Eight year review Salient features* For the year ended 31 March**
2007
2006           2005          2004           2003            2002           2001          2000
Income statement and selected returns Adjusted earnings attributable to ordinary shareholders before goodwill and non-operating items (£'000)
300 704      230 017      149 510     106 203
89 668        127 613     100 906
87 246
 Headline earnings (£'000)
294 881      222 805      147 037     105 873
83 595       115 777     100 906
87 246
 Operating profit before goodwill, non-operating items and taxation (£'000)
466 585      388 767      224 124     132 260
85 762       158 567      133 196     123 474
 Operating profit: Southern Africa (% of total)
57.6%
68.3%
66.9%
58.6%
81.0%
51.6%
25.6%
15.4%
 Operating profit: UK, Europe, Australia and Other (% of total)
42.4%
31.7%
33.1%
41.4%
19.0%
48.4%
74.4%
84.6%
 Cost to income ratio
59.0%
58.7%
67.4%
72.7%
80.0%
72.0%
72.6%
70.2%
 Staff compensation to operating income ratio
40.9%
40.1%
43.4%
47.3%
51.1%
44.5%
45.5%
43.6%
 Return on average adjusted shareholders' equity
26.1%
25.5%
20.0%
15.4%
13.1%
19.4%
18.2%
16.9%
 Net-interest income as a percentage of operating income
29.2%
26.8%
23.2%
18.8%
21.3%
26.5%
28.9%
24.6%
 Non-interest income as a percentage of operating income
70.8%
73.2%
76.8%
81.2%
78.7%
73.5%
71.1%
75.4%
 Effective tax rate
26.3%
27.3%
28.8%
21.0%
6.3%
18.0%
22.6%
29.2%
 Balance sheet Total capital resources (including subordinated liabilities (£'million)
2 665
2 042
1 579
1 303
958
958
842
639
 Total equity (including preference shares and minority interests) (£'million)
1 834
1 512
1 076
805
679
768
603
555
 Total assets (£'million)
26 300
23 901
19 917
15 319
14 914
16 957
15 984
16 030
 Loans and advances (£'million)
10 190
9 605
6 408
4 846
3 909
3 314
3 299
3 083
 Loans and advances as a percentage of total assets
38.7%
40.2%
32.2%
31.6%
26.2%
19.5%
20.6%
19.2%
 Third party assets under management (£'million)
56 086
56 331
33 855
47 763
40 559
44 219
43 977
45 853
 Capital adequacy ratio: Investec plc
24.7%
17.7%
16.1%
17.3%
14.2%
^
^
^
 Capital adequacy ratio: Investec Limited
14.7%
16.3%
17.9%
15.1%
12.2%
^
^
^
 Salient financial features and key statistics Adjusted earnings per share before goodwill and non-operating items (pence)#
53.3
41.9
26.9
20.8
19.2
28.0
25.2
22.0
 Headline earnings per share (pence)#
52.3
40.6
26.5
20.7
17.9
25.4
25.2
22.0
 Basic earnings per share (pence)#
54.7
53.8
17.8
12.0
(13.4)
3.0
19.8
18.0
 Diluted earnings per share (pence)#
50.4
50.0
17.1
11.9
(13.4)
2.8
19.3
17.9
 Dividends per share (pence)#
23.0
18.2
13.4
11.6
10.8
10.8
^^13.7
^^12.3
 Dividend cover (times)
2.3
2.3
2.0
1.8
1.8
2.6
1.8
1.8
 Net tangible asset value per share (pence)#
178.6
148.9
99.2
83.0
75.0
74.8
^
^
 Weighted number of ordinary shares in issue (million)#
563.8
548.8
555.5
511.5
466.5
456.5
401.0
397.0
 Total number of shares in issue (million)#
609.3
593.0
593.0
593.0
565.0
461.0
405.0
403.0
 Closing share price (pence)#
658
588
311
218
123
161
346
497
 Market capitalisation (£'million)
4 009
3 488
1 844
1 292
695
742
1 400
2 005
 Number of employees in the group
5 430
4 453
4 163
4 458
4 874
5 529
4 836
4 441
 Average ZAR/£ exchange rate
13.38
11.43
11.47
12.02
15.04
13.65
10.82
9.93
 *   Refer to definitions on page 236. **  From 2000 to 2004 numbers are reported in terms of UK GAAP and for 2005, 2006 and 2007 in terms of IFRS. ^   Calculation not comparable. ^^ The dividend for 2000 and 2001 was set in Rand and the dividend thereafter was determined in Pounds Sterling. The Rand dividend per share for 2000 and 2001 was 620 cents and 750 cents, respectively. # For comparative purposes historical information has been adjusted for the 5:1 share split that took place on 4 September 2006.