2018 integrated annual report
intergrated annual report 2017
pg 1
intergrated annual report 2017
highlights AWARDS Dorcasha ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat
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2016 Revenue contribution (Percentages) Headline earnings per share
Banking and Finance
19
Basic earnings per share
40%
55 cents
27%
55 cents
41%
284 cents
100% Net asset value per share Investments
Insurance
63
18 HEADLINE EARNINGS (NAD MILLIONS)
BASIC EARNINGS (NAD MILLIONS)
50
50
40
40
30
30
2012
2013
2014
2015
2012
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2013
2014
2015
intergrated annual report 2017
WHAT WE DO
TRUSTCO IS A DIVERSIFIED LISTED FINANCIAL SERVICES GROUP THAT INVESTS AND OPERATES IN SUSTAINABLE HIGH GROWTH ASSETS IN EMERGING MARKETS
THE GROUP HAS THREE OPERATING SEGMENTS
INSURANCE
INVESTMENTS
SHARED SERVICES
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BANKING & FINANCE
intergrated annual report 2017
SCOPE & BOUNDRY SCOPE
BOUNDARY
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EXTERNAL ASSURANCES AND APPROVAL dorcasha ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel
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intergrated annual report 2017
CONTENTS HIGHLIGHTS Page
01
WHAT WE DO Page
02
ABOUT THIS REPORT Page
03
Chapter Directorate
01
Chairman’s Report Managing Director’s Report Chairman Of The Audit and Risk Committee’S Report Board Of Directors
8 10
Chapter Group Profile
02
Vision And Mission Group Structure Group Strategy Business Model Our Footprint Our History
20 20 21 22 24 25
Chapter Financial Performance
03
Value Added Statement Financial Director’s Report Summarised Group Results
28 29 34
Chapter Segment Operational Reviews
04
Insurance Trustco 4Life Trustco insurance Trustco South africa
42 42 42 42
Investments trustco PROPERTIES INSTITUTE FOR OPEN LEARNING TRUSTCO AIR SERVICES STRATEGIC MEDIA SERVICES
45 45 48 52 53
12 14
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intergrated annual report 2017
CONTENTS Banking And Finance TRUSTCO BANK NAMIBIA TRUSTCO CAPITAL TRUSTCO FINANCE
54 54 57 58
RESOURCES TRUSTCO RESOURCES MEYA MINING Northern Namibia Development Company MORSE INVESTMENTS
58 58 59
Shared Services
78
INFORMATION COMMUNICATION technology MARKETING FLEET SERVICES
78 79 79
HUMAN RESOURCES LEGAL COMPANY SECRETARIAL AUDIT, RISK AND COMPLIANCE FINANCE AND TREASURY
79 79 79 79 79
Chapter Stakeholders
05
Stakeholder Engagement Corporate Social Investment
82 84
Chapter Sustainability
06
Sustainability Report
90
Chapter Corporate Governance Structure the board Audit And Risk Committee Report Remuneration And Nomination Committee Report Group Executive Committee Risk Review
07
66 69
98 98 100 101 104 106
Chapter Remuneration Report
08
Remuneration Philosophy Remuneration Mix
110 110
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intergrated annual report 2017
CHAIRMAN’S REPORT orem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel illum dolore eu feugiat nulla facilisis at vero eros cing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel illum dolore eu feugiat nulla facilisis at vero eros et accumsan et iusto odio dignissim qui blandit praesent luptatum zzril delenit augue duis dolore te feugait nulla facilisi.Lorem ipsum dolor sit amet, cons ectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat
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intergrated annual report 2017
ADV RAYMOND HEATHCOTE SC Chairman of the Board
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intergrated annual report 2017
BOARD OF DIRECTORS ADV RAYMOND HEATHCOTE SC
ADV RAYMOND HEATHCOTE SC
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ADV RAYMOND HEATHCOTE SC
ADV RAYMOND HEATHCOTE SC
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intergrated annual report 2017
CONTENTS ADV RAYMOND HEATHCOTE SC
ADV RAYMOND HEATHCOTE SC
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ADV RAYMOND HEATHCOTE SC
ADV RAYMOND HEATHCOTE SC
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ADV RAYMOND HEATHCOTE SC
ADV RAYMOND HEATHCOTE SC
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SUMMARISED GROUP RESULTS Condensed Segmental Analysis 2014
2015
2014
2015
5,768 219 115
6,247 164 130
4,543 1,949 579
-
(401) (6,628) (927)
(470) (6,999) (928)
(4,728) (403) 1,970
-
5,768 219
6,247 164
4,543 1,949
-
115 (401) (6,628) (927) 219 115 (6,628) (927)
130 (470) (6,999) (928) 164 130 (6,999) (928)
579 (4,728) (403) 1,970 1,949 579 (403) 1,970
-
49
90
582
-
Cost Summarised Balance Sheet Non-current assets Current assets (excluding cash & cash equivalents) Cash and cash equivalents Current liabilities* Non-current liabilities* Net (liabilities)/assets Summarised Income Statement Revenue Profit/(loss) after tax Reconciliation to carrying amounts: Opening balance Additions Foreign currency translation Share of profit/(loss) Impairment of joint ventures and associates Dividends received from joint ventures and associates Closing balance Group's share in ownership Carrying amount
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GROUP FINANCIAL DIRECTOR’S REPORT orem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut aliquip ex ea commodo consequat. Duis autem vel eum iriure dolor in hendrerit in vulputate velit esse molestie consequat, vel illum dolore eu feugiat nulla facilisis at vero eros cing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi enim ad minim veniam, quis nostrud exerci tation ullamcorper suscipit lobortis nisl ut
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350
60
300
50
250
40
200
30
100
20
50
10 0 2012
2013
2014
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2015
2016
2017
2018
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intergrated annual report 2017
BOARD OF DIRECTORS Katima Mulilo
Ongwadiva
Rundu
Otjiwarongo Windhoek
Gobabis
Keetmashoop Mauritius
JOHANNESBURG Walvis Bay
Walvis Bay
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OUR HISTORY Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut laoreet dolore magna aliquam erat
2016
2015
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2014
2013
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2010
2009
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2012
2011
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2008
2007
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intergrated annual report 2017
SUMMARISED GROUP RESULTS Condensed Segmental Analysis 2014
2015
2014
2015
Summarised Balance Sheet Non-current assets
5,768 219
6,247 164
4,543 1,949
-
Current assets (excluding cash & cash equivalents) Cash and cash equivalents
115 (401)
130 (470)
579 (4,728)
-
(6,628) (927)
(6,999) (928)
(403) 1,970
-
5,768 219
6,247 164
4,543 1,949
-
115 (401) (6,628) (927) 219 115 (6,628) (927)
130 (470) (6,999) (928) 164 130 (6,999) (928)
579 (4,728) (403) 1,970 1,949 579 (403) 1,970
-
49
90
582
-
Cost
Current liabilities* Non-current liabilities* Net (liabilities)/assets Summarised Income Statement Revenue Profit/(loss) after tax Reconciliation to carrying amounts: Opening balance Additions Foreign currency translation Share of profit/(loss) Impairment of joint ventures and associates Dividends received from joint ventures and associates Closing balance Group's share in ownership Carrying amount
pg 1
intergrated annual report 2017
GROUP FINANCIAL DIRECTOR’S REPORT Condensed Segmental Analysis 2014
2015
2014
2015
Summarised Balance Sheet Non-current assets
5,768 219
6,247 164
4,543 1,949
-
Current assets (excluding cash & cash equivalents) Cash and cash equivalents
115 (401)
130 (470)
579 (4,728)
-
(6,628) (927)
(6,999) (928)
(403) 1,970
-
5,768 219
6,247 164
4,543 1,949
-
115 (401) (6,628) (927) 219 115 (6,628) (927)
130 (470) (6,999) (928) 164 130 (6,999) (928)
579 (4,728) (403) 1,970 1,949 579 (403) 1,970
-
49
90
582
-
Cost
Current liabilities* Non-current liabilities* Net (liabilities)/assets Summarised Income Statement Revenue Profit/(loss) after tax Reconciliation to carrying amounts: Opening balance Additions Foreign currency translation Share of profit/(loss) Impairment of joint ventures and associates Dividends received from joint ventures and associates Closing balance Group's share in ownership Carrying amount
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