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2013 Annual Report Cabo Verde Contents Annual Report 2013 Banco Espírito Santo Cabo Verde

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2013 Annual Report Cabo Verde Contents Annual Report 2013 Banco Espírito Santo Cabo Verde 2013 Annual Report Cabo Verde Contents Annual Report 2013 Banco Espírito Santo Cabo Verde I Management Report 1 Message from the Chairman 8 2 BES Cabo Verde 9 3 Economic Framework 2013 11 4 Commercial Activity 14 5 Credit Risk Analysis 15 6 Analysis of the Evolution of Activity 17 7 Financial and Prudential Statements 21 8 Final Notes 23 Annual Report 2013 Banco Espírito Santo Cabo Verde 2 II Financial Statements and Notes to the Financial Statements 1 Financial Statements 26 2 Explanatory Notes to Financial Statements 28 3 Statutory Audit 48 4 Statutory Auditor’s Report and Opinion 49 5 Auditor’s Report 50 III Information on Corporate Governance 1 Organizational and Governmental Structure 53 2 Powers of the Board of Directors 54 3 Internal Control and Risk Management System 55 4 Administrative and Financial 57 5 Organization and Marketing 58 6 Operational 59 7 Commercial 60 Annual Report 2013 Banco Espírito Santo Cabo Verde 3 A. Main Indicators 31.12.13 31.12.12 ACTIVITY (thousands of CVE) Net Assets 24,084,805 15,081,922 Loans and Advances to Costumers (gross) 2,487,462 2,208,233 Deposits(1) 22,015,949 13,377,656 Financial Margin 255,801 255,407 Banking Income (BI) 331,360 362,311 Cash-Flow 157,018 213,242 Income for the Year 79,648 103,236 OPERATIONS Number of Branches 02 02 Number of Employees(2) 25 25 Number of Employees/ Number of Branches 13 13 LIQUIDITY Deposits in the Central Bank (mCVE) 1,455,953 423,003 Transformation Ratio of Deposits into Credit (%)(3) 18 44 ASSET QUALITY (%) Default = Overdue Loans > 90 days/(Gross) Loans and Advances to Costumers 9.83 3.18 Provisions/ Overdue Loans > 90 day 25.09 60.23 Provisions for Credit / Loans and Advances to Customers 2.46 1.92 Credit Risk Cost(4) 0.76 1.17 PRODUCTIVITY/ EFFICIENCY Average Assets/ Average Number of Employees (mCVE) 783,335 488,144 Cash Flow/ Average Number of Employees (mCVE) 6,281 9,477 Structure Costs/ Average Assets (%) 0.89 1.36 Cost-to-Income (%) 64.19 49.38 (1) Customer funds include customer deposits and central bank funds. (2) Includes all (permanent and fixed-term contract) employees. (3) The transformation ratio is given by the relationship between loans and advances to customers and costumer deposits. (4) Credit provision for the year/ (gross) loans and advances to customers. B. Results and Profitability 31.12.13 31.12.12 AVERAGE BALANCE (thousands of CVE) Net Assets (NA) 24,084,805 15,081,922 Financial Assets (FA) 21,667,114 14,911,970 Equity (EQ) 1,665,306 1,585,658 GENERATION OF INCOME ACCOUNT (thousands of CVE) Net Interest Income (NII) 255,801 255,407 + Customer Fees and Commissions (FC) 51,201 70,511 = Commercial Banking Income (CBI) 307,002 325,918 + Capital Markets and other Results (CMR) 24,358 36,393 = Banking Income (BI) 331,360 362,311 - Operating Costs (OC) 212,700 178,900 = Gross Income (GI) 118,660 183,411 - Net Reversal Provisions (NRP) 18,984 25,855 = Income before Taxation (IBT) 99,676 157,556 - Taxes (T) 20,028 54,320 Minority interests (MI) - - = Net Income for the Year (NI) 79,648 103,236 PROFITABILITY (%) Financial Margin (NII/ FA) 1.18 1.71 + Return on Customer Fees and Commissions (FB/ FA) 0.24 0.47 + Return on Capital Markets and other (RCM/ FA) 0.11 0.24 = Business Margin (BI/ FA) 1.53 2.43 - Relevance of Operating Costs (OC/ FA) 0.98 1.20 - Provisions (PNR/ FA) 0.09 0.17 - Relevance of Minority Interests [(MI+T)/ FA] 0.09 0.36 = Return on Financial Assets (NP/ FA) 0.37 0.69 x Relevance of Financial Assets (FA/ NA) 90% 99% = Return on Assets “ROA” (NP/ FA) 0.33 0.68 x Investment Multiplier (NA/ EQ) 1446% 951% = Return on Equity “ROE” (NP/ KP) 4.78 6.51 Annual Report 2013 Banco Espírito Santo Cabo Verde 4 Net Assets Net Income (MCVE) (MCVE) 24,085 103 80 15,082 45 6,885 2011 2012 2013 2011 2012 2013 Customers Activity Asset Quality (MCVE) (%) Loans and Advances to Customers (gross) Provisions/ Credit Deposits Credit Risk Cost Ratio Credit/ Deposits 44% 13,977 2.46 1.92 28% 1.11 1.17 5,365 0.99 5,056 18% 0.76 2,208 2,487 1,486 2011 2012 2013 2011 2012 2013 Core Capital and Capital Adequacy Ratio Profitability and Efficiency (MCVE and %) (%) ROE Core Capital Cost to income Capital Adequacy Ratio 44% 1,577,494 6.51 64.19 1,520,013 53.93 28% 4.78 49.38 22% 1,413,031 3.01 2011 2012 2013 2011 2012 2013 Annual Report 2013 Banco Espírito Santo Cabo Verde 5 Valter Vinagre - b.1954, Portugal. Da série Variações para um fruto, S/Título #1, 2003. Ilfochrome s/aluminium 43 x 45,5 cm. Unique print © Valter Vinagre Management Report 1 Message from the Chairman 8 5 Credit Risk Analysis 15 5.1 Credit Portfolio and Provisions 15 2 BES Cabo Verde 9 5.2 Credit Risk Analysis 16 2.1 Share Capital and Shareholder Structure 9 2.2 Corporate Bodies 9 6 Analysis of the Evolution of Activity 17 2.3 Geographical Presence, Branch Network and Facilities 9 6.1 Summary of Activities 17 2.4 Human Resources 10 6.2 Balance 18 2.5 Social Responsibility 10 7 Financial and Prudential Statements 21 3 Economic Framework 2013 11 7.1 Results 21 3.1 International Framework 11 7.2 Financial Ratios 22 3.2 National Framework 11 7.3 Prudential Ratios 22 3.3 Sectorial Overview of Cape Verde’s Economy 12 8 Final Notes 23 4 Commercial Activity 14 8.1 Declaration of compliance with the 4.1 Strategy and Business Model 14 Financial Information presented 23 8.2 Proposal for the Application of Income 23 8.3 Acknowledgements 23 Annual Report 2013 Banco Espírito Santo Cabo Verde 7 Message from the Chairman Dear Shareholders, Contrary to the optimistic expectations for 2013, the global economic situation Given that the distribution of sectorial GDP in Cape Verde is a relevant continued to be characterized by a high degree of uncertainty, primarily due element within the framework of economic activity in the country, for related to the Euro Zone debt crisis, which has an impact on foreign investment flows economic agents, the BESCV and Espírito Santo Research developed a method in several European economies with close links to Cape Verde. of estimation, specific to this indicator, which shows the consolidation of the weight of the tourism sector and related activities, in particular transport, Despite this situation, BESCV was able to take advantage of opportunities commerce and support services. and maintain its focus on the national and international markets. Commitment to innovation and new technologies continued to be a constant, Internationally speaking, BESCV increased its proximity to the regional and given the economic characteristics of 2013, it was important for BESCV markets of the west coast of Africa, having developed partnerships and to restart the flow of remittances from emigrants, between Portugal and carried out business with financial institutions and companies based in this Cape Verde, via the BESXpress. This product, developed exclusively for this group of countries. purpose, did not only allow fast transfers, but also low costs. There was also heavy investment in the internet banking project, launched in 2012, with new The intensification of commercial activities on the international market was developments that aim to provide our customers with a greater number of supported by the GBES bank network. The growth of the customer base, with remote banking operations. emphasis on international customers (Corporate and Private Non-Residents) illustrates BESCV’s capacity for intervention, leading to the creation of new Internet banking has proved to be a technological investment of great added business opportunities. value and has been an effective tool in obviating the expansion of a network of our own branches on the islands of the archipelago. From this perspective, BESCV strengthened the composition of its Board of Directors, which grew from four (3+1 Substitute Member) to six members Another highlight of the year was the signing of the protocol with Banco (5+1 Substitute Member), demonstrating its confidence in a broader market Alimentar de Portugal (Portuguese Foodbank), allowing it to act on identical in which Cape Verde will be able to intervene more actively, in the financial campaigns in Cape Verde, which fits in with our policy of social responsibility. area, and with greater recognition. It is this “BES attitude”, characterised by innovation and by the commitment As is now habitual, another economic study of Cape Verde was presented, on and professionalism of its employees, whom we thank for their hard work the third anniversary of the opening of the Bank, on the topic “Challenges and and personal and professional dedication, that makes the bank a growing Opportunities for the Capital Market”. The ISKO (International Support Kit institution and one that is able to overcome the difficulties imposed by the of Opportunities), in Cape Verde and other countries, developed by Espírito market. Santo Research, is establishing itself as a point of reference in both the domestic and international markets. Pedro Menéres Cudell (Chairman) Annual Report 2013 Banco Espírito Santo Cabo Verde 8 Substitute Member José Alberto Monteiro Soares 2. BES Cabo Verde Statutory Auditor KPMG & Associados Sociedade de Revisores Oficiais de Contas, S.A., Banco Espírito Santo Cabo Verde, S.A. (BESCV) was inaugurated in July 2010, representado pelo Dr. Fernando Gustavo Duarte Antunes with its commercial activities starting in August of the same year with a branch operating in Cidade da Praia, Santiago Island, capital of the Republic of Cape Verde.
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