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Balance sheet as at 30 September 2003 African Bank Investments Limited 96 Group Company 2003 2002 2003 2002 Notes R000 R000 R000 R000 ASSETS Fixed assets 2 193 719 189 029 – – Investment in subsidiaries 3 – – 1 799 936 1 810 582 Investment in associates 4 9 324 17 605 – – Policyholders’ investments 53 682 65 080 – – Goodwill 5 20 463 13 007 – – Deferred tax asset 6 58 812 63 459 714 15 771 Net advances 7 4 399 746 4 900 199 – – Gross advances 6 314 097 7 166 640 – – Provisions for impairment (1 914 351) (2 266 441) – – Other assets 8 109 735 496 983 8 005 78 Taxation 4 625 21 325 837 495 Statutory assets – bank and insurance 9 479 474 421 751 – – Short-term deposits and cash 10 1 148 562 835 460 1 391 3 553 TOTAL ASSETS 6 478 142 7 023 898 1 810 883 1 830 479 LIABILITIES AND EQUITY Life fund reserve 11 80 326 94 713 – – Loans and debentures 12 2 251 180 2 269 313 – – Liabilities to depositors 13 884 485 690 332 – – Other liabilities 14 173 094 1 040 840 20 991 33 418 Deferred tax liability 6 10 576 13 256 – – Taxation 95 335 219 411 – – Bank overdraft 150 19 846 – – Total liabilities 3 495 146 4 347 711 20 991 33 418 Share capital 15 12 429 12 429 12 429 12 429 Reserves 16 2 776 322 2 421 093 1 777 463 1 784 632 Ordinary shareholders’ funds 2 788 751 2 433 522 1 789 892 1 797 061 Outside shareholders’ funds 4 541 55 990 – – Secondary capital 17 189 704 186 675 – – Total capital and reserves 2 982 996 2 676 187 1 789 892 1 797 061 TOTAL LIABILITIES AND EQUITY 6 478 142 7 023 898 1 810 883 1 830 479
Income statement for the year ended 30 September 2003 Group Company 2003 2002 2003 2002 Notes R000 R000 R000 R000 Revenue Interest income on advances 18 2 295 519 2 005 388 – – Net assurance income 21 246 804 259 811 – – Non-interest income 22 323 407 299 580 219 488 699 660 Total revenue 2 865 730 2 564 779 219 488 699 660 Charge for bad and doubtful advances 20 (444 935) (553 228) – – Risk adjusted revenue 2 420 795 2 011 551 219 488 699 660 Other interest income 18 143 131 82 827 208 1 009 Interest expense 19 (463 685) (389 181) (50) (37) Operating costs 23 (1 036 241) (938 367) 4 011 (367 599) Net income from operations 1 064 000 766 830 223 657 333 033 Share of associate companies’ income 4 1 529 6 778 – – Net income before taxation 1 065 529 773 608 223 657 333 033 Indirect taxation: Value-added tax and STC 24 (84 947) (38 348) (16 990) 15 771 Taxation 24 (314 071) (227 629) (61) (989) Net income after taxation 666 511 507 631 206 606 347 815 Minority interest (6 609) (8 765) – – Net income attributable to ordinary shareholders 659 902 498 866 206 606 347 815 HEADLINE EARNINGS AND EARNINGS PER SHARE Net income attributable to ordinary shareholders 659 902 498 866 Adjustments: Goodwill amortised 17 691 12 839 Other capital items 2 466 (1 063) Headline earnings 680 059 510 642 Weighted number of shares in issue (000) 484 398 488 939 Fully diluted number of shares in issue (000) 486 816 488 939 Headline earnings per share (cents) 25 140,4 104,4 Basic earnings per share (cents) 25 136,2 102,0 Fully diluted headline earnings per share (cents) 25 139,7 104,4 Fully diluted earnings per share (cents) 25 135,6 102,0 Dividends per share (cents) 26 Interim – paid 25 12 Final – declared 31 18 Total ordinary dividends 56 30 Special – declared 100 – Total ordinary and special dividends 156 30 97 African Bank Investments Limited
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African Bank Investments Limited AN
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2,5 2,0 1,5 1,0 0,5 0 JSE statistic
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Five-year history Four-year compoun
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Features 35 30 25 20 15 10 5 0 Head
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Focus and strategy The focus of the
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Profile African Bank Investments Li
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1994 Formation of investment trust
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Performance against key objectives
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Short to medium-term objectives OBJ
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African Bank Investments Limited We
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Letter to stakeholders ABIL believe
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Incwadi eya kwabanezabelo iqhutshiw
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Currency adjusted group balance she
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Management discussion Overview Key
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12 months ended 12 months ended 30
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Capital adequacy model Non-performi
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8 000 7 000 6 000 5 000 4 000 3 000
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Sales analysis - number and average
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excluding the Saambou PLB acquisiti
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The improved credit conditions are
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ook and the written-off book. To th
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Statement of average balances Weigh
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Divisional reports Operationally, A
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collection strike rates, which has
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ABIL also expanded its portfolio to
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Collections business unit. Its most
Page 63 and 64: Issue arising Corrective action req
Page 65 and 66: Skills and experience of the board
Page 67 and 68: Corporate governance continued regu
Page 69 and 70: from the committee responsible for
Page 71 and 72: that the risk policies and strategi
Page 73: Table 1: Remuneration and fees Serv
Page 76 and 77: Risk review ABIL views risk as an i
Page 79 and 80: Risk review continued Undesirable r
Page 81 and 82: Top ten risks Mitigating factors Ri
Page 83 and 84: Credit risk African Bank Retail Cre
Page 85 and 86: on a regular basis to ensure proper
Page 87 and 88: Social commitment Given the nature
Page 89 and 90: Embarking on a journey The process
Page 91 and 92: The progress The corporate social c
Page 93 and 94: Shareholders’ information Number
Page 95 and 96: agreements, to ensure that the mate
Page 97 and 98: The interest rate charged is determ
Page 99 and 100: Continued effort and focus will go
Page 101 and 102: services of the best employees. The
Page 103 and 104: The African Bank Foundation accepts
Page 105 and 106: Index to global reporting initiativ
Page 107 and 108: Directors’ responsibility The dir
Page 109 and 110: Directors’ report 30 September 20
Page 111 and 112: INTEREST OF THE DIRECTORS IN THE SH
Page 113: n4 The strike prices of the share o
Page 117 and 118: Cash flow statement for the year en
Page 119 and 120: Equity accounted income, which is i
Page 121 and 122: 1.9 Revenue recognition Interest in
Page 123 and 124: Group Company 2003 2002 2003 2002 R
Page 129 and 130: 111 Group 2003 2002 R000 R000 12. L
Page 135 and 136: 117 Group 2003 2002 R000 R000 25. R
Page 139 and 140: One to Four to Beyond Non-interest
Page 141 and 142: One to Four to Beyond Up to one thr
Page 143 and 144: 125 Group 2003 2002 R000 R000 37. O
Page 145 and 146: Appendix B Investments in associate
Page 147 and 148: Appendix D Segmental advances and p
Page 149 and 150: Appendix F Group structure and prof
Page 151 and 152: 3.4.4 ensure that a comprehensive s
Page 153 and 154: 7.4.3 All directors are required to
Page 155 and 156: 6.3 any general payment shall be ma
Page 157 and 158: 13.6 Any repurchases shall comply w
Page 159 and 160: DIRECTORS’ CURRICULUM VITAES Anto
Page 161 and 162: 6. Isinqumo esejwayelekile esinguno
Page 163 and 164: 12.9.1 kuyokwenziwa ngokulandela uM
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16. Ukuvota nezithunywa Bonke abani
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Form of proxy AFRICAN BANK INVESTME
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Ifomu yokuqoka isithunywa esizokume
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Members of the ABIL board ASHLEY SE
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RAMANI NAIDOO (41) BA LLB Non-execu
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Corporate information COMPANY REGIS
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GRAPHICOR 30006
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