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Creating Value by Using Our Financial Expertise to Do Good

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Creating Value by Using Our Financial Expertise to Do Good Creating value by using our financial expertise to do good AUDITED CONSOLIDATED AND SEPARATE AFS ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 NEDBANK GROUP LIMITED | CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS 2019 CONTENTS About this report Consolidated and separate annual financial statements Responsibility of our directors Certification from our company secretary Report from the Group Audit Committee Report from our directors Independent auditors' report to the shareholders of Nedbank Group Limited Audited consolidated financial statements Consolidated statement of comprehensive income Consolidated statement of financial position Consolidated statement of changes in equity Consolidated statement of cashflows Notes to the consolidated financial statements Section A: Accounting policies A1 Principal accounting policies A2 Change in accounting policies: Leases A3 Key assumptions concerning the future and key sources of estimation A4 New standards and interpretations not yet adopted Section B: Segmental and performance-related information B1 Segmental reporting B2 Earnings per share B3 Dividends B4 Share capital B5 Holders of additional tier 1 capital instruments B6 Revenue B6.1 Net interest income B6.2 Non-interest revenue B7 Total operating expenses B8 Taxation B8.1 Indirect taxation B8.2 Direct taxation B8.3 Deferred taxation B9 Non-trading and capital items Section C: Core banking assets C1 Loans and advances C2 Impairments charge on financial instruments C3 Government and other securities C4 Other short-term securities C5 Credit analysis of other short-term securities, and government and other securities C6 Cash and cash equivalents C7 Derivative financial instruments Section D: Core banking liabilities D1 Amounts owed to depositors D2 Long-term debt instruments D3 Investment contract liabilities D4 Insurance contract liabilities D5 Contractual maturity analysis for financial liabilities 1 # Section E: Asset management E1 Managed funds Section F: Investments F1 Investment securities F2 Investments in associate companies F3 Investments in subsidiary companies and related disclosure F4 Interests in structured consolidated and unconsolidated structured entities F5 Securitisations F6 Related parties Section G: Generic assets G1 Property and equipment G2 Intangible assets Section H: Other assets H1 Long-term employee benefits H2 Non-current assets and liabilities held for sale H3 Other assets Section I: Financial instruments I1 Consolidated statement of financial position — categories of financial instruments I2 Fair-value measurement — financial instruments I3 Assets and liabilities not measured at fair value for which fair value is disclosed I4 Financial instruments designated as fair value through profit or loss I5 Offsetting financial assets and financial liabilities I6 Collateral Section J: Share-based payments J1 Description of arrangements J2 Effect on profit and financial position J3 Movements in number of instruments J4 Instruments outstanding at the end of the year by exercise price J5 Instruments granted during the year Section K: Other liabilities K1 Provisions and other liabilities K2 Contingent liabilities and undrawn facilities K3 Commitments Section L: Risk and balance sheet management L1 Financial risk management L2 Capital management L3 Liquidity gap L4 Interest rate risk in the banking book L5 Historical value at risk (99%, one-day) by risk type Section M: Cashflow information M Cashflow information Section N: Additional information N1 Foreign currency conversion N2 Events after the reporting period N3 Directors' emoluments Audited separate financial statements Separate statement of comprehensive income Separate statement of financial position Separate statement of changes in equity Separate statement of cashflows Notes to the separate annual financial statements Additional information not covered by the independent auditors' report Compliance with IFRS — financial statement notes Embedded-value report of Nedgroup Life Assurance Company Limited ('Nedgroup Life') 2 # NEDBANK GROUP LIMITED | CONSOLIDATED AND SEPARATE ANNUAL FINANCIAL STATEMENTS 2019 ABOUT THIS REPORT Our consolidated and separate annual financial statements provide a detailed analysis of our statutory accounting records. These The notes to the consolidated annual financial statements are classified in the following sections: Section A: Accounting policies This section briefly outlines the basis of preparation and key accounting policy elections applied in the preparation of the group's consolidated and separate annual financial statements. Section B: Segmental and performance-related information Refer to this section for information on the group's financial performance. This section contains the group's operational segmental report and performance-related notes that provide an analysis of the group's consolidated statement of comprehensive income. Section C: Core banking assets This section provides information about the group's core banking assets, including loans and advances, and an analysis of the related impairments charge. Information is also provided on the group's investments in government and other securities, and other short-term securities. The group's cash and cash equivalents and derivative financial instruments are also analysed in this section. Section D: Core banking liabilities Information about the group's core banking liabilities, including long-term debt instruments, can be found in this section, together with an analysis of investment and insurance contract liabilities. A contractual maturity analysis of financial liabilities is also provided. Section E: Asset management Refer to this section for an analysis of the group's funds under management. Section F: Investments This section provides an analysis of the group's investments in investment securities, associate companies and subsidiaries. Related information, such as related-party disclosure, information on structured entities and securitisation vehicles can also be found here. Section G: Generic assets This section provides an analysis of non-core assets such as property and equipment, goodwill and other intangible assets. 3 # Section H: Other assets Refer to this section for disclosure on the group's long-term employee benefits, non-current assets and liabilities held for sale and other assets. Section I: Financial instruments Additional disclosure on the group's financial instruments can be found in this section. Refer to this section for the categorisation of financial assets and liabilities, the fair-value hierarchy and other fair-value-related disclosures. The group's disclosure on collateral and offsetting of financial assets and liabilities can also be found in this section. Section J: Share-based payments This section details the group's share-based payments schemes and their effect on the group's financial position. Section K: Other liabilities This section provides an analysis of the group's non-core liabilities, including provisions and other liabilities, contingent liabilities, undrawn facilities and commitments. Section L: Risk and balance sheet management Refer to this section for the group's liquidity gap disclosure and details on the historical value at risk and interest rate risk in the banking book. Section M: Cashflow information This section contains notes to the group's statement of cashflows. Section N: Additional information This section contains additional disclosure that may be relevant to understanding the group's consolidated annual financial statements, such as a foreign currency conversion guide and information on events after the reporting period and directors' emoluments. 4 # 5 6 7 8 9 10 REPORT FROM OUR DIRECTORS for the year ended 31 December 2019 NATURE OF BUSINESS Nedbank Group Limited (‘Nedbank Group’, ‘company’ or ‘group’) is a registered bank controlling company that, through its subsidiaries, offers wholesale and retail banking services as well as insurance, asset management and wealth management. Nedbank Group maintains a primary listing under ‘Banks’ on the JSE Limited (‘the JSE’), with a secondary listing on the Namibian Stock Exchange. ANNUAL FINANCIAL STATEMENTS Details of the financial results are set out on pages 21 to 172 of the audited consolidated annual financial statements, which have been prepared under the supervision of Nedbank Group Chief Financial Officer Raisibe Morathi, and audited in compliance with the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the requirements of the Companies Act, 71 of 2008 (as amended), and the JSE Listings Requirements. INTEGRATED REPORT The board of directors acknowledges its responsibility to ensure the integrity of the integrated report. The board has accordingly applied its mind to the report and is of the opinion that it addresses all material issues, and fairly presents the integrated performance of the organisation and its impacts. YEAR UNDER REVIEW The year under review will be fully covered in the Reflections from our Chairman, Reflections from our Chief Executive, and Reflections from our Chief Financial Officer of the 2019 Nedbank Group Limited Integrated Report, which will be available at nedbankgroup.co.za on 20 April 2020. SHARE CAPITAL Details of the authorised and issued share capital, together with details of shares issued during the year, appear in note B4 to the annual financial statements. AMERICAN DEPOSITARY SHARES At 31 December 2019 Nedbank Group had 3 810 143 (31 December 2018: 4 694 341)
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