Unaudited interim results presentation (pdf) - Imperial
Unaudited interim results presentation (pdf) - Imperial
Unaudited interim results presentation (pdf) - Imperial
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F2009<br />
F2010<br />
F2011<br />
F2012<br />
F2013^^<br />
F2009<br />
F2010<br />
F2011<br />
F2012<br />
H1 2013<br />
Returns<br />
ROIC vs WACC<br />
ROE # 11.5<br />
24<br />
20<br />
16<br />
12<br />
8<br />
4<br />
9.4<br />
17.1<br />
20.3<br />
23.4<br />
22.0<br />
10-yr<br />
avg. of<br />
19%<br />
15<br />
11<br />
7<br />
10.9<br />
16.5<br />
16.3<br />
12.2<br />
10.5 10.1 9.7<br />
15.5<br />
8.9<br />
0<br />
3<br />
# based on core earnings<br />
^^ annualised<br />
ROIC<br />
WACC<br />
» ROE is healthy<br />
• More asset-light business mix<br />
• Underpinned by growth in annuity revenue<br />
streams and financial services<br />
• Strong balance sheet management and focus<br />
on returns<br />
» Objective: Average ROIC > than WACC<br />
+ 4% through the cycles<br />
» WACC declined due to share buyback<br />
and additional finance on Lehnkering<br />
acquisition<br />
44
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