Banque Marocaine Du Commerce Exteri
27 April 2005
NOTICE OF BMCE BANK'S ANNUAL GENERAL MEETING
(Free Translation from the french version)
Shareholders of BANQUE MAROCAINE DU COMMERCE EXTERIEUR, abbreviated to 'BMCE
BANK', a Public Limited Company with capital of 1,587,513,900 dirhams,
headquartered in Casablanca - 140, Avenue Hassan II - registered in the Register
of Companies under number 27,129 are invited to attend the Annual General
Meeting at the Head Office on:
Wednesday May 25, 2005 at 4:30 p.m.
To deliberate and vote on the following agenda:
1- Reading of the Board of Directors' Report and the Auditors' Reports;
2- Examination and approval of the balance sheet and the income statements
as closed on December 31, 2004;
3- Appropriation of the profits for fiscal year 2004 and setting of the date
for payment of dividends;
4- Setting of Directors' fees
5- Notice of the fulfillment by the Auditors of their mission for fiscal
year 2004;
6- Discharge for Directors for fiscal year 2004;
7- Renewal of the Statutory Auditors' mandates;
8- Notice of resignation of a Director and ratification of new directors'
nomination;
9- Other issues.
Owners of bearer shares should deposit the certificates recording the
registration of their securities in the accounts, at the Bank's head office, or
have them taken by an authorized representative, five days before the Meeting.
Holders of registered shares, previously recorded in the accounts, at least five
days before the Meeting, will be admitted on presentation of proof of identity
or proxy.
The Board of Directors
DRAFT OF RESOLUTIONS TO BE SUBMITTED TO the ordinary general meeting OF mAY
25TH, 2005
First Resolution:
The Ordinary General Meeting, after hearing the reports of the Board of
Directors and Auditors, approves all these documents in their entirety and
without reservation, as well as the accounts for the fiscal year ended December
31, 2003. It is to be noted that the individual accounts as well as the Balance
Sheets for Domestic Activity, the Paris Branch and BMCE BANK OFF SHORE, their
Income Statements and Management Balances Statements as closed on December 31,
2004, reflect the totality of the Bank's operations.
Second Resolution:
The Ordinary General Meeting notes that the aggregated net profit for fiscal
year 2004 is as follows:
For Domestic Activity: MAD 439,869,690.79
For Paris Main branch:
equivalent in Dirhams of MAD 42,921,935.97
(3,829,750.79 Euros)
For BMCE Bank OFF SHORE:
equivalent in Dirhams of foreign currencies MAD 22,917,439.84
Net earnings: MAD 505,709,062.60
The Annual General Meeting held on May 30, 2000 had decided to assign an amount
of 150 000 000.00 MAD, constituted from FY 1999 net profit, to a
provision for general risks.
This allowance, which covered different identified risks during fiscal years
2002 and 2003, has been cleared as of December 31st, 2004. It is proposed to
allocate this item under extraordinary reserve.
Consequently, it is proposed to distribute aggregated net earnings for FY 2004
as follows:
Net Earnings MAD 505,709,062.60
- Legal reserve of 5% Mad 25,285,453.13
MAD 480,423,609.47
- First dividend of 6% MAD 95,250,834.00
MAD 385,172,775.47
- Surplus dividend of 10% MAD 158,751,390.00
MAD 226,421,385.47
- Brought forward from previous year MAD 12,918.42
- Dividends from repurchase program's shares Mad 22,087,050.00
MAD 248,521,353.89
- Provision for General Risks MAD 150,000,000.00
MAD 398,521,353.89
- Extraordinary reserve MAD 398,500,000.00
Balance in Dirhams to be carried forward MAD 21,353.89
Equity portfolio has generated during FY 2004 dividends of MAD 150 million.
Allowances for provisions and capital losses on equity investment amounted
respectively to MAD 98 million and
MAD 118 million. These items were included in the calculation net earnings for
Domestic Activity.
2) Regarding the revenues considered as Head Office expenses by PARIS Main
Branch, Euros, the General Meeting decides to allocate this amount as follows :
- Euros 390,000 to the allowance fund, bringing it from Euros
23,260,000 to Euros 23,650,000;
- Euros 976.90 to the special reserve, bringing it from Euros
2,196,199.38 to Euros 2,197,176.28;
- the free reserve remaining unchanged at Euros 46,256,483.38.
So that the Paris Branch shareholders' equity amounts to 72,103,659.66 Euros.
Therefore, the General Meeting sets the dividend at 16 Dirhams per share.
Payment of dividend, after the deductions stipulated by law, will be made
starting from July 1, 2005 at the Head Office: 140, Avenue Hassan II,
Casablanca, Custody Department. Dividends will be collected by transfer of
coupons to BMCE Bank's account with MAROCLEAR.
Third Resolution:
The Ordinary General Meeting formally acknowledges that the Bank's Statutory
Auditors KPMG Maroc and ERNST & YOUNG, have accomplished their mission for
fiscal year 2004, in accordance with statutory provisions, Law 17-95 on '
societes anonymes' (public limited companies) and the provisions of Article 35
of Dahir/Law number 1-93-147 of July 6, 1993, both for their general report on
transactions for fiscal year 2004 and for the transactions referred to in
Articles 56 to 62 of Law 17-95 for which a special report has been submitted to
it.
The Ordinary General Meeting therefore approves the General Report.
Fourth Resolution:
The Ordinary General Meeting, after the reading of the Special Auditors' Report
on the agreements coming under Articles 56 and following of Law 17-95 on '
societes anonymes' (public limited companies) and Article 26 of the Articles of
Incorporation, approves the conclusions of the said report and the agreements
mentioned in it.
Fifth Resolution:
The Ordinary General Meeting gives full and final discharge, without
reservation, to the Directors for their management for the fiscal year ended
December 31, 2004.
Sixth Resolution:
The Ordinary General Meeting sets the overall amount of Directors' fees to be
divided among the Directors, for fiscal year 2004, at MAD 1,300,000.00 (ONE
MILLION THREE HUNDRED THOUSAND DIRHAMS), net of tax, per year.
Seventh Resolution:
The mandates of the Statutory Auditors, KPMG Maroc and Ernst & Young, coming to
an end at this meeting, the Ordinary General Meeting decides to renew them for a
further of 3 (three) fiscal years, that is until the Ordinary General Meeting
called to examine the accounts for the fiscal year ended December 31st, 2007.
Eighth Resolution:
The Ordinary General meeting notes the resignation of Mr. Moriyuki MOTONO from
his functions as Director.
The Meeting thanks Mr. Moriyuki MOTONO for his hard work during his term of
office, which made an undeniable contribution to the Board of Directors of BMCE
Bank.
Ninth Resolution:
The Ordinary General Meeting, ratifies the nomination as Director of 'Credit
Industriel & Commercial CIC', French Bank governed by the Law of January 24th,
1984, Public Limited Company with Management and Supervisory Boards and a
capital of Euros 563,330,656. This nomination has been temporary decided by BMCE
Bank Board of Directors held in September 17th, 2004, to replace Mr Moriyuki
MOTONO.
Consequently, the new Director will exercise his functions for the remaining
period of the mandate of its predecessor, that is until the Meeting called to
examine the accounts of the financial year ending December 31, 2007.
Tenth Resolution
The Ordinary General Meeting decides to nominate Mr Azeddine GUESSOUS as
Director, in addition to the present Board Members, for a mandate of 6 years
which expires at the Meeting called to examine the accounts for the financial
year ending December 31, 2010
Mr Azeddine GUESSOUS states his acceptance of this mandate, indicating that he
has no legal incapacity or prohibition that ban him from exercising such
mandate.
Consequently, the Board of Directors is made of the following fifteen Directors:
- Mr. Othman BENJELLOUN, Chairman
- Hadj Abdelmajid BENGELLOUN, Honorary Chairman
- Mr. David SURATGAR
- Mr. Jurgen LEMMER
- Azeddine GUESSOUS
- RMA Watanya
- FINANCE.COM
- AKWA HOLDING
- CIC
- UNION BANCAIRE PRIVEE
- BANCO ESPIRITO SANTO
- Mr. Abdeljelil AYED
- Mr. Mamoun BELGHITI
- Mr. Brahim BENJELLOUN-TOUIMI
- Mr. Mohamed BENNANI
Eleventh Resolution
Given the scope of the activities of BMCE Bank Foundation and the necessary
financial needs for the achievement of Medersat.com programme, the Ordinary
General Meeting decides to increase its contribution to the Foundation's direct
financing from 3% to 4% of BMCE Bank's Gross Operating Income.
Twelfth Resolution
The Ordinary General Meeting gives authority to the bearer of an original, a
copy or extract of the minutes of this meeting, to carry out any formalities
required by law, in particular for filing wherever necessary and for disclosure.
ACCOUNTING PRINCIPLES
Main Accounting Principles
1.1. The Credit Institutions must establish at the end of each fiscal
year their financial statements, presenting fairly, in all material respects,
their equity, financial position and borne risks as well as their results.
1.2. A fair view is based on the respect of the seven main accounting
principles.
1.3. The financial statements are said to give a fair view of the
equity, financial position, risks borne and results of the credit institution
when the operations, events and situations are recorded under the respect of the
main accounting principles and the provisions of the New Credit Institutions
Accounting Principles (PCEC).
1.4. In case, the use of these principles and provisions is not
sufficient to get a fair view from the financial statements, the Credit
Institution must provide in the accompanying notes any indication allowing a
fair view.
1.5. In the exceptional case in which the strict use of a principle or
a provision contradicts the fair view objective, the credit institution must
depart from it.
This departure must be mentioned in an accompanying note, duly justified with an
indication of its effect on the equity, financial position and the results of
the credit institution.
1.6. The seven main accounting principles are :
- Going Concern principle
- Consistency Principle
- Historical cost principle
- Accrual Principle
- Prudence Principle
- Clarity Priciple (Principe de Clarte)
- Significant importance principle (Principe d'importance
significative)
Presentation
The financial statements include:
- the central Head Office accounts,
- the accounts of branches established in Morocco
- the accounts of foreign branches (Paris and Tangier Off Shore).
The significant operations and balances held internally between the various
entities have been eliminated.
2.1 General principles
The financial statements are based on the general accounting principles
applicable to credit institutions.
The presentation of BMCE BANK's financial statements complies with the 'Plan
Comptable des Etablissements de Credit' (Credit Institution Accounting
Standards).
2.2 Loans and advances to credit institutions and customers and off-balance
sheet commitments
General presentation of loans and advances
• Loans and advances to credit institutions and customers are broken
down according to their initial duration or the economic objective of the loans:
- demand and time loans, for credit institutions,
- cash credits, equipment credits, consumer credits, mortgage loans and
other loans for customers.
• Off-balance sheet commitments correspond to irrevocable financing
commitments and guarantee commitments.
• Pledging transactions, with securities or stocks, are recorded under
the different relevant loan headings (credit institutions, customers)
• Checks and bills at collection which are only credited to the
remitter after their actual collection or after a contractual period, are not
recorded in the balance sheet, but are accounted for on a quantity basis.
• The accrued interest on loans and advances is included in the loan
account per contra to an income account.
Non-performing loans
• Non-performing loans are recorded and valued in accordance with the
banking regulations in force.
The main provisions applied are as follows:
- Non-performing loans are, depending on the category of risk, classified into
substandard, doubtful or loss loans,
- Provisions for non-performing loans, after deduction of the guarantee levels
required by the regulations in force, are made as follows:
- 20% for substandard loans,
- 50% for doubtful loans,
- 100% for loss loans.
The provisions for credit risk are deducted from the relevant assets items.
• As soon as loans are classified as loss loans, the interest is no
longer computed and recorded. It is only considered as income when it is
collected.
• Loan losses are recorded when they are considered as unrecoverable.
• Provision write-backs for non-performing loans are recorded when
they become irrelevant (favorable change, effective repayments or restructuring
of the debt with partial or total repayment).
2.3 Liabilities to credit institutions and customers
Liabilities to credit institutions and customers are presented in the statements
according to their initial duration or the nature of the debts:
- demand and time debts for credit institutions,
- demand deposits, savings accounts, time deposits and other customer
credit accounts.
Pledging transactions through securities or stocks are included under these
different headings, depending on the nature of the counterpart.
Accrued interest on these debts is recorded in the debt account applied per
contra to the income account.
2.4 Securities portfolio
2.4.1 General presentation
Securities transactions are recorded and valued in accordance with the Credit
Institutions Accounting Standards.
Securities are classified, on the one hand, according to the legal nature of the
security (debt security or title deed), and, on the other, according to the
intention (transaction security, marketable security, investment security,
equity investment).
2.4.2 Transaction securities
This portfolio includes liquid securities and those acquired with the intention
of resale in the short run (held for 6 months or less).
These securities are recorded at their purchase value (including coupon). At
each closing, the difference between this value and the market value is recorded
directly in the income statement.
2.4.3 Marketable securities
This portfolio includes securities acquired with the object of holding them for
longer than 6 months, with the exception of fixed-revenue securities intended to
be held until they mature.
This category of security includes in particular securities which do not meet
the criteria necessary for being classified in another category of security.
Debt securities are recorded excluding accrued coupon.
Title deeds are recorded at their purchase value excluding acquisition expenses.
At each closing, provision for depreciation is made for the negative difference
between the market value and the entry value of the securities. Unrealized
capital gains are not recorded.
2.4.4 Investment securities
Investment securities are debt securities which are acquired or which come from
another category of security, with the intention of holding them until maturity,
to obtain regular revenues, over a fairly long period.
These securities are recorded ex-coupon on their acquisition date.
At each closing, these securities are maintained at their acquisition value,
whatever the market value of the security. Consequently, the loss or unrealized
profit are not recorded.
2.4.5 Equity investment
Under this category are included those securities whose durable possession is
deemed useful to the bank. These securities are broken down on the basis of the
General Accounting Principles applicable to Credit Institutions, as follows:
- Equity investment
- Investment in affiliated companies
- Long term equity securities
- Other equivalent assets
At each closing, their value is estimated on the basis of generally accepted
elements: going-concern value, share of net worth, earnings prospects and stock
market prices. Only unrealized capital losses give rise, on a case-by-case
basis, to provisions for depreciation.
2.4.6 Delivered pledges
Pledged securities are maintained in the balance sheet and the amount collected
representing the debt to the assignee is recorded under liabilities.
Securities received as pledges are not entered in the balance sheet, but the
amount disbursed representing the claim is recorded under assets.
2.5 Transactions denominated in foreign currency
Loans and debts as well as off-balance sheet commitments denominated in foreign
currency are converted into dirhams at the average exchange rate prevailing at
the closing date.
The exchange gap arising from the allowances of foreign branches and from
currency loans covered against exchange risk is recorded in the balance sheet
under assets or liabilities depending on its nature. The exchange gap resulting
from the conversion of long-term investments acquired in foreign currency is
recorded under unrealized gain/loss in the relevant securities account.
The exchange gap from the other foreign currency accounts is recorded in the
income statement.
Revenues and expenses in foreign currency are converted at the rate of the day
they are recorded.
2.6. translation of financial statements denominated in foreign currency
The 'closing rate' method is used to translate financial statements denominated
in foreign currency.
Translation of balance sheet and off-balance sheet items
All the assets, liabilities and off-balance sheet items of the foreign entity
(Paris Branch) are translated on the basis of the currency exchange rate at the
closing date.
Shareholders' equity (excluding income for the year) is valued at the different
historical rates (allowances) and reserve allowances. The difference resulting
from this correction (closing rate - historical rate) is recorded in
shareholders' equity under the item 'unrealized gain/loss'.
Translation of income statement items
Except for allowances for depreciation and provisions translated at the closing
rate, all income statement items are translated at the average exchange rate for
the currency over the financial year. However, income statement items have been
translated at the closing rate since this method does not show a significant
difference from the average rate method.
2.7. Provisions for general risks
These provisions are made, at Management discretion, to cope with future risks
resulting from banking activity, which are not identified and cannot be
accurately measured.
These provisions are added back, to compute the taxable income.
2.8. Tangible and intangible fixed assets
Tangible and intangible fixed assets are stated in the balance sheet at the
acquisition value less accumulated depreciation, calculated according to the
straight line method over the estimated life of the assets.
Intangible fixed assets, broken down into operating and non-operating fixed
assets, are depreciated over the following periods:
Category Period of depreciation
Leasehold rights Not depreciable
Patents and brands Period of protection of patents
Research and development expenses 1 year
Computer software 5 years
Other goodwill items Not depreciable
Tangible fixed assets, broken down into operating and non-operating fixed
assets, are depreciated as follows:
Category Period of depreciation
Land Not depreciable
Operating buildings
Built before 1986 20 years
Built after 1986 40 years
Office furniture 10 years
Computer equipment 5 years
Vehicles 5 years
Fixtures, fittings and alterations 10 years
Shares in non-trading companies Not depreciable
2.9 Deferred charges
Deferred charges include expenses which, given their amount and nature, are
likely to be spread over more than one fiscal year.
2.10 Regulated provisions
Regulated provisions are made pursuant to legal and regulatory rules, especially
those related to tax. Optional constitution of provisions depends on a
management decision motivated in particular by the desire to take advantage of a
tax benefit.
Once the conditions for constitution and use have been met and they have been
formed to take advantage of a certain tax benefit, regulated provisions, except
for derogatory depreciation, are considered as tax-paid reserves.
2.11 Recognition of interest and fees in the income statement
Interest
The revenues and expenses calculated on funds effectively lent or borrowed are
considered as interest.
The revenues and expenses calculated on a pro-rata temporis basis and which
remunerate a risk are considered as assimilated interest. This category includes
in particular the fees on guarantee and financing commitments (guarantees,
sureties, etc.).
Accrued interest on capital actually lent or borrowed is recorded in the loan
and debt accounts which generated them by the contra of an income account.
Assimilated interest is recorded under revenues or expenses once invoiced.
Fees
Revenues and expenses, determined on a flat-rate basis, and which remunerate a
service are recorded as fees once invoiced.
2.12 Non-current expenses and revenues
They represent exclusively extraordinary expenses and revenues and are in
principle rare since they are unusual and occur very exceptionally.
2.13 Retirement commitments
Retirement commitments (Wissam Al Choghl, retirement benefits) which are not
covered by the retirement schemes managed by external independent bodies
(non-compulsory) are not subject to provision for risks and expenses.
AGGREGATED ACTIVITY AS OF DECEMBER 31ST, 2004
(THESE FINANCIAL STATEMENTS ARE IN THE PROCESS OF BEING AUDITED)
BALANCE SHEET AS OF DECEMBER 31ST, 2004
in KMAD in KMAD
ASSETS 12/31/2004 12/31/2003 LIABILITIES 12/31/2004 12/31/2003
Cash, Central Banks, 5 391 337 5 607 500 Central Banks, Treasury,
Treasury, Giro Accounts Giro Accounts
Loans to Credit Institutions 11 606 497 9 707 284 Liabilities to Credit 3 418 937 3 796 508
and Equivalent Institutions and Equivalent
. Demand 1 978 509 2 300 268 . Demand 619 217 509 916
. Time 9 627 988 7 407 016 . Time 2 799 720 3 286 592
Loans and Advances to 26 426 804 24 461 765 Customer Deposits 53 263 833 47 305 065
Customers
. Cash and Consumer Loans 14 499 573 13 970 628 . Demand Deposits 23 321 974 23 191 558
. Equipment Loans 5 885 428 5 136 121 . Savings Deposits 8 540 900 7 636 825
. Mortgage Loans 3 224 957 1 852 470 . Time Deposits 16 674 861 11 865 898
. Other Loans 2 816 846 3 502 546 . Other Deposits 4 726 098 4 610 784
Advances acquired by Debt Securities Issued
Factoring
. Negotiable Debt Securities
Transaction and Marketable 14 530 881 11 420 080 . Bond Loans
Securities
. Treasury Bonds and 8 542 115 8 246 167 . Other Debt Securities
Equivalent Securities Issued
. Other Debt Securities 2 237 044 2 333 515
. Title deeds 3 751 722 840 398 Other Liabilities 1 420 012 639 155
Other Assets 1 268 976 1 119 005 Contingent Liabilities 216 009 195 416
Investment Securities 509 661 638 459 Regulated Provisions 54 682
. Treasury Bonds and
Equivalent Securities
. Other Debt Securities 509 661 638 459 Subsidies, Assigned Public
Funds and Special Guarantee
Funds
Equity Investment and 3 508 954 3 858 501 Subordinated Debts 500 000 500 000
Equivalent Uses
Subordinated Loans Revaluation Reserve
Fixed Assets Leased and Reserves and premiums 3 536 934 3 401 510
Rented related to capital
Intangible Fixed Assets 70 808 64 537 Capital 1 587 514 1 587 514
Tangible Fixed Assets 1 211 813 971 232 Shareholders. Unpaid-up
Capital (-)
Retained Earnings (+/-) 22 100 91
Net Earnings being 15 304
Appropriated (+/-)
Net Earnings for the Year 505 710 407 800
(+/-)
TOTAL ASSETS 64 525 731 57 848 363 TOTAL LIABILITIES 64 525 731 57 848 363
OFF BALANCE SHEET AS OF DECEMBER 31ST, 2004
in KMAD
OFF BALANCE SHEET 12/31/2004 12/31/2003
GIVEN COMMITMENTS 11 053 099 10 832 160
Financing commitments on behalf of credit institutions and equivalent 584 296 997 032
Financing commitments on behalf of customers 4 179 956 3 755 870
Guarantee commitments given to credit institutions and equivalent 1 953 234 1 676 793
Guarantee commitments given to customers 4 335 613 4 402 465
Securities repos purchased
Other securities to be delivered
RECEIVED COMMITMENTS 465 976 665 596
Financing commitments received from credit institutions and equivalent
Guarantee commitments received from credit institutions and equivalent 432 809 630 095
Guarantee commitments received from the State and various guarantee bodies 33 167 35 501
Securities repos sold
Other securities to be received
INCOME STATEMENT AS OF DECEMBER 31ST, 2004
in KMAD
12/31/2004 12/31/2003
BANK OPERATING REVENUES 3 970 165 3 965 430
Interests and assimilated revenues on transactions with credit institutions 206 223 222 014
Interests and assimilated revenues on transactions with customers 1 683 333 1 651 741
Interests and assimilated revenues on debt securities 505 957 522 689
Revenues on title deeds 110 203 96 372
Revenues from leased and rented fixed assets
Fees on provided services 350 494 328 633
Other banking revenues 1 113 955 1 143 981
BANK OPERATING EXPENSES 1 528 644 1 736 554
Interests and assimilated expenses on transactions with credit institutions 80 805 133 063
Interests and assimilated expenses on transactions with customers 786 032 686 521
Interests and assimilated expenses on debt securities issued
Expenses on leased and rented fixed assets
Other banking expenses 661 807 916 970
NET BANKING INCOME 2 441 521 2 228 876
Non-banking operating revenues 69 671 76 634
Non-banking operating expenses 132 445 24 835
GENERAL OPERATING EXPENSES 1 316 441 1 241 963
Staff expenses 699 931 676 124
Tax expenses 35 136 21 490
External expenses 454 438 415 493
Other general operating expenses 4 987 6 715
Allowances for depreciation and provisions for intangible and tangible fixed assets 121 949 122 141
ALLOWANCES FOR PROVISIONS AND LOAN LOSSES 673 926 973 258
Allowances for non performing loans and commitments 359 080 629 740
Loan losses 175 167 284 395
Other allowances for provisions 139 679 59 123
PROVISION WRITE-BACKS AND RECOVERY ON AMORTISED DEBTS 352 844 496 891
Provision write-backs on non performing loans and commitments 308 044 400 559
Recovery of amortised debts 34 561 33 780
Other provision write-backs 10 239 62 552
CURRENT INCOME 741 224 562 345
Non-current revenues
Non-current expenses
PRE-TAX EARNINGS 741 224 562 345
Corporate tax 235 514 154 545
NET EARNINGS FOR THE YEAR 505 710 407 800
MANAGEMENT BALANCES STATEMENT AS OF DECEMBER 31ST, 2004
in KMAD
EARNINGS FORMATION TABLE 12/31/2004 12/31/2003
+ Interests and assimilated revenues 2 402 098 2 398 348
- Interests and assimilated expenses 872 907 821 143
Net interest income 1 529 191 1 577 205
+ Revenues from leased and rented fixed assets
- Expenses on leased and rented fixed assets
Profit from leasing and renting operations
+ Fees received 427 118 403 233
- Fees paid 55 445 48 124
Net fees income 371 673 355 109
+ Income from operations on transaction securities 42
+ Income from transactions on marketable securities 383 097 202 803
+ Income from exchange transactions 125 584 80 387
+ Income from derivatives transactions -23 064 -15 620
Income from Market Transactions 485 617 267 612
+ Other miscellaneous banking revenues 151 363 96 875
- Other miscellaneous banking expenses 96 323 67 925
NET BANKING INCOME 2 441 521 2 228 876
+ Net income from equity investments -213 852 40 721
+ Other non-banking operating revenues 67 428 28 563
- Other non-banking operating expenses 14 527 7 732
- General operating expenses 1 316 441 1 241 963
GROSS OPERATING INCOME 964 129 1 048 465
+ Allowances for non performing loans and commitments (net of write-backs) -191 635 -479 795
+ Other allowances net of provision write-backs -31 270 -6 325
CURRENT INCOME 741 224 562 345
NON-CURRENT INCOME
- Corporate tax 235 514 154 545
NET EARNINGS FOR THE YEAR 505 710 407 800
CASH-FLOW 12/31/2004 12/31/2003
+ NET EARNINGS FOR THE YEAR 505 710 407 800
+ Allowances for depreciation and provisions for intangible and tangible 121 949 121 917
fixed assets
+ Allowances for provisions for equity investments depreciation 98 178 23 374
+ Allowances for provisions for general risks
+ Allowances for regulated provisions
+ Non current allowances
- Provisions write-backs 33 132
- Capital gains on disposals of intangible and tangible fixed assets 41 886 4 172
+ Capital losses on disposals of intangible and tangible fixed assets 4 268 2 060
- Capital gains on disposals of equity investments 2 243 48 070
+ Capital losses on disposals of equity investments 117 918 17 103
- Write-backs of investments subsidies received
+ FINANCING CAPACITY 803 894 486 880
- Dividends distributed 216 040 220 667
+ CASH-FLOW 587 854 266 213
MAIN VALUATION METHODS APPLIED AS OF DECEMBER 31st, 2004
VALUATION METHODS APPLIED BY BMCE BANK
Application of valuation methods according to the accounting principles applied to credit institutions
cf : Accounting principles and valuation methods applied
STATEMENT OF DEROGATIONS AS OF DECEMBER 31ST, 2004
INDICATIONS OF THE DEROGATIONS JUSTIFICATION FOR THE DEROGATIONS INFLUENCE OF THE DEROGATIONS ON THE
ASSETS, FINANCIAL POSITION AND
PROFITS
I -Derogations to main accounting NONE (*)
principles
II - Derogations to valuation methods NONE (*)
III - Derogations to the rules for NONE (*)
establishing and presenting financial
statements
(*) Compliance with the specific principles of the 'Plan Comptable des
Etablissements de Credits' (Credit Institution Accounting Standards)
Cf : Accounting principles and valuation methods applied.
SUMMARY OF CHANGES IN METHODS AS OF DECEMBER 31ST, 2004
NATURE OF CHANGES JUSTIFICATIONS FOR CHANGES INFLUENCE ON THE ASSETS,
FINANCIAL
POSITION AND PROFITS
I -Changing affecting valuation methods NONE
II - Changes affecting the rules for NONE
presentation
CASH FLOW STATEMENT FROM JANUARY 1st TO DECEMBER 31st, 2004
In KMAD
12/31/2004 12/31/2003
1. (+) Banking revenues received 3 785 650 3 805 887
2. (+) Recovery of amortised debts 34 561 33 780
3. (+) Non-banking revenues received 114 202 76 634
4. ( -) Banking expenses paid 1 763 915 2 250 130
5. ( -) Non-banking expenses paid 132 445 24 835
6. ( -) General operating expenses paid 1 252 921 1 364 104
7. ( -) Corporate tax paid 235 514 154 545
I. NET CASH FLOWS FROM THE INCOME STATEMENT 549 618 122 687
Change in:
8. ( + ) Loans to credit institutions and equivalent -2 268 066 -939 657
9. ( + ) Loans to customers -1 966 057 -1 595 116
10.( + ) Debt and marketable securities -3 110 801 757 213
11.( + ) Other assets 118 111 -218 633
12.( + ) Fixed assets leased and rented out
13.( + ) Debts to credit institutions and equivalent -133 295 -2 751 493
14.( + ) Customer deposits 5 986 200 6 390 768
15.( + ) Debt securities issued
16.( + ) Other liabilities 1 018 716 50 598
II. BALANCE OF CHANGES IN OPERATING ASSETS AND LIABILITIES -355 192 1 693 680
III. NET CASH FLOWS FROM OPERATING ACTIVITIES ( I + II ) 194 426 1 816 367
17. (+) Revenues from disposals of long-term investments 75 757 401 421
18. (+) Revenues from disposals of intangible and tangible fixed assets 84 448 7 628
19. (-) Acquisitions of long-term investments 140 075 259 394
20. (-) Acquisitions of intangible and tangible fixed assets 408 262 280 624
21. (+) Interests received 88 631 70 046
22. (+) Dividends received 104 952 88 467
IV. NET CASH FLOWS FROM INVESTMENT ACTIVITIES -194 549 27 544
Change in :
23. (+) Subsidies, public funds and guarantee funds received
24. (+) Issues of subordinated debts 500 000
25. (+) Stock issues
26. ( -) Repayment of equity capital and equivalent
27. ( -) Interests paid
28. ( -) Dividends paid 216 040 220 667
V. NET CASH FLOWS FROM FINANCING ACTIVITIES -216 040 279 333
VI. NET CHANGE IN CASH ( III + IV + V ) -216 163 2 123 244
VII. OPENING CASH 5 607 500 3 484 256
VIII . CLOSING CASH 5 391 337 5 607 500
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT AS OF DECEMBER 31ST, 2004
in KMAD
CLAIMS Bank Banks in Other credit Foreign credit Total Total
Al-Maghrib Morocco institutions institutions 12/31/2004 12/31/2003
Treasury and and equivalent
giro accounts in Morocco
ORDINARY 5 370 481 314 198 195 538 533 6 107 523 6 557 019
ACCOUNTS IN
DEBIT
SECURITIES 426 928 426 982 664 345
RECEIVED AS
PLEDGES
- overnight 172 712
- time 426 982 426 982 491 633
SHORT-TERM 1 100 000 100 000 710 218 2 560 171 4 470 389 2 849 272
LOANS
- overnight 1 100 000 100 000 1 200 000 1 008 190
- time 710 218 2 560 171 3 270 389 1 841 082
FINANCIAL LOANS 2 461 065 2 461 065 2 220 055
OTHER LOANS (*) 2 895 759 39 816 591 404 3 526 979 3 021 902
RECEIVABLES 4 897 4 897 2 191
ACCRUED
INTEREST
NON PERFORMING
LOANS
TOTAL 9 366 240 572 009 3 369 478 3 690 108 16 997 835 15 314 784
Comments: (*) The PL 480 of MAD 2 895 759 million is included in the line 'other loans'
LOANS AND ADVANCES TO CUSTOMERS AS OF DECEMBER 31ST, 2004
in KMAD
CLAIMS Public sector PRIVATE SECTOR Total 12/31/2004 Total 12/31/2003
Financial Non financial Other customers
companies companies
SHORT-TERM LOANS 1 771 630 706 284 9 356 593 788 816 12 623 323 12 563 916
- Deposit 1 752 525 706 284 4 080 935 731 291 7 271 035 7 127 630
accounts in debit
- Commercial 320 1 255 900 1 256 220 1 380 419
loans in Morocco
- Export loans 910 333 423 334 333 1 478 055
- Other cash 17 875 3 686 335 57 525 3 761 735 2 577 812
loans
CONSUMER LOANS 1 656 656 1 656 656 1 406 682
EQUIPMENT LOANS 442 012 4 941 958 472 113 5 856 083 5 136 121
MORTGAGE LOANS 52 747 3 170 399 3 170 399 1 852 670
OTHER LOANS 44 499 629 994 951 214 313 792 1 939 499 2 434 864
ADVANCES ACQUIRED
BY FACTORING
RECEIVABLES 250 750 250 750 253 895
ACCRUED INTEREST
NON PERFORMING 25 212 9 047 547 875 295 213 877 347 813 617
LOANS
- Substandard 4 797 1 4 798 74 295
loans
- Doubtful loans 8 940 47 473 3 999 60 412 8 116
- Loss loans 25 212 107 495 605 291 213 812 137 731 206
TOTAL 2 283 353 1 345 325 15 797 640 6 947 739 26 426 804 24 461 765
DETAIL OF OTHER ASSETS
in KMAD
HEADING AMOUNT COMMENT
OPTIONAL INSTRUMENTS 318
Miscellaneous transactions on securities (debit) 318 Coupons to be received
Sums settled to be recovered from securities
issuers
Other settlement accounts concerning transactions
on securities
OTHER DEBTORS 240 948
- Sums due by the State 209 208 Deductible VAT, advances Corp Tax, TPPRF State
and exchange loss receivable from the Treasury
- Sums due by provident companies 10 408
- Receivable from staff 10 554 Advances to staff
- Receivable for non-banking services
- Other debtors 10 778 Deposits, guarantees and stocks
OTHER SECURITIES AND ASSETS 6 740
- Other securities and assets 6 740 Furniture stock
OFF-BALANCE SHEET ADJUSTMENT ACCOUNTS (DEBIT) 81 132 Spot & forward Exchange and structural position
CURRENCIES AND SECURITIES DISCREPANCY ACCOUNTS
(DEBIT)
Potential losses on hedging transactions non
settled
Deferred losses on hedging transactions non settled
DEFERRED EXPENSES 16 901 Cap Client and other deferred expenses
LIAISON ACCOUNTS BETWEEN THE HEAD OFFICE, BRANCHES 53 625
AND AGENCIES IN MOROCCO (DEBIT)
ACCRUED INCOME AND PREPAYMENT 196 512
- Accrued income 188 891
- Prepayment 7 621
TRANSITORY ACCOUNTS 26 569 Unrealised exchange gains or losses related to
equity investment in foreign currencies
NON PERFORMING LOANS ON MISCELLANEOUS TRANSACTIONS
PROVISIONS FOR NON PERFORMING LOANS ON 646 230
MISCELLANEOUS TRANSACTIONS
TOTAL 1 268 975
BREAKDOWN OF TRANSACTION & MARKETABLE SECURITIES AND INVESTMENT SECURITIES BY CATEGORY OF ISSUER
in KMAD
Credit Public Private issuers Total Total
institutions and issuers 12/31/2004 12/31/2003
equivalent
Financial Non financial
QUOTED SECURITIES 717 275 7 511 600 3 270 708 179 198 11 678 781 8 282 155
- Treasury bonds 7 511 600 7 511 600 6 949 119
and equivalent
securities
- Bonds
- Other debt 236 261 179 198 415 459 492 638
securities
- Title deeds 481 014 3 270 708 3 751 722 840 398
UNQUOTED 1 379 795 1 081 442 795 937 3 257 174 3 667 630
SECURITIES
- Treasury bonds 924 804 924 804 1 186 154
and equivalent
securities
- Bonds 49 500 156 638 110 395 316 533 437 436
- Other debt 1 330 295 685 542 2 015 837 2 044 040
securities
- Title deeds
ACCRUED INTEREST 104 587 108 754
TOTAL 2 097 070 8 593 042 3 270 708 975 135 15 040 542 12 058 539
DATING AND SUBSEQUENT EVENTS
I. DATING
. Date of the end of the fiscal year (1) December 31st, 2004
. Date of financial statements performance (2) March, 11th 2005
(1) Justification in case of a change in the date of the end of the fiscal year
(2) Justification in the case of an overrun on the statutory period of three months allowed
for drawing up the financial statements.
II. EVENTS OCCURRING SUBSEQUENT TO THE END OF THE FISCAL YEAR NOT CHARGED TO THIS YEAR AND KNOWN BEFORE THE 1ST
EXTERNAL DISCLOSURE OF THE FINANCIAL
Indication of events
. Favourable NONE
. Unfavourable NONE
EQUITY INVESTMENT AND EQUIVALENT
Name of the issuing Sector of Share Equity Overall Provisions Net book Revenues
company activity capital Holding acquisition value recorded
as % price in the
year's
income
statement
(KMAD)
EQUITY HOLDINGS 38 420 083.75 2 010 099.00
SOCIETE CASA Financial 114 862 500 33.40 38 420 083.75 38 420 083,75
FINANCE MARKET company
CAISSE MAROCAINE Financial 100 000 000 16.59 13 009 501.00 13 009 501.00 0.00
DES MARCHES institution
MARTKO (MAGHREB Financial 600 000 000 20.00 970 638.00 970 638.00 0.00
ARAB TRADING inst. USD
Cdegrees)
RADIO MEDITERRANEE Audiovisual 11 000 000 25.50 5 050 000.00 5 050 000.00
INTERNATIONAL
EUROCHEQUE MAROC Means of 5 000 000 28.72 143 900.00 143 900.00
payment
STE CONSEIL Engineering 18 772 000 19.53 2 000 000.00 2 000 000.00 183 340.00
INGENIERIE ET consultants
DEVELOPPEMENT
STE RECOURS Debt 2 500 000 15.00 375 000.00 375 000.00 30 000.00
collection
COMANAV Maritime 677 320 000 11.62 86 373 585.00 86 373 585.00
transport
ACMAR Insurance and 50 000 000 20.00 10 001 000.00 10 001 000.00
service
STE IPE Publishing and 4 000 000 10.00 400 000.00 400 000.00
printing
TANGER ZONE FRANCHE Development 105 000 000 12.86 13 500 000.00 13 500 000.00
co.
RMA WATANYA Insurance 1 774 400 800 19.25 1 347 916 542.06 1 347 916 542.06 63 230 940.00
BANQUE DE Foreign credit 3 759 560 000 20.73 70 514 052.35 70 514 052.35 2 911 513.00
DEVELOPPEMENT DU inst. CFA
MALI
CONGOLAISE DES Foreign credit 1 525 000 25.00 17 091 437.50 17 091 437.50
BANQUES inst.
INFORMATION Information 26 500 000 10.00 2 650 000.00 2 650 000.00
TECHNOLOGY SOLUTION processing
CENTRE MONETIQUE Electronic 98 200 000 11.20 11 000 000.00 11 000 000.00
INTERBANCAIRE payment mgt
M@FINANCE.COM Holding co. 30 000 000 20.00 6 000 000.00 6 000 000.00
MOROCAN INFORMATION Real est. mgt. 46 000 000 12.28 5 650 000.00 5 650 000.00
TECHNO PARC CIE techno park
1 631 065 739.66 13 980 139.00 1 617 085 600.66
SECURITIES OF RELATED COMPANIES
B.M.C.E. MADRID Foreign credit 18 030 000 75.00 156 545 450.62 156 545 450.62
inst. EUR
MAGHREBAIL Leasing 102 532 000 35.00 129 926 465.63 129 926 465.63 7 177 240.00
MAROC FACTORING Factoring 15 000 000 95.00 16 208 700.00 16 208 700.00 855 000.00
ISTITMAR WA PF INVESTMENT 10 000 000 50.00 5 000 000.00 5 000 000.00
MOUSSAHAMA
STE ATTACHYID OUAL Real Estate 10 000 000 100.000 10 000 000.00 7 279 270.73 2 720 729.27
MABANI
DOCUPRINT Service co. 4 000 000 100.00 4 000 000.00 4 000 000.00 846 627.00
BMCE CAPITAL BOURSE Brokerage firm 10 000 000 67.50 6 750 000.00 6 750 000.00
BMCE CAPITAL Mutual fund 5 000 000 100.00 6 442 928.01 6 442 928.01 12 000 000.00
GESTION mgt
STE CONSULTITRES Mutual fund 1 000 000 50.00 500 000.00 500 000.00
mgt
STE SALAFIN Consumer 103 000 000 97.09 100 000 000.00 100 000 000.00 7 766 602.00
credit
BMCE CAPITAL Investment 100 000 000 100.00 100 000 000.00 100 000 000.00
bank
535 373 544.26 7 279 270.73 528 094 273.53
SECURITIES/ACTIVITIES OF THE PORTFOLIO
AFREXIM BANK Foreign credit 146 440 000 0.21 2 468 835.00 2 468 835.00 32 252.00
(African Import inst. USD
Export)
PROPARCO Multi-national 142 560 000 2.50 39 770 683.23 39 770 683.23 81 763.00
credit inst. EUR
E.S.I.H. Foreign credit 260 400 000 1.79 153 828 329.65 153 828 329.65 3 052 501.00
inst. EUR
E.S.F.G. Foreign credit 479 086 000 1.48 154 476 482.80 154 476 482.80 601 053.00
inst. EUR
UBAE ARAB ITALIAN Foreign credit 110 000 000 4.82 74 242 343.79 74 242 343.79
BANK inst. EUR
STE CIVILE FIN FUND Equity 100 000 50.00 50 000.00 50 000.00
investment
FONDS D Investment 25 000 000 12.00 21 105 897.60 21 105 897.60
INVESTISSEMENT fund USD
CAPITAL MOROCCO
FONDS ESPAGNOL Investment 7 401 000 2.63 33 622 500.00 33 622 500.00
MARCO POLO INVEST. fund EUR
S.C.R.
FINAFUND USA Investment 81 525 000 17.50 83 940 390.00 83 940 390.00
fund USD
FINAFUND EUROPE Investment 40 000 000 17.50 49 922 688.00 49 922 688.00
fund EUR
613 428 150.07 613 428 150.07
OTHER EQUITY INVESTMENT
MEDITELECOM Telecoms 8 333 368 000 5.00 441 503 300.00 441 503 300.00
C.I.H. Credit inst.3 323 363 000 4.65 197 277 478.00 156 329 669.81 40 947 808.19
BANQUE CENTRALE Credit inst. 588 805 000 2.99 87 230 275.14 87 230 275.14 3 724 820.00
POPULAIRE
BANK AL AMAL Credit inst. 500 000 000 0.19 971 000.00 971 000.00
FONDS MONETAIRE Financial 500 000 000 0.05 2 468 835.00 2 468 835.00 36 038.00
ARABE(ARAB TRADE inst. USD
FINANCING PROGRAM)
LA CELLULOSE DU Paper pulp 650 484 000 0.81 3 393 433.00 3 393 433.00
MAROC
CIE IMMOBILIERE Real estate 20 000 000 0.32 8 500.00 8 500.00
FONCIERE MAROCAINE CO.
C.M.K.D. Holding CO. 661 989 000 1.02 7 062 374,99 7 062 374,99
SIDET Holding CO. 75 500 000 1.68 1 268 300.00 413 846.29 854 453.71
STE D'AMENAGEMENT Development co 60 429 000 1.65 1 000 000.00 1 000 000.00
DU PARC INDUSTRIE
RISMA Tourism 489 077 000 5.42 29 950 000.00 29 950 000.00
SMAEX Insurance 30 000 000 5.63 1 690 000.00 1 690 000.00
GECOTEX Industry 10 000 000 5.00 500 000.00 500 000.00
STE NATIONALE DES Road 2 646 363 000 0.19 5 000 000.00 1 010 800.00 3 489 200.00
AUTOROUTES infrastructure
DAR ADDAMANE Guarantee 75 000 000 0.64 480 500.00 480 500.00
bodies
STE IMMOBILIERE Real estate 19 005 000 6.67 1 267 000.00 1 267 000.00
SIEGE GPBM
CASA WORLD TRADE Real estate 3 500 000 2.73 95 500.00 95 500.00
CENTER
FRUMAT Agribusiness 13 000 000 3.08 1 450 000,00 1 450 000.00
MAROCLEAR Central 20 000 000 4.02 803 000.00 803 000.00
custodian
SOCIETE ALLICOM Industry 20 000 000 2.20 500 000.00 500 000.00
MAROC
SINCOMAR Agribusiness 37 440 000 0.13 49 400.00 49 400.00
Banque Populaire Financial 2 billion 7.50 1 708 572.39 1 708 572.392
Maroco Centre inst. FCFA
africaine
SWIFT Service CO. 434 020 000 0.01 24 170.88 24 170.88
EUR
FONDS DE SOUTIEN Support 500 000 000 0.05 240 250.00 240 250.00
ACTIONS BAA Actions 785 941 889.40 159 704 316.1 626 237 573.3
Shareholder's 126 160 282.55 2 052 000.00 124 108 282.55
accounts
MEDITELECOM 102 107 362.95 102 107 362.95
ISTITMAR WA 18 000 000.00 18 000 000.00
MOUSSAHAMA
MAGHREBAIL 2 500 000.00 2 500 000.00
MARTCO 1 500 000.00 1 500 000.00
Siege G.P.B.M. 1 446 419.60 1 446 419.60
ALLICOM MAROC 552 000.00 552 000.00
WORLD TRADE CENTER 54 500.00 54 500.00
3 691 969 180 015 3 508 953 104 539
605.94 725.83 880.11 788.00
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT
AS OF DECEMBER 31ST, 2004
in KMAD
CREDIT INSTITUTIONS AND EQUIVALENT IN MOROCCO
Bank Al-Maghrib, Banks in Other credit Credit
Treasury and giro Morocco institutions and institutions Total Total
current account equivalent in abroad 12/31/2004 12/31/2003
Morocco
ORDINARY CREDIT 194 313 7 204 170 091 371 608 295 917
ACCOUNTS
SECURITIES 227 266 182 000 409 266 1 313 726
PLEDGED
- overnight 182 000 182 000 2 000
- time 227 266 227 666 1 311 726
CASH BORROWING 1 315 177 1 315 177 1 151 245
- overnight 138 550
- time 1 315 177 1 315 177 1 012 695
FINANCIAL 111 365 528 789 68 473 123 170 831 797 920 917
BORROWING
OTHER DEBTS 83 451 401 841 485 292 95 748
PAYABLE ACCRUED 5 797 18 955
INTERESTS
TOTAL 338 631 806 553 257 677 2 010 279 3 418 937 3 796 508
TANGIBLE AND INTANGIBLE FIXED ASSETS
FROM JANUARY 1ST TO DECEMBER 31ST, 2004
in KMAD
CATEGORY Gross Acquisitions Disposals or Gross Depreciation and/or provisions Net
amount of the year withdrawals amount amount
at the of the year at the at the
beginning end of end of
of the the the
year year year
Depreciation Allowance Depreciation
and/or for the year on fixed assets
provisions at withdrawn Total
the beginning
of the year
INTANGIBLE 92 524 20 539 113 063 27 987 14 268 42 255 70 808
FIXED ASSETS
- Leasehold 27 148 1 310 28 458 28 458
rights
- Investment
in research
and
development
- Other 65 376 19 229 84 605 27 987 14 268 42 255 42 350
operating
intangible
fixed assets
-
Non-operating
intangible
fixed assets
TANGIBLE 2 302 311 390 901 53 945 2 640 264 1 331 079 108 795 11 422 1 428 451 1 211 813
FIXED ASSETS
- OPERATING 464 039 235 005 7 625 691 419 120 287 13 690 106 133 871 557 548
BUILDINGS
. Operating 61 164 31 982 93 146
land
. Operating 402 875 203 023 7 625 598 273 120 287 13 690 106 133 871 464 402
buildings.
Offices
. Operating
buildings.
Staff
housing
- OPERATING 890 947 65 922 8 179 949 687 714 948 51 300 6 825 759 423 190 264
FURNITURE
AND
EQUIPMENT
. Operating 204 097 11 251 616 215 348 149 962 11 713 616 161 058 54 290
office
furniture
. Operating 146 811 6 476 381 153 287 125 248 8 062 381 132 929 20 358
office
equipment
. Computer 485 801 44 097 2 854 527 044 392 060 26 621 1 610 417 071 109 973
equipment
. Operating 24 164 1 716 4 328 21 552 20 584 1 759 4 218 18 125 3 427
vehicles
. Other 30 074 2 382 32 456 27 094 3 146 30 240 2 216
operating
equipment
- OTHER 712 303 28 460 1 715 739 048 454 134 36 125 1 715 488 544 250 504
OPERATING
TANGIBLE
FIXED ASSETS
- 235 022 61 514 36 426 260 110 41 710 7 680 2 776 46 614 213 496
NON-OPERATING
TANGIBLE
FIXED ASSETS
. 40 988 17 458 33 58 413 58 413
Non-operating
land
. 118 659 38 762 34 186 123 235 24 756 5 030 637 29 149 94 086
Non-operating
buildings
. 18 740 2 505 151 21 094 10 076 1 764 121 11 719 9 375
Non-operating
furniture
and
equipment
. Other 56 635 2 789 2 056 57 368 6 878 886 2 018 5 746 51 622
non-operating
tangible
fixed assets
TOTAL 2 394 835 411 440 53 945 2 753 327 1 359 066 123 063 11 422 1 470 706 1 282 621
CUSTOMER DEPOSITS
AS OF DECEMBER 31ST, 2004
in KMAD
DEPOSITS Private sector
Public sector Financial Non-financial Other Total Total
companies companies companies 12/31/2004 12/31/2003
DEMAND CREDIT 1 536 274 1 461 383 5 266 829 14 834 705 23 099 191 23 191 558
ACCOUNTS
SAVINGS ACCOUNTS 8 540 900 8 540 900 7 636 825
TIME DEPOSITS 2 169 203 4 371 1 224 284 8 501 691 11 899 549 11 024 834
OTHER CREDIT 2 942 374 4 577 613 1 345 282 571 754 9 437 023 5 277 128
ACCOUNTS (*)
PAYABLE ACCRUED 287 170 174 720
INTERESTS
TOTAL 6 647 851 6 043 367 7 836 395 32 449 050 53 263 833 47 305 065
( * ) Including PL 480 for MAD 2 895 759
DETAIL OF OTHER LIABILITIES
AS OF DECEMBER 31ST, 2004
in KMAD
LIABILITIES Amount 12/31/2004
OPTIONAL INSTRUMENTS SOLD
MISCELLANEOUS TRANSACTIONS ON SECURITIES
OTHER CREDITORS 413 489
State debt 320 514
Social security and provident societies debts 44 223
Staff debt 29 335
Shareholders and partners debt 2 999
Supply of goods and services
Other creditors 16 418
ACCRUAL ACCOUNTS 1 006 523
Adjustment accounts of off-balance sheet transactions
Currencies and securities differential accounts 107 969
Profit on hedging instruments 4 676
Liaison accounts between the head office, branches and Moroccan agencies
Expenses payable and prepaid income 94 636
Other accruals 799 242
TOTAL 1 420 012
P R O V I S I O N S
FROM JANUARY 1ST TO DECEMBER 31ST, 2004
in KMAD
PROVISIONS Amount 12/31/2003 Allowances Write-backs Other Changes Amount 12/31/2004
PROVISIONS, DEDUCTED FROM 1 912 765 473 237 170 531 157 009 2 058 462
ASSETS, ON:
Loans to credit
institutions and equivalent
Loans and advances to 1 752 863 359 075 150 367 157 307 1 804 264
customers
Doubtful interest 33 118 1 667 31 451
Marketable securities 20 064 18 497 1 567
Equity investments and 106 720 114 162 -298 221 180
equivalent assets
Leased and rented fixed
assets
Other assets
PROVISIONS RECORDED UNDER 195 416 81 173 10 221 4 323 270 691
LIABILITIES
Provisions for risks of 17 511 8 574 -13 060 13 025
fulfilment commitments
Provisions for exchange
risks
Provisions for general 168 256 997 10 221 17 383 176 415
risks (1)
Provisions for retirement
pensions and similar
obligations
Provisions for other risks 9 649 16 920 26 569
and expenses
Regulated provisions (2) 54 682 54 682
TOTAL 2 108 181 554 410 180 752 161 332 2 329 153
(1) Of which KMAD 150 000 corresponding to a provision constituted after tax in
1999 and allocated in 2002 et 2003 to cover some identified risks. Those
risks being hedged during FY 2004, the said provision has been cleared.
(2) Provision constituted after tax in 2003 corresponding to the commitment to
reinvest revenues from divestment of financial and non financial fixed
assets
SUBORDINATED DEBTS AS OF DECEMBER 31ST, 2004
in KMAD
Total AFFILIATES FY 2004 FY 2003
Credit Financial Non Financial Other affiliates
Institutions Companies Companies
Subordinated Debts 500 000 20 000 143 000 500 000 500 000
SHAREHOLDERS' EQUITY
FROM JANUARY 1ST TO DECEMBER 31ST, 2004
In KMAD
SHAREHOLDERS' EQUITY Amount 12/31/2003 Appropriation of profit Other changes Amount
12/31/2004
Revaluation reserve
Legal reserve 246 534 18 503 265 037
Other reserves 2 558 758 112 748 4 173 2 675 679
Issuance, merger and 596 218 596 218
contribution premiums
Provision considered as a 54 682 54 682
general reserve
Capital 1 587 514 1 587 514
Called-up capital
Uncalled capital
Investment certificates
Allowance fund
Shareholders. Unpaid-up
capital
Retained earnings (+/-) 91 -79 22 088 22 100
Net earning being 15 304 -15 304
appropriated (+/-)
Net earning for fiscal 2003 407 800 238 127
(+/-)
Sub-Total 5 412 219 16 181(1) 5 201 230
Net earning for fiscal 2004 505 710
(+/-)
TOTAL 5 412 219 5 706 940
(1) Income from Tangier Free Zone as of December 12/31/2001
FINANCING AND GUARANTEE COMMITMENTS
AS OF DECEMBER 31ST, 2004
In KMAD
12/31/2004 12/31/2003
FINANCING AND GUARANTEE COMMITMENTS GIVEN 11 053 099 10 832 160
Financing commitments on behalf of credit institutions and 584 296 997 032
equivalent
Import letters of credit
Payment acceptances or commitments
Opening of confirmed credit
Substitution commitments on issuing of securities
Irrevocable leasing commitments
Other financing commitments given 584 296 997 032
Financing commitments on behalf of customers 4 179 956 3 755 870
Import letters of credit 3 107 726 2 422 822
Payment acceptances or commitments 406 117 465 699
Opening of confirmed credit
Substitution commitments on issuing of securities
Irrevocable leasing commitments
Other financing commitments given 666 113 867 349
Guarantee commitments for credit institutions and equivalent 1 953 234 1 676 793
Confirmed export letters of credit 250 168 184 866
Payment acceptances or commitments 156 173 130 614
Credit guarantee given
Other security, endorsements and guarantees given 1 546 893 1 361 313
Non performing commitments
Guarantee commitments for customers 4 335 613 4 402 465
Credit guarantees given
Security and guarantees given on the behalf of the public 2 619 995 2 691 689
administration
Other security and guarantees given 1 715 618 1 710 776
Non performing commitments
FINANCING AND GUARANTEE COMMITMENTS RECEIVED 465 976 665 596
Financing commitments received from credit institutions and
equivalent
Opening of confirmed credit
Substitution commitments on issuing of securities
Other financing commitments received
Guarantee commitments received from credit institutions and 432 809 630 095
equivalent
Credit guarantees 331 248 145 221
Other guarantees received 101 561 484 874
Guarantee commitments received from the State and other 33 167 35 501
guarantee
Credit guarantee 33 167 35 501
Other guarantees received
FORWARD EXCHANGE TRANSACTIONS AND COMMITMENTS ON DERIVATIVES
AS OF DECEMBER 31ST, 2004
in KMAD
Hedging transactions Other transactions Paris Branch
As of 12/31/2004 12/31/2003 12/31/2004 12/31/2003
Forward Exchange 5 681 377 8 266 677 1 342 827 535 239
Transactions
Currency to be received 482 054 1 958 613 472 654 203 313
Currency to be delivered 2 370 611 3 261 602 453 231 224 792
Dirhams to be received 2 399 770 2 195 951 416 941 107 134
Dirhams to be delivered 428 942 850 511
Of which financial
currency swaps
Commitments on 61 647 1 069 341 1 075 983
derivatives
Commitments on regulated 1 069 341 1 075 983
interest rate markets
Commitments on OTC 60 000
interest rate markets
Commitments on regulated
exchange rate markets
Commitments on OTC 1 647
exchange rate markets
Commitments on regulated
markets for other
instruments
Commitments on OTC
markets for other
instruments
SECURITIES AND SURETIES RECEIVED AND GIVEN AS GUARANTEES
AS OF DECEMBER 31ST, 2004
in KMAD
Securities and sureties received Net book Assets or off-balance sheet Amounts of the loans or
as guarantees value headings recording loans or signature commitments given
commitments given covered
Treasury bonds and equivalent 1 056 976 Treasury bonds received as 1 056 976
securities pledges
Other securities Negotiable debt securities
received as pledges
Mortgages
Other real securities and
sureties
TOTAL 1 056 976 1 056 976
Securities and sureties given as Net book Liabilities or off-balance sheet Amounts of the loans or
guarantees value headings recording loans or signature commitments received
commitments received covered
Treasury bonds and equivalent 409 266 Treasury bonds given as pledges 409 266
securities
Other securities Bills given as pledges
Mortgages
Other real securities and
sureties
TOTAL 409 266 409 266
BREAKDOWN OF TOTAL ASSETS, LIABILITIES AND OFF - BALANCE SHEET IN FOREIGN CURRENCY AS OF DECEMBER 31ST, 2004
in KMAD
BALANCE SHEET Amount
12/31/2004
ASSETS 7 367 853
Cash, Central Banks, Treasury, Giro Accounts 78 966
Loans to credit institutions and equivalent 3 481 874
Loans and advances to customers 2 180 219
Transaction, marketable and investment securities
Other assets 327 066
Equity investments and equivalent uses 1 134 095
Subordinated loans 163 218
Fixed assets leased and rented
Intangible and tangible fixed assets 2 415
LIABILITIES 4 190 731
Cash, Central Banks, Treasury, Giro Accounts
Liabilities to credit institutions and equivalent 2 275 519
Customer deposits 1 162 190
Debt securities issued
Other liabilities 753 022
Subsidies, Assigned Public Funds and Special Guarantee Funds
OFF BALANCE SHEET 6 993 793
Commitments given 6 922 428
Commitments received 71 365
INTEREST MARGIN
AS OF DECEMBER 31ST, 2004
in M MAD
AVERAGE CAPITAL Amounts Average Cost Rate of Return
Average amount of uses 26 374.0 1 600.0 6.07%
Average amount of resources 38 571 632,3 1.64%
NB : This table shows only average amounts of uses and resources related to
domestic activity
REVENUES ON TITLE DEEDS
AS OF DECEMBER 31ST, 2004
in KMAD
CATEGORY OF SECURITIES REVENUES RECEIVED
Marketable securities
Equity investments 68 366
Investments in related companies 28 645
Equivalent assets 7 529
TOTAL 104 540
AS OF DECEMBER 31ST, 2004
In KMAD
FEES Amount
Fess Received 530 029
On transactions with credit institutions 5 133
On transactions with customers 56 931
On exchange transactions 76 615
Concerning operations on the primary securities markets
On derivatives
On transactions on securities under management and custody 30 201
On means of payment 126 919
On consulting and assistance
On sales of insurance products 11 043
On other services 223 187
Fees Paid 64 304
On transactions with credit institutions 1 220
On transactions with customers
On exchange transactions 22 219
Concerning operations on the primary securities markets
On derivatives
On transactions on securities under management and custody 6 524
On means of payment 28 360
On consulting and assistance
On sales of insurance products
On other services 5 981
INCOME FROM MARKET TRANSACTIONS
AS OF DECEMBER 31ST, 2004
in KMAD
REVENUES AND EXPENSES Amount
Revenues 996 168
Gains on transaction securities
Capital gains on disposal of marketable securities 396 271
Provision write-backs on depreciation of marketable securities 18 496
Gains on derivatives 56 070
Gains on exchange transactions 525 331
Expenses 510 550
Losses on transaction securities
Capital losses on disposals of marketable securities 31 670
Provisions for depreciation of marketable securities
Losses on derivatives 79 130
Losses on exchange transactions 399 751
GENERAL OPERATING EXPENSES
AS OF DECEMBER 31ST, 2004
In KMAD
Expenses 12/31/2004 12/31/2003
Staff expenses 699 931 676 124
Expenses 12/31/2004 12/31/2003
Taxes 35 136 21 490
Expenses 12/31/2004 12/31/2003
External expenses 454 438 356 249
Expenses 12/31/2004 12/31/2003
Allowances for depreciation and provision for intangible and tangible fixed assets 121 949 122 141
OTHER REVENUES AND EXPENSES
AS OF DECEMBER 31ST, 2004
in KMAD
REVENUES AND EXPENSES 12/31/2004 12/31/2003
OTHER BANKING REVENUES AND EXPENSES 452 148 227 911
Other banking revenues 1 113 955 1 143 981
Other banking expenses 661 807 916 070
NON-BANKING OPERATING REVENUES AND EXPENSES 12/31/2004 12/31/2003
NON-BANKING OPERATING REVENUES AND EXPENSES -62 774 51 799
Non-banking operating revenues 69 671 76 634
Non-banking operating expenses 132 445 24 835
OTHER EXPENSES 12/31/2004 12/31/2003
Allowances for provisions and losses on irrecoverable loans 673 926 973 258
OTHER REVENUES 12/31/2004 12/31/2003
Provision write-backs and recoveries on amortised debts 352 844 496 891
DEBT SECURITIES ISSUED AS OF DECEMBER 31ST 2004 NONE
SUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS AS OF DECEMBER 31ST 2004 NONE
COMMITMENTS ON SECURITIES NONE
This information is provided by RNS
The company news service from the London Stock Exchange