU continues to drive consolidation – now 65% NRC and 40% NIKoil
Germany› Computershare now largest and only integrated provider of AGM and registry
services› Actively exploring other opportunities
Other:› Ireland - Improving margins and good revenue growth› SA - Stable business in tough market - retaining market share
CEO’sReport
47
Asia Pacific update - Asia
Hong Kong and China› Have seen strong flow of China IPOs into Hong Kong (China Merchant Bank,
ICBC, Citic Bank, etc) – but expect less going forward as PRC issuers go more to Shanghai and Shenzhen
› Extending product range – Plans (good sales in China), eIPO, electronic voting (IML), allocation results hosting, more to come
› Obtained PRC business licence. Beijing office will support PRC business development
Japan› Joint venture with MUTB continues to perform well› Working on referral to other CPU businesses
India› Mutual Fund Services still performing strongly while corporate TA tracks market
CEO’sReport
48
Asia Pacific update – Australia and New Zealand
Investor Services› Good news: better margins, a range of positive pricing outcomes
Communication Services› Strong focus on new product development / differentiation and on production
efficiency
Plans› Continued organic growth and support for Asian initiatives; offering broadened
by enhanced dealing and wealth management offerings in partnership with Citi
Fund Services› Building a solid platform, especially with acquisition of unit trust registry
provider PortfolioServer
Proxy› Georgeson remains market leader in proxy services
CEO’sReport
49
Looking forward to 2008
Computershare has a strong operational and financial platform for continued growth:
› Healthy margins› Strong balance sheet to support acquisitions and capital management› Well positioned to take on new business lines (eg, DPS in UK)
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’sReport
Computershare LimitedFull Year Results 2007 Presentation
Stuart CrosbyTom Honan
15 August 2007
51
Appendix:Full Year Results 2007 Presentation
15 August 2007
52
Appendix 1: Group Comparisons
Group Comparisons
53
Behind the Headline – NPAT IMPACT
Net profit after tax at 30 June 2007 233,785
Profit on sale of subsidiaries (7,886)
Tax losses recognised (6,819)
Acquisition provisions no longer required (6,607)
Intangible assets amortisation 4,246
US property rationalisation 1,275
Canadian operations restructure 1,254
Marked to market adjustments - derivatives 179
Management adjusted profit after tax at 30 June 2007 219,427
US$000’s
FinancialResults
54
CPU Revenues
Revenue Type
18%
8%
8%3%
6%
5%
52%
Register MaintenanceCorporate ActionsStakeholder Relationship ManagementEmployee Share PlansCommunication ServicesFund ServicesT echnology & Other Revenue
FinancialResults
55
Regional Analysis – FY07 Revenue
151.2
69.2
10.8 13.1
44.3
16.7 14.2
160.4
52.234.8 37.2
21.60.0 5.1
19.79.8
99.4
66.741.4
131.2
414.3
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
Register Maintenance Corporate Actions StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Fund services Technology & OtherRevenue
$USm
Asia Pacific EMEA North America
`
FinancialResults
56
Full Year Comparisons - Revenue
99.975.6
44.9 39.780.3
53.4
171.8
95.8 110.5
43.5
252.5
117.175.7
116.186.9
44.2
416.7
90.363.2
639.7
725.9
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
RegisterMaintenance
CorporateActions
Employ ee SharePlans
CommunicationServ ices
Fund Serv ices StakeholderRelationshipManagement
Technology &Other Rev enue
$USm
FY05 FY06 FY07
FinancialResults
57
Full Year Comparisons – Operating Costs
171.2
18.7
431.1
56.2
278.6
64.577.2
131.3
39.946.933.5
304.2
78.8
277.7
113.7
29.7
69.5
459.4
0
100
200
300
400
500
600
Cost of Sales Personnel Occupancy Other Direct T echnology Corporate
$USm
FY05 FY06 FY07
FinancialResults
58
Underlying Effective Tax Rate
19.423.9
28.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY05 FY06 FY07
%
FinancialResults
Increase largely due to greater earnings in jurisdictions in which corporate tax rates are higher
59
Interest Rate Sensitivity
-100
-80
-60
-40
-20
0
20
40
60
80
100
-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% Current 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%
US$m PBTIm pact
Exposure
Hedged exposure
FinancialResults
60
Risk Management - Interest Rate Sensitivity
Exposure to interest rates
38%
Effective hedging in place - both
natural & synthetic
32%
No exposure
30%
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: 32%
FinancialResults
61
Risk Management – Average Funds Balances for year ending 30 June 2007
By Category
Broker Trust15%
Corporate Actions
35%
Dissenter4%
Dividend17%
Sharesave/Employee
Plans13%
Regular Trust16%
By Country
Canada45%
UK27%
US26%
Australia2%
Average funds balance US$6.7b
FinancialResults
62
Appendix 2: Country Summaries
Country Summaries
FinancialResults
63
Appendix 2: Country Summaries
Asia Pacific
FinancialResults
64
Australia Half Year Comparison
Revenue Breakdown
57.5
20.3
0.94.0
6.7
25.5
5.12.5
5.5
24.6
6.8
66.8
24.7
3.04.9
8.6
28.1
7.6
63.2
21.0
3.05.6
8.2
28.7
10.37.4
15.6
53.5
0
10
20
30
40
50
60
70
RegisterMaintenance
CorporateActions
Fund Services StakeholderRelationship
Management
EmployeeShare Plans
CommunicationServices
Technology &Other
$Am
1H06 2H06 1H07 2H07
Total Revenue
120.0 115.9
139.9143.6
0.0
50.0
100.0
150.0
1H06 2H06 1H07 2H07
$Am
FinancialResults
65
New Zealand Half Year Comparison
Revenue Breakdown
6.9
2.8
5.6
2.1
7.0
1.6
5.9
1.0
0.0
2.0
4.0
6.0
8.0
Register Maintenance Corporate Actions
$NZm
1H06 2H06 1H07 2H07
Total Revenue9.7
7.76.9
8.6
0
2
4
6
8
10
1H06 2H06 1H07 2H07
$NZm
FinancialResults
66
Hong Kong Half Year Comparison
Total Revenue
227.1235.4
145.2
120.6
0
50
100
150
200
250
1H06 2H06 1H07 2H07
$HKmRevenue Breakdown
76.9
43.6
95.1
49.0
103.5
123.4126.0
109.4
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
120.0
130.0
140.0
Register Maintenance Corporate Actions
$HKm
1H06 2H06 1H07 2H07
FinancialResults
67
India Half Year Comparison
Total Revenue
582.2533.2
796.6
540.8
0
100
200
300
400
500
600
700
800
900
1H06 2H06 1H07 2H07
INRmRevenue Breakdown
224.5
178.4
137.9
377.3
212.0 207.3
287.0
33.4
261.8
216.3
46.3
270.6
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
1H06 2H06 1H07 2H07
FinancialResults
68
Appendix 2: Country Summaries
North America
FinancialResults
69
United States Half Year Comparison
Revenue Breakdown
42.5
15.623.4
2.7
64.2
8.9
150.4
28.0
3.59.4
45.5
12.7
27.9
3.5
66.2
9.9
157.2
45.4
21.625.9
3.7
33.1
9.7
125.2
36.0
25.429.3
133.7
0.010.020.030.040.050.060.070.080.090.0
100.0110.0120.0130.0140.0150.0160.0170.0
Register Main Corp Actions StakeholderRelationshipManagement
EmployeeShare Plans
CommunicationServices
Fund Services Technology &Other Revenue
$USm
1H06 2H06 1H07 2H07
Total Revenue
282.5282.0
296.7299.4
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
220.0
240.0
260.0
280.0
300.0
1H06 2H06 1H07 2H07
$USm
FinancialResults
70
Canada Half Year Comparison
Revenue Breakdown
9.8
2.14.8
1.80
67.1
19.2
3.75.9
1.6 0.1
63.6
21.4
2.96.7
1.5 0.1
76.0
24.1
5.17.9
1.5 0.1
54.9
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
RegisterMaintenance
CorporateActions
StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology &Other Revenue
CA$m
1H06 2H06 1H07 2H07
Total Revenue
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
$CAm
FinancialResults
71
Appendix 2: Country Summaries
EMEA
FinancialResults
72
United Kingdom Half Year Comparison
Revenue Breakdown
22.3
3.2 2.7
6.6
0.5 0.6
7.5
4.5
8.7
0.5 0.6
32.3
11.6
1.8
9.4
1.10.1
33.9
3.82.7
9.8
1.52.4
26.4
0.0
10.0
20.0
30.0
40.0
RegisterMaintenance
Corporate Actions StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology &Other Revenue
1H06 2H06 1H07 2H07
GBPm
Total Revenue
35.9
48.3
54.056.2
0.0
10.0
20.0
30.0
40.0
50.0
60.0
1H06 2H06 1H07 2H07
GBPm
FinancialResults
73
Ireland Half Year Comparison
Revenue Breakdown
0.6
2.6
0.4
2.7
0.7
3.4
0.7
2.4
0
1
2
3
4
Register Maintenance Corporate Actions
EURm
1H06 2H06 1H07 2H07
Total Revenue
3.03.0
4.1
3.4
0.0
1.5
3.0
4.5
1H06 2H06 1H07 2H07
EURm
FinancialResults
74
Germany Half Year Comparison
Revenue Breakdown
0.51.0
7.3
6.2
0.10.50.4
9.8
6.46.1
0.1
1.10.7
4.1
7.2 7.0
0.1 0.30.5
9.8
8.6
5.7
0.1 0.10
1
2
3
4
5
6
7
8
9
10
RegisterMaintenance
CorporateActions
StakeholderRelationshipManagement
CommunicationServices
Emplyee SharePlans
Technology &Other Revenue
EURm
1H06 2H06 1H07 2H07
Total Revenue
15.5
23.924.8
19.3
0
5
10
15
20
25
1H06 2H06 1H07 2H07
EURm
�
FinancialResults
75
South Africa Half Year Comparison
Revenue Breakdown
89.4
10.0
86.7
6.2
81.5
6.3
87.6
12.1
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
Register Maintenance Corporate Actions
ZARm
1H06 2H06 1H07 2H07
Total Revenue
99.4
92.8
99.7
87.7
0
20
40
60
80
100
120
1H06 2H06 1H07 2H07
ZARm
FinancialResults
76
Appendix 3: Assumptions
Assumptions
FinancialResults
77
Assumptions: Exchange Rates
1.1315CAD
1.0000USD
7.2059ZAR
0.7662EUR
0.5186GBP
44.2131INR
1.4755NZD
7.7909HKD
1.2798AUD
Average exchange rates used to translate profit and loss to US dollars.
FinancialResults
