Balance sheet and income statement

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Rosemary Stafford
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1 Balance sheet and income statement Balance sheet as at 31 december 2013 and 2012 (Expressed in thousands of CDF) ASSETS TREASURY AND INTERBANK OPERATIONS Cash and balance with Central bank and other banks 263,367, ,129,168 Loans and advances to banks 1, ,476 Treasury bills 15,000,000,9,162,000 Total Treasury and interbank transactions 278,369, ,510,644 TRANSACTIONS WITH CLIENTS Bills receivable 4,259,594 1,749,941 Loans and other overdrafts to clients 210,827, ,122,530 Total transactions with clients 215,086, ,872,471 OTHER ASSETS AND SUNDRY ACCOUNTS Prepaid expenses and others 5,436,431 5,385,103 Sundry debtors 8,525,889 5,931,099 Total other assets and sundry accounts 13,962,320 11,316,202 NON CURRENT ASSETS Intangible and fixed assets 22,999,870 22,110,072 Advances and capex in progress 3,528,384 1,888,176 Securities portfolio 3,753,236 4,783,367 Deposits and guarantees paid 168, ,157 Total non-current assets 30,450,100 28,935,772 TOTAL ASSETS 537,869, ,635,089 OFF BALANCE SHEET Commitments given 188,074, ,109,724 Commitments received 553,025, ,688,963 Internal commitments 258,343, ,380,908 Total of off balance 999,444, ,179,595 34

2 LIABILITIES TREASURY AND INTERBANK OPERATIONS Due to Banks and Central Bank 5,069,417 17,326,877 Due to other banks 59,606,33,646 Total treasury and interbank operations 5,129,023 17,360,523 OPERATIONS WITH CLIENTS Deposits and current accounts 344,183, ,095,426 Term deposits 59,576,209 56,404,819 Other clients accounts 19,801,688 11,903,958 Total operations with customers 423,561, ,404,203 OTHER LIABILITIES Accruals and other liabilities 17,422,836 22,481,637 Sundry creditors 25,614,103 31,822,971 Total other liabilities 43,036,939 54,304,608 NON CURRENT LIABILITIES Share capital 4,975,769 4,975,769 Special and legal reserve 16,024,588 11,192,949 Revaluation reserve 9,718,396 9,718,397 Regulated provisions 6,116,529 5,815,939 Provisions for general risks, litigation and regulatory risks and losses 19,504,504 19,381,577 Retained earnings 1,266,581 1,252,446 Net income 8,534,819,9,228,678 Total non-current liabilities 66,141,186 61,565,755 TOTAL LIABILITIES 537,869, ,635,089 35

3 Income statement as at 31 december 2013 and 2012 (Expressed in thousands of CDF) Income from treasury and interbank operations 295,441,637,132 Expenses on treasury and interbank operations (16,325) (105,174) Income from operations with customers 30,701,712 26,940,995 Expenses on operations with customers (2,145,450) (2,653,643) Other operating income 39,566,664 37,260,596 Other operating expenses (4,337,816) (4,641,712) Gross financial margin 64,064,226 57,438,194 Sundry income 8,136,932 8,558,278 General and administrative expenses (24,352,154) (19,781,087) Staff expenses (24,283,648) (21,426,069) Taxes (1,166,908) (1,506,116) Operating profit before depreciation 22,398,448 23,283,200 Depreciation (2,991,243) (2,623,510) Operating profit before tax and exceptional result 19,407,205 20,659,690 Profit on disposal of assets 178, ,508 Provisions, allowance and reversal (2,378,029) (2,743,021) Exceptional incomes and expenses (2,448,167) (2,055,151) Profit before tax 14,759,331 16,039,026, Income tax (6,224,512) (6,810,348) PROFIT FOR THE YEAR 8,534,819 9,228,678 36

4 Allocation of balance-sheet results (In Congolese francs) The profit for the 2013 financial year was CDF 8,534,818,647. On the recommendation of the Board of Directors, on 26 March 2014 the General Assembly approved the allocation of the balance sheet results for the 2013 financial year as follows: Legal reserve 853,481,865 Statutory reserve 2,128,316,984 Dividends 5,553,019,798 After allocation of the balance-sheet income, the bank s capital amounted to CDF 41,083,661,025, broken down as follows: Capital 4,975,768,998 Legal reserve 4,477,306,945 Statutory reserve 14,445,705,243 Other reserves 83,374,890 Provision for recovery of capital 3,180,672,564 Provision on proceeds for property sold 2,935,855,518 Revaluation gains 9,718,396,188 Retained earnings 1,266,580,679 41,083,661,025 37

5 Independent accountant s report on financial statements at 31 December 2013 This is a free translation into English of the independent accountant s report on financial statements issued in the French language and provided solely for the convenience of English speaking readers. This report should be read in conjunction with, and construed in accordance with, Congolese law and professional auditing standards applicable in the Democratic Republic of Congo. 1 We have audited the accompanying financial statements of Banque Commerciale Du Congo S.a.r.l. (BCDC) as at 31 December The financial statements comprise the balance sheet, the income statement, the statement of changes in equity, the cash flow statement for the year then ended, and a summary of significant policies and other explanatory notes. 2 Management 3 Our is responsible for the preparation and fair presentation of these financial statements in accordance with Generally Accepted Accounting Principles in the Democratic Republic of Congo for the banking sector, supplemented by the requirements of the Central Bank of Congo. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 4 In our opinion, the financial statements present fairly, in all materiel respect, the financial position of Banque Commerciale Du Congo S.a.r.l. (BCDC) as at 31 December 2013, and the financial performance and cash flows for the year then ended in accordance with Generally Accepted Accounting Principles in the Democratic Republic of Congo and with requirements of the Central Bank of Congo. 11 March 2014 PricewaterhouseCoopers sprl 38

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