COMPUTERSHARE LIMITED. — Annual Report 2007

Aug 14, 2007

Computershare Limited Full Year Results 2007 Presentation

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Introduction Financial
CEO’s Report
Results
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Introduction
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Stuart Crosby President & CEO

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Introduction
Results Highlights
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• › 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%

Note: all results are in USD except for dividend; all comparisons with FY06

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Introduction
A Strong Result From a Broad Base
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› 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

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Global Equities Market Introduction
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Completed M & A Volume

Annual M & A Book to Bill Ratio

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Source: SDC Thomson Financial and UBS Securities Australia Ltd

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Introduction
Global Interest Rate Market
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% UK % US
8 8
6 6
4 4
2 2
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2000 2001 2002 2003 2004 2005 2006 2007
%
Canada
8
6
4
2
0
2000 2001 2002 2003 2004 2005 2006 2007
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Introduction
Computershare Strengths
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• › 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

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Outlook Introduction
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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.

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Introduction
Ordinary Share buy-back
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› 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 31[st] January 2008.

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Introduction Financial
CEO’s Report
Results
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Financial
Results
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Tom Honan CFO

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Financial
Group Financial Performance – US$m Results
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FY07 FY06 Variance
Sales 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%
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Financial
Results
Drivers behind financial performance
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• 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

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Financial
Management EPS Performance
Results
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US cents
40
AGAAP AIFRS
35
30
25
20
15
10
5
0
FY03 FY04 FY05 FY06 FY07
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Financial
EPS Growth FY05 to FY10 Results
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Management EPS
US cents
50
40
30
20
10
0
FY05 FY06 FY07 FY08 FY09 FY10
EPS projected from FY05 at 20% p.a. Actual / Forecast EPS growth
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Analysis of Management EPS – Financial
Half Year Comparison Results
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20.00
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
1H05 2H05 1H06 2H06 1H07 2H07
6.60 9.52 8.82 13.92 17.86 18.83
US cents
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Financial
FY07 NPAT Analysis Results
$USm
300
250 1.6
42.3
3.5
65.5
1 EBITDA - AP
2.3
200 2 EBITDA - EMEA
39.8
3 EBITDA - NA
150 25.1 4 Depn & Amort
5 Interest
100 6 Tax
219.4
135.5 7 OEI
50
0
FY06 NPAT 1 2 3 4 5 6 7 FY07 NPAT
18
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Financial
Results
Net Operating Cash Flows
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$USm
Operating Cash Flow Vs. Capital Expenditure
321.0
330
300
270
240
210
183.6
180
150
109.8
120
90
60
23.7 25.0 25.7
30
0
FY05 FY06 FY07
Operating Cash Flows Capital Expenditure
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Financial
Results
Free Cash Flow – up 86% on FY06
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$USm
Operating Cash Flows less Capital Expenditure
295.3
300
250
200
158.6
150
100 86.2
50
0
FY05 FY06 FY07
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Financial
Cash Flows Results
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$USm
330
321.0
Free Cash Flow 4 year CAGR 71%
300
295.3
270
240
210
183.6
180
158.6
150
109.8
120
96.3
90
86.2
46.2 81.5
60
30 34.3
0
FY03 FY04 FY05 FY06 FY07
Operating Cash Flows Free Cash Flows
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Financial
Full Year Comparisons – Revenue & EBITDA
Results
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$USm $USm
1600 370.5 400.0
1400 350.0
1200 300.0
R E
e 240.1 B
1000 250.0
v I
e T
n 800 200.0 D
u 158.5 A
e
600 150.0
400 100.0
200 50.0
810.4 1214.7 1418.4
0 0.0
FY05 FY06 FY07
Total Revenue M anagement EBITDA
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Financial
Results
Half Year Comparisons – Revenue & EBITDA
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$USm 1st Half $USm $USm 2nd Half $USm
800 188.7 200 800 200
181.7
180 180
700 700
160 160
600 600 140.4
140 140
500 500
120 120
99.7
400 100 400 93.1 100
724.4
694.0
300 65.4 588.1 80 300 626.7 80
60 455.9 60
200 200
354.5
40 40
100 100
20 20
0 0 0 0
1H05 1H06 1H07 2H05 2H06 2H07
Revenue Management EBITDA Revenue Management EBITDA
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Financial
Management EBITDA Margin
Results
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28.0%
26.1%
26.0%
24.0%
22.0%
20.5%
19.8%
19.6%
20.0% 18.6%
18.0%
16.0%
14.0%
12.0%
10.0%
FY03 FY04 FY05 FY06 FY07
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Financial
Revenue Breakdown – US$m Results
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Register Maintenance Corporate Actions Fund Services Stakeholder Relationship Mgt Employee Share Plans Communication Services Technology & Other Revenues Total Revenue	FY07 725.9 252.5 116.1 86.9 117.1 75.7 44.2 1,418.4	FY06 639.6 171.8 110.5 90.3 95.8 63.2 43.5 1,214.7	Variance 13% 47% 5% (4%) 22% 20% 2%
			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).

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Financial
Results
Regional Analysis – FY07 Revenue & EBITDA
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Total Revenue Breakdown

EBITDA Breakdown

23% 22% Asia Pacific EMEA North America

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55%
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20% 57% 23% Asia Pacific EMEA North America

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Financial
Results
Full Year Comparisons – Operating Costs
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$USm
1200
1100
1000
900
800
700
600
977.8 1,050.9
500
400
653.4
300
200
100
0
FY05 FY06 FY07
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Financial
Results
Technology Costs – Establishing Global Platform
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%
US$m
140.0 15.0%
132.0
130.0
120.0 115.5
110.0 10%
10%
9%
10.0%
100.0
90.0
79.8
80.0
70.0
5.0%
60.0
50.0
40.0
30.0 0.0%
FY05 FY06 FY07
Total Technology costs Technology costs as a % of sales revenue
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Financial
Results
Analysis of FY07 Technology Costs
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5%
33%
31%
Total Costs US$132.0m
Development Costs US$43.3m
31%
Development Infrastructure Maintenance Administration
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Financial
Balance Sheet as at 30 June 2007 Results
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	Jun-07 US$'000s 368,891 1,366,224 1,735,115 338,551 563,989 902,541 832,574	Jun-06 Variance US$'000s 338,475 9% 1,264,318 8% 1,602,793 8% 265,620 (27%) 637,305 12% 902,925 0% 699,868 19%
Current Assets Non Current Assets
Total Assets Current Liabilities Non Current Liabilities Total Liabilities Total Equity*

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

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Financial
Key Financial Ratios Results
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AGAAP AIFRS AGAAP AIFRS
EBITDA interest coverage Net Financial Indebtedness to EBITDA
times times
25 3.0
21.1 2.48
2.5
20
2.0 1.68
15
12.1 11.9
1.5 1.21
10 8.7 0.94
1.0
5 0.5
0 0.0
FY04 FY05 FY06 FY07 FY04 FY05 FY06 FY07
AGAAP AIFRS AGAAP AIFRS
Funds Flow to Total Debt
Gearing (Net Debt / Net Debt + %
Equity) 80% 76%
%
50% 57%
60%
41%
40% 37% 43%
30% 27% 29% 40%
27%
20%
20%
10%
0% 0%
FY04 FY05 FY06 FY07 FY04 FY05 FY06 FY07
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Financial
Computershare Borrowings Results
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	Jun-07 US$m 86.8 435.1 348.3 370.5 0.94	Jun-06 US$m 72.8 476.5 403.7 240.1 1.68	Variance 19% 9%
Cash
Interest Bearing Liabilities Net Debt Management EBITDA Net debt to Management EBITDA Average Tenor of drawn debt is 4.6 years
			14%
			54%
			44%

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Financial
Capital Expenditure Results
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$USm
30.0 Capital Expenditure Vs. Depreciation
1.3 1.7
25.0 2.0
6.0 4.4
20.0
4.3
4.5 Depreciation
15.0 4.8 5.1
10.0
12.6 15.1
5.0 12.6
0.0
FY05 FY06 FY07
Information Technology Communication Services Facilities Occupancy Other
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Financial
Results
Working Capital Management
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Days Sales Outstanding
Days
70
63
60
50
45
43
40
30
20
10
0
FY05 FY06 FY07
Note: historical DSO restated to exclude deferred revenue
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Financial
Results
Return On Invested Capital Vs. WACC
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Increased returns, Cost of Capital flat

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AGAAP AIFRS
20%
18%
16%
14%
12%
10%
8%
6%
FY03 FY04 FY05 FY06 FY07
WACC ROIC
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Financial
Results
Return on Equity Vs. Return on Assets
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AGAAP AIFRS
30%
25%
20%
15%
10%
5%
0%
FY03 FY04 FY05 FY06 FY07
ROA ROE
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Financial
Results
Equity Management – Final Dividend of 9 cps (AU)
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• › EPS – Basic

› EPS – Management

US 39.08 cents 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)

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› 15[th] November 2006 – announced on market share buy-back of up to 25 million ordinary shares

› 24[th] May 2007 - buy-back extended to earlier of 29[th] 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

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Financial Summary – Final Remarks Financial
Results
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› Continued strong EPS growth - 61%

Year	Reported EPS growth
FY04	61%
FY05	28%
FY06	41%
FY07	61%

• › 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

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Market Financial
CEO’s Report
Overview Results
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CEO’s
CEO Presentation Report
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Stuart Crosby President & CEO

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Group Strategy CEO’s
Report
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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

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Global Services
CEO’s
Report
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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)

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North America update - USA CEO’s
Report
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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

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North America update - Canada CEO’s
Report
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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

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EMEA update – UK, Russia, Germany, Ireland CEO’s
and South Africa Report
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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

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Asia Pacific update - Asia CEO’s
Report
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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

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Asia Pacific update – Australia and CEO’s
New Zealand Report
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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

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Looking forward to 2008 CEO’s
Report
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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

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Computershare Limited Full Year Results 2007 Presentation

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Appendix:

Full Year Results 2007 Presentation

15 August 2007

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Appendix 1: Group Comparisons
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Group Comparisons

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Financial
Behind the Headline – NPAT IMPACT Results
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	Behind the Headline – NPAT IMPACT Financial Results
	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

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Financial
CPU Revenues Results
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Revenue Type
3%
8%
5%
Register Maintenance
Corporate Actions
8% Stakeholder Relationship Management
Employee Share Plans
Communication Services
52%
Fund Services
6%
Technology & Other Revenue
18%
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Financial
Results
Regional Analysis – FY07 Revenue
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$USm
450.0
414.3
400.0
350.0
300.0
250.0
200.0
`
160.4
151.2
150.0 131.2
99.4
100.0
69.2 66.7
52.2
50.0 34.8 41.4 37.2 44.3
10.8 13.1 21.6 9.8 16.7 14.2 19.7
5.1
0.0
0.0
Register Maintenance Corporate Actions Stakeholder Employee Share Communication Fund services Technology & Other
Relationship Plans Services Revenue
Management
Asia Pacific EMEA North America
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Financial
Results
Full Year Comparisons - Revenue
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$USm
725.9
700.0
639.7
600.0
500.0
416.7
400.0
300.0
252.5
200.0 171.8
117.1 110.5 116.1
100.0 99.9 75.6 95.8 44.9 63.2 75.7 39.7 80.3 90.3 86.9 53.4 43.5 44.2
0.0
Register Corporate Employ ee Share Communication Fund Serv ices Stakeholder Technology &
Maintenance Actions Plans Serv ices Relationship Other Rev enue
Management
FY05 FY06 FY07
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Financial
Results
Full Year Comparisons – Operating Costs
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$USm
600
500
459.4
431.1
400
304.2
300 277.7 278.6
200
171.2
131.3
113.7
100 78.8
69.5 77.2
64.5
56.2
33.5 46.9 39.9
29.7
18.7
0
Cost of Sales Personnel Occupancy Other Direct T echnology Corporate
FY05 FY06 FY07
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Financial
Results
Underlying Effective Tax Rate
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%
35.0
28.5
30.0
23.9
25.0
19.4
20.0
15.0
10.0
5.0
0.0
FY05 FY06 FY07
Increase largely due to greater earnings in jurisdictions in which corporate tax rates are higher
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Interest Rate Sensitivity Financial
Results
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US$m PBT 100
Impact
80
60
40
20
0
-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%
-20
-40
-60
-80 Exposure
Hedged exposure
-100
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Risk Management - Interest Rate Sensitivity Financial
Results
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No Interest Rate Hedging
exposure -
Strategy: Protect downside risk in current interest rate
30%
environment
-
Exposure to Policy: Minimum hedge of 25% / Maximum hedge of 100%
interest rates
-
Minimum term 1 year / Maximum term 5 years
38%
-
Current hedging: 32%
Effective
hedging in
place - both
natural &
synthetic
32%
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Risk Management – Average Funds Balances
Financial
for year ending 30 June 2007 Results
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By Category By Country
Sharesave/
Employee Australia
Dividend
Plans 2%
17%
US
13%
26%
Dissenter
Broker Trust
4%
15%
Canada
45%
Regular
Trust
Corporate UK
16%
Actions 27%
35%
Average funds balance US$6.7b
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Financial
Results
Appendix 2: Country Summaries
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Country Summaries

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Financial
Results
Appendix 2: Country Summaries
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Asia Pacific

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Financial
Australia Half Year Comparison Results
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Total Revenue $Am Revenue Breakdown
$Am
150.0
143.6
139.9 70
66.8
63.2
120.0 60 57.5
115.9
53.5
50
100.0
40
30 28.1 28.7
25.5
24.7 24.6
21.0
50.0 20.3
20
15.6
10.3
10 6.7 7.4 8.6 8.2 6.8 7.6
5.5 4.9 5.6 5.1
4.0
2.5 3.0 3.0
0.9
0
0.0 Register Corporate Fund Services Stakeholder Employee Communication Technology &
1H06 2H06 1H07 2H07 Maintenance Actions Relationship Share Plans Services Other
Management
1H06 2H06 1H07 2H07
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Financial
Results
New Zealand Half Year Comparison
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$NZm Total Revenue $NZm Revenue Breakdown
9.7
10
8.0
8.6 7.0
6.9
8 7.7
6.9 5.9
6.0
5.6
6
4.0
4
2.8
2.1
2.0
1.6
2
1.0
0 0.0
1H06 2H06 1H07 2H07 Register Maintenance Corporate Actions
1H06 2H06 1H07 2H07
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Financial
Hong Kong Half Year Comparison Results
Revenue Breakdown
Total Revenue
$HKm
$HKm
140.0
250 235.4
130.0 126.0
227.1 123.4
120.0
109.4
200 110.0 103.5
100.0 95.1
90.0
150 145.2 80.0 76.9
120.6 70.0
60.0
49.0
100
50.0
43.6
40.0
30.0
50
20.0
10.0
0.0
0
Register Maintenance Corporate Actions
1H06 2H06 1H07 2H07
1H06 2H06 1H07 2H07
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Financial
India Half Year Comparison Results
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Revenue Breakdown
Total Revenue
INRm
INRm
400.0
900 377.3
796.6
800 350.0
700 300.0 287.0
270.6
261.8
600 540.8 582.2 533.2 250.0
224.5
216.3
212.0
207.3
500
200.0
178.4
400
150.0 137.9
300
100.0
200
46.3
50.0 33.4
100
0.0
0
Register Maintenance Corporate Actions Fund Services
1H06 2H06 1H07 2H07
1H06 2H06 1H07 2H07
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Financial
Appendix 2: Country Summaries Results
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North America

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Financial
Results
United States Half Year Comparison
Total Revenue $USm Revenue Breakdown
$USm
296.7
299.4 170.0
300.0 282.5
282.0 160.0 157.2
280.0 150.4
150.0
260.0 140.0 133.7
240.0 130.0 125.2
120.0
220.0
110.0
200.0
100.0
180.0
90.0
160.0 80.0
140.0 70.0 64.2 66.2
60.0
120.0
50.0 45.5 45.4
42.5
100.0 36.0
40.0 29.3 25.4 33.1
80.0 30.0 28.0 21.6 23.4 27.9 25.9
60.0 20.0 15.6 12.7
8.9 9.4 9.9 9.7
40.0 10.0 2.7 3.5 3.5 3.7
0.0
20.0
Register Main Corp Actions Stakeholder Employee Communication Fund Services Technology &
0.0 Relationship Share Plans Services Other Revenue
Management
1H06 2H06 1H07 2H07
1H06 2H06 1H07 2H07
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Financial
Results
Canada Half Year Comparison
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Total Revenue
CA$m
$CAm Revenue Breakdown
130 80.0
76.0
120 114.6
70.0 67.1
110 63.6
100 97.7 96.2 60.0
54.9
90
50.0
80 73.4
40.0
70
60
30.0
24.1
50 21.4
19.2
20.0
40
9.8
30 10.0 5.9 6.7 7.9
5.1 4.8
20 2.1 3.7 2.9 1.8 1.6 1.5 1.5 0 0.1 0.1 0.1
0.0
10
Register Corporate Stakeholder Employee Share Communication Technology &
0 Maintenance Actions Relationship Plans Services Other Revenue
Management
1H06 2H06 1H07 2H07
1H06 2H06 1H07 2H07
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Financial
Results
Appendix 2: Country Summaries
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EMEA

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Financial
Results
United Kingdom Half Year Comparison
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GBPm Revenue Breakdown
Total Revenue
40.0
GBPm
60.0
56.2 54.0 33.9
32.3
50.0 48.3 30.0
26.4
40.0 35.9
22.3
20.0
30.0
20.0 11.6
9.4 9.8
10.0 8.7
7.5
6.6
10.0
4.5
3.8
3.2
2.7 2.7 2.4
1.8 1.1 1.5
0.0 0.5 0.5 0.6 0.6 0.1
0.0
1H06 2H06 1H07 2H07
Register Corporate Actions Stakeholder Employee Share Communication Technology &
Maintenance Relationship Plans Services Other Revenue
Management
1H06 2H06 1H07 2H07
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Financial
Results
Ireland Half Year Comparison
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Total Revenue
EURm EURm Revenue Breakdown
4.5
4.1 4
3.4
3.4
3.0 3
3.0 2.7
3.0 2.6
2.4
2
1.5
1
0.7 0.7
0.6
0.4
0
0.0
Register Maintenance Corporate Actions
1H06 2H06 1H07 2H07
1H06 2H06 1H07 2H07
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Financial
Results
Germany Half Year Comparison
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EURm Total Revenue
Revenue Breakdown
24.8
EURm
25
23.9 10 9.8 9.8
9 8.6
20 19.3 8
7.3 7.2
7.0
7
6.4
15.5 6.2 6.1
6 5.7
15
5
4.1
4
10 3
2
1.0 1.1
1 0.7
5 0.5 0.4 0.5 0.5 0.3
0.1 0.1 0.1 0.1 0.1
0
Register Corporate Stakeholder Communication Emplyee Share Technology &
Maintenance Actions Relationship Services Plans Other Revenue
0
Management
1H06 2H06 1H07 2H07
1H06 2H06 1H07 2H07
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Financial
Results
South Africa Half Year Comparison
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Total Revenue
ZARm
120 ZARm Revenue Breakdown
100.0
99.4 99.7
89.4
100 90.0 86.7 87.6
92.8
81.5
87.7
80.0
80
70.0
60.0
60
50.0
40.0
40
30.0
20.0
20 12.1
10.0
10.0 6.2 6.3
0.0
0
Register Maintenance Corporate Actions
1H06 2H06 1H07 2H07
1H06 2H06 1H07 2H07
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Financial
Results
Appendix 3: Assumptions
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Assumptions

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Assumptions: Exchange Rates Financial
Results
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Average exchange rates used to translate profit and loss to US dollars.

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

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