Computershare Limited Full Year Results 2007 Presentation Stuart - - PowerPoint PPT Presentation

Computershare Limited Full Year Results 2007 Presentation

Stuart Crosby Tom Honan 1 5 August 2 0 0 7

2

I ntroduction Financial Results 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 EBI TDA 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 EBI TDA 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

2 4 6 8 2000 2001 2002 2003 2004 2005 2006 2007 %

UK

2 4 6 8 2000 2001 2002 2003 2004 2005 2006 2007 %

Canada

2 4 6 8 2000 2001 2002 2003 2004 2005 2006 2007 %

Global I nterest Rate Market

Introduction

8

Computershare Strengths

› More than 70% of Revenue recurring in nature › Global Diversification – across 17 countries including growth

engines China, I ndia 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

• rganic 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

› I ncrease 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

I ntroduction Financial Results CEO’s Report

12

Tom Honan CFO

Financial Results

13

Group Financial Performance – US$m

FY07 FY06 Variance

Sales Revenue 1,404.2 1,198.3 17% Interest & Other Incom e 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 EBI TDA 370.5 240.1 54%

Managem ent Adjustm ents - Revenue/(Expense) 16.2 (1.8)

Reported EBI TDA 386.6 238.3 62% Management EPS 36.68 22.74 61%

Financial Results

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

Financial Results

15

Management EPS Performance

5 10 15 20 25 30 35 40

FY03 FY04 FY05 FY06 FY07 US cents

AGAAP AI FRS

Financial Results

16

EPS Growth FY05 to FY10

Management EPS

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

Financial Results

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 cents

Analysis of Management EPS – Half Year Comparison

Financial Results

18.83 17.86 13.92 8.82 9.52 6.60

18

FY07 NPAT Analysis

OEI

7

Tax

6

Interest

5

Depn & Amort

4

EBITDA - NA

3

EBITDA - EMEA

2

EBITDA - AP

1

$USm

Financial Results

3.5 2.3 42.3 25.1 39.8 65.5 135.5 219.4 1.6

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 25.7 25.0 23.7

30 60 90 120 150 180 210 240 270 300 330 FY05 FY06 FY07

$USm

Operating C ash Flow s C apital Ex penditure

Financial Results

20

Free Cash Flow – up 86% on FY06

Operating Cash Flows less Capital Expenditure

86.2 158.6 295.3

50 100 150 200 250 300 FY05 FY06 FY07 $USm

Financial Results

21

Cash Flows

86.2 158.6 295.3 321.0 109.8 96.3 46.2 183.6 34.3 81.5 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

Financial Results

Free Cash Flow 4 year CAGR 71%

22

Full Year Comparisons – Revenue & EBI TDA

810.4 1214.7 1418.4 370.5 158.5 240.1

200 400 600 800 1 000 1 200 1 400 1 600 FY05 FY06 FY07 0.0 50.0 1 00.0 1 50.0 200.0 250.0 300.0 350.0 400.0 Total Revenue M anagement EBITDA

R e v e n u e E B I T D A

$USm $USm

Financial Results

23

2nd Half

455.9 626.7 724.4 1 81 .7 1 40.4 93.1

100 200 300 400 500 600 700 800 2H05 2H06 2H07

$U Sm

20 40 60 80 100 120 140 160 180 200

$U Sm Rev enue M anagement EBITDA

Half Year Comparisons – Revenue & EBI TDA

1st Half

354.5 588.1 694.0 65.4 99.7 1 88.7

100 200 300 400 500 600 700 800 1H05 1H06 1H07

$USm

20 40 60 80 100 120 140 160 180 200

$USm Revenue Management EBITDA

Financial Results

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 EBI TDA Margin

Financial Results

25

Revenue Breakdown – US$m

FY0 7 FY0 6 Variance

Regist er Maint enance 725.9 639.6 13% Corporat e Act ions 252.5 171.8 47% Fund Services 116.1 110.5 5% St akeholder 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 & Ot her Revenues 44.2 43.5 2%

Tot al Revenue 1 ,4 1 8 .4 1 ,2 1 4 .7 1 7 %

Note: Included in the revenue results are $173.7m of Margin Income (FY06: $117.5m) and $263.8m of Recoverable Income (FY06: $245.6m).

Financial Results

26

Regional Analysis – FY07 Revenue & EBI TDA

Total Revenue Breakdown

23% 55% 22%

Asia Pacific EMEA North America

EBITDA Breakdown

20% 23% 57% Asia Pacific EMEA North America

Financial Results

27

Full Year Comparisons – Operating Costs

977.8 1,050.9 653.4 100 200 300 400 500 600 700 800 900 1000 1100 1200 FY05 FY06 FY07

$USm

Financial Results

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

Financial Results

29

Analysis of FY07 Technology Costs

33% 31% 31% 5%

Developm ent Infrastructure M aintenance Adm inistration

Total Costs US$132.0m Development Costs US$43.3m

Financial Results

30

Balance Sheet as at 30 June 2007

Jun-07 Jun-06 Variance

US$'000s US$'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%

Financial Results

* After buy-back of US$80.2m and dividends of US$70.3m

31

Key Financial Ratios

EBI TDA interest coverage

21.1 12.1 8.7 11.9

5 10 15 20 25 FY04 FY05 FY06 FY07

times

Net Financial I ndebtedness to EBI TDA

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

Financial Results

32

Computershare Borrowings

Jun-07 Jun-06 Variance US$m US$m Cash 86.8 72.8 19% I nterest 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

Financial Results

33 12.6 4.5 12.6 15.1 5.1 4.8 4.3 6.0 4.4 2.0 1.3 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

Financial Results

34

Working Capital Management

Days Sales Outstanding

45 43 63

10 20 30 40 50 60 70 FY05 FY06 FY07

Days

Note: historical DSO restated to exclude deferred revenue

Financial Results

35

Return On I nvested Capital Vs. WACC

I ncreased returns, Cost of Capital flat

6% 8% 10% 12% 14% 16% 18% 20% FY03 FY04 FY05 FY06 FY07 WACC ROIC AGAAP AI FRS

Financial Results

36

Return on Equity Vs. Return on Assets

0% 5% 10% 15% 20% 25% 30% FY03 FY04 FY05 FY06 FY07 ROA ROE AGAAP AI FRS

Financial Results

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)

Financial Results

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

Financial Results

39

Financial Summary – Final Remarks

› Continued strong EPS growth - 61%

..

Financial Results

61% FY07 41% FY06 28% FY05 61% FY04

Reported EPS growth Year

› Free cash flow up 86% after increasing 84% last year › Record revenues › Maintained strong balance sheet

lowering earnings to debt coverage by 44%

› Return on equity > 25% › Dividend increased to 9 cents (AUD) per share

40

Market Overview Financial Results CEO’s Report

41

CEO Presentation

Stuart Crosby President & CEO

CEO’s Report

42

Group Strategy

Focus unchanged:

• 1. Continue to drive operations quality and efficiency

through measurement, benchmarking and technology

• 2. I mprove our front office skills to protect and drive

revenue

• 3. Continue to seek acquisition and other growth
• pportunities where we can add value and enhance

returns for our shareholders

CEO’s Report

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’s Report

44

North America update - USA

I nvestor 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

• ur 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’s Report

45

North America update - Canada

I nvestor 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’s Report

46

EMEA update – UK, Russia, Germany, I reland 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’s Report

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

I ndia

› Mutual Fund Services still performing strongly while corporate TA tracks market

CEO’s Report

48

Asia Pacific update – Australia and New Zealand

I nvestor 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’s Report

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’s Report

Computershare Limited Full Year Results 2007 Presentation

Stuart Crosby Tom Honan 1 5 August 2 0 0 7

51

Appendix: Full Year Results 2007 Presentation 15 August 2007

52

Appendix 1: Group Comparisons

Group Comparisons

53

Behind the Headline – NPAT I MPACT

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

Financial Results

54

CPU Revenues

Revenue Type

18% 8% 8% 3% 6% 5% 52%

Register M aintenance Corporate Actions Stakeholder Relationship M anagem ent Em ployee Share Plans Com m unication Services Fund Services T echnology & Other Revenue

Financial Results

55

Regional Analysis – FY07 Revenue

151.2 69.2 10.8 13.1 44.3 16.7 14.2 160.4 52.2 34.8 37.2 21.6 0.0 5.1 19.7 9.8 99.4 66.7 41.4 131.2 414.3

0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0

Register Maintenance Corporate Actions Stakeholder Relationship Management Employee Share Plans Communication Services Fund services Technology & Other Revenue

$USm Asia Pacific EMEA North America

`

Financial Results

56

Full Year Comparisons - Revenue

99.9 75.6 44.9 39.7 80.3 53.4 1 71 .8 95.8 11 0.5 43.5 252.5 1 1 7.1 75.7 1 1 6.1 86.9 44.2 41 6.7 90.3 63.2 639.7 725.9

0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0

Register M aintenance Corporate Actions Em ploy ee Share Plans Com m unication Serv ices Fund Serv ices Stakeholder Relationship M anagem ent Technology & Other Rev enue

$USm

FY05 FY06 FY07

Financial Results

57

Full Year Comparisons – Operating Costs

171.2 18.7 431.1 56.2 278.6 64.5 77.2 131.3 39.9 46.9 33.5 304.2 78.8 277.7 113.7 29.7 69.5 459.4

100 200 300 400 500 600 Cost of Sales Personnel O c c upanc y O ther Direc t T ec hnology Corporate

$USm

FY05 FY06 FY07

Financial Results

58

Underlying Effective Tax Rate

19.4 23.9 28.5

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 FY05 FY06 FY07

%

Financial Results

Increase largely due to greater earnings in jurisdictions in which corporate tax rates are higher

59

I nterest Rate Sensitivity

• 100
• 80
• 60
• 40
• 20

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 PBT Impact

Exposure Hedged exposure

Financial Results

60

Risk Management - I nterest Rate Sensitivity

Exposure to interest rates 38% Effective hedging in place - both natural & synthetic 32% No exposure 30%

Interest Rate Hedging

Strategy:

• Protect downside risk in current interest rate

environment Policy:

• Minimum hedge of 25% / Maximum hedge of 100%
• Minimum term 1 year / Maximum term 5 years
• Current hedging: 32%

Financial Results

61

Risk Management – Average Funds Balances for year ending 30 June 2007

By Category

Broker Trust 15% Corporate Actions 35% Dissenter 4% Dividend 17% Sharesave/ Employee Plans 13% Regular Trust 16%

By Country

Canada 45% UK 27% US 26% Australia 2%

Average funds balance US$6.7b

Financial Results

62

Appendix 2: Country Summaries

Country Summaries

Financial Results

63

Appendix 2: Country Summaries

Asia Pacific

Financial Results

64

Australia Half Year Comparison

Revenue Breakdown

57.5 20.3 0.9 4.0 6.7 25.5 5.1 2.5 5.5 24.6 6.8 66.8 24.7 3.0 4.9 8.6 28.1 7.6 63.2 21.0 3.0 5.6 8.2 28.7 10.3 7.4 15.6 53.5

10 20 30 40 50 60 70 Register M aintenance Corporate Actions Fund Services Stakeholder Relationship M anagem ent Em ployee Share Plans Com m unication Services Technology & Other

$Am

1H06 2H06 1H07 2H07

Total Revenue

120.0 115.9 139.9 143.6

0.0 50.0 100.0 150.0

1H06 2H06 1H07 2H07

$Am

Financial Results

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 Revenue

9.7 7.7 6.9 8.6

2 4 6 8 10

1H06 2H06 1H07 2H07

$NZm Financial Results

66

Hong Kong Half Year Comparison

Total Revenue

227.1 235.4 145.2 120.6 50 100 150 200 250

1H06 2H06 1H07 2H07

$HKm

Revenue Breakdown

76.9 43.6 95.1 49.0 103.5 123.4 126.0 109.4

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

Financial Results

67

I ndia Half Year Comparison

Total Revenue

582.2 533.2 796.6 540.8

100 200 300 400 500 600 700 800 900

1H06 2H06 1H07 2H07

INRm

Revenue 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

Financial Results

68

Appendix 2: Country Summaries

North America

Financial Results

69

United States Half Year Comparison

Revenue Breakdown

42.5 15.6 23.4 2.7 64.2 8.9 150.4 28.0 3.5 9.4 45.5 12.7 27.9 3.5 66.2 9.9 157.2 45.4 21.6 25.9 3.7 33.1 9.7 125.2 36.0 25.4 29.3 133.7

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 100.0 110.0 120.0 130.0 140.0 150.0 160.0 170.0 Register Main Corp Actions Stakeholder Relationship Management Employee Share Plans Communication Services Fund Services Technology & Other Revenue

$USm

1H06 2H06 1H07 2H07

Total Revenue

282.5 282.0 296.7 299.4

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

Financial Results

70

Canada Half Year Comparison

Revenue Breakdown

9.8 2.1 4.8 1.8 67.1 19.2 3.7 5.9 1.6 0.1 63.6 21.4 2.9 6.7 1.5 0.1 76.0 24.1 5.1 7.9 1.5 0.1 54.9

0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0

Register Maintenance Corporate Actions Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue

CA$m

1H06 2H06 1H07 2H07

Total Revenue

73.4 97.7 114.6 96.2

10 20 30 40 50 60 70 80 90 100 110 120 130

1H06 2H06 1H07 2H07

$CAm Financial Results

71

Appendix 2: Country Summaries

EMEA

Financial Results

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 1.1 0.1 33.9 3.8 2.7 9.8 1.5 2.4 26.4

0.0 10.0 20.0 30.0 40.0

Register Maintenance Corporate Actions Stakeholder Relationship Management Employee Share Plans Communication Services Technology & Other Revenue

1H06 2H06 1H07 2H07

GBPm

Total Revenue

35.9 48.3 54.0 56.2

0.0 10.0 20.0 30.0 40.0 50.0 60.0

1H06 2H06 1H07 2H07 GBPm

Financial Results

73

I reland Half Year Comparison

Revenue Breakdown

0.6 2.6 0.4 2.7 0.7 3.4 0.7 2.4

1 2 3 4 Register Maintenance Corporate Actions

EURm

1H06 2H06 1H07 2H07

Total Revenue

3.0 3.0 4.1 3.4

0.0 1.5 3.0 4.5

1H06 2H06 1H07 2H07

EURm

Financial Results

74

Germany Half Year Comparison

Revenue Breakdown

0.5 1.0 7.3 6.2 0.1 0.5 0.4 9.8 6.4 6.1 0.1 1.1 0.7 4.1 7.2 7.0 0.1 0.3 0.5 9.8 8.6 5.7 0.1 0.1

1 2 3 4 5 6 7 8 9 10

Register Maintenance Corporate Actions Stakeholder Relationship Management Communication Services Emplyee Share Plans Technology & Other Revenue EURm 1H06 2H06 1H07 2H07

Total Revenue

15.5 23.9 24.8 19.3

5 10 15 20 25

1H06 2H06 1H07 2H07 EURm

• Financial

Results

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

20 40 60 80 100 120

1H06 2H06 1H07 2H07 ZARm

Financial Results

76

Appendix 3: Assumptions

Assumptions

Financial Results

77

Assumptions: Exchange Rates

1.1315 CAD 1.0000 USD 7.2059 ZAR 0.7662 EUR 0.5186 GBP 44.2131 INR 1.4755 NZD 7.7909 HKD 1.2798 AUD

Average exchange rates used to translate profit and loss to US dollars.

Financial Results