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Final Annual Report 28

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Final Annual Report 28 Annual Report TABLE OF CONTENTS 1. GROUP SALIENT FEATURES 2 2. GROUP STRUCTURE 3 3. CHAIRMAN’S STATEMENT 4 4. GROUP CHIEF EXECUTIVE OFFICER’S REPORT 7 5. MANAGING DIRECTOR’S REPORT – CBZ BANK LIMITED 9 6. MANAGING DIRECTOR’S REPORT – CBZ BUILDING SOCIETY 11 7. MANAGING DIRECTOR’S REPORT – CBZ ASSET MANAGEMENT (PVT) LTD 13 8.MANAGING DIRECTOR’S REPORT – OPTIMAL INSURANCE COMPANY (PVT) LTD 15 9. ANALYSIS OF SHAREHOLDERS 17 10. CORPORATE GOVERNANCE STATEMENT 18 11. STATEMENT OF DIRECTORS’ RESPONSIBILITY 21 12. REPORT OF THE DIRECTORS 24 26 13. REPORT OF THE INDEPENDENT AUDITORS 14. FINANCIAL STATEMENTS: CONSOLIDATED INCOME STATEMENT 28 CONSOLIDATED BALANCE SHEET 29 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 30 CONSOLIDATED CASH FLOW STATEMENT 31 15. GROUP ACCOUNTING POLICIES 32 16. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 44 17. RISK MANAGEMENT REPORT 61 18. COMPANY BALANCE SHEET 67 19. NOTICE TO MEMBERS 68 20. SHAREHOLDERS’ CALENDAR 69 21. COMPANY DETAILS 70 CBZ Holdings 2008 1 Annual Report GROUP SALIENT FEATURES Historical Cost 2008 2007 2006 $ ‘Quint $ ‘Quint $ ‘Quint Total assets 5 467 558 - - Total net advances 431 124 - - Impairment losses on advances 9 803 - - Gross advances 443 198 - - Total deposits 1 390 280 - - profit after taxation 975 081 - - Capital adequacy (%) – CBZ Bank 22.20 18.60 32.80 Capital adequacy (%) – CBZ Building Society 65.00 51.00 61.00 Headline earnings per share ($’ trillion) 1 426 - - Dividends per share (cents) - - - Dividend cover (times) - - - Return on average assets excluding acceptances (%) 35.67 29.49 19.40 Return on equity (%) 41.60 35.73 1 109 Interest margin as a % of average assets excluding acceptances 5.86 10.13 30.82 Non interest income as a % of total income 88.53 78.64 28.78 Cost to income ratio (%) 1.57 15.57 26.97 Permanent staff complement 923 1 389 836 2 CBZ Holdings 2008 Annual Report GROUP STRUCTURE CBZ HOLDINGS 31 DECEMBER 2008 LIMITED 100% 100% 100% 100% 100% 58.5% 38.4% CBZ ASSET CBZ BUILDING OPTIMAL CBZ BUILDING TRANSCONTINENTAL CBZ BANK MANAGEMENT t/a CBZ SECURITIES CBZ PROPERTIES SOCIETY (PVT) INSURANCE (PVT) LIMITED SOCIETY EQUITY GROWTH LIMITED DATVEST (PVT) LTD LTD FUND (PVT) LTD (Dormant) 100% 100% 60% STARLIGHT 100% ADV100%OCENT PROPERTY INVESTMENTS MAVELLA DEVELOPERS STARLIGHT (PVT)AVON CLETDT Investments (PVT) LTD (PVT) LTD This is the It provides a This is the It provides Private equity A subsidiary commercial wide range of securities mortgage investment, company that banking arm investment trading arm of finance, deposit project finance, offers short of the Group. opportunities the Group. taking and IPOs, mergers term insurance It provides all to individuals, money market & acquisitions, products. banking services corporate and investments. rights offers. Property Ownership and products institutional Development and ranging from investors. The Management. savings accounts subsidiary to corporate creates and investment, loan grows value syndication and through restructuring, investments trade financing, mainly on the treasury equity and functions and money markets. assets finance. CBZ Holdings 2008 3 Annual Report CHAIRMAN’S STATEMENT Introduction It is a pleasure to present the results of CBZ Holdings Limited. During the year 2008, the Group achieved notable results given the prevailing adverse economic conditions characterized by unprecedented Inflation rates among other challenges. Financial Highlights – Historical Cost • Profit before taxation for the Group at $1 363 396 quintillion is up 3.1 trillion percent compared to $43 751 billion for 2007. • Profit after taxation at $975 081 quintillion is up 2.98 trillion percent from $32 742 billion in 2007. • Basic earnings per share at $1 426 trillion increased by 2.7 trillion percent from $52 654.77 last year. • Non interest income as a percentage of total income is 89% up from 79% Mr. R V Wilde in 2007. Group Chairman • Cost to income ratio at 2% is down from 27% in 2007 on the back of increased non interest income and robust cost containment strategies being implemented by the Group. • Total balance sheet increased by 2.46 trillion percent to $5 467 558 quintillion. • Shareholders funds increased by 2.56 trillion percent to $2 344 216 quintillion due to the capital and revenue reserves that increased by 2.33 trillion and 3.0 trillion percent respectively. Operating Environment The operating environment remained constrained as evidenced by continued shortages of foreign currency, frequent power and water cuts, escalating prices of basic commodities and production inputs. Inflation The official rate of inflation opened the year at 100 580.2%, rose sharply to reach 231 million percent by the end of July 2008. Monthly inflation, whose growth signifies the existence of inflationary pressures in the economy, rose sharply from 120.8% at the beginning of the year, to reach 2 600.2% by the end of July 2008. Thereafter no official figures were released by the Central Statistical Office. The rise in the rate of inflation during the period under review was due to a number of factors, which include among others high money supply growth in an environment characterized by declining formal economic activity, pass-through effect of parallel market activities on prices of goods and services, entrenched self-fulfilling inflation expectations, as well as speculative tendencies in virtually all sectors of the economy. During the Monetary Policy update of 30 July 2008, the Central Bank instituted currency reforms under which a new currency in revalued denominations was introduced. In an effort to cushion the household sector from the shortages of goods and services in the economy, the Central Bank introduced and allowed warehouses, retail shops, fuel service stations and fuel companies to charge in foreign currency after obtaining licenses. The licensed warehouses and retail shops as well as service stations operated under given guidelines. The dispensation to charge in foreign currency was later extended to the property and real estate sectors. Money Market Surplus conditions were experienced during the greater part of the year; these were driven by significant liquidity injections to finance government expenditures on the 2008 elections, gold and foreign currency purchases as well as 4 CBZ Holdings 2008 Annual Report CHAIRMAN’S STATEMENT (CONTINUED) disbursements in support of agricultural mechanisation initiatives and other social activities. Offsetting these injections were withdrawals, largely in the form of statutory reserve payments and government revenue collections. Short term interest rates fluctuated; reflecting changes in the daily money market liquidity conditions. Stock Market Against the background of low rates of return on the money market, the stock market remained bullish throughout the year. Lack of short dated paper on the market, as government sought to restructure its growing domestic debt, gave impetus to the firm trading on the stock market. Activity on the stock market came to an abrupt halt on 17 November 2008 after the Reserve Bank of Zimbabwe put in place stringent requirements for stockbrokers to trade on the market. The benchmark industrial shares index closed the year at the November level of 7 533 084 trillion points while the mining shares index closed at 7 575 857 530 trillion points. Social Responsibility The Group continues to recognise the importance of being a socially responsible corporate citizen through assistance to the under privileged members of society particularly in these turbulent economic times. During the year, financial and material assistance were granted to various sectors that include education, health, sport, arts and charitable organisations. Dividend The Board decided to pass the declaration of a final dividend for the year ended 31 December 2008. This decision was a result of the need to utilise the funds for other investments that would add value to the shareholders’ funds. Outlook While the Government through the Central Bank has put in place a number of measures and initiatives to help the productive sectors, which include the farm mechanisation programme, there is, however, need to urgently put in place and implement measures and policies that help shore up investor / business confidence in the economy. The newly constituted inclusive government is a welcome development in the country as this will give the business planning platform and put in place effective production plans. Measures to access balance of payment support from the international community cannot be over emphasised as this will help reduce the financing of the national budget from domestic banking sources. The macroeconomic policies announced through the national budget as well as the monetary policy statement should be implemented consistently and accountably with minimum policy reversals. Appreciation My appreciation goes to all stakeholders, the Boards of the Group companies, our valued customers, Management and Staff for their support in achieving these good results. R V WILDE CHAIRMAN 25 March 2009 CBZ Holdings 2008 5 Annual Report BOARD OF DIRECTORS Mr. R V Wilde: 63 years Mr. N Makuvise: 46 years Chairman Group Chief Executive Officer Dr. J P Mangudya: 45 years Mr. E Mugamu: 51 years Mr. F B Chirimuuta: 52 years Managing Director Non-Executive Director Non-Executive Director Dr. R Mabeza-Chimedza:57 years Mr. S G R Harnden: 64 years Mrs R. Pasi: 40 years Non-Executives Director Non-Executive Director Non-Executive Director Mr P Zimunya: 50 years Mr N Nyemudzo: 34 years Mrs V M Chasi: 43 years Executive Director – Risk Management Executive Director - Finance Legal Corporate Secretary 6 CBZ Holdings 2008 Annual Report GROUP CHIEF EXECUTIVE OFFICER’S REPORT 1. Introduction The thrust of my 2007 report was the establishment of the CBZ Group. This was achieved mainly through acquisitions. It was my hope that 2008 would be a year of consolidation. It, however, turned out to be a year for the struggle to survive due to adverse operating conditions. The challenges that we faced in 2007 further worsened in 2008.
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