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Firstrand Limited - Unaudited Interim Results
Release Date: 03/03/2003 07:46:57 Code(s): FSR
FirstRand Limited - Unaudited interim results
FirstRand Limited
Share code : FSR
ISIN : ZAE000014973
Financial Imagineering
Delivering on our promises
Unaudited interim results
For the six months ended 31 December 2002
www.firstrand.co.za
Group at a glance
The FirstRand Group comprises a number of independent operating divisions. These
divisions are grouped and managed on a cluster basis which ensures appropriate
collaboration between divisions operating in the same market segment.
Central to the FirstRand strategy is the image and reputation of its operating
divisions and their respective brands.
The FirstRand mission statement is to passionately build and nurture the most
compelling range of financial service brands in the business.
The divisions, their brands and the clusters to which they belong are presented
below:
Retail cluster
First National
First National Bank retail banking division incorporates the branch network and
all basic and transactional banking product offerings to the consumer market.
FNB HomeLoans is the primary mortgage lending operation in the retail consumer
market.
WesBank
WesBank is a full service provider of instalment credit finance to the retail
and corporate market.
eBucks.com
e-Bucks.com is the internet banking operation incorporating full retail internet
banking functionality and the Banking Group`s customer appreciation programme.
Outsurance and First Link
OUTsurance offers direct short-term insurance products. FirstLink offers
insurance broking services to retail and medium corporate clients.
First National Bank of Namibia
First National Bank of Botswana
First National Bank of Swaziland
First National Bank of Namibia, Botswana and Swaziland comprise the Banking
Group`s regional offering. They provide a broad range of retail and medium
corporate transactional and lending banking products to their regional client
bases.
Wealth Cluster
Ansbacher
Ansbacher (South Africa) provides a holistic wealth management offering to high
net worth individuals, focused on personalised banking, advisory and portfolio
management services.
Origin
Origin, the merchant bank for individuals, is focused on the provision of
differentiated banking and investment products to the mass affluent market.
Momentum
Momentum Life develops and markets investment and risk products that create and
preserve wealth in the middle to upper-income market.
Momentum
Momentum MultiManagers is a multi-management asset management business servicing
institutional and retail clients in South Africa and internationally.
Ansbacher
Ansbacher (United Kingdom) offers personalised holistic global wealth management
to high net worth individuals in international markets.
Corporate cluster
Rand Merchant Bank
Rand Merchant Bank, the Banking Group`s investment banking operation, provides a
broad range of corporate finance, treasury, structured finance and private
equity services to predominantly large corporates, government and parastatals.
FNB Corporate
FNB Corporate provides a broad range of transactional, lending and basic banking
products to the mid and large corporate markets, government and parastatals.
Banking Group Treasury
The centralised treasury is responsible for the liquidity, funding and interest
rate management of the Banking Group.
First Rand Asset Management
FirstRand Asset Management is a global asset management group offering a
complete range of domestic and international products to institutional and
retail clients.
Momentum Employee Benefits
Momentum Employee Benefits offers insurance benefits, consulting,
administration, risk and investment solutions to the corporate and union market.
Health cluster
Discovery
Discovery focuses on making people healthier and protecting and enhancing their
lifestyles. Discovery`s products relate to healthcare funding and life assurance
and are all underpinned by the Vitality wellness programme.
Central Cluster
MOMENTUM SHAREHOLDER ASSETS
Represents the interest, dividends and net rentals earned on Momentum Group`s
shareholders` assets.
BANKING GROUP CAPITAL CENTRE
The Capital Centre owns and manages the Banking Group`s capital base.
FirstBank
Financial Imagineering
1966/010753/06 Share code: FSR ISIN code: ZAE 000014973 ("FSR")
Introduction
This report covers the consolidated financial results of FirstRand Limited
(FirstRand) and its wholly-owned subsidiaries, FirstRand Bank Holdings Limited
(the Banking Group) and Momentum Group Limited (the Insurance Group).
Comprehensive reports relating to these subsidiaries are included in this
circular and should be read in conjunction with this report.
Salient features
Pre AC133 Post
AC133
Core operational headline earnings +23,6% +26,7%
Headline earnings -23,8% -19,3%
Dividend per share +22,2% +22,2%
Total assets under management
and administration R480bn R482bn
This circular is available on our
website at: www.firstrand.co.za
E-mail questions to:
asktheCFO@firstrand.co.za
Statement of headline earnings and dividends
Unaudited six months ended
31 December
Pro forma1 Pro forma1
R million 2002 2001 % change
Banking Group 1 498 2 134 (29,8)
Core operations 1 860 1 420 31,0
Foreign currency (362) 714 >(100)
translation
(losses)/gains
Insurance Group 523 501 4,4
FirstRand Limited (18) (7) >(100)
Headline earnings 2 003 2 628 (23,8)
Add/(less): Foreign
currency translation
(losses)/gains 362 (714) >(100)
Core operational 2 365 1 914 23,6
headline earnings
Dividends declared (Rm) 898 735 22,2
Return on average equity
(based on core
operational
headline earnings) (%) 26,0 25,3
Return on average equity
(based on headline 20,5 32,0
earnings) (%)
Number of shares in 5 445 5 445
issue (million)
Core operational
headline
earnings per share 43,4 35,1 23,6
(cents)
Headline earnings per 36,8 48,3 (23,8)
share (cents)
Earnings per share 33,4 47,9 (30,2)
(cents)
Dividend per share
(cents)
Interim 16,5 13,5 22,2
Final n/a n/a -
Total 16,5 13,50 22,2
Audited
Unaudited six months ended Year
31 December ended
Actual2 Actual 30 June
2002 2001 % change 2002
1 731 2 260 (23,4) 4 040
2 093 1 546 35,4 3 492
(362) 714 >(100) 548
510 501 1,8 1 038
(18) (7) >(100) (61)
2 223 2 754 (19,3) 5 017
362 (714) >(100) (548)
2 585 2 040 26,7 4 469
898 735 22,2 1 552
27,4 25,1 25,4
22,0 31,3 26,9
5 445 5 445 5 445
47,5 37,5 26,7 82,1
40,8 50,6 (19,3) 92,1
37,4 50,2 (25,4) 88,2
16,5 13,5 22 13,5
n/a n/a - 15,0
16,5 13,50 22 28,5
Notes
1. The pro forma columns exclude the effect of AC133.
2. The actual column for 2002 includes the effect of AC133.
Headline earnings reconciliation
for the six months ended 31 December 2002
Unaudited six months ended
31 December
Pro forma1 Pro forma1
R million 2002 2001 % change
Attributable earnings
Banking Group 1 494 2 131 (29,9)
Insurance Group 340 480 (29,2)
Goodwill amortised - 3 3 -
intergroup
1 837 2 614 (29,7)
FirstRand Limited (18) (7) >(100)
Earnings attributable to
ordinary shareholders 1 819 2 607 (30,2)
Add: Goodwill amortised 18 19
Add: Goodwill impaired 166 -
Add: Loss on disposal of - 2
assets
Less: Profit on sale of - -
subsidiary
Less: Abnormal profit on
release
of reserves - -
Headline earnings 2 003 2 628 (23,8)
Audited
Unaudited six months ended Year
31 December ended
Actual2 Actual 30 June
2002 2001 % change 2002
1 727 2 257 (23,5) 4 036
327 480 (31,9) 825
3 3 - 5
2 057 2 740 (24,9) 4 866
(18) (7) >(100) (61)
2 039 2 733 (25,4) 4 805
18 19 58
166 - 210
- 2 4
- - (32)
- - (28)
2 223 2 754 (19,3) 5 017
Balance sheet
Unaudited at 31 December
Pro forma1 Pro forma1
R million 2002 2001
ASSETS
Banking operations 248 163 216 190
Cash and short-term funds 21 366 14 371
Investment securities and other 43 466 52 761
investments
Financial instruments held for - -
trading
Investment securities - -
Held-to-maturity - -
Available for sale - -
Advances 181 187 149 058
Originated - -
Held to maturity - -
Available for sale - -
Trading - -
Non-recourse investments 2 144 -
Insurance operations 77 094 79 158
Funds on deposit 13 988 8 031
Government and public authority 11 650 9 095
stocks
Debentures and other loans 12 765 8 384
Policy loans 578 549
Equity investments 35 187 50 106
Property investments 2 926 2 993
Current assets 13 947 9 123
Loans 1 214 1 108
Investments in associated 2 251 1 150
companies
Derivative instruments 37 925 53 235
Deferred taxation asset 1 070 265
Intangible assets 672 1 350
Property and equipment 3 998 3 992
Total assets 386 334 365 571
LIABILITIES AND SHAREHOLDERS`
EQUITY
Deposits and current accounts 202 984 170 658
Non-recourse deposits 2 144 -
Current liabilities 23 191 19 665
Taxation 568 284
Derivative instruments 35 928 59 398
Short trading positions 17 688 13 078
Deferred taxation liability 2 045 1 657
Post-retirement medical liability 1 260 1 195
Long-term liabilities 4 487 3 911
Policyholder liabilities 73 627 75 960
Policyholder liabilities under 73 627 75 960
insurance contracts
Policyholder liabilities under - -
investment contracts
Total liabilities 363 922 345 806
Outside shareholders` interests 1 283 1 289
Shareholders` funds
Share capital and share premium 9 700 9 595
Reserves 11 429 8 881
Total liabilities and 386 334 365 571
shareholders` equity
Audited
Unaudited at 31 December at
Actual2 Actual 30 June
2002 2001 2002
249 664 217 800 248 403
21 491 14 371 24 784
43 471 52 761 44 654
25 715 - -
17 756 - -
5 469 - -
12 287 - -
182 558 150 668 177 227
147 048 - -
9 859 - -
7 111 - -
18 540 - -
2 144 - 1 738
77 043 79 158 76 461
13 988 8 031 13 334
11 650 9 095 9 868
12 714 8 384 9 675
578 549 580
35 187 50 106 40 100
2 926 2 993 2 904
13 940 9 123 10 523
1 214 1 108 1 150
2 251 1 150 1 736
38 333 53 235 32 342
938 265 1 264
672 1 350 942
3 998 3 992 4 045
388 053 367 181 376 866
202 903 170 658 201 404
2 144 - 1 738
23 384 19 665 14 716
568 284 508
36 910 59 398 37 215
17 688 13 078 16 799
2 045 2 041 2 794
1 260 1 195 1 211
4 487 3 911 4 229
73 469 75 960 73 273
38 095 75 960 73 273
35 374 - -
364 858 346 190 353 887
1 272 1 289 1 112
9 700 9 595 9 585
12 223 10 107 12 282
388 053 367 181 376 866
Notes
1. The pro forma columns exclude the effect of AC133.
2. The actual column for 2002 includes the effect of AC133.
Summarised cash flow statement
for the six months ended 31 December 2002
Audited
Year
Unaudited at 30 ended
December
2002 2001 30 June
R million (Unaudited) (Unaudited) 2002
Cash flows from
operating activities
Cash generated by 8 262 8 235 15 401
operations
Working capital (1 886) 4 364 (3 218)
changes
Cash inflow from 6 376 12 599 12 183
operations
Taxation paid (906) (974) (1 412)
Dividends paid (817) (681) (1 416)
Net cash inflow from 4 653 10 944 9 355
operating activities
Net cash (7 717) (4 742) 4 057
(outflow)/inflow from
investment activities
Net cash inflow from 425 243 481
financing activities
Net (decrease)/increase (2 639) 6 445 13 893
in cash and cash
equivalents
Cash and cash 38 118 15 957 16 294
equivalents at beginning
of period
Cash and cash - - 7 931
equivalents acquired
Cash and cash 35 479 22 402 38 118
equivalents at end of
period
Statement of changes in equity
for the six months ended 31 December 2002
Share Share Retained
R million capital premium earnings
Balance as at 1 July 2002
As previously stated 56 9 529 9 590
Adoption of AC133 - - (328)
Release of general risk - - 1 181
provision
Transfer to general risk reserve - - (1 181)
Restated balance as at 1 July 56 9 529 9 262
2002
Issue of preference shares - 115 -
Currency translation differences - - -
Revaluation of investment assets - - -
AC133 adjustments - - -
Movement in other reserves - - -
Transfer to general risk - - (123)
reserves
Transfer to non-distributable - - (2)
reserves
Earnings attributable to - - 2 039
shareholders
Dividends paid - - (817)
Balance as at 31 December 2002 56 9 644 10 359
Balance as at 31 December 2001
As previously stated 56 9 539 8 919
Restatement of investment - - -
reserve
AC116 adjustment - - (1 388)
Release of general risk - - 1 226
provision
Transfer to general risk reserve - - (1 226)
Restated balance as at
31 December 2001 56 9 539 7 531
Non- General Total
distributable AC133 risk shareholders`
reserves reserve reserve funds
1 132 - - 20 307
- (425) - (753)
- - - 1 181
- - 1 181 -
1 132 (425) 1 181 20 735
- - - 115
(425) - - (425)
(6) - - (6)
- 280 - 280
2 - - 2
- - 123 -
2 - - -
- - - 2 039
- - - (817)
705 (145) 1 304 21 923
1 645 - - 20 159
(295) - - (295)
- - - (1 388)
- - - 1 226
- - 1 226 -
1 350 - 1 226 19 702
Assets under management and administration
as at
Unaudited 31 December
Pro forma Pro forma
R million 2002 2001
Holding Company 1 222 1 112
Banking Group 294 691 274 125
Insurance Group 184 282 208 954
On-balance sheet 90 421 90 334
Off-balance sheet assets managed
and administered
on behalf of clients 93 861 118 620
Total 480 195 484 191
Unaudited 31 December Audited
Actual Actual 30 June
2002 2001 2002
1 222 1 112 1 158
296 461 275 735 283 840
184 231 208 954 190 196
90 370 90 334 91 868
93 861 118 620 98 328
481 914 485 801 475 194
Sources of profit
for the six months ended 31 December
R million 2002 % 2001 %
Retail Cluster 1 197 50,6 928 48,4
Retail banking 753 31,8 536 27,9
Instalment finance 238 10,1 230 12,0
African subsidiaries 165 7,0 143 7,5
Short-term insurance 41 1,7 19 1,0
Corporate Cluster 593 25,1 602 31,5
Investment banking 272 11,5 216 11,3
Corporate banking 174 7,4 193 10,1
Asset management 86 3,6 134 7,0
Employee benefits 61 2,6 59 3,1
Wealth Cluster 156 6,6 210 11,0
Individual insurance 198 8,3 161 8,4
business
Private banking - domestic 14 0,6 3 0,2
First National Trust 9 0,4 11 0,6
Ansbacher (UK) (65) (2,7) 35 1,8
Health Cluster
Discovery Holdings 57 2,4 55 2,9
Capital 362 15,3 119 6,2
Capital centre - Banking 259 11,0 29 1,5
Group
Investment income on 121 5,1 97 5,1
shareholders` portfolio
FirstRand Limited (18) (0,8) (7) (0,4)
Core operational headline 2 365 100,0 1 914 100,0
earnings (pre-AC133)
Notes
1. Core operational headline earnings exclude foreign currency translation
losses and gains.
2. Taxation relating to the Banking Group has been allocated across the bank`s
operating divisions on a pro rata basis.
Commentary
Presentation
FirstRand is the first major financial services group in South Africa to present
its financial results in accordance with the requirements of AC133 "Financial
Instruments: Recognition and Measurement". This standard introduces the concept
of fair value accounting and is a prospective standard.
The application of AC133 is expected to result in a considerable amount of
debate following the release of this set of results.
In the Insurance Group, the implementation of AC133 has necessitated the
classification of policyholder contracts between insurance contracts and
investment contracts. Insurance contracts continue to be valued and disclosed in
terms of the Financial Soundness Valuation (FSV) basis. Investment contracts are
accounted for at fair value. The net effect of the implementation of AC133 on
earnings is not material. In the Banking Group, the implementation of AC133 has
a material impact on headline earnings and net asset value per share.
Accordingly, these financial results are shown both before and after the
implementation of AC133 to facilitate a meaningful interpretation of the results
for the six months to 31 December 2002.
A detailed analysis of the changes arising from AC133 is set out in the
commentaries of the Banking and Insurance Groups, and in the statement of
changes in equity.
The change in accounting practice resulting from AC133 is likely to lead to
increased volatility in reported earnings in the future and will place a greater
emphasis over the longer term on growth in net asset values.
Operating Environment
The operating environment has been one of continuing high interest rates, a
strengthening of the rand relative to other major currencies and very poor
investment markets both locally and internationally. The changes in the tax
environment have been a challenge, while internationally the threat of war in
the Middle East continues to be of global concern.
Earnings and Dividends
Headline earnings for the period to 31 December 2002 of R2 223 million (47,5
cents per share) prepared in accordance with AC133, represents a decrease of 19%
on the corresponding period for the prior year.
To ensure a meaningful comparison the following commentary is in respect of the
financial results before adjustments caused by the implementation of AC133. The
dividend proposals and cover are based on core operational headline earnings
excluding the impact on any translation gains or losses.
Total headline earnings of R2 003 million (36,8 cents per share) which include
an exceptional translation loss represent a decrease of 24% over the prior
period. The translation loss is the result of a significant strengthening of the
rand during the period under review. This decrease in headline earnings should
be compared with an increase of 59,0% in headline earnings in the six months to
December 2001 when there was a significant decline in the value of the rand.
Since 31 December 2002, there has been a further strengthening of the rand
relative to other major currencies.
Core operational headline earnings, excluding the exceptional translation loss
of R362 million (2001: R714 million gain), increased by a pleasing 24% to R2 365
million (43,4 cents per share) compared to R1 914 million (35,2 cents per share)
in the corresponding period of the previous year.
An interim dividend of R898,5 million (16,5 cents per share) has been declared
representing an increase of 22,0% on the interim dividend of the previous year.
Dividend cover, based on core operational earnings has been retained at 2,6
times. The dividend is sourced 24,0% from the Insurance Group (2001: 45,0%) and
76,0% (2001: 55,0%) from the Banking Group.
The calculation of return on equity is affected by the translation losses and
gains. Excluding these the annualised return on average equity was 25,9% (2001:
25,3%). If the translation gains and losses are included the return is 20,5%
(2001: 32,0%). For the purposes of calculating the return on equity, preference
shares relating to the Outperformance scheme are ignored as there was no
dilutory effect at 31 December 2002.
Total assets under management declined marginally to R480 billion, reflecting
the impact of the translation losses referred to above and the state of local
and international stock markets.
Review of Operations
A review of the results of the Group`s operating divisions is dealt with in
detail in each of the reports of the Insurance and Banking Groups. This
excellent set of results reflects the benefits of a diverse and resilient
earnings base and the benefits of sustained focus in our core businesses.
In summary the Retail Banking Cluster reflected growth of 26,0% over the
corresponding period. This impressive increase is due to scale benefits achieved
as a result of excellent organic growth as well as growth resulting from the
acquisition of the Saambou and NBS books. The endowment effect on the larger
retail deposit book coupled with the higher interest rate environment also
impacted favourably on results. The African Subsidiaries have continued to
perform well. OUTsurance doubled earnings as a result of organic growth and
acquisitions made.
Results of the Corporate Cluster were negatively impacted by lower earnings in
Asset Management and an increase in the bad debts provisions of FNB Corporate.
These negatives were offset by good growth in the after-tax profits in the
Investment Banking Division.
In the Wealth Cluster, Momentum Life produced excellent results while enjoying
good gains in respect of recurring premium new business. There was also very
pleasing progress made in Private Banking. Ansbacher`s international operations
were negatively affected by once-off losses in Treasury activities and reduced
business volumes from the Caribbean region.
Earnings from the Health Cluster were marginally positive after taking account
of the write-off of costs incurred in developing Discovery`s American
operations. Discovery`s domestic operations showed an excellent increase in
headline earnings of 30% following strong new business growth and a further
improvement in operating efficiencies.
The Capital Centre has shown good gains which result largely from the endowment
effect of the higher interest rate environment, the growth in capital and
satisfactory returns from the shareholder portfolio within the Insurance Group.
The period to December 2001 included provisions on the converted debt to equity
of McCarthy and Relyant. Similar provisions were not required during the period
under review.
Group Capital
The Group`s capital adequacy ratios are satisfactory and are capable of meeting
the anticipated volatility in earnings resulting from AC133 and the proposed
changes to the method in which capital adequacy reserves are calculated in life
companies. The capital demands of the Health Cluster, which are driven by new
business in Discovery Life and the start-up costs of Destiny Health, are
currently being evaluated.
Accounting Policies
The accounting policies of the Group comply in all material respects with
Statements of South African GAAP and the Companies Act of 1973. These accounting
policies are consistent with those applied during the year to 30 June 2002 with
the exception of the introduction of AC133.
Contingent Liabilities
The Group is party to legal proceedings in the normal course of business.
Appropriate provisions are made when losses are expected to materialise.
Prospects
The Group will continue to benefit from its diverse earnings base, a strong
external focus and the sound foundations established over the last three years.
It is also well positioned to benefit from any upturn in the stock markets.
We are confident that the pleasing growth trend established in the first half of
the year will be maintained provided there are no major shocks or instability
caused by the threat of war in the Middle East.
For and on behalf of the Board
GT Ferreira LL Dippenaar
Chairman Chief Executive
Sandton
28 February 2003
Interim Dividend Declaration
Notice is hereby given that an interim dividend of 16,5 cents per ordinary share
has been declared on 28 February 2003 in respect of the half year ended 31
December 2002. The last day to trade in these shares on a cum dividend basis
will be 20 March 2003 and the first day to trade ex dividend will be 24 March
2003. The record date will be 28 March 2003 and the payment date is 31 March
2003.
Please note that no dematerialisation or rematerialisation can be done in the
period 24 March 2003 to 28 March 2003, both days inclusive.
By order of the Board
AH Arnott
Company Secretary
28 February 2003
Directors
GT Ferreira (Chairman), LL Dippenaar (CEO), BH Adams, VW Bartlett, DJA Craig
(British), DM Falck, PM Goss, PK Harris, MW King, SR Maharaj, MC Ramaphosa, KC
Shubane, BJ van der Ross, Dr F van Zyl Slabbert, RA Williams
Secretary and registered office
AH Arnott BCom, CA(SA)
17th floor, 1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton,
2196
Postal address
PO Box 786273, Sandton, 2146
Telephone: +27 11 282 1808
Telefax: +27 11 282 8088
Web address: www.firstrand.co.za
Sponsor
(in terms of JSE requirements)
RMB Corporate Finance
1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Transfer secretaries
Computershare Investment Services Limited
12th Floor, 70 Marshall Street, Johannesburg
Postal address
PO Box 786273, Sandton, 2146
Telephone: +27 11 282 1808
Telefax: +27 11 282 8088
Web address: www.firstrand.co.za
Sponsor
(in terms of JSE requirements)
RMB Corporate Finance
1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Transfer secretaries
Computershare Investment Services Limited
12th Floor, 70 Marshall Street, Johannesburg
FirstRand
Banking Group
Introduction
The FirstRand Banking Group (the Banking Group) is 100% held by FirstRand
Limited. The consolidated figures in this report include the divisional
operations of FirstRand Bank Limited, namely First National Bank, FNB HomeLoans,
WesBank, Ansbacher (SA), Origin, Rand Merchant Bank (RMB), FNB Corporate as well
as the entities FirstLink, OUTsurance, Ansbacher (UK), FNB Swaziland, FNB
Namibia, FNB Botswana and FirstRand International.
Salient features
Pre AC133 Post AC133
Core headline +31,0% +35,4%
earnings
Attributable -29,9% -23,5%
earnings
Headline -29,8% -23,4%
earnings
Cost to 54,4% 52,9%
income ratio
Advances +21,6% +22,5%
growth
This circular is available on our website at: www.firstrand.co.za
E-mail questions to: asktheCFO@firstrand.co.za
Income statement
Unaudited
six months ended
31 December
Pro forma1 Pro forma1
R million 2002 2001 % change
Interest income 13 304 8 609 54,5
Interest expenditure (9 076) (5 277) 72,0
Net interest income
before impairment
of advances 4 228 3 332 26,9
Impairment of (701) (680) 3,1
advances
Net interest income
after impairment
of advances 3 527 2 652 33,0
Non-interest income 2 767 3 658 (24,4)
Non-interest income
excluding
translation 3 129 2 944 6,3
(losses)/gains
Translations (362) 714 >(100,0)
(losses)/gains
Net income from 6 294 6 310 (0,3)
operations
Operating (4 082) (3 750) 8,9
expenditure
Income from 2 212 2 560 (13,6)
operations
Share of earnings of 148 132 12,1
associate companies
Income before 2 360 2 692 (12,3)
indirect taxation
Indirect taxation (175) (112) 56,3
Income before direct 2 185 2 580 (15,3)
taxation
Direct taxation (591) (366) 61,5
Income after 1 594 2 214 (28,0)
taxation
Earnings (100) (83) 20,5
attributable to
outside shareholders
Earnings
attributable to
ordinary
shareholders 1 494 2 131 (29,9)
Less: Profit on sale - - -
of subsidiaries
Plus: Goodwill 4 3 33,3
Headline earnings 1 498 2 134 (29,8)
Translation losses/ 362 (714) >(100,0)
(gains) reversed
Core operational 1 860 1 420 31,0
headline earnings
Unaudited Audited
six months ended Year ended
31 December
30 June
Actual 2 Actual
2002 2001 % change 2002
13 436 8 609 56,1 18 721
(9 109) (5 277) 72,6 (12 304)
4 327 3 332 29,9 6 417
(568) (500) 13,6 (1 283)
3 759 2 832 32,7 5 134
2 886 3 658 (21,1) 8 319
3 248 2 944 10,3 7 771
(362) 714 >(100,0) 548
6 645 6 490 2,4 13 453
(4 089) (3 750) 9,0 (8 378)
2 556 2 740 (6,7) 5 075
148 132 12,1 368
2 704 2 872 (5,8) 5 443
(175) (112) 56,3 (281)
2 529 2 760 (8,4) 5 162
(702) (420) 67,1 (945)
1 827 2 340 (21,9) 4 217
(100) (83) 20,5 (182)
1 727 2 257 (23,5) 4 035
- - - (4)
4 3 33,3 9
1 731 2 260 (23,4) 4 040
362 (714) >(100,0) (548)
2 093 1 546 35,4 3 492
Notes
1. The pro forma columns exclude the effect of AC133.
2. The actual column for 2002 includes the effect of AC133.
Balance sheet
Audited
Unaudited at 31 Unaudited at 31 at
December December
Pro forma1 Pro Actual2 Actual 30 June
forma1
R million 2002 2001 2002 2001 2002
Assets
Cash and short- 21 366 14 371 21 491 14 371 24 643
term funds
Derivative 33 142 48 810 33 549 48 810 26 139
financial
instruments
qualifying for 682
hedging
trading 32 867
Advances 181 172 149 044 182 543 150 177 211
654
originated 147 033
held-to- 9 859
maturity
available for 7 111
resale
trading 18 540
Investment 43 475 52 771 43 481 52 771 44 664
securities and
other investments
Financial 25 725
instruments held
for trading
Investment 17 756
securities
held-to- 5 469
maturity
available for 12 287
sale
Non-recourse 2 144 - 2 144 - 1 738
investments
Debtors 7 078 4 754 7 070 4 754 3 271
Investment in 1 680 643 1 680 643 1 169
associated
companies
Property and 3 362 3 370 3 362 3 370
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