27 Jun 2008 18:08
BMCE BANK
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31st. 2007
BALANCE SHEET
In thousand MAD
| ASSETS | 2007 | 2006 |
| CASH, CENTRAL BANKS, TREASURY, GIRO ACCOUNTS | 8 084 789 | 7 883 528 |
|
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|
|
| LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT | 19 720 186 | 14 324 319 |
| . Demand | 6 101 288 | 3 645 771 |
| . Time | 13 618 898 | 10 678 548 |
|
|
|
|
| LOANS AND ADVANCES TO CUSTOMERS | 51 827 089 | 39 411 120 |
| . Cash and consumer loans | 25 994 119 | 19 248 713 |
| . Equipment loans | 10 788 743 | 8 002 998 |
| . Mortgage loans | 11 411 716 | 7 747 591 |
| . Other loans | 3 632 511 | 4 411 818 |
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|
|
|
| LEASING AND RENTING TRANSACTIONS | 6 257 388 | 5 631 331 |
|
|
|
|
| ADVANCES ACQUIRED BY FACTORING | 878 057 | 742 716 |
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|
|
|
| TRANSACTION AND MARKETABLE SECURITIES | 13 010 707 | 11 721 359 |
| . Treasury bonds and equivalent securities | 3 852 087 | 2 877 869 |
| . Other debt securities | 2 716 685 | 1 572 015 |
| . Title deeds | 6 441 935 | 7 271 475 |
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|
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| OTHER ASSETS | 3 285 502 | 1 536 308 |
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|
|
|
| INVESTMENT SECURITIES | 799 574 | 27 |
| . Treasury bonds and equivalent securities | 733 924 | 27 |
| . Other debt securities | 65 650 |
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|
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| EQUITY INVESTMENTS AND EQUIVALENT USES | 842 151 | 1 635 969 |
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|
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| SECURITIES CONSOLIDATED BY THE EQUITY METHOD | 184 577 | 184 634 |
| . Financial Companies | 184 577 | 184 634 |
| . Other Companies |
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|
|
| SUBORDINATED LOANS |
|
|
|
|
|
|
| INTANGIBLE FIXED ASSETS | 268 155 | 140 640 |
|
|
|
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| TANGIBLE FIXED ASSETS | 1 972 055 | 1 840 684 |
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|
|
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| GOODWILL ON ACQUISITION | 19 607 | 21 297 |
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|
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| TOTAL ASSETS | 107 149 837 | 85 073 932 |
In thousand MAD
| LIABILITIES | 2007 | 2006 |
| CENTRAL BANKS, TREASURY, GIRO, ACCOUNTS |
|
|
|
|
|
|
| LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT | 9 143 598 | 5 013 327 |
| . Demand | 2 580 845 | 690 716 |
| . Time | 6 562 753 | 4 322 611 |
|
|
|
|
| CUSTOMER DEPOSITS | 81 969 131 | 67 618 132 |
| . Demand deposits | 41 277 769 | 34 392 889 |
| . Savings deposits | 12 420 227 | 10 985 108 |
| . Time deposits | 23 817 614 | 17 794 638 |
| . Other deposits | 4 453 521 | 4 445 497 |
|
|
|
|
| DEBT SECURITIES ISSUED | 816 407 | 1 076 635 |
| . Negotiable debt securities | 816 407 | 816 807 |
| . Bond loans | - | 259 828 |
| . Other debt securities issued | - |
|
|
|
|
|
| OTHER LIABILITIES | 5 521 587 | 2 818 211 |
|
|
|
|
| GOODWILL ON ACQUISITION |
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|
|
|
|
|
| CONTINGENT LAIBILITIES | 178 057 | 69 823 |
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|
|
| REGULATED PROVISIONS |
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|
|
|
| SUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS |
|
|
|
|
|
|
| SUBORDINATED LOANS | 1 002 576 | 1 020 368 |
|
|
|
|
| PREMIUMS RELATED TO CAPITAL | 4 632 594 | 4 281 611 |
|
|
|
|
| CAPITAL | 1 587 514 | 1 587 514 |
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|
|
|
| SHAREHOLDERS UNPAID-UP CAPITAL (-) |
|
|
|
|
|
|
| CONSOLIDATED RESERVES, REVALUATION RESERVE , UNREALISED EXCHANGE GAINS/LOSSES, DIFFERENTIALS AND DIFFERENCE IN EQUITY METHOD | 897 293 | 682 951 |
| . Group share | 456 281 | 343 870 |
| . Minority interests | 441 012 | 339 081 |
|
|
|
|
| Net Income (+/-) | 1 401 080 | 905 360 |
| . Group share | 1 273 857 | 834 069 |
| . Minority interests | 127 223 | 71 291 |
|
|
|
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| TOTAL LIABILITIES | 107 149 837 | 85 073 932 |
OFF BALANCE SHEET
In thousand MAD
| OFF BALANCE SHEET | 2007 | 2006 |
| GIVEN COMMITMENTS | 32 064 438 | 12 344 386 |
|
|
| |
| Financing commitments given on behalf of credit institutions and equivalent | 34 144 | 37 985 |
| Financing commitments given on behalf of customers | 23 525 965 | 5 058 687 |
| Guarantee commitments given to credit institutions and equivalent | 2 593 172 | 2 075 608 |
| Guarantee commitments given to customers | 5 911 157 | 5 172 106 |
| Securities repos purchased |
|
|
| Other securities to be delivered |
|
|
| RECEIVED COMMITMENTS | 5 165 710 | 2 162 392 |
| Financing commitments received from credit institutions and equivalent | 231 937 |
|
| Guarantee commitments received from credit institutions and equivalent | 4 336 776 | 2 130 545 |
| Guarantee commitments received from the State and various guarantee bodies | 596 997 | 31 847 |
| Securities repos sold |
|
|
| Other securities to be received |
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|
|
|
|
INCOME STATEMENT
In thousand MAD
|
| 2007 | 2006 |
| BANK OPERATING REVENUES | 8 812 248 | 7 035 036 |
| Interests and assimilated revenues on transactions with credit institutions | 664 208 | 377 398 |
| Interests and assimilated revenues on transactions with customers | 2 778 018 | 2 238 321 |
| Interests and assimilated revenues on debt securities | 244 646 | 240 419 |
| Revenues on title deeds | 88 954 | 84 119 |
| Revenues from leased and rented fixed assets | 2 565 628 | 2 310 543 |
| Fees on provided services | 825 730 | 638 474 |
| Other banking revenues | 1 645 064 | 1 145 762 |
| BANK OPERATING EXPENSES | 4 339 538 | 3 428 543 |
| Interests and assimilated expenses on transactions with credit institutions | 474 111 | 317 461 |
| Interests and assimilated expenses on transactions with customers | 1 215 921 | 854 883 |
| Interests and assimilated expenses on debt securities issued | 40 930 | 45 916 |
| Expenses on leased and rented fixed assets | 2 095 602 | 1 831 945 |
| Other banking expenses | 512 974 | 378 338 |
| NET BANKING INCOME | 4 472 710 | 3 606 493 |
| Non-banking operating revenues | 622 137 | 173 129 |
| Non-banking operating expenses | 66 869 | 12 181 |
| GENERAL OPERATING EXPENSES | 2 538 000 | 2 125 664 |
| Staff expenses | 1 302 010 | 1 055 029 |
| Tax expenses | 48 871 | 41 402 |
| External expenses | 975 437 | 801 029 |
| Other general operating expenses | 8 680 | 6 010 |
| Allowances for depreciation and provisions for intangible and tangible fixed assets | 203 002 | 222 194 |
| ALLOWANCES FOR AMORTISATION ON GOODWILL ACQUISITION | 6 479 | 8 999 |
| GOODWILL ACQUISITION WRITE-BACKS |
| |
| ALLOWANCES FOR PROVISIONS AND LOAN LOSSES | 1 088 428 | 867 746 |
| Allowances for non performing loans and commitments | 540 551 | 584 945 |
| Loan losses | 106 740 | 221 060 |
| Other allowances for provisions | 441 137 | 61 741 |
| PROVISION WRITE-BACKS AND RECOVERY ON AMORTISED DEBTS | 747 521 | 603 430 |
| Provision write-backs on non performing loans and commitments | 327 154 | 446 396 |
| Recovery on amortised debts | 20 446 | 34 281 |
| Other provision write-backs | 399 921 | 122 753 |
| CURRENT INCOME | 2 142 592 | 1 368 462 |
| Non current revenues | 6 256 | 636 |
| Non current expenses | 1 636 | 29 682 |
| PRETAX EARNINGS | 2 147 212 | 1 339 416 |
| Tax | 762 499 | 456 256 |
| NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION | 1 384 713 | 883 160 |
| SHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY METHOD | 16 367 | 22 200 |
| Financial companies | 16 367 | 22 200 |
| Other companies |
|
|
| NET EARNINGS FOR THE YEAR | 1 401 080 | 905 360 |
| . Group share | 1 273 857 | 834 069 |
| . Minority interests | 127 223 | 71 291 |
| MANAGEMENT BALANCES STATEMENT | In thousand MAD In thousand MAD | |
| EARNINGS FORMATION TABLE | 2007 | 2006 |
| +Interests and equivalent revenues | 3 629 435 | 2 791 203 |
| -Interests and equivalent expenses | 1 730 549 | 1 216 998 |
| Interest Margin | 1 898 886 | 1 574 205 |
| + Revenues from leased and rented fixed assets | 2 565 628 | 2 310 543 |
| - Expenses on leased and rented fixed assets | 2 095 603 | 1 831 945 |
| Profit from leasing and renting operations | 470 025 | 478 598 |
| + Fees received | 924 846 | 736 399 |
| - Fees paid | 106 739 | 66 926 |
| Margin on fees | 818 107 | 669 473 |
| +/- Income from operations on transaction securities |
|
|
| +/- Income from transactions on marketable securities | 1 080 978 | 687 877 |
| +/- Income from exchange transactions | 110 956 | 110 918 |
| + Income from derivatives transactions | - 3 383 | - 8 179 |
| Income from market transactions | 1 188 551 | 790 616 |
| + Other miscellaneous banking revenues | 191 045 | 168 652 |
| - Other miscellaneous banking expenses | 93 904 | 75 051 |
| NET BANKING INCOME | 4 472 710 | 3 606 493 |
| +/- Net income from equity investments | 441 978 | 110 477 |
| + Other non banking operating revenues | 158 687 | 46 808 |
| - Other non banking operating expenses | - 46 608 | - 6 936 |
| - General operating expenses | 2 538 000 | 2 125 664 |
| GROSS OPERATING INCOME | 2 488 767 | 1 631 178 |
| +/- Allowances for non performing loans and commitments (net of write-backs) | - 308 541 | - 322 047 |
| + Other allowances net of provision write-backs | - 31 155 | 68 330 |
| + Allowances net of write-backs on goodwill acquisition amortisation | - 6 479 | - 8 999 |
| CURRENT INCOME | 2 142 592 | 1 368 462 |
| NON CURRENT INCOME | 4 620 | - 29 046 |
| Tax | 762 499 | 456 256 |
| NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION | 1 384 713 | 883 160 |
| SHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY METHOD | 16 367 | 22 200 |
| Financial companies | 16 367 | 22 200 |
| Other companies |
|
|
| NET EARNINGS FOR THE YEAR | 1 401 080 | 905 360 |
| . Group Share | 1 273 857 | 834 069 |
| .Minority Interests | 127 223 | 71 291 |
| CASH FLOW | In KMAD | |
|
| 12/31/2007 | 12/31/2006 |
| NET EARNINGS FOR THE YEAR | 1 401 080 | 905 360 |
| + Allowances for depreciation and provisions for intangible and tangible fixed assets | 28 498 | 175 656 |
| + Allowances for provisions for equity investments depreciation | 5 224 | 13 776 |
| + Allowances for provisions for general risks |
|
|
| + Allowances for regulated provisions | 7 121 | 2 058 |
| + Non current allowances | - | 1 000 |
| - Provision write-backs | 57 262 | 18 731 |
| - Capital gains on disposals of intangible and tangible fixed assets | 77 947 | 5 177 |
| + Capital losses on disposals of intangible and tangible fixed assets | 193 | 21 |
| - Capital gains on disposals of equity investments | 630 100 | 126 321 |
| + Capital losses on disposals of equity investments | 27 514 | 5 244 |
| - Write-backs of investment subsidies received |
| |
| +/- FINANCING CAPACITY | 704 321 | 952 886 |
| - Dividends distributed | 399 477 | 368 557 |
| +/- CASH-FLOW | 304 844 | 584 329 |
| CONSOLIDATED CASH FLOW STATEMENT | ||
| In thousand MAD | ||
|
| 2007 | 2006 |
| 1. (+) Operating income received from banking operations | 8 490 101 | 6 671 907 |
| 2. (+) Recovery of amortised debts | 20 446 | 34 281 |
| 3. (+) Non-banking revenues received | 628 393 | 173 765 |
| 4. ( -) Banking operating expenses paid | 4 618 745 | 3 742 236 |
| 5. ( -) Non-banking operating expenses paid | 68 505 | 41 863 |
| 6. ( -) General operating expenses paid | 2 334 998 | 1 903 470 |
| 7. ( -)Corporate tax paid | 762 499 | 456 256 |
| I. NET CASH FLOWS FROM THE INCOME STATEMENT | 1 354 193 | 736 128 |
| Change in : |
| |
| 8. ( + ) Loans to credit institutions and equivalent | - 5 395 867 | - 1 589 017 |
| 9. ( + ) Loans to customers | -12 415 969 | - 8 114 960 |
| 10. ( + ) Debt and marketable securities | - 2 088 895 | 978 321 |
| 11. ( + ) Other assets | - 1 884 535 | 569 956 |
| 12.( + ) Fixed assets leased and rented out | - 626 057 | - 523 010 |
| 13.( + ) Liabilities to credit institutions and equivalent | 4 130 271 | - 890 241 |
| 14.( + ) Customer deposits | 14 350 999 | 9 860 886 |
| 15.( + ) Debt securities issued | - 260 228 | 310 988 |
| 16.( + ) Other liabilities | 2 448 601 | - 578 197 |
| II. BALANCE OF CHANGES IN OPERATING ASSETS AND LIABILITIES | - 1 741 680 | 24 726 |
| III. NET CASH FLOWS FROM OPERATING ACTIVITIES ( I + II ) | - 387 487 | 760 854 |
| 17. (+) Revenues from equity investments | 1 665 714 | 593 674 |
| 18. (+) Revenues from disposals of intangible and tangible fixed assets | 244 598 | 20 081 |
| 19. (-) Acquisitions of equity investments | 827 931 | 212 894 |
| 20. (-) Acquisitions of intangible and tangible fixed assets | 375 373 | 317 118 |
| 21. (+) Interests received | 244 646 | 240 419 |
| 22. (+) Dividends paid | 77 501 | 122 710 |
| IV. NET CASH FLOWS FROM INVESTMENTS ACTIVITIES | 1 029 155 | 446 872 |
| Changes in : |
|
|
| 23. (+) Subsidies, public funds and special guarantee funds received | - | - |
| 24. (+) Issues of subordinated debts | - |
|
| 25. (+) Stock issues |
|
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| 26. ( -) Repayment of shareholders equity and equivalent |
|
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| 27. ( -) Interests paid | 40 930 | 45 916 |
| 28. ( -) Dividends paid | 399 477 | 368 557 |
| V. NET CASH FLOWS FROM FINANCING ACTIVITIES | - 440 407 | - 414 473 |
| VI. NET CHANGE IN CASH ( III + IV + V ) | 201 261 | 793 253 |
| VII. CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR | 7 883 528 | 7 090 275 |
| VIII. CASH AND CASH EQUIVALENT AT YEAR END | 8 084 789 | 7 883 528 |
| LIST OF CONSOLIDATED COMPANIES | ||||||
| Name | Address | Share Capital in MAD | % of control | % of interests | Contribution to consolidated income in KMAD | Method of consolidation |
| BMCE Bank | 140 , Av Hassan II Casablanca | 1 587 513 900 | 100.00% | 100.00% | 1 180 915 | Full Consolidation |
| MAROC FACTORING | 243 , Bd Mohammed V Casablanca | 15 000 000 | 100.00% | 100.00% | 10 617 | F.C. |
| SALAFIN | ZENITH MILLENIUM Immeuble 8 Sidi Maarouf Casablanca | 237 253 700 | 74.55% | 74.55% | 68 890 | F.C. |
| MAGHREBAIL | 45 , Bd My Youssef Casablanca | 102 532 000 | 35.90% | 35.90% | 33 142 | F.C. |
| BMCE INTERNATIONAL | Madrid , Spain | Euro 18 030 000 | 100.00% | 100.00% | 17 763 | F.C. |
| PALIER BMCE CAPITAL | Tour BMCE BANK RP Hassan II Casablanca | 100 000 000 | 100.00% | 100.00% | 11 529 | F.C. |
| BMCE CAPITAL BOURSE | Tour BMCE BANK RP Hassan II Casablanca | 10 000 000 | 100.00% | 100.00% | 51 867 | F.C. |
| BMCE CAPITAL GESTION | Tour BMCE BANK RP Hassan II Casablanca | 5 000 000 | 100.00% | 100.00% | 32 232 | F.C. |
| LCB | BRAZZAVILLE CONGO | Fcfa 4 000 000 000 | 25.00% | 25.00% | 11 780 | F.C. |
| MEDICAPITAL PLC | London | GBP 30 000 000 | 100.00% | 100.00% | -160 577 | F.C. |
| CFM | 5/7 Rue Ibnou Toufail Casablanca | 114 862 500 | 33.33% | 33.33% | 1 405 | Equity Method |
| EULER HERMES ACMAR | 37 , Bd Abdellatif Ben Kaddour , Casablanca | 50 000 000 | 20.00% | 20.00% | 1 552 | E.M. |
| BDM | BAMAKO , MALI | Fcfa 3 759 560 000 | 27.38% | 27.38% | 12 743 | E.M. |
| LIST OF COMPANIES NOT INCLUDED IN THE CONSOLIDATION | ||||||
| NAME | SHAREHOLDER'S EQUITY (MAD) | NET BOOK VALUE OF THE SECURITIES HELD | % OF CONTROL | % OF INTEREST | PROFIT IN THE LAST FY (MAD) | REASONS JUSTIFYING THE EXCLUSION FROM THE CONSOLIDATION |
| Martco | NA | - | 20% | 20% |
| Net book value equals zero |
| Eurochèque Maroc | NA (In liquidation) | 144 | 29% | 29% | 598 559.36 (at the end of 2001) | Net worth lower than the threshold set for entering the reporting entity |
| Docuprint | 8 342 728 .54 (at the end of 2005) | 4 000 | 100% | 100% | 2 855 672.29 (at the end of 2005) | Net worth lower than the threshold set for entering the reporting entity |
| Consultitres | 2 645 091 .38 (in liquidation at the end of 2001) | 500 | 50% | 50% | 67 397.61 (at the end of 2001) | Net worth lower than the threshold set for entering the reporting entity |
| LOANS TO CREDIT INSTITUTIONS & EQUIVALENT | |||||||
| In thousand MAD | |||||||
| CLAIMS | Bank Al-Maghrib . Treasury and Giro accounts | Banks in Morocco | Other credit institutions and equivalent in Morocco | Foreign credit institutions | 12/31/2007 | 12/31/2006 | |
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| ORDINARY ACCOUNTS IN DEBIT | 7 133 375 | 945 438 | 609 936 | 1 992 400 | 10 681 149 | 9 411 708 | |
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| SECURITIES RECEIVED AS PLEDGES | 0 | 500 001 | 0 | 0 | 500 001 | 322 921 | |
| - Overnight | 0 | 0 | 0 | 0 | 0 | 0 | |
| - Time | 0 | 500 001 | 0 | 0 | 500 001 | 322 921 | |
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| SHORT-TERM LOANS | 1 089 792 | 1 232 341 | 1 219 106 | 2 727 360 | 6 268 599 | 5 430 905 | |
| - Overnight | 0 | 0 | 393 286 | 1 295 493 | 1 688 779 | 2 043 706 | |
| - Time | 1 089 792 | 1 232 341 | 825 820 | 1 431 867 | 4 579 820 | 3 387 199 | |
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| FINANCIAL LOANS | 0 | 1 810 068 | 5 567 979 | 1 187 | 7 379 234 | 4 117 498 | |
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| OTHER LOANS | 2 895 759 | 0 | 0 | 36 453 | 2 932 212 | 2 903 609 | |
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| RECEIVABLES ACCRUED INTEREST | 0 | 43 780 | 0 | 0 | 43 780 | 21 206 | |
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| NON PERFORMING LOANS | 0 | 0 | 0 | 0 | 0 |
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| TOTAL | 11 118 926 | 4 531 628 | 7 397 021 | 4 757 400 | 27 804 975 | 22 207 847 | |
| Comments : | |||||||
| PL 480 of KMAD 2 895 759 is included in " other loans " heading | |||||||
| LOANS AND ADVANCES TO CUSTOMERS | ||||||
| In thousand MAD | ||||||
| CLAIMS | Public sector | Private Sector | Total 12/31/2007 | Total 12/31/2006 | ||
| Financial companies | Non financial companies | Other customers | ||||
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| SHORT-TERM LOANS | 1 883 848 | 2 933 155 | 14 479 862 | 1 791 361 | 21 088 226 | 15 237 905 |
| - Deposits accounts in debit | 1 513 234 | 1 238 119 | 8 721 149 | 1 366 632 | 12 839 134 | 8 139 056 |
| - Commercial loans in Morocco | 17 890 | 0 | 1 863 817 | 5 091 | 1 886 798 | 1 631 341 |
| - Export loans | 0 | 0 | 168 723 | 0 | 168 723 | 243 546 |
| - Other cash loans | 352 724 | 1 695 036 | 3 726 173 | 419 638 | 6 193 571 | 5 223 962 |
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| CONSUMER LOANS | 0 | 0 | 210 148 | 4 625 460 | 4 835 608 | 3 653 354 |
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| EQUIPMENT LOANS | 1 437 793 | 0 | 8 871 209 | 479 741 | 10 788 743 | 7 906 874 |
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| MORTGAGE LOANS | 0 | 0 | 902 925 | 10 508 791 | 11 411 716 | 7 739 566 |
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| OTHER LOANS | 24 | 0 | 2 596 609 | 534 720 | 3 131 353 | 4 330 704 |
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| ADVANCES ACQUIRED BY FACTORING |
|
|
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| 878 057 | 742 716 |
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| RECEIVABLE ACCRUED INTEREST | 0 | 0 | 153 615 | 0 | 153 615 | 1 320 |
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| NON PERFORMING LOANS | 7 166 | 1 131 | 357 919 | 51 612 | 417 828 | 541 397 |
| - Substandard loans | 7 166 | 0 | 77 068 | 16 326 | 100 560 | 59 803 |
| - Doubtful loans | 0 | 0 | 20 442 | 7 360 | 27 802 | 85 293 |
| - Loss loans | 0 | 1 131 | 260 409 | 27 926 | 289 466 | 396 301 |
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| TOTAL | 3 328 831 | 2 934 286 | 27 572 287 | 17 991 685 | 52 705 146 | 40 153 836 |
| BREAKDOWN OF TRANSACTION & MARKETABLE SECURITIES AND INVESTMENT SECURITIES BY CATEGORY OF ISSUER | ||||||
| In thousand MAD | ||||||
|
| Credit institutions and equivalent | Public issuers | Private issuers | Total 12/31/2007 | Total 12/31/2006 | |
|
| Financial | Non financial | ||||
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| |
| QUOTED SECURITIES | 2 284 985 | 3 296 809 | 5 579 129 | 204 | 11 161 127 | 10 471 552 |
| - Treasury bonds and equivalent securities | 0 | 3 296 809 | 0 | 0 | 3 296 809 | 2 408 118 |
| - Bonds | 0 | 0 | 0 | 0 | 0 | 47 500 |
| - Other debt securities | 746 999 | 0 | 1 351 602 | 0 | 2 098 601 | 744 255 |
| - Title deeds | 1 537 986 | 0 | 4 227 527 | 204 | 5 765 717 | 7 271 679 |
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| UNQUOTED SECURITIES | 1 202 336 | 1 289 175 | 65 677 | 0 | 2 557 188 | 1 196 408 |
| - Treasury bonds and equivalent securities | 0 | 1 289 175 | 27 | 0 | 1 289 202 | 422 820 |
| - Bonds | 699 187 | 0 | 65 650 | 0 | 764 837 | 125 518 |
| - Other debt securities | 503 149 | 0 | 0 | 0 | 503 149 | 648 070 |
| - Title deeds | 0 | 0 | 0 | 0 | 0 |
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| ACCRUED INTEREST | 0 | 91 966 |
| 91 966 | 53 399 | |
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| TOTAL : | 3 487 321 | 4 677 950 | 5 644 806 | 204 | 13 810 281 | 11 721 359 |
| DETAIL OF OTHER ASSETS | ||
| In thousand MAD | ||
| HEADING | AMOUNT | COMMENT |
| Optional instruments | 10 071 |
|
| Miscellaneous transactions on securities (debit) | 2 709 | Coupons receivables |
| Sums settled to be recovered from securities issuers |
| |
| Other settlement accounts concerning transactions on securities | 7 362 | Premiums paid on exchange option |
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| Other debtors | 1 746 128 |
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| - Sums due by the State | 632 383 | Deductible VAT . advances Corp . Tax . TPPRF State and exchange loss receivable from the Treasury |
| - Sums due by provident companies | 30 049 |
|
| - Receivable from staff | 1 532 | Advances to staff |
| - Receivable from non-banking services | 567 373 | Credits held by subsidiaries on non banking services |
| - Other debtors | 514 791 | Deposits and guarantees and Director's shares |
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| Other securities and assets | 8 946 |
|
| - Other securities and assets | 8 946 | Stock of supplies |
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| |
| Off balance sheet adjustment accounts (debit) | 59 285 |
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| CURRENCIES AND SECURITIES DISCREPANCY ACCOUNTS (DEBIT) | 5 833 |
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| Potential losses on hedging transactions non settled |
| |
| Deferred losses on hedging transactions non settled | 5 833 |
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| Deferred expenses |
| |
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| LIAISON ACCOUNTS BETWEEN THE HEAD OFFICE . BRANCHES AND AGENCIES IN MOROCCO (DEBIT) | 322 000 |
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| ACCRUED INCOME AND PREPAYMENT | 188 502 |
|
| - Accrued Income | 173 193 |
|
| - Prepayment | 15 309 |
|
| SUSPENSE ACCOUNTS | 388 270 |
|
| NON PERFORMING LOANS ON MISCELLANEOUS TRANSACTIONS |
|
|
| PROVISIONS FOR NON PERFORMING LOANS ON MISCELLANEOUS TRANSACTIONS | 473 436 |
|
|
|
|
|
| DEFERRED TAXES | 83 031 |
|
|
|
|
|
| TOTAL | 3 285 502 |
|
| EQUITY INVESTMENTS AND EQUIVALENT | |||||||
| Name of the issuing company | Sector of activity | Number of shares | Share Capital | Equity holding as % | Overall acquisition price | Provisions | Net book value |
| EQUITY HOLDINGS ACCOUNTED FOR BY EQUITY METHOD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BANQUE DE DEVELOPPEMENT DU MALI | Foreign credit institution | 102 926 | 3 759 560 000 CFA | 27.38 | 129 813 000.00 |
| 129 813 000.00 |
| SOCIETE CASA FINANCE MARKET | Financial institution | 382 876 | 114 862 500 | 33.33 | 43 183 000.00 |
| 43 183 000.00 |
| ACMAR | Insurance & service | 100 010 | 50 000 000 | 20.00 | 11 581 000.00 |
| 11 581 000.00 |
|
|
|
|
|
|
|
|
|
| Equity holdings accounted for by the equity method |
|
|
|
| 184 577 000.00 | 0.00 | 184 577 000.00 |
| EQUITY HOLDINGS |
|
|
|
|
|
|
|
| RMA WATANYA | Insurance | 5 | 1 796 170 800 | 0.00 | 1 972.84 |
| 1 972.84 |
| RISMA | Tourism | 219 312 | 623 201 200 | 3.52 | 87 724 800.00 |
| 87 724 800.00 |
| TANGER ZONE FRANCHE | Development company | 135 000 | 105 000 000 | 12.86 | 13 500 000.00 |
| 13 500 000.00 |
| CENTRE MONETIQUE INTERBANCAIRE | Electronic payment management | 110 000 | 98 200 000 | 11.20 | 11 000 000.00 |
| 11 000 000.00 |
| EMAT | Telematic services | 375 971 | 67 487 700 | 55.71 | 37 597 100.00 | 6 000 000.00 | 31 597 100.00 |
| MOROCCAN INFORMATION TECHNO PARC CIE | Real estate management | 56 500 | 46 000 000 | 12.28 | 5 650 000.00 |
| 5 650 000.00 |
| GLOBAL NETWORK SYSTEMS | Data processing | 264 999 | 26 500 000 | 100.00 | 21 491 421.00 | 742 000.00 | 20 749 421.00 |
| STE CONSEIL INGENIERIE ET DEVELOPPEMENT | Engineering consultant | 44 076 | 18 772 000 | 23.48 | 5 191 609.60 |
| 5 191 609.60 |
| STE D'AMENAGEMENT DU PARC INDUSTRIE | Development company | 10 000 | 60 429 000 | 1.65 | 1 000 000.00 |
| 1 000 000.00 |
| MARTKO (MAGHREB ARAB TRADING C°) | Financial institution | 12 000 | 600 000 USD | 20.00 | 970 638.00 | 970 638.00 | 0.00 |
| STE IPE | Publishing and printing | 4 000 | 4 000 000 | 10.00 | 400 000.00 |
| 400 000.00 |
| STE RECOURS | Debt collection | 3 750 | 2 500 000 | 15.00 | 375 000.00 |
| 375 000.00 |
| EUROCHEQUE MAROC | Means of payment | 1 436 | 5 000 000 | 28.72 | 143 900.00 |
| 143 900.00 |
| AUTRES TITRES DETENUS PAR LES FILIALES |
|
|
|
| 38 111 642.00 |
| 38 111 642.00 |
| Equity holdings |
|
|
|
| 223 158 083.44 | 7 712 638.00 | 215 445 445.44 |
|
|
|
|
|
|
|
|
|
| EQUITY HOLDINGS IN RELATED COMPANIES |
|
|
|
|
|
|
|
| MABANICOM | Real estate company | 10 000 | 10 000 000 | 100.000 | 29 700 000.00 | 7 279 270.73 | 22 420 729.27 |
| DOCUPRINT (STA) | Service company | 4 000 | 4 000 000 | 100.00 | 4 000 000.00 |
| 4 000 000.00 |
| BMCE ASSURBANK |
| 14 250 | 1 500 000 | 95.00 | 1 425 000.00 |
| 1 425 000.00 |
| STE CONSULTITRES | Mutual Fund management | 500 | 1 000 000 | 50.00 | 500 000.00 | 500 000.00 | 0.00 |
|
|
|
|
|
|
|
|
|
| Equity holdings in related companies |
|
|
|
| 35 625 000.00 | 7 779 270.73 | 27 845 729.27 |
|
|
|
|
|
|
|
|
|
| SECURITIES / ACTIVITIES OF THE PORTFOLIO |
|
|
|
|
|
|
|
| E.S.F.G. | Foreign credit institution | 707 000 | 479 086 000 EUR | 1.27 | 156 468 171.56 |
| 156 468 171.56 |
| E.S.I.H. | Foreign credit institution | 467 250 | 260 400 000 EUR | 1.79 | 155 811 661.67 |
| 155 811 661.67 |
| UBAE ARAB ITALIAN BANK | Foreign credit institution | 48 220 | 122 319 560 EUR | 4.34 | 75 199 561.60 |
| 75 199 561.60 |
| PROPARCO | Foreign credit institution | 222 750 | 142 560 000 EUR | 2.50 | 40 283 452.69 |
| 40 283 452.69 |
| FONDS ESPAGNOL MARCO POLO INVEST. S.C.R. | Investment fund | 19 436 | 7 401 000 EUR | 2.63 | 19 818 775.45 | 18 499 913.37 | 1 318 862.08 |
| FONDS D INVESTISSEMENT CAPITAL MOROCCO | Investment fund | 3 | 25 000 000 USD | 12.00 | 8 174 400.42 |
| 8 174 400.42 |
| AFREXIM BANK (African Import Export) | Foreign credit institution | 30 | 146 601 000 USD | 0.20 | 2 385 792.34 |
| 2 385 792.34 |
| FONDS MONETAIRE ARABE(ARAB TRADE FINANCING PROGRAM) | Financial institution | 54 | 500 000 000 USD | 0.05 | 2 320 605.00 |
| 2 320 605.00 |
| FONDS D'INVESTISSEMENT DE L'ORIENTAL | Investment fund | ND | 300 000 000 | 7.17 | 2 687 500.00 |
| 2 687 500.00 |
| FIROGEST | Investment fund | 2 500 | 2 000 000 | 12.50 | 250 000.00 |
| 250 000.00 |
| Securities / Activities of the portfolio |
|
|
|
| 463 399 920.74 | 18 499 913.37 | 444 900 007.37 |
|
|
|
|
|
|
|
|
|
| OTHER EQUITY INVESTMENTS |
|
|
|
|
|
|
|
| STE NATIONALE DES AUTOROUTES | Road infrastructure | 16 000 | 3 467 628 500 | 0.16 | 7 112 000.00 | 2 218 433.00 | 4 893 567.00 |
| LA CELLULOSE DU MAROC | Paper pulp | 52 864 | 650 484 000 | 0.81 | 3 393 433.00 |
| 3 393 433.00 |
| SMAEX | Insurance & service | 16 900 | 37 500 000 | 4.51 | 1 690 000.00 |
| 1 690 000.00 |
| FRUMAT | Agri-industry | 4 000 | 13 000 000 | 3.08 | 1 450 000.00 | 1 450 000.00 | 0.00 |
| STE IMMOBILIERE SIEGE GPBM | Real estate | 12 670 | 19 005 000 | 6.67 | 1 267 000.00 |
| 1 267 000.00 |
| BANK AL AMAL | Credit institution | 9 710 | 500 000 000 | 0.19 | 971 000.00 |
| 971 000.00 |
| MAROCLEAR | Central custodian | 803 | 20 000 000 | 4.02 | 803 000.00 |
| 803 000.00 |
| GECOTEX | Industry | 5 000 | 10 000 000 | 5.00 | 500 000.00 |
| 500 000.00 |
| SOCIETE ALLICOM MAROC | Industry |
| 20 000 000 | 2.50 | 500 000.00 | 500 000.00 | 0.00 |
| DAR ADDAMANE | Guarantee bodies | 9 610 | 75 000 000 | 0.64 | 480 500.00 |
| 480 500.00 |
| FONDS DE SOUTIEN ACTIONS BAA | Support actions | 4 805 | 500 000 000 | 0.05 | 240 250.00 |
| 240 250.00 |
| SINCOMAR | Agri-industry | 494 | 37 440 000 | 0.13 | 49 400.00 |
| 49 400.00 |
| SWIFT | Service company | 23 | 434 020 000 EUR | 0.01 | 24 482.52 |
| 24 482.52 |
| CIE IMMOBILIERE FONCIERE MAROCAINE | Real estate company | 640 | 20 000 000 | 0.32 | 8 500.00 |
| 8 500.00 |
| MEDITELECOM | Telecommunication | 2 | 8 333 368 000 | 0.00 | 200.00 |
| 200.00 |
| MAGSHORE |
| 125 000 | 25 000 000 | 50.00 | 12 500 000.00 |
| 12 500 000.00 |
| Fonds de garantie de la commande publique |
| ND | 100 000 000 | 10.00 | 10 000 000.00 |
| 10 000 000.00 |
| MASTERCARD |
| 3 634 | ND | 0.005 | 864 898.30 |
| 864 898.30 |
| Other equity investments |
|
|
|
| 41 854 663.82 | 4 168 433.00 | 37 686 230.82 |
| SHAREHOLDERS ACCOUNTS |
|
|
|
|
|
|
|
| MEDITELECOM |
|
|
|
| 106 610 873.38 |
| 106 610 873.38 |
| EMAT |
|
|
|
| 10 002.70 |
| 10 002.70 |
| GNS |
|
|
|
| 5 477 678.97 |
| 5 477 678.97 |
| MABANICOM |
|
|
|
| 2 728 612.50 |
| 2 728 612.50 |
| BMCE CAPITAL |
|
|
|
| 0.00 |
| 0.00 |
| MAGHREBAIL |
|
|
|
| 0.00 |
| 0.00 |
| MARTCO |
|
|
|
| 1 500 000.00 | 1 500 000.00 | 0.00 |
| Siège G.P.B.M. |
|
|
|
| 1 446 419.60 |
| 1 446 419.60 |
| ALLICOM MAROC |
|
|
|
| 552 000.00 | 552 000.00 | 0.00 |
| Other assimilated uses |
|
|
|
| 118 325 587.15 | 2 052 000.00 | 116 273 587.15 |
| TOTAL |
|
|
|
| 1 066 940 255.15 | 40 212 255.10 | 1 026 728 000.05 |
ASSETS LEASED UNDER FINANCE OR OPERATING LEASES WITH OPTION TO PURCHASE
In thousand MAD
|
| Gross amount at the beginning of the year | Acquisitions during the year | Disposals or withdrawals during the year | Gross amount at year end | Depreciation | Provisions | Amount at year end | |||
| Additional depreciation during the year | Total depreciation | Allowances for provisions during the year | Provisions write-backs | Total Provisions | ||||||
| ASSETS LEASED UNDER FINANCE OR STANDARD LEASE AGREEMENTS WITH OPTION TO PURCHASE | 10 899 672 | 3 088 355 | 1 324 308 | 12 663 720 | 2 087 361 | 6 145 207 | 33 673 | 12 714 | 261 125 | 6 257 388 |
|
|
|
|
|
|
|
|
| |||
| INTANGIBLE ASSETS LEASED UNDER FINANCE LEASING |
|
|
|
|
|
|
| |||
| LEASING CONTRACTS FOR PLANT & EQUIPMENT | 9 070 740 | 2 454 451 | 1 206 330 | 10 318 861 | 1 956 758 | 5 645 321 | 6 069 |
| 14 591 | 4 658 949 |
| - Leasing contracts for plant & equipment in progress | 363 578 | 168 815 | 222 383 | 310 010 |
|
|
|
|
| 310 010 |
| - Leasing contracts for plant & equipment in leased | 8 548 699 | 2 269 193 | 973 000 | 9 844 892 | 1 956 758 | 5 503 605 |
|
|
| 4 341 287 |
| - Leasing contracts for plant & equipment in non leased after cancellation | 158 464 | 16 442 | 10 947 | 163 959 |
| 141 716 | 6 069 |
| 14 591 | 7 651 |
| LEASING CONTRACTS FOR REAL ESTATE | 1 432 821 | 563 273 | 72 687 | 1 923 406 | 130 603 | 499 885 |
|
|
| 1 423 521 |
| - Leasing contracts for real estate in progress | 104 694 | 61 258 | 49 817 | 116 135 |
|
|
|
|
| 116 135 |
| - Leasing contracts for real estate leased | 1 316 495 | 502 015 | 21 684 | 1 796 826 | 130 603 | 497 844 |
|
|
| 1 444 240 |
| - Leasing contracts for real estate non leased after cancellation | 11 632 |
| 1 186 | 10 445 |
| 2 041 |
|
|
| 8 404 |
| RENTAL PAYMENTS PENDING | 53 319 | 177 | 14 472 | 39 025 |
|
|
|
|
| 39 025 |
| RESTRUCTURED RENTAL PAYMENT |
|
|
|
|
|
|
|
|
|
|
| UNPAID RENTAL PAYMENTS | 78 874 | 37 975 | 18 022 | 98 827 |
|
|
|
|
| 98 827 |
| DOUBTFUL LOANS | 263 918 | 32 479 | 12 797 | 283 601 |
|
| 27 604 | 12 714 | 246 534 | 37 067 |
| ASSETS LEASED UNDER STANDARD LEASED AGREEMENTS |
|
|
|
|
|
|
| |||
| PLANT & EQUIPMENT LEASED UNDER STANDARD LEASE AGREEMENTS |
|
|
|
|
|
|
| |||
| REAL ESTATE LEASED UNDER STANDARD LEASE AGREEMENTS |
|
|
|
|
|
|
| |||
| RENTAL PAYMENTS PENDING |
|
|
|
|
|
|
| |||
| RESTRUCTURED RENTAL PAYMENT |
|
|
|
|
|
|
| |||
| UNPAID RENTAL PAYMENTS |
|
|
|
|
|
|
| |||
| DOUBTFUL RENTAL |
|
|
|
|
|
|
| |||
| TOTAL | 10 899 672 | 3 088 355 | 1 324 308 | 12 663 720 | 2 087 361 | 6 145 207 | 33 673 | 12 714 | 261 125 | 6 257 388 |
TANGIBLE AND INTANGIBLE FIXED ASSETS
| In thousand MAD | |||||||||
| CATEGORY | Gross amount at the beginning of the year | Acquisitions of the year | Disposals or withdrawals of the year | Gross amount at the end of the year | Depreciation and/or provisions | Net amount at the end of the year | |||
| Depreciation provisions at the beginning of the year | Allowances for the year | Depreciation on fixed assets withdrawn | Total | ||||||
|
|
|
|
|
|
| ||||
| INTANGIBLE FIXED ASSETS | 240 500 | 156 144 | 425 | 396 219 | 99 860 | 28 278 | 74 | 128 064 | 268 155 |
| - Leasehold rights | 28 424 | 2 400 | - | 30 824 |
| - | - | - | 30 824 |
| - Investment in research and development | 1 134 | 1 098 | 297 | 1 935 |
| 1 972 | 74 | 1 898 | 37 |
| - Other operating intangible fixed assets | 210 942 | 152 646 | 128 | 363 460 | 99 860 | 26 306 | - | 126 166 | 237 294 |
| - Non-operating intangible fixed assets |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |||
| TANGIBLE FIXED ASSETS | 3 682 271 | 493 079 | 200 616 | 3 974 734 | 1 841 587 | 174 724 | 13 632 | 2 002 679 | 1 972 055 |
| - OPERATING BUILDING | 869 166 | 23 877 | 97 851 | 795 192 | 189 948 | 22 177 | 6 082 | 206 043 | 589 149 |
| . Operating land | 159 348 | 6 367 | 21 660 | 144 055 | 0 | - | - | - | 144 055 |
| . Operating buildings. Offices | 709 818 | 17 510 | 76 191 | 651 137 | 189 948 | 22 177 | 6 082 | 206 043 | 445 094 |
| . Operating buildings. Staff Housing |
| - |
|
|
|
|
| ||
|
|
|
|
|
|
|
| |||
| - OPERATING FURNITURE AND EQUIPMENT | 1 555 082 | 286 291 | 47 586 | 1 793 787 | 1 008 395 | 96 222 | 6 066 | 1 098 551 | 695 236 |
| . Operating office furniture | 490 004 | 19 952 | 50 | 509 906 | 230 463 | 12 447 | 43 | 242 867 | 267 039 |
| . Operating office equipment | 325 870 | 11 394 | 2 197 | 335 067 | 223 651 | 7 187 | 1 723 | 229 115 | 105 952 |
| . Computer equipment | 647 119 | 252 542 | 41 392 | 858 269 | 501 986 | 66 955 | 374 | 568 567 | 289 702 |
| . Operating vehicles | 38 076 | 818 | 3 947 | 34 947 | 12 995 | 963 | 3 926 | 10 032 | 24 915 |
| . Other operating equipment | 54 013 | 1 585 | - | 55 598 | 39 300 | 8 670 | - | 47 970 | 7 628 |
|
|
|
|
|
|
|
| - | ||
| - OTHER OPERATING TANGIBLE FIXED ASSETS | 893 081 | 114 790 | 1 050 | 1 006 821 | 579 395 | 42 875 | - | 622 270 | 384 551 |
|
|
|
|
|
|
| - | - | ||
| - NON OPERATING TANGIBLE FIXED ASSETS | 364 942 | 68 121 | 54 129 | 378 934 | 63 849 | 13 450 | 1 484 | 75 815 | 303 119 |
| . Non operating land | 109 766 | 37 367 | 24 926 | 122 207 | - | - | - | - | 122 207 |
| . Non operating buildings | 144 133 | 24 422 | 29 203 | 139 352 | 37 393 | 7 557 | 1 484 | 43 466 | 95 886 |
| . Non operating furniture and equipment | 28 309 | 1 553 | - | 29 862 | 15 737 | 2 378 | - | 18 115 | 11 747 |
| . Other non operating tangible fixed assets | 82 734 | 4 779 | - | 87 513 | 10 719 | 3 515 | - | 14 234 | 73 279 |
|
|
|
|
|
|
|
| |||
| Total | 3 922 771 | 649 223 | 201 041 | 4 370 953 | 1 941 447 | 203 002 | 13 706 | 2 130 743 | 2 240 210 |
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT
In thousand MAD
| DEBTS | Credit Institutions and equivalent in Morocco | Credit institutions abroad | 2007 | 2006 | ||
| Bank Al-Maghrib . Treasury and Giro current account | Banks in Morocco | Other credit institutions and equivalent in Morocco | ||||
|
|
|
|
|
|
|
|
| ORDINARY CREDIT ACCOUNTS | - | 450 919 | 235 291 | 850 501 | 1 536 711 | 535 794 |
|
|
|
|
|
|
|
|
| PLEDGED SECURITIES | - | - | - | - | - | - |
| - Overnight | - | - | - | - | - | - |
| - Time | - | - | - | - | - | - |
|
|
|
|
|
|
|
|
| CASH BORROWINGS | - | 2 144 319 | 535 653 | 1 286 697 | 3 966 669 | 2 110 129 |
| - Overnight | - | - | - | - | - | 84 871 |
| - Time | - | 2 144 319 | 535 653 | 1 286 697 | 3 966 669 | 2 025 258 |
|
|
|
|
|
|
|
|
| FINANCIAL BORROWINGS | 110 956 | 3 151 061 | 45 899 | 240 734 | 3 548 650 | 2 192 583 |
|
|
|
|
|
|
|
|
| OTHER DEBTS | - | 36 806 | - | 31 194 | 68 000 | 136 085 |
|
|
|
|
|
|
|
|
| PAYABLE ACCRUED INTERESTS | - | 21 454 | - | 2 114 | 23 568 | 38 736 |
|
|
|
|
|
|
|
|
| TOTAL | 110 956 | 5 804 559 | 816 843 | 2 411 237 | 9 143 598 | 5 013 327 |
CUSTOMER DEPOSITS
In thousand MAD
| DEPOSITS | Public Sector | Private Sector | 2007 | 2006 | ||
| Financial Companies | Non Financial Companies | Other Companies | ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DEMAND CREDIT ACCOUNTS | 1 593 039 | 1 419 377 | 9 232 564 | 29 032 789 | 41 277 769 | 34 392 889 |
|
|
|
|
|
|
| |
| SAVINGS ACCOUNTS | - | 686 307 | - | 11 733 920 | 12 420 227 | 10 985 108 |
|
|
|
|
|
|
|
|
| TIME DEPOSITS | 2 782 710 | - | 3 303 693 | 11 438 943 | 17 525 346 | 17 550 788 |
|
|
|
|
|
|
|
|
| OTHER CREDIT ACCOUNTS ( * ) | 2 895 759 | 6 066 460 | 551 551 | 1 006 233 | 10 520 003 | 4 445 497 |
|
|
|
|
|
|
|
|
| PAYABLE ACCRUED INTERESTS | - | 225 786 | - | - | 225 786 | 243 850 |
|
|
|
|
|
|
|
|
| TOTAL | 7 271 508 | 8 397 930 | 13 087 808 | 53 211 885 | 81 969 131 | 67 618 132 |
| Comment : | ||||||
| ( * ) Including PL 480 for KMAD 2 895 759 | ||||||
DEBT SECURITIES ISSUED
In thousand MAD
| TYPE OF SECURITIES | DETAILS | AMOUNT IN MAD | OF WHICH | NON AMORTISED AMOUNTS OF ISSUE OR REPAYMENTS PREMIUMS | |||||
| DATE BEARS INTEREST | MATURITY DATE | FACE VALUE | NOMINAL RATE | METHOD OF REPAYMENT(2) | RELATED COMPANIES | OTHER AFFILIATES | |||
| FCN | 01/26/2005 | 01/26/2008 | 100 | 4 .50% | IN FINE | 10 000 |
|
|
|
| FCN | 01/26/2005 | 01/26/2010 | 100 | 5 .20% | IN FINE | 20 000 |
|
|
|
| FCN | 01/26/2005 | 01/26/2008 | 100 | 3 .90% | IN FINE | 50 000 |
|
|
|
| FCN | 02/01/2005 | 02/01/2010 | 100 | 5 .15% | IN FINE | 10 000 |
|
|
|
| FCN | 02/28/2005 | 02/28/2010 | 100 | 5 .15% | IN FINE | 10 000 |
|
|
|
| FCN | 03/05/2007 | 03/05/2010 | 100 | 3 .72% | IN FINE | 10 000 |
|
|
|
| FCN | 03/05/2007 | 03/05/2010 | 100 | 3 .72% | IN FINE | 21 000 |
|
|
|
| FCN | 03/05/2007 | 03/05/2010 | 100 | 3 .72% | IN FINE | 25 000 |
|
|
|
| FCN | 03/05/2007 | 03/05/2011 | 100 | 3 .82% | IN FINE | 30 000 |
|
|
|
| FCN | 04/25/2005 | 04/25/2009 | 100 | 4 .80% | IN FINE | 15 000 |
|
|
|
| FCN | 05/26/2006 | 05/26/2009 | 100 | 4 .12% | IN FINE | 25 000 |
|
|
|
| FCN | 05/26/2006 | 05/26/2011 | 100 | 4 .62% | IN FINE | 155 000 |
|
|
|
| FCN | 06/06/2006 | 06/06/2011 | 100 | 4% | IN FINE | 15 000 |
|
|
|
| FCN | 06/06/2006 | 06/06/2009 | 100 | 4 .12% | IN FINE | 20 000 |
|
|
|
| FCN | 06/20/2006 | 06/20/2009 | 100 | 4% | IN FINE | 50 000 |
|
|
|
| FCN | 06/20/2006 | 06/20/2011 | 100 | 4 .62% | IN FINE | 100 000 |
|
|
|
| FCN | 07/04/2006 | 07/04/2011 | 100 | 4 .62% | IN FINE | 120 000 |
|
|
|
| FCN | 27/10/2006 | 10/27/2010 | 100 | 4 .01% | IN FINE | 55 000 |
|
|
|
| FCN | 11/26/2004 | 11/26/2008 | 100 | 5 .00% | IN FINE | 10 000 |
|
|
|
| FCN | 11/26/2004 | 11/26/2009 | 100 | 5 .35% | IN FINE | 39 500 |
|
|
|
| Accrued Interests |
|
|
|
| 25 907 |
|
|
| |
| TOTAL | 816 407 | ||||||||
DETAIL OF OTHER LIABILITIES
| In thousand MAD | |
| LIABILITIES | AMOUNT 2007 |
| OPTIONAL INSTRUMENTS SOLD | 8 413 |
|
| |
| MISCELLANEOUS TRANSACTIONS ON SECURITIES | 81 548 |
|
| |
| OTHER CREDITORS | 2 732 164 |
| State debt | 1 275 273 |
| Social security and provident companies debts | 100 270 |
| Staff debt | 110 341 |
| Shareholders and partners debts | 43 293 |
| Supply of goods and services | 459 650 |
| Other creditors | 743 337 |
| ACCRUAL ACCOUNTS | 2 527 167 |
| Adjustments accounts of off-balance sheet transactions | |
| Currencies and securities differential accounts | |
| Profit on hedging instruments |
|
| Liaison accounts between the head office, branches and Moroccan branches | 422 083 |
| Expenses payable and prepaid income | 151 055 |
| Other accruals | 1 954 029 |
| DEFERRED TAX LIABILITY | 172 295 |
| TOTAL | 5 521 587 |
PROVISIONS
In thousand MAD
| PROVISIONS | Amount 2006 | Allowances | Write-back | Other changes | Amount 2007 |
| PROVISIONS DEDUCTED FROM ASSETS ON : | 2 587 965 | 566 752 | 321 500 | - 15 658 | 2 817 559 |
| Loans to Credit Institutions and Equivalent |
|
|
| - | |
| Loans and advances to Customers | 2 212 229 | 484 391 | 298 988 | - 15 658 | 2 381 974 |
| Doubtful interest | 31 816 | - | 1 275 | - | 30 541 |
| Marketable securities | 1 818 | 45 024 | - | - | 46 842 |
| Equity investments and equivalent | 101 936 | 5 224 | 8 523 | - | 98 637 |
| Investment securities |
| 4 509 | - | - | 4 509 |
| Leased and rented fixed assets | 240 166 | 27 604 | 12 714 | - | 255 056 |
| Other assets |
|
|
|
| |
| PROVISIONS RECORDED UNDED LIABILITIES | 69 823 | 133 667 | 25 433 | - | 178 057 |
| Provisions for risks fulfilment of commitments | - | 15 600 | - | - | 15 600 |
| Provisions for exchange risks | 1 722 | 47 330 | 20 633 | - | 28 419 |
| Provisions for general risks | 45 845 | 66 737 | 4 800 | - | 107 782 |
| Provisions for retirement pensions and similar obligations | |||||
| Contingent liabilities | 22 256 | 4 000 | - | - | 26 256 |
| TOTAL GENERAL | 2 657 788 | 700 419 | 346 933 | - 15 658 | 2 995 616 |
SUBORDINATED DEBTS
In thousand MAD
|
| TOTAL AMOUNT | RELATED PARTIES | 2007 | 2006 | |||
| CREDIT INSTITUTIONS & EQUIVALENT | FINANCIAL COMPANIES | NON FINANCIAL COMPANIES | OTHER AFFILIATED COMPANIES | ||||
| Subordinated debts | 1 000 000 | 20 000 | 145 000 |
| 316 000 | 1 000 000 | 1 000 000 |
| Accrued interest |
|
|
|
|
| 2 576 | 20 368 |
DETAIL OF SHAREHOLDERS' EQUITY
In thousand MAD
| SHAREHOLDERS' EQUITY GROUP'S SHARE | 7 950 246 |
|
|
|
| Beginning Shareholders' equity | 7 047 064 |
|
|
|
| Dividends distributed | -399 369 |
|
|
|
| Change in capital | 0 |
|
|
|
| Change in unrealised exchange gains/losses | -4 953 |
|
|
|
| Other changes | 33 647 |
|
|
|
| Consolidated earnings | 1 273 857 |
From Domestic Activity Shareholders' Equity to Consolidated Shareholders' Equity
In thousand MAD
|
| Shareholders' Equity -Domestic Activity- | Fiscal provision write backs | Others | Deferred tax liability | Deferred tax Asset | Restated Shareholders' equity | % in capital | Quota in net Worth | Value of Securities | Ecarts acquisition | Other | Consolidated Shareholders equity |
| BMCE | 7 435 331 | 367 112 | -224 854 | (100 033) | 0 | 7 477 556 | 100.00% | 7 477 556 |
|
| (1) | 7 477 555 |
| Full Consolidation |
|
|
|
|
|
|
|
|
|
|
|
|
| BMCE CAPITAL | 89 847 |
|
|
|
| 89 847 | 100.00% | 89 847 | 100 000 |
|
| -10 153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BMCE CAPITAL BOURSE | 119 114 | 336 |
| (118) |
| 119 332 | 100.00% | 119 332 | 17 475 | 2 182 | 1 | 104 040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BMCE CAPITAL GESTION | 40 409 | 441 |
| (132) |
| 40 718 | 100.00% | 40 718 | 6 443 |
|
| 34 275 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| SALAFIN | 459 033 | 14 394 | 98 804 | (38 413) |
| 533 818 | 74.55% | 397 961 | 88 434 |
| (446) | 309 081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BMCE INTERNATIONALE | 294 367 |
|
|
|
| 294 367 | 100.00% | 294 367 | 230 293 | 2 913 | 3 | 66 990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MAROC FACTORING | 98 190 |
|
|
|
| 98 190 | 100.00% | 98 190 | 21 817 | 1 533 |
| 77 906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LCB | 143 217 |
|
|
|
| 143 217 | 25.00% | 35 804 | 17 312 | 0 | 1 014 | 19 506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MAGHREBAIL | 399 339 | 1 895 | 116 598 | (35 548) |
| 482 284 | 35.92% | 173 236 | 137 010 | 6 345 | 1 | 42 572 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MediCapital | 257 758 |
|
|
|
| 257 758 | 100.00% | 257 758 | 464 388 |
| 169 | -206 461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity Method |
|
|
|
|
|
|
|
|
|
|
|
|
| BDM | 474 115 |
|
|
|
| 474 115 | 27.38% | 129 813 | 104 141 | 2 921 |
| 28 593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ACMAR | 57 903 |
|
|
|
| 57 903 | 20.00% | 11 581 | 10 000 |
| (2) | 1 579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CFM | 129 562 |
|
|
|
| 129 562 | 33.33% | 43 183 | 38 420 |
|
| 4 763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total | 9 998 185 | 384 178 | (9 452) | (174 244) | 0 | 10 198 667 |
| 9 169 346 | 1 235 733 | 15 894 | 739 | 7 950 246 |
CONSOLIDATED SHAREHOLDERS' EQUITY
In thousand MAD
|
| Consolidated Capital 2006 | Consolidation list changes | Dividends distributed | Dividends received | Reserves conversion spread | Others | Consolidated shareholders' equity before earnings | Earnings 2007 | Earning conversion spread | Consolidated Capital2007 |
| BMCE | 6 655 475 |
| -396 878 | 77 501 | 0 | -39 458 | 6 296 640 | 1 180 915 |
| 7 477 555 |
| Full Consolidation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BMCE CAPITAL GESTION | 28 103 |
| -26 060 |
|
|
| 2 043 | 32 232 |
| 34 275 |
| MAROC FACTORING | 68 106 |
| -1 350 |
|
| 533 | 67 289 | 10 617 |
| 77 906 |
| BMCE CAPITAL BOURSE | 52 291 |
|
|
|
| -118 | 52 173 | 51 867 |
| 104 040 |
| SALAFIN | 205 880 | 59 028 | -24 272 |
|
| -446 | 240 191 | 68 890 |
| 309 081 |
| BMCE MADRID | 48 119 |
|
|
|
| 910 | 49 029 | 17 763 | 198 | 66 990 |
| BMCE Capital | -21 824 |
|
|
|
| 142 | -21 682 | 11 529 |
| -10 153 |
| LCB | 9 271 |
| -2 548 |
| 394 | 736 | 7 853 | 11 780 | -127 | 19 506 |
| MAGHREBAIL | 24 060 |
| -14 732 |
|
| 103 | 9 430 | 33 142 |
| 42 572 |
| MEDICAPITAL | -60 013 |
|
|
| -170 | 6 173 | -54 010 | -160 577 | 8 126 | -206 461 |
| Equity Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BDM | 28 468 |
| -5 287 |
| -13 520 | 6 043 | 15 704 | 12 743 | 146 | 28 593 |
| ACMAR | 27 |
|
|
|
|
| 27 | 1 552 |
| 1 579 |
| CFM | 9 100 |
| -5 743 |
|
| 0 | 3 358 | 1 405 |
| 4 763 |
| TOTAL | 7 047 063 | 59 028 | -476 870 | 77 501 | -13 296 | -25 382 | 6 668 045 | 1 273 859 | 8 343 | 7 950 246 |
FINANCING AND GUARANTEE COMMITMENTS
In thousand MAD
|
| 2007 | 2006 |
| FINANCING AND GUARANTEE COMITMENTS GIVEN | 32 064 438 | 12 344 386 |
| Financing commitments on behalf of credit institutions and equivalent et | 34 144 | 37 985 |
| Import letters of credit | - |
|
| Payment acceptances or commitments | - |
|
| Opening of confirmed credits | 25 712 |
|
| Substitution commitments on issuing of securities | - |
|
| Irrevocable leasing commitments | 8 432 |
|
| Other financing commitments given | - | 37 985 |
|
|
|
|
| Financing commitments on behalf of customers | 23 525 965 | 5 058 687 |
| Import letters of credit | 3 106 070 | 3 245 270 |
| Payment acceptances or commitments | 523 224 | 628 751 |
| Opening of confirmed credits | 15 505 532 |
|
| Substitution commitments on issuing of securities | - |
|
| Irrevocable leasing commitments | 280 317 |
|
| Other financing commitments given | 4 110 822 | 1 184 666 |
|
|
|
|
| Guarantee commitments for credit institutions and equivalent | 2 593 172 | 2 075 608 |
| Confirmed export letters of credit | 44 160 | 154 384 |
| Payment acceptances or commitments | 39 180 | 65 553 |
| Credit guarantee given | 10 846 | - |
| Other security . endorsements and guarantees given | 2 498 986 | 1 855 671 |
| Non performing commitments |
|
|
| Guarantee commitments for customers | 5 911 157 | 5 172 106 |
| Credit guarantees given | - | - |
| Securities and guarantees given on the behalf of the public administration | 3 211 092 | 3 140 453 |
| Other securities and guarantees given | 2 700 065 | 2 031 653 |
| Non performing commitments |
|
|
| FINANCING AND GUARANTEE COMMITMENTS RECEIVED | 5 165 710 | 2 162 492 |
|
|
|
|
| Financing commitments received from credit institutions and equivalent | 231 937 | - |
| Opening of confirmed credit | - |
|
| Substitution commitments on issuing of securities | - |
|
| Other financing commitments received | 231 937 | - |
|
|
|
|
| Guarantee commitments received from credit institutions and equivalent | 4 336 777 | 2 130 644 |
| Credit guarantees | 2 172 692 | 1 036 720 |
| Other guarantees received | 2 164 085 | 1 093 924 |
|
|
|
|
| Guarantee commitments received from the State and other guarantee | 596 996 | 31 848 |
| Credit guarantees | 31 239 | 31 848 |
| Other guarantees received | 565 757 | - |
|
|
|
|
FORWARD EXCHANGE TRANSACTIONS AND COMMITMENTS ON DERIVATIVES
In thousand MAD
|
| Hedging transactions | 2006 | Other operations of Paris and Tangier Off Shore main branches | |
| 2007 | 2006 | |||
| FOREIGN EXCHANGE TRANSACTIONS | 12 283 899 | 6 527 744 | 126 523 | 88 436 |
| Currency to be received | 3 049 411 | 1 456 512 | 46 003 | 70 950 |
| Currency to be delivered | 5 751 052 | 2 945 787 | 80 520 | 17 486 |
| Dirham to be received | 3 106 168 | 1 901 233 |
|
|
| Dirham to be delivered | 377 268 | 224 212 |
|
|
| Of which financial currency swaps |
|
|
|
|
| COMMITMENTS ON DERIVATIVES | 10 009 105 | 2 146 169 | 875 301 | |
| Commitments on regulated interest rate markets |
|
|
| 875 301 |
| Commitments on OTC interest rate markets |
|
|
|
|
| Commitments on regulated exchange rate markets |
|
|
|
|
| Commitments on OTC exchange rate markets | 10 009 105 | 2 146 169 |
|
|
| Commitments on regulated markets for other instruments |
|
|
| |
| Commitments on OTC markets for other instruments |
|
| ||
REVENUES ON TITLE DEEDS
In thousand MAD
| TYPE OF SECURITIES | REVENUES RECEIVED |
| Equity Investment | 55 188 |
| Investment in related Companies | 1 629 |
| Equivalent assets | 15 931 |
| TOTAL | 72 748 |
BREAKDOWN OF TOTAL ASSETS, LIABILITIES AND OFF BALANCE SHEET ITEMS IN FOREIGN CURRENCY
In thousand MAD
| BALANCE SHEET | 2007 |
|
| |
| ASSETS | 20 104 675 |
|
| |
| Cash . Central Banks . Treasury . Giro Accounts | 246 016 |
| Loans to credit institutions and equivalent | 12 071 977 |
| Loans and advances to customers | 3 380 815 |
| Transaction . marketable and investment securities | 2 089 978 |
| Other assets | 464 675 |
| Equity investments and equivalent uses | 1 553 700 |
| Subordinated loans | |
| Fixed assets leased and rented | |
| Intangible and tangible fixed assets | 297 514 |
|
| |
| LIABILITIES | 12 353 578 |
|
| |
| Cash . Central Banks . Treasury . Giro Accounts | |
| Liabilities to credit institutions and equivalent | 8 590 793 |
| Customer deposits | 3 466 888 |
| Debt securities issued | |
| Other liabilities | 295 897 |
| Subsidies . Assigned Public Funds and Special Guarantee Funds | |
|
| |
| OFF BALANCE SHEET | 3 571 188 |
|
| |
| Commitments given | 2 979 010 |
| Commitments received | 592 178 |
|
|
In thousand MAD
INCOME FROM MARKET TRANSACTIONS
| REVENUES AND EXPENSES | AMOUNT |
| REVENUES | 1 495 530 |
| Gains on transaction securities | |
| Capital gains on disposal of marketable securities | 1 161 891 |
| Provision write-backs on depreciation of marketable securities | 3 685 |
| Gains on derivatives | 100 044 |
| Gains on exchange transactions | 229 910 |
| CHARGES | 306 979 |
| Losses on transaction securities | |
| Capital losses on disposals of marketable securities | 39 750 |
| Provisions for depreciation of marketable securities | 45 024 |
| Losses on derivatives | 103 427 |
| Losses on exchange transactions | 118 778 |
GENERAL OPERATING EXPENSES
In thousand MAD
| EXPENSES | 2007 | 2006 |
|
|
|
|
| STAFF EXPENSES | 1 302 010 | 1 055 029 |
| TAXES | 48 871 | 41 402 |
| EXTERNAL EXPENSES | 975 437 | 801 029 |
| Allowances for depreciation and provision for intangible and tangible fixed assets
| 203 002
| 222 194
|
SECURITIES CONSOLIDATED BY THE EQUITY METHOD
In thousand MAD
| SECURITIES | % OF HOLDING | NET BOOK VALUE | EQUITY METHOD VALUE |
| EULER HERMES ACMAR | 20.0% | 10 001 | 11 581 |
| BDM | 27.8% | 104 141 | 129 813 |
| CASA FINANCE MARKET | 33.33% | 38 420 | 43 183 |
| TOTAL |
| 152 562 | 184 577 |
OTHER REVENUES AND EXPENSES
In thousand MAD
| REVENUES AND EXPENSES | 2007 | 2006 |
| Other banking revenues and expenses | 1 132 090 | 767 424 |
| Other banking revenues | 1 645 064 | 1 145 762 |
| Other banking expenses | 512 974 | 378 338 |
| COMMENT : Capital gains and capital losses on foreign exchange | ||
| NON BANKING OPERATING REVENUES AND EXPENSES |
| |
| Non banking operating revenues and expenses | 555 268 | 160 948 |
| Non banking operating revenues | 622 137 | 173 129 |
| Non banking operating expenses | 66 869 | 12 181 |
| COMMENT : Capital gains and capital losses on equity investment | ||
| OTHER EXPENSES |
| |
|
|
|
|
| Allowances for provisions and loan losses | 647 291 | 806 005 |
|
|
|
|
| OTHER REVENUES |
| |
| Provision write backs and recoveries on amortised debts | 347 600 | 480 677 |
|
|
|
|
| REVENUES AND EXPENSES | 2007 | 2006 |
| Other banking revenues and expenses | 1 132 090 | 767 424 |
| Other banking revenues | 1 645 064 | 1 145 762 |
| Other banking expenses | 512 974 | 378 338 |
| COMMENT : Capital gains and capital losses on foreign exchange | ||
| NON BANKING OPERATING REVENUES AND EXPENSES |
| |
| Non banking operating revenues and expenses | 555 268 | 160 948 |
| Non banking operating revenues | 622 137 | 173 129 |
| Non banking operating expenses | 66 869 | 12 181 |
| COMMENT : Capital gains and capital losses on equity investment | ||
| OTHER EXPENSES |
| |
|
|
|
|
| Allowances for provisions and loan losses | 647 291 | 806 005 |
|
|
|
|
| OTHER REVENUES |
| |
| Provision write backs and recoveries on amortised debts | 347 600 | 480 677 |
|
|
|
|
In thousand MAD
FEES
| AMOUNT | |
| FEES RECEIVED | 924 846 |
|
|
|
| On transactions with credit institutions |
|
| On transactions with customers | 516 702 |
| On exchange transactions | 93 961 |
| Concerning operations on the primary securities markets |
|
| On derivatives |
|
| On transactions on securities under management and custody | 62 190 |
| On means of payment | 107 768 |
| On consulting and assistance | 33 994 |
| On sales of insurance products | 7 671 |
| On other services | 102 560 |
| FEES PAID | 106 739 |
|
|
|
| On transactions with credit institutions | 6 121 |
| On transactions with customers | |
| On exchange transactions | 13 342 |
| Concerning operations on the primary securities markets |
|
| On derivatives |
|
| On transactions on securities under management and custody | 33 562 |
| On means of payment | 31 666 |
| On consulting and assistance |
|
| On sales of insurance products |
|
| On other services | 22 048 |
GOODWILL ON ACQUISITION
In thousand MAD
| Gross | Depreciation 1998 | Dep. 1999 | Dep. 2000 | Dep. 2001 | Dep. 2002 | Dep. 2003 | Dep. 2004 | Dep. 2005 | Dep. 2006 | Dep. 2007 | Net | |
| Maghrebail Securities | 35 509 | (3 551) | (3 551) | (3 551) | (3 551) | (3 551) | (4 484) | (3 551) | (3 551) | (3 551) | (2 618) | |
| Maghrebail Securities | 10 212 | (1 140) | (902) | (1 021) | (1 021) | (1 021) | (1 021) | (1 021) | (1 021) | 2044 | ||
| Maghrebail Securities | 783 | (78) | (78) | (78) | (78) | (78) | (78) | 315 | ||||
| Maghrebail Securities | 1 543 |
|
|
|
|
| (154) | (154) | (154) | (154) | (154) | 773 |
| Maghrebail Securities | 4 017 |
|
|
|
|
|
|
|
| (402) | (402) | 3213 |
| BDM Securities | 6 052 |
|
|
|
| (221) | (989) | (604) | (604) | (606) | (605) | 2 424 |
| BDM Securities | 623 |
|
|
|
|
|
|
|
| (63) | (63) | 497 |
| Capital Bourse Securities | 4 362 |
|
|
|
|
| (436) | (436) | (436) | (436) | (436) | 2 182 |
| BMCE Intl Securities | 1 570 | (157) | (157) | (157) | (157) | (157) | (157) | (157) | 471 | |||
| BMCE Intl Securities | 1 678 |
|
|
|
|
|
|
|
|
| (168) | 1 510 |
| BMCE Intl Securities | 1 164 |
|
|
|
|
|
|
|
| (116) | (116) | 932 |
| Maroc Factoring Securities | 1 703 |
|
|
|
|
|
|
|
|
| (170) | 1 533 |
| AXIS Capital Securities | 3 496 | (350) | (349) | (350) | 2 447 | |||||||
| AXIS Capital Securities | 586 | (59) | 526 | |||||||||
| BMCE Capital Gestion Privee Securities | 822 |
|
|
|
|
|
|
|
|
| (82) | 740 |
| Total | 74 120 | (3 551) | (3 551) | (4 691) | (4 610) | (5 028) | (7 320) | (6 001) | (6 351) | (6 933) | (6 479) | 19 607 |
APPENDIX TO THE CONSOLIDATED ACCOUNTS
NOTE 1
Main valuation and presentation rules for consolidated financial statements
BMCE Bank's consolidated financial statements for the financial year 2007 are presented in accordance with the provisions of the new "Accounting Standards for Credit Institutions « PCEC ».
They contain the financial statements of BMCE Bank and those of the main Moroccan and overseas subsidiaries constituting BMCE Bank Group. The financial statements of the Moroccan subsidiaries are presented according to the rules and valuation methods of the PCEC. The accounts of the overseas subsidiaries BMCE INTERNATIONAL, the BANQUE DU DEVELOPPEMENT DU MALI, LA CONGOLAISE DE BANQUE and MEDICAPITAL BANK have been prepared according to the accounting rules of the country of origin; the necessary restatements and reclassifications have been carried out in order that they conform with the principles of BMCE Bank Group (cf. presentation notes of the individual financial statements).
Principles and methods of consolidation
The individual annual financial statements of BMCE BANK (aggregate accounts grouping together the financial statements for the Domestic Activity and those of the Paris and Banque Off Shore branches) and subsidiaries controlled by it or over which the Group exerts notable influence.
The applied consolidation methods are as follows :
Full consolidation :
This method is applied to financial companies over which the Bank has exclusive control, including those undertaking banking related activities.
Exclusive control of a subsidiary is determined by the power to direct financial and operational policies. It results :
Either from holding directly or indirectly the majority of voting rights in the subsidiary ;
Or from having a majority in the number of members of the subsidiary's administrative, management or supervisory bodies, for two successive financial years.
The control is presumed where BMCE BANK holds more than 40% of the subsidiary's voting rights and no other partner holds directly on indirectly a percentage greater than its own, in accordance with the thresholds set out by the Generally Accepted Accounting Principles in Morocco «CGNC».
Either from the power to exert a dominant influence over the subsidiary by virtue of a contract or statutory clauses. A dominant influence exists when the Group has the possibility to use or direct the use of the assets, liabilities or off-balance sheet items in the same way as for subsidiaries under its exclusive control.
Equity method
Companies in which the Group exerts a notable influence, namely equity interests in which the percentage of control ranges from 20% to 40% are accounted for under the equity method. Notable influence is the power to take part in financial and operational policies of a subsidiary without controlling it.
Certain equity interests, meeting the criteria defined above but whose importance in relation to the consolidated accounts is not significant, have not been consolidated (cf. Note 2).
Foreign currency translation
Balance sheet and off-balance sheet items of BMCE INTERNATIONAL, LA CONGOLAISE DE BANQUE and MEDICAPITAL BANK are translated on the basis of exchange rates prevailing at the closing date. Items of income and expenditure are translated on the basis of average exchange rates during the period.
Shareholders' equity is valued at its historical value. Translation differences between the closing rate and historical value are recorded in a translation reserve in consolidated shareholders' equity.
Main restatements
The main restatements made in preparing the consolidated accounts concern the following items :
Goodwil
Goodwill, recorded as an asset or liability, represents the difference, not posted to a balance sheet item, between the purchase consideration and share of the fair value of net assets at the date of purchase of the consolidated securities. Goodwill is amortised over a fixed period determined by the nature of the activity of the acquired company, the assumptions made and the objectives set at the time of acquisition.
Amortisation is spread out over a 10-year period.
Leasing and rental commitments
This heading includes leasing operations, leases with an option to purchase or equivalent and simple rental. Rental operations equivalent to leases are those operations intended to finance goods for which the lessor does not have the intention of maintaining ownership at the end of the lease.
Leasing operations, leases with an option to purchase or equivalent are recorded in the consolidated balance sheet as finance leases, that is, for the total amount of rents receivable, less interest included in these rents.
These amounts are substituted for those which are determined according to fiscal rules and the hidden reserve is recorded in the consolidated reserves for an amount net of deferred taxes.
Accrued interest included in the rents due is recorded in a receivables account as a contra to the income statement entry. The method of provisioning for leasing operations and equivalent is identical to that for receivables from credit institutions and customers.
Buildings acquired by lease :
Regarding BMCE buildings acquired by lease, they have been subjected to a restatement consisting of recording these buildings under assets against debt under liabilities. In the Income Statement, this restatement led to a financial cost as well as allowances for depreciation. Impacts are recorded net of deferred taxes.
Elimination of intra-group entries
All operations between Group companies consolidated under the full consolidation method and which have a material impact on or off the balance sheet and on the income statement have been eliminated.
These eliminations concern two types of operation:
Those which have an impact on consolidated income or consolidated reserves (in particular dividends between Group companies).
And those which have no bearing (reciprocal accounts of the balance sheet and income statement).
Elimination of fiscal provisions
For each consolidated subsidiary, all the provisions designed to reduce the tax burden (deferred taxation
operations) have been eliminated, for example, provisions for investment, for staff housing and derogatory depreciation.
Taxes
Current taxes
The standard rate of corporate tax for credit institutions is 39.6% on income earned in Morocco with the exception of BMCE Bank's subsidiary, BMCE Banque Off-shore, which was tax-exempt until December 31st, 2001. Since January 1st, 2002, this entity has been subject to taxation as applied to offshore banks with tax exemption for the first USD 25,000 of income.
The Paris Branch is subject to corporate taxation according to the rules and rates applicable in France where the standard rate is 33.33%. Concerning the taxation of other subsidiaries, besides insurance companies for which the rate is identical to that for the banking sector, the standard rate of corporate tax is 35%.
It should be noted that for MEDICAPITAL BANK, subject to the U.K. GAAP, the applicable taxation rules are in accordance with the requirements of consolidation.
Deferred taxes
Deferred taxes are stated in the accounts to account for timing differences in the carrying amount and the value for tax purposes of certain balance sheet items. Deferred taxes are recognised using the liability method by which a change to tax rates will result in an amendment to deferred taxes stated in previous years.
The corresponding effect is recorded in the income statement as an increase or decrease in the deferred tax expense.
NOTE 2
Scope of consolidation at December 31st 2007
The consolidated accounts at December 31st, 2007 include the individual accounts of BMCE BANK and those of its most significant subsidiaries. The following eight subsidiaries are exclusively controlled by BMCE Bank :
MAROC FACTORING
SALAFIN
MAGHREBAIL
BMCE CAPITAL
BMCE INTERNATIONAL MADRID
MEDI CAPITAL BANK
BMCE CAPITAL BOURSE
BMCE CAPITAL GESTION
LA CONGOLAISE DE BANQUE
BMCE Bank likewise exerts notable influence on the following three subsidiaries:
Casablanca Finance Market
EULER HERMES ACMAR
Banque de Développement du Mali
This scope of consolidation, which includes all the companies which meet the above criteria, excludes not-for-profit real estate companies in that the financing granted to them recorded in the Group's balance sheet, reflects the reality of the risks assumed and is more representative of the Group's financial activity.
Excluded from the consolidation list :
The following four subsidiaries are also excluded from the scope of consolidation for the reasons outlined below :
DOCUPRINT
STE CONSULTITRES
EUROCHEQUE MAROC.
MARTCO
For the following reasons:
DOCUPRINT: Wholly-owned subsidiary. The share in the net worth is below the threshold fixed for its consolidation under the consolidation method
sTE CONsULTITREs: This subsidiary is currently undergoing the process of liquidation.
EUROCHEQUE MAROC: 28.72%-owned subsidiary. The share in the net worth is below the threshold fixed for its consolidation under the consolidation method
MARTCO: 20%-owned subsidiary. The net book value of this subsidiary is nil.