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Nedbank Limited - Reviewed financial results for the year ended 31 December 2004
Nedbank Limited
(Registration No 1951/000009/06)
Incorporated in the Republic of South Africa
Share code: NBKP ISIN: ZAE000043667
Reviewed financial results for the year ended 31 December 2004
Overview
Nedbank Limited is a wholly owned subsidiary of Nedcor Limited, which is listed
on the JSE Securities Exchange South Africa. These consolidated annual 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 of Nedbank Limited, Peoples Bank Limited and Imperial Bank Limited.
Commentary relating to the consolidated Nedbank Limited financial results was
included in the Nedcor Limited group results as presented to shareholders on 22
February 2005. Further information is provided on our website www.nedcor.com.
Accounting policies
The consolidated financial statements are prepared in accordance with, and
comply with, South African Statements of Generally Accepted Accounting Practice
and the requirements of the South African Companies Act and Banks Act. The
accounting policies adopted are in all material respects consistent with those
applied for the year ended 31 December 2003. Certain restatements for 2003 are
reflected in these financial statements, being the reclassification of
transaction taxes from taxation to operating expenses and the gross up of assets
and liabilities relating to certain pension fund assets and liabilities
amounting to R529 million. The disclosures within 2003 segmental reports have
been restated to take into account the changes for the improved profitability
measurements during 2004.
These improvements include, an improved activity-justified transfer pricing
process between divisions to allocate costs on a more accurate basis, an
improved risk-weighted capital allocation and charging methodology and liquid
assets and cash reserving costs are no longer held at the centre, but are
charged to divisions. These processes have resulted in more accurate and
meaningful segmental analysis.
Preliminary results - auditors` opinion
These results have been reviewed by the company`s auditors, KPMG Inc and
Deloitte, and the review opinion is available for inspection at the company`s
registered office.
Nedbank non-redeemable non-cumulative preference shares
Declaration of dividend no 4
Notice is hereby given that preference dividend no 4 of 41,94672 cents per share
has been declared for the period from 1 July 2004 to 31 December 2004 payable on
Tuesday, 22 March 2005 to shareholders of the non-redeemable non-cumulative
preference shares recorded in the books of the company at the close of business
on Friday, 18 March 2005.
In accordance with the provisions of STRATE, the electronic settlement and
custody system used by the JSE Securities Exchange South Africa, the relevant
dates for the payment of the dividend are as follows:
Last day to trade `cum` dividend Friday, 11 March 2005
Shares trade `ex` dividend Monday, 14 March 2005
Record date Friday, 18 March 2005
Payment date Tuesday, 22 March 2005
Share certificates may not be dematerialised or rematerialised between Monday,
14 March 2005, and Friday, 18 March 2005, both days inclusive.
Where applicable, dividends in respect of certificated shares will be
transferred electronically to shareholders` bank accounts on payment date. In
the absence of specific mandates, dividend cheques will be posted to
shareholders. Shareholders who have dematerialised their share certificates will
have accounts, at their CSDP or broker, credited on Tuesday, 22 March 2005.
For and on behalf of the board
WAM Clewlow (Chairman) TA Boardman (Chief Executive)
22 February 2005
Registered office:
Nedcor Sandton, 135 Rivonia Road, Sandown, 2196
PO Box 1144, Johannesburg, 2000
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Directors:
WAM Clewlow (Chairman), Prof MM Katz (Vice-chairman), ML Ndlovu* (Vice-
chairman), TA Boardman* (Chief Executive), CJW Ball, MWT Brown*, RG Cottrell, BE
Davison,
N Dennis (British), Prof B Figaji, RM Head (British), JB Magwaza, ME Mkwanazi,
PF Nhleko, JVF Roberts (British), CML Savage, JH Sutcliffe (British)
Executive
Company Secretary: GS Nienaber
Sponsors:
Investec Bank Limited
Nedbank Capital
Income statement
for the year ended 31 December
Reviewed Audited*
Rm 2004 2003
Interest income 22 807 28 609
Interest expense 16 112 22 600
Net interest income 6 695 6 009
Non-interest revenue 7 679 6 451
Foreign currency translation losses (391) (1 058)
Gross operating income 13 983 11 402
Impairment of advances 1 556 2 058
Income after impairment of advances 12 427 9 344
Total expenses 11 192 10 152
Operating expenses 10 497 9 755
Fees due to alliance partners 70 4
Recovery programme expenses 379
Merger expenses 246 393
Profit/(Loss) from operations before 1 235 (808)
non-trading and capital items
Non-trading and capital items (344) (863)
Amortisation and impairment of (111) (370)
goodwill
Loss on sale of subsidiaries, (120) (254)
investments and property and
equipment
Net impairment of investments, (113) (239)
property and equipment, computer
software and capitalised development
costs
Profit/(Loss) from operations 891 (1 671)
Attributable earnings of associates 121 119
and joint ventures
Profit/(Loss) before taxation 1 012 (1 552)
Taxation 292 153
Taxation on non-trading and capital (37) (38)
items
Profit/(Loss) after taxation 757 (1 667)
Minority interest income (129) (125)
attributable to ordinary
shareholders
Income/(Loss) attributable to 628 (1 792)
shareholders
* Restated
Headline earnings reconciliation
for the year ended 31 December
Reviewed Audited
Rm 2004 2003
Profit/(Loss) attributable to 628 (1 792)
ordinary shareholders
Less: Non-headline-earnings items (307) (825)
Non-trading and capital items (344) (863)
Taxation on non-trading and capital 37 38
items
Headline earnings 935 (967)
Headline earnings (excluding foreign 1 326 91
currency translation losses)
Cash flow statement
for the year ended 31 December
Reviewed Audited
Rm 2004 2003
Cash and short-term funds at 11 716 9 699
beginning of year
Cash flows from operating activities 4 814 3 912
Net increase in operating funds (8 383) (7 439)
Taxation paid (603) (336)
Cash flows from investment 1 148 (3 715)
activities
Cash flows from financing activities 890 9 595
Cash and short-term funds at end of 9 582 11 716
year
Balance sheet
at 31 December
Reviewed Audited*
Rm 2004 2003
Assets
Cash and short-term funds 9 582 11 716
Other short-term securities 13 426 8 802
Government and other securities 26 035 21 451
Derivative instruments 24 170 25 788
Advances** 230 730 220 608
Sundry debtors 6 292 4 448
Deferred-taxation asset 1 154 3 072
Current taxation prepaid 177 250
Investments in associate companies 461 1 471
and joint ventures
Other investments 2 618 3 244
Property and equipment 2 622 2 596
Computer software and capitalised 1 375 1 654
development costs
Goodwill 493 416
Customers` indebtedness for 1 509 835
acceptances
Total assets 320 644 306 351
Shareholders` equity and liabilities
Ordinary share capital 27 27
Ordinary share premium 13 945 10 054
Reserves 2 540 2 357
Ordinary shareholders` equity 16 512 12 438
Preference share capital and premium 2 770 2 802
Shareholders` equity 19 282 15 240
Minority shareholders` equity
attributable to
- preference shareholders 245 122
- ordinary shareholders 600 686
Total shareholders` equity and 20 127 16 048
minority shareholders` equity
Derivative instruments 26 253 25 897
Deposits, current accounts and other 258 624 239 406
liabilities***
Sundry creditors 5 594 11 376
Deferred taxation liabilities 936 2 654
Current taxation liabilities 119 49
Long-term debt instruments 7 482 10 086
Liabilities under acceptances 1 509 835
Total liabilities 300 517 290 303
Total shareholders` equity and 320 644 306 351
liabilities
Guarantees on behalf of customers 10 770 12 319
excluded from assets
* Restated
** Included in advances are loans to fellow subsidiaries amounting to R16,5
billion.
*** Included in deposits, current accounts and other liabilities are deposits
from fellow subsidiaries amounting to R18,5 billion.
AC133: Balance sheet classification
at 31 December
2004 2003
Reviewed Audited*
Rm Assets Liabilities Assets Liabilities
Fair value 69 792 51 420 70 966 33 290
Held for 69 164 51 420 70 939 33 290
trading
Available for 628 27
sale
Amortised cost 245 031 248 042 227 397 254 310
Originated 237 958 226 074
loans and
receivables
Held to 7 073 1 323
maturity
Non-trading 248 042 254 310
liabilities
Other assets 5 821 1 055 7 988 2 703
and
liabilities
Total 20 127 16 048
shareholders`
equity and
minority
shareholders`
equity
320 644 320 644 306 351 306 351
Restated
Statement of changes in shareholders` equity
Ordinary Preference
share- share-
holders` holders`
Rm equity equity
Balance at 31 December
2002
as previously reported 10 119 1 987
Impairment of advances (1 700)
Fair-value adjustment (970)
Taxation 795
Minority interest 1
Restated balance at 31 8 245 1 987
December 2002
Net loss for the period (1 792)
Dividends to ordinary (1 167)
shareholders
Dividends to preference (133)
shareholders
Issue of shares (net of 7 377 815
expenses)
Foreign currency
translation
reserves and other (92)
movements
Balance at 31 December 12 438 2 802
2003
Net profit for the 628
period
Dividends to ordinary (135)
shareholders
Dividends to preference (229) (32)
shareholders
Issue of shares (net of 3 891
expenses)
Available-for-sale 446
reserve movement
Capital contribution to (437)
holding company
Foreign currency (90)
translation reserves
and other movements
Balance at 31 December 16 512 2 770
2004
Statement of changes in shareholders` equity
Minority Minority
attributable attributable
to to
preference ordinary
share- share
Rm holders holders Total
Balance at 31 December
2002
as previously reported 364 12 470
Impairment of advances (1 700)
Fair-value adjustment (970)
Taxation 795
Minority interest 1
Restated balance at 31 364 10 596
December 2002
Net loss for the period 125 (1 667)
Dividends to ordinary (1 167)
shareholders
Dividends to preference (133)
shareholders
Issue of shares (net of 8 192
expenses)
Foreign currency
translation
reserves and other 122 197 227
movements
Balance at 31 December 122 686 16 048
2003
Net profit for the 129 757
period
Dividends to ordinary (10) (145)
shareholders
Dividends to preference (261)
shareholders
Issue of shares (net of 3 891
expenses)
Available-for-sale 446
reserve movement
Capital contribution to (437)
holding company
Foreign currency 123 (205) (172)
translation reserves
and other movements
Balance at 31 December 245 600 20 127
2004
Segmental analysis
at 31 December
2004 2003 2004
Reviewed
gross
Average Average operating
assets assets income
Rbn Rbn Rm
Nedbank Corporate 118 108 6 229
Nedbank Capital 61 68 2 440
Imperial Bank 15 10 836
Nedbank Retail 76 73 7 662
Shared Services 10 11 196
Capital Management and 39 41 (1 583)
Central Funding
Eliminations (20) (20) (388)
Total per Nedcor Group 299 291 15 392
Fellow-subsidiary (15) (8) (1 409)
adjustments
Total per Nedbank Group 284 283 13 983
Restated
Segmental analysis
at 31 December
2003 2004 2003
Audited
gross Reviewed Audited*
operating headline headline
income earnings earnings
Rm Rm Rm
Nedbank Corporate 5 715 2 112 1 841
Nedbank Capital 2 305 878 837
Imperial Bank 786 83 116
Nedbank Retail 7 145 641 455
Shared Services (139) (751) (1 116)
Capital Management and (2 125) (1 516) (2 078)
Central Funding
Eliminations (342)
Total per Nedcor Group 13 345 1 447 55
Fellow-subsidiary (1 943) (512) (1 022)
adjustments
Total per Nedbank Group 11 402 935 (967)
Restated
Geographical segmental
for the year ended 31 December
2004 2003 2004 2003
Reviewed Audited Reviewed Audited
operating operating headline headline
Rm income income earnings earnings
South Africa 14 236 11 961 1 216 (422)
Business 14 236 11 961 2 242 1 447
operations
Merger and (425) (320)
recovery
programme
expenses
Foreign (372) (1 416)
currency
translation
losses
Minority (229) (133)
interest
income
attributable
to
preference
shareholders
Rest of 347 307 49 198
Africa
Rest of 809 1 077 182 279
world
Business 809 1 077 196 279
operations
Merger and (14)
recovery
programme
expenses
Total per 15 392 13 345 1 447 55
Nedcor Group
Fellow- (1 409) (1 943) (512) (1 022)
subsidiary
adjustments
Total per 13 983 11 402 935 (967)
Nedbank
Group
Segmental results have been restated to align with current management structures
and reporting methodologies.
These results and additional information are available on our website:
www.nedcor.com
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