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2014 Annual Report Abridged

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2014 Annual Report Abridged Investec integrated annual review and summary financial statements Corporate information Investec plc and Investec Limited Secretary and registered offi ce Transfer secretaries in Investec plc South Africa David Miller Computershare Investor Services (Pty) Ltd 2 Gresham Street 70 Marshall Street London EC2V 7QP Johannesburg 2001 United Kingdom PO Box 61051 Telephone (44) 20 7597 4000 Marshalltown 2107 Facsimile (44) 20 7597 4491 Telephone (27) 11 370 5000 Investec Limited Directorate Benita Coetsee Executive directors (Up to 30 June 2014) Stephen Koseff (chief executive offi cer) Bernard Kantor (managing director) Niki van Wyk Glynn R Burger (group risk and fi nance (with effect from 1 July 2014) director) 100 Grayston Drive Hendrik J du Toit (chief executive offi cer, Sandown Sandton 2196 Investec Asset Management) PO Box 785700 Sandton 2196 Telephone (27) 11 286 7000 Non-executive directors Facsimile (27) 11 286 7966 Sir David J Prosser (joint chairman) Internet address Fani Titi (joint chairman) George FO Alford (senior independent NED) www.investec.com Cheryl A Carolus Perry KO Crosthwaite Registration number Olivia C Dickson Investec plc Bradley Fried Registration number 3633621 David Friedland Haruko Fukuda OBE Investec Limited Ian R Kantor Registration number 1925/002833/06 M Peter Malungani Peter RS Thomas Auditors Samuel E Abrahams retired with effect Ernst & Young LLP 8 August 2013. Ernst & Young Inc. For contact details for Investec Registrars in the UK offi ces internationally refer to pages 168 and 169. Computershare Investor Services plc The Pavilions Bridgwater Road Bristol BS99 6ZZ United Kingdom Telephone (44) 870 707 1077 For queries regarding information in this document Investor Relations Telephone (27) 11 286 7070 (44) 20 7597 5546 e-mail: [email protected] Internet address: www.investec.com/en_za/#home/investor_relations.html Contents 1 Investec in perspective Highlights 4 About the Investec group 10 Our strategic focus 12 Our operational footprint 14 Operational and strategic report 18 Financial review 22 2 Divisional review Group divisional structure 53 Asset Management 54 Wealth & Investment 56 Specialist Banking 58 3 Risk management and corporate governance Risk management 61 Internal Audit and Compliance 67 Corporate governance 69 Directorate 72 Shareholder analysis 74 Corporate responsibility 79 4 Remuneration report Remuneration report 81 5 Summary annual fi nancial statements Directors’ responsibility statement 119 Declaration by the company secretary 119 Directors’ report 120 Schedule A to the directors’ report 124 Independent auditor’s report to the members of Investec plc 127 Income statement 128 Statement of comprehensive income 129 Balance sheet 130 Cash fl ow statement 131 Statement of changes in equity 132 Signifi cant accounting policies 136 Notes to the summary annual fi nancial statements 138 Contact details 168 Defi nitions 170 About this abridged report The integrated annual review and summary fi nancial statements has been compiled in accordance with the integrated reporting principles contained in the Code of Corporate Practices and Conduct set out in the King Report on Corporate Governance for South Africa (King Code). This report covers all our operations across the various geographies in which we operate and has been structured to provide stakeholders with relevant fi nancial and non-fi nancial information. The summary annual fi nancial statements have been approved by the board of directors of the group and were signed on its behalf by the chief executive offi cer, Mr S Koseff. This document provides a summary of the information contained in Investec’s 2014 integrated annual report (annual report). It is not the group’s statutory accounts and does not contain suffi cient information to allow for a complete understanding of the results and state of affairs of the group as would be provided by the full annual report. For further information consult the full annual fi nancial statements, the unqualifi ed auditor’s reports on those annual fi nancial statements and the directors’ report. The auditors’ reports did not contain a statement under section 237(2) or section 237(3) of the UK Companies Act 2006. Investec integrated annual review and summary fi nancial statements 2014 About our integrated report The 2014 integrated annual report covers the period 1 April 2013 to 31 March 2014 and provides an overview of the Investec group. This report covers all our operations across the various geographies in which we operate and has been structured to provide stakeholders with relevant fi nancial and non-fi nancial information. We value feedback and invite questions and comments on our reporting. To give feedback or request hard copies of our reports, please contact our Investor Relations division. 01 02 03 Investec strategic report Investec risk and Basel Investec fi nancials incorporating governance, Pillar III disclosures reports sustainability and the remuneration report Get the most out of our report Cross-referencing tools: Audited information Reporting standard Defi nitions Denotes information in the risk and Denotes our consideration of a Refers readers to the defi nitions remuneration reports that form part of reporting standard on page 170 the group’s audited annual fi nancial statements Page references Sustainability Website Refers readers to information elsewhere Refers readers to further information in Indicates that additional information in this report our sustainability report available on our is available on our website: website: www.investec.com www.investec.com Investec integrated annual review and summary fi nancial statements 2014 Investec in perspective Highlights The successful strategic alignment Our fi nancial of the group towards low capital performance intensive businesses and the simplifi cation of the Specialist Operating profi t* Banking business model over increased 6.0% the past few years have resulted in (increase of 20.3% currency neutral) a scaleable platform from which the 2013 2014 group’s businesses can continue £426.3mn £451.8mn to grow Adjusted attributable earnings^ increased 6.0% The South African business reported an • Wealth & Investment’s operating (increase of 20.5% currency neutral) increase in operating profi t* of 25.3% in profi t* increased by 30.5% and Rand terms. The UK business reported an Asset Management reported increase of 24.4% in operating profi t*. operating profi t* 2.4% ahead of the prior year, with both 2013 2014 The Australian business reported a loss, divisions benefi ting from higher impacted by strategic restructuring. levels of average funds under £309.3mn £327.8mn Overall group results have been negatively management and combined net impacted by the depreciation of the average infl ows of £4.0 billion Rand: Pounds Sterling exchange rate of • The Specialist Banking Adjusted earnings per share approximately 20% over the year. businesses in both the UK and (EPS)^ increased 5.3% Investec in perspective South Africa reported operating (increase of 19.7% currency neutral) profi t* up in excess of 29%, in home currencies • Recurring revenue as a 2013 2014 proportion of total operating income amounted to 70.7% 36.1p 38.0p (2013: 68.6%) • Capital light businesses account for 52.0% of group income Dividends per share increased 5.6% • Impairments on loans and (increase of 27.7% in Rands) 01 advances decreased by * Before goodwill, acquired intangibles, £84.9 million (i.e. 33.8%) with non-operating items, taxation and after the credit loss charge on core other non-controlling interests. loans improving from 0.84% at 2013 2014 ^ Before goodwill, acquired intangibles, 31 March 2013 to 0.68% non-operating items and after non- 18.0p 19.0p • We maintained a sound capital controlling interests and deduction of position with tier 1 ratios preference dividends. of 10.5% for Investec plc and 11.0% for Investec Limited Note: Amounts represented on a currency • Liquidity remains strong with neutral basis assume that the closing cash and near cash balances and average exchange rates of the amounting to £9.1 billion group’s relevant exchange rates relative (2013: £9.8 billion). to Pounds Sterling remain the same at 31 March 2014 when compared to 31 March 2013. 4 Investec integrated annual review and summary fi nancial statements 2014 Highlights (continued) % contribution of operating profit** to total group by business Percentage 100 80 Total shareholders’ equity 60 increased 1.8% (increase of 12.2% currency neutral) 40 20 2013 2014 Specialist Banking £3 942mn £4 013mn 0 Wealth & Investment 05 06 07 08 09 10 11 12 13 14 Asset Management Third party assets under % contribution of operating profit** to total group by geography management decreased 0.7% (increase of 8.9% currency neutral) Percentage 100 2013 2014 80 £110.7bn £109.9bn 60 Core loans and advances to 40 customers decreased 6.8% Investec in perspective (increase of 7.9% currency neutral) 20 0 Southern Africa 2013 2014 05 06 07 08 09 10 11 12 13 14 UK, Australia and Other £18.4bn £17.2bn ** Before goodwill, acquired intangibles, non-operating items, taxation and after other non-controlling interests. Customer deposits Average recurring annuity income^ since 2008 of 67% decreased 7.6% (increase of 6.2% currency neutral) £‘million Percentage 01 2 500 80 70 2013 2014 2 000 £24.5bn £22.6bn 60 1 500 50 40 1 000 Trading income 30 Investment income Other fees and other 20 operating income 500 Annuity fees and 10 commissions Net interest income 0 0 Annuity income ˆ as a 08 09
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