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Investec Annual Report 2008 Corporate Information

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Investec Annual Report 2008 Corporate Information Investec Annual Report 2008 Corporate information Investec plc and Investec Limited Secretary and Registered Office Directorate Investec plc Executive directors David Miller Stephen Koseff (Chief Executive Officer) 2 Gresham Street Bernard Kantor (Managing Director) London EC2V 7QP Glynn Burger (Group Risk and Finance Director) United Kingdom Alan Tapnack Telephone (44) 20 7597 4541 Facsimile (44) 20 7597 4491 Non-executive directors Hugh Herman (Non-executive Chairman) Investec Limited Sam Abrahams Benita Coetsee George Alford 100 Grayston Drive Cheryl Carolus Sandown Sandton 2196 Haruko Fukuda OBE PO Box 785700 Sandton 2196 Geoffrey Howe Telephone (27 11) 286 7957 Ian Kantor Facsimile (27 11) 291 1806 Sir Chips Keswick (Senior Independent NED) Peter Malungani Internet address Sir David Prosser www.investec.com Peter Thomas Fani Titi Registration number Investec plc For queries regarding information in this document: Reg. No. 3633621 Investec Limited Investor Relations Reg. No. 1925/002833/06 Telephone (27 11) 286 7070 (44) 20 7597 5546 Auditors Facsimile (27 11) 286 7014 Ernst & Young LLP e-mail: [email protected] Ernst & Young Inc. Internet address: www.investec.com/grouplinks/investorrelations Transfer Secretaries in the UK Computershare Investor Services PLC PO Box 82 The Pavilions Bridgewater Road Bristol B599 7NH United Kingdom Telephone (44) 870 702 0001 Transfer Secretaries in South Africa Computershare Investor Services (Pty) Limited 70 Marshall Street Johannesburg 2001 PO Box 61051 Marshalltown 2107 Telephone (27 11) 370 5000 Overview of the year 1 Overview of the Investec group 2 Snapshot of the year 6 Operating financial review 10 Financial review Divisional review 35 Private Client Activities 45 Capital Markets 53 Investment Banking 60 Asset Management 68 Property Activities 72 Group Services and Other Activities Risk and governance 76 Risk management, Internal Audit and Compliance 148 Corporate governance Remuneration report 166 Remuneration report Contents Our Business Responsibility 183 Our Business Responsibility Additional information 185 Shareholder analysis 189 Directorate Financial statements (Investec plc and Investec Limited) 197 Directors’ report 201 Directors’ responsibility statement 206 Reports of the independent auditors 209 Combined consolidated income statement 210 Combined consolidated balance sheet 211 Combined consolidated statement of total recognised income and expenses 212 Combined consolidated cash flow statement 213 Accounting policies 224 Notes to the financial statements 281 Investec plc parent company accounts 284 Investec Limited parent company accounts 288 Definitions 289 Notices 313 Contact details Overview of the year Overview of the Investec group Who we are Investec (comprising Investec plc and Investec Limited) is an international, specialist banking group that provides a diverse range of financial products and services to a select client base. Founded as a leasing company in Johannesburg in 1974, we acquired a banking licence in 1980 and were listed on the JSE Limited South Africa in 1986. In July 2002, we implemented a Dual Listed Companies (DLC) structure with linked companies listed in London and Johannesburg. A year later, we concluded a significant empowerment transaction in which our empowerment partners collectively acquired a 25.1% stake in the issued share capital of Investec Limited. Since inception, we have expanded through a combination of substantial organic growth and a series of strategic acquisitions.Today, Overview of the year we have an efficient integrated international business platform, offering all our core activities in the UK and South Africa and select activities in Australia. What we do We are organised as a network comprising five business divisions: Private Client Activities, Capital Markets, Investment Banking, Asset Management and Property Activities. Our head office provides certain group-wide integrating functions and is also responsible for our central funding and the Trade Finance business. Our strategic goals and objectives are based on the aspiration to be recognised as a distinctive specialist banking group. This distinction is embodied in our entrepreneurial culture, which is balanced by a strong risk management discipline, client-centric approach and ability to be nimble, flexible and innovative. We do not seek to be all things to all people and aim to build well- defined, value-added businesses focused on serving the needs of select market niches where we can compete effectively. Mission statement We strive to be a distinctive specialist banking group, driven by commitment to our core philosophies and values. Values • Outstanding talent - empowered, enabled and inspired • Respect for others • Meritocracy • Embrace diversity • Passion, energy, stamina, tenacity • Open and honest dialogue • Entrepreneurial spirit • Unselfish contribution to colleagues, clients and society Distinctive Performance Dedicated Partnerships Client Focus Cast-iron Integrity • Distinctive offering • Moral strength • Leverage resources • Risk consciousness • Break china for the client • Highest ethical standards Philosophies • Single organisation • Meritocracy • Focused businesses • Differentiated, yet integrated • Material employee ownership • Creating an environment that stimulates extraordinary performance 2008 Investec Annual Report 1 Snapshot of the year Overview Financial objectives** • Good operational performance supported by: Target 31 March 31 March - Diversity of income streams. 2008 2007 - Strong risk management processes. - Senior management 'hands-on' culture. ROE >20% 23.6% 26.1% • Met four of our five financial objectives. Cost to income ratio <65% 56.1% 59.0% • Balanced portfolio of businesses showing resilience. Adjusted EPS* growth 10% • Very tough trading environment impacting the financial > UK RPI 6.8% 27.2% markets. Dividend cover (times) 1.7-2.3 2.3 2.3 Capital adequacy ratio^12% to 15% Plc: 15.3% Plc: 24.7% Ltd: 13.9% Ltd: 14.7% Overview of the year Financial highlights • Operating profit before tax* up 15.2% to £537.7 million. • Adjusted attributable earnings* up 14.6% to £344.7 million. • Adjusted earnings per share* up 6.8% to 56.9 pence. • Proposed full year dividend up 8.7% to 25.0 pence. • Customer deposits up 13.9% to £12.1 billion. • Core loans and advances up 27.3% to £12.9 billion. • Third party assets under management of £52.7 billion. Benefiting from business and geographic breadth and diversity % contribution to operating profit before tax* (excluding Group Services Operating profit before tax* by geography and Other Activities) 6.2% 100 90 80 30.6% 70 60 50 40 30 20 10 0 63.2% 2000 2001 20022003 20042005 2006 2007 2008 Private Client Activities UK and Europe Southern Africa Asset Management Australia Capital Markets Investment Banking Property Activities * Before goodwill and non-operating items. ^ Capital adequacy figures for 2008 are presented in terms of Basel II and for 2007 in terms of Basel I. ** These targets were disclosed in May 2004 and are medium to long-term targets. We aim to achieve them through varying market conditions. 2 2008 Investec Annual Report Strategic focus Realigning the business model Build non-lending Managed loan growth revenue Manage costs Price risk appropriately Take advantage of Our focus opportunities Build customer deposits Third party assets and (Year ended Proprietary risk capital Overview of the year advisory of £573.5mn 31 March 2008) of £860.1mn 6.7% Net fees and commissions Balance operational Net interest income of 69.6% (40.0% of total) of £551.3mn risk businesses with £583.4mn (40.7% of total) financial risk businesses Other* of £22.2mn to build a sustainable Principal transactions of 12.7% business model £276.7mn (19.3% of total) Analysis of income Analysis Core advisory businesses Core banking businesses * Excludes income from private equity investments that are required to be consolidated. Strong base of recurring income Composition of total operating income £’mn 1 600 1 484 1 400 1 200 1 000 800 600 400 Operating income from associates and Assurance 200 Activities Principal transactions and other operating income 0 Net fee and commission income Net interest income 20042005 2006 2007 2008 2008 Investec Annual Report 3 Strategic focus Disciplined about efficiency £’mn 1 600 CAGR: 15.1% 1 400 1 200 1 000 800 CAGR: 12.5% 600 Overview of the year 400 200 0 Operating income Administrative expenses 2000 2001 2002 2003 20042005 2006 2007 2008 Strategy for growth remains the same • Continue to drive organic growth UK and Europe • Manage liquidity very carefully • Build non-lending revenue • Continue to drive organic growth South Africa • Build non-lending revenue • Continue to drive organic growth Australia • Take advantage of opportunities • Build non-lending revenue Outlook • Experienced management team. • Sound balance sheet. • Strict management of risk and liquidity. • Disciplined expense control while investing for growth. • The environment remains challenging but the scale and diversity of our earnings should enable us to navigate through this period of continued uncertainty. • We expect to continue to benefit from the repricing of risk and opportunities arising from dislocated markets around the world. 4 2008 Investec Annual Report Summary of results 31 March 31 March % 2008 2007 Change Income statement and selected returns Adjusted earnings attributable to ordinary shareholders before goodwill and non-operating items (£'000) 344 695 300 704 14.6% Operating profit
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