| Thu 16 Nov 2006, 9:00 | | Investec / Investec plc - Unaudited consolidated f |
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INL INP
INL INP
Investec / Investec plc - Unaudited consolidated financial results in
Pounds Sterling for the six months to
30 September 2006 and dividend declaration
Investec Limited
Incorporated in the Republic of South Africa
Registration number 1925/002833/06
JSE share code: INL
ISIN: ZAE000081949
Investec plc
Incorporated in England and Wales
Registration number 3633621
JSE share code: INP
ISIN: GB00B17BBQ50
Unaudited consolidated financial results in Pounds Sterling
for the six months to 30 September 2006
Salient Features
30 Sept. 30 Sept. % 31 March
2006 2005 Change 2006
Adjusted earnings before 128,676 93,357 37.8 230,017
goodwill and non-operating
items (GBP"000)
Operating profit before 205,291 152,771 34.4 388,767
goodwill, non-operating
items and taxation
(GBP"000)
Earnings attributable to 153,579 177,469 (13.5) 315,101
shareholders (GBP"000)
Adjusted earnings per 23.3 17.0 37.1 41.9
share (before goodwill and
non-operating items)
(pence)
Earnings per share (pence) 24.1 31.1 (22.5) 53.8
Headline earnings per 22.4 16.7 34.1 40.6
share (pence)
Dividends per share 10.0 7.6 31.6 18.2
(pence)
Dividends per share 138.0 89.2 54.7 214.6
(cents)
Combined consolidated income statements
6 months to 6 months to Year to
30 Sept. 30 Sept. 31 March
GBP"000 2006 2005 2006
Interest receivable 565,786 410,559 934,389
Interest payable (403,409) (295,613) (675,237)
Net interest income 162,377 114,946 259,152
Fees and commissions 279,276 208,857 478,465
receivable
Fees and commission payable (27,638) (18,902) (41,591)
Principal transactions 103,928 93,592 246,059
Operating income from 4,279 2,949 6,694
associates
Investment income on 13,767 76,387 141,559
assurance activities
Premiums and reinsurance 55,995 72,486 164,631
recoveries on insurance
contracts
Other operating income 10,030 3,851 2,721
Other income 439,637 439,220 998,538
Claims and reinsurance (68,828) (139,464) (293,135)
premiums on insurance
business
Total operating income net 533,186 414,702 964,555
of insurance claims
Impairment losses on loans (8,173) (5,230) (9,160)
and advances
Operating income 525,013 409,472 955,395
Administrative expenses (313,966) (252,783) (558,887)
Depreciation and (5,756) (3,918) (7,741)
amortisation of property,
equipment and software
Operating profit before 205,291 152,771 388,767
goodwill
Goodwill 7,533 (6,595) (21,356)
Operating profit 212,824 146,176 367,411
Profit on disposal or - 75,660 73,573
termination of group
operations
Profit before taxation 212,824 221,836 440,984
Taxation (56,974) (40,323) (111,616)
Profit after taxation 155,850 181,513 329,368
Earnings attributable to 2,271 4,044 14,267
minority interests
Earnings attributable to 153,579 177,469 315,101
shareholders
Earnings attributable to 155,850 181,513 329,368
shareholders" equity
Earnings attributable to 153,579 177,469 315,101
shareholders
Goodwill (7,533) 6,595 21,356
Profit on disposal or - (75,660) (73,573)
termination of group
operations
Preference dividends paid (20,411) (6,917) (19,940)
Additional earnings 3,041 (8,130) (12,927)
attributable to other equity
holders
Adjusted earnings before 128,676 93,357 230,017
goodwill and non-operating
items
Adjustments to derive (4,997) (1,885) (7,212)
headline earnings
Headline earnings 123,679 91,472 222,805
Earnings per share (pence)
- basic 24.1 31.1 53.8
- diluted 22.1 29.3 50.0
Adjusted earnings per share
(pence)
- basic 23.3 17.0 41.9
- diluted 21.4 16.1 39.0
Headline earnings per share 22.4 16.7 40.6
(pence)
Number of weighted average 552.8 548.1 548.8
shares - basic (millions)
Combined consolidated cash flow statements
6 months to 6 months to 12 months to
30 Sept. 30 Sept. 31 March
GBP"000 2006 2005 2006
Cash inflows from 147 474 149,274 369 546
operations
Increase in operating (2 899 302) (1,015,495) (2 950 085)
assets
Increase in operating 3 257 379 398,799 2 749 528
liabilities
Net cash inflow/(outflow) 505 551 (467,422) 168 989
from operating activities
Net cash outflow from (143 267) (7,867) (473 159)
investing activities
Net cash inflow from 106 423 92,144 38 076
financing activities
Effects of exchange rate (343 715) 39,770 73 721
changes on cash and cash
equivalents
Net increase/(decrease) 124 992 (343,375) (192 373)
in cash and cash
equivalents
Cash and cash equivalents 1 190 183 1,382,556 1 382 556
at the beginning of the
period
Cash and cash equivalents 1 315 175 1,039,181 1 190 183
at the end of the period
Cash and cash equivalents is defined as including: cash and balances at
central banks, on demand loans and advances to banks and cash equivalent
advances to customers (all of which have a maturity profile of less than
three months).
Combined consolidated balance sheets at
30 Sept. 31 March 30 Sept.
GBP"000 2006 2006 2005
Assets
Cash and balances at central 132,717 190,838 125,343
banks
Loans and advances to banks 1,706,742 1,830,603 1,368,108
Cash equivalent advances to 712,938 690,236 683,731
customers
Reverse repurchase agreements 980,456 756,645 682,354
and cash collateral on
securities borrowed
Trading securities 1,562,360 1,640,088 1,308,753
Derivative financial 1,200,754 1,081,287 862,235
instruments
Investment securities 1,750,676 1,266,673 1,220,405
Loans and advances to 9,271,527 9,604,589 7,903,166
customers
Interest in associated 65,811 63,099 58,545
undertakings
Deferred taxation assets 50,956 60,035 49,285
Other assets 1,266,512 1,272,787 1,093,059
Property and equipment 121,397 26,916 31,344
Investment properties 86,121 163,049 197,484
Goodwill 209,176 183,560 190,257
Intangible assets 8,707 10,094 9,458
19,126,850 18,840,499 15,783,527
Other financial instruments
at fair value through income
in respect of
- liabilities to customers 2,806,067 3,628,574 3,071,676
- assets related to 1,054,865 1,431,876 1,302,165
reinsurance contracts
22,987,782 23,900,949 20,157,368
Liabilities
Deposits by banks 2,088,156 1,879,483 1,282,297
Derivative financial 801,747 705,764 617,201
instruments
Other trading liabilities 425,385 457,254 408,279
Repurchase agreements and 649,463 358,278 83,117
cash collateral on securities
lent
Customer accounts 8,076,640 8,699,165 7,583,753
Debt securities in issue 3,223,209 2,950,103 2,296,949
Current taxation liabilities 96,606 137,426 85,155
Deferred taxation liabilities 31,241 26,210 22,352
Other liabilities 1,602,379 1,582,856 1,482,564
Pension fund liabilities 1,735 2,013 9,141
16,996,561 16,798,552 13,870,808
Liabilities to customers 2,713,438 3,488,756 2,939,994
under investment contracts
Insurance liabilities, 92,630 139,818 131,682
including unit-linked
liabilities
Reinsured liabilities 1,054,865 1,431,876 1,302,165
20,857,494 21,859,002 18,244,649
Subordinated liabilities 491,683 529,854 526,578
(including convertible debt)
21,349,177 22,388,856 18,771,227
Equity
Called up share capital 166 165 165
Share premium 1,106,126 1,028,737 1,029,120
Treasury shares (74,824) (96,300) (99,753)
Equity portion of convertible 2,191 2,191 2,191
instruments
Perpetual preference shares 239,132 215,305 205,587
Other reserves 80,399 156,103 117,101
Profit and loss account (7,555) (79,709) (158,092)
Shareholders" equity 1,345,635 1,226,492 1,096,319
excluding minority interests
Minority interests 292,970 285,601 289,822
- Perpetual preferrred 241,640 278,459 272,430
securities issued by
subsidiaries
- Other 51,330 7,142 17,392
Total shareholders" equity 1,638,605 1,512,093 1,386,141
Total liabilities and 22,987,782 23,900,949 20,157,368
shareholders" equity
A geographical breakdown of business operating profit before goodwill,
non-operating items and taxation for the 6 months to 30 September 2006
United
Kingdom
Southern and Other Total
GBP"000 Africa Europe Australia Geographies group
Private 17,424 50,476 5,720 - 73,620
Banking
Private 5,664 4,074 - - 9,738
Client
Portfolio
Management
and
Stockbroking
Treasury and 25,833 29,558 1,674 - 57,065
Specialised
Finance
Investment 24,789 5,447 5,542 - 35,778
Banking
Asset 23,851 8,045 - - 31,896
Management
Property 6,201 118 - - 6,319
Activities
Group 7,522 (17,545) 689 209 (9,125)
Services and
Other
111,284 80,173 13,625 209 205,291
% change 14.2 72.9 59.6 (53.9) 34.4
since 30
September
2005
A geographical breakdown of business operating profit before goodwill,
non-operating items and taxation for the 6 months to 30 September 2005
United
Kingdom
Southern and Other Total
GBP"000 Africa Europe Australia Geographies group
Private 11,908 24,676 5,183 - 41,767
Banking
Private 3,771 3,953 - - 7,724
Client
Portfolio
Management
and
Stockbroking
Treasury and 21,399 7,484 (239) - 28,644
Specialised
Finance
Investment 23,525 16,436 2,777 - 42,738
Banking
Asset 18,325 3,484 - - 21,809
Management
Property 9,140 675 - - 9,815
Activities
Group 9,348 (10,341) 814 453 274
Services and
Other
97,416 46,367 8,535 453 152,771
Summarised consolidated statements of changes in equity
6 months to 6 months to 12 months to
30 Sept. 30 Sept. 31 March
GBP"000 2006 2005 2006
Balance at the beginning 1,512,093 1,075,611 1,075,611
of the period
Foreign currency (196,773) 31,450 52,564
adjustments
Retained profit for the 153,579 177,469 315,101
period attributable to
ordinary shareholders
Retained profit for the 2,271 4,044 14,267
period attributable to
minority interest
Share based payments 13,088 9,403 19,221
adjustments
Fair value movements on 1,923 (5,245) 8,480
available for sale assets
Dividends paid to (55,415) (41,681) (84,435)
ordinary shareholders
Dividends paid to other (20,411) (6,917) (19,940)
shareholders
Issue of ordinary shares 22,443 - -
Issue of perpetual 80,628 - -
preference shares
Share issue expenses (787) (556) (556)
Movement of treasury 85,637 10,043 13,113
shares
Transfer from pension - - 2,035
fund deficit
Issue of equity 21,173 132,520 132,520
instruments by
subsidiaries
Movement of minorities on 19,156 - (15,888)
disposals and
acquisitions
Balance at the end of the 1,638,605 1,386,141 1,512,093
period
Commentary
Investec plc and Investec Limited
Unaudited combined financial results for the six months ended 30
September 2006 prepared using International Financial Reporting Standards
and expressed in Pounds Sterling.
Overall performance
We are pleased to announce that for the six months ended 30 September
2006, adjusted earnings per share (EPS) before goodwill and non-operating
items increased by 37.1% to 23.3 pence from 17.0 pence. Our strategy of
maintaining a balanced business model continues to support the operating
fundamentals of the group. We have benefited from the strong performance
by the majority of our businesses and have achieved our stated growth and
financial return objectives.
The main features of the period under review are:
* Operating profit before goodwill, non-operating items and taxation
increased 34.4% from GBP152.8 million to GBP205.3 million.
* Earnings attributable to ordinary shareholders before goodwill and non-
operating items increased 37.8% from GBP93.4 million to GBP128.7 million.
* Earnings attributable to ordinary shareholders after taxation, goodwill
and non-operating items decreased by 13.5% from GBP177.5 million to
GBP153.6 million largely as a result of a non-operating profit recorded
in the prior period amounting to GBP79.0 million on the sale of Carr
Sheppards Crosthwaite Limited to Rensburg plc.
* All core geographies performed well in local currencies. Our UK and
Australian operations posted a significant increase in post-tax earnings
of 68.3% and 56.1%, respectively comprising 49.3% of total attributable
earnings, reflecting the benefits of our strategy of increasing the scale
and market penetration in these businesses.
* Annualised return on adjusted average shareholders" equity (inclusive
of compulsorily convertible instruments) increased from 22.2% to 23.8%
against a target of greater than 20%.
* The ratio of total operating expenses to total operating income
improved from 61.9% to 60.0% against a target of below 65%.
* Average loans and advances to customers increased 31.9% from GBP7.2
billion to GBP9.4 billion. Asset quality remains satisfactory with the
percentage of gross non-performing loans to loans and advances remaining
constant at 0.75%.
* Average third party assets under management increased 27.0% from
GBP41.4 billion to GBP52.6 billion.
* The board declared a dividend of 10.0 pence per ordinary share (2005:
7.6 pence) resulting in a dividend cover based on the group"s adjusted
EPS before goodwill and non-operating items of 2.3 times (2005: 2.2
times), consistent with our dividend policy.
Business unit review
Unless the context indicates otherwise, reference to "operating profit"
in the business unit review below, refers to profit before goodwill, non-
operating items and taxation.
Private Client Activities
Private Client Activities, comprising the Private Banking and Private
Client Portfolio Management and Stockbroking divisions, reported
substantial growth in operating profit of 68.4% to GBP83.4 million (2005:
GBP49.5 million).
* Private Banking
Operating profit of our Private Banking division increased by 76.3% to
GBP73.6 million (2005: GBP41.8 million) driven by strong growth in
advances and non-interest income. The division continues to penetrate its
core markets and recorded strong performances across its areas of
specialisation. The average private client lending book grew by 29.1% to
GBP6.1 billion (2005: GBP4.7 billion) and the division increased its
average retail deposit book by 37.3% to GBP4.9 billion (2005: GBP3.6
billion).
* Private Client Portfolio Management and Stockbroking
Private Client Portfolio Management and Stockbroking recorded solid
growth, generating operating profit of GBP9.7 million (2005: GBP7.7
million), an increase of 26.1%. The Private Client business in South
Africa benefited from increased volumes with average funds under
management increasing by 40.8% to GBP6.9 billion (2005: GBP4.9 billion).
The results of our UK operations include our 47.1% associate shareholding
in Rensburg Sheppards plc post tax profit.
Treasury and Specialised Finance
Treasury and Specialised Finance posted a significant increase in
operating profit of 99.2% to GBP57.1 million (2005: GBP28.6 million).
Growth was underpinned by a solid performance from the division"s
advisory, structuring, asset creation, trading and distribution
activities, with average advances increasing by 31.9% to GBP3.0 billion
(2005: GBP2.3 billion). A number of the businesses that have been
established over the past two years have started to generate substantial
revenue and have increased the scale of the businesses in the UK and
Australia.
Investment Banking
Our Investment Banking division recorded a 16.3% decline in operating
profit to GBP35.8 million (2005: GBP42.7 million). Institutional
Stockbroking performed well against a backdrop of increased volumes and
Corporate Finance benefited from a strong deal pipeline across all
geographies. The results were negatively impacted by the absence of any
significant realisations within the Private Equity division and a decline
in value of certain of the listed investments within the Direct
Investments portfolio. The majority of our unlisted investments continued
to perform well.
Asset Management
Asset Management posted an increase in operating profit of 46.3% to
GBP31.9 million (2005: GBP21.8 million) underpinned by the strong
momentum of the UK and international business and continued solid
performance in Southern Africa. Average assets under management increased
by 16.3% to GBP29.1 billion (2005: GBP25.0 billion). Solid long term
investment performance has continued to support the fundamentals of the
business.
Property Activities
Our Property Activities generated operating profit of GBP6.3 million
(2005: GBP9.8 million), a decline of 35.6%. There have been no
significant realisations in the period. Activity in South Africa
however, remains buoyant and we expect to post a stronger performance in
the second half of the financial year.
Group Services and Other Activities
Group Services and Other Activities posted an operating loss of GBP9.1
million (2005: profit of GBP0.3 million) largely as a result of increased
variable remuneration, given the growth in the group"s profitability.
Financial statements analysis
Operating income
Operating income increased by 28.2% to GBP525.0 million (2005: GBP409.5
million). The movements in total operating income are analysed below.
Net interest income increased by 41.3% to GBP162.4 million (2005:
GBP114.9 million) as a result of strong growth in average advances and
increased cash holdings within the Central Funding division.
Net fees and commissions increased by 32.5% to GBP251.6 million (2005:
GBP190.0 million) benefiting from increased transactional activity and
higher average assets under management.
Income from principal transactions increased 11.0% to GBP103.9 million
(2005: GBP93.6 million) mainly as a result of a strong performance from
our Growth and Acquisition Finance, Principal Finance (securitisation)
and Trading activities. This result was offset partially by a weaker
performance from some of the underlying investments in the Direct
Investments and Central Funding divisions and the absence of any
significant realisations within the Private Equity and Property
divisions.
Operating income from associates increased by 45.1% to GBP4.3 million
(2005: GBP2.9 million). The current periods figure includes Investec"s
47.1% share of the post-tax profit of Rensburg Sheppards plc for the
period 1 April 2006 to 30 September 2006. In the prior period, Rensburg
Sheppards plc was accounted for as an associate with effect from 6 May
2005.
After administration expenses, a profit of GBP0.7 million (2005: GBP1.5
million) was generated from assurance activities.
Other operating income amounts to GBP10.0 million. The operating results
of two investments held within the Private Equity portfolio have been
consolidated with the respective income and expenses reflected in other
operating income and administration expenses. These investments
generated a net loss after tax and minority interest of GBP1.6 million.
Any realisation of these investments in excess of their carrying values
will be recognised as income from principal transactions.
Impairment losses on loans and advances
Impairment losses on loans and advances increased by 56.3% to GBP8.2
million (2005: GBP5.2 million) largely as a result of an increase in
specific impairments in relation to assets which are in the process of
being restructured. Notwithstanding the rising interest rate environment,
which could imply a weaker credit cycle, we have not seen evidence of a
decline in the performance of our loan portfolios. The percentage of
gross non-performing loans (NPLs) to loans and advances has remained at
0.75% since 31 March 2006.
Administrative expenses and depreciation
Total expenses increased by 24.6% to GBP319.7 million (2005: GBP256.7
million). Variable remuneration increased by 60.0% to GBP96.1 million due
to increased profitability. Other operating expenses (excluding variable
remuneration) increased by 13.7% to GBP223.6 million largely as a result
of an increase in headcount in certain of the businesses in line with our
growth initiatives, an increase in costs associated with complying with
new and forthcoming regulatory requirements and an investment in product
development and IT infrastructure.
We achieved our target of operating expenses to total operating income of
less than 65% with the ratio improving from 61.9% to 60.0%, principally
as a result of the strong growth in operating income of 28.2%.
Goodwill
The current period reflects net income of GBP7.5 million largely relating
to:
* The acquisition of NM Rothschild & Sons (Australia) Limited at a
discount to net assets resulting in a net gain of GBP9.6 million.
* An impairment of GBP2.0 million attributable to property management
contracts with respect to a portfolio of properties sold.
Taxation
The effective tax rate of the group increased from 26.9% to 28.3%.
Earnings attributable to minority interests
Earnings attributable to minority interests of GBP2.3 million largely
comprise:
* Operating profits in relation to investments held in GBP3.8mn
the Private Equity division.
* A profit on the sale of a portfolio of investment GBP1.9mn
properties in which minorities had a 23.1% holding.
* In accordance with IFRS the Euro denominated (GBP3.7mn)
preferred securities issued by a subsidiary of Investec
plc are reflected on the balance sheet as part of
minority interests. The transaction is hedged and a
forex translation loss arising on the hedge is
reflected in operating profit before goodwill, with the
equal and opposite impact reflected in earnings
attributable to minorities.
Capital resources
Since 31 March 2006 total shareholders" equity (including minority
interests) increased by 8.4% to GBP1.6 billion largely as a result of the
issue of GBP80.6 million of non-redeemable, non-cumulative, non-
participating preference shares by Investec plc in August 2006, the net
disposal of treasury shares and increased retained earnings offset
partially by negative foreign currency adjustments.
The annualised return on adjusted average shareholders" equity (inclusive
of compulsorily convertible instruments) increased from 22.2% to 23.8%,
meeting our target of greater than 20%.
Investec plc and Investec Limited have capital adequacy ratios well in
excess of the minimum regulatory requirements. The capital adequacy of
Investec plc (applying UK Financial Services Authority rules to its
capital base) is 17.1% (31 March 2006: 17.7%). The capital adequacy of
Investec Limited (applying South African Reserve Bank rules to its
capital base) is 14.7% (31 March 2006: 16.3%).
Total assets
On balance sheet assets have declined by 3.8% to GBP23.0 billion since 31
March 2006 as a result of the depreciation of the Rand (discussed below).
Outlook
The high levels of activity and increase in scale and market penetration
across all our geographies should continue to support the operating
results. Accordingly, we anticipate a strong performance from all our
businesses expressed in local currencies.
On behalf of the boards of Investec plc and Investec Limited
Hugh Herman
Chairman
Stephen Koseff
Chief Executive Officer
Bernard Kantor
Managing Director
16 November 2006
Notes to the commentary section above
* Presentation of financial information
Investec operates under a Dual Listed Companies (DLC) structure with
primary listings of Investec plc on the London Stock Exchange and
Investec Limited on the JSE Limited.
In terms of the contracts constituting the DLC structure, Investec plc
and Investec Limited effectively form a single economic enterprise in
which the economic and voting rights of ordinary shareholders of the
companies are maintained in equilibrium relative to each other. The
directors of the two companies consider that for financial reporting
purposes, the fairest presentation is achieved by combining the results
and financial position of both companies.
Accordingly, the interim results for Investec plc and Investec Limited
present the results and financial position of the combined DLC group
under IFRS, denominated in Pounds Sterling. In the commentary above, all
references to Investec or the group relate to the combined DLC group
comprising Investec plc and Investec Limited.
Unless the context indicates otherwise, all comparatives included in the
commentary above relate to the six months ended 30 September 2005.
Average balances are based on the period 1 April 2005 to 30 September
2005 and 1 April 2006 to 30 September 2006.
* Foreign currency impact
Our reporting currency is Pounds Sterling. Certain of our operations are
conducted by entities outside the UK. The results of operations and the
financial condition of our individual companies are reported in the local
currencies in which they are domiciled, including Rands, Australian
Dollars and US Dollars. These results are then translated into Pounds
Sterling at the applicable foreign currency exchange rates for inclusion
in our combined consolidated financial statements. In the case of the
income statement, the weighted average rate for the relevant period is
applied and, in the case of the balance sheet, the relevant closing rate
is used.
The following table sets out the movements in certain relevant exchange
rates against Pounds Sterling over the period:
Currency per GBP1.00 Period end Average
30 Sept 2006
South African Rand 14.49 12.66
Australian Dollar 2.50 2.46
Euro 1.47 1.46
US Dollar 1.87 1.85
31 March 2006
South African Rand 10.72 11.43
Australian Dollar 2.44 2.37
Euro 1.43 1.47
US Dollar 1.73 1.78
30 Sept 2005
South African Rand 11.23 11.76
Australian Dollar 2.32 2.38
Euro 1.47 1.47
US Dollar 1.77 1.82
Exchange rates between local currencies and Pounds Sterling have
fluctuated over the period. The most significant impact arises from the
depreciation of the Rand. The average exchange rate over the period has
depreciated by 7.7% and the closing rate has depreciated by 35.2% since
31 March 2006.
* Sub-division of Investec plc and Investec Limited ordinary shares
Following shareholder approval, the group implemented a subdivision of
the ordinary shares of both Investec plc and Investec Limited by way of a
five for one split, effective 4 September 2006. Comparative information
has been adjusted accordingly.
Accounting policies
The accounting policies applied in the preparation of the results for the
six months ended 30 September 2006 are consistent with those adopted in
the financial statements for the year ended 31 March 2006, except for the
adoption of accounting standards interpretations issued with effect from
1 January 2006. The adoption of these interpretations has had no material
reportable impact on the financial results, position or cash flows of the
combined group.
Dividend announcement
Investec plc
In terms of the DLC structure, Investec plc shareholders who are not
South African resident shareholders may receive all or part of their
dividend entitlements through dividends declared and paid by Investec plc
on their ordinary shares and/or through dividends declared and paid on
the SA DAN share issued by Investec Limited.
Investec plc shareholders who are South African residents, may receive
all or part of their dividend entitlements through dividends declared and
paid by Investec plc on their ordinary shares and/or through dividends
declared and paid on the SA DAS share issued by Investec Limited.
Notice is hereby given that an interim dividend (No 9) has been declared
by the board in respect of the six months ended 30 September 2006.
Shareholders in Investec plc will receive a distribution of 10.0 pence
(2005: 7.6 pence) per ordinary share, which will be paid as follows:
* for non South African resident Investec plc shareholders, through a
dividend paid by Investec plc of 10.0 pence per ordinary share.
* for South African resident shareholders of Investec plc, through a
dividend payment by Investec plc of 5.0 pence per ordinary share and
through a dividend paid, on the SA DAS share equivalent to 5.0 pence per
ordinary share.
The relevant dates for the payment of
the dividends are:
Last day to trade cum-dividend:
- On the London Stock Exchange Tuesday, 12 December 2006
- On the JSE Limited Friday, 8 December 2006
Shares commence trading ex-dividend:
- On the London Stock Exchange Wednesday, 13 December 2006
- On the JSE Limited Monday, 11 December 2006
Record date:
- On the London Stock Exchange Friday, 15 December 2006
- On the JSE Limited Friday, 15 December 2006
Payment date:
- United Kingdom register Friday, 22 December 2006
- South African register Friday, 22 December 2006
Share certificates on the South African branch register may not be
dematerialised or rematerialised between Monday, 11 December 2006 and
Friday, 15 December 2006, both dates inclusive, nor may transfers between
the UK and SA registers take place between Monday, 11 December 2006 and
Friday, 15 December 2006, both dates inclusive.
Shareholders registered on the South African register are advised that
the total distribution of 10 pence, equivalent to 138 cents per share,
has been arrived at using the Rand/Pound Sterling average buy/sell
forward rate, as determined at 11h00 (SA time) on 15 November 2006.
By order of the board
R Vardy
Company Secretary
16 November 2006
Investec Limited
Notice is hereby given that an interim dividend (No. 102) of 138 cents
(2005: 89.2 cents) per ordinary share has been declared by the board in
respect of the six months ended 30 September 2006.
The dividend is payable to shareholders recorded in the members" register
of the company at the close of business on Friday, 15 December 2006.
The relevant dates for the payment of the dividend are:
Last day to trade cum-dividend Friday, 8 December 2006
Shares commence trading ex-dividend Monday, 11 December 2006
Record date Friday, 15 December 2006
Payment date Friday, 22 December 2006
The interim dividend of 138 cents per ordinary share has been determined
by converting the Investec plc distribution of 10 pence per ordinary
share into Rands using the Rand/Pounds Sterling average buy/sell forward
rate at 11h00 (SA time) on 15 November 2006.
Share certificates may not be dematerialised or rematerialised between
Monday, 11 December 2006 and Friday, 15 December 2006, both dates
inclusive.
By order of the board
S Noik
Company Secretary
16 November 2006
Further information
Information provided on the Company"s website at www.investec.com
includes:
* Copies of this statement.
* The results presentation.
* Additional report produced for the investment community including more
detail on the results.
* Excel worksheets containing the salient financial information under
IFRS in Pounds Sterling.
Alternatively for further information please contact the Investor
Relations division on e-mail investorrelations@investec.com or telephone
+44 207 597 5546 / +27 11 286 7070.
Date: 16/11/2006 09:00:28 AM Produced by the JSE SENS Department
