Results to 30 June 2003
21 November 2003 - 2:40AM
UK Regulatory
RNS Number:3128S
Banque Marocaine Du Commerce Exteri
20 November 2003
CONSOLIDATED BALANCE SHEET AS OF JUNE 30, 2003
(In thousand MAD)
ASSETS 06/30/2003 06/30/2002
---------
Cash, central banks, treasury, giro 3 363 957 2 575 711
accounts
Loans to credit institutions and equivalent 7 117 328 8 263 569
. Demand 406 920 1 707 291
. Time 6 710 408 6 556 278
Loans and advances to customers 28 430 597 25 104 020
. Cash and consumer loans 14 780 625 13 434 322
. Equipment loans 8 814 900 7 684 614
. Mortgage loans 1 363 125 768 027
. Other loans 3 471 947 3 217 057
Advances acquired by factoring 509 969 505 247
Transaction and Marketable Securities 10 891 711 12 413 585
. Treasury bonds and equivalent securities 6 940 010 6 440 776
. Other debt securities 2 542 336 2 639 337
. Title deeds 1 409 365 3 333 472
Other assets 1 890 930 1 256 357
Investment securities 609 304 378 447
. Treasury bonds and equivalent securities 29 29
. Other debt securities 609 275 378 418
Equity investment of consolidated
affiliates
Equity investment of non consolidated 2 541 554 2 148 474
affiliates
Securities consolidated by the equity 646 088 745 882
method
Subordinated loans - -
Fixed assets leased and rented - -
Intangible fixed assets 63 408 58 057
Tangible fixed assets 1 049 979 1 007 483
Goodwill on acquisition 486 121 515 302
Total assets 57 600 946 54 972 134
LIABILITIES 06/30/2003 06/30/2002
Central banks, treasury, giro accounts
Liabilities to credit institutions and equivalent 8 595 370 7 526 152
. Demand 996 858 1 926 270
. Time 7 598 512 5 599 882
Customer deposits 40 691 942 39 849 165
. Demand deposits 19 014 514 16 556 451
. Savings deposits 7 149 132 6 578 220
. Time deposits 10 186 676 11 572 600
. Other deposits 4 341 620 5 141 894
Debt securities issued 751 085 650 772
. Negotiable debt securities 751 085 650 772
. Bond loans - -
. Other debt securities issued - -
Other liabilities 1 840 265 1 253 143
Contingent liabilities 179 133 182 044
Regulated provisions - -
Subsidies, assigned public funds and special 5 681 5 386
guarantee funds
Subordinated loans - -
Minority interests 237 443 242 350
Share in the reserves 229 393 235 421
Share in the income 8 050 6 929
Revaluation reserve
Capital 1 587 514 1 587 514
Reserves and premiums related to capital 3 360 267 3 361 197
Consolidated reserves 118 904 160 390
Retained earnings 91 39 745
Net income for the year 232 105 144 395
Unrealised exchange gains/losses differentials 1 146 -30 119
Total liabilities 57 600 946 54 972 134
Shareholder's Equity 06/30/2003 06/30/2002
Group's Equity 5 300 027 5 263 122
Minority Interests 237 443 242 350
CONSOLIDATED OFF BALANCE SHEET AS OF JUNE 30, 2003
(In thousand MAD)
OFF-BALANCE 06/30/2003 06/30/2002
GIVEN COMMITMENTS 11 146 604 12 403 173
Financing commitments given on behalf of
credit institutions and equivalent
Financing commitments given on behalf of 809 098 2 075 504
customers
Guarantee commitments given to credit 3 389 045 3 270 599
institutions and equivalent
Guarantee commitments given to customers 1 841 296 2 619 717
Securities repos purchased 5 107 165 4 437 353
Other securities to be delivered - -
RECEIVED COMMITMENTS 1 100 135 608 910
Financing commitments received from credit 186 687
institutions and equivalent
Guarantee commitments received from credit 874 224 564 392
institutions and equivalent
Guarantee commitments received from the State 39 224 44 518
and various guarantee bodies
Securities repos sold - -
Other securities to be received - -
CONSOLIDATED MANAGEMENT BALANCES AS OF JUNE 30, 2003
(In thousand MAD)
I- EARNING FORMATION TABLE 06/30/2003 06/30/2002
+ Interests and equivalent revenues 1 349 425 1 363 582
- Interests and equivalent expenses -464 695 -535 893
INTEREST MARGIN 884 730 827 689
+ Revenues from leased and rented fixed assets
- Expenses on leased and rented fixed assets
PROFIT FROM LEASING AND RENTING OPERATIONS
+ Fees received 178 541 191 234
- Fees paid -19 558 -17 199
MARGIN ON FEES 158 983 174 035
+ Income from operations on transaction securities
-
+ Income from transactions on marketable securities 126 338 73 734
-
+ Income from exchange transactions 31 136 60 985
-
+ Income from derivatives transactions 1 084 -5 807
-
INCOME FROM MARKET TRANSACTIONS 158 558 128 912
+ Other miscellaneous banking revenues 41 444 32 301
- Other miscellaneous banking expenses -3 289 -32 731
NET BANKING INCOME 1 240 426 1 130 206
+ Net income from equity investments 1 850 - 7 816
-
+ Other non-banking operating revenues 9 771 9 780
- Other non-banking operating expenses -5 262 -4 766
- General operating expenses -655 002 -635 227
GROSS OPERATING INCOME 591 783 492 177
+ Allowances for non performing loans and commitments
- (net of write-backs) -279 996 -202 578
+ Other allowances net of provision write-backs 22 998 33 168
CURRENT INCOME 334 785 322 767
NON-CURRENT INCOME -5 636 -215
- Tax -117 148 -107 266
Income equity companies 47 157 -45 821
Goodwill depreciation -19 003 -18 141
NET EARNINGS FOR THE YEAR 240 155 151 324
II- CASH-FLOW
+ NET EARNINGS FOR THE YEAR 240 155 151 324
-
+ Allowances for depreciation and provisions for 63 157 118 058
intangible and tangible fixed assets
+ Allowances for provisions for equity investments 42 725 24 637
depreciation
+ Allowances for provisions for general risks
+ Allowances for regulated provisions 3 589 1 199
+ Non-current allowance
- Provision write-backs -36 647 -54 802
- Capital gains on disposals of intangible and tangible -854 -2 240
fixed assets
+ Capital losses on disposals of intangible and tangible 3 353
fixed assets
- Capital gains on disposals of equity investments -35 373
+ Capital losses on disposals of equity investments 6 018
- Write-backs of investment subsidies received
+ FINANCING CAPACITY 318 143 206 156
-
- Dividends distributed
+ CASH-FLOW 318 143 206 156
-
LIST OF CONSOLIDATED COMPANIES AS OF JUNE 30, 2003
Name Address Share % of % of Contribution to Method of
Capital control interests consolidated consolidation
income
MAROC FACTORING 243, Bld 95,00% 95,00% 3 566 F.C.
Mohammed V 15 000 000
Casablanca
SALAFIN Im.Iman centre 100,00% 100,00% 27 327 F.C.
9eme etage 100 000 000
Casablanca
MAGHREBAIL 45, bld My 49,08% 49,08% 2 297 F.C.
Youssef 102 532 000
Casablanca
BMCE Serrano, 59 Ptas 3 000 75.00% 75.00% 956 F.C.
INTERNATIONAL Madrid, Spain 000 000
BMCE CAPITAL Tour BMCE BANK 100,00% 100,00% -4 324 F.C.
RP Hassan II 100 000 000
Casa
MIT Tour BMCE BANK 67.5% 67.5% 3 467 F.C.
RP Hassan II 10 000 000
Casa
MARFIN 140, Avenue 100,00% 100,00% 21 988 F.C.
Hassan II 5 000 000
Casablanca
INTERFINA 5, Bld 100,00% 100,00% -34 897 F.C.
Abdellatif Ben 210 000 000
Kaddour
Casablanca
AL WATANIYA 83, Av. des 1 105 450 21.85% 21.85% 28 033 Equity Method
FAR Casablanca 000
CFM 5/7 Rue Ibnou 33.33% 33.33% 1 554 Equity Method
Toufail 114 862 500
Casablanca
ACMAR 243, Bld 20,00% 20,00% -676 Equity Method
Mohammed V 25 000 000
Casablanca
BDM Bamako, Mali Fcfa 3 759 20,73% 20,73% 4 536 Equity Method
560 000
BANQUE MAROCAINE DU COMMERCE EXTERIEUR
ATTESTATION OF THE STATUTORY AUDITORS
FROM JANUARY 1ST TO JUNE 30, 2003
(Free translation from French original)
Pursuant to the regulation in force, we have conduced a limited review of the
interim consolidated balance sheet and off-balance sheet of the Banque Marocaine
du Commerce Exterieur as of June 30, 2003, and of the consolidated management
balances statement, for the first semester running from the 1st January to June
30, 2003, in accordance with the professional standards.
An allowance for general risks, featured as a voluntary reserve and previously
constituted after tax for an amount of MAD 150 million, is now considered to
cover different identified risks. Thus, this allowance is no more considered as
shareholder's equity.
On the basis of our limited review and except what is mentioned above, we did
not notice any fact likely to tarnish, significantly, the sincerity of the
information contained in these documents.
Casablanca, October 29th, 2003
Statutory Auditors
ERNST & YOUNG KPMG
Hamad JOUAHRI Jamal Saad EL IDRISSI
Associated partner Associated partner
This information is provided by RNS
The company news service from the London Stock Exchange
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