Integrated Annual Report Investec Zebra
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STRATEGIC REPORT INCORPORATING GOVERNANCE, SUSTAINABILITY AND THE REMUNERATION REPORT

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RISK AND BASEL PILLAR III DISCLOSURES

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ANNUAL FINANCIAL STATEMENTS

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DURING THE YEAR the group sold a number of businesses, namely, Investec Bank (Australia) Limited, Kensington Group plc and Start Mortgage Holdings Limited

THE 2016 integrated annual report covers the period 1 April 2015 to 31 March 2016 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

Ongoing and statutory information

During the year the group sold a number of businesses, namely, Investec Bank (Australia) Limited, Kensington Group plc and Start Mortgage Holdings Limited (as discussed here).

Statutory information is set out in volume three. The sale of these businesses has had a significant effect on the comparability of our financial statutory position and results. Consequently, comparison on a statutory basis of these full year results with the prior year would be less meaningful.

In order to present a more meaningful view of our performance, additional management information is presented on our ongoing businesses. This information 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 distort the comparison of performance between periods. Based on this principle, the following items are excluded from underlying statutory profit to derive ongoing operating profit:

  • The results of the businesses sold in the prior year, i.e. Investec Bank (Australia) Limited, the UK Kensington business and the Start (Irish) mortgage business; and
  • The remaining legacy business in the UK.

A reconciliation between the statutory and ongoing income statement is provided here. All information in our annual report comprising volumes one, two and three are based on our statutory accounts unless otherwise indicated.

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