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RNS Number:7047P
Standard Bank of South Africa Ltd
10 March 2008
Standard Bank Group Limited, listed on the JSE Limited ("JSE"), whose major
subsidiary is The Standard Bank of South Africa Limited, audited results and
dividend announcement in relation to its group earnings as required by the
Listings Requirements of the JSE.
The text of the announcement is as follows:
SBK - Standard Bank Group - Audited results and dividend announcement
For the year ended 31 December 2007
Standard Bank Group Limited
Registration No. 1969/017128/06
Incorporated in the Republic of South Africa
JSE Share code: SBK
NSX Share code: SNB
ISIN: ZAE000109815
Audited results and dividend announcement
For the year ended 31 December 2007
For Standard Bank, 2007 was a momentous year in which we:
weathered global financial market stresses not seen in the last decade;
finalised acquisitions in the important emerging markets of Argentina, Turkey
and Nigeria;
negotiated and gained the necessary approvals for the historic transaction
between Standard Bank and ICBC which resulted in us gaining a valuable
strategic partner and a significant injection of tier one capital in a cost
effective manner; and
achieved financial results that met our published objectives for growth in
headline earnings per share and return on equity.
Overview of financial results
Operating conditions in local and international markets in the second half of
the year contrasted starkly with the more favourable conditions in the six
months to June 2007. Despite the worsening environment, Standard Bank Group
continued to perform strongly, building on the excellent financial results
achieved in the first half of the year. For the full year to 31 December 2007,
headline earnings per share grew by 23,4% to 1 033,4 cents per share and the
group achieved a return on equity of 26,7% on an IFRS basis.
Key financial highlights:
Normalised Objectives IFRS
Unaudited 2007(1) Audited
Return on equity (%) 24,8 24,0 26,7
Headline earnings growth (%) 22 25
Headline earnings per share (cents) 960,6 1 033,4
Headline earnings per share growth (%) 21 16,5(2) 23
Cost-to-income ratio(3) (%) 52,0 =53,5 52,4
Credit loss ratio (%) 0,78 100) (246) 126
Central and other IFRS (572) (208)
Tutuwa adjustments (2) 326 334
Banking activities 22 12 180 9 975
Liberty Life 15 973 843
Liberty Life IFRS 59 867 547
Policyholders' deemed treasury shares
and Tutuwa adjustment (64) 106 296
Standard Bank Group 22 13 153 10 818
Standard Bank Group results for the year ended 31 December 2007
Abridged audited results prepared in accordance with IFRS
Consolidated income statement
for the year ended 31 December
%
Rm change 2007 2006
Income from banking activities 32 47 296 35 819
Net interest income 35 22 549 16 654
Non-interest revenue 29 24 747 19 165
Income from investment management
and life insurance activities (16) 49 834 59 344
Total income 2 97 130 95 163
Credit impairment charges 68 4 590 2 733
Benefits due to policyholders (22) 37 153 47 896
Income after credit impairment charges
and policyholders' benefits 24 55 387 44 534
Operating expenses in banking activities 29 24 706 19 105
Operating expenses in investment management
and life insurance activities 14 7 423 6 486
Net income before goodwill 23 23 258 18 943
Goodwill (gain)/impairment (>100) (376) 15
Net income before associates and
joint ventures 25 23 634 18 928
Share of profit from associates and joint
ventures 29 355 275
Net income before indirect taxation 25 23 989 19 203
Indirect taxation 41 1 185 841
Profit before direct taxation 24 22 804 18 362
Direct taxation 6 6 232 5 852
Profit for the year 32 16 572 12 510
Attributable to minorities 43 2 471 1 723
Attributable to preference shareholders 67 450 269
Attributable to ordinary shareholders 30 13 651 10 518
Basic earnings per share (cents) 28 1 109,0 864,5
Diluted earnings per share (cents) 27 1 044,1 820,1
Headline earnings
for the year ended 31 December
Rm %
change 2007 2006
Group profit attributable to ordinary
shareholders 30 13 651 10 518
Headline earnings adjustable items
added back or reversed(1) (966) (601)
Goodwill (gain)/impairment IFRS 3 (376) 15
Profit on sale of property and equipment IAS 16 (61) (53)
Impairment of property and equipment IAS 16 10 9
Gains on disposal of businesses and
divisions IAS 27 (6) (374)
Impairment of intangibles IAS 38 26 -
Investment gains on available-for-sale
assets IAS 39 (559) (198)
Taxation on headline earnings adjustable items 32 14
Minority share of headline earnings
adjustable items 4 257
Headline earnings 25 12 721 10 188
1 These headline earnings adjustable items have been included in the
calculation of normalised headline earnings disclosed above.
Segment report
for the year ended 31 December
Revenue contribution by business unit
%
Rm change 2007 2006
Personal & Business Banking 29 27 075 20 911
Corporate & Investment Banking 37 19 756 14 452
Central and other 1 812 803
Banking activities 32 47 643 36 166
Liberty Life (17) 50 320 60 410
Standard Bank Group Normalised 1 97 963 96 576
Adjustments for IFRS (41) (833) (1 413)
Standard Bank Group IFRS 2 97 130 95 163
Profit and loss attributable to ordinary
shareholders
Personal & Business Banking 18 5 710 4 844
Corporate & Investment Banking 35 6 805 5 029
Central and other 88 593 315
Banking activities 29 13 108 10 188
Liberty Life 2 975 960
Standard Bank Group Normalised 26 14 083 11 148
Adjustments for IFRS (31) (432) (630)
Standard Bank Group IFRS 30 13 651 10 518
Statement of changes in equity
for the year ended 31 December
Preference
Ordinary share
share capital
holders' and Minority Total
funds premium interest equity
Rm
Balance at 1 January 2006 32 931 2 991 5 770 41 692
Change in accounting policy (276) (126) (402)
Restated balance at
1 January 2006 32 655 2 991 5 644 41 290
Total recognised income
and expenses 13 619 269 1 968 15 856
Profit for the year 10 518 269 1 723 12 510
Items accounted for directly
in reserves 3 101 245 3 346
Currency translation movement
and hedging 2 173 10 2 183
Cash flow hedging and
available-for-sale
revaluations 965 965
Change in shareholding of
subsidiaries (133) (315) (448)
Other reserve movements 96 550 646
Issue of share capital and
premium 299 2 512 57 2 868
Share buy-backs (102) (102)
Net dividends paid (3 555) (269) (1 380) (5 204)
Balance at 31 December 2006 42 916 5 503 6 289 54 708
Balance at 1 January 2007 42 916 5 503 6 289 54 708
Total recognised income and
expenses 14 293 450 3 896 18 639
Profit for the year 13 651 450 2 471 16 572
Items accounted for directly
in reserves 642 1 425 2 067
Currency translation movement
and hedging 155 (52) 103
Cash flow hedging and
available-for-sale
revaluations 194 194
Change in shareholding of
subsidiaries 665 1 384 2 049
Other reserve movements (372) 93 (279)
Issue of share capital
and premium 300 73 373
Share buy-backs 626 (455) 171
Net distributions paid (4 464) (450) (541) (5 455)
Balance at 31 December 2007 53 671 5 503 9 262 68 436
Consolidated balance sheet
as at 31 December
%
Rm change 2007 2006
Assets
Cash and balances with central banks 44 20 618 14 343
Financial investments, trading and pledged
assets 9 331 596 303 343
Loans and advances 29 646 781 502 519
Loans and advances to banks 10 98 631 89 785
Loans and advances to customers 33 548 150 412 734
Investment property 13 14 937 13 200
Derivative and other assets 19 141 968 118 850
Interest in associates and joint ventures 43 12 293 8 584
Goodwill and other intangible assets >100 6 666 2 374
Property and equipment 38 7 216 5 242
Total assets 22 1 182 075 968 455
Equity and liabilities
Equity 25 68 436 54 708
Equity attributable to ordinary
shareholders 25 53 671 42 916
Ordinary share capital 1 137 136
Ordinary share premium (47) 1 231 2 303
Reserves 29 52 303 40 477
Preference share capital and premium 5 503 5 503
Minority interest 47 9 262 6 289
Liabilities 22 1 113 639 913 747
Deposit and current accounts 29 705 843 545 164
Deposits from banks 42 72 372 51 093
Deposits from customers 28 633 471 494 071
Derivative, trading and other liabilities 10 200 691 182 115
Policyholders' liabilities 10 186 137 168 898
Subordinated debt 19 20 968 17 570
Total equity and liabilities 22 1 182 075 968 455
Contingent liabilities and capital commitments
as at 31 December
Rm 2007 2006
Letters of credit 14 299 9 133
Guarantees 31 916 23 367
Irrevocable unutilised facilities 47 172 51 436
93 387 83 936
Capital commitments
Contracted capital expenditure 161 309
Capital expenditure authorised but not yet contracted 4 156 1 682
4 317 1 991
Consolidated cash flow information
for the year ended 31 December
Rm 2007 2006
Net cash from operating activities 32 694 23 763
Net cash used in operating funds (14 956) (14 048)
Net cash used in investing activities (14 001) (13 511)
Net cash (used in)/from financing activities (1 115) 2 187
Private equity associates and joint ventures(1)
Rm 2007 2006
Cost 198 99
Carrying value 317 254
Fair value 383 274
Loans to associates and joint ventures 442 204
Equity accounted income 144 72
Other income from associates and joint ventures
Profit or loss on disposal of associates and joint
ventures
1 These associates and joint ventures are accounted
for using the equity method and are subject to the
headline earnings exemption for listed banks.
Major business acquisitions
BankBoston
Rm Argentina IBTC Nigeria
Date of acquisition 1 April 24 September
2007 2007
Percentage of voting equity instruments acquired(%) 76,68 50,10
Contribution to revenue if acquisition occurred
on 1 January 2007 1 378 1 099
Contribution to net profit if acquisition
occurred on 1 January 2007(1) 177 227
The details of the fair value of the assets and
liabilities acquired and goodwill arising
are as follows(2):
Cash and balances with central banks 1 796 1 514
Trading assets and financial investments 1 839 3 255
Loans and advances 9 865 3 922
Property, equipment, intangibles and other assets 690 1 263
Deposit and current accounts (12 589) (4 171)
Derivatives and other liabilities (835) (3 388)
Net asset value 766 2 395
Less: minority interest (355) (1 195)
Goodwill/(excess)(3) (382) 2 998
Cost of acquisition 29 4 198
Less: fair value of 49,9% of subsidiary effectively
disposed to minorities(4) (1 377)
Cash consideration paid 29 2 821
1 Excludes excess recognised as a goodwill gain.
2 Carrying amounts approximate fair values.
3 Goodwill represents the premium paid for control and excess represents
negative goodwill on acquisition.
4 Fair value of the equity instruments of the subsidiary was determined with
reference to the listed share price of IBTC Nigeria.
Financial statistics
for the year ended 31 December
%
change 2007 2006
Standard Bank Group
Number of ordinary shares in issue
(000's)
end of period 1 256 916 1 224 856
weighted average 1 230 961 1 216 687
diluted weighted average 1 307 414 1 282 478
Cents per ordinary share
Headline earnings 23 1 033,4 837,4
Diluted headline earnings 22 973,0 794,4
Total distributions 21 386,0 320,0
Basic earnings 28 1 109,0 864,5
Diluted earnings 27 1 044,1 820,1
Net asset value 22 4 270 3 504
Financial performance (%)
ROE 26,7 27,4
Net interest margin 2,94 2,74
Credit loss ratio 0,79 0,60
Cost-to-income ratio 51,9 53,0
Cost-to-income ratio excluding capital
profit on MasterCard 52,4 53,2
Capital adequacy (%)
Capital ratio
Tier I capital 10,4 10,8
total capital 14,4 14,8
Declaration of dividends
Notice is hereby given that the following final dividends have been
declared:
Ordinary dividend No. 77 of 205 cents per ordinary share (share codes:
SBK and SNB, ISIN: ZAE000109815), payable on Monday, 14 April 2008, to ordinary
shareholders recorded in the books of the company at the close of business on
the record date, Friday, 11 April 2008. The last day to trade to participate in
the dividend is Friday, 4 April 2008. Ordinary shares will commence trading
ex-dividend from Monday, 7 April 2008.
6,5% first cumulative preference shares (first preference shares) dividend
No. 77 of 3,25 cents per first preference share (share code: SBKP, ISIN:
ZAE000038881), payable on Monday, 7 April 2008, to holders of first preference
shares recorded in the books of the company at the close of business on the
record date, Friday, 4 April 2008. The last day to trade to participate in the
dividend is Friday, 28 March 2008. First preference shares will commence
trading ex-dividend from Monday, 31 March 2008.
Non-redeemable, non-cumulative, non-participating preference shares (second
preference shares) dividend No. 7 of 482,03 cents per second preference share
(share code: SBPP, ISIN: ZAE000056339), payable on Monday, 7 April 2008, to
holders of second preference shares recorded in the books of the company at the
close of business on the record date, Friday, 4 April 2008. The last day to
trade to participate in the dividend is Friday, 28 March 2008. Second
preference shares will commence trading ex-dividend from Monday,
31 March 2008.
The relevant dates for the payment of the dividends are as follows:
6,5%
cumulative
preference shares
(First
Ordinary shares preference shares)
JSE Limited (JSE)
Share code SBK SBKP
ISIN ZAE000109815 ZAE000038881
Namibian Stock Exchange (NSX)
Share code SNB
ISIN ZAE000109815
Dividend number 77 77
Dividend per share (cents) 205 3,25
Dividend payment dates
Last day to trade Friday Friday
"CUM" dividend 4 April 2008 28 March 2008
Shares trade Monday Monday
"EX" dividend 7 April 2008 31 March 2008
Record date Friday Friday
11 April 2008 4 April 2008
Payment date Monday Monday
14 April 2008 7 April 2008
Non-redeemable,
non-cumulative,
non-participating
preference shares
(Second
preference shares)
JSE Limited (JSE)
Share code SBPP
ISIN ZAE000056339
Dividend number 7
Dividend per share (cents) 482,03
Dividend payment dates
Last day to trade Friday
"CUM" dividend 28 March 2008
Shares trade Monday
"EX" dividend 31 March 2008
Record date Friday
4 April 2008
Payment date Monday
7 April 2008
Ordinary share certificates may not be dematerialised or rematerialised between
Monday, 7 April 2008 and Friday, 11 April 2008, both days inclusive.
Preference share certificates (first and second) may not be dematerialised or
rematerialised between Monday, 31 March 2008 and Friday, 4 April 2008, both
days inclusive.
Where applicable, dividends in respect of certificated shares will be
transferred electronically to shareholders' bank accounts on the payment date.
In the absence of specific mandates, dividend cheques will be posted to
shareholders. Preference shareholders who have dematerialised their share
certificates will have their accounts at their CSDP or broker credited on
Monday, 7 April 2008. Ordinary shareholders who have dematerialised their share
certificates will have their accounts at their CSDP or broker credited on
Monday, 14 April 2008.
On behalf of the board
Loren Wulfsohn
Group secretary
Accounting policies
Basis of preparation
The abridged consolidated financial statements are prepared in accordance with,
and comply with International Financial Reporting Standards (IFRS) and the
South African Companies Act. The consolidated financial statements are prepared
in accordance with the going concern principle under the historical cost basis
as modified by the revaluation of certain assets and liabilities where required
or elected in terms of IFRS.
Changes in accounting policies
The accounting policies are consistent with those adopted in the previous year
except for:
The adoption of IFRS 7 Financial Instruments: Disclosures. This new standard
has not changed the recognition of financial instruments but has resulted in
the reclassification of certain financial assets and fee expenses.
The adoption of other accounting standards and interpretations issued with an
effective date of 1 January 2007. The adoption of these standards and
interpretations has not had a material effect on the results, nor has it
required any restatements of the results.
The early adoption of IFRS 8 Operating Segments. The standard has no impact
on the group's results but has impacted the format of disclosure and
measurement of the results of reportable segments.
The early adoption of IFRIC 11 IFRS 2 Group and Treasury Share Transactions.
The group's accounting treatment already complies with this interpretation and
it has therefore not impacted the group's results or position.
The group changing its accounting policies relating to:
transactions with minority shareholders where the group purchases an
additional interest from minority shareholders or sells a portion of its
interest to minority shareholders, while the group controls the entities both
before and after the transaction. Any excess of the purchase consideration over
the group's proportionate share of the additional net asset value of a
subsidiary acquired is now accounted for directly in equity. Previously, the
group accounted for the excess as goodwill. Any profit or loss on the partial
disposal of the group's interest in a subsidiary is also accounted for directly
in equity. Previously, the group accounted for the profit or loss on partial
disposal in the income statement;
the measurement of investment guarantees, in terms of actuarial Practice
Guidance Note 110, on certain insurance contracts. The new model will more
accurately reflect fair value. The cumulative impact is not material to the
group's results; and
certain modelling (valuation) changes in respect of insurance contracts.
These changes have influenced expected cash flows and ultimately liability
determined values as well as timing of profit recognition on the individual
insurance policies. The cumulative financial impact is not material.
Other reclassifications
Following a review of interest rate swap transactions, interest income has now
been set-off against corresponding interest expense amounts.
Audit opinion on the annual financial statements
These abridged financial statements have been extracted from the audited
financial statements on which KPMG Inc. and PricewaterhouseCoopers Inc. have
issued an unmodified audit report. This report is available for inspection at
the company's registered office.
Standard Bank Group Limited
Registration No. 1969/017128/06
Incorporated in the Republic of South Africa
Directors:
DE Cooper (Chairman), SJ Macozoma (Deputy chairman), JH Maree*
(Chief executive), DDB Band, E Bradley, TS Gcabashe, DA Hawton,
SE Jonah KBE##, Sir Paul Judge#, KP Kalyan, RP Menell, Adv KD Moroka,
AC Nissen, MC Ramaphosa, MJD Ruck, MJ Shaw, Sir Robert Smith#, EM Woods
*Executive director #British ##Ghanaian
Group secretary:
L Wulfsohn
Registered office:
9th floor, Standard Bank Centre, 5 Simmonds Street, Johannesburg 2001
PO Box 7725, Johannesburg 2000
Share transfer secretaries in:
South Africa
Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg 2001
PO Box 61051, Marshalltown 2107
Namibia
Transfer Secretaries (Proprietary) Limited
Shop 8, Kaiserkrone Centre, Post Street Mall, Windhoek
PO Box 2401, Windhoek
Sponsor:
Standard Bank
www.standardbank.co.za
Date: 05/03/2008 07:55:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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