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Investec Limited - Announcement
Release Date: 20/11/2002 09:25:21 Code(s): INL
Investec Limited - Announcement
Investec Limited
(incorporating the results of Investec plc)
(Registration number 1925/002833/06)
JSE Code: INL ISIN Code: ZAE000040531
Unaudited consolidated SA GAAP financial results in Rands for the six months
ended 30 September 2002
* Headline Earnings Per Share 21.3%
* 10-Year Compound Growth in Headline EPS 28.5%
* Headline Earnings 27.5%
These results differ significantly from the results reported in UK GAAP Pound
Sterling as a consequence of the weakness of the Rand for the comparative period
and a difference in accounting conventions between UK GAAP and SA GAAP, which is
reconciled below.
Salient Features
SA GAAP 30 Sept. % 30 Sept. 31 March
2002 change 2001 2002
Headline earnings attributable 968 27.5 760 1 684
to ordinary shareholders
(R millions)
Headline earnings per share 1 004.0 21.3 827.9 1 840.4
(cents)
Dividends declared per share 395.0 5.3 375.0 825.0
(cents)
Cost to income ratio (%) 70.3 66.5 68.0
Headline return on average 24.0 22.9 24.2
tangible shareholders` funds (%)
Total capital resources 17 264 6.8 16 158 17 485
(R millions)
Total assets under 738 157 24.2 594 443 758 858
administration (R millions)
Weighted number of ordinary 96.5 91.8 91.5
shares in issue (million)
Consolidated income statements
6 months to 6 months to Year to
30 Sept. 30 Sept. 31 March
2002 2001* 2002*
SA GAAP R millions Unaudited Unaudited **
Interest received 6 788 5 923 12 587
Interest paid (5 479) (4 869) (10 261)
Net interest income 1 309 1 054 2 326
Provision for bad and doubtful (120) (110) (202)
debts
1 189 944 2 124
Other income 3 093 2 656 5 698
Total income 4 282 3 600 7 822
Operating expenses (3 093) (2 466) (5 453)
Income before exceptional 1 189 1 134 2 369
items
Exceptional items (802) (310) (1 128)
Income before taxation 387 824 1 241
Taxation (189) (223) (420)
Income after taxation 198 601 821
Share of income of associated 73 95 17
companies
Operating income 73 13 62
Exceptional items - 82 (45)
Net income 271 696 838
Earnings attributable to (8) (10) (22)
minority shareholders
263 686 816
Compulsorily convertible (151) (153) (305)
debenture interest
Earnings attributable to 112 533 511
ordinary shareholders
Earnings per share (cents) 116.6 607.8 684.2
Headline earnings per share 1 004.0 827.9 1 840.4
(cents)
Diluted earnings per share 116.6 588.4 669.2
(cents)
Dividends paid per share 450.0 440.0 815.0
(cents)
Calculation of headline earnings
6 months to 6 months to Year to
30 Sept. 30 Sept. 31 March
2002 2001* 2002*
SA GAAP R millions Unaudited Unaudited **
Earnings attributable to 112 533 511
ordinary shareholders
Amortisation of goodwill 744 310 862
Goodwill impairment - - 512
Loss on disposal of 112 - 21
subsidiaries and fixed assets
Profit on disposal of non- - - (267)
trading loans
Discount on acquisition - (1) -
Share of associates` - (82) 45
exceptional items
Headline earnings attributable 968 760 1 684
to ordinary shareholders
Statement of changes in shareholders` funds
6 months to 6 months to Year to
30 Sept. 30 Sept. 31 March
2002 2001* 2002*
SA GAAP R millions Unaudited Unaudited **
Balance at the beginning of 14 699 9 379 9 379
year
- as previously reported 9 028 9 028
- prior year adjustment 351 351
Net issue of shares and 616 3 771 4 339
debentures
Own shares acquired (83) (644) (1 584)
Earnings attributable to 112 533 511
ordinary shareholders
Dividends paid (415) (356) (791)
Movement in foreign currency (443) 1 307 3 096
translation reserves
Movement in investment (5) (121) (251)
revaluation reserves
14 481 13 869 14 699
Consolidated balance sheets
6 months to 6 months to Year to
30 Sept. 30 Sept. 31 March
2002 2001* 2002*
SA GAAP R millions Unaudited Unaudited **
Assets
Cash and short-term funds 138 882 80 541 111 224
Short-term negotiable 60 008 56 970 64 738
securities
Investment and trading 14 143 14 261 17 917
securities
Other assets 7 929 6 196 8 060
Advances 54 497 42 671 54 413
Associated companies 539 43 503
Property and equipment 2 549 1 451 2 499
Goodwill 6 097 6 812 6 954
Long-term assurance assets 1 729 2 161 960
attributable to the
shareholder
286 373 211 106 267 268
Long-term assurance assets 33 403 40 037 38 042
attributable to policyholders
319 776 251 143 305 310
Equity and Liabilities
Capital and Reserves
Ordinary share capital 2 58 58
Compulsorily convertible 659 2 317 2 317
debentures
Convertible preference shares - 385 385
Reserves 13 820 11 109 11 939
14 481 13 869 14 699
Interest of minority 538 344 541
shareholders in subsidiaries
Total shareholders` funds 15 019 14 213 15 240
Subordinated debt 2 245 1 945 2 245
17 264 16 158 17 485
Liabilities
Deposits and other accounts 268 533 194 394 249 270
Taxation 576 554 513
286 373 211 106 267 268
Long-term assurance 33 403 40 037 38 042
liabilities attributable to
policyholders
319 776 251 143 305 310
Abridged cash flow statement
6 months to 6 months to Year to
30 Sept. 30 Sept. 31 March
2002 2001* 2002*
SA GAAP R millions Unaudited Unaudited **
Cash retained/(utilised) from 27 125 (5 307) 26 053
operating activities
Cash generated from/(utilised 48 (723) (1 649)
in) investing activities
Cash (outflows)/inflows from 633 (644) (395)
financing activities
Net increase/(decrease) in 27 806 (6 674) 24 009
cash and short-term funds
Cash and short-term funds at 111 224 69 176 69 176
beginning of period
Effect of exchange rate on (148) 18 039 18 039
opening balance
Cash and short-term funds at 138 882 80 541 111 224
end of period
* Restated for changes in accounting policies and disclosures
** The audited figures as reported at 31 March 2002, restated for changes to
accounting policies and disclosures
Notes
The financial policies applied in the preparation of the interim financial
report on this page are consistent with those applied in the annual financial
statements for the year ended 31 March 2002, except as note below. The interim
financial report has been prepared in accordance with South African Statements
of Generally Accepted Accounting Practice.
Translation of goodwill
Refer to group commentary for further information.
Presentation of variable component of employees` compensation
The variable component of employees` compensation has previously been deducted
from total income, as these related to contractual obligations directly related
to income generation. In order to more fully reflect the total employee costs,
the variable component of employee costs has now been included in personnel
expenses. Prior year comparatives have been restated.
Reconciliation of the principle differences between SA GAAP and UK GAAP
6 months to 6 months to
30 Sept. 30 Sept.
`000 2002 2001
Headline earnings under SA GAAP 63 109 62 431
UK GAAP adjustments:
Acquisition accounting (1 638) (17 235)
Employee share option plans 1 210 3 094
Investment properties (4 528) (7 434)
Embedded value earnings (15 251) 4 642
Other adjustments 965 (2 600)
Headline earnings under UK GAAP 43 867 42 898
The exchange rate used in the above reconciliation was based on the actual rates
ruling on the date of the transactions.
Geographic and business analysis of income before exceptional items - For the
six months ended 30 September 2002
Southern UK,
Africa & Europe & Total
SA GAAP R millions other Australia Israel USA Group
Investment banking 32 (20) 21 (72) (39)
Treasury and 321 (31) 1 - 291
specialised finance
Private client 97 206 17 - 320
activities
Asset management 648 22 1 - 671
- Asset management 136 22 1 - 159
- Assurance activities 512 - - - 512
Group services & other (140) 115 (1) (28) (54)
activities
Income before 958 292 39 (100) 1 189
exceptional items
Geographic and business analysis of income before exceptional items - For the
six months ended 30 September 2001
Southern UK,
Africa & Europe & Total
SA GAAP R millions other Australia Israel USA Group
Investment banking 142 169 19 (4) 326
Treasury and specialised 298 54 1 - 353
finance
Private client 77 118 12 3 210
activities
Asset management 244 8 1 - 253
- Asset management 134 8 1 - 143
- Assurance activities 110 - - - 110
Group services and other (39) 3 - 28 (8)
activities
Income before 722 352 33 27 1 134
exceptional items
The auditors have issued a review opinion on the restatements to the 31 March
2002 audited results. This report is available for inspection at the registered
office of Investec Limited.
Date: 20/11/2002 09:24:43 AM Produced by the JSE SENS Department
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