Annual report 2013 of the BCDC34

CHAPTER 4Financial report

Balance sheetand income statementBalance sheet as at 31 december 2013 and 2012

(Expressed in thousands of CDF)

ASSETS 2013 2012

TREASURY AND INTERBANK OPERATIONS

Cash and balance with Central bank and other banks 263,367,777 244,129,168

Loans and advances to banks 1,829 219,476

Treasury bills 15,000,000 ,9,162,000

Total Treasury and interbank transactions 278,369,606 253,510,644

TRANSACTIONS WITH CLIENTS

Bills receivable 4,259,594 1,749,941

Loans and other overdrafts to clients 210,827,390 186,122,530

Total transactions with clients 215,086,984 187,872,471

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 168,610 154,157

Total non-current assets 30,450,100 28,935,772

OFF BALANCE SHEET

Commitments given 188,074,844 130,109,724

Commitments received 553,025,958 499,688,963

Internal commitments 258,343,961 169,380,908

Total of off balance 999,444,763 799,179,595

TOTAL ASSETS 537,869,010 481,635,089

Annual report 2013 of the BCDC 35

CHAPTER 4Financial report

LIABILITIES 2013 2012

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 344,183,965 280,095,426

Term deposits 59,576,209 56,404,819

Other clients’ accounts 19,801,688 11,903,958

Total operations with customers 423,561,862 348,404,203

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 537,869,010 481,635,089

Annual report 2013 of the BCDC36

CHAPTER 4Financial report

Income statementas at 31 december 2013 and 2012 (Expressed in thousands of CDF)

2013 2012

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 178,322 177,508

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

Annual report 2013 of the BCDC 37

CHAPTER 4Financial report

(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:

�� After allocation of the balance-sheet income, the bank’s capital amounted to CDF 41,083,661,025, broken down as follows:

Allocation of balance-sheet results

Legal reserve 853,481,865

Statutory reserve 2,128,316,984

Dividends 5,553,019,798

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

Annual report 2013 of the BCDC38

CHAPTER 4Financial report

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 stan-dards 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 2013. 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 is responsible for the preparation and fair presentation of these financial statements in accordance with Gene-rally Accepted Accounting Principles in the Democratic Republic of Congo for the banking sector, supplemented by the requi-rements 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 rea-sonable in the circumstances.

3 Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accor-dance 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 state-ments. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material missta-tement 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