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Notes to the annual financial statements (continued) for the year ended 30 September 2003 African Bank Investments Limited 118 Group Company 2003 2002 2003 2002 R000 R000 R000 R000 27. CASH GENERATED FROM OPERATIONS Net income from operations Adjustments for: 1 064 000 766 830 223 657 333 033 – Increase in provisions for doubtful advances 522 920 644 730 – – – Depreciation 73 840 58 385 – – – Goodwill amortisation 17 315 12 839 – – – Loss on disposal of fixed assets 1 955 712 – – – Impairment of investment in subsidiaries – – – 337 720 – Transfer to/(from) life funds (14 387) 9 229 – – – Net assets acquired for no consideration – – 3 330 – – Other 1 301 (122) – – 1 666 944 1 492 603 226 987 670 753 28. INCREASE IN GROSS ADVANCES Increase in loan advances (22 467) (1 324 722) – – Real growth in book (22 467) (324 722) – – Net book acquired (from Saambou) – (1 000 000) – – (22 467) (1 324 722) – – 29. (DECREASE)/INCREASE IN WORKING CAPITAL Decrease/(increase) in other assets 395 248 (340 474) (7 927) 1 544 Amounts (paid)/due to Saambou Receivership (750 000) 750 000 – – (Decrease)/increase in other liabilities (119 017) 17 372 (13 308) 21 024 (473 769) 426 898 (21 235) 22 568 30. NORMAL AND INDIRECT TAXATION PAID Decrease in tax liability (124 076) (180 611) – (797) Decrease/(increase) in prepaid tax 16 700 165 (342) (495) Amount charged to income statement (397 051) (283 966) (1 994) (988) Incorrect allocation of deferred tax charge – 1 057 – – (504 427) (463 355) (2 336) (2 280) 31. SHAREHOLDER PAYMENTS AND TRANSACTIONS Dividends paid (204 795) (132 284) (212 894) (137 071) Shares repurchased by subsidiary company (124 664) – – – Shares purchased by employees from share purchase trust 26 057 14 459 – – (303 402) (117 825) (212 894) (137 071)
Group Company 2003 2002 2003 2002 R000 R000 R000 R000 32. INVESTING ACTIVITIES Acquisition of fixed assets (82 622) (73 785) – – Disposal of fixed assets 2 137 2 881 – – Additional holdings in associates acquired (1 313) (4 405) – – Additional holdings in subsidiaries acquired (refer note 32.1) (77 880) (2 335) – (516 500) Sale of holdings in subsidiaries (refer note 32.2) 21 975 – – – Decrease/(increase) in liquid assets and short-term investments 143 144 (151 909) – – Decrease in loans to joint venture partners – 42 841 – – Increase/(decrease) in loans from subsidiaries – – 7 316 (36 500) Dividends paid to outside shareholders in subsidiaries (17 102) (9 092) – – Dividends received from associates – 711 – – (11 661) (195 093) 7 316 (553 000) 32.1 Additional holdings in subsidiaries acquired Net asset value of additional shares acquired 54 197 2 335 (130) 516 500 Goodwill arising/(reversing) 23 683 – (3 200) – Cost of additional shares in subsidiaries 77 880 2 335 (3 330) 516 500 Less: Cash acquired – – – – Add: Net assets acquired for no consideration – – 3 330 – Net cash outflow/(inflow) on acquisition 77 880 2 335 – 516 500 32.2 Sale of holdings in subsidiaries Net asset value of asset sold 23 276 – – – Profit/(loss) on sale of assets (1 301) – – – Consideration received 21 975 – – – 33. FINANCING ACTIVITIES Increase/(decrease) in long-term loans (15 104) 1 342 663 – – Increase/(decrease) in liabilities to depositors 194 153 (615 483) – – 179 049 727 180 – – 34. CASH AND CASH EQUIVALENTS Short-term deposits and cash 1 148 562 835 460 1 391 3 553 Bank overdraft (150) (19 846) – – Statutory cash reserves – insurance 197 469 – – – 1 345 881 815 614 1 391 3 553 119 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
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Top ten risks Mitigating factors Ri
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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 135: 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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