Full annual report - African Bank - Investoreports

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Shareholders’ diary Event Date Annual general meeting 5 February 2013 Interim results 20 May 2013 Financial year end 30 September Annual results presentation 18 November 2013 Posting of integrated reports 28 December 2013 Listings information Listings exchange JSE Limited Sector General financial Subsector Consumer finance Share codes ISIN Ordinary shares JSE: ABL ZAE000030060 324 Reuters: ABLJ.J Bloomberg: ABL SJ Equity Preference shares JSE: ABLP ZAE000065215 Reuters: ABLPp.J ADR programme Level 1 ADR symbol AFRVY Conversion ratio One ADR is equivalent to five ordinary shares Credit rating Moody’s Investors Service credit rating Rating 2012 2011 2010 2009 2008 Global long term Baa2 Baa2 Baa2 Baa2 Baa2 Global short term P-2 P-2 P-2 P-2 P-2 National long term A1.za A1.za A1.za A1.za A1.za National short term Prime-1.za Prime-1.za Prime-1.za Prime-1.za Prime-1.za Outlook Negative* Stable Stable Stable Stable * The outlook was changed to negative, in line with Moody’s negative sovereign outlook for South Africa. Ratings were affirmed on 4 October 2012.
JSE statistics >shareholder information 2012 2011 2010 2009 2008 Traded price (per share) Close cents 3 305 3 300 3 585 2 950 2 520 High cents 4 065 4 046 3 728 3 174 3 718 Low cents 3 103 3 181 2 768 1 940 2 196 Market capitalisation R million 26 578 26 538 28 830 23 723 20 265 Value of shares traded R million 35 504 29 044 27 452 24 507 26 027 Value traded as % of market capitalisation % 134 109 95 103 128 Volume of shares traded millions 996 811 868 936 930 Volume traded as % of number in issue % 124 101 108 116 116 Price/earnings ratio times 10,2 12,8 16,1 15,0 8,8 Dividend yield % 5,6 5,6 5,2 6,4 9,3 Earnings yield % 9,8 7,8 6,2 6,7 11,3 Price-to-book ratio times 1,9 2,0 2,3 1,9 1,7 Average number of shares in issue millions 804 804 804 804 718 Shares issued millions 306,3 # Number of shareholders 19 293 18 316 12 550 11 019 13 766 # ABIL acquired the Ellerines group in January 2008. The consideration was settled by means of a fresh issue of 294,7 million shares. Another 11,6 million shares were issued in terms of the Ellerines BEE programme. Analysis of ordinary shareholders Top shareholders/managers of ABIL shares Manager Holding % Government Employees Pension Fund (PIC) 98 269 677 12,2 JP Morgan Asset Management 71 327 638 8,9 STANLIB Asset Management 50 790 500 6,3 Eyomhlaba Investment Holdings Limited 43 826 465 5,5 Investec Asset Management 34 644 778 4,3 BlackRock Inc 30 664 024 3,8 Directors’ holding* 29 623 449 3,7 Abax Investments 28 427 926 3,5 RMB Morgan Stanley 26 935 814 3,4 Sanlam Investment Management 25 612 488 3,2 Government Singapore Investment Corp 24 530 687 3,1 Hlumisa Investment Holdings Limited 23 782 808 3,0 The Vanguard Group Inc 21 772 019 2,7 Afena Capital 19 442 776 2,4 Pictet & Cie Banquiers * Directors’ holdings includes shares held indirectly through ABIL’s BEE programmes. 16 834 645 2,1 African Bank Investments Limited | Integrated Report for the year ended 30 September 2012 325
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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;
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GRI PR7 GRI PR8 GRI PR9 Customer ex
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GRI PR1, PR2 >accountability condit
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GRI EC8, EC9, S01 >accountability l
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Number of projects 9% 5% ■ KwaZul
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Ilembe schools connectivity project
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For more information on CSI visit h
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accountability and measured against
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GRI EN18 Weaknesses and shortfalls
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GRI EN2 >accountability Paper savin
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GRI EN30 Community engagement >acco
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Case studies Cato Ridge Epping The
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est practice) gasses are absent and
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Findings Based on our review of the
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Description Explanation 2.7 Markets
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Description Explanation 4.8 Interna
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Description Explanation EC4 Signifi
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Description Explanation Emissions,
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Description Explanation Occupationa
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Description Explanation Freedom of
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Description Explanation Customer he
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Annual financial statements 197-320
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45.1 Operating segments 285 45.2 Se
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Dividend cover (times) Dividend cov
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Acronyms and abbreviations ABIL Afr
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Nine-year summarised group income s
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Currency adjusted group income stat
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Directors’ responsibility stateme
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Audit committee report The audit co
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Domestic Medium Term Note (DMTN) Pr
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Interest of directors of the compan
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■ Granting the general approval t
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Group income statement for the year
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Share based payment reserve Cash fl
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Notes to the group annual financial
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IFRS/IFRIC Title and details Expect
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IFRS/IFRIC Title and details Expect
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3. Critical accounting judgements a
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3.2.2 Impairment of advances >annua
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annual financial statements practic
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Business combinations >annual finan
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annual financial statements payment
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4.10.3 Subsequent measurement >annu
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annual financial statements A finan
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annual financial statements Bank or
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annual financial statements For the
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annual financial statements Ordinar
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4.20 Cost of sales 4.19.3.4 Deliver
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annual financial statements The sha
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annual financial statements the exp
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annual financial statements R milli
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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
Page 277 and 278: Foreign currency translation Foreig
Page 279 and 280: Interest capitalised 2012 2011 Unam
Page 281 and 282: annual financial statements 2012 20
Page 283 and 284: annual financial statements R milli
Page 287 and 288: annual financial statements 2012 20
Page 291 and 292: annual financial statements 46. Fin
Page 293 and 294: R million Up to 1 month Greater tha
Page 299 and 300: annual financial statements Index t
Page 301 and 302: R million Carrying value at year en
Page 303 and 304: annual financial statements 49. Int
Page 305 and 306: annual financial statements 50. Lon
Page 307 and 308: 51. Analysis of financial assets an
Page 309 and 310: annual financial statements 51. Ana
Page 311 and 312: annual financial statements 55. Ret
Page 313 and 314: annual financial statements 58. Res
Page 315 and 316: Company statement of comprehensive
Page 317 and 318: Notes to the company annual financi
Page 323 and 324: Prefsure (Botswana) Limited Insuran
Page 325 and 326: Contents Shareholder information Di
Page 327: Dividend timetable >shareholder inf
Page 331 and 332: Analysis of ordinary shareholders a
Page 333 and 334: Contents Annual general meeting Not
Page 335 and 336: 3. Ordinary resolution 3 - Election
Page 337 and 338: annual general meeting As the revis
Page 339 and 340: annual general meeting 9.1 immediat
Page 341 and 342: annual general meeting 11.3.3 repur
Page 343 and 344: Motivation for ordinary resolution
Page 345 and 346: annual general meeting message util
Page 347 and 348: Leonidas (Leon) Kirkinis Chief exec
Page 349 and 350: higher. Qualifying participants are
Page 351 and 352: (iv) Directors’ interests in secu
Page 353 and 354: Application form: Electronic partic
Page 355 and 356: Form of proxy African Bank Investme
Page 357 and 358: annual general meeting Summary of s
Page 359 and 360: Corporate information Board of dire
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