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Notes to the annual financial statements (continued) for the year ended 30 September 2003 African Bank Investments Limited 114 Group Company 2003 2002 2003 2002 R000 R000 R000 R000 20. CHARGE FOR BAD AND DOUBTFUL ADVANCES Increase in the specific provision (refer note 7) 545 660 712 846 – – Decrease in the portfolio provision (refer note 7) (26 177) (116 274) – – Movement in provisions 519 483 596 572 – – Less: Recoveries of amounts previously written off (74 548) (43 344) – – 444 935 553 228 – – 21. NET ASSURANCE INCOME Single premiums received 325 212 296 229 – – Reinsurance rebate – 112 267 – – Less: Reinsurance premiums paid net of experience refund (32 152) (5 817) – – Net premiums received 293 060 402 679 – – Less: Benefits paid to policyholders 55 494 71 451 – – Total claimed 55 494 81 810 – – Recovered from reinsurance – (10 359) – – Expenses paid (144) (285) – – Assurance income before transfer 237 422 330 943 – – Transferred from/(to) life fund 10 950 (74 143) – – Interest (paid)/earned on insurance funds (1 568) 3 011 – – 246 804 259 811 – – 22. NON-INTEREST INCOME Fee and commission income 322 078 299 499 – – Dividends received 1 329 81 219 488 699 150 Profit on disposal of investment – – – 510 323 407 299 580 219 488 699 660
Group Company 2003 2002 2003 2002 R000 R000 R000 R000 23. OPERATING COSTS Auditors’ remuneration Audit fees – current year 5 215 2 417 650 608 – prior year underprovision 2 878 – – – Fees for other services 773 255 – – Expenses 20 10 – – Depreciation on fixed assets Furniture 5 437 4 592 – – Computer equipment and software 47 792 37 220 – – Office equipment 6 724 3 988 – – Motor vehicles 1 486 1 119 – – Leasehold improvements 10 227 9 823 – – Buildings 2 174 1 643 – – Goodwill amortised 17 691 12 839 – – Minor assets written off 112 687 – – Direct selling costs/commissions 122 318 117 934 – – Loss on sale of fixed assets Professional fees 634 712 – – Legal fees 10 505 6 494 268 357 Consultants and other professional fees 16 446 17 456 14 60 Staff cost Operating lease premiums 401 287 326 666 – – Leasehold fixed property 57 474 58 158 – – Computers and other equipment 3 121 1 341 – – Motor vehicle Directors’ remuneration – 918 – – Paid by subsidiaries – Non-executive directors * Fees 1 601 753 – – * Bonus – Executive directors – 500 – – * Salaries 7 033 3 650 – – * Bonus † – 3 717 – – * Other Paid by holding company – Executive director 1 577 – – – * Salaries – – – – * Bonus – Non-executive directors – – – – * Fees 167 159 167 159 Impairment of investments – – – 337 720 Provision for guarantee of inter-group loans – – (10 309) 26 437 Other expenses 313 549 325 316 5 199 2 258 1 036 241 938 367 (4 011) 367 599 † The bonuses of the executive directors were approved by the board on 14 November 2003 and will be accounted for in the 2004 financial year. 115 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
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Issue arising Corrective action req
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Skills and experience of the board
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Corporate governance continued regu
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from the committee responsible for
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that the risk policies and strategi
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Table 1: Remuneration and fees Serv
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Risk review ABIL views risk as an i
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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 and 114: n4 The strike prices of the share o
Page 115 and 116: Income statement for the year ended
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 131: Group Company 2003 2002 2003 2002 R
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
Page 165 and 166: 16. Ukuvota nezithunywa Bonke abani
Page 167 and 168: Form of proxy AFRICAN BANK INVESTME
Page 169 and 170: Ifomu yokuqoka isithunywa esizokume
Page 171 and 172: Members of the ABIL board ASHLEY SE
Page 173 and 174: RAMANI NAIDOO (41) BA LLB Non-execu
Page 175 and 176: Corporate information COMPANY REGIS
Page 177 and 178: GRAPHICOR 30006
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