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== Appendix == === Relative valuation approach === As noted earlier in this report, research suggests that in terms of estimating the expected return of an investment over a period of 12-months or more, the approach that is more accurate is the discounted cash flow approach, so that's the approach that Stockhub suggests using to determine the estimated value of the company (the valuation based on the discounted cash flow approach can be found in the valuation section of this report); nevertheless, for completeness purposes, separately, the valuation of the company is also estimated using the relative valuation approach. ==== What's the expected return of an investment in Peel Hunt using the relative valuation approach? ==== Stockhub estimates that the expected return of an investment in Peel Hunt over the next five years is 38x, which equates to an annual return of 108%. In other words, an £100,000 investment in the company is expected to return £3,933,322 in five years time. The assumptions used to estimate the return figure can be found in the table below. ==== What are the assumptions used to estimate the return figure? ==== {| class="wikitable" |+Key inputs !Description !Value !Commentary |- |Which type of multiple do you want to use? |Growth-adjusted EV/sales |For the numerator, the Stockhub users believe that to account for the different financial leverage levels of its peers, it's best to use enterprise value (EV), rather than price. For the denominator, the Stockhub users believe that because it expects Peel Hunt to reinvest almost all of its revenue back into the business over the five year forecast period and therefore its earnings are expected to be abnormally low over the period, it's best to use sales. Accordingly, the Stockhub users suggest valuing its company using the EV/sales ratio. However, the Stockhub users think that to take into account the different business lifecycle stages of its peers, the most suitable valuation multiple to use is the growth-adjusted EV/sales multiple, rather than the EV/sales multiple. |- |In regards to the growth-adjusted EV/sales multiple, for the sales figure, which year to you want to use? |Year 5 |Stockhub suggests that to account for general market cyclicity, it's best to estimate the expected return of the company between now and five years time. |- |In regards to the growth-adjusted EV/sales multiple, for the sales growth figure, which year(s) do you want to use? |Year 6, from now |Stockhub suggests that for the sales growth figure, it's best to use Year 6. |- |In regards to the growth-adjusted EV/sales multiple, what multiple figure do you want to use? |0.18x |In Stockhub's view, Peel Hunt closest peer(s) is Sova Assessment Limited. |- |Which financial forecasts to use? |Stockhub users |The only available forecasts are the ones that are supplied by the Stockhub users (the forecasts can be found in the financials section of this report), so Stockhub suggests using those. |- |What's the current value of the company? |£127.11 million |The current valuation of Peel Hunt as of 27th December 2023 is £127.11 million. |- |Which time period do you want to use to estimate the expected return? |Between now and five years time |Stockhub suggests that to account for general market cyclicity, it's best to estimate the expected return of the company between now and five years time. |- |Which valuation recommendation method do you want to use? |Relative |There's two main types of valuation recommendation methods, relative and absolute. The relative method determines the investment recommendation relative to other investments (e.g. the investment is "suitable" if it's within say the top 10% of the investment universe in terms of investment returns), whereas the absolute method determines the recommendation based on a fixed return amount (e.g. the investment is "suitable" if it returns 50% or more). Assuming sufficient data, the Stockhub users suggest using the relative method. |- |Which top proportion of the investment universe constitutes a "suitable" rating? |10% |The proportion depends on the user's preference. That said, typically, the higher the proportion, the higher the risk associated with the investment. |- |Which universe of investments do you want to use? |All investments |If the main objective of the user is to maximise investment returns, then the Stockhub users suggest using 'all investments' as the investment universe. |} ==== Sensitivity analysis ==== The main inputs that result in the greatest change in the expected return of the Peel Hunt investment are, in order of importance (from highest to lowest): #The growth-adjusted EV/sales multiple (the default multiple 0.18); #Peel Hunt Year 5 sales figure (the default figure is £48.74 million); and #Peel Hunt Year 6 sales growth rate (the default rate is 98.5%). The impact of a 50% change in those main inputs to the expected return of the Peel Hunt investment is shown in the table below. {| class="wikitable sortable" |+Peel Hunt investment expected return sensitivity analysis !Main input !50% worse !Unchanged !50% better |- |The growth-adjusted EV/sales multiple |ccc% |ccc% |ccc% |- |Peel Hunt Year 5 sales figure |ccc% |ccc% |ccc% |- |Peel Hunt Year 6 sales growth rate |ccc% |ccc% |ccc% |} === Share capital === Number of shares currently in issue: 122,807,085.<ref name=":0">https://www.peelhunt.com/investors/share-capital/</ref> Shares not in public hands: 51.6%.<ref name=":0" /> {| class="wikitable" |+Significant shareholders (above 3% shareholding)<ref name=":0" /> !Institution !Registered holding of ordinary shares !% of total issued share capital |- |Darren Carter |10,189,585 |8.3% |- |Gresham House Asset Management |8,093,809 |6.6% |- |Steven Fine |5,577,351 |4.5% |- |Peel Hunt Share Trust |5,528,728 |4.5% |- |Unicorn Asset Management Limited |4,368,860 |3.6% |- |Iain Morgan |4,206,689 |3.4% |- |Canaccord Genuity Wealth (International) Limited |4,098,877 |3.3% |- |Schroder Investment Management Limited |3,947,368 |3.2% |} The aggregate number of Ordinary Shares subject to lock-up in each of the second year following Admission: 33,346,520 Ordinary Shares.<ref name=":0" /> The aggregate number of Ordinary Shares subject to lock-up in each of the third year following Admission: 21,932,985 Ordinary Shares.<ref name=":0" /> The aggregate number of Ordinary Shares subject to lock-up in each of the fourth year following Admission: 10,858,688 Ordinary Shares.<ref name=":0" /> Last updated on 10 August 2023. ===Economic links to cash flow patterns === {| class="wikitable" |+Economic links to cash flow patterns |- !Cash flow type!!Introduction!!Growth!!Shake out!!Mature!!Decline |- |Operating|| style="background: red; color: white;" |-|| style="background: green; color: white;" |+ | style="background: orange; color: white;" | +/-|| style="background: green; color: white;" |+|| style="background: red; color: white;" |- |- |Investing|| style="background: red; color: white;" |-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |- | style="background: green; color: white;" | + |- |Financing|| style="background: green; color: white;" |+|| style="background: green; color: white;" |+|| style="background: orange; color: white;" |+/-|| style="background: red; color: white;" |-|| style="background: orange; color: white;" |+/- |} === Beta risk profile === {| class="wikitable" |+ !Beta value !Risk rating |- |style="background: green; color: white;" |0 to 0.50 |style="background: green; color: white;" | Low |- |style="background: orange; color: white;" | 0.50 to 1.50 |style="background: orange; color: white;" | Medium |- |style="background: red; color: white;" | 1.50 to 3.00 |style="background: red; color: white;" | High |- |style="background: purple; color: white;" | 3.00 and above |style="background: purple; color: white;" | Extremely high |} === Peel Hunt adjusted beta calculation === {| class="wikitable" |+ !Date !iShares MSCI World ETF unit price (USD) !Peel Hunt share price (GBP) !iShares MSCI World ETF unit price change (%) !Peel Hunt share price change (%) |- |01/11/2018 |86.21 |N/A | | |- |01/12/2018 |78.87 |N/A | -8.51% |N/A |- |01/01/2019 |84.96 |N/A |7.72% |N/A |- |01/02/2019 |87.49 |N/A |2.98% |N/A |- |01/03/2019 |88.79 |N/A | 1.49% |N/A |- |01/04/2019 |92.09 |N/A |3.72% |N/A |- |01/05/2019 |86.76 |N/A | -5.79% |N/A |- |01/06/2019 |91.02 |N/A |4.91% |N/A |- |01/07/2019 |91.86 |N/A |0.92% |N/A |- |01/08/2019 |89.84 |N/A | -2.20% | N/A |- |01/09/2019 |91.78 |N/A |2.16% |N/A |- |01/10/2019 |94.12 |N/A |2.55% |N/A |- |01/11/2019 |96.76 |N/A |2.80% |N/A |- |01/12/2019 |98.78 |N/A |2.09% |N/A |- |01/01/2020 |97.73 |N/A | -1.06% |N/A |- |01/02/2020 |89.67 |N/A | -8.25% |N/A |- |01/03/2020 |77.93 |N/A | -13.09% |N/A |- |01/04/2020 |86.36 |N/A |10.82% |N/A |- |01/05/2020 |90.70 |N/A |5.03% |N/A |- |01/06/2020 |92.14 |N/A |1.59% |N/A |- |01/07/2020 |96.65 |N/A |4.89% |N/A |- |01/08/2020 |102.96 |N/A |6.53% |N/A |- |01/09/2020 |99.52 |N/A | -3.34% |N/A |- |01/10/2020 |96.53 |N/A | -3.00% |N/A |- |01/11/2020 |108.94 |N/A |12.86% |N/A |- |01/12/2020 |112.41 |N/A |3.19% |N/A |- |01/01/2021 |111.49 |N/A | -0.82% |N/A |- |01/02/2021 |114.27 |N/A |2.49% |N/A |- |01/03/2021 |118.49 |N/A |3.69% |N/A |- |01/04/2021 |123.61 |N/A |4.32% |N/A |- |01/05/2021 |125.60 |N/A |1.61% |N/A |- |01/06/2021 |126.57 |N/A |0.77% |N/A |- |01/07/2021 |128.83 |N/A |1.79% |N/A |- |01/08/2021 |132.02 |N/A |2.48% |N/A |- |01/09/2021 |126.46 |N/A | -4.21% |N/A |- |01/10/2021 |133.84 |227.00 |5.84% |N/A |- |01/11/2021 |131.10 |210.50 | -2.05% | -7.27% |- |01/12/2021 |135.32 |201.00 |3.22% | -4.51% |- |01/01/2022 |128.32 |175.00 | -5.17% | -12.94% |- |01/02/2022 |124.58 |125.50 | -2.91% | -28.29% |- |01/03/2022 |128.16 |124.00 |2.87% | -1.20% |- |01/04/2022 |117.42 |121.50 | -8.38% | -2.02% |- |01/05/2022 |117.94 |119.00 |0.44% | -2.06% |- |01/06/2022 |106.88 |114.00 | -9.38% | -4.20% |- |01/07/2022 |115.57 |103.50 |8.13% | -9.21% |- |01/08/2022 |110.28 |101.00 | -4.58% | -2.42% |- |01/09/2022 |99.95 |88.00 | -9.37% | -12.87% |- |01/10/2022 |107.42 |85.50 |7.47% | -2.84% |- |01/11/2022 |115.44 |83.00 |7.47% | -2.92% |- |01/12/2022 |109.25 |85.00 | -5.36% |2.41% |- |01/01/2023 |117.01 |107.00 |7.10% |25.88% |- |01/02/2023 |113.98 |106.00 | -2.59% | -0.93% |- |01/03/2023 |117.67 |106.00 |3.24% |0.00% |- |01/04/2023 |119.79 |115.00 |1.80% |8.49% |- |01/05/2023 |118.60 |104.50 | -0.99% | -9.13% |- |01/06/2023 |124.52 |103.00 |4.99% | -1.44% |- |01/07/2023 |128.54 |103.00 |3.23% |0.00% |- |01/08/2023 |125.70 |102.50 | -2.21% | -0.49% |- |01/09/2023 |120.17 |83.00 | -4.40% | -19.02% |- |01/10/2023 |117.11 |80.00 | -2.55% | -3.61% |- |24/10/2023 |122.84 |90.50 |4.89% |13.13% |} {| class="wikitable" |+Peel Hunt beta and adjusted beta value ! !Beta !Adjusted beta !Comment(s) |- |Consistent (monthly) intervals between data points |0.79 |0.86 |Here, when there is no valuation event, we have assumed that the share price is the same as the previous month, and, therefore, there has been no change in the share price. For example, there was no Peel Hunt valuation event in January 2022, so we have assumed that the valuation of Peel Hunt is the same in January 2022 as the previous month of December 2020, and, therefore, the share price change in January is 0%. |} === Cost of equity === {| class="wikitable" |+Cost of equity (%) !Input !Input value !Additional information |- |Risk-free rate (%) |5.061% |Here, the risk free rate is the US 30 year treasury bond, and is calculated as at 26th October 2023.<ref>https://www.marketwatch.com/investing/bond/tmubmusd30y?countrycode=bx</ref> Research suggests that for the risk-free rate, it's best to use one that has the same or similar maturity to the estimated remaining lifespan of the company. Here, we have assumed that the estimated lifespan of the company is 50 years, so we have used the longest maturity, which is 30 years. |- |Beta |0.86 |Here, to estimate the adjusted beta, we used the iShares MSCI World ETF to represent the market portfolio; and in terms of the time period and frequency of observations, we used five years of monthly data (i.e. 60 observations in total), which is supported by a study and is the most common choice. The beta value in a future period has been found to be on average closer to the mean value of 1.0, and because valuation is forward-looking, it is logical to adjust the raw beta so it more accurately predicts a future beta. |- |Equity risk premium (%) |7.13% |Here, the equity risk premium is in relation to the global region, and is calculated as at 1st July 2023.<ref>https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html</ref> Research suggests that for the region of equity risk premium, it's best to use one that is the same or similar to the region of the beta market portfolio. Here, the region of the beta market portfolio is the world/global, so we have used the world/global region for the equity risk premium. |- |Cost of equity (%) |11.193% |Cost of equity = Risk-free rate + Beta x Equity risk premium. |} === Peel Hunt Nominated Advisors Clients === Peel Hunt in the nominated advisor to 28 companies that are listed on the AIM market of the London Stock Exchange (LSE) as at 26th December 2023.<ref name=":4">https://www.londonstockexchange.com/adviser</ref> {| class="wikitable sortable" |+ !Code !Name !Sector !Location !Market cap !Admission date |- |32ID |Renold Plc 6% Cum Prf Stk Gbp1 |Industrial Engineering |North West |621,116 |28/06/2002 |- |ABDP |AB Dynamics Plc Ord 1P |Industrial Engineering |South West |415,112,007 |22/05/2013 |- |AET |Afentra Plc Ord 10P |Oil, Gas and Coal |International |76,468,598 |23/12/2009 |- |AFC |AFC Energy Plc Ord 0.1P |Alternative Energy |South East |144,326,910 |24/04/2007 |- |BOKU |Boku, Inc. Cmn Shs Usd0.0001 (Di) Reg S Cat 3/144A |Industrial Support Services |International |409,724,748 |20/11/2017 |- |BRK |Brooks Macdonald Group Plc Ord 1P |Investment Banking and Brokerage Services |London |299,219,466 |21/03/2006 |- |CAML |Central Asia Metals Plc Ord Usd0.01 |Industrial Metals and Mining |International |330,339,373 |30/09/2010 |- |CFX |Colefax Group Plc Ord 10P |Household Goods and Home Construction |London |44,814,823 |24/03/2005 |- |CRW |Craneware Plc Ord 1P |Health Care Providers |Scotland |630,995,108 |13/09/2007 |- |CVSG |CVS Group Plc Ord 0.2P |Consumer Services |East Anglia |1,217,571,007 |18/03/2008 |- |FDEV |Frontier Developments Plc Ord 0.5P |Leisure Goods |South West |53,296,022 |15/07/2013 |- |GDR |Genedrive Plc Ord 1.5P |Pharmaceuticals and Biotechnology |North West |10,394,120 |04/04/2007 |- |GMR |Gaming Realms Plc Ord 10P |Travel and Leisure |East Anglia |102,343,242 |01/08/2013 |- |HZM |Horizonte Minerals Plc Ord 20P |Industrial Metals and Mining |International |21,177,644 |31/05/2022 |- |IDOX |Idox Plc Ord 1P |Software and Computer Services |Scotland |310,206,020 |19/12/2000 |- |IPX |Impax Asset Management Group Plc Ord 1P |Investment Banking and Brokerage Services |London |741,214,737 |22/03/2006 |- |IQE |IQE Plc Ord 1P |Technology Hardware and Equipment |Wales |230,763,498 |30/09/2003 |- |MANO |Manolete Partners Plc Ord 0.4P |Investment Banking and Brokerage Services |London |72,206,153 |14/12/2018 |- |MPE |M. P. Evans Group Plc Ord 10P |Food Producers |International |399,678,608 |18/06/2007 |- |NWF |NWF Group Plc Ord 25P |Industrial Support Services |North West |111,238,607 |02/06/2000 |- |PAF |Pan African Resources Plc Ord 1P |Precious Metals and Mining |London |319,672,865 |14/09/2004 |- |RNO |Renold Plc Ord 5P |Industrial Engineering |North West |80,248,715 |19/12/2006 |- |SPEC |Inspecs Group Plc Ord 1P |Personal Goods |International |85,404,081 |27/02/2020 |- |SQZ |Serica Energy Plc Ord Usd0.10 |Oil, Gas and Coal |London |879,663,358 |05/09/2006 |- |STX |Shield Therapeutics Plc Ord 1.5P |Pharmaceuticals and Biotechnology |Yorkshire & North East |50,442,636 |26/02/2016 |- |VANL |Van Elle Holdings Plc Ord 2P |Construction and Materials |Midlands |40,027,850 |26/10/2016 |- |VLX |Volex Plc Ord 25P |Electronic and Electrical Equipment |South West |591,376,248 |19/03/2001 |- |WJG |Watkin Jones Plc Ord 1P |Household Goods and Home Construction |Wales |146,940,838 |23/03/2016 |} Peel Hunt is ranked 12th in terms of the number of AIM-listed companies to which it is a nominated advisor as at 26th December 2023.<ref name=":4" /> {| class="wikitable sortable" |+ !Nominated advisor !Number of clients !Ranking based on clients number |- |Peel Hunt LLP |28 |12 |- |Numis Securities Limited |24 |15 |- |Cairn Financial Advisers LLP |21 |16 |- |SPARK Advisory Partners Limited |27 |13 |- |Cavendish Capital Markets Limited |105 |1 |- |Beaumont Cornish Limited |35 |9 |- |S P Angel Corporate Finance LLP |40 |7 |- |Singer Capital Markets Advisory LLP |52 |4 |- |Zeus Capital Limited |21 |16 |- |W H Ireland Limited |52 |4 |- |Cavendish Securities Plc |18 |18 |- |Allenby Capital Limited |55 |3 |- |Investec Bank Plc |27 |13 |- |Joh. Berenberg, Gossler & Co. KG |2 |24 |- |Strand Hanson Limited |59 |2 |- |Panmure Gordon (UK) Limited |29 |11 |- |Liberum Capital Limited |42 |6 |- |Stifel Nicolaus Europe Limited |17 |19 |- |Shore Capital & Corporate Limited |35 |9 |- |Grant Thornton UK LLP |11 |20 |- |Houlihan Lokey UK Limited |5 |22 |- |Canaccord Genuity Limited |40 |7 |- |Davy Corporate Finance |9 |21 |- |J.P. Morgan Securities plc |3 |23 |} {| class="wikitable sortable" |+ !Sector !Number of clients !Ranking based on number of clients |- |Industrial Engineering |3 |1 |- |Oil, Gas and Coal |2 |3 |- |Alternative Energy |1 |8 |- |Industrial Support Services |2 |3 |- |Investment Banking and Brokerage Services |3 |1 |- |Industrial Metals and Mining |2 |3 |- |Household Goods and Home Construction |2 |3 |- |Health Care Providers |1 |8 |- |Consumer Services |1 |8 |- |Leisure Goods |1 |8 |- |Pharmaceuticals and Biotechnology |2 |3 |- |Travel and Leisure |1 |8 |- |Software and Computer Services |1 |8 |- |Technology Hardware and Equipment |1 |8 |- |Food Producers |1 |8 |- |Precious Metals and Mining |1 |8 |- |Personal Goods |1 |8 |- |Construction and Materials |1 |8 |- |Electronic and Electrical Equipment |1 |8 |} === Peel Hunt peer(s) === {| class="wikitable" |+ ! !Peel Hunt LLP !Numis Corporation plc !Panmure Gordon !Shore Capital !Goldman Sachs !Investec !Jefferies Financial Group, Inc. !Stifel Financial Corp. !Canaccord Genuity Group !HSBC Holdings plc !Barclays Investment Bank !JP Morgan Cazenove !Average (median) |- ! colspan="14" |Relative valuation data |- |Local currency |GBP |GBP |GBP |GBP |USD |USD |USD |USD |CAD |GBP |GBP |USD |N/A |- |Current market capitalisation (local currency, million) |144.91 |410.00 | |47.50 |125,360 |5,000 |8,411 |7,029 |777.19 |121,240 |23,648 |498,005 |N/A |- |Year ago sales | | | | | | | | | | | | |N/A |- |Current sales | | | | | | | | | | | | |N/A |- |Sales growth rate (%) | | | | | | | | | | | | |N/A |- |Current cash | | | | | | | | | | | | |N/A |- |Current debt | | | | | | | | | | | | |N/A |- ! colspan="14" |Relative valuation metrics |- |Enterprise value/sales | | | | | | | | | | | | | |- |Growth-adjusted enterprise value/sales ratio | | | | | | | | | | | | | |- ! colspan="14" |Absolute valuation data |- |Lifecycle growth stage |Stage 2 (of 4) |Stage 3 (of 4) |Stage 4 (of 4) |N/A |Stage 2 (of 4) |Stage 3 (of 4) |Stage 3 (of 4) | | |Stage 3 (of 4) |Stage 2 (of 4) | | |- |Cost of goods sold as a proportion of revenue (%) | | | | | | | | | | | | | |- |Operating expenses as a proportion of revenue (%) | | | | | | | | | | | | | |- |Tax rate (%) | | | | | | | | | | | | | |- |Depreciation and amortisation rate (%) | | | | | | | | | | | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | | | | | | | | | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | | | | | | | | | | |- |Net borrowing as a proportion of revenue (%) | | | | | | | | | | | | | |- |Interest expense as a proportion of revenue (%) | | | | | | | | | | | | | |} {| class="wikitable" |+Key metrics for different stages of the business lifecycle ! !Stage 1 !Stage 2 !Stage 3 !Stage 4 |- |Cost of goods sold as a proportion of revenue (%) |N/A | | | |- |Operating expenses as a proportion of revenue (%) |N/A | | | |- |Tax rate (%) |N/A | | | |- |Depreciation and amortisation rate (%) |N/A | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) |N/A | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) |N/A | | | |- |Net borrowing as a proportion of revenue (%) |N/A | | | |- |Interest expense as a proportion of revenue (%) |N/A | | | |} {| class="wikitable" |+Stage 2 ! !Peel Hunt !Goldman Sachs !Barclays Bank Plc !Median |- |Cost of goods sold as a proportion of revenue (%) | | | | |- |Operating expenses as a proportion of revenue (%) | | | | |- |Tax rate (%) | | | | |- |Depreciation and amortisation rate (%) | | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | |- |Net borrowing as a proportion of revenue (%) | | | | |- |Interest expense as a proportion of revenue (%) | | | | |} {| class="wikitable" |+Stage 3 ! !Numis Corporation !Investec !Jefferies Financial Group, Inc. !HSBC Holdings Plc !Median |- |Cost of goods sold as a proportion of revenue (%) | | | | | |- |Operating expenses as a proportion of revenue (%) | | | | | |- |Tax rate (%) | | | | | |- |Depreciation and amortisation rate (%) | | | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | | |- |Net borrowing as a proportion of revenue (%) | | | | | |- |Interest expense as a proportion of revenue (%) | | | | | |} {| class="wikitable" |+Stage 4 ! !Blackberry !Panmure Gordon ! !Median |- |Cost of goods sold as a proportion of revenue (%) |36.13% | | |36.13% |- |Operating expenses as a proportion of revenue (%) |174.39% | | |174.39% |- |Tax rate (%) |(1.94)% | | |(1.94)% |- |Depreciation and amortisation rate (%) |47.29% | | |47.29% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) |6.25% | | |6.25% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) |2.13% | | |2.13% |- |Net borrowing as a proportion of revenue (%) |0% | | |0% |- |Interest expense as a proportion of revenue (%) |0% | | |0% |} {| class="wikitable" |+Numis Corporation plc ! !30/09/2018 !30/09/2019 !30/09/2020 !30/09/2021 !30/09/2022 |- ! !Historic !Historic !Historic !Historic !Historic |- ! colspan="6" |Profit and loss |- |Revenue (£'million) | | | |215,582 |144,229 |- |Other operating income/(loss) | | | |8,715 |(1,432) |- |Total income | | | |224,297 |142,797 |- |Administrative expenses | | | |(147,859) |(123,716) |- |Operating profit/(loss) | | | |76,438 |19,081 |- |Finance income | | | |1 |3,906 |- |Finance costs | | | |(2,289) |(2,131) |- |Profit Before Tax | | | |74,150 |20,856 |- |Taxation | | | |(16,303) |(7,153) |- |Profit for the period | | | |57,847 |13,703 |- ! colspan="6" |Balance sheet |- | colspan="6" |'''Assets''' |- | colspan="6" |'''Non-current assets''' |- |Property, plant and equipment | | | |10,044 |9,458 |- |Intangible assets | | | |558 |275 |- |Right-of-use assets | | | |38,033 |35,400 |- |Deferred tax assets | | | |4,006 |1,354 |- | | | | |52,641 |46,487 |- | colspan="6" |'''Current assets''' |- |Trade and other receivables | | | |467,799 |403,416 |- |Trading investments | | | |58,972 |36,071 |- |Stock borrowing collateral | | | |18,623 |20,354 |- |Current income tax recievable | | | |3,171 |10,792 |- |Derivative financial instruments | | | |629 |22 |- |Cash and cash equivalents | | | |134,125 |105,653 |- |Total current assets | | | |683,319 |576,309 |- | colspan="6" |'''Liabilities''' |- | colspan="6" |'''Non-current liabilities''' |- |Lease liabilities | | | |(39,580) |(40,910) |- | colspan="6" |'''Current liabilities''' |- |Trade and other payables | | | |(481,946) |(385,720) |- |Trading investments | | | |(27,217) |(10,340) |- |Lease liabilities | | | |(491) |(605) |- |Total current liabilities | | | |(509,654) |(396,665) |- |Net assets | | | |186,726 |185,221 |- |Equity | | | | | |- |Share capital | | | |6,252 |5,718 |- |Capital redemption reserve | | | |0 |534 |- |Other reserves | | | |9,037 |10,641 |- |Retained earnings | | | |171,437 |168,328 |- |Total equity | | | |186,726 |185,221 |- ! colspan="6" |Cash flow statement |- |Operating activities | | | | | |- |Cash flows generated from operating activities | | | |77,115 |7,902 |- |Taxation paid | | | |(17,599) |(7,164) |- |Interest received in relation to operating activities | | | |1 |436 |- |Interest paid in relation to operating activities | | | |(1,187) |0 |- |'''Net cash from/(used in) operating activities''' | | | |58,330 |1,174 |- | colspan="6" |'''Investing activities''' |- |Decrease in term deposits | | | |0 |0 |- |Purchase of property, plant and equipment | | | |(8,881) |(1,114) |- |Purchase of intangible assets | | | |(310) |(19) |- |Proceeds on disposal of subsidiary | | | |0 |0 |- |Proceeds/(purchase) on disposal of investments | | | |0 |0 |- |'''Net cash from/(used in) investing activities''' | | | |(9,191) |(1,133) |- | colspan="6" |'''Financing activities''' |- |Purchase of own shares - Treasury | | | |(1,555) |(8,183) |- |Purchase of own shares - Employee Benefit Trust | | | |(22,663) |(3,385) |- |Cash paid in respect of lease arrangements - principal | | | |(1,811) |(555) |- |Interest paid | | | |(1,102) |(537) |- |Dividends paid | | | |(12,726) |(15,580) |- |'''Net cash from/(used in) financing activities''' | | | |(39,857) |(28,240) |- ! colspan="6" |Operating costs |- |Depreciation of owned plant and equipment and right-of-use assets | | | | | |- |Amortisation of other intangible assets | | | | | |- |Impairment of intangible assets | | | | | |- |Marketing costs | | | | | |- |Operating lease rentals payable – property | | | | | |- |Office running costs – excluding operating lease rents payable | | | | | |- |FSCS costs | | | | | |- |Dealing and financial services costs | | | | | |- |Data and technology costs | | | | | |- |Legal and professional costs | | | | | |- |Other operating costs | | | | | |- |Staff (including contractors) costs | | | | | |- |Total | | | | | |- ! colspan="6" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | |N/A |N/A |- |Operating expenses as a proportion of revenue (%) | | | |65.92% |86.64% |- |Tax rate (%) | | | |21.99% |34.30% |- |Depreciation and amortisation rate (%) | | | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | | |- |Net borrowing as a proportion of revenue (%) | | | | | |- |Interest expense as a proportion of revenue (%) | | | | | |} {| class="wikitable" |+Panmure Gordon Group Limited ! !31/12/2018 !31/12/2019 !31/12/2020 !31/12/2021 !31/12/2022 !30/09/2023 !30/09/2024 |- ! !Historic !Historic !Historic !Historic !Historic !Forecast !Forecast |- ! colspan="8" |Profit and loss |- |Revenue (£'000) | | | |48,286 |27,637 | | |- |Cost of sales | | | |(1,882) |(1,704) | | |- |Gross profit | | | |46,404 |25,933 | | |- |Operating expenses | | | |(42,516) |(41,648) | | |- |Total operating (loss)/profit | | | |3,888 |(15,715) | | |- |Net interest expense | | | |(119) |(870) | | |- |Profit before tax | | | |3,769 |(16,585) | | |- |Tax expense | | | |56 |(127) | | |- |(Loss)/profit on ordinarily activities before taxation | | | |3,825 |(16,712) | | |- |Discontinued operations | | | |(720) |364 | | |- |(Loss)/profit after taxation | | | |3,105 |(16,348) | | |- |Attributable to: equity holder of parent | | | |3,105 |(16,348) | | |- |Other comprehensive income net of income tax: | | | | | | | |- |Debt instruments at fair value through other comprehensive income | | | |2 |22 | | |- |Total comprehensive (loss)/profit for the year | | | |3,107 |(16,326) | | |- ! colspan="8" |Balance sheet |- | colspan="8" |'''Assets''' |- | colspan="8" |'''Non-current assets''' |- |Intangible assets | | | |973 |759 | | |- |Goodwill | | | |792 |792 | | |- |Property, plant and equipment | | | |451 |1,327 | | |- |Deferred tax asset | | | |174 |63 | | |- |Trade and other receivables | | | |413 |0 | | |- | | | | |2,803 |2,941 | | |- | colspan="8" |'''Current assets''' |- |Securities held for trading | | | |9,135 |6,405 | | |- |Financial investments | | | |3,793 |2,770 | | |- |Trade and other receivables | | | |84,202 |36,200 | | |- |Cash and cash equivalents | | | |8,613 |4,826 | | |- | | | | |105,743 |50,201 | | |- |Total assets | | | |108,546 |53,142 | | |- | colspan="8" |'''Liabilities''' |- | colspan="8" |'''Current liabilities''' |- |Securities held for trading | | | |(4,098) |(3,688) | | |- |Trade and other payables | | | |(77,470) |(19,790) | | |- |Overdrafts | | | |0 |(15,535) | | |- | | | | |(81,568) |(39,013) | | |- | colspan="8" |'''Non-current liabilities''' |- |Deferred tax liability | | | |(161) |(130) | | |- |Trade and other payables | | | |0 |(459) | | |- |Provisions | | | |(274) |0 | | |- | | | | |(435) |(589) | | |- |Total liabilities | | | |(82,003) |(39,602) | | |- |Net assets | | | |26,543 |13,540 | | |- | colspan="8" |'''Equity''' |- |Called up share capital | | | |420 |478 | | |- |Share premium | | | |78,524 |81,936 | | |- |Retained earnings | | | |(52,401) |(68,874) | | |- |Total equity | | | |26,543 |13,540 | | |- ! colspan="6" |Cash flow statement ! ! |- | colspan="8" |'''Cash flows from operating activities''' |- |Profit for the financial year | | | |3,769 |(16,585) | | |- |Finance income | | | |0 |(32) | | |- |Finance costs | | | |0 |902 | | |- |Foreign exchange on capitalised shareholders loan | | | |0 |313 | | |- |Depreciation | | | |870 |965 | | |- |Amortisation | | | |691 |225 | | |- |Change in operating assets | | | |(56,281) |50,800 | | |- |Change in operating liabilities | | | |44,840 |(57,871) | | |- |Change in other non-cash items | | | |384 |28 | | |- |Discontinued operations | | | |(720) |0 | | |- |Utilisation of provision | | | |(533) |(97) | | |- |Tax paid | | | |(52) |(181) | | |- |Net cash from/(used in) operating activities | | | |(7,032) |(21,533) | | |- | colspan="8" |'''Cash flows from investing activities''' |- |Acquisition of intangible assets and property, plant and equipment | | | |(116) |(616) | | |- |Interest received | | | |0 |32 | | |- |Sale of financial investments | | | |485 |1,367 | | |- |Net cash from/(used in) investing activities | | | |369 |783 | | |- | colspan="8" |'''Cash flows from financing activities''' |- |Funds raised from shareholders | | | |100 |2,950 | | |- |Overdrafts | | | |0 |15,535 | | |- |Interest paid | | | |0 |(672) | | |- |Interest paid on lease liabilities | | | | - |(23) | | |- |Lease repayments | | | |(815) |(827) | | |- |Net cash from/(used in) financing activities | | | |(715) |16,963 | | |- |Net decrease in cash and cash equivalents | | | |(7,378) |(3,787) | | |- |Cash and cash equivalents at the beginning of the year | | | |15,991 |8,613 | | |- |Cash and cash equivalents at the end of the year | | | |8,613 |4,826 | | |- ! colspan="8" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | | | | | |- |Operating expenses as a proportion of revenue (%) | | | | | | | |- |Tax rate (%) | | | | | | | |- |Depreciation and amortisation rate (%) | | | | | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | | | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | | | | |- |Net borrowing as a proportion of revenue (%) | | | | | | | |- |Interest expense as a proportion of revenue (%) | | | | | | | |} {| class="wikitable" |+Share Capital Group plc !Year !1 !2 !3 !4 !5 !6<ref name=":2">https://find-and-update.company-information.service.gov.uk/company/02089582/filing-history/MzM4Mzg5MDEwNmFkaXF6a2N4/document?format=pdf&download=0</ref> !7<ref name=":2" /> |- !Year end date !31/12/2016 !31/12/2017 !31/12/2018 !31/12/2019 !31/12/2020 !31/12/2021 !31/12/2022 |- ! !Historic !Historic !Historic !Historic !Historic !Historic !Historic |- ! colspan="8" |Profit and loss |- |Revenue | | | | | |2,174 |1,721 |- |Administrative expenses | | | | | |(7,971) |(2,495) |- |Profit from operations | | | | | |(5,797) |(774) |- |Dividend income | | | | | |2,800 |0 |- |Profit before tax | | | | | |(2,997) |(774) |- |Tax credit | | | | | |435 |138 |- |Profit for the year | | | | | |(2,562) |(636) |- ! colspan="8" |Balance sheet |- | colspan="8" |'''Assets''' |- | colspan="8" |'''Non-current assets''' |- |Tangible assets | | | | | |804 |672 |- |Investments in subsidiaries | | | | | |35,784 |35,784 |- | | | | | | |36,588 |36,456 |- | colspan="8" |'''Current assets''' |- |Debtors: amounts due within one year | | | | | |5,946 |5,903 |- |Cash at bank and in hand | | | | | |1,443 |462 |- | | | | | | |7,389 |6,365 |- |Total assets | | | | | | | |- | colspan="8" |Liabilities |- | colspan="8" |'''Non-current liabilities''' |- |Creditors: amounts falling due after more than one year | | | | | |(59) |(59) |- | | | | | | | | |- | colspan="8" |'''Current liabilities''' |- |Creditors: amounts falling due within one year | | | | | |(43,062) |(42,542) |- | | | | | | | | |- |Total liabilities | | | | | | | |- |Net assets | | | | | |856 |220 |- | colspan="8" |'''Issued capital and reserves attributable to owners of the parent''' |- |Called up share capital | | | | | |460 |460 |- |Share premium account | | | | | |20,090 |20,090 |- |Revaluation reserve | | | | | |5,596 |5,596 |- |Retained earnings | | | | | |(25,290) |(25,926) |- |Total equity | | | | | |856 |220 |- ! colspan="8" |Cash flow statement |- | colspan="8" |'''Cash flows from operating activities''' |- |Profit for the year | | | | | | | |- | colspan="8" |'''Adjustments for:''' |- |Depreciation of property, plant and equipment | | | | | | | |- |Amortisation of intangible fixed assets | | | | | | | |- |Interest and other finance income | | | | | | | |- |Interest and other finance expenses | | | | | | | |- |Loss/(gain) on sale of property, plant and equipment | | | | | | | |- |Foreign exchange gain/(loss) of revaluation of assets | | | | | | | |- |Foreign exchange (loss)/gain on consolidation | | | | | | | |- |Interest paid | | | | | | | |- |Interest received | | | | | | | |- |Income tax expense | | | | | | | |- | | | | | | | | |- | colspan="8" |'''Movements in working capital:''' |- |Decrease/(increase) in trade and other receivables | | | | | | | |- |Increase in current asset investments | | | | | | | |- |Increase in trade and other payables | | | | | | | |- |Cash generated from operations | | | | | | | |- |Income tax paid | | | | | | | |- |Net cash from/(used in) operating activities | | | | | | | |- | colspan="8" |'''Cash flows from investing activities''' |- |Purchases of property, plant and equipment | | | | | | | |- |Purchases of intangible assets | | | | | | | |- |Proceeds from disposal of property, plant and equipment | | | | | | | |- |Net cash from/(used in) investing activities | | | | | | | |- | colspan="8" |'''Cash flows from financing activities''' |- |Finance lease payments | | | | | | | |- |New finance leases | | | | | | | |- |Loan repayments | | | | | | | |- |Loans received | | | | | | | |- |Net cash from/(used in) financing activities | | | | | | | |- ! colspan="8" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | | | | | |- |Operating expenses as a proportion of revenue (%) | | | | | | | |- |Tax rate (%) | | | | | | | |- |Depreciation and amortisation rate (%) | | | | | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | | | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | | | | |- |Net borrowing as a proportion of revenue (%) | | | | | | | |- |Interest expense as a proportion of revenue (%) | | | | | | | |} {| class="wikitable" |+Goldman Sachs ! !31/12/2018 !31/12/2019 !31/12/2020 !31/12/2021 !31/12/2022 |- ! !Historic !Historic !Historic !Historic !Historic |- ! colspan="6" |Profit and loss |- |In millions, except per share amounts | | | | | |- |Revenues | | | | | |- |Investment banking | | |9,100 |14,136 |7,360 |- |Investment management | | |6,986 |8,171 |9,005 |- |Commissions and fees | | |3,539 |3,590 |4,034 |- |Market making | | |15,428 |15,357 |18,634 |- |Other principal transactions | | |4,756 |11,615 |654 |- |Total non-interest revenues | | |39,809 |52,869 |39,687 |- | | | | | | |- |Interest income | | |13,689 |12,120 |29,024 |- |Interest expense | | |8,938 |5,650 |21,346 |- |Net interest income | | |4,751 |6,470 |7,678 |- |Total net revenues | | |44,560 |59,339 |47,365 |- |Provision for credit losses | | |3,098 |357 |2,715 |- |Operating expenses | | | | | |- |Compensation and benefits | | |13,309 |17,719 |15,148 |- |Transaction based | | |4,141 |4,710 |5,312 |- |Market development | | |401 |553 |812 |- |Communications and technology | | |1,347 |1,573 |1,808 |- |Depreciation and amortization | | |1,902 |2,015 |2,455 |- |Occupancy | | |960 |981 |1,026 |- |Professional fees | | |1,306 |1,648 |1,887 |- |Other expenses | | |5,617 |2,739 |2,716 |- |Total operating expenses | | |28,983 |31,938 |31,164 |- | | | | | | |- |Pre-tax earnings | | |12,479 |27,044 |13,486 |- |Provision for taxes | | |3,020 |5,409 |2,225 |- |Net earnings | | |9,459 |21,635 |11,261 |- |Preferred stock dividends | | |544 |484 |497 |- |Net earnings applicable to common shareholders | | |8,915 |21,151 |10,764 |- ! colspan="6" |Balance sheet |- |$ in millions | | | | | |- |Assets | | | | | |- |Cash and cash equivalents | | | |261,036 |241,825 |- |Collateralized agreements: | | | | | |- |Securities purchased under agreements to resell (at fair value) | | | |205,703 |225,117 |- |Securities borrowed (includes $38,578 and $39,955 at fair value) | | | |178,771 |189,041 |- |Customer and other receivables (includes $25 and $42 at fair value) | | | |160,673 |135,448 |- |Trading assets (at fair value and includes $40,143 and $68,208 pledged as collateral) | | | |375,916 |301,245 |- |Investments (includes $78,201 and $83,427 at fair value, and $9,818 and $12,840 pledged as collateral) | | | |88,719 |130,629 |- |Loans (net of allowance of $5,543 and $3,573, and includes $7,655 and $10,769 at fair value) | | | |158,562 |179,286 |- |Other assets (includes $145 and $0 at fair value) | | | |34,608 |39,208 |- |Total assets | | | |1,463,988 |1,441,799 |- | | | | | | |- |Liabilities and shareholders’ equity | | | | | |- |Deposits (includes $15,746 and $35,425 at fair value) | | | |364,227 |386,665 |- |Collateralized financings: | | | | | |- |Securities sold under agreements to repurchase (at fair value) | | | |165,883 |110,349 |- |Securities loaned (includes $4,372 and $9,170 at fair value) | | | |46,505 |30,727 |- |Other secured financings (includes $12,756 and $17,074 at fair value) | | | |18,544 |13,946 |- |Customer and other payables | | | |251,931 |262,045 |- |Trading liabilities (at fair value) | | | |181,424 |191,324 |- |Unsecured short-term borrowings (includes $39,731 and $29,832 at fair value) | | | |46,955 |60,961 |- |Unsecured long-term borrowings (includes $73,147 and $52,390 at fair value) | | | |254,092 |247,138 |- |Other liabilities (includes $159 and $359 at fair value) | | | |24,501 |21,455 |- |Total liabilities | | | |1,354,062 |1,324,610 |- |Commitments, contingencies and guarantees | | | | | |- |Shareholders’ equity | | | | | |- |Preferred stock; aggregate liquidation preference of $10,703 and $10,703 | | | |10,703 |10,703 |- |Common stock; 917,815,030 and 906,430,314 shares issued, and 334,918,639 and 333,573,254 shares outstanding | | | |9 |9 |- |Share-based awards | | | |4,211 |5,696 |- |Nonvoting common stock; no shares issued and outstanding | | | |– |– |- |Additional paid-in capital | | | |56,396 |59,050 |- |Retained earnings | | | |131,811 |139,372 |- |Accumulated other comprehensive loss | | | |(2,068) |(3,010) |- |Stock held in treasury, at cost; 582,896,393 and 572,857,062 shares | | | |(91,136) |(94,631) |- |Total shareholders’ equity | | | |109,926 |117,189 |- |Total liabilities and shareholders’ equity | | | |1,463,988 |1,441,799 |- ! colspan="6" |Cash flow statement |- |$ in millions | | | | | |- | colspan="6" |'''Cash flows from operating activities''' |- |Net earnings | | |9,459 |21,635 |11,261 |- |Adjustments to reconcile net earnings to net cash provided by/(used for) operating activities | | | | | |- |Depreciation and amortization | | |1,902 |2,015 |2,455 |- |Deferred income taxes | | |(833) |5 |(2,412) |- |Share-based compensation | | |1,920 |2,348 |4,083 |- |Gain related to extinguishment of unsecured borrowings | | |(1) |– |– |- |Provision for credit losses | | |3,098 |357 |2,715 |- |Changes in operating assets and liabilities: | | | | | |- |Customer and other receivables and payables, net | | |(30,895) |21,971 |35,014 |- |Collateralized transactions (excluding other secured financings), net | | |(13,007) |(70,058) |(100,996) |- |Trading assets | | |(33,405) |15,232 |45,278 |- |Trading liabilities | | |44,892 |26,616 |8,062 |- |Loans held for sale, net | | |1,820 |(5,556) |3,161 |- |Other, net | | |(3,485) |(8,267) |87 |- |'''Net cash provided by/(used for) operating activities''' | | |'''(18,535)''' |'''6,298''' |'''8,708''' |- | colspan="6" |'''Cash flows from investing activities''' |- |Purchase of property, leasehold improvements and equipment | | |(6,309) |(4,667) |(3,748) |- |Proceeds from sales of property, leasehold improvements and equipment | | |2,970 |3,933 |2,706 |- |Net cash used for business acquisitions | | |(231) |– |(2,115) |- |Purchase of investments | | |(48,670) |(39,912) |(60,536) |- |Proceeds from sales and paydowns of investments | | |29,057 |45,701 |12,961 |- |Loans (excluding loans held for sale), net | | |(11,173) |(35,520) |(25,228) |- |'''Net cash used for investing activities''' | | |'''(34,356)''' |'''(30,465)''' |'''(75,960)''' |- | colspan="6" |'''Cash flows from financing activities''' |- |Unsecured short-term borrowings, net | | |7,707 |2,137 |321 |- |Other secured financings (short-term), net | | |2,861 |(1,320) |(2,283) |- |Proceeds from issuance of other secured financings (long-term) | | |8,073 |4,795 |1,800 |- |Repayment of other secured financings (long-term), including the current portion | | |(4,137) |(6,590) |(3,407) |- |Purchase of Trust Preferred securities | | |(11) |– |– |- |Proceeds from issuance of unsecured long-term borrowings | | |47,250 |92,717 |84,522 |- |Repayment of unsecured long-term borrowings, including the current portion | | |(55,040) |(52,608) |(42,806) |- |Derivative contracts with a financing element, net | | |1,037 |1,121 |1,797 |- |Deposits, net | | |67,343 |103,538 |28,074 |- |Preferred stock redemption | | |(350) |(2,675) |– |- |Common stock repurchased | | |(1,928) |(5,200) |(3,500) |- |Settlement of share-based awards in satisfaction of withholding tax requirements | | |(830) |(985) |(1,595) |- |Dividends and dividend equivalents paid on common stock, preferred stock and share-based awards | | |(2,336) |(2,725) |(3,682) |- |Proceeds from issuance of preferred stock, net of issuance costs | | |349 |2,172 |– |- |Other financing, net | | |392 |361 |361 |- |'''Net cash provided by financing activities''' | | |'''70,380''' |'''134,738''' |'''59,602''' |- |Effect of exchange rate changes on cash and cash equivalents | | |4,807 |(5,377) |(11,561) |- |Net increase/(decrease) in cash and cash equivalents | | |22,296 |105,194 |(19,211) |- |Cash and cash equivalents, beginning balance | | |133,546 |155,842 |261,036 |- |Cash and cash equivalents, ending balance | | |155,842 |261,036 |241,825 |- | | | | | | |- |Supplemental disclosures: | | | | | |- |Cash payments for interest, net of capitalized interest | | |9,091 |5,521 |19,022 |- |Cash payments for income taxes, net | | |2,754 |6,195 |4,555 |- ! colspan="6" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | | | |- |Operating expenses as a proportion of revenue (%) | | | | | |- |Tax rate (%) | | | | | |- |Depreciation and amortisation rate (%) | | | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | | | |- |Net borrowing as a proportion of revenue (%) | | | | | |- |Interest expense as a proportion of revenue (%) | | | | | |} {| class="wikitable" |+Blackberry ! !28/02/2019 !28/02/2020 !28/02/2021 !28/02/2022 !28/02/2023 |- ! !Historic !Historic !Historic !Historic !Historic |- ! colspan="6" |Profit and loss |- |Revenue | | |893 |718 |656 |- |Cost of sales | | |250 |251 |237 |- | | | | | | |- |Gross margin | | |643 |467 |419 |- | | | | | | |- |Operating expenses | | | | | |- |Research and development | | |215 |219 |207 |- |Selling, marketing and administration | | |344 |297 |340 |- |Amortization | | |182 |165 |96 |- |Impairment of goodwill | | |594 |0 |245 |- |Impairment of long-lived assets | | |43 |0 |235 |- |Gain on sale of property, plant and equipment, net | | |0 |0 |(6) |- |Debentures fair value adjustment | | |372 |(212) |(138) |- |Litigation settlement | | |0 |0 |165 |- | | | |1,750 |469 |1,144 |- |Operating loss | | |(1,107) |(2) |(725) |- |Investment income (loss), net | | |(6) |21 |5 |- | | | | | | |- |Income (loss) before income taxes | | |(1,113) |19 |(720) |- |Provision for (recovery of) income taxes | | |(9) |7 |14 |- | | | | | | |- |Net income (loss) | | |(1,104) |12 |(734) |- |Earnings (loss) per share | | | | | |- |Basic | | |(1.97) |0.02 |(1.27) |- |Diluted | | |(1.97) |(0.31) |(1.35) |- ! colspan="6" |Balance sheet |- | colspan="6" |'''Assets''' |- | colspan="6" |'''Current''' |- |Cash and cash equivalents | | | |378 |295 |- |Short-term investments | | | |334 |131 |- |Accounts receivable, net of allowance of $1 and $4, respectively | | | |138 |120 |- |Other receivables | | | |25 |12 |- | | | | | | |- |Income taxes receivable | | | |9 |3 |- |Other current assets | | | |159 |182 |- | | | | | | |- | | | | |1,043 |743 |- |Restricted cash and cash equivalents | | | |28 |27 |- |Long-term investments | | | |30 |34 |- |Other long-term assets | | | |9 |8 |- | | | | | | |- |Operating lease right-of-use assets, net | | | |50 |44 |- |Property, plant and equipment, net | | | |41 |25 |- |Goodwill | | | |844 |595 |- |Intangible assets, net | | | |522 |203 |- | | | | | | |- | | | | |2,567 |1,679 |- | colspan="6" |'''Liabilities''' |- | colspan="6" |'''Current''' |- |Accounts payable | | | |22 |24 |- |Accrued liabilities | | | |157 |143 |- |Income taxes payable | | | |11 |20 |- |Debentures | | | |0 |367 |- |Deferred revenue, current | | | |207 |175 |- | | | | |397 |729 |- |Deferred revenue, non-current | | | |37 |40 |- |Operating lease liabilities | | | |66 |52 |- |Other long-term liabilities | | | |4 |1 |- |Long-term debentures | | | |507 |0 |- | | | | | | |- | | | | |1,011 |822 |- |Commitments and contingencies | | | | | |- |Shareholders' equity | | | | | |- |Capital stock and additional paid-in capital | | | | | |- |Preferred shares: authorized unlimited number of non-voting, cumulative, redeemable and retractable | | | |0 |0 |- |Common shares: authorized unlimited number of non-voting, redeemable, retractable Class A common shares and unlimited number of voting common shares | | | | | |- |Issued and outstanding - 582,157,203 voting common shares (February 28, 2022 - 576,227,898) | | | |2,869 |2,909 |- |Deficit | | | |(1,294) |(2,028) |- |Accumulated other comprehensive loss | | | |(19) |(24) |- | | | | |1,556 |857 |- | | | | |2,567 |1,679 |- ! colspan="6" |Cash flow statement |- | colspan="6" |'''Cash flows from operating activities''' |- | | | | | | |- |Net income (loss) | | |(1,104) |12 |(734) |- |Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | |- |Amortization | | |198 |176 |105 |- | | | | | | |- |Stock-based compensation | | |44 |36 |34 |- |Gain on sale of investment | | |0 |(22) |0 |- |Impairment of goodwill | | |594 |0 |245 |- |Impairment of long-lived assets | | |43 |0 |235 |- | | | | | | |- |Gain on sale of property, plant and equipment, net | | |0 |0 |(6) |- |Debentures fair value adjustment | | |372 |(212) |(138) |- | | | | | | |- |Operating leases | | |(4) |(16) |(16) |- |Other | | |(5) |(3) |(5) |- |Net changes in working capital items | | | | | |- |Accounts receivable, net of allowance | | |29 |44 |18 |- |Other receivables | | |(11) |0 |13 |- | | | | | | |- |Income taxes receivable | | |(4) |1 |6 |- |Other assets | | |55 |15 |(1) |- |Accounts payable | | |(11) |2 |2 |- |Accrued liabilities | | |(20) |(16) |(11) |- |Income taxes payable | | |(15) |5 |9 |- |Deferred revenue | | |(79) |(50) |(29) |- |Net cash provided by (used in) operating activities | | |82 |(28) |(263) |- | colspan="6" |'''Cash flows from investing activities''' |- |Acquisition of long-term investments | | |(5) |(1) |(3) |- |Proceeds on sale, maturity or distribution from long-term investments | | |0 |35 |0 |- |Acquisition of property, plant and equipment | | |(8) |(8) |(7) |- |Proceeds on sale of property, plant and equipment | | |0 |0 |17 |- |Acquisition of intangible assets | | |(36) |(31) |(34) |- | | | | | | |- |Acquisition of short-term investments | | |(1,039) |(916) |(514) |- |Acquisition of restricted short-term investments | | |(24) |0 |0 |- |Proceeds on sale or maturity of restricted short-term investments | | |0 |24 |0 |- |Proceeds on sale or maturity of short-term investments | | |1,047 |1,104 |717 |- | | | | | | |- |Net cash provided by (used in) investing activities | | |(65) |207 |176 |- | colspan="6" |'''Cash flows from financing activities''' |- |Issuance of common shares | | |19 |10 |6 |- | | | | | | |- |Payment of finance lease liability | | |(1) |0 |0 |- |Repurchase of 3.75% Debentures | | |(610) |0 |0 |- |Issuance of 1.75% Debentures | | |365 |0 |0 |- | | | | | | |- |Net cash provided by (used in) financing activities | | |(227) |10 |6 |- |Effect of foreign exchange gain (loss) on cash, cash equivalents, restricted cash, and restricted cash equivalents | | |2 |(1) |(3) |- |Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents during the period | | |(208) |188 |(84) |- |Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period | | |426 |218 |406 |- |Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period | | |218 |406 |322 |- ! colspan="6" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | |28.00% |34.96% |36.13% |- |Operating expenses as a proportion of revenue (%) | | |195.97% |65.32% |174.39% |- |Tax rate (%) | | |0.81% |36.84% | -1.94% |- |Depreciation and amortisation rate (%) | | | |31.61% |47.29% |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | |4.93% |5.43% |6.25% |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | |89.97% |2.13% |- |Net borrowing as a proportion of revenue (%) | | | |0% |0% |- |Interest expense as a proportion of revenue (%) | | | |0% |0% |} {| class="wikitable" |+Investec ! !31/03/2021 !31/03/2022 !31/03/'''2023''' |- ! !Historic !Historic !Historic |- ! colspan="4" |Profit and loss |- |Interest income | |1,951,209 |3,397,341 |- |Interest income calculated using the effective interest method | |1,717,776 |2,890,776 |- |Other interest income | |233,433 |506,565 |- |Interest expense | |(1,005,939) |(2,101,584) |- |'''Net interest income''' | |'''945,270''' |'''1,295,757''' |- |Fee and commission income | |864,639 |832,213 |- |Fee and commission expense | |(46,423) |(52,860) |- |Investment (loss)/income | |27,974 |(17,145) |- |Share of post-taxation profit of associates and joint venture holdings | |79,556 |29,149 |- |Trading income/(loss) arising from | | | |- |– customer flow | |128,277 |131,204 |- |– balance sheet management and other trading activities | |(21,128) |57,714 |- |Other operating income | |12,190 |4,386 |- |'''Total operating income before expected credit loss impairment charges''' | |'''1,990,355''' |'''2,280,418''' |- |Expected credit loss impairment charges | |(28,828) |(81,089) |- |'''Operating income''' | |'''1,961,527''' |'''2,199,329''' |- |Operating costs | |(1,233,948) |(1,350,835) |- |'''Operating profit before goodwill, acquired intangibles and strategic actions''' | |'''727,579''' |'''848,494''' |- |Impairment of goodwill | |(1,962) |(890) |- |Amortisation of acquired intangibles | |(15,477) |(15,160) |- |Amortisation of acquired intangibles of associates | |(9,249) |(1,542) |- |Closure and rundown of the Hong Kong direct investments business | |(1,203) |(450) |- |'''Operating profit''' | |'''699,688''' |'''830,452''' |- |Net gain/(implementation costs) on distribution of associate to shareholders | |(2,427) |154,438 |- |Financial impact of Group restructures | |— |(4,968) |- |'''Profit before taxation''' | |'''697,261''' |'''979,922''' |- |Taxation on operating profit before goodwill, acquired intangibles and strategic actions | |(143,309) |(179,704) |- |Taxation on acquired intangibles and strategic actions | |2,422 |17,213 |- |'''Profit after taxation''' | |'''556,374''' |'''817,431''' |- |Profit attributable to non-controlling interests | |(40,170) |(12,566) |- |'''Earnings attributable to shareholders''' | |'''516,204''' |'''804,865''' |- |Earnings attributable to ordinary shareholders | |475,469 |764,446 |- |Earnings attributable to perpetual preferred securities and other Additional Tier 1 security holders | |40,735 |40,419 |- ! colspan="4" |Balance sheet |- |'''Assets''' | | | |- |Cash and balances at central banks |3,517,100 |5,998,270 |6,437,709 |- |Loans and advances to banks |2,637,436 |2,552,061 |1,450,627 |- |Non-sovereign and non-bank cash placements |439,841 |684,983 |644,065 |- |Reverse repurchase agreements and cash collateral on securities borrowed |3,575,713 |4,609,778 |3,632,658 |- |Sovereign debt securities |3,711,623 |4,148,867 |4,751,646 |- |Bank debt securities |1,121,730 |1,515,210 |939,509 |- |Other debt securities |1,364,235 |1,229,287 |1,229,392 |- |Derivative financial instruments |1,683,214 |1,590,513 |1,386,134 |- |Securities arising from trading activities |1,024,671 |683,329 |1,632,391 |- |Investment portfolio |909,050 |912,872 |1,330,907 |- |Loans and advances to customers |26,041,087 |29,561,088 |29,911,158 |- |Own originated loans and advances to customers securitised |401,912 |375,763 |272,879 |- |Other loans and advances |102,135 |128,284 |142,726 |- |Other securitised assets |140,087 |123,888 |103,151 |- |Interests in associated undertakings and joint venture holdings |679,157 |734,434 |53,703 |- |Current taxation assets |60,325 |33,653 |69,322 |- |Deferred taxation assets |246,622 |259,370 |258,126 |- |Other assets |2,237,646 |2,139,354 |1,581,693 |- |Property and equipment |329,972 |335,420 |278,561 |- |Investment properties |832,061 |820,555 |722,481 |- |Goodwill |259,805 |258,404 |262,632 |- |Software |58,968 |9,443 |15,401 |- |Other acquired intangible assets |12,574 |44,152 |41,136 |- |Non-current assets classified as held for sale |51,783 |79,229 |35,761 |- | |'''51,438,747''' |'''58,828,207''' |'''57,183,768''' |- |Other financial instruments at fair value through profit or loss in respect of liabilities to customers |52,405 |59,549 |110,891 |- | |'''51,491,152''' |'''58,887,756''' |'''57,294,659''' |- |'''Liabilities''' | | | |- |Deposits by banks |2,403,712 |3,178,668 |3,617,524 |- |Derivative financial instruments |2,231,166 |2,581,315 |2,424,036 |- |Other trading liabilities |326,189 |275,589 |202,256 |- |Repurchase agreements and cash collateral on securities lent |1,003,312 |863,285 |936,564 |- |Customer accounts (deposits) |34,449,430 |40,118,412 |39,555,669 |- |Debt securities in issue |1,892,319 |2,043,640 |1,802,586 |- |Liabilities arising on securitisation of own originated loans and advances |160,646 |238,370 |163,787 |- |Liabilities arising on securitisation of other assets |108,281 |95,885 |81,609 |- |Current taxation liabilities |78,790 |41,631 |83,183 |- |Deferred taxation liabilities |40,333 |19,624 |26,545 |- |Other liabilities |1,951,122 |2,315,841 |1,873,714 |- | |'''44,645,300''' |'''51,772,260''' |'''50,767,473''' |- | Liabilities to customers under investment contracts |49,798 |56,475 |108,370 |- |Insurance liabilities, including unit-linked liabilities |2,607 |3,074 |2,521 |- | |'''44,697,705''' |'''51,831,809''' |'''50,878,364''' |- |Subordinated liabilities |1,480,951 |1,316,191 |1,084,630 |- | |'''46,178,656''' |'''53,148,000''' |'''51,962,994''' |- |'''Equity''' | | | |- |Ordinary share capital |247 |247 |247 |- |Ordinary share premium |1,517,852 |1,516,024 |1,208,161 |- |Treasury shares |(267,508) |(318,987) |(564,678) |- |Other reserves |(788,222) |(650,228) |(850,742) |- |Retained income |3,772,628 |4,069,776 |4,553,011 |- |'''Ordinary shareholders’ equity''' |'''4,234,997''' |'''4,616,832''' |'''4,345,999''' |- |Perpetual preference share capital and premium |174,053 |174,869 |136,259 |- |'''Shareholders’ equity excluding non-controlling interests''' |'''4,409,050''' |'''4,791,701''' |'''4,482,258''' |- |Other Additional Tier 1 securities in issue |335,111 |411,683 |398,568 |- |Non-controlling interests |568,335 |536,372 |450,839 |- |– Perpetual preferred securities issued by subsidiaries |72,750 |— |— |- |– Non-controlling interests in partially held subsidiaries |495,585 |536,372 |450,839 |- |'''Total equity''' |'''5,312,496''' |'''5,739,756''' |'''5,331,665''' |- |'''Total liabilities and equity''' |'''51,491,152''' |'''58,887,756''' |'''57,294,659''' |- ! colspan="4" |Cash flow statement |- |'''Cash inflow from operating activities''' | | | |- |Profit before taxation adjusted for non-cash, non-operating items and other required | | | |- |adjustments | |816,404 |1,009,019 |- |Taxation paid | |(152,140) |(171,292) |- |Increase in operating assets | |(3,321,970) |(2,710,850) |- |Increase in operating liabilities | |5,729,246 |2,342,880 |- |'''Net cash inflow from operating activities''' | |'''3,071,540''' |'''469,757''' |- | '''Cash flows from investing activities''' | | | |- |Cash flow on acquisition of Group operations, net of cash acquired | |— |(9,720) |- |Cash inflow on disposal of Group operations | |14,274 |12 |- |Derecognition of cash on disposal of subsidiaries | |(4,152) |— |- |Cash outflow on acquisition of associates and joint venture holdings | |(8,780) |— |- |Cash flow on disposal of associates and joint venture holdings | |39,222 |565 |- |Cash flow on acquisition of property, equipment, software and other intangible assets | |(9,323) |(30,337) |- |Cash flow on disposal of property, equipment, software and other intangible assets | |4,324 |25,487 |- |'''Net cash (outflow)/inflow from investing activities''' | |'''35,565''' |'''(13,993)''' |- |'''Cash flows from financing activities''' | | | |- |Dividends paid to ordinary shareholders | |(178,418) |(260,673) |- |Dividends paid to other equity holders | |(83,524) |(71,268) |- |Acquisition of non-controlling interest | |443 |118 |- |Repurchase of perpetual preference shares | |(77,835) |(19,379) |- |Proceeds on issue of other Additional Tier 1 securities in issue | |67,552 |22,787 |- |Repayment of other Additional Tier 1 securities in issue | |— |(15,951) |- |Cash flow on acquisition of treasury shares, net of related costs | |(71,836) |(262,248) |- |Share buyback of ordinary share capital | |(36,150) |(56,863) |- |Proceeds on subordinated liabilities raised | |421,506 |460,934 |- |Repayment of subordinated liabilities | |(583,918) |(665,648) |- |Lease liabilities paid | |(45,743) |(46,493) |- |'''Net cash outflow from financing activities''' | |'''(587,923)''' |'''(914,684)''' |- |'''Effects of exchange rates on cash and cash equivalents''' | |'''90,928''' |'''(196,806)''' |- |'''Net (decrease)/increase in cash and cash equivalents''' | |'''2,610,110''' |'''(655,726)''' |- |Cash and cash equivalents at the beginning of the year | |6,489,630 |9,099,740 |- |'''Cash and cash equivalents at the end of the year''' | |'''9,099,740''' |'''8,444,014''' |- | '''Cash and cash equivalents is defined as including:''' | | | |- |Cash and balances at central banks | |5,998,270 |6,437,709 |- |On demand loans and advances to banks | |2,414,562 |1,359,689 |- |Non-sovereign and non-bank cash placements | |684,983 |644,065 |- |Expected credit loss on cash and cash equivalents | |1,925 |2,551 |- |'''Cash and cash equivalents at the end of the year''' | |'''9,099,740''' |'''8,444,014''' |- ! colspan="4" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | |- |Operating expenses as a proportion of revenue (%) | | | |- |Tax rate (%) | | | |- |Depreciation and amortisation rate (%) | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | |- |Net borrowing as a proportion of revenue (%) | | | |- |Interest expense as a proportion of revenue (%) | | | |} {| class="wikitable" |+Jefferies Financial Group, Inc. ! !30/11/2020 !30/11/2021 !30/11/2022 |- ! !Historic !Historic !Historic |- ! colspan="4" |Profit and loss |- |(In thousands, $) | | | |- |Revenues | | | |- |Investment banking |2,501,494 |4,365,699 |2,807,822 |- |Principal transactions |1,928,143 |1,617,336 |833,757 |- |Commissions and other fees |822,248 |896,015 |925,494 |- |Asset management fees and revenues |34,209 |72,084 |80,264 |- |Interest |1,009,548 |956,318 |1,183,638 |- |Other |584,805 |1,038,012 |1,318,288 |- |Total revenues |6,880,447 |8,945,464 |7,149,263 |- |Interest expense |1,029,926 |931,638 |1,170,425 |- |Net revenues |5,850,521 |8,013,826 |5,978,838 |- |Non-interest expenses | | | |- |Compensation and benefits |2,944,071 |3,554,760 |2,589,044 |- |Floor brokerage and clearing fees |266,592 |301,860 |347,805 |- |Underwriting costs |95,636 |117,572 |42,067 |- |Technology and communications |335,065 |388,134 |444,011 |- |Occupancy and equipment rental |95,754 |106,254 |108,001 |- |Business development |70,797 |109,772 |150,500 |- |Professional services |176,280 |215,761 |240,978 |- |Depreciation and amortization |158,439 |157,420 |172,902 |- |Cost of sales |338,588 |470,870 |440,837 |- |Other expenses |302,216 |337,318 |387,131 |- |Total non-interest expenses |4,783,438 |5,759,721 |4,923,276 |- |Earnings before income taxes |1,067,083 |2,254,105 |1,055,562 |- |Income tax expense |298,673 |576,729 |273,852 |- |Net earnings |768,410 |1,677,376 |781,710 |- |Net earnings (loss) attributable to noncontrolling | | | |- |interests | -5,271 |3,850 | -2,397 |- |Net loss attributable to redeemable noncontrolling | | | |- |interests | -1,558 | -826 | -1,342 |- |Preferred stock dividends |5,634 |6,949 |8,281 |- |Net earnings attributable to Jefferies Financial Group Inc. |769,605 |1,667,403 |777,168 |- | | | | |- |Basic earnings per common share |$ 2.68 |$ 6.29 |$ 3.13 |- |Diluted earnings per common share |$ 2.65 |$ 6.13 |$ 3.06 |- ! colspan="4" |Balance sheet |- |ASSETS | | | |- |Cash and cash equivalents | |10,755,133 |9,703,109 |- |Cash and securities segregated and on deposit for regulatory | | | |- |purposes or deposited with clearing and depository organizations | |1,015,107 |957,302 |- |Financial instruments owned, at fair value (includes securities | | | |- |pledged of $14,099,136 and $12,723,502 at November 30, 2022 and | | | |- |2021, respectively) | |18,024,621 |18,666,296 |- |Investments in and loans to related parties | |1,587,409 |1,426,817 |- |Securities borrowed | |6,409,420 |5,831,148 |- |Securities purchased under agreements to resell | |7,642,484 |4,546,691 |- |Securities received as collateral, at fair value | |7,289 |100,362 |- |Receivables: | | | |- |Brokers, dealers and clearing organizations | |2,454,918 |1,792,937 |- |Customers | |1,615,822 |1,225,137 |- |Fees, interest and other | |582,756 |568,921 |- |Premises and equipment | |911,230 |906,864 |- |Goodwill | |1,745,098 |1,736,114 |- |Other assets (includes assets pledged of $1,032,353 and $990,389 at | | | |- |November 30, 2022 and 2021, respectively) | |3,356,024 |3,595,985 |- |Total assets | |56,107,311 |51,057,683 |- |LIABILITIES AND EQUITY | | | |- |Short-term borrowings | |221,863 |528,392 |- |Financial instruments sold, not yet purchased, at fair value | |9,267,090 |11,056,477 |- |Securities loaned | |1,525,721 |1,366,025 |- |Securities sold under agreements to repurchase | |8,446,099 |7,452,342 |- |Other secured financings (includes $1,712 and $102,788 at fair value | | | |- |at November 30, 2022 and 2021, respectively) | |4,487,224 |2,037,843 |- |Obligation to return securities received as collateral, at fair value | |7,289 |100,362 |- |Payables: | | | |- |Brokers, dealers and clearing organizations | |3,952,093 |2,628,727 |- |Customers | |4,461,481 |3,578,854 |- |Lease liabilities | |548,295 |533,708 |- |Accrued expenses and other liabilities | |3,334,371 |2,573,927 |- |Long-term debt (includes $1,583,828 and $1,843,598 at fair value at | | | |- |November 30, 2022 and 2021, respectively) | |9,125,745 |8,774,086 |- |Total liabilities | |45,377,271 |40,630,743 |- |MEZZANINE EQUITY | | | |- |Redeemable noncontrolling interests | |25,400 |6,461 |- |Mandatorily redeemable convertible preferred shares | |125,000 |125,000 |- |EQUITY | | | |- |Common shares, par value $1 per share, authorized 600,000,000 | | | |- |shares; 226,129,626 and 243,541,431 shares issued and outstanding, | | | |- |after deducting 90,334,082 and 72,922,277 shares held in treasury | |243,541 |226,130 |- |Additional paid-in capital | |2,742,244 |1,967,781 |- |Accumulated other comprehensive loss | | -372,143 | -379,419 |- |Retained earnings | |7,940,113 |8,418,354 |- |Total Jefferies Financial Group Inc. common shareholders' equity | |10,553,755 |10,232,846 |- |Noncontrolling interests | |25,885 |62,633 |- |Total equity | |10,579,640 |10,295,479 |- |Total liabilities and equity | |56,107,311 |51,057,683 |- ! colspan="4" |Cash flow statement |- |Cash flows from operating activities: | | | |- |Net earnings |768,410 |1,677,376 |781,710 |- |Adjustments to reconcile net earnings to net cash | | | |- |provided by operating activities: | | | |- |Depreciation and amortization |136,475 |144,255 |189,343 |- |Deferred income taxes |64,667 |96,890 | -70,396 |- |Share-based compensation |40,038 |78,160 |43,919 |- |Bad debt expense |48,157 |55,876 |46,846 |- |(Income) loss on investments in and loans to related | | | |- |parties |75,177 | -149,885 |36,287 |- |Distributions received on investments in related parties |63,134 |110,963 |82,161 |- |Gain on sale of subsidiaries and investments in related parties | - | - | -319,041 |- |Other adjustments |320,611 | -89,004 | -601,303 |- |Net change in assets and liabilities: | | | |- |Securities deposited with clearing and depository organizations |751 |34,237 | - |- |Receivables: | | | |- |Brokers, dealers and clearing organizations | -666,491 | -136,614 |631,672 |- |Customers |185,266 | -329,026 |384,097 |- |Fees, interest and other | -153,463 | -28,340 |200,672 |- |Securities borrowed |714,664 |520,455 |548,567 |- |Financial instruments owned | -877,088 | -1,314,603 | -773,523 |- |Securities purchased under agreements to resell | -752,171 | -2,552,607 |3,047,353 |- |Other assets |167,889 | -225,916 | -230,722 |- |Payables: | | | |- |Brokers, dealers and clearing organizations |294,397 |2,173,266 | -1,288,912 |- |Customers |442,913 |210,055 | -882,576 |- |Securities loaned |270,261 | -282,403 | -139,557 |- |Financial instruments sold, not yet purchased | -1,014,535 |992,199 |1,875,957 |- |Securities sold under agreements to repurchase |799,794 |133,423 | -952,584 |- |Lease liabilities | -52,553 | -64,377 | -89,689 |- |Accrued expenses and other liabilities |1,179,136 |527,910 | -715,432 |- |'''Net cash provided by operating activities''' |'''2,055,439''' |'''1,582,290''' |'''1,804,849''' |- |Cash flows from investing activities: | | | |- |Contributions to investments in and loans to related | | | |- |parties | -1,666,323 | -2,339,447 | -351,645 |- |Capital distributions from investments and repayments of | | | |- |loans from related parties |1,552,161 |2,310,186 |286,578 |- |Originations and purchases of automobile loans, notes and | | | |- |other receivables | -813,867 | -611,486 | -527,929 |- |Principal collections of automobile loans, notes and | | | |- |other receivables |686,114 |394,387 |434,487 |- |Net payments on premises and equipment, and other assets | -176,958 | -165,605 | -224,301 |- |Proceeds from sales of subsidiaries and investments in | | | |- |related parties, net of expenses and cash of operations sold |179,654 | - |333,149 |- |Deconsolidation of asset management entity | - | - | -23,107 |- |Proceeds from sales and maturities of investments and | | | |- |loan receivables |69,321 |3,274 |3,588 |- |Other |4,215 | -1,174 |8,641 |- |'''Net cash used in investing activities''' |'''-165,683''' |'''-409,865''' |'''-60,539''' |- |Cash flows from financing activities: | | | |- |Proceeds from short-term borrowings |1,619,820 |1,005,000 |3,659,098 |- |Payments on short-term borrowings | -1,368,255 | -1,556,090 | -3,338,000 |- |Proceeds from issuance of long-term debt, net of | | | |- |issuance costs |1,516,693 |2,488,493 |1,198,565 |- |Repayment of long-term debt | -1,716,276 | -1,646,224 | -824,894 |- |Net proceeds from (payments on) other secured financings |218,010 |1,197,231 | -2,448,731 |- |Net change in bank overdrafts | -34,663 |8,216 | -14,569 |- |Proceeds from contributions of noncontrolling interests |19,617 |4,325 |64,880 |- |Payments on distributions to noncontrolling interests | -1,694 | -16,263 | -2,629 |- |Purchase of common shares for treasury | -816,871 | -269,400 | -859,593 |- |Dividends paid | -160,940 | -222,798 | -280,104 |- |Other |1,034 |1,804 |2,752 |- |Net cash provided by (used in) financing activities |'''-723,525''' |'''994,294''' |'''-2,843,225''' |- |Effect of exchange rate changes on cash, cash | | | |- |equivalents and restricted cash |18,306 | -3,387 | -22,143 |- |Net increase (decrease) in cash, cash equivalents and | | | |- |restricted cash |1,184,537 |2,163,332 | -1,121,060 |- |Cash, cash equivalents and restricted cash at beginning | | | |- |of period |8,480,435 |9,664,972 |11,828,304 |- |Cash, cash equivalents and restricted cash at end of | | | |- |period |9,664,972 |11,828,304 |10,707,244 |- |Supplemental disclosures of cash flow information | | | |- |Cash paid during the period for: | | | |- |Interest |1,080,368 |936,272 |1,164,093 |- |Income taxes, net |25 |727,126 |214,066 |- ! colspan="4" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | |- |Operating expenses as a proportion of revenue (%) | | | |- |Tax rate (%) | | | |- |Depreciation and amortisation rate (%) | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | |- |Net borrowing as a proportion of revenue (%) | | | |- |Interest expense as a proportion of revenue (%) | | | |} {| class="wikitable" |+Barclays Bank Plc ! colspan="1" rowspan="1" | ! colspan="1" rowspan="1" |31/12/2020 ! colspan="1" rowspan="1" |31/12/2021 ! colspan="1" rowspan="1" |31/12/'''2022''' |- ! !Historic !Historic !Historic |- ! colspan="4" |Profit and loss |- | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |£m | colspan="1" rowspan="1" |£m | colspan="1" rowspan="1" |£m |- | colspan="1" rowspan="1" |Continuing operations | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | |- | colspan="1" rowspan="1" |Interest and similar income | colspan="1" rowspan="1" |6,006 | colspan="1" rowspan="1" |5,672 | colspan="1" rowspan="1" |11,779 |- | colspan="1" rowspan="1" |Interest and similar expense | colspan="1" rowspan="1" |(2,846) | colspan="1" rowspan="1" |(2,599) | colspan="1" rowspan="1" |(6,381) |- | colspan="1" rowspan="1" |Net interest income | colspan="1" rowspan="1" |3,160 | colspan="1" rowspan="1" |3,073 | colspan="1" rowspan="1" |5,398 |- | colspan="1" rowspan="1" |Fee and commission income | colspan="1" rowspan="1" |7,417 | colspan="1" rowspan="1" |8,581 | colspan="1" rowspan="1" |8,171 |- | colspan="1" rowspan="1" |Fee and commission expense | colspan="1" rowspan="1" |(1,758) | colspan="1" rowspan="1" |(1,994) | colspan="1" rowspan="1" |(2,745) |- | colspan="1" rowspan="1" |Net fee and commission income | colspan="1" rowspan="1" |5,659 | colspan="1" rowspan="1" |6,587 | colspan="1" rowspan="1" |5,426 |- | colspan="1" rowspan="1" |Net trading income | colspan="1" rowspan="1" |7,076 | colspan="1" rowspan="1" |5,788 | colspan="1" rowspan="1" |7,624 |- | colspan="1" rowspan="1" |Net investment expense | colspan="1" rowspan="1" |(121) | colspan="1" rowspan="1" |(80) | colspan="1" rowspan="1" |(323) |- | colspan="1" rowspan="1" |Other income | colspan="1" rowspan="1" |4 | colspan="1" rowspan="1" |40 | colspan="1" rowspan="1" |69 |- | colspan="1" rowspan="1" |Total income | colspan="1" rowspan="1" |15,778 | colspan="1" rowspan="1" |15,408 | colspan="1" rowspan="1" |18,194 |- | colspan="1" rowspan="1" |Staff costs | colspan="1" rowspan="1" |(4,365) | colspan="1" rowspan="1" |(4,456) | colspan="1" rowspan="1" |(5,192) |- | colspan="1" rowspan="1" |Infrastructure costs | colspan="1" rowspan="1" |(816) | colspan="1" rowspan="1" |(1,054) | colspan="1" rowspan="1" |(900) |- | colspan="1" rowspan="1" |Administration and general expenses | colspan="1" rowspan="1" |(4,202) | colspan="1" rowspan="1" |(4,375) | colspan="1" rowspan="1" |(4,879) |- | colspan="1" rowspan="1" |Litigation and conduct | colspan="1" rowspan="1" |(76) | colspan="1" rowspan="1" |(374) | colspan="1" rowspan="1" |(1,427) |- | colspan="1" rowspan="1" |Operating expenses | colspan="1" rowspan="1" |(9,459) | colspan="1" rowspan="1" |(10,259) | colspan="1" rowspan="1" |(12,398) |- | colspan="1" rowspan="1" |Share of post-tax results of associates and joint ventures | colspan="1" rowspan="1" |7 | colspan="1" rowspan="1" |4 | colspan="1" rowspan="1" |3 |- | colspan="1" rowspan="1" |Profit/(loss) on disposal of subsidiaries, associates and joint ventures | colspan="1" rowspan="1" |126 | colspan="1" rowspan="1" |(12) | colspan="1" rowspan="1" |1 |- | colspan="1" rowspan="1" |Profit before Impairment | colspan="1" rowspan="1" |6,452 | colspan="1" rowspan="1" |5,141 | colspan="1" rowspan="1" |5,800 |- | colspan="1" rowspan="1" |Credit impairment (charges)/releases | colspan="1" rowspan="1" |(3,377) | colspan="1" rowspan="1" |277 | colspan="1" rowspan="1" |(933) |- | colspan="1" rowspan="1" |Profit before tax | colspan="1" rowspan="1" |3,075 | colspan="1" rowspan="1" |5,418 | colspan="1" rowspan="1" |4,867 |- | colspan="1" rowspan="1" |Taxation | colspan="1" rowspan="1" |(624) | colspan="1" rowspan="1" |(830) | colspan="1" rowspan="1" |(485) |- | colspan="1" rowspan="1" |Profit after tax | colspan="1" rowspan="1" |2,451 | colspan="1" rowspan="1" |4,588 | colspan="1" rowspan="1" |4,382 |- | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | |- | colspan="1" rowspan="1" |Attributable to: | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | |- | colspan="1" rowspan="1" |Equity holders of the parent | colspan="1" rowspan="1" |1,774 | colspan="1" rowspan="1" |3,957 | colspan="1" rowspan="1" |3,650 |- | colspan="1" rowspan="1" |Other equity instrument holders | colspan="1" rowspan="1" |677 | colspan="1" rowspan="1" |631 | colspan="1" rowspan="1" |732 |- | colspan="1" rowspan="1" |Total equity holders of the parent | colspan="1" rowspan="1" |2,451 | colspan="1" rowspan="1" |4,588 | colspan="1" rowspan="1" |4,382 |- | colspan="1" rowspan="1" |Profit after tax | colspan="1" rowspan="1" |2,451 | colspan="1" rowspan="1" |4,588 | colspan="1" rowspan="1" |4,382 |- ! colspan="4" |Balance sheet |- | colspan="4" rowspan="1" |Assets |- | colspan="1" rowspan="1" |Cash and balances at central banks | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |169,085 | colspan="1" rowspan="1" |202,142 |- | colspan="1" rowspan="1" |Cash collateral and settlement balances | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |88,085 | colspan="1" rowspan="1" |107,862 |- | colspan="1" rowspan="1" |Loans and advances at amortised cost | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |145,259 | colspan="1" rowspan="1" |182,507 |- | colspan="1" rowspan="1" |Reverse repurchase agreements and other similar secured lending | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |3,177 | colspan="1" rowspan="1" |725 |- | colspan="1" rowspan="1" |Trading portfolio assets | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |146,871 | colspan="1" rowspan="1" |133,771 |- | colspan="1" rowspan="1" |Financial assets at fair value through the income statement | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |188,226 | colspan="1" rowspan="1" |211,128 |- | colspan="1" rowspan="1" |Derivative financial instruments | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |262,291 | colspan="1" rowspan="1" |302,976 |- | colspan="1" rowspan="1" |Financial assets at fair value through other comprehensive income | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |45,908 | colspan="1" rowspan="1" |45,084 |- | colspan="1" rowspan="1" |Investments in associates and joint ventures | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |24 | colspan="1" rowspan="1" |26 |- | colspan="1" rowspan="1" |Goodwill and intangible assets | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |1,449 | colspan="1" rowspan="1" |1,665 |- | colspan="1" rowspan="1" |Property, plant and equipment | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |1,248 | colspan="1" rowspan="1" |1,379 |- | colspan="1" rowspan="1" |Current tax assets | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |589 | colspan="1" rowspan="1" |737 |- | colspan="1" rowspan="1" |Deferred tax assets | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |2,981 | colspan="1" rowspan="1" |4,583 |- | colspan="1" rowspan="1" |Retirement benefit assets | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |3,879 | colspan="1" rowspan="1" |4,743 |- | colspan="1" rowspan="1" |Other assets | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |2,706 | colspan="1" rowspan="1" |4,209 |- | colspan="1" rowspan="1" |Total assets | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |1,061,778 | colspan="1" rowspan="1" |1,203,537 |- | colspan="4" rowspan="1" |Liabilities |- | colspan="1" rowspan="1" |Deposits at amortised cost | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |262,828 | colspan="1" rowspan="1" |291,579 |- | colspan="1" rowspan="1" |Cash collateral and settlement balances | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |79,047 | colspan="1" rowspan="1" |96,811 |- | colspan="1" rowspan="1" |Repurchase agreements and other similar secured borrowing | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |12,769 | colspan="1" rowspan="1" |11,965 |- | colspan="1" rowspan="1" |Debt securities in issue | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |48,388 | colspan="1" rowspan="1" |60,012 |- | colspan="1" rowspan="1" |Subordinated liabilities | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |32,185 | colspan="1" rowspan="1" |38,253 |- | colspan="1" rowspan="1" |Trading portfolio liabilities | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |53,291 | colspan="1" rowspan="1" |72,460 |- | colspan="1" rowspan="1" |Financial liabilities designated at fair value | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |251,131 | colspan="1" rowspan="1" |272,055 |- | colspan="1" rowspan="1" |Derivative financial instruments | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |256,523 | colspan="1" rowspan="1" |289,206 |- | colspan="1" rowspan="1" |Current tax liabilities | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |688 | colspan="1" rowspan="1" |422 |- | colspan="1" rowspan="1" |Deferred tax liabilities | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |6 | colspan="1" rowspan="1" |— |- | colspan="1" rowspan="1" |Retirement benefit liabilities | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |246 | colspan="1" rowspan="1" |184 |- | colspan="1" rowspan="1" |Other liabilities | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |7,249 | colspan="1" rowspan="1" |10,779 |- | colspan="1" rowspan="1" |Provisions | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |1,110 | colspan="1" rowspan="1" |858 |- | colspan="1" rowspan="1" |Total liabilities | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |1,005,461 | colspan="1" rowspan="1" |1,144,584 |- | colspan="4" rowspan="1" |Equity |- | colspan="1" rowspan="1" |Called up share capital and share premium | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |2,348 | colspan="1" rowspan="1" |2,348 |- | colspan="1" rowspan="1" |Other equity instruments | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |9,693 | colspan="1" rowspan="1" |10,691 |- | colspan="1" rowspan="1" |Other reserves | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |861 | colspan="1" rowspan="1" |(1,464) |- | colspan="1" rowspan="1" |Retained earnings | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |43,415 | colspan="1" rowspan="1" |47,378 |- | colspan="1" rowspan="1" |Total equity | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |56,317 | colspan="1" rowspan="1" |58,953 |- | colspan="1" rowspan="1" |Total liabilities and equity | colspan="1" rowspan="1" | | colspan="1" rowspan="1" |1,061,778 | colspan="1" rowspan="1" |1,203,537 |- ! colspan="4" |Cash flow statement |- | colspan="1" rowspan="1" |Reconciliation of profit before tax to net cash flows from operating activities: | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | |- | colspan="1" rowspan="1" |Profit before tax | colspan="1" rowspan="1" |3,075 | colspan="1" rowspan="1" |5,418 | colspan="1" rowspan="1" |4,867 |- | colspan="1" rowspan="1" |Adjustment for non-cash items: | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | |- | colspan="1" rowspan="1" |Credit impairment charges/(releases) | colspan="1" rowspan="1" |3,377 | colspan="1" rowspan="1" |(277) | colspan="1" rowspan="1" |933 |- | colspan="1" rowspan="1" |Depreciation, amortisation and impairment of property, plant, equipment and intangibles | colspan="1" rowspan="1" |441 | colspan="1" rowspan="1" |683 | colspan="1" rowspan="1" |483 |- | colspan="1" rowspan="1" |Other provisions, including pensions | colspan="1" rowspan="1" |634 | colspan="1" rowspan="1" |85 | colspan="1" rowspan="1" |1,188 |- | colspan="1" rowspan="1" |Net loss/(profit) on disposal of investments and property, plant and equipment | colspan="1" rowspan="1" |(119) | colspan="1" rowspan="1" |12 | colspan="1" rowspan="1" |8 |- | colspan="1" rowspan="1" |Other non-cash movements including exchange rate movements | colspan="1" rowspan="1" |(2,362) | colspan="1" rowspan="1" |1,968 | colspan="1" rowspan="1" |(13,491) |- | colspan="1" rowspan="1" |Changes in operating assets and liabilities | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | |- | colspan="1" rowspan="1" |Net (increase)/decrease in cash collateral and settlement balances | colspan="1" rowspan="1" |4,098 | colspan="1" rowspan="1" |3,633 | colspan="1" rowspan="1" |(1,078) |- | colspan="1" rowspan="1" |Net (increase)/decrease in loans and advances at amortised cost | colspan="1" rowspan="1" |7,142 | colspan="1" rowspan="1" |(7,190) | colspan="1" rowspan="1" |(30,617) |- | colspan="1" rowspan="1" |Net decrease/(increase) in reverse repurchase agreements and other similar secured lending | colspan="1" rowspan="1" |(7,250) | colspan="1" rowspan="1" |5,804 | colspan="1" rowspan="1" |2,452 |- | colspan="1" rowspan="1" |Net increase in deposits at amortised cost | colspan="1" rowspan="1" |31,148 | colspan="1" rowspan="1" |18,132 | colspan="1" rowspan="1" |28,751 |- | colspan="1" rowspan="1" |Net increase/(decrease) in debt securities in issue | colspan="1" rowspan="1" |(4,113) | colspan="1" rowspan="1" |18,965 | colspan="1" rowspan="1" |11,624 |- | colspan="1" rowspan="1" |Net (decrease)/increase in repurchase agreements and other similar secured borrowing | colspan="1" rowspan="1" |8,411 | colspan="1" rowspan="1" |2,326 | colspan="1" rowspan="1" |(804) |- | colspan="1" rowspan="1" |Net increase in derivative financial instruments | colspan="1" rowspan="1" |(1,604) | colspan="1" rowspan="1" |(3,655) | colspan="1" rowspan="1" |(8,002) |- | colspan="1" rowspan="1" |Net decrease/(increase) in trading portfolio assets | colspan="1" rowspan="1" |(14,327) | colspan="1" rowspan="1" |(19,207) | colspan="1" rowspan="1" |13,100 |- | colspan="1" rowspan="1" |Net increase in trading portfolio liabilities | colspan="1" rowspan="1" |10,927 | colspan="1" rowspan="1" |7,152 | colspan="1" rowspan="1" |19,169 |- | colspan="1" rowspan="1" |Net (increase)/decrease in financial assets and liabilities at fair value through the income statement | colspan="1" rowspan="1" |2,889 | colspan="1" rowspan="1" |(14,960) | colspan="1" rowspan="1" |(1,978) |- | colspan="1" rowspan="1" |Net increase in other assets | colspan="1" rowspan="1" |(93) | colspan="1" rowspan="1" |(2,235) | colspan="1" rowspan="1" |(3,311) |- | colspan="1" rowspan="1" |Net increase in other liabilities | colspan="1" rowspan="1" |13 | colspan="1" rowspan="1" |2,082 | colspan="1" rowspan="1" |1,834 |- | colspan="1" rowspan="1" |Corporate income tax paid | colspan="1" rowspan="1" |(12) | colspan="1" rowspan="1" |(1,239) | colspan="1" rowspan="1" |(144) |- | colspan="1" rowspan="1" |'''Net cash from operating activities''' | colspan="1" rowspan="1" |'''42,275''' | colspan="1" rowspan="1" |'''17,497''' | colspan="1" rowspan="1" |'''24,984''' |- | colspan="1" rowspan="1" |Purchase of debt securities at amortised cost | colspan="1" rowspan="1" |(7,890) | colspan="1" rowspan="1" |(6,931) | colspan="1" rowspan="1" |(20,014) |- | colspan="1" rowspan="1" |Proceeds from redemption or sale of debt securities at amortised cost | colspan="1" rowspan="1" |3,527 | colspan="1" rowspan="1" |2,424 | colspan="1" rowspan="1" |12,925 |- | colspan="1" rowspan="1" |Purchase of financial assets at fair value through other comprehensive income | colspan="1" rowspan="1" |(57,640) | colspan="1" rowspan="1" |(44,058) | colspan="1" rowspan="1" |(43,139) |- | colspan="1" rowspan="1" |Proceeds from sale or redemption of financial assets at fair value through other comprehensive income | colspan="1" rowspan="1" |53,367 | colspan="1" rowspan="1" |47,601 | colspan="1" rowspan="1" |42,157 |- | colspan="1" rowspan="1" |Purchase of property, plant and equipment and intangibles | colspan="1" rowspan="1" |(303) | colspan="1" rowspan="1" |(758) | colspan="1" rowspan="1" |(540) |- | colspan="1" rowspan="1" |Disposal of subsidiaries and associates, net of cash disposed | colspan="1" rowspan="1" |736 | colspan="1" rowspan="1" |65 | colspan="1" rowspan="1" |— |- | colspan="1" rowspan="1" |Other cash flows associated with investing activities | colspan="1" rowspan="1" |11 | colspan="1" rowspan="1" |4 | colspan="1" rowspan="1" |— |- | colspan="1" rowspan="1" |'''Net cash from investing activities''' | colspan="1" rowspan="1" |'''(8,192)''' | colspan="1" rowspan="1" |'''(1,653)''' | colspan="1" rowspan="1" |'''(8,611)''' |- | colspan="1" rowspan="1" |Dividends paid and other coupon payments on equity instruments | colspan="1" rowspan="1" |(982) | colspan="1" rowspan="1" |(1,452) | colspan="1" rowspan="1" |(963) |- | colspan="1" rowspan="1" |Issuance of subordinated liabilities | colspan="1" rowspan="1" |3,856 | colspan="1" rowspan="1" |9,099 | colspan="1" rowspan="1" |15,381 |- | colspan="1" rowspan="1" |Redemption of subordinated liabilities | colspan="1" rowspan="1" |(4,746) | colspan="1" rowspan="1" |(7,241) | colspan="1" rowspan="1" |(8,367) |- | colspan="1" rowspan="1" |Issue of shares and other equity instruments | colspan="1" rowspan="1" |1,134 | colspan="1" rowspan="1" |1,072 | colspan="1" rowspan="1" |3,134 |- | colspan="1" rowspan="1" |Repurchase of shares and other equity instruments | colspan="1" rowspan="1" |(903) | colspan="1" rowspan="1" |— | colspan="1" rowspan="1" |(2,136) |- | colspan="1" rowspan="1" |Capital contribution | colspan="1" rowspan="1" |— | colspan="1" rowspan="1" |— | colspan="1" rowspan="1" |750 |- | colspan="1" rowspan="1" |Vesting of employee share schemes | colspan="1" rowspan="1" |(300) | colspan="1" rowspan="1" |(356) | colspan="1" rowspan="1" |(413) |- | colspan="1" rowspan="1" |'''Net cash from financing activities''' | colspan="1" rowspan="1" |'''(1,941)''' | colspan="1" rowspan="1" |'''1,122''' | colspan="1" rowspan="1" |'''7,386''' |- | colspan="1" rowspan="1" |Effect of exchange rates on cash and cash equivalents | colspan="1" rowspan="1" |1,669 | colspan="1" rowspan="1" |(4,231) | colspan="1" rowspan="1" |10,235 |- | colspan="1" rowspan="1" |Net increase in cash and cash equivalents | colspan="1" rowspan="1" |33,811 | colspan="1" rowspan="1" |12,735 | colspan="1" rowspan="1" |33,994 |- | colspan="1" rowspan="1" |Cash and cash equivalents at beginning of year | colspan="1" rowspan="1" |139,314 | colspan="1" rowspan="1" |173,125 | colspan="1" rowspan="1" |185,860 |- | colspan="1" rowspan="1" |Cash and cash equivalents at end of year | colspan="1" rowspan="1" |173,125 | colspan="1" rowspan="1" |185,860 | colspan="1" rowspan="1" |219,854 |- | colspan="1" rowspan="1" |Cash and cash equivalents comprise: | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | | colspan="1" rowspan="1" | |- | colspan="1" rowspan="1" |Cash and balances at central banks | colspan="1" rowspan="1" |155,902 | colspan="1" rowspan="1" |169,085 | colspan="1" rowspan="1" |202,142 |- | colspan="1" rowspan="1" |Loans and advances to banks with original maturity less than three months | colspan="1" rowspan="1" |7,281 | colspan="1" rowspan="1" |6,473 | colspan="1" rowspan="1" |6,229 |- | colspan="1" rowspan="1" |Cash collateral balances with central banks with original maturity less than three months | colspan="1" rowspan="1" |9,086 | colspan="1" rowspan="1" |9,690 | colspan="1" rowspan="1" |10,625 |- | colspan="1" rowspan="1" |Treasury and other eligible bills with original maturity less than three months | colspan="1" rowspan="1" |856 | colspan="1" rowspan="1" |612 | colspan="1" rowspan="1" |858 |- | colspan="1" rowspan="1" |Cash and cash equivalents at end of year | colspan="1" rowspan="1" |173,125 | colspan="1" rowspan="1" |185,860 | colspan="1" rowspan="1" |219,854 |- ! colspan="4" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | |- |Operating expenses as a proportion of revenue (%) | | | |- |Tax rate (%) | | | |- |Depreciation and amortisation rate (%) | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | |- |Net borrowing as a proportion of revenue (%) | | | |- |Interest expense as a proportion of revenue (%) | | | |} {| class="wikitable" |+HSBC Holdings Plc ! !31/12/20 !31/12/21 !31/12/22 |- ! !Historic !Historic !Historic |- ! colspan="4" |Profit and loss |- |Net interest income ($m) | |26,489 |32,610 |- |Net fee income | |13,097 |11,451 |- |Other operating income | |9,966 |7,666 |- |Net operating income before change in expected credit losses and other credit impairment charges | |49,552 |51,727 |- |Change in expected credit losses and other credit impairment charges | |928 |(3,592) |- |Total operating expenses | |(34,620) |(33,330) |- | of which: staff expenses<sup>1</sup> | |(18,742) |(18,366) |- |Share of profit in associates and joint ventures | |3,046 |2,723 |- |Profit/(loss) before tax | |18,906 |17,528 |- |Tax credit/(charge) | |(4,213) |(858) |- |Profit/(loss) after tax | |14,693 |16,670 |- |Profit/(loss) attributable to: | | | |- | - ordinary shareholders of the parent company ('PAOS') | |12,607 |14,822 |- | - preference shareholders of the parent company | |7 |— |- | - other equity holders of the parent company | |1,303 |1,213 |- | - non-controlling interests | |776 |635 |- | | | | |- |(Increase)/decrease in present value of in-force insurance business ('PVIF') (net of tax) | |(58) |(264) |- |Impairment of goodwill and other intangible assets (net of tax) | |608 |531 |- |PAOS net of PVIF and goodwill impairment | |13,157 |15,091 |- | | | | |- |Reported significant items - Totals ($m) | | | |- |Revenue | |(538) |(3,618) |- |ECL | |— |— |- |Operating expenses | |(2,472) |(2,864) |- |Share of profit in associates and joint ventures | |— | — |- | | | | |- |Adjusted ($m) | | | |- |Net operating income before change in expected credit losses and other credit impairment charges<sup>1</sup> | |47,020 |55,345 |- | of which: net interest income | |24,894 |32,602 |- | of which: net fee income | |12,488 |11,451 |- |Change in expected credit losses and other credit impairment charges | |754 |(3,592) |- |Total operating expenses | |(30,104) |(30,466) |- |Share of profit in associates and joint ventures | |2,933 |2,723 |- |Profit/(loss) before tax | |20,603 |24,010 |- | | | | |- | | |Year to date |Year to date |- |Earnings metrics | |31-Dec-21 |31-Dec-22 |- |Return on average equity (annualised) | |7.1 % |8.7% |- |Return on average tangible equity (annualised) | |8.3 % |9.9% |- |Earnings per share ($) | |0.62 |0.75 |- |Adjusted ECL / average gross loans (annualised) | |(0.08)% |0.36 % |- | | | | |- |Dividends | | | |- |Dividends per share - declared in respect of the period ($) | |0.25 |0.32 |- |Dividends paid during the period, net of scrip ($m) | |4,480 |5,330 |- |Value of scrip issued during period ($m) | |— |— |- | | | | |- |Revenue significant items ($m) | | | |- |Customer redress programmes | |11 |8 |- |Disposals, acquisitions and investment in new businesses | |— |(2,799) |- |Fair value movements on financial instruments | |(242) |(579) |- |Restructuring and other related costs | |(307) |(248) |- | | | | |- |Cost significant items ($m) | | | |- |Costs of structural reform | |— |— |- |Customer redress programmes | |(49) |31 |- |Disposals, acquisitions and investment in new businesses | |— |(18) |- |Impairment of goodwill and other intangibles | |(587) |4 |- |Past service costs of guaranteed minimum pension benefits equalisation | |— |— |- |Restructuring and other related costs | |(1,836) |(2,881) |- |Settlements and provisions in connection with legal and regulatory matters | |— |— |- | | | | |- |Share of profit in associates and joint ventures significant items ($m) | | | |- |Impairment of goodwill | |— |— |- ! colspan="4" |Balance sheet |- |Assets – reported ($m) | | | |- |Cash and balances at central banks | |403,018 |327,002 |- |Items in the course of collection from other banks | |4,136 |7,297 |- |Hong Kong Government certificates of indebtedness | |42,578 |43,787 |- |Trading assets | |248,842 |218,093 |- |Financial assets designated and otherwise mandatorily measured at fair value through profit or loss | |49,804 |45,063 |- |Derivatives | |196,882 |284,146 |- |Loans and advances to banks | |83,136 |104,882 |- |Loans and advances to customers (net) | |1,045,814 |924,854 |- |Reverse repurchase agreements – non-trading | |241,648 |253,754 |- |Financial investments | |446,274 |425,564 |- |Prepayments, accrued income and other assets<sup>1</sup> | |139,982 |272,785 |- |Current tax assets | |970 |1,230 |- |Interests in associates and joint ventures | |29,609 |29,254 |- |Goodwill and intangible assets | |20,622 |21,321 |- |Deferred tax assets | |4,624 |7,498 |- |Total assets | |2,957,939 |2,966,530 |- | | | | |- |Liabilities – reported ($m) | | | |- |Hong Kong currency notes in circulation | |42,578 |43,787 |- |Deposits by banks | |101,152 |66,722 |- |Customer accounts | |1,710,574 |1,570,303 |- |Repurchase agreements – non-trading | |126,670 |127,747 |- |Items in the course of transmission to other banks | |5,214 |7,864 |- |Trading liabilities | |84,904 |72,353 |- |Financial liabilities designated at fair value | |145,502 |127,327 |- |Derivatives | |191,064 |285,764 |- |Debt securities in issue | |78,557 |78,149 |- |Accruals, deferred income and other liabilities<sup>2</sup> | |123,778 |247,837 |- |Current tax liabilities | |698 |1,135 |- |Liabilities under insurance contracts | |112,745 |114,844 |- |Provisions | |2,566 |1,958 |- |Deferred tax liabilities | |4,673 |2,422 |- |Subordinated liabilities | |20,487 |22,290 |- |Total liabilities | |2,751,162 |2,770,502 |- | | | | |- |Equity – reported ($m) | | | |- |Called up share capital | |10,316 |10,147 |- |Share premium account | |14,602 |14,664 |- |Other equity instruments | |22,414 |19,746 |- |Other reserves | |6,460 |(9,141) |- |Retained earnings | |144,458 |152,068 |- |Total shareholders' equity | |198,250 |187,484 |- |Non-controlling interests | |8,527 |8,544 |- |Total equity | |206,777 |196,028 |- |Total liabilities and equity | |2,957,939 |2,966,530 |- ! colspan="4" |Cash flow statement |- |'''Profit before tax''' |8,777 |18,906 |17,528 |- |'''Adjustments for non-cash items:''' | | | |- |Depreciation, amortisation and impairment |5,241 |4,286 |3,873 |- |Net loss/(gain) from investing activities |(541) |(647) |11 |- |Share of profits in associates and joint ventures |(1,597) |(3,046) |(2,723) |- |Loss on disposal of subsidiaries, businesses, associates and joint ventures |— |— |2,639 |- |Change in expected credit losses gross of recoveries and other credit impairment charges |9,096 |(519) |3,907 |- |Provisions including pensions |1,164 |1,063 |635 |- |Share-based payment expense |433 |467 |400 |- |Other non-cash items included in profit before tax |(906) |510 |(1,084) |- |Elimination of exchange differences<sup>1</sup> |(25,749) |18,937 |49,127 |- |'''Changes in operating assets and liabilities''' | | | |- |Change in net trading securities and derivatives |13,150 |(9,226) |20,181 |- |Change in loans and advances to banks and customers |(14,131) |(11,014) |31,799 |- |Change in reverse repurchase agreements – non-trading |9,950 |552 |(23,405) |- |Change in financial assets designated and otherwise mandatorily measured at fair value |(1,962) |(4,254) |8,344 |- |Change in other assets |(19,610) |19,899 |(10,771) |- |Change in deposits by banks and customer accounts |226,723 |95,703 |(91,194) |- |Change in repurchase agreements – non-trading |(28,443) |14,769 |4,344 |- |Change in debt securities in issue |(9,075) |(16,936) |12,518 |- |Change in financial liabilities designated at fair value |(6,630) |(11,425) |(13,647) |- |Change in other liabilities |20,323 |(10,935) |15,978 |- |Dividends received from associates |761 |808 |944 |- |Contributions paid to defined benefit plans |(495) |(509) |(194) |- |Tax paid |(4,259) |(3,077) |(2,776) |- |'''Net cash from operating activities''' |182,220 |104,312 |26,434 |- |Purchase of financial investments |(496,669) |(493,042) |(520,600) |- |Proceeds from the sale and maturity of financial investments |476,990 |521,190 |495,049 |- |Net cash flows from the purchase and sale of property, plant and equipment |(1,446) |(1,086) |(1,285) |- |Net cash flows from purchase/(disposal) of customer and loan portfolios |1,362 |3,059 |(3,530) |- |Net investment in intangible assets |(2,064) |(2,479) |(3,125) |- |Net cash flow from acquisition and disposal of subsidiaries, businesses, associates and joint ventures |(603) |(106) |(989) |- |'''Net cash from investing activities''' |(22,430) |27,536 |(34,480) |- |Issue of ordinary share capital and other equity instruments |1,497 |1,996 |— |- |Cancellation of shares |— |(707) |(2,285) |- |Net purchases of own shares for market-making and investment purposes |(181) |(1,386) |(91) |- |Net cash flow from change in stake of subsidiaries |— | — |(197) |- |Redemption of preference shares and other equity instruments |(398) |(3,450) |(2,266) |- |Subordinated loan capital issued |— | — |7,300 |- |Subordinated loan capital repaid<sup>2</sup> |(3,538) |(864) |(1,777) |- |Dividends paid to shareholders of the parent company and non-controlling interests |(2,023) |(6,383) |(6,970) |- |'''Net cash from financing activities''' | |(10,794) |(6,286) |- |'''Net increase/(decrease) in cash and cash equivalents''' |155,147 |121,054 |(14,332) |- |Cash and cash equivalents at 1 Jan |293,742 |468,323 |574,032 |- |Exchange differences in respect of cash and cash equivalents |19,434 |(15,345) |(38,029) |- |'''Cash and cash equivalents at 31 Dec<sup>3</sup>''' |468,323 |574,032 |521,671 |- |'''Cash and cash equivalents comprise:''' | | | |- |– cash and balances at central banks |304,481 |403,018 |327,002 |- |– items in the course of collection from other banks |4,094 |4,136 |7,297 |- |– loans and advances to banks of one month or less |51,788 |55,705 |72,295 |- |– reverse repurchase agreements with banks of one month or less |65,086 |76,658 |68,682 |- |– treasury bills, other bills and certificates of deposit less than three months |30,023 |28,488 |26,727 |- |– cash collateral and net settlement accounts |17,194 |11,241 |19,445 |- |– cash and cash equivalents held for sale<sup>4</sup> |— |— |8,087 |- |– less: items in the course of transmission to other banks |(4,343) |(5,214) |(7,864) |- |'''Cash and cash equivalents at 31 Dec<sup>3</sup>''' |468,323 |574,032 |521,671 |- ! colspan="4" |Metrics |- |Cost of goods sold as a proportion of revenue (%) | | | |- |Operating expenses as a proportion of revenue (%) | | | |- |Tax rate (%) | | | |- |Depreciation and amortisation rate (%) | | | |- |Fixed Capital Investment (FCInv) as a proportion of revenue (%) | | | |- |Working Capital Investment (WCInv) as a proportion of revenue (%) | | | |- |Net borrowing as a proportion of revenue (%) | | | |- |Interest expense as a proportion of revenue (%) | | | |}
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