Banque Marocaine Du Commerce Exteri
04 July 2005
CONSOLIDATED ANNUAL RESULTS 2004
FINANCIAL PRESS RELEASE
VERY STRONG GROWTH IN CONSOLIDATED RESULTS
• +66% rise in consolidated Net Profit to MAD 702.1 m. This growth is more
sustained than in aggregated activity (+24%), thanks to the significant
contribution of some subsidiaries, notably BMCE Capital Bourse, Banque de
Developpement du Mali, and Maghrebail.
• +67.3% upsurge in consolidated Net Income -Group's Share- to MAD 676.1
m. On a comparable basis (*), this growth would be +61.2%
• +12.8% growth in consolidated Net Banking Income to MAD 2.8 bn, versus
+9.5% in aggregated activity. This growth differential resulted from the
positive performance of the group's subsidiaries, Salafin, BMCE Capital
Bourse and BMCE Capital Gestion.
• +10.4% increase in consolidated Gross Operating Income to MAD 1.23 bn,
versus a -8% decrease for the aggregated activity, due to the important
contribution of Salafin, Maghrebail, and BMCE Capital Bourse.
• -3.2pp improvement in consolidated cost to income ratio against -1.8pp in
aggregated activity.
• +7.9% increase in consolidated Shareholders' Equity, with a consolidated
ROE of 13.4%, up by +4.9pp.
• +12% growth in consolidated total assets to MAD 69.2 bn.
LIST OF CONSOLIDATION
Consolidation Methods % of control
Full consolidation
Maroc Factoring 95.0%
Salafin 97.1%
Maghrebail 35.0%
BMCE International 75.0%
BMCE Capital 100.0%
BMCE Capital Bourse 100.0%
BMCE Capital Gestion 100.0%
Equity Method
Casablanca Finance Markets (CFM) 33.3%
Acmar 20.0%
Banque de Developpement du Mali (BDM) 20.7%
Radio Mediterranee Internationale (RMI) 25.5%
(*) The list of consolidation for FY 2004 excluded:
- Interfina after its disposal
- Al Wataniya, whose merger with the insurance company RMA reduced BMCE
Bank's participation in RMA Watanya to 19.25%, a stake below the threshold for
consolidation (20%).
CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31st, 2004
(In thousand MAD)
ASSETS 12/31/2004 12/31/2003
CASH, CENTRAL BANKS, TREASURY, GIRO ACCOUNTS 5 404 551 5 612 727
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT 11 056 390 8 869 961
. Demand 1 826 885 2 032 996
. Time 9 229 505 6 836 965
LOANS AND ADVANCES TO CUSTOMERS 26 814 652 28 666 733
. Cash and consumer loans 14 855 740 14 388 416
. Equipment loans 5 885 428 8 894 950
. Mortgage loans 3 231 303 1 859 434
. Other loans 2 842 181 3 523 933
LEASING AND RENT OPERATIONS 4 464 533
ADVANCES ACQUIRED BY FACTORING 644 624 474 167
TRANSACTION AND MARKETABLE SECURITIES 14 283 774 11 326 896
. Treasury bonds and equivalent securities 8 542 115 8 246 167
. Other debt securities 1 915 361 2 183 527
. Title deeds 3 826 298 897 202
OTHER ASSETS 1 518 135 1 422 875
INVESTMENT SECURITIES 509 688 638 488
. Treasury bonds and equivalent securities 27 29
. Other debt securities 509 661 638 459
EQUITY INVESTMENT OF NON CONSOLIDATED AFFILIATES 2 925 289 2 481 663
SECURITIES CONSOLIDATED BY THE EQUITY METHOD 160 193 694 494
. Financial companies 130 277 694 494
. Other companies 29 916
SUBORDINATED LOANS -
FIXED ASSETS LEASED AND RENTED -
INTANGIBLE FIXED ASSETS 79 811 71 086
TANGIBLE FIXED ASSETS 1 309 329 1 061 098
GOODWILL ON ACQUISITION 25 346 463 024
TOTAL ASSETS 69 196 315 61 783 212
(In thousand MAD)
LIABILITIES 12/31/2004 12/31/2003
CENTRAL BANKS, TREASURY, GIRO ACCOUNTS
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT 4 737 251 5 227 554
. Demand 406 870 661 147
. Time 4 330 381 4 566 407
CUSTOMER DEPOSITS 53 925 237 47 829 768
. Demand deposits 23 392 267 23 254 685
. Savings deposits 8 548 857 7 643 524
. Time deposits 16 699 305 11 883 100
. Other deposits 5 284 808 5 048 459
DEBT SECURITIES ISSUED 1 019 551 723 881
. Negotiable debt securities 759 325 723 881
. Bond loans 260 226
. Other debt securities issued -
OTHER LIABILITIES 2 545 503 1 505 029
GOODWILL ON ACQUISITION
CONTINGENT LIABILITIES 227 152 205 659
REGULATED PROVISIONS
SUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS 7 397 3 958
SUBORDINATED LOANS 500 000 500 000
PREMIUMS RELATED TO CAPITAL 3 559 034 3 422 908
CAPITAL 1 587 514 1 587 514
SHAREHOLDERS, UNPAID UP CAPITAL
CONSOLIDATED RESERVES, REVALUATION RESERVE, UNREALISED EXCHANGE 385 579 353 935
GAINS/LOSSES DIFFERENTIALS AND DIFFERENCE IN EQUITY METHOD
. Group share 106 505 81 022
. Minority interests 279 074 272 913
NET INCOME FOR THE YEAR 702 097 423 006
. Group share 676 116 404 109
. Minority interests 25 981 18 897
TOTAL LIABILITIES 69 196 315 61 783 212
CONSOLIDATED OFF-BALANCE SHEET
AS OF DECEMBER 31st, 2004
In thousand MAD
OFF-BALANCE 12/31/2004 12/31/2003
GIVEN COMMITMENTS 12 139 295 12 007 383
Financing commitments given on behalf of credit institutions 220 128 802 694
and equivalent
Financing commitments given on behalf of customers 4 602 044 4 088 107
Guarantee commitments given to credit institutions and 1 967 351 1 682 706
equivalent
Guarantee commitments given to customers 5 349 772 5 433 876
Securities repos purchased - -
Other securities to be delivered - -
RECEIVED COMMITMENTS 1 824 300 1 290 920
Financing commitments received from credit institutions and 345 674 119 642
equivalent
Guarantee commitments received from credit institutions and 1 132 603 1 135 777
equivalent
Guarantee commitments received from the State and various 346 023 35 501
guarantee bodies
Securities repos sold - -
Other securities to be received - -
CONSOLIDATED INCOME STATEMENT
AS OF DECEMBER 31st, 2004
In thousand MAD
12/31/2004 12/31/2003
BANK OPERATING REVENUES 4 440 667 4 323 189
Interests and assimilated revenues on transactions with credit 168 305 176 751
institutions
Interests and assimilated revenues on transactions with 2 124 735 2 026 609
customers
Interests and assimilated revenues on debt securities 505 957 523 515
Revenues on title deeds 80 383 38 762
Revenues from leased and rented fixed assets - -
Fees on provided services 434 857 384 756
Other banking revenues 1 126 430 1 172 796
BANK OPERATING EXPENSES 1 660 082 1 857 775
Interests and assimilated expenses on transactions with credit 155 564 206 393
institutions
Interests and assimilated expenses on transactions with 789 490 689 975
customers
Interests and assimilated expenses on debt securities issued 64 364 44 122
Expenses on leased and rented fixed assets
Other banking expenses 650 664 917 285
NET BANKING INCOME 2 780 585 2 465 414
Non-banking operating revenues 69 191 73 939
Non-banking operating expenses 32 109 42 103
GENERAL OPERATING EXPENSES 1 489 728 1 399 070
Staff expenses 820 086 785 293
Tax expenses 38 502 24 639
External expenses 488 288 445 252
Other general operating expenses 5 641 9 422
Allowances for depreciation and provisions for intangible and 137 211 134 464
tangible fixed assets
ALLOWANCES FOR AMORTIZATION ON GOODWILL ACQUISITION 6 009 37 120
GOODWILL ACQUISITION WRITE BACKS
ALLOWANCES FOR PROVISIONS AND LOAN LOSSES 745 145 1 068 324
Allowances for non performing loans and commitments 413 065 690 656
Loan losses 175 167 284 581
Other allowances for provisions 156 913 93 087
PROVISION WRITE-BACKS AND RECOVERY ON AMORTIZED DEBTS 405 048 566 946
Provision write-backs on non performing loans and commitments 319 049 410 428
Recovery of amortised debts 34 604 34 380
Other provision write-backs 51 395 122 138
CURRENT INCOME 982 533 559 682
Non-current revenues 6 728 -
Non-current expenses 10 379 -
PRE-TAX EARNINGS 978 882 559 682
Tax 295 116 203 360
NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION 683 766 356 322
Share in net income of companies accounted for by equity method 18 331 66 684
. Financial companies 18 331 66 684
. Other companies
NET EARNINGS FOR THE YEAR 702 097 423 006
Group's equity 675 661 404 109
Minority interests 25 981 18 897
CONSOLIDATED MANAGEMENT BALANCES STATEMENT
AS OF DECEMBER 31st, 2004
In thousand MAD
12/31/2004 12/31/2003
BANK OPERATING REVENUES 4 440 667 4 323 189
Interests and assimilated revenues on transactions with credit 168 305 176 751
institutions
Interests and assimilated revenues on transactions with 2 124 735 2 026 609
customers
Interests and assimilated revenues on debt securities 505 957 523 515
Revenues on title deeds 80 383 38 762
Revenues from leased and rented fixed assets - -
Fees on provided services 434 857 384 756
Other banking revenues 1 126 430 1 172 796
BANK OPERATING EXPENSES 1 660 082 1 857 775
Interests and assimilated expenses on transactions with credit 155 564 206 393
institutions
Interests and assimilated expenses on transactions with 789 490 689 975
customers
Interests and assimilated expenses on debt securities issued 64 364 44 122
Expenses on leased and rented fixed assets - -
Other banking expenses 650 664 917 285
NET BANKING INCOME 2 780 585 2 465 414
Non-banking operating revenues 69 191 73 939
Non-banking operating expenses 32 109 42 103
GENERAL OPERATING EXPENSES 1 489 728 1 399 070
Staff expenses 820 086 785 293
Tax expenses 38 502 24 639
External expenses 488 288 445 252
Other general operating expenses 5 641 9 422
Allowances for depreciation and provisions for intangible and 137 211 134 464
tangible fixed assets
ALLOWANCES FOR AMORTIZATION ON GOODWILL ACQUISITION 6 009 37 120
GOODWILL ACQUISITION WRITE BACKS
ALLOWANCES FOR PROVISIONS AND LOAN LOSSES 745 145 1 068 324
Allowances for non performing loans and commitments 413 065 690 656
Loan losses 175 167 284 581
Other allowances for provisions 156 913 93 087
PROVISION WRITE-BACKS AND RECOVERY ON AMORTIZED DEBTS 405 048 566 946
Provision write-backs on non performing loans and commitments 319 049 410 428
Recovery of amortised debts 34 604 34 380
Other provision write-backs 51 395 122 138
CURRENT INCOME 982 533 559 682
Non-current revenues 6 728 -
Non-current expenses 10 379 -
PRE-TAX EARNINGS 978 882 559 682
Tax 295 116 203 360
NET EARNINGS OF COMPANIES ACCOUNTED FOR BY FULL CONSOLIDATION 683 766 356 322
Share in net income of companies accounted for by equity method 18 331 66 684
. Financial companies 18 331 66 684
. Other companies
NET EARNINGS FOR THE YEAR 702 097 423 006
Group's equity 675 661 404 109
Minority interests 25 981 18 897
LIST OF CONSOLIDATED COMPANIES
AS OF DECEMBER 31st, 2004
Name Address Share Capital % of % of Contribution Method of
control interests to consolidation
consolidated
income
MAROC FACTORING 243, Bld Mohammed V 15 000 000 95.00% 95.00% 6692 F.C.
Casablanca
SALAFIN Zenith Millenium 103 000 000 97.09% 97.09% 31292 F.C.
Immeuble 8 Sidi
Maarouf Casa
MAGHREBAIL 45, bld My Youssef 102 532 000 35.00% 35.00% 7805 F.C.
Casablanca
BMCE INTERNATIONAL Madrid, Spain Ptas 3 000 000 000 75.00% 75.00% 3607 F.C.
BMCE CAPITAL Tour BMCE BANK RP 100 000 000 100.00% 100.00% -1007 F.C.
Hassan II Casa
BMCE CAPITAL BOURSE Tour BMCE BANK RP 10 000 000 100.00% 100.00% 11995 F.C.
Hassan II Casa
BMCE CAPITAL GESTION 140, Avenue Hassan II 5 000 000 100.00% 100.00% 14657 F.C.
Casablanca
CFM 5/7 Rue Ibnou Toufail 114 862 500 33.33% 33.33% 3132 Equity Method
Casablanca
ACMAR 243, Bld Mohammed V 50 000 000 20.00% 20.00% -326 Equity Method
Casablanca
BDM Bamako, Mali Fcfa 3 759 560 000 20.73% 20.73% 11682 Equity Method
RMI 3/5 Rue Emsallah 11 000 000 25.5% 25.5% 3232 Equity Method
Tanger
LIST OF COMPANIES INCLUDED OR EXCLUDED FROM THE CONSOLIDATION
FROM JANUARY 1st TO DECEMBER 31st, 2004
Name Address
Included companies
None
Excluded companies
INTERFINA 5, Bld Abdellatif Ben Kaddour Casablanca
AL WATANYA 83, Av. des FAR Casablanca
Comments:
- INTERFINA was disposed during this fiscal year
- AL WATANYA merged with RMA, the equity stake of BMCE Bank in the new entity is
below the threshold for consolidation
LIST OF COMPANIES EXCLUDED FROM THE CONSOLIDATION
AS OF DECEMBER 31st, 2004
Name Net book value of the % of control Reasons justifying the exclusion from
securities held consolidation
Martco 0 20% Net book value equals zero
Eurocheque Maroc 144 29% Net worth lower than the threshold set for
entering the reporting entity
Docuprint 4 000 100% Net worth lower than the threshold set for
entering the reporting entity
Consultitres 500 50% Net worth lower than the threshold set for
entering the reporting entity
Congolaise de banque 17 091 25% Financial data non available
M@Finance.com 6 000 20% Net worth lower than the threshold set for
entering the reporting entity
LOANS TO CREDIT INSTITUTIONS & EQUIVALENT
AS OF DECEMBER 31st, 2004
In thousand MAD
CLAIMS Bank Banks in Other credit Foreign Total Total
Al-Maghrib, Morocco institutions and credit
Treasury and equivalent in institutions 12/31/2003
giro accounts Morocco 12/31/
2004
ORDINARY ACCOUNTS IN DEBIT 5 371 266 23 505 155 831 471 209 6 021 812 6 022 497
SECURITIES RECEIVED AS PLEDGES 426 982 426 982 664 345
- overnight 0 172 712
- time 426 982 426 982 491 633
SHORT-TERM LOANS 1 100 000 371 637 362 717 2 560 171 4 394 525 3 013 424
- overnight 1 100 000 100 000 1 200 000 1 008 190
- time 271 637 362 717 2 560 171 3 194 525 2 005 234
FINANCIAL LOANS 347 271 1 738 286 2 085 557 1 755 597
OTHER LOANS 2 895 759 40 005 591 404 3 527 168 3 024 634
RECEIVABLES ACCRUED INTEREST 4 897 4 897 2 191
NON PERFORMING LOANS
TOTAL 9 367 025 1 214 297 2 256 834 3 622 784 16 460 941 14 482 688
-The PL 480 of MAD 2 895 759 m is included in the line 'other loans'
LOANS AND ADVANCES TO CUSTOMERS
AS OF DECEMBER 31st, 2004
In thousand MAD
Private Sector
Public Total Total
CLAIMS sector 12/31/2004 12/31/2003
Financial Non Other
companies financial customers
companies
SHORT-TERM LOANS 1 771 630 706 284 9 356 593 903 323 12 737 830 12 771 816
- Deposit accounts in debit 1 752 525 706 284 4 080 935 731 291 7 271 035 7 127 630
- Commercial loans in Morocco 320 1 255 900 1 256 220 1 380 419
- Export loans 910 333 423 334 333 1 478 055
- Other cash loans 17 875 3 686 335 172 032 3 876 242 2 785 712
CONSUMER LOANS 1 898 316 1 898 316 1 616 570
EQUIPMENT LOANS 442 012 4 941 958 4 936 646 10 320 616 8 894 950
MORTGAGE LOANS 52 747 3 176 745 3 229 492 1 859 634
OTHER LOANS 44 499 629 994 951 214 332 462 1 958 169 2 447 271
ADVANCES ACQUIRED BY FACTORING 644 624 644 624 474 167
RECEIVABLES ACCRUED INTEREST 250 750 250 750 253 895
NON PERFORMING LOANS 25 212 9 047 547 875 301 878 884 012 822 597
- Substandard loans 0 4 797 1 4 798 80 105
- Doubtful loans 8 940 47 473 3 999 60 412 9 609
- Loss loans 25 212 107 495 605 297 878 818 802 732 883
TOTAL 2 283 353 1 345 325 15 850 387 12 444 744 31 923 809 29 140 900
BREAKDOWN OF TRANSACTION & MARKETABLE SECURITIES
AND INVESTMENT SECURITIES BY CATEGORY OF ISSUER
AS OF DECEMBER 31st, 2004
In thousand MAD
Credit Public Private issuers Total Total
institutions issuers 12/31/2004 12/31/2003
and equivalent Financial Non
financial
QUOTED SECURITIES 395 592 7 511 600 3 345 284 179 198 11 431 674 8 188 971
- Treasury bonds and 7 511 600 7 511 600 6 949 119
equivalent securities
- Bonds
- Other debt securities 236 261 179 198 415 459 342 650
- Title deeds 159 331 3 345 284 3 504 615 897 202
UNQUOTED SECURITIES 1 379 795 1 081 469 - 795 937 3 257 201 3 667 659
- Treasury bonds and 924 831 924 831 1 186 183
equivalent securities
- Bonds 49 500 156 638 110 395 316 533 437 436
- Other debt securities 1 330 295 685 542 2 015 837 2 044 040
- Title deeds
ACCRUED INTEREST 104 587 104 587 108 754
TOTAL 1 775 387 8 697 656 3 345 284 975 135 14 793 462 11 965 384
DETAIL OF OTHER ASSETS
AS OF DECEMBER 31st, 2004
In thousand MAD
HEADING AMOUNT COMMENT
OPTIONAL INSTRUMENTS 318
Miscellaneous transactions on securities (debit) 318 Coupons receivable
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 and guarantees and Directors'
shares
OTHER SECURITIES AND ASSETS 6 740
- Other securities and assets 6 740 Stock of supplies, fiscal and postage stamps
OFF-BALANCE SHEET ADJUSTMENT ACCOUNTS (DEBIT) 81 132 spot and forward exchange and structural position
CURRENCIES AND SECURITIES DISCREPANCY ACCOUNTS
(DEBIT)
Potential losses on hedging transactions non
settled
Deffered losses on hedging transactions non
settled
DEFFERED EXPENSES 16 901 Costs for increase in capital and start-up costs
LIAISON ACCOUNTS BETWEEN THE HEAD OFFICE,
BRANCHES AND AGENCIES IN MOROCCO (DEBIT) 53 625
ACCRUED INCOME AND PREPAYMENT 196 512
- Accrued income 188 891
- Prepayment 7 621
SUSPENSE ACCOUNTS 26 569 Unrealised exchange gains and losses on securities
and foreign currency
NON PERFORMING LOANS ON MISCELLANEOUS
TRANSACTIONS
PROVISIONS FOR NON PERFORMING LOANS ON 895 390 Other accruals
MISCELLANEOUS TRANSACTIONS
TOTAL 1 518 135
EQUITY INVESTMENT AND EQUIVALENT
AS OF DECEMBER 31st, 2004
Sector Share Equity Overall
Name of the issuing company of capital holding acquisition
activity as (%) price
EQUITY HOLDINGS
CASA FINANCE MARKET Financial company 114 862 500 33.4 43 344 000
CAISSE MAROCAINE DES MARCHES Financial 100 000 000 16.59 13 009 501
institution
MARTKO (MAGHREB ARAB TRADING Cdegrees) Financial inst. 600 000 000 USD 20.00 970 638
RADIO MEDITERRANEE INTERNATIONAL Audiovisual 11 000 000 25.50 29 916 000
EUROCHEQUE MAROC Means of payment 5 000 000 28.72 143 900
STE CONSEIL INGENIERIE ET DEVELOPPEMENT Engineering 18 772 000 19.53 2 000 000
consultants
STE RECOURS Debt collection 2 500 000 15.00 375 000
COMANAV Maritime transport 677 320 000 11.62 86 373 585
ACMAR Insurance and 50 000 000 20.00 9 594 000
service
STE IPE Publishing and 4 000 000 10.00 400 000
printing
TANGER ZONE FRANCHE Development co. 105 000 000 12.86 13 500 000
RMA WATANYA Insurance 1 774 400 800 19.25 1 347 916 542.06
BANQUE DE DEVELOPPEMENT DU MALI Foreign credit inst. 3 759 560 000 CFA 20.73 77 339 000
CONGOLAISE DE BANQUE Foreign credit inst. 1 525 000 25.00 17 091 437.5
INFORMATION TECHNOLOGY SOLUTION Information 26 500 000 10.00 2 650 000
processing
CENTRE MONETIQUE INTERBANCAIRE Electronic payment 98 200 000 11.20 11 000 000
mgt
M@FINANCE.COM Holding co. 30 000 000 20.00 6 000 000
MOROCAN INFORMATION TECHNO PARC CIE Real est. mgt. 46 000 000 12.28 5 650 000
techno parc
OTHER EQUITY HOLDINGS 58 693 000
1 725 966 603.56
SECURITIES OF RELATED COMPANIES
ISTITMAR WA MOUSSAHAMA PF INVESTMENT 10 000 000 50.00 5 000 000
STE ATTACHYID OUAL MABANI SCI 10 000 000 100.00 10 000 000
DOCUPRINT Service co. 4 000 000 100.00 4 000 000
STE CONSULTITRES Mutual fund mgt 1 000 000 50.00 500 000
19 500 000
SECURITIES/ACTIVITIES OF THE PORTFOLIO
AFREXIM BANK (African Import Export) Foreign credit inst. 146 440 000 USD 0.21 2 468 835
PROPARCO Multi-national 142 560 000 EUR 2.5 39 770 683.23
credit inst.
E.S.I.H. Foreign credit inst. 260 400 000 EUR 1.79 153 828 329.65
E.S.F.G. Foreign credit inst. 479 086 000 EUR 1.48 154 476 482.8
UBAE ARAB ITALIAN BANK Foreign credit inst. 110 000 000 EUR 4.82 74 242 343.79
STE CIVILE FIN FUND Equity investment 100 000 50.00 50000
FONDS D INVESTISSEMENT CAPITAL MOROCCO Investment fund 25 000 000 USD 12.00 21 105 897.6
FONDS ESPAGNOL MARCO POLO INVEST. S.C.R. Investment fund 7 401 000 EUR 2.63 33 622 500
FINAFUND USA Investment fund 81 525 000 USD 17.50 83 940 390
FINAFUND EUROPE Investment fund 40 000 000 EUR 17.50 49 922 688
613 428 150.07
OTHER EQUITY INVESTMENT
MEDITELECOM Telecommunications 8 333 368 000 5.00 441 503 300
C.I.H. Credit inst. 3 323 363 000 4.65 197 277 478
BANQUE CENTRALE POPULAIRE Credit inst. 588 805 000 2.99 87 230 275.14
BANK AL AMAL Credit inst. 500 000 000 0.19 971 000
FONDS MONETAIRE ARABE(ARAB TRADE Financial inst. 500 000 000 USD 0.05 2 468 835
FINANCING PROGRAM)
LA CELLULOSE DU MAROC Paper pulp 650 484 000 0.81 3 393 433
CIE IMMOBILIERE FONCIERE MAROCAINE Real estate CO. 20 000 000 0.32 8 500
C.M.K.D. Holding CO. 661 989 000 1.02 7 062 374.99
SIDET Holding CO. 11 325 000 1.68 1 268 300
STE D'AMENAGEMENT DU PARC INDUSTRIE Development co. 60 429 000 1.65 1 000 000
RISMA Tourism 489 077 000 5.42 29 950 000
SMAEX Insurance and 30 000 000 5.63 1 690 000
service
GECOTEX Industry 10 000 000 5.00 500 000
STE NATIONALE DES AUTOROUTES Road infrastructure 2 646 363 000 0.19 5 000 000
DAR ADDAMANE Guarantee bodies 75 000 000 0.64 480 500
STE IMMOBILIERE SIEGE GPBM Real estate 19 005 000 6.67 1 267 000
CASA WORLD TRADE CENTER Real estate 3 500 000 2.73 95 500
FRUMAT Agribusiness 13 000 000 3.08 1 450 000
MAROCLEAR Central custodian 20 000 000 4.02 803 000
SOCIETE ALLICOM MAROC Industry 20 000 000 2.2 500 000
SINCOMAR Agribusiness 37 440 000 0.13 49 400
BANQUE POPULAIRE MARROCO CENTRAFRICAINE Financial inst. 2 Milliards FCFA 7.5 1 708 572.39
SWIFT Service CO. 434 020 000 EUR 0.01 24 170.88
FONDS DE SOUTIEN ACTIONS BAA SUPPORT ACTIONS 500 000 000 0.05 240 250
785 941 889.4
SHAREHOLDER'S ACCOUNTS 123 660 282.55
MEDITELECOM 102 107 362.95
ISTITMAR WA MOUSSAHAMA 18 000 000
MARTCO 1 500 000
Siege G.P.B.M. 1 446 419.6
ALLICOM MAROC 552 000
WORLD TRADE CENTER 54 500
3 268 496 925.58
Revenues
Net recorded in
Name of the issuing company Provision book the year's
value income statement
(in MAD)
EQUITY HOLDINGS
CASA FINANCE MARKET 43 344 000 2 010 099
CAISSE MAROCAINE DES MARCHES 13 009 501 0
MARTKO (MAGHREB ARAB TRADING Cdegrees) 970 638 0
RADIO MEDITERRANEE INTERNATIONAL 29 916 000
EUROCHEQUE MAROC 143 900
STE CONSEIL INGENIERIE ET DEVELOPPEMENT 2 000 000 183 340
STE RECOURS 375 000 30 000
COMANAV 86 373 585
ACMAR 9 594 000
STE IPE 400 000
TANGER ZONE FRANCHE 13 500 000
RMA WATANYA 1 347 916 542.06 63 230 940
BANQUE DE DEVELOPPEMENT DU MALI 77 339 000 2 911 513
CONGOLAISE DE BANQUE 17 091 437.5
INFORMATION TECHNOLOGY SOLUTION 2 650 000
CENTRE MONETIQUE INTERBANCAIRE 11 000 000
M@FINANCE.COM 6 000 000
MOROCAN INFORMATION TECHNO PARC CIE 5 650 000
OTHER EQUITY HOLDINGS 58 693 000
***** 13 980 139 1 711 986
464.56 **********
SECURITIES OF RELATED COMPANIES
ISTITMAR WA MOUSSAHAMA 5 000 000
STE ATTACHYID OUAL MABANI 7 279 270.73 2720729.27
DOCUPRINT 4 000 000 846 627
STE CONSULTITRES 500 000
****** 7 279 270.73 12 220 729.27 *********
SECURITIES/ACTIVITIES OF THE PORTFOLIO
AFREXIM BANK (African Import Export) 2 468 835 32 252
PROPARCO 39 770 683.23 81 763
E.S.I.H. 153 828 329.65 3 052 501
E.S.F.G. 154 476 482.8 601 053
UBAE ARAB ITALIAN BANK 74 242 343.79 0
STE CIVILE FIN FUND 50 000
FONDS D INVESTISSEMENT CAPITAL MOROCCO 21 105 897.6
FONDS ESPAGNOL MARCO POLO INVEST. S.C.R. 33 622 500
FINAFUND USA 83 940 390
FINAFUND EUROPE 49 922 688
********** 0 613 428 150.07 *************
OTHER EQUITY INVESTMENT
MEDITELECOM 441 503 300
C.I.H. 156 329 669.81 40947808.19
BANQUE CENTRALE POPULAIRE 87230275.14 3 724 820
BANK AL AMAL 971 000
FONDS MONETAIRE ARABE(ARAB TRADE FINANCING PROGRAM) 2 468 835 36 038
LA CELLULOSE DU MAROC 3 393 433
CIE IMMOBILIERE FONCIERE MAROCAINE 8 500
C.M.K.D. 7 062 374.99
SIDET 413 846.29 854 453.71
STE D'AMENAGEMENT DU PARC INDUSTRIE 1 000 000
RISMA 29 950 000
SMAEX 1 690 000
GECOTEX 500 000
STE NATIONALE DES AUTOROUTES 1 010 800 3 989 200
DAR ADDAMANE 480 500
STE IMMOBILIERE SIEGE GPBM 1 267 000
CASA WORLD TRADE CENTER 95 500
FRUMAT 1 450 000 0
MAROCLEAR 803 000
SOCIETE ALLICOM MAROC 500 000 0
SINCOMAR 49 400
BANQUE POPULAIRE MARROCO CENTRAFRICAINE 1 708 572.39
SWIFT 24 170.88
FONDS DE SOUTIEN ACTIONS BAA 240 250
********** 159 704 316.1 626 237 573.3 ***********
SHAREHOLDER'S ACCOUNTS 2 052 000 121 608 282.55
MEDITELECOM 102 107 362.95
ISTITMAR WA MOUSSAHAMA 18 000 000
MARTCO 1 500 000 0
Siege G.P.B.M. 1446419.6
ALLICOM MAROC 552 000 0
WORLD TRADE CENTER 54 500
183 015 725.83 3 085 481 199.75 76 740 946
TANGIBLE & INTANGIBLE FIXED ASSETS
AS OF DECEMBER 31st, 2004
In thousand MAD
CATEGORY Gross Acquisitions Disposals Gross amount Depreciation and/or provisions Net amount
amount at of the year or at the end of at the end
the withdrawals the year of the year
beginning of the year
of the Depreciation Depreciation Depreciation Total
year and/or for the year fixed assets
provisions withdrawn
at the
beginning of
the year
INTANGIBLE FIXED 106 932 25 655 - 132 587 35 846 16 931 - 52 777 79 811
ASSETS
- Leasehold 27 148 1 310 28 458 28 458
rights
- Investment in 1 134 1 134 - 1 134
research and
investment
- Other 78 650 24 345 102 995 35 846 16 931 - 52 777 50 219
operating
intangible fixed
assets
- Non-operating
intangible fixed
assets
TANGIBLE FIXED 2 485 793 404 013 54 002 2 835 804 1 424 695 113 202 11 422 1 526 475 1 309 329
ASSETS
- Operating 519 695 238 305 7 625 750 375 132 601 14 449 106 146 944 603 431
buildings
-Operating land 64 547 32 632 97 179 97 179
-Operating 455 148 205 673 7 625 653 196 132 601 14 449 106 146 944 506 252
buildings,
Offices
-Operating
buildings. Staff
housing
- Operating 1 012 848 74 158 8 236 1 078 770 790 691 49 043 6 825 832 909 245 860
furniture and
equipment
- Operating 212 077 12 283 616 223 744 156 054 12 184 616 167 622 56 122
office
furniture
-Operating 246 093 6 669 438 252 324 188 187 8 163 381 195 969 56 355
office
equipment
-Computer 492 156 49 450 2 854 538 752 396 593 23 037 1 610 418 020 120 733
equipment
-Operating 25 941 2 010 4 328 23 623 22 190 1 828 4 218 19 800 3 823
vehicles
-Other operating 36 581 3 746 40 327 27 667 3 832 31 499 8 828
equipment
-Other operating 718 071 30 036 1 715 746 392 459 694 42 030 1 715 500 009 246 383
tangible fixed
assets
- -
- Non-operating 235 179 61 514 36 426 260 267 41 709 7 680 2 776 46 613 213 654
tangible fixed
assets
-Non-operating 40 988 17 458 33 58 413 - 58 413
land
- Non-operating 118 659 38 762 34 186 123 235 24 756 5 030 637 29 149 94 086
buildings
-Non-operating 18 897 2 505 151 21 251 10 076 1 764 121 11 719 9 532
furniture and
equipment
-Other 56 635 2 789 2 056 57 368 6 877 886 2 018 5 745 51 623
non-operating
tangible fixed
assets
TOTAL 2 592 725 429 668 54 002 2 968 391 1 460 541 130 133 11 422 1 579 252 1 389 139
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT
AS OF DECEMBER 31st, 2004
In thousand MAD
CREDIT INSTITUTIONS AND EQUIVALENT
IN MOROCCO
Other credit
Bank Banks institutions
Al-Maghrib, in and Credit
Treasury and equivalent in institutions Total Total
giro Morocco Morocco abroad 12/31/2004 12/31/2003
current
account
DEBTS
ORDINARY CREDIT ACCOUNTS 61 719 7 204 90 318 159 241 445 976
SECURITIES PLEDGED 227 266 - 182 000 409 266 1 313 726
- overnight - 182 000 182 000
- time 227 266 - 227 266 1 311 726
CASH BORROWING - 1 530 661 - 1 315 177 2 845 838 1 689 583
- overnight - - 138 550
- time - 1 530 661 - 1 315 177 2 845 838 1 551 033
-
FINANCIAL BORROWING 111 365 528 789 68 473 123 170 831 797 1 647 206
OTHER DEBTS 83 451 401 841 485 292 95 748
PAYABLE ACCRUED - - 5 817 35 315
INTERESTS
TOTAL 338 631 2 204 620 257 677 1 930 506 4 737 251 5 227 554
CUSTOMER DEPOSITS
AS OF DECEMBER 31st, 2004
In thousand MAD
DEPOSITS Public Private sector Total Total
sector Financial Non-financial Other 12/31/2004
companies companies companies 12/31/2003
DEMAND CREDIT ACCOUNTS 1 536 274 1 536 274 5 266 829 14 904 998 23 169 484 23 254 685
SAVINGS ACCOUNTS 8 548 857 8 548 857 7 643 524
TIME DEPOSITS 2 169 203 2 169 203 1 224 284 8 526 135 11 923 993 11 042 036
OTHER CREDIT ACCOUNTS (*) 2 942 374 2 942 374 1 345 282 1 130 464 9 995 733 5 714 803
PAYABLE ACCRUED 287 170 174 720
INTERESTS
TOTAL 6 647 851 6 647 851 7 836 395 33 110 454 53 925 237 47 829 768
Comments:
* Including PL 480 for 2 895 759 thousand MAD
DETAILS OF OTHER LIABILITIES
AS OF DECEMBER 31st, 2004
In thousand MAD
LIABILITIES Amount
12/31/2004
OPTIONAL INSTRUMENTS SOLD
MISCELLANEOUS TRANSACTIONS ON SECURITIES
OTHER CREDITORS 682 135
State debt 333 697
Social security and provident societies debts 44 837
Staff debt 31 654
Shareholders and partners debt 10 661
Supply of goods and services 3 616
Other creditors 257 670
ACCRUAL ACCOUNTS 1 841 469
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 0
Expenses payable and prepaid income 96 366
Other accruals 1 632 458
TOTAL 2 523 604
DEBT SECURITIES ISSUED
AS OF DECEMBER 31st, 2004
In thousand MAD
TYPE OF SECURITIES DETAILS AMOUNT OF WHICH NON-AMORTISED
AMOUNTS OF
DATE BEARS MATURITY UNIT NOMINAL METHOD OF RELATED OTHER ISSUE OR
INTEREST DATE FACE RATE REPAYMENT COMPANIES AFFILIATES REPAYMENTS
VALUE PREMIUMS
Finance Companies 06/01/2002 05/31/ 100 6,10% IN FINE 160 000
Notes 2005
Finance Companies 01/25/2002 01/25/ 100 4,90% IN FINE 128 000
Notes 2005
Finance Companies 02/07/2002 02/07/ 100 4,95% IN FINE 32 000
Notes 2005
Finance Companies 02/13/2002 02/13/ 100 4,95% IN FINE 10 000
Notes 2005
Finance Companies 02/19/2002 02/19/ 100 5,17% IN FINE 30 000
Notes 2005
Finance Companies 03/06/2003 03/06/ 100 4,62% IN FINE 100 000
Notes 2005
Finance Companies 12/12/2003 12/12/ 100 4,78% IN FINE 30 000
Notes 2006
Finance Companies 12/19/2003 12/12/ 100 4,78% IN FINE 48 000
Notes 2006
Finance Companies 06/11/2004 IN FINE 27 000
Notes
Finance Companies 09/14/2004 IN FINE 20 000
Notes
Finance Companies 09/14/2004 IN FINE 42 500
Notes
Finance Companies 10/21/2004 IN FINE 55 000
Notes
Finance Companies 11/26/2004 IN FINE 8 000
Notes
Finance Companies 11/26/2004 IN FINE 39 500
Notes
Finance Companies 11/20/2004 IN FINE 10 000
Notes
Subordinated Debt 03/01/2003 250 000
Accrued Interest 29 551
TOTAL 1 019 551
PROVISIONS
AS OF DECEMBER 31st, 2004
In thousand MAD
PROVISIONS Amount 12/31/ Allowances Write-back Other Amounts 12/31/
2000 changes 2001
PROVISIONS, DEDUCTED FROM ASSETS, ON: 2 200 520 529 023 181 536 157 009 2 390 998
Loans to credit institutions and
equivalent
Loans and advances to customers 1 986 457 411 998 161 372 157 307 2 079 776
Doubtful interest 33 118 2 863 1 667 34 314
Marketable securities 21 876 0 18 497 3 379
Equity investment and equity uses 159 069 114 162 0 -298 273 529
Leased and rented fixed assets 0 0
Other assets 0
PROVISIONS RECORDED UNDER LIABILITIES 205 659 100 494 27 941 4 323 282 534
Provisions for risks fulfilment of 17 511 8 574 -13 060 13 025
commitments
Provisions for exchange risks
Provisions for general risks (1) 172 554 5 897 10 221 185 613
Provisions for retirement pensions and 17 383
similar obligations
Contingent liabilities
Regulated provisions 15 594 19 420 6 500 28 514
Allocated provisions for general risks 66 603 11 220 55 382
TOTAL 2 406 179 629 517 209 477 161 332 2 673 532
Comments:
(1) Including a provision after tax of 150 million MAD constituted in 1999,
meant to cover different identified risks in FY 2002 and 2003. These risks being
covered in FY 2004, this provision is released and considered as a reserve.
DETAIL OF SHAREHOLDERS' EQUITY
AS OF DECEMBER 31st, 2004
In thousand MAD
SHAREHOLDERS EQUITY
GROUP'S EQUITY 5 929 169
Beginning shareholder's equity 5 495 553
Dividends distributed -216 040
Change in capital
Unrealised exchange gains/losses 2 862
Other changes -29 322
Consolidated income 676 116
FROM AGGREGATED TO CONSOLIDATED SHAREHOLDERS' EQUITY
AS OF DECEMBER 31st, 2004
In thousand MAD
shareholders' Fiscal Social Others Deferred Deferred Restated % in Quota in
equity provision commitments tax tax shareholders' capital networth
write liability asset equity
backs
BMCE 5 652 258 54 682 -41 252 -27 594 22 276 5 660 370 100.00% 5 660 370
Full
consolidation
BMCE CAPITAL 81 324 81 324 100.00% 81 324
BMCE CAPITAL 36 116 36 116 100.00% 36 116
BOURSE
BMCE CAPITAL 21 347 700 -245 21 802 100.00% 21 802
GESTION
SALAFIN 169 521 8 917 59 992 -24 712 213 718 97.09% 207 499
BMCE INT 260 764 260 764 75.00% 195 573
MAROC 71 198 71 198 95.00% 67 638
FACTORING
MAGHREBAIL 352 715 1 895 35 -4 306 3 628 353 967 35.00% 123 889
Equity Method
BDM 373 076 373 076 20.73% 77 339
ACMAR 46 857 1 875 -1 846 1 103 47 989 20.00% 9 598
RMI 117 315 117 315 23.18% 29 914
CFM 130 044 130 044 33.33% 43 344
TOTAL 7 312 535 68 069 -41 252 60 027 -58 703 27 007 7 367 683 6 554 405
CONSOLIDATED SHAREHOLDERS' EQUITY
AS OF DECEMBER 31st, 2004
In thousands MAD
Consolidated Consolidation Dividends Dividends Reserves Others
capital list changes distributed received conversion
12/31/03 spread
BMCE 5 378 341 -216 040 32 720 4 953 -21 654
Full
consolidation
BMCE CAPITAL 12 247 - 12 000
GESTION
MAROC FACTORING 45 592 - 855
BMCE CAPITAL 10 136
BOURSE
SALAFIN 83 973 - 7 766
BMCE MADRID 35 825 479
BMCE CAPITAL -17 669
INTERFINA -100 851
MAGHREBAIL 9 949 - 7 177
Equity Method
AL WATANYIA 8 003 - 8 003
BDM 4 665 - 2 912 - 2 570
RMI 21 699
ACMAR -159 78
CFM 3 802 - 2 010 -2
TOTAL 5 495 553 -248 760 32 720 2 862 -29 581
****************
Consolidated Earnings Earning conversion Consolidated
shareholders' 2004 spread capital
equity before 12/31/04
earning
MAD
BMCE
Full consolidation 5 178 320 482 050 5 660 370
BMCE CAPITAL 247 15 112 15 359
GESTION
MAROC FACTORING 44 737 6 692 51 429
BMCE CAPITAL 10 136 11 995 22 131
BOURSE
SALAFIN 76 208 31 292 107 499
BMCE MADRID 36 304 3 607 60 39 971
BMCE CAPITAL - 17 669 - 1 007 - 18 675
INTERFINA - 100 851 100 851
MAGHREBAIL 2 771 7 805 10 576
Equity Method
AL WATANYIA
BDM - 817 11 682 198 11 063
RMI 21 699 3 232 24 931
ACMAR - 81 - 326 - 407
CFM 1 791 3 132 4 923
TOTAL 5 252 795 676 116 258 5 929 169
*******************
FINANCING AND GUARANTEE COMMITMENTS
AS OF DECEMBER 31st, 2004
In thousand MAD
12/31/2004 12/31/2003
FINANCING AND GUARANTEE COMMITMENTS GIVEN 12 139 295 12 007 383
FINANCING COMMITMENTS ON BEHALF OF CREDIT INSTITUTIONS AND 220 128 802 694
EQUIVALENT
Import letters of credit
Payment acceptances or commitments
Opening of confirmed credit
Substitution commitments on issuing of securities
Irrevocable leasing commitments 41
Other financing commitments given 220 128 802 653
FINANCING COMMITMENTS ON BEHALF OF CUSTOMERS 4 602 044 4 088 107
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 141 038
Other financing commitments given 1 088 201 1 058 548
GUARANTEE COMMITMENTS FOR CREDIT INSTITUTIONS AND EQUIVALENT 1 967 351 1 682 706
Confirmed export letters of credit 250 168 184 866
Payment acceptances or commitments 156 173 130 614
Credit guarantees given 14 117 5 913
Other security, endorsments and guarantees given 1 546 893 1 361 313
Non performing commitments
GUARANTEE COMMITMENTS FOR CUSTOMERS 5 349 772 5 433 876
Credit guarantees given
Security and guarantees given on behalf of the public 2 619 995 2 691 689
administration
Other security and guarantees given 2 729 777 2 742 187
Non performing commitments
FINANCING AND GUARANTEE COMMITMENTS RECEIVED 1 824 300 1 290 920
FINANCING COMMITMENTS RECEIVED FROM CREDIT INSTITUTIONS AND 345 674 119 642
EQUIVALENT
Opening of confirmed credit
Substitution commitments on issuing of securities
Other financing commitments received 345 674 119 642
GUARANTEE COMMITMENTS RECEIVED FROM CREDIT INSTITUTIONS AND 1 132 603 1 135 777
EQUIVALENT
Credit guarantees 331 248 145 221
Other guarantees received 801 355 990 556
GUARANTEE COMMITMENTS RECEIVED FROM THE STATE AND OTHER GUARANTEE 346 023 35 501
INSTITUTIONS
Credit guarantees 346 023 35 501
Other guarantees received
FINANCING AND GUARANTEE COMMITMENTS
AS OF DECEMBER 31st, 2004
In thousand MAD
FEES Amount
Fees received 621 668
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 314 826
Fees paid 65 386
on transactions with credit institutions 1 220
on transactions with customers
on exchange transactions 22 219
concerning operations on the primary securities market
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 7 063
EARNINGS FROM MARKET TRANSACTIONS
AS OF DECEMBER 31st, 2004
In thousand MAD
REVENUES AND EXPENSES Amount
REVENUES 1 006 600
Gains on transactions securities -
Capital gains on disposals of marketable securities 400 084
Provision write-backs on depreciation of marketable
securities 18 496
Gains on derivatives 56 070
Gains on exchange transactions
531 950
EXPENSES 510 864
Losses on transaction securities
Capital losses on disposals of marketable securities 31 853
Provisions for depreciation of marketale securities -
Losses on derivatives 79 130
Losses on exchange transactions 399 881
GENERAL OPERATING EXPENSES
AS OF DECEMBER 31st, 2004
Sheet 01 In thousand MAD
EXPENSES 12/31/2004 12/31/2003
Staff Expenses 820 086 785 293
Sheet 02
Expenses 12/31/2004 12/31/2003
Taxes 38 502 24 639
Sheet 03
EXPENSES 12/31/2004 12/31/2003
External Expenses 488 370 445 252
Sheet 04
EXPENSES 12/31/2004 12/31/2003
Allowances for depreciation and provision
for intangible and tangible fixed assets 137 211 134 464
OTHER REVENUES AND EXPENSES
AS OF DECEMBER 31st, 2004
Sheet 01 In thousand MAD
REVENUES AND EXPENSES 12/31/2004 12/31/2003
Other banking revenues and expenses 475 766 255 511
Other banking revenues 1 126 430 1 172 796
Other banking expenses 650 664 917 285
COMMENT : GAINS AND LOSSES ON EXCHANGE TRANSACTIONS
Sheet 02
NON-BANKING OPERATING REVENUES AND EXPENSES 12/31/2004 12/31/2003
Non-Banking operating revenues and expenses 63 687 31 836
Non-Banking operating revenues 69 273 73 939
Non-Banking operating expenses 132 960 42 103
COMMENT : CAPITAL GAINS ON EQUITY INVESTMENTS
Sheet 03
OTHER EXPENSES 12/31/2004 12/31/2003
Allowances for provisions and losses on irrecoverable loans 588 232 975 237
Sheet 04
OTHER REVENUES 12/31/2004 12/31/2003
Provision write-backs and recoveries on amortised debts 353 653 444 808
SECURITIES CONSOLIDATED BY THE EQUITY METHOD
AS OF DECEMBER 31st, 2004
Gross Depreciation Depreciation Depreciation Depreciation Depreciation Depreciation Depreciation Net
Value 1998 1999 2000 2001 2002 2003 2004
MAGHREBAIL 35 509 -3 551 -3 551 -3 551 -3 551 -3 551 -4 484 -3 551 9 719
SECURITIES
MAGHREBAIL 10 212 -1 140 -902 -1 021 -1 021 -1 021 5 107
SECURITIES
MAGHREBAIL 783 -78 -78 -78 549
SECURITIES
MAGHREBAIL 1 543 -154 -154 1 235
SECURITIES
BDM 6 052 -221 -989 -604 4 238
SECURITIES
BMCE 4 362 -436 -436 3 490
CAPITAL
BOURSE
SECURITIES
BMCE INT'L 1 570 -157 -157 -157 -157 942
SECURITIES
RMI 73 -7 66
SECURITIES
TOTAL 60 104 -3 551 -3 551 -4 691 -4 610 -5 028 -7 320 -6 008 25 346
ERNST & YOUNG KPMG
37, Bd Abdellatif Ben Kaddour 6, Rue Toudgha
20 000 Casablanca Agdal - Rabat
Maroc Maroc
BMCE - BANK
To the SHAREHOLDERS
140 Avenue Hassan II
Casablanca
EXTRACT FROM THE GENERAL REPORT OF THE STATUTORY AUDITORS FISCAL YEAR FROM JANUARY 1ST TO DECEMBER 31, 2004
(Free translation of the French original)
We have audited the consolidated financial statements of 'Banque Marocaine du
Commerce Exterieur' ('BMCE-bank') as of December 31, 2004, consisting of the
consolidated balance sheet and off-balance sheet commitments, the consolidated
income statement, the consolidated management balances statement and the
accompanying notes for the year then ended. These consolidated financial
statements have been prepared under the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audit.
We conducted our audit in accordance with the Moroccan standards on auditing.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our audit opinion.
In our opinion, the consolidated financial statements referred to in the first
paragraph present fairly, in all material respects, the financial position of
both 'BMCE BANK' and the subsidiaries included in the consolidated statements as
of December 31st , 2004 as well as the consolidated result of its operations for
the year then ended, in accordance with the generally accepted accounting
principles and by reference to the Moroccan bank accounting plan.
Without qualifying our opinion above, we draw your attention to the fact that
the identified risks which were covered until December 31, 2004 by the allowance
for general risks (which had been constituted from the distributable income for
MMAD 150), have been cleared in 2004 either through the bookkeeping of specific
allowances or through loss recognition. Therefore, the allowance for general
risks is now considered as equity.
June 23, 2005
The Statutory Auditors
ERNST & YOUNG KPMG
Ali Bennani Jamal Saad El Idrissi
Partner Partner
APPENDIX TO THE CONSOLIDATED ACCOUNTS
NOTES 1
MAIN RUIES FOR EVALUATING AND PRESENTING CONSOLIDATED ACCOUNTS
The consolidated accounts of BMCE Bank Group for fiscal 2004 are presented in
accordance with the provisions of the new Credit Institutions Accounting
Standards (PCEC).
The consolidated accounts contain the accounts of BMCE Bank and those of the
main Moroccan and foreign subsidiaries composing BMCE Bank Group. The accounts
of the Moroccan subsidiaries are drawn up according to the rules and valuation
methods of the PCEC. The accounts of the foreign subsidiary BMCE INTERNATIONAL
and the BANQUE DU DEVELOPPEMENT DU MALI have been drawn up in accordance with
the accounting rules in the country of origin, the necessary restatements and
reclassifications have been carried out in order to make them compliant with the
principles of BMCE BANK Group (refer to presentation note of the individual
accounts).
PRINCIPLES AND METHODS OF CONSOLIDATION
The consolidated accounts are drawn up from the individual annual accounts of
BMCE BANK (aggregated accounts including the accounts for domestic activity, and
those of the Paris and Banque Offshore) and subsidiaries controlled by it or
over which the Group exerts notable influence.
The methods of consolidation applied are the following:
FULL CONSOLIDATION
This method is applied to financial companies controlled exclusively, including
those whose activity is an extension of banking activities.
Exclusive control of a subsidiary is assessed by the power to direct financial
and operational policies. It results:
- From holding directly or indirectly the majority of voting rights in the
subsidiary;
- Or from the appointment for two successive fiscal years of the majority of
the members of the subsidiary's administrative, management or supervisory
bodies.
Control is presumed as soon as 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.
- Or from the power to exert a dominant influence over the subsidiary,
pursuant to a contract or statutory clauses. A dominant influence exists when
the Group has the possibility to use or orientate the use of the assets,
liabilities or off-balance sheet Commitments in the same way as it controls the
same type of elements in the subsidiaries under its exclusive control.
EQUITY METHOD
Companies in which the Group exerts a notable influence, namely equity holdings
in which the percentage of control ranges from 20% to 40% are equity companies.
Notable influence is the power to take part in financial and operational
policies of a subsidiary without controlling it.
Certain equity holdings, meeting the criteria defined above and whose importance
in terms of the consolidated accounts is not significant, have not been
consolidated (refer to Note 2).
METHOD OF TRANSLATION OF THE ACCOUNTS IN FOREIGN CURRENCIES
Expressed in Euro, BMCE Intemational's balance sheet and off-balance sheet
commitments are converted on the basis of closing prices. The items of the
Income Statement
are converted on the basis of the average exchange rate for the fiscal year.
Equity capital is valued at the historical rate. The conversion difference
between the closing rate and the historical rate constitutes an exchange
adjustment recorded in consolidated equity capital.
MAIN ADJUSTMENTS
The main adjustments carried out to draw up the consolidated accounts concern
the following items:
GOODWILL ON ACQUISITION
The item 'Goodwill on Acquisition' shown either in the assets or in the
liabilities, represents the balance of the goodwill not appropriated to a
balance sheet item, recognised on the date of acquisition of the consolidated
securities between the cost price and the corresponding share of net worth. This
goodwill is amortised over a set period depending on the nature of the activity
of the company acquired, the assumptions used and the objectives set when it was
acquired.
The amortisation is over a period of 10 years.
LEASING AND RENTAL
This heading includes leasing, lease purchase or equivalent and simple rental.
The rental operations assimilated to leasing are those operations having the
purpose of financing goods for which the lesser does not have the intention of
maintaining ownership at the end of the lease.
Operations of leasing and lease purchase or equivalent are recorded in the
consolidated balance sheet for amounts determined according to financial
accounting, that is for the total amount of rents receivable, less interests
included in these rents. These amounts are substituted for those which are
determined according to fiscal rules and the inner reserve is recorded in the
consolidated reserves for an amount net of deferred taxes.
Accrued interest included in the rents to fall due is recorded in an account
applied per a contra account to the income statement. The method of provisioning
the operations of leasing and equivalent is identical to that for loans to
credit institutions and customers.
ELIMINATION OF INTRA-GROUP ENTRIES
All the operations between the companies of the fully consolidated entity and
which have a significant effect on the balance sheet, off-balance sheet
commitments and Income Statement have been eliminated.
These eliminations concern two categories of operation:
• Those which affect the consolidated profit or consolidated reserves (in
particular internal dividends)
• and those which does not affect them (reciprocal accounts of the balance
sheet and of the Income Statement).
ELIMINATION OF FISCAL PROVISION
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.
TAX EXPENSES
Current tax
The normal corporate tax rate is 39.6% on profit in Morocco excluding Banque
Offshore, whose activity was exempt from tax until 12/31/2001. Starting from
January 1st, 2002, this entity is subject to the tax system applied to Off shore
Banks i.e., a waiver of 25,000 $.
The Paris Main Branch is subject to corporate tax according to the rules and
rates applicable in France where the normal rate is 33.33%.
As regards tax on subsidiaries, aside from insurance companies where the rate is
identical to that for the banking sector, the corporate tax rate is 35%.
Deferred tax
Deferred tax is entered into the accounts when a temporary difference is
identified between the adjusted book values and the fiscal values of the balance
settlements. This method is used according to which the deferred tax recognised
during previous years is modified when there is a change in the tax rate and
taking account of the scope. The corresponding effect is recorded by the
increase or reduction of the deferred tax expense.
Social Commitments
The vacation pay provisions, which are not recorded in the individual accounts,
are restated in the consolidated accounts.
NOTES 2
LIST OF CONSOLIDATED COMPANIES AS OF 31 DECEMBER 31, 2004
The consolidated accounts as of December 31, 2004 include the individual
accounts of BMCE BANK and those of its most significant subsidiaries. The seven
following subsidiaries are exclusively controlled by BMCE Bank:
• MAROC FACTORING
• SALAFIN
• MAGHREBAIL
• BMCE CAPITAL
• BMCE INTERNATIONAL
• BMCE CAPITAL BOURSE
• BMCE CAPITAL GESTION
In addition to the four subsidiaries over which BMCE Bank exerts notable
influence:
• CASA FINANCE MARKET
• ACMAR
• BDM
• RMI
The list of consolidated companies, which includes all the companies meeting the
criteria mentioned above, excludes public real estate companies given that the
financing granted to them which is recorded in the balance sheet of the Group,
reflect the reality of the risks taken and is more representative of the
financial activity of the Group.
The changes in the list of consolidation:
- Interfina was disposed
- Al Wataniya, whose merger with the insurance company RMA reduced BMCE
Bank's participation in RMA Watanya, a stake below the threshold for
consolidation
The following six subsidiaries are also excluded from the consolidation:
• DOCUPRINT
• STE CONSULTITRES
• M@FINANCE.COM
• EUROCHEQUE MAROC
• MARTCO
• CONGOLAISE DE BANQUE
for the reasons below :
DOCUPRINT: 100% held subsidiary. The share in the net worth is below the
threshold fixed for the application of the accounting consolidation.
STE CONSULTITRES: 50% held subsidiary. The share in the net worth is below the
threshold fixed for the application of the accounting consolidation
M@FINANCE.COM: 20% held subsidiary. The share in the net worth is below the
threshold fixed for the application of the accounting consolidation
EUROCHEQUE MAROC: 28.72% held subsidiary. The share in the net worth is below
the threshold fixed for the application of the accounting consolidation
MARTCO : 20% held subsidiary. The net book value is nil .
CONGOLAISE DE BANQUE : 25% held subsidiary. Financial data not available.
NOTES 3
Cash-Flow statement is not established.
This information is provided by RNS
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