Post on 23-Jul-2020
Computershare LimitedHalf Year Results 2009 Presentation
Stuart CrosbyPeter Barker
11 February 2009
2
Introduction FinancialResults
CEO’s Report
3
Introduction
Stuart Crosby
President & CEO
4
Introduction
Note: all results are in USD except for dividend
- 220bps+ 260bps30.5%EBITDA margin
up 2%down 5%$544.1mOperating costsdown 1%down 1%$783.0mOperating revenues
down 7%up 8%$145.2mManagement net profit after OEIdown 21%up 26%$147.3mFree cash flowsup 10%flatAU 11 c Interim Dividend
vs 1H 08vs 2H 081H09
vs 20%vs 30%40%Dividend franking
down 7%up 8%$238.6mManagement EBITDA
down 4%up 8%26.14 centsManagement earnings per share
Results Highlights
5
Computershare Strengths
› Strong balance sheet, low gearing and robust cash generation
› More than 70% of revenue recurring in nature
› Revenues, cash-flows and margins holding up very well despite the challenging environment
› Continued strong investment in R&D and product development
› Global diversification across 17 countries including long term growth engines China, India and Russia
› Proven technology capabilities and innovation
› Demonstrated ability to acquire and integrate businesses
› Unique cross-border transaction capabilities
Introduction
6
Introduction
Unchanged from the AGM – we expect USD management earnings per share for financial year 2009 to be about the same as last year,perhaps marginally behind.
This assumes equity, interest rate and FX market conditions remain broadly consistent with current levels for the rest of the financial year.
FY08 Mgt EPS
AUD/USD @ 8/08 0.87
USD 51.6 cps
AUD/USD @ 2/09 0.67
AUD 59.3 cps
AUD 77.2 cps
While USD guidance is flat on FY08, AUD guidance at current forex rates is now about 30% up on last year (at August 08 rates).
Outlook
7
Introduction FinancialResults
CEO’s Report
8
Peter Barker
CFO
FinancialResults
9
Drivers behind financial performance
› Corporate action environment
› Interest rate levels
› Balances
› Acquisitions
› Cost reductions and operating efficiencies
› Foreign exchange
› Balance sheet management
10
1H09 2H08
Variance 1H09 to
2H08 1H08
Variance 1H09 to
1H08
Sales Revenue 772.7 784.2 (1%) 779.8 (1%)
Interest & Other Income 10.3 10.1 2% 8.5 22%
Total Revenue 783.0 794.3 (1%) 788.2 (1%)
Operating Costs 544.1 573.6 (5%) 532.4 2%
Share of Net (Profit)/Loss of Associates 0.3 (1.1) (1.6)
Management EBITDA 238.6 221.8 8% 257.4 (7%)
Management Adjustments - Revenue/(Expense) (16.1) (8.2) 0.9
Reported EBITDA 222.5 213.6 4% 258.3 (14%)
Management EPS 26.14 24.25 8% 27.36 (4%)
FinancialResults
Group Financial Performance – US$m
11
FinancialResults
Rolling 12 months
0
10
20
30
40
50
60
1H05 1H06 1H07 1H08 1H09
US cents
Management EPS Performance
12
0.00
5.00
10.00
15.00
20.00
25.00
30.00
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09
US cents
Analysis of Management EPS –Half Year Comparison
FinancialResults
6.60 9.52 8.82 13.92 17.86 18.83 27.36 24.25 26.14
13
EBITDA - NA7
EBITDA - AP6
Interest5
Depn & Amort4
OEI3
Tax2
EBITDA - EMEA1
$USm
FinancialResults
HY09 Management NPAT Analysis
14
FinancialResults
Operating Cash Flow Vs. Capital Expenditure
65.8
117.8
137.5
206.2
141.1
159.9
24.012.6
183.5
18.817.97.810.414.6
0
30
60
90
120
150
180
210
240
1H06 2H06 1H07 2H07 1H08 2H08 1H09
$USm
Operat ing Cash Flows Capital Expenditure
Net Operating Cash Flows
15
FinancialResults
Operating Cash Flows less Capital Expenditure
51.3
107.4
129.7
187.4
117.1
147.3
165.6
0
50
100
150
200
1H06 2H06 1H07 2H07 1H08 2H08 1H09
$USm
Free Cash Flow:- 3 year 1H CAGR 42%- 5 year CAGR 55%
Free Cash Flow
16
Revenue
EBITDA
$USm
FinancialResults
794.3 783.0588.1 626.7 694.0 724.4 788.2
188.7
238.6
221.8
99.7
140.4
181.7
257.4
0
150
300
450
600
750
900
1H06 2H06 1H07 2H07 1H08 2H08 1H090
50
100
150
200
250
300
Total Revenue M anagement EBITDA
Half Year Comparisons – Revenue & EBITDA
17
2nd Half
794.3724.4626.7
221.8
181.7
140.4
0
100
200
300
400
500
600
700
800
2H06 2H07 2H08
$USm
0
50
100
150
200
250
300
$USm
Revenue Management EBITDA
1st Half
783.0788.2694.0
188.7
257.4
238.6
0
100
200
300
400
500
600
700
800
1H07 1H08 1H09
$USm
0
50
100
150
200
250
300
$USm
Revenue Management EBITDA
FinancialResults
Half Year Comparisons – Revenue & EBITDA
18
FinancialResults
30.5%
27.9%
32.7%
18.5%20.4%
25.1%
27.2%
22.4%
17.0%
10%
15%
20%
25%
30%
35%
1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09
Management EBITDA Margin
19
1H09 2H08
Variance 1H09 to
2H08 1H08
Variance 1H09 to
1H08Register Maintenance 386.0 411.1 (6%) 406.5 (5%)Corporate Actions 155.2 134.2 16% 169.4 (8%)Fund Services 36.2 49.6 (27%) 41.7 (13%)Stakeholder Relationship Mgt 35.9 49.1 (27%) 39.9 (10%)Employee Share Plans 54.1 60.0 (10%) 59.0 (8%)Communication Services 83.5 60.9 37% 44.4 88%Technology & Other Revenue 32.1 29.5 9% 27.3 18%
Total Revenue 783.0 794.3 (1%) 788.2 (1%)
Note: Included in the revenue results are $86.4m of Margin Income (2H08: 94.1m; 1H08: $123.4m) and $116.4m of Recoverable Income (2H08:139.5m; 1H08: $116.3m).
FinancialResults
Revenue Breakdown – US$m
20
FinancialResults
*Note: some balances attract no interest or a set margin for Computershare
52.1
65.3
84.089.7
123.4
94.186.4
0
20
40
60
80
100
120
140
1H06 2H06 1H07 2H07 1H08 2H08 1H09
US$m
Margin Income analysis
Average interest rates:UK 4.55% 4.50% 4.78% 5.31% 5.71% 5.19% 4.16%US 3.70% 4.66% 5.25% 5.25% 4.85% 2.67% 1.53%Canada 2.79% 3.77% 4.25% 4.25% 4.45% 3.51% 2.58%Average balances (US$bn)* 6.4 6.4 6.4 7.0 8.7 8.7 7.2
21
Total Revenue Breakdown
30%
42%
28%
Asia Pacific EMEA North America
EBITDA Breakdown
23%
38%
39%
Asia Pacific EMEA North America
FinancialResults
Regional Analysis – 1H09 Revenue & EBITDA
22
FinancialResults
345.0 355.2 367.4404.9 395.4
426.2 406.7
144.5 133.2138.9
139.7147.4
137.4
137.0
0
100
200
300
400
500
600
1H06 2H06 1H07 2H07 1H08 2H08 1H09
$USm
Operating Costs excl. COS Cost of Sales (COS)
Half Year Comparisons – Operating Costs
23
Technology Costs – Continued Investment to Maintain Strategic Advantage
FinancialResults
56.4
61.7
70.3
77.180.1
82.7
59.1
10%11%
10%10%
9%
10%
9%
0
10
20
30
40
50
60
70
80
90
100
1H06 2H06 1H07 2H07 1H08 2H08 1H09
US$m
0%
4%
8%
12%
%
Total Technology costs Technology costs as a % of sales revenue
24
45%
28%
5%
22%
Development Infrastructure Maintenance Administration
Total Costs US$82.7m
Development Costs US$36.6m
FinancialResults
Analysis of 1H09 Technology Costs
25
18.8 21.1
30.336.6
9.3
18.9
21.8
23.2
29.2
20.3
21.9
18.5
4.4
3.1
1.41.7
0
20
40
60
80
100
1H06 1H07 1H08 1H09
$USm
Development Infrastructure Maintenance Admin
FinancialResults
Analysis of Technology Costs
26
Variance Variance Dec-08 Jun-08 Dec-07US$'000s US$'000s US$'000s
Current Assets 439,046 516,129 (15%) 369,763 19%
Non Current Assets 1,754,871 1,721,889 2% 1,520,793 15%
Total Assets 2,193,917 2,238,018 (2%) 1,890,556 16%
Current Liabilities 321,255 436,912 (26%) 332,971 (4%)
Non Current Liabilities 1,082,008 1,030,910 5% 874,854 24%
Total Liabilities 1,403,263 1,467,822 (4%) 1,207,825 16%
Total Equity 790,654 770,196 3% 682,731 16%
Dec-08 to Jun-08
Dec-08 to Dec-07
FinancialResults
Balance Sheet as at 31 December 2008
27
EBITDA interest coverage
12.1
8.7
11.9 11.510.4
0
2
4
6
8
10
12
14
FY05 FY06 FY07 FY08 1H09*
times
Net Financial Indebtedness to EBITDA
2.48
1.68
0.94
1.64 1.72
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY05 FY06 FY07 FY08 1H09*
times
FinancialResults
* Rolling 12 months
Key Financial Ratios
28
Dec-08 Jun-08 Variance Dec-07 VarianceUS$m US$m US$m
Cash 155.7 124.2 25% 108.0 44%
Interest Bearing Liabilities * 947.2 910.9 4% 747.4 27%
Net Debt 791.6 786.7 1% 639.3 24%
Management EBITDA ** 460.4 479.2 (4%) 439.1 5%
Net Debt to Management EBITDA 1.72 1.64 5% 1.46 18%
Dec-08 to Jun-08
Dec-08 to Dec-07
* Average Tenor of drawn debt at 31 December 2008 was 4.8 years.
** Rolling 12 months
FinancialResults
Computershare Borrowings
29
235.0
21.0
124.5123.0
200.0
600.0
0
100
200
300
400
500
600
700
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
US$m
FinancialResults
906.21303.5Total235.0235.0FY19
nilnilFY1821.021.0FY17
nilnilFY16124.5124.5FY15
nilnilFY14nilnilFY13
123.0123.0FY12402.7600.0FY11
nil200.0FY10
nilnilFY09
Debt Facility utilised
Debt Facility Maturity Profile
(USD $m)
Debt Facility Maturity Profile
30
Capital Expenditure Vs. Depreciation$USm
FinancialResults
5.0
13.9
7.22.3
2.2
1.6
2.5
1.9
3.0
7.9
4.8
3.0
7.6
2.9
12.1
8.8
0.9
4.1
2.2
3.8
1.4
0.5
2.6
0.6
0.6
0.8
0.5
1.1
0
5
10
15
20
25
1H06 2H06 1H07 2H07 1H08 2H08 1H09
Other
Occupancy
Communication Services Facilities
Information Technology
Depreciation
Capital Expenditure
31
FinancialResults
Days Sales Outstanding
45 4543
37
44
38
53
0
10
20
30
40
50
60
1H06 FY06 1H07 FY07 1H08 FY08 1H09
Days
Working Capital Management
32
FinancialResults
6%
12%
18%
24%
30%
36%
42%
FY06 FY07 1H08 FY08 1H09
WACC ROIC ROE
Return On Invested Capital Vs. WACC andReturn on Equity
33
› EPS – Basic US 23.55 cents
› EPS – Management US 26.14 cents
› Interim Dividend (40% franked) AU 11 cents
› Current Yield* 3.4%
* Based on 12 month dividend and share price of A$6.52 (close 10 February 2009)
FinancialResults
Equity Management – Interim Dividend of 11 cps (AU)
34
FinancialResults
Financial Summary – Final Remarks
› Maintained revenues, margins and EPS
› Continued solid generation of free cash flow
› Maintained strong balance sheet
› Disciplined cost management
› Return on equity >35%
› Dividend maintained at 11 cents (AUD) per share, 40% franked
35
MarketOverview
FinancialResults CEO’s Report
36
Stuart CrosbyPresident & CEO
CEO’s Report
CEO Presentation
37
Long term strategy 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
But the current environment also offers a once in a generation opportunity to lift our market position. Our strong balance sheet and cash flows allow us to invest in further service enhancements and new products for our clients at a time when many of our competitors are having to focus on refinancing and basic survival. We intend to take maximum advantage of this opportunity.
CEO’s Report
Group Strategy
38
Delivery against long term strategy
Delivering on the first 2 limbs of the long term strategy (cost and revenue) has been a key factor in protecting our profits and margins in these challenging times:
› operational productivity continues to improve across the globe (eg, increasing self service, some specialised off-shoring);
› pay-off from revenue initiatives, especially in business as usual, continues to accelerate; and
› operational improvements are putting us on top in independent service surveys everywhere they’re offered, protecting our pricing power and strengthening our client retention.
We continue to be interested in value accretive acquisitions, but we will remain prudent about gearing in a world where we expect debt andequity capital to be scarce and expensive. We will carefully monitor our debt maturities and refinancing profile.
CEO’s Report
39
Delivery on the opportunity to lift our market position
› We are consolidating our leading market position by releasing a range of new and enhanced products around the world.
› We continue to invest in R&D (1H09 R&D spend USD 36.6M, up 20% on 1H08).
› Third party shareholder and investor satisfaction surveys, as well as our own market research, show that the market is recognising ourgrowing quality edge.
› We expect this differentiation to increase as we continue to invest in and roll out service enhancements and new products, in an environment where many competitors are distracted by balance sheet and business viability issues.
40
Other key points at a group level
› The strong US dollar continues to drag on non-US markets contribution to reported earnings (GBP and AUD down > 20%, CAD down > 12% since August 08).
› Credit spreads have reduced, cutting slippage in interest rate hedges (natural and synthetic).
› Operating margin has held up well at 30% despite the reduction in margin income.
› Corporate action revenues have held up well but remain lumpy.› Less market cycle related businesses – Busy Bees vouchers in UK;
Administar class actions in US; Canadian Corporate Trust; commercial CCS businesses generally – also help.
› Acquisition hurdles are now materially higher for both strategy fit and valuation, but some interesting opportunities are emerging.
41
North America update - USA
Investor Services› Client retention remains strong off the back of robust service delivery› Benefiting from investment in and rationalisation of “business as usual”
capacities over past 12 to 18 months› Strong cost management materially mitigates the collapse in transactional
revenue streams› Revamped web portal with enhanced reporting tools for issuers well receivedOther› Fund Services - continues to win vast majority of (limited) available work;
pipeline promising› Plans – also hurt by collapse of transaction volumes› Writing good business in Administar (class action and bankruptcy admin), but
limited earnings impact until FY10› Proxy – very few M&A fights, but we are winning the majority of “name”
friendly deals, eg, Merrill Lynch/Bank of America, Johnson & Johnson/Mentor and Omrix, IBM/ILOG and Abbott/Advanced Medical Optics
CEO’s Report
42
Investor Services› BCE not proceeding reduced 1H09 result› Strong cost management and delivery of operational improvements protecting
performance› Benefiting from quality client relationships
Corporate Trust › Steady business with excellent margin, and holding up well in this tough
environment› New ABS programs emergingPlans› Good take up of new Tax Free Saving Account productProxy› Georgeson continues to be the leading proxy provider in Canada
CEO’s Report
North America update - Canada
43
EMEA update – UK, Russia, Germany, Ireland and South Africa
UK› CIS performing strongly, with good revenues from recapitalisation transactions › Deposit Protection Scheme continues to exceed expectations› Busy Bees integration going well – targets being met or exceeded› Plans – market leader and good pipeline› HBOS takeover by Lloyds will impact annuity revenues› Gilts register very activeGermany› VEM balance sheet reviewed; operations stabilised – focus on the strategic
integrationRussia, Ireland and South Africa› Tracking creditably given the difficult business environment› Exchange rates hurt SA and Russia Dubai› Representative and sales office opened
CEO’s Report
44
Hong Kong and China› HK IPOs have dried up› Working to expand service offering to investors› Beijing office now established and PRC Plans service being relocated there from
SydneyJapan› Joint venture with MUTB continues to perform well› Working on expanding range of cooperation
India› Strong cost management mitigating revenue damage from collapse of mutual
fund AUM-based revenues and lack of IPOs
CEO’s Report
Asia Pacific update - Asia
45
Asia Pacific update – Australia and New Zealand
Investor Services› Good news continues: better margins, a range of positive pricing outcomes› OK corporate action flows, but most capital raising in placements, not broader
offers› Steady flow of new product being well received – custodian portal, meetings
tools; issuer reporting tools Communication Services› QM integration successful – some premises rationalisation to be completed› Investment in inbound processing technology paying dividendsPlans› Organic growth continues, with new options technology now being rolled out› Strong support for China and other regional business developmentFund Services› Revenue line hurts as assets under management falls› Now has a solid platform and well positioned to growProxy› Georgeson remains market leader in proxy services
CEO’s Report
Computershare LimitedHalf Year Results 2009 Presentation
Stuart CrosbyPeter Barker
11 February 2009
47
Appendix:Half Year Results 2009 Presentation
11 February 2009
48
Group Comparisons
Appendix 1: Group Comparisons
49
Net profit after tax at 31 December 2008 130,871
Redundancy provisions 4,813
Acquisition provisions no longer required (642)
VEM asset write-downs 14,025
Profits on sales of controlled entities and business units (6,857)
Marked to market adjustments - derivatives 844
Intangible asset amortisation 2,192
Management adjusted profit after tax at 31 December 2008 145,246
US$000’s
FinancialResults
Behind the Headline – NPAT IMPACT
50
Revenue Type
20%
5%
11%4%
48%
7%
5%
Register Maintenance
Corporate Actions
Fund Services
Stakeholder Relationship Management
Employee Share Plans
Communication Services
Technology & Other Revenue
FinancialResults
CPU Revenues
51
94.6
31.8
13.84.4 8.9
68.8
9.2
96.8
69.0
1.6
17.2 19.69.4 6.6 12.7
194.6
54.5
20.814.2
5.3
25.7
0
50
100
150
200
250
RegisterMaintenance
Corporate Actions Fund Services StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology & OtherRevenue
$USm
Asia Pacific EMEA North America
`
FinancialResults
Regional Analysis – 1H09 Revenue
52
FinancialResults
119.
7
74.2
34.2 58
.2
37.2
20.4
375.
8
132.
8
41.8
52.7
58.9
38.5
23.8
406.
5
169.
4
41.7
39.9 59
.0
44.4
27.3
411.
1
134.
2
49.6
49.1 60.0
60.9
29.5
155.
2
36.2
35.9 54
.1 83.5
32.0
350.
1 386.
0
0
50
100
150
200
250
300
350
400
450
RegisterM aintenance
CorporateActions
Funds Services StakeholderRelationshipM anagement
Employee SharePlans
CommunicationServices
Technology &Other Revenue
$USm
1H07 2H07 1H08 2H08 1H09
Half Year Comparisons - Revenue
53
FinancialResults
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
147.
5
261.
9
33.4 38.6
79.7
12.6
137.
4
251.
5
31.7
23.4
82.2
17.9
218.
8
0
50
100
150
200
250
300
Cost of Sales Personnel Occupancy Other Direct Technology Corporate
$USm
1H07 2H07 1H08 2H08 1H09
Half Year Comparisons – Operating Costs
54
19.4
23.9
28.526.4
25.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY05 FY06 FY07 FY08 1H09
%
FinancialResults
Underlying Effective Tax Rate
55
Interest Rate SensitivityFinancialResults
This graph outlines the sensitivity of northern hemisphere interest rate changes when measured against core client balances (long term sustainable balances), adjusted by the impact of floating rate debt, corporate cash balances and derivative positions.
-80
-60
-40
-20
0
20
40
60
80
-3.00% -2.50% -2.00% -1.50% -1.00% -0.50% Current 0.50% 1.00% 1.50% 2.00% 2.50% 3.00%
US$m PBTImpact
Exposure
Hedged exposure
56
Risk Management - Interest Rate Sensitivity FinancialResults
Exposure to interest rates35%
Effective hedging in
place - both natural & synthetic
38%
No exposure
27%
Interest Rate Hedging
Strategy: - Protect downside risk in current interest rate environment
Policy: - Minimum hedge of 25% / Maximum hedge of 100%*
* Board approved
- Minimum term 1 year / Maximum term 5 years
- Current hedging of balances exposed to interest rates: 52%
57
Risk Management – Average Funds Balances for the six months ending 31 December 2008
Average funds balance US$7.2b
FinancialResults
By Category
Corporate Actions32%
Dissenter3%
Dividend17%
Broker Trust17%
Sharesave/Employee
Plans9%
Regular Trust22%
By Country
Canada50%
UK25%
US22%
Australia3%
58
Country Summaries
FinancialResults
Appendix 2: Country Summaries
59
Asia Pacific
FinancialResults
Appendix 2: Country Summaries
60
Revenue Breakdown
66.8
24.7
3.0 4.
9
8.6
28.1
7.2
63.2
21.0
3.0 5.
6 8.2
28.7
6.8
76.7
35.7
2.8
6.9 8.
7
35.0
7.8
63.4
25.2
2.6
2.9
7.5
47.4
3.8
74.9
34
2.3
5.5
9.5 11
.2
84.0
0
10
20
30
40
50
60
70
80
90
RegisterMaintenance
CorporateActions
Fund Services StakeholderRelationship
Management
Employee SharePlans
CommunicationServices
Technology &Other Revenue
$Am
1H07 2H07 1H08 2H08 1H09
Total Revenue
221.5
143.2136.5
152.9
173.6
0
50
100
150
200
250
1H07 2H07 1H08 2H08 1H09
$Am
FinancialResults
Australia Half Year Comparison
61
Total Revenue
195.9
441.1
212.2235.4
227.1
0
50
100
150
200
250
300
350
400
450
500
1H07 2H07 1H08 2H08 1H09
$HKm Revenue Breakdown
103.
5 123.
4
126.
0
109.
4
140.
7
300.
3
161.
4
50.8
177.
6
18.3
0
50
100
150
200
250
300
350
Register Maintenance Corporate Actions
$HKm
1H07 2H07 1H08 2H08 1H09
FinancialResults
Hong Kong Half Year Comparison
62
Total Revenue
836.1812.2
1,060.0
533.2
582.2
0
200
400
600
800
1000
1200
1H07 2H07 1H08 2H08 1H09
INRmRevenue Breakdown
287.
0
33.4
261.
8
216.
3
46.3
270.
6309.
8
121.
2
381.
2
257.
9
179.
8
622.
3
276.
9
20.8
538.
4
0
50
100
150
200
250
300
350
400
450
500
550
600
650
Register Maintenance Corporate Actions Fund Services
INRm
1H07 2H07 1H08 2H08 1H09
FinancialResults
India Half Year Comparison
63
Revenue Breakdown
7.0
1.6
5.9
1.0
6.3
1.8
6.4
2.0
6.4
1.7
0
2
4
6
8
Register Maintenance Corporate Actions
$NZm
1H07 2H07 1H08 2H08 1H09
Total Revenue
8.1
8.6
6.9
8.4
8.1
0
2
4
6
8
10
1H07 2H07 1H08 2H08 1H09
$NZm
FinancialResults
New Zealand Half Year Comparison
64
North America
FinancialResults
Appendix 2: Country Summaries
65
Revenue Breakdown
45.5
66.2
12.7
27.9
3.5
9.9
157.
2
45.4
33.1
21.6 25
.9
3.7
9.7
136.
7
44.4
28.8
13.7
24.9
3.1
11.6
149.
4
42.6
30.5
21.3
20.6
5.2
11.3
125.
7
38.4
20.8
11.8
19.1
3.9
12.1
133.
7
0
50
100
150
200
Register Main Corp Actions Fund Services StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology &Other Revenue
$USm
1H07 2H07 1H08 2H08 1H09
Total Revenue
231.7
299.4296.7
280.9
263.2
0
50
100
150
200
250
300
1H07 2H07 1H08 2H08 1H09
$USm
FinancialResults
United States Half Year Comparison
66
Revenue Breakdown
63.
6
21
.4
2.9
6.7
1.5
0.1
76.0
24.1
5.1 7
.9
1.5
0.1
27.5
4.1 6.
6
1.2
0.4
81.8
14.
4
3.2
7.6
1.2
0.3
74.7
17.4
2.6
7.2
1.5
0.7
76.4
0
10
20
30
40
50
60
70
80
90
RegisterMaintenance
Corporate Actions StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology &Other Revenue
$CAm
1H07 2H07 1H08 2H08 1H09
Total Revenue
104.196.2
114.6108.5
116.1
0
10
20
30
40
50
60
70
80
90
100
110
120
130
1H07 2H07 1H08 2H08 1H09
$CAm
FinancialResults
Canada Half Year Comparison
67
EMEA
FinancialResults
Appendix 2: Country Summaries
68
Revenue Breakdown
29.7
10.6
1.8
9.4
1.1
1.0
30.4
4.7
2.7
9.8
1.5
1.4
33.6
8.2
1.6
9.3
0.8 1.
8
29.6
10.4
2.4
11.8
1.4
1.5
37.7
32.5
2.7
10.4
1
2.1
0
10
20
30
40
RegisterMaintenance
Corporate Actions StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology & OtherRevenue
1H07 2H07 1H08 2H08 1H09
GBPmTotal Revenue
86.5
53.7
50.4
57.155.5
0
10
20
30
40
50
60
70
80
90
1H07 2H07 1H08 2H08 1H09
GBPm
FinancialResults
United Kingdom Half Year Comparison
69
Revenue Breakdown
2.7
0.7
3.4
0.7
3.0
0.5
0.7
0.2
2.9
0.4
0.8
0.1
3.2
0.5
0.5
0.1
0
1
2
3
4
Register Maintenance Corporate Actions Funds Services Technology & Other Revenue
EURm
1H07 2H07 1H08 2H08 1H09
Total Revenue
4.9
3.4
4.14.24.4
0
1.5
3
4.5
6
1H07 2H07 1H08 2H08 1H09
EURm
FinancialResults
Ireland Half Year Comparison
70
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
0.30.
5
11.6
8.2
0.8
5.5
5.0
0.5
3.6
7.4
0.6
5.2
1.8
0
1
2
3
4
5
6
7
8
9
10
11
12
RegisterMaintenance
Corporate Actions StakeholderRelationshipManagement
Employee SharePlans
CommunicationServices
Technology & OtherRevenue
EURm
1H07 2H07 1H08 2H08 1H09
Total Revenue
1919.3
24.8
31.2
17.4
0
5
10
15
20
25
30
35
1H07 2H07 1H08 2H08 1H09
EURm
�
FinancialResults
Germany Half Year Comparison
71
Revenue Breakdown
81.5
6.3
87.6
12.1
102.
3
12.9
100.
5
12.6
112.
8
23.3
0
10
20
30
40
50
60
70
80
90
100
110
120
Register Maintenance Corporate Actions
ZARm
1H07 2H07 1H08 2H08 1H09
Total Revenue
136.1
87.7
99.7
113.1115.2
0
20
40
60
80
100
120
140
160
1H07 2H07 1H08 2H08 1H09
ZARm
FinancialResults
South Africa Half Year Comparison
72
Revenue Breakdown
128.
5
179.
8
255.
6
17.0
277.
4
15.6
247.
7
36.8
0
50
100
150
200
250
300
Register Maintenance Corporate Actions
RUBm
1H07 2H07 1H08 2H08 1H09
Total Revenue
284.5
128.5
179.8
292.9
272.6
0
50
100
150
200
250
300
1H07 2H07 1H08 2H08 1H09
RUBm
FinancialResults
Russia Half Year Comparison
73
Assumptions
FinancialResults
Appendix 3: Assumptions
74
Assumptions: Exchange Rates
1.08330CAD
1.0000USD
8.3916724.96159
ZARRUB
0.69183EUR
0.55332GBP
45.13201INR
1.48857NZD
7.78347HKD
1.22137AUD
Average exchange rates used to translate profit and loss to US dollars.
FinancialResults