2020 Annual Report.Cdr

Total Page:16

File Type:pdf, Size:1020Kb

2020 Annual Report.Cdr 2020 ANNUAL REPORT 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT TABLE OF CONTENTS OVERVIEW Mission Statement 3 Financial Highlights 4 CORPORATE GOVERNANCE Group Structure 6 Operating Units and Management 7 Chairman's Statement 8 Group Managing Director's Report 9 Directors, Group Management and Administration 10 Statement of Corporate Governance and 11 Directors' Responsibility view Directors’ Report 13 FINANCIAL INFORMATION Statistics 15 Independent Auditor’s Report 16 over Preparer of the Annual Financial Statements 21 Consolidated Statement of Profit or Loss and 22 Other Comprehensive Loss or Income Consolidated Statement of Financial Position 23 Consolidated Statement of Changes in Equity 24 Consolidated Statement of Cash Flows 25 Notes to the Financial Statements 26 Independent Auditor’s Report on the Company 69 Company Statement of Profit or Loss and 71 Other Comprehensive Loss or Income Company Statement of Financial Position 72 Company Statement of Changes in Equity 75 Company Statement of Cash Flows 76 SUPPLEMENTARY INFORMATION Shareholders' Diary 78 Notice to Members 79 Shareholders' Analysis 80 1 2 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT TABLE OF CONTENTS OVERVIEW Mission Statement 3 Financial Highlights 4 CORPORATE GOVERNANCE Group Structure 6 Operating Units and Management 7 Chairman's Statement 8 Group Managing Director's Report 9 Directors, Group Management and Administration 10 Statement of Corporate Governance and 11 Directors' Responsibility view Directors’ Report 13 FINANCIAL INFORMATION Statistics 15 Independent Auditor’s Report 16 over Preparer of the Annual Financial Statements 21 Consolidated Statement of Profit or Loss and 22 Other Comprehensive Loss or Income Consolidated Statement of Financial Position 23 Consolidated Statement of Changes in Equity 24 Consolidated Statement of Cash Flows 25 Notes to the Financial Statements 26 Independent Auditor’s Report on the Company 69 Company Statement of Profit or Loss and 71 Other Comprehensive Loss or Income Company Statement of Financial Position 72 Company Statement of Changes in Equity 75 Company Statement of Cash Flows 76 SUPPLEMENTARY INFORMATION Shareholders' Diary 78 Notice to Members 79 Shareholders' Analysis 80 1 2 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT MISSION STATEMENT FINANCIAL HIGHLIGHTS To deliver sustainable value to stakeholders INFLATION ADJUSTED HISTORICAL as a responsible corporate citizen and 2020 2019 % 2020 2019 % leader in packaging in Zimbabwe. ZWL 000 ZWL 000 Change ZWL 000 ZWL 000 Change Revenue 5 086 623 5 059 937 1% 2 688 328 377 368 612% Trading income 828 130 1 129 117 (27%) 1 028 008 117 620 774% (Loss) / profit for the year (658 582) (6 253 034) (89%) 776 146 (789 075) 198% CORE VALUES (Loss) / earnings per ordinary share (cents) (87.15) (827.51) (89%) 102.71 (104.42) 198% Safety, Responsibility, Teamwork, Integrity Headline (loss) / earnings per ordinary share (cents) (39.89) 231.65 (117%) 105.67 (1.20) 8 905% and Excellence. Market capitalisation (based on year-end market prices) 756 026 3 204 888 (76%) 756 026 422 029 180% 5 Total shareholders equity 2 285 242 (3 679 587) 162% 1 006 184 (710 452) 242% EXCELLENCE 1 SAFETY We strive for distinction in all we do. We are accountable for a safe workplace, our safety and the safety of others. 2 RESPONSIBILITY 4 We are accountable for INTEGRITY our people, processes and products. Our integrity is paramount. 3 TEAMWORK We recognise that a team’s contribution is greater than an individual’s. 3 4 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT MISSION STATEMENT FINANCIAL HIGHLIGHTS To deliver sustainable value to stakeholders INFLATION ADJUSTED HISTORICAL as a responsible corporate citizen and 2020 2019 % 2020 2019 % leader in packaging in Zimbabwe. ZWL 000 ZWL 000 Change ZWL 000 ZWL 000 Change Revenue 5 086 623 5 059 937 1% 2 688 328 377 368 612% Trading income 828 130 1 129 117 (27%) 1 028 008 117 620 774% (Loss) / profit for the year (658 582) (6 253 034) (89%) 776 146 (789 075) 198% CORE VALUES (Loss) / earnings per ordinary share (cents) (87.15) (827.51) (89%) 102.71 (104.42) 198% Safety, Responsibility, Teamwork, Integrity Headline (loss) / earnings per ordinary share (cents) (39.89) 231.65 (117%) 105.67 (1.20) 8 905% and Excellence. Market capitalisation (based on year-end market prices) 756 026 3 204 888 (76%) 756 026 422 029 180% 5 Total shareholders equity 2 285 242 (3 679 587) 162% 1 006 184 (710 452) 242% EXCELLENCE 1 SAFETY We strive for distinction in all we do. We are accountable for a safe workplace, our safety and the safety of others. 2 RESPONSIBILITY 4 We are accountable for INTEGRITY our people, processes and products. Our integrity is paramount. 3 TEAMWORK We recognise that a team’s contribution is greater than an individual’s. 3 4 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT GROUP STRUCTURE MEGA PAK Zimbabwe HUNYANI FORESTS HUNYANI PROPERTIES LIMITED LIMITED nance 50% 100% 100% 100% 100% 100% corporate gover 5 6 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT GROUP STRUCTURE MEGA PAK Zimbabwe HUNYANI FORESTS HUNYANI PROPERTIES LIMITED LIMITED nance 50% 100% 100% 100% 100% 100% corporate gover 5 6 2020 2020 NAMPAK ZIMBABWE LIMITED ANNUAL REPORT NAMPAK ZIMBABWE LIMITED ANNUAL REPORT OPERATING UNITS AND MANAGEMENT CHAIRMAN’S REPORT TRADING ENVIRONMENT DIRECTORATE OPERATIONS MANAGEMENT The year under review has been overshadowed by the world-wide With regard to directors who resigned during the year under review, I coronavirus pandemic. Although the impact in Zimbabwe was less wish to thank Mrs. Chido Chetsanga who served for a brief period PRINTING AND CONVERTING SEGMENT severe than in some neighbouring countries, and certainly countries prior to an external transfer. I also thank Mr. Robert Morris who served overseas, there was a substantial knock-on effect within our own on the Board for many years. Newly appointed directors whom we Hunyani Paper and Packaging (1997) (Private) Limited business environment. Fortunately, Government classified the Group's welcomed to the Board were Mr. Kenneth Langley, Mr. Quinton Swart Manufacturer of paper packaging products through its operating A. P. J. Lowe - (Managing) operating entities as essential service industries for packaging and Mr. Peter Crause. divisions Hunyani Corrugated Products and Hunyani Cartons, Joined in 1976 supplies. This allowed our factories to continue operating, albeit Labels and Sacks. M. Matafeni - ACMA , MBA (UZ), AMCT - (Finance) under certain COVID-19 measures. The measures included additional DIVIDEND Joined in 1991 safety and protective protocols implemented to safeguard the health The need to retain sufficient reserves to cover the working capital Hunyani Corrugated Products Division of the workforce. Travel restrictions adversely affected employee requirements of the business remains paramount, as does the need for Manufactures corrugated containers to suit a wide variety of attendance at work and factory shifts were occasionally curtailed, capital expenditure to upgrade and replace aging plant. Under these commercial packaging requirements; specialised packaging with essential orders being prioritised. The Group assisted with circumstances, which also include economic uncertainty, the Directors covering the tobacco, horticulture, floriculture and citrus sectors for transport arrangements to improve attendance. Raw material imports have decided not to declare a dividend. (2019: Nil). local and export markets. Key supplier of the large double-wall were affected by border clearance bottlenecks. board cases for tobacco exports. OUTLOOK During the year, inflation, the depreciation of the Zimbabwe dollar, Whilst some positive strides have been made, the economic climate Hunyani Cartons, Labels and Sacks Division foreign exchange shortages and the erosion of disposable incomes remains fragile. We hope that the authorities will continue to address Manufactures folding cartons, laminate cartons, paper sacks, self reduced consumer demand. During the 4th quarter, these difficulties underlying macro-economic issues in order to stabilise the longer term opening bags, open mouth sacks and high quality labels, mainly eased to a large extent and the Group ended the financial year on a future which requires recognition of the market realities. for the cigarette, detergent, foodstuff, fast foods, pharmaceutical positive note. The introduction of the foreign exchange auction and beverage industries. trading system from 23 June 2020 has assisted our subsidiaries in APPRECIATION obtaining reasonably regular access to foreign exchange for raw I wish to thank my fellow directors for their advice and support during Hunyani Forests Limited material imports. However, the foreign exchange availability remains the year. On their behalf, I once again express my appreciation to Commercial leasing of biological assets and timber processing A. K. Nicholson - B.Sc. Econ (Hons) - (Administration) less than the amounts needed for normal operations. management and all employees of the Group for their loyalty and plant. Joined in 2009 dedication which resulted in positive performances during what has K. Chamboko - B.Sc. (Hons) Applied Acc, FCCA, MBA (UK) - PERFORMANCE been another difficult year. (Finance). Joined in 2001 Group revenue increased by 1% compared to the prior year
Recommended publications
  • Registered Attendees
    Registered Attendees Company Name Job Title Country/Region 1996 Graduate Trainee (Aquaculturist) Zambia 1Life MI Manager South Africa 27four Executive South Africa Sales & Marketing: Microsoft 28twelve consulting Technologies United States 2degrees ETL Developer New Zealand SaaS (Software as a Service) 2U Adminstrator South Africa 4 POINT ZERO INVEST HOLDINGS PROJECT MANAGER South Africa 4GIS Chief Data Scientist South Africa Lead - Product Development - Data 4Sight Enablement, BI & Analytics South Africa 4Teck IT Software Developer Botswana 4Teck IT (PTY) LTD Information Technology Consultant Botswana 4TeckIT (pty) Ltd Director of Operations Botswana 8110195216089 System and Data South Africa Analyst Customer Value 9Mobile Management & BI Nigeria Analyst, Customer Value 9mobile Management Nigeria 9mobile Nigeria (formerly Etisalat Specialist, Product Research & Nigeria). Marketing. Nigeria Head of marketing and A and A utilities limited communications Nigeria A3 Remote Monitoring Technologies Research Intern India AAA Consult Analyst Nigeria Aaitt Holdings pvt ltd Business Administrator South Africa Aarix (Pty) Ltd Managing Director South Africa AB Microfinance Bank Business Data Analyst Nigeria ABA DBA Egypt Abc Data Analyst Vietnam ABEO International SAP Consultant Vietnam Ab-inbev Senior Data Analyst South Africa Solution Architect & CTO (Data & ABLNY Technologies AI Products) Turkey Senior Development Engineer - Big ABN AMRO Bank N.V. Data South Africa ABna Conseils Data/Analytics Lead Architect Canada ABS Senior SAP Business One
    [Show full text]
  • Annual Results 2020
    ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020 Contents MESSAGE FROM OUR 1 CHIEF EXECUTIVE RESULTS 2 PRESENTATION 2020 RESULTS 52 COMMENTARY FINANCIAL 64 RESULTS STATEMENT OF FINANCIAL 65 Financial highlights POSITION ANALYSIS 66 Consolidated statement 118 of comprehensive income 67 Consolidated statement 120 Loans and advances of financial position 134 Investment securities 68 Consolidated statement 135 Investments in associate of changes in equity companies 70 Return on equity drivers 136 Intangible assets 138 Amounts owed to depositors SEGMENTAL 142 Liquidity risk and funding 71 ANALYSIS 145 Equity analysis 146 Capital management 72 Our organisational structure, products and services 74 Operational segmental SUPPLEMENTARY reporting 152 INFORMATION 76 Nedbank Corporate and Investment Banking 153 Earnings per share and 79 Nedbank Retail and Business weighted-average shares Banking 154 Nedbank Group employee 94 Nedbank Wealth incentive schemes 97 Nedbank Africa Regions 155 Long-term debt instruments 101 Geographical segmental 155 Additional tier 1 capital reporting instruments 156 Shareholders’ analysis INCOME STATEMENT 158 Basel III balance sheet credit 102 ANALYSIS exposure by business cluster and asset class 103 Net margin analysis 160 Nedbank Limited consolidated statement of comprehensive 107 Impairments income 112 Non-interest revenue 161 Nedbank Limited consolidated 114 Expenses statement of financial position 116 Headline earning reconciliation 161 Nedbank Limited consolidated 116 Taxation charge financial highlights 117 Preference shares 162 Definitions 165 Abbreviations and acronyms IBC Company details Nedbank Group Annual Results 2020 MESSAGE FROM RESULTS RESULTS FINANCIAL SEGMENTAL INCOME STATEMENT SUPPLEMENTARY OUR CHIEF PRESENTATION COMMENTARY RESULTS ANALYSIS STATEMENT OF FINANCIAL INFORMATION EXECUTIVE ANALYSIS POSITION ANALYSIS IN A VERY DIFFICULT OPERATING ENVIRONMENT, NEDBANK GROUP REMAINED RESILIENT, MADE GOOD STRATEGIC PROGRESS AND DELIVERED AN IMPROVED FINANCIAL PERFORMANCE IN THE SECOND HALF OF THE YEAR.
    [Show full text]
  • GCR Affirms Nedbank Zimbabwe Limited's Rating of A(ZW)
    GCR affirms Nedbank Zimbabwe Limited’s rating of A(ZW); Outlook Stable. Johannesburg, 30 April 2018 — Global Credit Ratings (“GCR”) has affirmed Nedbank Zimbabwe Limited’s long-term and short-term national scale ratings of A(ZW) and A1(ZW) respectively; with the outlook accorded as Stable. The ratings are valid until April 2019. SUMMARY RATING RATIONALE Global Credit Ratings (“GCR”) has accorded the above credit ratings Nedbank Zimbabwe Limited (“Nedbank Zimbabwe”, “the bank”), formerly MBCA Bank Limited (“MBCA”), based on the following key criteria: The ratings accorded to Nedbank Zimbabwe reflect its fairly resilient credit profile within a challenging operating environment (characterised by weak economic activity, and cash and foreign currency shortages), underpinned by healthy capitalisation, strong financial and liquidity profiles. The ratings also reflect the bank’s increasing albeit small balance sheet, the improving competitive position envisaged following rebranding to Nedbank, and the implied support from the bank’s parent Nedbank Group Limited (“Nedbank Group “the group”). MBCA rebranded to Nedbank Zimbabwe towards the end of Q1 2018. The rebranding is expected to competitively position the bank relative to peers in terms of attracting retail and/or corporate clients for transactional activities. Non-funded income remains the most significant contributor to the bank’s revenues (51.9% at both FY16 and FY17) and coupled with a strong IT infrastructure being put in place, maximising on the transactional income opportunity set is envisaged. Full profit retention has supported a healthy capital build over the past 5 years, with the bank targeting to meet the USD100m regulatory minimum capital threshold set for 2020 organically.
    [Show full text]
  • WT/TPR/S/398/Rev.1 30 November 2020 (20-8614) Page
    WT/TPR/S/398/Rev.1 30 November 2020 (20-8614) Page: 1/119 Trade Policy Review Body TRADE POLICY REVIEW REPORT BY THE SECRETARIAT ZIMBABWE Revision This report, prepared for the third Trade Policy Review of Zimbabwe, has been drawn up by the WTO Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from Zimbabwe on its trade policies and practices. Any technical questions arising from this report may be addressed to: Mr. Jacques Degbelo (tel.: 022 739 5583), Mr. Thomas Friedheim (tel.: 022 739 5083), and Ms. Catherine Hennis-Pierre (tel.: 022 739 5640). Document WT/TPR/G/398 contains the policy statement submitted by Zimbabwe. Note: This report was drafted in English. WT/TPR/S/398/Rev.1 • Zimbabwe - 2 - CONTENTS SUMMARY ........................................................................................................................ 7 1 ECONOMIC ENVIRONMENT ........................................................................................ 10 1.1 Main Features of the Economy .....................................................................................10 1.2 Recent Economic Developments ...................................................................................10 1.2.1 Monetary and exchange rate policies ..........................................................................14 1.2.2 Fiscal policy ............................................................................................................17
    [Show full text]
  • On Behalf of 767 Investors Representing US$92 Trillion in Assets
    CDP South Africa Climate Change Report 2014 On behalf of 767 investors representing US$92 trillion in assets October 2014 Lead Partner Report writing and scoring partners National Business Initiative Irbaris and Incite Important Notice The contents of this report may be used by anyone providing acknowledgement is given to the National Business Initiative (NBI). This does not represent a license to repackage or resell any of the data reported to CDP or the contributing authors and presented in this report. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from the NBI before doing so. Incite, Irbaris, NBI and CDP have prepared the data and analysis in this report based on responses to the CDP 2014 information request. No representation or warranty (express or implied) is given by Incite and Irbaris, NBI or CDP as to the accuracy or completeness of the information and opinions contained in this report. You should not act upon the information contained in this publication without obtaining specific professional advice. To the extent permitted by law, Incite, Irbaris, NBI and CDP do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this report or for any decision based on it. All information and views expressed herein by CDP and/or Incite and/or Irbaris and/or NBI is based on their judgment at the time of this report and are subject to change without notice due to economic, political, industry and firm-specific factors.
    [Show full text]
  • Southern African Development Community Payment System Integration Project
    Southern African Development Community Payment System Integration Project SADC Integrated Regional Electronic Settlement System List of Participants as at April 2020 Number of Participants April 2020 Central Banks 7 Commercial 77 Total 84 Participants per country Country Participants Angola 1. Banco Angolano de Investimentos S.A. 2. Credisul-Banco de Credito do Sul S.A. 3. Banco de Negỏcios Internacional S.A. 4. Banco Prestígio SA Botswana 1. First National Bank of Botswana Pty Ltd 2. Stanbic Bank Botswana Limited 1 Country Participants Democratic Republic of Congo 1. Rawbank CD 1. Central Bank of Eswatini Eswatini 2. First National Bank of Eswatini 3. Nedbank Eswatini Limited 4. Standard Bank Eswatini Limited 5. Eswatini Development and Savings Bank Lesotho 1. Central Bank of Lesotho 2. First National Bank of Lesotho Limited 3. Lesotho Post Bank 4. Nedbank Lesotho Limited 5. Standard Lesotho Bank Madagascar No Participants yet 2 Country Participants 1. CDH Investment Bank Limited Malawi 2. Ecobank Malawi Limited 3. FDH Financial Holdings 4. First Merchant Bank Limited 5. National Bank of Malawi 6. NBS Bank Limited 7. New Finance Bank Malawi Limited 8. Reserve Bank of Malawi 9. Standard Bank Limited – Malawi 10. Opportunity Bank of Malawi Mauritius 1. Absa Bank Mauritius Limited 2. The Mauritius Commercial Bank Limited 3. Standard Bank Mauritius Limited 4. Standard Chartered Bank Mauritius Limited Mozambique 1. Barclays Bank Mocambique SA 2. FNB Mocambique SA 3. Banco Mais-Banco Mocambicano de Apoio aos Investimentos SA 4. Mozabanco SA 5. Standard Bank Mozambique SA 6. Banco Unico SA 3 Country Participants Namibia 1. Bank Windhoek Limited 2.
    [Show full text]
  • Monthly M&A Insider
    A mergermArket report on globAl m&A Activity Monthly M&A InsIder September 2010 CONTENTS GlobAl overvIew 01 AmericAS: Latin AmericA 05 North AmericA 12 ASiA-Pacific 24 europe 35 middle eASt & AfricA 46 mergermarket Monthly M&A InsIder Part of the mergermarket group www.mergermarket.com 80 Strand 895 broadway #4 Suite 2401-3 london, Wc2r 0rl new york, ny 10003 grand millennium plaza united kingdom uSA 181 Queen’s road, central hong kong t: +44 (0)20 7059 6100 t: +1 212 686-5606 t: +852 2158 9700 f: +44 (0)20 7059 6101 f: +1 212 686-2664 f: +852 2158 9701 [email protected] [email protected] [email protected] global overVIEW GlobAl overvIew glob THE rECENT rETUrN OF LArGE-cap COrPOrate M&A HAS BEEN WELL DOCUMENTED. INDEED, A l overvie the thirD quarter of 2010 already abounds with Examples of Transformational playS MADE By acqUISITIVE AND AMBITIOUS TrADE PLAyErS. THE NOrTH AMErican MArKET HAS SEEN ONE OF THE LArGEST ANNOUNCED M&A DEALS OF rECENT yEArS IN THE forM OF BHP W Billiton’S US$41.91bn hostile bid for Canada’S Potash COrporation of Saskatchewan. Not to be completely outdone, Europe has seen its fair share While private equity buyout numbers continue to recover in of M&A activity at the top-end of the market with the largest terms of transaction volumes and valuations, it is also notable transaction being the €20.70bn (US$27.28bn) reverse takeover that several significant exits have also come to market as sale involving GDF Suez Energy International and International conditions gradually improve.
    [Show full text]
  • The Chronicle 2015 1502435
    The Chronicle 2015 1502435 From our shores to offshore, it’s all in One Place. Banking and Investments, both locally and internationally. As the best Private Bank and Wealth Manager in South Africa and the third largest Investment Manager in the UK, we are able to bring international banking and investments together around you. We give you access to our UK Private bank account and offshore investment portfolios, through the expertise of our specialist Investment Managers and Private Bankers. 0800 1 Place (75223) Investec Specialist Bank, a division of Investec Bank Limited registration number 1969/004763/06. Investec Specialist Bank is committed to the Code of Banking Practice as regulated by the Ombudsman for Banking Services. Copies of the Code and the Ombudsman’s details are available on request or visit www.investec.co.za. A registered credit provider registration number NCRCP9. Investec Wealth & Investment, a division of Investec Securities Proprietary Limited. 1972/008905/07. Member of the JSE Equity, Equity Derivatives, Currency Derivatives, Bond Derivatives and Interest Rate Derivatives Markets. An authorised fi nancial services provider No.15886. A registered credit provider registration number NCRCP262. 24/7/365 Global Client Support Centre 0800 1Place (75223) Cape Town 021 416 1000 Durban 031 575 4000 Johannesburg 011 286 7000 Port Elizabeth 041 396 6700 Pretoria 012 427 8300 Stellenbosch and Winelands 021 809 0700. 1502435 Investec Offshore One Place MH Cronicle 267x180 FA.indd 1 2015/11/30 11:35 AM Contents Michaelhouse, the Anglican Diocesan MESSAGE FROM THE RECTOR 2 College of Natal, was founded in 1896 LEADERSHIP & STAFF 4 and is a South African boarding school for senior boys, with an international ANNUAL REPORTS reputation.
    [Show full text]
  • Michaelhouse Chronicle 1997 CENTEI^RY EDITION
    Michaelhouse Chronicle 1997 CENTEI^RY EDITION This little one stayed at home This little one had roast beef This little one had none This little one went to market Unit Trusts still offer one of the best wealth-creating, inflation- beating investments available. But the market can be uncertain at times. At Sanlam, our specialist Unit Trusts team use knowledge, FM Sanlam III Unit Trusts Your investment in good hands experience, skill and an ear to the ground to protect the value of our investors' money, no matter what. Give us a call. It's one little decision you'll never regret. Phone 0800 220 567 toll-free between 08h00 and 17h00. Sanlam Unit Trus ts are now available through the internet at http://www.sanlam.co.za. The selling and repurchase prices of units are based on ruling share pric es and the value of the units therefore fluctuates accordingly from time to time. Besides an initial charge not exceeding 5%, a service charge of 1/12 of 1,14%, calculated on the market value of the portfolio at the e nd of every month, is levied, as well as an obligatory cost included in th e purchase price. Returns are based on actual unit prices and include the reinvestment of distributions. Should you wish to convert all or part of your investment into cash, the management company will purchase units from you at the ruling price in accordance with the Unit Trusts Control Act and the applicable trust deeds. BERRY BUSH/BBDO SAN 0029/E Michaelhouse Chronicle MICHAELHOUSE, BALGOWAN 3275 • MARCH 1997 ADDRESS BY MR A J ARDINGTON, CHAIR- MAN OF THE BOARD OF GOVERNORS, AT THE UNVEILING OF THE PLAQUE AT THE ORIGINAL SITE OF MICHAELHOUSE AT NO.
    [Show full text]
  • Bank Supervision Annual Report - 2017
    BANK SUPERVISION ANNUAL REPORT - 2017 TABLE OF CONTENTS GOVERNOR’S FOREWORD ....................................................................................................... 6 DIRECTOR’S FOREWORD .......................................................................................................... 8 CHAPTER 1: OVERVIEW OF MACROECONOMIC ENVIRONMENT ....................................... 10 CHAPTER 2: MAJOR DEVELOPMENTS AND OTHER SUPERVISORY ACTIVITIES IN THE BANKING SECTOR ............................................................................................. 14 CHAPTER 3: CONDITION & PERFORMANCE OF THE BANKING SECTOR .......................... 24 CHAPTER 4: LEGAL & REGULATORY DEVELOPMENTS ...................................................... 54 CHAPTER 5: CONSUMER EDUCATION AND CONSUMER PROTECTION ............................ 56 CHAPTER 6: OUTLOOK ........................................................................................................... 59 APPENDIX 1: FUNCTION AND ORGANIZATION OF BANK SUPERVISION DIVISION .......... 63 APPENDIX 2: MAJOR SUPERVISORY TOOLS AND METHODOLOGIES ............................... 65 APPENDIX 3: REGISTERED BANKING INSTITUTIONS AS AT 31 DECEMBER 2017 ............ 69 APPENDIX 4: STATISTICAL TABLES AS AT 31 DECEMBER 2017 ........................................ 72 2 List of Tables Table 1: Empowerment Facilities Utilisation ..................................................................................................... 20 Table 2: Financial Inclusion Indicators .............................................................................................................
    [Show full text]
  • Creating Value by Using Our Financial Expertise to Do Good
    Creating value by using our financial expertise to do good ANNUAL AR RESULTS FOR THE YEAR ENDED 31 DECEMBER 2019 CONTENTS 1 MESSAGE FROM OUR 115 STATEMENT CHIEF EXECUTIVE OF FINANCIAL POSITION ANALYSIS 116 Loans and advances 2 RESULTS 122 Investment securities PRESENTATION 123 Investments in associate companies 54 2019 RESULTS 124 Intangible assets COMMENTARY 126 Amounts owed to depositors 129 Liquidity risk and funding 66 FINANCIAL RESULTS 132 Equity analysis 67 Financial highlights 133 Capital management 68 Consolidated statement of comprehensive income 136 Economic capital adequacy 69 Consolidated statement of 137 External credit ratings financial position 70 Consolidated statement of changes in equity 72 Return on equity drivers 139 SUPPLEMENTARY INFORMATION 140 Earnings per share and 73 SEGMENTAL weighted-average shares ANALYSIS 74 Our organisational structure, 141 Nedbank Group employee products and services incentive schemes 76 Operational segmental 142 Long-term debt instruments reporting 142 Holders of additional tier 1 78 Nedbank Corporate and capital instruments Investment Banking 143 Shareholders’ analysis 81 Nedbank Retail and 144 Basel III balance sheet credit Business Banking exposure by business cluster 93 Nedbank Wealth and asset class 96 Nedbank Africa Regions 146 Nedbank Limited consolidated statement of 99 Geographical segmental comprehensive income reporting 147 Nedbank Limited consolidated statement of financial position 100 INCOME STATEMENT ANALYSIS 147 Nedbank Limited 101 Net margin analysis consolidated financial highlights 105 Impairments 148 Definitions 108 Non-interest revenue 150 Abbreviations and acronyms 110 Expenses IBC Company details 112 Non-trading and capital items 112 Taxation charge 112 Preference shares 113 Hyperinflation MESSAGE FROM OUR CHIEF EXECUTIVE GOOD STRATEGIC AND OPERATIONAL PROGRESS AND SOLID FRANCHISE FUNDAMENTALS, BUT FINANCIAL PERFORMANCE BELOW EXPECTATIONS In 2019 SA economic growth was much an increase in the central impairment.
    [Show full text]
  • (PVT) LTD Versus NEDBANK ZIMBABWE LIMITED B. STENHOP
    1 HH 54-20 HC 2679/19 HC 2872/19 HC 2955/19 HC 2873/19 A. BLUE TRACK INVESTMENTS (PVT) LTD versus NEDBANK ZIMBABWE LIMITED B. STENHOP INVESTMENTS (PVT) LTD versus NEDBANK ZIMBABWE LIMITED C. ACEFOAM (PVT) LTD versus NEDBANK ZIMBABWE LIMITED D. SAMZIM (PVT) LTD versus NEDBANK ZIMBABWE LIMITED HIGH COURT OF ZIMBABWE CHIKOWERO J HARARE, 18 November 2019 and 22 January 2020 Opposed Application GRJ Sithole, with Z. Kamusasa and H Bonyo, for the applicants T Mpofu, for the respondent CHIKOWERO J: These matters were consolidated to facilitate set down before a single judge. I reserved judgment after hearing argument on the consolidated matter. The applicants are subsidiary companies. The parent company is BST Holdings (Pvt) Limited. At all times material to this matter each applicant maintained two bank accounts with the respondent; an RTGS and a United States dollar (“FCA”) account. Due to the critical shortages of foreign currency, respondent put in place some procedures to be followed by clients who wanted to access such currency. 2 HH 54-20 HC 2679/19 HC 2872/19 HC 2955/19 HC 2873/19 Without following such procedures and with their foreign currency accounts being either unfunded or underfunded, the first three applicants accessed foreign currency to meet their offshore obligations and paid for such currency using their RTGS credit balances. This access to foreign currency was facilitated by respondent’s employees. When served with letters of suspension, the concerned employees promptly tendered identical letters of resignation. To correct the anomalies, the respondent credited the first three applicants’ RTGS accounts and debited their FCA accounts.
    [Show full text]