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2018 Capricorn Group Performance Summary

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2018 Capricorn Group Performance Summary OUR PERFORMANCE SUMMARY FOR 2018 I II TOTAL COMPREHENSIVE ARS LIST Performance summary YE ED E INCOME V O I N Despite Capricorn Group facing a new, low growth economic reality, the group F delivered solid results in the past financial year. In this environment, our +5.9% strategic choices guide us to find opportunity in a regional approach, new to N$986M N products and service offerings, while achieving operational excellence and CONNECTORS OF E A M G increasing integration between the entities in the group. (2017: N$931M) I N B A IA H N X C We made several acquisitions to diversify our revenue streams and reduce POSITIVE CHANGE S TO C K E reliance on interest income. NET ASSET VALUE We continued integration and alignment between the entities in the group. +11% Our group vision and purpose is to be the most trusted and inspiring connector Our foundation is strong: a mature governance framework, embedded risk to N$5.6BN culture and a performance approach guided by The Capricorn Way. of positive change, through a highly relevant, convenient and responsive network (2017: N$5,1BN) Bank Windhoek continued to be a resilient performer, with good growth from of people and channels that enables opportunities to be created, financed, Bank Gaborone and Capricorn Asset Management. Cavmont Bank’s transacted and secured wherever we operate. performance was disappointing, however the group has taken the necessary PROFIT AFTER TAX actions to turn this around. +1.8% We remain committed to being a connector of positive change and creating to N$934M This summary of our 2018 performance provides you with a quick overview of the milestones and opportunities for all our stakeholders to enjoy the benefits of the shared challenges that Capricorn Group faced for the financial year from 1 July 2017 to 30 June 2018. value we are able to generate. (2017: N$918M) When we refer to the group, it includes our financial services operations in Namibia, Botswana and Zambia, as well as the resource centre in Johannesburg. It also includes our performance in terms of investments in Santam Namibia, Sanlam Namibia and newly acquired Entrepo and Nimbus. CAPITAL ADEQUACY Our operations are primarily focused on banking, insurance, wealth and asset management, “Following a prolonged period of substantial growth, the 15.4% and microfinance. group’s results for the last two financial years have been For our full integrated report, the full financial statements and more detail on all aspects included sobering. A stagnant economy and challenging market (2017: 16.6%) in this summary, please go to www.capricorn.com.na or make contact with Marc Backhaus on conditions have rung in a new era for the regional financial [email protected] or +264 (61) 299 1281. services industry: one of stifled growth and reduced returns. DIVIDEND We remain positive that the economy will show growth in PER SHARE the medium to long term and that our group will successfully navigate the challenging market landscape until then.” 60 CENTS – Johan Swanepoel, Group chairman (2017: 68 CENTS) 1 2 WHAT’S NEW IN 2018? “Our key objective is to develop a Capricorn Group Launch Capricorn Group culture in which leadership and Capricorn Capital acquired a stake of Capricorn acquired a stake starts operating employees work as teams, holding in Nimbus Group SA in Entrepo shared assumptions and beliefs about The Bank Windhoek EasyWallet, launched the importance of balancing economic in 2017, exceeded all expectations. The success with social responsibility and OCT 2017 2018 1 JAN APRIL 28 JUN e-wallet solution enables customers to environmental accountability.” send money to any MTC number via a – Thinus Prinsloo, mobile phone. Recipients do not need Group managing director a Bank Windhoek account and can Capricorn Group acquired a 18.3% Capricorn Capital is a newly Capricorn Group acquired a 55.5% immediately withdraw cash at any (increased to 30% after year end) interest established southern African shareholding in Entrepo Holdings Bank Windhoek ATM or access prepaid We adapted our accounting to in Nimbus Infrastructure Limited (Nimbus), corporate finance firm with (Proprietary) Limited (Entrepo), services and buy airtime or electricity. The listed on the NSX. Nimbus is focusing extensive investment banking a focused financial services be compliant with IFRS 9 from its investment strategy on information experience and expertise. group providing microlending points of presence for cashing out 1 July 2018, which meant that we and communications technology It is a wholly owned subsidiary and credit protection products EasyWallets increased to 349 locations in IFRS had to do a significant amount of companies in sub-Saharan Africa. of Capricorn Group. in Namibia since 2014. Namibia by the end of the financial year. 9 modelling and analysis to develop a new impairment model, validated by our external auditors. Bank Gaborone opened a new branch in Kasane, The first Capricorn Connector conference was Capricorn Group now has a 55.5% shareholding in Entrepo Holdings (Proprietary) Limited. Entrepo is and completed the construction of its new head held in March 2018 with 105 employees from a focused financial services group providing microlending, life insurance and credit protection products office which it subsequently moved into during four countries. The connectors were identified as in Namibia since 2014. Its client base consists of government employees and transactions are facilitated early September 2018. To drive awareness and key influencers who could create awareness around by a direct deduction code agreement with government. It offers loans up to N$50,000 over a minimum align with the monolithic brand applied by Bank The Capricorn Way and the AsOne 2020 strategy term of 12 months and a maximum term of 60 months, as well as insurance products such as death, Windhoek and Capricorn Asset Management, and play a role in shifting our employee mindset disability, funeral and job loss protection. Entrepo complements Bank Windhoek’s own microlending Bank Gaborone rolled out its refreshed to a more future-focused, open, collaborative activities through BW Finance, which focuses mainly on union members. branding in September 2017. and regional approach to the business. 3 4 WHAT’S NEW IN 2018? OUR CHALLENGES IN 2018 Bank Windhoek increased the language options on its ATM network to eight – making it Significant challenges this year related to the the first and only Namibian bank to enable transactions in indigenous languages. The deterioration in the Namibian economy and the introduction of additional languages followed the upgrade of Bank Windhoek’s ATMs in concomitant strain on business growth and loan November 2017 to align with the new corporate identity, which included modern animated repayments, as well as the performance of screens to enhance the customer experience. Cavmont Bank, which did not meet expectations. Bank Gaborone experienced low growth in its customer Bank Windhoek launched a Women in Business offering, which is a targeted package that base, which reduced opportunities for cross-selling, and includes combined personal and business current accounts as well as multiple named savings limited the available funding to invest in technology. purse options. We recognise that Capricorn Group is in a position to At Bank Gaborone, new Church and Lebandla accounts were developed. The Church account bring positive change throughout the region, and are is targeted at churches and designed to resolve their specific bank-related challenges. aware of the environmental, social and governance The Lebandla account is designed for groups. challenges we face. Bulk payments and collections through Bank Gaborone’s e-pula internet banking channel were piloted to offer a hassle-free option for paying multiple beneficiaries. OUR CONTEXT IN 2018 Banks continue to reshape their footprints and offerings Bank Gaborone’s Rotlhe funeral policy was revamped to increase benefits while maintaining as they face increased competition from a range of new affordable premiums. market entrants, including digital banks, fintechs and institutions offering high-touch and high-tech branch We opened a new in-house customer contact centre, providing a 24-hour inbound service services, e-commerce and telecommunications firms and, for all three banks. This will significantly improve customer service by delivering seven in some markets, platform banking providers. Megatrends new additional services, first-time call resolution and an outbound sales and social such as urbanisation, enabling technology and media capability. globalisation contribute to changing customer demographics, needs and expectations. Needs range We launched The Capricorn Way employee recognition platform. This aims to shape our from advice on personal financial options to tools to business culture, unlock potential and recognise exceptional performance. The platform will increase financial literacy, access to infrastructure and a be rolled out according to two phases and includes formal and informal monetary and range of convenience expectations. A further megatrend non-monetary rewards. relates to the consumer shift towards personal trust relationships enabled by technology. 5 6 WE CONNECT FOR POSITIVE CHANGE Permanent employees Connecting business entities with mutual opportunities Through funding and technical assistance obtained from the Sustainable Use of Natural Resources and Energy Launched in 2017, Capricorn Private Wealth Finance (SUNREF) initiative, Bank Windhoek was able to connect financial institutions and clients to a range of solar is a joint offering between Bank Windhoek 0% and energy projects that will address some of Namibia’s long term challenges. These include N$38 million for a solar plant at Aussenkehr, N$100 million for one at Trekkopje, close to Arandis, N$100 million for a wind farm at Namdeb and Capricorn Asset Management, creating a Elizabeth Bay Diamond Mine, close to Lüderitz, and N$100 million for a solar plant at Okatope, close to Ondangwa. boutique wealth and investment management experience aimed at 14.5% Creating connections for support and assistance high net worth individuals.
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