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Financial results in international currencies Currency adjusted group income statement African Bank Investments Limited 16 US US GB GB Rand Rand dollar dollar pound pound Euro Euro 000 2003 2002 2003 2002 2003 2002 2003 2002 REVENUE Interest income on advances 2 295 519 2 005 388 277 908 188 123 173 509 127 976 257 634 205 050 Net assurance income 246 804 259 811 29 879 24 373 18 655 16 580 27 700 26 566 Non-interest income 323 407 299 580 39 153 28 103 24 445 19 118 36 297 30 632 TOTAL REVENUE Charge for bad and 2 865 730 2 564 779 346 940 240 599 216 609 163 674 321 631 262 248 doubtful advances (444 935) (553 228) (53 866) (51 898) (33 631) (35 305) (49 937) (56 567) RISK ADJUSTED REVENUE 2 420 795 2 011 551 293 074 188 701 182 978 128 369 271 694 205 681 Other interest income 143 131 82 827 17 328 7 770 10 819 5 286 16 064 8 469 Interest expense (463 685) (389 181) (56 136) (36 509) (35 048) (24 836) (52 041) (39 794) Operating costs (1 036 241) (938 367) (125 453) (88 027) (78 325) (59 883) (116 301) (95 948) NET INCOME FROM OPERATIONS Share of associate 1 064 000 766 830 128 813 71 935 80 424 48 936 119 416 78 408 companies’ income 1 529 6 778 185 636 116 433 172 693 NET INCOME BEFORE TAXATION Indirect taxation: 1 065 529 773 608 128 998 72 571 80 540 49 369 119 588 79 101 Value added tax and STC (84 947) (38 348) (10 284) (3 597) (6 421) (2 447) (9 534) (3 921) Taxation (314 071) (227 629) (38 023) (21 354) (23 739) (14 526) (35 249) (23 275) NET INCOME AFTER TAXATION 666 511 507 631 80 691 47 620 50 380 32 396 74 805 51 905 Minority interest (6 609) (8 765) (800) (822) (500) (559) (742) (896) NET INCOME ATTRIBUTABLE TO ORDINARY SHAREHOLDERS 659 902 498 866 79 891 46 798 49 880 31 837 74 063 51 009 Adjustments: Net goodwill amortised 17 691 12 839 2 142 1 204 1 337 819 1 986 1 313 Other capital items 2 466 (1 063) 299 (100) 186 (68) 277 (109) HEADLINE EARNINGS 680 059 510 642 82 332 47 902 51 403 32 588 76 326 52 213 WEIGHTED NUMBER OF SHARES IN ISSUE (000) HEADLINE EARNINGS 484 398 488 939 484 398 488 939 484 398 488 939 484 398 488 939 PER SHARE 140,4 104,4 17,0 9,8 10,6 6,7 15,8 10,7 EARNINGS PER SHARE 136,2 102,0 16,5 9,6 10,3 6,5 15,3 10,4 RATE USED FOR CURRENCY CONVERSION Average rate 1,00 1,00 8,26 10,66 13,23 15,67 8,91 9,78
Currency adjusted group balance sheet US US GB GB Rand Rand dollar dollar pound pound Euro Euro 000 2003 2002 2003 2002 2003 2002 2003 2002 ASSETS Fixed assets 193 719 189 029 27 913 17 900 16 787 11 519 24 005 18 281 Investments in associates 9 324 17 605 1 344 1 667 808 1 073 1 155 1 703 Policyholders’ investments 53 682 65 080 7 735 6 163 4 652 3 966 6 652 6 294 Goodwill 20 463 13 007 2 949 1 232 1 773 793 2 536 1 258 Deferred tax asset 58 812 63 459 8 474 6 009 5 096 3 867 7 288 6 137 Net advances 4 399 746 4 900 199 633 969 464 034 381 261 298 610 545 200 473 908 Gross advances 6 314 097 7 166 640 909 812 678 659 547 149 436 723 782 418 693 100 Provisions (1 914 351) (2 266 441) (275 843) (214 625) (165 888) (138 113) (237 218) (219 192) Other assets 109 735 496 983 15 812 47 063 9 509 30 285 13 598 48 064 Taxation Statutory assets – bank 4 625 21 325 666 2 019 401 1 300 573 2 062 and insurance Short-term deposits 479 474 421 751 69 088 39 939 41 549 25 701 59 414 40 788 and cash 1 148 562 835 460 165 499 79 116 99 529 50 912 142 325 80 799 TOTAL ASSETS 6 478 142 7 023 898 933 449 665 142 561 365 428 026 802 746 679 294 LIABILITIES AND EQUITY Liabilities Life fund reserve Structured loans 80 326 94 713 11 574 8 969 6 961 5 772 9 954 9 160 and debentures 2 251 180 2 269 313 324 378 214 897 195 076 138 288 278 957 219 469 Liabilities to depositors 884 485 690 332 127 447 65 372 76 645 42 068 109 602 66 763 Other liabilities 173 094 1 040 840 24 941 98 564 14 999 63 427 21 449 100 662 Deferred tax liability 10 576 13 256 1 524 1 255 916 808 1 311 1 282 Taxation 95 335 219 411 13 737 20 778 8 261 13 371 11 814 21 220 Bank overdraft 150 19 846 22 1 879 13 1 209 19 1 919 TOTAL LIABILITIES 3 495 146 4 347 711 503 623 411 714 302 871 264 943 433 106 420 475 Capital and reserves Ordinary shareholders’ funds 2 788 751 2 433 522 401 837 230 448 241 661 148 295 345 570 235 350 Outside shareholders’ funds 4 541 55 990 654 5 302 394 3 412 563 5 415 Secondary capital 189 704 186 675 27 335 17 678 16 439 11 376 23 507 18 054 TOTAL CAPITAL AND RESERVES 2 982 996 2 676 187 429 826 253 428 258 494 163 083 369 640 258 819 TOTAL LIABILITIES AND EQUITY 6 478 142 7 023 898 933 449 665 142 561 365 428 026 802 746 679 294 RATE USED FOR CURRENCY CONVERSION Year-end rate 1,00 1,00 6,94 10,56 11,54 16,41 8,07 10,34 17 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 and 24: Incwadi eya kwabanezabelo iqhutshiw
Page 33: Incwadi eya kwabanezabelo iqhutshiw
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
Page 76 and 77: Risk review ABIL views risk as an i
Page 79 and 80: 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
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services of the best employees. The
Page 103 and 104:
The African Bank Foundation accepts
Page 105 and 106:
Index to global reporting initiativ
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Directors’ responsibility The dir
Page 109 and 110:
Directors’ report 30 September 20
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INTEREST OF THE DIRECTORS IN THE SH
Page 113 and 114:
n4 The strike prices of the share o
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Income statement for the year ended
Page 117 and 118:
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
Page 175 and 176:
Corporate information COMPANY REGIS
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GRAPHICOR 30006
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