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The pro-forma financial effects of the Nedcor Transaction for
the financial year ended 31 December 2004 are set out in the table
below. The pro-forma financial effects have been prepared for illustrative
purposes only in order to provide information on how the Nedcor
Transaction might have affected the financial results and position
of the Nedcor consolidated results from 1 January 2004 for Income
Statement effects and at 31 December 2004 for the Balance Sheet
effects, and, because of their nature, these financial effects
may not give a true reflection of the actual financial effects
of the Nedcor Transaction.
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Before the
|
After the |
|
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Nedcor
|
Nedcor |
|
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Transaction
|
Transaction |
|
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and issue |
and issue |
|
| |
of shares |
of shares |
change |
| |
(cents) |
(cents) |
% |
| Attributable earnings per share (“basic EPS”)
(1)(3) |
270 |
270 |
(0.05) |
| Fully diluted EPS(4) |
269 |
254 |
(5.65) |
| Headline earnings per share (“HEPS”)
(1) |
401 |
400 |
(0.14) |
| Fully diluted HEPS |
400 |
377 |
(5.86) |
| Ordinary shareholders equity (Rm) |
18 095 |
18 177 |
0.45 |
| Net asset value (“NAV”) per share (2)(5) |
4 590 |
4 594 |
0.10 |
| Tangible net asset value (“TNAV”) per
share (2)(5) |
3 357 |
3 366 |
0.27 |
Notes:
| (1) |
The “Before the Nedcor Transaction and issue
of shares” column reflects the audited earnings and headline
earnings per Nedcor share for the year ended 31 December 2004.
The “After the Nedcor Transaction and issue of shares”
column reflects the earnings and headline earnings adjusted
for the financial effects of the various schemes based on the
assumption that the Nedcor Transaction was implemented from
1 January 2004. |
| (2) |
The “Before the Nedcor Transaction and issue
of shares” columnreflects the audited net asset value per
Nedcor share at 31 December 2004. The “After the Nedcor
Transaction and issue of shares” column reflects the net
asset value per Nedcor share after the consideration received
from the various schemes and an enlarged number of shares based
on the assumption that the Nedcor Transaction was implemented
on 31 December 2004. |
| (3) |
The “Before the Nedcor Transaction and issue
of shares” column weighted average number of shares in
issue used in calculating basic EPS was 360.88m and in calculating
fully diluted EPS was 361.75m. |
| (4) |
The “After the Nedcor Transaction and issue
of shares” columnweighted average number of shares in issue
used in calculating basic EPS was 362.30m and in calculating
fully diluted EPS was 385.25m (this includes Nedcor shares expected
to vest under the transaction). |
| (5) |
In calculating NAV and TNAV per share the number
of shares in issue as at 31 December 2004 was 394.21m and in
determining the pro forma NAV and TNAV per share, the number
of shares in issue was 395.63m (including 1.4m shares that vest
immediately as a result of the Nedcor Transaction). |
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