BMED.L Regulatory News (BMED)

11 Oct 2007 13:47

Banque Marocaine Du Commerce Exteri11 October 2007 BMCE BANK CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30th, 2007 BALANCE SHEET ASSETS 06/30/2007 06/30/2006 CASH, CENTRAL BANKS, TREASURY, GIRO ACCOUNTS 9 181 188 6 404 870LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT 15 782 435 13 312 694 . Demand 3 736 212 4 469 260 . Time 12 046 223 8 843 434LOANS AND ADVANCES TO CUSTOMERS 46 813 427 34 060 566 . Cash and consumer loans 23 176 415 17 487 634 . Equipment loans 8 097 414 6 868 538 . Mortgage loans 9 398 030 6 200 779 . Other loans 6 141 568 3 503 615LEASING AND RENTED OPERATIONS 5 964 157 5 417 657ADVANCES ACQUIRED BY FACTORING 887 040 638 280TRANSACTION AND MARKETABLE SECURITIES 13 135 685 11 014 397 . Treasury bonds and equivalent securities 4 965 316 2 167 059 . Other debt securities 1 465 991 3 232 485 . Title deeds 6 704 378 5 614 583OTHER ASSETS 2 516 802 1 671 539INVESTMENT SECURITIES 27 27 . Treasury bonds and equivalent securities 27 27 . Other debt securitiesEQUITY INVESTMENTS OF NON CONSOLIDATED AFFILIATES 1 297 073 1 887 307SECURITIES CONSOLIDATED BY THE EQUITY METHOD 182 887 131 990 . Financial companies 182 887 131 990 . Other companiesSUBORDINATED LOANSINTANGIBLE FIXED ASSETS 152 012 102 358TANGIBLE FIXED ASSETS 2 010 984 1 638 384GOODWILL ON ACQUISITION 20 955 21 199TOTAL ASSETS 97 944 672 76 301 268 In Thousand MAD LIABILITIES 06/30/2007 06/30/2006CENTRAL BANKS, TREASURY, GIRO ACCOUNTS - -LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT 6 981 811 5 738 078 . Demand 1 430 980 1 433 820 . Time 5 550 831 4 304 258CUSTOMER DEPOSITS 77 243 797 58 290 504 . Demand deposits 37 727 770 30 359 143 . Savings deposits 11 643 274 10 256 715 . Time deposits 23 147 393 13 115 520 . Other deposits 4 725 360 4 559 126DEBT SECURITIES ISSUED 1 122 645 1 026 275 . Negotiable debt securities 872 645 772 357 . Bond loans 250 000 253 918 . Other debt securities issuedOTHER LIABILITIES 3 611 145 3 050 095GOODWILL ON ACQUISITIONCONTINGENT LAIBILITIES 123 867 112 670REGULATED PROVISIONSSUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS - 101SUBORDINATED LOANS 1 019 328 1 020 133PREMIUMS RELATED TO CAPITAL 4 628 121 4 260 874CAPITAL 1 587 514 1 587 514SHAREHOLDERS UNPAID-UP CAPITAL (-)CONSOLIDATED RESERVES, REVALUATION RESERVE, 764 450 709 292 UNREALISED EXCHANGE GAINS/LOSSES DIFFERENTIALS AND DIFFERENCE IN EQUITYMETHOD . Group share 412 173 353 421 . Minority interests 352 277 355 871NET INCOME FOR THE YEAR (+/-) 861 994 505 732 . Group share 815 379 479 433 . Minority interests 46 615 26 299TOTAL LIABILITIES 97 301 268 97 301 268 In Thousand MAD OFF-BALANCE SHEET 06/30/2007 06/30/2006GIVEN COMMITMENTS 33 680 618 13 999 298Financing commitments on behalf of credit institutions and equivalent 109 124 2 844Financing commitments on behalf of customers 25 700 817 7 340 340Guarantee commitments given to credit institutions and equivalent 2 271 418 1 920 770Guarantee commitments given to customers 5 599 259 4 735 344Securities repos purchasedOther securities to be deliveredRECEIVED COMMITMENTS 4 203 076 2 398 708Financing commitments received from credit institutions and equivalent 397 205 1 622 561Guarantee commitments received from credit institutions and equivalent 3 299 442 743 997Guarantee commitments received from state and various guarantee bodies 506 429 32 150Securities repos soldOther securities to be received In Thousand MAD INCOME STATEMENT 06/30/2007 06/30/2006 BANK OPERATING REVENUES 4 591 088 2 535 969Interests and assimilated revenues on transactions with credit institutions 293 223 129 806Interests and assimilated revenues on transactions with customers 1 300 145 1 263 509Interests and assimilated revenues on debt securities 125 504 151 959Revenues on title deeds 43 904 72 242Revenues from leased and rented fixed assets 1 255 606Fees on provided services 396 606 273 703Other banking revenues 396 809 644 750BANK OPERATING EXPENSES 1 175 897 798 506Interests and assimilated expenses on transactions with credit institutions 1 979 815 122 103Interests and assimilated expenses on transactions with customers 213 031 423 118Interests and assimilated expenses on debt securities issued 560 105 33 572Expenses on leased and rented fixed assets 21 005Other banking expenses 1 016 701 219 713NET BANKING INCOME 168 973 1 737 463Non-Banking operating revenues 2 611 273 105 436Non-Banking operating expenses 146 523 7 973GENERAL OPERATING EXPENSES 30 400 960 804Staff expenses 1 207 864 507 598Tax expenses 644 896 25 629External expenses 26 290 337 401Other general operating expenses 428 119 4 643Allowances for depreciation and provisions for tangible fixed assets 4 804 85 533ALLOWANCES FOR AMORTISATION ON GOODWILL ACQUISITION 3 722 3 292GOODWILL ACQUISITION WRITE BACKSALLOWANCES FOR PROVISIONS AND LOAN LOSSES 314 689 257 924Allowances for non performing loans and commitments 237 216 203 637Loan losses 37 365 20 759Other allowances for provisions 40 108 33 528PROVISION WRITE-BACKS AND RECOVERY ON AMORTISED DEBTS 149 401 121 385Provision write-backs on non performing loans and commitments 109 154 82 250Recovery of amortised debts 9 683 11 558Other provision write-backs 30 564 27 577CURRENT INCOME 1 350 522 734 291Non-current revenues 2 391 13Non-current expenses 503 22PRE-TAX EARNINGS 1 352 410 734 282Corporate tax 499 945 240 752NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION 852 465 493 530SHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY METHOD 9 529 12 202Financial companies 9 529 12 202Other companiesNET EARNINGS FOR THE YEAR 861 994 505 732Group's equity 815 379 479 433Minority interests 46 615 26 299 In Thousand MAD MANAGEMENT BALANCE STATEMENT 06/30/2007 06/30/2006 EARNINGS FORMATION TABLE+ Interest and equivalent revenues 1 689 440 1 543 352- Interests and equivalent expenses 793 861 578 570INTEREST MARGIN 895 579 964 782+ Revenues from leased and rented fixed assets 1 255 606- Expenses on leased and rented fixed assets 1 016 701PROFIT FROM LEASING AND RENTING OPERATIONS 238 905+ Fess received 439 685 341 044- Fees paid 48 400 34 592MARGIN ON FEES 391 285 306 452+/- Income from operations on transaction securities -+/- Income from operations on marketable securities 941 213 320 880+/- Income from exchange transactions 57 208 60 558+/- Income from derivatives transactions 9 055 - 3 656INCOME FROM MARKET TRANSACTIONS 1 007 476 377 782+ Other miscellaneous banking revenues 108 071 132 258- Other miscellaneous banking expenses 30 043 43 811NET BANKING INCOME 2 611 273 1 737 463+/- Net income from equity investments 109 998 88 613+/- Other non-banking operating revenues 36 524 16 676- Other non-banking operating expenses - 30 400 - 7 828- General operating expenses 1 207 864 960 804GROSS OPEARTING INCOME 1 519 531 874 120+/- Allowances for non performing loans and commitments (net of - 155 724 - 129 052write-backs)+ Other allowances net of provisions write-backs - 9 563 - 7 485+ Allowances net of write backs on goodwill acquisition amortisation - 3 722 - 3 292CURRENT INCOME 1 350 522 734 291NON-CURRENT INCOME 1 888 - 9Corporate Tax 499 945 240 752NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION 852 465 493 530SHARE IN NET INCOME OF COMPANIES ACCOUNTED FOR BY EQUITY METHOD 9 529 12 202 . Financial companies 9 529 12 202 . Other companiesNET EARNINGS FOR THE YEAR 861 994 505 732 . Group's equity 815 379 479 433 . Minority interests 46 615 26 299 In Thousand MAD CASH-FLOW 30/06/2007 30/06/2006 NET EARNINGS FOR THE YEAR 861 994 505 732+/- Allowances for depreciation and provisions for intangible and tangible 97 999 85 153fixed assets+ Allowances for provisions for equity investments depreciation+ Allowances for provisions for general risks+ Allowances for regulated provisions+ Non-current allowances 16- Provision write-backs 12- Capital gains on disposals of intangible and tangible fixed assets 42 1 009+ Capital losses on disposals of intangible and tangible fixed assets- Capital gains on disposals of equity investments 123 998 88 763+ Capital losses on disposals of equity investments 150- Write-backs of investment subsidies received+/- FINANCING CAPACITY 835 953 501 251- Dividend distributed+/- CASH-FLOW 835 953 501 251 In Thousand MAD LIST OF CONSOLIDATED COMPANIES AS OF JUNE 30th, 2007 Name Capital % of control % of interests Contribution to Method of the consolidated consolidation incomeMAROC FACTORING 15 000 000 100% 100% 5 682 Full Consolidation (F.C)SALAFIN 103 000 000 92.76% 92.76% 41 014 F.CMAGHREBAIL 102 532 000 35.92% 35.92% 12 855 F.CBMCE INTERNATIONAL 18 030 000 100% 100% 8 966 F.CPALIER BMCE CAPITAL 100 000 000 100% 100% 8 040 F.CBMCE CAPITAL BOURSE 10 000 000 100% 100% 27 352 F.CBMCE CAPITAL GESTION 5 000 000 100% 100% 16 571 F.CMEDICAPITAL BANK £ 30 000 000 100% 100% - 69 904 F.CLCB Fcfa 4 000 000 000 25.00% 25.00% 5 372 F.CCFM 114 862 500 33.33% 33.33% 163 Equity Method (E.M)ACMAR Fcfa 3 759 560 000 20.00% 20.00% 769 E.MBDM 27.38% 27.38% 8 262 E.M ERNST & YOUNG KPMG37, Bd Abdellatif Ben Kaddour 11, Avenue Bir Kacem- SouissiCasablanca Rabat BANQUE MAROCAINE DU COMMERCE EXTERIEUR-BANK BMCE-BANK STATUTORY AUDITORS REVIEW REPORT OF THE CONSOLIDATED INTERIM BALANCE SHEET AND INCOME STATEMENT PERIOD FROM JANUARY 1st TO JUNE 30th, 2007 Free translation from the French We have conducted a limited review of the consolidated interim balance sheet andincome statement of the "Banque Marocaine du Commerce Exterieur" BMCE BANK, forthe six months period from January 1st to June 30th, 2007. Our limited review was conducted in accordance with the Moroccan professionalstandards. Those standards requires for a limited review to be organized andperformed to give a limited assurance that the consolidated financial statementsdoes not contain material misstatements. A limited review consists of makinginquiries of group management and applying analytical and other reviewprocedures to financial data. A limited review provide less assurance than anaudit, accordingly, we do not express an audit opinion. Based on our limited review, nothing has come to our attention that causes us tobelieve that the specified interim consolidated financial statements referredabove do not give, in all their material aspects a fair image, of owned assets,of the financial situation of the "Banque Marocaine du Commerce Exterieur" BMCEBANK for the six months period ended June 30th, 2007, nor of the incomes ofthese transactions closed during this period, in accordance with the accountingprinciples as described in the notes to consolidated financial statements. Casablanca, September 25th, 2007 Statutory auditors ERNST & YOUNG KPMGBachir TAZI Jamal Saad EL IDRISSIPartner Partner This information is provided by RNS The company news service from the London Stock Exchange