| Wed 4 Aug 2004, 12:47 | | Reviewed Financial Results |
|
2004
Nedbank Limited
(Registration No 1951/000009/06)
Share code: NBKP ISIN: ZAE000043667
Reviewed Financial Results
for the six months ended 30 June 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 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 at 31 December 2003, with the exception of the change in the basis of
accounting for pension fund assets gross-up in terms of AC116 and certain
restatements as noted in these financial results.
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 5
August 2004. Further information is provided on our website at www.nedcor.com.
Reviewed results in auditor`s opinion
These results have been reviewed by the company`s auditors, KPMG Inc and
Deloitte & Touche, 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 3
Notice is hereby given that preference dividend No 3 of 42,88934 cents per share
has been declared for the period from 1 January 2004 to 30 June 2004, payable on
Monday, 30 August 2004, to holders of the non-redeemable non-cumulative
preference shares recorded in the books of the company at the close of business
on Friday, 27 August 2004.
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, 20 August 2004
Shares trade `ex` dividend Monday, 23 August 2004
Record date Friday, 27 August 2004
Payment date Monday, 30 August 2004
Share certificates may not be dematerialised or rematerialised between Monday,
23 August 2004, and Friday, 27 August 2004, 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 Central Securities Depository Participant or broker,
credited on Monday, 30 August 2004.
For and on behalf of the board
WAM Clewlow TA Boardman
(Chairman) (Chief Executive)
4 August 2004
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),
TH Nyasulu (Vice-chairman), TA Boardman (Chief Executive), CJW Ball, MWT Brown,
RG Cottrell, BE Davison, N Dennis (British), Prof B Figaji, MJ Levett, JB
Magwaza, ME Mkwanazi, PF Nhleko, JVF Roberts (British), CML Savage, JH Sutcliffe
(British)
(Registration No 1951/000009/06) Share code: NBKP ISIN: ZAE000043667
Sponsors
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
Income statement Reviewed Restated Audited
30 June 30 June 31
December
Rm 2004 2003 2003
Interest income 11 951 14 359 28 609
Interest expense 8 771 11 485 22 600
Net interest income 3 180 2 874 6 009
Non-interest revenue 3 403 3 592 6 451
Foreign currency (177) (429) (1 058)
translation losses
Gross operating income 6 406 6 037 11 402
Impairment of advances 717 895 2 058
Income after impairment of 5 689 5 142 9 344
advances
Operating expenses 4 873 4 693 9 749
Fees due to alliance 83 (41) (31)
partners
Recovery programme expenses 234
Merger expenses 94 133 393
Profit/(loss) from 405 357 (767)
operations before
exceptional items
Exceptional items (78) (100) (863)
Amortisation and impairment (43) (58) (370)
of goodwill
Profit/(loss) on sale of 20 (42) (254)
subsidiaries, investments
and property and equipment
Net impairment of (55) (239)
investments, property and
equipment and capitalised
development costs
Profit/(loss) from 327 257 (1 630)
operations
Attributable earnings of 58 69 119
associates and joint
ventures
Profit/(loss) before 385 326 (1 511)
taxation
Taxation 55 79 194
Taxation on exceptional (17) (38)
items
Profit/(loss) after 347 247 (1 667)
taxation
Minority interest income (67) (65) (125)
attributable to ordinary
shareholders
Income/(loss) attributable 280 182 (1 792)
to shareholders
Headline earnings reconciliation
Profit/(loss) attributable 280 182 (1 792)
to ordinary shareholders
Less: non-headline-earnings (61) (100) (825)
items
Exceptional items (78) (100) (863)
Taxation on exceptional 17 38
items
Headline earnings 341 282 (967)
Balance sheet Reviewed Restated Audited
30 June 30 June 31
December
Rm 2004 2003 2003
Assets
Cash and short-term funds 11 314 8 364 11 716
Other short-term securities 7 457 13 270 8 802
Government and other 22 210 15 276 21 451
securities
Derivative instruments 18 719 36 820 25 788
Advances 215 984 217 833 220 608
Sundry debtors 8 266 7 061 4 448
Deferred taxation asset 1 243 1 044 3 072
Current taxation prepaid 163 390 250
Investments in associate 1 256 1 421 1 471
companies and joint ventures
Other investments 3 765 3 628 3 244
Property and equipment 2 441 2 119 2 596
Computer software and 1 510 2 025 1 654
capitalised development
costs
Goodwill 450 394 416
Customers` indebtedness for 1 009 822 835
acceptances
Total assets 295 787 310 467 306 351
Shareholders` equity and
liabilities
Ordinary share capital 27 27 27
Ordinary share premium 12 647 7 887 10 054
Non-distributable reserves 614 618 138
Distributable reserves 2 252 4 415 2 219
Ordinary shareholders` 15 540 12 947 12 438
equity
Preference share capital and 2 770 1 982 2 802
premium
Shareholders` equity 18 310 14 929 15 240
Minority shareholders`
equity
Attributable to preference 122 122
shareholders
Attributable to ordinary 753 408 686
shareholders
Total shareholders` equity 19 185 15 337 16 048
and minority shareholders`
equity
Derivative instruments 18 172 37 670 25 897
Deposits, current accounts 242 642 243 872 239 406
and other liabilities
Sundry creditors 6 375 4 668 11 376
Deferred taxation 792 272 2 654
liabilities
Current taxation liabilities 115 63 49
Long-term debt instruments 7 497 7 763 10 086
Liabilities under 1 009 822 835
acceptances
Total liabilities 276 602 295 130 290 303
Total shareholders` equity 295 787 310 467 306 351
and liabilities
Guarantees on behalf of 10 320 10 626 12 319
customers excluded from
assets
AC133: Balance sheet Reviewed
classification
Assets Liabilities
as at 30 June 2004 Rm Rm
Fair value 51 754 27 137
Held for trading 51 146 27 137
Available for sale 608
Amortised cost 244 033 249 465
Originated loans and receivables 236 370
Held to maturity 1 350
Non-trading liabilities 248 052
Other assets and liabilities 6 313 1 413
Total shareholders` equity and 19 185
minority shareholders` equity
295 787 295 787
Cash flow statement Reviewed Restated Audited
for the period ended 30 June 30 June 31
December
Rm 2004 2003 2003
Cash and short-term funds 11 716 9 699 9 699
at beginning of period
Cash flow from operating 2 354 2 004 3 569
activities
Net increase in operating (2 111) (4 953) (7 096)
funds
Taxation paid (188) (280) (336)
Cash flows from investment (285) (3 073) (3 715)
activities
Cash flows from financing (172) 4 967 9 595
activities
Cash and short-term funds 11 314 8 364 11 716
at end of period
Statement of changes in shareholders` equity
Ordinary Preference
share- share-
holders` holders`
equity equity
Rm Rm
Balance at
31 December 2002
as previously 10 119 1 987
reported
Impairment of (1 700)
advances
Fair value (970)
adjustment
Taxation 795
Minority interest 1
Restated balance at
31 December 2002 8 245 1 987
Net profit for the 182
period
Dividends to (629)
shareholders
Issue of shares 5 210 (5)
Foreign currency (61)
translation
reserves and other
movements
Restated balance at
30 June 2003 12 947 1 982
Net loss for the (1 974)
period
Dividends to (538)
ordinary
shareholders
Dividends to (133)
preference
shareholders
Issue of shares 2 167 820
Foreign currency (31)
translation
reserves and other
movements
Balance at 31 12 438 2 802
December 2003
Net profit for the 280
period
Dividends to (35) (32)
ordinary
shareholders
Dividends to (110)
preference
shareholders
Issue of shares 2 593
Available for sale 416
reserve movement
Foreign currency (42)
translation
reserves and other
movements
Balance at 30 June 15 540 2 770
2004
Statement of changes in shareholders` equity
Minority Minority
attributable attributable
to to
preference ordinary
share- share-
holders holders Total
Rm Rm Rm
Balance at
31 December 2002
as previously 364 12 470
reported
Impairment of (1 700)
advances
Fair value (970)
adjustment
Taxation 795
Minority interest 1
Restated balance
at
31 December 2002 364 10 596
Net profit for the 65 247
period
Dividends to (629)
shareholders
Issue of shares 5 205
Foreign currency (21) (82)
translation
reserves and other
movements
Restated balance
at
30 June 2003 408 15 337
Net loss for the 60 (1 914)
period
Dividends to (538)
ordinary
shareholders
Dividends to (133)
preference
shareholders
Issue of shares 2 987
Foreign currency 122 218 309
translation
reserves and other
movements
Balance at 31 122 686 16 048
December 2003
Net profit for the 67 347
period
Dividends to (67)
ordinary
shareholders
Dividends to (110)
preference
shareholders
Issue of shares 2 593
Available for sale 416
reserve movement
Foreign currency (42)
translation
reserves and other
movements
Balance at 30 June 122 753 19 185
2004
Segmental 2004 2003 2004
analysis
Reviewed Restated Reviewed
Average Average Operating
assets assets income
as at 30 June Rbn Rbn Rm
Nedbank Corporate 124 112 3 224
Nedbank Capital 58 61 1 087
Imperial Bank 14 10 393
Retail and Wealth
Management 77 75 3 616
Shared Services 30 28 50
Capital 25 29 (1 005)
Management and
Central Funding
Preference share
dividend
Foreign currency (58) (56) (376)
translation
losses
Total per Nedcor 270 259 6 989
Group
Fellow-subsidiary (4) (5) (583)
adjustments
Total per Nedbank 266 254 6 406
Group
By geography
South Africa 6 217
Business 6 217
operations
Recovery
program expenses
Preference
share dividend
Rest of Africa 225
Rest of World 547
Business 547
operations
Recovery
program expenses
Total per Nedcor 6 989
Group
Fellow-subsidiary (583)
adjustments
Total per Nedbank 6 406
Group
Segmental 2003 2004 2003
analysis
Restated Reviewed Restated
Operating Headline Headline
income earnings earnings
as at 30 June Rm Rm Rm
Nedbank Corporate 3 303 1 149 1 365
Nedbank Capital 1 370 448 697
Imperial Bank 307 52 67
Retail and Wealth
Management 3 720 270 437
Shared Services (108) (432) (396)
Capital (1 078) (664) (722)
Management and
Central Funding
Preference share (110)
dividend
Foreign currency (884) (213) (735)
translation
losses
Total per Nedcor 6 630 500 713
Group
Fellow-subsidiary (593) (159) (431)
adjustments
Total per Nedbank 6 037 341 282
Group
By geography
South Africa 5 897 249 432
Business 5 897 500 432
operations
Recovery (141)
program expenses
Preference (110)
share dividend
Rest of Africa 85 101 68
Rest of World 648 150 213
Business 648 173 213
operations
Recovery (23)
program expenses
Total per Nedcor 6 630 500 713
Group
Fellow-subsidiary (593) (159) (431)
adjustments
Total per Nedbank 6 037 341 282
Group
Segmental results have been restated to align with current management structures
and reporting methodologies.
Income statement Change in
(restated)
Peoples basis of
As Bank accounting
for the period previously AC133 put relating to
ended 30 June 2003
Rm reported restatements option AC105/AC102
Interest income 14 524 (165)
Interest expense 11 437 48
Net interest 3 087 (48) (165)
income
Non-interest 3 617 (25)
revenue
Foreign exchange (429)
translation losses
Gross operating 6 275 (25) (48) (165)
income
Impairment of 895
advances
Income after 5 380 (25) (48) (165)
impairment of
advances
Operating expenses 4 469
Fees to alliance (41)
partners
Merger expenses 133
Profit from 819 (25) (48) (165)
operations before
exceptional items
Exceptional items (100)
Profit from 719 (25) (48) (165)
operations
Attributable 69
earnings of
associates and
joint ventures
Profit before 788 (25) (48) (165)
taxation
Taxation 433 2 (165)
Profit after 355 (27) (48)
taxation
Minority interest (79) (4) 18
attributable to
ordinary
shareholders
Income 276 (31) (30) -
attributable to
shareholders
Less: Non-headline-
earnings items
Exceptional items (100)
Headline earnings 376 (31) (30) -
Income statement
(restated)
Reclassification Change in
of depreciation
for the period transaction rate from
ended 30 June 2003
Rm taxes 7 to 5 years Restated
Interest income 14 359
Interest expense 11 485
Net interest 2 874
income
Non-interest 3 592
revenue
Foreign exchange (429)
translation losses
Gross operating 6 037
income
Impairment of 895
advances
Income after 5 142
impairment of
advances
Operating expenses 176 48 4 693
Fees to alliance (41)
partners
Merger expenses 133
Profit from (176) (48) 357
operations before
exceptional items
Exceptional items (100)
Profit from (176) (48) 257
operations
Attributable 69
earnings of
associates and
joint ventures
Profit before (176) (48) 326
taxation
Taxation (176) (15) 79
Profit after (33) 247
taxation
Minority interest (65)
attributable to
ordinary
shareholders
Income - (33) 182
attributable to
shareholders
Less: Non-headline-
earnings items
Exceptional items (100)
Headline earnings - (33) 282
This and additional information is available on our website: www.nedcor.com
Date: 05/08/2004 08:32:22 AM Produced by the JSE SENS Department
