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ABL ABLP
ABL
ABL / ABLP - African Bank Investments - Unaudited Interim Results And Cash
Dividend Declaration For The Period Ended 31 March 2009
African Bank Investments Limited
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
(Ordinary share code: ABL) (ISIN: ZAE000030060)
(Preference share code: ABLP) (ISIN: ZAE000065215)
UNAUDITED INTERIM RESULTS AND CASH DIVIDEND DECLARATION FOR THE PERIOD ENDED 31
MARCH 2009
FEATURES
- Significant progress achieved in respect of strategic objectives
- Headline earnings of R937 million (H1 2008: R805 million)
- Headline earnings per share of 116.6 cents (H1 2008: 125.1 cents)
- Dividend per share declared of 85 cents (H1 2008: 105 cents)
STRATEGIC OVERVIEW
ABIL`s strategic objective is to expand and dominate its chosen markets by
growing its business to significant scale and translating the resultant
efficiencies into greater value for customers. During the six months ended 31
March 2009, significant progress was achieved in respect of this strategic
objective.
African Bank continued to implement and refine its price differentiation, risk
segmentation and price reduction strategies, notwithstanding external market
pressures, and was rewarded with a steadily growing customer base and solid
financial performance. Importantly, asset quality has been maintained, while a
conservative approach to liability and capital management has negated much of
the impact of the broader dislocation in the capital markets.
While Ellerines` financial performance is below expectations, the business has
achieved significant progress towards its strategic objective of providing
quality merchandise at the right price, complemented by a differentiated risk-
based credit offering. The rationalised management structure has been bedded
down, new skills have been introduced into merchandise management, and the store
footprint continues to be optimised. In addition, the development of a
strategically aligned supply chain is on track.
While the pace of the full integration of Ellerines` financial services
activities into African Bank has been somewhat slower than anticipated, the
insights and experience gained thus far bode well for the opportunities that
this amalgamation will ultimately provide.
GROUP FINANCIAL HIGHLIGHTS
ABIL increased its headline earnings by 16% to R937 million (H1 2008: R805
million) for the six months ended 31 March 2009. Headline earnings per share
declined by 7% to 116.6 cents (H1 2008: 125.1 cents), due to the impact of the
higher weighted number of ordinary shares issued to acquire Ellerines.
Return on equity (RoE) declined to 15.8% (H1 2008: R23.1%), again a function of
the enlarged equity base. Net asset value per share remained essentially
unchanged, at 1 484 cents (H1 2008: 1 486 cents). An interim dividend of 85
cents has been declared, 19% lower than the previous comparable period.
The African Bank business unit increased its headline earnings by 15% to R747
million (H1 2008: R652 million), and generated a RoE of 56.8%. Ellerines
reported headline earnings of R190 million for the six month period, against
R153 million in the previous three month period.
ABIL GROUP FINANCIAL HIGHLIGHTS
for the six months ended 31 March 2009
ABIL African
% consolidated Bank
change unaudited unaudited
from 6 months to 6 months to
Mar 31 Mar 31 Mar
2008 2009 2009
Key shareholder
ratios
Profit for the R million 16 958 775
period
Basic earnings R million 16 930 747
attributable to
ordinary
shareholders
Basic earnings per cents (7) 115.7 150.2
share
Fully diluted cents (7) 115.7 150.2
basic earnings per
share
Headline earnings R million 16 937 747
Headline earnings cents (7) 116.6 150.2
per share
Fully diluted cents (7) 116.6 150.2
headline earnings
per share
Number of ordinary million 1 803.7 497.4
shares in issue
(net of treasury
shares)
Weighted number of million 25 803.7 497.4
ordinary shares in
issue
Fully diluted million 25 803.8 497.5
number of ordinary
shares in issue
Number of million 0 5.0
preference shares
in issue
Average ordinary R million 70 11 849 2 631
shareholders`
equity
Return on equity % 15.8 56.8
Economic R million (104) (11) 537
profit/(loss)
Net asset value cents (0) 1 483.8
per ordinary share
Tangible net asset cents 3 685.7
value per ordinary
share
Dividends per
ordinary share
Interim - declared cents (19) 85
Dividend cover times 1.4
Payment ratio % 73
Dividends per
preference share
Interim - declared cents (10) 475
ABIL
Ellerines consolidated
unaudited unaudited
6 months to 6 months to
31 Mar 31 Mar
2009 2008
Key shareholder
ratios
Profit for the R million 183 828
period
Basic earnings R million 183 805
attributable to
ordinary
shareholders
Basic earnings per cents 59.7 125.1
share
Fully diluted cents 59.7 125.0
basic earnings per
share
Headline earnings R million 190 805
Headline earnings cents 62.0 125.1
per share
Fully diluted cents 62.0 125.0
headline earnings
per share
Number of ordinary million 306.3 792.0
shares in issue
(net of treasury
shares)
Weighted number of million 306.3 643.7
ordinary shares in
issue
Fully diluted million 306.3 643.9
number of ordinary
shares in issue
Number of million 5.0
preference shares
in issue
Average ordinary R million 9 218 6 962
shareholders`
equity
Return on equity % 4.1 23.1
Economic R million (547) 265
profit/(loss)
Net asset value cents 1 486.4
per ordinary share
Tangible net asset cents 667.1
value per ordinary
share
Dividends per
ordinary share
Interim - declared cents 105
Dividend cover times 1.2
Payment ratio % 84
Dividends per
preference share
Interim - declared cents 525
African
Bank Ellerines
unaudited unaudited
6 months to 3 months to
31 Mar 31 Mar
2008 2008
Key shareholder
ratios
Profit for the R million 675 153
period
Basic earnings R million 652 153
attributable to
ordinary
shareholders
Basic earnings per cents 131.1 104.4
share
Fully diluted cents 131.1 104.4
basic earnings per
share
Headline earnings R million 652 153
Headline earnings cents 131.1 104.4
per share
Fully diluted cents 131.1 104.4
headline earnings
per share
Number of ordinary million 497.3 294.7
shares in issue
(net of treasury
shares)
Weighted number of million 497.2 146.5
ordinary shares in
issue
Fully diluted million 497.3 146.5
number of ordinary
shares in issue
Number of million
preference shares
in issue
Average ordinary R million 2 341 9 241
shareholders`
equity
Return on equity % 55.7 6.6
Economic R million 471 (205)
profit/(loss)
Net asset value cents
per ordinary share
Tangible net asset cents
value per ordinary
share
Dividends per
ordinary share
Interim - declared cents
Dividend cover times
Payment ratio %
Dividends per
preference share
Interim - declared cents
BUSINESS UNIT RESULTS ANALYSIS
African Bank:
- Sales of new loans grew 11%, driven by volume growth of 13%, whilst loan
sizes fell by 1% and average term remained steady. Gross advances grew by 17%
over this six month period.
- The overall yield earned on gross advances fell by 4.7% compared to H1
2008, and declined by 2.7% against H2 2008.
- The bad debt charge for the period improved to 10.4% (H1 2008: 10.7%) of
average advances.
- Operating costs increased by 7% to R677 million (H1 2008: R630 million)
whilst cost to average advances fell to 7.7% for the period (H1 2008: 10.2%) due
to the higher rate of growth in the advances book.
- Total funding liabilities grew by 43% to R14.9 billion (H1 2008: R10.4
billion) whilst the average funding rate increased to 11.7% (H1 2008: 10.2%)
resulting in the cost of funding climbing by 74% to R830 million (H1 2008: R476
million).
Ellerines
Retail
- Sales of merchandise at R2 302 million is 20.5% lower than the prior
comparable (i.e. six month) period, with cash and credit sales falling by 19.7%
and 21.2% respectively. Generally weaker demand, a smaller store footprint and
lower credit approvals, as well as the inflated base of the previous comparable
period all contributed to the lower sales.
- Gross margins remained steady at 43.7%, with improvements in the
merchandise offering and mix effects beginning to impact positively.
- Operating costs declined by 12.0% to R1 193 million, with good progress
made across all cost categories.
Financial services
- Advances grew by 5% to R5 269 million (H1 2008: R5 018 million).
- The total income yield earned on advances reduced to 49.9% (H1 208: 53.5%),
as a result of the deliberate price reduction strategy implemented, with further
reductions currently underway.
- The bad debt charge as a percentage of average advances was 16.5% (H1 2008:
11.4%) after the fair value provision release, or 22.7% prior to the fair value
provision release.
CAPITAL MANAGEMENT
As at 31 March 2009, ABIL`s internal capital model indicated an optimal level of
regulatory capital for the ABIL group of R5.6 billion, or 27.0% of assets at
risk.
Against this, ABIL`s higher total capital base of R6.3 billion (after
impairments for goodwill, trademarks and dividends declared) represents a
significant competitive advantage, which will enable the group to maintain its
growth momentum and to pursue its strategic objectives, irrespective of the
vagaries of the prevailing economic cycle.
31 Mar 30 Sep 31 Mar
R million 2009 2008 2008
Assets at risk 20 687 17 857 16 128
Optimal capital required 5 584 4 825 4 241
% of assets at risk 27.0 27.0 26.3
Actual qualifying capital 6 341 5 804 5 615
% of assets at risk 30.7 32.5 34.8
DIVIDENDS
ABIL has declared an interim dividend of 85 cents per share, a decline of 19%
(H1 2008: 105 cents per share). The ordinary dividend cover has increased from
1.2 times to 1.4 times, representing a payout ratio of 73% of headline earnings
per share. As previously communicated, it is anticipated that the dividend cover
will rise to approximately 1.5 times by 2011, in order to support the relatively
buoyant growth at African Bank, and a recovery in growth at Ellerines.
LOOKING AHEAD
The first half of the 2009 financial year has yielded steady progress in respect
of ABIL`s long-term strategic objectives, notwithstanding the weaker external
environment and the significant ongoing investment in restructuring Ellerines.
The group continues to gain valuable insights from the current credit cycle, and
is confident that the quality of the strategic decisions currently being
implemented will be reflected in superior financial returns over time.
The group does not expect any material improvement in trading conditions over
the balance of the current financial year and has established an appropriate
operational plan to reflect this. Focus will be given to the further integration
of financial services activities across the group, as well as the continued
revitalisation of Ellerines` core retail activities and refinement of the bank`s
underwriting and collections processes.
We expect an improvement in financial performance for the full financial year,
driven by a gradual recovery in volumes and asset quality at Ellerines, and
continued steady progress at African Bank.
BEE STATUS
ABIL`s two black economic empowerment programmes, Eyomhlaba and Hlumisa
(previously known as Masonge), are well on track to achieving the group`s
empowerment targets.
As a result of the Ellerines acquisition and in order to maintain the current
level of BEE ownership in ABIL, 3.75% of the purchase consideration (amounting
to 11,6 million ABIL shares) was reserved and issued into Hlumisa in the 2008
financial year.
Hlumisa, like the Eyomhlaba programme, targeted a broad base of black
shareholders, with the majority of the participants being the black employees of
the group.
The Hlumisa public offer, which closed on 28 November 2008, received in excess
of 12 000 successful applications and a total consideration of R74 million was
received.
Hlumisa utilised the proceeds from the public offer to purchase ABIL ordinary
shares through the market. The two empowerment companies now own a total of 50.6
million ABIL ordinary shares which equates to an effective total BEE
shareholding of 6.3%.
CHANGES TO THE BOARD OF DIRECTORS
ABIL has an approved term limit policy in respect of its board of directors,
whereby the chairman`s service tenure is limited to a maximum of ten years and
other non-executive directors to a maximum of six years with an optional two
year extension. In terms of this policy, Ashley Mabogoane, Non-Executive
Chairman, reached his term limit and therefore resigned from the boards of both
ABIL and African Bank Limited with effect from 1 April 2009.
The board appointed Mutle Mogase as Non-Executive Chairman of ABIL and African
Bank Limited. Mutle was appointed to both boards during March 2007, and his
appointment as Non-Executive Chairman took effect from 1 April 2009.
The Group`s Chief Financial Officer, Nithia Nalliah, was appointed on 5 May 2009
as ABIL`s Group Financial Director, and was appointed executive director of
African Bank Limited.
Bahle Goba and Brian Steele also reached their term limits and therefore
resigned their positions as Non-Executive directors from the boards with effect
from 21 May 2009. The two new Independent Non-Executive Directors, namely Johnny
Symmonds and Samuel Sithole, have joined the boards with effect from 21 May
2009.
RESTATEMENT OF COMPARATIVES
As a result of the adjustment to the fair value of Ellerines advances in terms
of IFRS 3 Business Combinations effected in this reporting period, the
comparatives for March 2008 and September 2008 have been restated to reflect the
effects of the adjustment, specifically the net advances, gross advances,
deferred tax asset and goodwill.
The final fair value adjustment has been necessitated as a result of there not
being sufficient data available at date of acquisition and 30 September 2008
upon which ABIL could have more accurately projected the expected performance of
the advances book, in particular, the loans written during June to December
2007. The details of the restated figures are set out below.
In addition, the comparatives in the cash flow have been restated as a result of
reclassifying the short-term funding in Ellerines to more accurately reflect the
nature of the funding which was previously reported as "bank overdrafts" of R1
395 million and R844 million at 31 March 2008 and 30 September 2008
respectively.
Gross advances Net advances
31 Mar 30 Sep 31 Mar 30 Sep
R million 2008 2008 2008 2008
As previously reported 18 592 20 908 14 834 16 702
Fair value adjustment (250) (250) (250) (250)
Restated 18 342 20 658 14 584 16 452
Deferred tax Goodwill
asset
31 Mar 30 Sep 31 Mar 30 Sep
R million 2008 2008 2008 2008
As previously reported 609 394 5 326 5 292
Fair value adjustment 70 70 180 180
Restated 679 464 5 506 5 472
BASIS OF PREPARATION
These condensed group interim consolidated financial statements have been
prepared in accordance with International Accounting Standard (IAS) 34 interim
financial reporting and comply with the requirements of the South African
Companies Act (Act 61 of 1973), as amended and listing requirements of the JSE
Limited.
The accounting policies and their application are consistent with those used for
the group`s 2008 annual financial statements. No new or amended standards and
interpretations have been adopted as at 31 March 2009.
RISK MANAGEMENT PRACTICES AND POLICIES
There has been no significant change in the group`s risk management practices
and policies which were comprehensively covered in the 2008 annual report on
pages 73 to 91.
CASH DIVIDEND DECLARATION
Ordinary shares Preference shares
Share code ABL ABLP
ISIN ZAE000030060 ZAE000065215
Dividend number 17 9
Dividends per share 85 cents 475 cents
(cash dividends)
Declaration date Monday, 25 May 2009 Monday, 25 May 2009
Last date to trade cum Thursday,11 June 2009 Thursday, 11 June 2009
dividend
Shares commence trading Friday, 12 June 2009 Friday, 12 June 2009
ex dividend
Record date Friday, 19 June 2009 Friday, 19 June 2009
Dividend payment date Monday, 22 June 2009 Monday, 22 June 2009
Share certificates may not be dematerialised or rematerialised between Friday,
12 June 2009 and Friday, 19 June 2009, both days inclusive.
On behalf of the board
Mutle Mogase Gordon Schachat Leon Kirkinis
Chairman Executive deputy Chief executive
chairman officer
25 May 2009
ABIL GROUP BALANCE SHEET
as at 31 March
2009
ABIL ABIL ABIL
consolidated consolidated consolidated
unaudited unaudited audited
% 31 Mar 31 Mar 30 Sep
R million change 2009 2008 2008
Assets
Short-term (18) 1 396 1 707 2 984
deposits and
cash
Statutory (7) 1 448 1 560 1 396
assets - bank
and insurance
Inventories 1 764 760 767
Other assets 175 297 108 142
Taxation (94) 5 87 8
Net advances 31 19 133 14 584 16 452
Gross 30 23 797 18 342 20 658
advances
Deferred (81) (53) (280) (110)
administration
fees
Impairment 33 (4 611) (3 478) (4 096)
provisions
Deferred tax (33) 454 679 464
asset
Assets held for 205 0 215
sale
Policyholders` 5 20 19 19
investments
Property and (27) 493 676 496
equipment
Intangible (4) 942 983 978
assets
Goodwill (1) 5 472 5 506 5 472
Total assets 15 30 629 26 669 29 393
Liabilities and
equity
Short-term 52 4 491 2 963 4 219
funding
Other (4) 1 429 1 492 1 332
liabilities
Taxation (59) 74 181 238
Deferred tax (48) 241 466 294
liability
Liabilities 31 0 37
held for sale
Life fund (5) 18 19 18
reserve
Bonds and other 23 11 063 8 987 10 332
long-term
funding
Subordinated 187 874 305 511
bonds
Total 26 18 221 14 413 16 981
liabilities
Ordinary 1 11 925 11 773 11 929
shareholders`
equity
Preference 0 483 483 483
shareholders`
equity
Total equity 1 12 408 12 256 12 412
(capital and
reserves)
Total 15 30 629 26 669 29 393
liabilities and
equity
ABIL GROUP INCOME STATEMENT
for the six months ended 31 March 2009
ABIL
consolidated
unaudited
6 months to
% 31 Mar
R million change 2009
Revenue 57 7 415
Gross margin on 126 1 007
retail business
Interest income on 36 2 682
advances
Net assurance income 30 1 124
Non-interest income 60 1 130
Income from 49 5 943
operations
Charge for bad and 64 (1 351)
doubtful advances
Risk-adjusted income 45 4 592
from operations
Other interest and 31 177
investment income
Interest expense 74 (944)
Operating costs 58 (2 354)
BEE charge 0
Indirect taxation: (44) (9)
VAT
Profit from 18 1 462
operations
Capital items (7)
Profit before 17 1 455
taxation
Direct taxation: STC 37 (89)
Direct taxation: 16 (408)
Normal
Profit for the period 16 958
Reconciliation of
headline earnings and
per share statistics
Profit for the period 16 958
(basic earnings)
Preference 22 28
shareholders
Ordinary shareholders 16 930
Basic earnings 16 930
attributable to
ordinary shareholders
Adjustments for non-
headline items:
Capital items 7
Tax thereon 0
Headline earnings 16 937
Number of shares in million 803.7
issue (net of
treasury)
Weighted number of million 803.7
shares in issue
Fully diluted number million 803.8
of shares in issue
Basic earnings per cents (7) 115.7
share
Fully diluted basic cents (7) 115.7
earnings per share
Headline earnings per cents (7) 116.6
share
Fully diluted cents (7) 116.6
headline earnings per
share
Dividend per ordinary
share
Interim - declared cents (19) 85
ABIL ABIL
consolidated consolidated
unaudited audited
6 months to 12 months to
31 Mar 30 Sep
R million 2008 2008
Revenue 4 720 11 527
Gross margin on 445 1 313
retail business
Interest income on 1 972 4 285
advances
Net assurance income 862 2 045
Non-interest income 706 1 768
Income from 3 985 9 411
operations
Charge for bad and (826) (1 856)
doubtful advances
Risk-adjusted income 3 159 7 555
from operations
Other interest and 135 342
investment income
Interest expense (543) (1 313)
Operating costs (1 491) (3 734)
BEE charge 0 (291)
Indirect taxation: (16) (56)
VAT
Profit from 1 244 2 503
operations
Capital items 0 (11)
Profit before 1 244 2 492
taxation
Direct taxation: STC (65) (149)
Direct taxation: (351) (783)
Normal
Profit for the period 828 1 560
Reconciliation of
headline earnings and
per share statistics
Profit for the period 828 1 560
(basic earnings)
Preference 23 49
shareholders
Ordinary shareholders 805 1 511
Basic earnings 805 1 511
attributable to
ordinary shareholders
Adjustments for non-
headline items:
Capital items 0 11
Tax thereon 0 (3)
Headline earnings 805 1 519
Number of shares in million 792.0 803.7
issue (net of
treasury)
Weighted number of million 643.7 717.9
shares in issue
Fully diluted number million 643.9 718.0
of shares in issue
Basic earnings per cents 125.1 210.5
share
Fully diluted basic cents 125.0 210.4
earnings per share
Headline earnings per cents 125.1 211.6
share
Fully diluted cents 125.0 211.6
headline earnings per
share
Dividend per ordinary
share
Interim - declared cents 105
ABIL GROUP STATEMENT OF CHANGES IN EQUITY
for the six months ended 31 March 2009
Ordinary shares
Share-
Share based
capital and Distributable payment
R million premium reserves reserve
Balance at 30 September 12 2 173 316
2007
Issue of ordinary shares 9 139 0 0
Dividends paid 0 (647) 0
Shares purchased into
the ABIL Employee
Share Trust less 0 0 0
shares issued to
employees (cost)
Loss incurred on group
employees acquiring
ABIL Employee Share 0 (2) 0
Trust shares less
dividends received
IFRS 2 reserve 0 0 (20)
transactions (employee
share options)
Exchange differences on 0 0 0
translating foreign
operations
Transfer to insurance 0 (5) 0
contingency reserve
Profit for the period 0 805 0
Balance at 31 March 2008 9 151 2 324 296
Dividends paid 0 (832) 0
Shares purchased into
the ABIL Employee
Share Trust less 0 0 0
shares issued to
employees (cost)
Loss incurred on group
employees acquiring
ABIL Employee Share 0 (1) 0
Trust shares less
dividends received
IFRS 2 reserve 0 0 (1)
transactions (employee
share options)
IFRS 2 reserve 0 0 291
transactions (BEE
transaction)
Movement in cash flow 0 0 0
hedge reserve
Transfer to insurance 0 4 0
contingency reserve
Exchange differences on 0 0 0
translating foreign
operations
Profit for the period 0 706 0
Balance at 30 September 9 151 2 201 586
2008
Dividends paid 0 (844) 0
Loss incurred on group
employees acquiring
ABIL Share Trust 0 1 0
shares less dividends
received
IFRS 2 reserve 0 0 3
transactions (BEE
transaction)
Movement in cash flow 0 0 0
hedge reserve
Exchange differences in 0 0 0
translating foreign
operations
Profit for the period 0 930 0
Balance at 31 March 2009 9 151 2 288 589
Ordinary
shares
Preference
share
capital and
R million Other premium Total
Balance at 30 September (19) 483 2 965
2007
Issue of ordinary shares 0 0 9 139
Dividends paid 0 (23) (670)
Shares purchased into
the ABIL Employee
Share Trust less 4 0 4
shares issued to
employees (cost)
Loss incurred on group
employees acquiring
ABIL Employee Share 0 0 (2)
Trust shares less
dividends received
IFRS 2 reserve 0 0 (20)
transactions (employee
share options)
Exchange differences on 12 0 12
translating foreign
operations
Transfer to insurance 5 0 0
contingency reserve
Profit for the period 0 23 828
Balance at 31 March 2008 2 483 12 256
Dividends paid 0 (26) (858)
Shares purchased into
the ABIL Employee
Share Trust less 2 0 2
shares issued to
employees (cost)
Loss incurred on group
employees acquiring
ABIL Employee Share 0 0 (1)
Trust shares less
dividends received
IFRS 2 reserve 0 0 (1)
transactions (employee
share options)
IFRS 2 reserve 0 0 291
transactions (BEE
transaction)
Movement in cash flow (14) 0 (14)
hedge reserve
Transfer to insurance (4) 0 0
contingency reserve
Exchange differences on 5 0 5
translating foreign
operations
Profit for the period 0 26 732
Balance at 30 September (9) 483 12 412
2008
Dividends paid 0 (28) (872)
Loss incurred on group
employees acquiring
ABIL Share Trust 0 0 1
shares less dividends
received
IFRS 2 reserve 0 0 3
transactions (BEE
transaction)
Movement in cash flow (77) 0 (77)
hedge reserve
Exchange differences in (17) 0 (17)
translating foreign
operations
Profit for the period 0 28 958
Balance at 31 March 2009 (103) 483 12 408
ABIL GROUP CASH FLOW STATEMENT
for the six months ended 31 March 2009
ABIL ABIL ABIL
consolidated consolidated consolidated
unaudited unaudited audited
6 months to 6 months to 12 months to
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Cash generated from 3 271 1 885 5 320
operations
Cash received from 7 478 4 755 11 593
lending and insurance
activities and cash
reserves
Recoveries on 160 111 241
advances previously
written off
Cash paid to (4 367) (2 981) (6 514)
funders, staff,
suppliers and
insurance
beneficiaries
Increase in gross (4 333) (2 561) (6 116)
advances
Increase in working (201) (316) (546)
capital
Decrease in 3 50 35
inventories
(Increase)/decrease (154) (27) 52
in other assets
Decrease in other (50) (339) (633)
liabilities
Indirect and direct (680) (618) (970)
taxation paid
Cash inflow from 1 1 2
equity accounted
incentive
transactions
Cash outflow from (1 942) (1 609) (2 310)
operating activities
Cash outflow from (273) (268) (444)
investing activities
Acquisition of (108) (76) (197)
property and
equipment (to
maintain operations)
Disposal of 21 3 20
property and
equipment
Direct costs 0 0 (26)
relating to the
acquisition of
Ellerine Holdings
Limited
Other investing (186) (195) (241)
activities
Cash inflow from 494 1 672 3 621
financing activities
Cash inflow from 1 366 2 342 5 149
funding activities
Preference (28) (23) (49)
shareholders`
payments and
transactions
Ordinary (844) (647) (1 479)
shareholders`
payments and
transactions
(Decrease)/increase (1 721) (205) 867
in cash and cash
equivalents
Cash and cash 3 472 2 094 2 094
equivalents at the
beginning of the
period
Cash and cash 0 511 511
equivalents acquired
on acquisition of EHL
Cash and cash 1 751 2 400 3 472
equivalents at the
end of the period
Made up as follows:
Short-term deposits 1 396 1 707 2 984
and cash
Statutory cash 355 693 488
reserves - insurance
1 751 2 400 3 472
ABIL GROUP SEGMENTAL ANALYSIS
ABIL Group consolidated
6 months 6 months Year
ended ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Total revenue 7 415 4 720 11 527
Profit before tax 1 455 1 244 2 492
Total assets 30 629 26 669 29 393
African Bank business unit
6 months 6 months Year
ended ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Total revenue 3 579 2 821 6 019
Profit before tax 1 154 1 033 2 259
Total assets 18 536 13 844 17 339
Ellerines business unit
6 months 3 months 9 months
ended ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Total revenue 3 846 1 899 5 511
Profit before tax 301 211 524
Total assets 7 681 8 149 7 428
Consolidated adjustments
6 months 6 months Year
ended ended ended
31 Mar 31 Mar 30 Sep
R million 2009 2008 2008
Total revenue (10) 0 (3)
Profit before tax 0 0 (291)
Total assets 4 412 4 676 4 626
Share transfer secretaries
Link Market Services SA Pty Limited
11 Diagonal Street, Johannesburg, 2001
PO Box 4844, Johannesburg, 2000.
Telephone: +27 11 630 0800
Telefax: +27 86 674 4381
africanbank@linkmarketservices.co.za
Board of directors
MC Mogase (Chairman), G Schachat (Deputy Chairman)*
L Kirkinis (CEO)*, N Adams, A Fourie*, DB Gibbon
N Nalliah*, MEK Nkeli, S Sithole, TM Sokutu*
R J Symmonds, A Tugendhaft, DF Woollam*
* Executive
Company Secretary
CA Brighten
Registered office
59 16th Road
Midrand, 1685
For a more detailed discussion of ABIL`s results and outlook for the remainder
of 2009, please refer to the investor zone on our website, at
http://www.abil.co.za
Midrand
25 May 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 25/05/2009 07:05:03 Produced by the JSE SENS Department.
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