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<D |D> 5years |TOTAL |
| | | | | | | |
| | |1month<D |<D<1year |< 5years | | |
| | | | | | | |
| | |< 3 months | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| | | | | | | |
| | | | | | | |
| ASSETS| | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| |2,617,655 |3,069,558 |3,662,669 |1,121,753 |1,181,266 |11,652,901 |
| | | | | | | |
| Loans to credit| | | | | | |
| institutions| | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| Loans and advances to|2,760,415 |2,694,942 |2,181,391 |13,374,867 |8,141,780 |29,153,395 |
| | | | | | | |
| customers| | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| Debt securities|599,052 |440,006 |594,091 |636,103 |2,051,085 |4,320,337 |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| Subordinated debt| | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| Leasing and equivalent| | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| TOTAL|5,977,122 |6,204,506 |6,438,151 |15,132,723 |11,374,131 |45,126,633 |
| | | | | | | |
| | | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| LIABILITIES| | | | | | |
| | | | | | | |
| | | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| Loans to credit|2,010,360 |1,206,365 |1,698,807 |330,096 |190,396 |5,436,024 |
| institutions| | | | | | |
| | | | | | | |
| and equivalent| | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| Debt to customers|6,379,192 |4,420,112 |6,901,928 |213,148 |155 |17,914,535 |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| Debts securities issued| | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| Subordinated borrowings| | | | | | |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
| TOTAL|8,389,552 |5,626,477 |8,600,735 |543,244 |190,551 |23,350,559 |
+---------------------------+-----------+-----------+-----------+------------+------------+-----------+
Comments: including only uses and resources with a contractual maturity.
BREAKDOWN OF TOTAL ASSETS, LIABILITIES AND OFF - BALANCE SHEET IN FOREIGN
CURRENCY AS OF DECEMBER 31st, 2006
In Thousand MAD
BALANCE SHEET Amount
2006
ASSETS 9,017,929
Cash, Central Banks, Treasury, Giro Accounts 143,924
Loans to credit institutions and equivalent 2,795,862
Loans and advances to customers 2,407,372
Transaction, marketable and investment 1,023,268
securities
Other assets 1,523,318
Equity investments and equivalent uses 1,039,130
Subordinated loans
Fixed assets leased and rented
Intangible and tangible fixed assets 85,055
LIABILITIES 3,845,215
Cash, Central Banks, Treasury, Giro Accounts
Liabilities to credit institutions and 2,271,115
equivalent
Customer deposits 1,483,505
Debt securities issued
Other liabilities 90,595
Subsidies, Assigned Public Funds and Special
Guarantee Funds
OFF BALANCE SHEET 4,641,409
Commitments given 4,641,409
Commitments received
INTEREST MARGIN
AS OF DECEMBER 31st, 2006
In Million MAD
AVERAGE CAPITAL Amounts Average Cost Rate of Return
Average amount of uses 36,986 11,991 5,38%
Average amount of 49,693 784 1,58%
resources
REVENUES ON TITLE DEEDS
AS OF DECEMBER 31st, 2006
In Thousand MAD
CATEGORY OF SECURITIES REVENUES RECEIVED
Marketable securities 4,767
Equity investments 98,794
Investments in related companies 14,026
Equivalent assets 10,678
TOTAL 128,265
FEES
AS OF DECEMBER 31st, 2006
In Thousand MAD
FEES Amount
Fess Received 552,536
On transactions with credit institutions 4,169
On transactions with customers 67,778
On exchange transactions 90,878
Concerning operations on the primary securities 1,460
markets
On derivatives
On transactions on securities under management and 41,182
custody
On means of payment 75,624
On consulting and assistance 27,124
On sales of insurance products 3,491
On other services 240,830
Fees Paid 66,338
On transactions with credit institutions 1,352
On transactions with customers 814
On exchange transactions 21,207
Concerning operations on the primary securities 11,641
markets
On derivatives
On transactions on securities under management and 8,075
custody
On means of payment 14,892
On consulting and assistance
On sales of insurance products
On other services 8,375
INCOME FROM MARKET TRANSACTIONS
AS OF DECEMBER 31st, 2006
In Thousand MAD
REVENUES AND EXPENSES Amount
Revenues 1,012,479
Gains on transaction securities -
Capital gains on disposal of marketable securities 699,298
Provision write-backs on depreciation of marketable 27,031
securities
Gains on derivatives 90,501
Gains on exchange transactions 195,649
Expenses 245,228
Losses on transaction securities
Capital losses on disposals of marketable securities 52,762
Provisions for depreciation of marketable securities
Losses on derivatives 98,678
Losses on exchange transactions 93,788
GENERAL OPERATING EXPENSES
AS OF DECEMBER 31st, 2006
In Thousand MAD
Expenses 2006 2005
Staff expenses 830,921 768,220
Expenses 2006 2005
Taxes 32,418 28,971
Expenses 2006 2005
External expenses 696,261 598,386
Expenses 2006 2005
Allowances for depreciation and 149,929 132,437
provision for intangible and tangible
fixed assets
DATING AND SUBSEQUENT EVENTS
I- DATING
. Date of the end of the fiscal year (1) December 31st, 2006
. Date of financial statements performance March 23rd, 2007
(2)
(1) Justification in case of a change in the
date of the end of fiscal year
(2)Justification in the case of an overrun
on the statutory period of three months
allowed for drawing up the financial
statements.
II- EVENTS OCCURING SUBSEQUENT TO THE END OF THE FISCAL YEAR NOT CHARGED TO THIS
YEAR AND KNOWN BEFORE THE 1ST EXTERNAL DISCLOSURE OF THE FINANCIAL STATEMENTS.
+--------------------------------------+--------------------------------------+
|Dates |Indicator of events |
+--------------------------------------+--------------------------------------+
|Favourable |None |
+--------------------------------------+--------------------------------------+
|Unfavourable |None |
+--------------------------------------+--------------------------------------+
OTHER REVENUES AND EXPENSES
AS OF DECEMBER 31ST, 2006
In Thousand MAD
REVENUES AND EXPENSES 2006 2005
OTHER BANKING REVENUES AND EXPENSES 637,335 363,584
Other banking revenues 1,037,249 732,318
Other banking expenses 399,914 368,734
NON-BANKING OPERATING REVENUES AND EXPENSES 2006 2005
NON-BANKING OPERATING REVENUES AND EXPENSES 152,714 227,076
Non-banking operating revenues 163,024 262,163
Non-banking operating expenses 10,310 35,087
OTHER EXPENSES 2006 2005
Allowances for provisions and losses on irrecoverable 715,497 800,845
loans
OTHER REVENUES 2006 2005
Provision write-backs and recoveries on amortised 470,157 437,598
debts
NOTES OUTLINING THE RULES, ACCOUNTING PRINCIPLES AND VALUATION METHODS USED
1- FUNDAMENTAL ACCOUNTING PRINCIPLES
1.1 Credit institutions must establish financial statements at the end of each
financial year able of giving a true and fair view of their financial position,
risks position and their results.
1.2 A true and fair view is necessarily based on respect for the seven
fundamental accounting principles as the recommended by the General Accounting
Standards.
1.3 When transactions, events and situations are expressed in accounting terms
in accordance with fundamental accounting principles and the requirements of
'Accounting Standards for Credit Institutions', the financial statements are
presumed to give a true and fair view of the credit institution's financial
position, risks assumed and results.
1.4 ln the event that the application of these principles and requirements is
not sufficient to obtain a true and fair view from the financial statements, the
credit institution will be obliged to provide an additional information
statement containing all necessary items of information so as to reach the
objective of giving a true and fair view.
1.5 .ln the exceptional event that strict application of a principle or
requirement proves contrary to the aim of providing a true and fair view, the
credit institution should dispense with it.
This dispensation should be mentioned in the additional information statement
and be duly justified, with an indication of its influence on the credit
institution's financial position and results.
1.6 .Seven basic accounting principles are used :
. Going concern principle.
. Consistency principle.
. Historical cost principle.
. Periodic reporting principle.
. Prudence principle.
. Clarity principle.
. Materiality principle.
2.1 Presentation
The financial statements include :
. the Head Office accounts,
. the accounts of domestic branches
. the accounts of foreign branches (Paris and Tanger Off Shore).
Significant internal transactions and balances between the various entities have
been eliminated.
2.2 General principles
The summary financial statements have been prepared in accordance with generally
accepted accounting principles applicable to credit institutions. The
presentation of BMCE BANK's financial statements complies with 'Accounting
Standards for Credit Institutions'.
2.3 Credit institution and customer receivables and contingent liabilities
General presentation of receivables
. Amounts due from credit institutions and customers are categorised according
to their initial duration or the purpose for which the funding was provided :
-sight and term receivables, for credit institutions,
-cash advances, equipment loans, consumer credit, mortgage loans and other loans
for customers.
. Contingent liabilities accounted for in off-balance sheet items correspond to
irrevocable commitments.
. Repo transactions, involving shares or other securities, are recorded under
the various receivables headings (credit institutions or customers)..
. Values given at receipt, which are only credited to the remitter after their
actual receipt or after a contractual period, are not recorded in the balance
sheet, but are accounted for materially.
. Accrued interest on receivables is recognised in the accrued income account as
a contra to the income statement entry.
Non-performing loans
. Non-performing loans are recorded and valued in accordance with prevailing
banking regulations.
The main features applied are as follows :
- Non-performing loans are classified as substandard, doubtful or loss loans
according to the degree of risk;
- After deducting the share of any guarantees as required by current
regulations, provisions are raised in respect to non- performing loans as
follows :
- 20% for substandard loans,
- 50% for doubtful loans,
- 100% for loss loans.
- The provisions raised in respect of credit risk are deducted from the asset
categories concerned.
. Once loans have been classified as doubtful, interest is no longer accrued,
but is recognised as income when received.
. Losses on irrecoverable loans are recognised when there is deemed to be no
possibility of recovering the doubtfu1 loans.
. Provisions for doubtfu1 loans are written-back following positive developments
in respect to the doubtful loans concerned: actual repayment or restructuring of
the debt with partial or total repayment.
2.4 Liabilities to credit institutions and customers
Amounts due to credit institutions and customers are presented in the summary
financial statements according to their initial maturity or the nature of these
liabilities :
-Sight and term liabilities for credits institutions,
-Demand deposits, savings accounts, terms deposits and other customer deposit
accounts.
Depending on the type of counterparty, these various heading include repo
transactions involving shares or other securities. Accrued interest on these
liabilities is recorded in the accrued expense account as a contra to the income
statement entry.
2.5 Securities portfolio
2.5.1 General presentation
Securities transactions are accounted for and valued in accordance with
'Accounting Standards for Credit Institutions' Securities are classified
according to their legal characteristic: (debt securities or title instruments),
and also according to purpose for which they are held (trading securities,
investment securities, investment holdings).
2.5.2 Trading securities
Trading securities comprise securities for which a liquid market exists and
which are acquired with the intention of resale in the in near future (within 6
months). These securities are recorded at cost (including coupon). On each
balance sheet date, the difference between this value and market value is
recognised directly in the income statement.
2.5.3 Securities held for sale
Securities held for sale comprise securities acquired with the intention of
holding them for more than 6 months, with the exception of fixed-income
securities intended to be held until maturity.
This category of securities includes in particular securities which do not meet
the necessary criteria for classification in another category of securities.
Debt securities are recorded excluding accrued interest. Title instruments are
recorded at cost excluding acquisition expenses.
On each balance sheet date, a provision for impairment in value is made for any
negative difference between the market value lit and book value of the
securities. Unrealised gains are not recorded.
2.5.4 Investment securities
Investment securities are debt securities which are acquired or which come from
another category of securities, with the intention of holding them until
maturity for the purpose of generating regular income over the long-term.
These securities are recorded ex-coupon on their acquisition date.
On each balance sheet date, these securities are maintained at cost, regardless
of their market value. Unrealised profits and losses are therefore not
recognised.
2.5.5 Equity interests
This category comprises securities whose long-term ownership is deemed to be
useful to the Bank. These securities are categorised according to provisions
advocated by 'Accounting Standards for Credit institutions', as follows :
- Equity interests
- Investments in related companies -Portfolio securities
- Other equivalent assets
On each balance sheet date, their value is estimated on the basis of generally
accepted criteria: utility value, share of net worth, future earnings prospects
and share price. Only unrealised losses give rise to the raising of provisions
for impairment in value on a case-by-case basis.
2.5.6 Repos with physical delivery
Securities delivered under repos are maintained in the balance sheet and the
amount received, which represents the liability to the transferee, is recorded
in the balance sheet under liabilities. Securities received under reverse repos
are not recorded in the balance sheet, but the amount received, which represents
the receivable due from the transferor; is recorded in the balance sheet under
assets.
2.6 Foreign currency-denominated transactions
Receivables, liabilities and contingent liabilities denominated in foreign
currencies are translated into dirhams at the average exchange rate prevailing
on the balance sheet date.
Any foreign currency gains and losses on contributions from overseas branches
and on foreign currency borrowings hedged against exchange rate risk are
recorded in the balance sheet under other assets or other liabilities as
appropriate. Any translation gains and losses arising from the translation of
fixed asset securities acquired in a foreign currency are recorded as
translation differences in the securities items concerned.
Foreign currency gains and losses on other accounts held in foreign currencies
are recorded in the income Statement.
Income and charges in foreign currency are translated at the exchange rate
prevailing on the day they are booked.
2.7 Translation of financial statements prepared in foreign currencies
The 'closing rate' method is used to translate financial statements prepared in
foreign currencies.
Translation of balance sheet and off-balance sheet items Ail assets, liabilities
and off-balance sheet items of the foreign entity (Paris Branch) are translated
based on the exchange rates prevailing on the closing date.
Shareholders' equity (excluding the net income or loss for the year) is valued
at various historical rates (charges) and constitutes reserves.
The difference arising from the correction (closing rate less historical rate)
is recorded under 'translation differences' within shareholders' equity.
Translation of income statement items Except for charges to depreciation and
amortisation, which are translated at the closing rate, ail income statement
items are translated at the average exchange rate for the year: However; income
statement items have been translated at the closing rate since this method does
not show a significant difference from the average exchange rate method.
2.8 General provisions
These provisions are raised, at the discretion of the management, to address
future risks relating to the banking activity which cannot be currently
identified or accurately measured.
The provisions raised are added back for taxation purposes.
2.9 Tangible and intangible fixed assets
Tangible and intangible fixed assets are recorded in the balance sheet at cost
less accumulated amortisation and depreciation, which are calculated based on
the straight line method over the estimated life of the assets concerned.
Intangible fixed assets are broken down into operating and non- operating fixed
assets and are amortised over the following periods :
+--------------------------------+---------------------------------------+
|Asset category |Amortised period |
+--------------------------------+---------------------------------------+
|Lease rights |Not amortised |
| | |
|Patents and brands |Period of protection of patents |
| | |
|Research and development |1 year |
| | |
|IT software |5 years |
| | |
|Other goodwill items |Not amortised |
+--------------------------------+---------------------------------------+
Tangible fixed assets are broken down into operating and non- operating fixed
assets and are depreciated over the following periods :
+--------------------------------+------------------------------------+
|Asset category |Depreciation period |
+--------------------------------+------------------------------------+
|Land |Not depreciated |
| | |
|Operating premises: | |
| | |
|- Built before 1986 |20 years |
| | |
|- Built after 1986 |40 years |
| | |
|- Office furniture |10 years |
| | |
|- IT hardware |5 years |
| | |
|- Vehicles |5 years |
| | |
|- Fixtures, fittings and|10 years |
|equipment | |
| |Not depreciated |
|- Shares in non-profit | |
|companies | |
+--------------------------------+------------------------------------+
2.1 0 Deferred charges
Deferred charges comprise expenses which, given their size and nature, are
likely to relate to more than one financial year:
2.11 Regulated provisions
Regulated provisions are raised in accordance to legal or regulatory
requirements, in particular relating to taxation. The decision as to whether or
not to raise such provisions is effectively a management decision motivated in
particular by the desire to reduce the tax charge.
When the conditions for the raising and utilisation of such provisions have been
met and assuming they have been raised for the purpose of benefiting from a
definite tax break, the regulated provisions, with the exception of excess tax
depreciation, are treated as tax-free reserves.
2.12 Recognition of interest and fees in the income statement
Interest
Income and expenditure calculated on principal amounts effectively lent or
borrowed are considered as interest.
Income and expenditure calculated on an accruals basis and which remunerate a
risk are considered as similar income or charges. ln particular; this category
includes fees on guarantee and financing commitments (guarantees. sureties,
etc.).
Accrued interest on principal amounts actually lent or borrowed is recorded in
the accrued income and accrued expense accounts as appropriate as a contra to
the income statement entry.
Similar income or charges are recorded in income or expenses as soon as they are
invoiced.
Fees
Income and expenditure, which are calculated on a flat-rate basis and which
remunerate a service provided, are recorded as fees as soon as they are
invoiced.
2.13 Non-recurring income and expenditure
They consist exclusively of income and expenditure arising on an exceptional
basis. ln principle. such items are rare as they are unusual in nature and occur
infrequently.
2.14 Pension fund commitments
Pension fund commitments (Wissam AI Choghl. compensation payments for early
retirement) which are not covered by pension plans managed by external
independent bodies (non- mandatory) are not subject to a provision for risks and
expenses.
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