rapport annuel stusid 2010 Ang 64.indd

Transcription

ANNUAL REPORT 2010
A limited company with a capital of 100 millions Dinars
32, Rue Hédi Karray,1082 Tunis
B.P.20 - Tunis 1002
Phone.: ( 216 ) 71 232 133
Telefax.: ( 216 ) 71 753 233
Telex.: 13594 TUSID / Swift : TSIDTNTT
R.C.: B16641997 / VAT Code : 013026/E/A/M/000
Summary
Address of Chairman of Board of Directors to Ordinary General Assembly
6
Presentation of STUSID BANK
9
Involvment Forms
10
ECONOMIC ENVIRONMENT
11
World Economic Situation
12
National Economic Situation
14
STUSID BANK’S ACTIVITY
21
Financial Resources
22
Bank’s Interventions
24
STUSID BANK’S RESULTS
31
Activity Indicators
32
Stockholders’ Equity and Distribution of Profits
35
Evolution of STUSID BANK’s Results
36
Risk Management and Prudential Ratios
36
DIVERSIFICATION OF STUSID BANK’S ACTIVITY
37
FINANCIAL SITUATION AS OF END DECEMBER 2010 AND 2009
43
Balance Sheets
44
Prudential Standards
45
Off-Balance Sheet Commitments
45
Income Statements
46
Cashflow Statements
48
Auditor’s General Report
49
Auditors’ Special Report
51
CONSOLIDATED FINANCIAL INFORMATION OF STUSID BANK GROUP
55
Consolidated Balance Sheets
59
Consolidated Off Balance Sheet Commitments
60
Consolidated Income Statements
61
Consolidated cashflow Statements
62
Auditor’s General Report
63
Ordinary General Assembly’s Resolutions
65
Board of Directors
Chairman of Board of Directors
Managing Director
M. Ahmed Farid ALAWLAKI
M. Mohamed Laroussi BOUZIRI
Mr Ahmed Farid ALAWLAKI was designated as
STUSID BANK’s Chairman as from 24th November 2010
in substitution to Dr. Abdulaziz ALNASRULLAH
M. Abdulaziz Ben Brahim ALAMR
Financial Advisor of Saudi General Investment
Fund at Ministry of Finance
Kingdom of Saudia Arabia
M. Samir MLAOUHIA
Managing Director – Arab Maghreb Financing
Development Institute
Republic of Tunisia
M. Hamad Ben Soulaiman AL NAJACHI
General Manager of International
Relations, Ministry of Finance
Mme. Amel RIHANE
Director – Participation Department
Ministry of Finance
Republic of Tunisia
M. Mohamed SHEYAA
Manager of Insurance Control
Arab Saudi Monetary Fund
M. Zakaria HAMAD
Private Secretary of
Technology
Republic of Tunisia
M. Adel ALHOWAR :
Senior Executive Vice President ( Head of individual
Banking Sector )
ALAHLY Bank
M. Mohamed Moez ZOUARI
General Managing Director of National Oil Office
Republic Of Tunisia
Ms Amel RIHANE was designated as member of
board of Directors as from 1st June 2011 in substitution to
Mr Messaoud ALAOUI
Mr Zakaria HAMAD was designated as member of board of
Directors as from 29th Juin 2011 in substitution to
Mr Tarek Zine
Mr Adel ALHOWAR was designated as member of board of
Directors as from 24th November 2010 in substitution to
Mr Saïd SAEERI
Economic
Minister of Industry and
ADDRESS OF CHAIRMAN OF BOARD OF DIRECTORS
TO ORDINARY GENERAL ASSEMBLY
In the Name of Allah, Most Merciful, Most Magnificent
Gentlemen representatives of shareholders,
I have the pleasure to present you, in my own name as well as in the name of my colleagues,
members of Board of Directors, the sixth annual business report of STUSID BANK since its
conversion into a Global Bank on 25th April 2005, together with the financial statements as of
31st December 2010.
The Tunisian economy in general and the banking sector in particular have continued to be
subjected to indirect impacts of the world economic crisis, in addition to the exceptional
situation experienced by the country as per the end of the year and which resulted from the
Youth Revolution which led to the fall of the political system in position; which has led up to an
almost-paralysis of the economic activity during many weeks.
Natuarally, although this exceptional situation has no noticibeale impacts on the financing
activity, happening during the last days of the year, it has resulted in some negative effects,
namely in relation to the income and in particular in relation to all relating to the companies
related to the previous system.
Thus, the net approvals and STUSID BANK commitments relating to the medium and longterm business have crossed for the second year in succession since the establishment of the
Bank the symbolic bar of 100 Millions of Dinars per annum.
In fact, the net approvals relating to the medium and long term business have amounted at
end 2010 to 122.1 Millions of Dinars and the commitments to 107.0 Millions of Dinars versus,
respectively, 124,2 Millions of Dinars and 104,4 Millions of Dinars at end 2009.
From their side, the disbursements have amounted to 98,9 Millions of Dinars at end 2010
versus 83,8 Millions of Dinars at end 2009, which means an increase by 18,1 %.
Simultaneously to the highest improvement of its investment activity, STUSID BANK has
multiplied, during the year 2010, its commercial operations thereby bringing the outstanding
bills of its short-term business (including commitments by signature) to 205,4 Millions of Dinars
versus 124,6 Millions of Dinars at end 2009, which means an increase by 65,1 %.
And as it was moreover expected, such net growth of Bank’s business has reflected on the
balance sheet, the aggregate of which reached 521,3 Millions of Dinars at end 2010 versus
386,2 Millions of Dinars at end 2009, which means an increase by 135,1 Millions of Dinars or
by 35 %.
The net debts on customers have passed from 268,5 Millions of Dinars at end 2009 to
379,1 Millions of Dinars at end 2010, which means an increase by 110,5 Millions of Dinars or
by 41,9 %.
The lion’s share in such increase is imputable to the net growth recorded by the loans to
privates.
As regards the net shareholdings, the same have recorded an increase by 400 Thousands of
Dinars, thereby passing from 45,9 Millions of Dinars at end 2009 to 46,3 Millions of Dinars at
end 2010.
The deposits of customers have noticeably increased at end 2010, thereby passing from
151,6 Millions of Dinars at end 2009 to 252,3 Millions of Dinars at end 2010, which means an
increase by 100,7 Millions of Dinars.
The Bank has closed the financial year 2010 by a profit equal to 9 727 Thousands of Dinars
versus 11 472 Thousands of Dinars at end financial year 2009, which means a decrease by
1 745 Thousands of Dinars or by 15,2 %.
Simultaneously to such improvement that has marked its various activities, the Bank has
strengthened its financial status.
It has allotted for provisions (account not liable to deductions from provisions) an amount of
9,3 Millions of Dinars at end 2010, being specified that an additional amount of 2 000 Thousands
of Dinars has been allotted to provisions in order to face the potential risks which will probably
be caused by the exceptional events experienced by the country since the end of 2010, thereby
bringing to 72,9 % the average rate of struck- off assets by provisions and agios reserved, as
well as the special rate system reserve which the Ordinary General Assembly has decided to
re-deploy on provisions once it will become available, and this without taking into account of
real securities and financial guarantees received.
As a result of the aforementioned exceptional situation and the necessity of classifying a certain
number of companies as being related to the fallen system, the classified assets’ rate has
recorded a slight deterioration passing from 9,3% as per the end of 2009 to 10,6 % as per the
end 2010.
Taken together, STUSID BANK’s financial indicators meet all prudential and regulatory standards
required by monetary authorities.
Gentlemen representatives of shareholders,
The Board of Directors of STUSID BANK has approved new strategic orientations for the bank
as for the period 2011-2014, dealing with the main following points:
• Divide the bank activity into « corporate » and « retail » with the objective of reaching 75 %
for « corporate » and 25 % for « retail » as for the year 2014,
• Reinforce the orientation toward the small and medium companies, as for “corporate” and
toward housing credits as for “retail”,
• Rationalize the liquidation of resources with the objective of having 75% of the resources
coming from deposits and 25% of other resources available on the market, as for the year 2014
• Review the customer deposit structure with an objective of reaching 40% of sight deposits,
40% of term deposits and 20% of saving deposits, as for the year 2014,
• Reach a shareholders’ equity return rate of at least 10% and a rate of assets of at least 2%,
as for the year 2014,
• The risk cost has to be settled lower than 1,25%,
It is understood that, for reaching these objectives, it is necessary to implement the
organizational, material and human appropriate resources and in particular investments
related to network in order to pass from13 agencies in 2010 to 33 agencies in 2014, in addition
to the creation of new channels basing on Internet to distribute the bank products as well
as the implementation of a modern and integrated information system.
Those are, Gentlemen, the milestones relating to the activities of the Bank for the year 2010
and to the results to which they have led. You will find in the present report all the other details
that you would need.
I would like to conclude by renewing my thanks to Saudi and Tunisian authorities for their
support to the bank and for their continuous encouragement. I would also present my
thanks for all the Directors for all their efforts for the achievement of Bank’s objectives,
as well as to all the staff for the devotion they are showing in accomplishing their work.
Thank you for your kind attention.
The Chairman Of Board Of Directors
Mr. Ahmed Farid ALAWLAKI
PRESENTATION OF STUSID BANK
Corporate Name
STUSID BANK
Legal Form
Limited Company
Nationality
Tunisian
Registered Office
32, rue Hédi KARRAY – 1082 TUNIS
Phone
( 216 ) 71 232 133
Fax
( 216 ) 71 753 233
Télex
13 594 TUSID
SWIFT
TSIDTNTT
E-mail
[email protected]
Date of Incorporation
30th May 1981
Duration
99 years
Commerce Register No.
B16641997
Tax Identification No.
013026/E/A/M/000
Financial Year
From 1st January to 31st December of each calendar year
Scope
Global Bank-Approval obtained on the 25th of April, 2005
Taxation System
Real system
Corporate Capital
100 Millions of Dinars
Capital Distribution :
Amount in Dinars
Kingdom of Saudi Arabia, represented by Ministry of
Finance
50 000 000
Government of Republic of Tunisia
49 249 900
Tunisian Public Treasury
100
National Retirement and Social Providence Fund
(CNRPS)
375 000
Tunisian National Tourism Authority (ONTT)
125 000
Tunisian State Oil Corporation (ETAP)
125 000
Tunisair Company
125 000
TOTAL
100 000 000
Involvment Forms
• Shareholdings in existing enterprises or those to be created in Tunisia.
• Granting of long and medium- term loans
•
Financing of corporate operating activities by granting short-term loans compatible with the nature of
their activity.
• Granting housing
loans and direct loans to individuals and professionals
• Granting of caution moneys or guarantees
• Financing of investments accompanying the
upgrading and corporate privatization programs
• Partnership mounting between local and foreign investors
• Investment through own funds in hands
• Participation in expansion of capital and securities markets
• Consultancy activities within the fields of engineering, financial restructuring and business management.
• Mobilization of foreign and domestic resources
01
Economic Environment
01
Economic
Environment
WORLD ECONOMIC SITUATION
The international world environment has been
marked, during the last months of 2010, by the
continuity of the economic indicator improvement
in the chief industrialised countries, namely the
USA. Nevertheless, in some European countries,
the fears as for the sovereign debt have been
raised, which resulted in the maintaining the
European exchange rate under pressure
compared to the other main currencies, namely
the Dollar.
The international prices of basic products
experienced, in their turn, a tendency to grow,
especially food and energy. Similarly, the indexes
of the main world Stock Exchange tended
to growth, in proportion with the economic
perspective improvement.
On this basis, the IMF reviewed its initial
estimations related to the world economic growth
for the year 2010, increasing it from 4,8 to 5%.
The improvement of forecasts of growth for the
year 2010 concerns, namely, the industrialised
countries (2,5% compared to 2,2% according
to the first estimations), in particular the USA
(3% compared to 2,3%) and Japan (1,6%
compared to 1,5%), while the IMF initial forecasts
for the Euro Zone have been maintained to 1,5%.
Similarly, the IMF maintained its growth forecasts
for China and India to respectively 10,3% and
9,7% in 2010.
10
As for joblessness, the employment situation has
recorded an improvement in the industrialised
countries, with a joblessness rate of 9,4% in the
USA in December 2010 compared to 9,8% one
month back. Moreover, the joblessness rate has
been settled at 10,1% in November of the same
year in the Euro Zone and at 5,1% in Japan.
As far as the international prices of basic
products are concerned, they knew a growth
in the end of the year 2010 for the majority of
food products, due to the unsuitable weather
conditions that affected many agricultural crops
such as cereals in certain countries like Australia,
Brazil and China.
More precisely, the price increase reached, in
the end of 2010 compared to the end of the
last year, 46,2% for wheat and 18,9% for sugar
compared to respectively 20,1% and 2,2% in
the end of November.
Likewise, the prices of raw industrial materials
continued to be increased reaching, at the same
date, 89,4% for cotton and 32,6% for copper.
On the other hand, the prices of crude oil over
passed 90 dollars per barrel since the start of
December 2010, relating to the resumption
of the world demand, stock decrease and the
continuity of the cold wave that hit the USA and
Europe. Thus, the barrel price has increased,
in the end of 2010, to 94,75 dollars for Brent
and 91,38 dollars for American light petroleum,
with a growth of 21,6% and 15,1% respectively
compared to the end of the previous year.
As for inflation, the consumption prices recorded
acceleration in the main industrialised countries,
in December 2010, following the energy price
growth. The inflation rate, on year-to-year basis,
reached 1,5% in the USA and 2,2% in the Euro
Zone.
In the international Exchange markets, the Euro
value recorded a decrease in 2010 compared to
the Dollar, this is due to the fell of the sovereign
debt crisis in some European countries and the
risk of its spread in other countries of the Euro
Zone. The European currency settled at, in 2010,
1,3386 dollar, thereby recording a recession of
6,6% compared to the last year.
Conversely, the Yen has been valued in 2010
compared to dollar, benefiting of its choice
as a refuge currency by the investors facing
to the upheaval experienced by the financial
international place, following the sovereign debt
crisis. It has been settled, in the end of the year, at
80, 915 yens for one dollar, with an appreciation
of 13,1% compared to the last year.
In their turn, the central banks in many countries
continued to soften their monetary politics,
during 2010, via the non-conventional measures,
by purchase asset programs such as Treasury
bonds and commercial papers, following the
American Federal Reserve and Japan Bank that
agreed on respective amounts 600 billions dollars
and 5.000 billions dollars of yen (about 43 billions
Euros). On the contrary, central banks of some
industrialised countries and emerging countries
started to implement restrictive monetary politics
to lighten the pressure on economy. In particular,
China Bank increased the guiding interest rate
twice in 2010 and the obligatory reserve rate six
times in the same year.
On another level, the evolution of the main
international stock exchanges has diverged,
during 2010. In particular, the American Stock
Exchange recorded positive results, benefiting
from the important interventions of the Federal
Reserve in order to support the economic
recovery and the improvement of the economic
indicators in the USA by the end of the year. In
this context, the Dow Jones and Nasdaq indexes
recorded, a year end to the other, a growth of
respectively 11% and 16,9%.
On the contrary, many European Stock
Exchanges recorded a decrease, due to the
sovereign debt crisis. The CAC40 index in
particular, has decreased by 3,3% between
end 2009 and 2010. Similarly, Tokoyo Stock
Exchange recorded a decrease, due to the
appreciation of the yen, which affected the
exports and thus affected the financial incomes
of Japanese companies. The recession of Nikkei
index has been settled at 3,3%, a year end to
another.
Annual Report 2010
11
NATIONAL ECONOMIC SITUATION
During the past five years, the main indications of Tunisian economy- calculated at constant prices- have
evolved as hereunder :
In %
2006
2007
2008
2009
2010
2009-2010
Growth of GDP
5.4%
6.3%
4.6%
3.1%
3.7%
+ 0.6
Private consumption
4.9%
5.3%
5.0%
4.0%
4.3%
+ 0.3
Consumer’s Price Index
4.5%
3.1%
5.0%
3.7%
4.5%
+ 0.8
Exports of goods and services
11.3%
21.0%
20.6%
-13.9%
14.6%
+ 28.5
Exports (in % of GDP)
50.8%
51.1%
53.6%
45.0%
47.8%
+ 2.8
Imports of goods and services
15.3%
20.3%
22.8%
-13.1%
19.1%
+ 32.2
Imports (in % of GDP)
53.1%
53.0%
58.7%
47.9%
52.9%
+ 5.0
2.1%
2.4%
3.8%
2.7%
4.7%
+ 2.0
Investment
15.3%
11.2%
13.1%
9.3%
8.3%
- 1.0
In % of GDP
23.4%
23.0%
23.5%
24.2%
24.3%
+ 0.1
Share of private investment
56.8%
62.4%
61.4%
56.6%
57.0%
+ 0.4
4 565.3
2 157.9
3 597.2
2 365.7
2 400.0
+ 1,5 %
Saving rate (in % of GNDI)
22.5%
21.6%
22.3%
22.0%
21.5%
- 0.5
Indebtedness rate (in % of GNDI)
47.4%
39.7%
38.8%
38.1%
36.9%
- 1.2
Indebtedness (in % of GDP)
53.7%
45.8%
43.3%
42.9%
39.7%
- 3.2
Debt service (in % of current receipts)
16.4%
11.9%
7.8%
10.8%
9.0%
- 1.8
Revenue per capita (in Dinars)
4 100.4
4 855.5
5 312.0
5 641.0
6 032.3
+ 6,8%
Creation of jobs
76 400
80 200
70 300
43 500
74 800
7,2%
2.8%
2.7%
1.0%
3.0%
2.6%
- 0.4
Current deficit (in % of GDP)
Indirect foreign investments and
shareholdings (MD)
Budget deficit (in % of GDP)
12
Growth
It would be suitable in this context to report the
following:
The growth rhythm in 2010 has been increased
to reach 3,5% in current prices compared to
forecast 3,8% in the framework of the economic
budget of the same period and compared to a
growth rate of 3,1% in 2009. Save Agriculture
and Fishing, the growth rate has been settled
at 4,8% compared to 2,8% in 2009, resulting in
improving the income per head which reached
6 032 Dinars compared to 5 641 Dinars in 2009.
The evolution of added value at constant prices
and by business sector presents as follows:
Sectors
Annual Variation (%)
2008
2009
2010
Agriculture and
fishing
- 0.7
6.0
- 8.8
Manufacturing
industries
4.5
-5.9
9.3
Mining
-4.0
-2.8
15.4
Energy
-2.6
-1.7
0.6
Services
7.8
5.4
5.0
GDP
4.6
3.1
3.7
• Recession of the added value of Agricultural
and Fishing sector during 2010 at the rate of
8,8% compared to a progression by 6,0%
during 2009, following the recession of cereals
production (10,8 millions of quintals compared
to 25,3 millions in 2009) and of olive oil following
the rainfall deficit.
• Growth of the production of the Manufacturing
Industry sector by 9,3% compared to a
decrease by 5,9% during 2009. This progression
concerned all the sectors, in particular mechanic
and electric industries (25,2% compared to
-8,3% in 2009) and chemical industries (6,9%
compared to 2,3% in 2009) which benefited
from the resumption of the external demand.
Similarly, the textile, clothing, leather and shoe
sector production has increased by 4,2%
compared to a decrease by 14,8% in 2009.
• The improvement of growth trend in the sector of
non-manufacturing industries which has pegged
at 11,5 % in 2010 by reason, in particular, of the
evolution of production of Hydrocarbon sector at
the rate of 19%
• The increase of activities connected with
Merchandising Services at the rate of 5.0 %
versus 5.4 % in 2009.
Annual Report 2010
13
Investments
The year 2010 was characterized by the recession of investment growth which has been settled at 8,3%
compared to 10,6 % in 2009.
Evolution of main investment indicators
(%)
2008
2009
2010
Growth of total investments
14.8
10.6
8.3
Share of total investment in GDP
24.9
25.9
24.3
Evolution of private investment
17.7
1.7
9.1
Share of private investment in total investment
62.5
57.6
57.0
7.2
4.3
3.8
Share of foreign investment in GDP
Basing on the sectoral structure of investment, it appears that Agriculture and Fishing sector has
recorded a growth by 5,9% in current prices in 2010 causing the investment amount to be settled at
1.035 millions of Dinars among which 61,3% return to private investors.
The year 2010 has recorded a sustained growth in particular in the sector of manufacturing industries
(9,5%) due to the increase of investments in the Building Material, Ceramic and Glass sector and the
increase in the investments of Chemical Industry sectors by a rate of 33,3% reaching thereby
200 millions of Dinars in 2010.
On the contrary, the investments of Hydrocarbon sectors, for the second consecutive year, have
recorded a recession, reaching 2.000 millions of Dinars, due to the decrease of the investments in
Research and Exploitation.
On the other hand, investments in the other sectors have developed at a moderate rhythm contributing
in the development of the investments total in the non-Manufacturing Industry sector by a rate of 1,7%
in current price in 2010.
Moreover, the importance of investment growth in Technology and Communication sector (12,5%) –
due to the effective start of the real activity of third operator (the first operator offering a complete service
coupling together mobile and fixed communication of generations II and III)-as well as the sustained
investment growth in the Estate sector (14,9%) contributed to the investment growth in the Service
sector by a rate of 12%.
In addition to that, the volume of foreign direct investments has increased in 2010 by 2.400 millions of
dinars compared to 2.366 millions of dinars in 2009 following the launching of certain great projects with
foreign financings, such as the industrial pole of airline components, the SOTACIB cement unit and the
extension and renovation of LAICO hotel etc.
14
The following table provides the sectoral distribution of investments achieved in 2010.
unit = MD
2010
Direct Investments
2 180
Energy
1 270
Manufacturing Industries
500
Tourism
150
Services
250
Agriculture
10
Financial Portfolio
220
TOTAL
2 400
Foreign Trade
In 2010, the external trade was characterised by a partial resumption of exchanges after the recession
recorded during the last year.
The year 2010 has, thus, recorded an improvement of exports by a rate of 17,9% compared to a
regression by a rate of 17,6% in 2009. Simultaneously, following the revival of the economic activity, the
imports recorded a growth by 20,3% compared to a regression by 14,4% in 2009.
The evolution of imports with a rhythm more accelerated than exports’ one resulted in a trade deficit by
8.186,6 millions of Dinars compared to 6.410,2 millions of Dinars in 2009, so that coverage ratio has
returned from 75,2% in 2009 to 73,7% in 2010.
Evolution of the main indicators related to the commercial exchanges:
2009
2010
Evolution Asset Exports (%)
-17,6
17,9
Evolution Asset Imports (%)
-14,4
20,3
6 410,2
8 186,6
Evolution of Commercial Deficit (%)
-2,9
27,7
Rate compared to GDP
10,9
12,9
Coverage Rate (%)
75,2
73,7
Commercial Deficit (MD)
Employment
The employment number created in 2010 has increased to 74,8 thousand positions compared to
68,3 thousand positions in 2009, thus satisfying 88,8% of the additional demand.
These new creations of employment concerned mainly the manufacturing industry sectors as well as
mechanic, electric and service ones.
They also allowed the decrease of joblessness rate from 14,7% in 2009 to 13,2% in 2010.
Annual Report 2010
15
Price
The inflation rate has pegged at 4,4 % at end financial year 2010 versus 3,5 % at end financial year
2009.
This growth is due to the price evolution of the following products:
Evolution (%)
2009
2010
4,3
6,8
Sugar and derivatives
11,6
16,5
Fruits and dried fruits
2,7
10,7
Meat Products
6,8
9,1
-8,9
8,0
Fish Products
5,3
7,6
Restaurants and Hotels
5,9
6,3
Education
1,8
5,7
Transport
3
3,7
Clothing and Shoes
2,1
3,8
Accommodation and Domestic Energy
2,8
3,4
Food Products and drinks
Salad Oil
This increase is also due mainly to the increase of international prices of imported products namely food
products and energy, to which is added the impact of fluctuations of exchange rates in particular the
appreciation of Euro compared to Dinar.
Monetary and financial balance
The counterparts of the financial system funds were characterised, in 2010, by a noticeable
acceleration of the economy accommodation (19,2% compared to 10,3%) and a decrease of net
debts on the external (-5% compared to +17,8%) as well as on the Government (-2,5% compared
to +16,5%). These evolutions had effect on the monetary mass (M3) which grew by 11% compared
to 13% in 2009.
In terms of monthly average, the progression rhythm of this aggregate, which is superior to that
of GDP in current prices, remained almost unchanged since it had increased by 12,4% in 2010
compared to 12,5% one year back. Consequently, the economy cash rate has passed, from one
year to another, from 62% to 64,6%.
16
The Government debts vis-à-vis the financial
system (6.567 millions of Dinars in the end of
2010) decreased, during 2010, by 168 millions
of dinars compared to a growth by 953 millions
of Dinars in the last year, due to the combined
effect of the decrease of the outstanding
treasury bonds in the banks’ portfolio (a
decrease by 111 millions of Dinars compared
to a increase by 488 millions of dinars in
2009) and the increase of the Treasury current
account (+209 millions of dinars
Monetary market
The growth of offers of banks exceeding rhythm
faster than that of the demand of deficit banks
was reflected in the contraction of cash needs
on the monetary market, during the fourth
quarter 2010.
As for inter-banking compartment, transactions
increased from 91 millions of dinars to settle
at 752 millions of dinars, from which 86%
representing term operations.
As for the interest rate weighted daily on the
monetary market, it fluctuated between 4,05 %
and 4,99 % .
As for the saving remuneration rate, it increased
to 2,8% during December 2010, in relation to
the growth of TTM.
Exchange market
Taking into account the exchange rate in 2010
as compared to 2009, the Tunisian Dinar has
recorded a drop by 19.4% in relation with the
Japanese Yen, by 8.4% in relation with the US
Dollar, by 2,3 % in relation with the Moroccan
Dirham and by 1,2 % in relation with the Euro.
Transactions on cash exchange market
have increased in 2010 by 39 %, passing
from 55.044 Million Dinars compared to
39.497 Million Dinars one year back.
The volume of operations against the Dinar has
represented an amount of 19.794 Millions of
Dinars in 2010 versus 15.775 Millions of Dinars
in 2009, thereby recording an increase by
4.019 Millions of Dinars or 25, 5 %.
The operations foreign currencies against
foreign currencies have amounted to
35.250 Millions of Dinars in 2010 versus 23.722
Millions of Dinars in 2009, thereby recording a
growth by 11.528 Millions of Dinars or 48, 6 %.
From its side, the transactions on time exchange
market have pegged at 6.615 Millions of Dinars
in 2010 versus 4.469 Millions of Dinars in 2009,
which means a growth by 2.146 Millions of
Dinars or 48 %.
The transaction share as for the import
coverage in the realised volume between banks
and companies settled at 74% compared 26%
for those under export coverage.
Stock Exchange
The stock exchange capitalization has
passed from 12.227 Millions of Dinars at end
December 2009 to 15.282 Millions of Dinars
at end December 2010, thereby recording a
growth by 25 % and this despite the regression
of the share of foreign investments in such
capitalization between end 2009 and end
2010, from 21,92 % to 20,16 %.
Likewise, the TUNINDEX index has passed
from 4.291,72 as of end 2009 to 5.112,52 as
of end 2010, which means an increase by 19 %.
The number of listed companies in the Stock
Exchange in 2010 has reached 56 companies,
i.e. 4 more companies than in 2009.
The liquidity rate has passed from 44% as
of end December 2009 to 65% as of end
December 2010.
Annual Report 2010
17
STUSID BANK KEY-FIGURES
Unit = 103 Dinars
2007
2008
2009
2010
Total Balance Sheet
233 089
299 451
386 239
521 348
Customer Deposits
34 091
75 747
151 584
252 251
119 203
192 532
268 531
379 072
7 693
9 930
11 234
14 764
663
1 491
2 904
4 940
14 091
17 173
20 401
26 505
5 571
7 214
8 626
10 711
Net Result
21 4051
10 807
11 472
9 727
STOCKHOLDERS EQUITY
165 694
172 520
180 011
185 760
12,9%2
6,3%
6,4%
5,2%
Assets’ Return
9,2%3
3,6%
3,0%
1,9%
Operating Coefficient
39,5%
42,0%
42,3%
40,4 %
Commissions / Personnel Costs
16,8%
30,3 %
49,8%
70,2 %
Solvency Ratio
84%
58%
47%
37%
Liquidity Ratio
335%
146%
124%
134%
Hung Debt Ratio
12,1%
9,6%
9,3%
10,6%
81,08%
65,9%
90,5%
72,9%
135
169
193
232
3
7
12
13
ACTIVITY
Outstanding Bills on Customers
RESULTS
Intermediation Margin
Commissions
Banking Net Income
Gross Operating Result
RATIOS
Stockholders’ Return
REGULATORY RATIOS
Coverage Ratio of Provision-Hung Debts
STAFF AND NETWORK
Staff
Number of Branches
This result will set at 8 767 KD off- exceptional and non-recurring operations
This ratio will set at 5, 3% off- exceptional and non-recurring operations
3
This ratio will set at 3, 8% off- exceptional and non-recurring operations
1
2
18
02
STUSID BANK’S Activity
02
STUSID BANK’S
Activity
STUSID BANK interventions recorded during 2010, compared to 2009, a slight recession evaluated
-on the level of activity approvals on medium and long term- amounting to -1,8% and a growth of
commitments and net disbursements by respective rates: 2,6% and 18,1%, précising that these
evolutions had settled clearly over the budget forecasts.
The Short-term activity by paying out has been also improved, in terms of outstanding bills, passing to
48.307 Thousand Dinars or 52,5 % in 2010, versus 21.963 Thousand Dinars or 30,1% in 2009.
I - FINANCIAL RESOURCES
The outstanding bills of STUSID BANK’s financial resources reached 485, 4 Millions of Dinars as of
31st December 2010, thereby recording an increase by 34, 6%.
Unit = Million of Dinars
31/12/2010
31/12/2009
185,8
180,0
1,2
2,8
46,1
26,3
Customer Deposits
252,3
151,6
TOTAL
485,4
360,7
Stockholders’ Equity
Foreign Loans
Other Loans
1- Stockholders’ Equity
In addition to corporate capital amounting to 100 Millions of Dinars, the Bank’s reserves have passed
from 80 Millions of Dinars as of 31/12/2009 to 85,8 Millions of Dinars as of 31/12/2010, thereby recording
an increase by 5,8 Millions of Dinars or 7.3%.
Such increase is mainly generated by the amounts appropriated to reserves with the sake of more
consolidating the institution’s financial situation.
2 – Long Term Loans
The outstanding bills of long term loans contracted by STUSID BANK has regressed, passing from
2,8 Millions of Dinars as of 31/12/2009 to 1,2 Million of Dinars as of 31/12/2010.
Such regression (1, 6 Million of Dinars) results from the normal repayment of such foreign loans.
20
Loans
31/12/2010
31/12/2009
MD
%
MD
%
World Bank
0,5
41,7
2,2
78,6
AFD [French Development Agency]
0,2
16,6
0,3
10,7
Italian credit facility
0,5
41,7
0,3
10,7
Total
1,2
100,0
2,8
100,0
3 – Other loans
The outstanding other long term loans signed by STUSID BANK at the monetary market passed from
26,3 millions of dinars on 31/12/2009 to 46,1 millions of dinars on 31/12/2010, with a growth by
19,8 millions of dinars or 75,3%.
4 - Customers Deposits
Deposits of customers have amounted as of 31/12/2010 to 252,3 Millions of Dinars, of which
10,9 Millions of Dinars in foreign currencies – versus 151,6 Millions of Dinars as of 31/12/2009, of which
12,1 Millions of Dinars in foreign currencies, thereby recording an increase by 100,7 Millions of Dinars or
66,4 %.
The achievement of such strong increase was rendered possible due to the multiplication of the number
of branches and the proximity policy devised by the Bank.
The major part of such increase is generated, in first level, by term deposits which have increased by
95, 3 %. .
Deposits
2010
2009
Sight Deposits
72,0
Term Deposits
Variation
MD
%
60,1
11,9
19,8
151,7
77,7
74,0
95,3
Savings
25,3
11,3
14,0
122,9
Other Deposits
3,3
2,5
0,8
34,1
252,3
151,6
100,7
66,4
TOTAL
Annual Report 2010
21
Evolution of Customer Deposits
Structure of Deposits
252,3
1%
10%
29%
151,6
Deposit at sight
75,7
28,5
Other Deposits
60%
34,1
Term Deposits
Saving
2006
2007
2008
2009
2010
II – BANK’S INTERVENTIONS
1 - Credits and Equity
The Bank’s interventions, in terms of approvals, commitments and outward payment, in connection
with medium and long-term credits all forms included except commitment by signature, have recorded
during the year 2010 a tangible growth :
2008
2009
2010
1981 / 2009
Approvals
94,2
124,2
122,0
955,3
Commitments
67,9
104,4
107,0
865,0
Outward Payments
64,1
83,7
98,9
813,6
The distribution by sector of such interventions presents as of end 2010 as follows:
31/12/2010
Approavals
22
Commitments
Outward Payments
MD
%
MD
%
MD
%
Agriculture and Fishing
2,0
1,7
1,4
1,4
1,4
1,4
Industry
18,1
15,1
9,8
9,2
15,7
15,9
Tourism
0,5
0,4
0,5
0,5
0,5
0,5
Estate
16,1
13,4
16,0
14,9
9,0
9,1
Services
15,5
12,9
16,3
15,2
10,3
10,4
Loans to Privates
69,8
58,2
63,0
58,8
62,0
62,7
TOTAL
122,0
100,0
107,0
100,0
98,9
100,0
From its side, the distribution by sector of such cumulative interventions presents as of end 2010 as
follows:
Approvals
MD
%
Cumulative 1981 / 2010
Commitments
Outward Payments
MD
%
MD
%
43,6
4,6
42,9
5,0
39,9
4,9
Industry
317,4
33,2
293,4
33,9
274,9
33,2
Tourism
186,7
19,5
180,0
20,8
178,3
21,9
Estate
123,4
12,9
98,0
11,3
87,4
10,7
Services
123,1
12,9
109,4
12,7
96,3
11,8
Loans to Privates
161,1
16,9
141,3
16,3
136,9
16,8
TOTAL
955,3
100,0
865,0
100,0
813,6
100,0
Agriculture and Fishing
2 - Outstanding Bills of Credits
The net outstanding bills for credits to customers have recorded in 2010 a growth by
110.541 Thousand Dinars or 41,2 % passing from 268.531 Thousand Dinars in 2009 to
379.072 Thousand Dinars in 2010.
The coverage rate of credits by the deposits thereby has set at 66,5 % in 2010 versus 54,5 % in
2009 .
The share of credits granted to privates, individuals and professionals, which represents the main
signal for Bank’s opening onto commercial activities (grant of estate credits and consumer credits, all
kinds included) has recorded a tangible growth reaching 87,3 % to the extent that the outstanding bills
to accrue of such credits has passed from 61.511 Thousand Dinars in 2009 to 115.217 Thousand
Dinars in 2010.
Net Credits to Customers
Share of Credits to Privates
379,072
278,1
203,1
112,6
2006
70%
30%
Loans to Privates
119,2
Companies
2007
2008
2009
2010
Annual Report 2010
23
The distribution of outstanding bills of credits to privates by nature of credit presents as follows:
Unit = thousand dinars
Credit nature
2010
2009
Housing
99 344
Car Purchase
Variation
MD
%
49 387
49 951
101,2
3 188
2 289
899
39,3
Special Credits
6 679
5 384
1 295
24,1
Coverage of current expenditures
6 006
4 451
1 555
34,9
115 217
61 511
53 706
87,3
TOTAL
In addition to outward payment based credits, the Bank’s customers have also access to
commitments by signature in forms of endorsements and securities. The aggregate volume of such
type of commitments amounted as of end 2010 to 65,4 Millions of Dinars (10,9 Millions of Dinars
in form of opening of letters of credit and 54,4 Millions of Dinars in a number other forms) versus
32,6 Millions of Dinars as of end 2009.
The distribution by term of net outstanding bills of credits, from its side, presents as follows:
Credit Term
24
31/12/2010
31/12/2009
variations
MD
%
MD
%
MD
%
Short term
145,4
38,4
94,9
35,3
50,5
53,2
Medium and Long terms
233,7
61,6
173,6
64,7
60,1
34,6
TOTAL
379,1
100,0
268,5
100,0
110,6
41,2
Likewise, the distribution of short term credits, by nature of credit, presents as of end 2010 as follows :
Authorizations (mD)
Intervention Type
Outstanding Bills
(mD)
Variation
Variation
2010
2009
mD
%
2010
2009
mD
%
Withdrawal Credits
152 933
77 809
75 124
96,6
140 336
92 029
48 307
52,5
Stock Financing
10 160
7 830
2 330
29,8
7 110
6 280
830
13,2
Farm Credits
6 735
5 245
1 490
28,4
4 150
4 090
60
1,5
Commercial
Discount
24 158
15 058
9 100
60,4
31 402
22 340
9 062
40,6
Credit Mobilization/
Abroad
3 975
2 304
1 671
72,5
1 500
1 770
-270
-15,2
Export Pre-Financing
4 720
3 547
1 173
33,1
3 769
3 287
482
14,7
Mobilization of
Administrative
Credits
21 442
8 223
13 219
160,8
5 442
2 822
2 620
92,8
Cash Facilities
26 096
16 458
9 638
58,6
51 911
29 624
22 287
75,2
Public Market
Financing
8 325
4 457
3 868
86,8
2 258
875
1 383
158,0
Foreign Exchange
Financing
18 796
5 000
13 796
275,9
17 609
11 278
6 331
56,1
Mobilizable Overdraft
21 832
9 601
12 231
127,4
12 033
8 355
3 678
44,0
Goods Financing
1 570
-
1 570
-
1 570
Credits to Privates
5 124
86
5 038
5 858,4
1 581
1 308
273
20,9
Commitments By
Signature
53 301
45 407
7 894
17,4
65 354
32 568
32 786
100,7
Opening of Credits
8 703
10 911
11 888
-977
-8,2
Others
44 598
54 443
20 680
33 763
163,3
Total
206 234
205 690
124 597
81 093
65,1
123 216
83 018
67,4
1 570
Annual Report 2010
25
3 - Classification of Commitments:
The rate of hung credits has slightly deteriorated by the end of 2010 passing from 9,3% in 2009 to
10,6 % in 2010 :
Thousand Dinars
Credits
Classification
Shareholdings
Amount1
Agios
Reserved
Provisions2
Amount
Agios
Reserved
Provisions
Currents Assets
413.979
1.673
400
48.444
0
1.663
Classed Assets
51.434
5.626
18.373
3.294
209
3.054
class 2
7.100
150
1.782
2.085
0
2.054
class 3
9.297
414
841
209
209
0
class 4
15.277
2.561
4.104
1.000
0
1.000
class 5
19.759
2.500
11.646
0
0
0
Overall Total
465.413
7.300
18.773
51.738
209
4.717
1
taking into account off-balance sheet commitments
2
taking into account the provisions for general banking risks.
Coverage rate of Assets by provisions and agios reserved and Assets’ Ratios
classified on 31/12/2010
2010
2009
72,90%
90,54%
Loans’ Coverage Rate
71,23%
89,67%
Equity’s Coverage Rate
99,06%
99,07%
10,58%
9,33%
Ratio of suspended credits
11,05%
9,77%
Ratio of suspended equities
6,37%
6,44%
Coverage rate of credits suspended by
Provisions and Agios reserved
Ratio of Classified Assets
26
4 – Securities Portfolio
The portfolio of STUSID BANK’s shareholdings (committed) has recorded in 2010 an increase by
0.5 Million of Dinars as compared to 2009, thereby passing to 51.7 Millions of Dinars as of end
2010, versus 51,2 Millions of Dinars as of end 2009.
Such increase is due to the bank’s shareholding in the capital of the “SODINO” company, and
Fonds Commun de Placement à Risque « INTECH».
The breakdown by sector of the securities portfolio has developed as follows:
In Million of Dinars
31/12/2009
31/12/2010
Sectors
Amount
%
Amount
%
Industry
26,1
50,4
26,1
51,0
Tourism
1,8
3,5
1,8
3,5
Estate
9,6
18,6
9,6
18,8
Services
14,2
27,5
13,7
26,7
Total
51,7
100,0
51,2
100,0
Annual Report 2010
27
STUSID BANK’s net shareholdings portfolio, from its part, has set at 46,291 Millions of Dinars as of
31st December 2010 versus 45,893 Millions of Dinars as of 31st December 2009.
Variations of Securities Portfolio during the year 2010 ( in MD)
Gross Shareholdings as of 31/12/2009
51,169
New Subscriptions
0,801
INTECH
0,500
SODINO
0,300
SIBTEL
0,001
Decrease in Capital
0,231
Shareholding’s selling
0,231
Gross total as of 31/12/2010
51,738
Provisions as of 31/12/2010
-4,926
Non Paid-Up Shareholdings
-0,522
SODINO
- 0,150
Other companies
- 0,372
46,291
Total Net Shareholdings as of 31/12/2010
Moreover, STUSID BANK holds a direct interest exceeding 30% of the corporate capital of the four
following companies
Company
28
Corporate Capital
(TND )
Shareholding Rate
SITEX
23 063 300
30,8 %
SASEJ
5 000 000
52,5 %
SMT
2 500 000
52,6 %
TST
500 000
39,9 %
03
STUSID BANK’S Results
03
STUSID BANK’S
Results
Activity Indicators
1 – Net Banking Income
The Net Banking Income has set as of 31st December 2010 to 26,505 Millions of Dinars, thereby
showing an increase by 6,104 Millions of Dinars or 29,9 % as compared to the preceding year
Variation
2010
2009
Banking Operating Incomes
35.007
25.270
9.737
38,5
Interests and Allied Revenues
23.121
15.685
7.436
47,4
145
418
-273
-65,3
Commissions
4.940
2.904
2.036
70,1
Gains on Commercial and Financial Operations
Portfolio
2.234
1.886
348
18,5
Investment Portfolio Revenue
4.567
4.377
190
4,3
Banking Operating Costs
(8.502)
(4.869)
(3.633)
74,6
Net Banking Income
26.505
20.401
6.104
29,9
Placement Incomes
Montant
%
Various elements of Net Banking Income have, moreover, developed as follows:
- the margin on interests has recorded a growth by 31,4 % bringing its share in the formation of Net
Banking Income to 55,7%, i.e. a growth by about half a point as compared to the share recorded
in 2009 (55,1 %).
30
Evolution of Net Banking Income
Evolution of Interests Margin
14,8
26,5
11,2
20,4
9,9
17,2
11,9
14,1
2006
2007
7,7
7,8
2008
2009
2010
2006
2007
2008
2009
2010
- Commissions have recorded a growth by 70,1 % bringing their share in the formation of Net
Banking Income to 18,6 % versus 14,2 % in the preceding year.
- Non Banking Income generated by the financial operations and securities portfolio have established
at 6,801 Millions of Dinars. Their share in the formation of the Net Banking Income has then reached
25,7 %, i.e. a drop by 4,9 points as compared to 2009.
Evolution of commissions
Structure of Banking Income
4940
24%
Margins on
interests
2904
55%
17%
1491
405
2006
Margins on
commission
663
2007
Non banking
products
2008
2009
2010
Annual Report 2010
31
2 – Overheads
Personnel costs and operations expenses have grown by 2.085 Thousand Dinars, passing from
8.626 Thousand Dinars in 2009 to 10.711 Thousand Dinars in 2010.
Unit = thousand of dinars
31/12/2010
31/12/2009
Variation
Operating Overheads
3 669
2 797
872
Personnel Costs
7 042
5 829
1 213
10 711
8 626
2 085
Total
The coverage rate of personnel costs by commissions according has set at 70,2 % as of end 2010
versus 49,8 % as of end 2009.
Following such increase recorded by the overheads costs, the Operating Coefficient returned to 40,4 %
in 2010 versus 42,3 % in 2009, thereby a 2 points improvement.
Evolution of General Costs
Evolution of Operating Coeﬃcient
10711
42,3
8626
42
7214
4792
40,3
5571
40,4
39,5
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
3 – Gross Operating Product
In the light of the evolutions recorded by the net banking income and overheads, gross operating
result, being taken before provisions and other resumptions, amounted to 15.794 thousand Dinars
as of end 2010 versus 11.775 thousand Dinars as of end 2009, thereby recording an increase by
4.019 thousand Dinars or 34,1 %.
32
Evolution of
Gross
Operating Result
15,794
2010
11,775
2009
9,959
2008
8,520
2007
7,106
2006
4 – Net Result
The result reached 9.727 thousand Dinars in 2010 versus 11.472 thousand Dinars in 2009, thereby
recording a decrease by 1.745 thousand Dinars or 15.2%, precising that, on the Board of Directors
decision, an additional 2.000 thousand Dinars provision has been constituted to be devoted to face
potential risks resulted from the exceptional situation prevailing in the country since the end of 2010.
9727
2010
Evolution of net result
11472
2009
10807
2008
8767
2007
7740
2006
STOCKHOLDERS’ EQUITY AND DISTRIBUTION OF PROFITS
Stockholders’ Equity (Before
Distribution)
Of which Accounting Result
Profits Distributed
2010
2009
2008
2007
185 760
180 011
172 520
165 694
9 727
3 000
11 472
4 000
10 807
4 000
21 405
4 000
Annual Report 2010
33
EVOLUTION OF STUSID BANK’S RESULTS OVER THE PAST FIVE YEARS
Variation (%)
2010/2009
2006
2007
2008
2009
2010
Banking Operating
Income
13 016
15 622
19 491
25 270
35 007
38,5 %
Net Banking Income
11 898
14 091
17 173
20 401
26 505
30,0 %
Operating Result
7 740
19 768 *
10 747
11 456
8 760
-23,5 %
Net Result
7 740
21 405 *
10 807
11 472
9 727
-15,2 %
* compte non tenu des opérations exceptionnelles et non récurrentes, le résultat s’établit à 8 767 mille Dinars. Et, le résultat d’exploitation
s’établit à 7 130 mille Dinars.
RISK MANAGEMENT AND PRUDENTIAL RATIOS
At the end of the calendar year 2010, the aggregate of prudential ratios have been satisfactory:
31/12/2010
Minimum Regulatory
Liquidity Ratio
134 %
100 %
Solvency Ratio
37 %
8%
Risk Division Ratio
*Customers with risks higher or equal, for each of them, to
5% of net stockholders’ equity
34
c 4 customers
*Customers with risks higher or equal, for each of them to
15% of net stockholders’ equity
Nil
*Customers or groups with risks exceeding the 25%
regulatory limit of net stockholders’ equity
Nil
04
1 – Development of Monetics
Diversification of STUSID BANK Business
04
Diversification
of STUSID BANK
Business
1 – Development of Monetics
The number of bank cards issued as of end
2010 has reached 6.731 cards, which means
3.475 additional cards as compared to end
2009.
The number of card-based transactions
has doubled in 2010 as compared to 2009,
thereby passing from 52.106 operations to
119.557 operations.
The number of installed automatic dispenser
has reached 13 dispensers as of end 2010
versus 12 dispensers in 2009, which have been
used for carrying out 131 thousand operations
in 2010 versus 79 thousand operations in
2009.
Likewise, STUSID BANK has gone off into
installation of electronic payment terminals
(E.P.T), thereby proceeding to the installation
of 123 units more in 2010, reaching whereby
a total n umer o f E.P.T s’ amount in g t o
187 unities as per the end of 2010.
Moreover, STUSID BANK is continuing to
place such activity in first level of its concerns
for the coming years, in a manner to more
improve the services provided to customers
and to increasingly secure the operations
being processed.
36
2 - Development of Operations on
International Scale:
The number of files processed relating to
operations on international scale, all forms
included, has passed from 1.668 files in 2010
to 2.692 files in 2010.
Thus, the aggregate volume of abroad
operations has passed from 103,6 Millions of
Dinars in 2009 to 169,2 Millions of Dinars in
2010, which means an increase by 63,3 %.
3 - Development of Cash Operations:
The volume of cash flow operations, whether
the matter refers to operations of exchange or
inter-bank operations in foreign currencies or
in Dinars, has sensitively grown at end 2010
as compared to end 2009, thereby making
such activity a centre of profit which is actively
participating in the formation of the bank’s Net
Banking Income.
The global volume of treasury operations
passed from 26 Millions of Dinars in 2009 to
56 Millions of Dinars in 2010, whereby a growth
by 115%.
The outstanding Assimilable Treasury Bonds
purchased by STUSID BANK for its own
account has decreased by 11,8% in 2010
following the reimbursement of the line ending
at mars 2010. It returned from 20.880 Millions
of dinars in 2009 to 18.414 Millions of dinars
in 2010.
The average outstanding bills of debits on
customers expressed in foreign currencies has
recorded in 2010 a growth at the rate of 56 %
as compared to 2009, shifting from
17,6 Millions of Dinars in 2010 compared to
11,3 Millions of Dinars in 2009.
The net profit on exchange operations reached
307 Thousand Dinars in 2010 compared to
353 Thousand Dinars in 2009, with a regression
of 13% following the decline of operations
related to the external trade.
It is, moreover, expected for the coming years
that the cash flow operations processed
by the Bank will be increasingly intensified
following the objective set in the matter and
the putting in the place by STUSID BANK of
one of most modern “Market Hall» which is
liable to increase its competitive capabilities in
cash flow segment.
4 - Operating
STUSID BANK continued its work of
reinforcement of its presence on the banking
market in spite of the tough competition by the
other commercial banks.
In this framework, the bank started the review
of the organisation of its retail outlets in order
to improve their performances, allowing it to
increase the volume of deposits by 66% and
that of credits by 42% compared to the last
year.
The equipment rate in monetics has improved
reaching a level of 41%. An important growth
has been recorded as for the accounts’
opening.
Moreover, the bank gave a particular attention
to the company and professional segment by
reinforcing the investment of exploitation and
production cycles -supported by a program
of visits to the leading companies and being
successful in attracting a significant number of
them.
In addition to the motivation of its commercial
agents, STUSID BANK launched in 2010 two
commercial challenges, the first deals with
MasterCard Nationale and the other deals with
EPTs reaching very encouraging results.
The year 2010 was marked by a densification
of marketing activity.
In order to better present its activities, STUSID
BANK participated in the auto show “AUTOGAB
2010” in Gabes and in the “Company Creation
Show 2010”.
It also launched, in the same perspective, a
large publicity campaign in the occasion of
Ariana agency opening.
It has also sponsored the two forums orgonised by
the magazines « l’Economiste » and « l’Expert ».
Annual Report 2010
37
5- Opening of Branches
In 2010, STUSID BANK has opened a new agency in Ariana, thereby bringing the branch network
to 13 branches.
6 - Staﬃng and Training:
STUSID BANK’s staffing has passed from 232 individuals as of 31/12/2010 versus 193 individuals
as of 31/12/2009.
Staff
2010
2009
Difference
Higher Executive Staff
40
38
1
Executive Staff
100
91
16
Control Staff
29
13
2
Enforcement Staff
54
28
5
Service Staff
9
23
0
232
193
24
TOTAL
The supervision rate is thereby pegging at 60,3 %.
The training actions, with 101 business-to-business actions and 17 intra-company actions, have
involved 114 employees.
7 - Business Forecasts
The bank elaborated, for the period called “post-start-up” in the trade activity covering the years
2011 to 2014, a new business plan aiming at valuing and reinforcing the gains of the “start-up”
period.
38
The new strategic plan highlights the important following points :
•• Reach, in 2014, a rate of returns on equities amounting to at least 10% and return on assets
amounting to at least 2%.
•• Develop the bank activity in the matter of credits by mixing the “corporate” activity and “retail”
activity at the following respective proportions in 2014 : 75% (with emphasis on RPA and short term
loans) and 25% (with emphasis on accommodation loans),
•• Target a risk cost by 1,25% maximum,
•• Watch over the funds liquidation at a reasonable cost focusing on the customers’ deposits by
targeting, in 2014, the following structure: 40% for deposits at sight, 40% for term deposits and
20% for saving deposits,
•• Intensify earnings on commissions which have to represent, in 2014, 25% of the net banking
income (off earnings of investment portfolio),
•• Improve the bank performances namely in the matter of rationalisation of expenses in order to
target an operating coefficient of 40% in 2014
In order to achieve its strategic objectives, STUSID BANK identified the organizational, material and
human resources necessary to achieve its aim comprising mainly:
1-Extension of the network by opening 5 additional agencies per year during the period of the plan,
whereby raising the number of agencies from 13 in 2010 to 33 in 2014.
2- Implement a modern Global Banking, integrated and immediately fully functional and which
operated in the Tunisian banks as well as completing it regressively, if need be, with other additional
applications: SBE, telecommunication, human resources management, assets management, etc,
3- Improve the performances of the bank, namely in the matter of consultancy related to the fields
of Financing, financial engineering, investment and company start-up assistance.
Annual Report 2010
39
4-Development of operations internationally and widen the network of correspondents
5-Modernize the bank and launch of new products which meet the different market segment needs
and take into account the specificity of each one of the country region,
6-Improve the services offered to customers and reinforce the control structure,
7- Continue to give importance to the development of modern payment methods and customers’
equipment according to the category to which they pertain,
8-
Intensify the training cycles and employees’ retraining in order to improve productivity of the
Personnel,
9- Better vulgarization of the bank activities to the public through well targeted publicity campaigns.
40
05
Financial Situation
As of end December 2010 and 2009
05
Financial
Situation
As of end
December
2010 and 2009
BALANCE SHEETS Comparative as of end December 2010 and 2009
(In Thousands of Tunisian Dinars)
ASSETS
Variation 2010/2009
Dec 2010
Dec 2009
29 910
12 677
17 233
135,9
2 522
4 828
- 2 306
- 47,8
Credits on Customers
379 072
268 532
110 540
41,2
Commercial Portfolio
22 021
21 608
413
1,9
Investment Portfolio
46 291
45 893
398
0,9
6 760
6 450
310
4,8
Other Assets
34 772
26 251
8 521
32,5
Total Assets
521 348
386 239
135 109
35,0
Cash and Holdings at Central Bank of Tunisia and CCP
Credits on Banking Institutions
Locked-up Securities
Amount
%
LIABILITIES
Central Bank of Tunisia and CCP
10 005
Deposits and Holdings of Banking and financial Institutions
46 046
26 208
19 838
75,7
252 251
151 584
100 667
66,4
1 175
2 818
- 1 643
- 58,3
26 111
25 618
493
1,9
335 588
206 228
129 360
62,7
100 000
100 000
-
-
75 910
68 303
7 607
11,1
123
236
- 113
- 47,9
9 727
11 472
-1 745
- 15,2
TOTAL STOCKHOLDERS’ EQUITY
185 760
180 011
5 749
3,2
Total Liabilities and Stockholders’ Equity
521 348
386 239
135 109
35,0
Customers Deposits
Loans and Special Resources
Other Liabilities
Total Liabilities
10 005
STOCKHOLDERS’ EQUITY
Corporate Capital
Reserves
Results Carried Forward
Financial year’s result
42
PRUDENTIAL STANDARDS
Regulatory Ratios %
% required
Dec 2010
Dec 2009
Risk Coverage Ratio
Minimum 8%
37 %
47 %
Liquidity Ratio
Minimum 100%
134 %
124 %
OFF-BALANCE SHEETS COMMITMENTS
Comparative as of end December 2010 and 2009
2010
2009
TOTAL POTENTIAL LIABILITIES
65 354
32 568
Securities, Endorsements and Other Warranties Granted
47 345
16 071
Documentary Credits
10 911
11 888
Assets Granted with Warranty
7 098
4 609
TOTAL COMMITMENTS GRANTED
3 940
6 058
Financing Commitments Granted
3 418
5 811
522
247
TOTAL COMMITMENTS ACCEPTED
95 824
66 758
Warranties Granted
11 000
0
Warranties Accepted
84 824
66 758
Commitments on Securities
Annual Report 2010
43
INCOME STATEMENTS
( In thousands of Tunisian Dinars )
2010
2009
23 266
16 103
Commissions
4 940
2 904
Earnings on Commercial Portfolio and Financial Operations
2 234
1 886
Revenue of Investment Portfolio
4 567
4 377
35 007
25 270
Interests Incurred and Allied Costs
(8 502)
(4 869)
Total Banking Operating Costs
(8 502)
(4 869)
NET BANKING INCOME
26 505
20 401
General Operating Costs
(3 669)
(2 797)
Personnel Costs
(7 042)
(5 829)
Appropriation to Provisions and Results of Corrections on Credits
(6 357)
408
114
(24)
(886)
(824)
95
121
OPERATING RESULT
8 760
11 456
Balances in Earnings/Losses Generated by Other Ordinary
Elements
1 003
42
(36)
(26)
9 727
11 472
Total Banking Operating Incomes
Appropriation to Provisions and Results of Corrections on
Appropriations to Amortizations and Resorptions
Other Operating Incomes
Corporate Tax
FINANCIAL YEAR’S NET RESULT
44
This Table allows taking out the following ratios:
en %
2010
2009
General Operating Costs/Net Banking Income
13,8
13,7
Personnel Costs/Net Banking Income
26,6
28,6
Operating Coefficient
40,4
42,3
Commissions/Personnel Costs
70,2
49,8
General Operating Incomes/Banking Operating Incomes
10,5
11,1
Personnel Costs/Banking Operating Incomes
20,1
23,1
Total Provisions/Operating Incomes
26,5
26,3
Net Results/Operating Incomes
27,8
45,4
Net Results/Stockholders’ Equity
5,2
6,4
Revenue of Investment Portfolio/Shareholdings Portfolio
8,8
8,6
Annual Report 2010
45
CASH FLOW STATEMENTS
( In thousands of Tunisian Dinars)
2010
2009
30 440
20 893
- 11 786
- 7 723
34 677
- 12 347
Loans and Advances/Repayment of Loans and Advances Granted to Customers - 105 801
- 77 456
OPERATING ACTIVITIES
Banking Operating Incomes Collected
Banking Operating Incomes Paid out
Deposits/Withdrawals of Other Banking and Financial Institutions
Deposits/Withdrawals of Customers Deposits
100 667
75 837
- 413
1 338
- 7 042
- 5 829
- 18 017
6 558
- 36
- 26
22 689
1 245
Interests and Dividends Collected on Investment Portfolio
4 568
4 378
Acquisitions/Assignments on Investment Portfolio
- 258
- 2 539
- 1 180
- 1 859
3 130
- 20
Increase/Decrease in Special Resources
- 1 644
- 652
Dividends Paid
- 4 000
- 4 000
NET CASH FLOW GENERATED BY FINANCING ACTIVITIES
-5 644
- 4 652
NET VARIATION OF LIQUIDITY AND LIQUIDITY EQUIVALENTS DURING
FINANCIAL YEAR
20 175
- 3 427
LIQUIDITY AND LIQUIDITY EQUIVALENTS IN BEGINNING OF FINANCIAL
YEAR
1 315
4 742
LIQUIDITY AND LIQUIDITY EQUIVALENTS AS OF END FINANCIAL YEAR
21 490
1 315
Placement Bonds
Sums Paid to Personnel and Miscellaneous Creditors
Other Cash Flow Generated by Operating Activities
Taxes on Profits
NET CASH FLOW GENERATED BY OPERATING ACTIVITIES
INVESTMENT ACTIVITIES
Acquisitions/Assignments on Fixed Assets
NET CASH FLOW GENERATED BY INVESTMENT ACTIVITIES
FINANCING ACTIVITIES
46
Auditors’ general report financial
year ended 31 st december 2010
and taking into consideration the prudential
standards as well as the terms of reference for
audit of accounts, as defined by the circulars of
CENTRAL BANK OF TUNISIA.
Honourable Shareholders:
In enforcement of the assignment entrusted
to us by your esteemed Ordinary General
Assembly, we submit you our report on control
of financial statements of STUSID BANK as of
31st December 2010, as attached hereto, as
well as the verifications and specific information
provided for by law and by professional standards
I-
OPINION ON FINANCIAL STATEMENTS:
We have audited the financial statements of
STUSID BANK which show total assets net of
amortizations & provisions amounting to
521 348 KTND and profit result amounting to
9 727 KTND as of 31st December 2010.
Such financial statements have been made
under the responsibility of the management
and administration bodies of the company in
accordance with the professional standards
applicable in Tunisia.
Such responsibility includes design, putting in
place and follow-up of an internal control relating
to the preparation and the faithful presentation
of financial statements not containing such
significant abnormalities, whether resulting from
frauds or from errors, as well as the determination
of reasonable accounting estimates in view of
the circumstances.
Our responsibility consists in expressing an
opinion on such financial statements based
on our audit performed in accordance with the
professional standards applicable in Tunisia
Such standards require from our part to comply
with the rules of ethics and to plan and carry out
the audit process in order to obtain a reasonable
assurance that the financial statements of
STUSID BANK as of 31st December 2010, do
not contain any significant abnormalities.
An audit involves the implementation of such
procedures in order to collect probant elements
concerning the amounts and the information
provided in the financial statements.
The choosing of procedures falls under our
judgment and so does the assessment of the
risk that the financial statements contain such
significant abnormalities, whether resulting from
frauds or from errors.
By proceeding to such risk assessments, we
take into account the current internal control
within the Bank relating to the preparation and
the faithful presentation of financial statements
in order to define such appropriate audit
procedures in the circumstance, and not with the
aim of expressing an opinion on the efficiency of
such internal control.
An audit also includes the appraisal of the
appropriate character of accounting methods
maintained and the reasonable character
of the accounting estimates made by the
management and administration bodies, as well
as the appraisal of the thorough presentation of
financial statements.
Annual Report 2010
47
We maintain the actions accomplished within this framework make a reasonable basis for grounding
our opinion.
In our opinion, the financial statements attached hereto are regular and faithfully reflect, in all significant
aspects, the financial situation of STUSID BANK as of 31st December 2010, as well as the results of
its operations and of its cash-flow for the financial year closed on such date, in accordance with the
accounting principles generally accepted in Tunisia.
I- SPECIFIC VERIFICATIONS AND INFORMATIONS
We have also proceeded, in accordance with the trade’s standards, to the specific verifications provided
for by law.
On the basis of such verifications, we have no comments to formulate on the faithfulness and the
concordance with the financial statements of the accounting-related information provided in the Board
of Director’s management report for the relevant financial year.
We have also, within the framework of our audit, proceeded to the examination of internal control
procedures relating to the processing of accounting information and to the preparation of financial
statements.
We report, according to the requirement of Article 3 of Law no 94-117 dated 14th November 1994
as amended by Law no 2005-96 dated 18th October 2005, that our examination has revealed such
insufficiencies impacting the reliability of certain accounts of items “Other Assets” and “Other Liabilities”
of which in particular the inter-head office, stand-by and outstanding accounts.
The effect of such insufficiencies is not of significance which justifies that they should be mentioned on
the level of our opinion on the accounts as expressed above.
Moreover, and pursuant to the provisions of Article 19 of the Presidential Decree n° 2001-2728 dated
20th November 2001, we have proceeded to the necessary verifications and we have no comments on
the compliance of the keeping of accounts in securities issued by the Bank with the current regulations.
It is to be noted that the Bank has signed the Terms and Conditions Book provided for by the Minister
of Finance’s Order dated 28th August 2006 and submitted it to the Financial Market Commission on
20th May 2008.
Made at Tunis on the 2nd of June 2011
THE AUDITORS
Mourad GUELLATY
Cabinet Mourad Guellaty
48
Kalthoum BOUGUERRA
F.M.B.Z. KPMG TUNISIA
AUDITOR’S SPECIAL REPORT ON REGULATORY AGREEMENTS
(ARTICLES 200 & 475 OF COMMERCIAL COMPANIES ACT AND ARTICLES 29 OF LAW
No.2001-65)
FINANCIAL YEAR ENDED 31ST DECEMBER 2010
Honourable Shareholders
Pursuant to the provisions of Articles 200 and 475 of Commercial Companies Act and those of Article
29 of Law no 2001-65 as amended by subsequent texts, we have the pleasure to inform you that
the Managing Directors has communicated to us the performance of the agreements and operations
contemplated by the above mentioned articles which we will report hereunder.
Our responsibility is to ascertain the compliance with the legal procedures for authorization and approval
of such agreements or operations. It does not fall to us accordingly to search the possible existence of
such agreements or operations but to communicate you, on the basis of the information which has been
given to us, their substantial characteristics and terms, without being under the obligation of expressing
our opinion on their usefulness and their cogency. It falls to you to appraise the interest connected with
the conclusion of such agreements and the performance of such operations for approval thereof.
1- AGREEMENTS CONCLUDED DURING THE FINANCIAL YEAR 2010 :
1.1- LEASE CONTRACT WITH COMPANY “ TSPP”
By virtue of a contract concluded on 31st December 2009, STUSID BANK has put at disposal of
“Société Tuniso-Saoudienne de Participation et de Placement TSPP” [Tunisian- Saudi Shareholding
and Placement Company] two offices located at the 6th floor of the registered office premises, at
32 Rue Hédi Karray, in consideration of an annual rent of TND 7.300 payable each half year. Such
contract taking effect as from 1st January 2010 is concluded for a one year duration automatically
removable with an increase by 5% per annum.
1.2- AGREEMENTS CONCLUDED WITH T.S.I RELATING TO THE COMMON PLACEMENT FUND
«KOUNOUZ»
In 2008, STUSID BANK has concluded the following two agreements with the company “TunisoSaoudienne d’Intermédiation (TSI)” [Tunisian – Saudi Intermediation Company] being the manager of
KOUNOUZ:
• A trustee agreement by virtue of which STUSID BANK ensures the deposit of bonds and funds for
the account of KOUNOUZ Common Placement Fund.
In return, STUSID BANK receives a remuneration equal to 0.25% inclusive of tax, of net assets of the
Common Placement Fund, discounted on a day-to-day basis.
• A distributorship agreement by virtue of which STUSID BANK ensures the marketing of KOUNOUZ
Common Placement Fund’s shares in its banking network. The remuneration received by STUSID BANK
for such function is discounted on a day-to-day basis, being equal to the Bank’s quota in the
distributorship’s commission paid by KOUNOUZ Common Placement Fund to TSI.
Such quota determined on the basis of 0.35% of KOUNOUZ Common Placement Fund’s net
Rapport annuel 2010
49
assets multiplied by the quotient of outstanding bills of in-put subscriptions by STUSID BANK (net of
redemptions), by the total outstanding bills of input subscriptions (net of redemptions).
1.3- AGREEMENTS CONCLUDED WITH AL HIFADH- SICAV :
STUSID BANK has also concluded two agreements with AL HIFADH SICAV relating to:
• A trustee agreement, by virtue of which STUSID BANK ensures the deposit of bonds and funds
invested by said SICAV. In return, it receives a remuneration equal to 0.15% inclusive of tax of SICAV’s
net assets, discounted on a day-to-day basis.
• A distributorship agreement by virtue of which STUSID BANK ensures the marketing of AL HIFADH
SICAV within its banking network.
The remuneration received by STUSID BANK for such function is discounted on day-to-day basis,
being determined on the basis of 0.25 % of AL HIFAD-SICAV’s net assets multiplied by the quotient
of outstanding bulls of input subscriptions brought by STUSID BANK (net of redemptions), by the total
outstanding bills of subscriptions ( net of redemptions).
1.4- LEASE CONTRACT WITH “TSI” COMPANY
By virtue of a contract concluded on 31st January 2007, STUSID BANK has put at the disposal of the
Company Tuniso-Saoudienne d’Intermédiation “TSI” [Tunisian-Saudi Intermediation Company] a set of
offices located at 4th floor of registered office premises at 32 Rue Hédi Karray, in consideration of an
annual rent of TND 35 765 payable each half- year. Such contract taking effect as from 1st January
2007 is concluded for a one-year duration automatically renewable with an increase by 5% per annum.
1.5- LEASE CONTRACT WITH “TSR” COMPANY
STUSID BANK has put at the disposal of “Société Tuniso-Saoudienne de Recouvrement “TSR” [TunisianSaudi Recovery Company]” a set of offices located at 3rd floor of STUSID’s registered office premises
at 32 Rue Hédi Karray, in consideration of an annual rent of TND 11 573 payable each half -year. Such
contract taking effect as from 1st January 2003 is concluded for a one-year duration automatically
renewable with an increase by 5% per annum.
2. BANK’S OBLIGATIONS AND COMMITMENTS TOWARD THE EXECUTIVE
OFFICERS
2.1. The gross monthly remuneration of the Managing Director is set by the Prime Ministry’s orders
dated 23/09/2010.
The Managing Director benefits from a service car and from the Bank’s takeover of all costs related
thereto.
The directors’ members of audit committee and of credit executive committee receive a remuneration
for their attendance to the meetings of the said committees, being TND 2 063 per person and per
meeting.
2.2. Bank’s obligations toward its executive officers as they appear in the financial statements of financial
year ended 31st December 2010, present as follows in Tunisian Dinars (TND):
• Your Managing Director, appointed on 24th of Mars 2010, obtained during 2010 a remuneration
detailed as follows:
50
Managing Director 2
Short-term benefits
Financial year’s
costs
Liabilities as of
31/12/2010
52 310
-
52 310
-
Post-employment benefits
Other Long-term benefits
End of service gratuity
Payment in shares
TOTAL
• Your Managing Director retiring, being in position until 24th of Mars 2010, obtained during 2010 a
remuneration detailed as follows:
Managing Director 1
Short-term benefits
Financial year’s
costs
Liabilities as of
31/12/2010
18 002
-
18 002
-
Payment in shares
TOTAL
Annual Report 2010
51
• The directors’ members of audit committee and of credit executive committee receive a
remuneration for their attendance to the meetings of the said committees is detailed as follows:
directors’ members of audit committee
and of credit executive committee
Financial year’s
costs
Liabilities as of
31/12/2010
61 875
-
61 875
-
Short-term benefits
Payment in shares
TOTAL
-
An annual net budget as directors’ fees amounting to 82 500 dinars.
Moreover and apart from the above mentioned agreements and operations, we have received
no notice from your esteemed Board of Directors relating to other operations governed by the
provisions of the said articles and our actions did not reveal the existence of such operations.
Made at Tunis on the 14th of June 2011
THE AUDITORS
Mourad GUELLATY
Cabinet Mourad Guellaty
52
Kalthoum BOUGUERRA
F.M.B.Z. KPMG TUNISIA
06
Consolidated Financial Information
of STUSID BANK Group
06
Consolidated
Financial
Information
of STUSID BANK
Group
The consolidated financial information of STUSID BANK Group have been
established in accordance with the current laws, corporate accounting
system and with Tunisian accounting standards relating to banking institution
operations, as well as with corporate financial consolidation.
Pursuant to the provisions of Law no 117-2001 dated 6th December 2001,
and to Tunisian according standards, corporations eligible to consolidation,
being STUSID BANK’s subsidies are listed in the following table:
54
Company
Secteur
Nature
Control
Percentage
Interest
Percentage
Consolidation
Method
STUSID BANK
Financial
Parent
Company
100,00 %
100,00 %
Total
integration
Tuniso-Séoudienne de
Recouvrement (TSR)
Financial
Subsidiary
99,98 %
99,98 %
Total
integration
Tuniso-Séoudienne de Participation
et de Placement TSPP (SICAR)
Financial
Subsidiary
99,96 %
99,96 %
Total
integration
Tuniso-Séoudienne de
Participations et d’Investissement
(TSPI)
Financial
Subsidiary
99,99 %
99,99 %
Total
integration
Société de développement et
d’aménagement touristique de
Tabarka
Estate
Subsidiary
52,55 %
52,55 %
Total
integration
Société d’Aménagement « Sfax Al
Jadida »
Estate
Total
Integration
52,50 %
Subsidiary
Services
Subsidiary
AL HIFADH SICAF
Financial
Subsidiary
100,00 %
100,00 %
Total
Integration
F C P “KOUNOUZ”
Financial
Subsidiary
100,00 %
100,00 %
Total
Integration
Tuniso-Séoudienne
d’intermédiation(TSI)
Financial
Subsidiary
30,00 %
30,00 %
Total
integration
Estate
JointVenture
23,27 %
23,27 %
Equivalence
Matching
Société Industrielle de Textiles
(SITEX )
Industry
JointVenture
30,78 %
30,78 %
Equivalence
Matching
Tuniso-Séoudienne de Trading
(TST)
Commercial
JointVenture
39,90 %
39,90 %
Equivalence
Matching
Service
JointVenture
25,00 %
25,00 %
Equivalence
Matching
Soc.« Al Marja » d’élevage et de
dév.agricole
Agricultural
JointVenture
28,57%
28,57%
Equivalence
Matching
Floralia
Agricultural
JointVenture
49,57 %
49,57 %
Equivalence
Matching
TANKMED
Service
JointVenture
20,00 %
20,00 %
Equivalence
Matching
Société « Al-Kanaouet »
Industry
JointVenture
28,56 %
28,56 %
Equivalence
Matching
Société d’Etudes et de Suivi 1
Société Immobilière TunisoSéoudienne (SITS)
Société d’Investissement du CapBon (SICAB)
52,50 %
Total
Integration
Estate
Immobilière « Al Jadida » 1
Total
Integration
1. Such corporations have been consolidated by total integration into « Sfax Al Jadida » company.
Annual Report 2010
55
The companies with control percentage exceed 20% and which have not been integrated into
corporate group are the following:
Company
56
Control Percentage
SMVDA « SIDI SAAD »
39,13 %
Soc .Tuniso-Européenne de production d’ asperges
51,02 %
Société agricole « RAHMANIA»
33,30 %
Société agricole « AZIZIA »
40,00 %
SMVDA « SIDI MANSOUR »
42,25 %
Société Tuniso- Américaine de transf. de dattes « TADCO »
41,00 %
Société Pépinières de Tunisie (SPT)
49,97 %
SMVDA Mlaabi
50,00 %
Société de confection « SOMATEC »
33,33 %
Pêcheries de Jerba
57,80 %
Société « SOTUCOUPE »
25,71 %
Société « SODAV »
20,14 %
Société « FOODLAND »
25,00 %
SMVDA LEZDINE
20,00 %
Société « LA MOQUETTE »
20,00 %
Société l’outillage
20,00 %
Société « CARPETEX »
20,00 %
Société « SIDPA »
20,00 %
SMVDA El-Majel
23,59 %
CANAL HORIZONS
27,24 %
HOTEL NEPTUNIA
22,86 %
CONSOLIDATED BALANCE SHEETS
As of 31st December
ASSETS
Dec 10
Dec 09
Cash and Holdings at Central Bank of Tunisia and
CCP
29 912
12 678
3 047
5 382
Credits on Customers
377 090
274 302
Commercial Portfolio
50 729
43 219
37 435
33 159
Equivalence Matched Securities
34 760
32 934
6 918
6 558
Others Assets
64 186
42 834
Taxes Deferred
11 071
14 046
615 148
465 112
LIABILITIES AND STOCKHOLDERS’ EQUITY
Dec 10
Dec 09
Central Bank of Tunisia and CCP
10 005
Deposits and Holdings of Banking and Financial
Institutions
46 435
26 208
242 162
139 543
1 175
2 818
46 180
41 837
345 957
210 406
33 319
28 835
Corporate Capital
100 000
100 000
Consolidated Reserves
118 418
108 702
123
236
17 331
16 933
Total Stockholders’ Equity
235 872
225 871
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
615 148
465 112
Credits on Banking Institutions
Locked-Up Securities
Total Assets
Customers Deposits
Loans and Special Resources
Other Liabilities
Total Liabilities
- Share of Minority Shareholders
Consolidated Results Carried Forward
Financial Year’s Consolidated Net Result
Annual Report 2010
57
CONSOLIDATED OFF BALANCE SHEETS COMMITMENTS
As of 31st December
( In thousand of Tunisian Dinars)
31 dec 2010
31 dec 2009
POTENTIAL LIABILITIES
Securities, Endorsements and Other Warranties
Granted
47 345
16 071
Documentary Credits
10 911
11 888
7 098
4 609
65 354
32 568
3 418
5 811
522
247
3 940
6 058
Assets Granted with Warranty
TOTAL POTENTIAL LIABILITIES
COMMITMENTS GRANTED
Financing Commitments Granted
Commitments on Securities
Warranties Granted
TOTAL COMMITMENTS GRANTED
COMMITMENTS ACCEPTED
Financing Commitments Accepted
11 000
Warranties Accepted
84 824
64 186
95 824
64 186
Other Commitments Accepted
TOTAL COMMITMENTS ACCEPTED
58
CONSOLIDATED INCOME STATEMENTS
As of 31st December
2010
2009
23 908
17 576
Commissions
4 946
2 849
Earnings on Commercial Portfolio and Financial Operations
3 924
2 828
Revenue of Investment Portfolio
1 568
1 022
34 346
24 275
Intérêts encourus et charges assimilées
(8 224)
(4 508)
Total Banking Operating Costs
(8 224)
(4 508)
NET BANKING INCOME
26 102
19 767
( 13 493)
(6 374)
(7 499)
(6 999)
(6 357)
464
129
(24)
Appropriation to Amortizations and Resorptions
(1 005)
(1 541)
Other Operating Incomes
17 194
11 542
OPERATING RESULT
15 071
16 835
Balances in Earnings / Losses Generated by Other Ordinary
Elements
1 386
42
Corporate Tax
(1 319)
(1 385)
Shareholdings in Consolidated Companies
3 080
2 391
Share of Minority Shareholders
(887)
(950)
17 331
16 933
Total Banking Operating Incomes
Interests Incurred and Allied Costs
Operating Overheads
Personnel Costs
Credits
FINANCIAL YEAR’S NET RESULT
Annual Report 2010
59
CONSOLIDATED CASH FLOW STATEMENTS
As of 31st December
2010
2009
Banking Operating Incomes Collected
47 515
34 296
Banking Operating Incomes Paid out
(19 293)
13 761
Deposits/Withdrawals of Other Banking and Financial Institutions
34 677
12 347
Loans and Advances/Repayment of Loans and Advances Granted to
Customers
(107 311)
76 456
Deposits/Withdrawals of Customers Deposits
101 278
78 277
(827)
532
Sums Paid to Personnel and Miscellaneous Creditors
(6 394)
4 956
Other Cash Flow Generated by Operating Activities
(18 034)
6 548
Taxes on Profits
(2 051)
817
NET CASH FLOW GENERATED BY OPERATING ACTIVITIES
29 560
11 316
Interests and Dividends Collected on Investment Portfolio
2 409
1 410
Acquisitions/Assignments on Investment Portfolio
(3 662)
(9 008)
Acquisitions/Assignments on Fixed Assets
(1 280)
(1 880)
NET CASH FLOW GENERATED BY INVESTMENT ACTIVITIES
(2 533)
(9 478)
Increase/Decrease in Special Resources
(2 326)
(732)
Dividends Paid
(4 000)
(4 000)
NET CASH FLOW GENERATED BY FINANCING ACTIVITIES
(6 326)
(4 732)
20 701
(2 894)
1 874
4 768
22 575
1 874
OPERATING ACTIVITIES
Placement Bonds
INVESTMENT ACTIVITIES
FINANCING ACTIVITIES
NET VARIATION OF LIQUIDITY AND LIQUIDITY EQUIVAENTS DURING
FINANCIAL YEAR
LIQUIDITY AND LIQUIDITY EQUIVAENTS IN THE BEGINNING OF THE
FINANCIAL YEAR
LIQUIDITY AND LIQUIDITY EQUIVAENTS AT THE END OF THE FINANCIAL
YEAR
60
AUDITORS’ GENRAL REPORT
FINANCIAL YEAR ENDED
31st DECEMBER 2010
Honourable Shareholders:
In enforcement of the assignment entrusted
to us by your esteemed Ordinary General
Assembly, we submit you our report on control
of financial statements of STUSID BANK as of
31st December 2010, as attached hereto, as
well as the verifications and specific information
provided for by law and by professional
standards.
I- OPINION ON FINANCIAL STATEMENTS
We have audited the consolidated financial
statements of STUSID BANK for financial
year ended 31st December 2010 which show
total assets net of amortizations & provisions
amounting to 615 291 KTND and profit result
amounting to 17 331 KTND and off-balance
sheet commitments amounting to 69 294 KTND.
Such financial statements have been made
under the responsibility of the management
and administration bodies of the company in
accordance with the professional standards
applicable in Tunisia.
Such responsibility includes design, putting in
place and follow-up of an internal control relating
to the preparation and the faithful presentation
of financial statements not containing such
significant abnormalities, whether resulting
from frauds or from errors, as well as the
determination of reasonable accounting
estimates in view of the circumstances.
Our responsibility consists in expressing an
opinion on such financial statements based
on our audit performed in accordance with the
professional standards applicable in Tunisia
and taking into consideration the prudential
standards as well as the terms of reference for
audit of accounts, as defined by the circular of
CENTRAL BANK OF TUNISIA n° 23 of 1993
released on 30th July 1993.
Such standards require from our part to
comply with the rules of ethics and to plan and
carry out the audit process in order to obtain
a reasonable assurance that the consolidated
financial statements of STUSID BANK, do not
contain any significant abnormalities.
An audit involves the implementation of such
procedures in order to collect probant elements
concerning the amounts and the information
provided in the financial statements.
The choosing of procedures falls under our
judgment and so does the assessment of the
risk that the financial statements contain such
significant abnormalities, whether resulting
from frauds or from errors.
By proceeding to such risk assessments, we
take into account the current internal control
within the Bank relating to the preparation and
the faithful presentation of financial statements
in order to define such appropriate audit
procedures in the circumstance, and not
with the aim of expressing an opinion on the
efficiency of such internal control.
An audit also includes the appraisal of the
appropriate character of accounting methods
maintained and the reasonable character
of the accounting estimates made by the
management and administration bodies,
as well as the appraisal of the thorough
presentation of financial statements.
We maintain the actions accomplished within
this framework make a reasonable basis for
grounding our opinion as follows:
• The groups SASEJ and SICAB have been
consolidated on the basis of their provisional
Annual Report 2010
61
financial statements as indicated in the Notice 5-1.
• The equivalence matching has been used in place of total integration for the company FLOR’ALIA
the sole financial statements of which have been made up on 30th June 2010.
• Certain companies have not been integrated within the consolidation perimeter for various reasons,
of which in particular the absence of financial statements or that the relevant company is under
liquidation as indicated in the Notice 5-3.
In our opinion, the consolidated financial statements attached hereto are regular and faithfully reflect,
in all significant aspects, the consolidated financial situation of STUSID BANK as of 31st December
2010, as well as the results of its operations and of its cash-flow for the financial year closed on such
date, in accordance with the accounting principles generally accepted in Tunisia.
II - SPECIFIC VERIFICATIONS AND INFORMATIONS
We have also proceeded, in accordance with the trade’s standards, to the specific verifications
provided for by law.
On the basis of such verifications, we have no comments to formulate on the faithfulness and
the concordance with the consolidated financial statements of the accounting-related information
provided in the Board of Director’s management report for the relevant financial year.
We have also proceeded, as part of our audit, to examine the internal control procedures related to
the accounting information process and the elaboration of individual financial statements of STUSID BANK
(parent company). We point out, in accordance with the requirement of Article 3 of the Law 94-117
dated 14th November 1994 as modified by the Law 2005-96 dated 18th October 2005, that our
audit underscored insufficiencies affecting the reliability of some accounts of rubrics “Other Assets”
and “Other Liabilities”, including in particular inter-headquarter and suspense accounts.
Made at Tunis on 29th of June 2011
THE AUDITORS
Kalthoum BOUGUERRA
F.M.B.Z. KPMG TUNISIE
62
Mourad GUELLATY
Cabinet Mourad GUELLATY
ORDINARY GENERAL ASSEMBLY’S RESOLUTIONS
First Resolution
The Ordinary General Assembly of shareholders of STUSID BANK, after examination of Board of
Directors’ Report on STUSID BANK’s business relating to financial statements as of 31/12/2010, as
well as Auditors’ Reports related to individual and consolidated financial statements as of 31/12/2010,
hereby approves the Board of Director’s report, as well as the individual and consolidated financial
statements as of 31/12/2010, as presented by the Board of Directors.
Such resolution was passed at the unanimity.
Second Resolution
The Ordinary General Assembly hereby gives full and complete discharge to the directors for their
management during the financial year 2010.
Third Resolution
The Ordinary General Assembly decided to allot the results relating to financial year 2010 as follows:
Net Profit
Results carried forward from previous financial years
First Balance
Statutory Reserves 5% (elective)*
Second Balance
Reserves
9 726 618,473
122 789,452
9 849 407,925
492 470,396
9 356 937,529
6 000 000,000
Third Balance
3 356 937,529
TND
Dividends
3 000 000,000
TND
Fourth Balance
356 937,529
TND
Social Fund
250 000,000
TND
Fifth Balance
106 937,529
TND
Results carried forward
106 937,529
DT
0,000
TND
Sixth Balance
Such resolution was passed at the unanimity
TND
TND
TND
TND
TND
TND
Fourth Resolution
Pursuant to the provisions of Article 29 of STUSID BANK’s Articles of Association, the Ordinary
General Assembly decides to set the director’s fee for financial year 2010 to TND 6 600 net of tax
per director.
Annual Report 2010
63
And pursuant to the provisions of Article 12 of Law n° 96-2005, the Ordinary General Assembly
decides to grant a gratuity with an equal amount to the members and to the secretary of audit
standing committee as well as to the members and secretary of the credit executive committee.
Fifth Resolution
Pursuant to the provisions of Article 19 of STUSID BANK’s Articles of Association, the Ordinary General
Assembly ratifies the nomination, as Directors of STUSID BANK, of Mr. Ahmed Farid ALAWLAKI in
replacement of Dr Abdulaziz NASRALLAH as from 24th November 2010, and of Mr. Adel ALHOWAR
in replacement of Mr Saïd SAEERI as from 24th November 2010, Mrs Amel RIHANE in remplacement
of Mr Messaoud ALOUI as from 01st June 2011, and Mr Zakaria HMED in remplacement of Mr Tarek
ZINE as from 29th June 2011,
and that for the remaining period of mandates of their predecessors which will end on the date of
holding the Ordinary General Assembly which is to proceed on the accounts of financial year 2012.
Sixth Resolution
Pursuant to the provisions of the Law 2006-19 dated 2nd May 2006, the General Ordinary
Assembly decides to nominate “Cabinet Mourad Guellaty” as the auditors of STUSID BANK for the
accounting year 2011-2012 and 2013. It decides to nominate the same, as well, as auditor for the
consolidated financial statement for the accounting year 2011- 2012 and 2013 and determines its
fees in accordance to the applicable law.
Seventh Revolution
The General Ordinary Assembly allows the emission of one or more obligatory loans with a global
maximum amount of 50 millions of Dinars, from the day and during the period separating the date of
the present Ordinary General Assembly and the date of the Ordinary General Assembly deliberations
on the next accounting year.
The Ordinary General Assembly delegates, for this purpose, all the powers to the bank Board of
Directors in order to determine the successive amounts of these obligatory loans as well as their
conditions, pursuant to the Article 331 of the Trading Company Code.
Eighth Resolution
The Ordinary General Assembly confers all powers to the Managing Director or any other person
designated by him in order to complete all formalities and procedures provided for by law.
64

rapport annuel stusid 2010 Ang 64.indd

Transcription

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