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Table of Contents Table of Contents Index Section Page No 1 Group salient features 2 2 Group structure 3 3 Chairman’s statement 4 4 Group Chief Executive Officer’s report 9 5 Chief Executive Officer’s report-CBZ Bank Limited 12 6 Managing Director’s report-CBZ Asset Management (Private) Limited t/a Datvest 15 7 Managing Director’s report-CBZ Insurance (Private) Limited 18 8 Managing Director’s report-CBZ Life (Private) Limited 20 9 Analysis of shareholders 21 10 Corporate governance statement 22 11 Statement of directors’ responsibility 28 12 Report of the directors 30 13 Report of the independent auditors 32 14 Financial statements 34 15 Group accounting policies 38 16 Notes to the consolidated financial statements 51 17 Company statement of financial position 86 18 Company statement of comprehensive income 87 19 Company statement of changes in equity 88 20 Notice to members 89 21 Shareholders’ calendar 92 22 Company details 93 23 Form of proxy 94 CBZ Holdings Limited 1 AnnualReport Group Salient Features 2011 2010 US$ US$ (restated) Total assets 1 055.7m 686.8m Gross advances 812.0m 449.7m Impairment loss on advances 21.7m 5.1m Total net advances 790.3m 444.6m Total deposits 829.9m 578.4m Profit after taxation 30.3m 18.8m Capital adequacy (%) – CBZ Bank Limited 11.1 11.4 Capital adequacy (%) – CBZ Building Society 33.4 48.3 Funds Under Management –CBZ Asset Management 88.2m 75.6m Total Technical Assets – CBZ Insurance 1.5m 1.3m Basic earnings per share (cents) 4.83 2.99 Return on assets% 3.6 3.7 Return on equity% 25.4 21.6 Non interest income as a % of total income 39.0 46.0 Advances/Deposits ratio(including offshore) (%) 95.0 76.9 Cost to income ratio % 56.5 66.7 Permanent staff compliment 1 294 1 287 CBZ Holdings Limited 2 AnnualReport Group Structure (Private) Limited (Private) Limited (Private) Limited (Private) Limited (Private) Limited (Private) Limited (Private) Limited CBZ Holdings Limited 3 AnnualReport Chairman’s Statement Once again, I take great pleasure in presenting the strong financial performance by CBZ Holdings Limited. Below are the key highlights of the Group’s performance for the year ended 31 December 2011, and the comparative period. L ZEMBE Chairman Group Financial Highlights Year Ended Year Ended 31 December 2011 31 December 2010 US$m (restated) US$m Financial Performance Profit before taxation 38.2 25.5 Profit after taxation 30.3 18.8 Total comprehensive income 33.1 23.4 Total assets 1 055.7 686.8 Total equity and reserves 119.2 86.8 Total deposits 829.9 578.4 Total advances 790.3 444.6 Other statistics Basic earnings per share 4.83c 2.99c Non- interest Income to total Income 39.0% 45.9% Cost to income ratio 56.5% 66.7% Annualised return on assets 3.6% 3.7% Annualised return on equity 25.4% 21.6% Growth in deposits 43.5% 60.3% Growth in advances 77.8% 81.5% Growth in profit before tax 49.6% 110.4% Growth in profit after tax 61.6% 131.0% Capital Adequacy The Group’s regulated subsidiaries were able to comply with the prescribed minimum capital and liquidity requirements, as set by the Central Bank and the Commissioner of Insurance. Liquidity update The Banking sector experienced liquidity challenges during the period commencing mid December 2011 spilling into the first two months of 2012. The Group’s Banking Unit, which is the largest in its sector, was not spared by this predicament. The challenge was largely a result of the effects of hot money caused by high value withdrawal transactions that were effected on behalf of the Bank’s significant clients at a time when there was no lender of last resort and/or interbank market. This resulted in delays on payments as well as a larger than normal loans to deposit ratio. In response, the Bank put in place measures to improve its liquidity position that included engagement of its valued customers and other key stakeholders. Government also moved to stagger the payment dates for civil servants’ salaries. In addition, the Government and the other stakeholders are working towards putting in place a lender of last resort function and the resuscitation of the interbank market. CBZ Holdings Limited We are very grateful to our customers for their support and loyalty to the Bank. I am glad to advise that we are now out of the 4 challenge and up to date with all customer payments. Over and above the measures outlined above, additional lines of credit amounting to US$89 million have been secured to buttress the Bank’s liquidity position and ensure that the situation will not recurr. AnnualReport Chairman’s Statement (continued) Economic Environment The Zimbabwean economy has continued on a recovery path as characterised by improving macroeconomic fundamentals such as low inflation and improved capacity utilisation by the industrial sector, which rose to an average of about 60%, spearheaded by key economic sectors such as agriculture, mining, manufacturing and tourism. Inflation The rate of inflation has remained relatively stable and within the single digit levels since the beginning of the year. Annual inflation opened the year at 3.5% and remained on a downward trend, reaching 2.5% in May before rising to close the year at 4.9%. Monthly inflation opened the year at 1% and declined to 0.1% in April 2011 before rising marginally to reach 0.2% in December. The main drivers in the rise of the monthly rate of inflation during the year have been the increase in the cost of; • food and beverages, • housing, • electricity and water Going forward, inflation pressures are likely to emanate from rising global food prices, exchange rate movements between the South African rand and the US dollar as well as rising wage demands from both the private and public sectors. Capital market Trade on the stock market remained sluggish due to a number of factors, chief among these being; • the perceived country risk, • liquidity constraints prevailing in the economy, • the impact of the indigenisation and economic empowerment policy. Trade remained concentrated on the heavy weight counters at the expense of lighter stocks that were perceived as risky by investors. The CBZ Holdings stock opened the year 2011 trading at 14 cents and rose to reach a high price of 19.5 cents in April 2011. Thereafter, the counter traded lower reaching the lowest of 7.29 cents on 20 December 2011 before closing the year at 14 cents. A total of 70.8 million shares changed hands during the year. With 684.1 million shares in issue, the Company closed the period under review with a market capitalization of US$95.8 million. CBZ Holdings Limited 5 AnnualReport Chairman’s Statement (continued) While the industrial shares index declined from 150.99 points in January to 145.86 points by year end, representing a year to date decline of 3.58%, the mining index declined from 201.41 points in January to 100.7 points, representing a year to date decline of 49.75%. However, over the same period, total market capitalisation has remained below the $5 billion point mark, as it declined from $4.3 billion in January to about $3.7 billion by the end of 2011. Key Corporate developments • CBZ Bank Limited won the Marketers Association of Zimbabwe top brand in the financial services sector and was one of the top 10 national brands. • The banking arm of the Group, “CBZ Bank” managed to list the Zimbabwe Economic Recovery Bond “ZERB” on the Cayman Islands Stock Exchange and is in the process of listing the Bond on the Zimbabwe Stock Exchange. • Further to the amalgamation of the Bank and the Building Society, the consolidation process has seen key units being reviewed and realigned during the period. • CBZ Life Limited, a wholly owned subsidiary of the CBZ Holdings Limited, started full operations during the first half of 2011 after obtaining all the necessary regulatory approvals. The unit is already trading profitably. • The Group successfully implemented an upgrade of its main banking system, Flexcube, to Flexcube version 11. The asset management arm also successfully upgraded its IT system during the course of the year. Dividend An interim dividend of 0.12 cents was declared and paid during the year. Further to this, a final dividend of 0.13 cents per share has been declared to give a total annual dividend of 0.25 cents per share. Outlook The economy looks set to remain on a continued growth path albeit at a lower than originally projected level due to the continued liquidity challenges, uncertain political environment, low investor uptake and an adverse agricultural season. However, the growth in the mining and tourism sectors will certainly have a positive impact on liquidity and reduce default risk within the economy as business and individuals’ financial standing improves. Policy inconsistencies and uncertainty are likely to affect the willingness of depositors to commit their funds on a long term basis. This will continue to impact on the cost of funding and ability of financial institutions to lend on a long term basis. Appreciation My appreciation goes to the Boards of the Group Companies, Management and Staff for their unwavering dedication, commitment and support in taking the business to greater heights, through embracing strong shared common values and vision. I would also like to express my sincere gratitude and appreciation to our treasured customers and other stakeholders who have stood by the Group, enabling it to achieve success during the year 2011.
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