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Investec Holdings Limited
("Inhold")
(Registration Number 1985/005574/06)
JSE Code: INH
ISIN: ZAE000003562
Audited Group Results for the year ended 31 March 2002
- 23rd Year of Uninterrupted Growth
- Headline Earnings 8.9%
- Headline Earnings Per Share 15.0%
- 10-Year Compound Growth in Headline EPS 31.3%
Salient Features
31 March 31 March %
2002 2001 Increase
Headline earnings attributable
to ordinary
shareholders (R' millions) 609 559 8.9
Headline earnings per share 1 574.3 1 368.7 15.0
(cents)
Dividends declared per share 750 680 10.3
(cents)
Weighted average number of
ordinary shares
in issue (millions) 38.7 40.8
Consolidated Income Statement
31 March 31 March %
(R' Millions) 2002 2001* Increase
Interest received 12 437 12 120 2.6
Interest paid 10 290 10 268 0.2
2 147 1 852 15.9
Provision for bad and doubtful 202 198 2.0
debts
Net interest income 1 945 1 654 17.6
Other income 5 279 3 627 45.6
Total income 7 224 5 281 36.8
Operating expenses 4 885 3 476 40.5
Exceptional items 1 013 312 224.7
Income before taxation 1 326 1 493 (11.2)
Taxation 422 326 29.5
Income after taxation 904 1 167 (22.5)
Share of income/(loss) of
associated companies 17 (86) 119.8
Operating income 62 70
Exceptional items (45) (156)
Net income 921 1 081 (14.8)
Attributable to minority 404 483 (16.4)
shareholders
517 598
Debenture interest 305 247 23.5
Earnings attributable to
ordinary shareholders 212 351 (39.6)
Headline earnings per share 1 574.3 1 368.7 15.0
(cents)
Earnings per share (cents) 548.4 860.9 (36.3)
Diluted earnings per share 548.4 860.9 (36.3)
(cents)
Dividends per share (cents) per 740.0 627.5 17.9
AC104
Calculation of Headline Earnings
31 March 31 March
(R' Millions) 2002 2001*
Headline earnings 609 559
Exceptional items (1 058) (468)
Minority share of exceptional 661 260
items
Attributable earnings 212 351
Statement of Changes in Shareholder's Equity
31 March 31 March
(R' Millions) 2002 2001*
Balance at beginning of period 5 063 4 449
Net issue of shares and debentures (4) 611
Repurchase of own shares (607) -
Change in shareholding in subsidiary 995 -
Earnings attributable to ordinary 212 351
shareholders
Dividends paid (289) (255)
Movement in other reserves 571 (93)
Balance at end of period 5 941 5 063
Consolidated Balance Sheet
31 March 31 March
(R' Millions) 2002 2001*
Assets
Cash and short term funds 111 224 69 176
Short term negotiable securities 64 738 53 874
Investment and trading securities 17 917 9 968
Other assets 9 020 6 255
Advances 54 345 38 008
Associated companies 503 544
Fixed assets 2 499 1 320
Goodwill 5 485 2 849
Long-term assurance assets 38 042 12 702
attributable to policyholders
303 773 194 696
Equity and liabilities
Capital and reserves
Ordinary share capital 2 4
Compulsorily convertible debentures 2 317 2 321
Reserves 3 622 2 738
5 941 5 063
Interest of minority shareholders in 7 343 3 784
subsidiaries
Total shareholders' funds 13 284 8 847
Subordinated debt 2 245 1 945
Redeemable preference shares 382 382
Total capital resources 15 911 11 174
Liabilities
Deposits and other accounts 249 302 170 316
Taxation 518 504
Long-term assurance liabilities 38 042 12 702
attributable to policyholders
303 773 194 696
Acceptances, guarantees and letters of 13 226 11 368
credit
Abridged Cash Flow Statement
31 March 31 March
(R' Millions) 2002 2001*
Cash retained/(utilised) from
operating activities 25 965 (6 854)
Cash utilised in investing (1 649) (1 423)
activities
Cash flows from financing (307) 2 971
activities
Net increase/(decrease) in cash
and short term funds 24 009 (5 306)
Cash and short term funds at
beginning of period 69 176 73 118
Effect of exchange rates in 18 039 1 364
opening
balance of cash and short term
funds
Cash and short term funds
at end of period 111 224 69 176
*Restated for changes to accounting policies and disclosures
Commentary
This report has been prepared in compliance with South African Statements of
Generally Accepted Accounting Practice. Accounting policies are consistent
with those of the previous year, except where indicated otherwise.
The results of Investec Holdings Limited ("Inhold") reflect the 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.
During the year under review Inhold repurchased and cancelled 3 754 500 of
its own shares for a consideration of R607 million.
On 22 November 2001, Investec announced that it would pursue a listing on
the London Stock Exchange ("LSE") and JSE Securities Exchange South Africa
("JSE") using a Dual Listed Companies Structure.
Consequently the Inhold pyramid structure will no longer be appropriate due
to the changed circumstances and it is therefore intended that Inhold will
unbundle its assets and delist from the JSE.
A detailed announcement will be made in due course.
On behalf of the board
I R Kantor
Chairman
23 May 2002
Dividend announcement
A final dividend (No. 32) of 410.0 cents (2001 - 400.0 cents) per ordinary
share has been declared in respect of the year ended 31 March 2002.
The last day to trade cum dividend will be Friday 7 June 2002. The shares
will commence trading ex dividend on Monday 10 June 2002. The record date
will be Friday 14 June 2002. Payment will be made on Tuesday 18 June 2002.
Share certificates may not be dematerialised or rematerialised between
Monday 3 June and Friday 14 June 2002, both dates inclusive.
By order of the board
S Noik
Secretary 23 May 2002
Registered office:
100 Grayston Drive, Sandown, Sandton 2196.
Transfer secretaries:
Computershare Investor Services Limited, 8th Floor,
11 Diagonal Street, Johannesburg 2001.
Directors:
I R Kantor (Chairman), B Kardol^ (Deputy Chairman), G R Burger, G H Davin,
H S Herman, B Kantor, S Koseff, P R S Thomas.
^ Dutch
Certain statements contained in this announcement constitute "forward-
looking statements". These statements, which contain the words
"anticipate", "believe", "intend", "estimate", "expect" and words of similar
meaning, reflect the Director's beliefs and expectations and are subject to
risks and uncertainties that may cause actual results to differ materially.
As a result, readers are cautioned not to place undue reliance on such
forward-looking statements. The Company disclaims any obligation to update
its view of such risks and uncertainties or to publicly announce the result
of any revisions to the forward-looking statements made herein, except where
it would be required to do so under applicable law.
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