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2015 VOLUME 1 Investec strategic report incorporating governance, sustainability and the remuneration report incorporating governance, report VOLUME 1 Investec strategic report sustainability and the remuneration Annual report 2015 VOLUME 1 Investec strategic report incorporating governance, sustainability and the remuneration report Specialist Banking Asset Management Wealth & Investment About this report The 2015 integrated annual report covers the period 1 April 2014 to 31 March 2015 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 financial and non-financial information. Audited information Reporting standard Page references Denotes information in the risk, Denotes our consideration of a Refers readers to information corporate responsibility and reporting standard elsewhere in this report remuneration reports that form part of the group’s audited annual financial statements Sustainability Website Refers readers to further information Indicates that additional information in our sustainability report available on is available on our website: our website: www.investec.com www.investec.com VOLUME 1 Strategic report incorporating governance, sustainability and the remuneration report VOLUME 2 Risk and Basel Pillar III disclosures VOLUME 3 Annual financial statements Ongoing and statutory information During the year the group sold a In order to present a more meaningful view of our performance, additional number of businesses, namely, management information is presented on our ongoing businesses. This information Investec Bank (Australia) is only set out in volume one of our annual report. The additional information presented on an ongoing basis excludes items that in management’s view could Limited, Kensington Group plc distort the comparison of performance between periods. Based on this principle, and Start Mortgage Holdings the following items are excluded from underlying statutory profit to derive ongoing Limited (as discussed on operating profit: page 22). • The results of the businesses sold as mentioned above The sale of these businesses has had a significant effect • The remaining legacy business in the UK (as set out on pages 88 and 89). on the comparability of our A reconciliation between the statutory and ongoing income statement is provided on financial statutory position and pages 56 and 57. All information in our annual report comprising volumes one, two results. As a result, comparison and three are based on our statutory accounts unless otherwise indicated. on a statutory basis of the 2015 results with 2014 would be less meaningful. We value feedback and invite questions and comments on our reporting. To give feedback Feedback or request hard copies of our reports, please contact our Investor Relations division. 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 Investec integrated annual report 2015 1 Contents 1 Overview of the year Highlights 4 About the Investec group 10 Our strategic focus 12 Our operational structure 13 Our operational footprint 14 Operational and strategic report 18 Financial review 22 2 Divisional review Group divisional structure 68 Asset Management 69 Wealth & Investment 76 Specialist Banking 83 3 Corporate governance and corporate responsibility Corporate governance 94 Directorate Investec plc and Investec Limited 114 Shareholder analysis 116 Communication and stakeholder engagement 121 Corporate responsibility 122 4 Remuneration report Remuneration report 140 Definitions 181 Corporate information IBC 2 Investec integrated annual report 2015 1 Overview of the year Highlights Delivering on our strategic objectives – continued to grow core franchises and simplified the Specialist Banking business through restructuring and sales • Continued investments in Asset products, broadening their client base Management and Wealth & Investment and leveraging their global platform platforms – supported net inflows in (One Place) excess of £5.8 billion • The UK Private Banking business • The core corporate banking franchise in enhanced its offering through the launch both the UK and South Africa performed of its Private Bank Account and the well, benefiting from increased client development of its online and digital activity platforms • The Private Banking and Wealth & • Geographical and operational diversity Investment businesses in South Africa continued to support a high recurring further entrenched their position as income base with a sound balance of one of the leading integrated private earnings generated between capital client businesses in the country, light businesses and capital intensive successfully launching a number of new businesses. Statutory • The legacy portfolio reduced from We continued to £3.4 billion at 31 March 2014 to financial £0.7 billion largely through strategic actively manage sales, redemptions, write-offs and performance transfers to the ongoing book on the back of improved performance in down the UK these loans Overview of the year Operating profit* increased 9.4% (increase of 18.0% on a currency neutral legacy portfolio… • The legacy business reported a basis) loss before taxation of £107.7 million (2014: £69.1 million) as the group 2015 2014 accelerated the clearance of the portfolio, which resulted in an increase £493.2mn £450.7mn in impairments on these assets • The group posted a non-operating net Adjusted attributable earnings^ loss after tax of £113.7 million on the increased 3.9% (increase of 12.5% sale of businesses. on a currency neutral basis) 1 2015 2014 Dividends per share increased £339.5mn £326.9mn 5.3% (increase of 10.7% in Rands) 2015 2014 Adjusted earnings per share^ increased 4.0% (increase of 12.4% 20.0p 19.0p on a currency neutral basis) 2015 2014 39.4p 37.9p * Before goodwill, acquired intangibles, non-operating items, taxation and after other non-controlling interests. ^ Before goodwill, acquired intangibles, non-operating items and after non-controlling interests and deduction of preference dividends. 4 Investec integrated annual report 2015 Highlights (continued) We have a diversified business model… Solid performance % contribution of operating prot before taxation of the ongoing business* Percentage Percentage from the 100 100 ongoing 80 80 business 60 60 40 40 Operating profit* increased 20 20 (increase of 22.6% on a currency 15.0% 0 0 neutral basis) 10 11 12 13 14 15 10 11 12 13 14 15 2015 2014 UK and Other Specialist Banking Southern Africa Wealth & Investment £580.7mn £504.9mn Asset Management We continued to grow our key earnings drivers… Adjusted attributable earnings^ increased 10.2% (increase of 17.9% Funds under management up 13.7% to £124.1 billion on a currency neutral basis) Funds under management ongoing business** 2015 2014 £409.9mn £371.9mn £‘billion 140 120 Adjusted earnings per share^ 100 (increase of 17.9% on 80 increased 10.2% Overview of the year a currency neutral basis) 60 40 2015 2014 20 47.5p 43.1p 0 10 11 12 13 14 15 Other Wealth & Investment Asset Management Recurring income as a % of total operating income Customer accounts up 7.3% to £22.6 billion Core loans and advances up 15.4% to £16.5 billion 2015 2014 1 71.9% 67.9% Customer accounts (deposits) and loans ongoing business** 1 £‘billion Percentage 25 90 Credit loss charge as a % 80 of average gross loans and 20 70 60 advances 15 50 40 10 2015 2014 30 5 20 0.25% 0.44% 10 0 0 10 11 12 13 14 15 Customer accounts Core loans and advances to customers Loans and advances to customer deposits * Before goodwill, acquired intangibles, non-operating items, taxation and after other non-controlling interests. ^ Before goodwill, acquired intangibles, non-operating items and after non-controlling interests and deduction of preference dividends. ** Trends in these graphs are done on a currency neutral basis using the Rand: Pounds Sterling exchange rate applicable at 31 March 2015. Investec integrated annual report 2015 5 Highlights (continued) Supporting growth in operating income… Impairments continue downward trend… Total operating income ongoing business** Impairments £’million Percentage £’million 2 000 90 400 1 800 80 1 600 70 300 1 400 60 1 200 50 1 000 200 40 800 30 600 20 100 400 200 10 0 0 0 10 11 12 13 14 15 10 11 12 13 14 15 Total operating income UK legacy business and businesses sold Annuity incomeˆ as a % of total income Southern Africa UK and Other ^ Where annuity income is net interest income and annuity fees. Fixed costs marginally up… Asset Management • Investment in IT, online infrastructure and • Headcount increased: 93 people to support growth experienced portfolio managers • Investment in distribution platforms • Operating margin: 25.2% (2014: 22.9%) Overview of the year • Operating margin: 34.2% (2014: 34.7%) Specialist Banking • Headcount down: 152 people Wealth & Investment • Headcount increased: 161 people • Cost to income ratio ongoing business: 60.9% (2014: 62.4%) Jaws ratio ongoing business** Headcount* £’million Number 2 000 8 000 1 800 7 000 1 1 600 Operating income up 6 000 1 400 5.5% to £1 887mn 1 200 5 000 1 000 Operating costs up 4 000 800 4.4% to £1 254mn 3 000 600 2 000 400 200 1 000 0 0 10 11 12 13 14 15 10 11 12 13 14 15 Operating income Asset Management Operating costs Wealth & Investment Specialist Banking * Permanent headcount and includes acquisitions. ** Trends in these graphs are done on a currency neutral basis using the Rand: Pounds Sterling exchange rate applicable at 31 March 2015. 6 Investec integrated annual report 2015 Highlights (continued) Resulting in increased operating profit* from all three of our businesses… Operating prot – Asset Management** £‘million 160 149.0 140 120 100 80 60 40 20 0 10 11 12 13 14 15 Operating prot – Wealth & Investment** £‘million 90 80 78.8 70 60 50 40 30 20 10 0 10 11 12 13 14 15 Overview of the year Operating prot – Specialist Banking ongoing business** £‘million 450 400 392.3 350 300 250 200 150 100 50 1 0 1 10 11 12 13 14 15 Progress made on our financial targets..
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