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RMH
RMH
RMH - RMB Holdings Limited - Summarised, unaudited interim results
announcement and cash dividend declaration for the six months ended 31
December 2011
RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
JSE Ordinary share code: RMH
ISIN code: ZAE000024501
SUMMARISED, UNAUDITED INTERIM RESULTS ANNOUNCEMENT AND CASH DIVIDEND
DECLARATION FOR THE SIX MONTHS ENDED 31 DECEMBER 2011
NORMALISED earnings (from continuing operations) (cents)
+22% to 134,0 cents
INTERIM dividend (cents)
+22% to 52,0 cents
INTRINSIC value (cents)
2 709 cents
THE RMBH GROUP AT A GLANCE
Shareholders are referred to the restructure that RMB Holdings Limited
("RMBH" or "the Group") implemented during March 2011. This included, inter
alia, the following key steps:
acquisition by RMBH of additional FirstRand Limited ("FirstRand") ordinary
shares in exchange for the issue of new RMBH ordinary shares, thereby
increasing RMBH`s holding in FirstRand to 33,9% (previously 30,1%); and
separation and subsequent unbundling of RMBH`s insurance interests into
separately listed Rand Merchant Insurance Holdings Limited ("RMI Holdings")
on a one-for-one basis.
After the restructure, RMBH`s sole interest is its 33,9% investment in
FirstRand, generally regarded as Southern Africa`s pre-eminent financial
services group. The FirstRand Group comprises a portfolio of leading
financial services franchises, including:
First National Bank ("FNB"), the retail and commercial bank;
Rand Merchant Bank ("RMB"), the investment bank; and
WesBank, the instalment finance business.
RMBH`s results:
for the previous six month period ended 31 December 2010 thus represents a
combination of RMBH`s then attributable share of FirstRand`s income as well
as its attributable share of the income from its insurance interests (now
owned by RMI Holdings); while
that of the current six month period ended 31 December 2011 reflects only
the earnings attributable to its 33,9% interest in FirstRand.
This, together with accounting for the restructure itself, gives rise to a
number of counter-intuitive outcomes in the reported results. To overcome the
impact of these, the commentary below focuses on "Normalised Earnings" from
continuing operations as its main measurement. A reconciliation of the
adjustments made to derive normalised earnings is presented in the
accompanying schedules. The computation of normalised earnings has not been
audited.
OPERATING ENVIRONMENT
In the six months to December 2011, an already fragile global economic
recovery was negatively affected by a number of unprecedented events,
including the downgrade of the USA`s credit rating and the Eurozone crisis.
Sentiment was further depressed by heightened concern that China would
experience a significant slowdown in growth. Developed markets continued to
experience muted growth but generally have limited policy space to support
further expansion. While lower inflation and the easing of monetary policy
should support growth in emerging economies, some of these countries continue
to face structural risks associated with their growth models. Africa`s
economic recovery continued and sub-Saharan Africa (excluding South Africa)
is expected to grow GDP by between 6% and 7% in the current financial year,
making it one of the developing regions with the highest growth prospects.
Growth rates in South Africa moderated. The global slowdown was further
amplified by local factors such as significant industrial action in the third
quarter which depressed manufacturing and mining output. Supported by real
income growth, households continued to drive the expansion, while capital
investment and overall corporate activity remained subdued (albeit with
pockets of moderate growth). Single digit growth in credit extension was
below the increase in nominal GDP. The SARB maintained a monetary policy
stance designed to stimulate economic activity.
OVERVIEW OF RESULTS
The Group continued to build on the strong base of the previous year and
produced excellent results for the six months to 31 December 2011, achieving
normalised earnings per share from continuing operations of 134,0 cents, an
increase of 22% on the comparative period. This outcome was driven by
excellent results from FirstRand which continued to benefit from strong
performances in its retail franchises.
The interim dividend of 52,0 cents per share increased by 22%.
Headline earnings per share and earnings per share declined by 16% and 50%
respectively. As highlighted in the analysis presented in the accompanying
schedules, this anomalous outcome can in the main be ascribed to the fact
that the comparative period included the income from the Group`s insurance
interests that was unbundled to shareholders in the intervening period.
SOURCES OF INCOME
FirstRand`s well-diversified income stream is drawn from the full spectrum of
banking services and is predominantly sourced from Southern Africa. RMBH`s
proportional interest therein may be extrapolated as follows:
INTRINSIC VALUE
The Group`s intrinsic value reflected the recovery in financial sector equity
values experienced over the period:
as at 31 December 30 June
Unaudited Unaudited
R million 2011 2011 % change
Market value of listed interest 39 622 37 922 5
in FirstRand
Net funding (1 372) (1 368)
Intrinsic value 38 250 36 544 5
Per RMBH share (cents) 2 709c 2 589c 5
Over the six months to 31 December 2011 RMBH`s market capitalisation
increased by 2% and at that date amounted to R38,5 billion or 2 730 cents
per share (June 2011: R37,7 billion). This represented a 0,8% premium (June
2011: 2,9% premium) to the Group`s underlying intrinsic value.
The net borrowings carried at the centre amounted to R1,372 billion at 31
December 2011 while the funding cost incurred during the half year amounted
to R51 million, giving rise to an extrapolated annualised funding cost of
7,5% p.a.
INTERIM DIVIDEND PAYMENT
RMBH follows a stated practice of returning net dividends (after providing
for funding and operational costs incurred at the centre) received by it in
the ordinary course of business, to shareholders.
The Board is of the opinion that RMBH is adequately capitalised at this stage
and that the Company will be able to meet its obligations in the foreseeable
future after payment of the interim dividend.
Having due regard to the interim dividend receivable from FirstRand and
applying the dividend practice outlined above, the Board of RMBH has resolved
to declare an interim dividend of 52,0 cents per share (2010: 42,7 cents).
Such dividend is covered 2,6 times by normalised earnings per share from
continuing operations.
This interim dividend accrues to shareholders before the advent of Dividend
Withholding Tax on 1 April 2012. The liability for Secondary Tax on Companies
resides with RMBH.
OUTLOOK
We expect that domestic economic conditions will remain subdued for the
remainder of the current financial year.
From a financial services perspective, growth in retail advances is likely to
remain at current levels with mortgage lending expected to lag nominal GDP
growth as levels of consumer indebtedness remain high and house prices are
expected to reflect negative real growth in the short term. In mitigation,
the stabilisation of the economy at modest growth rates and an ongoing low
interest environment will result in reasonable growth in unsecured, short-
term advances. Given excess capacity in the corporate sector, limited
expansionary opportunities and strong balance sheets across the segment,
corporate lending is expected to remain slow.
FirstRand expects its domestic franchises to continue to grow organically,
driven by specific strategies in those markets and/or segments that are
showing above average growth, where FirstRand is under-represented or the
return on equity is attractive. However, achieving revenue growth is likely
to remain a challenge and FirstRand continues to drive cost efficiencies.
GDP growth in sub-Saharan Africa is expected to strengthen in 2012 and all of
FirstRand`s franchises will continue to capitalise on growth opportunities in
those countries identified as priorities for expansion. FNB will expand the
African operating footprint supported by its South African platform and RMB
will mine the trade and investment flows between Asia and Africa, leveraging
off the existing FNB platforms and its own operation in India.
The quality of FirstRand`s operating franchises and their respective
strategies domestically and in the rest of Africa should underpin that
FirstRand`s ability to provide us, as shareholders, with sustainable superior
returns.
The restructuring of the RMBH Group has been well received by both
shareholders and market participants. We are extremely pleased that Royal
Bafokeng Holdings saw fit to increase their shareholding in RMBH to 15%. We
trust that their vote of confidence will in due course be amply rewarded.
For and on behalf of the Board
GT Ferreira P Cooper
Chairman Chief Executive Officer
Sandton
29 February 2012
FIRSTRAND GROUP
Financial outcome
FirstRand produced excellent results for the six months to 31 December 2011,
achieving normalised earnings of R5,8 billion, an increase of 26% on the
prior period, and producing a normalised return on equity ("ROE") of 19,5%
(2010: 18,0%).
Six months ended
31 December
R million Unaudite Unaudite % change
d2011 d 2010
Normalised earnings from
continuing operations derived
from:
- FNB South Africa 3 072 2 342 31
- FNB Africa 292 316 (8)
- RMB and GTS 1 457 1 679 (13)
- WesBank 1 193 750 59
- FirstRand Corporate Centre (243) (515) 53
(including non-cumulative, non-
redeemable preference dividend)
Normalised earnings from 5 771 4 572# 26
continuing operations
Attributable to RMBH* 1 956 1 377 42
#? For the six months ended 31 December 2010, FirstRand also
reported earnings from discontinued operations of R688
million, being its attributable share of income from Momentum
and OUTsurance, then still owned by it.
* After consolidation adjustments and increase in effective
interest to 33,9% (previously 30,1%).
Operational overview
The increase in FirstRand`s earnings was delivered through very strong
operational performances from FNB and WesBank, driven by loan and customer
deposit growth, new customer acquisition, expanding lending margins and
robust transactional volumes. From an overall perspective, the unwinding of
bad debts continued to impact positively on the results of the retail
franchises of FNB and WesBank. However, on a rolling six-month basis, the
impairment charge benefit was flat.
While RMB experienced a 13% decline in earnings, this is considered a very
creditable performance, given the tough trading environment and the high base
created in recent years. RMB`s Fixed Income Currency and Commodity division
delivered particularly strong growth.
FirstRand`s income statement benefited from an excellent 22% increase in net
interest income ("NII"). This was driven by good growth in advances at FNB,
WesBank and RMB. In addition, asset margins expanded due to the change in mix
with larger contributions from vehicle and asset finance and unsecured
lending. Margins also continued to be positively impacted by ongoing re-
pricing strategies in the large retail lending books such as vehicle and
asset finance and residential mortgages. NII growth also benefitted from a
mark-to-market loss on funding instruments incurred in the comparative period
that did not re-occur in the current period.
Total non-interest revenue was marginally down on the comparative period as a
result of RMB`s subdued performance. However, fee and commission income at
FNB and WesBank was stronger than expected, increasing 17% on the comparative
period and driven by ongoing new customer acquisitions and strong
transactional volumes (particularly through the electronic channels) at FNB
and fees generated on higher new business volumes at WesBank.
As a result of the continued focus on cost containment, FirstRand`s total
operating expenses increased by only 9%, which is in line with targets, while
core operational costs increased by only 6%. The cost-to-income ratio
improved marginally to 54,7%.
Capital
FirstRand`s capital management strategy is aligned to the Group`s overall
objective to deliver sustainable returns to shareholders within appropriate
levels of volatility. Its current philosophy, given the uncertain macro
environment, is to operate at the higher end of its targeted capital levels
to ensure balance sheet resilience, with an actual capital adequacy ratio of
15,4% (against a target range of 12,0% to 13,5% and a regulatory minimum
level of 9,5%).
While FirstRand does not seek to hold excess capital for acquisitions, it has
previously indicated to shareholders that it is holding a "buffer" for
investments in certain growth opportunities already identified in both the
domestic market and in certain African jurisdictions. However, given the
current economic conditions in South Africa and the subdued credit appetite
amongst consumers and corporates, FirstRand`s operating franchises continue
to generate good returns at a time when there is limited opportunity to grow
risk-weighted assets. It therefore continues to review the appropriate level
of pay out to shareholders on a sustainable basis.
For a comprehensive, in-depth review of FirstRand`s performance, RMBH
shareholders are referred to www.firstrand.co.za.
summarised consolidated INCOME STATEMENT
Six months ended Year
31 December ended
30 June
R million 2011 2010 % 2011
Unaudite Unaudite change Audited
d d
Continuing operations
Share of after tax 2 124 1 473 44 4 255
results from associate
company
Investment income 12 17 (29) 13
Income 2 136 1 490 43 4 268
Acquisition, marketing (16) (15) 7 (50)
and administration
expenses
Operating profit 2 120 1 475 44 4 218
Net finance costs (51) (47) 9 (98)
Profit before tax 2 069 1 428 45 4 120
Taxation (10) (1) >100 1
Profit from continuing 2 059 1 427 44 4 121
operations
Discontinued operations
(unbundled)
Profit attributable to - 911 (100) 1 206
operations unbundled
Negative goodwill on - 1 370 (100) 1 370
acquisition of associate
Profit on unbundling of - - - 4 983
discontinued operations
Profit for the period 2 059 3 708 (44) 11 680
Attributable to:
Equity holders of RMBH 2 059 3 551 (42) 11 468
Non-controlling - 157 (100) 212
interests
2 059 3 708 (44) 11 680
summarised statement of COMPREHENSIVE INCOME
Six months ended Year
31 December ended
30 June
R million 2011 2010 % 2011
Unaudite Unaudite change Audited
d d
Profit for the period 2 059 3 708 (44) 11 680
Other comprehensive
income, net of tax
Currency translation - (3) 10
differences
Available-for-sale - 25 13
financial assets
Share of other 203 (152) (127)
comprehensive income of
associates
Other comprehensive 203 (130) >100 (104)
income for the period
Total comprehensive 2 262 3 578 (37) 11 576
income for the period
Total comprehensive
income attributable to:
Equity holders of RMBH 2 262 3 412 (34) 11 355
Non-controlling - 166 (100) 221
interests
2 262 3 578 (37) 11 576
summarised consolidated STATEMENT OF FINANCIAL POSITION
As at 31 December 30 June
R million 2011 2010 2011
Unaudite Unaudite Audited
d d
ASSETS
Property and equipment 2 3 2
Goodwill and other intangible - 3 -
assets
Investment in associate companies 25 410 18 410 25 061
Financial assets 18 113 19
Receivables and prepayments 27 14 25
Receiver of revenue 4 - -
Cash and cash equivalents 15 14 15
Non-current asset held for sale - 17 545 -
Total assets 25 476 36 102 25 122
EQUITY
Share capital and premium 8 775 5 104 8 750
Reserves 15 263 21 361 14 951
Capital and reserves attributable 24 038 26 465 23 701
to equity holders of the company
Non-controlling interests - 1 253 -
Total equity 24 038 27 718 23 701
LIABILITIES
Financial liabilities 1 379 1 301 1 367
Payables and provisions 59 48 54
Liabilities directly associated - 7 035 -
with non-current asset held for
sale
Total liabilities 1 438 8 384 1 421
Total equity and liabilities 25 476 36 102 25 122
summarised consolidated STATEMENT OF CASH FLOWS
Six months ended Year
31 December ended
30 June
R million 2011 2010 2011
Unaudite Unaudite Audited
d d
Cash available from operating 2 204 683 1 458
activities from continuing
operations
Cash available from operating - 1 054 593
activities from discontinued
operations
Dividends paid (2 162) (845) (1 447)
Investment activities from - (130) (47)
continuing operations
Investment activities from - (1 202) (843)
discontinued operations
Financing activities from (42) 20 2 494
continuing operations
Financing activities from - 74 79
discontinued operations
Net increase/(decrease) in cash - (346) 2 287
and cash equivalents from
continuing and discontinued
operations
Unrealised foreign currency - (4) 26
translation adjustments
Transfer to non-current assets - (2 385) (5 047)
held for sale
Cash and cash equivalents at the 15 2 749 2 749
beginning of the period
Cash and cash equivalents at the 15 14 15
end of the period
computation of HEADLINE and NORMALISED EARNINGS
Six months ended Year
31 December ended
30 June
R million Note 2011 2010 % 2011
Unaudite Unaudite change Audited
d d
Earnings 2 059 3 551 (42) 11 468
attributable to
equity holders
Adjustment for:
Negative goodwill - (1 370) (1 370)
on acquisition of
associate
Profit on - - (4 983)
unbundling of
discontinued
operations
Other - 11 12
Share of
adjustment made
by associates:
Profit on sale of (168) (1) (1 211)
shares in
subsidiary and
associate
Profit on sale of - (178) (178)
joint venture
Profit on sale of (13) (101) (159)
available-for-
sale financial
assets
Impairment of 5 2 5
assets in terms
of IAS 36
Loss on disposal 1 - 18
of investment
securities
Impairment of 6 10 29
goodwill
Other 8 15 22
Total tax effect 8 (4) 6
of adjustments
Total non- 2 - 87
controlling
interest
adjustments
Headline earnings 1 908 1 935 (1) 3 746
attributable to equity
holders
RMBH`s share of
adjustments made
by associates:
Treasury shares 1 36 79 162
Reversal of - - 156
private equity
realisation
Net realised and - - (26)
fair value gains
on shareholders`
funds
Basis changes and - - 6
investment
variances
Amortisation of - - 35
intangible assets
relating to
business
combinations
Recapture of - - 78
reinsurance
Other - 28 13
IFRS 2 share 10 - (5)
based expenses
Adjustment for:
RMBH shares held 2 - 54 55
by policyholders
Group treasury 3 (63) (111) (201)
shares
Normalised earnings 1 891 1 985 (5) 4 019
attributable to equity
holders (unaudited)
Notes:
1. Deconsolidation of treasury shares and "deemed" treasury
shares by FirstRand and Discovery, in comparative periods, to
account for:
- the Discovery BEE transaction in comparative periods;
- FirstRand shares acquired to hedge liabilities under staff
share schemes; and
- FirstRand shares held as policyholders assets by group
insurers.
2. Deconsolidation of "deemed" RMBH`s treasury shares held for
policyholders by group insurers.
3. Adjustment to reflect earnings impact based on actual RMBH
shareholding in group companies, i.e. reflecting treasury shares
as if they are non-controlling interests.
computation of EARNINGS PER SHARE
Six months ended Year
31 December ended
30 June
R million 2011 2010 % 2011
Unaudite Unaudite change Audited
d d
From continuing and
unbundled operations
Earnings attributable to 2 059 3 551 (42) 11 468
equity holders
Headline earnings 1 908 1 935 (1) 3 746
attributable to equity
holders
Normalised earnings for 1 891 1 985 (5) 4 019
the period**
Number of shares in issue 1 412 1 209 17 1 412
(millions)
Weighted average number 1 407 1 201 17 1 272
of shares in issue
(millions)
Number of shares applied 1 411 1 209 17 1 281
in calculation of
normalised earnings per
share (millions)
Earnings per share 146,3 295,5 (50) 901,3
(cents)
Diluted earnings per 143,7 292,6 (51) 895,4
share (cents)*
Headline earnings per 135,6 161,0 (16) 294,4
share (cents)
Diluted headline earnings 133,3 158,2 (16) 290,2
per share (cents)*
Normalised earnings per 134,0 164,2 (18) 313,8
share (cents)**
Diluted normalised 134,0 163,8 (18) 313,8
earnings per share
(cents)**
Dividend per share
(cents)
Interim 52,0 42,7 22 42,7
Final - - - 58,3
Total 52,0 42,7 22 101,0
Dividend cover (relative 2,6 3,8 (32) 2,9
to headline earnings)
Dividend cover (relative 2,6 3,8 (32) 3,1
to normalised earnings)**
From continuing
operations
Earnings attributable to 2 059 1 427 44 4 121
equity holders
Headline earnings 1 908 1 376 39 2 966
attributable to equity
holders
Normalised earnings for 1 891 1 331 42 3 091
the period**
Number of shares in issue 1 412 1 209 17 1 412
(millions)
Weighted average number 1 407 1 209 16 1 280
of shares in issue
(millions)
Number of shares applied 1 411 1 209 17 1 281
in calculation of
normalised earnings per
share (millions)
Earnings per share 146,3 118,0 24 321,9
(cents)
Diluted earnings per 143,7 115,9 24 316,1
share (cents)*
Headline earnings per 135,6 113,8 19 231,7
share (cents)
Diluted headline earnings 133,3 111,7 19 227,5
per share (cents)*
Normalised earnings per 134,0 110,1 22 241,3
share (cents)**
Diluted normalised 134,0 110,1 22 241,3
earnings per share
(cents)**
* The diluted calculations give cognisance to the impact of the
similar calculation of FirstRand. This has no impact on RMBH`s
weighted average number of shares.
** Unaudited.
summarised statement of changes in equity
R million Share Total Total Non- Total
capital reserves equity con- equity
and trolling
premium holders` interest
funds
Balance at 5 328 17 520 22 848 1 036 23 884
30 June 2010
(audited)
Total - 3 412 3 412 166 3 578
comprehensive
income for the
period
Dividend paid - (846) (846) (98) (944)
Capital invested - - - 130 130
by minorities
Reserve - 6 6 19 25
movements
relating to
subsidiaries
Change in - (636) (636) - (636)
carrying value
of associate due
to elimination
of treasury
shares
Movement in - 38 38 - 38
treasury shares
Reserve - 1 643 1 643 - 1 643
movements
relating to
associates
Balance at 5 328 21 137 26 465 1 253 27 718
31 December 2010
(unaudited)
Balance at 8 825 14 876 23 701 - 23 701
30 June 2011
(audited)
Total - 2 262 2 262 - 2 262
comprehensive
income for the
year
Dividend paid - (2 164) (2 164) - (2 164)
Share based - 1 1 - 1
payment
Change in - 15 15 - 15
carrying value
of associate due
to elimination
of treasury
shares
Movement in - 25 25 - 25
treasury shares
Reserve - 198 198 - 198
movements
relating to
associates
Balance at 8 825 15 213 24 038 - 24 038
31 December 2011
(unaudited)
BASIS OF PREPARATION OF RESULTS
The accompanying summarised results for the six months ended 31 December
2011 reflects:
- the operations of RMBH and its proportionate interest in its associate,
FirstRand, which has been equity accounted;
- the prior period includes the results of its previously held subsidiaries
OUTsurance and RMB Structured Insurance for the six months ended 31 December
2010 as well as RMBH`s proportionate interest in its previously held
associates, Discovery and MMI Holdings; and
- the results of these subsidiaries and associates are referred to as the
discontinued/ unbundled operations and were treated as a non-current asset
held for sale as per IFRS 5 in the comparative periods.
The interim report is prepared in accordance with:
- International Financial Reporting Standards ("IFRS"), including IAS 34:
Interim Financial Reporting;
- The requirements of the South African Companies Act, Act 71 of 2008, as
amended; and
- The Listings Requirements of the JSE Limited (the "JSE").
These summarised results incorporate accounting policies that are consistent
with those used in preparing the financial results for the six months ended
31 December 2010 and year ended 30 June 2011.
The results are unaudited and have been prepared under the supervision of
Peter Cooper CA(SA).
INTERIM CASH DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 52,0 cents per share was
declared on 29 February 2012 in respect of the six months ended 31 December
2011.
Shareholders` attention is drawn to the following important dates:
Last day to trade in order to Thursday,15 March 2012
participate in this dividend
Shares commence trading "ex dividend" Friday, 16 March 2012
on
The record date for the dividend Friday, 23 March 2012
payment will be
Dividend payment date Monday, 26 March 2012
No de-materialisation or re-materialisation of share certificates may be done
between Friday, 16 March 2012 and Friday, 23 March 2012 (both days
inclusive).
By order of the Board
(Ms) EJ Marais
Company Secretary
29 February 2012
Directors GT Ferreira (Chairman), P Cooper (CEO), L Crouse, NDJ Carroll,
LL Dippenaar, JW Dreyer, PM Goss, PK Harris, KC Shubane, (Ms) SEN
Sebotsa and MH Visser.
Alternate directors JJ Durand (Appointed 18 October 2011), TV Mokgatlha
(Appointed 18 October 2011).
Secretary and registered office (Ms) EJ Marais CA(SA) (Appointed 19 October
2011)
Physical address 3rd Floor, 2 Merchant Place, Corner of Fredman Drive and
Rivonia Road, Sandton, 2196
Postal address PO Box 786273, Sandton, 2146?Telephone +27 11 282 8000 Telefax
+27 11 282 4210
Web address www.rmbh.co.za
Sponsor (in terms of JSE Limited Listings Requirements)
Rand Merchant Bank (a division of FirstRand Bank Limited)
Physical address 1 Merchant Place, corner of Fredman Drive and Rivonia Road,
Sandton, 2196
Transfer secretaries Computershare Investor Services (Pty) Limited?Physical
address Ground Floor, 70 Marshall Street, Johannesburg, 2001
Postal address PO Box 61051, Marshalltown, 2107
Telephone +27 11 370 5000 Telefax +27 11 688 5221
Date: 29/02/2012 09:00:02 Produced by the JSE SENS Department.
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