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Appendix A Investment in subsidiaries African Bank Investments Limited 126 Investment Issued Effective (at cost and Type of business share capital percentage held impairments) Loans 2003 2002 2003 2002 2003 2002 2003 2002 R000 R000 % % R000 R000 R000 R000 African Bank Limited Credit bank 121 251 121 251 100 100 1 538 748 1 538 748 (7 442) – Theta Investments (Pty) Limited Financial services 11 11 100 100 63 781 66 981 – – ABIL Employee Share Trust Trust – – 100 100 – – 7 7 Goodbye Properties (Pty) Limited Property – – 100 100 – – 6 978 6 978 BSG Management Company (Pty) Limited Dormant – – 100 100 – – (7 204) (7 201) BTU Trading and Underwriting (Pty) Limited Dormant – – 100 100 – – (4 346) (4 346) Credit Indemnity Property (Pty) Limited Property 1 – 100 – (130) – 129 – Standard General Insurance Company Limited – cost Assurance 5 000 5 000 100 100 539 135 539 135 – – – impairment – – – – (337 720) (337 720) – – Credit Save (Pty) Limited Property – – 100 100 8 000 8 000 – – 1 811 814 1 815 144 (11 878) (4 562) The following subsidiaries are held by Theta Investments and African Bank: Alternative Finance Limited King Finance Dormant 27 368 27 368 100 100 161 110 304 237 – – Corporation Limited Unity Financial Dormant 721 721 100 100 205 905 205 905 – – Services Limited Information Technology Dormant 197 197 100 100 68 865 68 865 – – Connections (Pty) Limited Liberal Holdings Dormant – – 100 100 – – – – Shareblock (Pty) Limited African Contractors Finance Corporation Dormant 10 10 100 100 – – – – (Pty) Limited Union Micro Loans Financial services 2 2 100 100 14 753 14 753 – – (Pty) Limited Gilt Edged Management Financial services 11 11 100 100 6 074 6 251 – – Services (Pty) Limited Financial services 100 100 100 100 15 794 17 505 – – Credit Indemnity (Pty) Limited Financial services 12 12 100 100 39 193 39 193 – – Credit Direct (Pty) Limited Theta Specialised Financial services 4 4 100 100 1 119 3 105 – – Finance (Pty) Limited Miners Credit Guarantee Financial services – – – 100 – – – – (Pty) Limited Soletrade Seven (Pty) Financial services – – 100 85 50 063 10 546 – – Limited trading as Quatro Safrich Financial Financial services – – 100 100 – – – – Services (Pty) Limited Financial services – – – 51 – 5 617 – – A1 Taxi House (Pty) Limited Financial services – – 100 85 – – – – A1 Taxi Finance (Pty) Limited Financial services – – 100 85 – 1 020 – – Theta Capital (Pty) Limited Dormant – – 100 100 – – – – All subsidiaries are incorporated in the Republic of South Africa.
Appendix B Investments in associates Percentage holding Group Company 2003 2002 2003 2002 2003 2002 % % R000 R000 R000 R000 Mathomo Financial Services (Pty) Limited (associate of Miners Credit Guarantee (Pty) Limited) Principal activity: Financial services 50,0 42,5 Ordinary shares at cost 5 253 4 405 – – Share of attributable income 4 071 2 542 – – 9 324 6 947 – – Business Venture Investments 189 (Pty) Limited Principal activity: Financial services – 40,0 Ordinary shares at cost net of goodwill Share of attributable income – 3 558 – – (net of dividends) – 7 100 – – – 10 658 – – Total 9 324 17 605 – – Aggregate financial information in respect of associate companies 127 2003 2002 R000 R000 BALANCE SHEET Assets Fixed assets – 6 955 Deferred tax asset 196 381 Net current assets 23 208 33 810 23 404 41 146 Liabilities and equity Share capital and reserves 7 576 28 667 Long-term liabilities 12 817 8 562 Other liabilities 3 011 3 917 23 404 41 146 INCOME STATEMENT Revenue 10 323 35 688 Net income before taxation 4 373 23 992 Taxation (1 314) (7 420) Net income after taxation 3 059 16 572 Group’s share of net income after tax 1 529 6 778 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
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on a regular basis to ensure proper
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Social commitment Given the nature
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Embarking on a journey The process
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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 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: 125 Group 2003 2002 R000 R000 37. O
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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