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RNS Number:5268N
Banque Marocaine Du Commerce Exteri
14 July 2003
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31st, 2002
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2002
In thousand MAD
ASSETS 12/31/2002 12/31/2001
CASH, CENTRAL BANKS, TREASURY, GIRO ACCOUNTS 3 554 069 506 813
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT 7 736 241 10 785 036
. Demand 433 902 1 324 014
. Time 7 302 339 9 461 022
LOANS AND ADVANCES TO CUSTOMERS 26 193 337 25 693 626
. Cash and consumer loans 14 247 283 14 124 203
. Equipment loans 8 076 763 7 269 140
. Mortgage loans 1 016 236 615 776
. Other loans 2 853 055 3 684 507
ADVANCES ACQUIRED BY FACTORING 502 294 428 508
TRANSACTION AND MARKETABLE SECURITIES 12 625 246 8 728 312
. Treasury bonds and equivalent securities 6 553 502 6 792 404
. Other debt securities 2 514 167 1 755 882
. Title deeds 3 557 577 180 026
OTHER ASSETS 860 701 784 106
INVESTMENT SECURITIES 558 618 242 654
. Treasury bonds and equivalent securities 29 242 654
. Other debt securities 558 589
EQUITY INVESTMENT OF NON CONSOLIDATED AFFILIATES 2 554 461 1 943 384
SECURITIES CONSOLIDATED BY THE EQUITY METHOD 630 922 796 012
SUBORDINATED LOANS
FIXED ASSETS LEASED AND RENTED
INTANGIBLE FIXED ASSETS 64 615 51 835
TANGIBLE FIXED ASSETS 1 024 285 1 054 427
GOODWILL ON ACQUISITION 499 741 533 443
TOTAL ASSETS 56 804 530 51 548 156
LIABILITIES 31/12/2002 12/31/2001
CENTRAL BANKS, TREASURY, GIRO ACCOUNTS
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT 7 781 320 5 737 998
. Demand 1 056 494 1 265 316
. Time 6 724 826 4 472 682
CUSTOMER DEPOSITS 41 451 517 38 609 385
. Demand deposits 19 390 648 16 261 278
. Savings deposits 6 911 842 6 237 573
. Time deposits 10 658 452 11 146 227
. Other deposits 4 490 575 4 964 307
DEBT SECURITIES ISSUED 663 287 387 177
. Negotiable debt securities 663 287 387 177
. Bond loans
. Other debt securities issued
OTHER LIABILITIES 1 200 336 1 035 972
CONTINGENT LIABILITIES 178 874 182 233
REGULATED PROVISIONS
SUBSIDIES, ASSIGNED PUBLIC FUNDS AND SPECIAL GUARANTEE FUNDS 4 522 2 818
SUBORDINATED LOANS
MINORITY INTERESTS 246 477 245 115
Share in the reserves 233 007 224 309
Share in the income 13 470 20 806
REVALUATION RESERVE
CAPITAL 1 587 514 1 587 514
RESERVES AND PREMIUMS RELATED TO CAPITAL 3 301 138 3 263 049
CONSOLIDATED RESERVES 214 160 111 716
RETAINED EARNINGS 34 91
NET INCOME FOR THE YEAR 178 263 416 005
UNREALISED EXCHANGE GAINS/LOSSES DIFFERENTIALS - 2 912 - 30 917
TOTAL LIABILITIES 56 804 530 51 548 156
CONSOLIDATED OFF-BALANCE SHEET AS OF DECEMBER 31, 2002
In thousand MAD
OFF-BALANCE 12/31/2002 12/31/2001
GIVEN COMMITMENTS 11 994 990 13 725 931
Financing commitments given on behalf of credit institutions and equivalent 1 478 721 2 598 788
Financing commitments given on behalf of customers 3 847 710 4 492 098
Guarantee commitments given to credit institutions and equivalent 1 779 101 2 040 189
Guarantee commitments given to customers 4 889 458 4 594 856
Securities repos purchased
Other securities to be delivered
RECEIVED COMMITMENTS 1 240 695 1 088 371
Financing commitments received from credit institutions and equivalent 75 897 129 625
Guarantee commitments received from credit institutions and equivalent 1 123 296 910 540
Guarantee commitments received from the State and various guarantee bodies 41 502 48 206
Securities repos sold
Other securities to be received
CONSOLIDATED INCOME STATEMENT AS OF DECEMBER 31, 2002
In thousand MAD
12/31/2002 12/31/2001
BANK OPERATING REVENUES 3 902 376 4 186 890
Interests and assimilated revenues on transactions with credit institutions 414 251 451 187
Interests and assimilated revenues on transactions with customers 1 795 696 1 895 977
Interests and assimilated revenues on debt securities 541 951 537 204
Revenues on title deeds 27 728 52 677
Revenues from leased and rented fixed assets -
Fees on provided services 359 557 270 309
Other banking revenues 763 193 979 536
BANK OPERATING EXPENSES - 1 527 600 - 1 890 608
Interests and assimilated expenses on transactions with credit institutions - 223 219 - 255 570
Interests and assimilated expenses on transactions with customers - 788 649 - 918 297
Interests and assimilated expenses on debt securities issued - 14 763 - 19 003
Expenses on leased and rented fixed assets - -
Other banking expenses - 500 969 - 697 738
NET BANKING INCOME 2 374 776 2 296 282
Non-banking operating revenues 31 144 55 997
Non-banking operating expenses - 6 055 - 10 139
GENERAL OPERATING EXPENSES - 1 420 121 - 1 370 118
Staff expenses - 881 062 - 720 602
Tax expenses - 31 759 - 24 371
External expenses - 368 516 - 505 684
Other general operating expenses - 11 514 - 1 420
Allowances for depreciation and provisions for intangible and tangible fixed assets - 127 270 - 118 041
ALLOWANCES FOR PROVISIONS AND LOAN LOSSES - 1 062 638 - 679 691
Allowances for non performing loans and commitments - 626 213 - 410 336
Loan losses - 349 030 - 248 175
Other allowances for provisions - 87 395 - 21 180
PROVISION WRITE-BACKS AND RECOVERY ON AMORTIZED DEBTS 418 105 368 513
Provision write-backs on non performing loans and commitments 362 745 300 410
Recovery of amortised debts 14 238 21 115
Other provision write-backs 41 122 46 988
CURRENT INCOME 335 211 660 844
Non-current revenues 276 194 1 938
Non-current expenses - 272 852 - 110
PRE-TAX EARNING 338 553 662 672
Tax - 146 771 - 224 403
Profit equity companies 36 647 34 820
Goodwill depreciation - 36 696 - 36 278
NET EARNING FOR THE YEAR 191 733 436 811
Group's equity 178 263 416 005
Minority interests 13 470 20 806
CONSOLIDATED MANAGEMENT BALANCES STATEMENT
AS OF DECEMBER 31, 2002
In thousand MAD
I- EARNING FORMATION TABLE 12/31/2002 12/31/2001
+ Interests and equivalent revenues 2 751 898 2 884 362
- Interests and equivalent expenses - 1 026 631 - 1 192 870
INTEREST MARGIN 1 725 267 1 691 492
+ Revenues from leased and rented fixed assets
- Expenses on leased and rented fixed assets
PROFIT FROM LEASING AND RENTING OPERATIONS
+ Fees received 433 967 362 949
- Fees paid - 34 058 - 31 886
MARGIN ON FEES 399 909 331 063
+/- Income from operations on transaction securities - 42 753
+/- Income from transactions on marketable securities 133 823 39 923
+/- Income from exchange transactions 141 904 154 110
+/- Income from derivatives transactions - 10 246 - 2 409
INCOME FROM MARKET TRANSACTIONS 222 728 191 624
+ Other miscellaneous banking revenues 99 148 102 500
- Other miscellaneous banking expenses - 72 276 - 20 397
NET BANKING INCOME 2 374 776 2 296 282
+/- Net income from equity investments - 42 347 36 346
+ Other non-banking operating revenues 31 144 21 131
- Other non-banking operating expenses - 4 945 - 10 139
- General operating expenses - 1 420 121 - 1 370 115
GROSS OPERATING EARNING 938 507 973 505
+/- Allowances for non performing loans and commitments (net of write-backs) - 598 260 - 336 986
+ Other allowances net of provision write-backs - 5 036 24 325
CURRENT INCOME 335 211 660 844
NON-CURRENT INCOME 3 342 1 828
- Tax - 146 771 - 224 403
Income equity companies 36 647 34 820
Goodwill depreciation - 36 696 - 36 278
NET EARNING FOR THE YEAR 191 733 436 811
II- CASH-FLOW 12/31/2002 12/31/2001
+/- NET EARNING FOR THE YEAR 191 733 436 811
+ Allowances for depreciation and provisions for intangible and tangible fixed 127 270 118 058
assets
+ Allowances for provisions for equity investments depreciation 73 147 24 637
+ Allowances for provisions for general risks
+ Allowances for regulated provisions 2 593 1 199
+ Non-current allowances
- Provision write-backs - 6 237 - 54 802
- Capital gains on disposals of intangible and tangible fixed assets - 1 617 - 2 240
+ Capital losses on disposals of intangible and tangible fixed assets 1 487 3 353
- Capital gains on disposals of equity investments - 3 744 - 35 373
+ Capital losses on disposals of equity investments 1 108
- Write-backs of investment subsidies received
+/- FINANCING CAPACITY 385 740 491 643
- Dividends distributed - 249 274 - 227 626
+/- CASH-FLOW 136 466 264 017
CONSOLIDATED DISCLOSURE STATEMENTS AS OF DECEMBER 31st, 2002
LIST OF CONSOLIDATED COMPANIES AS OF DECEMBER 31, 2002
Name Address Share % of % of Contribution to Method of
Capital control interests consolidated consolidation
income
MAROC FACTORING 243, Bld 15 000 000 95.00% 95 .00% 5 261 F.C.
Mohammed V
Casablanca
SALAFIN Im.Iman centre 100 000 000 100.00% 100 .00% 22 463 F.C.
9eme etage
Casablanca
MAGHREBAIL 45, bld My 102 532 000 46.83% 46.83% 4 995 F.C.
Youssef
Casablanca
BMCE Madrid, Ptas 3 000 000 000 75.00% 75.00% 6 857 F.C.
INTERNATIONAL Spain
BMCE CAPITAL Tour BMCE BANK 100 000 000 100.00% 100 .00% -6 608 F.C.
RP Hassan II
Casa
MIT Tour BMCE BANK 10 000 000 67.5% 67.5% -4 707 F.C.
RP Hassan II
Casa
MARFIN 140, Avenue 5 000 000 100.00% 100.00% 11 646 F.C.
Hassan II
Casablanca
INTERFINA 5, Bld 210 000 000 100.00% 100.00% -64 142 Equity company
Abdellatif Ben
Kaddour
Casablanca
AL WATANIYA 83, Av. des 1 105 450 000 21.85% 21.85% -528 Equity company
FAR Casablanca
CFM 5/7 Rue Ibnou 114 862 500 33.33% 33.33% 3 676 Equity company
Toufail
Casablanca
ACMAR 243, Bld 25 000 000 20.00% 20.00% 248 Equity company
Mohammed V
Casablanca
BDM Bamako, Fcfa 3 759 560 000 20.73% 20.73% 6 988 Equity company
Mali
GOODWILL ON ACQUISITION AS OF DECEMBER 31, 2002
Gross Depreciation Depreciation Depreciation Depreciation Depreciation Depreciation Net
Value 1997 1998 1999 2000 2001 2002
INTERFINA 37 546 - -3 755 -3 755 -3 755 -3 755 -3 755 18 771
SECURITIES
MAGHREBAIL 54 194 - -5 419 -5 419 -5 419 -5 419 -5 419 27 099
SECURITIES
MAGHREBAIL 10 212 - - - -1 140 -902 -1 021 7 149
SECURITIES
MAGHREBAIL 783 - - - - - -78 705
SECURITIES
BDM 2 211 - - - - - -221 1 990
SECURITIES
AL 520 906 - - - -26 045 -26 045 -26 045 442 771
WATANIYA
SECURITIES
BMCE INTL 1 570 - - - - -157 -157 1 256
SECURITIES
TOTAL 627 422 0 -9 174 -9 174 -36 359 -36 278 -36 696 499 741
LOANS TO CREDIT INSTITUTIONS AND EQUIVALENT AS OF DECEMBER 31, 2002
In thousand MAD
CLAIMS Bank Banks in Other credit Foreign credit Total Total
Al-Maghrib Morocco institutions institutions 12/31/2002 12/31/2001
Treasury and equivalent
and giro in Morocco
accounts
ORDINARY 3 083 729 289 19 806 278 650 3 382 474 3 036 497
ACCOUNTS IN
DEBIT
SECURITIES 209 866
RECEIVED AS
PLEDGES
- overnight
- time 209 866
SHORT-TERM 99 355 64 368 2 312 637 2 476 360 3 221 399
LOANS
- overnight 19 355 19 355 429 297
- time 80 000 64 368 2 312 637 2 457 005 2 792 102
FINANCIAL 1 955 516 1 955 516 1 697 892
LOANS
OTHER LOANS 3 297 274 28 946 142 196 3 468 416 3 122 363
RECEIVABLES 6 552 992 7 544 3 832
ACCRUED
INTEREST
NON PERFORMING
LOANS
TOTAL 6 381 003 135 142 2 040 682 2 733 483 11 290 310 11 291 849
The PL 480 of MAD 2 895 759 m is included in the line "other loans"
LOANS AND ADVANCES TO CUSTOMERS AS OF DECEMBER 31, 2002
In thousand MAD
Private Sector
CLAIMS Public Financial Non financial Other Total Total
sector Companies Companies Customers 12/31/2002 31/12/2001
SHORT-TERM LOANS 1 470 913 867 622 8 176 638 2 037 931 12 553 104 12 674 136
- Deposit accounts in 1 310 348 867 622 4 350 426 1 553 431 8 081 827 7 845 679
debit
- Commercial loans in 2 044 586 626 2 045 212 1 199 445
Morocco
- Export loans 6 293 253 445 51 974 311 712 957 771
- Other cash loans 154 272 1 528 181 431 900 2 114 353 2 671 241
CONSUMER LOANS 1 170 873 1 170 873 1 450 067
EQUIPMENT LOANS 797 284 28 014 3 720 297 3 531 168 8 076 763 7 269 140
MORTGAGE LOANS 1 010 707 1 010 707 615 776
OTHER LOANS 134 157 769 1 538 042 628 459 2 324 404 2 539 310(*)
ADVANCES ACQUIRED BY 502 294 502 294 428 508(*)
FACTORING
RECEIVABLES ACCRUED 329 533 329 533 372 155
INTEREST
NON PERFORMING LOANS 29 684 415 068 283 201 727 953 773 043
- Substandard loans 1 289 1 434 2 723 1 847
- Doubtful loans 9 490 12 249 21 739 2 554
- Loss loans 29 684 404 289 269 518 703 491 768 642
TOTAL 2 298 015 1 053 405 13 850 045 9 494 166 26 695 631 26 122 135
(*) Reclassification made in accordance with the balance sheet
BREAKDOWN OF TRANSACTION & MARKETABLE SECURITIES AND INVESTMENT SECURITIES BY
CATEGORY OF ISSUER AS OF DECEMBER 31, 2002
In thousand MAD
Credit institutions Public Private issuers Total Total
and equivalent issuers 12/31/2002 12/31/2001
Financial Non financial
QUOTED SECURITIES 318 108 6 553 531 3 140 011 10 011 650 6 978 383
- Treasury bonds 6 553 531 6 553 531 6 555 732
and equivalent
securities
- Bonds
- Other debt 242 625
securities
- Title deeds 318 108 (*) 3 140 011 3 458 119 180 026
UNQUOTED SECURITIES 978 202 352 960 1 370 347 250 595 2 952 104 1 755 911
- Treasury bonds -
and equivalent
securities
- Bonds 352 960 250 595 603 555 1 605 911
- Other debt 978 202 1 370 347 2 348 549 150 000
securities
- Title deeds
ACCRUED INTEREST 220 110 220 110 236 672
TOTAL 1 296 310 7 126 601 4 510 358 250 595 13 183 864 8 970 966
(*) BMCE shares held by the subsidiary INTERFINA (Public offer reserved to BMCE Bank Group's staff from January 29
to February 6, 2003). For this reason, these shares are not excluded from the shareholders equity
DETAIL OF OTHER ASSETS AS OF DECEMBER 31, 2002
In thousand MAD
HEADING AMOUNT COMMENT
OPTIONAL INSTRUMENTS 318
Miscellaneous transactions on securities (debit) 318 Coupons receivable
Sums settled to be recovered from securities
issuers
Other settlement accounts concerning transactions
on securities
OTHER DEBTORS 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 and guarantees and Directors'
shares
OTHER SECURITIES AND ASSETS 6 742
- Other securities and assets 6 742 Stock of supplies, fiscal and postage stamps
OFF-BALANCE SHEET ADJUSTMENT ACCOUNTS (DEBIT)
CURRENCIES AND SECURITIES DISCREPANCY ACCOUNTS 71 990 Adjustment structural positions
(DEBIT)
Potential losses on hedging transactions non
settled
Deferred losses on hedging transactions non settled
DEFFERED EXPENSES 547 Costs for increase in capital and start-up costs
LIAISON ACCOUNTS BETWEEN THE HEAD OFFICE, 23 733
BRANCHES AND AGENCIES IN MOROCCO (DEBIT)
ACCRUED INCOME AND PREPAYMENT 79 173 Adjusting entries
- Accrued income 65 237
- Prepayment 13 936
SUSPENSE ACCOUNTS
NON PERFORMING LOANS ON MISCELLANEOUS TRANSACTIONS
PROVISIONS FOR NON PERFORMING LOANS ON 447 370 Other accruals
MISCELLANEOUS TRANSACTIONS
TOTAL 860 701
EQUITY INVESTMENT AND EQUIVALENT AS OF DECEMBER 31, 2002
Name of the issuing company Sector of activity Share capital Equity Overall acquisition
holding price
as (%)
EQUITY HOLDINGS
CASA FINANCE MARKET Financial company 114 862 500 33.40 42 994 000.00
CAISSE MAROCAINE DES MARCHES Financial institution 100 000 000 16.59 13 009 501.00
MARTKO (MAGHREB ARAB TRADING Financial inst. 600 000 USD 20.00 970 638.00
Cdegrees)
RADIO MEDITERRANEE Audiovisual 18 000 000 14.17 2 550 000.00
INTERNATIONAL
EUROCHEQUE MAROC Means of payment 500 000 28.78 143 900.00
STE CONSEIL INGENIERIE ET Engineering consultants 10 000 000 20.00 2 000 000.00
DEVELOPPEMENT
STE RECOURS Debt collection 5 000 000 15.00 375 000.00
EUMAGEX Insurance and service 2 000 000 25.00 400 000.00
ACMAR Insurance and service 25 000 000 20.00 5 952 000.00
STE IPE Publishing and printing 4 000 000 10.00 400 000.00
TANGER ZONE FRANCHE Development co. 90 000 000 15.00 13 500 000.00
STE D'AMENAGEMENT DU PARC Development co. 60 000 000 15.00 1 000 000.00
INDUSTRIE
AL WATANIYA Insurance 1 105 450 000 21.85 521 845 000.00
BANQUE DE DEVELOPPEMENT DU Foreign credit inst. 3,8 Milliards 20.73 60 031 000.00
MALI FCFA
INFORMATION TECHNOLOGY Information processing 26 500 000 10.00 2 650 000.00
SOLUTION
CENTRE MONETIQUE INTERBANCAIRE Electronic payment mgt 10 000 000 11.00 11 000 000.00
M@FINANCE.COM Holding co. 30 000 000 20.00 6 000 000.00
MOROCAN INFORMATION TECHNO Real est. mgt. techno parc 46 000 000 12.30 5 650 000.00
PARC CIE
RISMA Tourism 263 000 000 11.38 29 950 000.00
OTHER EQUITY HOLDINGS 460 144 826.00
1 180 565 865.00
SECURITIES OF RELATED
COMPANIES
ISTITMAR WA MOUSSAHAMA PF INVESTMENT 10 000 000 50.00 5 000 000.00
STE ATTACHYID OUAL MABANI SCI 10 000 000 100.00 10 000 000.00
STE BEMCOM SCI 94 000 000 75.00 70 500 000.00
DOCUPRINT Service co. 4 000 000 100.00 4 000 000.00
STE CONSULTITRES Mutual fund mgt 1 000 000 50.00 500 000.00
SITVA BMCE club 600 000 95.00 1 711 431.29
91 711 431.29
SECURITIES/ACTIVITIES OF THE
PORTFOLIO
AFREXIM BANK (African Import Foreign credit inst. 750 000 000 USD 0.04 2 889 630.00
Export)
PROPARCO Multi-national credit inst. 142 560 000 Euro 2.50 35 973 921.33
BANCO BILBAO VISCAYA Multi-national credit inst. 62 billion Ptas 0.01 6 367 746.00
E.S.I.H. Foreign credit inst. 134 972 950.00
E.S.F.G. Foreign credit inst. 135 541 656.25
UBAE ARAB ITALIAN BANK Foreign credit inst. 110 000 000 Euro 66 697 904.00
STE CIVILE FIN FUND Equity investment 100 000 50.00 50 000.00
FONDS D INVESTISSEMENT CAPITAL Investment fund variable equity 11 402 415.54
MOROCCO funds
FONDS ESPAGNOL MARCO POLO Investment fund variable equity 28 979 477.83
INVEST. S.C.R. funds
FINAFUND USA Investment fund variable equity 51 873 928.00
funds
FINAFUND EUROPE Investment fund variable equity 15 470 998.20
funds
490 220 627.15
OTHER EQUITY INVESTMENT
MEDITELECOM Telecommunications 6 475 000 000 7.80 685 318 000.00
ROYAL MAROCAINE D ASSURANCES Insurance 1 108 000 000 9.90 389 406 600.00
CREDIT DU MAROC Credit inst. 833 817 000 0.00 4 450.00
C.I.H. Credit inst. 3 326 650 000 1.64 197 277 478.00
BANQUE CENTRALE POPULAIRE Credit inst. 575 529 000 2.00 92 098 162.40
BANK AL AMAL Credit inst. 500 000 000 0.20 971 000.00
FONDS MONETAIRE ARABE(ARAB Financial inst. 500 000 000 USD 0.06 2 031 425.00
TRADE FINANCING PROGRAM)
S.N.I. Holding CO. 1 090 000 000 0.00 3 520 303.00
O.N.A. Holding CO. 1 720 056 950 0.00 1 155.00
BRASSERIES DU MAROC Agribusiness 282 625 000 0.00 15 986 850.00
CTM/ LN Transport 125 597 800 5.00 27 363 667.00
COMANAV Maritime transport 274 500 000 5.00 1 373 505.00
LA CELLULOSE DU MAROC Paper pulp 450 351 000 1.97 3 393 433.00
CIE IMMOBILIERE FONCIERE Real estate CO. 20 000 000 0.04 8 500.00
MAROCAINE
C.M.K.D. Holding CO. 315 000 000 2.14 7 062 374.99
SIDET Holding CO. 75 500 000 2.00 1 268 300.00
SOMED Holding CO. 300 000 000 2.64 7 927 000.00
SMAEX Insurance and service 30 000 000 5.63 1 690 000.00
GECOTEX Industry 10 000 000 5.00 500 000.00
STE NATIONALE DES AUTOROUTES Road infrastructure 120 000 000 4.17 5 000 000.00
DAR ADDAMANE Guarantee bodies 25 000 000 0.96 480 500.00
STE IMMOBILIERE SIEGE GPBM Real estate 19 005 000 8.08 1 267 000.00
CASA WORLD TRADE CENTER Real estate 3 500 000 2.70 95 500.00
FRUMAT Agribusiness 171 058 800 8.50 14 500 000.00
MAROCLEAR Central custodian 20 000 000 4.00 803 000.00
SOCIETE ALLICOM MAROC Industry 20 000 000 2.50 500 000.00
CIE IMMOBILIERE DES ETUDIANTS Real estate 0.01
SINCOMAR Agribusiness 37 440 000 49 400.00
SWIFT Service CO. 434 020 000 BEF 0.00 21 962.28
BANQUE POPULAIRE MARROCO Financial inst. 2 Milliards FCFA 5.00 2 814 120.00
CENTRAFRICAINE
FONDS DE SOUTIEN ACTIONS BAA SUPPORT ACTIONS 500 000 000 0.05 240 250.00
1 462 973 935.68
SHAREHOLDER'S ACCOUNTS 89 435 085.31
MEDITELECOM 65 382 165.71
ISTITMAR WA MOUSSAHAMA 18 000 000.00
MAGHREBAIL 2 500 000.00
MARTCO 1 500 000.00
Siege G.P.B.M. 1 446 419.60
ALLICOM MAROC 552 000.00
WORLD TRADE CENTER 54 500.00
3 314 906 944.43
Name of the issuing company Provision Net Book Value Revenues recorded in the year's
income statement
(in MAD)
EQUITY HOLDINGS
CASA FINANCE MARKET 42 994 000.00 2 373 831.20
CAISSE MAROCAINE DES MARCHES 13 009 501.00
MARTKO (MAGHREB ARAB TRADING Cdegrees) 970 638.00 0.00
RADIO MEDITERRANEE INTERNATIONAL 2 550 000.00
EUROCHEQUE MAROC 143 900.00
STE CONSEIL INGENIERIE ET DEVELOPPEMENT 2 000 000.00
STE RECOURS 375 000.00 75 000.00
EUMAGEX 400 000.00
ACMAR 5 952 000.00
STE IPE 400 000.00
TANGER ZONE FRANCHE 13 500 000.00
STE D'AMENAGEMENT DU PARC INDUSTRIE 1 000 000.00
AL WATANIYA 521 845 000.00 26 575 010.00
BANQUE DE DEVELOPPEMENT DU MALI 60 031 000.00 1 188 188.87
INFORMATION TECHNOLOGY SOLUTION 2 650 000.00
CENTRE MONETIQUE INTERBANCAIRE 11 000 000.00
M@FINANCE.COM 6 000 000.00
MOROCAN INFORMATION TECHNO PARC CIE 5 650 000.00
RISMA 29 950 000.00
OTHER EQUITY HOLDINGS 460 144 826.00
970 638.00 1 179 595 227.00
SECURITIES OF RELATED COMPANIES
ISTITMAR WA MOUSSAHAMA 5 000 000.00
STE ATTACHYID OUAL MABANI 7 279 270.73 2 720 729.27
STE BEMCOM 70 500 000.00
DOCUPRINT 4 000 000.00
STE CONSULTITRES 500 000.00 1 100 000.00
SITVA 1 711 431.29
7 279 270.73 84 432 160.56 31 312 030.07
SECURITIES/ACTIVITIES OF THE PORTFOLIO
AFREXIM BANK (African Import Export) 2 889 630.00 34 672.99
PROPARCO 35 973 921.33 396 351.31
BANCO BILBAO VISCAYA 6 367 746.00 331 657.63
E.S.I.H. 134 972 950.00 3 922 660.94
E.S.F.G. 135 541 656.25 1 466 060.48
UBAE ARAB ITALIAN BANK 66 697 904.00
STE CIVILE FIN FUND 50 000.00
FONDS D INVESTISSEMENT CAPITAL MOROCCO 11 402 415.54
FONDS ESPAGNOL MARCO POLO INVEST. S.C.R. 28 979 477.83
FINAFUND USA 51 873 928.00
FINAFUND EUROPE 15 470 998.20
490 220 627.15
OTHER EQUITY INVESTMENT
MEDITELECOM 685 318 000.00
ROYAL MAROCAINE D ASSURANCES 389 406 600.00 10 969 200.00
CREDIT DU MAROC 985.00 3 465.00
C.I.H. 83 513 676.00 113 763 802.00
BANQUE CENTRALE POPULAIRE 92 098 162.40 716 638.00
BANK AL AMAL 971 000.00
FONDS MONETAIRE ARABE(ARAB TRADE FINANCING 2 031 425.00 115 717.36
PROGRAM)
S.N.I. 726 583.00 2 793 720.00 99 132.00
O.N.A. 158.00 997.00
BRASSERIES DU MAROC 7 169 520.00 8 817 330.00 484 450.00
CTM/ LN 10 068 347.00 17 295 320.00 926 535.00
COMANAV 1 373 505.00
LA CELLULOSE DU MAROC 3 393 433.00
CIE IMMOBILIERE FONCIERE MAROCAINE 8 500.00 12 800.00
C.M.K.D. 7 062 374.99
SIDET 413 846.29 854 453.71
SOMED 7 927 000.00 475 620.00
SMAEX 1 690 000.00 118 300.00
GECOTEX 500 000.00
STE NATIONALE DES AUTOROUTES 1 010 800.00 3 989 200.00
DAR ADDAMANE 480 500.00
STE IMMOBILIERE SIEGE GPBM 1 267 000.00
CASA WORLD TRADE CENTER 95 500.00
FRUMAT 13 004 000.00 1 496 000.00
MAROCLEAR 803 000.00
SOCIETE ALLICOM MAROC 500 000.00 0.00
CIE IMMOBILIERE DES ETUDIANTS 0.01
SINCOMAR 49 400.00
SWIFT 21 962.28
BANQUE POPULAIRE MARROCO CENTRAFRICAINE 2 814 120.00 0.00
FONDS DE SOUTIEN ACTIONS BAA 240 250.00
119 222 035.29 1 343 751 900.39
SHAREHOLDER'S ACCOUNTS 2 052 000.00 87 383 085.31
MEDITELECOM 65 382 165.71
ISTITMAR WA MOUSSAHAMA 18 000 000.00
MAGHREBAIL 2 500 000.00
MARTCO 1 500 000.00 0.00
Siege G.P.B.M. 1 446 419.60
ALLICOM MAROC 552 000.00 0.00
WORLD TRADE CENTER 54 500.00
129 523 944.02 3 185 383 000.41 51 381 825.78
TANGIBLE AND INTANGIBLE FIXED ASSETS AS OF DECEMBER 31, 2002
In thousand MAD
CATEGORY Gross amount at the Acquisitions of the Disposals or Gross amount at
beginning of the year withdrawals of the the end of the
year year year
INTANGIBLE FIXED ASSETS 71 013 21 510 786 91 737
- Leasehold rights 26 798 350 27 148
- Investment in - -
research and investment
- Other operating 44 215 21 160 786 64 589
intangible fixed assets
- Non-operating -
intangible fixed assets
TANGIBLE FIXED ASSETS 2 233 066 129 210 46 022 2 316 254
- Operating buildings 529 817 50 847 2 839 577 825
. Operating land 69 077 9 369 78 446
. Operating buildings. 460 740 41 478 2 839 499 379
Offices
. Operating buildings. - -
Staff housing
- Operating furniture 916 683 41 941 38 030 920 594
and equipment
. Operating office 286 305 5 332 291 637
furniture
. Operating office 144 218 6 077 212 150 083
equipment
. Computer equipment 425 539 25 207 37 154 413 592
. Operating vehicles 27 152 55 664 26 543
. Other operating 33 469 5 270 38 739
equipment
- Other operating 585 303 26 402 611 705
tangible fixed assets
- Non-operating tangible 201 263 10 020 5 153 206 130
fixed assets
. Non-operating 40 040 127 4 298 35 869
land
. Non-operating 79 412 7 394 151 86 655
buildings
. Non-operating 16 099 1 211 13 17 297
furniture and equipment
. Other non-operating 65 712 1 288 691 66 309
tangible fixed assets
NON VALUE ASSETS 9 628 1 712 520 10 820
TOTAL 2 313 707 152 432 47 328 2 418 811
Depreciation and/or provisions
Depreciation
CATEGORY Depreciation and/or Depreciation on fixed Total Net amount
provisions at the for the year assets at the end of
beginning of the year withdrawn the year
INTANGIBLE FIXED ASSETS 19 243 7 947 68 27 122 64 615
- Leasehold rights 0 27 148
- Investment in 0 -
research and investment
- Other operating 19 243 7 947 68 27 122 37 467
intangible fixed assets
- Non-operating 0 -
intangible fixed assets
TANGIBLE FIXED ASSETS 1 176 632 118 228 2 891 1 291 969 1 024 285
- Operating buildings 101 734 11 181 - 112 915 464 910
. Operating land 0 78 446
. Operating buildings. 101 734 11 181 112 915 386 464
Offices
. Operating buildings. 0 -
Staff housing
- Operating furniture and 643 699 59 483 2 192 700 990 219 604
equipment
. Operating office 124 576 13 774 138 350 153 287
furniture
. Operating office 118 466 8 891 213 127 144 22 939
equipment
. Computer equipment 360 895 31 913 1 318 391 490 22 102
. Operating vehicles 17 715 3 267 661 20 321 6 222
. Other operating 22 047 1 638 23 685 15 054
equipment
- Other operating 396 702 42 527 439 229 172 476
tangible fixed assets
- Non-operating tangible 34 497 5 037 699 38 835 167 295
fixed assets
. Non-operating 0 35 869
land
. Non-operating 20 134 3 498 151 23 481 63 174
buildings
. Non-operating furniture 7 524 1 190 13 8 701 8 596
and equipment
. Other non-operating 6 839 349 535 6 653 59 656
tangible fixed assets
NON VALUE ASSETS 4 902 1 095 101 5 896 4 924
TOTAL 1 200 777 127 270 3 060 1 324 987 1 093 824
LIABILITIES TO CREDIT INSTITUTIONS AND EQUIVALENT
AS OF DECEMBER 31, 2002
In thousand MAD
CREDIT INSTITUTIONS AND EQUIVALENT IN MOROCCO
DEBTS
Other credit
Bank Al-Maghrib, Banks institutions and
Treasury and giro in equivalent
current account Morocco in Morocco
ORDINARY CREDIT ACCOUNTS 162 321 19 284
SECURITIES PLEDGED 708 720 449 074
- overnight
- time 708 720 449 074
CASH BORROWING - 490 000 889 595
- overnight 490 000
- time 889 595
FINANCIAL BORROWING 111 365 740 147
OTHER DEBTS 9 627 47 905 494 995
PAYABLE ACCRUED 118 249
INTERESTS
TOTAL 829 712 1 149 300 2 262 270
DEBTS Credit institutions Total Total
abroad 12/31/2002 12/31/2001
ORDINARY CREDIT ACCOUNTS 152 651 334 256 567 792
SECURITIES PLEDGED 1 157 794 111 950
- overnight
- time 1 157 794 111 950
CASH BORROWING 2 401 765 3 781 360 2 282 979
- overnight 490 000 220 000
- time 2 401 765 3 291 360 2 062 979
FINANCIAL BORROWING 934 160 1 785 672 836 114
OTHER DEBTS 51 462 603 989 1 923 753
PAYABLE ACCRUED 118 249 15 410
INTERESTS
TOTAL 3 540 038 7 781 320 5 737 998
CUSTOMER DEPOSITS AS OF DECEMBER 31, 2002
In thousand MAD
DEPOSITS Public sector Financial Private sector
companies Non-financial Other
companies companies
DEMAND CREDIT ACCOUNTS 966 062 1259 820 4 916 537 12 248 229
SAVINGS ACCOUNTS 6 911 842
TIME DEPOSITS 180 295 500 701 221 9 776 436
OTHER CREDIT ACCOUNTS ( * ) 3 061 663 560 907 539 463 287 232
PAYABLE ACCRUED INTERESTS 41 310
TOTAL 4 208 020 1821 227 6 157 221 29 265 049
DEPOSITS Total Total
12/31/2002 12/31/2001
DEMAND CREDIT ACCOUNTS 19 390 648 16 261 278
SAVINGS ACCOUNTS 6 911 842 6 237 573
TIME DEPOSITS 10 658 452 11 146 227
OTHER CREDIT ACCOUNTS ( * ) 4 449 265 4 742 280
PAYABLE ACCRUED INTERESTS 41 310 222 027
TOTAL 41 451 517 38 609 385
Comments:
( * ) Including PL 480 for MAD 2 895 759 m
DEBT SECURITIES ISSUED AS OF DECEMBER 31, 2002
In thousand MAD
DETAILS
TYPE OF SECURITIES DATE BEARS INTEREST MATURITY DATE UNIT FACE VALUE NOMINAL RATE METHOD OF
REPAYMENT
Finance Companies 09/12/1999 08/12/2006 250 6.15% IN FINE
Notes
Finance Companies 04/06/2001 03/12/2003 250 6.80% IN FINE
Notes
Finance Companies 25/06/2001 03/12/2003 250 6.80% IN FINE
Notes
Finance Companies 04/07/2001 03/07/2004 250 6.70% IN FINE
Notes
Finance Companies 04/07/2001 03/07/2004 250 6.70% IN FINE
Notes
Finance Companies 01/06/2002 31/05/2005 250 6.10% IN FINE
Notes
Finance Companies 25/01/2002 25/01/2003 250 5.80% IN FINE
Notes
Finance Companies 07/02/2002 07/02/2003 250 5.80% IN FINE
Notes
Finance Companies 13/02/2002 13/02/2003 250 5.76% IN FINE
Notes
Finance Companies 19/02/2002 18/02/2003 250 5.76% IN FINE
Notes
Accrued Interest
In thousand MAD
NON-AMORTISED
TYPE OF SECURITIES AMOUNT OF WHICH AMOUNTS OF ISSUE OR
RELATED COMPANIES OTHER AFFILIATES REPAYMENTS PREMIUMS
Finance Companies Notes 200 000
Finance Companies Notes 50 000
Finance Companies Notes 20 000
Finance Companies Notes 2 500
Finance Companies Notes 10 750
Finance Companies Notes 160 000
Finance Companies Notes 128 000
Finance Companies Notes 32 000
Finance Companies Notes 10 000
Finance Companies Notes 30 000
Accrued Interest 20 037
TOTAL 663 287
DETAIL OF OTHER LIABILITIES AS OF DECEMBER 31, 2002
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 931 435
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 740 633
TOTAL 1 200 336
PROVISIONS FROM JANUARY 1 TO DECEMBER 31, 2002
In thousand MAD
PROVISIONS Amount 12/31/2001 Allowances Write-back Other changes Amounts 12/31/2002
PROVISIONS, DEDUCTED FROM 1 678 551 680 103 469 477 -17 105 1 872 072
ASSETS, ON:
Loans to credit
institutions and equivalent
Loans and advances to 1 438 768 626 213 362 745 -17 105 1 685 131
customers
Doubtful interest 53 373 10 237 43 136
Marketable securities 22 298 10 509 18 576 14 231
Equity investment and 158 716 43 381 72 523 129 574
equity uses
Leased and rented fixed 0 0
assets
Other assets 5 396 5 396 0
PROVISIONS RECORDED UNDER 182 233 3 359 178 874
LIABILITIES
Provisions for risks
fulfilment of commitments
Provisions for exchange
risks
Provisions for general 22 929 22 929
risks
Provisions for retirement
pensions and similar
obligations
Contingent liabilities 9 304 3 359 5 945
Regulated provisions
Allocated provisions for 150 000 150 000
general risks (1)
TOTAL 1 860 784 680 103 472 836 -17 105 2 050 946
(1) provision submitted to tax in 1999 and featured as voluntary reserve. It is now considered as covering
different identified risks, and thus it is no more considered as shareholder's equity.
DETAIL OF SHAREHOLDERS' EQUITY AS OF DECEMBER 31, 2002
In thousand MAD
SHAREHOLDERS EQUITY 5 278 196
GROUP'S EQUITY
Beginning shareholder's equity 5 347 460
Dividends distributed -236 932
Change in capital
Unrealised exchange gains/losses -7 461
Other changes -3 134
Consolidated income 178 263
CONSOLIDATED SHAREHOLDERS' EQUITY
FROM JANUARY 1 TO DECEMBER 31, 2002
In thousand MAD
Shareholders' Fiscal Social Miscellaneous Deferred tax Deferred Restated
equity provision commitments liability tax asset shareholders'
write backs equity
5 226 980 -56 252 -151 22 427 5 193 004
86 494 -10 000 -340 340 76 494
19 578 19 578
17 578 17 578
137 792 3 316 31 846 -13 168 159 786
236 910 236 910
62 489 62 489
164 396 164 396
337 275 1 895 -6 391 -697 2 270 334 352
2 380 874 13 005 -7 158 2 044 2 388 765
289 586 289 586
27 320 4 038 -1 630 31 29 759
128 995 128 995
9 116 267 22 254 -56 252 15 455 -23 144 27 112 9 101 692
In thousand MAD
Shareholders' % in capital Quota in Value of Purchase price Goodwill on Consolidated
equity net worth securities discrepancy acquisition shareholders
equity
5 226 980 100,00% 5 193 004 5 193 004
86 494 100,00% 76 494 100 000 - 23 506
19 578 67,50% 13 215 6 750 6 465
17 578 100,00% 17 578 6 443 11 135
137 792 100,00% 159 786 100 000 59 786
236 910 75,00% 177 683 154 859 1 256 24 080
62 489 95,00% 59 365 16 209 43 156
164 396 100,00% 164 396 252 917 18 771 - 69 750
337 275 46,83% 156 590 173 128 34 953 18 415
2 380 874 21,85% 521 945 958 510 442 771 6 206
289 586 20,73% 60 031 58 342 1 990 3 679
27 320 20,00% 5 952 5 000 952
128 995 33,33% 42 994 38 420 4 574
9 116 267 6 649 033 1 870 578 0 499 741 5 278 196
CONSOLIDATED SHAREHOLDERS' EQUITY
FROM JANUARY 1 TO DECEMBER 31, 2002
In thousand MAD
Consolidated Consolidation Dividends Dividends Reserves Others
capital list changes distributed received conversion
12/31/01 spread
BMCE 5 171 446 -238 127 80 396 -13 895 1 071
Full
consolidation
MARFIN 39 489 -40 000
MAROC FACTORING 38 749 -855
MIT 11 172
SALAFIN 37 324
BMCE MADRID 10 789 6 434
BMCE Capital -16 899
INTERFINA -5 607
MAGHREBAIL 22 880 -9 404 -53
Equity Method
AL WATANYIA 33 303 -26 569
BDM 0 -3 306
ACMAR 704
CFM 4 110 -2 373 -838
TOTAL 5 347 460 -3 306 -317 328 80 396 -7 461 180
Consolidated shareholders' Earning Earning conversion Consolidated capital
equity before earning 2002 spread 12/31/02
BMCE 5 000 891 192 113 5 193 004
Full consolidation
MARFIN - 511 11 646 11 135
MAROC FACTORING 37 894 5 261 43 156
MIT 11 172 - 4 707 6 465
SALAFIN 37 324 22 463 59 786
BMCE MADRID 17 223 6 857 24 080
BMCE Capital - 16 899 - 6 608 - 23 507
INTERFINA - 5 607 - 64 142 - 69 750
MAGHREBAIL 13 423 4 995 18 415
Equity Method -
AL WATANYIA 6 734 - 528 6 206
BDM - 3 306 6 988 3 679
ACMAR 704 248 952
CFM 899 3 676 - 4 574
TOTAL 5 099 941 178 263 0 5 278 196
GUARANTEE AND FINANCING COMMITMENTS AS OF DECEMBER 31, 2002
In thousand MAD
12/31/2002 12/31/2001
FINANCING AND GUARANTEE COMMITMENTS GIVEN 11 994 990 13 725 931
FINANCING COMMITMENTS ON BEHALF OF CREDIT INSTITUTIONS AND EQUIVALENT 1 478 721 2 598 788
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 1 478 721 2 598 788
FINANCING COMMITMENTS ON BEHALF OF CUSTOMERS 3 847 710 4 492 098
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 944 577 1 673 596
GUARANTEE COMMITMENTS FOR CREDIT INSTITUTIONS AND EQUIVALENT 1 779 101 2 040 189
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 1 497 278 1 813 957
Non performing commitments
GUARANTEE COMMITMENTS FOR CUSTOMERS 4 889 458 4 594 856
Credit guarantees given
Security and guarantees given on behalf of the public administration 1 993 379 2 002 896
Other security and guarantees given 2 896 079 2 591 960
Non performing commitments
FINANCING AND GUARANTEE COMMITMENTS RECEIVED 1 240 695 1 088 371
FINANCING COMMITMENTS RECEIVED FROM CREDIT INSTITUTIONS AND EQUIVALENT 75 897 129 625
Opening of confirmed credit
Substitution commitments on issuing of securities
Other financing commitments received 75 897 129 625
GUARANTEE COMMITMENTS RECEIVED FROM CREDIT INSTITUTIONS AND EQUIVALENT 1 123 296 910 540
Credit guarantees 110 290 122 440
Other guarantees received 1 013 006 788 100
GUARANTEE COMMITMENTS RECEIVED FROM THE STATE AND OTHER GUARANTEE INSTITUTIONS 41 502 48 206
Credit guarantees 41 502 48 206
Other guarantees received
FEES AS OF DECEMBER 31, 2002
In thousand MAD
FEES Amount
Fees received 433 967
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 20 875
on transactions on securities under management and custody
on means of payment 167 001
on consulting and assistance
on sales of insurance products 3 339
on other services 7 365
Fees paid 34 058
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 21 572
EARNINGS FROM MARKET TRANSACTIONS AS OF DECEMBER 31, 2002
In thousand MAD
REVENUES AND EXPENSES Amount
REVENUES 275 727
Gains on transactions securities
Capital gains on disposals of marketable securities 133 823
Provision write-backs on depreciation of marketable securities
Gains on derivatives
Gains on exchange transactions 141 904
EXPENSES 52 999
Losses on transaction securities 42 753
Capital losses on disposals of marketable securities
Provisions for depreciation of marketable securities
Losses on derivatives 10 246
Losses on exchange transactions
GENERAL OPERATING EXPENSES AS OF DECEMBER 31, 2002
Sheet 01 In thousand MAD
EXPENSES 12/31/2002 12/31/2001
Staff Expenses 881 062 720 602
Sheet 02
Expenses 12/31/2002 12/31/2001
Taxes 31 759 24 371
Sheet 03
EXPENSES 12/31/2002 12/31/2001
External Expenses 368 516 505 684
Sheet 04
EXPENSES 12/31/2002 12/31/2001
Allowances for depreciation and provision 127 648 118 041
for intangible and tangible fixed assets
OTHER REVENUES AND EXPENSESES AS OF DECEMBER 31, 2002
Sheet 01 In thousand MAD
REVENUES AND EXPENSES 12/31/2002 12/31/2001
Other banking revenues and expenses 262 224 281 798
Other banking revenues 763 193 979 536
Other banking expenses 500 969 697 738
COMMENT : Gains and losses on exchange transactions
Sheet 02
NON-BANKING OPERATING REVENUES AND EXPENSES 12/31/2002 12/31/2001
Non-Banking operating revenues and expenses 25 089 45 858
Non-Banking operating revenues 31 144 55 997
Non-Banking operating expenses 6 055 10 139
COMMENT : Capital gains on equity investments
Sheet 03
OTHER EXPENSES 12/31/2002 12/31/2001
Allowances for provisions and losses on irrecoverable loans 975 243 658 511
Sheet 04
OTHER REVENUES 12/31/2002 12/31/2001
Provision write-backs and recoveries on amortised debts 376 983 321 525
SECURITIES CONSOLIDATED BY THE EQUITY METHOD
AS OF DECEMBER 31, 2002
In thousand MAD
Name % of holding Net book value Value of the
holding value Equity Company
Al Wataniya 21,85% 958 510 521 945
ACMAR 20,00% 5 000 5 952
BDM 20,73% 58 342 60 031
Casa Finance Market 33,34% 38 420 42 994
TOTAL 1 060 272 630 922
LIST OF THE COMPANIES NOT INCLUDED IN THE CONSOLIDATION
AS OF DECEMBER 31, 2002
Name Address Shareholders' Net book % of % of Profit Reasons
equity value of the control interest in the justifying the
securities last exclusion from
held fiscal consolidation
year
B E M C O M 140, AVENUE 94 000 000 70 500 000 75% 75% Assets kept in
HASSAN II - 18 280 572 stock while
CASABLANCA awaiting their
legal
assignment with
the "commune"
of Sidi Belyout
RANCH 27, AVENUE 29 653 635 33 000 000 50% 50% Net worth lower
ADDAROUCH D'ALGER RABAT 3 485 159 than the
threshold set
for entering
the reporting
entity
ARTEMIS 4, RUE 10 457 824 13 944 645 80% 80% Net worth lower
CONSEIL MOLIERE - 3 643 481 than the
BOULEVARD threshold set
D'ANFA for entering
CASABLANCA the reporting
entity
LIST OF THE COMPANIES INCLUDED OR EXCLUDED FROM THE CONSOLIDATION
AS OF DECEMBER 31, 2002
Name Address
Included companies
Development Bank of Mali-SA Avenue MODIBO KEITA- BAMAKO, MALI
Excluded companies
None
Associated Advisors Sarl ERNST & YOUNG
30, Boulevard Moulay Youssef 44, Rue Mohamed Smiha
Casablanca Casablanca
Maroc Maroc
BMCE - BANK
To the Shareholders
140, Avenue Hassan II
Casablanca
EXTRACT FROM THE REPORT OF THE STATUTORY AUDITORS ON THE
CONSOLIDATED ACCOUNTS
FISCAL YEAR FROM JANUARY 1st TO DECEMBER 31, 2002
(Free translation of the French original)
We have examined the enclosed consolidated Balance sheet statement of "Banque
Marocaine du Commerce Exterieur" ("BMCE-Bank") and its subsidiaries as of December
31, 2002, the consolidated income statement, the consolidated management balances
statement and the accompanying notes for the year then ended. These consolidated
financial statements have been prepared under the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with the professional standards applied in Morocco.
These standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by the management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a reasonable basis for
our opinion.
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 shareholders' equity.
Except what is mentioned above, the consolidated financial statements referred to in the
first paragraph present fairly, in all material respects, the equity and financial position of
"BMCE-Bank" and its subsidiaries as of December 31, 2002 and the consolidated income
of its operations for the year then ended, in accordance with the generally accepted
accounting principles in Morocco and by reference to the Moroccan bank accounting plan.
Casablanca, June 25, 2003
The Statutory Auditors
ASSOCIATED ADVISORS ERNST & YOUNG
-------------------------- ------------------
Bachir Tazi Hamad Jouahri
Partner Partner
APPENDIX TO THE CONSOLIDATED ACCOUNTS
NOTES 1
MAIN RULES FOR EVALUATING AND PRESENTING CONSOLIDATED ACCOUNTS
The consolidated accounts of BMCE Bank Group for fiscal 2002 are presented in accordance with the provisions of the
new Credit Institutions Accounting Standards (PCEC).
The consolidated accounts contain the accounts of BMCE Bank and those of the main Moroccan and foreign subsidiaries
composing BMCE Bank Group. The accounts of the foreign subsidiary BMCE INTERNATIONAL have been drawn up in accordance
with the accounting rules in the country of origin, the necessary restatements and reclassifications have been
carried out in order to make them compliant with the principles of BMCE BANK Group (refer to presentation note of the
individual accounts).
PRINCIPLES AND METHODS OF CONSOLIDATION
The consolidated accounts are drawn up from the individual annual accounts of BMCE BANK (aggregated accounts
including the accounts for domestic activity, and those of the Paris and Banque Offshore) and subsidiaries controlled
by it or over which the Group exerts notable influence.
The methods of consolidation applied are the following:
FULL CONSOLIDATION
This method is applied to financial companies controlled exclusively, including those whose activity is an extension
of banking activities.
Exclusive control of a subsidiary is assessed by the power to direct financial and operational policies. It results:
* From holding directly or indirectly the majority of voting rights in the subsidiary;
* Or from the appointment for two successive fiscal years of the majority of the members of the subsidiary's
administrative, management or supervisory bodies.
Control is presumed as soon as BMCE BANK holds more than 40% of the subsidiary's voting rights and no other partner
holds directly on indirectly a percentage greater than its own, in accordance with the thresholds set out by the
Generally Accepted Accounting Principles in Morocco.
* Or from the power to exert a dominant influence over the subsidiary, pursuant to a contract or statutory clauses. A
dominant influence exists when the Group has the possibility to use or orientate the use of the assets, liabilities
or off-balance sheet Commitments in the same way as it controls the same type of elements in the subsidiaries under
its exclusive control.
EQUITY METHOD
Companies in which the Group exerts a notable influence, namely equity holdings in which the percentage of control
ranges from 20% to 40% are equity companies. Notable influence is the power to take part in financial and operational
policies of a subsidiary without controlling it.
Certain equity holdings, meeting the criteria defined above and whose importance in terms of the consolidated
accounts is not significant, have not been consolidated (refer to Note 2).
METHOD OF TRANSLATION OF THE ACCOUNTS IN FOREIGN CURRENCIES
Expressed in Euro, BMCE International's balance sheet and off-balance sheet commitments are converted on the basis of
closing prices. The items of the Income Statement are converted on the basis of the average exchange rate for the
fiscal year. Equity capital is valued at the historical rate. The conversion difference between the closing rate and
the historical rate constitutes an exchange adjustment recorded in consolidated equity capital.
MAIN ADJUSTMENTS
The main adjustments carried out to draw up the consolidated accounts concern the following items:
GOODWILL ON ACQUISITION
The item "Goodwill on Acquisition" shown either in the assets or in the liabilities, represents the balance of the
goodwill not appropriated to a balance sheet item, recognised on the date of acquisition of the consolidated
securities between the cost price and the corresponding share of net worth. This goodwill is amortised over a set
period depending on the nature of the activity of the company acquired, the assumptions used and the objectives set
when it was acquired.
The entrance of AL WATANIYA into the reporting entity in 2000 resulted in purchase price goodwill of MAD 542 million,
including a valuation differential estimated at MAD 455 million according to the accountant's report. As this
differential was not identified, the totality is recognised in goodwill on acquisition.
However, because of the strategic aim of this operation, all this goodwill was amortised over a period of 20 years.
LEASING AND RENTAL
This heading includes leasing, lease purchase or equivalent and simple rental. The rental operations assimilated to
leasing are those operations having the purpose of financing goods for which the lesser does not have the intention
of maintaining ownership at the end of the lease.
Operations of leasing and lease purchase or equivalent are recorded in the consolidated balance sheet for amounts
determined according to financial accounting, that is for the total amount of rents receivable, less interests
included in these rents. These amounts are substituted for those which are determined according to fiscal rules and
the inner reserve is recorded in the consolidated reserves for an amount net of deferred taxes.
Accrued interest included in the rents to fall due is recorded in an account applied per a contra account to the
income statement. The method of provisioning the operations of leasing and equivalent is identical to that for loans
to credit institutions and customers.
ELIMINATION OF INTRA-GROUP ENTRIES
All the operations between the companies of the fully consolidated entity and which have a significant effect on the
balance sheet, off-balance sheet commitments and Income Statement have been eliminated.
These eliminations concern two categories of operation:
* Those which affect the consolidated profit or consolidated reserves (in particular internal dividends)
* and those which does not affect them (reciprocal accounts of the balance sheet and of the Income Statement).
ELIMINATION OF FISCAL PROVISION
For each consolidated subsidiary, all the provisions designed to reduce the tax burden (deferred taxation operations)
have been eliminated, for example, provisions for investment, for staff housing and derogatory depreciation.
TAX EXPENSES
Current tax
The normal corporate tax rate is 39.6% on profit in Morocco excluding Banque Offshore, whose activity was exempt from
tax until 12/31/2001. Starting from January 1st, 2002, this entity is subject to the tax system applied to Off shore
Banks i.e., a waiver of 25,000 $.
The Paris Main Branch is subject to corporate tax according to the rules and rates applicable in France where the
normal rate is 33.33%.
As regards tax on subsidiaries, aside from insurance companies where the rate is identical to that for the banking
sector, the corporate tax rate is 35%.
Deferred tax
Deferred tax is entered into the accounts when a temporary difference is identified between the adjusted book values
and the fiscal values of the balance settlements. This method is used according to which the deferred tax recognised
during previous years is modified when there is a change in the tax rate and taking account of the scope. The
corresponding effect is recorded by the increase or reduction of the deferred tax expense.
Social Commitments
The vacation pay provisions, which are not recorded in the individual accounts, are restated in the consolidated
accounts.
NOTES 2
LIST OF CONSOLIDATED COMPANIES AS OF 31 DECEMBER 31, 2002
The consolidated accounts as of December 31, 2002 include the individual accounts of BMCE BANK and those of its most
significant subsidiaries. The eight following subsidiaries are exclusively controlled by BMCE Bank:
* MAROC FACTORING
* SALAFIN
* MAGHREBAIL
* BMCE CAPITAL
* BMCE INTERNATIONAL
* M.I.T
* MARFIN
* INTERFINA
In addition to the four subsidiaries over which BMCE Bank exerts notable influence:
* AL WATANIYA
* INTERFINA
* CASA FINANCE MARKET
* BDM
The list of consolidated companies, which includes all the companies meeting the criteria mentioned above, excludes
public real estate companies given that the financing granted to them which is recorded in the balance sheet of the
Group, reflect the reality of the risks taken and is more representative of the financial activity of the Group.
The three following subsidiaries are also excluded from the consolidation:
* BEMCOM
* RANCH ADDAROCH
* ARTEMIS CONSEIL
for the reasons below :
BEMCOM : subsidiary in which a capital share of 75% is held (25% for the community of Sidi Belyout). The legal status
of this subsidiary has not been yet solved and the dissolution process has been started and will end before
08/31/2003.
RANCH ADDAROCH : capital share of 50% indirectly held through INTERFINA. The share in the net worth is 50%, an amount
of 33.000.000 equal to the net book value and below the threshold fixed for the application of the accounting
consolidation.
ARTEMIS CONSEIL. : capital share of 80 % indirectly held through INTERFINA. The share in the net worth is 12.009.120
equal to the net book value and below the threshold fixed for the application of the accounting consolidation.
NOTES 3
Under the individual accounts of BMCE Bank, some marketable securities are reclassified into transaction securities
and evaluated as such at their market value as of December 31st, 2002.
This justified reclassification had as an impact a capital gain of about 58 million MAD.
The cash flow statement is not established.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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