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Apple Commuters Finance Assignment
best skills level in transportation.”
Message to our shareholders
Apple Commuters proven strategy of focusing on the commuting of passengers continues to strengthen the company’s already significant standing as a transport leader, and it is pleasing to report that for the 3rd consecutive year, an excellent set of results notwithstanding tough local market conditions has been achieved.
It is our view that great companies distinguish themselves over long periods.
Apple Commuters operating income increased by 3.2 % to 66,500.00 (64,450.00).
Trading Environment
The trading environment remained difficult as the economy did not perform to expected GDP results.
The unexpected and severe currency crises during the course of last year played havoc with rising fuel costs and the importation of spares. A change in supply chain partnerships was inevitable in maintaining margins.
A new strategy in outsourcing repairs has lowered expenses considerably. However, the three increases in prime interest rates up to 17 percent (prime) has over-shadowed many of these cost-cutting efforts.
Acquisition
During the financial year under review, considerable work was carried out on acquisition search and investigation, particularly in Namibia and Botswana. Certain prospects reached an advanced stage of negotiation but were ultimately turned down due to lack of interest and commitment from the other party.
CHAIRMAN’S REPORT (continued…)
Management and Employees
The quality of our management teams and employees has contributed to the success of the group and continues to differentiate us from our competitors. We have a strong, dynamic and entrepreneurial management team with a proven track record.
Outlook
The past year has seen Apple Commuters make further progress in strengthening the company. Looking forward, Apple Commuters increasing focus on international market will remain our core strategy to ensure the maintenance of long-term growth and increased shareholder value.
Appreciation
Apple Commuters ongoing success would not have been possible without a dedicated team of employees who thrill at pushing the limits and who have the courage to dare to imagine what the next opportunities might be. Our people are our business and we extend to our team the gratitude of our shareholders and the Board of Directors for their tremendous commitment and plain hard work throughout the year.
Finally, we extend our appreciation to our loyal customers. Thank you for your confidence in Apple Commuters services. It’s our aim to provide you with even greater satisfaction and value in the year to come.
CORPORATE GOVERNANCE (continued…)
Corporate Governance
For the year ended 31 March 2002
The directors of Apple Commuters recognize the need to conduct the business of the enterprise with integrity and in accordance with generally accepted corporate practices. Accordingly, they endorse and have complied broadly with the principles contained in the King Report on Corporate Governance (1994) during the period under review. Maintaining compliance at Apple Commuters within the code of corporate practice forms part of the mandate of the company’s audit committee.
Directorate
Apple Commuters has a unitary board structure comprising mainly non-executive directors. The board [next page]