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Annual Report 2010 3 “The Proof Is in the Pudding”

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Annual Report 2010 3 “The Proof Is in the Pudding” Trustco Group Holdings - Annual Report 2010 3 “the proof is in the pudding” 4 Trustco Group Holdings - Annual Report 2010 FINANCIAL HIGHLIGHTS PROFIT BEFORE TAX HEADLINE EARNINGS 143% 20% NAD 161.5 M NAD 85.3 M The 2010 financial year will be remembered assets. The strategic business and assets for the solid organic growth and robustness that fuel the core operations i.e. properties 2010 AT A GLANCE shown by the diversified Trustco business and education were retained. The Company model in challenging economic conditions. believes that the foundation has now been laid This is evident in the growth achieved in to move the business to the next phase and Group revenue and headline earnings. The to achieve its 5/5 business objective which is incremental increase in headline earnings in to achieve a market capitalisation of NAD 5 relation to revenue was the result of stricter billion by the end of FY 2014. At the time of expense control and organic growth. No this report, the Company was trading under a acquisitions were made during the year under cautionary announcement regarding its micro review. The Group continued with its strategy insurance business role out of Trustco Mobile to divest from all non-financial services activity into the rest of Africa. by disposing of its non-core businesses and Group revenue increased by 14% to NAD can be largely contributed to the exceptional 550.5 million and headline earnings increased growth shown by the micro finance loan book FINANCIAL HIGHLIGHTS by 20% to NAD 85.3 million from 2009. of 34%. EBITDA increased by 83% to NAD Earnings increased by 47% to NAD 137.5 188.4 million. million (2009: NAD 93.3 million). This was achieved through the core business that In view of the fact that Trustco is a Namibian continued on its path of organic growth incorporated company, the results set out and the fair value adjustment of the Lafrenz as per this Annual Report are reflected in property. This increased earnings of the Namibian Dollar (“NAD”/”N$”). The NAD Private equity segment by NAD 58.2 million. trades at an exchange rate of NAD 1 (one) for Total assets also increased by 21%, which 1 (one) South African Rand. REVENUE PER SEGMENT N$’000 300,000 250,000 200,000 150,000 100,000 50,000 2007 2008 2009 2010 Private Equity Micro Finance & Education Micro Insurance Financial Services outside Namibia Trustco Group Holdings - Annual Report 2010 5 FINANCIAL HIGHLIGHTS FINANCIAL SERVICES LIFE AND SHORT TERM MICRO INSURANCE REVENUE: MICRO INSURANCE This segment’s strong positioning has enabled it to endure and prosper through the prevalent economic climate and continues along its N$’000 growth trajectory, having recorded a growth of 15% and 24% in revenue and earnings 120,000 respectively compared to the 2009 financial year. The significant growth in earnings is 100,000 largely a product of increased sales and cost 80,000 efficiencies. 60,000 This segment consists of niche short term and 40,000 life products offered mostly to the working poor in Namibia. The size of the customer base 20,000 is in excess of 100 000 where as the average premium per customer is averaging NAD 07 110.14 (2009: NAD 109.76). Since inception 10 20 20 2006 ten years ago, 77 744 claims have been 2008 2009 processed and close to NAD 100 million was expended in benefits to members. Revenue TRUSTCO MOBILE to revolutionise the financial services sector in the Africa continent. This is a new and exciting product, the latest innovation in mobile telephony! Many people “Approximately 1 billion people live in Africa, in Africa are in possession of a cell phone but of which an estimated 60% live below USD many are unable to afford basic life insurance. 2 per day. These low income households are This application has been tested in Namibia particularly vulnerable to risks. Illness, death, for the last two years and is now ready for natural disasters, damage to property, and deployment beyond Namibian borders. accidents all can have devastating effects This application is also usable in the mobile on livelihoods without a buffer to mitigate banking sector. the financial impact.”- International Labour Organization. Trustco Mobile affords free life cover to customers who purchase airtime from a The Group strategy is to implement Trustco mobile operator. The amount of cover is valid Mobile firstly in a new country and then to for 30 days in respect of each purchase and explore the market for other Trustco business is linked to the amount of airtime purchased. applications. Payment of the underwriting fee to the insurer is directly from the mobile operator. Trustco TARGET MARKET (AFRICA) Mobile earns a licence fee per subscriber per month and carries no underwriting risk outside of Namibia. 100 Rich (>US$40 per day) million Financial Technology, Africa’s Prime Financial Working poor (4-40 US$ per day) Tech News Portal, selected Trustco Mobile as 700 million Target Market Micro one of the Top 10 products/services that have Financial Services proven to be innovative both in design and implementation. Further they have envisioned 200 Destitute (<US$4 per day) Trustco Mobile to be a transformational power million (Source: UN Human Development Report) 6 Trustco Group Holdings - Annual Report 2010 FINANCIAL HIGHLIGHTS This segment comprises of the micro finance settlement of tuition fees to IOL or other third lending portfolio and education. Education party services provided, with loan repayments MICRO FINANCE (& EDUCATION) is represented by The Institute for Open secured by direct salary deductions. These Learning (“IOL”) that performs a key role in this students in turn are equipped with the skills segment, as it serves as the engine room to and qualifications required, not only to power growth of the micro finance loan book. enhance their own net income but particularly Total revenue derived from micro finance has to plough back their knowledge and experience exhibited a meaningful increase, growing by into their relevant communities. Founded in 31%. This growth was achieved whilst there 2001, and acquired by the Trustco Group in was a significant drop in the average effective 2005, IOL has positioned itself as the prime interest rate earned on the micro finance loan distance education establishment in Namibia. book as a result of lower prime rates. The balance of the micro finance loan book grew by 34% for the period under review. This was STUDENT LOAN BOOK possible through the exceptional growth in revenue (primarily tuition fees) of 71% for IOL compared to 2009. N$’000 The average outstanding loan size as on 31 200,000 March 2010 was NAD 6 081 (2009: NAD 4 278) with an average tenor of 35 months 150,000 (2009: 35 months). Trustco Finance offers a unique offering in 100,000 the form of micro financing for educational purposes, which is aligned with the Group’s 50,000 strategies to foster quality education for all. The reality within the market dictates that numerous students with the desire to enhance their education and skills are unable to access 07 10 20 20 2005 2006 the education system due to the absence of 2008 2009 funding for tuition purposes. Trustco Finance advances a loan to the student for the upfront Loan Book Trustco Financial Services (Pty) Ltd: South TFS contributed 53.0% of Group revenue Africa (“TFS”) provides administration facilities amounting to R 291.7 million and posted a net FINANCIAL SERVICES OUTSIDE for small to large brokers, systems and back profit after tax of R 19.9 million (2% growth). NAMIBIA office processing to corporate brokers, UMA’s The acquisition price-earn out, relating to the and insurers. TFS has four main business units: purchase of TFS was achieved by 31 March 2009. The Group subsequently appointed a • Trustco Intermediary Solutions (Broker new management team from April 2009. For division): Providing administrator and the period under review, TFS administered ZAR UMA facilities to intermediaries 1.4 billion with 750 brokers registered on the • Trustco Corporate Solutions: Providing books. IT systems, services and back office processing to large corporate brokers, UMA’s and insurers • Trustco Claims Solutions: Providing claims administration including salvage and recovery management; and • Trustco Informatix: IT systems and hosting solutions. Trustco Group Holdings - Annual Report 2010 7 FINANCIAL HIGHLIGHTS GROUP REVENUE GROUP EARNINGS 14% 47% NAD 550.5 M NAD 137.5 M EBITDA INTEREST COVER 83% 147% NAD 188.4 M 8.5 TIMES PRIVATE EQUITY PROPERTY, DEVELOPMENT & MEDIA The property portfolio consists primarily to provide municipal services for 70% of the PROPERTY of industrial, commercial and residential available 350 hectares Lafrenz land. This property situated in Namibia and South Africa project will play a key role in future earnings with a carrying value of NAD 209.9 million for this and other segments in the Group as (2009: NAD 102.7 million). The increase is the land in Windhoek is currently selling for as a result of the fair value adjustment on N$ 1,200 m² and cost of providing municipal investment properties of N$ 89.2 million. services is estimated at N$ 250 m². Trustco Management revised their decision to no will provide first mortgages for the sold erven longer develop the residential land but to keep without financing any further subsequent it for investment purposes. Plans are underway constructional developments. This primarily consists of the Informante newspaper, Trustco Air Services and the head office OTHER STRATEGIC SUPPORT operations. UNITS 8 Trustco Group Holdings - Annual Report 2010 GROUP STRUCTURE TRUSTCO GROUP STRUCTURE SA Financial Services Education Private Equity Micro Insurance Micro Finance Trustco Group Holdings - Annual Report 2010 9 ABBREVIATED CVS OF ABBREVIATED DIRECTORS QUINTON VAN ROOYEN Group Managing Director (Executive) DOB: 16 April 1965 B.
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