Full annual report - African Bank - Investoreports

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Certificate from the company secretary In terms of section 88(2)(e) of the Companies Act, 2008, I certify that to the best of my knowledge and belief, African Bank Investments Limited has lodged with the Registrar of Companies for the financial year ended 30 September 2012 all such returns as are required of a public company in terms of the Companies Act, and that all returns are true, correct and up to date. L Goliath Company secretary Midrand 7 December 2012 208
Directors’ responsibility statement The directors are responsible for the preparation and fair presentation of the group financial statements of African Bank Investments Limited, comprising the statement of financial position at 30 September 2012, the income statement, the statement of comprehensive income, the statement of changes in equity and cash flows for the year then ended, and the notes to the financial statements, which include a summary of significant accounting policies and other explanatory notes, in accordance with International Financial Reporting Standards and in the manner required by the Companies Act of South Africa. The directors’ responsibility includes: designing, implementing and maintaining internal controls relevant to the preparation and fair presentation of these financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. The directors’ responsibility also includes maintaining adequate accounting records and an effective system of risk management. The directors acknowledge that they are ultimately responsible for the system of internal financial control established by the company and place considerable importance on maintaining a strong control environment. To enable the directors to meet these responsibilities, the board of directors sets standards for internal control aimed at reducing the risk of error or loss in a cost effective manner. The standards include the proper delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an >annual financial statements acceptable level of risk. These controls are monitored throughout the company and all employees are required to maintain the highest ethical standards in ensuring the company’s business is conducted in a manner that in all reasonable circumstances is above reproach. The focus of risk management in the company is on identifying, assessing, managing and monitoring all known forms of risk across the company. While operating risk cannot be fully eliminated, the company endeavours to minimise it by ensuring that appropriate infrastructure, controls, systems and ethical behaviour are applied and managed within predetermined procedures and constraints. The directors have made an assessment of the entity’s ability to continue as a going concern and there is no reason to believe the business will not be a going concern in the year ahead. The auditor is responsible for reporting on whether the annual financial statements are fairly presented in accordance with the applicable financial reporting framework. Approval of the annual financial statements The annual financial statements set out on pages 211 to 320 were approved by the board of directors and signed on its behalf by: M Mogase L Kirkinis Chairman Chief executive officer Midrand 7 December 2012 African Bank Investments Limited | Integrated Report for the year ended 30 September 2012 209
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Responsible credit with passion, co
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ABIL group - shareholders, funders,
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Contents Group profi le 2 Operating
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Operating structure >ABIL in perspe
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Our values We pledge to live by the
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‘03 ABIL achieves investment grad
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African Bank Investments Limited Fi
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African Bank Investments Limited Fi
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Shareholders’ profile Top fund ma
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2007 2006 2005 2004 2003 >ABIL in p
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2007 2006 2005 2004 2003 >ABIL in p
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Robert John (Johnny) Symmonds (53)
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Mojankunyane Florence (Mojanku) Gum
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Contents Letter to stakeholders 24
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Incwadi eya kubabambiqhaza Isingeni
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Ulwazi oluhambelanayo lungatholakal
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Umhlaba oncintisanayo Ukukhula okuk
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labele izidingongqangi ezikhulayo e
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Ukuze uthole olunye ulwazi ngemizam
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ngo-1994. Wenze ukufaka isandla oku
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usiness overview Material issue Why
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For more information on people rela
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egistered some short term gains and
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What sets us apart Quality of our p
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Active engagement with our people i
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Our customers Engagement methods St
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ABIL engaged with a wide group of l
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The most important of these are dis
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The risk base of the group is not c
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Return on equity in line with targe
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Retail unit Consolidation adjustmen
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Retail unit Consolidation adjustmen
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Share based payment reserve Other O
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Financial returns >business overvie
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Gross profit margin % 46 44 42 41 3
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were launched in October. The virtu
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Number of employees - Banking unit
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Of the credit cards issued in 2012,
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Disbursement features Disbursements
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Vintage graph - African Bank (More
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Liabilities Funding >business overv
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Capital management >business overvi
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The changes to capital adequacy on
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Contents Corporate governance repor
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Corporate governance structure Grou
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Board meetings and attendance >acco
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Conflict of interest All directors
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The office of the group compliance
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Introduction and report objectives
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■ Ensuring that there is an adequ
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Component Summary Benefits Benefits
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Exposure to existing long term ince
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The components of executive directo
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LTIPs awarded to executive director
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accountability the annual general m
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Risk management objectives >account
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Three levels of defence as applied
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Case volumes received: Year-on-year
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For more detail, see the group’s
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accountability Risk Mitigation Furt
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accountability Risk Mitigation Furt
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expectation that losses will occur
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Refer to page 74 and 76 in the inte
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ABIL - capital adequacy ratio % 25
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Liquidity and funding The group man
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deposits at highly competitive rate
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Regulatory risk South Africa’s cu
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Regulatory issue Description Risk/I
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Regulatory issue Description Risk/I
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Dear Sir/Madam In the year 2009 I e
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Scorecard information* Target score
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GRI SO1 For a detailed report on CS
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accountability Overall employee tur
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The Banking unit has increased the
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accountability Transformation and e
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Union membership 2012 47,8% 52,0% 0
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Employee turnover % 45 40 35 30 25
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Union membership % 70 60 50 40 30 2
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Transformation and employment equit
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■ C = Collect; ■ A = Advise;
Page 161 and 162: GRI PR7 GRI PR8 GRI PR9 Customer ex
Page 163 and 164: GRI PR1, PR2 >accountability condit
Page 165 and 166: GRI EC8, EC9, S01 >accountability l
Page 167 and 168: Number of projects 9% 5% ■ KwaZul
Page 169 and 170: Ilembe schools connectivity project
Page 171 and 172: For more information on CSI visit h
Page 173 and 174: accountability and measured against
Page 175 and 176: GRI EN18 Weaknesses and shortfalls
Page 177 and 178: GRI EN2 >accountability Paper savin
Page 179 and 180: GRI EN30 Community engagement >acco
Page 181 and 182: Case studies Cato Ridge Epping The
Page 183 and 184: est practice) gasses are absent and
Page 185 and 186: Findings Based on our review of the
Page 187 and 188: Description Explanation 2.7 Markets
Page 189 and 190: Description Explanation 4.8 Interna
Page 191 and 192: Description Explanation EC4 Signifi
Page 193 and 194: Description Explanation Emissions,
Page 195 and 196: Description Explanation Occupationa
Page 197 and 198: Description Explanation Freedom of
Page 199 and 200: Description Explanation Customer he
Page 201 and 202: Annual financial statements 197-320
Page 203 and 204: 45.1 Operating segments 285 45.2 Se
Page 205 and 206: Dividend cover (times) Dividend cov
Page 207 and 208: Acronyms and abbreviations ABIL Afr
Page 209 and 210: Nine-year summarised group income s
Page 211: Currency adjusted group income stat
Page 215 and 216: Audit committee report The audit co
Page 217 and 218: Domestic Medium Term Note (DMTN) Pr
Page 219 and 220: Interest of directors of the compan
Page 221 and 222: ■ Granting the general approval t
Page 223 and 224: Group income statement for the year
Page 225 and 226: Share based payment reserve Cash fl
Page 227 and 228: Notes to the group annual financial
Page 229 and 230: IFRS/IFRIC Title and details Expect
Page 231 and 232: IFRS/IFRIC Title and details Expect
Page 233 and 234: 3. Critical accounting judgements a
Page 235 and 236: 3.2.2 Impairment of advances >annua
Page 237 and 238: annual financial statements practic
Page 239 and 240: Business combinations >annual finan
Page 241 and 242: annual financial statements payment
Page 243 and 244: 4.10.3 Subsequent measurement >annu
Page 245 and 246: annual financial statements A finan
Page 247 and 248: annual financial statements Bank or
Page 249 and 250: annual financial statements For the
Page 251 and 252: annual financial statements Ordinar
Page 253 and 254: 4.20 Cost of sales 4.19.3.4 Deliver
Page 255 and 256: annual financial statements The sha
Page 257 and 258: annual financial statements the exp
Page 259 and 260: annual financial statements R milli
Page 261 and 262: 9. Net advances continued 9.1 Credi
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9. Net advances continued 9.1 Credi
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R million Opening balance Recognise
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R million Carrying value at the beg
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R million Balance at the beginning
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annual financial statements R milli
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2012 2011 Unamortised discount Net
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2012 2011 Unamortised discount Net
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Foreign currency translation Foreig
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Interest capitalised 2012 2011 Unam
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annual financial statements 2012 20
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annual financial statements 2012 20
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annual financial statements 46. Fin
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R million Up to 1 month Greater tha
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annual financial statements Index t
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R million Carrying value at year en
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annual financial statements 49. Int
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annual financial statements 50. Lon
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51. Analysis of financial assets an
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annual financial statements 51. Ana
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annual financial statements 55. Ret
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annual financial statements 58. Res
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Company statement of comprehensive
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Notes to the company annual financi
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Prefsure (Botswana) Limited Insuran
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Contents Shareholder information Di
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Dividend timetable >shareholder inf
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JSE statistics >shareholder informa
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Analysis of ordinary shareholders a
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Contents Annual general meeting Not
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3. Ordinary resolution 3 - Election
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annual general meeting As the revis
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annual general meeting 9.1 immediat
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annual general meeting 11.3.3 repur
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Motivation for ordinary resolution
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annual general meeting message util
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Leonidas (Leon) Kirkinis Chief exec
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higher. Qualifying participants are
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(iv) Directors’ interests in secu
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Application form: Electronic partic
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Form of proxy African Bank Investme
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annual general meeting Summary of s
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Corporate information Board of dire
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Full annual report - African Bank - Investoreports

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