|
Investec Bank Limited - Unaudited Consolidated Sa Gaap Financial Results In Rand
Release Date: 25/11/2004 09:00:36 Code(s): JSE INLP
Investec Bank Limited - Unaudited consolidated SA GAAP financial results in Rand
for the six months ended 30 September 2004
Investec Bank Limited
(Registration number 1969/004763/06)
JSE Code: INLP ISIN: ZAE000048393
Unaudited consolidated SA GAAP financial results in Rand for the six months
ended 30 September 2004
Consolidated income statements
6 months 6 months Year
ended ended ended
30 Sept. 30 Sept. 31 March
2004 2003* 2004*
(R millions) Unaudited Unaudited Audited
Interest received 3,182 3,894 6,551
Interest paid (2,359) (3,010) (5,242)
Net interest income 823 884 1,309
Impairment of advances (38) (23) (173)
785 861 1,136
Other income 462 370 962
Total income 1,247 1,231 2,098
Operating expenses (535) (508) (1,076)
Operating profit before taxation 712 723 1,022
Taxation (82) (14) (131)
Operating profit after taxation 630 709 891
Earnings attributable to minority - - (1)
shareholders
Earnings attributable to 630 709 890
shareholders
Calculation of headline earnings
Earnings attributable to 630 709 890
shareholders
Headline adjustments (14) - (3)
Revaluation of investment (14) - -
properties
Profit on disposal of subsidiaries - - (3)
and fixed assets
Headline earnings attributable to 616 709 887
shareholders
Compulsorily convertible debenture (134) (134) (268)
interest
Preference dividends declared (67) (22) (22)
Headline earnings attributable to
ordinary shareholders 415 553 597
Statements of changes in shareholder`s funds
6 months 6 months Year
ended ended ended
30 Sept. 30 Sept. 31 March
2004 2003* 2004*
(R millions) Unaudited Unaudited Audited
Balance at the beginning of the 9,671 7,974 7,974
period
Adjustments to opening reserves as
a result of the adoption of AC133
- 160 160
Restated balance at the beginning 9,671 8,134 8,134
of the period
Net issue of perpetual preference - 1,491 1,491
shares
Earnings attributable to 630 709 890
shareholders
Compulsorily convertible debenture (134) (134) (268)
interest
Preference dividends declared (67) (22) (22)
Dividends paid - - (500)
Movement in foreign currency (1) 28 (59)
translation reserves
(Decrease)/increase in cash flow (10) - 10
hedge fair value adjustments
Net movement in investment - (67) (5)
revaluation reserves
Balance at the end of the period 10,089 10,139 9,671
Abridged cash flow statements
6 months 6 months Year
ended ended ended
30 Sept. 30 Sept. 31 March
2004 2003* 2004*
(R millions) Unaudited Unaudited Audited
Cash inflow from operating 556 605 331
activities
Cash inflow/(outflow) from banking 3,201 (5,669) (5,130)
operations
Cash (outflow)/inflow from (17) 640 161
investing activities
Cash inflow from financing 296 397 1,979
activities
Net increase/(decrease) in cash 4,036 (4,027) (2,659)
and short-term funds
Cash and short-term funds at the 11,764 14,423 14,423
beginning of the period
Cash and short-term funds at the 15,800 10,396 11,764
end of the period
Consolidated balance sheets at
30 Sept. 30 Sept. 31 March
2004 2003* 2004*
(R millions) Unaudited Unaudited Audited
Assets
Cash and short-term funds 15,800 10,396 11,764
Short-term negotiable securities 3,781 9,514 6,336
Investment and trading securities 14,889 14,001 16,710
Other assets 495 561 629
Advances 40,103 33,354 35,726
Intergroup 10,798 12,322 10,548
Property and equipment 690 150 686
Intangible assets - 1 -
86,556 80,299 82,399
Equity and liabilities
Capital and reserves
Ordinary share capital 16 16 16
Perpetual preference shares 1,491 1,492 1,491
Compulsorily convertible 1,938 1,938 1,938
debentures
Reserves 6,644 6,693 6,226
10,089 10,139 9,671
Interest of minority shareholder 19 33 29
in subsidiary
Total shareholders` funds 10,108 10,172 9,700
Subordinated debt 2,961 2,945 2,961
13,069 13,117 12,661
Liabilities
Redeemable preference shares 2,294 1,608 1,740
Deposits and other accounts 70,980 65,514 67,866
Taxation 213 60 132
86,556 80,299 82,399
Segmental information
For the 6 months ended 30 September 2004
Private Treasury &
Client Specialised Investment
(R millions) Activities Finance Banking Other Total
Total income - 417 351 175 290 1,233
headline
Operating (239) (166) (41) (89) (535)
expenses
Operating
profits before
headline
adjustments 178 185 134 201 698
and taxation
Cost to income 53.9 47.3 23.3 16.4 41.6
ratio (%)
For the 6 months ended 30 September 2003*
Private Treasury &
Client Specialised Investment
(R millions) Activities Finance Banking Other Total
Total income - 311 317 208 395 1,231
headline
Operating (208) (176) (27) (97) (508)
expenses
Operating
profits before
headline
adjustments 103 141 181 298 723
and taxation
Cost to income 61.9 56.6 12.9 25.3 40.5
ratio (%)
These consolidated interim financial results are published to provide
information to holders of Investec Bank Limited`s listed non-cumulative, non-
redeemable, non-participating preference shares.
The impact of AC133 (Financial Instruments: Recognition and Measurement) is
detailed in the table below:
6 months ended 30 September 2004
(R millions) Pre AC133 AC133 adj Post AC133
Operating profit before 717 (5) 712
taxation
Taxation (82) - (82)
Profit after taxation 635 (5) 630
6 months ended 30 September 2003*
(R millions) Pre AC133 AC133 adj Post AC133
Operating profit before 632 91 723
taxation
Taxation (14) - (14)
Profit after taxation 618 91 709
Commentary
Overview of results
Investec Bank Limited, a subsidiary of Investec Limited, posted a marginal
decrease in operating profit before taxation from R723 million to R712 million
for the six months ended 30 September 2004. Excluding the impact of AC133,
however, operating profit before taxation increased by 13.4% to R717 million
while operating profit after taxation increased marginally by 2.8% to R635
million as a result of a substantial increase in taxation.
Salient operational features of the six months (incorporating AC 133) include:
- The Private Banking division posted a significant increase in operating
profit of 72.8% to R178 million driven by solid growth in advances and non-
interest income.
- The Treasury and Specialised Finance reported an improvement in operating
profit from R141 million to R185 million. The division benefited from a
relatively stable interest rate environment, a sound result from the
advisory and lending businesses, and an increase in dealing profits
following a poor performance reported by the trading activities in the
prior period.
- The Investment Banking division posted a decline in operating profit of
26.0% to R134 million. The Corporate Finance division delivered a sound
performance. Off a high base in the prior period, Direct Investments and
Private Equity divisions posted a lower operating profit.
For futher information on the Investec group results, refer to the results of
Investec plc (incorporating the results of Investec Limited).
Accounting policies
Basis of preparation
The financial information has been prepared in accordance with South African
Statements of Generally Accepted Accounting Practice and in the manner required
by the South African Companies Act of 1973 and are consistent with that of the
prior year.
* Restatements to comparative figures
- Interest on compulsorily convertible debentures, which are classified as
equity instruments, has been reflected in the statement of changes in
equity.
- Following from the consolidation of the staff share scheme in the Investec
Limited financial statements, loans to the staff share scheme have been
reclassified from other assets to intergroup balances.
On behalf of the Board of Investec Bank Limited
Hugh Herman Stephen Koseff Bernard Kantor
Chairman Chief Executive Officer Managing Director
S Noik
Company Secretary
25 November 2004
Directors:
H S Herman (Chairman), D M Lawrence* (Deputy Chairman). S Koseff* (Chief
Executive). B Kantor* (Managing). S E Abrahams. G R Burger*. D E Jowell. M P
Malungani. D R Motsepe. Dr M Z Nkosi. B Tapnack*. P R S Thomas. F Titi. R A P
Upton. *Executive
Company secretary: S Noik
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
