| Thu 25 Feb 2010, 8:00 | | NBKP - Nedbank Limited - Audited Summarised Financial Results For The Year Ended |
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NBKP - Nedbank Limited - Audited Summarised Financial Results For The Year Ended
31 December 2009
NEDBANK LIMITED
Nedbank Limited Reg No: 1951/000009/06
Incorporated in the Republic of South Africa
Jse share code: NBKP ISIN: ZAE000043667
Sponsors: Investec Bank Limited, Nedbank Capital
AUDITED SUMMARISED FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2009
Overview
Nedbank Limited (`Nedbank`) is a wholly owned subsidiary of Nedbank Group
Limited, which is listed on JSE Limited. These consolidated annual financial
results are published to provide information to holders of Nedbank`s listed
non-redeemable non-cumulative preference shares.
Commentary relating to the Nedbank consolidated annual financial results is
included in the Nedbank Group Limited results, as presented to
shareholders on 25 February 2010. Further information is provided on the
website www.nedbankgroup.co.za.
Board changes during the year
As previously reported, the following changes were made during the course of
the year:
Independent
non-executive directors Appointed Non-executive directors Appointed
Alan Knott-Craig 1 January 2009 Julian Roberts 1 December 2009
Wendy Lucas-Bull 1 August 2009 Don Hope 1 December 2009
Jabu Moleketi 1 August 2009 Executive directors
Malcolm Wyman 1 August 2009 Graham Dempster 5 August 2009
Raisibe Morathi 1 September 2009
Following the retirement of Tom Boardman as Chief Executive on 28 February
2010, he has accepted the invitation from the board to serve as a non-executive
director of Nedbank with effect from 1 March 2010. Rosie Harris, Lot Ndlovu and
Bob Head resigned from the board on 31 March 2009, 16 October 2009 and 19
February 2010 respectively.
Michael Katz, JB Magwaza and Mafika Mkwanazi retired as independent
non-executive directors with effect from 19 November 2009, each having served
on the board for more than nine years.
Accounting policies
Nedbank Limited is a company domiciled in South Africa. The summarised
financial results at and for the year ended 31 December 2009 comprised the
company and its subsidiaries (together referred to as the `group`) and the
group`s interests in associates and jointly controlled entities.
Nedbank`s principal accounting policies have been applied consistently over the
current and previous financial years, except for the adoption for this year of
IFRS 3: Business Combinations, IFRS 2: Vesting Conditions and Cancellations
(amendment), IAS 1: Presentation of Financial Statements (amendment), IAS 27:
Consolidated and Separate Financial Statements (amendment), IFRS 7: Enhancing
Disclosures about Fair Value and Liquidity Risk (amendment), IAS 32: Financial
Instruments: Presentation, and IAS 1, Presentation of Financial Instruments -
Puttable Financial Instruments Arising on Liquidation and Obligations
(amendment), IAS 39: Financial Instruments: Recognition and Measurement:
Eligible Hedged Items and Clarification regarding ending Assessment of Embedded
Derivatives (amendment), IFRIC 13: Customer Loyalty Programmes and
IFRIC 17: Distributions of Non-cash Assets to Owners.
In the preparation of these financial results the group has applied key
assumptions concerning the future and other indeterminate sources in recording
various assets and liabilities. These assumptions were applied consistently to
both the company and group financial statements for the year ended 31 December
2009. These assumptions are subject to ongoing review and possible amendments.
Events after the reporting period
There are no material events after the reporting period to report on, other
than commentary on the Imperial Bank Limited acquisition, which is included in
the Nedbank Group Limited results.
Audited results - Auditors` opinion
KPMG Inc and Deloitte & Touche, Nedbank`s independent auditors, have audited
the consolidated annual financial statements of Nedbank from which the
summarised consolidated financial results have been derived, and have expressed
an unmodified audit opinion on the consolidated annual financial statements.
The summarised consolidated financial results comprise the consolidated
statement of financial position at 31 December 2009, consolidated statement of
comprehensive income, condensed consolidated statement of changes in equity and
condensed consolidated cashflow statement for the year then ended, and selected
explanatory notes. The audit report is available for inspection at Nedbank`s
registered office.
Nedbank non-redeemable non-cumulative preference shares -
Declaration of dividend no 14
Notice is hereby given that preference dividend no 14 of 40,15068 cents per
share has been declared for the period from 1 July 2009 to 31 December 2009,
payable on Monday, 29 March 2010, to shareholders of the non-redeemable
non-cumulative preference shares recorded in the books of the company at the
close of business on Friday, 26 March 2010.
In accordance with the provisions of STRATE, the electronic settlement and
custody system used by JSE Limited, the relevant dates for the payment of the
dividend are as follows:
Last day to trade cum dividend Thursday, 18 March 2010
Shares trade ex dividend Friday, 19 March 2010
Record date Friday, 26 March 2010
Payment date Monday, 29 March 2010
Share certificates may not be dematerialised or rematerialised between Friday,
19 March 2010, and Friday, 26 March 2010, both days inclusive.
Where applicable, dividends in respect of certificated shares will be
transferred electronically to shareholders` bank accounts on payment date. In
the absence of specific mandates, dividend cheques will be posted to
shareholders. Shareholders who have dematerialised their share certificates
will have their accounts, at their participant or broker, credited on Monday,
29 March 2010.
For and on behalf of the board
RJ khoza Ta Boardman
Chairman Chief Executive
25 February 2010
Registered office: Nedbank Sandton, 135 Rivonia Road, Sandown, 2196;
PO Box 1144, Johannesburg , 2000.
Transfer secretaries: Computershare Investor Services (Pty) Limited, 70
Marshall Street, Johannesburg , 2001; PO Box 61051, Marshalltown, 2107.
Directors: Dr RJ Khoza (Chairman), TA Boardman* (Chief Executive), CJW Ball**,
MWT Brown* (Chief Executive Designate), TCP Chikane, GW Dempster*,
MA Enus-Brey, Prof B de L Figaji, DI Hope (New Zealand), A de VC Knott-Craig,
WE Lucas-Bull, NP Mnxasana, PJ Moleketi, RK Morathi* (Chief Financial Officer),
JVF Roberts (British), GT Serobe, MI Wyman (British).
* Executive **Senior independent non-executive director
Company secretary: GS Nienaber
Nedbank Limited Reg No: 1951/000009/06
Incorporated in the Republic of South Africa
Jse share code: NBKP ISIN: ZAE000043667
Sponsors: Investec Bank Limited, Nedbank Capital
Consolidated Statement of Comprehensive Income
for the year ended 31 December
Rm 2009 2008
Interest and similar income 49 332 55 154
Interest expense and similar charges 33 795 39 874
net interest income 15 537 15 280
Impairments charge on loans and advances 6 659 4 755
income from lending activities 8 878 10 525
Non-interest revenue 10 338 9 877
operating income 19 216 20 402
Total operating expenses 13 792 12 671
- Operating expenses 13 674 12 484
- BEE transaction expenses 118 187
Indirect taxation 402 356
profit from operations before non-trading and capital
items 5 022 7 375
Non-trading and capital items (32) 745
- Net (loss)/profit on sale of subsidiaries,
investments, and property and equipment (22) 756
- Net impairment of investments, property and equipment,
and capitalised
development costs (10) (11)
profit from operations 4 990 8 120
Share of (losses)/profits of associates and joint ventures (1) 9
profit before direct taxation 4 989 8 129
Total direct taxation 960 1 791
- Direct taxation 959 1 683
- Taxation on non-trading and capital items 1 108
profit for the year 4 029 6 338
Other comprehensive income/(expense) net of taxation 264 (218)
- Exchange differences on translating foreign operations 32 (24)
- Fair-value adjustments on available-for-sale assets 146 (272)
- Gains on property revaluations 86 78
Total comprehensive income for the year 4 293 6 120
profit attributable to:
Equity holders of the parent 3 790 6 106
Non-controlling interest - ordinary shareholders 224 217
- preference shareholders 15 15
profit for the year 4 029 6 338
Total comprehensive income attributable to:
Equity holders of the parent 4 054 5 882
Non-controlling interest - ordinary shareholders 224 223
- preference shareholders 15 15
Total comprehensive income for the year 4 293 6 120
Consolidated Statement of Financial Position
at 31 December
Rm 2009 2008
assets
Cash and cash equivalents 6 823 7 638
Other short-term securities 14 408 10 411
Derivative financial instruments 12 871 23 114
Government and other securities 35 754 41 834
Loans and advances 444 403 433 422
Other assets 3 917 4 731
Clients` indebtedness for acceptances 2 025 2 998
Current taxation receivable 580 314
Investment securities 3 012 2 743
Non-current assets held for sale 12 10
Investments in associate companies and joint ventures 922 913
Deferred taxation asset 36 71
Investment property 102 104
Property and equipment 4 754 4 124
Long-term employee benefit assets 1 783 1 667
Mandatory reserve deposits with central banks 10 437 10 061
Intangible assets 3 151 2 977
Total assets 544 990 547 132
equity and liabilities
Ordinary share capital 27 27
Ordinary share premium 14 422 14 422
Reserves 18 174 16 927
Total equity attributable to equity holders of the
parent 32 623 31 376
Preference share capital and premium 3 483 3 122
Non-controlling interest attributable to
- ordinary shareholders 1 796 1 644
- preference shareholders 91 300
Total equity 37 993 36 442
Derivative financial instruments 10 799 23 077
Amounts owed to depositors 465 899 461 084
Provisions and other liabilities 5 218 6 145
Liabilities under acceptances 2 025 2 998
Current taxation liabilities 162 117
Deferred taxation liabilities 1 514 1 982
Long-term employee benefit liabilities 1 298 1 227
Long-term debt instruments 20 082 14 060
Total liabilities 506 997 510 690
Total equity and liabilities 544 990 547 132
Guarantees on behalf of clients 27 827 25 154
Condensed Consolidated Statement of Cashflows
for the year ended 31 December
Rm 2009 2008
Cash generated by operations 13 703 13 867
Change in funds for operating activities (14 018) (9 842)
Net cash (utilised by)/generated by operating
activities before taxation (315) 4 025
Taxation paid (1 977) (2 087)
Cashflows (utilised by)/from operating activities (2 292) 1 938
Cashflows utilised by investing activities (1 734) (1 214)
Cashflows from/(utilised by) financing activities 3 587 (921)
Net decrease in cash and cash equivalents (439) (197)
Cash and cash equivalents at the beginning of the year* 17 699 17 896
Cash and cash equivalents at the end of the year* 17 260 17 699
* Including mandatory reserve deposits with central banks.
Headline Earnings Reconciliation
for the year ended 31 December
2009
Net of
Rm Gross taxation
Profit attributable to equity holders of the parent 3 790
Less: Non-trading and capital items (32) (33)
- Net (loss)/profit on sale of subsidiaries,
investments, and property and equipment (22) (23)
- Net impairment of investments, property and
equipment, and capitalised development costs (10) (10)
headline earnings 3 823
2008
Net of
Rm Gross taxation
Profit attributable to equity holders of the parent 6 106
Less: Non-trading and capital items 745 637
- Net (loss)/profit on sale of subsidiaries,
investments, and property and equipment 756 648
- Net impairment of investments, property and
equipment, and capitalised development costs (11) (11)
headline earnings 5 469
Condensed Segmental Reporting
for the year ended 31 December
Total assets
Rm 2009 2008
Nedbank Corporate 148 606 148 506
Business Banking 79 386 79 646
Nedbank Capital 196 560 188 706
Nedbank Retail 177 857 170 963
Imperial Bank 55 660 48 768
Shared Services 7 431 6 373
Central Management 34 487 36 639
Eliminations (129 284) (112 578)
Total per Nedbank Group 570 703 567 023
Fellow-subsidiary adjustments (25 713) (19 891)
Total 544 990 547 132
Operating Income
Rm 2009 2008
Nedbank Corporate 4 129 3 985
Business Banking 3 637 4 020
Nedbank Capital 3 205 2 684
Nedbank Retail 8 585 9 413
Imperial Bank 1 275 1 120
Shared Services 195 2
Central Management 629 929
Eliminations (77) (76)
Total per Nedbank Group 21 578 22 077
Fellow-subsidiary adjustments (2 362) (1 675)
Total 19 216 20 402
Headline Earnings
Rm 2009 2008
Nedbank Corporate 1 534 1 564
Business Banking 1 055 1 360
Nedbank Capital 1 349 1 266
Nedbank Retail (156) 1 002
Imperial Bank 201 166
Shared Services 133 (32)
Central Management 161 439
Eliminations
Total per Nedbank Group 4 277 5 765
Fellow-subsidiary adjustments (454) (296)
Total 3 823 5 469
Condensed Geographical Segmental Reporting
for the year ended 31 December
Operating Income
Rm 2009 2008
South Africa 19 867 20 504
- Business operations 19 867 20 504
- BEE transaction expenses
- Profit attributable to non-controlling interest
- preference shareholders
Rest of Africa 860 764
Rest of world - business operations 851 809
Total per Nedbank Group 21 578 22 077
Fellow-subsidiary adjustments (2 362) (1 675)
Total 19 216 20 402
Headline Earnings
Rm 2009 2008
South Africa 3 800 5 408
- Business operations 4 260 5 932
- BEE transaction expenses (116) (187)
- Profit attributable to non-controlling interest
- preference shareholders (344) (337)
Rest of Africa 213 182
Rest of world - business operations 264 175
Total per Nedbank Group 4 277 5 765
Fellow-subsidiary adjustments (454) (296)
Total 3 823 5 469
Condensed Consolidated Statement of Changes in Equity
Non-controlling
Total equity Interest
Attributable to Preference Attributable to
equity holders share capital ordinary
Rm of the parent and premium shareholders
Balance at 31December 2007 28 403 3 122 1 307
Ordinary
non-controlling
shareholders` share
of preference
dividends paid (15)
Dividends to ordinary
shareholders (2 294) (67)
Dividends to
preference shareholders (333)
Shares issued by subsidiary 225
Total income and
expense for the year 5 600 - 194
Total comprehensive
income for the year 5 882 223
Net income recognised
directly in equity (282) - (29)
Share-based payment
reserve movement (288)
Regulatory risk
reserve position 7
Disposal of subsidiaries (29)
Other movements (1)
Balance at 31 December 2008 31 376 3 122 1 644
Issues of shares net
of expenses 361
Ordinary
non-controlling
shareholders` share of
preference dividends paid (15)
Dividends to ordinary
shareholders (2 070) (5)
Dividends to
preference shareholders (335)
Total income and
expense for the year 3 652 - 172
Total comprehensive
income for the year 4 054 224
Net income recognised
directly in equity (402) - (52)
Share-based payment
reserve movement (399)
Regulatory risk
reserve provision (3)
Buyout of
non-controlling
interests (52)
Preference shares
held by group entities
Balance at 31 December 2009 32 623 3 483 1 796
Non-controlling
interest
attributable to
preference
Rm shareholders Total equity
Balance at 31 December 2007 300 33 132
Ordinary non-controlling shareholders`
share of preference dividends paid 15 -
Dividends to ordinary shareholders (2 361)
Dividends to preference shareholders (30) (363)
Shares issued by subsidiary 225
Total income and expense for the year 15 5 809
Total comprehensive income for the year 15 6 120
Net income recognised directly in equity - (311)
Share-based payment reserve movement (288)
Regulatory risk reserve position 7
Disposal of subsidiaries (29)
Other movements (1)
Balance at 31 December 2008 300 36 442
Issues of shares net of expenses 361
Ordinary non-controlling shareholders`
Share of preference dividends paid 15 -
Dividends to ordinary shareholders (2 075)
Dividends to preference shareholders (30) (365)
Total income and expense for the year (194) 3 630
Total comprehensive income for the year 15 4 293
Net income recognised directly in equity (209) (663)
Share-based payment reserve movement (399)
Regulatory risk reserve provision (3)
Buyout of non-controlling interests (52)
Preference shares held by group entities (209) (209)
Balance at 31 December 2009 91 37 993
These results and additional information are available on
www.nedbankgroup.co.za.
Date: 25/02/2010 08:00:23 Produced by the JSE SENS Department.
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