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INL / INP - Investec / Investec plc - Unaudited IFRS Consolidated Financial
Results In Pounds Sterling For The Year Ended 31 March 2007 and
dividend declaration
Investec Limited
(Registration number 1925/002833/06)
JSE Code: INL
ISIN: ZAE000081949
Company secretary: B Coetsee
Investec plc
(Registration number 3633621)
JSE Code: INP
ISIN: GB00B17BBQ50
Company secretary: D Miller
Directors: H S Herman (Chairman), S Koseff^ (Chief Executive), B Kantor^
(Managing), S E Abrahams, G F O Alford+, G R Burger^, C A Carolus, H Fukuda
(OBE)+, G M T Howe+, D E Jowell, I R Kantor, Sir Chips Keswick+, M P Malungani,
Sir David Prosser+, A Tapnack^+, P R S Thomas, F Titi.
^Executive +British
Investec plc and Investec Limited (combined results)
Unaudited IFRS consolidated financial results in Pounds Sterling for the year
ended 31 March 2007
Salient Features
31 March 31 March %
2007 2006 Change
Operating profit before goodwill, 466,585 388,767 20.0
non-operating items and taxation
(GBP`000)
Adjusted earnings before goodwill 300,704 230,017 30.7
and non-operating items (GBP`000)
Adjusted earnings per share 53.3 41.9 27.2
(before goodwill impairment and
non-operating items) (pence)
Earnings attributable to 340,319 315,101* 8.0
shareholders (GBP`000)
Earnings per share (pence) 54.7 53.8* 1.7
Headline earnings per share 52.3 40.6 28.8
(pence)
Dividends per share (pence) 23.0 18.2 26.4
Dividends per share (cents) 318.0 214.6 48.2
* Includes the profit on the sale of Carr Sheppards Crosthwaite Limited to
Rensburg plc in May 2005.
Combined consolidated income statement
Year to Year to
31 March 31 March
GBP`000 2007 2006
Interest receivable 1,233,226 934,389
Interest payable (889,311) (675,237)
Net interest income 343,915 259,152
Fees and commissions receivable 577,773 478,465
Fees and commissions payable (56,275) (41,591)
Principal transactions 245,463 246,059
Operating income from associates 10,685 6,694
Investment income on assurance activities 36,821 141,559
Premiums and reinsurance recoveries on 80,542 164,631
insurance contracts
Other operating income 49,685 2,721
Other income 944,694 998,538
Claims and reinsurance premiums on (111,492) (293,135)
insurance business
Total operating income net of insurance 1,177,117 964,555
claims
Impairment losses on loans and advances (16,530) (9,160)
Operating income 1,160,587 955,395
Administrative expenses (680,687) (558,887)
Depreciation and amortisation of property, (13,315) (7,741)
equipment and software
Operating profit before goodwill 466,585 388,767
Goodwill 2,569 (21,356)
Operating profit 469,154 367,411
Profit on disposal of group operations - 73,573
Profit before taxation 469,154 440,984
Taxation (119,781) (111,616)
Profit after taxation 349,373 329,368
Earnings attributable to minority 9,054 14,267
interests
Earnings attributable to shareholders 340,319 315,101
349,373 329,368
Earnings attributable to shareholders 340,319 315,101*
Goodwill (2,569) 21,356
Profit on disposal of group operations - (73,573)
Preference dividends paid (31,850) (19,940)
Additional earnings attributable to other (5,196) (12,927)
equity holders
Adjusted earnings before goodwill and non- 300,704 230,017
operating items
Adjustments to derive headline earnings (5,823) (7,212)
Headline earnings 294,881 222,805
Earnings per share (pence)
- basic 54.7 53.8*
- diluted 50.4 50.0
Adjusted earnings per share (pence)
- basic 53.3 41.9
- diluted 49.2 39.0
Headline earnings per share (pence)
- basic 52.3 40.6
- diluted 48.2 37.8
Dividends per share (pence)
- interim 10.0 7.6
- final 13.0 10.6
Number of weighted average shares
- basic (million) 563.8 548.8
Summarised combined consolidated cash flow statement
Year to Year to
31 March 31 March
GBP`000 2007 2006
Cash inflow from operations 400,308 369,546
Increase in operating assets (6,124,269) (2,950,085)
Increase in operating liabilities 5,858,320 2,749,528
Net cash inflow from operating 134,359 168,989
activities
Net cash outflow from investing (178,985) (473,159)
activities
Net cash inflow from financing 430,471 38,076
activities
Effects of exchange rate changes on (301,588) 73,721
cash and cash equivalents
Net increase/(decrease) in cash and 84,257 (192,373)
cash equivalents
Cash and cash equivalents at the 1,190,183 1,382,556
beginning of the year
Cash and cash equivalents at the end of 1,274,440 1,190,183
the year
Cash and cash equivalents is defined as including: cash and balances at central
banks, on demand loans and advances to banks and cash equivalent advances to
customers (all of which have a maturity profile of less than three months).
Combined consolidated balance sheet at
31 March 31 March
GBP`000 2007 2006
Assets
Cash and balances at central banks 102,751 190,838
Loans and advances to banks 2,476,969 1,830,603
Cash equivalent advances to customers 687,918 690,236
Reverse repurchase agreements and cash
collateral on securities borrowed 2,185,322 756,645
Trading securities 2,151,036 1,640,088
Derivative financial instruments 724,492 1,081,287
Investment securities 1,776,601 1,266,673
Loans and advances to customers 10,190,252 9,604,589
Interests in associated undertakings 70,332 63,099
Deferred taxation assets 59,394 60,035
Other assets 1,408,159 1,272,787
Property and equipment 131,505 26,916
Investment properties 85,424 163,049
Goodwill 195,883 183,560
Intangible assets 35,829 10,094
22,281,867 18,840,499
Other financial instruments at fair value
through income in respect of
- liabilities to customers 3,024,997 3,628,574
- assets related to reinsurance contracts 992,824 1,431,876
26,299,688 23,900,949
Liabilities
Deposits by banks 2,347,095 1,879,483
Derivative financial instruments 509,919 705,764
Other trading liabilities 321,863 457,254
Repurchase agreements and cash collateral 1,765,671 358,278
on securities lent
Customer accounts 9,384,848 8,699,165
Debt securities in issue 3,333,716 2,950,103
Current taxation liabilities 113,967 137,426
Deferred taxation liabilities 48,048 26,210
Other liabilities 1,790,405 1,582,856
Pension fund liabilities 1,467 2,013
19,616,999 16,798,552
Liabilities to customers under investment 3,004,254 3,488,756
contracts
Insurance liabilities, including unit- 20,743 139,818
linked liabilities
Reinsured liabilities 992,824 1,431,876
23,634,820 21,859,002
Subordinated liabilities (including 830,705 529,854
convertible debt)
24,465,525 22,388,856
Equity
Called up share capital 169 165
Share premium 1,129,859 1,028,737
Treasury shares (109,279) (96,300)
Equity portion of convertible instruments 2,191 2,191
Perpetual preference shares 292,173 215,305
Other reserves 134,606 156,103
Profit and loss account 92,766 (79,709)
Shareholders` equity excluding minority 1,542,485 1,226,492
interests
Minority interests 291,678 285,601
- Perpetual preferred securities 241,081 278,459
issued by subsidiaries
- Minority interests in partially held 50,597 7,142
subsidiaries
Total equity 1,834,163 1,512,093
Total liabilities and equity 26,299,688 23,900,949
A geographical breakdown of business operating profit before goodwill, non
operating items and taxation for the year to 31 March 2007
United
Kingdom
and Southern Other Total
GBP`000 Europe Africa Australia geographies group
Private 96,734 41,413 16,244 - 154,391
Banking
Private 10,065 12,016 - - 22,081
Client
Portfolio
Management
and
Stockbroking
Capital 51,409 56,145 9,737 - 117,291
Markets
Investment 23,294 60,632 7,309 - 91,235
Banking
Asset 17,555 50,557 - - 68,112
Management
Property 1,292 12,852 - - 14,144
Activities
Group (32,967) 35,058 (3,141) 381 (669)
Services and
Other
167,382 268,673 30,149 381 466,585
% change 55.4% 1.2% 91.5% >100.0% 20.0%
since 31
March 2006
A geographical breakdown of business operating profit before goodwill, non
operating items and taxation for the year to 31 March 2006
United
Kingdom
and Southern Other Total
GBP`000 Europe Africa Australia geographies group
Private 61,533 31,981 8,009 - 101,523
Banking
Private 7,399 9,243 - - 16,642
Client
Portfolio
Management
and
Stockbroking
Capital 22,507 43,560 849 - 66,916
Markets
Investment 29,631 65,887 5,412 - 100,930
Banking
Asset 10,609 48,767 - - 59,376
Management
Property 2,023 16,575 - - 18,598
Activities
Group (25,966) 49,397 1,473 (122) 24,782
Services and
Other
107,736 265,410 15,743 (122) 388,767
Summarised combined consolidated statement of changes in equity
Year to Year to
31 March 31 March
GBP`000 2007 2006
Balance at the beginning of the year 1,512,093 1,075,611
Foreign currency adjustments (184,847) 52,564
Retained profit for the year attributable 340,319 315,101
to ordinary shareholders
Retained profit for the year attributable 9,054 14,267
to minority interests
Share based payments adjustments 33,990 19,221
Fair value movements on available for sale 12,287 8,480
assets
Transfer (to)/from pension fund deficit (2,470) 2,035
Total recognised gains and losses for the 208,333 411,668
year
Dividends paid to ordinary shareholders (112,592) (84,435)
Dividends paid to minority shareholders (31,850) (19,940)
Issue of ordinary shares 47,861 -
Issue of perpetual preference shares 131,187 -
Share issue expenses (1,688) (556)
Re-issue of treasury shares 44,811 13,113
Issue of equity instruments by subsidiaries 20,949 132,520
Dividends and capital reductions paid to (6,799) -
minorities
Movement on minorities on disposals and 21,858 (15,888)
acquisitions
Balance at the end of the year 1,834,163 1,512,093
Investec plc and Investec Limited
Combined financial results for the year ended 31 March 2007 prepared using
International Financial Reporting Standards and expressed in Pounds Sterling.
Overall performance
We are pleased to announce that for the year ended 31 March 2007, adjusted
earnings per share (EPS) before goodwill and non-operating items increased by
27.2% to 53.3 pence from 41.9 pence. Our strategy of maintaining a balanced
business model continues to support the operating fundamentals of the group. We
have benefited from the strong performance by the majority of our businesses and
have achieved our stated growth and financial return objectives.
The main features of the year under review are:
* Operating profit before goodwill, non-operating items and taxation increased
20.0% from GBP388.8 million to GBP466.6 million.
* Earnings attributable to ordinary shareholders before goodwill and non-
operating items increased 30.7% from GBP230.0 million to GBP300.7 million.
* Earnings attributable to ordinary shareholders after goodwill and non-
operating items increased by 8.0% from GBP315.1 million to GBP340.3 million.
* All core geographies performed well in local currencies. Our UK and Australian
operations posted a significant increase in attributable post-tax earnings of
55.5% and 71.4%, respectively, comprising 43.8% of total attributable earnings,
reflecting the benefits of our strategy of increasing the scale and market
penetration in these businesses.
* Return on adjusted average shareholders` equity (inclusive of compulsorily
convertible instruments) increased from 25.5% to 26.1% against a target of
greater than 20%.
* The ratio of total operating expenses to total operating income increased
marginally from 58.7% to 59.0% against a target of below 65%.
* Average loans and advances to customers increased 23.6% from GBP8.0 billion to
GBP9.9 billion.
* Average third party assets under management increased 22.0% from GBP45.6
billion to GBP55.7 billion.
* The board proposes an increased final dividend of 13 pence per ordinary share
equating to a full year dividend of 23 pence (2006: 18.2 pence) resulting in a
dividend cover based on the group`s adjusted EPS before goodwill and non-
operating items of 2.3 times (2006: 2.3 times), consistent with our dividend
policy.
Business unit review
Unless the context indicates otherwise, reference to "operating profit" in the
business unit review below, refers to profit before goodwill, non-operating
items and taxation.
Private Client Activities
Private Client Activities, comprising the Private Banking and Private Client
Portfolio Management and Stockbroking divisions, reported strong growth in
operating profit of 49.3% to GBP176.5 million (2006: GBP118.2 million).
* Private Banking
Operating profit of our Private Banking division increased by 52.1% to GBP154.4
million (2006: GBP101.5 million) driven by strong growth in advances and non-
interest income. The division continues to penetrate its core markets and
recorded strong performances across its areas of specialisation. The average
private client lending book grew by 24.4% to GBP6.5 billion (2006: GBP5.2
billion) and the division increased its average retail deposit book by 28.6% to
GBP5.2 billion (2006: GBP4.0 billion).
* Private Client Portfolio Management and Stockbroking
Private Client Portfolio Management and Stockbroking recorded solid growth,
generating operating profit of GBP22.1 million (2006: GBP16.7 million), an
increase of 32.7%. The Private Client business in South Africa benefited from
increased volumes with average funds under management increasing by 33.8% to
GBP7.6 billion (2006: GBP5.7 billion). The results of our UK operations include
Investec`s 47.1% share of the directors` estimate of the post tax profit of
Rensburg Sheppards plc.
Capital Markets
Capital Markets (formerly known as Treasury and Specialised Finance) posted a
significant increase in operating profit of 75.3% to GBP117.3 million (2006:
GBP66.9 million). Growth was underpinned by a solid performance from the
division`s advisory, structuring, asset creation, trading and distribution
activities, with average advances increasing by 22.2% to GBP3.0 billion (2006:
GBP2.5 billion). A number of the businesses that have been established over the
past two years have generated substantial revenue and have increased the scale
of the businesses in the UK and Australia.
Investment Banking
Our Investment Banking division recorded a 9.6% decline in operating profit to
GBP91.2 million (2006: GBP100.9 million). Corporate Finance benefited from a
strong deal pipeline across all geographies with profits increasing by 36.9%.
The unlisted investments within the Private Equity and Direct Investments
portfolios continued to perform well. However, the entrepreneurial investment
component of the Direct Investment division generated less revenue than in prior
years.
Asset Management
Asset Management posted an increase in operating profit of 14.7% to GBP68.1
million (2006: GBP59.4 million) underpinned by the strong momentum of the UK and
international business and continued sound performance in Southern Africa.
Average assets under management increased by 12.8% to GBP30.8 billion (2006:
GBP27.3 billion). Solid long term investment performance has continued to
support the fundamentals of the business.
Property Activities
Our Property Activities generated operating profit of GBP14.1 million (2006:
GBP18.6 million), a decline of 23.9%. The South African division continued to
perform well benefiting from strong equity and property fundamentals, higher
average funds under management and realisations. The results were negatively
impacted by a lower contribution from our investment property portfolio due to
increased funding costs.
Group Services and Other Activities
Group Services and Other Activities posted an operating loss of GBP0.7 million
(2006: profit of GBP24.8 million) largely as a result of increased variable
remuneration, given the growth in the group`s profitability, and a decline in
the contribution from the group`s assurance activities.
Financial statements analysis
Operating income
Operating income increased by 22.0% to GBP1,177 million (2006: GBP964.6
million). The movements in total operating income are analysed below.
Net interest income increased by 32.7% to GBP343.9 million (2006: GBP259.2
million) as a result of strong growth in advances and increased cash holdings
within the Central Funding division.
Net fees and commissions increased by 19.4% to GBP521.5 million (2006: GBP436.9
million) benefiting from increased transactional activity and higher assets
under management.
Income from principal transactions decreased marginally by 0.2% to GBP245.5
million (2006: GBP246.1 million). Our Growth and Acquisition Finance, Principal
Finance (securitisation) and Capital Markets lending divisions delivered a
strong performance. This result was offset by a relatively weaker performance
from some of the underlying investments in the Direct Investments, UK Private
Equity, Property and Central Funding divisions.
Operating income from associates increased by 59.6% to GBP10.7 million (2006:
GBP6.7 million). The current year`s figure includes Investec`s 47.1% share of
the directors` estimate of the post-tax profit of Rensburg Sheppards plc for the
period 1 April 2006 to 31 March 2007. In the prior year, Rensburg Sheppards plc
was accounted for as an associate with effect from 6 May 2005.
The decline in net income from assurance activities is as a result of the
reinsurance of the group risk business. After administration expenses, a profit
of GBP1.6 million (2006: GBP11.5 million) was generated from assurance
activities, which represents the residual earnings from the businesses that were
retained.
Other operating income amounts to GBP49.7 million (2006: GBP2.7 million). The
operating results of two investments held within the Private Equity portfolio
have been consolidated with the respective income and expenses reflected in
other operating income and administration expenses. These investments generated
a net loss after tax and minority interest of GBP2.3 million. Any realisation of
these investments in excess of their carrying values will be recognised as
income from principal transactions.
Impairment losses on loans and advances
Impairment losses on loans and advances increased by 80.5% to GBP16.5 million
(2006: GBP9.2 million). The 2006 year included recoveries of approximately
GBP6.5 million and we have seen a moderate increase in impairment losses in the
2007 year in line with growth in advances.
The percentage of gross defaults to loans and advances has increased from 0.9%
to 1.2%. Total impairment coverage as a percentage of net defaults (gross
defaults net of security) remains highly satisfactory at 137.9% (2006: 141.4%).
Administrative expenses and depreciation
Total expenses increased by 22.5% to GBP694.0 million (2006: GBP566.6 million).
Variable remuneration increased by 31.2% to GBP205.8 million due to increased
profitability. Other operating expenses (excluding variable remuneration)
increased by 19.4% to GBP488.2 million largely as a result of an increase in
headcount in certain of the businesses in line with our growth initiatives, an
increase in costs associated with complying with new and forthcoming regulatory
requirements and an investment in product development and IT infrastructure and
the consolidation of two private equity investments (resulting in an additional
GBP25 million of costs).
We achieved our target of operating expenses to total operating income of less
than 65% with the ratio increasing marginally from 58.7% to 59.0%.
Goodwill
The current year reflects net income of GBP2.6 million largely relating to:
* The acquisition of NM Rothschild & Sons (Australia) Limited at a discount to
net assets resulting in a net gain of GBP10.7 million.
* An impairment of GBP6.1 million in the South African Asset Management business
relating to businesses acquired in prior years.
* An impairment of GBP2.0 million attributable to property management contracts
with respect to a portfolio of properties sold.
Taxation
The operational effective tax rate of the group decreased marginally from 27.3%
to 26.3%.
Earnings attributable to minority interests
Earnings attributable to minority interests of GBP9.1 million largely comprise:
- Operating profits in relation to investments held in GBP10.0mn
the Private Equity division.
- A profit on the sale of a portfolio of investment GBP2.2mn
properties in which minorities had a 23.1% holding.
- In accordance with IFRS the Euro denominated (GBP3.4mn)
preferred securities issued by a subsidiary of
Investec plc are reflected on the balance sheet as
part of minority interests. The transaction is hedged
and a forex translation loss arising on the hedge is
reflected in operating profit before goodwill, with
the equal and opposite impact reflected in earnings
attributable to minorities.
Capital resources and total assets
Since 31 March 2006 total shareholders` equity (including minority interests)
increased by 21.3% to GBP1.8 billion largely as a result of the issue of
GBP131.2 million of non-redeemable, non-cumulative, non-participating preference
shares by Investec plc and increased retained earnings offset partially by
negative foreign currency adjustments.
Net assets value per share increased from 182.2 pence to 216.0 pence and net
tangible asset value per share (which excludes goodwill and intangible assets)
increased from 148.9 pence to 178.6 pence.
The return on adjusted average shareholders` equity (inclusive of compulsorily
convertible instruments) increased from 25.5% to 26.1%, meeting our target of
greater than 20%.
Investec plc and Investec Limited have capital adequacy ratios well in excess of
the minimum regulatory requirements. The capital adequacy of Investec plc
(applying UK Financial Services Authority rules to its capital base) is 24.7%
(31 March 2006: 17.7%). The capital adequacy of Investec Limited (applying South
African Reserve Bank rules to its capital base) is 14.7% (31 March 2006: 16.3%).
On balance sheet assets have increased by 10.0% to GBP26.3 billion since 31
March 2006.
Outlook
The levels of activity and momentum have continued into the new financial year.
The increase in scale and market penetration that we have achieved across all
our geographies should continue to support the operating results of our
businesses as expressed in local currencies.
Should current favourable market conditions persist we would expect to deliver
on our stated growth and financial return objectives.
On behalf of the boards of Investec plc and Investec Limited
Hugh Herman Stephen Koseff Bernard Kantor
Chairman Chief Executive Officer Managing Director
Notes to the commentary section above
* Presentation of financial information
Investec operates under a Dual Listed Companies (DLC) structure with primary
listings of Investec plc on the London Stock Exchange and Investec Limited on
the JSE Limited.
In terms of the contracts constituting the DLC structure, Investec plc and
Investec Limited effectively form a single economic enterprise in which the
economic and voting rights of ordinary shareholders of the companies are
maintained in equilibrium relative to each other. The directors of the two
companies consider that for financial reporting purposes, the fairest
presentation is achieved by combining the results and financial position of both
companies.
Accordingly, the year end results for Investec plc and Investec Limited present
the results and financial position of the combined DLC group under IFRS,
denominated in Pounds Sterling. In the commentary above, all references to
Investec or the group relate to the combined DLC group comprising Investec plc
and Investec Limited.
Unless the context indicates otherwise, all comparatives included in the
commentary above relate to the year ended 31 March 2006. Average balances are
based on the period 1 April 2005 to 31 March 2006 and 1 April 2006 to 31 March
2007.
* Foreign currency impact
Our reporting currency is Pounds Sterling. Certain of our operations are
conducted by entities outside the UK. The results of operations and the
financial condition of our individual companies are reported in the local
currencies in which they are domiciled, including Rand, Australian Dollars,
Euros and US Dollars. These results are then translated into Pounds Sterling at
the applicable foreign currency exchange rates for inclusion in our combined
consolidated financial statements. In the case of the income statement, the
weighted average rate for the relevant period is applied and, in the case of the
balance sheet, the relevant closing rate is used.
The following table sets out the movements in certain relevant exchange rates
against Pounds Sterling over the financial year:
31 March 2007 31 March 2006
Currency per Year end Average Year end Average
GBP1.00
South African 14.20 13.38 10.72 11.43
Rand
Australian 2.42 2.47 2.44 2.37
Dollar
Euro 1.47 1.47 1.43 1.47
US Dollar 1.96 1.90 1.74 1.78
Exchange rates between local currencies and Pounds Sterling have fluctuated over
the year. The most significant impact arises from the depreciation of the Rand.
The average exchange rate over the year has depreciated by 17.1% and the closing
rate has depreciated by 32.5% since 31 March 2006.
* Sub-division of Investec plc and Investec Limited ordinary shares
Following shareholder approval, the group implemented a subdivision of the
ordinary shares of both Investec plc and Investec Limited by way of a five for
one split, effective 4 September 2006. Comparative information has been adjusted
accordingly.
* Accounting policies
The year end results are prepared in accordance with the recognition and
measurement requirements of International Financial Reporting Standards and the
presentation and disclosure requirements of IAS 34.
The accounting policies applied in the preparation of the results for the year
ended 31 March 2007 are consistent with those adopted in the financial
statements for the year ended 31 March 2006, except for the adoption of
accounting standards interpretations issued with effect from 1 January 2006. The
adoption of these interpretations has had no material reportable impact on the
financial results, position or cash flows of the combined group.
Dividend announcements
Investec plc
In terms of the DLC structure, Investec plc shareholders who are not South
African resident shareholders may receive all or part of their dividend
entitlements through dividends declared and paid by Investec plc on their
ordinary shares and / or through dividends declared and paid on the SA DAN share
issued by Investec Limited.
Investec plc shareholders, who are South African residents, may receive all or
part of their dividend entitlements through dividends declared and paid by
Investec plc on their ordinary shares and / or through dividends declared and
paid on the SA DAS share issued by Investec Limited.
Notice is hereby given that a final dividend (No 10) of 13 pence (2006: 10.6
pence) per ordinary share has been proposed by the board in respect of the
financial year ended 31 March 2007. The Annual General Meeting of members at
which the proposed dividend will be considered for approval is scheduled to take
place on Wednesday, 08 August 2007.
The dividend is payable to shareholders recorded in the members` register of the
company at the close of business on Friday, 27 July 2007.
The relevant dates for the payment of the dividends are:
Last day to trade cum-dividend:
- On the London Stock Exchange Tuesday, 24 July 2007
- On the JSE Limited Friday, 20 July 2007
Shares commence trading ex-dividend:
- On the London Stock Exchange Wednesday, 25 July 2007
- On the JSE Limited Monday, 23 July 2007
Record date:
- On the London Stock Exchange Friday, 27 July 2007
- On the JSE Limited Friday, 27 July 2007
Payment date:
- United Kingdom register Monday, 13 August 2007
- South African register Monday, 13 August 2007
Share certificates on the South African branch register may not be
dematerialised or rematerialised between Monday, 23 July 2007 and Friday, 27
July 2007, both dates inclusive, nor may transfers between the UK and SA
registers take place between Monday, 23 July 2007 and Friday, 27 July 2007, both
dates inclusive.
Shareholders registered on the South African register are advised that the total
distribution of 13 pence is equivalent to 180.0 cents per share which has been
arrived at using the Rand/Pound Sterling average buy/sell forward rate, as
determined at 11h00 (SA time) on 16 May 2007.
By order of the board
D Miller
Company Secretary
17 May 2007
Investec plc
Share Code: INPP
ISIN: GB00B19RX541 and GB00BIN73946
Non-redeemable non-cumulative non-participating preference shares
Declaration of dividend number 2
Notice is hereby given that preference dividend number 2 has been declared
amounting to:
(i) 30.2 pence per share for the period 01 October 2006 to 31 March 2007 in
respect of the preference shares trading on the JSE Limited ("JSE") (ISIN:
GB00B19RX541); and
(ii) 6.51 pence per share in respect of the further tranche of preference shares
issued on 22 February 2007 in respect of the period 22 February 2007 to 31 March
2007 (ISIN: GB00B1N73946) and trading on the Channel Islands Stock Exchange
("CISX")
The dividend is payable to holders of the non-redeemable non-cumulative non-
participating preference shares as recorded in the books of the company at the
close of business on 29 June 2007.
For shares trading on the JSE, the dividend of 30.2 pence per share is
equivalent to 415.36 cents per share, which has been determined using the
Rand/Pound Sterling average buy/sell forward rate as at 11h00 (SA Time) on
Wednesday, 16 May 2007.
The relevant dates relating to the payment of dividend number 2 are as follows:-
Last day to trade cum dividend:
On the JSE Friday, 22 June 2007
On the CISX Tuesday, 26 June 2007
Shares trade ex dividend:
On the JSE Monday, 25 June 2007
On the CISX Wednesday, 27 June 2007
Record date (on the JSE and CISX) Friday, 29 June 2007
Payment date (on the JSE and CISX) Wednesday, 4 July 2007
Share certificates may not be dematerialised or rematerialised between Monday,
25 June 2007 and Friday, 29 June 2007, both dates inclusive, nor may transfers
between the UK and SA registers take place between Monday, 25 June 2007 and
Friday, 29 June 2007, both dates inclusive.
The further tranche of preference shares issued on 22 February 2007 (ISIN:
GB00B1N73946) are listed and trade separately from the first tranche of
preference shares issued (ISIN: GB00B19RX541) until payment of the dividend for
the period to 31 March 2007 has been made. Following the dividend payment date
of Wednesday 4 July 2007, the preference shares issued on 22 February 2007
(ISIN: GB00B1N73946) will rank pari passu with the existing perpetual preference
shares and all preference shares will then trade under ISIN: GB00B19RX541.
Preference shares will be transferable between the JSE and the CISX.
By order of the board
D Miller
Company Secretary
17 May 2007
Investec Limited
Notice is hereby given that a final dividend (No. 103) of 180 cents (2006: 125.4
cents) per ordinary share has been proposed by the board in respect of the
financial year ended 31 March 2007.
The Annual General Meeting of members at which the proposed dividend will be
considered for approval is scheduled to take place on Wednesday, 08 August 2007.
The dividend is payable to shareholders recorded in the members` register of the
company at the close of business on Friday, 27 July 2007.
The relevant dates for the payment of the dividend are:
Last day to trade cum-dividend Friday, 20 July 2007
Shares commence trading ex-dividend Monday, 23 July 2007
Record date Friday, 27 July 2007
Payment date Monday, 13 August 2007
The final dividend of 180 cents per ordinary share has been determined by
converting the Investec plc distribution of 13 pence per ordinary share into
Rand using the Rand/Pounds Sterling average buy/sell forward rate at 11h00 (SA
time) on 16 May 2007.
Share certificates may not be dematerialised or rematerialised between Monday,
23 July 2007 and Friday, 27 July 2007, both dates inclusive.
By order of the board
B Coetsee
Company Secretary
17 May 2007
Investec Limited
Share code: INPR
ISIN: ZAE000063814
Non-redeemable non-cumulative non-participating preference shares
Declaration of dividend number 5
Notice is hereby given that preference dividend number 5 amounting to 428.44
cents per share has been declared for the period 01 October 2006 to 31 March
2007. The dividend is payable to holders of the non-redeemable non-cumulative
non-participating preference shares as recorded in the books of the company at
the close of business on 29 June 2007.
The relevant dates for the payment of dividend number 5 are as follows:
Last day to trade cum-dividend Friday, 22 June 2007
Shares trade ex-dividend Monday, 25 June 2007
Record date Friday, 29 June 2007
Payment date Wednesday, 04 July 2007
Share certificates may not be dematerialised or rematerialised between Monday,
25 June 2007 and Friday, 29 June 2007, both dates inclusive.
By order of the board
B Coetsee
Company Secretary
17 May 2007
Further information
Information provided on the Company`s website at www.investec.com includes:
* Copies of this statement.
* The results presentation.
* Additional report produced for the investment community including more detail
on the results.
* Excel worksheets containing the salient financial information under IFRS in
Pounds Sterling.
* Alternatively for further information please contact the Investor Relations
division on e-mail investorrelations@investec.com or telephone +27 (0) 11 286
7070.
Date: 17/05/2007 08:00:01 Produced by the JSE SENS Department.
