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Investec Holdings Limited
Unaudited Group Results for the six months ended 30 September 2001
* 23rd Year of Uninterrupted Growth
* Headline Earnings up 10.2%
* Headline Earnings Per Share up 10.8%
* 10-Year Compound Growth in Headline EPS 32.5%
Salient Features
Year to
30 Sept. % 30 Sept. 31 March
2001 Increase 2000 2001
Headline earnings attributable to
ordinary shareholders (R' millions) 281 10.2 255 558
Headline earnings per share (cents) 693.0 10.8 625.5 1 368.7
Dividend per share (cents) 340.0 21.4 280.0 680
Total number of ordinary shares
in issue (millions) 37.0 40.8 40.8
Consolidated Income Statement
6 months to 6 months to Year to
30 Sept. % 30 Sept. 31 March
(R' Millions) 2001 Increase 2000* 2001*
Interest received 5 870 6.9 5 492 12 120
Interest paid 4 868 2.1 4 767 10 244
1 002 38.2 725 1 876
Provision for bad and
doubtful debts 110 (0.9) 111 198
Net interest income 892 45.3 614 1 678
Other income 2 370 28.5 1 844 3 627
Total income 3 262 32.7 2 458 5 305
Operating expenses 2 127 32.6 1 604 3 476
Exceptional items 284 113.5 133 312
Income before taxation 851 18.0 721 1 517
Taxation 223 19.9 186 326
Income after taxation 628 17.4 535 1 191
Share of income of
associated companies 95 269.6 (56) (86)
Operating income 13 (70.5) 44 70
Exceptional items 82 182.0 (100) (156)
Net income 723 50.9 479 1 105
Attributable to minority
shareholders 348 70.6 204 483
375 36.4 275 622
Preference dividend 13 - 24
Debenture interest 153 24.4 123 247
Earnings attributable to
ordinary shareholders 209 37.5 152 351
Earnings per share (cents) 515.7 38.5 372.3 860.9
Diluted earnings per share
(cents) 515.7 38.5 372.3 860.9
Calculation of Headline Earnings
6 months to 6 months to Year to
30 Sept. 30 Sept. 31 March
(R' Millions) 2001 2000* 2001*
Headline earnings 281 255 559
Exceptional items (202) (233) (468)
Minority share of
exceptional items 130 130 260
Attributable earnings 209 152 351
Consolidated Balance Sheet
30 Sept. 30 Sept. 31 March
(R' Millions) 2001 2000* 2001*
Assets
Cash and short-term funds 80 541 79 446 69 196
Short-term negotiable securities 56 970 54 394 53 874
Investment and trading securities 14 261 11 133 9 968
Other assets 6 218 6 727 6 255
Advances 42 679 33 525 38 062
Associated companies 43 299 544
Fixed assets 1 451 1 198 1 320
Goodwill 5 883 2 364 2 849
Long term assurance assets 42 198 12 710 12 682
250 244 201 796 194 750
Equity and liabilities
Capital and reserves
Ordinary share capital 2 4 4
Compulsorily convertible debentures 2 317 1 710 2 321
Reserves 3 467 2 695 2 738
5 786 4 409 5 063
Interest of minority shareholders
in subsidiaries 7 035 3 700 3 784
Total shareholders' funds 12 821 8 109 8 847
Subordinated debt 1 945 1 000 1 945
Redeemable preference shares 382 382 382
Total capital resources 15 148 9 491 11 174
Liabilities
Deposits and other accounts 194 499 179 132 170 390
Taxation 560 463 504
Long term assurance liabilities 40 037 12 710 12 682
250 244 201 796 194 750
*Restated for changes to accounting policies and disclosures
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.
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 10.2%
to R281 million, resulting in headline earnings per share of 693.0 cents.
Inhold has achieved a ten-year compound growth rate per annum in headline
earnings per share and dividends per share of 32.5% and 39.6% respectively.
In the current period, the rate of growth in Inhold's headline earnings per
share is less than that of Investec because of the effect of gearing to fund
convertible preference shares in Investec during the latter half of the 2001
financial year. The effect of this gearing will be positive on earnings
growth after March 2002, provided Investec's headline earnings growth
exceeds the growth in the financing costs of the preference shares.
During the period under review Inhold repurchased and cancelled 3 754 500 of
its own shares for a consideration of R607 million.
The directors expect Investec, and therefore Inhold, to continue achieving
growth in earnings and dividends.
On behalf of the board
IR Kantor
Chairman
23 November 2001
Dividend announcement
It is the company's policy to pay an interim dividend of 50% of the previous
year's total dividend.
An interim dividend (No. 31) of 340.0 cents (2000 - 280.0 cents) per
ordinary share has been declared in respect of the six months ended 30
September 2001.
The dividend is payable to shareholders registered in the books of the
company at the close of business on 14 December 2001 (the record date). The
last day to trade cum dividend will be 7 December 2001 and trading will
commence ex dividend on 10 December 2001. The dividend will be paid on 18
December 2001.
Share certificates may not be dematerialised or rematerialised between 3
December 2001 and 14 December 2001, both dates inclusive.
By order of the board
S Noik
Secretary 23 November 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), GR Burger, G H Davin,
HS Herman, B Kantor, S Koseff, P R S Thomas.
¬ Dutch
Investec Holdings Limited
("Inhold")
(Registration Number 1985/005574/06)
JSE Code: INH ISIN Code: ZAE000003562
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