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THE FINANCIAL SERVICES GROUP WITH THE HEARTBEAT OF A MERCHANT BANK
FIRSTRAND
INTERIM PROFIT ANNOUNCEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2000
INTRODUCTION
This report relates to the consolidated results of FirstRand Limited
(FirstRand), and its wholly owned subsidiaries, FirstRand Bank Holdings Limited
and Momentum Group Limited. Separate reports relating to these subsidiaries are
included in this circular, and should be read in conjunction with this report.
THE FINANCIAL SERVICES GROUP WITH THE HEARTBEAT OF A MERCHANT BANK FINANCIAL
HIGHLIGHTS
* Group headline earnings +26%
* Dividends +25%
* Assets under management R333 billion
This report is available on our website at:www.firstrand.co.za
SUMMARISED INCOME STATEMENT
for the six months ended 31 December
Year
ended
30 June
2000 1999 % 2000
R million (Unaudited) (Unaudited) change (Audited)
Headline earnings
Banking operations 1 288 1 008 28 2 190
Insurance operations 423 359 18 790
Unallocated holding company costs - (5) - -
1 711 1 362 26 2 980
STC 1 (26) (26) - (26)
Headline earnings 1 685 1 336 26 2 954
Headline earnings reconciliation
Attributable earnings
Banking operations 1 275 1 008 26 2 190
Insurance operations 413 545 (24) 1 003
Sale of shares in insurance subsidiary
- intergroup profit - (104) - (104)
Goodwill amortised - intergroup 3 - - -
Unallocated holding company costs - (5) - -
1 691 1 444 17 3 089
STC (26) (26) - (26)
Earnings attributable to ordinary
shareholders 1 665 1 418 17 3 063
Add: Goodwill amortised 20 - - 6
Add: -Once-off effect of insurance
transitional
tax on prior years - 35 - 35
Less: -Disposal of shares in
insurance subsidiary - (117) - (150)
Headline earnings 1 685 1 336 26 2 954
Dividends (Rm) 613 490 25 1 035
Return on average equity (%) 22 22 - 23
Number of shares in issue (million) 5 445 5 445 - 5 445
Earnings per share (cents) 30,5 26,0 17 56,3
Headline earnings per share (cents) 30,9 24,5 26 54,2
Dividend per share (cents)
Interim 11,25 9,00 25 9,00
Final n/a n/a - 10,00
Total 11,25 9,00 25 19,00
The charge represents the STC paid during the six months ended 31 December
2000. This treatment is in line with recent changes to Generally Accepted
Accounting Practice, details of which are contained in the commentary on these
results. The STC charge during the prior year has been restated to take account
of this change.
BALANCE SHEET
at 31 December
Year ended
30 June
2000 1999 2000
R million (Unaudited) (Unaudited) (Audited)
ASSETS
Banking operations 154 303 134 323 140 176
Cash and short-term funds 7 771 10 389 8 309
Short-term negotiable securities 16 560 9 188 14 470
Liquid assets and trading securities 11 552 8 765 9 773
Securities purchased under agreements
to resell 38 3 764 2 434
Advances 115 900 100 992 102 668
Other investments 2 482 1 225 2 522
Insurance operations 64 249 59 044 60 991
Funds on deposit 7 009 7 244 7 930
Government and public authority stocks 6 465 5 406 4 800
Mortgages, debentures and other loans 6 622 5 175 5 964
Policy loans 655 616 465
Equity investments 40 350 37 169 38 703
Property investments 3 148 3 434 3 129
Current assets 18 628 13 084 15 936
Loans 1 108 - 1 108
Investments in associated companies 722 410 672
Deferred taxation 370 - 184
Goodwill 536 32 58
Property and equipment 3 588 3 460 3 666
Total assets 243 504 210 353 222 791
LIABILITIES AND SHAREHOLDERS' FUNDS
Liabilities
Deposits and current accounts 129 375 117 670 117 559
Current liabilities 29 349 14 274 23 491
Securities sold under agreements to repurchase - 3 723 2 387
Deferred taxation 1 671 1 410 1 556
Debentures and long-term liabilities 3 396 2 496 3 847
Life insurance funds 62 549 57 695 58 591
Total liabilities 226 340 197 268 207 431
Outside shareholders' interests 1 015 623 641
Shareholders' funds
Share capital and share premium 9 595 8 486 9 595
Convertible debentures 350 350 350
Reserves 6 204 3 626 4 774
Total shareholders' funds 16 149 12 462 14 719
Total liabilities and shareholders' funds 243 504 210 353 222 791
SUMMARISED CASH FLOW STATEMENT
for the six months ended 31 December
Year ended
30 June
2000 1999 2000
R million (Unaudited) (Unaudited) (Audited)
Cash flows from operating activities
Cash generated by operations 5 658 5 917 11 454
Working capital changes 3 233 (4 314) 3 404
Cash inflow from operations 8 891 1 603 14 858
Normal tax paid (607) (494) (898)
Dividends paid (545) (436) (926)
Net cash inflow from operating activities 7 739 673 13 034
Net cash outflow from investment activities (8 899) (3 067) (18 172)
Net cash (outflow)/inflow from
financing activities (299) 183 1 533
Net decrease in cash and cash equivalents (1 459) (2 211) (3 605)
Cash and cash equivalents at beginning
of period 16 239 19 844 19 844
Cash and cash equivalents at end of period 14 780 17 633 16 239
STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 December 2000
Retained Non- Convertible
R million earnings distributable debentures
reserves
Balance as at 1 July 2000
- As previously stated 3 932 257 350
- Provision for dividends 545 - -
- Provision for STC 40 - -
Restated balance as at 1 July 2000 4 517 257 350
Movement on foreign currency
translation reserves - 298 -
Non-distributable reserves arising
on the purchase of subsidiaries
and associates - 12 -
Earnings attributable to shareholders 1 665 - -
Dividends paid (545) - -
Transfer (to)/from reserves (15) 15 -
Balance as at 31 December 2000 5 622 582 350
Balance as at 31 December 1999 3 181 445 350
Share Total
capital share-
Preference and share holders'
R million shares premium funds
Balance as at 1 July 2000
- -As previously stated 1 109 8 486 14 134
- -Provision for dividends - - 545
- -Provision for STC - - 40
Restated balance as at 1 July 2000 1 109 8 486 14 719
Movement on foreign currency
translation reserves - - 298
Non-distributable reserves arising
on the purchase of subsidiaries
and associates - - 12
Earnings attributable to shareholders - - 1 665
Dividends paid - - (545)
Transfer (to)/from reserves - - -
Balance as at 31 December 2000 1 109 8 486 16 149
Balance as at 31 December 1999 - 8 486 12 462
ASSETS UNDER MANAGEMENT
at 31 December
30 June
2000 1999 2000
R million (Unaudited) (Unaudited) (Audited)
Holding company 1 111 - 1 113
Banking Group 172 275 147 101 155 513
Insurance Group 159 474 134 755 146 369
On-balance sheet 70 118 63 252 66 165
Off-balance sheet assets managed and
administered on behalf of clients 89 356 71 503 80 204
Total 332 860 281 856 302 995
SOURCES OF PROFIT
for the six months ended 31 December
2000 1999
% %
Banking operations 77 75
Bank head office and capital centre 15 25
Retail bank
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