Full annual report - African Bank - Investoreports

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Condensed segmental income statement for the year ended 30 September 2012 R million 56 % change 30 September 2012 (Audited) ABIL group Banking unit Gross margin on retail business 2 2 134 – Interest income on advances 36 9 919 9 823 Assurance income 29 3 828 3 401 Non-interest income 12 3 291 3 018 Income from operations 25 19 172 16 242 Credit impairment charge 45 (5 197) (5 170) Claims paid 49 (912) (918) Risk adjusted income from operations 18 13 063 10 154 Product insurance claims (12) (60) – Other interest and investment income (35) 219 324 Interest expense 29 (3 680) (3 771) Operating costs 11 (5 467) (2 957) Indirect taxation: VAT 7 (72) (72) Profit from operations 14 4 003 3 678 Capital items (>100) (6) – Profit before taxation 14 3 997 3 678 Direct taxation: STC (46) (82) (2) Direct taxation: Normal 14 (1 112) (1 038) Profit for the year 18 2 803 2 638 Intersegment revenues included in income from operations are for the Retail unit only and amount to R206 million (2011: R122 million). R million % change 30 September 2012 (Audited) ABIL group Banking unit Profit for the year (basic earnings) 18 2 803 2 638 Preference shareholders 91 (61) (61) Basic earnings attributable to ordinary shareholders 17 2 742 2 577 Adjustments for non-headline items: 12 3 Gross adjustments 17 4 Tax thereon (5) (1) Headline earnings 18 2 754 2 580
Retail unit Consolidation adjustments ABIL group 30 September 2011 (Audited) Banking unit Retail unit >business overview Consolidation adjustments 2 134 – 2 083 – 2 083 – 96 – 7 308 7 198 110 – 427 – 2 962 2 532 430 – 479 (206) 2 930 2 624 428 (122) 3 136 (206) 15 283 12 354 3 051 (122) (27) – (3 596) (3 527) (69) – 6 – (612) (612) – – 3 115 (206) 11 075 8 215 2 982 (122) (60) – (68) – (68) – 74 (179) 339 319 46 (26) (84) 176 (2 850) (2 826) (48) 24 (2 716) 206 (4 931) (2 397) (2 656) 122 – – (67) (67) – – 329 (4) 3 498 3 244 256 (2) (6) – 1 1 – – 323 (4) 3 499 3 245 256 (2) – (80) (151) 1 – (152) (75) 1 (977) (912) (66) 1 248 (83) 2 371 2 334 190 (153) Retail unit Consolidation adjustments ABIL group 30 September 2011 (Audited) Banking unit Retail unit Consolidation adjustments 248 (83) 2 371 2 334 190 (153) – – (32) (32) – – 248 (83) 2 339 2 302 190 (153) 9 – – – – – 13 – – – – – (4) – – – – – 257 (83) 2 339 2 302 190 (153) African Bank Investments Limited | Integrated Report for the year ended 30 September 2012 57
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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
Page 9 and 10: Our values We pledge to live by the
Page 11 and 12: ‘03 ABIL achieves investment grad
Page 13 and 14: African Bank Investments Limited Fi
Page 15 and 16: African Bank Investments Limited Fi
Page 17 and 18: Shareholders’ profile Top fund ma
Page 19 and 20: 2007 2006 2005 2004 2003 >ABIL in p
Page 21 and 22: 2007 2006 2005 2004 2003 >ABIL in p
Page 23 and 24: Robert John (Johnny) Symmonds (53)
Page 25 and 26: Mojankunyane Florence (Mojanku) Gum
Page 27 and 28: Contents Letter to stakeholders 24
Page 29 and 30: Incwadi eya kubabambiqhaza Isingeni
Page 31 and 32: Ulwazi oluhambelanayo lungatholakal
Page 33 and 34: Umhlaba oncintisanayo Ukukhula okuk
Page 35 and 36: labele izidingongqangi ezikhulayo e
Page 37 and 38: Ukuze uthole olunye ulwazi ngemizam
Page 39 and 40: ngo-1994. Wenze ukufaka isandla oku
Page 41 and 42: usiness overview Material issue Why
Page 43 and 44: For more information on people rela
Page 45 and 46: egistered some short term gains and
Page 47 and 48: What sets us apart Quality of our p
Page 49 and 50: Active engagement with our people i
Page 51 and 52: Our customers Engagement methods St
Page 53 and 54: ABIL engaged with a wide group of l
Page 55 and 56: The most important of these are dis
Page 57 and 58: The risk base of the group is not c
Page 59: Return on equity in line with targe
Page 63 and 64: Retail unit Consolidation adjustmen
Page 65 and 66: Share based payment reserve Other O
Page 67 and 68: Financial returns >business overvie
Page 69 and 70: Gross profit margin % 46 44 42 41 3
Page 71 and 72: were launched in October. The virtu
Page 73 and 74: Number of employees - Banking unit
Page 75 and 76: Of the credit cards issued in 2012,
Page 77 and 78: Disbursement features Disbursements
Page 79 and 80: Vintage graph - African Bank (More
Page 81 and 82: Liabilities Funding >business overv
Page 83 and 84: Capital management >business overvi
Page 85 and 86: The changes to capital adequacy on
Page 87 and 88: Contents Corporate governance repor
Page 89 and 90: Corporate governance structure Grou
Page 91 and 92: Board meetings and attendance >acco
Page 93 and 94: Conflict of interest All directors
Page 95 and 96: The office of the group compliance
Page 97 and 98: Introduction and report objectives
Page 99 and 100: ■ Ensuring that there is an adequ
Page 101 and 102: Component Summary Benefits Benefits
Page 103 and 104: Exposure to existing long term ince
Page 105 and 106: The components of executive directo
Page 107 and 108: LTIPs awarded to executive director
Page 109 and 110: 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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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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