Wrap Text
INP/INL - Investec plc/Investec Limited - Unaudited combined consolidated
financial results in Pounds Sterling for the year ended 31 March 2012
Investec plc
(Registration number 3633621)
JSE code: INP
ISIN: GB00B17BBQ50
Investec Limited
(Registration number 1925/002833/06)
JSE code: INL
ISIN: ZAE000081949
Investec plc and
Investec Limited
(combined results)
Unaudited combined consolidated financial results in Pounds Sterling
for the year ended 31 March 2012
Salient features
31 March 31 March %
2012 2011 change
- Operating profit before goodwill, acquired
intangibles, non-operating items, taxation
and after non-controlling interests (GBP`000) 358 625 434 406
(17.4)
- Earnings attributable to shareholders (GBP`000)247 527 420 516
(41.1)
- Adjusted earnings before goodwill, acquired
intangibles and non-operating items (GBP`000) 257 579 327 897
(21.4)
- Adjusted earnings per share (pence) 31.8 43.2 (26.4)
- Earnings per share (pence) 25.7 49.7 (48.3)
- Headline earnings per share (pence) 26.8 37.7 (28.9)
- Dividends per share (pence) 17.0 17.0 -
- Total equity (GBP`million) 4 013 3 961
1.3
- Third party assets under management
(GBP`million) 96 776 88 878
8.9
- Asset Management and Wealth Management
businesses contribution to operating profit (%) 48.1 38.6 24.6
Combined consolidated income statement
Year to 31 March Unaudited Restated*
GBP`000 2012
2011
Interest income 2 299 925 2 238 783
Interest expense (1 600 878) (1 557 314)
Net interest income 699 047 681 469
Fee and commission income 1 013 379 896 300
Fee and commission expense (129 145) (108 642)
Investment income 174 327 254 943
Trading income
- Arising from customer flow 77 066 76 447
- Arising from balance sheet management and other
trading activities 32 204 87 296
Other operating income 65 128 67 173
Total operating income before impairment losses on
loans and advances 1 932 006 1 954 986
Impairment losses on loans and advances (325 118) (318 230)
Operating income 1 606 888 1 636 756
Operating costs (1 230 628) (1 196 865)
Depreciation on operating leased assets (28 670) (16 447)
Operating profit before goodwill and
acquired intangibles 347 590 423 444
Impairment of goodwill (24 366) (6 888)
Amortisation of acquired intangibles (9 530) (6 341)
Costs arising from integration of acquired
subsidiaries (17 117) -
Operating profit 296 577 410 215
Non-operational costs arising from acquisition
of subsidiary (5 342) -
Profit arising from associate converted to subsidiary - 73 465
Net loss on disposal of subsidiaries - (17 302)
Profit before taxation 291 235 466 378
Taxation on operating profit before goodwill (62 907) (65 075)
Taxation on acquired intangibles and
acquisition/disposal/integration of subsidiaries 8 164 6 610
Profit after taxation 236 492 407 913
Operating losses attributable to non-controlling
interests 11 035 10 962
Non-operating losses attributable to
non-controlling interests - 1 641
Earnings attributable to shareholders 247 527 420 516
Earnings attributable to shareholders 247 527 420 516
Impairment of goodwill 24 366 6 888
Amortisation of acquired intangibles, net of taxation 7 052 3 509
Loss on subsidiaries attributable to
non-controlling interests - (1 641)
Costs arising from acquisition of subsidiary(including)
integration costs),net of taxation 16 773 -
Profit arising from associate converted to subsidiary - (73 465)
Net loss on sale of subsidiaries, net of taxation - 13 524
Preference dividends paid (39 306) (43 019)
Additional earnings attributable to other
equity holders (557) 1 585
Currency hedge attributable to perpetual
equity instruments 1 724 -
Adjusted earnings attributable to ordinary
shareholders before goodwill, acquired
intangibles and non-operating items 257 579 327 897
Headline adjustments (gain on investment
properties and available-for-sale instruments
recognised in income) (40 326) (41 238)
Headline earnings 217 253 286 659
Earnings per share (pence)
- Basic 25.7 49.7
- Diluted 24.3 46.7
Adjusted earnings per share (pence)
- Basic 31.8 43.2
- Diluted 30.1 40.6
Headline earnings per share (pence)
- Basic 26.8 37.7
- Diluted 25.4 35.5
Number of weighted average shares (millions) 809.56 759.84
* As restated for reclassifications detailed in the commentary section of this
report.
Summarised combined consolidated statement of comprehensive income
Year to 31 March Unaudited Audited
GBP`000 2012
2011
Profit after taxation 236 492 407 913
Other comprehensive (loss)/income:
Cash flow hedge movements taken directly to other
comprehensive income* (34 691) 9 929
Gains on realisation of available-for-sale assets
recycled to the income statement (12 891) (4 845)
Fair value movements on available-for-sale assets taken
directly to other comprehensive income* (312) 27 631
Foreign currency adjustments on translating foreign
operations (196 351) 39 588
Pension fund actuarial gains 282 10 157
Total comprehensive (loss)/income (7 471) 490 373
Total comprehensive loss attributable to
non-controlling interests (21 798) (10 710)
Total comprehensive (loss)/income attributable to
ordinary shareholders (24 979) 458 064
Total comprehensive income attributable to perpetual
preferred securities 39 306 43 019
Total comprehensive (loss)/income (7 471) 490 373
* Net of taxation of (GBP8.4 million) (2011: GBP5.7 million).
Summarised combined consolidated statement of changes in equity
Year to 31 March Unaudited Audited
GBP`000 2012
2011
Balance at the beginning of the year 3 961 102 3 291 861
Total comprehensive (loss)/income (7 471) 490 373
Share-based payment adjustments 69 796 69 518
Dividends paid to ordinary shareholders (134 436) (123 630)
Dividends paid to perpetual preference shareholders (39 306) (43 019)
Dividends paid to non-controlling interests (390) (356)
Issue of ordinary shares 219 642 325 886
Issue of perpetual preference shares 20 638 16 138
Share issue expenses (607) (3 632)
Movement of treasury shares (81 212) (45 461)
Issue of equity instruments by subsidiaries 72 1 493
Acquisition of non-controlling interests (483) (3 970)
Non-controlling interests relating to disposal of
subsidiaries 5 177 (14 099)
Balance at the end of the year 4 012 522 3 961 102
Combined consolidated balance sheet
At 31 March Unaudited Restated* Restated*
GBP`000 2012 2011
2010
Assets
Cash and balances at central banks 2 593 851 1 769 078 2 338 234
Loans and advances to banks 2 725 347 1 468 705 2 781 630
Non-sovereign and non-bank cash
placements 642 480 535 983 581 117
Reverse repurchase agreements and
cash collateral on
securities borrowed 975 992 2 467 775 911 432
Sovereign debt securities 4 067 093 3 532 100 2 533 377
Bank debt securities 3 081 061 3 006 129 2 142 117
Other debt securities 377 832 267 132 118 945
Derivative financial instruments 1 913 650 1 799 204 1 591 841
Securities arising from trading
activities 640 146 743 487 626 535
Investment portfolio 890 702 858 610 768 896
Loans and advances to customers 17 192 208 17 692 356 16 720 495
Own originated loans and advances to
customers securitised 1 034 174 1 065 782 1 170 302
Other loans and advances 1 397 477 1 066 168 694 196
Warehoused assets - Kensington
warehouse funding 1 431 712 1 612 181 1 776 525
Other securitised assets 3 101 422 3 858 511 4 164 151
Interests in associated undertakings 27 506 23 481 104 059
Deferred taxation assets 150 381 114 838 134 355
Other assets 1 802 121 1 446 066 1 268 472
Property and equipment 171 685 279 801 161 255
Investment properties 407 295 379 527 273 038
Goodwill 468 320 456 608 274 417
Intangible assets 192 099 136 452 36 620
45 284 554 44 579 974 41 172 009
Other financial instruments at fair
value through profit or loss in
respect of:
- Liabilities to customers 6 265 846 6 361 296 5 397 014
- Assets related to reinsurance
contracts - - 2 842
Total assets 51 550 400 50 941 270 46 571 865
Liabilities
Deposits by banks 2 132 516 1 858 893 2 439 670
Deposits by banks - Kensington
warehouse funding 834 912 975 542 1 213 042
Derivative financial instruments 1 421 130 1 486 419 1 193 421
Other trading liabilities 612 884 716 556 504 618
Repurchase agreements and cash
collateral on securities lent 1 864 137 1 599 646 1 110 508
Customer accounts (deposits) 25 343 771 24 441 260 21 934 044
Debt securities in issue 2 243 948 2 145 213 2 187 040
Liabilities arising on securitisation
of own originated loans
and advances 1 036 674 1 052 281 1 212 906
Liabilities arising on securitisation
of other assets 2 402 043 3 288 583 3 501 650
Current taxation liabilities 209 609 206 957 196 965
Deferred taxation liabilities 102 478 148 750 136 974
Other liabilities 1 575 154 1 411 137 1 177 589
Pension fund liabilities - - 1 285
39 779 256 39 331 237 36 809 712
Liabilities to customers under
investment contracts 6 263 913 6 358 732 5 392 662
Insurance liabilities, including
unit-linked liabilities 1 933 2 564 4 352
Reinsured liabilities - - 2 842
46 045 102 45 692 533 42 209 568
Subordinated liabilities 1 492 776 1 287 635 1 070 436
Total liabilities 47 537 878 46 980 168 43 280 004
Equity
Ordinary share capital 221 208 195
Perpetual preference share capital 153 153 152
Share premium 2 457 019 2 242 067 1 928 296
Treasury shares (72 820) (42 713) (66 439)
Other reserves 82 327 315 878 246 718
Retained income 1 249 515 1 131 980 846 060
Shareholders` equity excluding
non-controlling interests 3 716 415 3 647 573 2 954 982
Non-controlling interests 296 107 313 529 336 879
Perpetual preferred securities issued
by subsidiaries 291 769 317 997 314 944
Non-controlling interests in
partially held subsidiaries 4 338 (4 468) 21 935
Total equity 4 012 522 3 961 102 3 291 861
Total liabilities and equity 51 550 400 50 941 270 46 571 865
* As restated for reclassifications detailed in the commentary section of this
report.
Summarised combined consolidated cash flow
statement
Year to 31 March Unaudited Audited
GBP`000 2012
2011
Cash inflows from operations 680 384 793 283
Increase in operating assets (2 541 478) (4 137 456)
Increase in operating liabilities 3 393 406 2 689 207
Net cash inflow/(outflow) from operating activities 1 532 312 (654 966)
Net cash inflow/(outflow) from investing activities 20 390 (124 475)
Net cash inflow from financing activities 105 679 143 350
Effects of exchange rate changes on cash and cash
equivalents (102 563) 101 032
Net increase/(decrease) in cash and cash equivalents 1 555 818 (535 059)
Cash and cash equivalents at the beginning of
the year 3 386 988 3 922 047
Cash and cash equivalents at the end of the year 4 942 806 3 386 988
Cash and cash equivalents are defined as including cash and balances at
central banks, on demand loans and non-sovereign and non-bank cash placements
(all of which have a maturity profile of less than three months).
Segmental geographic and business analysis of operating profit before
goodwill,
acquired intangibles, non-operating items, taxation and after non-controlling
interests for the year to 31 March 2012
UK and Southern Total
GBP`000 Europe Africa Australia
group
Asset Management 58 922 74 771 - 133 693
Wealth and Investment 23 268 15 453 - 38 721
Specialist Banking 52 880 199 212 (65 881) 186 211
Core business loan 57 730 199 212 17 400 274 342
Property loan portfolio
being run off* (4 850) - (83 281) (88 131)
Total group 135 070 289 436 (65 881) 358 625
Core business loan 139 920 289 436 17 400 446 756
Property loan portfolio
being run off* (4 850) - (83 281) (88 131)
Non-controlling interest -
equity (11 035)
Operating profit 347 590
* Residual property loan portfolios in Ireland and Australia which have been
ring-fenced for collection and recovery and are being run-off.
Segmental geographic and business analysis of operating profit before
goodwill, acquired intangibles, non-operating items, taxation and after non-
controlling interests for the year to 31 March 2011
UK and Southern Total
GBP`000 Europe Africa Australia
group
Asset Management 53 002 74 306 - 127 308
Wealth and Investment 25 008 15 418 - 40 426
Specialist Banking 55 616 210 350 706 266 672
Core business loan 100 927 210 350 30 372 341 649
Property loan
portfolio being run off* (45 311) - (29 666) (74 977)
Total group 133 626 300 074 706 434 406
Core business loan 178 937 300 074 30 372 509 383
Property loan
portfolio being run off* (45 311) - (29 666) (74 977)
Non-controlling interest -
equity (10 962)
Operating profit 423 444
* Residual property loan portfolios in Ireland and Australia which have been
ring-fenced for collection and recovery and are being run-off.
Commentary
Investec plc and Investec Limited (combined results)
Unaudited combined consolidated financial results in Pounds Sterling for the
year ended 31 March 2012
OVERALL GROUP PERFORMANCE
The year under review has echoed the difficulties of the global macro-economic
environment with volatile markets and low levels of activity negatively
impacting results, particularly in the second half of the financial year. The
group`s low capital-intensive asset and wealth management businesses
have reported an increase in their contribution to group earnings. The
Specialist Banking businesses have reported growth in net interest income and
fee income but earnings from investment and trading income have been
negatively impacted by poor economic fundamentals and market volatility
referred to above.
The UK and South African operations have performed in line with the prior year
in home currencies, whilst the Australian business reported a loss as a result
of additional impairments required in light of weakened residential property
prices in certain sectors of the market.
The main features of the period under review are:
- Operating profit before goodwill, acquired intangibles, non-operating items
and taxation and after non-controlling interests ("operating profit")
decreased
17.4% to GBP358.6 million (2011: GBP434.4 million).
- Impairments on loans and advances increased 2.2% to GBP325.1 million (2011:
GBP318.2 million).
- Adjusted earnings attributable to shareholders before goodwill, acquired
intangibles and non-operating items decreased 21.4% to GBP257.6 million
(2011: GBP327.9 million).
- Adjusted earnings per share (EPS) before goodwill, acquired intangibles and
non-operating items decreased 26.4% from 43.2 pence to 31.8 pence.
- The asset management and wealth management businesses accounted for 48.1% of
the group`s operating profit, compared to 38.6% in 2011.
- Recurring income as a percentage of total operating income amounts to 67.7%
(2011: 62.3%).
- Third party assets under management (including assets acquired from the
Evolution Group plc) increased 8.9% to GBP96.8 billion (2011:
GBP88.9 billion) - an increase of 14.5% on a currency neutral basis.
- Customer accounts (deposits) increased 3.7% to GBP25.3 billion (2011:
GBP24.4 billion) - an increase of 11.2% on a currency neutral basis.
- Core loans and advances decreased 2.8% to GBP18.2 billion (2011: GBP18.8
billion) - an increase of 4.3% on a currency neutral basis.
- The board proposes a final dividend of 9.0 pence per ordinary share equating
to a full year dividend of 17.0 pence (2011: 17.0 pence) resulting in a
dividend cover based on the group`s adjusted EPS before goodwill and non-
operating items of 1.9 times (2011: 2.5 times), consistent with the group`s
dividend policy.
The banking environment remains uncertain and, as a result, the group
maintains high levels of surplus cash and capital in anticipation of a system
where higher levels of liquidity and capital will become the norm.
Liquidity and funding
Diversifying Investec`s funding sources has been a key element in improving
the quality of the group`s balance sheet and reducing its reliance on
wholesale funding. The group continues to benefit from its growing retail
franchise recording an increase in customer deposits in all three core
geographies. Cash and near cash balances amount to GBP10.3 billion (2011:
GBP9.3 billion).
Capital adequacy
The group met its capital adequacy targets of a minimum tier one capital ratio
range of 11% to 12% and a total capital adequacy ratio range of 15% to
18% on a consolidated basis for each of Investec plc and Investec Limited,
respectively. Capital adequacy ratios remain sound in both Investec plc and
Investec Limited, as reflected in the table below:
Basel 2.5 ratios Basel 2 ratios
31 March 2012 31 March 2011
Investec plc
Capital adequacy ratio 17.5% 16.8%
Tier 1 ratio 11.6% 11.6%
Investec Limited
Capital adequacy ratio 16.1% 15.9%
Tier 1 ratio 11.6% 11.9%
Credit and counterparty exposures
The group lends mainly to high net worth and high income individuals, mid to
large-sized corporates, public sector bodies and institutions. The majority
of the group`s credit and counterparty exposures reside within its three core
geographies. The group has no exposure to peripheral European sovereign
debt. Net defaults on core loans and advances have decreased and are fully
covered by collateral, as detailed in the "Financial statement analysis"
below.
BUSINESS UNIT REVIEW
The group continues to realign its business model towards less capital-
intensive activities by building strong asset management and wealth management
businesses thereby growing its annuity net fee and commission income. This
strategy has resulted in a solid rise in net inflows of funds under management
and an increase in operating profit from these businesses of 2.8% to GBP172.4
million (2011: GBP167.7 million).
Asset Management
Asset Management increased operating profit 5.0% to GBP133.7 million (2011:
GBP127.3 million) benefiting from higher average funds under management
and a competitive investment performance. Net inflows of GBP5.2 billion were
recorded. Total funds under management amount to GBP61.5 billion
(2011: GBP58.8 billion).
Wealth and Investment
Wealth and Investment operating profit decreased by 4.2% to GBP38.7 million
(2011: GBP40.4 million). The division has benefited from higher average
funds under management and a full contribution from the acquisition of
Rensburg Sheppards plc which became effective in June 2010. However,
results were adversely impacted by restructuring and sales of certain of the
operations in the UK and Europe. Total funds under management amount
to GBP34.8 billion (2011: GBP29.4 billion) and have also been negatively
impacted by market and currency volatility. The acquisition of the Evolution
Group plc in December 2011 added approximately GBP7 billion of assets under
management, with the integration of these businesses progressing well.
Specialist Banking
Specialist Banking decreased operating profit 30.2% to GBP186.2 million (2011:
GBP266.7 million).
In South Africa the division has benefited from improved margins in the
lending and fixed income businesses and a strong increase in fees and
commissions supported by increased activity in the corporate and advisory
divisions. Whilst the unlisted private equity portfolio continues to perform
well, investment income has been adversely affected by a poor performance in
the listed principal investment portfolio. Furthermore, income earned on the
sale of investment properties in the prior year was not repeated in the
current year.
In the UK the division has also benefited from improved margins, although
levels of transactional activity remain mixed with net fees and commissions
remaining in line with the prior year. Investment income has been negatively
impacted by fewer realisations in the fixed income business. In addition, in
the prior year income earned on debt buy-backs was not repeated in the current
year.
The Australian division has been impacted by a significant increase in
impairments on the property loan portfolio, with the majority of these loans
sold by the year-end. The operation has continued to build its core
businesses, however, activity levels for the year remained muted.
Further information on key developments within each of the business units is
provided in a detailed report published on the group`s website:
http://www.investec.com
FINANCIAL STATEMENT ANALYSIS
Total operating income
Total operating income decreased by 1.2% to GBP1,932.0 million (2011:
GBP1,955.0 million).
Net interest income increased by 2.6% to GBP699.0 million (2011: GBP681.5
million) largely as a result of improved margins across all three geographies
and a sound performance from the group`s fixed income portfolios, partially
offset by higher costs on subordinated liabilities.
Net fee and commission income increased by 12.3% to GBP884.2 million (2011:
GBP787.7 million). The group benefited from higher average funds under
management, solid net inflows and the acquisitions of Rensburg Sheppards plc
and the Evolution Group plc. The Specialist Banking business recorded
an increase in net fees and commissions largely due to a good performance by
the Capital Markets division in South Africa, however, transactional activity
levels remain mixed.
Investment income decreased by 31.6% to GBP174.3 million (2011: GBP254.9
million) due to a weaker performance from the group`s listed principal
investments portfolio and income earned on the sale of investment properties
in the prior year which were not repeated in the current year.
Trading income arising from customer flow remained in line with the prior year
at GBP77.1 million (2011: GBP76.4 million) whilst trading income arising
from other trading activities decreased by 63.1% to GBP32.2 million (2011:
GBP87.3 million) due to profits realised on debt buy-backs in the prior year
not repeated in the current year.
Other operating income includes associate income, assurance income and income
earned on an operating lease portfolio acquired during December 2010.
Impairment losses on loans and advances
Impairments in South Africa and the UK decreased from GBP218.1 million to
GBP157.8 million, whilst impairments in Australia increased from
GBP30.2 million to GBP67.9 million, resulting in a total decrease in
impairments on loans and advances from GBP248.3 million to GBP225.7 million
(excluding Kensington).
Since 31 March 2011 the default portfolio in Australia declined substantially
due to the sales referred to above, whilst the level of defaults in South
Africa has improved and the UK reported defaults marginally higher than the
prior year. The credit loss charge as a percentage of average gross loans
and advances has improved from 1.27% at 31 March 2011 to 1.12%. The percentage
of default loans (net of impairments but before taking collateral into
account) to core loans and advances amounts to 3.27% (2011: 4.66%). The ratio
of collateral to default loans (net of impairments) remains satisfactory
at 1.39 times (2011: 1.38 times).
Impairment losses on loans and advances relating to the Kensington business
increased from GBP69.9 million to GBP99.4 million as a result of adopting
new guidelines (published by UK Financial Services Authority during the past
year) relating to provisioning methodology in respect of borrowers that have
benefited from forbearance.
Operating costs and depreciation
The ratio of total operating costs to total operating income amounts to 64.7%
(2011: 61.7%).
Total operating expenses grew by 2.8% to GBP1,230.6 million (2011: GBP1,196.9
million) as a result of the acquisitions of Rensburg Sheppards plc and
the Evolution Group plc and an increase in headcount in certain divisions.
Impairment of goodwill
The current year`s goodwill impairment relates to Asset Management businesses
acquired in prior years and the Kensington business.
Amortisation of acquired intangibles
Amortisation of acquired intangibles relates to the Wealth and Investment
business and mainly comprises amortisation of amounts attributable to client
relationships.
Costs arising from acquisitions
As anticipated for the 2012 financial year, a cost of GBP22.5 million (before
tax) arose on the acquisition and restructuring of the Evolution Group plc,
with GBP17.1 million reflected as integration costs.
Profit arising from associate converted to a subsidiary
In the prior year a net gain of GBP73.5 million arose on the acquisition of
the balance of shares in Rensburg Sheppards plc not already owned by the
group.
Net loss on sale of subsidiaries
The net loss on sale of subsidiaries of GBP17.3 million arose from a loss on
sale and deconsolidation of previously consolidated group investments,
partially offset by a gain on the sale of Rensburg Fund Management Limited.
Taxation
The operational effective tax rate amounts to 18.1% (2011: 15.5%),
Losses attributable to non-controlling interests
Losses attributable to non-controlling interests largely comprise GBP10.1
million relating to Euro-denominated preferred securities issued by a
subsidiary of Investec plc which are reflected on the balance sheet as part of
non-controlling interests. (The transaction is hedged and a forex transaction
loss arising on the hedge is reflected in operating profit before goodwill
with the equal and opposite impact reflected in earnings attributable to non-
controlling interests.)
Balance sheet analysis
Since 31 March 2011:
- Total shareholders` equity (including non-controlling interests) increased
by 1.3% to GBP4.0 billion - an increase of 6.2% on a currency neutral basis.
The weakening of the closing Rand exchange rate relative to Pounds Sterling
has resulted in a reduction in total equity of GBP196 million.
- Net asset value per share decreased 6.3% to 389.7 pence and net tangible
asset value per share (which excludes goodwill and intangible assets)
decreased by 8.3% to 315.1 pence largely as a result of the depreciation of
the Rand as described above.
- Total assets increased from GBP50.9 billion to GBP51.6 billion largely as a
result of an increase in cash and near-cash balances.
- Loans and advances to customers as a percentage of customer deposits is at
67.8%% (2011: 72.4%).
- The return on adjusted average shareholders` equity declined from 11.2% to
7.8%.
The group`s gearing ratios remain low with core loans and advances to equity
at 4.5 times (2011: 4.7 times) and total assets (excluding assurance assets)
to equity at 11.3 times (2011: 11.3 times).
Outlook
In the face of challenging global market conditions, the group continued to
pursue its strategy of realigning the business model towards less capital
intensive activities and concentrating on reducing legacy issues. Investec`s
competitive position is strong with all platforms in place and the group`s
client franchise is robust. The group has the right people and skills to take
advantage of opportunities in its identified niches, focusing on winning new
clients and servicing existing clients in the best possible way. The operating
environment remains unpredictable and the group continues to build on its
solid foundation, driving organic growth in its chosen businesses whilst
maintaining strong cost and capital discipline.
On behalf of the boards of Investec plc and Investec Limited
Sir David Prosser Fani Titi
Joint Chairman Joint Chairman
Stephen Koseff Bernard Kantor
Chief Executive Officer Managing Director
16 May 2012
ADDITIONAL INFORMATION
ACQUISITION OF THE EVOLUTION GROUP PLC
On 9 September 2011, the Board of Directors of the Evolution Group plc and
Investec plc announced that they had reached agreement on the terms
of a recommended share offer, to be implemented by way of a Court sanctioned
scheme of arrangement under Part 26 of the UK Companies Act 2006
(the "Scheme"), under which it was proposed that Investec plc would acquire
the entire issued ordinary share capital of the Evolution Group plc.
The Scheme became effective on 22 December 2011, whereupon Investec plc issued
53 800 540 Ordinary Shares as consideration for the acquisition
of the entire issued ordinary share capital of the Evolution Group plc. The
net consideration amounted to GBP170 million and goodwill and intangibles of
GBP36.0 million and GBP68.0 million, respectively, have been recognised in
relation to the acquisition.
NOTES TO THE COMMENTARY SECTION ABOVE
- PRESENTATION OF FINANCIAL INFORMATION
Investec operates under a Dual Listed Companies (DLC) structure with
premium/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 year-end 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 year ended 31 March 2011.
Amounts represented on a currency neutral basis assume that the closing
exchange rates of the group`s relevant exchange rates, as reflected below,
remain the same as at 31 March 2012 when compared to 31 March 2011.
- Foreign currency impact
The group`s reporting currency is Pounds Sterling. Certain of the group`s
operations are conducted by entities outside the UK. The results of operations
and the financial condition of the individual companies are reported in the
local currencies in which they are domiciled, including Rands, Australian
Dollars, Euros and US Dollars. These results are then translated into Pounds
Sterling at the applicable foreign currency exchange rates for inclusion in
the group`s 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:
Year to Year to
31 March 2012 31 March 2011
Currency per GBP 1.00 Close Average Close Average
South African Rand 12.27 11.85 10.88 11.16
Australian Dollar 1.54 1.52 1.55 1.65
Euro 1.20 1.16 1.13 1.17
Dollar 1.60 1.60 1.60 1.55
Exchange rates between local currencies and Pounds Sterling have fluctuated
over the period. The most significant impact arises from the volatility of the
Rand. The average exchange rate over the period has depreciated by 6.2% and
the closing rate has depreciated by 12.8% since 31 March 2011.
- Accounting policies and disclosures
These unaudited consolidated summarisied combined financial results have been
prepared in terms of the recognition and measurement criteria of
International Financial Reporting Standards, and the presentation and
disclosure requirements of IAS 34, Interim Financial Reporting.
The accounting policies applied in the preparation of the results for the year
ended 31 March 2012 are consistent with those adopted in the financial
statements for the year ended 31 March 2011. The financial results have been
prepared under the supervision of Glynn Burger the Group Risk and Finance
Director.
- Restatements and presentation of information
In terms of Investec`s recent presentations and announcements the Investec
group has positioned its strategic discussions around three core business
areas namely, Asset Management, Wealth and Investment and Specialist Banking.
In some respects the group believes that it has historically overcomplicated
its external disclosures by elaborating on six core areas of business. As you
would have already seen in the group`s recent presentations, all the banking
businesses have been combined under one broader umbrella of Specialist
Banking. As a result the group has chosen to refine some of its disclosures
which are explained further below. The group believes that these refinements
provide greater clarity on the key income and balance sheet drivers of its
business.
Restatements
Commentary on combined consolidated income statement reclassifications
The previously reported principal transaction income line item has been split
into the following line items:
- Investment income: income, other than margin, from securities held for the
purpose of generating interest yield, dividends and capital appreciation.
- Client flow trading income: income from trading activities arising from
facilitating client activities.
- Income from balance sheet management and other trading activities: includes
proprietary trading income and other gains and losses as well as income
earned from the balance sheet management desk.
With the continued reduction in insurance activity, it is deemed appropriate
to move the associated line items to other operating income.
For the year ended 31
March 2011 As previously
GBP`000 New format reported
Reclassifications
Interest income 2 238 783 2 238 783 -
Interest expense (1 557 314) (1 557 314) -
Net interest income 681 469 681 469 -
Fee and commission income 896 300 896 300 -
Fee and commission expense (108 642) (108 642) -
Principal transactions - 418 686 (418 686)
Investment income 254 943 - 254 943
Trading income
- Arising from customer flow 76 447 - 76 447
- Arising from balance
sheet management and other
trading activities 87 296 - 87 296
Investment income on
assurance activities - 64 834 (64 834)
Premiums and reinsurance
recoveries on insurance
contracts - 6 110 (6 110)
Other operating income 67 173 54 003 13 170
Claims and reinsurance
premiums on insurance business - (57 774) 57 774
Total operating income
before impairment losses
on loans and advances 1 954 986 1 954 986 -
Commentary on combined consolidated balance sheet reclassifications
The main driver behind the revision to the balance sheet is to enable a better
understanding of Investec`s exposures and to minimise reconciliation points
to the detailed risk disclosures in the annual report.
It is noted that there are no measurement changes nor are there any changes to
total assets, liabilities, equity and the cash flow statement.
Each category of reclassification is noted below:
- Cash equivalent corporate paper
Cash equivalent advances to customers has been renamed to "non-sovereign, non-
bank cash placements". These balances represent short-term
placements in corporates that run an in-house treasury function.
- Loans and securitisation
To better align the balance sheet with the Group`s risk management
disclosures, loans and advances and securitised assets that form part of our
"core" lending activities has been separated from assets that are in
warehoused facilities and structured credit investments arising out of our
securitisation and principal finance activities. This has resulted in a need
to split loans and advances and securitised assets into two balance sheet
categories for each.
Securitised liabilities has been split into two line items to enable the
relationship with securitised assets to be clearly identified.
- Securities reclassification
The group`s previous balance sheet split securities (other than lending
related) into two key line items being trading and investment securities. This
classification was driven by the accounting rule sets that mainly distinguish
between instruments fair valued through profit and loss, those carried at
amortised cost (held to maturity) and those fair valued through equity
(available-for-sale). The group is of the view that disclosure of the nature
of exposures on the balance sheet, distinguishing between instruments held to
manage balance sheet liquidity, as principal exposure and balance sheet
instruments arising from trading desk activities provides more meaningful
disclosure on the face of the balance sheet. The line item "Securities arising
from trading activities" includes all instruments (other than derivative
instruments) that are held on balance sheet in relation to trading activities.
Total
At 31 March 2011 As previously reclassi-
GBP`000 New format reported
fications
Total assets reclassified
Cash equivalent advances to
customers - 535 983 (535 983)
Non-sovereign and non-bank
cash placements 535 983 - 535 983
Sovereign debt securities 3 532 100 - 3 532 100
Bank debt securities 3 006 129 - 3 006 129
Other debt securities 267 132 - 267 132
Trading securities - 5 114 322 (5 114 322)
Securities arising from trading
activities 743 487 - 743 487
Investment securities - 3 328 609 (3 328 609)
Loans and advances to customers 17 692 356 18 758 524 (1 066 168)
Securitised assets - 4 924 293 (4 924 293)
Own originated loans and advances
to customers securitised 1 065 782 - 1 065 782
Other loans and advances 1 066 168 - 1 066 168
Other securitised assets 3 858 511 - 3 858 511
Investment portfolio 858 610 - 858 610
Other assets 1 446 066 1 410 593 35 473
34 072 324 34 072 324 -
Total liabilities reclassified
Liabilities arising on
securitisation - 4 340 864 (4 340 864)
Liabilities arising on
securitisation
of own originated loans and
advances 1 052 281 - 1 052 281
Liabilities arising on
securitisation
of other assets 3 288 583 - 3 288 583
4 340 864 4 340 864 -
Cash Loans
equivalent and Securities
At 31 March 2011 corporate securiti- reclassifi-
GBP`000 paper sation
cation
Total assets reclassified
Cash equivalent advances to
customers (535 983) - -
Non-sovereign and non-bank
cash placements 535 983 - -
Sovereign debt securities - - 3 532 100
Bank debt securities - - 3 006 129
Other debt securities - - 267 132
Trading securities - - (5 114 322)
Securities arising from trading
activities - - 743 487
Investment securities - - (3 328 609)
Loans and advances to customers - (1 066 168) -
Securitised assets - (4 924 293) -
Own originated loans and advances
to customers securitised - 1 065 782 -
Other loans and advances - 1 066 168 -
Other securitised assets - 3 858 511 -
Investment portfolio - - 858 610
Other assets - - 35 473
- - -
Total liabilities reclassified
Liabilities arising on securitisation - (4 340 864) -
Liabilities arising on
securitisation
of own originated loans and advances - 1 052 281 -
Liabilities arising on securitisation
of other assets - 3 288 583 -
- - -
Combined consolidated balance sheet
Total
At 31 March 2010 As previously reclassi-
GBP`000 New format reported
fications
Total assets reclassified
Cash equivalent advances
to customers - 581 117 (581 117)
Non-sovereign and non-bank
cash placements 581 117 - 581 117
Sovereign debt securities 2 533 377 - 2 533 377
Bank debt securities 2 142 117 - 2 142 117
Other debt securities 118 945 - 118 945
Trading securities - 4 221 645 (4 221 645)
Securities arising from trading
activities 626 535 - 626 535
Investment securities - 1 996 073 (1 996 073)
Loans and advances to customers 16 720 495 17 414 691 (694 196)
Securitised assets - 5 334 453 (5 334 453)
Own originated loans and advances
to customers securitised 1 170 302 - 1 170 302
Other loans and advances 694 196 - 694 196
Other securitised assets 4 164 151 - 4 164 151
Investment portfolio 768 896 - 768 896
Other assets 1 268 472 1 240 624 27 848
Total liabilities reclassified 30 788 603 30 788 603 -
Liabilities arising on
securitisation - 4 714 556 (4 714 556)
Liabilities arising on
securitisation of
own originated loans and advances 1 212 906 - 1 212 906
Liabilities arising on
securitisation
of other assets 3 501 650 - 3 501 650
4 714 556 4 714 556 -
Cash Loans
equivalent and Securities
At 31 March 2010 corporate securiti- reclassifi-
GBP`000 paper sation
cation
Total assets reclassified
Cash equivalent advances
to customers (581 117) - -
Non-sovereign and non-bank
cash placements 581 117 - -
Sovereign debt securities - - 2 533 377
Bank debt securities - - 2 142 117
Other debt securities - - 118 945
Trading securities - - (4 221 645)
Securities arising from trading
activities - - 626 535
Investment securities - - (1 996 073)
Loans and advances to customers - (694 196) -
Securitised assets - (5 334 453) -
Own originated loans and advances
to customers securitised - 1 170 302 -
Other loans and advances - 694 196 -
Other securitised assets - 4 164 151 -
Investment portfolio - - 768 896
Other assets - - 27 848
Total liabilities reclassified - - -
Liabilities arising on
securitisation - (4 714 556) -
Liabilities arising on
securitisation of
own originated loans and advances - 1 212 906 -
Liabilities arising on
securitisation of other assets - 3 501 650 -
- - -
Commentary on line of business segmental reclassifications
The group previously reported segmental disclosures by six core business lines
as well as including a segment for the group`s central functions. The group
is now disclosing its segmental disclosures in three core business lines,
namely, Asset Management, Wealth and Investment and Specialist Banking. In
this regard:
- The income statement format has been revised as discussed above.
- The numbers as reported previously for Asset Management and Wealth and
Investment have not changed (barring the income statement reclassifications
as referred to above).
- To align with the information provided to the Chief Operating Decision
Maker, the Property Activities, Private Banking, Investment Banking, Capital
Markets and Group Services and Other divisions have now been grouped under one
banner and collectively referred to as Specialist Banking. The total
operating profit has however, not changed from that which was previously
reported.
- Proviso
- Please note that matters discussed in this announcement may contain forward-
looking statements which are subject to various risks and uncertainties
and other factors, including, but not limited to:
- the further development of standards and interpretations under International
Financial Reporting Standards (IFRS) applicable to past, current and
future periods, evolving practices with regard to the interpretation and
application of standards under IFRS;
- domestic and global economic and business conditions;
- market-related risks.
- A number of these factors are beyond the group`s control.
- These factors may cause the group`s actual future results, performance or
achievements in the markets in which it operates to differ from those
expressed or implied.
- Any forward-looking statements made are based on the knowledge of the group
at 16 May 2012.
- The information in the announcement for the year ended 31 March 2012, which
was approved by the board of directors on 16 May 2012, does not
constitute statutory accounts as defined in Section 435 of the UK Companies
Act 2006.
- The audited financial statements and the annual report for the year ended 31
March 2012 will be posted to shareholders on 29 June 2012. These
accounts will be available on the group`s website at the same date.
Investec plc
Ordinary share dividend announcement
Registration number: 3633621
Share code: INP
ISIN: GB00BI7BBQ50
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 final dividend number 20, amounting to 9 pence
(2011: 9 pence) per ordinary share has been recommended by the board, subject
to shareholder approval being obtained at the Annual General Meeting scheduled
for 02 August 2012, in respect of the financial year ended 31 March 2012 and
payable to shareholders recorded in the members` register of the company at
the close of business on Friday, 27 July 2012, which will be paid as follows:
- for non-South African resident Investec plc shareholders, through a dividend
payment by Investec plc of 9 pence per ordinary share
- for South African resident shareholders of Investec plc, through a dividend
payment by Investec plc of 1.5 pence per ordinary share and through
a dividend paid, on the SA DAS share equivalent to a gross dividend of 7.5
pence per ordinary share
The relevant dates for the payment of dividend number 20 are as follows:
Last day to trade cum-dividend
On the London Stock Exchange (LSE) Tuesday, 24 July 2012
On the Johannesburg Stock Exchange (JSE)
Friday, 20 July 2012
Shares commence trading ex-dividend
On the London Stock Exchange (LSE) Wednesday, 25 July 2012
On the Johannesburg Stock Exchange (JSE) Monday, 23 July 2012
Record date (on the JSE and LSE) Friday, 27 July 2012
Payment date (on the JSE and LSE) Monday, 06 August 2012
Share certificates on the South African branch register may not be
dematerialised or rematerialised between Monday, 23 July 2012 and Friday, 27
July 2012, both dates inclusive, nor may transfers between the UK and SA
registers take place between Monday, 23 July 2012 and Friday, 27 July 2012,
both dates inclusive.
Additional information for South African resident shareholders of Investec
plc:
- Shareholders registered on the South African register are advised that the
distribution of 9 pence, equivalent to a gross dividend of 121 cents per
share, has been arrived at using the Rand/Pound Sterling average buy/sell
forward rate, as determined at 11h00 (SA time) on Wednesday, 16 May 2012.
- Investec plc UK tax reference number: 2683967322360
- The issued ordinary share capital of Investec plc is 598 339 612 ordinary
shares.
- The dividend paid by Investec plc to South African resident shareholders and
the dividend paid by Investec Limited on the SA DAS share are subject
to South African Dividend Tax (Dividend Tax) of 15% (subject to any available
exemptions as legislated).
- The net dividend paid by Investec plc to South African resident shareholders
amounts to 17 cents per ordinary share for shareholders liable to pay
the Dividend Tax and 20 cents per ordinary share for shareholders exempt from
paying the Dividend Tax.
- Secondary Tax on Companies ("STC") credits utilised as part of the dividend
by Investec Limited on the SA DAS share amount to 79.02 cents of the 101 cents
dividend distributed using the SA DAS share and consequently the STC credits
utilised are sufficient to cover a portion of any Dividend Tax and the
remaining 21.98 cents dividend distributed using the SA DAS share will be
subject to Dividend Tax (subject to any available exemptions as legislated).
- The net dividend paid by Investec Limited on the share amounts to 97.70
cents per share for shareholders liable to pay the Dividend
Tax and 101 cents per share for shareholders exempt from paying the Dividend
Tax.
- Shareholders registered on the South African register who are liable to pay
the Dividend Tax will thus receive a net dividend of 114.70 cents per share
and shareholders exempt from paying the Dividend Tax will thus receive a net
dividend of 121 cents per share.
By order of the board
D Miller
Company Secretary
Investec Limited
Ordinary share dividend announcement
Registration number: 1925/002833/06
Share code: INL
ISIN: ZAE000081949
Notice is hereby given that final dividend number 113, amounting to a gross
dividend of 121 cents (2011: 102 cents) per ordinary share has been
recommended by the board, subject to shareholder approval being obtained at
the Annual General Meeting scheduled for 02 August 2012, in respect of
the financial year ended 31 March 2012 and payable to shareholders recorded in
the members` register of the company at the close of business on Friday,
27 July 2012.
The relevant dates for the payment of the dividend number 113 are as follows:
Last day to trade cum-dividend Friday, 20 July 2012
Shares commence trading ex-dividend Monday, 23 July 2012
Record date Friday, 27 July 2012
Payment date Monday, 06 August 2012
The final gross dividend of 121 cents per ordinary share has been determined
by converting the Investec plc distribution of 9 pence per ordinary share into
Rands using the Rand/Pounds Sterling average buy/sell forward rate at 11h00
(SA time) on Wednesday, 16 May 2012.
Share certificates may not be dematerialised or rematerialised between Monday,
23 July 2012 and Friday, 27 July 2012, both dates inclusive.
Additional information to take note of:
- The Investec Limited company tax reference number: 9800/181/71/2.
- The issued ordinary share capital of Investec Limited is 276 020 221
ordinary shares.
- The dividend paid by Investec Limited is subject to South African Dividend
Tax (Dividend Tax) of 15% (subject to any available exemptions as legislated).
- Secondary Tax on Companies ("STC") credits utilised as part of this dividend
amount to 94.66 cents of the 121 cents dividend per ordinary share and
consequently the STC credits utilised are sufficient to cover a portion of any
Dividend Tax and the remaining 26.34 cents dividend per ordinary share
will be subject to Dividends Tax (subject to any available exemptions as
legislated).
- Shareholders subject to Dividends Tax will receive a net dividend of 117.05
cents per ordinary share and shareholders exempt from paying the Dividend
Tax will receive a net dividend of 121 cents per ordinary share.
By order of the board
B Coetsee
Company Secretary 16 May 2012
Investec plc
Preference share dividend announcement
Registration number: 3633621
Share code: INPP
ISIN: GB00B19RX541
Non-redeemable non-cumulative non-participating preference shares ("preference
shares")
Declaration of dividend number 12
Notice is hereby given that preference dividend number 12 has been declared
for the period 01 October 2011 to 31 March 2012 amounting to 7.52 pence per
preference share payable to holders of the non-redeemable non-cumulative non-
participating preference shares as recorded in the books of the company at the
close of business on Friday, 15 June 2012.
For shares trading on the Johannesburg Stock Exchange (JSE), the dividend of
7.52 pence per preference share is equivalent to a gross dividend of 100 cents
per share, which has been determined using the Rand/Pound Sterling average
buy/sell forward rate as at 11h00 (SA Time) on Wednesday,
16 May 2012.
The relevant dates relating to the payment of dividend number 12 are as
follows:
Last day to trade cum-dividend
On the Channel Islands Stock Exchange (CISX) Tuesday, 12 June 2012
On the Johannesburg Stock Exchange (JSE) Friday, 08 June 2012
Shares commence trading ex-dividend
On the Channel Islands Stock Exchange (CISX) Wednesday, 13 June 2012
On the Johannesburg Stock Exchange (JSE) Monday, 11 June 2012
Record date (on the JSE and CISX) Friday, 15 June 2012
Payment date (on the JSE and CISX) Tuesday, 26 June 2012
For SA resident preference shareholders, additional information to take note
of:
- Investec plc tax reference number: 2683967322360.
- The issued preference share capital of Investec plc is 15 081 149 preference
shares.
- The dividend paid by Investec plc to South African resident shareholders is
subject to South African Dividend Tax (Dividend Tax) of 15% (subject to any
available exemptions as legislated).
- No Secondary Tax on Companies ("STC") Credits has been utilized in respect
of this preference share dividend declaration.
- The net dividend amounts to 85 cents per preference share for preference
shareholders liable to pay the Dividend Tax and 100 cents per preference
share for preference shareholders exempt from paying the Dividend Tax.
Share certificates may not be dematerialised or rematerialised between Monday,
11 June 2012 and Friday, 15 June 2012, both dates inclusive, nor may
transfers between the UK and SA registers take place between Monday, 11 June
2012 and Friday, 15 June 2012, both dates inclusive
By order of the board
D Miller
Company Secretary 16 May 2012
Investec plc
Rand denominated preference share dividend announcement
Registration number: 3633621
Share code: INPPR
ISIN: GB00B4B0Q974
Rand denominated non-redeemable, non-cumulative, non-participating perpetual
preference shares ("preference shares")
Declaration of dividend number 2
Notice is hereby given that preference dividend number 2 has been declared for
the period 01 October 2011 to 31 March 2012 amounting to a gross
dividend of 428.67 cents per preference share payable to holders of the Rand
denominated non-redeemable non-cumulative non-participating preference
shares as recorded in the books of the company at the close of business on
Friday, 15 June 2012.
The relevant dates relating to the payment of dividend number 2 are as
follows:
Last day to trade cum-dividend Friday, 08 June 2012
Shares commence trading ex-dividend Monday, 11 June 2012
Record date Friday, 15 June 2012
Payment date Tuesday, 26 June 2012
Share certificates may not be dematerialised or rematerialised between,
Monday, 11 June 2012 and Friday, 15 June 2012, both dates inclusive.
For SA resident preference shareholders, additional information to take note
of:
- Investec plc tax reference number: 2683967322360.
- The issued preference share capital of Investec plc is 2 275 940 preference
shares.
- The dividend paid by Investec plc to South African resident shareholders is
subject to South African Dividend Tax (Dividend Tax) of 15% (subject to any
available exemptions as legislated).
- No Secondary Tax on Companies ("STC") Credits has been utilized in respect
of this preference share dividend declaration.
- The net dividend amounts to 364.37 cents per preference share for preference
shareholders liable to pay the Dividend Tax and 428.67 cents per preference
share for preference shareholders exempt from paying the Dividend Tax
By order of the board
D Miller
Company Secretary 16 May 2012
Investec Limited
Preference share dividend announcement
Registration number: 1925/002833/06
Share code: INPR
ISIN: ZAE000063814
Non-redeemable non-cumulative non-participating preference shares ("preference
shares")
Declaration of dividend number 15
Notice is hereby given that preference dividend number 15 has been declared
for the period 01 October 2011 to 31 March 2012 amounting to a
gross dividend of 315.86 cents per share payable to holders of the non-
redeemable non-cumulative non-participating preference shares as recorded in
the books of the company at the close of business on Friday, 15 June 2012.
The relevant dates for the payment of dividend number 15 are as follows:
Last day to trade cum-dividend Friday, 08 June 2012
Shares commence trading ex-dividend Monday, 11 June 2012
Record date Friday, 15 June 2012
Payment date Tuesday, 26 June 2012
Share certificates may not be dematerialised or rematerialised between,
Monday, 11 June 2012 and Friday, 15 June 2012, both dates inclusive.
Additional information to take note of:
- The Investec Limited company tax reference number: 9800/181/71/2.
- The issued preference share capital of Investec Limited is 32 214 499
preference shares.
- The dividend paid by Investec Limited is subject to South African Dividend
Tax (Dividend Tax) of 15% (subject to any available exemptions as legislated).
- The total Secondary Tax on Companies ("STC") credits utilised as part of
this declaration amount to R101 752 717 (315.86 cents per share)
and consequently the STC credits utilised are sufficient to cover the 15%
Dividend Tax required and shareholders will receive a net dividend of
315.86 cents per preference share.
By order of the board
B Coetsee
Company Secretary 16 May 2012
Investec plc
(Registration number 3633621)
JSE code: INP
ISIN: GB00B17BBQ50
Registered office:
2 Gresham Street
London, EC2V 7QP
United Kingdom
Transfer secretaries:
Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Company secretary:
D Miller
Investec Limited
(Registration number 1925/002833/06)
JSE code: INL
ISIN: ZAE000081949
Registered office:
100 Grayston Drive
Sandown
Sandton, 2196
Transfer secretaries:
Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Company secretary:
B Coetsee
Directors: Sir David Prosser (Joint Chairman), F Titi (Joint Chairman),
S KoseffS (Chief Executive)
B KantorS (Managing Director), S E Abrahams, G F O Alford, G R BurgerS,
C A Carolus, P K O Crosthwaite, O C Dickson, H J du ToitS, B Fried,
H Fukuda OBE, I R Kantor, M P Malungani, P R S Thomas S Executive British
www.investec.com
Date: 17/05/2012 08:01:03 Supplied by www.sharenet.co.za
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