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NEDBANK LIMITED - CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 30 JUNE 2003
NEDBANK LIMITED
Reg No: 1951/000009/06
Share code: NBKP
ISIN code: ZAE000043667
CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
Commentary
Nedbank Limited is a wholly owned subsidiary of Nedcor Limited, which is listed
on the JSE Securities Exchange South Africa. These consolidated interim
financial results are published to provide information to holders of Nedbank
Limited"s listed non-redeemable non-cumulative preference shares.
The consolidated financial results of Nedbank Limited comprise the net assets
and results in the 2002 comparative of Nedbank Limited, Peoples Bank Limited,
Imperial Bank Limited and, in addition, with effect from 1 January 2003 the net
assets and results of operations acquired from BoE Limited, Nedcor Investment
Bank Holdings Limited (NIB) and Cape of Good Hope Bank Limited (CoGHB). Nedbank
Limited was required to adopt the complex accounting standard AC133 "Financial
Instruments: Recognition and Measurement" with effect from 1 January 2003.
These structural and accounting policy changes mean that the results for the six
months ended
30 June 2002 and 2003 are not comparable, as the 2002 figures do not include the
operations of BoE, NIB and CoGHB, and the figures for 2003 are prepared on the
AC133 basis of accounting.
Commentary relating to the consolidated Nedbank Limited financial results was
included in the
Nedcor Limited group results as presented to shareholders on 29 July 2003.
Further information is provided on our website at www.nedcor.com.
In terms of a SENS notice of 29 July 2003 preference dividend no 1 of 66,5137
cents per share was declared for the period from 21 December 2002 to 30 June
2003 and paid on 25 August 2003 to
shareholders of the non-redeemable non-cumulative preference shares recorded in
the books of the
company at the close of business on 22 August 2003.
CF Liebenberg RCM Laubscher
Chairman Chief Executive
30 September 2003
Registered office:
Nedcor Sandton
135 Rivonia Road, Sandown, 2196
PO Box 1144, Johannesburg, 2000
Transfer secretaries:
Computershare Limited
70 Marshall Street, Johannesburg, 2001
PO Box 1053, Johannesburg, 2000
Directors:
CF Liebenberg (Chairman), PG Joubert (Deputy Chairman), Prof MM Katz (Vice-
chairman),
RCM Laubscher (Chief Executive), CJW Ball, TA Boardman, Dr IJ Botha, WAM
Clewlow,
RG Cottrell, BE Davison, N Dennis (British), Prof B Figaji, BJS Hore, MJ Levett,
JB Magwaza,
ME Mkwanazi, SG Morris, DGS Muller, ML Ndlovu, PF Nhleko, TH Nyasulu, JVF
Roberts
(British), AA Routledge, CML Savage, JH Sutcliffe (British)
Company Secretary:
WJ Kruger
FINANCIAL OVERVIEW
Unaudited Unaudited Audited
30 Jun 30 Jun 31 Dec
2003** 2002 2002
Selected returns
Headline earnings (Rm) 376 957 447
Headline earnings per share (cents) 1 419 4 350 2 015
Core earnings (Rm)* 938 906 1 093
Core earnings per share (cents)* 3 540 4 118 4 923
Return on average shareholders" funds 15,8 16,7 21,9
(%)*
Return on average assets (%) 0,85 1,22 0,78
Non-interest revenue to total income 54,0 45,3 48,9
(%)*
Efficiency ratio (%)* 66,1 61,5 65,3
Net interest income to interest- 2,67 3,16 2,88
earning assets (%)
Doubtful-debt provisions to total 2,6*** 3,3 3,2
advances (%)
BALANCE SHEET
Total shareholders" equity and 16 904 11 856 13 056
minority interest (Rm)
Deposits, current accounts and other 281 136 141 019 151 867
creditors (Rm)
Advances and other debtors (Rm) 258 647 127 834 138 245
Total assets (Rm) 307 795 158 639 174 828
Capital adequacy (%) 11,8 11,9 15,7
Capital ratio - tier 1 (%) 7,9 9,3 9,9
SHARE STATISTICS
Number of shares in issue (m) 26,8 22,3 22,8
Weighted average number of shares (m) 26,5 22,0 22,2
Number of preference shares in issue 0,2
(m)
* Based on core-earnings calculation, which excludes all translation losses
and exceptional items.
** 30 June 2003 results have been prepared on an AC133 basis of accounting.
*** Based on impairment provision (AC133) and advances excluding gross up of
derivatives.
INCOME STATEMENT
Unaudited Unaudited Audited
30 Jun 30 Jun 2002 31 Dec 2002
2003**
Rm Rm Rm
Interest income 14 524 7 300 16 048
Interest expense 11 437 4 885 11 514
Net interest income 3 087 2 415 4 534
Non-interest revenue 3 617 2 004 4 336
Foreign exchange translation losses (429) (349) (863)
Total income 6 275 4 070 8 007
Impairment of advances 895
Specific and general provisions raised 516 1 658
Exceptional general provision reversed (400) (400)
Income after specific and general 5 380 3 954 6 749
provisions
Operating expenses 4 428 2 718 5 796
Merger and reorganisation expenses 133 212
Profit from operations before 819 1 236 741
exceptional capital items
Exceptional capital items (100) (906) (1 478)
Net capital loss on investment in
Dimension Data (84) (830) (1 080)
Amortisation and impairment of (58) (68) (247)
goodwill
Profit/(Loss) on sale of investments 42 (8) (22)
and operations
Merger and reorganisation costs (35)
Impairment of investments and of (94)
property and equipment
Profit from operations 719 330 (737)
Attributable earnings of associates 69 81 142
Profit before taxation 788 411 (595)
Taxation 433 284 241
Taxation: Merger and reorganisation (29)
costs
Taxation: Exceptional capital items (140) (171)
Profit after taxation 355 267 (636)
Minority interest attributable to (79) (76) (224)
ordinary shareholders
(Loss)/Income attributable to 276 191 (860)
shareholders
Unaudited Unaudited Audited
30 Jun 30 Jun 2002 31 Dec 2002
2003**
Rm Rm Rm
Core earnings pre-AC133 612 906 1 093
AC133 impact on earnings 326
Core earnings 938 906 1 093
Deduct: 562 (51) 646
Translation losses 429 349 863
Merger and reorganisation costs 133 212
General provision reversal (400) (400)
Tax on merger and reorganisation costs (29)
Headline earnings 376 957 447
Deduct: 100 766 1 307
Exceptional capital items 100 906 1 478
Tax on exceptional capital items (140) (171)
(Loss)/Income attributable to 276 191 (860)
shareholders
BALANCE SHEET
Unaudited Unaudited Audited
30 Jun 30 Jun 2002 31 Dec 2002
2003**
Rm Rm Rm
ASSETS
Cash and short-term funds 8 364 9 024 9 699
Other short-term securities 13 404 4 845 7 780
Government and public sector 15 977 8 714 10 491
securities
Advances and other debtors 258 647 127 834 138 245
Deferred taxation asset 562 150 189
Current taxation prepaid 390 151 363
Investments
Investments in associate companies 1 418 1 650 1 310
Other investments 3 640 1 742 1 675
Property and equipment 2 639 2 018 2 161
Intangible assets:
Computer software and capitalised 1 538 1 166 1 460
development costs
Goodwill 394 275 335
Customers" indebtedness for 822 1 070 1 120
acceptances
Total assets 307 795 158 639 174 828
SHAREHOLDERS" EQUITY AND LIABILITIES
Ordinary share capital 27 22 23
Ordinary share premium 7 887 2 183 2 681
Non-distributable reserves 618 311 288
Distributable reserves 5 424 8 563 7 127
Ordinary shareholders" equity 13 956 11 079 10 119
Preference share capital and premium 1 982 1 987
Shareholders" equity 15 938 11 079 12 106
Minority shareholders" interest 966 777 950
Total shareholders" equity and 16 904 11 856 13 056
minority interest
Deposits, current accounts and other 281 136 141 019 151 867
creditors
Deferred taxation liabilities 1 107 1 581 1 371
Current taxation liabilities 63 15 42
Long-term debt instruments 7 763 3 098 7 372
Liabilities under acceptances 822 1 070 1 120
Total shareholders" equity and 307 795 158 639 174 828
liabilities
Guarantees on behalf of customers 10 626 7 424 8 176
excluded from assets
AC133: BALANCE SHEET CLASSIFICATION
Unaudited 30 June 2003
Rm Rm
Marked-to-market 81 362 52 136
Held for trading (IS) 78 735 52 136
Available for sale (equity) 2 627
Amortised cost 226 433 238 755
Originated loans 219 508
Held to maturity 1 280
Non-trading liabilities 237 586
Other 5 645 1 169
Shareholders" funds 16 904
Total 307 795 307 795
AC133: IMPACT ON TOTAL ASSETS
Unaudited
30 June
2003
Rm
Total assets at 30 June 2003 pre-AC133 262 037
AC133 adjustments: 45 758
Deduct: Impairments to advances (882)
Add: Bonds and securities gross up 5 563
Add: Derivative gross up 39 907
Add: Fair-value adjustments 1 170
Total assets post-AC133 307 795
AC133: RESERVE ADJUSTMENTS
Unaudited
30 June
2003
Rm
Distributable reserves
Impairment of advances (963)
Fair-value adjustments (466)
Taxation 428
Minority interest 42
AC133 transitional adjustment (959)
Transfer to general risk provision (410)
Total adjustment to distributable reserves opening (1 369)
balance
STATEMENT OF CHANGES IN SHAREHOLDERS" EQUITY
Unaudited Unaudited Audited
30 Jun 30 Jun 2002 31 Dec 2002
2003**
Rm Rm Rm
Ordinary share capital 27 22 23
Balance at beginning of period 23 22 22
Shares issued during period 4 1
Ordinary share premium 7 887 2 183 2 681
Balance at beginning of period 2 681 2 047 2 047
Shares issued during period 5 218 137 635
Share issue expenses (12) (1) (1)
PREFERENCE SHARE CAPITAL
AND PREMIUM 1 982 - 1 987
Shares issued during period 1 987 2 000
Share issue expenses (5) (13)
Non-distributable reserves (NDR) 618 311 288
Foreign currency translation reserve 89 210 134
Balance at beginning of period 134 370 370
Foreign currency translation (45) (160) (236)
differences for current period
General risk reserve 410 - -
Transfer from distributable reserves 410
Other 119 101 154
Balance at beginning of period 154 101 101
Transfer (to)/from distributable (35) 53
reserves
DISTRIBUTABLE RESERVES 5 424 8 563 7 127
Balance at beginning of period 6 168 8 871 8 871
Balance at beginning of period as 7 127 8 889 8 889
previously stated
Change in accounting policy (18) (18)
AC133 transitional adjustment (959)
Net profit for the year 276 191 (860)
Transfer (from)/to NDR - General risk (410)
reserve
- Other 35 (53)
Dividends paid to ordinary (629) (506) (836)
shareholders
Other movements (16) 7 5
Total shareholders" equity 15 938 11 079 12 106
CASH FLOW STATEMENT
Unaudited Unaudited Audited
30 Jun 30 Jun 2002 31 Dec 2002
2003**
Rm Rm Rm
Cash flows from operating activities 1 375 1 141 1 491
Cash received from clients 17 705 9 292 19 366
Cash paid to clients, employees and (15 757) (7 645) (17 039)
suppliers
Dividends received 56
Dividends paid (629) (506) (836)
Net (increase)/decrease in operating (4 953) 896 (4 092)
funds
Taxation paid (280) (230) (641)
Net cash utilised in investing (3 073) 939 (97)
activities
Net cash provided by financing 5 596 (594) 6 166
activities
Net proceeds of ordinary shares issued 5 210 136 635
Net proceeds of preference shares 1 987
issued
Preference shares issue costs (5)
Net increase/(decrease) in 391 (730) 3 544
subordinated debt
Net (decrease)/increase in cash and (1 335) 2 152 2 827
short-term funds
Cash and short-term funds at beginning
of period 9 699 6 872 6 872
Cash and short-term funds at end of 8 364 9 024 9 699
period
Date: 30/09/2003 01:39:11 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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