PRINCIPAL ACTIVITIES

The principal activities of the consolidated entity during the course of the financial year were the operation of computer technology services, operation of share registries, including the administration of employee share and option plans and the provision of software specialising in share registry, financial services and stock markets. The Group also offers corporate trust
services and acts as trustee for clients’ debt offerings in certain markets and provides share ownership and other investor relations services through its Analytics businesses and print and mail distribution services through its Document services businesses.

During the year the Group entered the Shareholder Relationship Management business which provides listed companies with tools to derive value from their shareholder base.

Computershare is a registered securities transfer agent. In addition, certain subsidiaries are Trust companies whose charters include the power to accept deposits, primarily acting as an escrow and paying agent on behalf of customers. In certain jurisdictions the Group is subject to regulation by certain federal, provincial and state agencies and undergoes periodic examinations by those regulatory agencies.

There were no other significant changes in the nature of the activities of the consolidated entity during the year.

CONSOLIDATED PROFIT

The profit of the consolidated entity for the financial year was $17,132,581 after income tax and $16,255,550 after outside equity interests. The profit after tax and outside equity interests represents a 77% decline on the 2002 result of $71,293,536. Consolidated profit of the consolidated entity for the financial year excluding non-recurring items was $41,147,550 after income tax and outside equity interests. This represents a 29% decline on the 2002 results of
$57,930,984. Net profit before non-recurring items is determined as follows:

DIVIDENDS

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

Ordinary shares

• A final ordinary dividend of two and a half cents per share amounting to $13,861,273 fully franked at 30% in respect of the year ended 30 June 2002 was paid on 26 September 2002.
• An interim ordinary dividend of two and a half cents per share amounting to $13,421,042 fully franked at 30% in respect of the half year ended 31 December 2002 was paid on 31 March 2003.
• A final dividend recommended by the directors of the company in respect of the year ended 30 June 2003, to be paid on 26 September 2003, is an ordinary dividend of two and a half cents per share amounting to $13,527,925 fully franked at 30%. This dividend was not declared until 28 August 2003 and accordingly no provision has been recognised at 30 June 2003.