Aggregated Financial Stmnts.
17 May 2003 - 12:45AM
UK Regulatory
RNS Number:2109L
Banque Marocaine Du Commerce Exteri
13 May 2003
AGGREGATED FINANCIAL STATEMENTS
As of December 31st , 2002
BALANCE SHEET
In thousand MAD
ASSETS 12/31/2002 12/31/2001
CASH, CENTRAL BANKS, TREASURY, GIRO ACCOUNTS 3 545 617 500 775
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT 8 767 627 10 899 654
. Demand 1 052 439 1 521 564
. Time 7 715 188 9 378 090
LOANS AND ADVANCES TO CUSTOMERS 22 866 649 22 867 051
. Cash and consumer loans 13 870 889 13 780 251
. Equipment loans 5 164 968 4 953 829
. Mortgage loans 1 010 707 604 078
. Other loans 2 820 085 3 528 893
ADVANCES ACQUIRED BY FACTORING
TRANSACTION AND MARKETABLE SECURITIES 12 177 293 8 654 780
. Treasury bonds and equivalent securities 6 553 502 6 792 404
. Other debt securities 2 483 780 1 745 608
. Title deeds 3 140 011 116 768
OTHER ASSETS 557 250 650 582
INVESTMENT SECURITIES 555 940 242 625
. Treasury bonds and equivalent securities
. Other debt securities 555 940 242 625
EQUITY INVESTMENT AND EQUIVALENT USES 3 964 995 3 733 396
SUBORDINATED LOANS
FIXED ASSETS LEASED AND RENTED
INTANGIBLE FIXED ASSETS 60 567 48 473
TANGIBLE FIXED ASSETS 950 627 943 261
TOTAL ASSETS 53 446 565 48 540 597
LIABILITIES 12/31/2002 12/31/2001
CENTRAL BANKS, TREASURY, GIRO ACCOUNTS
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT 6 548 001 4 325 210
. Demand 871 717 1 003 186
. Time 5 676 284 3 322 024
CUSTOMER DEPOSITS 40 914 297 38 119 114
. Demand deposits 19 335 195 16 185 779
. Savings deposits 6 904 628 6 231 782
. Time deposits 10 623 276 11 100 127
. Other deposits 4 051 198 4 601 426
DEBT SECURITIES ISSUED 100 000
. Negotiable debt securities 100 000
. Bond loans
. Other debt securities issued
OTHER LIABILITIES 588 557 627 296
CONTINGENT LIABILITIES 168 730 172 929
REGULATED PROVISIONS 382
SUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL
GUARANTEE FUNDS
SUBORDINATED DEBTS
REVALUATION RESERVE
RESERVES AND PREMIUMS RELATED TO CAPITAL 3 301 138 3 250 609
CAPITAL 1 587 514 1 587 514
SHAREHOLDERS. UNPAID-UP CAPITAL
RETAINED EARNINGS (+/-) 34 91
NET EARNING BEING APPROPRIATED (+/-) 55 953
NET EARNING FOR THE YEAR (+/-) 282 341 357 452
TOTAL LIABILITIES 53 446 565 48 540 597
OFF BALANCE SHEET
In thousand MAD
OFF-BALANCE SHEET 12/31/2002 12/31/2001
GIVEN COMMITMENTS 10 970 480 13 209 232
Financing commitments on behalf of credit 1 485 847 2 694 001
institutions and equivalent
Financing commitments on behalf of customers 3 604 830 4 156 885
Guarantee commitments given to credit institutions 1 783 785 2 013 166
and equivalent
Guarantee commitments given to customers 4 096 018 4 345 180
Securities repos purchased
Other securities to be delivered
RECEIVED COMMITMENTS 587 931 582 489
Financing commitments received from credit
institutions and equivalent
Guarantee commitments received from credit 546 429 534 283
institutions and equivalent
Guarantee commitments received from the State and 41 502 48 206
various guarantee bodies
Securities repos sold
Other securities to be received
INCOME STATEMENT
In thousand MAD
12/31/2002 12/31/2001
BANK OPERATING REVENUES 3 656 479 3 835 401
Interests and assimilated revenues on transactions 210 180 255 440
with credit institutions
Interests and assimilated revenues on transactions 1 653 077 1 771 956
with customers
Interests and assimilated revenues on debt 541 949 537 202
securities
Revenues on title deeds 102 184 49 836
Revenues from leased and rented fixed assets
Fees on provided services 350 656 263 894
Other banking revenues 798 433 957 073
BANK OPERATING EXPENSES 1 431 907 1 812 752
Interests and assimilated expenses on transactions 135 677 162 950
with credit institutions
Interests and assimilated expenses on transactions 784 494 914 656
with customers
Interests and assimilated expenses on debt 1 830 3 486
securities issued
Expenses on leased and rented fixed assets
Other banking expenses 509 906 731 660
NET BANKING INCOME 2 224 572 2 022 649
Non-banking operating revenues 28 261 54 515
Non-banking operating expenses 6 038 10 088
GENERAL OPERATING EXPENSES 1 290 990 1 253 519
Staff expenses 789 887 665 667
Tax expenses 25 903 21 050
External expenses 345 205 456 288
Other general operating expenses 11 044
Allowances for depreciation and provisions for 118 951 110 514
intangible and tangible fixed assets
ALLOWANCES FOR PROVISIONS AND LOAN LOSSES 980 098 661 027
Allowances for non performing loans and 583 783 389 369
commitments
Loan losses 349 030 244 953
Other allowances for provisions 47 285 26 705
PROVISION WRITE-BACKS AND RECOVERY ON AMORTISED 416 542 385 296
DEBTS
Provision write-backs on non performing loans and 361 667 295 905
commitments
Recovery of amortised debts 14 237 21 115
Other provision write-backs 40 638 68 276
CURRENT INCOME 392 249 537 826
Non-current revenues
Non-current expenses
PRE-TAX EARNING 392 249 537 826
Corporate tax 109 908 180 374
NET EARNING FOR THE YEAR 282 341 357 452
MANAGEMENT BALANCES STATEMENT
In thousand MAD
I- EARNING FORMATION TABLE 12/31/2002 12/31/2001
+ Interests and assimilated revenues 2 405 215 2 564 592
- Interests and assimilated expenses 922 001 1 081 091
Interest Margin 1 483 214 1 483 501
+ Revenues from leased and rented fixed
assets
- Expenses on leased and rented fixed assets
Profit from leasing and renting operations
+ Fees received 424 895 356 534
- Fees paid 33 137 31 211
Margin on fees 391 758 325 323
+/- Income from operations on transaction 57 852
securities
+/- Income from transactions on marketable 131 886 37 714
securities
+/- Income from exchange transactions 129 901 154 106
+/- Income from derivatives transactions - 10 246 -2 409
Income from market transactions 309 393 189 411
+ Other miscellaneous banking revenues 102 341 80 403
- Other miscellaneous banking expenses 62 134 55 989
NET BANKING INCOME 2 224 572 2 022 649
+/- Net income from equity investments -42 347 36 855
+ Other non-banking operating revenues 28 261 19 141
- Other non-banking operating expenses 4 930 10 088
- General operating expenses 1 290 990 1 253 517
GROSS OPERATING EARNING 914 566 815 040
+/- Allowances for non performing loans and -556 908 -317 302
commitments (net of write-backs)
+ Other allowances net of provision 34 591 40 088
write-backs
CURRENT INCOME 392 249 537 826
NON-CURRENT INCOME
- Corporate tax 109 908 180 374
NET EARNING FOR THE YEAR 282 341 357 452
II- CASH-FLOW
+/- NET EARNING FOR THE YEAR 282 341 357 452
+ Allowances for depreciation and provisions 118 951 110 514
for intangible and tangible fixed assets
+ Allowances for provisions for equity 43 381 23 518
investments depreciation
+ Allowances for provisions for general risks
+ Allowances for regulated provisions
+ Non-current allowances
- Provisions write-backs 4 611 53 800
- Capital gains on disposals of intangible and 1 607 2 128
tangible fixed assets
+ Capital losses on disposals of intangible and 1 449 3 353
tangible fixed assets
- Capital gains on disposals of equity 35 373
investments
+ Capital losses on disposals of equity 1 108
investments
- Write-backs of investment subsidies
received
+/- FINANCING CAPACITY 441 012 403 536
- Dividends distributed 238 127 238 127
+/- CASH-FLOW 202 885 165 409
CASH FLOW STATEMENT
In thousand MAD
2002 2001
1. (+) Banking revenues received 3 484 932 3 771 899
2. (+) Recovery of amortised debts 14 237 21 115
3. (+) Non-banking revenues received 28 261 54 515
4. ( -) Banking expenses paid 2 001 223 2 147 684
5. ( -) Non-banking expenses paid 6 038 10 088
6. ( -) General operating expenses paid 1 172 039 1 143 005
7. ( -) Corporate tax paid 109 908 180 374
I. NET CASH FLOWS FROM THE INCOME STATEMENT 238 222 366 378
Change in:
8. ( +/- ) Loans to credit institutions and -5 334 1 084 211
equivalent
9. ( +/- ) Loans to customers 402 -680 852
10.( +/- ) Debt and marketable securities -3 522 513 16 946
11.( +/- ) Other assets -154 386 -225 913
12.( +/- ) Fixed assets leased and rented out - -
13.( +/- ) Debts to credit institutions and 2 222 791 -5 047
equivalent
14.( +/- ) Customer deposits 2 795 183 1 392 565
15.( +/- ) Debt securities issued -100 000 100 000
16.( +/- ) Other liabilities -286 457 213 474
II. BALANCE OF CHANGES IN OPERATING ASSETS AND 949 686 1 895 384
LIABILITIES
III. NET CASH FLOWS FROM OPERATING ACTIVITIES ( I + 1 187 908 2 261 762
II )
17. (+) Revenues from disposals of long-term 40 122 104 201
investments
18. (+) Revenues from disposals of intangible and 5 183 11 501
tangible fixed assets
19. (-) Acquisitions of long-term investments 231 600 1 059 155
20. (-) Acquisitions of intangible and tangible 25 721 196 114
fixed assets
21. (+) Interests received 69 906 13 950
22. (+) Dividends received 101 641 49 552
IV. NET CASH FLOWS FROM INVESTMENT ACTIVITIES - 40 469 - 1 076 065
Change in :
23. (+) Subsidies, public funds and guarantee funds
received
24. (+) Issues of subordinated debts
25. (+) Stock issues
26. ( -) Repayment of equity capital and
equivalent
27. ( -) Interests paid 1 830 3 485
28. ( -) Dividends paid 238 128 238 128
V. NET CASH FLOWS FROM FINANCING ACTIVITIES -239 958 -241 613
VI. NET CHANGE IN CASH ( III + IV + V ) 907 481 944 084
VII. OPENING CASH 2 576 775 1 632 691
VIII. CLOSING CASH 3 484 256 2 576 775
ADDITIONAL AGGREGATED DISCLOSURE STATEMENTS
As of December 31st , 2002
STATEMENT OF DEROGATIONS
INDICATIONS OF JUSTIFICATION INFLUENCE OF THE DEROGATIONS ON THE
THE DEROGATIONS FOR THE DEROGATIONS ASSETS, FINANCIAL POSITION AND PROFITS
I -Derogations to NONE
fundamentals
accounting
principles (*) (*)
NONE
II - Derogations to (*) (*)
valuation methods
III - Derogations to NONE
the rules for
establishing
and presenting
financial
statements. (*) (*)
(*) Compliance with the specific principles of the "Plan Comptable des
Etablissements de Credits" (Credit Institution Accounting Standards)
cf : Accounting principles and valuation methods applied
SUMMARY OF CHANGES IN METHODS
NATURE INFLUENCE ON THE ASSETS,
OF CHANGES JUSTIFICATIONS FOR CHANGES FINANCIAL POSITION AND PROFITS
I -Changing
affecting
valuation
methods
1- Balance Sheet
Reclassification Intention of disposal Reclassification of investment securities
of investment in a short time period into marketable securities ( 2 928 480 KMAD )
securities (less than 6 months)
(mutual funds)
into marketable
securities 2- Income Statement
Taking into account an unrealised capital gain of 57 852
KMAD
II - Changes
affecting the
rules for
presentation
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT
In thousand MAD
CLAIMS Banks in Other credit Foreign credit Total Total
Bank Morocco institutions and institutions 12/31/2002 12/31/2001
Al-Maghrib equivalent in
Treasury and Morocco
giro accounts
ORDINARY 3 083 729 289 405 035 284 885 3 773 938 3 036 497
ACCOUNTS IN
DEBIT
SECURITIES 209 866
RECEIVED AS
PLEDGES
- overnight
- time 209 866
SHORT-TERM 99 355 618 102 2 390 373 3 107 830 3 221 399
LOANS
- overnight 19 355 19 355 429 297
- time 80 000 618 102 2 390 373 3 088 475 2 792 102
FINANCIAL LOANS 1 955 516 1 955 516 1 697 892
OTHER LOANS 3 297 274 28 946 142 196 3 468 416 3 230 943
RECEIVABLES 6 552 992 7 544 3 832
ACCRUED
INTEREST
NON PERFORMING
LOANS
TOTAL 6 381 003 135 142 2 979 645 2 817 454 12 313 244 11 400 429
Comments:
The PL 480 of MAD 2 895 759 million is included in the line "other loans"
LOANS AND ADVANCES TO CUSTOMERS
In thousand MAD
Private Sector
Public Total Total
CLAIMS sector Financial companies Non financial companies Other customers 12/31/2002 31/12/2001
SHORT-TERM 1 470 913 867 622 8 176 638 2 037 931 12 553 104 12 674 136
LOANS
- Deposit 1 310 348 867 622 4 350 426 1 553 431 8 081 827 7 845 679
accounts in
debit
- Commercial 2 044 586 626 2 045 212 1 199 445
loans in
Morocco
- Export 6 293 253 445 51 974 311 712 957 771
loans
- Other cash 154 272 1 528 181 431 900 2 114 353 2 671 241
loans
CONSUMER 988 252 988 252 936 684
LOANS
EQUIPMENT 797 284 28 014 3 720 297 619 371 5 164 966 4 953 830
LOANS
MORTGAGE 1 010 707 1 010 707 604 078
LOANS
OTHER LOANS 134 157 769 1 538 042 457 706 2 153 651 2 553 125
ADVANCES
ACQUIRED BY
FACTORING
RECEIVABLES 329 533 329 533 372 155
ACCRUED
INTEREST
NON PERFORMING 29 684 415 068 221 684 666 436 773 043
LOANS
- Substandard 1 289 1 434 2 723 1 847
loans
- Doubtful 9 490 12 249 21 739 2 554
loans
- Loss loans 29 684 404 289 208 001 641 974 768 642
TOTAL 2 298 015 1 053 405 13 850 045 5 665 184 22 866 649 22 867 051
BREAKDOWN OF TRANSACTION & MARKETABLE SECURITIES AND INVESTMENT SECURITIES BY CATEGORY OF ISSUER
In thousand MAD
Credit Public Private issuers Total Total
institutions issuers Financial Non financial 12/31/2002 12/31/2001
and
equivalent
QUOTED SECURITIES 6 553 502 3 140 011 9 641 907 7 151 797
- Treasury bonds and 6 553 502 6 553 502 6 792 404
equivalent securities
- Bonds
- Other debt securities
- Title deeds 3 140 011 3 088 405 359 393
UNQUOTED SECURITIES 1 198 312 352 960 1 421 953 118 101 3 091 326 1 745 608
- Treasury bonds and
equivalent securities
- Bonds 352 960 118 101 471 061 1 106 266
Other debt securities 1 198 312 1 421 953 2 620 265 639 342
Title deeds
TOTAL 1 198 312 6 906 462 4 561 964 118 101 12 733 233 8 897 405
DETAIL OF OTHER ASSETS
In thousand MAD
HEADING AMOUNT COMMENT
OPTIONAL INSTRUMENTS 318
Miscellaneous transactions on 318 Coupons to be received
securities (debit)
Sums settled to be recovered
from securities issuers
Other settlement accounts
concerning transactions on
securities
OTHER DEBTORS 230 828
- Sums due by the State 210 235 Deductible VAT, advances Corp Tax,
TPPRF State and exchange loss
receivable from the Treasury
- Sums due by provident
companies
- Receivable from staff 9 706 Advances to staff
- Receivable for non-banking
services
- Other debtors 10 887 Deposits, guarantees and stocks
OTHER SECURITIES AND ASSETS 6 742
- Other securities and assets 6 742 furniture stock, postal and tax
stamps
OFF-BALANCE SHEET ADJUSTMENT
ACCOUNTS (DEBIT)
CURRENCIES AND SECURITIES 71 990 structured positions adjustment.
DISCREPANCY ACCOUNTS (DEBIT)
Potential losses on hedging
transactions non settled
Deferred losses on hedging
transactions non settled
DEFERRED EXPENSES 547 costs for increase in capital and
start up costs
LIAISON ACCOUNTS BETWEEN THE HEAD 23 733
OFFICE, BRANCHES AND AGENCIES IN
MOROCCO (DEBIT)
ACCRUED INCOME AND PREPAYMENT 79 173
- Accrued income 65 237
- Prepayment 13 936
SUSPENSE ACCOUNTS
NON PERFORMING LOANS ON
MISCELLANEOUS TRANSACTIONS
PROVISIONS FOR NON PERFORMING 143 919
LOANS ON MISCELLANEOUS
TRANSACTIONS
TOTAL 557 250
EQUITY INVESTMENT AND EQUIVALENT
In thousand MAD
Revenues recorded
Equity Overall in the year's
Name of the issuing Sector of Share Holdings acquisition income statement
company activity capital as % price Provisions Net book value (in MAD)
EQUITY HOLDINGS
SOCIETE CASA Financial 114 862 500 33.40 38 420 083.75 38 420 083.75 2 373 831.2
FINANCE MARKET company
CAISSE MAROCAINE Financial 100 000 000 16.59 13 009 501.00 13 009 501.00
DES MARCHES institution
MARTKO (MAGHREB Financial inst.600 000 USD 20.00 970 638.00 970 638.00 0.00
ARAB TRADING Cdegrees)
RADIO Audiovisual 18 000 000 14.17 2 550 000.00 2 550 000.00
MEDITERRANEE
INTERNATIONAL
EUROCHEQUE Means of 500 000 28.78 143 900.00 143 900.00
MAROC payment
STE CONSEIL Engineering 10 000 000 20.00 2 000 000.00 2 000 000.00
INGENIERIE ET consultants
DEVELOPPEMENT
STE RECOURS Debt collection 5 000 000 15.00 375 000.00 375 000.00 75 000.00
EUMAGEX Insurance and 2 000 000 25.00 400 000.00 400 000.00
service
ACMAR Insurance and 25 000 000 20.00 5 000 000.00 5 000 000.00
service
STE IPE Publishing and 4 000 000 10.00 400 000.00 400 000.00
printing
TANGER ZONE Development co. 90 000 000 15.00 13 500 000.00 13 500 000.00
FRANCHE
STE Development co. 60 000 000 15.00 1 000 000.00 1 000 000.00
D'AMENAGEMENT DU
PARC INDUSTRIE
AL WATANIYA Insurance 1 105 450 000 21.85 958 509 942.06 958 509 942.06 26 575 010.00
BANQUE DE Foreign credit 3,8 Milliards 20.73 58 342 005.48 58 342 005.48 1 188 188.87
DEVELOPPEMENT DU inst. FCFA
MALI
INFORMATION Information 26 500 000 10.00 2 650 000.00 2 650 000.00
TECHNOLOGY processing
SOLUTION
CENTRE MONETIQUE Electronic 10 000 000 11.00 11 000 000.00 11 000 000.00
INTERBANCAIRE payment mgt
M@FINANCE.COM Holding co. 30 000 000 20.00 6 000 000.00 6 000 000.00
MOROCAN Real est. mgt. 46 000 000 12.30 5 650 000.00 5 650 000.00
INFORMATION techno park
TECHNO PARC
CIE
RISMA Tourism 263 000 000 11.38 29 950 000.00 29 950 000.00
1 149 871 070.29 970 638.00 1 148 900 432.29
SECURITIES OF
RELATED
COMPANIES
B.M.C.E. Foreign credit 3 Milliards 75.00 154 859 410.00 154 859 410.00
MADRID inst. Ptas
MAGHREBAIL Leasing 102 532 000 45.85 173 128 434.00 173 128 434.00 9 404 000.00
MAROC Factoring 15 000 000 95.00 16 208 700.00 16 208 700.00 855 000.00
FACTORING
ISTITMAR WA PF INVESTMENT 10 000 000 50.00 5 000 000.00 5 000 000.00
MOUSSAHAMA
STE ATTACHYID SCI 10 000 000 100.00 10 000 000.00 7 279 270.73 2 720 729.27
OUAL MABANI
STE BEMCOM SCI 94 000 000 75.00 70 500 000.00 70 500 000.00
INTERFINA PF INVESTMENT 210 000 000 100.00 252 916 718.42 252 916 718.42
DOCUPRINT Service co. 4 000 000 100.00 4 000 000.00 4000 000.00
BMCE CAPITAL Stock brokers 10 000 000 67.50 6 750 000.00 6 750 000.00
BOURSE (EX.
MAROC INTER
TITRES)
BMCE CAPITAL Mutual fund mgt 5 000 000 100.00 6 442 928.01 6 442 928.01 40 000 000.00
GESTION (EX.
MARFIN)
STE Mutual fund mgt 1 000 000 50.00 500 000.00 500 000.00 11 000 000.00
CONSULTITRES
STE SALAFIN Consumer credit 100 000 000 100.00 100 000 000.00 100 000 000.00
BMCE CAPITAL Investment bank 100 000 000 100.00 100 000 000.00 100 000 000.00
SITVA BMCE club 600 000 95.00 1 711 431.29 1 711 431.29
902 017 621.72 7 279 270.73 894 738 350.99
SECURITIES/
ACTIVITIES OF
THE PORTFOLIO
AFREXIM BANK Foreign credit 750 000 000 USD 0.04 2 889 630.00 288 963.00 34 672.99
(African Import inst.
Export)
PROPARCO Multi-national 142 560 000 2.5 35 973 921.33 35 973 921.33 396 351.31
credit inst. euros
BANCO BILBAO Multi-national 62 Milliards 0.01 6 367 746.00 6 367 746.00 331 657.63
VISCAYA credit inst. Ptas
E.S.I.H. Foreign credit 134 972 950.00 134 972 950.00 3 922 660.94
inst.
E.S.F.G. Foreign credit 135 541 656.25 135 541 656.25 1 466 060.48
inst.
UBAE ARAB Foreign credit 110 000 000 66 697 904.00 66 697 904.00
ITALIAN BANK inst. Euros
STE CIVILE FIN Equity 100 000 50.00 50 000.00 50 000.00
FUND investment
FONDS D Investment fund variable equity 11 402 415.54 11 402 415.54
INVESTISSEMENT funds
CAPITAL
MOROCCO
FONDS ESPAGNOL Investment fund variable equity 28 979 477.83 28 979 477.83
MARCO POLO funds
INVEST. S.C.R.
FINAFUND USA Investment fund variable equity 51 873 928.00 51 873 928.00
funds
FINAFUND Investment fund variable equity 15 470 998.20 15 470 998.20
EUROPE funds
490 220 627.15 490 220 627.15
OTHER EQUITY
INVESTMENT
MEDITELECOM Telecommunications 6 475 000 000 7.80 685 318 000.00 685 318 000.00
ROYAL MAROCAINE Insurance 1 108 000 000 9.90 389 406 600.00 389 406 600.00 10 969 200.00
D ASSURANCES
CREDIT DU Credit inst. 833 817 000 0.00 4 450.00 985.00 3465.00
MAROC
C.I.H. Credit inst. 3 326 650 000 1.64 197 277 478.00 83 513 676.00 113 763 802.00
BANQUE CENTRALE Credit inst. 575 529 000 2.00 92 098 162.40 92 098 162.40 716 638.00
POPULAIRE
BANK AL AMAL Credit inst. 500 000 000 0.20 971 000.00 971 000.00
FONDS MONETAIRE Financial inst. 500 000 000 USD 0.06 2 031 425.00 2 031 425.00 115 717.36
ARABE(ARAB TRADE
FINANCING
PROGRAM)
S.N.I. Holding CO. 1 090 000 000 0.00 3 520 303.00 726 583.00 2 793 720.00 99 132.00
O.N.A. Holding CO. 1 720 056 950 0.00 1 155.00 158.00 997.00
BRASSERIES DU Agribusiness 282 625 000 0.00 15 986 850.00 7 169 520.00 8 817 330.00 484 450.00
MAROC
CTM/ LN Transport 125 597 800 5.00 27 363 667.00 10 068 347.00 17 295 320.00 926 535.00
COMANAV Maritime 274 500 000 5.00 1 373 505.00 1 373 505.00
transport
LA CELLULOSE DU Paper pulp 450 351 000 1.97 3 393 433.00 3 393 433.00
MAROC
CIE IMMOBILIERE Real estate CO. 20 000 000 0.04 8 500.00 8 500.00 12 800.00
FONCIERE
MAROCAINE
C.M.K.D. Holding CO. 315 000 000 2.14 7 062 374.99 7 062 374.99
SIDET Holding CO. 75 500 000 2.00 1 268 300.00 413 846.29 854 453.71
SOMED Holding CO. 300 000 000 2.64 7 927 000.00 7 927 000.00 475 620.00
SMAEX Insurance and 30 000 000 5.63 1 690 000.00 1 690 000.00 118 300.00
service
GECOTEX Industry 10 000 000 5.00 500 000.00 500 000.00
STE NATIONALE Road 120 000 000 4.17 5 000 000.00 1 010 800.00 3 989 200.00
DES AUTOROUTES infrastructure
DAR ADDAMANE Guarantee 25 000 000 0.96 480 500.00 480 500.00
bodies
STE IMMOBILIERE Real estate 19 005 000 8.08 1 267 000.00 1 267 000.00
SIEGE GPBM
CASA WORLD TRADE Real estate 3 500 000 2.70 95 500.00 95 500.00
CENTER
FRUMAT Agribusiness 171 058 800 8.50 14 500 000.00 13 004 000.00 1 496 000.00
MAROCLEAR Central 20 000 000 4.00 803 000.00 803 000.00
custodian
SOCIETE ALLICOM Industry 20 000 000 2.50 500 000.00 500 000.00 0.00
MAROC
CIE IMMOBILIERE Real estate 0.01 0.01
DES ETUDIANTS
SINCOMAR Agribusiness 37 440 000 49 400.00 49 400.00
SWIFT Service CO. 434 020 000 BEF 0.00 21 962.28 21 962.28
BANQUE POPULAIRE Financial inst. 2 Milliards 5.00 2 814 120.00 2 814 120.00 0.00
MARROCO FCFA
CENTRAFRICAINE
FONDS DE SOUTIEN SUPPORT ACTIONS 500 000 000 0.05 240 250.00 240 250.00
ACTIONS BAA
1 462 973 935.68 119 222 035.29 1 343 751 900.39
Shareholder's 89 435 085.31 2 052 000.00 87 383 085.31
accounts
MEDITELECOM 65 382 165.71 65 382 165.71
ISTITMAR WA 18 000 000.00 18 000 000.00
MOUSSAHAMA
MAGHREBAIL 2 500 000.00 2 500 000.00
MARTCO 1 500 000.00 1 500 000.00 0.00
Siege G.P.B.M. 1 446 419.60 1 446 419.60
ALLICOM MAROC 552 000.00 552 000.00 0.00
WORLD TRADE 54 500.00 54 500.00
CENTER
4 094 518 340.15 129 523 944.02 3 964 994 396.13 101 640 825.78
TANGIBLE AND INTANGIBLE FIXED ASSETS
In thousand MAD
Depreciation
Gross Disposals or Gross and/or provisons Depreciation Net
amount at the withdrawals amount at at the Allowance on fixed amount at
beginning of Aquisitions of the end of beginning for the assets the end of
CATEGORY the year of the year the year the year of the year year withdrawn Total the year
INTANGIBLE 63 048 18 332 81 380 13 043 6 238 19 281 62 099
FIXED ASSETS
- Leasehold 26 798 350 27 148 27 148
rights
- Investment
in research
and
development
- Other 36 250 17 982 54 232 13 043 6 238 19 281 34 951
operating
intangible
fixed assets
- Non-operating
intangible
fixed assets
TANGIBLE FIXED2 103 371 118 448 44 814 2 177 005 1 117 369 112 346 1 805 1 227 910 949 095
ASSETS
- OPERATING 499 603 48 787 2 839 545 551 99 699 10 135 109 834 435 717
BUILDINGS
. Operating 68 577 9 098 77 675 77 675
land
. Operating 431 026 39 689 2 839 467 876 99 699 10 135 109 834 358 042
buildings.
Offices
. Operating
buildings.
Staff housing
- OPERATING 818 077 33 240 36 822 814 495 619 892 54 686 1 106 673 472 141 023
FURNITURE AND
EQUIPMENT
. Operating 205 725 5 332 211 057 124 576 13 774 138 350 72 707
office
furniture
. Operating 133 124 5 862 204 138 782 113 951 8 807 205 122 553 16 229
office
equipment
. Computer 421 406 16 880 35 954 402 332 341 664 27 221 240 368 645 33 687
equipment
. Operating 27 138 55 664 26 529 17 715 3 267 661 20 321 6 208
vehicles
. Other 30 684 5 111 35 795 21 986 1 617 23 603 12 192
operating
equipment
- OTHER 585 076 26 402 611 478 363 773 42 527 406 300 205 178
OPERATING
TANGIBLE FIXED
ASSETS
- NON-OPERATING 200 615 10 019 5 153 205 481 34 005 4 998 699 38 304 167 177
TANGIBLE FIXED
ASSETS
. Non-operating
land 40 040 127 4 298 35 869 - 35 869
. Non-operating 79 412 7 393 151 86 654 19 642 3 459 151 22 950 63 704
buildings
. Non-operating 15 451 1 211 13 16 649 7 524 1 190 13 8 701 7 948
furniture and
equipment
. Other 65 712 1 288 691 66 309 6 839 349 535 6 653 59 656
non-operating
tangible fixed
assets
TOTAL 2 166 419 136 780 44 814 2 258 385 1 130 412 118 584 1 805 1 247 191 1 011 194
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT
CREDIT INSTITUTIONS AND EQUIVALENT IN
DEBTS MOROCCO
In thousand MAD
Other credit
Bank Al-Maghrib, institutions Credit
Treasury and giro Banks in and equivalent institutions Total Total
current account Morocco in Morocco abroad 12/31/2002 12/31/2001
ORDINARY CREDIT 162 321 19 284 152 651 334 256 567 792
ACCOUNTS
SECURITIES 708 720 449 074 1 157 794 111 950
PLEDGED
- overnight
- time 708 720 449 074 1 157 794 111 950
CASH BORROWING 490 000 889 595 2 401 765 3 781 360 2 282 979
- overnight 490 000 490 000 220 000
- time 889 595 2 401 765 3 291 360 2 062 979
FINANCIAL 111 365 934 160 1 045 525 836 114
BORROWING
OTHER DEBTS 9 627 47 905 1 823 51 462 110 817 510 965
PAYABLE ACCRUED 118 249 15 410
INTERESTS
TOTAL 829 712 1 149 300 910 702 3 540 038 6 548 001 4 325 210
CUSTOMER DEPOSITS
In thousand MAD
Private sector
Financial Non-financial Other Total Total
DEPOSITS Public sector companies companies companies 12/31/2002 12/31/2001
DEMAND CREDIT 966 062 1 259 820 4 916 537 12 192 776 19 335 195 16 120 814
ACCOUNTS
SAVINGS ACCOUNTS 6 904 628 6 904 628 6 231 782
TIME DEPOSITS 180 295 500 701 221 7 696 995 8 579 011 10 766 678
OTHER CREDIT 3 061 663 2 165 795 539 463 287 232 6 054 153 4 777 813
ACCOUNTS ( * )
PAYABLE ACCRUED 41 310 41 310 222 027
INTERESTS
TOTAL 4 208 020 3 426 115 6 157 221 27 122 941 40 914 297 38 119 114
Comments:
( * ) Including PL 480 for MAD 2 895 759 million
DETAIL OF OTHER LIABILITIES In thousand MAD
LIABILITIES Amount
12/31/2002
OPTIONAL INSTRUMENTS SOLD
MISCELLANEOUS TRANSACTIONS ON SECURITIES
OTHER CREDITORS 268 901
State debt 186 479
Social security and provident societies debts 39 404
Staff debt 23 954
Shareholders and partners debt 2 844
Supply of goods and services
Other creditors 16 220
ACCRUAL ACCOUNTS 319 656
Adjustment accounts of off-balance sheet transactions
Currencies and securities differential accounts
Profit on hedging instruments
Liaison accounts between the head office, branches and Moroccan agencies 121 678
Expenses payable and prepaid income 69 124
Other accruals 128 854
TOTAL 588 557
PROVISIONS
PROVISIONS Amount Allowances Write-backs Other Amount
12/31/2001 changes 12/31/2002
PROVISIONS, DEDUCTED FROM ASSETS, ON:
Loans to credit institutions and equivalent
Loans and advances to customers 1 316 567 583 783 361 667 17 105 1 521 578
Doubtful interest 53 373 10 237 43 136
Marketable securities 22 298 10 509 18 576 14 231
Equity investments and equivalent assets 158 716 43 381 72 573 129 524
Leased and rented fixed assets
Other assets
SUB TOTAL 1 550 954 637 673 463 053 17 105 1 708 469
PROVISIONS RECORDED UNDER LIABILITIES
Provisions for risks of fulfilment commitments
Provisions for general risks 22 929 4 199 18 730
Provisions for other losses and expenses
Regulated provisions 382 382
Other provisions
SUB TOTAL 23 311 4 581 18 730
TOTAL 1 574 265 637 673 467 634 17 105 1 727 199
Provisions taxed in 1999 150 000 150 000
CUMULATED 1 724 265 637 673 467 634 17 105 1 877 199
2002 2001
RECOVERY OF AMORTISED DEBTS 14 237 21 115
SHAREHOLDERS' EQUITY
In thousand MAD
Shareholders' equity Amount Appropriation Other Amount
12/31/2001 of profit changes 31/12/2002
Revaluation reserve
Legal reserve 219 612 15 124 234 736
Other reserves 2 434 779 49 300 -13 895 2 470 184
Issuance, merger and contribution premiums 596 218 596 218
Capital
Called-up capital 1 587 514 1 587 514
Uncalled capital
Investment certificates
Allowance fund
Shareholders. Unpaid-up capital
Retained earnings (+/-) 91 -57 34
Net earning being appropriated (+/-) 55 953
Net earning for fiscal 2001 (+/-) 357 452 -238 071
Sub-Total 5 195 666 - 173 704 - 13 895 4 944 639
Net earning for fiscal 2002 (+/-) 282 341
TOTAL 5 226 980
FINANCING AND GUARANTEE COMMITMENTS
In thousand MAD
12/31/2002 12/31/2001
FINANCING AND GUARANTEE COMMITMENTS GIVEN 10 970 480 13 209 232
FINANCING COMMITMENTS ON BEHALF OF CREDIT 1 485 847 2 694 001
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 1 485 847 2 694 001
FINANCING COMMITMENTS ON BEHALF OF CUSTOMERS 3 604 830 4 156 885
Import letters of credit 2 402 727 2 223 105
Payment acceptances or commitments 500 406 595 397
Opening of confirmed credit
Substitution commitments on issuing of securities
Irrevocable leasing commitments
Other financing commitments given 701 697 1 338 383
GUARANTEE COMMITMENTS FOR CREDIT INSTITUTIONS AND 1 783 785 2 013 166
EQUIVALENT
Confirmed export letters of credit 182 793 140 462
Payment acceptances or commitments 95 591 81 516
Credit guarantees given 3 439 4 254
Other security, endorsements and guarantees given 1 501 962 1 786 934
Non performing commitments
GUARANTEE COMMITMENTS FOR CUSTOMERS 4 096 018 4 345 180
Credit guarantees given
Security and guarantees given on behalf of the 1 993 379 2 002 896
public administration
Other security and guarantees given 2 102 639 2 342 284
Non performing commitments
FINANCING AND GUARANTEE COMMITMENTS RECEIVED 587 931 582 489
FINANCING COMMITMENTS RECEIVED FROM CREDIT
INSTITUTIONS AND EQUIVALENT
Opening of confirmed credit
Substitution commitments on issuing of securities
Other financing commitments received 129 625 38 526
GUARANTEE COMMITMENTS RECEIVED FROM CREDIT 546 429 534 283
INSTITUTIONS AND EQUIVALENT
Credit guarantees 110 290 122 440
Other guarantees received 436 139 411 843
GUARANTEE COMMITMENTS RECEIVED FROM THE STATE AND 41 502 48 206
OTHER GUARANTEE
INSTITUTIONS
Credit guarantees 41 502 48 206
Other guarantees received
FORWARD EXCHANGE TRANSACTIONS AND COMMITMENTS ON DERIVATIVES
In thousand MAD
Hedging transactions 12/31/2001 Other transactions
12/31/2002 12/31/2001
FORWARD EXCHANGE TRANSACTIONS 5 669 917 1 819 034 1 053 487 974 220
Currency to be received 433 326 122 256 282758 394829
Currency to be delivered 2 354 590 793 866 285088 89036
Dirhams to be received 2 423 700 780 249 273969 250700
Dirhams to be delivered 458 301 122 663 211672 239655
Of which financial currency swaps
COMMITMENTS ON DERIVATIVES 1 169 464 420 908
Commitments on regulated interest rate 1 169 464 420 908
markets
Commitments on OTC interest rate markets
Commitments on regulated exchange rate
markets
Commitments on OTC exchange rate markets
Commitments on regulated markets for other
instruments
Commitments on OTC markets for other
instruments
SECURITIES AND SURETIES RECEIVED AND GIVEN AS GUARANTEES
In thousand MAD
Securities and sureties Net book value Assets or off-balance sheet Amounts of the loans or
received as guarantees headings recording loans or signature commitments given
commitments given covered
Treasury bonds and equivalent 152 461 Treasury bonds received as 152 461
securities pledges
Other securities 5 296 Negotiable debt securities 5 296
received as pledges
Mortgages
Other real securities and
sureties
TOTAL 157 757 157 757
Securities and sureties given Net book value Asset or off-balance sheet Amounts of the loans or
as guarantees headings recording loans or commitments received covered
commitments received
Treasury bonds and equivalent 3 318 773 Treasury bonds given as 3 318 773
securities pledges
Other securities Bills given as pledges
Mortgages
Other real securities and
sureties
TOTAL 3 318 773 3 318 773
BREAKDOWN OF TOTAL ASSETS LIABILITIES AND OFF-BALANCE
SHEET IN FOREIGN CURRENCY
In thousand MAD
BALANCE SHEET Amount
12/31/2002
ASSETS 6 343 585
Cash, Central Banks, Treasury, Giro Accounts 95 510
Loans to credit institutions and equivalent 2 737 428
Loans and advances to customers 2 577 250
Transaction, marketable and investment securities
Other assets
Equity investments and equivalent uses 933 397
Subordinated loans
Fixed assets leased and rented
Intangible and tangible fixed assets
LIABILITIES 5 020 642
Central Banks, Treasury, Giro accounts
Liabilities to credit institutions and equivalent 4 031 850
Customer deposits 988 792
Debt securities issued
Other liabilities
Subsidies, assigned Public funds and special guarantee funds
OFF-BALANCE SHEET 6 502 341
Commitments given 6 502 341
Commitments received
INTEREST MARGIN
In thousand MAD
AVERAGE CAPITAL AMOUNTS AVERAGE COST RATE OF RETURN
Average amount of uses 23 168.5 1 548.2 6.68%
Average amount of resources 32 612 694.8 2.13%
This table shows only average amounts of uses and resources related to "domestic
activity"
REVENUES ON TITLE DEEDS
In thousand MAD
CATEGORY OF SECURITIES REVENUES RECEIVED
Marketable securities
Equity investments 30 212
Investments in affiliated companies 51 359
Equivalent assets 20 070
TOTAL 101 641
FEES
In thousand MAD
FEES Amount
Fees received 494 549
on transactions with credit institutions 3 917
on transactions with customers 147 231
on exchange transactions 84 239
concerning operations on the primary securities markets
on derivatives 25 875
on transactions on securities under management and custody
on means of payment 172 583
on consulting and assistance
on sales of insurance products 3 339
on other services 57 365
Fees paid 16 532
on transactions with credit institutions 383
on transactions with customers
on exchange transactions 10 273
concerning operations on the primary securities market
on derivatives
on transactions on securities under management and custody 1 830
on means of payment
on consulting and assistance
on sales of insurance products
on other services 4 046
EARNINGS FROM MARKET TRANSACTIONS
In thousand MAD
REVENUES AND EXPENSES Amount
REVENUES 621 206
Gains on transactions securities 57 852
Capital gains on disposals of marketable securities 147 502
Provision write-backs on depreciation of marketable securities 18 576
Gains on derivatives
Gains on exchange transactions 397 276
EXPENSES 278 440
Losses on transaction securities
Capital losses on disposals of marketable securities 818
Provisions for depreciation of marketable securities
Losses on derivatives 10 246
Losses on exchange transactions 267 376
GENERAL OPRERATING EXPENSES
In thousand MAD
EXPENSES 12/31/2002 12/31/2001
Staff Expenses 789 887 665 667
Expenses 12/31/2002 12/31/2001
Taxes 25 903 21 050
EXPENSES 12/31/2002 12/31/2001
External Expenses 345 205 456 288
EXPENSES 12/31/2002 12/31/2001
Allowances for depreciation and provision for 118 951 110 514
intangible and tangible fixed assets
OTHER REVENUES AND EXPENSES
In thousand MAD
REVENUES AND EXPENSES 12/31/2002 12/31/2001
Other banking revenues and expenses 288 527 225 413
Other banking revenues 798 433 957 073
Other banking expenses 509 906 731 660
NON-BANKING OPERATING REVENUES AND EXPENSES 12/31/2002 12/31/2001
Non-Banking operating revenues and expenses 22 223 44 427
Non-Banking operating revenues 28 261 54 515
Non-Banking operating expenses 6 038 10 088
OTHER EXPENSES 12/31/2002 12/31/2001
Allowances for provisions and losses on 980 098 661 027
irrecoverable loans
OTHER REVENUES 12/31/2002 12/31/2001
Provision write-backs and recoveries on amortised 416 542 385 296
debts
DATING AND SUBSEQUENT EVENTS
I. DATING
. Date of the end of the fiscal year (1) December 31, 2002
. Date of financial statements performance (2) March 17, 2003
(1) Justification in case of a change in the date of the end of the fiscal
year
(2) Justification in the case of an overrun on the statutory period of three
months allowed for drawing up the financial statements.
II. EVENTS OCCURRING SUBSEQUENT TO THE END OF THE FISCAL YEAR NOT CHARGED TO
THIS YEAR AND KNOWN BEFORE THE 1ST EXTERNAL DISCLOSURE OF THE FINANCIAL
STATEMENTS EXTERNE DES ETATS DE SYNTHESE
Dates Indication of events
. Favourable NONE
. Unfavourable NONE
COMMITMENTS ON SECURITIES NONE
SUBSIDIES, ALLOCATED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS NONE
DEBT SECURITIES ISSUED NONE
SUBORDINATED DEBTS NONE
SUBORDINATED LOANS NONE
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCILFETESIVLIV
