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The existing platform The group is involved in numerous activities that were either intuitively accepted as sound business practice to establish a long-term business and/or evolved from our passion to make a difference. We discuss these activities under the headings of economic, social and environmental issues. Economic matters Communication The group subscribes to the principle of transparent, timeous, balanced, relevant and understandable communication, focused on substance not form, with all relevant parties. Communication covers both financial and non-financial aspects of the business to support an informed stakeholder population. Detailed reports of the various aspects influencing the business, both directly and indirectly, are regularly presented to stakeholders. African Bank subscribes to a policy of keeping all staff members informed on issues relating to the bank and the micro-lending industry. Extensive use is made of e-mail messaging, notice boards, face-to-face meetings and forums, as well as the following communication channels, which have been streamlined over the past year to enhance the process: An intranet site, ABnet; The satellite television channel, ABtv; The internal employee publication, ABmag which has been extended to include all companies in the group. In addition, communications training for senior management was conducted in all African Bank Investments Limited 74 regions and a weekly electronic bulletin instituted early in 2003. An independent culture study (McKinsey 2003) provided the communications team with data to improve channels to meet organisational requirements. Shareholders As providers of capital, shareholders are a stakeholder group of prime importance. The group’s commitment to shareholders includes: providing above-average shareholder returns. The group has a medium-term objective for return on equity of 30%; providing all shareholders with updated information on a regular and equal basis; managing the group on a sustainable basis rather than maximising short-term returns; striving for best practice in all areas of our business. ABIL has a well-diversified shareholder base with over 32 000 private and institutional shareholders. Foreign investors currently hold approximately 27% of the total issued share capital. The group ensures that foreign and local shareholders are kept informed by: maintaining up-to-date information on its investor relations website; audio-casting local presentations; organising regular conference calls and presentations; attending investor conferences; organising site visits, investor days, road shows and meetings with management. ABIL values its private investor base and has implemented several projects over the past two years to support small shareholders. These include stock market education programmes, support in the replacement of lost share certificates and assisting with selling small parcels of shares. Given the group’s estimate that close to 90% of its private shareholder base comes from a previously disadvantaged background, portions of the annual report, notice of general meeting and proxy forms are translated into a different black language each year. The table contains shareholder information for ABIL at 30 September 2003. ABIL has an owner-manager philosophy, with directors and management holding 4,4% of the shares. Staff participate in growth through a share option scheme, which holds options equivalent to another 10,9% of issued shares.
Shareholders’ information Number % of Number % of of holders holders of shares issued capital Category Individuals 30 698 94,9 29 118 690 5,9 Limited companies 8 0,0 4 478 541 0,9 Banks 78 0,2 109 796 228 22,1 Nominee companies or trusts 666 2,1 54 820 374 11,0 Pension/provident funds 223 0,7 116 074 768 23,3 Insurance companies 26 0,1 34 947 245 7,0 Growth funds/unit trusts 211 0,6 118 339 649 23,8 Private companies (Pty) 160 0,5 3 146 078 0,6 Close corporations (cc) 99 0,3 319 385 0,1 Staff Share Trust 1 0,0 3 089 182 0,6 Trustee of a trust 0 0,0 0 0,0 Other corporate bodies 120 0,3 1 168 675 0,2 Investment companies 54 0,2 21 051 692 4,2 Medical aid schemes 7 0,0 805 058 0,1 Total 32 351 100,0 497 155 565 100,0 PUBLIC VERSUS NON-PUBLIC SHAREHOLDERS Public 32 338 99,96 454 539 649 91,43 Non-public N1 13 0,04 42 615 916 8,57 Total 32 351 100,00 497 155 565 100,00 N1: of the non-public shareholders, 11 were directors of ABIL representing 19 526 734 ABIL shares. NOMINEE DISCLOSURE Pursuant to the provisions of section 140A of the Companies Act of 1973, the following shareholding exceeding 2% in aggregate, as at 30 September 2003, were disclosed by the above nominee companies or established from enquiries: Investec Asset Management (SA) 75 029 449 15,09 Coronation Asset Management (SA) 51 403 540 10,34 Stanlib Limited (SA) 37 468 560 7,54 Treasury stock held by Abil subsidiaries 22 945 286 4,61 African Harvest (SA) 21 727 183 4,31 Directors, management and staff 21 626 350 4,35 Prudential Asset Management (SA) 20 158 960 4,05 RMB Asset Management (SA) 17 896 348 3,60 Scottish Widows Inv. Partnership (Scotland) 16 746 912 3,37 Sanlam Investment Managers (SA) 11 410 273 2,30 Schroders Investment Management (UK) 10 371 679 2,09 HOLDING 1 – 999 shares 29 763 92,00 1 497 568 0,30 1 000 – 9 999 shares 1 718 5,31 4 613 823 0,93 10 000 – 99 999 shares 471 1,46 14 446 578 2,91 100 000 and over 399 1,23 476 597 596 95,86 Total 32 351 100,00 497 155 565 100,00 75 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
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: The progress The corporate social c
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
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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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