Banque Marocaine Du Commerce Exteri
22 May 2007
NOTICE OF BMCE BANK ANNUAL GENERAL SHAREHOLDERS' MEETING
ON MONDAY, MAY 28 2007 AT 10:00 A.M
Ladies and Gentlemen shareholders of BMCE Bank 'Banque Marocaine du Commerce
Exterieur', a business corporation with a registered capital of 1,587,513,900
MAD (Moroccan Dirhams), whose headquarters is at 140 Avenue Hassan II,
Casablanca, and listed on the Trade Register under number 27.129, are called to
the Annual General Meeting, which will be held at the aforementioned
headquarters on:
MONDAY, MAY 28, 2007 at 10:00 A.M
to deliberate and take decisions regarding the items featured on the agenda
below:
1- Reading of the Management Report of the Board of Directors and the Auditors'
reports;
2- Examination and approval of the balance sheets and profit and loss accounts
as of December 31st , 2006;
3- Allocation of profits for the fiscal year 2006 and the setting up of a date
for the distribution of dividends;
4- Establishment of attendance allowances;
5- Statement on the accomplishment of the tasks set for the Auditors for the
fiscal year 2006;
6- Approval of regulatory agreements;
7- Discharge given to the administrators for their management during the fiscal
year 2006;
8- Renewal of administrators' mandates;
9- New buyback program of the bank's own shares.
10- Powers;
11- Miscellaneous issues.
The owners of bearer shares must submit declarations to the Bank's Headquarters,
or arrange to have them sent by an authorized intermediary, stipulating
registration of their shares on the accounts, five days prior to the General
Meeting,
Holders of registered shares, previously listed on the accounts for at least
five days prior to the Meeting, will be admitted upon presentation of the
holders' identity or mandate.
Holders of shares not yet registered on accounts are requested to do so by
submitting them to BMCE Bank or an authorized financial intermediary.
All shareholders are entitled to consult, in the Bank's headquarters, the
documents whose communication is prescribed by the article 141 of law 17-95
related to business corporations.
All shareholders meeting the conditions set forth by Law 17/95 pertaining to
business corporations, may request registration of draft resolution on the
agenda, provided that the said shareholder has submitted the request to the
headquarters, by means of a registered letter with an acknowledgement of
receipt, 20 days, at least, prior to the date of the Meeting.
The Board of Directors
DRAFT-RESOLUTIONS SUBMITTED TO THE ANNUAL GENERAL MEETING OF MAY 28, 2007
FIRST RESOLUTION
After having listened to the reading of the Management Report and the Auditors'
Reports, the Annual General Meeting approves all the said documents in their
integral form, and without any reservations, as well as the accounts for the
fiscal year ending on December 31st , 2006, by noting that the individual
accounts and the balance sheets for activities in Morocco, BMCE Bank branch
office in Paris, the Offshore Bank, along with the profit and loss accounts (CPC
and ESG) related thereto, as closed on 31 December 2006, are a genuine
reflection of the Bank's operations. The General Meeting approves the accounts
submitted thereto.
SECOND RESOLUTION
The Annual General Meeting has noted that the aggregated account for the fiscal
year 2006, is as follows:
For activities in Morocco: 667,464,765.39
For the Paris branch office 47,756,413.77
value in MAD currency
For the Offshore Bank 26,821,004.21
value in MAD currency
NET INCOME OF 742,042,183.37
Therefore, the General Meeting has decided to allocate the earnings reported for
the fiscal year 2006, as follows:
Net profits 742,042,183.37
Legal reserve 5% 37,102,109.17
Remaining 704,940,074.20
- First dividend of 6 % 95,250,834.00
Remaining 609,689,240.20
- Surplus dividend 19 % 301,627,641.00
Remaining 308,061,599.20
- Result from the previous year 7,276.16
Expenses, Paris office 2,884,235.97
Dividends on own shares 17,954,700.00
Remaining 328,907,811.33
Extraordinary reserve 328,900,000.00
Balance in MAD to be carried over 7,811.33
During the fiscal year 2006, the portfolio of subsidiaries and equity securities
generated dividends worth 122.7 million MAD.
Net provisions allowances on equity securities and the related added-value were
10.6 million MAD and 126.3 million MAD, respectively. All these items have been
included in the results of the domestic activities.
THIRD RESOLUTION
Consequently, the Meeting establishes the dividend at 25 MAD per share, payment
of which, after mandatory withholdings, will be made on July 1st, 2007, at the
headquarters, 140, avenue Hassan II in Casablanca - BMCE Capital Titres. The
dividend will be paid by transfer of coupons made out to BMCE Bank, open in the
books of MAROCLEAR.
FOURTH RESOLUTION
The Annual General Assembly sets the global amount for the attendance allowances
to be spread out among the Administrators for the fiscal year 2006, at 1,998,413
MAD (one million nine hundred ninety-eight thousand four hundred thirteen
Dirhams) net of taxes, annually.
FIFTH RESOLUTION
The Annual General Meeting acknowledges the accomplishment by the Bank's
auditors, KPMG Maroc and ERNST & YOUNG, of their mission for the fiscal year
2006, in compliance with the legal provisions spelled out by law 17-95
pertaining to business corporations and the provisions of Article 35 of Dahir
bearing law no. 1-93-147 dated July 6th, 1993, pursuant to the general report on
operations for the fiscal year 2006, and the operations provided for in Articles
56 to 62 of law 17-95 for which a special report was submitted. The Annual
General Meeting therefore approves the General Report.
SIXTH RESOLUTION
The Annual General Meeting, after hearing the reading of the Special Report of
the Auditors on the conventions, as specified by Articles 56 and followings of
law 1-05-178, dated February 14th, 2006 pertaining to business corporations, and
Article 26 of the by-laws, approves the conclusions of the said report as well
as the conventions mentioned therein.
SEVENTH RESOLUTION
The Annual General Meeting gives full and total discharge without reservation,
to the Administrators for their management during the fiscal year ending on
December 31st 2006.
EIGHTH RESOLUTION
The General Assembly having observed that the mandates of the administrators:
- Mr. Othman BENJELLOUN;
- Mr. David SURATGAR;
- RMA-WATANYA
have come to an end, has decided to renew their mandates, for another 6 yeas,
i.e. until the completion of the General Meeting that will issue a pronouncement
on the accounts of the fiscal year ending December 31st, 2012.
NINTH RESOLUTION
Having acknowledged the report on the Bank's buyback program of its own shares
on the stock exchange, the General Meeting, exercising the right reserved
thereto according to Article 281of law 17-95 pertaining to business
corporations, authorizes BMCE Bank to buy back its own shares on the stock
exchange for the regularization purpose of its shares on the market.
TENTH RESOLUTION
The General Meeting sets the buy back procedure to be followed by BMCE Bank for
the repurchase of its own shares on the stock exchange, as follows:
- Shares concerned: BMCE shares
- Maximum purchase and selling price: Under discussion with the CDVM
- Minimum purchase and selling price: Under discussion with CDVM
- Maximum number of share to be held: 1,500,000 shares, i.e. 9.45 % of the
capital
- Authorization time-frame: 18 months
and hereby grants all the powers to the Chairman of the Board of Directors, and
any other individuals appointed thereby, to carry out the buyback program, as
authorized herein, and to sell, transfer or hand over, by any method, all or
part of the shares thus acquired, in compliance with the legal and regulatory
provisions applicable thereto.
ELEVENTH RESOLUTION
The Annual General Meeting grants permission to the bearer of an original, a
copy or an extract of the minutes of this meeting, for the performance of any
formality provided for by the law concerning the deposit and publication
wherever it may be deemed necessary.
BMCE BANK
CONSOLIDATED AGGREGATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2006
AGGREGATED Balance sheet AS OF dECEMBE 31st, 2006
In Thousand MAD
+----------------------------+-------------------+---------------------+
|ASSETS | 2006 | 2005 |
+----------------------------+-------------------+---------------------+
|Cash, Central Banks, | 7,804,694| 6,981,390|
|Treasury, Giro Accounts | | |
+----------------------------+-------------------+---------------------+
|Loans to credit institutions| 14,359,786| 12,325,267|
|and equivalent | | |
+----------------------------+-------------------+---------------------+
|. Demand | 2,986,039| 2,502,298|
+----------------------------+-------------------+---------------------+
|. Time | 11,373,747| 9,822,969|
+----------------------------+-------------------+---------------------+
|Loans and advances to | 38,170,814| 30,271,440|
|customer | | |
+----------------------------+-------------------+---------------------+
|. Cash and consumer loans | 18,221,673| 15,799,207|
+----------------------------+-------------------+---------------------+
|. Equipment loans | 7,951,859| 6,329,948|
+----------------------------+-------------------+---------------------+
|. Mortgage loans | 7,603,648| 5,085,405|
+----------------------------+-------------------+---------------------+
|. Other loans | 4,393,634| 3,056,880|
+----------------------------+-------------------+---------------------+
|Advances acquired by | -| -|
|factoring | | |
+----------------------------+-------------------+---------------------+
|Transactions on marketable | 12,296,554| 13,293,484|
|securities | | |
+----------------------------+-------------------+---------------------+
|. Treasury bonds and | 2,877,665| 6,932,730|
|equivalent securities | | |
+----------------------------+-------------------+---------------------+
|. Other debt securities | 2,332,628| 3,640,674|
+----------------------------+-------------------+---------------------+
|. Title deeds | 7,086,261| 2,720,080|
+----------------------------+-------------------+---------------------+
|Other assets | 1,218,732| 1,365,975|
+----------------------------+-------------------+---------------------+
|Investment securities | -| -|
+----------------------------+-------------------+---------------------+
|. Treasury bonds and | -| -|
| | | |
|equivalent securities | | |
+----------------------------+-------------------+---------------------+
|. Other debt securities | -| -|
+----------------------------+-------------------+---------------------+
|Equity investments and | 2,375,667| 2,656,789|
|equivalent uses | | |
+----------------------------+-------------------+---------------------+
|Subordinated loans | -| -|
+----------------------------+-------------------+---------------------+
|Fixed assets leased and | -| -|
|rented | | |
+----------------------------+-------------------+---------------------+
|Intangible fixed assets | 95,395| 77,266|
+----------------------------+-------------------+---------------------+
|Tangible fixed assets | 1,383,297| 1,276,253|
+----------------------------+-------------------+---------------------+
|Total Assets | 77,704,939| 68,247,864|
+----------------------------+-------------------+---------------------+
In Thousand MAD
+---------------------------+------------------+--------------------+
|LIABILITIES | 2006 | 2005 |
+---------------------------+------------------+--------------------+
|Central Banks, Treasury, | -| -|
|Giro accounts | | |
+---------------------------+------------------+--------------------+
|Liabilities to credit | 3,026,828| 3,821,794|
|institutions and equivalent| | |
+---------------------------+------------------+--------------------+
|. Demand | 548,176| 885,195|
+---------------------------+------------------+--------------------+
|. Time | 2,478,652| 2,936,599|
+---------------------------+------------------+--------------------+
|Customer Deposits | 65,360,178| 55,541,042|
+---------------------------+------------------+--------------------+
|. Demand deposits | 33,215,516| 27,063,516|
+---------------------------+------------------+--------------------+
|. Savings deposits | 10,763,858| 9,673,508|
+---------------------------+------------------+--------------------+
|. Time deposits | 17,532,877| 14,965,694|
+---------------------------+------------------+--------------------+
|. Other deposits | 3,847,927| 3,838,324|
+---------------------------+------------------+--------------------+
|Debt securities issues | -| -|
+---------------------------+------------------+--------------------+
|. Negotiable debt | -| -|
|securities | | |
+---------------------------+------------------+--------------------+
|. Bond loans | -| -|
+---------------------------+------------------+--------------------+
|. Other debt securities | -| -|
|issued | | |
+---------------------------+------------------+--------------------+
|Other liabilities | 1,587,250| 1,594,528|
+---------------------------+------------------+--------------------+
|Contingent liabilities | 44,466| 68,974|
+---------------------------+------------------+--------------------+
|Regulated provisions | 54,682| 54,682|
+---------------------------+------------------+--------------------+
|Subsidies, Assigned public | -| -|
|funds and special guarantee| | |
|funds | | |
+---------------------------+------------------+--------------------+
|Subordinated debts | 1,020,368| 1,001,358|
+---------------------------+------------------+--------------------+
|Revaluation reserve | -| -|
+---------------------------+------------------+--------------------+
|Reserves and premiums | 4,260,765| 3,940,043|
|related to capital | | |
+---------------------------+------------------+--------------------+
|Capital | 1,587,514| 1,587,514|
+---------------------------+------------------+--------------------+
|Shareholders, unpaid-up | -| -|
|capital (-) | | |
+---------------------------+------------------+--------------------+
|Retained earnings (+/-) | 20,846| 3,550|
+---------------------------+------------------+--------------------+
|Net earnings being | -| -|
|appropriated (+/-) | | |
+---------------------------+------------------+--------------------+
|Net earnings for the year | 742,042| 634,379|
|(+/-) | | |
+---------------------------+------------------+--------------------+
|Total Liabilities | 77,704,939| 68,247,864|
+---------------------------+------------------+--------------------+
OFF BALANCE SHEET AS OF DECEMBER 31 st, 2006
In Thousand MAD
+----------------------------+---------------------+--------------------+
| | 2006| 2005|
+----------------------------+---------------------+--------------------+
|Given commitments | 12,070,393| 14,516,476|
+----------------------------+---------------------+--------------------+
|Financing commitments on | | 415,246|
|behalf of credit | | |
| | | |
|institutions and equivalent | | |
+----------------------------+---------------------+--------------------+
|Financing commitments on | 5,058,868| 7,361,389|
|behalf of customers | | |
+----------------------------+---------------------+--------------------+
|Guarantee commitments given | 2,075,608| 2,488,868|
|to credit institutions and | | |
|equivalent | | |
+----------------------------+---------------------+--------------------+
|Guarantee commitments given | 4,935,917| 4,250,973|
|to customers | | |
+----------------------------+---------------------+--------------------+
|Securities repos purchased | | -|
+----------------------------+---------------------+--------------------+
|Other securities to be | | -|
|delivered | | |
+----------------------------+---------------------+--------------------+
|Received commitments | 2,188,209| 617,829|
+----------------------------+---------------------+--------------------+
|Financing commitments | -| -|
|received from credit | | |
| | | |
|institutions and equivalent | | |
+----------------------------+---------------------+--------------------+
|Guarantee commitments | 2,156,362| 585,364|
|received from credit | | |
|institutions and equivalent | | |
+----------------------------+---------------------+--------------------+
|Guarantee commitments | 31,847| 32,465|
|received from the state | | |
| | | |
|and various guarantee bodies| | |
+----------------------------+---------------------+--------------------+
|Securities repos sold | -| -|
+----------------------------+---------------------+--------------------+
|Other securities to be | -| -|
|received | | |
+----------------------------+---------------------+--------------------+
INCOME STATEMENT AS OF DECEMBER 31st , 2006
+----------------------------------------+--------------------------------+
| | In Thousand MAD|
+----------------------------------------+----------------+---------------+
| | | |
+----------------------------------------+----------------+---------------+
|BANK OPERATING REVENUES | 4,376,561| 3,881,272|
+----------------------------------------+----------------+---------------+
|Interests and assimilated revenues on | 397,088| 297,100|
|transactions with credit institutions | | |
+----------------------------------------+----------------+---------------+
|Interests and assimilated revenues on | 2,088,154| 1,863,899|
|transaction with customers | | |
+----------------------------------------+----------------+---------------+
|Interests and assimilated revenues on | 271,194| 445,532|
|debt securities | | |
+----------------------------------------+----------------+---------------+
|Revenues on title deeds | 128,265| 130,208|
+----------------------------------------+----------------+---------------+
|Revenues from leased and rented fixed | -| -|
|assets | | |
+----------------------------------------+----------------+---------------+
|Fees on provided services | 454,611| 412,215|
+----------------------------------------+----------------+---------------+
|Other banking revenues | 1,037,249| 732,318|
+----------------------------------------+----------------+---------------+
|BANK OPERATING EXPENSES | 1,451,790| 1,313,874|
+----------------------------------------+----------------+---------------+
|Interests and assimilated expenses on | 212,721| 153,856|
|transactions with credit institutions | | |
+----------------------------------------+----------------+---------------+
|Interests and assimilated expenses on | 839,155| 791,284|
|transactions with customers | | |
+----------------------------------------+----------------+---------------+
|Interests and assimilated expenses on | -| -|
|debt securities | | |
+----------------------------------------+----------------+---------------+
|Expenses on leased and rented fixed | -| -|
|assets | | |
+----------------------------------------+----------------+---------------+
|Other banking expenses | 399,914| 368,734|
+----------------------------------------+----------------+---------------+
|NET BANKING INCOME | 2,924,771| 2,567,398|
+----------------------------------------+----------------+---------------+
|Non-banking operating revenues | 163,024| 262,163|
+----------------------------------------+----------------+---------------+
|Non-banking operating expenses | 10,310| 35,087|
+----------------------------------------+----------------+---------------+
|GENERAL OPERATING EXPENSES | 1,709,634| 1,534,603|
+----------------------------------------+----------------+---------------+
|Staff expenses | 830,921| 768,220|
+----------------------------------------+----------------+---------------+
|Tax expenses | 32,418| 28,971|
+----------------------------------------+----------------+---------------+
|External expenses | 696,261| 598,386|
+----------------------------------------+----------------+---------------+
|Other general operating expenses | 105| 6,589|
+----------------------------------------+----------------+---------------+
|Allowances for depreciation and | 149,929| 132,437|
|provisions for intangible and tangible | | |
|fixed assets | | |
+----------------------------------------+----------------+---------------+
|ALLOWANCES FOR PROVISIONS AND LOAN | 769,506| 800,845|
|LOSSES | | |
+----------------------------------------+----------------+---------------+
|Allowances for non performing loans and | 496,716| 480,143|
|commitments | | |
+----------------------------------------+----------------+---------------+
|Loan losses | 218,781| 228,104|
+----------------------------------------+----------------+---------------+
|Other allowances for provisions | 54,009| 92,598|
+----------------------------------------+----------------+---------------+
|PROVISION WRITE-BACKS AND RECOVERY ON | 519,072| 437,598|
|AMORTISED DEBTS | | |
+----------------------------------------+----------------+---------------+
|Provision write-backs for non performing| 435,876| 330,963|
|loans and commitments | | |
+----------------------------------------+----------------+---------------+
|Recovery on amortised debts | 34,281| 37,418|
+----------------------------------------+----------------+---------------+
|Other provision write-backs | 48,915| 69,217|
+----------------------------------------+----------------+---------------+
|CURRENT INCOME | 1,117,417| 896,624|
+----------------------------------------+----------------+---------------+
|Non-current revenues | -| -|
+----------------------------------------+----------------+---------------+
|Non-current expenses | -| -|
+----------------------------------------+----------------+---------------+
|PRE-TAX EARNINGS | 1,117,417| 896,624|
+----------------------------------------+----------------+---------------+
|- Corporate tax | 375,375| 262,245|
+----------------------------------------+----------------+---------------+
|NET EARNINGS OF THE YEAR | 742,042| 634,379|
+----------------------------------------+----------------+---------------+
MANAGEMENT BALANCES STATEMENT AS OF DECEMBER 31st, 2006
+---------------------------------------------+---------------------------+
| | In Thousand MAD|
+---------------------------------------------+-------------+-------------+
| | | |
+---------------------------------------------+-------------+-------------+
|+ Interests and assimilated revenues | 2,961,514| 2,604,805|
+---------------------------------------------+-------------+-------------+
|- Interests and assimilated expenses | 1,050,627| 947,104|
+---------------------------------------------+-------------+-------------+
|INTEREST MARGIN | 1,640,887| 1,657,701|
+---------------------------------------------+-------------+-------------+
|+ Revenues from leased and rented fixed | -| -|
|assets | | |
+---------------------------------------------+-------------+-------------+
|- Expenses from leased and rented fixed | -| -|
|assets | | |
+---------------------------------------------+-------------+-------------+
|PROFIT FROM LEASING AND RENTING OPERATIONS | -| -|
+---------------------------------------------+-------------+-------------+
|+ Fees received | 552,536| 506,626|
+---------------------------------------------+-------------+-------------+
|- Fees paid | 66,338| 64,623|
+---------------------------------------------+-------------+-------------+
|MARGIN ON FEES | 486,198| 442,003|
+---------------------------------------------+-------------+-------------+
|+ Income from operations on transaction | -| -|
|securities | | |
+---------------------------------------------+-------------+-------------+
|+ Income from transactions on marketable | 673,566| 302,236|
|securities | | |
+---------------------------------------------+-------------+-------------+
|+ Income from exchange transactions | 101,861| 92,466|
+---------------------------------------------+-------------+-------------+
|+ Income from derivatives transactions | -8,176| 28,165|
+---------------------------------------------+-------------+-------------+
|INCOME FROM MARKET TRANSACTIONS | 767,251| 422,867|
+---------------------------------------------+-------------+-------------+
|+ Other miscellaneous equity investments | 129,137| 134,564|
+---------------------------------------------+-------------+-------------+
|- Other miscellaneous banking expenses | 98,702| 89,737|
+---------------------------------------------+-------------+-------------+
|NET BANKING INCOME | 2,924,771| 2,567,398|
+---------------------------------------------+-------------+-------------+
|+ Net income from equity investments | 110,477| 246,282|
+---------------------------------------------+-------------+-------------+
|+ Other non-banking operating revenues | 36,703| 31,196|
+---------------------------------------------+-------------+-------------+
|- Other non banking operating expenses | 5,065| 26,552|
+---------------------------------------------+-------------+-------------+
|- General operating expenses | 1,709,634| 1,534,603|
+---------------------------------------------+-------------+-------------+
|GROSS OPERATING INCOME | 1,357,252| 1,283,721|
+---------------------------------------------+-------------+-------------+
|+ Allowances for non performing loans | -245,341| -339,877|
| | | |
|And commitments (net of write-backs) | | |
+---------------------------------------------+-------------+-------------+
|+ Other allowances net of provision | 5,506| -47,220|
|write-backs | | |
+---------------------------------------------+-------------+-------------+
|CURRENT INCOME | 1,117,417| 896,624|
+---------------------------------------------+-------------+-------------+
|NON-CURRENT INCOME | -| -|
+---------------------------------------------+-------------+-------------+
|- Corporate tax | 375,375| 262,245|
+---------------------------------------------+-------------+-------------+
|NET EARNINGS FOR THE YEAR | 742,042| 634,379|
+---------------------------------------------+-------------+-------------+
+-------------------------------------------+-------------+---------------+
| | | |
+-------------------------------------------+-------------+---------------+
|+ NET EARNINGS FOR THE YEAR | 742,042| 634,379|
+-------------------------------------------+-------------+---------------+
|+ Allowances for depreciation and | 149,929| 132,437|
|provisions | | |
| | | |
|For intangible and tangible fixed assets | | |
+-------------------------------------------+-------------+---------------+
|+ Allowances for provisions for equity | 13,776| 29,388|
|investments | | |
+-------------------------------------------+-------------+---------------+
|+ Allowances for provisions for general | | -|
|risks | | |
+-------------------------------------------+-------------+---------------+
|+ Allowances for regulated provisions | | -|
+-------------------------------------------+-------------+---------------+
|+ Non-current allowances | | -|
+-------------------------------------------+-------------+---------------+
|- Provisions write-backs | 3,176| 53,238|
+-------------------------------------------+-------------+---------------+
|- Capital gains on disposals of intangible | 4,792| 1,475|
|and | | |
| | | |
|tangible fixed assets | | |
+-------------------------------------------+-------------+---------------+
|+ Capital losses on disposals of intangible| 21| 1,377|
|and | | |
| | | |
|tangible fixed assets | | |
+-------------------------------------------+-------------+---------------+
|- Capital gains on disposals of equity | 126,321| 230,967|
|investments | | |
+-------------------------------------------+-------------+---------------+
|+ Capital losses on disposals of equity | 5,244| 8,535|
|investments | | |
+-------------------------------------------+-------------+---------------+
|- Write-backs of investment subsidies | -| -|
|received | | |
+-------------------------------------------+-------------+---------------+
|+ FINANCING CAPACITY | 776,723| 520,436|
+-------------------------------------------+-------------+---------------+
|- Dividends distributed | 299,548| 250,474|
+-------------------------------------------+-------------+---------------+
|+ CASH-FLOW | 477,175| 269,962|
+-------------------------------------------+-------------+---------------+
AGGREGATED CASH FLOW STATEMENT AS OF DECEMBER 31st, 2006
In Thousand MAD
+-----------------------------------------+------------------+------------------+
| | 2006 | 2005 |
+-----------------------------------------+------------------+------------------+
|1. (+) Operating income received from | 4,057,458| 3,744,091|
|banking operations | | |
+-----------------------------------------+------------------+------------------+
|2. (+) Recovery of amortised debts | 34,281| 37,418|
+-----------------------------------------+------------------+------------------+
|3. (+) Non-banking revenues received | 209,816| 308,883|
+-----------------------------------------+------------------+------------------+
|4. ( -) Banking operating expenses paid | 1,707,263| 1,682,419|
+-----------------------------------------+------------------+------------------+
|5. ( -) Non-banking operating expenses | 10,310| 35,087|
|paid | | |
+-----------------------------------------+------------------+------------------+
|6. ( -) General operating expenses paid | 1,606,497| 1,448,886|
+-----------------------------------------+------------------+------------------+
|7. ( -) Corporate tax paid | 375,375| 261,852|
+-----------------------------------------+------------------+------------------+
|I. NET CASH FLOWS FROM THE INCOME | 602,110| 662,418|
|STATEMENT | | |
+-----------------------------------------+------------------+------------------+
|Change in : | -| -|
+-----------------------------------------+------------------+------------------+
|8. ( + ) Loans to credit institutions and| -3,588,102| 181,526|
|equivalent | | |
+-----------------------------------------+------------------+------------------+
|9. ( + ) Loans to customers | -7,899,373| -3,844,636|
+-----------------------------------------+------------------+------------------+
|10. ( + ) Debt and marketable securities | 996,930| 1,546,593|
+-----------------------------------------+------------------+------------------+
|11. ( + ) Other assets | 160,758| -85,916|
+-----------------------------------------+------------------+------------------+
|12.( + ) Fixed assets leased and rented | -| -|
|out | | |
+-----------------------------------------+------------------+------------------+
|13.( + ) Liabilities to credit | 700,182| -448,837|
|institutions and equivalent | | |
+-----------------------------------------+------------------+------------------+
|14.( + ) Customer deposits | 9,813,051| 2,263,896|
+-----------------------------------------+------------------+------------------+
|15.( + ) Debt securities issued | -| -|
+-----------------------------------------+------------------+------------------+
|16.( + ) Other liabilities | -63,044| -78,112|
+-----------------------------------------+------------------+------------------+
|II. BALANCE OF CHANGES IN OPERATING | 120,402| -465,486|
|ASSETS AND LIABILITIES | | |
+-----------------------------------------+------------------+------------------+
|III. NET CASH FLOWS FROM OPERATING | 722,512| 196,932|
|ACTIVITIES ( I + II ) | | |
+-----------------------------------------+------------------+------------------+
|17. (+) Revenues from equity investments | 593,674| 1,333,234|
+-----------------------------------------+------------------+------------------+
|18. (+) Revenues from disposals of | 20,081| 30,288|
|intangible and tangible fixed assets | | |
+-----------------------------------------+------------------+------------------+
|19. (-) Acquisitions of equity | 209,868| 92,232|
|investments | | |
+-----------------------------------------+------------------+------------------+
|20. (-) Acquisitions of intangible and | 298,502| 255,365|
|tangible fixed assets | | |
+-----------------------------------------+------------------+------------------+
|21. (+) Interests received | 210,100| 22,682|
+-----------------------------------------+------------------+------------------+
|22. (+) Dividends received | 123,498| 124,422|
+-----------------------------------------+------------------+------------------+
|IV. NET CASH FLOWS FROM INVESTMENT | 438,983| 1,163,029|
|ACTIVITIES | | |
+-----------------------------------------+------------------+------------------+
|Change in: | -| -|
+-----------------------------------------+------------------+------------------+
|23. (+) Subsidies, public funds and | -| -|
|special guarantee funds received | | |
+-----------------------------------------+------------------+------------------+
|24. (+) Issue of subordinated debts | -| 500,000|
+-----------------------------------------+------------------+------------------+
|25. (+) Stock issues | -| -|
+-----------------------------------------+------------------+------------------+
|26. ( -) Repayment of shareholders equity| -| -|
|and equivalent | | |
+-----------------------------------------+------------------+------------------+
|27. ( -) Interests paid | 38,643| 19,434|
+-----------------------------------------+------------------+------------------+
|28. ( -) Dividends paid | 299,548| 250,474|
+-----------------------------------------+------------------+------------------+
|V. NET CASH FLOWS FROM FINANCING | -338,191| 230,092|
|ACTIVITIES | | |
+-----------------------------------------+------------------+------------------+
|VI. NET CHANGE IN CASH ( III + IV + V ) | 823,304| 1,590,053|
+-----------------------------------------+------------------+------------------+
|VII. CASH & CASH EQUIVALENT AT BEGINNING | 6,981,390| 5,391,337|
|OF YEAR | | |
+-----------------------------------------+------------------+------------------+
|VIII. CAH & CASH EQUIVALENT AT YEAR-END | 7,804,694| 6,981,390|
+-----------------------------------------+------------------+------------------+
PRINCIPAL VALUATION METHODS APPLIED AS OF DECEMBER 31st, 2006
+--------------------------------------------------------------------------+
|INDICATION OF VALUATION METHODS APPLIED BY BMCE BANK |
+--------------------------------------------------------------------------+
Cf: Presentation of the rules and accounting policies
DEROGATIONS TABLE AS OF DECEMBER 31st, 2006
+---------------------+----------------------+---------------------------------+
|INDICATIONS OF |JUSTIFICATIONS OF |INFLUENCE OF DEROGATIONS ON |
|DEROGATIONS |DEROGATIONS |ASSETS, FINANCIAL POSITION AND |
| | |PROFITS |
| | | |
+---------------------+----------------------+---------------------------------+
|Derogations to the | None |(*) |
|main accounting | | |
|policies | | |
+---------------------+----------------------+---------------------------------+
|Derogations to | None |(*) |
|valuation methods | | |
+---------------------+----------------------+---------------------------------+
|Derogations to the | None |(*) |
|rules of 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
BREAKDOWN OF TRANSACTION & MARKETABLE SECURITIES AND
INVESTMENT SECURITIES AS OF DECEMBER 31st , 2006
In Thousand MAD
+--------------+--------------+--------------+--------------+-------------+------------+
| | Credit |Public issuer | Private | Total | Total |
| | institutions | | issuers | | |
| |and equivalent| | | 2006 | 2005 |
| | | | | | |
| | | | | | |
| | | |Financial Non | | |
| | | |financial | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|QUOTED | 1,477,838 | 2,408,118 |6,285,952 - | 10,141,908 | 10,386,074 |
|SECURITIES | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|- Treasury | - | 2,408,118 |- - | 2,408,118 | 6,495,901 |
|bonds & | | | | | |
|equivalent | | | | | |
|securities | | | | | |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|- Bonds | 47,500 | - |- - | 47,500 | - |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|- Other debts | 600,029 | - |6,285,952 - | 600,029 | 1,170,093 |
|securities | | | | | |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|- Title deeds | 800,309 | - |- - | 7,086,261 | 2,720,080 |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|UNQUOTED | 1,455,583 | 548,338 |- 97,346 | 2,101,247 | 2,828,923 |
|SECURITIES | | | | | |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|- Treasury | - | 422,820 |- - | 422,820 | 357,440 |
|bonds & | | | | | |
|equivalent | | | | | |
|securities | | | | | |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|- Bonds | - | 125,518 |- 97,346 | 222,864 | 1,120,676 |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|- Other debt | 1,455,563 | - |- - | 1,455,563 | 1,350,807 |
|securities | | | | | |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|- Title deeds | - | - |- - | - | - |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|ACCRUED | 53,399 | - |- - | 53,399 | 78,487 |
|INTEREST | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
|TOTAL | 2,956,800 | 2,956,456 |6,285,952 | 12,296,554 | 13,293,484 |
| | | | | | |
| | | | | | |
+--------------+--------------+--------------+--------------+-------------+------------+
DETAIL OF OTHER ASSETS AS OF DECEMBER 31st, 2006
In Thousand MAD
HEADING AMOUNT
OPTIONAL INSTRUMENTS 76,551
Miscellaneous transactions 3,226 Coupons receivable
on securities (debit)
Sums settled to be recovered 69,887
from securities issuers
Other settlement accounts 3,438 Premiums paid on exchange option
concerning
transactions on securities
OTHER DEBTORS 469,341
- Sums due by the state 262,978 Deductible VAT, advances corp Tax,
TPPRF state and exchange loss
receivable from the treasury
- Sums due by provident 9,681
companies
- Receivable from staff 13,136 Advances to staff
- Receivable for non-banking -
services
- Other debtors 183,546 Deposits and guarantees and
Directors' shares
OTHER SECURITIES AND ASSETS 6,086
- Other securities and 6,086 Stock of supplies
assets
CURRENCIES ADJUSTMENT 37,506
ACOUNTS
CURRENCIES AND SECURITIES 24,830
DISCREPANCY ACCOUNTS (DEBIT)
Potential losses on hedging
transactions non settled
Differed losses on hedging 24,830
transactions non settled
DEFFERED EXPENSES 2,182 Capital increase and
establishment fees
LIAISON ACCOUNTS BETWEEN THE 149,865
HEAD OFFICE, BRANCHES AND
AGENCIES IN MOROCCO (DEBIT)
Accrued income and 131,376
prepayment
- Accrued income 126,488
- Prepayment 4,888
Transitory accounts 229,596
Non performing loans on
miscellaneous transactions
Provisions for non 91,399
performing loans on
miscellaneous transactions
TOTAL 1,218,732
LOANS TO CREDIT INSTITUTION AND EQUIVALENT AS OF DECEMEBR 31st, 2006
In Thousand MAD
+--------------+----------+---------+------------+------------+----------+-------------+
| Claims | Bank |Banks in |Other credit| Foreign |Total 2006| Total 2005 |
| |Al-Maghrib| Morocco |institutions| credit | | |
| | Treasury | | and |institutions| | |
| | and Giro | | equivalent | | | |
| | accounts | | in Morocco | | | |
+--------------+----------+---------+------------+------------+----------+-------------+
|ORDINARY | 6,873,431| 24,921| 481,750| 591,614| 7,971,716| 8,457,728|
|ACCOUNTS IN | | | | | | |
|DEBIT | | | | | | |
+--------------+----------+---------+------------+------------+----------+-------------+
|SECURITIES | | 322,921| | | 322,921| 300,173|
|RECEIVED AS | | | | | | |
|PLEDGES | | | | | | |
+--------------+----------+---------+------------+------------+----------+-------------+
|- Overnight | | | | | | |
+--------------+----------+---------+------------+------------+----------+-------------+
|- Time | | 322,921| | | 322,921| 300,173|
+--------------+----------+---------+------------+------------+----------+-------------+
|SHORT-TERM | 1,230,000| 130,900| 2,433,105| 3,079,516| 6,883,521| 4,209,400|
|LOANS | | | | | | |
+--------------+----------+---------+------------+------------+----------+-------------+
|- Overnight | 1,200,300| 130,900| 1,384,262| | 2,745,162| |
+--------------+----------+---------+------------+------------+----------+-------------+
|- Time | | | 1,058,843| 3,079,516| 4,138,359| |
+--------------+----------+---------+------------+------------+----------+-------------+
|FINANCIAL | | 709,464| 3,035,090| 317,785| 4,062,339| 3,410,940|
|LOANS | | | | | | |
+--------------+----------+---------+------------+------------+----------+-------------+
|OTHER LOANS | 2,895,759| | | 7,850| 2,903,609| 2,921,744|
+--------------+----------+---------+------------+------------+----------+-------------+
|RECEIVABLES | 19,456| 918| | | 20,374| 6,672|
|ACCRUED | | | | | | |
|INTEREST | | | | | | |
+--------------+----------+---------+------------+------------+----------+-------------+
|NON PERFORMING| | | | | | |
|LOANS | | | | | | |
+--------------+----------+---------+------------+------------+----------+-------------+
| TOTAL |11,018,646|1,189,124| 5,959,945| 3,996,765|22,164,480| 19,306,657|
+--------------+----------+---------+------------+------------+----------+-------------+
Comments: PL 480 of KMDH 2,895,759 is included in other loans heading.
LOANS AND ADVANCES TO CUSTOMERS AS OF DECEMEBR 31st , 2006
In Thousand MAD
+--------------------------------------------------------------------------------------+
|Private sector |
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
| | Public | Financial | Non | Other | Total | Total |
| | sector | companies | financial | customers | | |
| Claims | | | companies | | 2006 | 2005 |
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|SHORT-TERM LOANS |2,074,888| 859,593| 11,328,549| 801,814|15,064,844| 13,552,574|
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|- Deposits |1,807,152| 259,593| 5,378,417| 407,839| 7,853,001| 8,428,005|
|accounts in debit| | | | | | |
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|- Commercial | | | 1,614,625| | 1,614,625| 1,228,285|
|loans in Morocco | | | | | | |
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|- Export loans | | | 595,581| | 595,581| 618,143|
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|- Other cash | 267,736| 600,000| 3,739,926| 393,975| 5,001,637| 3,248,141|
|loans | | | | | | |
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|CONSUMER LOANS | 1,138| | 37,194| 3,118,497| 3,156,829| 2,244,327|
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|EQUIPMENT LOANS | 698,502| | 7,191,482| 61,875| 7,951,859| 6,296,808|
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|MORTGAGE LOANS | 167,286| | 187,174| 7,249,188| 7,603,648| 5,091,568|
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|OTHER LOANS | 21,843| 1,673,847| 2,084,354| 92,940| 3,872,984| 1,939,499|
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|ADVANCES ACQUIRED| | | | | | 2,272,243|
|BY FACTORING | | | | | | |
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|RECEIVABLE | | | 399| 15| 414| 79,858|
|ACCRUED INTEREST | | | | | | |
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|NON PERFORMING | 5,378| 7,824| 224,843| 282,191| 520,236| 764,062|
|LOANS | | | | | | |
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|- Substandard | | 8| 3,816| 42,984| 46,808| 3,719|
|loans | | | | | | |
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|- Doubtful loans | | 46| 18,323| 59,831| 78,200| 14,598|
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
|- Loss Loans | 5,378| 7,770| 202,704| 179,376| 395,228| 745,745|
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
| TOTAL |2,969,035| 2,541,264| 21,053,995| 11,606,520|38,170,814| 30,271,440|
+-----------------+---------+-----------+-----------+-----------+----------+-----------+
EQUITY INVESTMENTS AS OF DECEMEBR 31st , 2006
+-----------------+-----------------+----------+-------------+---------+----------------+
| Name of the | Sector of |Number of |Share Capital| Equity | Overall |
| issuing company | activity | shares | | holding | acquisition |
| | | | | as % | price |
+-----------------+-----------------+----------+-------------+---------+----------------+
|EQUITY HOLDINGS | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|RMA WATANYA | Insurance | 1,744,869|1,774,400,800| 10.00| 700,305,306.63|
+-----------------+-----------------+----------+-------------+---------+----------------+
|BANQUE DE | Foreign Credit | 102,926|3,759,560,000| 27.38| 102,204,980.82|
|DEVELOPPEMENT DU | institution | | CFA | | |
|MALI | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|SOCIETE CASA |Financial company| 382,876| 114,862,500 | 33.33| 38,420,083.75|
|FINANCE MARKET | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|RISMA | Tourism | 219,312| 489,077,000 | 4.48| 34,881,710.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|CONGOLAISE DES | Foreign Credit | 100,000|4,000,000,000| 25.00| 16,990,025.00|
|BANQUES | Institution | | CFA | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|TANGER ZONE | Development | 135,000| 105,000,000 | 12.86| 13,500,00.00|
|FRANCHE | company | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|CENTRE MONETIQUE | Electronic | 110,000| 98,200,000 | 11.20| 11,000,000.00|
|INTERBANCAIRE | payment | | | | |
| | management | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|ACMAR | Insurance & | 100,000| 50,000,000 | 20.00| 10,001,000.00|
| | Service | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|EMAT* | Holding company | 60,000| 30,000,000 | 20.00| 6,000,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|MOROCCAN | Real estate | 56,500| 46,000,000 | 12.28| 5,650,000.00|
|INFORMATION |management techno| | | | |
|TECHNO PARC CIE | park | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|GLOBAL NETWORK | Information | 26,500| 26,500,000 | 10.00| 2,650,000.00|
|SYSTEMS | processing | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|STE CONSEIL | Engineering | 36,668| 18,772,000 | 19.53| 2,000,000.00|
|INGENIERIE ET | bureau | | | | |
|DEVELOPPEMENT | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
| STE | Development | 10,000| 60,429,000| 1.65| 1,000,000.00|
|D'AMENAGEMENT DU | company | | | | |
|PARC INDUSTRIE | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|MARTKO (MAGHREB | Financial | 12,000| 600,000 USD | 20.00| 970,638.00|
|ARAB | institution | | | | |
|TRADINGdegrees) | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|STE IPE | Publishing & | 4,000| 4,000,000 | 10.00| 400,000.00|
| | printing | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|STE RECOURS | Debt collection | 3,750| 2,500,000 | 15.00| 375,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|EUROCHEQUE MAROC |Means of payment | 1,436| 5,000,000 | 28.72| 143,900.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|MediCapital Bank | Foreign credit | 5,000,000| | 100.00| 82,956,000.00|
| | institution | LS| | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|Equity holdings | | | | |1,029,448,644.20|
+-----------------+-----------------+----------+-------------+---------+----------------+
|SECURITIES OF | | | | | |
|RELATED COMPANIES| | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|BMCE MADRID | Foreign credit | 262,500| 18,030,000 | 87.50| 190,383,188.62|
| | institution | | EUR | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|MAGHREBAIL | Leasing | 368,862| 102,532,000 | 35.98| 137,009,763.63|
+-----------------+-----------------+----------+-------------+---------+----------------+
|STE SALAFIN | Consumer credit | 100,000| 103,000,000 | 97.09| 100,000,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|BMCE CAPITAL | Investment Bank | 100,000| 100,000,000 | 100.00| 100,000,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|MAROC FACTORING | Factoring | 142,500| 15,000,000 | 95.00| 16,208,700.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|MABANICOM | SCI | 10,000| 10,000,000 | 100.00| 29,700,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|BMCE CAPITAL | Stock Brokerage | 67,500| 10,000,000 | 67.50| 6,750,000.00|
|BOURSE | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|BMCE CAPITAL | Mutual fund | 50,000| 5,000,000 | 100.00| 6,442,928.1|
|GESTION | management | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|DOCUPRINT | Service company | 4,000| 4,000,000 | 100.00| 4,000,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|BMCE ASSURBANK | Insurance | 14,250| 1,500,000 | 95.00| 1,425,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|STE CONSUL TITRES| Mutual fund | 500| 1,000,000 | 50.00| 500,000.00|
| | company | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|Equity | | | | | |
|investments of | | | | | |
|related companies| | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|SECURITIES OF THE| | | | | 592,419,580.26|
|PORTFOLIO | | | | | |
|ACTIVTIES | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|E.S.F.G | Foreign credit | 707,000| 479,086,000 | 1.27| 153,559,892.47|
| | institution | | EUR | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|E.S.I.H | Foreign credit | 467,250| 260,400,000 | 1.79| 152,915,585.16|
| | institution | | EUR | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|FINAFUND USA | Investment Fund | 14,000| 81,525,000 | 17.50| 118,391,700.00|
| | | | USD | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|FINAFUND EUROPE | Investment Fund | 14,000| 40,000,000 | 17.50| 77,980,315.40|
| | | | EUR | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|UBAE ARAB ITALIAN| Investment Fund | 48,220| 122,319,560 | 4.34| 73,801,824.86|
|BANK | | | EUR | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|PROPARCO | Multinational | 222,750| 142,560,000 | 2.50| 39,534,702.82|
| | credit | | EUR | | |
| | institution | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|FONDS ESPAGNOL | Investment Fund | 19,436|7,401,000 EUR| 2.63| 19,450,403.22|
| | | | | | |
|MARCO POLO | | | | | |
|INVEST. S.C.R | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|FONDS | Investment Fund | 3| 25,000,000 | 12,00| 18,193,868.68|
|D'INVESSTISSEMENT| | | USD | | |
|CAPITAL MOROCCO | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|AFREXIM BANK | Foreign credit | 30| 146,601,000 | 0.20| 2,536,965.00|
|(African Import | institution | | USD | | |
|Export) | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|FONDS MONETAIRE | Financial | 54| 500,000,000 | 0.05| 2,536,965.00|
|ARABE (ARAB TRADE| institution | | USD | | |
|FINANCING | | | | | |
|PROGRAM) | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|FONDS | Investment Fund | | | | 2,687,500.00|
|D'INVESTISSEMENT | | | | | |
|DE L'ORIENTAL | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|FIROGEST | Investment Fund | | | | 250,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|STE CIVILE FIN |Equity investment| 500| 100,000 | 50.00| 50,000.00|
|FUND | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|Securities of the| | | | | 661,889,722.61|
|portfolio | | | | | |
|activities | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|OTHER EQUITY | | | | | |
|INVESTMENT | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|STE NATIONALE DES| Road | 16,000|3,467,628,500| 0.22| 7,112,000.00|
|AUTOROUTES | infrastructure | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|LA CELLULOSE DU | Paper pulp | 52,864| 650,484,000 | 0.81| 3,393,433.00|
|MAROC | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|SMAEX | Insurance & | 16,900| 37,500,000 | 4.51| 1,690,000.00|
| | service | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|FRUMAT | Agri-industry | 4,000| 13,000,000 | 3.08| 1,450,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|STE IMMOBILIERE | Real estate | 12,670| 19,005,000 | 6.67| 1,267,000.00|
|SIEGE GPBM | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|BANK AL AMAL | Credit | 9,710| 500,000,000 | 0.19| 971,000.00|
| | institution | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|MAROCLEAR |Central custodian| 803| 20,000,000 | 4.02| 803,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|GECOTEX | Industry | 5,000| 10,000,000 | 5.00| 500,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|SOCIETE ALLICOM | Industry | | 20,000,000 | 2.50| 500,000.00|
|MAROC | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|DAR ADDAMANE |Guarantee bodies | 9,610| 75,000,000 | 0.64| 480,500.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|FONDS DE SOUTIEN | Support actions | 4,805| 500,000,000 | 0.05| 240,250.00|
|ACTIONS BBA | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|SINCOMAR | Agri-industry | 494| 37,440,000 | 0.13| 49,400.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|SWIFT | Service company | 23| 434,020,000 | 0.01| 24,027.46|
| | | | EUR | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
| CIE IMMOBILIERE | Real estate | 640| 20,000,000| 0.32| 8,500.00|
|FONCIERE | company | | | | |
|MAROCAINE | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
| |Telecommunication| 2|8,333,368,000| 0.00| 200.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
| |Means of payment | 3,634| | | 945,536.50|
+-----------------+-----------------+----------+-------------+---------+----------------+
|Other Equity | | | | | 19,434,846.96|
|Holdings | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
| | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
| | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|MEDITELECOM | | | | | 106,610,873.38|
+-----------------+-----------------+----------+-------------+---------+----------------+
|EMAT* | | | | | 5,000,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|Attachyid Wa Al | | | | | 2,728,612.50|
|Mabani | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
|BMCE CAPITAL | | | | | 5,800,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|MAGHREBAIL | | | | | 2,500,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|MARTCO | | | | | 1,500,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|Siege G.P.B.M. | | | | | 1,446,419.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|ALLICOM MAROC | | | | | 552,000.00|
+-----------------+-----------------+----------+-------------+---------+----------------+
|Other assimilated| | | | | 126,137,905.48|
|uses | | | | | |
+-----------------+-----------------+----------+-------------+---------+----------------+
| Total | | | | |2,429,330,699.50|
+-----------------+-----------------+----------+-------------+---------+----------------+
EQUITY INVESTMENTS AS OF DECEMEBR 31st , 2006
Extracts from the last financial
Statements of the issuing company
Name of the issuing Closing Net worth Net Provisions Net Book value
company date of the earning
exercise
EQUITY HOLDINGS
RMA WATANYA 700,305,306.63
BANQUE DE DEVELOPPEMENT Dec 31st, 464,151.00 53,516.00 102,204,980.32
DU MALI 2006
SOCIETE CASA FINANCE Dec 31st, 142,575.00 19,153.00 38,420,083.75
MARKET 2006
RISMA 34,881,710.00
CONGOLAISE DES BANQUES Dec 31st, 104,978.00 29,907.00 16,990,025.00
2006
TANGER ZONE FRANCHE 13,500,000.00
CENTRE MONETIQUE 11,000,000.00
INTERBANCAIRE
ACMAR Dec 31st, 49,476.00 6,076.00 10,0001,000.00
2006
EMAT* 0.00 6,000,000.00
MOROCCAN INFORMATION 5,650,000.00
TECHNO PARC CIE
GLOBAL NETWORK SYSTEMS 742,000.00 1,908,000.00
STE CONSEIL INGENIERIE 2,000,000.00
ET DEVELOPPEMENT
STE D'AMENAGEMENT DU 1,000,000.00
PARC INDUSTRIE
MARTKO (MAGHREB ARAB 970,638.00 0.00
TRADINGdegrees)
STE IPE 400,000.00
STE RECOURS Dec 31st, 7,178.00 1,213.00 375,000.00
2006
EUROCHEQUE MAROC 143,900.00
MediCapital Bank Dec 31st, 22,943.00 -47,797.00 82,956,000.00
2006
Equity holdings 7,712,638.00 1,021,736,006.20
SECURITIES OF RELATED
COMPANIES
BMCE MADRID Dec 31st, 270,660.00 9,470.00 190,383,188.62
2006
MAGHREBAIL Dec 31st, 380,928.00 47,547.00 137,0009,763.63
2006
STE SALAFIN Dec 31st, 248,525.00 63,077.00 100,000,000.00
2006
BMCE CAPITAL Dec 31st, 78,176.00 1,332.00 18,676,000.00 81,324,000.00
2006
MAROC FACTORING Dec 31st, 88,753.00 10,631.00 16,208,700.00
2006
MABANICOM Dec 31st, 21,429.00 1,431.00 7,279,270.73 22,420,729.27
2006
BMCE CAPITAL BOURSE Dec 31st, 66,441.00 21,153.00 6,750,000.00
2006
BMCE CAPITAL GESTION Dec 31st, 34,091.00 26,438.00 6,442,928.01
2006
DOCUPRINT 4,000,000.00
BMCE ASSURBANK 1,425,000.00
STE CONSUL TITRES 500,000.00
Equity investments of 26,455,270.73 565,964,309.53
related companies
SECURITIES OF THE
PORTFOLIO ACTIVTIES
E.S.F.G 153,559,892.47
E.S.I.H 152,915,585.16
FINAFUND USA 118,391,700.00
FINAFUND EUROPE 77,980,315.40
UBAE ARAB ITALIAN BANK 73,801,824.86
PROPARCO 39,534,702.82
FONDS ESPAGNOL 13,275,867.00 6,174,536.22
MARCO POLO INVEST.
S.C.R
FONDS D'INVESSTISSEMENT 18,193,868.68
CAPITAL MOROCCO
AFREXIM BANK (African 2,536,965.00
Import Export)
FONDS MONETAIRE ARABE 2,536,965.00
(ARAB TRADE FINANCING
PROGRAM)
FONDS D'INVESTISSEMENT 2,687,500.00
DE L'ORIENTAL
FIROGEST 250,000.00
STE CIVILE FIN FUND 50,000.00
Securities of the 13,275,867.00 648,613,855.61
portfolio activities
OTHER EQUITY INVESTMENT
STE NATIONALE DES 2,218,433.00 4,893,567.00
AUTOROUTES
LA CELLULOSE DU MAROC 3,393,433.00
SMAEX 1,690,000.00
FRUMAT 1,450,000.00
STE IMMOBILIERE SIEGE 1,267,000.00
GPBM
BANK AL AMAL 971,000.00
MAROCLEAR 803,000.00
GECOTEX 500,000.00
SOCIETE ALLICOM MAROC 500,000.00
DAR ADDAMANE 480,500.00
FONDS DE SOUTIEN ACTIONS 240,250.00
BBA
SINCOMAR 48,400.00
SWIFT 24,027.46
CIE IMMOBILIERE 8,500.00
FONCIERE MAROCAINE
200.00
945,536.50
Other equity holdings 4,168,433.00 15,266,413
MEDITELECOM 106,610,873.38
EMAT* 5,000,000.00
Attachyid Wa Al Mabani 2,728,612.50
BMCE CAPITAL 5,800,000.00
MAGHREBAIL 2,500,000.00
MARTCO 1,500,000.00
Siege G.P.B.M. 1,446,419.60
ALLICOM MAROC 552,000.00
Other assimilated uses 2,052,000.00 124,085,905.48
Total 53,664,208.73 2,375,666.77
TANGIBLE AND INTANGIBLE FIXED ASSETS AS OF DECEMEBR 31st , 2006
In Thousand MAD
+----------------------+-------------+-------------+-------------+--------------+
| |Gross amount |Acquisitions |Disposals or |Gross amount |
| |at the |of the year |withdrawals |at the end of |
|FIXED ASSETS |beginning of | |of the year |the year |
| |the year | | | |
| | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|INTANGIBLE FIXED | 135,629| 41,000| 250| 176,379|
|ASSETS | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|- Leasehold rights | 28,458| 216| 250| 28,424|
+----------------------+-------------+-------------+-------------+--------------+
|- Investments in | | | | |
|research & development| | | | |
+----------------------+-------------+-------------+-------------+--------------+
|- Other operating | 107,171| 40,784| | 147,955|
|intangible fixed | | | | |
|assets | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|- Non-operating | | | | |
|intangible fixed | | | | |
|assets | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|TANGIBLE FIXED ASSETS | 2,812,164| 261,255| 34,813| 3,038,606|
+----------------------+-------------+-------------+-------------+--------------+
|- OPERATING BUILDING | 709,501| 40,347| 11,616| 738,232|
+----------------------+-------------+-------------+-------------+--------------+
|. Operating land | 103,743| 28,265| 11,254| 120,754|
+----------------------+-------------+-------------+-------------+--------------+
|. Operating building, | 605,758| 12,082| 362| 617,478|
|offices | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|. Operating buildings,| | | | |
|staff | | | | |
| | | | | |
|housing | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|- OPERATING FURNITURE | 1,012,375| 47,379| 6,377| 1,053,377|
|& EQUIPMENT | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|. Operating office | 232,178| 13,246| | 245,424|
|furniture | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|. Operating office | 163,880| 7,601| 1,807| 169,674|
|equipment | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|. Computer equipment | 564,733| 17,858| | 582,591|
+----------------------+-------------+-------------+-------------+--------------+
|. Operating vehicles | 15,597| 636| 4,570| 11,663|
+----------------------+-------------+-------------+-------------+--------------+
|. Other operating | 35,987| 8,038| | 44,025|
|equipment | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|- OTHER OPERATING | 800,688| 81,529| | 882,217|
|TANGIBLE FIXED ASSETS | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|- NON OPERATING | 289,600| 92,000| 16,820| 364,750|
|TANGIBLE FIXED ASSETS | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|. Non-operating land | 87,097| 24,285| 1,616| 109,766|
+----------------------+-------------+-------------+-------------+--------------+
|. Non-operating | 99,674| 59,663| 15,204| 144,133|
|buildings | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|. Non-operating | 25,550| 2,602| | 28,152|
|furniture andequipment| | | | |
+----------------------+-------------+-------------+-------------+--------------+
|. Other non-operating | 77,279| 5,450| | 82,729|
| | | | | |
|tangible fixed assets | | | | |
+----------------------+-------------+-------------+-------------+--------------+
|TOTAL | 2,947,793| 302,255| 35,063| 3,214,985|
+----------------------+-------------+-------------+-------------+--------------+
TANGIBLE AND INTANGIBLE FIXED ASSETS AS OF DECEMEBR 31st , 2006
In Thousand MAD
+-----------------------+------------------------------------+---------+---------+
| |Depreciation and /or provisions | |Net |
| | | |amount at|
| | | |the end |
| | | |of the |
|FIXED ASSETS |Depreciation Allowances Provisions |Total |year |
| | | | |
| |and/or for the year on | | |
| | | | |
| |provisions withdrawn | | |
| | | | |
| |At beg of year assets | | |
| | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|INTANGIBLE FIXED ASSETS|58,363 |22,621 | |80,984 |95,395 |
+-----------------------+-------------+-------------+--------+---------+---------+
|- Leasehold rights | | | | |28,424 |
+-----------------------+-------------+-------------+--------+---------+---------+
|- Investments in | | | | | |
|research & development | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|- Other operating |58,363 |22,621 | |80,984 |66,971 |
|intangible fixed assets| | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|- Non-operating | | | | | |
|intangible fixed assets| | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|TANGIBLE FIXED ASSETS |1,535,911 |127,308 |7,910 |1,655,309|1,383,297|
+-----------------------+-------------+-------------+--------+---------+---------+
|- OPERATING BUILDING |148,344 |18,905 |79 |167,170 |571,062 |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Operating land | | | | |120,754 |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Operating building, |148,344 |18,905 |79 |167,170 |450,308 |
|offices | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Operating buildings, | | | | | |
|staff | | | | | |
| | | | | | |
|housing | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|- OPERATING FURNITURE &|805,919 |58,482 |6,156 |858,245 |195,132 |
|EQUIPMENT | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Operating office |173,240 |12,755 |1,807 |184,208 |61,216 |
|furniture | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Operating office |138,219 |6,046 | |144,265 |25,409 |
|equipment | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Computer equipment |449,380 |33,481 | |482,861 |99,730 |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Operating vehicles |13,055 |982 |4,349 |9,688 |1,975 |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Other operating |32,025 |5,198 | |37,223 |6,802 |
|equipment | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|- OTHER OPERATING |528,415 |37,630 | |566,045 |316,172 |
|TANGIBLE FIXED ASSETS | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|- NON OPERATING |52,233 |12,291 |1,675 |63,849 |300,931 |
|TANGIBLE FIXED ASSETS | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Non-operating land | | | | |109,766 |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Non-operating |32,202 |6,866 |1,675 |37,393 |106,740 |
| | | | | | |
|buildings | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Non-operating |13,522 |2,215 | |15,737 |12,415 |
| | | | | | |
|furniture and equipment| | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|. Other non-operating |7,509 |3,210 | |10,719 |72,010 |
| | | | | | |
|tangible fixed assets | | | | | |
+-----------------------+-------------+-------------+--------+---------+---------+
|TOTAL |1,594,274 |149,929 |7,910 |1,736,293|1,478,692|
+-----------------------+-------------+-------------+--------+---------+---------+
DISPOASAL OF TANGIBLE AND INTANGIBLE FIXED ASSETS
AS OF DECEMBER 31st , 2006
In Thousand MAD
+--------------+--------+-------------+--------+---------+--------+----------+
| | |Accumulated | | | | |
| | |depreciation | | | | |
|Fixed assets | Gross |for |Net Book|Disposal |Capital |Capital |
|sold | |Amortization |Value |revenues |Gain on |Loss on |
| | Book |and/or | | |disposal|disposal |
| | |provisions | | | | |
| | Value | | | | | |
| | | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|A- Disposal | 7,879| | 7,879| | | |
|operations | | | | | | |
|with the group| | | | | | |
| | | | | | | |
| | | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|A-1 Regulating| 11,616| 79| 11,536| | | |
|operations | | | | | | |
|with the group| | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|Total 1 | 19,495| 79| 19,415| | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|Leasehold | 250| | 250| 400| 150| |
|rights | | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|Operating | 1,302| 1,302| | 178| 178| |
|office | | | | | | |
|equipments | | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|Operating | 505| 505| | 18| 18| |
|safe-deposit | | | | | | |
|boxes | | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|Vehicles | 4,506| 4,285| 221| 472| 272| 21|
|'cars' | | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|Vehicles | 65| 65| | 2| 2| |
|'cycles' | | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|Non operating | 8,941| 1,675| 7,266| 11,437| 4,172| |
|buildings | | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|Total 2 | 15,568| 7,832| 7,737| 12,507| 4,792| 21|
+--------------+--------+-------------+--------+---------+--------+----------+
|B- Disposal | | | | | | |
|operations | | | | | | |
|outside the | | | | | | |
|group | | | | | | |
+--------------+--------+-------------+--------+---------+--------+----------+
|Total (1+2) | 35,063| 7,911| 27,152| 12,507| 4,792| 21|
+--------------+--------+-------------+--------+---------+--------+----------+
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT
AS OF DECEMBER 31st , 2006
In Thousand MAD
CREDIT INSTITUTIONS AND Credit Total Total
EQUIVALENT IN MOROCCO institutions 2006 2005
abroad
Bank Al- Banks in Other credit
Morocco institutions
Maghrib, and
Treasury equivalent
in Morocco
and giro
current
account
ORDINARY CREDIT - 33,520 167,891 161,636 362,747 809,736
ACCOUNTS
SECURITIES - - 1,221,668
PLEDGED
- overnight -
- time 1,221,668
CASH BORROWING 79,492 84,871 1,331,229 409,746 1,905,338 1,068,694
- overnight 84,871 84,871 -
- time 79,492 1,331,229 409,746 1,820,467 1,068,694
FINANCIAL 111,365 115,502 55,159 329,833 611,659 622,446
BORROWING
OTHER DEBTS 19,453 100,969 2,527 424 123,373 93,293
PAYABLE ACCRUED 6,320 6,010 11,381 23,711 5,957
INTERESTS
TOTAL 216,830 340,872 1,556,806 912,520 3,026,828 3,821,794
CUSTOMER DEPOSITS
AS OF DECEMBER 31st , 2006
In Thousand MAD
DEPOSITS Private sector Total Total
2006 2005
Public
Financial Non-financial Other
sector companies companies companies
DEMAND CREDIT ACCOUNTS 1,501,967 1,739,013 8,083,384 21,891,152 33,215,516 26,874,502
SAVINGS ACCOUNTS 10,763,858 10,763,858 9,673,508
TIME DEPOSITS 2,349,535 2,599,900 4,445,715 7,893,877 17,289,027 13,424,614
OTHER CREDIT ACCOUNTS ( * ) 2,908,301 448,538 266,465 224,623 3,847,927 5,431,210
PAYABLE ACCRUED INTERESTS 24,255 19,100 49,200 151,295 243,850 137,208
TOTAL 6,784,058 4,806,551 12,844,764 40,924,805 65,360,178 55,541,042
( * ) Including PL 480 for MAD 2 895 759
DETAIL OF OTHER LIABILITIES AS OF DECEMBER 31st , 2006
In Thousand MAD
+--------------------------------------------------+---------------------------+
| LIABILITIES | Amount |
| | |
| | 2006 |
+--------------------------------------------------+---------------------------+
|OPTIONAL INSTRUMENTS SOLD | 6,740|
| | |
+--------------------------------------------------+---------------------------+
|MISCELLANEOUS TRANSACTIONS ON SECURITIES | 253,973|
+--------------------------------------------------+---------------------------+
|OTHER CREDITORS | 744,505|
+--------------------------------------------------+---------------------------+
|State debt | 556,427|
+--------------------------------------------------+---------------------------+
|Social security and provident societies debts | 41,869|
+--------------------------------------------------+---------------------------+
|Staff debt | 90,670|
+--------------------------------------------------+---------------------------+
|Shareholders and partners debt | 5,344|
+--------------------------------------------------+---------------------------+
|Supply of goods and services | |
+--------------------------------------------------+---------------------------+
|Other creditors | 40,195|
+--------------------------------------------------+---------------------------+
|ACCRUAL ACCOUNTS | 582,302|
+--------------------------------------------------+---------------------------+
|Adjustment accounts of off-balance sheet | |
|transactions | |
+--------------------------------------------------+---------------------------+
|Currencies and securities differential accounts | 111,574|
+--------------------------------------------------+---------------------------+
|Profit on hedging instruments | -|
+--------------------------------------------------+---------------------------+
|Liaison accounts between the head office, branches| |
|and Moroccan agencies | |
| | 15,839|
+--------------------------------------------------+---------------------------+
|Expenses payable and prepaid income | 116,104|
+--------------------------------------------------+---------------------------+
|Other accruals | 338,785|
+--------------------------------------------------+---------------------------+
|TOTAL | 1,587,250|
+--------------------------------------------------+---------------------------+
P R O V I S I O N S FROM JANUARY 1ST TO DECEMBER 31st , 2006
In Thousand MAD
PROVISIONS Amount Allowances Write-backs Other Amount
changes
2005 2006
PROVISIONS, DEDUCTED 2,102,220 509,901 323,434 -131,570 2,157,117
FROM ASSETS, ON:
Loans to credit
institutions
and equivalent
Loans and advances to 1,952,737 495,752 251,107 -119,438 2,077,944
customers
Doubtful interest 25,130 373 25,503
Marketable securities 27,037 27,031 6
Equity investments and 97,316 13,776 45,296 -12,132 53,664
equivalent assets
Leased and rented fixed
assets
Other assets
PROVISIONS RECORDED 123,656 18,037 42,545 99,148
UNDER LIABILITIES
Provisions for risks of 29,950 1,328 30,918 -
fulfilment commitments
Provisions for exchange 27,090 9,709 11,627 25,172
risks ( 1 )
Provisions for general 4,983 4,983
risks
( 1 )
Provisions for
retirement
Pensions and other
similar
obligations
Other contingent 7,311 7,000 14,311
liabilities
Regulated provisions 54,682 54,682
Provisions having
supported t
taxes in 1999
TOTAL 2,225,876 527,938 365,979 -131,570 2,256,265
SUBORDINATED DEBTS AS OF DECEMBER 31st , 2006
In Thousand MAD
Total AFFILIATES FY 2006 FY 2005
Credit Financial Non Other
Institutions Companies Financial affiliates
Companies
Subordinated 1,000,000 20,000 145,000 1,000,000 1,000,000
Debt 316,000
Accrued interests 20,368 1,358
SHAREHOLDERS' EQUITY
FROM JANUARY 1st TO DECEMBER 31st , 2006
In Thousand MAD
SHAREHOLDERS' EQUITY Amount 2005 Appropriation Other Amount 2006
of profit changes
Revaluation reserve 290,323 31,719 322,042
Legal reserve 3,053,502 288,700 303 3,342,505
Other reserves 596,218 596,218
Issuance, merger and 1,587,514 1,587,514
contribution premiums
Capital
Called-up capital
Uncalled capital
Investment certificates
Allowance fund
Shareholders. Unpaid-up capital
Retained earnings (+/-) 3,550 17,296 20,846
Net earning being appropriated
(+/-)
Net earning for fiscal 2005 (+/ 634,379
-)
Sub-Total 6,165,486 337,715 303 5,869,125
Assignment of provisions for
general risks /reserves
Net earning for fiscal 2005 (+/ 742,042
-)
TOTAL 6,165,486 337,715 303 6,611,167
FINANCING AND GUARANTEE COMMITMENTS
AS OF DECEMBER 31st, 2006
In Thousand MAD
2006 2005
FINANCING AND GUARANTEE COMMITMENTS GIVEN 12,070,393 14,516,476
Financing commitments on behalf of credit - 415,246
institutions and 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 415,246
Financing commitments on behalf of customers 5,058,868 7,361,389
Import letters of credit 3,245,270 5,915,775
Payment acceptances or commitments 628,751 578,948
Opening of confirmed credit
Substitution commitments on issuing of securities
Irrevocable leasing commitments
Other financing commitments given 1,1184,847 866,666
Guarantee commitments for credit institutions and 2,075,608 2,488,868
equivalent
Confirmed export letters of credit 154,384 520,450
Payment acceptances or commitments 65,553 119,737
Credit guarantee given
Other security, endorsements and guarantees given 1,855,671 1,848,681
Non performing commitments
Guarantee commitments for customers 4,935,917 4,250,973
Credit guarantees given
Security and guarantees given on the behalf of the 3,140,453 3,011,924
public administration
Other security and guarantees given 1,795,464 1,239,049
Non performing commitments
FINANCING AND GUARANTEE COMMITMENTS RECEIVED 2,188,209 617,829
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 2,156,362 585,384
institutions and equivalent
Credit guarantees 1,036,720 531,102
Other guarantees received 1,119,642 54,262
Guarantee commitments received from the State and 31,847 32,465
other guarantee
Credit guarantee 31,847 32,465
Other guarantees received
FORWARD EXCHANGE TRANSACTIONS AND COMMITMENTS ON DERIVATIVES
AS OF DECEMBER 31st, 2006
In Thousand MAD
Hedging 2005 Other transactions Paris
transactions Branch
2006 2005
Forward Exchange Transactions 6,527,744 5,671,807 88,436 757,650
Currency to be received 1,456,512 390,058 70,950 622,734
Currency to be delivered 2,945,787 2,595,510 17,486 134,916
Dirhams to be received 1,901,233 2,383,129
Dirhams to be delivered 224,212 302,910
Of which financial currency
swaps
Commitments on derivatives 2,146,169 52,716 875,301 1,338,862
Commitments on regulated 875,301 1,338,862
interest rate markets
Commitments on OTC interest rate 50,000
markets
Commitments on regulated
exchange rate markets
Commitments on OTC exchange rate 2,146,169 2,716
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, 2006
In Thousand MAD
Securities and sureties Net book Assets or off-balance Amounts of the
received as guarantees value sheet headings loans or
recording loans or signature
commitments given commitments
given covered
Treasury bonds and 1,973,868 Treasury bonds 1,973,868
equivalent securities received as pledges
Other securities
Mortgages
Other real securities
and sureties
TOTAL 1,973,868 1,973,868
Securities and sureties Net book Liabilities or Amounts of the
given as guarantees value off-balance sheet loans or
headings recording signature
loans or commitments commitments
received received covered
Treasury bonds and Treasury bonds given
equivalent securities as pledges
Other securities Bills given as
pledges
Mortgages
Other real securities
and sureties
TOTAL - -
BREAKDOWN OF USES AND RESOURCES ACCORDING TO RESIDUAL PERIOD
AS OF DECEMBER 31st, 2006
In Thousand MAD
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| |D< 1 month | |3months |1year 5years |TOTAL |
| | | | | | | |
| | |1month