Wrap Text
Unaudited combined consolidated financial results for the six months ended 30 September 2015
Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE ordinary share code: INL
ISIN: ZAE000081949
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
JSE share code: INPR
ISIN: ZAE000063814
Investec plc
Incorporated in England and Wales
Registration number: 3633621
JSE ordinary share code: INP
ISIN: GB00B17BBQ50
JSE share code: INPPR
ISIN: GB00B4B0Q974
Unaudited combined consolidated financial results for the six months ended 30 September 2015
Investec, the International specialist bank and asset manager, announces its results for the six months
ended 30 September 2015
This announcement covers the results of the Investec group for the six
months ended 30 September 2015.
Basis of presentation
Statutory basis
Statutory information is set out in a separate section in this announcement.
The sale of businesses during the previous financial year (further detail is
provided in the "Notes to the commentary section") has had a significant
effect on the comparability of the group's financial position and results. As a
result, comparison on a statutory basis of these interim results with the prior
period would be less meaningful.
Ongoing basis
In order to present a more meaningful view of the group's performance,
the results are presented on an ongoing basis excluding items that in
management's view could distort the comparison of performance between
periods. Based on this principle, the following items are excluded from
underlying profit:
- the results of the businesses sold i.e. Investec Bank (Australia) Limited, the
UK Kensington business and the Start (Irish) mortgage business;
- the remaining legacy business in the UK.
This basis of presentation is consistent with the approach adopted for the
year ended 31 March 2015. A reconciliation between the statutory and
ongoing income statement is provided.
Unless the context indicates otherwise, all comparatives included in the
commentary relate to the six months ended 30 September 2014. Group
results have been negatively impacted by the 8.2% depreciation of the
average Rand: Pounds Sterling exchange rate over the period. Amounts
represented on a currency neutral basis for income statement items assume
that the relevant average exchange rates remain the same for the six
month period to 30 September 2015 when compared to the prior period.
Amounts represented on a currency neutral basis for balance sheet items
assume that the relevant closing exchange rates remain the same as at
30 September 2015 when compared to 31 March 2015.
Overview of results
Positive business momentum contributes to improved results
- Sustained improvement in the operating environment in the UK has
supported good levels of activity in the banking businesses.
- In South Africa the corporate and private banking businesses have seen
strong growth in loan portfolios and client activity, notwithstanding an
overall weakness in macro-economic conditions.
- The Specialist Banking investment and fixed income portfolios have
posted a solid result during the period.
- The Specialist Banking business has reported results substantially ahead
of the prior period.
- The Asset Management and Wealth & Investment businesses have
reported solid net inflows of GBP4.0 billion.
- Continued investment in infrastructure, digital platforms and increased
headcount are supporting growth initiatives in the overall business.
- The group has further grown and enhanced its international offering,
increasing its client base and deepening its core franchise.
- A diversified portfolio and a sound balance of earnings generated
between capital light and capital intensive businesses continues to
support a high level of recurring income.
Statutory operating profit salient features
- Statutory operating profit before goodwill, acquired intangibles, non-
operating items and taxation and after other non-controlling interests
("operating profit") increased 16.1% to GBP279.4 million (2014: GBP240.8
million) – an increase of 22.5% on a currency neutral basis.
- Statutory adjusted earnings per share (EPS) before goodwill, acquired
intangibles and non-operating items increased 13.2% from 19.7 pence to
22.3 pence – an increase of 19.8% on a currency neutral basis.
Solid performance from the ongoing business
- Ongoing operating profit increased 16.5% to GBP315.0 million (2014:
GBP270.4 million) – an increase of 22.2% on a currency neutral basis.
- Ongoing adjusted EPS before goodwill, acquired intangibles and non-
operating items increased 13.3% from 22.5 pence to 25.5 pence – an
increase of 19.1% on a currency neutral basis.
- Third party assets under management decreased 8.2% to GBP113.9
billion (31 March 2015: GBP124.1billion) – a decrease of 3.1% on a
currency neutral basis.
- Customer accounts (deposits) decreased 4.2% to GBP21.7 billion
(31 March 2015: GBP22.6 billion) - an increase of 4.5% on a currency neutral
basis.
- Core loans and advances decreased 2.5% to GBP16.1 billion (31 March
2015: GBP16.5 billion) - an increase of 7.1% on a currency neutral basis.
The UK legacy portfolio continues to be actively managed
down
- The legacy portfolio reduced from GBP696 million at 31 March 2015 to GBP645
million through redemptions and write-offs.
- The legacy business reported a loss before taxation of GBP35.5 million
(2014:GBP41.7 million) with impairments on the legacy portfolio reducing 24.5%
from GBP37.6 million to GBP28.4 million.
Maintained a sound balance sheet
- Capital remained well in excess of current regulatory requirements. The
group is comfortable with its common equity tier 1 ratio target at a 10%
level, as its current leverage ratios for both Investec Limited and Investec
plc are above 7%.
- Liquidity remained strong with cash and near cash balances amounting to
GBP9.2 billion.
Dividend increase of 11.8%
- The board declared a dividend of 9.5 pence per ordinary share (2014:
8.5 pence) resulting in a dividend cover based on the group's adjusted
EPS before goodwill and non-operating items of 2.3 times (2014: 2.3
times), consistent with the group's dividend policy.
Stephen Koseff, Chief Executive Officer of Investec said:
"We are pleased with the progress shown by the group, with profits
comfortably ahead of last year. In particular, our Specialist Banking
businesses are benefiting from positive business momentum, as reflected in
the growth in our loan books and increased client base. Our investment to
digitise and internationalise the Wealth & Investment operation will place it
on a strong footing to continue its growth trajectory, whilst good net inflows
demonstrate the resilience and diversification of our Asset Management
franchise. We are well placed to continue our growth despite the Rand
weakness and market volatility."
Bernard Kantor, Managing Director of Investec said:
"Strong results from our Specialist Bank reflect our hard work to develop
and reshape this business. The strength of our Asset Management and
Wealth & Investment franchises supported solid net inflows, notwithstanding
challenging market conditions. Investec continues to position its core
businesses for sustained growth in its principal markets."
For further information please contact:
Investec +27 (0) 11 286 7070 or +44 (0) 20 7597 5546 /
+44 (0) 20 7597 4493
Stephen Koseff, Chief Executive Officer
Bernard Kantor, Managing Director
Ursula Nobrega, Investor Relations (mobile:+27 (0) 82 552 8808)
Brunswick (SA PR advisers)
Marina Bidoli
Tel: +2711 502 7405 / +2783 253 0478
Cecilia de Almeida
Tel: +2711 502 7418 / +2783 325 9169
Newgate (UK PR advisers)
Jonathan Clare/Jason Nisse/Alistair Kellie/Andy Jones
Tel: +44 (0)20 7680 6550
Presentation/conference call details
A presentation on the results will commence at 9:00 UK time/11:00 SA time.
Viewing options as below:
- Live on South African TV (Business day TV channel 412 DSTV)
- A live and delayed video webcast at www.investec.com
- Toll free numbers for the telephone conference facilities
– SA participants: 0800 200 648
– UK participants: 0808 162 4061
– rest of Europe and other participants: +800 246 78 700
– Australian participants: 1800 350 100
– USA participants: 1855 481 6362
About Investec
Investec is an international specialist bank and asset manager that provides
a diverse range of financial products and services to a niche client base in
three principal markets – the UK and Europe, South Africa and Asia/Australia
as well as certain other countries. The group was established in 1974 and
currently has approximately 8 500 employees.
Investec focuses on delivering distinctive profitable solutions for its clients in
three core areas of activity namely, Asset Management, Wealth & Investment
and Specialist Banking.
In July 2002 the Investec group implemented a dual listed company
structure with listings on the London and Johannesburg Stock Exchanges.
The combined group's current market capitalisation is approximately
GBP4.7 billion.
Investec plc and Investec Limited (combined results)
Unaudited combined consolidated financial results for the six months ended
30 September 2015.
The commentary below largely focuses on the results of the ongoing
business.
Overall group performance – ongoing basis
Operating profit before goodwill, acquired intangibles, non-operating items
and taxation and after other non-controlling interests ("operating profit")
increased 16.5% to GBP315.0 million (2014: GBP270.4 million) – an increase
of 22.2% on a currency neutral basis. Group results have been negatively
impacted by the 8.2% depreciation of the average Rand: Pounds Sterling
exchange rate over the period.
The combined South African businesses operating profit rose 13.0% in
Rand, whilst the combined UK and Other businesses posted a 37.8%
increase in operating profit in Pounds Sterling.
Operating profit in the Specialist Banking business increased 29.1%
benefiting from good levels of client activity across our geographies,
supported by a deepening of the client franchise. Wealth & Investment's
operating profit decreased by 0.5% and Asset Management's operating profit
declined 8.0%. Both divisions have continued to experience higher levels of
average funds under management and net inflows.
Salient features of the period under review are:
- Adjusted earnings attributable to shareholders before goodwill, acquired
intangibles and non-operating items increased 15.2% to GBP222.6
million (2014: GBP193.2 million) – an increase of 20.9% on a currency
neutral basis.
- Adjusted earnings per share (EPS) before goodwill, acquired intangibles
and non-operating items increased 13.3% from 22.5 pence to 25.5
pence – an increase of 19.1% on a currency neutral basis.
- Recurring income as a percentage of total operating income amounted
to 71.6% (2014: 74.6%).
- The annualised credit loss charge as a percentage of average gross
core loans and advances amounted to 0.22% (2014: 0.29%), with
impairments decreasing by 14.3% to GBP17.7 million.
- Third party assets under management decreased 8.2% to
GBP113.9 billion (31 March 2015: GBP124.1billion) – a decrease of
3.1% on a currency neutral basis.
- Customer accounts (deposits) decreased 4.2% to GBP21.7 billion
(31 March 2015: GBP22.6 billion) - an increase of 4.5% on a currency
neutral basis.
- Core loans and advances decreased 2.5% to GBP16.1 billion
(31 March 2015: GBP16.5 billion) - an increase of 7.1% on a currency
neutral basis.
Business unit review – ongoing basis
Asset Management
Asset Management operating profit decreased by 8.0% to GBP70.6 million
(2014: GBP76.7 million). The business benefited from solid net inflows of
GBP2.9 billion. Earnings were impacted by market and currency volatility
and lower performance fees in South Africa. Total funds under management
amount to GBP70.1 billion (31 March 2015: GBP77.5 billion).
Wealth & Investment
Wealth & Investment operating profit decreased by 0.5% to GBP37.9 million
(2014: GBP38.0 million). The business benefited from higher average funds
under management and net inflows of GBP1.1 billion. Total funds under
management amount to GBP43.4 billion (31 March 2015: GBP46.1 billion).
Overall performance of the global business is marginally behind the prior
period due to investment expenditure on growth initiatives, particularly in
the UK business. These initiatives should support an increase in operating
margin in the medium term.
Specialist Banking
Specialist Banking operating profit increased by 29.1% to GBP229.2 million
(2014: GBP177.6 million).
South Africa reported a solid increase in net interest income driven by loan
book growth of 9.5% to ZAR199.4 billion. The unlisted investment portfolio
performed well during the period. The corporate and private banking
businesses benefited from positive business momentum and franchise
growth. The credit loss ratio on average core loans and advances improved
marginally to 0.28% (2014: 0.29%), despite the business reporting a
moderate increase in impairments.
The UK and Other businesses experienced good levels of activity, higher
earnings from the fixed income portfolio and a normalised performance from
the Hong Kong investment portfolio. Core loans grew 3.1% to GBP6.6 billion
and impairments declined over the period, with the credit loss ratio
amounting to 0.13% (2014: 0.27%).
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.
Group costs
These largely relate to group brand and marketing costs and a portion of
executive and support functions which are associated with group level
activities. These costs are not incurred by the operating divisions and are
necessary to support the operational functioning of the group. Historically,
these numbers were reflected solely in the results of the Specialist Bank
and the group now reflects these separately. These costs amounted to
GBP22.6 million (2014: GBP21.9 million).
Financial statement analysis – ongoing basis
Total operating income
Total operating income before impairment losses on loans and advances
increased by 11.2% to GBP992.1 million (2014: GBP891.8 million).
Net interest income increased by 7.8% to GBP284.1 million (2014:
GBP263.5 million) largely due to strong book growth and an increase in
margin earned on early redemption of loans, reflecting higher activity levels.
Net fee and commission income increased by 0.9% to GBP530.6 million
(2014: GBP525.9 million) as a result of higher average funds under
management over the period and net inflows in the Asset Management and
Wealth Management businesses. The Specialist Banking business benefited
from a solid performance from the corporate treasury, corporate structuring
and property fund management businesses in South Africa. Growth in fees
in the global private banking business was supported by increased client
activity. This was partially offset by lower fees earned in the UK corporate
finance business and the asset management business in South Africa.
Investment income increased significantly to GBP112.4 million (2014:
GBP54.8 million). The group's unlisted investment portfolio in South
Africa delivered a solid performance, the Hong Kong investment portfolio
performance normalised and the UK experienced higher earnings from the
fixed income portfolio.
Trading income arising from customer flow increased by 10.8% to
GBP57.3 million (2014:GBP51.7 million) whilst trading income from
other trading activities reflected a profit of GBP4.3 million (2014: loss of
GBP9.1 million) largely due to foreign currency gains.
Other operating income includes associate income and income earned on an
operating lease portfolio.
Impairment losses on loans and advances
Impairments on loans and advances decreased from GBP20.7 million to
GBP17.7 million. Since 31 March 2015 gross defaults have improved from
GBP247.1 million to GBP210.1 million. The percentage of default loans (net
of impairments but before taking collateral into account) to core loans and
advances amounted to 0.85% (31 March 2015: 1.04%).
Operating costs
The ratio of total operating costs to total operating income was 65.4%
(2014:67.4%). Total operating costs grew by 8.0% to GBP648.6 million
(2014: GBP600.5 million) reflecting: an increase in headcount and business
infrastructure expenses across divisions to support increased activity and
growth initiatives; an increase in variable remuneration given increased
profitability in certain businesses.
Taxation
The effective tax rate amounts to 21.2 % (2014:18.8%).
Profit attributable to non-controlling interests
Profit attributable to non-controlling interests mainly comprises:
- GBP8.6 million profit attributable to non-controlling interests in the Asset
Management business.
- GBP12.7 million profit attributable to non-controlling interests in the
Investec Property Fund Limited.
- A reduction of GBP2.5 million relating to Euro denominated preferred
securities issued by a subsidiary of Investec plc which were reflected on
the balance sheet as part of non-controlling interests. (The transaction
was hedged and a forex transaction loss arising on the hedge was
reflected in operating profit before goodwill with the equal and opposite
impact reflected in earnings attributable to non-controlling interests).
These securitites were redeemed on 24 June 2015.
Balance sheet analysis
Since 31 March 2015:
- Total shareholders' equity (including non-controlling interests) decreased
by 9.3% to GBP3.7 billion largely due to the depreciation of the Rand
against Pounds Sterling.
- Net asset value per share decreased 5.2% to 345.8 pence and net
tangible asset value per share (which excludes goodwill and intangible
assets) decreased by 6.8% to 287.1 pence.
- The annualised return on adjusted average shareholders' equity of the
ongoing business increased from 13.8% to 14.8%.
Liquidity and funding
As at 30 September 2015 the group held GBP9.2 billion in cash and near
cash balances (GBP4.4 billion in Investec plc and R100.0 billion in Investec
Limited) which amounted to 36.0% of its liability base. Loans and advances
to customers as a percentage of customer deposits amounted to 75.1%
(31 March 2015: 74.0%). The group had higher average liquidity levels in
the UK driven by the sale of group assets in the prior financial year. These
balances have decreased by 12.9% since 31 March 2015, as part of a
planned strategy by the group to reduce surplus cash balances post the
sale of group assets, whilst maintaining its overall conservative approach
to liquidity management. The group comfortably meets Basel liquidity
requirements for the Liquidity Coverage Ratio (LCR) and Net Stable Funding
Ratio (NSFR) in the UK. In South Africa the group has continued to see good
progress from Investec Cash Investments leading to higher cash balances.
Basel III LCR regulations have been implemented from 1 January 2015.
Investec Bank Limited (Solo basis) ended the period to 30 September 2015
with the three-month average of its LCR at 118.3%, which is well ahead of
the minimum levels required. Further detail with respect to the bank's LCR
ratio in South Africa is provided on the website.
Capital adequacy and leverage ratios
The group is targeting a minimum common equity tier one capital ratio above
10% by March 2016 and a total capital adequacy ratio range of 14% to
17% on a consolidated basis for each of Investec plc and Investec Limited
respectively. The group's anticipated fully loaded Basel III common equity
tier 1 capital adequacy ratios in both Investec plc and Investec Limited are
reflected in the table below.
30 September 31 March
2015 2015
Investec plc^
Capital adequacy ratio 16.4% 16.7%
Tier 1 ratio 11.7% 11.9%
Common equity tier 1 ratio 10.5% 10.2%
Common equity tier 1 ratio
(anticipated Basel III "fully loaded"*) 10.5% 10.2%
Leverage ratio (current) 7.4% 7.7%
Leverage ratio (anticipated Basel III
"fully loaded"*) 6.7% 6.6%
Investec Limited^
Capital adequacy ratio 14.2% 14.7%
Tier 1 ratio 10.9% 11.3%
Common equity tier 1 ratio 9.5% 9.6%
Common equity tier 1 ratio
(anticipated Basel III "fully loaded"*) 9.5% 9.5%
Leverage ratio (current*) 7.4% 8.1%
Leverage ratio (anticipated Basel III
"fully loaded"*) 6.7% 7.2%
*Based on the group's understanding of current and draft regulations, "fully
loaded" is based on Basel III capital requirements as fully phased in by 2022.
^The capital adequacy disclosures follow Investec's normal basis of presentation
so as to show a consistent basis of calculation across the jurisdictions in which
the group operates. For Investec plc this does not include the deduction of
foreseeable dividends when calculating CET1 capital as now required under the
CRR and EBA technical standards. The impact of the final proposed ordinary and
preference dividends totalling GBP59 million for Investec plc would be around
50 bps. Investec Limited's capital information includes unappropriated profits.
If unappropriated profits are excluded from the capital information, Investec
Limited's tier 1 and capital adequacy ratio would be 9 bps lower.
Legacy business – overview of results
Since 31 March 2015 the group's legacy portfolio in the UK has continued
to be actively managed down from GBP696 million to GBP645 million
largely through redemptions and write-offs. The total legacy business
over the period reported a loss before taxation of GBP35.5 million
(2014:GBP41.7 million). The remaining legacy portfolio will continue to
be managed down as the group sees opportunities to clear the portfolio.
Management believe that the remaining legacy book will still take two to
four years to wind down. Total net defaults in the legacy book amount to
GBP181 million (31 March 2015: GBP185 million).
Additional information - South African Investment Vehicle
In South Africa a new investment vehicle, Investec Equity Partners (IEP),
has been created in which Investec will hold a 45% stake alongside other
strategic investors who will hold the remaining 55%. Investec Principal
Investments will transfer certain portfolio companies to this new vehicle and
IEP will resultantly raise an additional ZAR10 billion of new equity and debt
capital to grow the underlying companies transferred and to take advantage
of future investment opportunities. This transaction is subject to regulatory
approval. It is intended that all Investec Principal Investments staff will
transfer to the new company from 1 January 2016.
Operating Responsibilities
Investec, in pursuit of sustained growth across its businesses, has
restructured certain operating responsibilities with the aim of achieving the
following broad objectives:
- To maintain differentiated businesses that are integrated and coordinated
under the Investec brand, while focused on providing the best solution
for the client;
- To facilitate the growth of businesses with direct management
responsibility and accountability;
- To ensure talented future leaders are in place for the long-term success
of the group.
Investec has always maintained a policy of growing talent from within. The
majority of the group's leaders have an extensive history with the group
and are valued for their institutional knowledge and expertise. Key global
businesses are supported by experienced management teams who are
responsible for driving the performance of those businesses.
Set out below are the following operating responsibilities (certain of which are
subject to regulatory approval):
Group
Stephen Koseff remains Group Chief Executive Officer and Bernard Kantor
remains Group Managing Director. They continue to focus on group strategy,
development and growth of the Investec global businesses, and the
positioning of the group among all stakeholders.
Glynn Burger continues as Group Risk and Finance Director with Nishlan
Samujh performing the role of Group Chief Financial Officer.
Specialist Bank
Investec is consolidating its integration strategy in the Specialist Bank.
Ciaran Whelan and David van der Walt become joint Heads of the Specialist
Bank. Ciaran Whelan will focus on private banking and David van der Walt
on corporate and institutional banking. David van der Walt remains Chief
Executive Officer of Investec Bank plc.
In South Africa, Richard Wainwright becomes Chief Executive Officer of
Investec Bank Limited and together with Glynn Burger, the Joint Geographic
Head of South Africa.
Andy Leith becomes Executive Chairman of IEP, the new South African
investment vehicle (refer above). He will be actively involved and responsible
for this business and continues as a Senior Group Executive of Investec
Limited, where he will focus on key client relationships and the integration of
Investec's offering to these clients.
Robin Magid and Nick Riley remain Head of Property Trading and
Development and Chief Executive Officer of Investec Property Fund,
respectively.
Asset Management
Hendrik du Toit continues as Chief Executive Officer of Investec Asset
Management.
Wealth & Investment
Steve Elliot remains Global Head of the Wealth & Investment business, with
Jonathan Wragg and Henry Blumenthal being responsible for the UK and
South African businesses, respectively.
Outlook
Investec is positioning itself for sustained growth with an enhanced
operational focus. The group has successfully implemented its key strategic
initiatives and continues to develop its core businesses in its principal
markets. The macro environment is uncertain as global equity markets
remain volatile and, in South Africa, social and economic challenges
persist. Investec, nevertheless, remains positive. Current levels of activity
are supporting performance as the group focuses on providing value for
shareholders and an exceptional experience for clients.
On behalf of the boards of Investec plc and Investec Limited
Fani Titi Stephen Koseff Bernard Kantor
Chairman Chief Executive Officer Managing Director
18 November 2015
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 International
Financial Reporting Standards (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.
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 position 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:
Six months to Year to Six months to
Currency per 30 Sep 2015 31 Mar 2015 30 Sep 2014
Period Period Period
GBP1.00 end Average end Average end Average
South African
Rand 20.95 19.33 17.97 17.82 18.33 17.86
Australian Dollar 2.15 2.05 1.95 1.85 1.85 1.81
Euro 1.35 1.39 1.38 1.28 1.28 1.24
US Dollar 1.51 1.54 1.49 1.62 1.62 1.68
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 8.2% and the closing rate has depreciated by 16.6% since
31 March 2015.
Sale of Investec Bank (Australia) Limited
The sale of Investec Bank (Australia) Limited's Professional Finance and Asset
Finance and Leasing businesses and its deposit book to Bank of Queensland
Limited was effective 31 July 2014 for cash proceeds of GBP122 million.
This resulted in the derecognition of approximately GBP1.7 billion of assets
and approximately GBP1.7 billion of liabilities associated with the businesses
sold. The group continues to have a presence in Australia, focusing on its
core activities of Specialised Finance, Corporate Advisory, Property Fund
Management and Asset Management. The remaining business operates as
a non-banking subsidiary of the Investec group. As a result, the group is no
longer reporting the activities of its Australian businesses separately with these
activities now reported under the "UK and Other" geographical segment and
the "UK and Other" Specialist Banking segment.
Sales of Kensington Group plc and Start Mortgage Holdings
Limited
On 9 September 2014 the group announced the sale of its UK intermediated
mortgage business Kensington Group plc ("Kensington") together with
certain other Investec mortgage assets to funds managed by Blackstone
Tactical Opportunities Advisors L.L.C. and TPG Special Situations Partners
for GBP180 million in cash based on a tangible net asset value of the
business of GBP165 million at 31 March 2014. This transaction became
effective on 30 January 2015.
On 15 September 2014 the group announced the sale of its Irish
intermediated mortgage business Start Mortgage Holdings Limited ("Start")
together with certain other Irish mortgage assets to an affiliate of Lone Star
Funds. This transaction became effective on 4 December 2014.
This resulted in the derecognition of approximately GBP4.1 billion of assets
and approximately GBP2 billion of external liabilities associated with these
businesses sold.
As part of the sale of Kensington, a final net settlement amount was paid
after the 31 March 2015 year end. As a result of this payment, a further loss
before taxation of GBP4.7 million was recognised during the period.
Accounting policies and disclosures
These unaudited summarised combined consolidated 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 period
to 30 September 2015 are consistent with those adopted in the financial
statements for the year ended 31 March 2015.
The financial results have been prepared under the supervision of Glynn
Burger, the Group Risk and Finance Director. The financial statements for
the six months to 30 September 2015 will be posted to stakeholders on
30 November 2015. These accounts will be available on the group's website
on the same date.
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 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 18 November 2015
- The information in the announcement for the six months ended
30 September 2015, which was approved by the board of directors on
18 November 2015, does not constitute statutory accounts as defined
in Section 435 of the UK Companies Act 2006. The 31 March 2015
financial statements were filed with the registrar and were unqualified
with the audit report containing no statements in respect of sections
498(2) or 498(3) of the UK Companies Act
- This announcement is available on the group's website: www.investec.com.
Ongoing financial information
Ongoing summarised income statement
Six months to Six months to
30 September 30 September Variance
GBP'000 2015 2014 % change amount
Net interest income 284 142 263 468 7.8% 20 674
Net fee and commission income 530 590 525 895 0.9% 4 695
Investment income 112 373 54 793 >100.0% 57 580
Trading income arising from
– customer flow 57 318 51 716 10.8% 5 602
– balance sheet management and other trading activities 4 304 (9 088) >100.0% 13 392
Other operating income 3 345 5 004 (33.2%) (1 659)
Total operating income before impairment losses on loans and advances 992 072 891 788 11.2% 100 284
Impairment losses on loans and advances (17 741) (20 701) (14.3%) 2 960
Operating income 974 331 871 087 11.9% 103 244
Operating costs (648 630) (600 507) 8.0% (48 123)
Depreciation on operating leased assets (220) (1 089) (79.8%) 869
Operating profit before goodwill, acquired intangibles and non-operating items 325 481 269 491 20.8% 55 990
Profit attributable to Asset Management non-controlling interests (8 647) (9 356) (7.6%) 709
(Profit)/loss attributable to other non-controlling interests (10 518) 957 (>100.0%) (11 475)
Operating profit before taxation 306 316 261 092 17.3% 45 224
Taxation (69 018) (50 757) 36.0% (18 261)
Preference dividends accrued (14 708) (17 181) (14.4%) 2 473
Adjusted attributable earnings to ordinary shareholders 222 590 193 154 15.2% 29 436
Number of weighted average shares (million) 871.8 858.1
Adjusted earnings per share (pence) 25.5 22.5 13.3%
Cost to income ratio 65.4% 67.4%
Segmental geographical and business analysis of operating profit before goodwill, acquired intangibles,
non-operating items, taxation and after other non-controlling interests – ongoing business
for the six months to 30 September UK Southern Total
GBP'000 and Other Africa group
2015
Asset Management 40 127 30 427 70 554
Wealth & Investment 25 896 11 954 37 850
Specialist Banking 98 786 130 389 229 175
164 809 172 770 337 579
Group costs (17 036) (5 580) (22 616)
Total group 147 773 167 190 314 963
Other non-controlling interest – equity 10 518
Operating profit 325 481
2014
Asset Management 37 684 38 996 76 680
Wealth & Investment 26 912 11 126 38 038
Specialist Banking 59 873 117 712 177 585
124 469 167 834 292 303
Group costs (17 223) (4 632) (21 855)
Total group 107 246 163 202 270 448
Other non-controlling interest – equity (957)
Operating profit 269 491
Reconciliation from statutory summarised income statement to ongoing summarised income statement
Removal of:**
UK legacy
business Sale Sale
for the six months to 30 September 2015 Statutory excluding assets assets Ongoing
GBP'000 as disclosed sale assets UK Australia business
Net interest income 285 500 1 358 – – 284 142
Net fee and commission income 533 906 3 316 – – 530 590
Investment income 112 387 14 – – 112 373
Trading income arising from
– customer flow 56 895 (423) – – 57 318
– balance sheet management and other trading activities 4 004 (300) – – 4 304
Other operating income 3 345 – – – 3 345
Total operating income before impairment losses on loans and advances 996 037 3 965 – – 992 072
Impairment losses on loans and advances (46 140) (28 399) – – (17 741)
Operating income/(loss) 949 897 (24 434) – – 974 331
Operating costs (659 719) (11 089) – – (648 630)
Depreciation on operating leased assets (220) – – – (220)
Operating profit before goodwill, acquired intangibles and non-operating
items 289 958 (35 523) – – 325 481
Profit attributable to Asset Management non-controlling interests (8 647) – – – (8 647)
Profit attributable to other non-controlling interests (10 518) – – – (10 518)
Operating profit before taxation 270 793 (35 523) – – 306 316
Taxation (61 485) 7 533# – – (69 018)#
Preference dividends accrued (14 708) – – – (14 708)
Adjusted attributable earnings to ordinary shareholders 194 600 (27 990) – – 222 590
Number of weighted average shares (million) 871.8 871.8
Adjusted earnings per share (pence) 22.3 25.5
Cost to income ratio 66.2% 65.4%
# Applying the groups effective statutory taxation rate of 21.2%.
Removal of:**
UK legacy
business Sale Sale
for the six months to 30 September 2014 Statutory excluding assets assets Ongoing
GBP'000 as disclosed sale assets UK Australia business
Net interest income 332 386 10 790 45 861 12 267 263 468
Net fee and commission income 527 006 1 689 (3 306) 2 728 525 895
Investment income 45 975 (4 689) (2 262) (1 867) 54 793
Trading income arising from
– customer flow 51 285 (183) (38) (210) 51 716
– balance sheet management and other trading activities (9 199) 168 (125) (154) (9 088)
Other operating income 5 052 – – 48 5 004
Total operating income before impairment losses on loans and advances 952 505 7 775 40 130 12 812 891 788
Impairment losses on loans and advances (66 400) (37 629) (6 594) (1 476) (20 701)
Operating income/(loss) 886 105 (29 854) 33 536 11 336 871 087
Operating costs (645 204) (11 838) (20 056) (12 803) (600 507)
Depreciation on operating leased assets (1 089) – – – (1 089)
Operating profit/(loss) before goodwill, acquired intangibles and non-
operating items 239 812 (41 692) 13 480 (1 467) 269 491
Profit attributable to Asset Management non-controlling interests (9 356) – – – (9 356)
Loss attributable to other non-controlling interests 957 – – – 957
Operating profit/(loss) before taxation 231 413 (41 692) 13 480 (1 467) 261 092
Taxation (45 167) 7 853* (2 539)* 276* (50 757)*
Preference dividends accrued (17 181) – – – (17 181)
Adjusted attributable earnings to ordinary shareholders 169 065 (33 839) 10 941 (1 191) 193 154
Number of weighted average shares (million) 858.1 858.1
Adjusted earnings per share (pence) 19.7 22.5
Cost to income ratio 67.8% 67.4%
* Applying the groups effective statutory taxation rate of 18.8%.
** - The remaining legacy business in the UK.
- The result of the businesses sold i.e. Investec Bank (Australia) Limited, the UK Kensington business and the Start (Irish) mortgage business.
Statutory financial information
Salient financial features
Results in Pounds Sterling Results in Rand
Neutral
currency Neutral
Six months to Six months to Six months to currency Six months to Six months to
30 September 30 September % 30 September % 30 September 30 September %
2015 2014 change 2015 change 2015 2014 change
Operating profit before
taxation* (million) 279.4 240.8 16.1% 295.0 22.5% 5 442 4 286 27.0%
Earnings attributable to
shareholders (million) 197.6 121.6 62.5% 209.1 72.0% 3 843 1 742 >100%
Adjusted earnings
attributable to
shareholders** (million) 194.6 169.1 15.1% 205.5 21.5% 3 787 3 002 26.1%
Adjusted earnings per
share** 22.3p 19.7p 13.2% 23.6p 19.8% 434.4c 349.9c 24.1%
Basic earnings per share 20.1p 11.6p 73.3% 21.3p 83.6% 391.6c 157.1c >100%
Headline earnings per
share 21.0p 17.6p 19.3% 22.4p 27.3% 410.5c 312.0c 31.6%
Dividends per share 9.5p 8.5p 11.8% 207c 146c 41.8%
Cost to income ratio 66.2% 67.8%
Results in Pounds Sterling Results in Rand
Neutral
currency Neutral
At At At currency At At
30 September 31 March % 30 September % 30 September 31 March %
2015 2015 change 2015 change 2015 2015 change
Net asset value per share 345.8 364.9 (5.2%) 364.6 (0.1%) 7 244 6 559 10.4%
Net tangible asset value
per share 287.1 308.1 (6.8%) 305.4 (0.9%) 6 014 5 538 8.6%
Total equity (million) 3 666 4 040 (9.3%) 3 985 (1.4%) 76 786 72 625 5.7%
Total assets (million) 41 700 44 353 (6.0%) 45 808 3.3% 873 498 797 218 9.6%
Core loans and advances
(million) 16 731 17 189 (2.7%) 18 305 6.5% 350 460 308 957 13.4%
Cash and near cash
balances (million) 9 165 9 975 (8.1%) 9 957 (0.2%) 192 013 179 242 7.1%
Customer accounts
(deposits) (million) 21 659 22 615 (4.2%) 23 633 4.5% 453 683 406 485 11.6%
Third party assets under
management (million) 113 942 124 106 (8.2%) 120 223 (3.1%) 2 387 077 2 230 197 7.0%
Return on average adjusted
shareholders' equity 12.6% 10.6%
Return on average risk-
weighted assets 1.51% 1.25%
Defaults (net of
impairments and before
collateral) as a percentage
of net core loans 1.90% 2.07%
Loans and advances to
customers as a percentage
of customer deposits 75.1% 74.0%
Credit loss ratio (income
statement impairment
charge as a % of average
gross core loans and
advances) 0.54% 0.68%
* Before goodwill, acquired intangibles, non-operating items and after other non-controlling interests
** Before goodwill, acquired intangibles, non-operating items and after non-controlling interests.
Combined consolidated income statement
Six months to Six months to Year to
30 September 30 September 31 March
GBP'000 2015 2014 2015
Interest income 849 817 912 645 1 790 867
Interest expense (564 317) (580 259) (1 155 890)
Net interest income 285 500 332 386 634 977
Fee and commission income 591 037 590 666 1 226 257
Fee and commission expense (57 131) (63 660) (137 214)
Investment income 112 387 45 975 128 334
Trading income arising from
– customer flow 56 895 51 285 106 313
– balance sheet management and other trading activities 4 004 (9 199) (13 424)
Other operating income 3 345 5 052 12 236
Total operating income before impairment losses on loans and advances 996 037 952 505 1 957 479
Impairment losses on loans and advances (46 140) (66 400) (128 381)
Operating income 949 897 886 105 1 829 098
Operating costs (659 719) (645 204) (1 322 705)
Depreciation on operating leased assets (220) (1 089) (1 535)
Operating profit before goodwill and acquired intangibles 289 958 239 812 504 858
Impairment of goodwill (717) (4 783) (5 337)
Amortisation of acquired intangibles (7 848) (7 394) (14 497)
Operating profit 281 393 227 635 485 024
Net loss on disposal of subsidiaries (4 746) (18 593) (93 033)
Profit before taxation 276 647 209 042 391 991
Taxation on operating profit before goodwill and acquired intangibles (61 485) (45 167) (99 023)
Taxation on acquired intangibles and acquisition/disposal/integration of subsidiaries 1 610 (33 852) (17 574)
Profit after taxation 216 772 130 023 275 394
Profit attributable to Asset Management non-controlling interests (8 647) (9 356) (18 184)
(Profit)/loss attributable to other non-controlling interests (10 518) 957 (11 701)
Earnings attributable to shareholders 197 607 121 624 245 509
Impairment of goodwill 717 4 783 5 337
Amortisation of acquired intangibles 7 848 7 394 14 497
Net loss on disposal of subsidiaries 4 746 18 593 93 033
Taxation on acquired intangibles and acquisition/disposal/integration of subsidiaries (1 610) 33 852 17 574
Preference dividends paid (22 434) (21 935) (34 803)
Accrual adjustment on earnings attributable to other equity holders 7 726 4 869 (1 211)
Currency hedge attributable to perpetual equity investments – (115) (413)
Adjusted earnings 194 600 169 065 339 523
Headline adjustments* (11 165) (18 203) (30 753)
Headline earnings 183 435 150 862 308 770
Earnings per share (pence)
– Basic 20.1 11.6 24.4
– Diluted 19.1 11.0 23.1
Adjusted earnings per share (pence)
– Basic 22.3 19.7 39.4
– Diluted 21.2 18.7 37.3
Dividends per share (pence)
– Interim 9.5 8.5 8.5
– Final N/A N/A 11.5
Headline earnings per share (pence)
– Basic 21.0 17.6 35.8
– Diluted 20.0 16.7 33.9
Number of weighted average shares – (million) 871.8 858.1 862.7
* The headline earnings adjustments are made up of property revaluations, loss on disposal of subsidiaries, the impairment of goodwill and non-current assets held for sale and gains
on available for sale instruments recycled through the income statement. This line represents the reconciling items from adjusted earnings to headling earnings.
Summarised combined consolidated statement of comprehensive income
Six months to Six months to Year to
30 September 30 September 31 March
GBP'000 2015 2014 2015
Profit after taxation 216 772 130 023 275 394
Other comprehensive (loss)/income:
Items that may be reclassified to the income statement
Fair value movements on cash flow hedges taken directly to other comprehensive income* (16 734) (5 124) (32 816)
Gains on realisation of available-for-sale assets recycled to the income statement* (1 145) (4 432) (4 660)
Fair value movements on available-for-sale assets taken directly to other comprehensive income* (13 757) 9 158 1 037
Foreign currency adjustments on translating foreign operations (266 255) (115 842) (58 318)
Items that will never be reclassified to the income statement:
Re-measurement of net defined pension liability – – 6 340
Total comprehensive (loss)/income (81 119) 13 783 186 977
Total comprehensive (loss)/income attributable to ordinary shareholders (67 075) (17 850) 120 124
Total comprehensive (loss)/income attributable to non-controlling interests (36 478) 9 698 32 050
Total comprehensive income attributable to perpetual preferred securities 22 434 21 935 34 803
Total comprehensive (loss)/income (81 119) 13 783 186 977
* Net of taxation of (GBP14.6 million) (six months to 30 September 2014: (GBP0.9million), year to 31 March 2015: GBP1.3 million).
Summarised combined consolidated cash flow statement
Six months to Six months to Year to
30 September 30 September 30 March
GBP'000 2015 2014 2015
Cash inflows from operations 350 477 308 376 617 363
Increase in operating assets (1 859 634) (986 865) (2 312 292)
Increase in operating liabilities 1 220 550 1 638 568 2 291 132
Net cash (outflow)/inflow from operating activities (288 607) 960 079 596 203
Net cash (outflow)/inflow from investing activities (19 081) 81 915 193 737
Net cash outflow from financing activities (348 234) (168 665) (259 012)
Effects of exchange rate changes on cash and cash equivalents (181 554) (46 188) (17 091)
Net (decrease)/increase in cash and cash equivalents (837 476) 827 141 513 837
Cash and cash equivalents at the beginning of the period 4 562 848 4 049 011 4 049 011
Cash and cash equivalents at the end of the period 3 725 372 4 876 152 4 562 848
Cash and cash equivalents is defined as including cash and balances at central banks, on demand loans and advances to banks and non-sovereign and non-bank cash placements
(all of which have a maturity profile of less than three months).
Combined consolidated balance sheet
30 September 31 March 30 September
GBP'000 2015 2015 2014
Assets
Cash and balances at central banks 2 003 037 2 529 562 3 178 509
Loans and advances to banks 2 261 008 3 045 864 2 598 625
Non-sovereign and non-bank cash placements 545 878 586 400 567 683
Reverse repurchase agreements and cash collateral on securities borrowed 2 504 339 1 812 156 1 120 419
Sovereign debt securities 2 739 669 2 958 641 2 656 672
Bank debt securities 988 133 1 161 055 1 422 390
Other debt securities 832 494 627 373 469 524
Derivative financial instruments 1 331 618 1 580 681 1 994 238
Securities arising from trading activities 1 354 599 1 086 349 920 244
Investment portfolio 929 115 947 846 909 407
Loans and advances to customers 16 267 283 16 740 263 15 577 508
Own originated loans and advances to customers securitised 463 436 448 647 403 742
Other loans and advances 305 480 574 830 427 865
Other securitised assets 279 262 780 596 937 508
Interests in associated undertakings 23 809 25 244 23 664
Deferred taxation assets 94 023 99 301 87 070
Other assets 2 071 704 1 741 713 1 562 378
Property and equipment 94 231 102 354 99 792
Investment properties 531 835 617 898 529 600
Goodwill 368 319 361 527 363 518
Intangible assets 155 619 147 227 149 892
Non-current assets classified as held for sale 28 692 40 726 4 105 517
36 173 583 38 016 253 40 105 765
Other financial instruments at fair value through profit or loss in respect of liabilities to customers 5 526 475 6 337 149 5 825 535
41 700 058 44 353 402 45 931 300
Liabilities
Deposits by banks 1 810 306 1 908 294 2 101 544
Derivative financial instruments 1 396 041 1 544 168 1 178 641
Other trading liabilities 1 312 201 885 003 886 628
Repurchase agreements and cash collateral on securities lent 877 301 1 284 945 1 282 672
Customer accounts (deposits) 21 658 505 22 614 868 22 253 475
Debt securities in issue 2 033 245 1 709 369 1 929 850
Liabilities arising on securitisation of own originated loans and advances 82 670 109 953 105 266
Liabilities arising on securitisation of other assets 197 900 616 909 744 014
Current taxation liabilities 193 243 201 790 189 222
Deferred taxation liabilities 87 040 76 481 83 088
Other liabilities 1 737 744 1 845 679 2 202 592
Liabilities directly associated with non-current assets held for sale – – 1 977 507
31 386 196 32 797 459 34 934 499
Liabilities to customers under investment contracts 5 524 800 6 335 326 5 824 152
Insurance liabilities, including unit-linked liabilities 1 675 1 823 1 383
36 912 671 39 134 608 40 760 034
Subordinated liabilities 1 121 679 1 178 299 1 240 528
38 034 350 40 312 907 42 000 562
Equity
Ordinary share capital 228 226 225
Perpetual preference share capital 153 153 153
Share premium 2 259 909 2 258 148 2 457 327
Treasury shares (104 395) (68 065) (93 650)
Other reserves (777 277) (563 985) (590 248)
Retained income 1 943 523 1 874 360 1 640 801
Shareholders' equity excluding non-controlling interests 3 322 141 3 500 837 3 414 608
Other Additional Tier 1 securities in issue 26 257 30 599 30 012
Non-controlling interests 317 310 509 059 486 118
– Perpetual preferred securities issued by subsidiaries 73 245 229 957 239 466
– Non controlling interests in partially held subsidiaries 244 065 279 102 246 652
Total equity 3 665 708 4 040 495 3 930 738
Total liabilities and equity 41 700 058 44 353 402 45 931 300
Summarised combined consolidated statement of changes in equity
Six months to Year to Six months to
30 September 31 March 30 September
GBP'000 2015 2015 2014
Balance at the beginning of the period 4 040 495 4 015 878 4 015 878
Total comprehensive (loss)/income for the period (81 119) 186 977 13 783
Share-based payments adjustments 26 156 63 475 28 710
Dividends paid to ordinary shareholders (97 896) (168 486) (95 637)
Dividends declared to perpetual preference shareholders (7 766) (16 101) (7 640)
Dividends paid to perpetual preference shareholders included in non-controlling interests (14 668) (18 702) (14 295)
Dividends paid to non-controlling interests (13 165) (29 466) (10 194)
Issue of ordinary shares 54 705 38 896 38 895
Issue of Other Additional Tier 1 securities in issue – 30 012 30 012
Issue of equity by subsidiaries – 19 725 3 179
Buy-back of non-controlling interests (142 134) – –
Acquisition of non-controlling interests 28 39 35
Non-controlling interest relating to partial disposal of subsidiaries – 43 129 1 214
Partial sale of subsidiary – (2 244) 39 818
Movement of treasury shares (98 928) (122 637) (113 020)
Balance at the end of the period 3 665 708 4 040 495 3 930 738
Combined consolidated segmental analysis
For the six months to 30 September UK and Southern Total
GBP'000 Other Africa group
Segmental geographical and business analysis of operating profit before goodwill, acquired intangibles,
non-operating items, taxation and after other non-controlling interests
2015
Asset Management 40 127 30 427 70 554
Wealth & Investment 25 896 11 954 37 850
Specialist Banking 63 263 130 389 193 652
129 286 172 770 302 056
Group costs (17 036) (5 580) (22 616)
Total group 112 250 167 190 279 440
Other non-controlling interest – equity 10 518
Operating profit 289 958
2014
Asset Management 37 684 38 996 76 680
Wealth & Investment 26 912 11 126 38 038
Specialist Banking 30 194 117 712 147 906
94 790 167 834 262 624
Group costs (17 223) (4 632) (21 855)
Total group 77 567 163 202 240 769
Other non-controlling interest – equity (957)
Operating profit 239 812
Analysis of financial assets and liabilities by category of financial instrument
Financial Insurance
Financial instruments related
At 30 September 2015 instruments at amortised instruments Non–financial
GBP'000 at fair value cost at fair value instruments Total
Assets
Cash and balances at central banks 1 360 2 001 677 – – 2 003 037
Loans and advances to banks 103 758 2 157 250 – – 2 261 008
Non-sovereign and non-bank cash placements 150 545 728 – – 545 878
Reverse repurchase agreements and cash collateral on securities borrowed 945 265 1 559 074 – – 2 504 339
Sovereign debt securities 2 564 631 175 038 – – 2 739 669
Bank debt securities 391 799 596 334 – – 988 133
Other debt securities 563 077 269 417 – – 832 494
Derivative financial instruments 1 331 618 – – – 1 331 618
Securities arising from trading activities 1 354 599 – – – 1 354 599
Investment portfolio 929 115 – – – 929 115
Loans and advances to customers 584 014 15 683 269 – – 16 267 283
Own originated loans and advances to customers securitised – 463 436 – – 463 436
Other loans and advances – 305 480 – – 305 480
Other securitised assets 163 037 116 225 – – 279 262
Interests in associated undertakings – – – 23 809 23 809
Deferred taxation assets – – – 94 023 94 023
Other assets 273 555 1 280 197 – 517 952 2 071 704
Property and equipment – – – 94 231 94 231
Investment properties – – – 531 835 531 835
Goodwill – – – 368 319 368 319
Intangible assets – – – 155 619 155 619
Non-current assets classified as held for sale – – – 28 692 28 692
9 205 978 25 153 125 – 1 814 480 36 173 583
Other financial instruments at fair value through profit or loss in respect of
liabilities to customers – – 5 526 475 – 5 526 475
9 205 978 25 153 125 5 526 475 1 814 480 41 700 058
Liabilities
Deposits by banks – 1 810 306 – – 1 810 306
Derivative financial instruments 1 396 041 – – – 1 396 041
Other trading liabilities 1 312 201 – – – 1 312 201
Repurchase agreements and cash collateral on securities lent 323 109 554 192 – – 877 301
Customer accounts (deposits) 746 705 20 911 800 – – 21 658 505
Debt securities in issue 508 333 1 524 912 – – 2 033 245
Liabilities arising on securitisation of own originated loans and advances – 82 670 – – 82 670
Liabilities arising on securitisation of other assets 197 900 – – – 197 900
Current taxation liabilities – – – 193 243 193 243
Deferred taxation liabilities – – – 87 040 87 040
Other liabilities 82 944 1 244 201 – 410 599 1 737 744
4 567 233 26 128 081 – 690 882 31 386 196
Liabilities to customers under investment contracts – – 5 524 800 – 5 524 800
Insurance liabilities, including unit-linked liabilities – – 1 675 – 1 675
4 567 233 26 128 081 5 526 475 690 882 36 912 671
Subordinated liabilities – 1 121 679 – – 1 121 679
4 567 233 27 249 760 5 526 475 690 882 38 034 350
Financial instruments carried at fair value
The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair value measurements are categorised into
different levels in the fair value hierarchy based on the inputs to the valuation technique used. The different levels are identified as follows:
Level 1 – quoted (unadjusted) prices in active markets for identical assets or liabilities.
Level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived
from prices)
Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Assets and liabilities related to the long-term assurance business attributable to policyholders have been excluded from the analysis as the change in fair value
of related assets is attributable to policyholders. These are all classified as level 1.
Fair value category
Total
At 30 September 2015 instruments
GBP'000 at fair value Level 1 Level 2 Level 3
Assets
Cash and balances at central banks 1 360 1 360 – –
Loans and advances to banks 103 758 103 758 – –
Non-sovereign and non-bank cash placements 150 – 150 –
Reverse repurchase agreements and cash collateral on securities borrowed 945 265 – 945 265 –
Sovereign debt securities 2 564 631 2 564 631 – –
Bank debt securities 391 799 240 550 151 249 –
Other debt securities 563 077 462 174 85 131 15 772
Derivative financial instruments 1 331 618 – 1 296 042 35 576
Securities arising from trading activities 1 354 599 1 299 580 45 739 9 280
Investment portfolio 929 115 85 385 74 659 769 071
Loans and advances to customers 584 014 – 553 210 30 804
Other securitised assets 163 037 – – 163 037
Other assets 273 555 241 675 31 880 –
9 205 978 4 999 113 3 183 325 1 023 540
Liabilities
Derivative financial instruments 1 396 041 – 1 394 196 1 845
Other trading liabilities 1 312 201 1 254 496 57 705 –
Repurchase agreements and cash collateral on securities lent 323 109 – 323 109 –
Customer accounts (deposits) 746 705 – 746 705 –
Debt securities in issue 508 333 – 507 680 653
Liabilities arising on securitisation of other assets 197 900 – – 197 900
Other liabilities 82 944 46 710 36 234 –
4 567 233 1 301 206 3 065 629 200 398
Net assets 4 638 745 3 697 907 117 696 823 142
Transfers between level 1 and level 2
During the period derivative financial instrument assets and liabilities to the value of GBP173.1 million and GBP367.7 million respectively were transferred from
level 1 to level 2 to reflect the level of modelling which is now being used to arrive at the fair value.
Level 2 financial assets and financial liabilities
The following table sets out the group's principal valuation techniques as at 30 September 2015 used in determining the fair value of its financial assets and
financial liabilities that are classified within level 2 of the fair value hierarchy.
Valuation basis/techniques Main assumptions
Assets
Non-sovereign and non-bank cash Discounted cash flow model Discount rates
placements
Reverse repurchase agreements and Discounted cash flow model, Hermite interpolation, Discount rates
cash collateral on securities borrowed
Black-Scholes Volatilities
Bank debt securities Discounted cash flow model Discount rates, swap curves and
NCD curves
Black-Scholes Volatilities
Other debt securities Discounted cash flow model Discount rates, swap curves and NCD curves, external
prices, broker quotes
Derivative financial instruments Discounted cash flow model, Hermite interpolation, Discount rate, risk free rate, volatilities, forex forward
industry standard derivative pricing models including points and spot rates, interest rate swap curves and
Black-Scholes credit curves
Securities arising from trading activities Standard industry derivative pricing model Interest rate curves, implied bond spreads,
equity volatilities
Investment portfolio Discounted cash flow model, net asset value model Discount rate and fund unit price
Comparable quoted inputs Net assets
Loans and advances to customers Discounted cash flow model Discount rates
Other assets Discounted cash flow model Discount rates
Liabilities
Derivative financial instruments Discounted cash flow model, Hermite interpolation, Discount rate, risk free rate, volatilities, forex forward
industry standard derivative pricing models including points and spot rates, interest rate swap curves and
Black-Scholes credit curves
Other trading liabilities Discounted cash flow model Discount rates
Repurchase agreements and cash
collateral on securities lent Discounted cash flow model, Hermite interpolation Discount rates
Customer accounts (deposits) Discounted cash flow model Discount rates
Debt securities in issue Discounted cash flow model Discount rates
Other liabilities Discounted cash flow model Discount rates
Fair value
Total level through profit Available-
For the six months to 30 September 3 financial and loss for-sale
GBP'000 instruments instruments instruments
The following table is a reconciliation of the opening balances to the closing balances for fair value
measurements in level 3 of the fair value hierarchy:
Balance as at 1 April 2015 851 703 860 995 (9 292)
Total gains or losses 20 367 16 280 4 087
In the income statement 20 416 16 280 4 136
In the statement of comprehensive income (49) – (49)
Purchases 84 157 56 284 27 873
Sales (57 767) (54 404) (3 363)
Issues (2 071) (2 071) –
Settlements (4 435) 119 (4 554)
Transfers into level 3 7 901 7 407 494
Transfers out of level 3 (2 304) (2 304) –
Foreign exchange adjustments (74 409) (74 477) 68
Balance as at 30 September 2015 823 142 807 829 15 313
The group transfers between levels within the fair value hierarchy when the observability of inputs change or if the valuation methods change.
The following table quantifies the gains or (losses) included in the income statement and statement of other comprehensive income recognised on level 3
financial instruments:
For the six months to 30 September 2015
GBP'000 Total Realised Unrealised
Total gains or (losses) included in the income statement for the period
Net interest income (2 068) (2 168) 100
Fee and commission income 2 942 – 2 942
Investment income 22 986 (13 324) 36 310
Trading loss arising from customer flow (6 161) – (6 161)
Trading income arising from balance sheet management and other trading activities 2 757 167 2 590
Other operating loss (40) (43) 3
20 416 (15 368) 35 784
Total gains or (losses) included in other comprehensive income for the period
Gains on realisation of available-for-sale assets recycled through the income statement 4 136 4 136 –
Fair value movements on available-for-sale assets taken directly to other comprehensive income (49) – (49)
4 087 4 136 (49)
Sensitivity of fair values to reasonably possible alternative assumptions by Level 3 instrument type
The fair value of financial instruments in level 3 are measured using valuation techniques that incorporate assumptions that are not evidenced by prices
from observable market data. The following table shows the sensitivity of these fair values to reasonably possible alternative assumptions, determined at a
transactional level:
Range over Reflected in
Balance Significant which income statement
sheet unobservable input unobservable Favourable Unfavourable
value changed in input has been changes changes
At 30 September 2015 GBP'000 valuation method stressed GBP'000 GBP'000
Assets
Other debt securities 15 772 163 (163)
Credit spreads (2%) – 3% 119 (119)
Other (6%) – 5% 44 (44)
Derivative financial instruments 35 576 17 144 (8 426)
Discount rates (5%) – 5% 301 (245)
Volatilities (4%) – 3% 1 719 (1 708)
Volatilities (25%)/40% 2 274 (1 375)
Credit spreads (50bps)/50bps 529 (407)
Cash flow adjustments (3%) – 8% 899 (1 914)
Price-earnings multiple ** 1 950 –
Other ^
1 900 (800)
Other (11%) – 10% 7 572 (1 977)
Securities arising from trading activities 9 280
Cash flow adjustments (2%) – 1% 1 921 (1 921)
Investment portfolio 701 785 77 879 (89 124)
Cash flow adjustments 1 123 (305)
Price-earnings multiple (10%) – 10% 1 841 (1 105)
EBITDA 5x EBITDA 3 288 (3 555)
Price-earnings multiple ** 49 047 (66 025)
Other ^
981 (4 961)
Other (10%) – 10% 21 599 (13 173)
Loans and advances to customers 30 804 1 078 (10 947)
Cash flows (5%) – 5% – (9 817)
Other (9%) – 3% 1 078 (1 130)
Other securitised assets* 163 037 3 376 (7 850)
– 6 months/
+12 month
adjustment to
Credit spreads CDR curve 3 186 (7 660)
Other 190 (190)
Liabilities
Derivative financial instruments (1 845) 2 173 (970)
Cash flow adjustments (2%) – 1% 1 913 (899)
Volatilities (2%) – 3% 260 (71)
Debt securities in issue (653) Credit spreads (2%) – 1% – –
Liabilities arising on securitisation of other assets* (197 900) 5 108 (2 149)
Credit default rates. Loss
severity, prepayment rates (5%) – 5% 4 863 (1 686)
Other 245 (463)
755 856 108 842 (121 550)
Range over Reflected in
Balance Significant which other comprehensive income
sheet unobservable input unobservable Favourable Unfavourable
value changed in input has been changes changes
GBP'000 valuation method stressed GBP'000 GBP'000
(10%) – 10% or
Investment portfolio 67 286 EBITDA 5x EBITDA 4 212 (3 405)
Total level 3 823 142 113 054 (124 955)
* The sensitivity of the fair value of liabilities arising on securitisation of other assets has been considered together with other securitised assets.
** The price-earnings multiple has been stressed on an investment by investment basis in order to obtain the aggressive and conservative valuations.
^ These valuation sensitivities have been stressed individually using varying scenario based techniques to obtain the aggressive and conservative valuations.
In determining the value of level 3 financial instruments, the following are the
principal inputs that can require judgement:
Credit spreads
Credit spreads reflect the additional yield that a market participant would
demand for taking exposure to the credit risk of a counterparty. The credit
spread for an instrument forms part of the yield used in a discounted cash
flow calculation. In general a significant increase in a credit spread in isolation
will result in a movement in fair value that is unfavourable for the holder of
a financial asset. It is an unobservable input into a discounted cash flow
valuation.
Discount rates
Discount rates are the interest rates used to discount future cash flows in a
discounted cash flow valuation method. The discount rate takes into account
time value of money and uncertainty of cash flows.
Volatilities
Volatility is a key input in the valuation of derivative products containing
optionality. Volatility is a measure of the variability or uncertainty in returns
for a given derivative exposure. It represents an estimate of how much a
particular underlying instrument, parameter or index will change in value over
time. Volatilities are a key input into Black Scholes valuation method.
Cash flows
Cash flows relate to the future cash flows which can be expected from the
instrument and requires judgement. Cash flows are inputs into a discounted
cash flow valuation.
EBITDA
A company's estimated earnings before interest, taxes, depreciation and
amortisation. This is the main input into a price earnings multiple valuation
method.
Price earnings multiple
The price-to-earnings ratio is an equity valuation multiple. It is a key driver in
the valuation of unlisted investments.
Fair value of financial assets and liabilities at amortised cost
At 30 September 2015 Carrying Fair
GBP'000 amount value
Assets
Cash and balances at central banks 2 001 677 2 001 677
Loans and advances to banks 2 157 250 2 157 250
Non-sovereign and non-bank cash placements 545 728 545 728
Reverse repurchase agreements and cash collateral on securities borrowed 1 559 074 1 559 074
Sovereign debt securities 175 038 178 470
Bank debt securities 596 334 617 845
Other debt securities 269 417 264 842
Loans and advances to customers 15 683 269 15 758 370
Own originated loans and advances to customers securitised 463 436 463 436
Other loans and advances 305 480 292 509
Other securitised assets 116 225 116 225
Other assets 1 280 197 1 280 197
25 153 125 25 235 623
Liabilities
Deposits by banks 1 810 306 1 770 257
Repurchase agreements and cash collateral on securities lent 554 192 551 593
Customer accounts (deposits) 20 911 800 20 915 778
Debt securities in issue 1 524 912 1 516 072
Liabilities arising on securitisation of own originated loans and advances 82 670 82 670
Other liabilities 1 244 201 1 245 847
Subordinated liabilities 1 121 679 1 202 254
27 249 760 27 284 471
Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE ordinary share code: INL
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
Ordinary share dividend announcement
Declaration of dividend number 120
Notice is hereby given that an interim dividend number 120, being a gross
dividend of 207.00000 cents (2014: 146 cents) per ordinary share has
been declared by the Board from income reserves in respect of the six
months ended 30 September 2015 payable to shareholders recorded in the
shareholders' register of the company at the close of business on Friday,
11 December 2015.
The relevant dates for the payment of dividend number 120 are as follows:
Last day to trade cum-dividend Friday, 04 December 2015
Shares commence trading ex-dividend Monday, 07 December 2015
Record date (on the JSE) Friday, 11 December 2015
Payment date (on the JSE) Wednesday, 23 December 2015
The interim gross dividend of 207.00000 cents per ordinary share has been
determined by converting the Investec plc distribution of 9.5 pence per
ordinary share into Rands using the Rand/Pounds Sterling average buy/sell
forward rate at 11:00 (SA time) on Wednesday, 18 November 2015.
Share certificates may not be dematerialised or rematerialised between
Monday, 07 December 2015 and Friday, 11 December 2015, both dates
inclusive.
Additional information to take note of:
- Investec Limited South African tax reference number: 9800/181/71/2
- The issued ordinary share capital of Investec Limited is 291 363 706 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)
- Shareholders who are exempt from paying the Dividend Tax will receive a net
dividend of 207.00000 cents per ordinary share
- Shareholders who are not exempt from paying the Dividend Tax will receive
a net dividend of 175.95000 cents per ordinary share (gross dividend of
207.00000 cents per ordinary share less Dividend Tax of 31.05000 cents per
ordinary share)
By order of the board
N van Wyk
Company Secretary
18 November 2015
Investec Limited
Incorporated in the Republic of South Africa
Registration number: 1925/002833/06
JSE share code: INPR
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000063814
Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares
(preference shares)
Declaration of dividend number 22
Notice is hereby given that preference dividend number 22 has
been declared from income reserves for the period 01 April 2015 to
30 September 2015, amounting to a gross preference dividend of
364.34712 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, 04 December 2015.
The relevant dates for the payment of dividend number 22 are as follows:
Last day to trade cum-dividend Friday, 27 November 2015
Shares commence trading ex-dividend Monday, 30 November 2015
Record date Friday, 04 December 2015
Payment date Monday, 14 December 2015
Share certificates may not be dematerialised or rematerialised between
Monday, 30 November 2015 and Friday, 04 December 2015, both dates
inclusive.
Additional information to take note of:
- Investec Limited South African tax reference number: 9800/181/71/2.
- The issued preference share capital of Investec Limited is 32 214 499
preference shares in this specific class
- 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 net dividend amounts to 309.69505 cents per preference share for
shareholders liable to pay the Dividend Tax and 364.34712 cents per
preference share for preference shareholders exempt from paying the
Dividend Tax
By order of the board
N van Wyk
Company Secretary
18 November 2015
Investec plc
Incorporated in England and Wales
Registration number: 3633621
LSE ordinary share code: INVP
JSE ordinary share code: INP
ISIN: GB00B17BBQ50
Ordinary share dividend announcement
In terms of the DLC structure, Investec plc shareholders registered on the
United Kingdom share register 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 registered on the South African branch register
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.
Declaration of dividend number 27
Notice is hereby given that an interim dividend number 27, being a gross
dividend of 9.5 pence (2014: 8.5 pence) per ordinary share has been
declared by the board from income reserves in respect of the six months
ended 30 September 2015, payable to shareholders recorded in the
members' register of the company at the close of business on Friday,
11 December 2015.
The relevant dates for the payment of dividend number 27 are as follows:
Last day to trade cum-dividend
On the London Stock Exchange (LSE) Wednesday, 09 December 2015
On the Johannesburg Stock Exchange (JSE) Friday, 04 December 2015
Shares commence trading ex-dividend
On the London Stock Exchange (LSE) Thursday, 10 December 2015
On the Johannesburg Stock Exchange (JSE) Monday, 07 December 2015
Record date (on the JSE and LSE) Friday, 11 December 2015
Payment date (on the JSE and LSE) Wednesday, 23 December 2015
Share certificates on the South African branch register may not be
dematerialised or rematerialised between Monday, 07 December 2015 and
Friday, 11 December 2015, both dates inclusive, nor may transfers between
the United Kingdom share register and the South African branch register take
place between Monday, 07 December 2015 and Friday, 11 December 2015,
both dates inclusive.
Additional information for South African resident shareholders of Investec plc
- Shareholders registered on the South African branch register are advised that
the distribution of 9.5 pence, equivalent to a gross dividend of 207.00000
cents per share, has been arrived at using the Rand/Pound Sterling average
buy/sell forward rate, as determined at 11:00 (SA time) on Wednesday, 18
November 2015
- Investec plc United Kingdom tax reference number: 2683967322360.
- The issued ordinary share capital of Investec plc is 617 418 864 ordinary
shares
- The dividend paid by Investec plc to South African resident shareholders
registered on the South African branch register is subject to South African
Dividend Tax of 15% (subject to any available exemptions as legislated)
- Shareholders registered on the South African branch register who are exempt
from paying the Dividend Tax will receive a net dividend of 207.00000 cents
per ordinary share paid by Investec plc
- Shareholders registered on the South African branch register who are
not exempt from paying the Dividend Tax will receive a net dividend of
175.95000 cents per share (gross dividend of 207.00000 cents per share less
Dividend Tax of 31.05000 cents per share)
By order of the board
D Miller
Company Secretary
18 November 2015
Investec plc
Incorporated in England and Wales
Registration number: 3633621
Share code: INPP
ISIN: GB00B19RX541
Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares
(preference shares)
Declaration of dividend number 19
Notice is hereby given that preference dividend number 19 has been
declared from income reserves for the period 01 April 2015 to
30 September 2015, amounting to a gross preference dividend of
7.52055 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,
04 December 2015.
For shares trading on the Johannesburg Stock Exchange (JSE), the dividend
of 7.52055 pence per preference share is equivalent to a gross dividend of
163.30423 cents per share, which has been determined using the Rand/
Pound Sterling average buy/sell forward rate as at 11:00 (SA Time) on
Wednesday, 18 November 2015.
The relevant dates relating to the payment of dividend number 19 are
as follows:
Last day to trade cum-dividend
On the Channel Islands Stock Exchange (CISX) Wednesday, 02 December 2015
On the Johannesburg Stock Exchange (JSE) Friday, 27 November 2015
Shares commence trading ex-dividend
On the Channel Islands Stock Exchange (CISX) Thursday, 03 December 2015
On the Johannesburg Stock Exchange (JSE) Monday, 30 November 2015
Record date (on the JSE and CISX) Friday, 04 December 2015
Payment date (on the JSE and CISX) Monday, 14 December 2015
Share certificates may not be dematerialised or rematerialised between
Monday, 30 November 2015 and Friday, 04 December 2015, both dates
inclusive, nor may transfers between the United Kingdom share register and
the South African branch register take place between Monday, 30 November
2015 and Friday, 04 December 2015, both dates inclusive.
For SA resident preference shareholders, additional information to take note of:
- Investec plc United Kingdom 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 shareholders recorded on the South
African branch register is subject to South African Dividend Tax (Dividend Tax)
of 15% (subject to any available exemptions as legislated)
- The net dividend amounts to 138.80860 cents per preference share for
preference shareholders liable to pay the Dividend Tax and 163.30423 cents
per preference share for preference shareholders exempt from paying the
Dividend Tax
By order of the board
D Miller
Company Secretary
18 November 2015
Investec plc
Incorporated in England and Wales
Registration number: 3633621
JSE share code: INPPR
ISIN: GB00B4B0Q974
Rand denominated preference share dividend announcement
Rand denominated non-redeemable, non-cumulative, non-participating
perpetual preference shares (preference shares)
Declaration of dividend number 9
Notice is hereby given that preference dividend number 9 has been declared
from income reserves for the period 1 April 2015 to 30 September 2015,
amounting to a gross preference dividend of 445.06849 cents per preference
share payable to holders of the rand-denominated non-redeemable non-
cumulative non-participating perpetual preference shares as recorded in the
books of the company at the close of business on Friday, 04 December 2015.
The relevant dates relating to the payment of dividend number 9 are as
follows:
Last day to trade cum-dividend Friday, 27 November 2015
Shares commence trading ex-dividend Monday, 30 November 2015
Record date Friday, 04 December 2015
Payment date Monday, 14 December 2015
Share certificates may not be dematerialised or rematerialised between
Monday, 30 November 2015 and Friday, 4 December 2015, both dates
inclusive.
For SA resident preference shareholders, additional information to take
note of:
- Investec plc United Kingdom tax reference number: 2683967322360
- The issued rand-denominated preference share capital of Investec plc is
2 275 940 preference shares
- The dividend paid by Investec plc to shareholders recorded on the South
African register is subject to South African Dividend Tax (Dividend Tax) of 15%
(subject to any available exemptions as legislated)
- The net dividend amounts to 378.30822 cents per preference share for
preference shareholders liable to pay the Dividend Tax and 445.06849 cents
per preference share for preference shareholders exempt from paying the
Dividend Tax
By order of the board
D Miller
Company Secretary
18 November 2015
Investec plc
Incorporated in England and Wales
(Registration number 3633621)
JSE ordinary share code: INP
LSE ordinary share code: INVP
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
Incorporated in the Republic of South Africa
Registration number 1925/002833/06)
JSE ordinary share code: INL
NSX ordinary share code: IVD
BSE ordinary share code: INVESTEC
ISIN: ZAE000081949
Registered office:
100 Grayston Drive
Sandown, Sandton, 2196
Transfer secretaries:
Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
Company Secretary:
N van Wyk
Directors:
F Titi (Chairman),
S Koseff# (Chief Executive),
B Kantor# (Managing Director),
G R Burger#, C A Carolus,
P K O Crosthwaite##, H J du Toit#,
B Fried##, D Friedland,
H Fukuda OBE##*, I R Kantor^,
P R S Thomas, Z B M Bassa,
L C Bowden##, C R Jacobs^^,
Lord Malloch–Brown##,
K L Shuenyane
#Executive ##British ^Dutch ^^Irish
*Did not seek re-election at the annual general meeting on 06 August 2015.
Sponsor:
Investec Bank Limited
www.investec.com
Date: 19/11/2015 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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