FILE NO 1-9945

 

SECURITIES AND EXCHANGE COMMISSION

 

WASHINGTON DC 20549

 


 

FORM 6-K

 

REPORT OF FOREIGN ISSUER

 

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

 

For the month of May 2006

 

National Australia Bank Limited

ACN 004 044 937

(Registrant’s Name)

 

Level 24

500 Bourke Street

MELBOURNE VICTORIA 3000

AUSTRALIA

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F   ý                                                                                                                                                                                                                      Form 40-F   o

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes   o                                                       Form 40-F   ý

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82

 

 



 

NATIONAL AUSTRALIA BANK

Template for Key Performance Measures

 

 

 

 

 

 

 

 

 

Mar 2006

 

 

 

Half Year to

 

Results

 

Input Schedule

 

Mar 06

 

Sep 05

 

Mar 05

 

Announcement

 

 

 

$m

 

$m

 

$m

 

 

 

Performance Summary

 

 

 

 

 

 

 

 

 

Australian Banking

 

989

 

882

 

965

 

Page 14

 

Wealth Management Australia

 

174

 

202

 

201

 

Page 18

 

Asia Banking & Wealth Management

 

29

 

15

 

14

 

Page 12

 

Total Australia

 

1,192

 

1,099

 

1,180

 

 

 

Total UK

 

257

 

229

 

307

 

Page 25

 

Total New Zealand

 

167

 

164

 

153

 

Page 26

 

Institutional Markets & Services

 

286

 

279

 

298

 

Page 30

 

Other (incl. Group Funding & Corporate Centre)

 

65

 

(61

)

(191

)

Page 34

 

Cash earnings before significant items and distributions

 

1,967

 

1,710

 

1,747

 

 

 

Distributions

 

(127

)

(109

)

(95

)

Page 110

 

Cash earnings before significant items

 

1,840

 

1,601

 

1,652

 

 

 

Significant items after tax

 

270

 

(380

)

1,058

 

Page 129

 

Cash earnings after significant items

 

2,110

 

1,221

 

2,710

 

 

 

Adjusted for:

 

 

 

 

 

 

 

 

 

Net profit attributable to Minority Interest

 

259

 

456

 

154

 

Page 54

 

Distributions

 

127

 

109

 

95

 

Page 110

 

Treasury shares

 

(104

)

(96

)

(47

)

Page 2

 

Impairment of goodwill

 

(5

)

0

 

0

 

Page 96

 

Foreign exchange gains / (losses) on exchangeable capital units

 

(134

)

0

 

0

 

Page 2

 

Net profit

 

2,253

 

1,690

 

2,912

 

 

 

Net profit attributable to minority interest

 

(259

)

(456

)

(154

)

Page 123

 

Net profit attributable to members of the Company

 

1,994

 

1,234

 

2,758

 

 

 

Distributions

 

(127

)

(109

)

(95

)

Page 110

 

Earnings attributable to ordinary shareholders

 

1,867

 

1,125

 

2,663

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Data

 

 

 

 

 

 

 

 

 

Average interest-earnings assets

 

364,120

 

323,099

 

327,871

 

Page 133

 

Average equity

 

25,177

 

30,045

 

27,573

 

Page 136

 

Average minority interest in controlled entities

 

0

 

4,617

 

3,945

 

Page 136

 

 

 

 

 

 

 

 

 

 

 

Average Trust Preferred Securities

 

975

 

975

 

975

 

Page 136

 

Average Trust Preferred Securities II

 

1,014

 

1,014

 

44

 

Page 136

 

Average National Income Securities

 

1,945

 

1,945

 

1,945

 

Page 136

 

 

 

 

 

 

 

 

 

 

 

Weighted average ordinary shares (no. ‘000)

 

1,571,329

 

1,541,350

 

1,534,833

 

Page 127

 

Diluted weighted average ordinary shares (no. ‘000)

 

1,612,573

 

1,545,480

 

1,602,978

 

Page 127

 

Ordinary shares - Fully paid (no. ‘000)

 

1,603,182

 

1,567,188

 

1,558,324

 

Page 130

 

Ordinary shares - Partly paid (no. ‘000)

 

429

 

466

 

536

 

Page 130

 

 

 

 

 

 

 

 

 

 

 

Tier 1 capital

 

24,311

 

22,779

 

23,156

 

Page 120

 

Total equity / net assets

 

26,073

 

31,554

 

29,603

 

Page 55

 

Minority interest in controlled entities

 

0

 

6,224

 

4,107

 

Page 55

 

Trust Preferred Securities

 

975

 

975

 

975

 

Page 108

 

Trust Preferred Securities II

 

1,014

 

1,014

 

1,014

 

Page 108

 

National Income Securities

 

1,945

 

1,945

 

1,945

 

Page 108

 

Distributions

 

127

 

109

 

95

 

Page 110

 

Goodwill

 

4,776

 

4,767

 

4,701

 

 

 

 



 

 

 

Half Year to

 

Output summary - ratios (1)

 

Mar 06

 

Sep 05

 

Mar 05

 

 

 

$m

 

$m

 

$m

 

 

 

 

 

 

 

 

 

Earnings per share (EPS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic cash earnings per ordinary share (before significant items) - cents

 

115.5

 

102.5

 

106.2

 

Cash earnings before significant items

 

1,840

 

1,601

 

1,652

 

Add: Interest expense on ExCaps

 

31

 

53

 

53

 

Adjusted cash earnings for cash EPS calculation

 

1,871

 

1,654

 

1,705

 

Weighted average ordinary shares (no. ‘000)

 

1,593,176

 

1,562,509

 

1,555,388

 

Diluted weighted average ordinary shares (no. ‘000)

 

1,634,420

 

1,631,013

 

1,623,533

 

Diluted cash earnings per share (before significant items) - cents

 

114.5

 

101.4

 

105.0

 

 

 

 

 

 

 

 

 

Basic earnings per ordinary share (after significant items) - cents

 

118.8

 

73.0

 

173.5

 

Earnings attributable to ordinary shareholders

 

1,867

 

1,125

 

2,663

 

Add: Interest expense on ExCaps

 

31

 

 

53

 

Adjusted earnings for EPS calculation

 

1,898

 

1,125

 

2,716

 

Weighted average ordinary shares (no. ‘000)

 

1,571,329

 

1,541,350

 

1,534,833

 

Diluted weighted average ordinary shares (no. ‘000)

 

1,612,573

 

1,545,480

 

1,602,978

 

Diluted earnings per share (after significant items) - cents

 

117.7

 

72.8

 

169.4

 

 

 

 

 

 

 

 

 

Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average equity before significant items

 

15.4

%

14.0

%

15.6

%

Earnings attributable to ordinary shareholders

 

1,867

 

1,125

 

2,663

 

Add: Significant items after tax

 

(232

)

380

 

(1,058

)

Adjusted earnings for ROE calculation

 

1,635

 

1,505

 

1,605

 

Average equity

 

25,177

 

30,045

 

27,573

 

Less: Average minority interest in controlled entities

 

 

(4,617

)

(3,945

)

Less: Average preference share capital

 

 

 

 

Less: Average Trust Preferred Securities

 

(975

)

(975

)

(975

)

Less: Average Trust Preferred Securities II

 

(1,014

)

(1,014

)

(44

)

Less: Average National Income Securities

 

(1,945

)

(1,945

)

(1,945

)

Adjusted average equity for ROE calculation

 

21,243

 

21,494

 

20,664

 

 

 

 

 

 

 

 

 

Cash earnings on average equity before significant items

 

17.4

%

14.9

%

16.0

%

Cash earnings before significant items

 

1,840

 

1,601

 

1,652

 

Average equity

 

25,177

 

30,045

 

27,573

 

Less: Average minority interest in controlled entities

 

 

(4,617

)

(3,945

)

Less: Average Trust Preferred Securities

 

(975

)

(975

)

(975

)

Less: Average Trust Preferred Securities II

 

(1,014

)

(1,014

)

(44

)

Less: Average National Income Securities

 

(1,945

)

(1,945

)

(1,945

)

Adjusted average equity for cash earnings on average equity calculation

 

21,243

 

21,494

 

20,664

 

 

 

 

 

 

 

 

 

Return on average assets before significant items

 

0.73

%

0.70

%

0.74

%

Earnings attributable to ordinary shareholders

 

1,867

 

1,125

 

2,663

 

Add: Significant items after tax

 

(232

)

380

 

(1,058

)

Adjusted earnings for ROE calculation

 

1,635

 

1,505

 

1,605

 

Total average assets

 

451,557

 

428,027

 

433,744

 

 

 

 

 

 

 

 

 

Net interest margin (NIM)

 

2.31

%

2.14

%

2.12

%

Net interest income

 

4,192

 

3,472

 

3,472

 

Average interest-earning assets

 

364,120

 

323,099

 

327,871

 

 



 

 

 

Half Year to

 

Output summary - ratios (1)

 

Mar 06

 

Sep 05

 

Mar 05

 

 

 

$m

 

$m

 

$m

 

 

 

 

 

 

 

 

 

Banking cost to income ratio

 

55.58

%

59.89

%

58.60

%

Group Operating Expenses

 

(3,933

)

(4,093

)

(3,902

)

Less: Wealth Management operating expenses

 

296

 

354

 

303

 

Less: Depreciation on leased vehicle assets

 

279

 

279

 

266

 

Less: Eliminations

 

(87

)

(108

)

(125

)

Banking operating expenses

 

(3,445

)

(3,568

)

(3,458

)

Group net interest income

 

4,192

 

3,472

 

3,472

 

Less: Wealth Management net interest income

 

6

 

 

(5

)

Banking net interest income

 

4,198

 

3,472

 

3,467

 

Group other operating income

 

2,502

 

2,987

 

2,903

 

Less: Wealth Management other operating income

 

(310

)

(330

)

(328

)

Add: Depreciation on leased assets

 

(279

)

(279

)

(266

)

Less: Eliminations

 

87

 

108

 

125

 

Banking other operating income

 

2,000

 

2,486

 

2,434

 

 

 

 

 

 

 

 

 

Cash earnings per average FTE

 

94

 

81

 

78

 

Cash earnings before significant items

 

1,840

 

1,601

 

1,652

 

Average FTE

 

39,215

 

39,395

 

42,591

 

 

 

 

 

 

 

 

 

Net tangible assets (NTA) per share ($)

 

10.75

 

10.54

 

10.76

 

Total equity / net assets

 

26,073

 

31,554

 

29,603

 

Less: Minority interest in controlled entities

 

 

(6,224

)

(4,107

)

Less: Trust Preferred Securities

 

(975

)

(975

)

(975

)

Less: Trust Preferred Securities II

 

(1,014

)

(1,014

)

(1,014

)

Less: National Income Securities

 

(1,945

)

(1,945

)

(1,945

)

Less: Distributions

 

(127

)

(109

)

(95

)

Less: Goodwill

 

(4,776

)

(4,767

)

(4,701

)

Net tangible assets (NTA)

 

17,236

 

16,520

 

16,766

 

Ordinary shares - Including partly paid (no. ‘000)

 

1,603,611

 

1,567,654

 

1,558,860

 

 


(1)       Any differences noted between the above ratios and those published in the Group’s external Results documents are solely due to rounding.

 



 

SIGNATURE PAGE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

 

 

 

NATIONAL AUSTRALIA BANK LIMITED

 

 

 

Signature:

  /s/ Michaela J Healey

 

Date: Ÿ11 May 2006

Name: Michaela J Healey

 

Title: Company Secretary