BMED.L Regulatory News (BMED)

26 Oct 2006 13:40

Banque Marocaine Du Commerce Exteri26 October 2006 BMCE BANK FINANCIAL STATEMENTS AS OF JUNE 30, 2006 BALANCE SHEET - CONSOLIDATED ACTIVITY In thousand MADASSETS 06/30/2006 06/30/2005 Cash, Central Banks, Treasury, Giro Accounts 6 404 870 9 630 054Loans to credit institutions and equivalent 13 312 694 11 253 301. Demand 4 469 260 832 064. Time 8 843 434 10 421 237Loans and advances to customer 34 060 566 31 064 611 . Cash and consumer loans 17 487 634 16 726 353 . Equipment loans 6 868 538 6 414 561 . Mortgage loans 6 200 779 4 049 397 . Other loans 3 503 615 3 874 300Leasing and rent operations 5 417 657 4 752 261Advances acquired by factoring 638 280 631 947Transactions on marketable securities 11 014 397 11 018 700. Treasury bonds and equivalent securities 2 167 059 6 905 769. Other debt securities 3 232 485 3 392 024. Title deeds 5 614 853 720 907Other assets 1 671 539 1 591 141Investment securities 27 436 237. Treasury bonds and equivalent securities 27 27. Other debt securities 436 210Equity investments of non consolidated affiliates 1 887 307 2 535 465Securities consolidated by the equity method 131 990 162 608. Financial companies 131 990 129 141. Other companies 33 467Subordinated loansIntangible assets 102 358 89 142Tangible fixed assets 1 638 384 1 337 313Goodwill on acquisitions 21 199 22 957Total Assets 76 301 268 74 525 737 LIABILITIES 06/30/2006 06/30/2005Central Banks, Treasury, Giro accountsLiabilities to credit institutions and equivalent 5 738 078 10 984 974. Demand 1 433 820 1 907 542. Time 4 304 258 9 077 432Customer Deposits 58 290 504 51 602 085. Demand deposits 30 359 143 23 682 608. Savings deposits 10 256 715 9 007 717. Time deposits 13 115 520 13 727 859. Other deposits 4 559 126 5 183 901Debt securities issues 1 026 275 759 740. Negotiable debt securities 772 357 505 980. Bond loans 253 918 253 760. Other debt securities issuedOther liabilities 3 050 095 4 068 788Goodwill on acquisitionsContingent liabilities 112 670 63 630Regulated provisionsAssigned public funds and special guarantee funds 101Subordinated debts 1 020 133 511 250Premiums related to capital 4 260 874 3 961 921Capital 1 587 514 1 587 514Shareholders, unpaid-up capital (-)Consolidated reserves, revaluation reserve unrealised 709 292 546 364Exchange gains/losses differentials and difference inequity method. Group share 353 421 272 564. Minority interests 355 871 273 800Net earnings for the year (+/-) 505 732 439 471. Group share 479 433 424 035. Minority interests 26 299 15 436Total Liabilities 76 301 268 74 525 737 OFF BALANCE SHEET - CONSOLIDATED ACTIVITY In thousand MAD 06/30/2006 06/30/2005Given commitments 13 999 298 14 731 677Financing commitments on behalf of credit institutions and 2 844 176 234equivalentFinancing commitments on behalf of customers 7 340 340 7 120 143Guarantee commitments given to credit institutions and 1 920 770 1 994 596equivalentGuarantee commitments given to customers 4 735 344 5 440 704Securities repos purchasedOther securities to be deliveredReceived commitments 2 398 708 1 127 765Financing commitments received from credit institutions 1 622 561 462 770and equivalentGuarantee commitments received from credit institutions 743 997 572 056and equivalentGuarantee commitments received from the state and various 32 150 92 939guarantee bodiesSecurities repos soldOther securities to be received INCOME STATEMENT - CONSOLIDATED ACTIVITY In thousand MAD 06/30/2006 06/30/2005BANK OPERATING REVENUES 2 535 969 2 288 980Interests and assimilated revenues on transactions with 129 806 101 498credit institutionsInterests and assimilated revenues on transaction with 1 263 509 1 155 729customersInterests and assimilated revenues on debt securities 151 959 239 277Revenues on title deeds 72 242 89 859Revenues from leased and rented fixed assetsFees on provided services 273 703 212 207Other banking revenues 644 750 490 410BANK OPERATING EXPENSES 798 506 790 160Interests and assimilated expenses on transactions with 122 103 128 132credit institutionsInterests and assimilated expenses on transactions with 423 118 400 380customersInterests and assimilated expenses on debt securities 33 572 30 170Expenses on leased and rented fixed assetsOther banking expenses 219 713 231 478NET BANKING INCOME 1 737 463 1 498 820Non-banking operating revenues 105 436 88 556Non-banking operating expenses 7 973 8 599GENERAL OPERATING EXPENSES 960 804 806 675Staff expenses 507 598 426 488Tax expenses 25 629 22 017External expenses 337 401 282 828Other general operating expenses 4 643 5 591Allowances for depreciation and provisions for intangible 85 533 69 751and tangible fixed assetsAllowances for amortisation on goodwill acquisition 3 292 3 037Goodwill acquisition write-backsALLOWANCES FOR PROVISIONS AND LOAN LOSSES 257 924 298 301Allowances for non performing loans and commitments 203 637 251 522Loan losses 20 759 11 940Other allowances for provisions 33 528 34 839PROVISION WRITE-BACKS AND RECOVERY ON AMORTISED DEBTS 121 385 156 789Provision write-backs for non performing loans and 82 250 34 608commitmentsRecovery on amortised debts 11 558 6 243Other provision write-backs 27 577 115 938CURRENT INCOME 734 291 627 553Non-current revenues 13 55Non-current expenses 22PRE-TAX EARNINGS 734 282 627 608- Corporate tax 240 752 201 188NET EARNINGS FOR COMPANIES ACCOUNTED FOR BY FULL 493 530 426 420CONSOLIDATIONSHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY 12 202 13 051METHODFinancial companies 12 202 13 051Other companiesNET EARNINGS OF THE YEAR 505 732 439 471 . Group share 479 433 424 035 . Minority interests 26 299 15 436 MANAGEMENT BALANCES STATEMENT - CONSOLIDATED ACTIVITY In thousand MADEARNINGS FORMATION TABLE 06/30/2006 06/30/2005+ Interests and assimilated revenues 1 543 352 1 494 677- Interests and assimilated expenses 578 570 559 930INTEREST MARGIN 964 782 934 747+ Revenues from leased and rented fixed assets- Expenses on leased and rented fixed assetsPROFIT FROM LEASING AND RENTING OPERATIONS+ Fees received 341 044 253 357- Fees paid 34 592 29 689MARGIN ON FEES 306 452 223 668+/- Income from operations on transaction securities+/- Income from transactions on market securities 320 880 216 557+/- Income from exchange transactions 60 558 47 387+ Income from derivatives transactions -3 656 15 283INCOME FROM MARKET TRANSACTIONS 377 782 279 227+ Other miscellaneous banking revenues 132 258 96 387- Other miscellaneous banking expenses 43 811 35 209NET BANKING INCOME 1 737 463 1 498 820+/- Net income from equity investments 88 613 110 966+ Other non-banking operating revenues 16 676 3 179- Other non banking operating expenses -7 828 -8 599- General operating expenses 960 804 806 675GROSS OPERATING INCOME 874 120 797 691+/- Allowances for non performing loans and commitments -129 052 -222 636(net of write-backs)+ Other allowances net of provision write-backs -7 485 55 535+ Allowances net of write backs on goodwill acquisition - 3 292 -3 037amortisationCURRENT INCOME 734 291 627 553NON-CURRENT INCOME -9 55- Corporate tax 240 752 201 188NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL 493 530 426 420CONSOLIDATIONSHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY 12 202 13 051METHODFinancial companies 12 202 13 051Other companiesNET EARNINGS OF THE YEAR 505 732 439 471. Group share 479 433 424 035. Minority interests 26 299 15 436CASH FLOWS 06/30/2006 06/30/2005+ NET EARNINGS FOR THE YEAR 505 732 439 471+ Allowances for depreciation and provisions for 85 153 69 746intangible and tangible fixed assets+ Allowances for provisions for equity investments 23 017depreciation+ Allowances for provisions for general risks+ Allowances for regulated provisions 322+ Non-current allowances 12 48 667- Provisions write-backs- Capital gains on disposals of intangible and tangible 1 009 536fixed assets+ Capital losses on disposals of intangible and tangible 1 377fixed assets- Capital gains on disposals of equity investments 88 763 85 377+ Capital losses on disposals of equity investments 150- Write-backs of investment subsidies received+ FINANCING CAPACITY 501 251 399 353- Dividends distributed+ CASH-FLOW 501 251 399 353 CONSOLIDATED LIST AS OF JUNE 30TH, 2006 Capital % of control % of % contribution to Method of interests consolidated income consolidation MAROC FACTORING 15 000 000 95.00% 95.00% 4 445 Full ConsolidationSALAFIN 103 000 000 97.09% 97.09% 35 345 F.CMAGHREBAIL 102 532 000 35.00% 35.00% 6 479 F.CBMCE INTERNATIONAL Eur 18 030 000 80.00% 80.00% 1 842 F.CBMCE CAPITAL 100 000 000 100.00% 100.00% -3 305 F.C(Consolidated)BMCE CAPITAL 10 000 000 100.00% 100.00% 17 619 F.CBOURSEBMCE CAPITAL 5 000 000 100.00% 100.00% 13 487 F.CGESTIONLA CONGOLIASE DE Fcfa 4 000 000 000 25.00% 25.00% 2 645 F.CBANQUECASABLANCA FINANCE 114 862 500 33.33% 33.33% 5 756 Equity MethodMARKETACMAR 50 000 000 20.00% 20.00% 12 E.MBANQUE DE Fcfa 3 759 560 000 20.73% 20.73% 6 131 E.MDEVELOPPEMENT DEMALI BANQUE MAROCAINE DU COMMERCE EXTERIEUR- BANK BMCE BANK ATTESTATION OF THE STATUTORY AUDITORS ON THE SEMI-ANNUAL CONSOLIDATED ACCOUNTS AS OF JUNE 30TH, 2006 (Free translation from the French) We have conducted a limited review of the interim consolidated balance sheet andincome statement of the "Banque Marocaine du Commerce Exterieur" BMCE BANK, forthe first semester running from January 1st to June 30th, 2006. We conducted our limited review in accordance with the Moroccan Standards. Thosestandards require that we plan and perform the limited review in order to obtaina moderate assurance about whether that the consolidated financial statementsare free of significant misstatement. A limited review consists essentially ofinterviews with the personnel of the company and the analytical tests of thefinancial data; it thus provides a lower level of assurance than an audit. Wedid not carry out an audit and, consequently, we do not express an opinion ofaudit. Based on our limited review, nothing has come to our notice that cause us tobelieve that the above-mentioned consolidated financial statements do notpresent fairly, in all their material aspects, the financial situation of the "Banque Marocaine du Commerce Exterieur" BMCE BANK as of June 30th, 2006, nor theresults of its operations closed at this date, in accordance with the accountingprincipals described in the accompanying notes of the consolidated financialstatements. Statutory auditors Ernst & young Kpmg Ali BENNANI Jamal Saad EL IDRISSI Partner Partner BALANCE SHEET - AGGREGATED ACTIVITY In thousand MADASSETS 06/30/2006 06/30/2005Cash, Central Banks, Treasury, Giro Accounts 6 330 844 9 623 954Loans to credit institutions and equivalent 13 133 234 12 009 977. Demand 3 278 418 1 095 948. Time 9 854 816 10 914 029Loans and advances to customer 33 256 997 30 575 663. Cash and consumer loans 16 856 258 16 258 671. Equipment loans 6 742 254 6 414 561. Mortgage loans 6 183 471 4 043 432. Other loans 3 475 014 3 858 999Advances acquired by factoringTransactions on marketable securities 10 858 214 11 428 025. Treasury bonds and equivalent securities 2 167 059 6 905 769. Other debt securities 3 232 485 3 887 909. Title deeds 5 458 670 634 347Other assets 1 133 172 1 342 623Investment securities 436 210. Treasury bonds and equivalent securities. Other debt securitiesEquity investments and equivalent uses 2 494 161 3 108 570Subordinated loansFixed assets leased and rentedIntangible fixed assets 84 793 75 773Tangible fixed assets 1 335 853 1 221 435Total Assets 68 627 268 69 822 230 LIABILITIES 06/30/2006 06/30/2005Central Banks, Treasury, Giro accountsLiabilities to credit institutions and equivalent 3 328 541 9 655 182. Demand 793 812 1 908 758. Time 2 534 729 7 746 424Customer Deposits 56 138 839 52 226 559. Demand deposits 29 193 353 23 578 194. Savings deposits 10 093 412 8 998 949. Time deposits 12 873 215 13 708 843. Other deposits 3 978 859 5 940 573Debt securities issues. Negotiable debt securities. Bond loans. Other debt securities issuedOther liabilities 1 713 756 1 404 814Contingent liabilities 80 162 50 628Regulated provisions 54 682 54 682Subsidies, Assigned public funds and special guaranteefundsSubordinated debts 1 020 133 511 250Revaluation reserveReserves and premiums related to capital 4 260 874 3 961 590Capital 1 587 514 1 587 514Shareholders, unpaid-up capital (-)Retained earnings (+/-) 7 21Net earnings being appropriated (+/-)Net earnings for the year (+/-) 442 760 369 990Total Liabilities 68 627 268 69 822 230 OFF BALANCE SHEET - AGGREGATED ACTIVITY In thousand MAD 06/30/2006 06/30/2005Given commitments 13 196 866 13 239 473Financing commitments on behalf of credit institutions and 513 209equivalentFinancing commitments on behalf of customers 6 426 536 6 502 944Guarantee commitments given to credit institutions and 2 200 971 1 980 140equivalentGuarantee commitments given to customers 4 569 359 4 243 180Securities repos purchasedOther securities to be deliveredReceived commitments 784 993 143 832Financing commitments received from credit institutionsand equivalentGuarantee commitments received from credit institutions 752 843 110 893and equivalentGuarantee commitments received from the state and various 32 150 32 939guarantee bodiesSecurities repos soldOther securities to be received INCOME STATEMENT - AGGREGATED ACTIVITY In thousand MAD 06/30/2006 06/30/2005BANK OPERATING REVENUES 2 201 918 2 063 585Interests and assimilated revenues on transactions with 147 123 122 550credit institutionsInterests and assimilated revenues on transaction 987 979 909 879with customersInterests and assimilated revenues on debt 151 959 239 277securitiesRevenues on title deeds 124 165 129 162Revenues from leased and rented fixed assetsFees on provided services 232 803 180 329Other banking revenues 557 889 482 388BANK OPERATING EXPENSES 720 093 724 660Interests and assimilated expenses on transactions with 87 145 86 366credit institutionsInterests and assimilated expenses on transactions with 408 848 398 497customersInterests and assimilated expenses on debt securitiesExpenses on leased and rented fixed assetsOther banking expenses 224 100 239 797NET BANKING INCOME 1 481 825 1 338 925Non-banking operating revenues 98 353 88 350Non-banking operating expenses 6 604 8 448GENERAL OPERATING EXPENSES 817 431 724 585Staff expenses 426 257 373 174Tax expenses 20 725 19 594External expenses 294 798 262 083Other general operating expenses 2 160 5 323Allowances for depreciation and provisions for intangible 73 491 64 411and tangible fixed assetsALLOWANCES FOR PROVISIONS AND 228 323 275 139LOAN LOSSESAllowances for non performing loans and commitments 178 656 230 182Loan losses 20 735 11 940Other allowances for provisions 28 932 33 017PROVISION WRITE-BACKS AND RECOVERY 102 885 91 912ON AMORTISED DEBTSProvision write-backs for non performing loans and 78 006 27 943commitmentsRecovery on amortised debts 11 558 6 243Other provision write-backs 13 321 57 726CURRENT INCOME 630 705 511 015Non-current revenuesNon-current expensesPRE-TAX EARNINGS 630 705 511 015- Corporate tax 187 945 141 025NET EARNINGS OF THE YEAR 442 760 369 990 MANAGEMENT BALANCES STATEMENT - AGGREGATED ACTIVITY In thousand MADEARNINGS FORMATION TABLE 06/30/2006 06/30/2005+ Interests and assimilated revenues 1 285 141 1 272 504- Interests and assimilated expenses 495 768 486 111INTEREST MARGIN 789 373 786 393+ Revenues from leased and rented fixed assets- Expenses from leased and rented fixed assetsPROFIT FROM LEASING AND RENTING OPERATIONS+ Fees received 278 172 218 854- Fees paid 34 003 29 155MARGIN ON FEES 244 169 189 699+ Income from operations on transaction securities+ Income from transactions on marketable securities 316 168 215 618+ Income from exchange transactions 56 701 45 924+ Income from derivatives transactions -3 656 15 283INCOME FROM MARKET TRANSACTIONS 369 213 276 825+ Other miscellaneous equity investments 128 625 130 322- Other miscellaneous banking expenses 49 555 44 314NET BANKING INCOME 1 481 825 1 338 925+ Net income from equity investments 88 613 110 966+ Other non-banking operating revenues 9 590 2 973- Other non banking operating expenses 6 455 8 448- General operating expenses 817 431 724 585GROSS OPERATING INCOME 756 142 719 831+ Allowances for non performing loans -105 711 -207 936 And commitments (net of write-backs)+ Other allowances net of provision write-backs -19 726 -880CURRENT INCOME 630 705 511 015NON-CURRENT INCOME- Corporate tax 187 945 141 025NET EARNINGS FOR THE YEAR 442 760 369 990CASH FLOW 06/30/2006 06/30/2005+ NET EARNINGS FOR THE YEAR 442 760 369 990+ Allowances for depreciation and provisions 73 491 64 411 For intangible and tangible fixed assets+ Allowances for provisions for equity investments 23 017+ Allowances for provisions for general risks+ Allowances for regulated provisions+ Non-current allowances- Provisions write-backs 48 606- Capital gains on disposals of intangible and 1 009 536 tangible fixed assets+ Capital losses on disposals of intangible and 1 377 tangible fixed assets- Capital gains on disposals of equity investments 88 763 85 377+ Capital losses on disposals of equity investments 150 -- Write-backs of investment subsidies received+ FINANCING CAPACITY 426 629 324 276- Dividends distributed+ CASH-FLOW 426 629 324 276 NON PERFORMING LOANS STATEMENT - AGGREGATED ACTIVITY In thousand MAD June 30th, 2005 June 30th, 2006 Loans Provisions & doubtful Loans Provisions & interests doubtful interests Substandard loans 3 257 11 233Doubtful loans 30 526 13 739 62 139 1 426Loss Loans 2 741 641 2 023 615 2 533 696 2 026 754TOTAL 2 775 424 2 037 354 2 607 068 2 028 180 BANQUE MAROCAINE DU COMMERCE EXTERIEUR- BANK BMCE BANK REPORT OF THE STATUTORY AUDITORS ON THE INTERIM BALANCE SHEET AND INCOME STATEMENT FROM JANUARY 1ST TO JUNE 30, 2006 (Free translation from the French) According to the article 17 of the Dahir related to the law Ndegrees 1-93-212 ofSeptember 21st, 1993 modified and completed by the law Ndegrees 23-01 of May6th, 2004, we have conducted a limited review of the interim balance sheet andincome statement situation of the "Banque Marocaine du Commerce Exterieur" 'BMCE-BANK' for the first semester running from January 1st to June 30th , 2006. We conducted our limited review in accordance with the professional standardsand given the prevailing legal and statutory conditions. On the basis of our limited review, we did not identify any fact likely toaffect, significantly, the sincerity and the information contained in thesedocuments September 14th, 2006 Statutory auditors Ernst & young Kpmg Ali BENNANI Jamal Saad EL IDRISSIPartner Partner This information is provided by RNS The company news service from the London Stock Exchange