|
Investec Limited/ Investec plc - Transition to
International Financial Reporting Standards
Investec Limited
(Incorporated in the Republic of South Africa)
(Registration number 1925/002833/06)
Share code: INL ISIN code: ZAE000040531
(`Investec`)
Investec plc
(Incorporated in the United Kingdom)
(Registration number 3633621)
Share code: INP ISIN code: GB0031773103
(`Investec`)
Investec plc and Investec Limited (`Investec` or `the
group`)
21 September 2005
Transition to International Financial Reporting Standards
Investec is hosting an investor briefing today starting
at 10:00 (SA time) which will focus on the key impacts
resulting from the adoption of International Financial
Reporting Standards (IFRS).
From 1 April 2005 the group is required to prepare its
consolidated results (comprising the results of Investec
plc and Investec Limited) in accordance with IFRS.
Previously these were prepared in accordance with UK
Generally Accepted Accounting Practice (UK GAAP). The
first set of IFRS compliant financial statements that
will be prepared by the group will be for the year ending
31 March 2006.
The group`s transition to IFRS has been performed in
accordance with IFRS 1 `First-Time Adoption of
International Reporting Standards` and other relevant
standards as expected to be applicable at 31 March 2006.
A summary of the impact on the group of the transition to
IFRS for the year ended 31 March 2005 and for the six
months ended 30 September 2004 is provided in the tables
below.
For the year ended 31 March Unaudited Audited %
2005 IFRS UK GAAP change
Pro- (as
forma*** previously
reported)
Operating profit before 229234 222388 3.1
goodwill impairment, non-
operating items and tax
(GBP`000)
Profit attributable to 114465 100524 13.9
shareholders* (GBP`000)
Adjusted** profit 153087 151146 1.3
attributable to ordinary
shareholders (GBP`000)
Basic EPS (pence) 92.5 81.5 13.5
Headline EPS (pence) 136.0 141.7 (4.0)
Adjusted** EPS (pence) 137.8 140.8 (2.1)
Basic weighted average 111.1 107.4 3.4
number of shares in issue
(million)
Total equity including 1083056 980451 10.5
minority interest as at 1
April 2005 (GBP`000)
For the six months ended 30 Unaudited Audited %
September 2004 IFRS UK GAAP change
Pro- (as
forma*** previously
reported)
Operating profit before 96896 95887 1.1
goodwill impairment, non-
operating items and tax
(GBP`000)
Profit attributable to 61663 37776 63.2
shareholders* (GBP`000)
Adjusted** profit 68172 66208 3.0
attributable to ordinary
shareholders (GBP`000)
Basic EPS (pence) 49.7 29.9 66.2
Headline EPS (pence) 58.1 61.7 (5.8)
Adjusted** EPS (pence) 60.9 61.7 (1.3)
Basic weighted average 111.9 107.4 4.2
number of shares in issue
(million)
Total equity including 882941 803225 9.9
minority interest as at 30
September 2004 (GBP`000)
Note:
*After tax, minority interests, non-operating items and
goodwill impairment.
**Before goodwill impairment and non-operating items and
after taking into consideration earnings attributable to
perpetual preference shareholders.
***In accordance with the provisions of IFRS 1, the group
has elected not to apply the requirements of IAS 32,
`Financial Instruments: Disclosure and Recognition`, IAS
39, `Financial Instruments: Recognition and Measurement`
and IFRS 4, `Insurance Contracts` to the 2005 comparative
period. The impact of adoption of these standards is
reflected as an adjustment to the opening balance sheet
at 1 April 2005. To facilitate comparability, a pro-forma
income statement is presented which incorporates the
impact of the adoption of IAS39 in the following
respects:
- recognising certain fees on an effective yield basis,
- the release of general provisions on loans and advances
and
- fair value adjustments for embedded derivatives.
An assessment of the key statements and their impact on
the group`s attributable profit, assets, liabilities and
equity for the year ended 31 March 2005 and for the six
months ended 30 September 2004 is provided in the tables
below:
GBP`000 Pro-forma Assets Liabilities Total
profit equity,
attributable including
to minorities
shareholders
Key statements / 31 March 1 April 1 April 1 April
impacts 2005 2005 2005 2005
IFRS 2 - share based
payments (8018) 1240 686 554
IFRS 3 - business
combinations 11218 10943 - 10943
IFRS 4 - insurance
contracts - 1288406 1288406 -
IAS 10 - events after
balance sheet date - - (49593) 49593
IAS 12 - income taxes
413 7144 (154) 7298
IAS 17 - leases
(6386) 4430 11363 (6933)
IAS 18 - revenue
recognition (3490) (2565) 11300 (13865)
IAS 19 - employee
benefits - 3297 3437 (140)
IAS 21 - effects of
changes in foreign 1142 - - -
exchange rates
IAS 27/28/31 -
consolidations 2340 25676 2030 23646
IAS 32/39 - financial
instruments 12389 676810 645301 31509
IAS 40 - investment - - -
property 4333
Overall impact of IFRS
13941 2015381 1912776 102605
GBP`000 Pro-forma Assets Liabilities Total
profit equity,
attributable including
to minorities
shareholders
Key statements / 30 Sept 30 Sept 30 Sept 30 Sept
impacts 2004 2004 2004 2004
IFRS 2 - share based
payments (4525) 100 330 (230)
IFRS 3 - business
combinations 23760 23877 - 23877
IFRS 4 - insurance - 78873 78873 -
contracts
IAS 10 - events after
balance sheet date - - (38231) 38231
IAS 12 - income taxes
100 115 (4) 119
IAS 17 - leases
(3120) 3475 7197 (3722)
IAS 18 - revenue
recognition (2821) - - -
IAS 19 - employee
benefits - 5188 5328 (140)
IAS 21 - effects of
changes in foreign 1441 - - -
exchange rates
IAS 27/28/31 -
consolidations 1028 22799 1218 21581
IAS 32/39 - financial
instruments 5195 - - -
IAS 40 - investment
property 2829 - - -
Overall impact of IFRS 79716
23887 134427 54711
Supporting information is available on the website or
from the Investor Relations Division.
Note: future developments under IFRS
The financial information contained in this announcement
has been prepared on the group`s expectation of standards
that will be applicable at 31 March 2006 (being the first
time that the group will prepare financial statements
under IFRS). Changes to information presented in this
announcement may be required due to one or more of the
following reasons:
- Further standards and interpretations may be issued
that could be applicable to the financial year ended 31
March 2006.
- Interpretations may differ as practice develops.
- Tax legislation and tax related interpretations may
develop further.
Presentation details
The investor briefing presentation will be broadcast live
via video conference from the group`s offices in
Johannesburg to London and Cape Town. The briefing will
also be available via a live telephone conference call.
A delayed webcast and the recorded telephone conference
call will be available on the website this afternoon.
Further details in this regard can be found on the
website at: www.investec.com
Investor Relations timetable:
Six-month period end: 30 September 2005
Release of interim results: 17 November 2005
Financial year-end: 31 March 2006
Release of preliminary results: 18 May 2006
For further information please contact:
Investec Investor Relations
+27 11 286 7070
investorrelations@investec.com
Date: 21/09/2005 08:00:49 AM
Produced by the JSE SENS Department
| 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 ] | |||||||||||||
|
|||||||||||||