| Thu 31 May 2001, 0:00 | | Investec Holdings Limited - Results |
|
Investec Holdings Limited
Audited Group Results for the year ended 31 March 2001
* 22nd Year of Uninterrupted Growth
* headline Earnings 19.7%
* Headline Earnings Per Share 19.7%
* 10-Year Compound Growth in Headline EPS 33.2%
Salient Features
%
31 March 31 March Increase/
2001 2000 (decrease)
Headline earnings attributable
to ordinary shareholders
(R' millions) 558 466 19.7
Headline earnings
per share (cents) 1 368.7 1 143.0 19.7
Dividends per share (cents) 680 560 21.4
Total number of ordinary
shares in issue (millions) 40.8 40.8
Consolidated Income Statement
%
31 March *31 March Increase/
(R' Millions) 2001 2000 (decrease)
Interest received 12 120 9 006 34.6
Interest paid 10 244 7 608 34.6
Net interest income 1 876 1 398 34.2
Provision for bad and
doubtful debts 198 211 (6.2)
1 678 1 187 41.4
Other income 3 627 3 230 12.3
Total income 5 305 4 417 20.1
Operating expenses 3 476 2 864 21.4
Income before exceptional
items and taxation 1 829 1 553 17.8
Exceptional items 312 165 89.1
Income before taxation 1 517 1 388 9.3
Taxation 326 352 (7.4)
Income after taxation 1 191 1 036 15.0
Share of (loss)/income of
associated companies (86) 42 (304.8)
Operating income 70 106 (34.0)
Exceptional items (156) (64) (143.8)
Net income 1 105 1 078 2.5
Attributable to minority
shareholders 484 468 3.4
621 610 1.8
Preference dividends 24 1
Compulsorily convertible
debenture interest 247 245 0.8
Earnings attributable to
ordinary shareholders 350 364 (3.8)
Earnings per share (cents) 859.0 892.6 (3.8)
Diluted earnings
per share (cents) 859.0 892.6 (3.8)
Calculation of Headline Earnings
31 March *31 March
(R' Millions) 2001 2000
Headline earnings 558 466
Investec Group headline
adjustments (468) (229)
Minority share of exceptional
items 260 127
Attributable earnings 350 364
*Restated for changes to accounting policies noted in the Investec
announcement
Consolidated Balance Sheet
31 March *31 March
(R' Millions) 2001 2000
Assets
Cash and short-term funds 69 187 73 118
Short-term negotiable
securities 53 874 39 043
Investment and trading
securities 22 144 17 765
Other assets 6 570 7 426
Advances and other accounts 38 008 33 003
Associated companies 544 349
Fixed assets 1 320 1 067
Intangible assets 2 849 2 443
194 496 174 214
Equity and liabilities
Capital and reserves
Ordinary share capital 4 4
Compulsorily convertible
debentures 2 321 1 710
Reserves 2 574 2 594
4 899 4 308
Subordinated debt 1 945 -
Preference shares 382 -
Interest of minority
shareholders in subsidiaries 3 587 3 555
Total shareholders' funds 10 813 7 863
Liabilities
Deposits and other accounts 183 018 165 679
Taxation 304 361
Shareholders for ordinary
dividends 361 311
194 496 174 214
Acceptances, guarantees and
letters of credit 11 368 9 057
Commentary
The results of Investec Holdings Limited (Inhold) reflect the strong
performance of the company's subsidiary Investec Group Limited (Investec).
Inhold shareholders are referred to Investec's announcement for further
details regarding the Group's results.
Headline earnings attributable to ordinary shareholders increased by 19.7%
to R558 million, resulting in headline earnings per share of 1 368.7 cents.
Inhold has achieved a ten-year compound growth rate per annum in headline
earnings per share and dividends per share of 33.2% and 37.6% respectively.
In the current year, the rate of growth in Inhold's headline earnings per
share is less than that of Investec because of the effect of new gearing, to
fund convertible preference shares in Investec. This will not affect growth
in earnings per share in future years.
The directors expect Investec, and therefore Inhold, to continue achieving
strong growth in earnings and dividends.
On behalf of the board
IR Kantor
Chairman
31 May 2001
Dividend announcement
A final dividend (No. 30) of 400 cents (2000: 347.5 cents) per share making
a total of 680 cents (2000: 560 cents) for the year ended 31 March 2001 has
been declared payable to shareholders registered at the close of business on
15 June 2001. Dividend cheques will be posted on or about 27 June 2001.
The dividend is payable in the currency of the Republic of South Africa.
By order of the board
S Noik
Secretary 31 May 2001
Registered office:
100 Grayston Drive, Sandown, Sandton 2196.
Transfer secretaries:
Mercantile Registrars Limited, 8th Floor, 11 Diagonal Street, Johannesburg
2001.
Directors:
I R Kantor (Chairman), B Kardol¬ (Deputy Chairman), A I Basserabie,
GRBurger, G H Davin, HSHerman, BKantor, S Koseff,D H Mitchell, P R S
Thomas.¬ Dutch
A variety of factors, many of which are beyond Investec's control, could
cause forward looking statements expressed here to differ materially from
actual results. These factors include, but are not limited to, financial
market volatility, actions and initiatives by current and potential
competitors and the effect of future legislation or regulation.
Investec Holdings Limited
("Inhold")
(Registration Number 1985/005574/06)
