Financial report

Raisibe Morathi
Chief Financial Officer

Nedbank Group showed strong performance for the year, despite a tough operating environment, and is well positioned for continued growth in 2012, building on the earnings momentum created in 2011. The group’s key strategic focus areas of repositioning Nedbank Retail, growing NIR, implementing the portfolio tilt strategy and expanding in the rest of Africa will continue to drive earnings growth.

FINANCIAL OVERVIEW OF 2011

Headline earnings increased by 26,2% to R6,2bn (2010: R4,9bn) and diluted headline earnings per share grew 25,4% to 1 340 cents.

Importantly, the return on ordinary shareholders’ equity (ROE) is above the group’s cost of equity of 13%, resulting in a turnaround in economic profit to R924m (2010: economic loss R289m). Preprovisioning operating profit, a measure of the strength of the underlying franchise, grew by 10,1%, reflecting good fundamentals and growth of the franchise. The group continues to see growth in tangible net asset value (TNAV) per share, which increased by 10,8%.

The group declared dividends totalling 605 cents per share for the year, up 26,0% on 2010, in line with revenue growth and at a dividend cover of 2,26 times.

FINANCIAL REPORTING

Nedbank Group’s focus on providing relevant and timeous information to its stakeholders contributed to the group receiving a number of awards in recognition of its integrated report and communication efforts, including:

• Bank of the Year in SA in the 2011 – Financial Times/The Banker magazine Banker of the Year Awards.
• First place in the financial sector and second out of the Top 40 JSE-listed companies in the 2011 Nkonki and Financial Mail Integrated Reporting Awards.
• Joint first place out of the Top 100 JSE-listed companies for the 2010 integrated report in the Ernst & Young 2011 Excellence in Corporate Reporting Survey.
• Overall winner for the 2011 annual report at the Annual Chartered Secretaries Southern Africa and JSE Limited Awards as a result of continued improvements in the content and accessibility of information in the annual report and results presentations.

More importantly though, while the group appreciates receiving these awards, they are a reflection of the importance the group places on ensuring appropriate and timeous disclosure of information to its various stakeholders.

The continued complexity and regulation in banking have created additional responsibility to increase transparency and disclosure. This is a task that continues to be of critical focus to Nedbank Group.

DETAILED REVIEW OF RESULTS

Diluted headline earnings per share increased 25,4% to 1 340 cents (2010: 1 069 cents) and diluted basic headline earnings per share increased 27,7% to 1 341 cents (2010: 1 050 cents).

The strong growth in earnings was underpinned by the 16,6% increase in NIR, net interest margin (NIM) expansion and continued improvement in the Nedbank Retail credit loss ratio.

ROE, excluding goodwill, increased to 15,3% (2010: 13,4%) and ROE to 13,6% (2010: 11,8%), with the benefit of return on assets (ROA) improving to 0,99% (2010: 0,82%), which was partially offset by a reduction in gearing.

The group is well capitalised with the core Tier 1 capital adequacy ratio at 11,0% (2010: 10,1%) and the group’s funding and liquidity levels remain sound. Liquidity buffers increased R18,0bn to R24,0bn and the long-term funding ratio increased to the group’s target level of 25,0%.

The group’s TNAV per share continued to increase, growing by 10,8% to 9 044 cents at 31 December 2011 (2010: 8 160 cents).

KEY FINANCIAL INDICATORS

For the year ended 31 December		% change	2011	2010
Headline earnings	(Rm)	26,2	6 184	4 900
Preprovisioning operating profit	(Rm)	10,1	13 709	12 454
Headline economic profit/(loss)	(Rm)	>100	924	(289)
Diluted headline earnings per share	(cents)	25,4	1 340	1 069
Diluted basic earnings per share	(cents)	27,7	1 341	1 050
Return on ordinary shareholders’ equity (ROE)	(%)		13,6	11,8
ROE (excluding goodwill)	(%)		15,3	13,4
Return on assets	(%)		0,99	0,82
Tangible net asset value per share	(cents)	10,8	9 044	8 160
Core Tier 1 capital adequacy	(%)		11,0	10,1
Margin NII to average interest earning banking assets	(%)		3,46	3,35
Credit loss ratio – banking advances	(%)		1,14	1,36
Non-interest revenue/expenses ratio	(%)		81,5	79,6
Efficiency ratio	(%)		56,6	55,7
Assets under management	(Rm)	9,4	112 231	102 570
Life assurance embedded value	(Rm)	47,6	1 522	1 031
Life assurance value of new business	(Rm)	38,6	409	295

return on equity drivers
for the year ended 31 DECEMBER

Click here to enlarge
 

CLUSTER PERFORMANCE

		Headline earnings (Rm)		ROE %
Year ended	% change	2011	2010	2011	2010
Nedbank Capital	1,9	1 225		23,0	23,5
Nedbank Corporate	11,8	1 672		25,0	19,7
Nedbank Business Banking	3,3	852		23,1	26,4
Nedbank Retail	163,4	2 002		11,8	4,6
Nedbank Wealth	5,6	625	592	38,7	41,0
Operating units	30,8	6 376	4 875	18,6	14,4
Centre	<(100)	(192)	25
Group	26,2	6 184	4 900	13,6	11,8

Nedbank Retail’s growth in headline earnings and ROE improvement were achieved through excellent progress strategically and financially in repositioning the cluster. Delivering distinctive, client-centred value propositions enabled strong new-client growth and markedly increased sales. As a result the cluster’s NIR grew 17,3%, primarily driven by higher transactional and lending volumes. In addition, improved risk-based pricing, effective collections and rehabilitations resulted in reduced impairments that contributed to the robust performance.

The good performance from the wholesale clusters was supported by excellent risk management, an increase in primary clients and higher usage of innovative transactional-banking offerings. Nedbank Capital navigated well through difficult and volatile markets and ended the year with a small increase in its headline earnings. Nedbank Wealth performed well and its 2009 acquisitions continued to bear fruit, supporting its growth in earnings and embedded value, while the insurance and asset management businesses contributed strongly.

The centre moved to a loss of R192m primarily as a result of an additional amount of R200m before tax that was raised as a group portfolio impairment and a R111m after-tax share-based payments charge for the Eyethu community share scheme.

Consolidated statement of comprehensive income

Year ended (Rm)	% change	2011	2010
Net interest income	8,6	18 034	16 608
Impairments	(13,8)	(5 331)	(6 188)
Income from lending activities	21,9	12 703	10 420
Non-interest revenue	16,6	15 412	13 215
Total expenses	14,0	(18 919)	(16 598)
Indirect taxation	13,0	(505)	(447)
Associate income	>100		1
Headline profit before taxation	31,9	8 691	6 591
Direct taxation	60,6	(2 194)	(1 366)
Minorities and preference shares	(3,7)	(313)	(325)
Headline earnings	26,2	6 184	4 900
Basic earnings	28,7	6 190	4 811

Average banking statement of financial position and related interest

FOR THE YEAR ENDED 31 DECEMBER

	2011			2010
Rm	Average balance	Margin statement interest		Average balance	Margin statement interest
	Assets	Received	%	Assets	Received	%
Average prime rate			9,00			9,90
Loans and advances and clients’ indebtedness for acceptances
Home loans (including properties in possession)	145 522	10 877	7,5	146 426	11 962	8,2
Commercial mortgages	85 601	7 493	8,8	81 936	7 686	9,4
Finance lease and instalment debtors	68 534	7 077	10,3	65 400	7 303	11,2
Credit cards	8 455	1 165	13,8	7 733	1 106	14,3
Bills and acceptances1	3 418	6	0,2	1 955	20	1,0
Overdrafts	13 494	1 224	9,1	13 230	1 331	10,1
Term loans and other2	146 067	10 749	7,4	139 256	11 304	8,1
Impairment of loans and advances	(11 534)			(10 628)
Government and other securities	35 246	3 072	8,7	34 923	2 929	8,4
Short-term funds and trading securities	26 346	1 217	4,6	15 699	736	4,7
Interest-earning banking assets	521 149	42 880	8,2	495 930	44 377	8,9
Net interdivisional asset-trading book	(2 431)			(666)
Revaluation of FVTPL-designated3 assets	1 817			1 442
Derivative financial instruments	187			93
Insurance assets	9 495			8 435
Cash and banknotes	2 296			2 083
Other assets	6 975			7 111
Associates and investments	3 570			2 984
Property and equipment	6 040			5 399
Intangible assets	7 533			7 387
Mandatory reserve deposits with central banks	12 452			11 766
Total assets	569 083	42 880	7,5	541 964	44 377	8,2
	Liabilities	Paid	%	Liabilities	Paid	%
Deposit and loan accounts	259 681	12 882	5,0	238 284	13 955	5,9
Current and savings accounts	59 824	640	1,1	56 878	788	1,4
Negotiable certificates of deposit	113 734	7 153	6,3	111 230	8 319	7,5
Other interest-bearing liabilities4	34 709	1 739	5,0	42 264	2 420	5,7
Long-term debt instruments	28 168	2 432	8,6	25 696	2 287	8,9
Interest-bearing banking liabilities	496 116	24 846	5,0	474 352	27 769	5,9
Other liabilities	11 612			11 317
Revaluation of FVTPL-designated3 liabilities	1 817			1 442
Derivative financial instruments	1 804			1 445
Investment contract liabilities	9 299			8 257
Ordinary shareholders’ equity	44 696			41 305
Non-controlling interest	3 739			3 846
Total equity and liabilities	569 083	24 846	4,4	541 964	27 769	5,1
Interest margin on interest-earning banking assets	521 149	18 034	3,46	495 930	16 608	3,35
Where possible, averages are calculated on daily balances. 1 Includes clients’ indebtedness for acceptances. 2 Includes term loans, preference shares, factoring debtors, other lending-related instruments and interest on derivatives. 3 Fair value through profit and loss. 4 Includes foreign currency liabilities and liabilities under acceptances.

NET INTEREST INCOME

Net interest income (NII) grew 8,6% to R18 034m (2010: R16 608m), with NIM growing to 3,46% (2010: 3,35%). Average interest-earning banking assets increased by 5,1% (2010 growth: 3,0%).

The increase in NIM reflects:

• asset margin expansion on new advances from risk-adjusted pricing and a change in asset mix; and
• the lower cost of term liquidity in 2011.

This was partially offset by:

• the impact of endowment, with average interest rates 90 basis points lower than in 2010;
• the cost of enhancing the group’s funding profile; and
• the cost of carrying higher levels of lower-yielding liquid assets as the group proactively positions itself for the likely implications of Basel III.

Net interest margin analysis

IMPAIRMENTS CHARGE ON LOANS AND ADVANCES

The credit loss ratio improved to 1,14% for the year (2010: 1,36%), while further strengthening the portfolio impairment provision.

The credit loss ratio relating to specific impairments improved substantially to 1,02% for the year (2010: 1,32%) as defaulted advances continued tracking downwards to R23 073m (2010: R26 765m).¹

IMPAIRMENTS

Credit loss ratio analysis (%)	2011	H2 2011	H1 2011	2010
Credit loss ratio components
Specific impairments	1,02	0,93	1,10	1,32
Portfolio impairments	0,12	0,13	0,11	0,04
Total	1,14	1,06	1,21	1,36

The group maintained a strong focus on credit risk management. The increased level of portfolio impairments includes R159m relating to lengthened emergence-period assumptions and R200m in the centre for unknown events that may have already occurred, but which will only be evident in the future.

SEGMENTAL IMPAIRMENT ANALYSIS

	% of banking advances	2011	H2 2011	H1 2011	2010	Through-the- cycle target ranges
Impairments charge (Rm)		5 331	2 539	2 792	6 188
Credit loss ratios (%)
Group		1,14	1,06	1,21	1,36	0,60 – 1,00
Nedbank Capital	13,6	1,23	1,57	0,86	1,27	0,10 – 0,35
Nedbank Corporate	32,2	0,29	0,24	0,34	0,2	0,20 – 0,35
Nedbank Business Banking	12,3	0,54	0,67	0,4	0,4	0,55 – 0,75
Nedbank Retail	38,2	1,98	1,73	2,24	2,67	1,50 – 2,20
Nedbank Wealth	3,7	0,25	0,09	0,41	0,15	0,20 – 0,40

Nedbank Retail’s credit loss ratio of 1,98% (2010: 2,67%) is now within the cluster’s through-the-cycle (TTC) target range of 1,50% to 2,20%. Nedbank Capital’s credit loss ratio remained elevated at levels similar to those of 2010, mainly due to impairments charges on increased non-performing loans. Credit loss ratios in Nedbank Corporate, Nedbank Business Banking and Nedbank Wealth remained within or better than the respective clusters’ TTC target ranges.

DEFAULTED ADVANCES

 

NON-INTEREST REVENUE

The momentum in NIR continued in 2011, resulting in strong growth of 16,6% to R15 412m (2010: R13 215m) and the ratio of NIR to expenses increasing to 81,5% (2010: 79,6%).¹

Year end (Rm)	% change	2011	2010
Commission and fees	16,2	11 335	9 758
Insurance income	22,4	1 053	860
	16,7	12 388	10 618
Trading income	3,4	2 168	2 096
Private equity income	41,7	323	228
Non-banking subsidiary income (Tando)	15,7	214	185
Other income	9,5	379	346
	14,8	15 472	13 473
Fair-value adjustments	76,7	(60)	(258)
Credit spread on bonds/swaps		(49)	(213)
Basis and other		(11)	(45)
	16,6	15 412	13 215

The continued trend of growth in commission and fee income, which was up 16,2%, arose from further primary-client gains, robust transaction volumes and a good uptake of new products, particularly in Nedbank Retail, as well as of electronic channels in the rest of the group.

Insurance income grew strongly at 22,4%, achieved through insurance sales into the MFC, personal-loans and card businesses as well as an improved underwriting performance.

Trading income increased by 3,4% to R2 168m (2010: R2 096m) in difficult markets. Private equity income increased by 41,7% to R323m (2010: R228m), mainly from improved realisations and dividends received in the Nedbank Capital and Nedbank Corporate private equity investment portfolios.

NIR from private equity (Rm)	December 2011	December 2010
Nedbank Capital	249	148
Nedbank Corporate Property Finance	74	80
Total NIR from private equity	323	228

NIR was negatively impacted by R49m (2010: R213m loss) over the year as a result of fair-value adjustments on the group’s subordinated-debt and associated hedges, resulting from the strengthening of the group’s credit spreads.

EXPENSES

The group continued to manage core expenses while investing for growth, resulting in an ongoing improvement in the NIR-to-expenses ratio. Expenses increased 14,0% to R18 919m (2010: R16 598m), comprising expense growth of 8,0%, relating to business-as-usual activities, 3,0% relating to investing for growth initiatives and 3,0% relating to variable compensation.

Expense Drivers

 
Overall the main drivers of expense growth were:

• Remuneration costs increasing 12,5%, driven by 3,4% headcount growth and inflation-related salary increases of 6,5%.
• Short-term incentive costs increasing 35,8% on the back of 26,2% headline earnings growth, an R1,2bn increase in EP and outperformance on some non-financial measures.
• Long-term incentive costs increasing R140m to R262m, as 2010 contained a reversal of prior charges when historical corporate performance targets were not met and related restricted shares issued in 2007, 2008 and 2009 lapsed.
• Volume-driven costs, such as fees and computer-processing costs, continuing to grow in support of revenue- generating business activities.
• Investing for growth initiatives taking place across the clusters, which included the repositioning of Nedbank Retail that entailed footprint rollout, headcount growth in frontline and collections staff, and system enhancements.

The efficiency ratio increased to 56,6% (2010: 55,7%), reflecting the negative endowment impact of lower interest rates on NII compounded by slower growth in interest-earning banking assets and the strategy of investing for growth. Nedbank Group’s compound NIR growth of 10,2% since 2007 continues to exceed its related compound expense growth of 8,8%. Comparing Nedbank Group with the peer industry average compound growth since 2007 clearly illustrates outperformance on both NIR (higher growth) and expenses (lower growth) and a resultant positive growth delta.

NON-INTEREST REVENUE/EXPENSES TREND

 

TAXATION

The tax charge increased 60,6% to R2 194m (2010: R1 366m), with the effective tax rate increasing to a more normalised 25,2% (2010: 20,7%). The increase resulted from:

• the 31,9% growth in income before tax;
• a lower proportion of dividend income relative to total income than in 2010;
• secondary tax on companies savings in the first six months of 2010, resulting from the takeup of the scrip dividend (81,5%) offered in that period; and
• the reversal of certain tax provisions in 2010.  

COMPREHENSIVE STATEMENT OF FINANCIAL POSITION

Capital

The group’s capital adequacy ratios remain well above the group’s internal targets and continue to be strengthened as a result of ongoing risk and capital optimisation, strong growth in organic earnings and a strategic focus on managing for value and portfolio tilt.

Basel II (%)	2011	2010	Internal target range (Basel II)	Regulatory minimum
Core Tier 1 ratio	11,0	10,1	7,5 – 9,0	5,25
Tier 1 ratio	12,6	11,7	8,5 – 10,0	7,00
Total capital ratio	15,3	15,0	11,5 – 13,0	9,75
Ratios calculated include unappropriated profits.

Given the predominant focus on the core Tier 1 ratio under Basel III and considering the group’s strong total capital adequacy ratio, the group elected to call the Nedbank Limited Tier 2 bond (Ned 5), amounting to R1,5bn in April 2011, without replacing it.

Further detail on the group’s capital and Basel III developments that will affect capital and liquidity can be found in the ‘Risk and balance sheet management’ section of this report.

Internal capital allocation

Further enhancements to the internal capital allocation to business clusters occurred in 2011 to support the closer alignment of group and cluster ROEs. These enhancements have no impact on the group’s overall capital levels and ROE, but have impacted the ROEs recorded by the business clusters. This is an ongoing process born out of evolving regulatory developments such as Basel III.

LOANS AND ADVANCES

Loans and advances grew 4,4% to R496bn (2009: R475bn), with growth increasing, particularly in the wholesale portfolios, during the fourth quarter.

Loans and advances by cluster

(Rm)		% change	December 2011	December 2010
Nedbank Capital		9,9	68 510	62 328
	Banking advances	13,9	48 558	42 650
	Trading advances	1,4	19 952	19 678
Nedbank Corporate		4,5	164 754	157 703
Nedbank Business Banking		14,8	58 272	50 765
Nedbank Retail		(2,0)	183 663	187 334
Nedbank Wealth		16,3	19 625	16 869
Other		>100,0	1 224	274
		4,4	496 048	475 273

Advances totalling R9bn were transferred from Nedbank Retail to Nedbank Business Banking in 2011 to leverage its strong client and risk practices. On a like-for-like basis the growth in Nedbank Retail was 2,7%, while Nedbank Business Banking’s advances, excluding the full impact of the Imperial Bank transfer and other client moves, remained flat.

loans and advances by product

Year ended (Rm)		% change	2011	2010
Home loans		(1,9)	143 154	145 895
Commercial mortgages		3,9	89 488	86 100
Properties in possession		(6,5)	619	662
Term loans		4,5	77 980	74 605
	Other term loans	(2,4)	60 133	61 604
	Personal loans	37,3	17 847	13 001
Leases and instalment sales		4,8	71 168	67 881
Credit cards		9,6	8 666	7 910
Overnight loans		52,2	19 104	12 552
Overdrafts		(1,2)	13 152	13 307
Other		8,5	84 214	77 587
Impairment of advances		2,4	(11 497)	(11 226)
		4,4	496 048	475 273

A strategy of selective origination resulted in low economic profit home loans decreasing by 1,9% and an increase of 37,3% in personal loans and 9,6% in card receivables, and 5% growth in MFC included in leases and the instalment sales line. Commercial mortgages were up 3,9%, improving slightly ahead of the growth of 2,6% reported at the half-year stage. Properties in possession continued to decrease, benefiting from NedAssist (where the group assists clients in financial difficulty to sell their houses) and other strategies to reduce this category of asset. Other term loans decreased 2,4%, reflecting low levels of business confidence and subdued demand for loans by corporates, while overnight loans grew 52,2%, in line with short-term client demand for working capital and corporate treasuries switching from term loans. Other loans increased 8,5%, including the US$285m loan to Ecobank Transnational Inc, the group’s strategic alliance partner in Africa. Encouragingly, after muted growth, the group saw wholesale credit demand starting to regain some ground in the fourth quarter, which bodes well for 2012.

DEPOSITS

Deposits increased by 6,3% to R521bn (2010: R490bn), and the group’s loan-to-deposit ratio strengthened to 95,2% (2010: 96,9%).

Optimising the mix of the deposit book remains a key focus in reducing the high cost of longer-term and professional funding. This is critical as banks compete more aggressively for lower-cost deposit pools with longer behavioural duration as they position their balance sheets in preparation for the Basel III liquidity ratios. Low interest rates, coupled with low domestic savings levels and the deleveraging of consumers, led to modest growth in retail deposits during 2011. Relatively higher deposit growth in commercial deposits indicated increasing working capital and available capacity among corporate clients.

DEPOSITS BY PRODUCT

Year ended (Rm)	% change	2011	2010
Current accounts	8,5	51 733	47 672
Savings accounts	7,8	15 900	14 756
Term deposits and other	12,9	331 318	293 467
Call and term deposits	18,3	196 889	166 386
Fixed and other deposits	5,8	134 429	127 081
Foreign currency liabilities	(4,5)	9 342	9 781
Non-negotiable certificates of deposit	(11,5)	97 840	110 584
Deposit repurchase agreements	5,9	15 022	14 180
	6,3	521 155	490 440

Current and savings accounts grew 8,5% and 7,8% respectively, in line with market demand. Growth in term deposits of 12,9% was driven by call and term deposits increasing 18,3% as a result of excess liquidity in the market as corporates remained cash-flush, and fixed deposits increasing 5,8%, boosted by the group’s Retail Savings Bond product that generated R3,9bn of deposits. The reduction in negotiable certificates of deposit was the result of structured changes in the collective investments industry and the group’s strategy to grow term deposits.

PROSPECTS

Nedbank Group’s earnings momentum and delivery on its key strategic initiatives have set it up for continued growth in 2012.

The group’s medium-to-long-term targets remain unchanged and we will continue to make progress on meeting these targets for 2012.

 

	2011				2010
Rm	Banking	Trading	Elimi- nations	Total	Banking	Trading	Elimi- nations	Total
ASSETS
Cash and cash equivalents	13 441	16		13 457	8 621	29		8 650
Other short-term securities	27 544	18 070	(9 628)	35 986	18 067	12 306	(3 329)	27 044
Derivative financial instruments	244	15 378	(2 782)	12 840	258	15 673	(2 049)	13 882
Government and other securities	35 289	4 619	(9 732)	30 176	31 571	4 313	(4 060)	31 824
Loans and advances	476 096	19 952		496 048	455 595	19 678		475 273
Other assets	4 583	7 468		12 051	4 446	5 568		10 014
Clients’ indebtedness for acceptances	2 975			2 975	1 953			1 953
Current taxation receivable	698			698	483			483
Investment securities	13 588	693		14 281	11 604	314		11 918
Non-current assets held for sale	8			8	5			5
Investments in associate companies and joint ventures	568			568	936			936
Deferred taxation asset	(45)	311		266	15	269		284
Property and equipment	6 918	8		6 926	5 799	12		5 811
Long-term employee benefit assets	2 114	4		2 118	2 044	8		2 052
Mandatory reserve deposits with central banks	11 952			11 952	11 095			11 095
Intangible assets	7 737	40		7 777	7 492	2		7 494
Interdivisional assets		16 113	(16 113)	-		12 022	(12 022)	-
Total assets	603 710	82 672	(38 255)	648 127	559 984	70 194	(21 460)	608 718
EQUITY AND LIABILITIES
Total equity attributable to equity holders of the parent	45 943	3 003		48 946	41 543	2 558		44 101
Non-controlling interest attributable to:
– ordinary shareholders	178			178	153			153
– preference shareholders	3 561			3 561	3 560			3 560
Total equity	49 682	3 003	–	52 685	45 256	2 558	–	47 814
Derivative financial instruments	2 876	13 759	(2 782)	13 853	2 168	11 933	(2 049)	12 052
Amounts owed to depositors	482 563	48 220	(9 628)	521 155	454 648	39 129	(3 337)	490 440
Provisions and other liabilities	6 991	17 492	(9 732)	14 751	5 887	16 410	(4 052)	18 245
Liabilities under acceptances	2 975			2 975	1 953			1 953
Current taxation liabilities	200			200	191			191
Deferred taxation liabilities	1 147	198		1 345	1 640	164		1 804
Long-term employee benefit liabilities	1 479			1 479	1 414			1 414
Investment contract liabilities	8 237			8 237	7 309			7 309
Insurance contract liabilities	2 005			2 005	1 392			1 392
Long-term debt instruments	29 442			29 442	26 104			26 104
Interdivisional liabilities	16 113		(16 113)	–	12 022		(12 022)	–
Total liabilities	554 028	79 669	(38 255)	595 442	514 728	67 636	(21 460)	560 904
Total equity and liabilities	603 710	82 672	(38 255)	648 127	559 984	70 194	(21 460)	608 718