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Letter to stakeholders continued Investors must be cognisant that any reform process brings with it a degree of uncertainty and possible instability as the national debate progresses. It is also vital that the review process covers all related laws impacting on the credit industry and that those new measures be subjected to stringent regulatory impact assessments. The past few years have seen a trend of increasing fragmentation in the regulatory process in respect of consumer protection and ongoing legislative enhancement by proliferation of ad hoc regulations with resultant increased compliance costs. It is hopeful that the review process will arrest and wherever possible reverse some of these trends in the credit law review process. Future access to, and the cost of credit, for the estimated 16 million credit-active South African consumers – as well as those still without access – will be affected by the outcome of the review process of the Usury Act, Credit Agreements Act, and the 1999 Exemption Notice under the Usury Act. In view of the market trends outlined above, what is required, ABIL believes, is the creation of a non-discriminatory and competitive unified credit market. To achieve this, the group subscribes to the following cornerstones for a new dispensation: – The abolition of price controls. Price controls ration credit, distort the allocation of credit in the economy, increase perceived risk for investors and funders and as a result ultimately drive up the cost of credit and reduce access; African Bank Investments Limited 6 – The establishment of a single, substantially simplified consumer protection framework for the total credit market. This will eliminate the present fragmentation and confusion and should aim to significantly reduce the present increasingly onerous cost of compliance whilst improving effective recourse for consumers; – The standardisation of pricing and contractual disclosures, eliminating prevalent abuses in the market and increased reliance on such transparency as the main regulatory mechanism to enable informed consumer choice; – Legislation to establish a central repository of credit information to inform new credit extension and to regulate the protection of consumer and creditor rights in the system; – Relying on the market rather than prescriptive and potentially distortive regulations and rules to punish reckless lending and borrowing; – Enabling and enhancing competition within the industry and therefore increased choice for consumers. As an active participant in this process, ABIL is appreciative of the spirit of cooperation displayed by government and the credit industry during this review. Section 74 of the Magistrates Court Act The prevalent abuse of weaknesses in this legislation by some unscrupulous debt administrators has caused hundreds of thousands of individuals to be caught under debt administration in perpetuity, with the debt administrators as the main beneficiaries in the process. The Law Reform Commission has commenced a review of section 74 of the Magistrates Court Act during the course of the year. The banking industry, through the Banking Council, has made a submission to the Law Review Commission. ABIL’s input to this submission has been substantial. The Law Review Commission’s response to the submission is still in progress. However, an opportunity exists for interim changes to section 74 to address loopholes in current legislation that are being abused by unscrupulous administrators to the detriment of clients and creditors alike. We believe that government will use the opportunity to implement such interim changes as soon as is practically possible, rather than wait for a protracted process of writing a new law. 2. Further momentum in integrating sustainability throughout the group ABIL acknowledges that to sustain growth, competitive advantage and product innovation is not enough. Social and environmental factors have become important criteria in determining company success. It has therefore substantially increased the focus on the group’s sustainability strategy. Its objective is to develop an integrated sustainability management framework that will strengthen stakeholder engagement, assess and manage risk (including social and environmental risk), and enhance synergies and partnerships to facilitate opportunity creation. Projects resulting from the sustainability review are already in progress. The focus for 2004 is to
Incwadi eya kwabanezabelo iqhutshiwe kubathengi futhi nokumisela uhlelo lokusebenza olusha nolusebenza kuwonkewonke kwimakethe ehlanganisiwe yezokwebolekisa. Noma yiluphi uhlelo lwezinguquko luletha ungabazane kanye nokungazinzi okuthizeni njengoba ingxoxompikiswano kuzwelonke iqhubeka. Ukuze kubhekelelwe ukwanda ngokushesha nokuqhubekayo kokutholakala kwemali mboleko ezimiselweni zikhathi nasekusebenzisaneni okukhulu phakathi kukaHulumeni kanye nemboni yezokubolekisa. Kuphinde kubaluleke kakhulu ukuthi uhlelo lokubuyekeza luhlanganise yonke imithetho enomthelela embonini yezokubolekisa kanye nasekutheni leyo micikilisho emisha ibhekisiswe kabanzi mayelana nemiphumela enganayo ngokomthetho. Leminyaka emibalwa edlule ibonise isimo sokuhlakazeka okukhulu ohlelweni lomthetho mayelana nokuvikelwa kwabasebenzisi kanye nokwenziwa ngcono okuqhubekayo komthetho ngenxa yenxanxathelo yeziqondiso zangasikhathi nokubangele ukukhula kwezindleko zokuhambisana naleyo mithetho. Kwethenjwa ukuthi uhlelo lokubuyekezwa luzokumisa kanti lapho kungenzeka khona, likuguqule okunye kwalokho. Ukufinyeleleka kanye nezindleko zokubolekwa kulabo bantu ababalelwa ezigidini ezingu-16 zabasebenzisi baseNingizimu Afrika, kanjalo nalabo abangabi nakho ukufinyelela ekubolekweni, bazothinteka emphumeleni wohlelo lokubuyekezwa komthetho wokubolekisa, umthetho wezivumelwano zokubolekisa kanye nesaziso sika-1999 sokukhululwa ngaphansi komthetho wokubolekisa. Ngokubhekelela izimo zezimakethe esezishiwo ngenhla, okudingekayo, i-ABIL ekholwa yikho, ngukwakhiwa kwemakethe yezokubolekisa engabandlululi, enokuncintisana nehlangene. Ukufinyelela kulokhu, iqoqo liyavumelana nalezi zesekelo ezilandelayo zohlelo olusha: – Ukususwa kokulawulwa kwamanani. Ukumiselwa kwamanani kwehlisa ukubolekisa, kone ukwabiwa kokubolekisa emnothweni, kwandise ubungozi obucatshangelwayo kubatshali nabesekeli ngezimali kanti ngenxa yalokho kwenyuke izindleko zokwebolekisa bese kwehla ukufinyeleleka kokwebolekwa; – Ukumiselwa kohlaka olulodwa, oluqondakala kalula lokuvikela abasebenzisi kuyoyonke imakethe yezokwebolekisa. Lokhu kuzosusa inhlakanhlaka ekhona njengamanje kanye nokudideka kanti kufanele kuqondwe ngakho ukwehlisa kakhulu izindleko ezinkulu njengamanje zokuhambisana nomthetho kube kwenzeka ngcono ukusebenza kokulalelwa kwezikhalazo zabasebenzisi; – Ukwenziwa kunye kwamanani kanye nokuvezwa kwezinkontileka, ukususwa kokudideka okukhona njengamanje kanye nokuxhashazwa okukhona kwimakethe kanye nokwanda kokwethembela kulokho kuvuleleka njengendlela yokulawula ebalulekile ukusiza abasebenzisi ukuba bakhethe ngokwazi; – Umthetho wokumisela ukwenganyelwa kolwazi lwezokwebolekwa ukuze kwazeke uma kukhona ofuna ukwandiselwa ukwebolekwa kanye nasekulawuleni ukuvikeleka kwabasebenzisi kanye namalungelo ababolekisi ohlelweni; – Ukwethembela emaketheni kunaseziqondisweni ezilayezayo futhi ezinokona kanye nemithetho ejezisa ukwebolekisa kanye nokweboleka okunokunganakekeli; – Ukuvumela nokugqugquzela ukuncintisana ngaphakathi embonini kanye nokukhulisa ukuzikhethela kwamakhasimende ngokunjalo. Kubaluleke kakhulu ukuba uhulumeni kanye nemboni yokwebolekisa bahlanganyele emuzweni wokubambisana ngesikhathi salokhu kubuyekeza futhi i-ABIL ibambe iqhaza ngokuphelele kulolu hlelo. Isigaba 74 soMthetho weziNkantolo zoMantshi Ukuxhashazwa kobuthakathaka obukhona kulo mthetho yilabo baphathi bezikweletu abangethembekile sekubangele amakhulu ezinkulungwane zabantu ukuba bazithole bekhokhela izikweletu ungunaphakade, kube kungabaphathi zikweletu abahlomula kakhulu kulokhu. IKhomishani yokuGuqulwa koMthetho (Low Reform Commission) seyiqalile ngokubuyekeza isigaba 74 soMthetho weziNkantolo zoMantshi kuwo lonyaka. Imboni yamabhange, ngokusebenzisa uMkhandlu wamaBhange, seyenze isethulo kwikhomishani yokuguqulwa komthetho. Umnikelo we-ABIL kuleso sathulo ube mkhulu. Impendulo yeKhomishani yokuGuqula uMthetho kuleso sathulo isaqhubeka. Nokho-ke ithuba likhona lokuba kwenziwe izinguquko zesikhashana esigabeni 74 ukubhekelela izimbobo emthethweni wamanje nezisetshenziswa ngabaphathi abangethembekile nokulimaza amakhasimende kanye nababolekisi ngokufanayo. Sikholelwa ngukuthi uhulumeni kufanele asebenzise leli thuba ukumisela lezo zinguquko zesikhashana ngokukhulu ukushesha, kunokuba kulindwe uhlelo oluzothatha isikhathi lokubhala umthetho omusha. 2. Isivinini esikhulu ekuhlanganisweni ukuqhubekezeleka kulolonke iqoqo I-ABIL iyakwamukela ukuthi ukuqhubeka nokukhula, ukuhamba phambili ngokuncintisana kanye nokuqamba imikhiqizo emisha akwenele. Amaphuzu enhlalo kanye nendawo yokusebenzela asebe yizinqumosimo ezibalulekile ekuhlonzeni impumelelo yenkampani. Ngakho-ke seyikwandise kakhulu ukugxila kweqoqo ecebweni lokuqhubezeleleka kokusebenza. Injongo yalo ngukwakha umhlahlandlela ohlanganisiwe wezokuphathwa kokuqhubezeleka 7 African Bank Investments Limited
Page 1 and 2: African Bank Investments Limited AN
Page 3 and 4: 2,5 2,0 1,5 1,0 0,5 0 JSE statistic
Page 5 and 6: Five-year history Four-year compoun
Page 7 and 8: Features 35 30 25 20 15 10 5 0 Head
Page 9 and 10: Focus and strategy The focus of the
Page 11 and 12: Profile African Bank Investments Li
Page 13 and 14: 1994 Formation of investment trust
Page 15 and 16: Performance against key objectives
Page 17 and 18: Short to medium-term objectives OBJ
Page 19 and 20: African Bank Investments Limited We
Page 21 and 22: Letter to stakeholders ABIL believe
Page 23: Incwadi eya kwabanezabelo iqhutshiw
Page 27 and 28: Incwadi eya kwabanezabelo iqhutshiw
Page 35 and 36: Currency adjusted group balance she
Page 37 and 38: Management discussion Overview Key
Page 39 and 40: 12 months ended 12 months ended 30
Page 41 and 42: Capital adequacy model Non-performi
Page 43 and 44: 8 000 7 000 6 000 5 000 4 000 3 000
Page 45 and 46: Sales analysis - number and average
Page 47 and 48: excluding the Saambou PLB acquisiti
Page 49 and 50: The improved credit conditions are
Page 51 and 52: ook and the written-off book. To th
Page 53 and 54: Statement of average balances Weigh
Page 55 and 56: Divisional reports Operationally, A
Page 57 and 58: collection strike rates, which has
Page 59 and 60: ABIL also expanded its portfolio to
Page 61 and 62: 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
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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
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Shareholders’ information Number
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agreements, to ensure that the mate
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The interest rate charged is determ
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Continued effort and focus will go
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services of the best employees. The
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The African Bank Foundation accepts
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Index to global reporting initiativ
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Directors’ responsibility The dir
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Directors’ report 30 September 20
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INTEREST OF THE DIRECTORS IN THE SH
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n4 The strike prices of the share o
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Income statement for the year ended
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Cash flow statement for the year en
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Equity accounted income, which is i
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1.9 Revenue recognition Interest in
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Group Company 2003 2002 2003 2002 R
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Group Company 2003 2002 2003 2002 R
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Group Company 2003 2002 2003 2002 R
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111 Group 2003 2002 R000 R000 12. L
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Group Company 2003 2002 2003 2002 R
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Group Company 2003 2002 2003 2002 R
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117 Group 2003 2002 R000 R000 25. R
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Group Company 2003 2002 2003 2002 R
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One to Four to Beyond Non-interest
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One to Four to Beyond Up to one thr
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125 Group 2003 2002 R000 R000 37. O
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Appendix B Investments in associate
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Appendix D Segmental advances and p
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Appendix F Group structure and prof
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3.4.4 ensure that a comprehensive s
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7.4.3 All directors are required to
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6.3 any general payment shall be ma
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13.6 Any repurchases shall comply w
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DIRECTORS’ CURRICULUM VITAES Anto
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6. Isinqumo esejwayelekile esinguno
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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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