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Nedcor Limited - Issue of AFS and Notice of AGM
NEDCOR LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN code: ZAE000004875
(`Nedcor` or `the company`)
ISSUE OF AUDITED ANNUAL FINANCIAL STATEMENTS
Further to the Nedcor reviewed preliminary results for the year ended 31
December 2004, shareholders are advised that the annual financial statements
will be dispatched to shareholders on 12 April 2005. The annual financial
statements will also be available online on the Nedcor website
(www.nedcor.co.za) from this date.
There were some reclassification adjustments to the reviewed preliminary results
which were published on 22 February 2005. These reclassifications are
summarised below, and the affected abridged consolidated balance sheet, AC133:
balance sheet classification of financial instruments and consolidated cash flow
statements are set out below.
There were no changes to the consolidated income statement or the consolidated
changes in equity statement for 2004.
The annual financial statements were audited by Nedcor`s auditors, KPMG Inc and
Deloitte & Touche. Their report is available for inspection at the company`s
registered office.
AFFECTED ABRIDGED AUDITED ANNUAL FINANCIAL STATEMENTS
CONSOLIDATED BALANCE SHEET
As at As at
31 December 31 December
2004 2003
Rm Rm
ASSETS
Cash and short-term funds 10 050 12 227
Other short-term securities 16 310 10 610
Government and other securities 26 224 21 333
Derivative instruments 27 560 28 496
Advances 221 128 210 096
Sundry debtors 7 881 7 463
Deferred taxation asset 1 172 3 074
Current taxation prepaid 196 256
Investments in associate companies and
joint ventures 1 043 1 627
Other investments 3 456 3 788
Insurance assets 3 109 5 152
Property and equipment 2 740 2 684
Computer software and capitalised
development costs 1 419 1 710
Goodwill 3 441 3 762
Customers` indebtedness for acceptances 1 509 835
Total assets 327 238 313 113
SHAREHOLDERS` EQUITY AND LIABILITIES
Ordinary share capital 394 275
Ordinary share premium 9 892 4 801
Reserves 7 809 6 571
Ordinary shareholders` equity 18 095 11 647
Minority shareholders` equity
Attributable to preference shareholders 2 770 2 802
Attributable to ordinary shareholders 721 652
Total shareholders` equity & minority
shareholders` equity 21 586 15 101
Derivative instruments 28 055 28 206
Deposits, current accounts and other
liabilities 254 299 238 404
Sundry creditors 10 054 12 454
Deferred taxation liabilities 1 125 2 731
Current taxation liabilities 193 144
Insurance funds 3 109 5 152
Long-term debt instruments 7 308 10 086
Liabilities under acceptances 1 509 835
Total liabilities 305 652 298 012
Total shareholders` equity and liabilities 327 238 313 113
Guarantees on behalf of customers excluded
from assets 10 770 12 403
AC133: BALANCE SHEET CLASSIFICATION OF FINANCIAL INSTRUMENTS
As at As at
31 December 31 December
2004 2003
Rm Rm
ASSETS
Fair value 66 438 75 741
Held for trading 63 283 73 774
Available for sale 3 155 1 967
Amortised cost 251 832 225 886
Originated loans and receivables 244 759 224 563
Held to maturity 7 073 1 323
Other assets 8 968 11 486
Total assets 327 238 313 113
SHAREHOLDERS` EQUITY AND LIABILITIES
Fair value 36 153 35 749
Held for trading 36 153 35 749
Amortised cost 268 181 259 388
Non trading liabilities 268 181 259 388
Other liabilities 1 318 2 875
Total shareholders` equity & minority
shareholders` equity 21 586 15 101
Total shareholders` equity and liabilities 327 238 313 113
CONSOLIDATED CASH FLOW STATEMENT
Year ended Year ended
31 December 31 December
2004 2003
Rm Rm
Cash and short-term funds at beginning
of year 12 227 16 607
Cash flow from operating activities 5 723 5 643
Net increase in operating funds (11 804) (14 124)
Taxation paid (835) (616)
Cash flows from investment activities 2 836 2 654
Cash flows from financing activities 1 903 2 063
Cash and short-term funds at end of year 10 050 12 227
RECLASSIFICATIONS TO REVIEWED PRELIMINARY RESULTS
In the 2004 consolidated balance sheet and cash-flow statement, there has been a
recategorisation of net deposits of R174 million between fixed deposits and long
term debt instruments.
In the 2004 AC133: balance sheet classification of financial instruments, there
has been a recategorisation of derivative gross-ups between the AC133 trading
and originated loans categories for both receivables (R14,3 billion) and non
trading liabilities (R19,8 billion) classifications.
CONFIRMATION OF ANNUAL GENERAL MEETING
Confirmation is hereby given that the annual general meeting of shareholders of
Nedcor will be held at the registered office of the company at the Auditorium,
Retail Place West, Nedcor Sandton, 135 Rivonia Road, Sandown on Wednesday, 4 May
2005 at 17:00 to transact businesses as stated in the notice of the annual
general meeting forming part of the annual financial statements.
Sandton
12 April 2005
For further information please contact:
Tier 1 Investor Relations
Tel: +27 (0)21 702-3102
Lead sponsor to Nedcor: Merrill Lynch South Africa (Pty) Ltd
Sponsor to Nedcor: Nedbank Capital
Joint auditors and reporting
accountants to Nedcor KPMG Inc and Deloitte & Touche
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