COMPUTERSHARE LIMITED. — Regulatory Filings 2011

Aug 9, 2011

ASX PRELIMINARY FINAL REPORT

Computershare Limited

ABN 71 005 485 825

30 June 2011

Lodged with the ASX under Listing Rule 4.3A

Contents

Contents
Results for Announcement to the Market	1
Appendix 4E item 2
Preliminary consolidated statement of comprehensive income	2
Appendix 4E item 3
Preliminary consolidated statement of financial position	3
Appendix 4E item 4
Preliminary consolidated statement of changes in equity	4
Preliminary consolidated cash flow statement	5
Appendix 4E item 5
Other Appendix 4E Information	6
Appendix 4E item 6 to 17

This report covers the consolidated entity consisting of Computershare Limited and its controlled entities. The financial report is presented in United States dollars (unless otherwise stated).

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES YEAR ENDED 30 JUNE 2011 (Previous corresponding period year ended 30 June 2010) RESULTS FOR ANNOUNCEMENT TO THE MARKET

						$000
Revenue from continuing operations	flat					1,604,325
(Appendix 4E item 2.1)
Profit/(loss) after tax attributable to members	down		10.4%		to	264,086
(Appendix 4E item 2.2)
Net profit/(loss) for the period attributable to members	down		10.4%		to	264,086
(Appendix 4E item 2.3)
Dividends	Amount per		security	Franked amount per security
(Appendix 4E item 2.4)
Final dividend	AU 14	cents				60%
Interim dividend	AU 14	cents				60%
Record datefor determining entitlements to the final dividend		22 August		2011
(Appendix 4E item 2.5)

Explanation of Revenue (Appendix 4E item 2.6)

Total revenue from continuing operations for the year ended 30 June 2011 is $1,604.3 million and remained flat against the last corresponding period. Lower revenues occurred in corporate actions globally, US mutual fund proxy solicitation and the US bankruptcy administration business. The offsetting revenue uplift resulted from a pick-up in register maintenance (other than the UK), the full year contribution from the HBOS EES acquisition and the purchase of the remaining 60% stake in Registrar Nikoil in Russia. Margin income revenue was also up year on year. Movement in foreign exchange rates due to the generally weaker US dollar increased revenues and costs.

Explanation of Profit/(loss) from ordinary activities after tax (Appendix 4E item 2.6)

The current year statutory EBITDA before the management adjustment items is $483.1 million, a decrease of 4.4% over the last corresponding period. Net statutory profit after tax attributable to members is $ 264.1 million, a decrease of 10.4% over the last corresponding period. The decrease in earnings was primarily driven by weaker corporate action activity globally, a lack of large transactions in the US mutual fund proxy solicitation business and reduced filings in the US bankruptcy administration business. Lower earnings in the UK registry business also contributed to the fall. Partially offsetting the earnings deterioration was the improvement in UK employee plans, underpinned by the HBOS EES acquisition and earnings growth in the Deposit Protection Scheme and Voucher Services business in the UK. The US registry business performed well as did the small shareholder programs/post merger clean-up businesses in North America. Margin income growth and favourable foreign exchange translation due to the weaker US dollar also contributed.

The Group’s effective tax rate has increased from 26.6% for the year ended 30 June 2010 to 27.0 % in the current financial year.

Explanation of Net Profit/(loss) (Appendix 4E item 2.6)

Please refer above.

Explanation of Dividends (Appendix 4E item 2.6)

The following dividends have been paid, declared or recommended since the end of the preceding financial year:

Ordinary shares

A final dividend in respect of the year ended 30 June 2010 was declared on 11 August 2010 and paid on 14 September 2010. This was an ordinary dividend of AU 14 cents per share franked to 60% amounting to AUD 77,792,968 ($76,137,285).

An interim ordinary dividend was declared on 9 February 2011 and paid on 15 March 2011. This was an ordinary dividend of AU 14 cents per share franked to 60% amounting to AUD 77,792,968 ($76,137,285).

A final dividend in respect of the year ended 30 June 2011 was declared by the directors of the Company on 10 August 2011, to be paid on 13 September 2011. This is an ordinary dividend of AU 14 cents per share, franked to 60%. As the dividend was not declared until 10 August 2011 a provision has not been recognised as at 30 June 2011.

• 1 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2011

	Note	2011 2010
		$000 $000
Revenue from continuing operations
Sales revenue		1,598,932 1,599,611
Other revenue		5,393 4,694
Total revenue from continuing operations		1,604,325 1,604,305
Other income		14,277 15,282
Expenses
Direct services		1,010,370 991,796
Technologycosts		181,263 168,875
Corporate services		26,258 28,019
Finance costs		32,627 22,865
Total expenses		1,250,518 1,211,555
Share of net profit/(loss) of associates accounted for using the equity method	14	385 2,637
Profit before related income tax expense		368,469 410,669
Income tax expense	3	99,561 109,293
Profit for theyear		268,908 301,376
Other comprehensive income
Available-for-sale financial assets		358 2,791
Cash flow hedges		(24,316) (29,550)
Exchange differences on translation of foreign operations		93,870 (798)
Income tax relatingto components of other comprehensive income		7,313 6,881
Other comprehensive income for theyear,net of tax		77,225 (20,676)
Total comprehensive income for theyear		346,133 280,700
Profit for theyear is attributable to:
Members of Computershare Limited		264,086 294,757
Non-controllinginterests		4,822 6,619
		268,908 301,376
Total comprehensive income for theyear is attributable to:
Members of Computershare Limited		340,070 274,081
Non-controllinginterests		6,063 6,619
		346,133 280,700
Basic earnings per share(centsper share)	8	47.53 cents 53.05 cents
Diluted earnings per share(centsper share)	8	47.30 cents 52.67 cents

The above statement of comprehensive income should be read in conjunction with the accompanying notes.

• 2 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 30 JUNE 2011

FOR THE YEAR ENDED 30 JUNE 2011
	Note	2011 2010
		$000 $000
CURRENT ASSETS
Cash and cash equivalents		347,225 278,651
Receivables		300,862 293,884
Financial assets held for trading		2,059 1,834
Available-for-sale financial assets at fair value		314 499
Other financial assets		26,630 23,814
Inventories		12,266 8,624
Current tax assets		10,844 8,924
Derivative financial instruments		5,617 17,726
Other current assets		28,111 19,556
Total current assets		733,928 653,512
NON CURRENT ASSETS
Receivables		13,747 4,361
Investments accounted for usingthe equitymethod		28,405 19,177
Available-for-sale financial assets at fair value		6,815 5,623
Property, plant & equipment		154,933 144,956
Deferred tax assets		46,810 46,821
Derivative financial instruments		25,951 39,827
Intangibles		1,862,649 1,776,178
Total non-current assets		2,139,310 2,036,943
Total assets		2,873,238 2,690,455
CURRENT LIABILITIES
Payables		340,612 351,186
Interest bearingliabilities		128,618 54,243
Current tax liabilities		22,408 25,480
Provisions		26,475 46,251
Derivative financial instruments		1 7
Deferred consideration		20,342 20,180
Total current liabilities		538,456 497,347
NON-CURRENT LIABILITIES
Payables		6,560 2,331
Interest bearingliabilities		884,871 939,785
Deferred tax liabilities		143,507 106,108
Provisions		32,787 35,875
Derivative financial instruments		- 360
Deferred consideration		12,606 26,967
Other		8,995 8,730
Total non-current liabilities		1,089,326 1,120,156
Total liabilities		1,627,782 1,617,503
Net assets		1,245,456 1,072,952
EQUITY
Contributed equity		29,943 29,943
Reserves		152,081 94,808
Retained earnings	4	1,048,403 936,592
Totalparent entityinterest		1,230,427 1,061,343
Non-controllinginterests		15,029 11,609
Total equity		1,245,456 1,072,952

The above statement of financial position should be read in conjunction with the accompanying notes.

• 3 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 2011

	Attributable to members of Computershare Limited
	Contributed Equity Reserves Retained Earnings Total Non- controlling Interests Total Equity
	$000 $000 $000 $000 $000 $000
Total equity at 1 July 2010	29,943 94,808 936,592 1,061,343 11,609 1,072,952
Profit for theyear	- - 264,086 264,086 4,822 268,908
Available-for-sale financial assets	- 358 - 358 - 358
Cash flow hedges	- (24,316) - (24,316) (24,316)
Exchange differences on translation of foreign operations
	- 92,629 - 92,629 1,241 93,870
Income tax(expense)/credits	- 7,313 - 7,313 - 7,313
Total comprehensive income for the year
	- 75,984 264,086 340,070 6,063 346,133
Transactions with owners in their capacity as owners:
Dividends provided for or paid	- - (152,275) (152,275) (2,643) (154,918)
Equity related contingent consideration
	- (9,500) - (9,500) - (9,500)
On market cashpurchase of shares	- (29,950) - (29,950) - (29,950)
Share based remuneration	- 20,739 - 20,739 - 20,739
	- (18,711) (152,275) (170,986) (2,643) (173,629)
Balance at 30 June 2011	29,943 152,081 1,048,403 1,230,427 15,029 1,245,456
	Contributed Equity Reserves Retained Earnings Total Non- controlling Interests Total Equity
	$000 $000 $000 $000 $000 $000
Total equity at 1 July 2009	29,888 99,793 763,879 893,560 7,609 901,169
Profit for theyear	- - 294,757 294,757 6,619 301,376
Available-for-sale financial assets	- 2,791 - 2,791 - 2,791
Cash flow hedges	- (29,550) - (29,550) - (29,550)
Exchange differences on translation of foreign operations
	- (798) - (798) - (798)
Income tax(expense)/credits	- 6,881 - 6,881 - 6,881
Total comprehensive income for the year
	- (20,676) 294,757 274,081 6,619 280,700
Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs
	55 - - 55 312 367
Dividends provided for or paid	- - (122,044) (122,044) (4,998) (127,042)
Equity related contingent consideration Transactions with non-controlling interests
	- 2,506 - 2,506 - 2,506
	- (2,809) - (2,809) - (2,809)
Transfers between reserves	- (2,067) - (2,067) 2,067 -
On market cashpurchase of shares	- (7,064) - (7,064) - (7,064)
Share based remuneration	- 25,125 - 25,125 - 25,125
	55 15,691 (122,044) (106,298) (2,619) (108,917)
Balance at 30 June 2010	29,943 94,808 936,592 1,061,343 11,609 1,072,952

The above statement of changes in equity should be read in conjunction with the accompanying notes.

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COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2011

Note	2011	2010
	$000	$000
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers	1,704,627	1,649,939
Payments to suppliers and employees	(1,271,151)	(1,128,765)
Dividends received	388	968
Interestpaid and other finance costs	(31,907)	(29,253)
Interest received	5,006	3,726
Income taxespaid	(87,320)	(82,159)
Net operating cash flows 16	319,643	414,456
CASH FLOWS FROM INVESTING ACTIVITIES
Payments forpurchase of controlled entities and businesses,net of cash acquired	(65,381)	(110,442)
Payments for investment in associates andjoint ventures	(578)	(2,661)
Dividends received	415	1,068
Proceeds from sale of assets	4,225	14,214
Payments for investments	(264)	(275)
Payments forproperty, plant and equipment	(23,406)	(57,071)
Proceeds from sale of subsidiaries and businesses,net of cash disposed	3,426	-
Net investing cash flows	(81,563)	(155,167)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of ordinaryshares	-	55
Payments forpurchase of ordinaryshares	(29,950)	(7,064)
Proceeds from borrowings	628,669	352,144
Repayment of borrowings	(627,605)	(364,602)
Dividendspaid - ordinaryshares	(152,275)	(122,044)
Dividendspaid to non-controllinginterests in controlled entities	(2,643)	(4,998)
Repayment of finance leases	(11,053)	(7,590)
Net financing cash flows	(194,857)	(154,099)
Net increase in cash and cash equivalents held	43,223	105,190
Cash and cash equivalents at the beginningof the financialyear	278,651	180,422
Exchange rate variations on foreign cash balances	25,351	(6,961)
Cash and cash equivalents at the end of the financialyear	347,225	278,651

The above cash flow statement should be read in conjunction with the accompanying notes.

• 5 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4E INFORMATION

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

This preliminary final report has been prepared in accordance with ASX Listing Rule 4.3A and the disclosure requirements of ASX Appendix 4E.

This report is to be read in conjunction with any public announcements made by Computershare Limited during the reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and Australian Securities Exchange Listing Rules.

The financial report, comprising the financial statements and notes of Computershare Limited and its controlled entities, complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

Where necessary, comparative figures have been adjusted to comply with the changes in presentation in the current period.

The principal accounting policies adopted in the preparation of the financial statements are consistent with those of the previous financial year.

2. MATERIAL FACTORS AFFECTING THE ECONOMIC ENTITY FOR THE CURRENT PERIOD

Refer to the attached Market Announcement for discussion of the nature and amount of material items affecting revenue, expenses, assets, liabilities, equity or cash flows, where their disclosure is relevant in explaining the financial performance or position of the entity for the period.

3. RECONCILIATION OF INCOME TAX EXPENSE

3. RECONCILIATION OF INCOME TAX EXPENSE
a) Income tax expense
	2011 2010
	$000 $000
Current tax expense	66,846 84,992
Deferred tax expense	33,394 24,250
Under/(over) provided in prior years	(679) 51
Total income tax expense	99,561 109,293
Deferred income tax (revenue)/expense included in
income tax expense comprises:
Decrease/(increase) in deferred tax assets	(13,363) 10,610
(Decrease)/increase in deferred tax liabilities	46,757 13,640
	33,394 24,250
b) Numerical reconciliation of income tax expense to prima facie tax payable
	2011 2010
	$000 $000
Profit before income tax expense	368,469 410,669
The tax expense for the financial year differs from the amount calculated on the profit. The differences are reconciled as follows:
Prima facie income tax expense thereon at 30%	110,541 123,201
Tax effect of permanent differences:
Non-deductible expenses (including depreciation and amortisation)	2,255 2,559
Research and development allowance	(2,819) (2,675)
Benefit of tax losses not booked	531 439
Benefit of tax losses recognized	(1,356) (1,117)
Non-deductible capital losses	10 -
Share based payments	182 323

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COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4E INFORMATION

SUPPLEMENTARY APPENDIX 4E INFORMATION
	2011 2010
	$000 $000
Non-deductible asset write-downs	11,223 -
Other	(13,661) (17,276)
Differential in overseas tax rates	(5,444) 2,891
Prior year tax (over)/under provided	(679) 51
Restatement of deferred tax balances due to income tax rate changes	(1,222) 897
Income tax expense	99,561 109,293
c) Amounts recognised directly in equity
	2011 2010
	$000 $000
Deferred tax – debited/(credited) directly to equity	(7,692) (13,135)

d) Unrecognised tax losses

As at 30 June 2011, companies within the consolidated entity had estimated unrecognised tax losses (including capital losses) of $ 50,645,011 (2010: $ 41,926,325) available to offset against future years’ taxable income.

e) Tax consolidation

Computershare Limited and its wholly-owned Australian entities implemented the tax consolidation regime with effect from 1 July 2002. The Australian Taxation Office has been formally notified of this decision.

The relevant entities have also entered into a tax sharing agreement. As a consequence, Computershare Limited, as the head entity in the tax consolidation Group, has recognised the current tax liability relating to transactions, events and balances of the wholly owned Australian subsidiaries in this Group in the financial statements as if that liability was its own, in addition to recognising the current tax liability arising in relation to its own transactions, events and balances. Amounts receivable or payable under the tax sharing agreement are recognised separately as tax related intercompany payables or receivables.

4. RETAINED EARNINGS (Appendix 4E item 6)

4. RETAINED EARNINGS(Appendix 4E item 6)
	2011 2010
Retainedprofits	$000 $000
Retainedprofits at the beginningof the financialyear	936,592 763,879
Ordinarydividendsprovided for orpaid	(152,275) (122,044)
Netprofit/(loss)attributable to members of Computershare Limited	264,086 294,757
Retained profits at the end of the financial year	1,048,403 936,592

5. ADDITIONAL DIVIDEND INFORMATION (Appendix 4E item 7)

Details of dividends declared or paid during or subsequent to the year ended 30 June 2011 are as follows:

Record date	Payment date	Type	Amount per security	Total dividend	Franked amount per security	Conduit Foreign Income amount per security
23 August 2010	14 September 2010	Final	AU 14 cents	AUD 77,792,968	AU 8.4 cents	AU 5.6 cents
21 February 2011	15 March 2011	Interim	AU 14 cents	AUD 77,792,968	AU 8.4 cents	AU 5.6 cents
22 August 2011	13 September 2011	Final	AU 14 cents	AUD 77,792,968*	AU 8.4 cents**	AU 5.6 cents

• Based on 555,664,059 shares on issue as at 10 August 2011

** Dividend franked to 60%

• 7 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4E INFORMATION

6. DIVIDEND REINVESTMENT PLANS (Appendix 4E item 8)

The company has no dividend reinvestment plan in operation.

7. NTA BACKING (Appendix 4E item 9)

7. NTA BACKING(Appendix 4E item 9)
	2011	2010
Net tangible asset backing per ordinary share	(1.22)	(1.37)

8 . EARNINGS PER SHARE (Appendix 4E item 14.1)

	Calculation of	Calculation of	Calculation of	Calculation of
	Basic EPS	Diluted EPS	Management	Management
			Basic EPS	Diluted EPS
	$000	$000	$000	$000
Year ended 30 June 2011
Earnings per share (cents per share)	47.53 cents	47.30 cents	55.67 cents	55.40 cents
Profit for the year	268,908	268,908	268,908	268,908
Non-controlling interest (profit)/loss	(4,822)	(4,822)	(4,822)	(4,822)
Add back management adjustment items(see below)	-	-	45,257	45,257
Net profit attributable to the members of
Computershare Limited	264,086	264,086	309,343	309,343
Weighted average number of ordinary shares used as
denominator in calculating basic earnings per share	555,664,059		555,664,059
Weighted average number of ordinary and potential
ordinary shares used as denominator in calculating
diluted earnings per share		558,368,332		558,368,332
Year ended 30 June 2010
Earnings per share (cents per share)	53.05 cents	52.67 cents	57.80 cents	57.39 cents
Profit for the year	301,376	301,376	301,376	301,376
Non-controlling interest (profit)/loss	(6,619)	(6,619)	(6,619)	(6,619)
Add back management adjustment items(see below)	-	-	26,415	26,415
Net profit attributable to the members of
Computershare Limited	294,757	294,757	321,172	321,172
Weighted average number of ordinary shares used as
denominator in calculating basic earnings per share	555,657,878		555,657,878
Weighted average number of ordinary and potential
ordinary shares used as denominator in calculating
diluted earnings per share		559,653,794		559,653,794

• 8 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4E INFORMATION

Reconciliation of weighted average number of shares used as the denominator:

Reconciliation of weighted average number of shares used as the denominator:
2011	2010
Number	Number
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 555,664,059
	555,657,878
Adjustments for calculation of diluted earnings per share:
Options 54,273	94,067
Performance rights **2,650,000 **	3,901,849
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share 558,368,332
	559,653,794

No employee options have been issued since year end.

250,000 performance rights were issued with the grant date 12 August 2010 valued at AU $7.78 each. If the vesting conditions are satisfied, the performance rights will be exercisable within six months after the annual report for the year ending 30 June 2015 has been signed. 125,000 of these performance rights have been taken into account when calculating the diluted earnings per share for the period ending 30 June 2011 as no performance condition has been attached. The remaining 125,000 have been excluded as the performance conditions have not been satisfied as at 30 June 2011.

The directors and management have determined that the exclusion of certain items permits a more appropriate and meaningful analysis of the Company’s underlying performance on a comparative basis. Management adjusted results provide important information on the underlying operating performance of the consolidated entity. The above net profit used in the management earnings per share calculation reflects the management adjusted results.

Management adjustment items

For the year ended 30 June 2011 management adjustment items include the following:

For theyear ended 30 June 2011 management adjustment items include the following:	For theyear ended 30 June 2011 management adjustment items include the following:
Gross Tax effect Net of tax
$000 $000 $000
Loss on disposals (14,369) (6,227) (20,596)
Restructuring provisions (4,329) 1,303 (3,026)
Acquisitions related 8,095 (2,424) 5,671
Marked to market adjustments - derivatives 132 (40) 92
Intangible assets amortisation (41,453) 14,055 (27,398)
Total management adjustment items (51,924) 6,667 (45,257)
For theyear ended 30 June 2010 management adjustment items include the following:
	Gross Tax effect Net of tax
	$000 $000 $000
Restructuring provisions	(6,329) 2,192 (4,137)
Aquisitions related	(711) 234 (477)
Marked to market adjustments - derivatives	1,322 (501) 821
Intangible assets amortisation	(33,733) 11,111 (22,622)
Total management adjustment items	(39,451) 13,036 (26,415)

9. SHARE BUYBACK (Appendix 4E item 14.2)

The company had no on-market buy back in operation during the year ended 30 June 2011 and the year ended 30 June 2010.

10. SEGMENT INFORMATION (Appendix E item 14.4)

The operating segments presented reflect the manner in which the Group has been internally managed and the financial information reported to the chief operating decision maker (CEO) in the current financial year. Management has determined

• 9 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4E INFORMATION

the operating segments based on the reports reviewed by the CEO that are used to make strategic decisions and assess performance.

The number of operating segments has increased from six to seven in this reporting period due to a change in our internal reporting structure. The Europe, Middle East and Africa segment has been divided into two segments: UCIA (United Kingdom, Channel Islands, Ireland & Africa) and Continental Europe. The comparatives figures have been restated accordingly.

Six of the operating segments are geographic: Asia, Australia and New Zealand, Canada, Continental Europe, UCIA and the United States of America. In addition, Technology and Other segment comprises the provision of software specialising in share registry, employee plans and financial services globally, as well as the production and distribution of interactive meeting products. It is both a research and development function, for which discrete financial information is reviewed by the CEO.

In each of the six geographic segments the consolidated entity offers its core products and services: Investor Services, Business Services, Plan Services, Communication Services and Stakeholder Relationship Management Services. Investor Services comprise the provision of register maintenance, company meeting logistics, payments and full contact centre and online services. Business Services comprise the provision of voucher administration, bankruptcy administration services, interactive meeting services and other ancillary services. Plan Services comprise the administration and management of employee share and option plans. Communication Services comprise laser imaging, intelligent mailing, scanning and electronic communications delivery. Stakeholder Relationship Management Services comprise the provision of investor analysis, investor communication and management information services to companies, including their employees, shareholders and other security industry participants.

None of the corporate entities have been allocated to the operating segments. Corporate entities’ main purpose is to hold intercompany investments and conduct financing activities.

OPERATING SEGMENTS

	Asia Australia & New Zealand Canada Continental Europe Technology & Other UCIA United States Total
	$000 $000 $000 $000 $000 $000 $000 $000
June 2011
Total segment revenue
	124,893 357,366 204,705 95,127 176,775 289,932 510,358 1,759,156
	124,157 353,296 203,183 94,986 33,926 287,882 508,801 1,606,231
External revenue
Intersegment revenue Management adjusted EBITDA
	736 4,070 1,522 141 142,849 2,050 1,557 152,925
	48,340 87,439 93,898 13,942 (4,817) 116,332 124,843 479,977
Total segment assets
	138,091 336,642 226,232 218,344 119,435 379,300 1,000,811 2,418,855
June 2010
Total segment revenue
	116,981 335,305 190,436 74,966 182,595 268,984 593,326 1,762,593
	116,731 331,921 189,676 74,738 31,816 266,111 591,793 1,602,786
External revenue
Intersegment revenue Management adjusted EBITDA
	250 3,384 760 228 150,779 2,873 1,533 159,807
	50,720 84,124 85,751 12,443 13,658 113,802 143,131 503,629
Total segment assets
	118,523 269,608 194,970 147,266 105,766 399,234 1,040,041 2,275,408

• 10 -

COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4E INFORMATION

Segment revenue

The revenue reported to the CEO is measured in a manner consistent with that of the statement of comprehensive income. Sales between segments are included in the total segment revenue, whereas sales within a segment have been eliminated from segment revenue. Sales between segments are at normal commercial rates and are eliminated on consolidation.

Segment revenue reconciles to total revenue from continuing operations as follows:

Segment revenue reconciles to total revenue from continuing operations as follows:
	2011 2010
	$000 $000
Total operating segment revenue	1,759,156 1,762,593
Intersegment eliminations	(152,925) (159,807)
Corporate revenue and other	(1,906) 1,519
Total revenue from continuing operations	1,604,325 1,604,305

Management adjusted EBITDA

Management adjusted EBITDA is used, as well as other measures, by the CEO in assessing the performance of Computershare’s operating segments as it is a more relevant measure of actual underlying operating performance. In 2010 and 2011 this measure excluded restructuring provisions, acquisitions related profit or loss, marked to market adjustments relating to derivatives and profit or loss on disposals (Note 8).

A reconciliation of management adjusted EBITDA to operating profit before income tax is provided as follows:

	2011 2010
	$000 $000
Management adjusted EBITDA - operating segments
	479,977 503,629
Management adjusted EBITDA - corporate
	13,639 7,316
Management adjusted EBITDA
	493,616 510,945
Management adjustment items (before amortisation and income tax expense):
Loss on disposals
	(14,369) -
Restructuring provisions
	(4,329) (6,329)
Acquisitions related
	8,095 (711)
Marked to market adjustments - derivatives
	132 1,322
Finance costs
	(32,627) (22,865)
Amortisation and depreciation
	(82,049) (71,693)
Profit before income tax from continuing operations
	368,469 410,669

Total assets

Assets are allocated based on the operations of the segment and the physical location of the asset and are measured in a manner consistent with that of the financial statements.

Cash and cash equivalents, current and non-current investments, current and deferred tax assets and current and non-current derivative assets are not allocated to the operating segments.

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COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4E INFORMATION

Reportable segments’ assets are reconciled to total assets as follows:

Reportable segments’ assets are reconciled to total assets as follows:
	2011 2010
	$000 $000
Total operating segment assets	2,418,855 2,275,408
Unallocated/corporate assets:
Deferred tax assets	46,810 46,821
Current tax assets	10,844 8,924
Cash and cash equivalents	347,225 278,651
Current and non-current investments	7,129 6,123
Current and non-current derivative assets	31,568 57,553
Other	10,807 16,975
Total assets as per balance sheet	2,873,238 2,690,455

11. TRENDS IN PERFORMANCE (Appendix 4E item 14.5)

Refer to attached Market Announcement.

12. OTHER FACTORS THAT AFFECTED RESULTS IN THE PERIOD OR WHICH ARE LIKELY TO AFFECT RESULTS IN THE FUTURE (Appendix 4E item 14.6)

Refer to attached Market Announcement.

13. CONTROLLED ENTITIES ACQUIRED OR DISPOSED OF DURING THE PERIOD (Appendix 4E item 10)

Acquired	Servizio Titoli	Registrar Nikoil	Registrar Nikoil
	S.p.A	Company JSC
Date control gained	10 May 2011	26	July 2010
	$000		$000
Contribution to profit/(loss) after tax in current period, where material	Immaterial	Immaterial
Profit/(loss) after tax during the whole of the previous corresponding period,	Immaterial	Immaterial
where material
Disposed	Computershare
	Electoral
	Management
	Services Limited
Date control lost	29 July 2010
	$000
Contribution to profit/(loss) after tax in current period, where material	Immaterial
Profit/(Loss) after tax during the whole of the previous corresponding period,	Immaterial
where material

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COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4E INFORMATION

14. ASSOCIATES AND JOINT VENTURE ENTITIES (Appendix 4E item 11)

Name Place of incorporation Principal activity	Ownership interest Consolidated carrying amount
	June June June June
	2011 2010 2011 2010
	% % $000 $000
Joint Ventures
Japan Shareholder Services Ltd Japan TechnologyServices	50 50 1,724 1,395
Computershare Pan Africa Holdings Ltd Mauritius Investor Services Computershare Pan Africa Ghana Ltd Ghana Investor Services Computershare Pan Africa Nominees Ghana Ltd Ghana Investor Services	60 60 (149) 9
	60 60 - -
	60 60 - -
Asset Checker Ltd United Kingdom Investor Services	50 50 1 3
VisEqGmbH Germany Investor Services	66 - 577 -
Associates
Chelmer Ltd New Zealand TechnologyServices	50 50 - -
Registrar Nikoil CompanyJSC* Russia Investor Services	100 40 - 6,035
Expandi Ltd United Kingdom Investment Management On Channel Ltd United Kingdom Investor Services Netpartnering Ltd United Kingdom Investor Services	25 25 - -
	25 25 - -
	25 25 3,013 2,601
Milestone GroupPtyLtd Australia TechnologyServices	20 20 9,172 7,820
Janosch Film & Medien AG Germany Investor Services	28 28 - -
Fonterelli GmbH & Co. KGaA Germany Investor Services	49 49 1,126 973
Reach Investor Solutions Pty Ltd Australia Investor Services	35 35 528 341
Solium Capital Inc Canada Plan Services	20 - 12,413 -

• This entity became a controlled entity during the year.

The share of net profit of associates and joint ventures accounted for using the equity method for the year ended 30 June 2011 is USD 0.4 million profit (2010: USD 2.6 million profit).

15. OTHER SIGNIFICANT INFORMATION (Appendix 4E item 12)

Post balance sheet date the Company executed a “Bank of New York Mellon proposed acquisition bridge facility” totalling $550 million that matures in July 2012. This facility is in place to enable the proposed acquisition of the Bank of New York Mellon Corporation’s Shareowner Service Business, as announced on 28 April 2011. This facility will not be drawn until such stage as the proposed acquisition occurs. The proposed acquisition is subject to a number of regulatory approvals and other conditions typical of a transaction of this type, including clearance on terms satisfactory to Computershare by the US Department of Justice for the purposes of the Hart-Scott-Rodino Antitrust Improvements Act (HSR). The process to obtain these approvals is underway.

Refer to attached Market Announcement for other significant information.

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COMPUTERSHARE LIMITED AND ITS CONTROLLED ENTITIES SUPPLEMENTARY APPENDIX 4E INFORMATION

16. RECONCILIATION OF NET PROFIT AFTER TAX TO CASH FLOWS FROM OPERATING ACTIVITIES

	2011 2010
	$000 $000
Netprofit after income tax	268,908 301,376
Adjustments for non cash income and expense items:
Depreciation and amortisation	82,049 71,693
Net(gain)/loss on sale of assets	12,489 1,286
Share of net(profit)/loss of associates andjoint ventures accounted for usingequitymethod	(385) (2,637)
Employee benefits – share basedpayments	19,731 20,944
Financial instruments – fair value adjustments	(872) (1,215)
Changes in assets and liabilities:
(Increase)/decrease in accounts receivable	11,087 (32,633)
(Increase)/decrease in net tax assets	12,241 26,881
(Increase)/decrease in inventory	(2,646) (1,252)
(Increase)/decrease inprepayments and other assets	(7,662) (4,066)
Increase/(decrease)inpayables andprovisions	(75,297) 34,079
Net cash and cash equivalents from operating activities	319,643 414,456

17. AUDIT STATUS (Appendix 4E item 15)

This report is based on accounts which are in the process of being audited.

18. COMMENTARY ON RESULTS (Appendix 4E item 14)

Refer to attached Market Announcement.

19. SIGNIFICANT FEATURES OF OPERATING PERFORMANCE (Appendix 4E item 14.3)

Refer to attached Market Announcement.

20. BUSINESS COMBINATIONS

20. BUSINESS COMBINATIONS	20. BUSINESS COMBINATIONS
In accordance with accounting policy, the acquisition accounting for Registrar Nikoil Company JSC business combination
has been finalised. The following adjustments have been made to the provisional values recognised during the current
reporting period.
	$000
Recognition of intangible assets separately from goodwill	2,416
Recognition of related deferred tax liability	604

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