Computershare Limited Half Year Results 2009 …...4 Introduction Note: all results are in USD...

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%


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


`

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


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


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



$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


$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


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



$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



$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


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


Employee SharePlans



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


Employee SharePlans



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


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


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

Computershare Limited Half Year Results 2009 …...4 Introduction Note: all results are in USD...

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Transcript of Computershare Limited Half Year Results 2009 …...4 Introduction Note: all results are in USD...