TIDM68IG
RNS Number : 5228V
Standard Bank Group Limited
05 April 2023
Standard Bank Group Limited
05 April 2023
Publication of 2022 Reporting Suite, No Changes Statement and
Restatement of Previously Published Results
Publication of the Standard Bank Group's 2022 Reporting
Suite
An electronic version of the group's annual integrated report,
governance and remuneration report, risk and capital management
report, environmental, social and governance report, report to
society and climate-related financial disclosures report have been
made available at www.standardbank.com/reporting on Friday, 31
March 2023.
The Standard Bank Group 2023 Annual General Meeting (AGM) will
be held on 12 June 2023. The notice of the AGM and proxy forms will
be published on 26 April 2023.
No Change Statement
The consolidated audited annual financial statements of Standard
Bank Group for the year ended 31 December 2022 on which KPMG Inc.
and PricewaterhouseCoopers Inc. expressed an unmodified opinion,
were released on Thursday, 9 March 2023. The full audit opinion,
including any key audit matters, is available as part of the
group's annual financial statements, accessible via the following
link:
https://thevault.exchange/?get_group_doc=18/1678340991-SBG2022AnnualFinancialStatements.pdf.
No modifications have been made to the audited annual financial
statements from the date of release to the date of this
announcement.
Restatement of 2021 Results
During the preparation of the group's 2022 annual financial
statements, the group noted the following restatements relating to
the group's 2021 results previously published:
1. During the current reporting period, the group performed
benchmarking and internal investigations to reassess the definition
of cash and cash equivalents when compiling the statement of cash
flows. The following have been identified as industry best practice
during this exercise and have resulted in the following
restatements, changes to accounting presentation policies and
related additional disclosures:
-- The direct method provides a more reliable representation of
the cash flow movements for the group within the statement of cash
flows, which is not available under the indirect method. This
change only impacted net cash flows from operating activities
within the statement of cash flows for the group and company.
-- The group restated its financial statements to appropriately
reflect and present the change from on demand loans and advances to
banks to cash and cash equivalents in the statement of cash flow
and updated the related accounting policy accordingly. These
balances were in prior periods excluded from cash and cash
equivalents and instead included in income-earning assets. Both the
balances and movement have now been appropriately included within
the cash and cash equivalents line in the statement of cash
flows.
-- The group restated its financial statements to appropriately
reflect and present the change from cash balances with banks within
investment management and life insurance activities, within
financial investments, to cash and cash equivalents in the
statement of cash flow. These balances were in prior periods
excluded from cash and cash equivalents and instead included in
income-earning assets. Both the balances and movement have now been
included within the cash and cash equivalents line in the statement
of cash flows.
-- Specific updated accounting policies, have been included for the following:
o Cash and balances with central banks.
o Cash and cash equivalents.
2021
---------------------------------------
As previously
reported Restatement Restated
GROUP Rm Rm Rm
============================================= ============= =========== ========
Net cash flows from operating activities 12 893 (12 893) -
---------------------------------------------- ------------- ----------- --------
Cash flow used in operations (indirect
method) (66 179) 66 179 -
------------- ----------- --------
Net income before capital items and
equity accounted earnings 40 422 (40 422) -
Adjusted for non-cash items and other
adjustments included in the income
statement (58 693) 58 693 -
Increase in income-earning assets (167 414) 167 414 -
Increase in deposits, trading and
other liabilities 119 506 (119 506) -
------------- ----------- --------
Dividends received 2 091 (2 091) -
Interest paid (37 079) 37 079 -
Interest received 98 699 (98 699) -
Direct taxation paid (8 482) 8 482 -
Purchase of properties (131) 131 -
Proceeds on sales of properties 5 (5) -
Net purchase of financial instruments 24 744 (24 744) -
Net proceeds on realisation of fair
value gain on cash and cash equivalents 283 (283) -
Net proceeds on collateral deposits
payable (1 058) 1 058 -
------------- ----------- --------
Net cash flows from operating activities - 42 140 42 140
---------------------------------------------- ------------- ----------- --------
Cash flow from operations (direct
method) 68 188 68 188
------------- ----------- --------
Interest, commission and premium receipts 242 713 242 713
Interest payments (37 249) (37 249)
Recoveries on loans previously written
off 1 238 1 238
(138
Cash payments to suppliers and employees (138 514) 514)
---------------------------------------------- ------------- ----------- --------
Net movement in working capital (19 657) (19 657)
------------- ----------- --------
(139
(Increase)/decrease in operating assets (139 163) 163)
(Increase)/decrease in operating liabilities 119 506 119 506
------------- ----------- --------
Dividends received 2 091 2 091
Direct taxation paid (8 482) (8 482)
---------------------------------------------- ------------- ----------- --------
Net cash flows used in investing activities (4 674) - (4 674)
Net cash flows used in financing activities (9 350) - (9 350)
Effects of exchange rate changes 4 795 - 4 795
Net increase in cash and cash equivalents 3 664 29 247 32 911
Cash and cash equivalents at the beginning
of the year 87 505 52 353 139 858
============================================== ============= =========== ========
Cash and cash equivalents at the end
of the year 91 169 81 600 172 769
============================================== ============= =========== ========
2021
---------------------------------------
As previously
reported Restatement Restated
COMPANY Rm Rm Rm
============================================= ============= =========== ========
Net cash flows from operating activities 11 883 (11 883) -
----------------------------------------------- ------------- ----------- --------
Cash flow used in operations (indirect
method) 340 (340) -
------------- ----------- --------
Profit before direct taxation 12 505 (12 505) -
Adjusted for non-cash items and other
adjustments included in the income
statement (12 188) 12 188 -
Increase in income-earning assets (7) 7 -
Increase in deposits, trading and
other liabilities 30 (30) -
------------- ----------- --------
Dividends received 11 805 (11 805) -
Interest paid (1 273) 1 273 -
Interest received 1 290 (1 290) -
Taxation paid (279) 279 -
-
------------- ----------- --------
Net cash flows from operating activities - 11 883 11 883
----------------------------------------------- ------------- ----------- --------
Cash flow from operations (direct
method) 334 334
------------- ----------- --------
Interest and commission receipts 1 290 1 290
Interest payments (1 273) (1 273)
Cash payments to suppliers and employees 317 317
----------------------------------------------- ------------- ----------- --------
Net movement in working capital 23 23
------------- ----------- --------
(Increase)/Decrease in operating assets (7) (7)
(Increase)/Decrease in operating liabilities 30 30
------------- ----------- --------
Dividends received 11 805 11 805
Direct taxation paid (279) (279)
----------------------------------------------- ------------- ----------- --------
Net cash flows used in investing activities (8 029) - (8 029)
Net cash flows used in financing activities (3 854) - (3 854)
Net (decrease)/increase in cash and
cash equivalents - - -
Cash and cash equivalents at the beginning
of the year - - -
=============================================== ============= =========== ========
Cash and cash equivalents at the end
of the year - - -
=============================================== ============= =========== ========
2. During the current reporting period, the group performed an
assessment on the presentation of MasterCard and Visa fee-related
expenses and found that these expenses were erroneously included in
operating expenses for the Standard Bank of South Africa Limited
("SBSA") entity within the group. The group incurs scheme
assessment fees on its Visa and MasterCard offerings to its clients
in the Consumer & High Net Worth and Business & Commercial
Clients segments, which are in nature linked to the related fee and
commission income within non-interest revenue. These expenses have
been reclassified to be presented within fee and commission
expenses, resulting in a reallocation of R258 million from
operating expenses to fee and commission expenses in the income
statement of SBSA company, SBSA group and the group. This
restatement is a reallocation between line items and had no impact
on profit for the period, EPS (basic and diluted) or headline
earnings for the entity and groups noted. The impact relating to
the above on the group and company statements of cash flows has
been included in the restatement pertaining to the move to the
direct method in the statement of cash flows above.
2021
------------------------------------
As previously
reported Restatement Restated
GROUP Rm Rm Rm
================================================= ============= =========== ========
Fee and commission expense (7 086) (258) (7 344)
Operating expenses from Standard Bank Activities (65 735) 258 (65 477)
================================================= ============= =========== ========
The impact relating to the above on the group and company
statements of cash flows has been included in the restatement
pertaining to the move to the direct method in the statement of
cash flows above.
For further information, please contact:
Ann Hunter
Standard Bank Group Limited
9th Floor
5 Simmonds Street, Johannesburg PO Box 2001
South Africa
Telephone number: +27 11 415 4194
DISCLAIMER
This Announcement is not intended to, and shall not, constitute
or contain an offer to sell or solicitation of an offer to purchase
the securities referred to herein by any person in any jurisdiction
where it is unlawful to make an offer or solicitation. The
distribution of the Announcement and the offer or sale of the
securities referred to herein in certain jurisdictions is
restricted by law. This Announcement may not be used for or in
connection with, and does not constitute, any offer to, or
solicitation by, anyone in any jurisdiction or under any
circumstance in which such offer or solicitation is not authorised
or is unlawful.
In the United Kingdom, this Announcement is being distributed
only to, and is directed only at, persons who are (i) investment
professionals, as such term is defined in Article 19(5) of the U.K.
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (as amended, the Financial Promotion Order); (ii) persons
falling within Article 49(2)(a) to (d) ("high net worth companies,
unincorporated associations, etc.") of the Financial Promotion
Order; (iii) outside the United Kingdom; or (iv) persons to whom an
invitation or inducement to engage in investment activity (within
the meaning of Section 21 of the Financial Services and Markets Act
2000) in connection with the issue or sale of any Notes may
otherwise lawfully be communicated or caused to be
communicated.
The securities referred to herein have not been and will not be
registered under the US Securities Act of 1933, as amended (the
Securities Act), or with any securities regulatory authority of any
state or other jurisdiction of the United States, and may not be
offered or sold in the United States or to US persons (as such term
is defined in Regulation S under the Securities Act) except
pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the US Securities Act. The issuer
of the securities has not registered, and does not intend to
register, any portion of the offering in the United States, and
does not intend to conduct a public offering of the securities in
the United States.
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END
ACSSSFFDIEDSELL
(END) Dow Jones Newswires
April 05, 2023 09:46 ET (13:46 GMT)
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