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Annual report 2003 www.abil.co.za Flip cover JSE statistics, five-year history and financial highlights i Features ii Mission and values iii Focus and strategy iv Group structure v Profile vi History of <strong>African</strong> <strong>Bank</strong> viii Key objectives – 2004 ix Performance against key objectives – 2003 xii Social pact 3 Letter to stakeholders 14 Shareholders’ diary 16 Twelve-month review in international currencies 19 Management discussion 37 Divisional reports 44 Corporate governance 54 Remuneration report 58 Risk review 68 Sustainability report 88 Annual financial statements – Content 132 Board charter 136 Notice of annual general meeting (English) 142 Notice of annual general meeting (Zulu) 149, 151 Proxy forms 153 Members of the ABIL board 157 Corporate information and registered address
2,5 2,0 1,5 1,0 0,5 0 JSE statistics As at 30 September 2003 2002 2001 2000 1999 TRADED PRICE (CENTS PER SHARE) Close 725 525 779 650 965 High 770 950 965 1 620 2 460 Low 520 480 460 565 965 Market capitalisation (Rm) 3 604,4 2 610,1 4 006,4 4 048,1 5 308,6 Value of shares traded (Rm) 2 804,3 3 109,2 4 274,7 4 544,4 3 212,1 Value traded as % of market capitalisation (%) 77,8 119,1 106,7 112,3 60,5 Volume of shares traded (000) 455 009 449 135 542 688 397 509 173 784 Volume traded as % of average number in issue (%) 93,9 91,9 92,5 67,5 31,6 PE ratio 6,5 4,1 6,3 5,8 15,5 Dividend yield 5,9 5,1 1,3 Earnings yield 15,5 24,2 15,9 17,4 6,5 Year-end market price/NAV 1,2 1,1 1,9 1,6 4,5 Average number of shares in issue (000) 484 398 488 939 586 473 589 030 550 114 Net asset value (NAV) 588,1 497,1 407,0 410,4 215,7 1 000 900 800 700 600 500 400 300 Three-year share price performance 1/10/00 1/12/00 1/2/01 1/4/01 Year-end market price to NAV (Times) 1,6 2000 1,9 2001 1,1 2002 1,2 2003 1/6/01 1/8/01 160 140 120 100 80 60 40 20 0 1/10/01 Headline earnings per share (Cents) 96,7 1/12/01 1/2/02 121,9 1/4/02 128,4 1/6/02 104,4 1/8/02 1/10/02 140,4 1999 2000 2001 2002 2003 FC1 1/12/02 700 600 500 400 300 200 100 1/2/03 0 1/4/03 Net asset value per share (Cents) 215,7 1/6/03 1/8/03 1/10/03 410,4 407,0 497,1 588,1 1999 2000* 2001* 2002 2003 * Influenced by a share issue and a share buyback
Page 1: African Bank Investments Limited AN
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 and 24: 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
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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
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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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