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COMPUTERSHARE LIMITED. Interim / Quarterly Report 2019

Feb 12, 2019

64696_rns_2019-02-12_ac5a086d-5162-4dbb-94de-d3f11c5f0334.pdf

Interim / Quarterly Report

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COMPUTERSHARE LIMITED Solid results – performing to plan

2019 Half Year Results Presentation

Stuart Irving Chief Executive Officer and President

Mark Davis

Chief Financial Officer

13 February 2019

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1H19 Executive summary

Solid results – continuing to deliver sustained earnings growth

Management results[1]

EBITDA EPS $335.4m 14.3% 35.37 cents 15.5%

Revenue

$1,146.5m

1.7%

Dividend per share

Return on Equity (ROE)

Statutory EPS

Interim

Actual

Actual

40bps AU 21 cents

47.77 cents[2] 52.0% 27.1%

10.5%

1H19 Management EPS grew strongly (+15.5%) with outperformance driven mainly by ongoing profitable growth in Register Maintenance, margin income gains and a reduced tax rate. Full year Management EPS guidance upgraded to around +12.5%

1 Management results are expressed in constant currency throughout this presentation unless otherwise stated. Constant currency equals 1H19 results translated to USD at 1H18 average exchange rates. All figures in this presentation are presented in USD millions, unless otherwise stated 2 Reconciliation of statutory to management results can be found on slide 22

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2

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Executing strategic priorities continues to deliver strong returns

Profitability

Growth

Capital Management

  • › Equatex acquisition completed. Pleased with early performance, capabilities and customer engagement. Integration underway. Synergy benefits affirmed

  • › Strong Balance sheet continues post funding acquisitions and growth initiatives

  • › Group EBITDA margin continues to rise to 29.3% (up 330bps)

  • › Record client balances achieved during period – $21.0bn, $12.9bn exposed to interest rates

  • › Net debt to EBITDA leverage ratio at 1.88x, below mid point of target range

› Employee Share Plans’ revenues prove resilient during heightened market volatility. Growth in employer paid fee revenues and volume of units under administration. Structural growth intact

  • › Investments in Equatex $419.7m, US Mortgage Services: LenderLive $31.8m and MSRs $45.7m and CAPEX $33.6m.

  • › Margin income improves to $126.6m, up 59.0%

  • › Register Maintenance and Corporate Actions EBITDA margin increases to 36.9%, +330bps. Margin Income contribution offsets weaker Corporate Actions activity

  • › Karvy disposal completed enabling further simplification and capital recycling - $77.2m post tax proceeds

  • › US Mortgage Services continues to build to scale across the mortgage value chain. UPB $92.6bn, up 14.3%

  • › Excellent performance in Register Maintenance. 5.9% organic revenue growth in US with further margin expansion

  • › New long term funding secured with average debt duration extended from 2.8 to 4.4 years

  • › US subservicing UPB up 9.5%, as customer network broadens

  • › ROE up to 27.1%, up 40bps. ROIC at 14.9%, down 330bps, reflecting increased investment capital

  • › UK Mortgage Services delivers revenue growth aided by new originations and project fees

  • › Cost out programs continue to deliver savings as anticipated

  • › Lower effective tax rate of 25.5% - aided by benefit from favourable settlement of legacy issue

  • › AU 21 cents interim dividend, +10.5%

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FY19 outlook – guidance upgraded

Guidance

  • › At November’s AGM, we said that we confidently expected FY19 Management EPS in constant currency to increase by around +10% on FY18

  • › Given the 1H19 result, we now expect Management EPS for FY19 in constant currency to increase by around +12.5% on FY18

Assumptions

  • › Equity markets remain at current levels and interest rate markets remain in line with current market expectations

  • › Group tax rate to be slightly lower in FY19 (~27.5%) compared to FY18 (28.3%)

  • › Revenue (excluding margin income) from Corporate Actions and event based activities assumed to be lower in 2H FY19 than in pcp

  • › Client balances anticipated to be lower in 2H vs. 1H

  • › For constant currency comparisons, FY18 average exchange rates are used to translate the FY19 earnings to USD (refer to slide 57)

  • › For comparative purposes, the base FY18 Management EPS is 63.38 cents

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Growth: Mortgage Services

Revenue and EBITDA growth - continuing to build scale

1H19 @ CC 1H18 Actual CC Variance
$159.5 $143.4 +11.2%
$128.8 $121.7 +5.8%
Total Mortgage Services revenue $288.3 $265.1 +8.8%
Total Mortgage Services EBITDA $59.6 $56.4 +5.7%

US

  • › UPB up 14.3% to $92.6bn with major additions late in the half

  • › Good growth in capital light sub servicing UPB, +9.5% with a number of new subservicing clients secured

  • › High margin servicing related fees down 4.1% vs. pcp along with the late addition of UPB, temporarily impacted margins

  • › LenderLive acquisition completed 31 December - continues strategic expansion across the mortgage lifecycle value chain, bringing scale to fulfilment activities and opening up a new servicing channel

  • › Servicing ratings affirmed – one of the highest rated special servicers in the US, validating customer value and compliance expertise

  • › MSR investments of $45.7m in 1H19, total capital employed of $455.8m, up $32.7m on 1H18, strip sales expected in 2H

  • › Target returns affirmed – scope for long term growth

UK

  • › Delivered revenue growth, +5.8% aided by new originations and project fees

  • › Fixed fee contributions continue to benefit in FY19 and FY20

  • › Continuing integration of UKAR portfolio, expected to be completed by financial year end

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Note: US MSR amortisation in the period is $20.4m ($16.0m pcp). 5 Computershare does not originate mortgages nor take counterparty credit risk

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Growth: Employee Share Plans

Equatex acquisition completed: enhances scale, capabilities and earnings

1H19@ CC 1H18 Actual CC Variance
Fee revenue $58.0
$51.2
+13.3%
Transactional revenue $42.7
$39.3
+8.7%
Margin income $7.1
$7.0
+1.4%
Other revenue $10.5
$8.9
+18.0%
Total Employee Share Plans revenue $118.4 $106.5 +11.2%
Employee Share Plans EBITDA $22.4 $22.5 -0.4%
EBITDA margin % 19.0% 21.2% -220bps
EBITDA ex margin income $15.3 $15.5 -1.3%
EBITDA margin ex margin income % 13.8% 15.6% -180bps

  • › Equatex acquisition is a highlight. Creates market leadership across Europe and UK. Performance since completion is pleasing with $12.4m revenue contribution in 1H19

  • › Equatex integration underway. Detailed plan to deliver $30m total synergy benefits over the next 33 months across the combined businesses

  • › Structural growth continues. Fee revenue up, +13.3% including Equatex. Continued growth in equity as a form of remuneration driving increase in the number of units under administration

  • › Transactional revenue boosted by Equatex, +8.7%. Resilient underlying performance during equity market volatility

  • › Additional opex investments to support ongoing growth, particularly in Asia and Equatex integration

  • › Encouraging pipeline of new client and cross sell opportunities across markets and sectors with improving client satisfaction. Well positioned for growth

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Profitability: Margin income

Record balances and rising interest rates boost margin income

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----- Start of picture text -----

Boosted by 21.0 140.0
20.0 Corporate Actions
balances
120.0
125.2
17.3
105.8
16.6 16.8 16.6
16.3
15.0
15.1 15.2 15.0 100.0
14.4 99.9
14.0
89.4
86.8 86.4 80.0
79.0 79.6
10.0 74.3
69.6
66.6 60.0
40.0
5.0
20.0
0.0 0.0
1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 1H19
Average balances Margin Income (USD m)
for period USD billion
Average Client Balances
----- End of picture text -----

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Note: Margin income and balances translated at actual FX rates for the period

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Profitability: Register Maintenance and Corporate Actions

Register maintenance revitalised, good organic growth and margin expansion


expansion
1H19@ CC 1H18 Actual CC Variance
Register Maintenance revenue $345.4
$330.8
+4.4%
Corporate Actions revenue $93.2
$85.2
+9.4%
Total Register Maintenance &
Corporate Actions revenue		 $438.6
$416.0
+5.4%
Register Maintenance & Corporate
Actions EBITDA		 $162.0 $139.6 +16.0%
EBITDA margin % 36.9% 33.6% +330bps
EBITDA ex margin income $98.8 $103.3 -4.4%
EBITDA margin ex margin income % 26.3% 27.2% -90bps

  • › Impressive performance in CPU’s largest profit business. Revenues +5.4%, strong EBITDA growth +16.0% and margin improvement to 36.9%, up 330bps

  • › Register maintenance revitalised. New global and regional management, sales and marketing initiatives and product development reenergise performance and drive improving results

  • › Excellent US Register maintenance results. Revenues +5.9%, with further margin expansion. Benefitting from margin income gains, positive change in industry structure, new client wins and retention, some price increases and cost disciplines

  • › Corporate actions revenue excluding margin income weaker (impacting EBITDA ex margin income). Overall revenue increased due to additional margin income on larger cash balances

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Profitability: Structural cost out programs progressing well Stages 1, 2 and 3 total gross savings of $125m - $155m affirmed

Activity
Total cost
savings
estimates $m
Benefit realisation (cumulative)
FY17A
FY18A
FY19E
FY20E
FY21E
FY22E
FY23E		 Activity
Total cost
savings
estimates $m
Benefit realisation (cumulative)
FY17A
FY18A
FY19E
FY20E
FY21E
FY22E
FY23E		 Activity
Total cost
savings
estimates $m
Benefit realisation (cumulative)
FY17A
FY18A
FY19E
FY20E
FY21E
FY22E
FY23E		 Activity
Total cost
savings
estimates $m
Benefit realisation (cumulative)
FY17A
FY18A
FY19E
FY20E
FY21E
FY22E
FY23E		 Activity
Total cost
savings
estimates $m
Benefit realisation (cumulative)
FY17A
FY18A
FY19E
FY20E
FY21E
FY22E
FY23E		 Activity
Total cost
savings
estimates $m
Benefit realisation (cumulative)
FY17A
FY18A
FY19E
FY20E
FY21E
FY22E
FY23E		 Activity
Total cost
savings
estimates $m
Benefit realisation (cumulative)
FY17A
FY18A
FY19E
FY20E
FY21E
FY22E
FY23E		 Activity
Total cost
savings
estimates $m
Benefit realisation (cumulative)
FY17A
FY18A
FY19E
FY20E
FY21E
FY22E
FY23E		 Activity
Total cost
savings
estimates $m
Benefit realisation (cumulative)
FY17A
FY18A
FY19E
FY20E
FY21E
FY22E
FY23E
Stage 1 Total 25 - 30 7.8 14.0 23.2 28.0 28.0 28.0 28.0
Stage 2 Total 60 - 70 5.9 35.4 53.9 62.7 64.5 64.5 64.5
Stage 3 Total 40 - 55 1.8 10.4 27.8 43.8 47.5
Total cost savings
estimate for Stages 1 - 3		 125 - 155 13.7 49.4 78.9 101.1 120.3 136.3 140.0

  • › Expected FY19 benefits modestly higher - $3.8m of additional gross savings this year

  • › Total benefits unchanged

  • › Strong disciplines around program execution and with independent oversight to ensure benefits realisation

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Capital management

Strong balance sheet with leverage below mid point of target range

Acquisitions and investments add to growth engines

  • › Share Plans; Equatex $419.7m

  • › US Mortgage Services: LenderLive $31.8m and MSRs $45.7m and group CAPEX $33.6m (includes new US data centre)

Recycling capital

  • › Karvy disposal completed, $77.2m post tax proceeds

Leverage below mid point

  • › Net debt to EBITDA leverage ratio at 1.88x, below mid point of target range (1.75x to 2.25x)

Debt refinanced, duration extended

  • › New long term funding secured - average debt duration extended from 2.8 to 4.4 years

  • › $550m USPP completed November 18 with improved terms and conditions

  • › Investment grade credit rating – BBB/Baa2 S&P/Moody’s

Attractive returns

  • › ROE up to 27.1%, up 40bps. ROIC at 14.9%, down 330bps, reflecting increased investment capital

Increased shareholder distribution

  • › AU 21 cents interim dividend, +10.5%, franked at 30%

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1H19 Management Results summary

Strong operating performance with margin income and lower tax rate enhancing earnings

Total Revenue
Margin income
Operating Costs
EBITDA
EBITDA Margin %
Depreciation
Amortisation
EBIT
Interest Expense
Profit Before Tax
Income Tax Expense
NPAT
Management EPS(cents)
Net operating cash flow1
Free cash flow1
Net debt to EBITDA ratio1		 1H19@ CC 1H18 Actual CC Variance 1H19 Actual
$1,146.5
$1,127.8
+1.7%
$1,127.8
$126.6
$79.6
+59.0%
$125.2
$810.0
$835.2
-3.0%
$795.4
$335.4 $293.4 +14.3% $331.4
29.3%
26.0%
+330bps
29.4%
$19.2
$16.4
+17.1%
$18.9
$21.3
$16.2
+31.5%
$21.2
$295.0
$260.8
+13.1%
$291.3
$33.1
$28.6
+15.7%
$32.5
$261.9
$232.2
+12.8%
$258.8
$66.8 $61.1 +9.3% $65.8
$192.0 $166.8 +15.1% $189.9
35.37 30.62 +15.5% 34.97
1H19 Actual
1H18 Actual
Variance
$176.6
$199.3
-11.4%
$122.6
$166.3
-26.3%
1.88 times
1.58 times
+0.30 times

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11 1 References in this presentation to free cash flow and net debt exclude SLS advances/non-recourse debt as appropriate

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1H19 Management NPAT analysis Margin income drives NPAT growth

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----- Start of picture text -----

250
1H18 included
$60.8m of large
one off event
200 based revenues 1.1
7.9
4.4
47.0
5.6 192.0 2.2 189.9
166.8 4.9
150
100
50
0
USD million
(ex MI) Interest Tax NPAT FX
1H18 NPAT Mgt EBITDA Margin Income Dep'n & Amort Non-controlling interest 1H19 @ CC 1H19 NPAT
----- End of picture text -----

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Management revenue by business stream

Strategic growth and additional margin income offset declines in event revenues

Business stream 1H19@ CC 1H18 Actual CC Variance 1H19 Actual
Business Services $449.8
$441.4
+1.9%
$443.9
Register Maintenance $345.4
$330.8
+4.4%
$339.6
$93.2
$85.2
+9.4%
$91.7
$118.4
$106.5
+11.2%
$116.6
$86.5
$91.4
-5.4%
$83.2
$35.6
$57.5
-38.1%
$35.5
$17.7
$15.0
+18.0%
$17.3
Corporate Actions
Employee Share Plans
Communication Services
Stakeholder Relationship Mgt
Corporate & Technology
Total Management Revenue $1,146.5 $1,127.8 +1.7% $1,127.8

  • › Group revenues increase by 1.7%. Reflects strategic growth in Mortgage Services, additional margin income and Equatex contribution. As expected, large event based activities in 1H18 impact Stakeholder Relationship Management, Corporate Actions and Class Actions performance versus pcp – $60.8m

  • › Margin income increased by $47.0m to $126.6m with increases across Registry Maintenance $7.5m, Corporate Actions $19.5m and Business Services $19.9m

  • › Business Services revenue growth of 1.9%. Growth in Mortgage Services’ revenue +$23.2m offset decline in Class Actions (-$21.5m)

  • › Registry Maintenance revenue +$14.6m ($7.1m excluding Margin Income) primarily driven by US, UK and HK

  • › Corporate Actions +$8.0m (-$11.5m excluding Margin Income)

  • › Employee Share Plans +$11.9m, includes contribution from Equatex

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Management revenue bridge Growth achieved despite decline in event based revenues

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----- Start of picture text -----

-
Class Actions (pcp
includes VW Action)
($27.4m)
1,160 -
Mortgage Services
+ $15.7m
1,150 - Other Business
Services + $0.2m
Gains across 1,146.5
1,140
US, UK and 18.7
HK
1,130
Large event
1,120 1,127.8 11.5 7.1 for US Fund in 1H18 47.0 1,127.8
11.5
1,110
1,100 Predominantly 21.9 4.9
2.6
driven by weaker 11.8
US activity
1,090
1,080
Includes
Equatex
1,070
1,060
FX
Actions
1H18 Mgt Revenue Register Maintenance Corporate Employee Share Plans Services Corporate & Technology 1H19 Mgt Revenue
Revenue
Stakeholder
Relationship Mgt Communication Margin Income
Business Services 1H19 @ CC Mgt
----- End of picture text -----

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EBITDA and margins by business stream Ongoing margin expansion to 29.3%, up 330 bps

Business Stream 1H19 @ CC 1H18 Actual CC Variance 1H19 EBITDA
Margin in CC
%		 1H18 Actual
EBITDA
Margin
%
Business Services $120.6
$113.5
+6.3%
26.8%
25.7%
$162.0
$139.6
+16.0%
36.9%
33.6%
$22.4
$22.5
-0.4%
19.0%
21.2%
$15.0
$14.1
+6.4%
17.4%
15.5%
$5.2
$13.6
-61.8%
14.6%
23.7%
$10.1
($10.0)
n/a
n/a
n/a
$335.4
$293.4
+14.3%
29.3%
26.0%
$208.8
$213.8
-2.3%
20.5%
20.4%
Register Maintenance & Corporate Actions
Employee Share Plans
Communication Services
Stakeholder Relationship Mgt
Corporate & Technology
Total Management EBITDA
Total Management EBITDA ex MI

  • › Continuing execution of growth and profitability strategies drive operational gearing and further margin expansion. Group EBITDA margin increases to 29.3%, +330 bps

  • › Margin income makes a significant contribution with high incremental margin - increases by $47.0m to $126.6m. Small increase in EBITDA margin ex MI at 20.5%

  • › Register Maintenance & Corporate Actions margins rise to 36.9% with margin income benefit offsetting weaker Corporate Actions activity

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EBITDA and margin income by business stream EBITDA growth of 14.3%, with margin income increasing by 59.0%

Business Stream 1H19
EBITDA
@ CC		 1H19
MI
@ CC		 1H19
EBITDA
ex MI @
CC		 1H18
EBITDA		 1H18
MI		 1H18
EBITDA
ex MI		 CC
Variance
Business Services $120.6
$56.2
$64.5
$113.5
$36.3
$77.3
-16.6%
Register Maintenance & Corporate
Actions		 $162.0
$63.3
$98.8
$139.6
$36.3
$103.3
-4.4%
Employee Share Plans $22.4
$7.1
$15.3
$22.5
$7.0
$15.5
-1.3%
Communication Services $15.0
$0.0
$15.0
$14.1
$0.0
$14.1
+6.4%
Stakeholder Relationship Mgt $5.2
$0.0
$5.2
$13.6
$0.0
$13.6
-61.8%
Corporate & Technology $10.1
$0.0
$10.1
($10.0)
$0.0
($10.0)
n/a
Total Group $335.4
$126.6
$208.8
$293.4
$79.6
$213.8
-2.3%

  • › Margin income accelerated to $126.6m, +$47.0m ($79.6m pcp) led by higher balances and interest rates rises for the US, Canada and UK

  • › Average exposed client balances* increased to $12.9bn (pcp $11.0bn) with $10.0bn (pcp $8.2bn) of unhedged balances.

  • › Large corporate actions in US led to additional margin income $19.5m and Business Services $19.9m

  • › Business Services’ EBITDA excluding margin income impacted by Class Actions, Bankruptcy and Karvy disposal

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  • Numbers are quoted at actual rates

16

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Operating costs analysis

Total costs down by $25.2m, down 3.0%

Operating costs Operating costs 1H19 @ CC 1H18 Actual CC Variance 1H19 Actual
Cost of sales $179.2
$197.7
-9.4%
$175.5
$486.5
$484.5
+0.4%
$477.9
$458.3
$448.6
+2.2%
$450.1
$28.2
$35.9
-21.4%
$27.7
$39.7
$46.2
-14.1%
$38.9
$53.5
$53.4
+0.2%
$52.8
$51.0
$53.3
-4.3%
$50.3
Personnel
Fixed/Perm
Variable/Temp
Occupancy
Other Direct
Computer/External technology
Total Operating Costs $810.0 $835.2 -3.0% $795.4
Operating Costs/Income Ratio 70.7% 74.1% -340bps 70.5%

  • › 340bps improvement in cost to income ratio vs. pcp, with 1H19 reduced further to 70.7% (2H18 71.8%)

  • › Cost of sales down by 9.4% following decline in event based activities

  • › Fixed/perm costs controlled at 2.2% with lower underlying increase of 1.1% net of the impact of acquisitions and disposals

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Refer to slide 42 for Technology costs at actual FX rates. Computer/External technology includes hardware, software licenses, network and voice costs, 3[rd] party vendor fees and data centre costs

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Cash flow summary Timing factors impact 1H cash flows

1H19 Actual 1H18 Actual
Net operating receipts and payments
Net interest and dividends
Income taxes paid
Net operating cash flowsexcludingSLS advances
Cash outlay on business capital expenditure
Net cash outlay on MSR purchases – Maintenance1		 $268.1
$273.1
($35.1)
($23.3)
($56.4)
($50.5)
$176.6
$199.3
($33.6)
($17.0)
($20.4)
($16.0)
Free cash flowexcluding SLS advances $122.6 $166.3
SLS advance funding requirements2
Cash flow post SLS advance funding2
Investing cash flows
Net cash outlay on MSR purchases – Investments1
Acquisitions (net of cash acquired)
Disposal of Karvy
Other
Net operating and investing cash flows		 ($6.6)
($36.0)
$116.0
$130.3
($25.3)
($51.4)
($438.3)
($14.7)
$77.2
-
($14.9)
($5.2)
($401.3)
($71.3)
($285.3)
$59.0

1 Maintenance MSR capex assumed to be equivalent to the amortisation charge for the period

2 Net operating and financing cash flows

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18

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Balance sheet

Post acquisitions and growth investments, leverage ratio below mid point of target range (1.75 - 2.25x)

Dec 18 Jun 18 Variance
Current Assets $1,407.8
$1,241.9
+13.4%
Non-Current Assets $3,111.2
$2,646.3
+17.6%
Total Assets $4,518.9 $3,888.2 +16.2%
Current Liabilities $740.7
$1,091.6
-32.1%
Non-Current Liabilities $2,304.1
$1,463.2
+57.5%
Total Liabilities $3,044.8 $2,554.8 +19.2%
Total Equity $1,474.1 $1,333.4 +10.6%
Net debt1
Net debt to EBITDA ratio1
ROE2
ROIC3		 $1,244.9
$827.5
+50.4%
1.88 times
1.33 times
+0.55 times
27.1%
26.7%
+40bps
14.9%
18.2%
-330bps

  • 1 Excluding non-recourse SLS Advance debt

  • 2 Return on equity (ROE) = rolling 12 month Mgt NPAT/rolling 12 mth avg Total Equity

  • 3 Return on invested capital (ROIC) = (Mgt EBITDA less depreciation & amortisation less income tax expense)/(net debt + total equity). Net debt includes cash classified as an asset held for sale in Jun18

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19

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Conclusions

  • › CPU continues to deliver solid results. Outperformance driven mainly by ongoing profitable growth in Register Maintenance, margin income gains and a reduced tax rate - 1H19 Management EPS +15.5%

  • › Purposefully designed Growth, Profitability and Capital Management strategies continue to drive performance

  • Growth engines - building scale and strengthening competitive positions

  • Operating leverage and disciplined cost controls drive ongoing margin expansion

  • Strong balance sheet post acquisitions and growth investments

  • › Optionality, inherent in CPU, is converting into profitability. Record client balances and margin income. Events based businesses have more upside potential

  • › Guidance upgraded: FY19 Management EPS to increase by around 12.5%

  • › Multi-year sustained earnings growth on track

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20

APPENDICES

Statutory results Company Overview 1H19 Computershare at a glance Management EBITDA (ex MI) Financial performance by half year at actual FX rates Revenue and EBITDA by business stream at actual FX rates Global Registry Maintenance and Employee Share Plans Business Services revenue excluding mortgage services Management revenue by region Management EPS – AUD equivalent Technology costs CAPEX versus depreciation Client balances Debt facility maturity profile Key financial ratios Effective tax rate Dividend history and franking Mortgage Servicing Exchange rates

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Statutory results

22
›
Management results are used, along with
other measures, to assess operating business
performance. The Company believes that
exclusion of certain items permits better
analysis of the Group’s performance on a
comparative basis and provides a better
measure of underlying operating
performance.
›
Management adjustments are made on the
same basis as in prior years.
›
Non-cash management adjustments include
significant amortisation of identified
intangible assets from businesses acquired in
recent years, which will recur in subsequent
years, asset disposals and other one-off
charges.
›
Cash adjustments are predominantly
expenditure on acquisition-related and other
restructures, and will cease once the relevant
acquisition integrations and restructures are
complete.
›
A full description of all management
adjustments is included on slide 23.
›
The non-IFRS financial information contained
within this document has not been reviewed
or audited in accordance with Australian
Auditing Standards.
Reconciliation of Statutory Revenue to Management Results
1H19
Total Revenue per statutory results
$1,242.1m
Management Adjustments
Gain on Disposal of the Indian Karvy venture
-$108.5
Marked to market adjustments – derivatives
-$4.0m
Karvy put option liability re-measurement
-$1.7m
Total Management Adjustments
-$114.3
Total Revenue per Management Results
$1,127.8m
Reconciliation of Statutory NPAT to Management Results
1H19
Net profit after tax per statutory results
$259.4m
Management Adjustments (after tax)
Amortisation
$18.6
Acquisitions and Disposals
-$92.2
Other
$4.1
Total Management Adjustments
-$69.5
Net Profit after tax per Management Results
$189.9m
1H19
1H18
Vs 1H18 (pcp)
Total Revenues
$1,242.1m
$1,130.1m
+9.9%
Total Expenses
$912.0m
$941.3m
-3.1%
Statutory Net Profit (post NCI)
$259.4m
$171.2m
+51.5%
Earnings per share(post NCI)
47.77 cents
31.43 cents
+52.0%
Numbers are translated at actual average rates for the period		 22
›
Management results are used, along with
other measures, to assess operating business
performance. The Company believes that
exclusion of certain items permits better
analysis of the Group’s performance on a
comparative basis and provides a better
measure of underlying operating
performance.
›
Management adjustments are made on the
same basis as in prior years.
›
Non-cash management adjustments include
significant amortisation of identified
intangible assets from businesses acquired in
recent years, which will recur in subsequent
years, asset disposals and other one-off
charges.
›
Cash adjustments are predominantly
expenditure on acquisition-related and other
restructures, and will cease once the relevant
acquisition integrations and restructures are
complete.
›
A full description of all management
adjustments is included on slide 23.
›
The non-IFRS financial information contained
within this document has not been reviewed
or audited in accordance with Australian
Auditing Standards.
Reconciliation of Statutory Revenue to Management Results
1H19
Total Revenue per statutory results
$1,242.1m
Management Adjustments
Gain on Disposal of the Indian Karvy venture
-$108.5
Marked to market adjustments – derivatives
-$4.0m
Karvy put option liability re-measurement
-$1.7m
Total Management Adjustments
-$114.3
Total Revenue per Management Results
$1,127.8m
Reconciliation of Statutory NPAT to Management Results
1H19
Net profit after tax per statutory results
$259.4m
Management Adjustments (after tax)
Amortisation
$18.6
Acquisitions and Disposals
-$92.2
Other
$4.1
Total Management Adjustments
-$69.5
Net Profit after tax per Management Results
$189.9m
1H19
1H18
Vs 1H18 (pcp)
Total Revenues
$1,242.1m
$1,130.1m
+9.9%
Total Expenses
$912.0m
$941.3m
-3.1%
Statutory Net Profit (post NCI)
$259.4m
$171.2m
+51.5%
Earnings per share(post NCI)
47.77 cents
31.43 cents
+52.0%
Numbers are translated at actual average rates for the period
Total Revenues
$1,242.1m
$1,130.1m
Total Expenses
$912.0m
$941.3m
Statutory Net Profit (post NCI)
$259.4m
$171.2m
Earnings per share(post NCI)
47.77 cents
31.43 cents		 +9.9%
-3.1%
+51.5%
+52.0%
Reconciliation of Statutory Revenue to Management Results 1H19
Total Revenue per statutory results
Management Adjustments
Gain on Disposal of the Indian Karvy venture
Marked to market adjustments – derivatives
Karvy put option liability re-measurement
Total Management Adjustments
Total Revenue per Management Results		 $1,242.1m
-$108.5
-$4.0m
-$1.7m
-$114.3
$1,127.8m
Reconciliation of Statutory NPAT to Management Results 1H19
22
Net profit after tax per statutory results
Management Adjustments (after tax)
Amortisation
Acquisitions and Disposals
Other
Total Management Adjustments
Net Profit after tax per Management Results
Numbers are translated at actual average rates for the period		 $259.4m
$18.6
-$92.2
$4.1
-$69.5
$189.9m

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Management adjustment items Appendix 4D Note 2

Management adjustment items net of tax for the half-year ended 31 December 2018 were as follows:

Amortisation

  • › Customer contracts and other intangible assets that are recognised on business combinations or major asset acquisitions are amortised over their useful life in the statutory results but excluded from management earnings. The amortisation of these intangibles in the half-year ended 31 December 2018 was $18.6 million. Amortisation of intangibles purchased outside of business combinations (e.g. mortgage servicing rights) is included as a charge against management earnings.

Acquisitions and disposals

  • › An accounting gain of $108.5 million was recognised on disposal of the Indian Karvy venture.

  • › Acquisition related expenses of $6.9 million were incurred mainly related to the acquisition of Equatex Group Holding AG (Equatex). This included a $6.1 million loss on derivatives used to fix the amount of borrowings needed to fund the acquisition.

  • › An expense of $0.3 million was recognised for re-measurement of contingent consideration payable to the sellers of RicePoint Administration Inc.

  • › Pursuant to the Australian controlled foreign company rules, a one-off tax expense of $9.1 million has been recognised as a result of the Equatex IP restructure.

Other

  • › Costs of $7.5 million were incurred in relation to the major operations rationalisation underway in Louisville, USA, and the progress of the shared services and technology components of the structural cost-out programmes.

  • › Derivatives that have not received hedge designation are marked to market at the reporting date and taken to profit and loss in the statutory results. The marked to market valuation resulted in a gain of $2.8 million.

  • › The Karvy put option liability re-measurement up to the date of disposal resulted in a gain of $1.7 million.

  • › A true-up of the US tax reform impact on foreign subsidiary profits resulted in a tax expense of $1.1 million.

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23

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Company overview

A leading global provider of administration services in our selected markets

Who we are

  • › Global market leader in transfer agency and share registration, employee equity plan administration, proxy solicitation and stakeholder communications

  • › Also specialise in mortgage servicing, corporate trust, bankruptcy, class action administration and a range of other business services

Our capabilities

  • › Renowned for our expertise in high integrity data management, high volume transaction processing, reconciliation, payments and stakeholder communications

  • › Many of the world’s leading organisations use Computershare’s services to streamline and maximise the value of relationships with their investors, employees, customers and other stakeholders

Our strategy and model

  • › Our strategy is to be the leading provider of services in our selected markets by leveraging our core competencies to deliver outstanding client outcomes from engaged staff

  • › We focus on new products and services to reinforce market leadership in established markets and invest in technology and innovation to deliver productivity gains and improve cost outcomes

  • › We have a combination of annuity and activity based revenue streams, strong free cash flow and high ROE

Growth drivers

  • › Organic: Investment in mortgage servicing and employee share plans and enterprise wide cost out program coupled with property rationalisation benefits to drive growth and improved returns

  • › Inorganic: Disciplined acquisitions aligned to CPU’s core competencies, on financially accretive terms

  • › Macro: Leverage to rising interest rates on client balances, corporate action and equity market activity

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24

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1H19 Computershare at a glance

Management revenue @ CC

Management EBITDA @ CC

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----- Start of picture text -----

Canada ANZ Canada ANZ
9% 12% 15% 6% Asia
Asia 8%
6%
UCIA
$1,146.5m $335.4m 18%
UCIA
USA 23% CEU
46% 1%
USA
CEU
52%
4%
Comms Services Corporate & Technology Comms Services Corporate & Technology
8% 2% 4% 3%
Employee
Employee
Share Plans
Share Plans
7%
10%
Stakeholder
Relationship
Stakeholder
Register Mgt Register
Relationship Maintenance 2% Maintenance
Mgt 30% & Corporate
3%
$1,146.5m $335.4m Actions
48%
Corporate Business
Business Actions Services
Services 8% 36%
39%
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25

  • Mortgage Services (included in Business Services) revenue is $288.3m and Management EBITDA $59.6m in constant currency

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Management EBITDA excluding the impact of margin income and FX movements decreased by 2.3% in 1H19 versus pcp

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----- Start of picture text -----

443.1
412.9
379.6
362.9
1H18 included
$60.8m of large
326.4
one off event
based revenues
260.3
213.8 208.8
FY13 FY14 FY15 FY16 FY17 FY18 1H19
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Note: Management EBITDA translated at FY18 average exchange rates and excludes margin income. 1H19 results translated to USD at 1H18 average exchange rates

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26

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Financial performance by half year at actual FX rates

1H19 2H18 1H18 2H17 1H17 2H16 1H16 2H15 1H15 2H14 1H14
Total Management
Revenue		 $1,127.8
$1,173.1
$1,127.8
$1,110.8
$1,003.2
$1,035.5
$938.7 $1,016.5
$959.5
$1,045.7
$976.9
Operating Costs $795.4
$843.4
$835.2
$811.6
$762.3
$744.5
$695.7
$720.7
$699.0
$771.7
$709.2
Management EBITDA $331.4 $329.3 $293.4 $299.5 $241.3 $290.3 $242.3 $294.8 $259.3 $273.6 $267.0
EBITDA Margin % 29.4%
28.1%
26.0%
27.0%
24.1%
28.0%
25.8%
29.0%
27.0%
26.2%
27.3%
Management Profit
Before Tax		 $258.8
$260.3
$232.2
$239.6
$187.6
$235.0
$192.2
$244.2
$211.1
$220.9
$215.0
Management NPAT $189.9 $177.9 $166.8 $156.7 $140.6 $159.7 $143.8 $172.1 $160.6 $171.5 $163.6
Management EPS
(US cents)		 34.97 32.76 30.62 28.67 25.74 29.11 25.98 30.94 28.88 30.83 29.41
Management EPS
(AU cents)		 48.03 42.31 39.38 38.22 34.13 39.78 35.96 39.28 32.03 33.93 31.98
Statutory EPS
(US cents)		 47.77 23.74 31.43 21.28 27.48 13.33 15.22 24.82 2.79 20.13 25.07
Net operating cash
flows^
Days Sales
Outstanding
Dividend (AU cents)
Franking (%)
Net debt to EBITDA*		 $176.6
$253.7
$199.3
$247.0
$173.3
$214.5
$158.5
$247.3
$169.4
$221.7
$223.7
65
59
57
60
56
56
53
48
46
45
42
21
21
19
19
17
17
16
16
15
15
14
30%
100%
0%
0%
30%
20%
100%
25%
20%
20%
20%
1.88
1.33
1.58
1.60
1.91
2.12
2.06
1.86
2.10
1.96
2.09

  • ^ Excluding SLS advances

  • Ratio excluding non-recourse SLS Advance debt

Notable acquisitions: Olympia Finance Group Inc (7[th] Oct 13), Registrar and Transfer Company (1[st] May 14), Homeloan Management Limited (17[th] Nov 14), Valiant (1[st] May 15), Gilardi & Co. LLC (28[th] Aug 15), SyncBASE Inc (1[st] Feb 16), Capital Markets Cooperative LLC (29[th] Apr 16), Equatex Group Holding AG (9[th] Nov 18), LenderLive Financial Services, LLC (31[st] Dec 18)

Notable divestments: Highland Insurance (27[th] Jun 14), Pepper (30[th] Jun 14), ConnectNow (30[th] Jun 15), Closed Joint Stock Company "Computershare Registrar" and Computershare LLC Russia (16[th] Jul 15), VEM Aktienbank AG (31[st] Jul 15), INVeSHARE (16[th] Sep 16), Karvy – 50% interest (17[th] Nov 18) 27

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Revenue and EBITDA by business stream at actual FX rates

1H19
Revenue		 1H19
EBITDA		 1H19 Actual
EBITDA Margin
%		 1H18
Revenue		 1H18
EBITDA		 1H18 Actual
EBITDA Margin
%
Business Services $443.9
$118.5
26.7%
$441.4
$113.5
25.7%
$339.6
$330.8
$91.7
$85.2
$431.3
$160.2
37.1%
$416.0
$139.6
33.6%
$116.6
$22.1
19.0%
$106.5
$22.5
21.2%
$83.2
$14.5
17.4%
$91.4
$14.1
15.5%
$35.5
$5.2
14.5%
$57.5
$13.6
23.7%
$17.3
$10.9
n/a
$15.0
($10.0)
n/a
Register Maintenance
Corporate Actions
Register Maintenance &
Corporate Actions
Employee Share Plans
Communication Services
Stakeholder Relationship Mgt
Corporate & Technology
Total Group $1,127.8 $331.4 29.4% $1,127.8 $293.4 26.0%

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28

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Global Registry Maintenance and Employee Share Plans revenue

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----- Start of picture text -----

Registry Maintenance @ CC Employee Share Plans @ CC
Oth Rev
9%
Margin
Holder/Broker Income
paid Issuer paid 6%
30% 64%
Fee
$345.4m $118.4m 49%
Margin
Transaction
Income
36%
6%
Oth Rev
8%
Margin
Income
Holder/Broker
7%
paid
28% Issuer paid
68%
Fee
48%
$106.5m
$330.8m
Transaction
Margin
37%
Income
4%
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29

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Business Services revenue excluding Mortgage Services

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----- Start of picture text -----

1H19 @ CC 1H18
Other
India Funds 3% Other
3%
11% India Funds
13%
Voucher
Services Class Actions
6% 36% Voucher
Services
6%
Class Actions
Deposit
Deposit 45%
Protection
Protection
Scheme $161.5m Scheme
10% $176.3m
6%
Corporate
Corporate Bankruptcy Trust
Trust 9% 20%
25%
Bankruptcy
7%
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30

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Management revenue and EBITDA at actual FX rates Regional Analysis

Revenue by region

EBITDA by region

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----- Start of picture text -----

1,400 350 329.3 331.4
1,173.1 293.4 46.2 47.6
1,200 1,127.8 1,127.8 300
111.0
103.5 100.9 45.1
1,000 250
800 543.0 200 171.2 175.6
544.9 531.7
152.2
600 150
66.8 41.5
40.0
400 100 17.0 3.9
1.4
230.0 259.7 260.7
59.1
48.4
59.3
200 50
75.4 79.0 69.6
29.4 26.5
27.0
133.9 113.6 123.5
16.9 18.7
0 0 8.5
1H18 2H18 1H19 1H18 2H18 1H19
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Australia & NZ Asia UCIA Continental Europe USA Canada

Australia & NZ Asia UCIA Continental Europe USA Canada

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31

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1H19 Management revenue at actual FX rates Regional Analysis

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----- Start of picture text -----

450
400
350
300
250
200
150
100
50
0
Register Corporate Business Stakeholder Employee Share Communication Corporate &
Maintenance Actions Services Relationship Plans Services Technology
Mgt
ANZ Asia UCIA CEU USA Canada
215.3
178.8
USD millions
159.4
55.1
48.4 41.4 48.4 44.6 43.8
31.5 26.0 28.1 28.9
13.5 14.2 6.8 4.9 0.0 10.7 4.3 16.5 0.0 0.5 1.8 3.4 1.8 0.0 8.1 12.4 11.9 10.6 0.0 2.9 13.4 19.4 3.6 4.3 0.6 4.0 0.9 6.1 1.5
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32

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Australia

Australia Australia Australia
Management revenue:AUD million
1H18 2H18 1H19
165.0m 140.3m 162.7

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----- Start of picture text -----

68.9
61.6
60.1
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----- Start of picture text -----

61.9 61.0 61.6
60.1
48.4
18.0
13.5
11.8 10.5 11.1
8.8
6.2 6.1 6.0 5.8
3.6 3.3
0.4 0.3 0.7
Register Corporate Business Stakeholder Employee Share Communication Corporate &
Maintenance Actions Services Relationship Mgt Plans Services Technology
1H18 2H18 1H19
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33

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Hong Kong

Hong Kong Hong Kong Hong Kong
Management revenue:HKD million
1H18 2H18 1H19
344.7m 371.6m 358.0m

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----- Start of picture text -----

210.4
204.7
196.1
102.3
93.5
78.6
57.4
47.5 45.8
12.5 11.4 14.0
Register Maintenance Corporate Actions Stakeholder Relationship Mgt Employee Share Plans
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1H18 2H18 1H19

34

India[*]

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India* India* India*
Management revenue:INR million
1H18 2H18 1H19
1,937.0m 1,987.3m 1,608.6m

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----- Start of picture text -----

1,540.2
1,421.5
1,137.7
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----- Start of picture text -----

439.0
397.8 401.1
76.6 69.8
49.4
Register Maintenance Corporate Actions Business Services
1H18 2H18 1H19
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35

  • Karvy disposal completed in November 18

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United States

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----- Start of picture text -----

Management revenue: USD million
1H18 2H18 1H19
544.9m 543.0m 531.7m
Mortgage
Services
1H18: 143.4
2H18: 162.7
1H19: 159.5
218.2 216.2 215.3
194.3
178.8
168.9
52.8 55.1 50.6
45.1
35.5
26.1 28.1 29.6 28.9
18.4 20.0 19.4
6.4 5.8 6.1
Register Corporate Business Stakeholder Employee Share Communication Corporate &
Maintenance Actions Services Relationship Mgt Plans Services Technology
1H18 2H18 1H19
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36

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Canada

Canada Canada Canada
Management revenue:CAD million
1H18 2H18 1H19
131.6m 141.2m 132.3m

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----- Start of picture text -----

67.7
65.5
63.6
45.9
33.5 34.1
14.0 13.4 13.3 13.9
9.9 10.1
5.2 4.0 4.7
1.9 2.5 2.0
Register Maintenance Corporate Business Employee Share Plans Communication Corporate & Technology
Actions Services Services
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1H18 2H18 1H19

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37

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United Kingdom and Channel Islands

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----- Start of picture text -----

Management revenue: GBP million
1H18 2H18 1H19
160.8m 174.2m 187.8m
Mortgage
Services
1H18: 92.4
2H18: 96.3
1H19: 97.7
122.9
114.0
108.3
32.8
30.0
24.9
20.5 20.7 22.0
1.5 1.8 3.1 2.0 2.9 2.1 2.0 2.7 2.3 1.5 2.1 2.7
Register Corporate Business Stakeholder Employee Share Communication Corporate &
Maintenance Actions Services Relationship Mgt Plans Services Technology
1H18 2H18 1H19
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38

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South Africa

South Africa South Africa South Africa
Management revenue:RAND million
1H18 2H18 1H19
134.3m 138.6m 137.9m

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----- Start of picture text -----

120.5
115.3
113.5
17.2
8.9 9.6 9.0 7.7 7.4
1.2 0.2 0.3
Register Maintenance Corporate Actions Stakeholder Relationship Mgt Employee Share Plans
1H18 2H18 1H19
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39

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Germany

Germany Germany Germany
Management revenue:EUR million
1H18 2H18 1H19
15.4m 27.4m 16.9m

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----- Start of picture text -----

13.1
12.2
11.6
10.8
2.6 2.5
2.2
2.1
1.8
0.3 0.3 0.3
Register Maintenance Employee Share Plans Communication Services Corporate & Technology
1H18 2H18 1H19
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40

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Management EPS – AUD equivalent

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----- Start of picture text -----

140 1
0.9139
0.9
0.8389
120
0.7758 0.8
0.7521
0.7273 0.7281
100
0.7
0.6
80
81.69
75.74 0.5
71.31 72.35
60 65.92
0.4
48.03 0.3
40 ~
39.39
~ 0.2
20
0.1
0 0
FY14 FY15 FY16 FY17 FY18 1H19
Cents per share
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AUD/USD average exchange rate

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41

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Technology costs at actual FX rates

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----- Start of picture text -----

11.6% 12%
11.3% 11.3%
160
10%
140 130.8 132.2
128.0
4.8 5.2
4.1
120
8%
38.2 37.6
43.0
100
6%
80
50.6 53.0
60
45.1 4%
40
2%
20
37.3 36.4 35.7
0 0%
1H18 2H18 1H19
Development Infrastructure Maintenance Admin Technology costs as a % of revenue
USD million
----- End of picture text -----

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Technology costs include personnel, occupancy and other direct costs attributable to technology services

42

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Capital expenditure versus depreciation at actual FX rates

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----- Start of picture text -----

45 20
18.9
18
40
16.4 16.5
16
35 33.3
0.8
14
30 4.7
12
3.9
25 22.8
10
4.0
20
8
14.6 5.1
15
0.5
0.5 6
3.6 24.0
10 0.5
4
13.1
5 10.0 2
0 0
1H18 2H18 1H19
----- End of picture text -----

Information Technology Communication Services Facilities Occupancy Other Depreciation

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43

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Breakdown of client balances

Significant leverage to rising interest rate cycle – $12.9bn of average exposed balances in 1H19

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----- Start of picture text -----

USD 21.0bn
Total balances
USD 8.1bn USD 12.9bn
Non-exposed balances Exposed balances
USD 2.9bn
Hedged balances
USD 1.6bn USD 1.3bn
Fixed Rate Deposits Fixed Rate Swaps
Lagged impact from rate changes
----- End of picture text -----

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----- Start of picture text -----

Assuming an
increase of 100bps
in achieved yield on
our 1H19 exposed
non-hedged
balances ($10.0bn)
CPU would generate
an additional $100m
annualised EBITDA
USD 10.0bn
Non-hedged balances
USD 8.6bn USD 1.4bn
Non-hedged Natural hedge
balances floating rate debt
Immediate impact from rate changes
----- End of picture text -----*

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44 * CPU floating rate debt will operate as a natural hedge against exposed balances

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Exposed and non-exposed balances by business

Business Activity 1H19 Balances (USD billions) 1H19 Balances (USD billions) Margin income (USD millions)
Exposed Non-exposed
Register Maintenance 2.4 0.5 20.3
Corporate Actions 3.7 3.7 42.5
Employee Share Plans 1.6 0.2 7.0
Business Services 5.2 3.7 55.4
Totals 12.9bn 8.1bn 125.2m
21.0bn
Margin income $103.0m $22.2m
Average annualised yield 1.60% 0.55%

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45

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Breakdown of exposed balances by currency

Currently most exposed to USD rates though GBP and CAD remain important

Average exposed balances hedged

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----- Start of picture text -----

CAD
2%
GBP
USD 2.9bn
69%
USD (USD 12.9bn x 22%)
57%
Average exposed balances un-hedged
AUD
Other
4%
5%
CAD
16%
USD 10.0bn
(USD 12.9bn x 78%)
USD
50% GBP
25%
----- End of picture text -----

Average exposed balances prior to hedging

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----- Start of picture text -----

Other
AUD
4%
3%
CAD
13%
USD 12.9bn
(USD 21.0bn x 61%)
USD GBP
47% 33%
----- End of picture text -----

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46 Average balances during 1H19

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Profile of our swap and deposit book

Fixed rate hedging

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----- Start of picture text -----

3,000
Fixed rate deposits Swaps
2,500
2,000
1,500
1,000
500
0
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
Floating rate deposits - comprise both exposed and non-exposed balances
6,000
Floating Rate Deposits
5,000
4,000
3,000
2,000
1,000
0
Jan-19 Jan-20 Jan-21 Jan-22 Jan-23
USD million
USD million
----- End of picture text -----

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47

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Debt maturity profile – 31 December 2018

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----- Start of picture text -----

Maturity Dates Debt Committed Bank Private SLS
USD million Drawn Debt Debt Placement Advance
Facilities Facility Facility Facility
FY19 Feb-19 70.0 70.0 70.0
Mar-19 30.6 70.0 70.0
FY21 Dec-20 189.6 225.0 225.0
Apr-21 188.0 450.0 450.0
FY22 Jul-21 26.4 50.0 50.0
Feb-22 220.0 220.0 220.0
800
FY23 Apr-23 435.6 450.0 450.0
FY24 Jul-23 26.4 50.0 50.0
Feb-24 220.0 220.0 220.0
FY26 Nov-25 200.0 200.0 200.0
700
FY29 Nov-28 350.0 350.0 350.0
TOTAL $1,956.6 $2,355.0 $1,000.0 $1,060.0 $295.0
600
262.0
500
14.4
400
300 188.0
23.6 23.6
26.4 435.6 26.4
200 35.4
350.0
39.4
220.0 220.0
100 189.6 200.0
30.6
70.0
0
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
USPP SLS non-recourse advance facilities drawn Undrawn SLS facilities
Bilateral Facilities Syndicated debt drawn Undrawn syndicated & bilateral facilities
USD Million
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48

Note: Average debt facility maturity is 4.4 years as at 31-Dec-18

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Key financial ratios

Dec 18 Jun 18 Variance
USD m USD m Dec 18 to Jun 18
Interest Bearing Liabilities including SLS advance debt $1,988.0 $1,481.1 +34.2%
Less Cash* ($510.0) ($534.7) -4.6%
Net Debt (including SLS advance debt) $1,478.0 $946.5 +56.2%
Management EBITDA $660.7 $622.6 +6.1%
Net Financial Indebtedness to EBITDA 2.24 times 1.52 times Up 0.72 times
Net Financial Indebtedness to EBITDA# 1.88 times 1.33 times Up 0.55 times

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----- Start of picture text -----

12.0 EBITDA Interest Coverage Net Financial Indebtedness to EBITDA
2.5
2.24
10.0
10.2 10.0 10.2
2.0 1.84
8.0
1.52 1.88
1.5
6.0 1.58
1.33
1.0
4.0
2.0 0.5
0.0 0.0
1H18 2H18 1H19 1H18 2H18 1H19
Net debt (excl. non-recourse SLS Advance debt) to EBITDA ratio
Net debt to EBITDA ratio
Times Times
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  • excludes non-recourse SLS advance debt

  • Includes cash that is classified as an asset held for sale in Jun-18

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49

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Effective tax rate

Statutory and management (at actual FX rates)

Tax rate %

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----- Start of picture text -----

30%
28.3%
26.3%
25.4%
25%
20.9%
20.2%
20%
15%
10%
7.4%
5%
0%
1H18 FY18 1H19
Statutory Management
Tax Rate %
----- End of picture text -----

  • › The Group’s statutory effective tax rate has increased from 7.4% in 1H18 to 20.2% in 1H19. This is primarily driven by the restatement of deferred tax balances due to US tax reform giving rise to a tax credit of $42.4 million in 1H18, no longer applicable in 1H19.

  • › The Group’s management effective tax rate has decreased from 26.3% in 1H18 to 25.4% in 1H19. This has been aided by a benefit from favourable settlement of legacy issue.

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50

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Dividend history and franking

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----- Start of picture text -----

20.0 21 21
19 19
17 17
15.0 16 16
15 15
14
10.0
5.0
0.0
1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 1H19
Dividend (AU cents)
AU cents
----- End of picture text -----

Franking (%) Franking (%) Franking (%) Franking (%) Franking (%) Franking (%) Franking (%) Franking (%) Franking (%) Franking (%) Franking (%)
1H14 2H14 1H15 2H15 1H16 2H16 1H17 2H17 1H18 2H18 1H19
20% 20% 20% 25% 100% 20% 30% 0% 0% 100% 30%

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Policy 40% - 60% payout ratio of USD Management NPAT with maximum franking

51

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US and UK mortgage services - UPB and number of loans US mortgage services UPB up 14.3% ($92.6bn v $81.0bn)

Performing
Non-performing
At 31 Dec 18
At 30 Jun 18
At 31 Dec 18
At 30 Jun 18
U.S.
$16.7bn
77K Loans
$14.7bn
70K Loans
$10.3bn
89K Loans
$11.3bn
106K Loans
Fully-Owned
MSRs1
Excess strip deals
$18.0bn
83K Loans
Excess strip deals
$16.8bn
77K Loans
SPV deals
$20.0bn
96K Loans
SPV deals
$13.0bn
62K Loans
Part-Owned
MSRs2
$14.7bn
77K Loans
$13.4bn
69K Loans
$12.9bn
112K Loans
$11.8bn
101K Loans
Subservicing3
$49.4bn
$44.9bn
$43.2bn
$36.1bn
Total US UPB
£48.7bn
396k Loans
£50.2bn
417K Loans
£3.3bn
29K Loans
£3.4bn
30K Loans
Fee for
Service3,4
U.K.		 Performing
Non-performing
At 31 Dec 18
At 30 Jun 18
At 31 Dec 18
At 30 Jun 18
U.S.
$16.7bn
77K Loans
$14.7bn
70K Loans
$10.3bn
89K Loans
$11.3bn
106K Loans
Fully-Owned
MSRs1
Excess strip deals
$18.0bn
83K Loans
Excess strip deals
$16.8bn
77K Loans
SPV deals
$20.0bn
96K Loans
SPV deals
$13.0bn
62K Loans
Part-Owned
MSRs2
$14.7bn
77K Loans
$13.4bn
69K Loans
$12.9bn
112K Loans
$11.8bn
101K Loans
Subservicing3
$49.4bn
$44.9bn
$43.2bn
$36.1bn
Total US UPB
£48.7bn
396k Loans
£50.2bn
417K Loans
£3.3bn
29K Loans
£3.4bn
30K Loans
Fee for
Service3,4
U.K.		 Performing
Non-performing
At 31 Dec 18
At 30 Jun 18
At 31 Dec 18
At 30 Jun 18
U.S.
$16.7bn
77K Loans
$14.7bn
70K Loans
$10.3bn
89K Loans
$11.3bn
106K Loans
Fully-Owned
MSRs1
Excess strip deals
$18.0bn
83K Loans
Excess strip deals
$16.8bn
77K Loans
SPV deals
$20.0bn
96K Loans
SPV deals
$13.0bn
62K Loans
Part-Owned
MSRs2
$14.7bn
77K Loans
$13.4bn
69K Loans
$12.9bn
112K Loans
$11.8bn
101K Loans
Subservicing3
$49.4bn
$44.9bn
$43.2bn
$36.1bn
Total US UPB
£48.7bn
396k Loans
£50.2bn
417K Loans
£3.3bn
29K Loans
£3.4bn
30K Loans
Fee for
Service3,4
U.K.		 Performing
Non-performing
At 31 Dec 18
At 30 Jun 18
At 31 Dec 18
At 30 Jun 18
U.S.
$16.7bn
77K Loans
$14.7bn
70K Loans
$10.3bn
89K Loans
$11.3bn
106K Loans
Fully-Owned
MSRs1
Excess strip deals
$18.0bn
83K Loans
Excess strip deals
$16.8bn
77K Loans
SPV deals
$20.0bn
96K Loans
SPV deals
$13.0bn
62K Loans
Part-Owned
MSRs2
$14.7bn
77K Loans
$13.4bn
69K Loans
$12.9bn
112K Loans
$11.8bn
101K Loans
Subservicing3
$49.4bn
$44.9bn
$43.2bn
$36.1bn
Total US UPB
£48.7bn
396k Loans
£50.2bn
417K Loans
£3.3bn
29K Loans
£3.4bn
30K Loans
Fee for
Service3,4
U.K.		 Performing
Non-performing
At 31 Dec 18
At 30 Jun 18
At 31 Dec 18
At 30 Jun 18
U.S.
$16.7bn
77K Loans
$14.7bn
70K Loans
$10.3bn
89K Loans
$11.3bn
106K Loans
Fully-Owned
MSRs1
Excess strip deals
$18.0bn
83K Loans
Excess strip deals
$16.8bn
77K Loans
SPV deals
$20.0bn
96K Loans
SPV deals
$13.0bn
62K Loans
Part-Owned
MSRs2
$14.7bn
77K Loans
$13.4bn
69K Loans
$12.9bn
112K Loans
$11.8bn
101K Loans
Subservicing3
$49.4bn
$44.9bn
$43.2bn
$36.1bn
Total US UPB
£48.7bn
396k Loans
£50.2bn
417K Loans
£3.3bn
29K Loans
£3.4bn
30K Loans
Fee for
Service3,4
U.K.		 Performing
Non-performing
At 31 Dec 18
At 30 Jun 18
At 31 Dec 18
At 30 Jun 18
U.S.
$16.7bn
77K Loans
$14.7bn
70K Loans
$10.3bn
89K Loans
$11.3bn
106K Loans
Fully-Owned
MSRs1
Excess strip deals
$18.0bn
83K Loans
Excess strip deals
$16.8bn
77K Loans
SPV deals
$20.0bn
96K Loans
SPV deals
$13.0bn
62K Loans
Part-Owned
MSRs2
$14.7bn
77K Loans
$13.4bn
69K Loans
$12.9bn
112K Loans
$11.8bn
101K Loans
Subservicing3
$49.4bn
$44.9bn
$43.2bn
$36.1bn
Total US UPB
£48.7bn
396k Loans
£50.2bn
417K Loans
£3.3bn
29K Loans
£3.4bn
30K Loans
Fee for
Service3,4
U.K.
U.K. Fee for
Service3,4		 £48.7bn
396k Loans		 £50.2bn
417K Loans		 £3.3bn
29K Loans		 £3.4bn
30K Loans

  • 1 CPU owns the MSR outright

  • 2 CPU has sold part of the MSR to a third party investor

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  • 3 Servicing performed on a contractual basis

  • 4 UK includes bureau UPB value, but excludes the number of bureau loans

52

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Mortgage Services Revenue and EBITDA at actual FX rates

1H19 2H18 1H18 2H17 1H17 2H16 1H16
US Mortgage Services revenue $159.5
$162.7
$143.4
$133.5
$123.7
$115.6
$106.4
UK Mortgage Services revenue $126.8
$132.4
$121.7
$122.4
$117.3
$52.2
$41.1
Total Mortgage Services
revenue		 $286.3 $295.1 $265.1 $255.9 $241.0 $167.8 $147.5
Total Mortgage Services
EBITDA		 $59.3 $68.1 $56.4 $41.4 $32.6 $24.4 $15.0
EBITDA Margin % 20.7%
23.1%
21.3%
16.2%
13.5%
14.5%
10.2%

EBITDA Margin

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----- Start of picture text -----

23.1%
21.3%
20.7%
16.2%
14.5%
13.5%
10.2%
1H16 2H16 1H17 2H17 1H18 2H18 1H19
EBITDA Margin
----- End of picture text -----

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53

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Financial Snapshot – US Mortgage Servicing

1H19 revenue composition

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----- Start of picture text -----

Other
Base
service fees
servicing
27%
fees • Base servicing fees, $94.7m, +19.4%
59%
• Servicing related fees $22.2m, -4.1%
• Other services fees $42.5m, +4.0%
$159.5m
Servicing
related
fees
14%
----- End of picture text -----

Dec-18 Jun-18 Annual Report reference
Net Loan Servicing Advances $44.3 $37.8 •
Note 16 Loan servicing advances
•
Note 14 Interest bearingliabilities
Loan servicing advances

SLS non-recourse lendingfacility
Net MSR intangible asset $298.5 $272.6 •
Note 10 Intangible assets
•
Note 25 Mortgage servicingrelated liabilities
Mortgage servicing rights

Mortgage servicingrelated liabilities
Investment in SPVs $37.42 $25.4 •
Note 20 Available-for-sale financial assets(Jun18)
Investment in structure entities
Other intangible assets1 $75.7 $66.8 •
Note 10 Intangible assets
Goodwill; Other
Total invested capital $455.8 $402.6
Net cash payments for MSR
purchases		 $45.7 $89.4 •
Cashflow statement
Investing cash flow - Payments for
purchase of controlled entities and
businesses (net of cash acquired) and
intangible assets
MSR amortisation $20.4 $34.4 •
Note 3 Expenses

Total Amortisation (net)
  • 1 Other intangibles are largely goodwill and acquired client lists related to acquisitions

2 1H19 Financial assets at fair value through profit or loss – AASB 9 transition

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54

  • 1H18 numbers includes restatement of $6.3m from servicing related fees to other service fees

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Mortgage services key terms

Performing servicing: Servicing of a mortgage which is less than 30 days delinquent. Typically loans that meet the criteria of the Government Sponsored Entities e.g. “Fannie Mae”, “Freddie Mac”.

Non-performing servicing: Servicing of a mortgage that is over 30 days delinquent up to management of the foreclosure process. Typically, non-performing servicing is performed over loans that are part of a securitization arrangement.

Mortgage servicing rights: Intangible assets representing an ownership right to service the mortgage for a fee for the life of the mortgage. The owner of the MSR can either service the loan itself or appoint a sub-servicer to do so.

Servicing advances: The owner of the MSR is required to fund various obligations required to protect a mortgage if the borrower is unable to do so. Advances receive a priority in any liquidation and are often financed in standalone non-recourse servicing advance facilities.

Part owned MSRs

  • › An Excess Strip Sale refers to the sale of a stream of cash flows associated with the servicing fee on a performing MSR. The seller of the servicing strip has the ability to service the mortgage.

  • › An SPV deal refers to the sale of the rights to the MSR and associated servicing advances into an SPV. CPU typically takes a 20% equity stake in the SPV and performs all servicing on the loans via a sub-servicing fee for service relationship.

US mortgage services – revenue definitions

Base fees – Fees received for base servicing activities

  • › Fees are generally assessed in bps for owned or structured deals, while subservicing is usually paid as a $ fee

  • › Subservicing fees vary by loan delinquency or category

Servicing related fees – Additional fees received from servicing a loan

  • › Loss mitigation fees e.g. for loan modifications

  • › Ancillary Fees e.g. late fees

  • › Margin income

Other service fees

  • › Includes valuation, real estate disposition services, loan fulfilment services and CMC Coop Services

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55

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LenderLive

  • › LenderLive Network, LLC (LLN), is a leading end to end mortgage fulfilment company and services the private label fulfilment market and also provides services into the secondary market. LLN is based in the Denver area (with additional offices in Jacksonville and Florida)

  • › It operates in similar markets to Computershare Mortgage Services’ Credit Risk Solutions and CMC businesses and the acquisition brings a list of new clients, a team of dedicated professionals, proprietary technology, and an opportunity to further expand existing capabilities

  • › The LLN acquisition:

  • brings scale to fulfilment activities and further enhances Computershare’s ability to support mortgage lenders and investors through each stage of the mortgage lifecycle

  • delivers a core proprietary technology platform which underpins the operational business model and will help CLS access additional market segments

  • enhances (through secondary market services) Computershare’s ability to work with both government sponsored and private market investors

  • opens up another servicing channel for, delivering new servicing volume into SLS, whilst also bringing a range of realistic cross sell opportunities for both sub-servicing and our Property Solutions business (“CPS”)

  • provides synergy opportunities

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56

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Exchange rates

  • › Average FX rates used to translate profit and loss to US dollars for key reporting currencies

  • › The USD has strengthened in 1H19 against all currencies

Currency 1H19 FY18 1H18 Var 1H Movement against USD:
USD 1.0000 1.0000 1.0000
AUD 1.3734 1.2890 1.2863 6.8% Weakened
HKD 7.8371 7.8219 7.8095 0.4% Weakened
NZD 1.4893 1.3977 1.3969 6.6% Weakened
INR 70.6855 64.9732 64.6323 9.4% Weakened
CAD 1.3117 1.2716 1.2709 3.2% Weakened
GBP 0.7707 0.7427 0.7588 1.6% Weakened
EUR 0.8645 0.8396 0.8533 1.3% Weakened
RAND 14.0136 12.7589 13.3921 4.6% Weakened

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57

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Important notice

Summary information

  • This announcement contains summary information about Computershare and its activities current as at the date of this announcement.

  • This announcement is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire Computershare’s shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of a particular investor or a potential investor. Before making an investment decision, a prospective investor should consider the appropriateness of this information having regard to his or her own objectives, financial situation and needs and seek specialist professional advice.

Financial data

  • Management results are used, along with other measures, to assess operating business performance. The company believes that exclusion of certain items permits better analysis of the Group’s performance on a comparative basis and provides a better measure of underlying operating performance.

  • Management adjustments are made on the same basis as in prior years.

  • The non-IFRS financial information contained within this document has not been reviewed or audited in accordance with Australian Auditing Standards.

  • All amounts are in United States dollars, unless otherwise stated.

Past performance

  • Computershare’s past performance, including past share price performance and financial information given in this announcement is given for illustrative purposes only and does not give an indication or guarantee of future performance.

Future performance and forward-looking statements

  • This announcement may contain forward-looking statements regarding Computershare’s intent, belief or current expectations with respect to Computershare’s business and operations, market conditions, results of operations and financial condition, specific provisions and risk management practices.

  • When used in this announcement, the words ‘may’, ‘will’, ‘expect’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘continue’, ‘should’, ‘could’, ‘objectives’, ‘outlook’, ‘guidance’ and similar expressions, are intended to identify forward-looking statements. Indications of, and guidance on, plans, strategies, management objectives, sales, future earnings and financial performance are also forward-looking statements.

  • Forward-looking statements are provided as a general guide only and should not be relied upon as a guarantee of future performance. They involve known and unknown risks, uncertainties, contingencies, assumptions and other important factors that are outside the control of Computershare.

  • Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. Computershare makes no representation or undertaking that it will update or revise such statements.

Disclaimer

  • No representation or warranty, expressed or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement. To the maximum extent permitted by law, none of Computershare or its related bodies corporate, or their respective directors, employees or agents, nor any other person accepts liability for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence.

Not intended for foreign recipients

  • No part of this announcement is intended for recipients outside Australia. Accordingly, recipients represent and warrant that they are able to receive this announcement without contravention of any applicable legal or regulatory restrictions in the jurisdiction in which they reside or conduct business.

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58

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