annual general meeting 2012 - asx · 2012. 11. 29. · 2012 29 november 2012 for personal use only....

Annual General Meeting

2012 29 November 2012

For

per

sona

l use

onl

y

2

Disclaimer

The material in this presentation has been prepared by SEEK Limited ABN 46 080 075 314

("SEEK") and is general background information about SEEK’s activities current as at the date

of this presentation. The information is given in summary form and does not purport to be

complete. In particular you are cautioned not to place undue reliance on any forward looking

statements regarding our belief, intent or expectations with respect to SEEK’s businesses,

market conditions and/or results of operations, as although due care has been used in the

preparation of such statements, actual results may vary in a material manner.

Information in this presentation, including forecast financial information, should not be

considered as advice or a recommendation to investors or potential investors in relation to

holding, purchasing or selling securities. Before acting on any information you should consider

the appropriateness of the information having regard to these matters, any relevant offer

document and in particular, you should seek independent financial advice.

Non-IFRS Financial Information

SEEK’s results are reported under International Financial Reporting Standards (IFRS). This

presentation also includes certain non-IFRS measures including, “normalised”, “pro forma”

and “look-through”. These measures are used internally by management to assess the

performance of our business, our associates and Joint Ventures, make decisions on the

allocation of our resources and assess operational management. Non-IFRS measures have

not been subject to audit or review.

For

per

sona

l use

onl

y

FY12 Key Messages Strong result in challenging conditions reflecting market leadership,

strength of business model and execution of strategy

3

Group reported result

• Record full year result vs pcp

• Revenue 29%, EBITDA 43%, NPAT (Post NCI) 35% and DPS of 21%

• Result achieved despite far from buoyant conditions in all our markets

• Strong cash flows and balance sheet

• Completion of debt refinancing in Sep-2012 (from $340m to $450m facility)

SEEK Australia & New Zealand

• Pleasing result reflects market leadership & resilience of business model

• Result achieved despite subdued labour market conditions

• Successful launch of several new products & services

SEEK International

• Strong “look-through1” growth vs pcp

• Revenue 35% and EBITDA of 40%

• Moved to majority ownership in OCC and Brasil Online

SEEK Education

• Strong “look-through1” growth vs pcp

• Revenue 15% and EBITDA of 80%

• Particularly pleasing underlying result achieved by THINK in H2 FY12

1“Look-through” Revenue and EBITDA based on ownership as at each reporting date (30 June).

.

For

per

sona

l use

onl

y

Record full year results achieved in FY12...

4

Group Headline Performance Key Financial Highlights

Growth

FY12 FY11 $m %

Revenue1442.3 343.1 99.2 29%

Reported EBITDA 193.6 135.6 58.0 43%

Reported EBITDA (%) 44% 40%

Reported NPAT (Post NCI) 131.7 97.7 34.0 35%

Basic EPS (cents) 39.1 29.0 10.1 35%

Dividend per share2 (cps) 17.3 14.3 3.0 21%

A$m• Reported EPS growth of 35%

• Total FY12 dividends of 17.3 cents per share

representing growth of 21%

• SEEK has maintained its dividend payout ratio at

50% of Cash NPAT2

• Third consecutive year of delivering +20%

growth in fully franked dividends

• Generating strong cash flows

• Operating cash flows +31% on pcp

• FY12 EBITDA to cash flow conversion 103%

• SEEK’s International & Education3 investments

have zero debt and a “look-through” cash

balance of ~A$107.6m

Growth

FY12 FY11 cents %

H1 - Interim Dividend 8.3 6.8 1.5 22%

H2 - Final Dividend 9.0 7.5 1.5 20%

cents per share

1 Excludes interest income 2 Dividends paid out of Cash NPAT defined as: NPAT (Post NCI) (Reported) – Associates NPAT +/- Non Cash Items + Associate Dividends 3 Education investments relate to SEEK’s 50% investment in IDP and Swinburne Online

For

per

sona

l use

onl

y

5

... which is a continuation of SEEK’s track record of

consistent growth over a long period

Operating Revenue CAGR of 35.2%

Reported EBITDA CAGR of 38.4%

Reported NPAT (Post NCI) CAGR of 32.6%

$39.7m

$69.6m

$106.2m

$157.0m

$210.2m$208.8m

$280.9m

$343.1m

$442.3m

FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12

$14.4m

$29.5m

$49.0m

$80.3m

$109.8m

$97.8m

$117.4m

$135.6m

$193.6m


$13.8m$19.3m

$34.1m

$55.5m

$76.3m

$55.3m

$89.5m

$97.7m

$131.7m


Key Insights

• 3rd consecutive year of record Revenue, EBITDA and NPAT

• Resilient earnings through challenging conditions

• Total Shareholder returns1 of ~248% since IPO vs ASX 200 of ~54%

1 Total shareholder returns included dividends and share price appreciation from 19 April 2005 to 26 November 2012

For

per

sona

l use

onl

y

6

$39.7m $63.5m$95.2m

$140.2m$190.0m $170.9m $172.7m

$224.0m $247.8m

$6.1m$11.1m

$59.9m

$100.2m$169.0m

$207.8m

$205.3m

$235.8m

$6.0m

$14.2m

$59.6m

$73.8m

$128.3m

$173.8m


$5.2m$28.4m

$44.2m

$76.9m

$106.7m$90.9m $93.4m

$133.5m$152.1m

$1.0m$3.1m

$12.3m

$18.8m$28.8m

$39.7m

$18.4m

$33.0m

-

-

-

($3.2m) ($6.7m) ($8.5m)

$9.2m

$35.7m

$49.8m


“Look-through” 1 Revenue FY04 –FY12 CAGR of 42.0%

“Look-through” 1 EBITDA FY04 –FY12 CAGR of 61.0%

$39.7m

$69.6m

$106.3m

$206.1m

$304.4m

$399.4m

$454.3m

$557.7m

$657.4m

$5.2m

$29.4m

$47.3m

$86.0m

$118.8m $111.1m

$142.3m

$187.5m

$235.0m

EBITDA CAGR (%) Period

SEEK Domestic 52.5% FY04 - FY12

SEEK Education 65.0% FY05 - FY12

SEEK International2 132.7% FY10 - FY12

SEEK Group 61.0% FY04 - FY12

Revenue CAGR (%) Period

SEEK Domestic 25.7% FY04 - FY12

SEEK Education 68.6% FY05 - FY12

SEEK International2 96.1% FY07 - FY12

SEEK Group 42.0% FY04 - FY12

1“Look-through” Revenue and EBITDA based on ownership as at each reporting date (30 June). 2 SEEK International ”look-through” Revenue CAGR has been calculated over the period FY07 to FY12 as FY07 was the first period in which SEEK International “look-through” Revenue was recognised. SEEK

International “look-through” EBITDA CAGR has been calculated over the period FY10 to FY12 as FY10 is the first period in which a positive “look-through” EBITDA was recognised

Execution of strategy has led to FY12 “look-through” result

of Revenue ~A$657m & EBITDA ~A$235m

For

per

sona

l use

onl

y

SEEK

Domestic

7

For

per

sona

l use

onl

y

$63.5m

$95.2m

$140.2m

$190.0m

$170.9m $172.7m

$224.0m

$247.8m

$28.4m

$44.2m

$76.9m

$106.7m

$90.9m$93.4m

$133.5m

$152.1m

FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12

Revenue EBITDA

8

SEEK Australia & New Zealand achieved a solid

result in a challenging macro environment SEEK Domestic Financials Key Insights

Revenue growth of 11% (FY12 v FY11)

• Revenue growth attributable to volume of 1% & yield of

10%

• Solid result despite far from buoyant conditions

• In subdued conditions, SEEK has generated strong

revenue & earnings growth from FY09 to FY12

EBITDA growth of 14% (FY12 v FY11)

• EBITDA margins increased from 60% to 61%

• Continued strong cost control in FY12

Operational Improvements

• Strong growth in prominence products

• Price increase of 5% implemented in FY13

Competitive Landscape

• Clear market leader in AU with 70%+ market share of ads,

visits and total time on site2

• Tighter competitive environment in NZ

• SEEK remains #1 in market share of job ads & total

time on site2

• To date, LinkedIn has had very limited impact on SEEK’s

key jobseeker or job ad metrics

Growth

FY12 FY11 $m %

Revenue 247.8 224.0 23.8 11%

EBITDA 152.1 133.5 18.6 14%

EBITDA (%) 61% 60%

A$m

Historical Results v AU U/E Rate1

4.2% 4.9% 5.5% 5.1% 5.2% 5.2% 5.0% 4.5%

1 Australia’s average unemployment rate for the year ended 30 June 2 Source: Jul-12, Nielsen Net Ratings, SEEK Count of Websites

For

per

sona

l use

onl

y

9

Online is the clear leader in Job Ad volumes and

user preferences .... …..with structural migration of revenue from print to online

a continuing trend ...

0

10

20

30

40

50

60

70

80

90

2003 2004 2005 2006 2007 2008 2009 2010 2012 (Mar)

Online R

eve

nue a

s a

% o

f to

tal em

plo

yment

mark

et

Source: Corzen, WARC, WAN, IAB, Classifieds Intelligence, analyst reports, market research and internal analysis

USA

Australia

Key Insights

• Given SEEK is the market leader in online

employment classifieds, we are well positioned to

capitalise on the structural migration of revenue

from print to online

Job Ad

Volume1

Job Seeker

Preferences2

Share of

Spend3

Oct-12 Nov-12 Mar-12

Online 84% 89% 58%

Print 16% 11% 42%

Key Insights

• Reflecting this structural shift, the Australian Federal

Government mandated the use of online recruitment

advertising at the expense of major daily

newspapers4

SEEK is well placed for growth due to continuing

structural migration from print to online

1 ANZ Advertisement Series for October 2012 2 Independent research conducted by Newspoll Online Omnibus, conducted 1 – 4 November 2012. Sample size 706 people aged 18+ in Sydney, Melbourne, Brisbane, Adelaide and Perth. Job seeker

preferences considers online and print methods of finding a job only (represents ~76% of total means) at November 2012 3 Estimate based on analyst reports, market research and internal analysis

4 http://www.finance.gov.au/advertising/docs/non-campaign_recruitment_advertising_policy.pdf

For

per

sona

l use

onl

y

10

1900s-1999

Print Job Ads

2012 into the Future... “Opportunity Matching”

2000

Online Job Ads

In 2000 SEEK

transformed

job advertising

In 2012 SEEK is

helping transform

candidate

sourcing

...assist recruiters &

corporates by matching job

opportunities to job seekers

Leadership = all job ads

& all candidates

Leadership = key

source of placed

candidates Key Insights

• By looking at all channels that source candidates, the market opportunity for SEEK is larger than previous

addressable market of only job ads

• Currently, job ads account for <30% of placed candidates

• SEEK to utilise its core assets & invest in new products & services to be the key source of placed candidates

SEEK has changed the way people find jobs, and will

do so again

For

per

sona

l use

onl

y

11

...and refine & develop products

to create better matching/search experiences SEEK to leverage its core assets ...

Leading positional assets

• SEEK accounts for 70% of ad share from top 3

online job boards

• Clear leader in engagement and visitor metrics

• Strong unaided brand awareness

Strong engagement with jobseekers

• Over 7.6m job seeker accounts with ~37%

new additions in the last three years

• Strong growth in job seeker profiles created

SEEK is extending its core capabilities to create a

more effective and efficient sourcing marketplace

Key Insights

• Refinement of SEEK’s market place provides better capabilities to go after a larger market

opportunity

• Intent of SEEK’s product development is to better assist (not cannibalise) recruiters &

corporates

For

per

sona

l use

onl

y

12

For All Job Seekers: Where did you find your last job?

For All Recruiters & Corporates: Where did you source

your last candidate?

SEEK’s role is to assist with the matching &

communication of job opportunities to job seekers

If we execute on our strategy, the answer to the

questions below will be “SEEK”

For

per

sona

l use

onl

y

13

New Advertiser Centre • New Cloud based job/candidate management system for advertisers

• Providing improved functionality for advertisers (incl. archiving)

• Facilitating easier job ad posting and reducing time managing applications

• Currently migrating first 5k customers across

Initiative Explanation

Cross Device Experiences

(mobile, tablet, desktop)

• 1m+ iPhone app’s downloaded (since launch in May 2012)

• Mobile extending SEEK’s audience, ~34% of monthly visits (~7m+ monthly visits)

• Launch of iPad application in December 2012

• Continuing to make modifications to mobile offering across all platforms (eg. Android)

• Improvements in core search & application functions

• Strategy is that an individual will have “one seamless” account that can be used

across multiple devices

Improve Candidate Database

(JSP) offering & grow

number of profiles

• Strong growth in JSP’s created

• Significant product modifications to streamline JSP creation & improve access

for advertisers to the database

• Improvements in out-bound communications to ensure profiles remain fresh

Improvements to search &

matching • For Job Seekers: make it easier to identify relevant ads and assess job fit

• For Advertisers: make it easier to identify and screen candidates

Improvements in search & matching will (i) open new growth opportunities (ii) reinforce SEEK’s network

effect amongst jobseekers & advertisers. The strengthening of SEEK’s network will enhance its

competitive position vs traditional competitors & newer business models (LinkedIn)

A sample of product initiatives that will create a more

effective and efficient sourcing marketplace

For

per

sona

l use

onl

y

SEEK

International

14

For

per

sona

l use

onl

y

15

Mexico

OCC

( 57 %)

Brazil

Brasil Online

( 51 %)

Asia

JobStreet JobsDB2

( 22 %) ( 55 %)

Australia / NZ

Seek

(100%)

China

Zhaopin

( 56 %)

CJOL1

• #1 Market Position

• Population of ~115m

• Internet penetration ~37%

• #1 or #2 across key markets


• Internet penetration varies

from 22% to 77%

• #1 Market Position



• Zhaopin is #2 overall

• Population of ~1,343m


• #1 in Australia and NZ


• Internet penetration 84% to 89%

1 JobsDB owns 75.58% of CJOL as at 30 June 2012

2 JobsDB currently owned 80% by SEEK Asia. SEEK’s share of SEEK Asia is 68.96%, therefore SEEK’s effective ownership of JobsDB is 55.2%

Source: CIA World Factbook; Internal World Stats

Market opportunity is large with coverage of ~2.2b people,

>20% of Global GDP & exposure to favourable structural trends

For

per

sona

l use

onl

y

16

($3.2m) ($6.7m)($8.5m)

$9.2m

$35.7m

$49.8m

FY07 FY08 FY09 FY10 FY11 FY12

$6.0m$14.2m

$59.6m

$73.8m

$128.3m

$173.8m

FY07 FY08 FY09 FY10 FY11 FY12

SEEK International1 – “Look-through”2 “Look-through” Historical financials1, 2

Refer to appendices in Full year Results Presentation (12 months to 30 June

2012) for details of SEEK’s “look-through” methodology which reconciles

100% local currency Revenue & EBITDA to SEEK “look-through” in A$, and

also for a reconciliation of SEEK’s Reported Revenue & EBITDA to SEEK’s

“look-through” Revenue & EBITDA

Revenue

CAGR of 96.1%4

EBITDA

CAGR of 132.7%4

SEEK International1 – Reported Medium to Long Term Focus

• SEEK has market leading positions across Asia & Latin

America

• To fully capitalise on the potential of these businesses, the

focus is to re-invest in people, sales, marketing, product

and IT to either maintain or grow market share in these

key markets

A$m Growth

Reported FY12 FY11 $m %

Revenue 62.1 8.7 53.4 n/m

EBITDA 20.9 (3.4) 24.3 n/m

SEEK share of associate NPAT 24.7 16.9 7.9 47%

A$m Growth

"Look-through" FY12 FY11 $m %

Revenue 173.8 128.3 45.5 35%

EBITDA 49.8 35.7 14.2 40%

EBITDA (%) 29% 28%

Cash389.6 55.7

• In FY12, SEEK’s international EBITDA included costs of

managing the International business, totalling A$3.0m

SEEK International achieved a strong result

1 As at 30 June 2012 SEEK International comprised Zhaopin (56%), JobsDB (80% owned by SEEK Asia), JobStreet (22%), Brasil Online (51%) and OCC (57%) 2 “Look-through” Revenue and EBITDA is based on SEEK’s ownership as at each reporting date (30 June) 3 The cash balances for Zhaopin, JobStreet, JobsDB, Brasil Online and OCC have been included on a “look-through” basis based on SEEK’s ownership levels at 30 June. Cash balances for Zhaopin and

JobStreet are not consolidated in SEEK’s statutory accounts as the entities are equity accounted investments 4 SEEK International “look-through” Revenue CAGR has been calculated over the period FY07 to FY12 as this was the first period in which SEEK International “look-through” Revenue was recognised. “Look-

through” EBITDA CAGR has been calculated over the period FY10 to FY12 as FY10 is the first period in which a positive “look -through” EBITDA was recognised 5 Brasil Online was consolidated into SEEK’s statutory accounts from 31 May 2012 and OCC from 19 June 2012

For

per

sona

l use

onl

y

17

• In FY12, achieved revenue growth of 28%1 & SEEK share of NPAT of A$16.5m

• Zhaopin is well capitalised with cash of RMB 617.8m or ~A$95m (FY12)

• Operational Update: Well positioned on key metrics and continuing to close

the gap with number one player

56.7% Ownership Interest

55.2%2 Ownership Interest

22% Ownership Interest

• In FY12, achieved revenue growth of 9%1 & EBITDA growth of 23%1

• JobsDB is well capitalised with cash of HK 225.8 or ~A$28m (FY12)

• Operational Update: Focusing on continued investment in people,

marketing & sales to build a scalable business for long-term growth

• In FY12, achieved revenue growth of 18%1 & SEEK share of NPAT of A$2.8m

• Continues to pay dividends with SEEK’s share for FY13 YTD ~A$0.7m

• Operational Update: Revenue growth remained solid in Sept 2012 Qtr, up

15% on pcp whilst maintaining strong margins

1 100% basis in local currency 2 JobsDB currently owned 80% by SEEK Asia. SEEK’s share of SEEK Asia is 68.96%, therefore SEEK’s effective ownership of JobsDB is 55.2%

SEEK has a strong presence across Asia F

or p

erso

nal u

se o

nly

18

• On 31 May 2012, SEEK increased its ownership interest from 30% to 51%

• In FY12, achieved revenue growth of 14%1 & SEEK share of NPAT was

A$4.7m

• Operational Update: Achieving pleasing results whilst continuing to invest

in transitioning the business model to better serve both employer (CV

search) & jobseeker pays segments 51% Ownership Interest

56.7% Ownership Interest

• On 19 June 2012, SEEK increased its ownership interest from 41% to

57%

• In FY12, achieved revenue growth of 15%1 & SEEK share of NPAT was

A$0.8m despite the transition to a new ad usage model

• Operational Update: Pleasing customer transition from ‘unlimited

subscription’ to ‘ad usage2’ model

1 100% basis in local currency 2 Previously the “unlimited subscription” advertisers would typically purchase a 3 month contract where they could advertise an unlimited number of jobs. Under the “ad usage pack model” advertisers buy

ad packs based on a set number of ads with typically a ~12 month expiration period. Ad plan transition in FY13 impacts the accounting revenue profile due to a longer period of amortisation than the previous

model

SEEK moved to controlling positions in its Latin

America businesses

For

per

sona

l use

onl

y

SEEK

Education

19

For

per

sona

l use

onl

y

20

SEEK Education1 – “Look-through”2 “Look-through” Historical financials 1, 2

Refer to appendices in Full year Results Presentation (12 months to 30 June

2012) for details of SEEK’s “look-through” methodology which reconciles

100% local currency Revenue & EBITDA to SEEK “look-through” in A$, and

also for a reconciliation of SEEK’s Reported Revenue & EBITDA to SEEK’s

“look-through” Revenue & EBITDA

$6.1m$11.3m

$59.9m

$100.2m

$169.0m

$207.8m $205.3m

$235.8m


$1.4M$3.1M

$12.3M

$18.8M

$28.8M

$39.7M

$18.4M

$33.0M


Revenue

CAGR of 68.6%

EBITDA

CAGR of 57.1%

Growth

Reported FY12 FY11 $m %

Revenue 132.4 110.3 22.1 20%

EBITDA 20.5 5.5 15.0 270%

SEEK Share of associate NPAT3 6.1 7.7 (1.6) (20%)

A$m

A$m Growth

"Look-through" FY12 FY11 $m %

Revenue 235.8 205.3 30.5 15%

EBITDA 33.0 18.4 14.7 80%

EBITDA (%) 14% 9%

SEEK Education1 – Reported

• SEEK share of associate NPAT declined in FY12 as a

result of losses in Swinburne JV’s start-up phase

Completion of THINK transaction

1 As at 30 June 2012 SEEK Education comprised SEEK Learning (100%), THINK (100%), IDP (50%) and Swinburne Online (50%) 2 “Look-through” Revenue and EBITDA is based on SEEK’s ownership as at each reporting date (30 June) . Refer appendices in Full Year Results Presentation for further details of SEEK’s “look-through”

methodology. The Revenue and EBITDA for IDP & Swinburne Online have been included on a “look-through” basis at SEEK’s 50% ownership level. However, for SEEK’s statutory accounts, IDP & Swinburne

Online do not form part of SEEK’s Consolidated Revenue & EBITDA. 3 SEEK share of associate NPAT includes IDP and Swinburne Online

SEEK Education performed well in FY12

• Laureate Education, Inc (Laureate) acquired a 20%

(minority shareholding) stake in THINK in August 2012

• Acquisition price based on an implied 100% Enterprise

Value of A$75m

• Continuation of SEEK’s preferred model of investing in

high quality education businesses alongside strategic

partners

For

per

sona

l use

onl

y

21

• In FY12, achieved revenue growth of 11% & EBITDA growth of 17%

• Making pleasing progress in optimising sales force effectiveness

• Operational Update: Move to industry based sales teams to better

service student enquiries 100% Ownership Interest

80%2 Ownership Interest


• In FY12, achieved revenue growth of 26% & EBITDA of $5.3m

• Awarded ACPET Higher Education Provider of the Year (Sep-12)

• Operational Update: Continues to generate strong enrolment

growth whilst achieving operating leverage

• In FY12, achieved revenue growth of 8%1 and EBITDA growth of 9%1

• SEEK has received dividends of A$5.0m in H1 FY13

• Operational Update: Improved results from student placements to

Australia and from Multi-destination strategy


• In FY12, Revenue and EBITDA result were ahead of business plan

expectations for initial start-up phase

• Strong student interest for value proposition offered

• Operational Update: Continuing to achieve enrolments with overall

business performing ahead of business plan expectations

Pleasing FY12 results across the Education portfolio

1 100% basis in A$ 2 THINK ownership interest was 100% at 30 June 2012 (pre Laureate transaction). Laureate has completed the transaction to acquire a 20% interest in THINK

For

per

sona

l use

onl

y

Trading

Update

22

For

per

sona

l use

onl

y

23

SEEK International

SEEK

Domestic

SEEK GROUP

SEEK

Education

• Expect an improved reported result for FY13 from FY12 across Revenue, EBITDA and NPAT

• SEEK to provide an update on market conditions at H1 FY13 results (February)

• SEEK has a portfolio of market leading businesses that are well positioned for growth via cyclical and

structural trends

• In FY13 YTD, SEEK experiencing a consistent but gradual decline in total ad volumes that is less than

the rate of decline seen in the SEEK new job index

• Based on current FY13 YTD ad volume trends, expect H1 FY13 Revenue & EBITDA to be in line with H1

FY12

• H2 FY13 performance dependent on hiring intentions and consumer sentiment in early CY13 with SEEK

to provide an update in February 2013

• The individual performances of each business may vary but in aggregate, expect underlying “look-through”

Revenue & EBITDA in FY13 to be modestly greater than FY121

• Since release of FY12, the key changes in SEEK’s expectations are:

• JobsDB’s Revenue to be broadly in line with H1 FY12 but EBITDA in H1 FY13 to be lower than H1

FY12 due to continued investment to support future growth opportunities

• Brasil Online achieving solid underlying2 Revenue & EBITDA growth from H1 FY12 to H1 FY13,

however reported results in AUD will be impacted by the depreciation of the BRL

• SEEK’s Education businesses are providing a degree of counter cyclical protection

• SKL, THINK, IDP & Swinburne, expect underlying Revenue & EBITDA in FY13 to be greater than FY12

• Expect strong growth in underlying financial results in all of SEEK’s Education businesses from H1

FY12 to H1 FY13

Trading Update – FY13 YTD The guidance statements below may vary in the event of a major macroeconomic shock in either or both domestic and global

economic conditions

1 “Look-through” Revenue and EBITDA are calculated based on equity percentages at year end. The guidance statement assumes that equity ownership stakes are the same across FY12 and FY13 and

foreign exchanges rates remain relatively comparable between FY12 and FY13 2 Underlying refers to financial performance of the business in local currency (excluding any non operating items)

For

per

sona

l use

onl

y

24

For

per

sona

l use

onl

y

For

per

sona

l use

onl

y

annual general meeting 2012 - asx · 2012. 11. 29. · 2012 29 november 2012 for personal use only....

Documents