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INVESTEC LIMITED - REVIEWED CONSOLIDATED SA GAAP FINANCIAL RESULTS IN RANDS FOR
THE YEAR ENDED 31 MARCH 2003
Investec Limited
(Registration number 1925/002833/06)
JSE Code: INL
ISIN: ZAE000040531
Investec Limited (incorporating the results of Investec plc)
Reviewed consolidated SA GAAP financial results in Rands for the year ended 31
March 2003
Salient Features
31 March % 31 March
2003 Change 2002*
Headline earnings attributable to 1,461 (3.0) 1,506
ordinary shareholders (R millions)
Headline earnings per share (cents) 1,498.5 (9.0) 1,645.9
Dividends declared per share (cents) 751.0 (9.0) 825.0
Cost to income ratio - continuing 67.1 65.8
operations (%)
Headline return on average tangible 24.2 24.7
shareholders" funds (%)
Total capital resources (R millions) 13,468 (23.0) 17,498
Total assets under administration (R 526,735 (29.7) 749,308
millions)
Weighted average number of ordinary 97.5 91.5
shares in issue (million)
Income statement for the year ended 31 March
2003
Before
goodwill Goodwill
and and
exceptional exceptional
R millions items items Total
Continuing operations
Interest received 13,071 - 13,071
Interest paid (11,042) - (11,042)
Net interest income 2,029 - 2,029
Provision for bad and doubtful debts (305) - (305)
Total interest related income 1,724 - 1,724
Other income 5,811 - 5,811
Total income 7,535 - 7,535
Total operating expenses (5,262) - (5,262)
Reorganisation and restructuring (77) - (77)
costs
Operating profit before headline
adjustments and taxation 2,196 - 2,196
Goodwill impairment & amortisation - (1,970) (1,970)
Profit on disposal of subsidiaries
and fixed assets
- - -
Loss on impairment of non-trading - (263) (263)
loans
Profit on disposal of non-trading - - -
loans
Operating profit/(loss) 2,196 (2,233) (37)
Share of income of
associated companies 160 - 160
Operating profit from
continuing operations 2,356 (2,233) 123
Taxation (11) - (11)
Income after taxation on
continuing operations 2,345 (2,233) 112
Discontinued operations
Interest received 146 - 146
Interest paid (81) - (81)
Net interest income 65 - 65
Provision for bad and doubtful debts - - -
Total interest related income 65 - 65
Other income 391 - 391
Total income 456 - 456
Total operating expenses (707) - (707)
Operating loss before headline
adjustments and taxation (251) - (251)
Goodwill impairment & amortisation - (334) (334)
Loss on disposal of subsidiaries and
fixed assets
- (152) (152)
Operating loss from discontinued
operations
(251) (486) (737)
Taxation (67) - (67)
Loss after taxation from
discontinued operations (318) (486) (804)
Total profit/(loss) after taxation 2,027 (2,719) (692)
Earnings attributable to minority
shareholders (23) - (23)
Compulsorily convertible debenture
interest (304) - (304)
Earnings/(loss) attributable to
ordinary shareholders 1,700 (2,719) (1,019)
Reconciliation of headline earnings
Earnings/(loss) attributable to
ordinary shareholders (1,019)
Goodwill and exceptional items 2,719
Revaluation of investment properties (239)
Headline earnings 1,461
(Loss)/earnings per share (cents) (1,045.2)
Headline earnings per share (cents) 1,498.5
Diluted (loss)/earnings per share (1,045.2)
(cents)
Dividends paid per share (cents) 845.0
Weighted average ordinary shares in
issue (million)
97.5
Income statement for the year ended 31 March
2002*
Before
goodwill Goodwill
and and
exceptional exceptional
R millions items items Total
Continuing operations
Interest received 11,028 - 11,028
Interest paid (8,967) (8,967)
Net interest income 2,061 - 2,061
Provision for bad and doubtful debts (202) - (202)
Total interest related income 1,859 - 1,859
Other income 5,475 - 5,475
Total income 7,334 - 7,334
Total operating expenses (4,962) - (4,962)
Reorganisation and restructuring - - -
costs
Operating profit before headline
adjustments and taxation 2,372 - 2,372
Goodwill impairment & amortisation - (1,315) (1,315)
Profit on disposal of subsidiaries
and fixed assets
- 19 19
Loss on impairment of non-trading - - -
loans
Profit on disposal of non-trading - 267 267
loans
Operating profit/(loss) 2,372 (1,029) 1,343
Share of income of
associated companies 62 (45) 17
Operating profit from
continuing operations 2,434 (1,074) 1,360
Taxation (432) - (432)
Income after taxation on
continuing operations 2,002 (1,074) 928
Discontinued operations
Interest received 408 - 408
Interest paid (230) - (230)
Net interest income 178 - 178
Provision for bad and doubtful debts - - -
Total interest related income 178 - 178
Other income 577 - 577
Total income 755 - 755
Total operating expenses (757) - (757)
Operating loss before headline
adjustments and taxation (2) - (2)
Goodwill impairment & amortisation - (60) (60)
Loss on disposal of subsidiaries
and fixed assets - (79) (79)
Operating loss from discontinued
operations (2) (139) (141)
Taxation 12 39 51
Loss after taxation from
discontinued operations 10 (100) (90)
Total profit/(loss) after taxation 2,012 (1,174) 838
Earnings attributable to minority
shareholders
(22) - (22)
Compulsorily convertible debenture
interest
(305) - (305)
Earnings/(loss) attributable to
ordinary shareholders 1,685 (1,174) 511
Reconciliation of headline earnings
Earnings/(loss) attributable to
ordinary shareholders 511
Goodwill and exceptional items 1,174
Revaluation of investment properties (179)
Headline earnings 1,506
(Loss)/earnings per share (cents) 558.5
Headline earnings per share (cents) 1,645.9
Diluted (loss)/earnings per share 547.8
(cents)
Dividends paid per share (cents) 815.0
Weighted average ordinary shares
in issue (million) 91.5
Statement of changes in shareholders" funds for the year ended
31 March
2003 2002*
R millions Reviewed Audited
Balance at the beginning of year 14,712 9,392
- as previously reported 13,230 9,028
- prior year adjustment - goodwill restatement 1,482 364
Net issue of shares and debentures 616 4,339
Own shares acquired (521) (1,584)
(Loss)/earnings attributable to ordinary (1,019) 511
shareholders
Dividends paid (807) (791)
Movement in foreign currency translation (2,840) 3,096
reserves
Movement in investment revaluation reserves 40 (251)
Balance at end of year 10,181 14,712
Reconciliation of the principle differences between SA GAAP and UK
GAAP for the year ended 31 March
2003 2002*
Pounds"000 Reviewed Audited
Headline earnings under SA GAAP 100,650 109,540
UK GAAP adjustments:
Acquisition accounting (4,300) (17,851)
Employee share option plans 8,627 6,667
Accrual adjustments 2,581 (870)
Embedded value earnings (23,935) 15,563
Other adjustments (1,012) 2,728
Headline earnings under UK GAAP 82,611 115,777
The exchange rate used in the above reconciliation was based on the actual rates
ruling on the date of the transactions.
Abridged cash flow statement at 31 March
2003 2002*
R millions Reviewed Audited
Cash retained from operating activities 50 1,386
Cashflows from banking operations (24,882) 24,667
Cash generated utilised in investing activities (53) (1,649)
Cash inflows/(outflows) from financing activities 647 (395)
Net (decrease)/increase in cash and short-term (24,238) 24,009
funds
Cash and short-term funds at beginning of year 111,224 69,176
Effect of exchange rate on opening balance (17,462) 18,039
Cash and short-term funds at end of year 69,524 111,224
Consolidated balance sheets at 31 March
2003 2002*
R millions Reviewed Audited
Assets
Cash and short-term funds 69,524 111,224
Short-term negotiable securities 20,748 64,738
Investment and trading securities 15,460 18,083
Other assets 10,625 12,440
Advances 49,371 53,347
Associated companies 621 503
Property and equipment 2,124 2,499
Goodwill 4,097 6,967
Long-term assurance business attributable to the
shareholder 1,536 960
174,106 270,761
Long-term assurance assets attributable to
policyholders 31,736 38,042
205,842 308,803
Equity and Liabilities
Capital and Reserves
Ordinary share capital 2 58
Compulsorily convertible debentures 661 2,317
Convertible preference shares - 385
Reserves 9,518 11,952
10,181 14,712
Interest of minority shareholders in 486 541
subsidiaries
Total shareholders" funds 10,667 15,253
Subordinated debt 2,801 2,245
13,468 17,498
Liabilities
Deposits and other accounts 160,114 252,750
Taxation 524 513
160,638 253,263
Long-term assurance liabilities attributable to
policyholders 31,736 38,042
. 205,842 308,803
Geographic and business analysis of operating profit before headline adjustments
and taxation - For the year ended 31 March 2003
Southern UK & Total
R millions Africa Europe Australia Israel USA group
Private Client 214 356 25 21 - 616
Activities
Treasury & 467 (68) (11) 2 - 390
Specialised
Finance
Investment Banking 83 43 41 26 - 193
Asset Management & 997 26 - 2 - 1,025
Assurance
Activities
- Asset Management 262 26 - 2 - 290
- Assurance 735 - - - - 735
Activities
Other (54) (37) 33 - 30 (28)
Operating profit 1,707 320 88 51 30 2,196
before headline
adjustment and
taxation -
continued
Operating loss - - - - (251) (251)
before headline
adjustment and
taxation -
discontinued
Geographic and business analysis of operating profit before headline adjustments
and taxation - For the year ended 31 March 2002*
Southern UK & Total
R millions Africa Europe Australia Israel USA group
Private Client 166 367 (33) 46 - 546
Activities
Treasury & 552 154 17 4 - 727
Specialised Finance
Investment Banking 249 297 34 52 - 632
Asset Management & 466 29 - 4 - 499
Assurance Activities
- Asset Management 246 29 - 4 - 279
- Assurance 220 - - - - 220
Activities
Other (71) 28 (3) (2) 16 (32)
Operating profit 1,362 875 15 104 16 2,372
before headline
adjustment and
taxation - continued
Operating loss - - - - (2) (2)
before headline
adjustment and
taxation -
discontinued
*The audited figures as reported at 31 March 2002 are for Investec Group Limited
(since renamed Investec Limited) and have been restated for changes to
accounting policies and disclosures.
Accounting policies
The financial policies applied in the preparation of the results on this page
are consistent with those applied in the annual financial statements for the
year ended 31 March 2002, except for the translation of goodwill, which is
detailed in the group commentary.
Presentation of variable component of employees" compensation
The variable component of employees" compensation has previously been deducted
from total income, as this 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.
The accounting policies comply with South African Statements of Generally
Accepted Accounting Practice.
Headline earnings
It is the group policy, under SA GAAP, to fair value all investment property
assets to the income statement. In line with the interpretation contained in
circular 07/02, issued in December 2002 by the South African Institute of
Chartered Accountants, all gains and losses recognised on investment properties
in a reporting period have been deducted in arriving at headline earnings. Prior
year results have been restated accordingly.
AC 133
The new accounting statement AC 133 which deals with the valuation and
recognition of financial instruments and a new credit provisioning policy, is
presently being implemented by the group with respect to the consolidated SA
GAAP results. Any changes caused by the implementation of this standard will be
reported to shareholders as part of the interim results for the period ending 30
September 2003, and are excluded from the results in this announcement.
Review by independent auditors
The group"s auditors, Ernst & Young, have reviewed the results presented in
terms of South African Statements of Generally Accepted Accounting Practice,
contained in the preliminary report. Their unqualified review report is
available for inspection at the company"s registered office.
Date: 21/05/2003 08:00:51 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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