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NED
NED
Nedbank Group - Issue of Audited AFS and Confirmation of AGM
Nedbank Group Limited
(formerly Nedcor Limited)
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN code: ZAE000004875
("Nedbank Group" or "the group")
ISSUE OF AUDITED ANNUAL FINANCIAL STATEMENTS
Further to the Nedbank Group reviewed financial results for the year ended 31
December 2005, shareholders are advised that the annual financial statements
will be dispatched to shareholders on 12 April 2006. The annual financial
statements will also be available online on the Nedbank Group website
(www.nedbankgroup.co.za) from this date.
The group has made certain adjustments to the reviewed financial results which
were published on 20 February 2006. These adjustments, which have no effect on
headline earnings, profit for the year or total shareholders" equity, are
summarised below.
ADJUSTMENTS TO REVIEWED 2005 FINANCIAL RESULTS
1. Income statement
Interest received on trading assets and the funding thereof was duplicated
within the group"s average balance sheet and related interest table, as
disclosed on the Nedbank Group website. Accordingly, both interest received and
interest paid on banking assets and liabilities as reported in the income
statement were overstated by R1 109 million. Interest received and paid within
the income statement have been restated to R23 234 million and R14 705 million
respectively (previously R24 343 million and R15 814 million respectively). The
adjustment has no impact on net interest income, the overall net interest margin
percentage or income before taxation as disclosed.
2. Cash flow statement
Indirect taxation of R223 million and cash flows from financing activities of
R107 million were misstated in the abridged cash flow statement on the Taxation
paid, Cash flows utilised by financing activities, and Cash generated by
operating activities lines. The Taxation paid (reduced by R223 million), Cash
flows utilised by financing activities (reduced by R107 million) and Cash
generated by operating activities (reduced by R330 million) lines have been
restated accordingly to R852 million, R303 million and R6 898 million
respectively. This has no effect on the overall net increase in cash and cash
equivalents of R6 839 million.
3. Commentary
Within the commentary the group referred to 41,1 million of the shares issued in
terms of the black economic empowerment (BEE) transaction being currently
accounted for as treasury shares. This should have been 39,8 million shares, as
correctly disclosed in the Statement of changes in shareholders" equity.
The annual financial statements were audited by Nedbank Group"s auditors, KPMG
Inc and Deloitte & Touche. Their report is available for inspection at the
company"s registered office.
CONFIRMATION OF ANNUAL GENERAL MEETING
Confirmation is hereby given that the annual general meeting of shareholders of
Nedbank Group will be held at the registered office of the group in the
Auditorium, Retail Place West, Nedbank Sandton, 135 Rivonia Road, Sandown on
Thursday, 4 May 2006 at 16:00 to transact businesses as stated in the notice of
the annual general meeting forming part of the annual financial statements.
Sandton
12 April 2006
For further information please contact
Tier 1 Investor Relations
Tel: +27 (0)21 702-3102
Sponsors
Merrill Lynch South Africa (Pty) Ltd
Nedbank Capital
Date: 12/04/2006 05:15:38 PM Produced by the JSE SENS Department
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