TUNISIE
LEASING
GROUP
CONSOLIDATED FINANCIAL
STATEMENTS
Based on International Financial
Reporting Standards (IFRS)
December 31st, 2015
GROUPE TUNISIE LEASING
SUMMARY
GENERAL INFORMATION ........................................................................................................................................4
..................................................................................................................................................................................5
CONSOLIDATED INCOME STATEMENT ............................................................................................................7
FOR THE YEAR ENDED 31 DECEMBER 2015 ...................................................................................................7
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME....................................................................8
FOR THE YEAR ENDED 31 DECEMBER 2015 ...................................................................................................8
CONSOLIDATED STATEMENT OF FINANCIAL POSITION ..............................................................................9
AS OF DECEMBER 31ST, 2015..............................................................................................................................9
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31ST,
2015 ........................................................................................................................................................................ 10
CONSOLIDATED STATEMENT OF CASH FLOWS .......................................................................................... 12
FOR THE YEAR ENDED DECEMBER 31ST, 2015............................................................................................. 12
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .........................................................................13
NOTE 1.
1.1.
1.2.
1.3.
NOTE 2.
PRESENTATION OF TUNISIE LEASING GROUP ............................................................................13
STRUCTURE OF THE GROUP COMPANIES .................................................................................................................. 13
CHANGE OF THE SCOPE OF CONSOLIDATION .............................................................................................................. 14
TABLE OF EQUITY PARTICIPATIONS AND SCOPE OF CONSOLIDATION ................................................................................. 15
ACCOUNTING POLICIES .....................................................................................................................19
2.1. BASIS OF PREPARATION ....................................................................................................................................... 19
2.2. THE GROUP ACCOUNTING POLICIES ........................................................................................................................ 19
2.2.1
Accounting policies ................................................................................................................................ 19
2.2.2
Consolidation Accounting Policies .......................................................................................................... 28
2.3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES ............................................................................................. 30
NOTE 3.
3.1
3.2
NOTE 4.
4.1
4.2
4.3
4.4
4.5
4.6
4.7
4.8
4.9
NOTE 5.
OPERATING SEGMENTS ....................................................................................................................31
BUSINESS SEGMENTS .......................................................................................................................................... 31
GEOGRAPHIC SEGMENTS ...................................................................................................................................... 33
NOTES TO THE CONSOLIDATED INCOME STATEMENT..............................................................35
INTEREST AND SIMILAR INCOME ..................................................................................................................... 35
INTEREST AND SIMILAR EXPENSES ................................................................................................................ 35
INCOME OF LONG TERM LEASE ...................................................................................................................... 36
COUNTERPART RISK ..................................................................................................................................... 36
OTHER RISKS ................................................................................................................................................ 36
OTHER OPERATING INCOME .......................................................................................................................... 37
PERSONNEL EXPENSES ................................................................................................................................. 37
DEPRECIATION OF PROPERTY AND EQUIPMENT ............................................................................................. 37
INCOME TAX EXPENSE ................................................................................................................................... 37
NOTES TO THE CONSOLIDATED BALANCE SHEET ..................................................................... 38
5.1
CASH AND DUE FROM BANKS ......................................................................................................................... 38
5.2
FINANCIAL INVESTMENTS – AVAILABLE-FOR-SALE.......................................................................................... 38
5.3.1
Finance Lease..................................................................................................................................... 39
5.3.2
Factoring advances and loans ........................................................................................................... 41
5.3.3
Loans and advances analysis by business segment ....................................................................... 42
5.3.3
Loans and advances analysis by business segment (Continued) ................................................... 43
5.4
OTHER LOANS AND RECEIVABLES .................................................................................................................. 43
IFRS Consolidated Financial Statements as of December 31st, 2015
2
GROUPE TUNISIE LEASING
5.5
FINANCIAL INVESTMENTS - HELD-TO-MATURITY ............................................................................................. 43
5.5 FINANCIAL INVESTMENTS - HELD-TO-MATURITY (CONTINUED)............................................................................ 44
5.6 INVESTMENT IN ASSOCIATES (CONTINUED) ........................................................................................................ 45
5.7
FAIR VALUE HIERARCHY ................................................................................................................................ 45
5.8
CURRENT TAX ASSETS/LIABILITIES ................................................................................................................ 45
5.9
OTHER ASSETS ............................................................................................................................................. 46
5.10
PROPERTY, EQUIPMENT AND INTANGIBLE ASSETS ..................................................................................... 46
5.11
DEFERRED TAX ASSETS/LIABILITIES ........................................................................................................... 47
5.12
FINANCIAL LIABILITIES ............................................................................................................................... 48
5.12.1 Due to banks ....................................................................................................................................... 48
5.12.3 Due to customers ................................................................................................................................ 55
5.13
OTHER LIABILITIES ..................................................................................................................................... 55
5.14
PROVISIONS .............................................................................................................................................. 55
5.15
EQUITY ..................................................................................................................................................... 56
5.16
EARNINGS PER SHARE ............................................................................................................................... 57
5.17
NON CONTROLLING INTERESTS ................................................................................................................. 57
NOTE 6.
6.1
6.2
6.3
6.4
6.5
CREDIT RISK MANAGEMENT ............................................................................................................58
CREDIT RISK ................................................................................................................................................. 58
LIQUIDITY AND FINANCIAL RISKS .................................................................................................................... 60
CURRENCY RISK ........................................................................................................................................... 62
INTEREST RATE RISK ..................................................................................................................................... 63
OPERATIONAL RISK ...................................................................................................................................... 63
NOTE 7.
COMMITMENT AND CONTINGENCIES .............................................................................................63
NOTE 8.
RELATED PARTIES DISCLOSURES..................................................................................................64
8.1
Relationship between Tunisie Leasing’s consolidated companies ..................................................... 64
8.2
Relationship with the key-leaders .......................................................................................................... 67
8.2.1
Remuneration Policy and benefits attribution to the key leaders .................................................... 67
8.2.2
Amount of remuneration and benefits assigned to the key leaders ................................................ 67
NOTE 9.
EVENTS AFTER THE BALANCE SHEET DATE ...............................................................................68
ANNEXE 1: CONTRIBUTION TO CONSOLIDATED INCOME STATEMENT ....................................................69
ANNEXE 2 : CONTRIBUTION TO CONSOLIDATED FINANCIAL POSITION...................................................70
IFRS Consolidated Financial Statements as of December 31st, 2015
3
TUNISIE LEASING GROUP
GENERAL INFORMATION
Board of Directors
Administrator
Ahmed ABDELKEFI
Fethi MESTIRI
AMEN BANK
COMAR
STUSID
PARENIN
PGI
Abdelaziz RASSAA
Rached HORCHANI
Jalel EL HENCHIRI
Mehdi TAMARZISTE
Kamel LOUHAICHI
Represented by
Number of seats in
Board of Directors
Himself
Himself
Mehrez RIAHI
Lotfi BEN HAJ KACEM
Khaled TAKTAK
Fadhel KHELIL
Karim BEN YEDDER
Himself
Himself
Himself
Himself
Himself
1
1
1
1
1
1
1
1
1
1
1
1
Leaders
President of the Board of Directors :
Ahmed ABDELKEFI
Executive Director :
Fethi MESTIRI
Deputy Managing Director :
Hichem ZGHAL
Audit Committee
Risk Committee
Kamel LOUHAICHI
Abelaziz RASSAA
AMEN BANK represented by : Mehrez RIAHI
COMAR
Mehdi TAMARZISTE
Jalel EL HENCHIRI
Head Office
Centre Urbain Nord, Avenue Hédi Karray 1082 Mahrajène - Tunis, Tunisia.
Main Banks
Arab Banking Corporation
Amen Bank
Citibank
Banque Internationale Arabe de Tunisie
Auditor of the consolidated financial statements based on IFRS
AMC Ernst & Young
Boulevard de la terre – Centre Urbain Nord 1003 Tunis - Tunisia
IFRS Consolidated Financial Statements as of December 31st, 2015
4
TUNISIE LEASING GROUP
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2015
(KTND)
Interest and similar income
Notes
2015
2014
175 895
99 860
162 538
87 428
13 358
12 432
(79 250)
(40 576)
96 645
59 284
16 410
10 247
(6 349)
(5 855)
18
24
Net gain on available-for- sale assets
340
262
Net gain on held to maturity assets
196
358
(12 601)
(3 483)
4.1
Finance Lease
Factoring
Interest and similar expenses
4.2
Interest Margin
Income of long term lease
4.3
Expenses of long term lease
Net gain on financial assets designated at fair value
through profit or loss
Cost of risk
Counterpart risk
4.4
(9 022)
(3 280)
Other risks
4.5
(3 578)
(202)
4.6
7 081
839
111 741
61 676
Other operating income
Net Profit
Personnel expenses
4.7
(32 749)
(14 076)
Depreciation of property and equipment
4.8
(6 834)
(3 175)
(27 052)
(10 707)
Other operating expenses
Net Operating Profit
35 107
33 717
Other ordinary income
791
434
Other ordinary losses
(14)
(489)
1 384
1 240
37 267
34 902
(10 906)
(9 335)
26 361
25 568
15 764
13 929
10 598
11 638
Share of associates’ profits
5.6
Profit before tax
Income tax expense
4.9
NET PROFIT FOR THE YEAR
Attribuable to :
Equity holders of the parent
Non controlling interest
Earnings per share attribuable to equity
shareholders of the parent for the year
Basic earnings per share in TND
5.16
1,75
1,62
Diluted earnings per share in TND
5.16
1,75
1,62
IFRS Consolidated Financial Statements as of December 31st, 2015
7
TUNISIE LEASING GROUP
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2015
(KTND)
NET PROFIT FOR THE YEAR
2015
2014
26 631
25 567
-
446
Total
26 631
26 013
- Attributable to equity holders of the parent
15 763
14 063
- Attributable to non controlling interests
10 598
11 950
Other comprehensive income:
- Exchange differences on translating foreign operations
IFRS Consolidated Financial Statements as of December 31st, 2015
8
TUNISIE LEASING GROUP
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31ST, 2015
(KTND)
Notes
2015
2014
ASSETS
Cash and due from banks
5.1
Financial assets designated at fair value through profit or loss
94 886
15 875
144
463
Financial investments – available-for-sale
5.2
18 384
16 849
Loans and advances to customers
5.3
1 391 183
866 164
Finance leases
5.3.1
1 301 743
776 042
Factoring advances and loans
5.3.2
89 440
90 122
Other loans and receivables
5.4
2 361
2 287
Financial investments held-to-maturity
5.5
12 592
14 243
Investment in associates
5.6
11 005
10 779
Current tax assets
5.8
9 128
6 058
Other assets
5.11
6 042
7 184
Property and equipment
5.9
100 170
31 870
Intangible assets
5.10
41 562
4 507
Deferred tax assets
5.10
9 070
1 041
1 696 525
977 320
1 228 301
664 291
TOTAL ASSETS
LIABILITIES AND EQUITY
Financial liabilities
5.12
Due to banks
5.12.1
787 018
341 798
Debts represented by securities
5.12.2
379 254
292 153
Due to customers
5.12.3
62 029
30 340
Current tax liabilities
5.8
12 684
10 895
Deferred tax liabilities
5.11
8 294
4 309
Other liabilities
5.13
114 733
34 377
Provisions
5.14
10 915
5 014
1 374 926
718 886
175 795
171 025
TOTAL LIABILITIES
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF PARENT
Issued capital
5.15
45 000
43 000
Retained earnings
5.15
115 032
114 096
Net profit of the year
5.15
15 763
13 929
Non controlling interest
5.17
145 804
87 409
321 599
258 434
1 696 525
977 320
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
IFRS Consolidated Financial Statements as of December 31st, 2015
9
TUNISIE LEASING GROUP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31ST, 2015
(KTND)
As Of December 31st, 2013
Issued
Legal
Capital Reserves
41 500
4 150
Special
reinvestment
reserve
9 492
Reserves
assigned to
capital
increase
3 500
Share
premium
39 500
Foreign
Other
currency
réserves translation
reserve
4 889
3 526
Consolidated profit for the year
2014
446
Consolidated profit
446
Capital increase through incorporation
of reserves,approved by the E.G.M as
of October 4th , 2012
1 500
Approved allocation of the parent
Share of
reserves of
associates
5 517
Dividends
Consolidated
Non
received
Retained
profit for the controlling
from
earnings
year
interests
subsidiaries
3 038
33 233
15 380
84 341 248 066
13 929
-
13 929
14 375
(1 500)
150
-
2 203
Approved allocation of subsidiaries
(18)
Release of the special reinvestemnt
reserve approved by the E.G.M as of
June 5 th 2014
Total
equity
(3 037)
8 292
(7 609)
-
2 700
5 256
(7 772)
166
(534)
534
Impact of IFRS adoption
-
231
Dividends received from subsidiaries
231
3 304
(3 304)
-
451
369
Dividends paid on the results of 2013
(8 300)
(8 300)
Effects of the variation of the deferred
tax rate
459
Effects of changes in the area of
consolidation
(82)
459
Non controlling interest
As of december 31st, 2014
3 067
43 000
4 300
Net income and expense for the
year recognised directly in equity
11 162
2 000
39 500
4 889
3 970
5 649
6 004
36 620
13 929
87 409 258 434
3 970
5 649
6 004
36 622
13 929
87 409 258 434
Consolidated profit for the year
2015
(2 968)
15 763
Consolidated profit
(2 968)
15 763
IFRS Consolidated Financial Statements as of December 31st, 2015
3 067
12 795
10
TUNISIE LEASING GROUP
(KTND)
Capital increase through incorporation
of reserves,approved by the E.G.M as
of October 4th , 2012
Issued
Legal
Capital Reserves
Special
reinvestment
reserve
2 000
Approved allocation of the parent
Reserves
assigned to
capital
increase
Share
premium
Foreign
Other
currency
réserves translation
reserve
Share of
reserves of
associates
Dividends
Consolidated
Non
received
Retained
profit for the controlling
from
earnings
year
interests
subsidiaries
(2 000)
200
-
2 000
Approved allocation of subsidiaries
840
485
(6 004)
9 133
(5 330)
-
1 188
6 415
(8 599)
328
Impact of the variation of the exchange
rate
(45)
Impact of IFRS adoption
(45)
(190)
Dividends received from subsidiaries
(190)
4 232
Effects of changes in the area of
consolidation
(141)
(4 232)
-
624
Dividends paid on the results of 2014
(239)
(8 600)
58 634
45 000
4 500
IFRS Consolidated Financial Statements as of December 31st, 2015
13 162
-
39 500
5 729
1 002
5 802
5 420
39 917
244
(8 600)
Non controlling interest
As of december 31st, 2015
Total
equity
15 763
58 634
145 803 321 599
11
TUNISIE LEASING GROUP
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31ST, 2015
( KTND)
2015
2014
OPERATING ACTIVITIES
593 444
(492 424)
350 452
(341 595)
(17 950)
(40 944)
(44 991)
3 958
598 941
(497 404)
321 544
(312 300)
(17 652)
(34 995)
(44 214)
(6 252)
9 950
7 668
Purchase of property, equipment and intangible asset
Proceeds from sale of property, equipment and intangible asset
Purchase of financial investments
Proceeds from sale of financial investments
(10 975)
5 067
(66 743)
1 938
(13 050)
3 062
(4 223)
1 521
Net cash flow used in investing activities
(70 712)
(12 690)
41 114
(15 676)
375 664
(318 298)
3 738
(14 551)
428 646
(378 218)
(26 423)
86 542
9 455
(471)
56
84
Net increase /(decrease) in cash and cash equivalents
25 309
4 460
Cash and cash equivalents as of January 1st
Cash and cash equivalents as of Decembre 31st
(1 990)
23 319
(6 450)
(1 990)
Cash received from customers
Financing of clients on leasing
Cash received from factored purchasers
Financing of clients on factoring
Suppliers and personnel expenses paid
Interest paid
Taxe paid
Other operating cash flows
Net cash flows used in operating activities
INVESTING ACTIVITIES
FINANCING ACTIVITIES
Proceeds from issuance of shares
Dividends paid to equity holders of the parent and other allocation
Proceeds from debt issued and other borrowed funds
Repayment of debt issued
Cash flows related to the short-term financing
Net cash flows from financing activities
Effect of changes of ownership interest
Net foreign exchange difference
IFRS Consolidated Financial Statements as of December 31st, 2015
12
TUNISIE LEASING GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 1.
Presentation of Tunisie Leasing Group
On April 26th, 2016, the Board of Directors of “Tunisie Leasing Group” approved the consolidated financial
statements for the year ended December 31st, 2015 in accordance with the international financial reporting
standards (IFRS).
1.1. Structure of the Group companies
“Tunisie Leasing Group” (TLG) covers ten companies specialized in activities of the financial sector which
are leasing, factoring, market intermediation and capital investment.
§
"Tunisie Leasing" (TL) was created in October 1984. Its purpose was to offer finance lease of equipment
for industrials or professionals. That activity has been extended in 1994, to cover properties finance
lease for professionals as well as factoring transactions.
From July 1st, 1999, the "factoring" activity has been transferred to a new subsidiary denominated
"Tunisie Factoring".
The capital stock of “Tunisie Leasing” as of December 31 st, 2015 amounts to TND 45 000 000 divided
into 9 000 000 shares of TND 5 each.
Tunisie Leasing shares are listed in the Tunisian Stock Market since 1992.
§
"Maghreb Leasing Algerie" (MLA) was created in January 2006 to develop finance lease business in
Algeria.
The capital stock of “Maghreb leasing Algérie” as of December 31st, 2015 amounts to
3 500 000 000 divided into 3 500 000 shares of DZD 1 000 each.
§
DZD
"Tunisie Valeurs" is a limited company created in May 1991 which is acting as a financial advisor
providing savings instruments to its individual clients and investment and financing opportunities to its
corporate clients.
The capital stock of “Tunisie Valeurs” as of December 31st, 2015 amounts to TND 10 000 000, divided
into 100 000 shares of TND 100 each.
§
"TLG Finance" was created in October 1st, 2014. Its purpose is the acquisition, holding, transfer and
management of shareholdings in other specialized financing or operational leasing companies.
The initial capital stock of “TLG Finance” amounts to EUR 30 000. The Combined General Meeting of
September 10th, 2015 decided to increase the capital stock to EUR 18 560 000 by issuing 1 853 000
new shares of Euro 10 each fully subscribed and paid in cash .
§
"Alios Finance SA" is a holding created in 1998. Its purpose is to take participations in companies that
develop financing transactions including leasing.
The capital stock of “Alios Finance SA” as of December 31st, 2015 amounts to EUR 10 699 282 divided
to 972 662 shares of Euro 11 each.
Alios is currently present in nine countries in Sub-Saharian Africa (Ivory Coast, Senegal, Burkina Faso,
Mali, Cameroon, Gabon, Zambia, Tanzania and Kenya) via subsidiaries or branches.
IFRS Consolidated Financial Statements as of December 31st, 2015
13
TUNISIE LEASING GROUP
§
"Tunisie Factoring" was created in June 1999. Its purpose is financing, guarantee, collection and book
keeping of its customers and correspondents debt represented by invoices.
The capital stock of “Tunisie Factoring” as of December 31st, 2015 amounts to TND 10 000 000, divided
into 1 000 000 shares of TND 10 each, subscribed into cash shares and completely paid-up at the
subscription.
1.1 Structure of the Group companies (Continued)
§
The investment funds
“Tunisie Leasing” has initiated the creation of four venture capital investment funds, having for purpose the
participation on the capital share of companies.
These funds are:
§
-
”Tuninvest-Sicar”: established in 1994 as an investment fund with fixed capital, then transformed in
1998 to a Venture Capital one. Its issued capital as of December 31st, 2015 amounts to
TND
966 000, divided into 966 000 shares of TND 1 each, completely paid-up. The shares of “Tuninvest
Sicar” are listed in the Tunisian Stock Market.
-
“Tunisie–Sicar”: established in 1997. Its capital stock as of December 31 st, 2015 amounts to
500 000, divided into 50 000 shares of TND 10 each, fully paid-up.
-
“Tuninvest International Sicar”: established in 1998. Its capital stock as of December 31st, 2015
amounts to TND 500 000, divided into 50 000 shares of TND 10 each, fully paid-up.
-
“Tuninvest Innovations-Sicar”: established in 2002. Its capital stock as of December 31 st, 2015
amounts to TND 500 000, divided into 50 000 shares of TND 10 each.
TND
Other companies of the Group
-
“Tunisie Location Longue Durée” (Tunisie LLD) is a limited liability company established in 1999.
Its purpose is car lease for mid and long-term period.
Its capital stock as of December 31st, 2015 amounts to TND 3 000 000, divided into 30 000 shares
of TND 100 each.
1.2. Change of the scope of consolidation
The change of the consolidation scope as of December 31st, 2015 is due to:
-
The sale by "Tunisie Leasing” of 1 432 shares on the capital of “Tunisie Valeurs”, which has
decrease the rate of ownership on this capital from 28,77% to 27,34%.
-
The new entry of the company “TLG Finance”.
-
The new entry of the company “Alios Finance SA” through the acquisition of 59,34% of its capital
shares by “TLG Finance”.
IFRS Consolidated Financial Statements as of December 31st, 2015
14
TUNISIE LEASING GROUP
-
The acquisition by “Tunisie Leasing” of 363 634 of “Tunisie Factoring” capital shares, which has
increased the rate of ownership on this capital from 56,98% to 93,34%.
1.3. Table of equity participations and scope of consolidation
The Group’s flow chart is presented hereafter.
1.3.1. Scope of consolidation as of December 31st, 2015
IFRS Consolidated Financial Statements as of December 31st, 2015
15
TUNISIE LEASING GROUP
Direct Participations
(*) Under portage contracts
IFRS Consolidated Financial Statements as of December 31st, 2015
16
TUNISIE LEASING GROUP
1.3.2. Synthesis of the participations and consolidation’s adopted methods as of December 31st, 2015
Companies
Tunisie Sicar
Tuninvest Sicar
Tunisie Valeurs
Tuninvest Innovations Sicar
Tuninvest International Sicar
Société Tunisie Location Longue Durée
Tunisie Factoring
Maghreb Leasing Algérie
Alios Finance SA
TLG Finance
% of control
Control Degree
Consolidation method
44,00%
36,51%
27,34%
27,27%
25,00%
99,44%
93,34%
30,00%
63,94%
31,65%
Significant influence (1)
Significant influence
Significant influence
Significant influence
Significant influence
Exclusive control
Exclusive control
Exclusive control (2)
Exclusive control (3)
Exclusive control
Equity method
Equity method
Equity method
Equity method
Equity method
Full consolidation
Full consolidation
Full consolidation
Full consolidation
Full consolidation
1.3.3. Analysis of the percentages of direct and indirect interests
% of direct
interests
% of indirect interests
(Portage contracts included)
% of interests
Société Tunisie Location Longue Durée
99,44%
-
99,44%
Tunisie Factoring
93,34%
-
93,34%
Maghreb Leasing Algérie
18,72%
11,28%
30,00%
Alios
4,60%
18,78%
23,38%
TLG Finance
31,65%
-
31,65%
Tunisie Sicar
44,00%
-
44,00%
Tuninvest Sicar
36,51%
-
36,51%
Tunisie Valeurs
27,34%
-
27,34%
Tuninvest Innovations Sicar
Tuninvest International Sicar
27,27%
-
27,27%
25,00%
-
25,00%
Companies
Subsidiaries
Associates
IFRS Consolidated Financial Statements as of December 31st, 2015
17
TUNISIE LEASING GROUP
1.3.3 Synthesis of the participations and consolidation’s adopted methods as of December 31 st,
2015 (continued)
(1) Although “Tunisie Leasing” holds 44% of the capital stock of “Tunisie SICAR” and no other
shareholder is having a greater fraction, it has been consolidated according to the equity method
because on the one hand, “Tunisie Leasing” cannot govern the financial and operational policies of
this company and on the other hand, “Tunisie Leasing” is represented by only one member on the
Board of Directors.
(2) Although “Tunisie Leasing” holds only 30% of the capital stock of “Maghreb Leasing Algérie
(MLA)” and Amen Bank holds 42,61%, this participation was fully consolidated as two members of
the Credit Committee Board are from Tunisie Leasing. This status allows TL to govern the financial
and the operational policies of the company.
(3) “Tunisie Leasing” controls “Alios Finance SA” and its subsadiries through “TLG Finance”. In fact,
“Tunisie Leasing” has more than 50% of the capital share : “Tunisie Leasing” hold 4,602% and 59,34%
through “TLG Finance” of “Alios Finance SA” Capital Shares.
IFRS Consolidated Financial Statements as of December 31st, 2015
18
TUNISIE LEASING GROUP
Note 2.
Accounting policies
2.1. Basis of preparation
The financial statements comprise the financial statements of “Tunisie Leasing” and those of the
subsidiaries as at and for the year ended December 31 each year.
The consolidated financial statements have been prepared on an historical cost basis, except for
available-for-sale investments that have been measured at fair value.
The consolidated financial statements are presented in thousand Tunisian Dinars (KTND), and all values
are rounded nearest KTND.
The consolidated financial statements of “Tunisie Leasing Group” have been prepared in accordance with
International Financial Reporting Standards (IFRS) and in accordance with the IFRIC interpretations.
These consolidated financial statements include:
(a) Income Statement;
(b) Statement of Comprehensive income;
(c) Statement of Financial position;
(d) Statement of Changes in equity;
(e) Statement of cash flows; and
(f) Notes.
2.2. The Group accounting policies
2.2.1
Accounting policies
2.2.1.1
Financial assets
a- General principles
Classification
The classification of financial assets at initial recognition depends on the purpose for which the financial
assets were acquired and their characteristics. In accordance with IAS 39, the Group classifies financial
assets into the following four categories:
·
Financial assets at fair value through profit or loss ;
·
Loans and receivables ;
·
Held-to-maturity assets;
·
Available-for-sale financial assets.
Initial measurement
When a financial asset is recognised initially, the Group measures it at its fair value plus, in the case of a
financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the
acquisition or issue of the financial asset.
Fair value is the amount for which an asset could be exchanged between knowledgeable, willing parties
in an arm’s length transaction.
IFRS Consolidated Financial Statements as of December 31st, 2015
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TUNISIE LEASING GROUP
a- General principles (Continued)
Subsequent measurement
After initial recognition, an entity shall measure financial assets at their fair values, without any deduction
for transaction costs it may incur on sale or other disposal, except for the following financial assets:
(a) loans and receivables, which shall be measured at amortised cost using the effective interest
method;
(b) held-to-maturity investments, which shall be measured at amortised cost using the effective
interest method; and
(c) investments in equity instruments that do not have a quoted market price in an active market
and whose fair value cannot be reliably measured, which shall be measured at cost.
To assess financial instruments fair value, TLG uses the following hierarchy :
Level 1 – Financial instruments traded in active markets
If quoted prices in an active market are available, they are used to determine fair value. This method is
used for quoted securities and shares of the Investment companies with floating capital (SICAV).
Level 2 – Financial instruments valued using a valuation model based on directly observable parameters
Some financial instruments, although not traded in an active market, are valued using methods based on
observable market data.
These models use market parameters calibrated on the basis of observable data such as yield curves,
default rates, and loss assumptions obtained from consensus data or from active over-the-counter
markets. Valuations derived from these models are adjusted for liquidity and credit risk.
Level 3 - Financial instruments valued using a valuation model based on parameters that are not
observable
In the absence of observable data, some instruments are measured on initial recognition in a way that
reflects the transaction price, regarded as the best indication of fair value. Valuations derived from these
models are adjusted for liquidity risk and credit risk.
Financial asset at fair value through profit or loss
A financial asset at fair value through profit or loss is a financial asset that meets either of the following
conditions.
a) A financial asset is classified as held for trading if it is:
·
·
Acquired or incurred principally for the purpose of selling or repurchasing it in the near term;
Part of a portfolio of identified financial instruments that are managed together and for which
there is evidence of a recent actual pattern of short-term profit-taking;
b) Upon initial recognition it is designated by the Group as at fair value through profit or loss.
A gain or loss on a financial asset classified as at fair value through profit or loss is recognised in profit or
loss.
The shares of the Investment companies with floating capital (SICAV) are classified in this category.
a-
General principles (Continued)
IFRS Consolidated Financial Statements as of December 31st, 2015
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TUNISIE LEASING GROUP
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are
not quoted in an active market. After initial recognition, loans and receivables were been measured at
amortised cost using the effective interest method (TIE).
The effective interest method is a method of calculating the amortised cost of a financial asset or a
financial liability (or Group of financial assets or financial liabilities) and of allocating the interest income
or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts
estimated future cash payments or receipts through the expected life of the financial instrument or, when
appropriate, a shorter period to the net carrying amount of the financial asset
Generally, this category includes finance lease loans and factoring loans.
Held-to-maturity assets
Held-to-maturity investments are non-derivative financial assets with fixed or, determinable payments and
fixed maturity that TLG has the positive intention and ability to hold to maturity.
After initial recognition, held-to-maturity investments were been measured at amortised cost using the
effective interest method
Financial instruments backed to portage contracts are classified within this category.
Available-for-sale financial assets
Available-for-sale financial assets are those non-derivative financial assets that are designated as
available for sale or are not classified as:
(a) Loans and receivables;
(b) Held-to-maturity investments or;
(c) Financial assets at fair value through profit or loss.
A gain or loss on an available-for-sale financial asset is recognised directly in equity, through the statement
of changes in equity, except for impairment losses and foreign exchange gains and losses until the
financial asset is derecognised, at which time the cumulative gain or loss previously recognised in equity
is recognised in profit or loss.
Securities held by venture capital organisations, on which TLG interests are less than 20%, are considered
as available for sale assets. Consequently, they are measured at fair value and profits or losses are
recognised directly in equity.
Impairment losses on financial assets
TLG assess at each balance sheet date whether there is any objective evidence that a financial asset or
group of financial assets is impaired.
A financial asset or a group of financial assets is impaired and impairment losses are incurred if, and only
if, there is objective evidence of impairment as a result of one or more events that occurred after the initial
recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated
future cash flows of the financial asset or group of financial assets that can be reliably estimated. It may
not be possible to identify a single, discrete event that caused the impairment. Rather the combined effect
of several events may have caused the impairment. Losses expected as a result of future events, no
matter how likely, are not recognised.
a- General principles (Continued)
IFRS Consolidated Financial Statements as of December 31st, 2015
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TUNISIE LEASING GROUP
Objective evidence that a financial asset or group of assets is impaired includes observable data that
comes to the attention of the holder of the asset about the following loss events:
a) Significant financial difficulty of the issuer or obligor;
b) A breach of contract, such as a default or delinquency in interest or principal payments;
c) the lender, for economic or legal reasons relating to the borrower’s financial difficulty, granting
to the borrower a concession that the lender would not otherwise consider;
d) It becoming probable that the borrower will enter bankruptcy or other financial reorganisation;
e) The disappearance of an active market for that financial asset because of financial difficulties;
or
f) Observable data indicating that there is a measurable decrease in the estimated future cash
flows from a group of financial assets since the initial recognition of those assets, although the
decrease cannot yet be identified with the individual financial assets in the group.
The loss amount is equal to the difference between the asset's book value and the discounted value of
the future cash flows (except future credit losses whose have not been incurred yet), brought up to date
with the original TIE of the financial asset (i.e. with the TIE calculated at the initial recognition).
b- Specific rules of main activities
Finance lease activity
Recognition
The finance lease contracts made by the Group transfers substantially all the risks and rewards incidental
to ownership.
In accordance with IAS 17, assets held under a finance lease are booked as loans and receivables at an
amount equal to the net investment in the lease.
Gross investment in the lease is the aggregate of:
(a) the minimum lease payments receivable by the lessor under a finance lease, and
(b) any unguaranteed residual value accruing to the lessor.
Unearned finance income is the difference between:
(a) the gross investment in the lease, and
(b) the net investment in the lease.
The interest implicit rate in the lease is the discount rate that, at the inception of the lease, causes the
aggregate present value of (a) the minimum lease payments and (b) the unguaranteed residual value to
be equal to the sum of (i) the fair value of the leased asset and (ii) any initial direct costs of the lessor.
The Group distinguishes, among its depreciated credits, the bad debts and the non performing debts.
b- Specific rules of main activities (Continued)
IFRS Consolidated Financial Statements as of December 31st, 2015
22
TUNISIE LEASING GROUP
Depreciation
Depreciated loans and receivables
Loans and receivables with non-payment risk are depreciated on individual or group basis. Depreciations
accounted for equal to the difference between the amortized cost of loans and receivables and the sum
of future cash-flows discounted at the leasing implicit rate.
Doubtful loans and receivables
Loans and receivables are considered as doubtful when:
- it exists one or more unpaid amount since 3 months or less, taken into account the particular
characteristics of these credits,
- the financial situation of the client is deteriorated,
- there is litigation between TLG and the client.
When a client is considered as doubtful, all its related commitments with the Group are classified among
doubtful financial assets.
The Group distinguishes between:
- Doubtful loans presenting a potential loss (depreciated on individually basis)
They are litigated loans and receivables with a low probability of payment and with the perspective of a
future loss. When a commitment meets such criteria the potential loss is accounted for as depreciation.
The Group estimates future cash-flow by client. During the year, cash-flows are estimated in quarterly
basis. However, for the future, they are assessed on annual basis. The estimated loss equals the
difference between the amortized cost of loans and receivables and the future cash-flows estimated
discounted at the weighted average interest rate applied to the client.
- Doubtful loans with non-potential loss
Doubtful loans and receivables with non-potential loss are those clients’ commitments which could not be
depreciated individually that is why they are grouped in a pool with same characteristics.
Assessment of the depreciation of these commitments is based on statistical and historical data collected
by the Group which demonstrates that these commitments may be subject to depreciation (risk of non
payment). Depreciation is calculated by leasing commitment kind: vehicles lease, equipment lease and
real estate lease.
For real estate lease, the following criteria has been adopted:
- Recoverability rate observed on litigated commitment resolved,
- an average period for resolving litigated commitments (33months rounded to 36 months)
- cash collection when the litigated commitment is resolved.
Depreciation treatment
The depreciation allowance (and the depreciation write-back) for not-covering risk are registered in risk
cost.
b- Specific rules of main activities (Continued)
IFRS Consolidated Financial Statements as of December 31st, 2015
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TUNISIE LEASING GROUP
Factoring
Recognition
Factoring designates the operation of discounting commercial invoices within a Factoring company. These
invoices should be related to the sales of goods delivered or services rendered. The Factoring Company
will be in charge of client commercial invoices.
All transactions made with the client are registered by the factoring company in a special account. This
account registers all invoices discounted and all amount due to the clients. Its balance decrease with the
amount to be paid by the client to the Factoring company.
Since 2004, the Group offers two types of contracts:
-
contracts with recourse: they offer the possibility to the Group to pursuit its client if the
purchaser is fall to pay its invoices,
-
contracts without recourse: these contracts prohibit the pursuit of the client which should
subscribe a credit insurance covering 90% of the amount of its invoices.
The Group factoring revenues are composed of:
-
Factoring commission calculated on the basis of the total amount of invoices,
-
Financing commission calculated on the basis of amount advanced to the client.
Depreciation
The Group carries out the estimate of the risk proven by evaluating the doubtful debts with their fair value
by estimating cash the flows which are considered to be recoverable under these credits.
The cashing forecasts of the doubtful debts are individually identified, and thereafter are brought up to
date by using the effective interest rate of each contract.
For each customer, when discounted cash flows are lower than the customer’s risk value, a provision
equal to the differential of these two amounts is noted.
2.2.1.2
Financial liabilities
When a financial liability is recognised initially, TLG measured it at its fair value plus, in the case of financial
liability not at fair value through profit or loss, transaction costs that are directly attributable to the
acquisition or issue financial liability.
After initial recognition, all financial liabilities are measured at amortised cost using the effective interest
method
Are classified in this category:
-
Due to banks
-
Debts represented by bills (mainly bonds), and
-
Due to customers.
2.2.1.3
Property, Plant and Equipment
IFRS Consolidated Financial Statements as of December 31st, 2015
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TUNISIE LEASING GROUP
The cost of an item of property, plant and equipment is the cash price equivalent at the recognition date.
After recognition as an asset, an item of property, plant and equipment is carried at its cost less any
accumulated depreciation and any accumulated impairment losses.
Each part of an item of property, plant and equipment with a cost that is significant in relation to the total
cost of the item is depreciated separately. The depreciable amount of an asset is allocated on a systematic
basis over its useful life.
The depreciation method used reflect the pattern in which the asset’s future economic benefits are
expected to be consumed by the entity.
TLG chose to depreciate its property, plant and equipment according to the following rates:
- Transportation equipment
- Office furniture
5 years
10 years
20%
10%
- Office equipment
5 years
20%
- Machinery and equipment
5 years
20%
- Computer equipment
3 years
33%
- Layout and fixture
5 years
20%
The gain or loss arising from the derecognition of an item of property, plant and equipment is determined
as the difference between the net disposal proceeds, if any, and the carrying amount of the item.
Operating long-term lease
Recognition
TLG presents assets subject to operating lease in its balance sheet according to the nature of the asset.
Lease income from operating leases is recognised in income on a straight-line basis over the lease term,
unless another systematic basis is more representative of the time pattern in which use benefit derived
from the leased asset is diminished.
Initial direct costs incurred by TLG in negotiating and arranging an operating lease is added to the carrying
amount of the leased asset and recognised as an expense over the lease term on the same basis as the
lease income.
Depreciation
The depreciation policy for depreciable leased assets is consistent with the TLG‘s normal depreciation
policy for similar assets, and depreciation have been calculated in accordance with IAS 16.
2.2.1.4
Intangible Assets
The cost of a separately acquired intangible asset comprises:
(a) Its purchase price, including import duties and non-refundable purchase taxes, after deducting trade
discounts and rebates; and
(b) Any directly attributable cost of preparing the asset for its intended use.
2.2.1.4 Intangible Assets (Continued)
IFRS Consolidated Financial Statements as of December 31st, 2015
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TUNISIE LEASING GROUP
The amortisation period and the amortisation method for an intangible asset with a finite useful life have
been reviewed at least at each financial year-end. If the expected useful life of the asset is different from
previous estimates, the amortisation period is changed accordingly.
An intangible asset with an indefinite useful life is not amortised. The useful life of such an asset have
been reviewed by the Group at each reporting period to determine whether events and circumstances
continue to support an indefinite useful life assessment for that asset.
2.2.1.5
Borrowing costs
Borrowing costs are recognised as an expense in the period in which they are incurred.
2.2.1.6
Impairment of non financial Assets
TLG assess at each reporting date whether there is any indication that an asset may be impaired.
If any such indication exists, TLG estimates the recoverable amount of the asset. The recoverable amount
of an asset or a cash-generating unit is the higher of its fair value less costs to sell and its value in use.
If and only if, the recoverable amount of an asset is less than its carrying amount, the carrying amount of
the asset is reduced to its recoverable amount. That reduction is an impairment loss.
2.2.1.7
Transaction in foreign currencies
A foreign currency transaction is recorded, on initial recognition in the functional currency, by applying to
the foreign currency amount the spot exchange rate between the functional currency and the foreign
currency at the date of the transaction.
At each balance sheet closing date:
(a) Foreign currency monetary items are translated using the closing rate;
(b) Non-monetary items that are measured in terms of historical cost in a foreign currency are
translated using the exchange rate at the date of the transaction.
2.2.1.8
Interest and similar income
a- Leasing
The leasing interest and similar income correspond primarily to the finance lease interest, broken-period
interest and moratory interest.
The finance lease interest is distributed during the period of the contract according to a systematic and
rational base. This charge is done on the basis of implicit rate of the leasing contract.
The rents (capital and interests) are invoiced with the customers and entered monthly in advance. Brokenperiod interest is calculated on the basis of suppliers’ payment prior to the date of the contract.
b- Factoring
Interest and similar income of the factoring activity come from the factoring commissions taken on the
basis of the handing-over amount of transferred invoices and the financing commissions, calculated on
the basis of advances authorized by the debit to the member account.
c- Operating long-term lease
The operating leases income is represented by rents and related services remunerations.
IFRS Consolidated Financial Statements as of December 31st, 2015
26
TUNISIE LEASING GROUP
Lease income from operating leases is recognised in income on a straight-line basis over the lease term,
unless another systematic basis is more representative of the time pattern in which use benefit derived
from the leased asset is diminished.
2.2.1.9
Cash and cash equivalents
Cash and cash equivalents as referred to in the cash flow statement comprise cash on hand and amounts
due from banks on demand or with an original maturity of three months or less.
Cash comprises cash on hand and demand deposits.
Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value.
Cash flows are inflows and outflows of cash and cash equivalents.
The cash flow statement reports cash flows during the period classified by operating, investing and
financing activities.
Operating activities are the principal revenue-producing activities of the entity and other activities that are
not investing or financing activities.
Investing activities are the acquisition and disposal of long-term assets and other investments not included
in cash equivalents.
Financing activities are activities that result in changes in the size and composition of the contributed
equity and borrowings of the entity.
2.2.1.10
Provisions
Provisions are recognised when TLG has a present obligation (legal or constructive) as a result of a past
event, and it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation and a reliable estimate can be made of the amount of the obligation.
In the income statement, the expense relating to a provision may be presented net of the amount
recognised for a reimbursement.
2.2.1.11
Taxes
a- Current tax
Current tax assets and liabilities for the current and prior years are measured at the amount expected to
be recovered from or paid to the taxation authorities. The tax rated and tax laws used to compute the
amount are those that are enacted or substantively enacted by the balance sheet date.
b- Deferred tax
A deferred tax asset was recognised for all deductible temporary differences to the extent that it is
probable that taxable profit will be available against which the deductible temporary difference can be
utilised.
Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable
temporary differences.
b- Deferred tax (Continued)
IFRS Consolidated Financial Statements as of December 31st, 2015
27
TUNISIE LEASING GROUP
The carrying amount of a deferred tax asset was reviewed at each balance sheet date. The Group reduces
the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable
profit will be available to allow the benefit of part or all of that deferred tax asset to be utilised. Any such
reduction was reversed to the extent that it becomes probable that sufficient taxable profit will be available.
Deferred tax assets and liabilities was measured at the tax rates that are expected to apply to the period
when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been
enacted or substantively enacted by the balance sheet date.
IAS 12 standard “Income Taxes” applies to the temporary differences resulting from the elimination of the
profits and losses related to transactions inside the Group.
2.2.1.12
Government Grants
Government grants, including non-monetary grants at fair value, are not recognised until there is
reasonable assurance that:
(a) the entity will comply with the conditions attaching to them; and
(b) the grants will be received.
Government grants are recognised as income over the periods necessary to match them with the related
costs which they are intended to compensate, on a systematic basis. They are not be credited directly to
shareholders’ interests but credited as deferred income.
Government grant which take the form of a transfer of a non-monetary asset, such as land or other
resources, for the use of the entity. In these circumstances, Tunisie Leasing Group opts for the alternative
to record both Government grant and the non- monetary asset at a nominal basis.
2.2.2
Consolidation Accounting Policies
2.2.2.1
Scope of consolidated financial statements
The consolidated financial statements include all the entities under the control of “Tunisie Leasing” in
accordance with the standards IFRS 10 and IFRS 11 (that have respectively replaced the standards IAS
27 and IAS 31 since the 1st of January 2013) and IAS 28 .
An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power over the investee.
(a) An investor has power over an investee when the investor has existing rights that give it the
current ability to affect the amount of the investee’s returns.;
(b) Power arises from rights, such as when power over an investee is obtained directly and solely
from the voting rights granted by equity instruments such as shares;
(c) If two or more investors each have existing rights that give them the unilateral ability to direct
different relevant activities, the investor that has the current ability to direct the activities that
most significantly affect the returns of the investee has power over the investee ;
(d) An investor can have power over an investee even if other entities have existing rights that
give them the current ability to participate in the direction of the relevant activities, for example
IFRS Consolidated Financial Statements as of December 31st, 2015
28
TUNISIE LEASING GROUP
when another entity has significant influence. However, an investor that holds only protective
rights does not have power over an investee, and subsequently does not control the investee.
-
Two or more investors collectively control an investee when they must act together to direct the
relevant activities. In such cases, because no investor can direct the activities without the cooperation of the others, no investor individually controls the investee.
-
If Tunisie Leasing holds, directly or indirectly (e.g. through subsidiaries), 20 per cent or more of the
voting power of the investee, it is presumed that the Tunisie Leasing has significant influence, unless
it can be clearly demonstrated that this is not the case. Conversely, if the investor holds, directly or
indirectly (e.g. through subsidiaries), less than 20 per cent of the voting power of the investee, it is
presumed that the investor does not have significant influence, unless such influence can be clearly
demonstrated. A substantial or majority ownership by another investor does not necessarily preclude
an investor from having significant influence.
2.2.2.2
Consolidation procedures
Consolidation procedures are determined by the standards IFRS 10 and IFRS 11 (that have respectively
replaced the standards IAS 27 and IAS 31 since the 1st of January 2013) and IAS 28. The consolidation
procedure depends on the nature of the control exerted by “Tunisie Leasing” on the other consolidated
entities:
-
Consolidation of the subsidiaries: in preparing consolidated financial statements, the financial
statements of “Tunisie Leasing” and its subsidiaries are combined line by line by adding together like
items of assets, liabilities, equity, income and expenses. In order that the consolidated financial
statements present financial information about the Group as that of a single economic entity,
-
A venturer recognises its interest in a jointly controlled entity using the equity method. With the equity
method, the investment in the venture is carried in the balance sheet at cost, plus the post-acquisition
changes in TL’s share of associate net assets.
-
An investment in an associate is accounted by using the equity method. With the equity method, the
investment in the venture is carried in the balance sheet at cost, plus the post-acquisition changes in
TL’s share of associate net assets.
-
Profits and losses resulting from transactions between TL and the associate are eliminated to the
extent of the interest in the associate.
-
The investments hold by Investment companies and in which the Group has directly or indirectly a
significant influence are evaluated using the fair value.
a- Adjustments and uniforming procedures
Intra-group balances, transactions, income and expenses are fully eliminated. The financial statements of
TL and its subsidiaries used in the preparation of the consolidated financial statements have been
prepared as of the same reporting date. When the reporting dates of the parent and a subsidiary are
different, the subsidiary prepares, for consolidation purposes, additional financial statements as of the
same date as the financial statements of TL unless it is impracticable to do so.
Consolidated financial statements are prepared using uniform accounting policies for like transactions and
other events in similar circumstances.
b- Translation of foreign subsidiary financial statements
In accordance with IAS 21, the results and financial position of an entity whose functional currency is not
the currency of a hyperinflationary economy are translated into a different presentation currency using the
following procedures:
IFRS Consolidated Financial Statements as of December 31st, 2015
29
TUNISIE LEASING GROUP
§
Assets and liabilities for each balance sheet presented (i.e. including comparatives) are
translated at the closing rate at the date of that balance sheet;
§
Income and expenses for each income statement (i.e. including comparatives) are
translated at exchange rates at the dates of the transactions; and
§
All resulting exchange differences are recognised as a separate component of equity.
2.3. Significant accounting judgements and estimates
In the process of applying the Tunisie Leasing’s accounting policies, management has used its
judgements and made estimates in determining the amounts recognised in the financial statements.
The most significant use of judgements and estimates are as follows :
Fair value of financial instruments
To assess financial instruments fair value, TLG uses the following hierarchy :
Level 1 – Financial instruments traded in active markets
Level 2 – Financial instruments valued using an internal valuation model based on directly observable
parameters
Level 3 - Financial instruments valued using an internal valuation model based on parameters that are
not observable
Impairment losses on loans and advances:
An entity shall assess at the end of each reporting period whether there is any objective evidence that a
financial asset is impaired. If any such evidence exists, the entity shall determine the amount of any
impairment loss.
The amount of the loss is measured as the difference between the asset’s carrying amount and the
present value of estimated future cash flows (excluding future credit losses that have not been incurred)
discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate computed
at initial recognition). The carrying amount of the asset shall be reduced either directly or through use of
an allowance account. The amount of the loss shall be recognized in profit or loss.
Deferred tax asset
A deferred tax asset has been recognised for the carryforward of unused tax losses and unused tax credits
to the extent that it is probable that future taxable profit will be available against which the unused tax
losses and unused tax credits can be utilised.
At each balance sheet date, an entity re-assesses unrecognised deferred tax assets.
Tunisie Leasing recognises a previously unrecognised deferred tax asset to the extent that it has become
probable that future taxable profit will allow the deferred tax asset to be recovered.
IFRS Consolidated Financial Statements as of December 31st, 2015
30
TUNISIE LEASING GROUP
Note 3.
Operating Segments
3.1 Business segments
The group operates in three business segments:
-
Finance leases ;
Factoring ;
Long term leases.
The other activities are mainly advisory services, studies, marketing and real estate.
The following tables present income and profit and certain asset and liability information regarding the
TLG’s business segments for the year ended 31 December 2015 and 31 December 2014 :
Financial Year 2015 (KTND)
Finance Lease
Finance Lease
Factoring
162 538
Factoring
-
Long term lease
Others
(*)
-
-
Total
162 538
-
13 358
-
-
13 358
(74 789)
(4 075)
(386)
-
(79 250)
Income of long term lease
-
-
16 410
-
16 410
Expenses of long term lease
-
-
(6 349)
-
(6 349)
Net gain on financial assets designated at fair
value through profit or loss
7
-
11
-
18
Net gain on available-for- sale assets
340
-
-
-
340
Net gain on held to maturity assets
166
30
-
-
196
Interest and similar expenses
Other operating income
7 081
-
-
-
7 081
(29 563)
(2 710)
(476)
-
(32 749)
(6 029)
(666)
(139)
-
(6 834)
(25 027)
(1 565)
(460)
-
(27 052)
Counterpart risk
(8 380)
(642)
-
-
(9 022)
Other risks
(3 165)
(317)
(96)
-
(3 578)
Other ordinary income
752
39
-
-
791
Other ordinary losses
(3)
(9)
(2)
-
(14)
-
-
-
1 384
1 384
Personnel expenses
Depreciation of property and equipment
Other operating expenses
Share of associates’ profits
Profit before tax
23 928
3 442
8 513
1 384
37 267
Income tax expense
(9 127)
(1 239)
(540)
-
(10 906)
Net profit for the year
14 801
2 203
7 973
1 384
26 361
Assets and liabilities
Finance Lease
Operating assets
Investment in associates
Unallocated assets
Others
Long term lease
(*)
Factoring
Total
1 574 366
91 867
10 159
-
1 676 392
-
-
-
11 005
11 005
-
9 128
8 853
110
166
Total assets
1 583 218
91 977
10 325
Operating liabilities
1 280 330
69 013
4 605
-
19 084
794
1 098
-
20 977
1 299 415
69 808
5 704
-
1 374 926
Unallocated liabilities
Total liabilities
11 005 1 696 525
1 353 949
(*) Others: Stock exchange intermediate (Tunisie Valeurs) & Portfolio management (Investment funds).
IFRS Consolidated Financial Statements as of December 31st, 2015
31
TUNISIE LEASING GROUP
4.1 Business segments (Continued)
Financial Year 2014 (KTND)
Finance Lease
Finance Lease
Factoring
Interest and similar expenses
Factoring
Long term lease
Others
(*)
Total
87 428
-
-
-
87 428
-
12 432
-
-
12 432
(36 623)
(3 543)
(409)
-
(40 576)
Income of long term lease
-
-
10 247
-
10 247
Expenses of long term lease
-
-
(5 855)
-
(5 855)
Net gain on financial assets designated at fair
value through profit or loss
-
-
24
-
24
Net gain on available-for- sale assets
262
-
-
-
262
Net gain on held to maturity assets
328
30
-
-
358
Other operating income
839
-
-
-
839
(11 283)
(2 386)
(407)
-
(14 076)
Depreciation of property and equipment
(2 447)
(640)
(88)
-
(3 175)
Other operating expenses
(8 558)
(1 682)
(468)
-
(10 707)
Counterpart risk
(2 536)
(745)
-
-
(3 280)
46
(248)
-
-
(204)
363
70
1
-
434
(470)
(3)
(16)
-
(489)
-
-
-
1 240
1 240
Profit before tax
27 349
3 284
3 029
1 240
34 902
Income tax expense
(7 835)
(1 200)
(300)
-
(9 335)
Net profit for the year
19 513
2 085
2 730
1 240
25 568
Long term lease
Others
(*)
95 878
21 804
-
960 483
Personnel expenses
Other risks
Other ordinary income
Other ordinary losses
Share of associates’ profits
Assets and liabilities
Finance Lease
Operating assets
Investment in associates
842 800
Factoring
Total
-
-
-
10 779
10 779
5 946
110
2
-
6 058
Total assets
848 746
95 988
21 806
Operating liabilities
623 387
73 352
6 944
-
703 682
13 383
750
1 071
-
15 204
636 770
74 102
8 015
-
718 886
Unallocated assets
Unallocated liabilities
Total liabilities
10 779 977 320
(*) Others: Stock exchange intermediate (Tunisie Valeurs) & Portfolio management (Investment funds).
IFRS Consolidated Financial Statements as of December 31st, 2015
32
TUNISIE LEASING GROUP
3.2 Geographic segments
TLG operates in two geographic markets: Tunisia and Algeria. The following tables show the Group’s
financial information distribution by geographical segment:
Financial year 2015
(KTND)
Tunisia
Algeria
Africa
Total
Income and expenses
Finance Lease
54 444
34 736
73 358
162 538
Factoring
13 358
-
-
13 358
(37 498)
(8 560)
(33 192)
(79 250)
9 559
1 651
5 200
16 410
(5 421)
(928)
-
(6 349)
18
-
-
18
340
-
-
340
Interest and similar expenses
Income of long term lease
Expenses of long term lease
Net gain on financial assets designated at fair value
through profit or loss
Net gain on available-for- sale assets
Net gain on held to maturity assets
196
-
-
196
1 547
-
5 534
7 081
(11 624)
(4 284)
(16 841)
(32 749)
Depreciation of property and equipment
(2 100)
(1 104)
(3 630)
(6 834)
Other operating expenses
(6 643)
(4 390)
(16 019)
(27 052)
Counterpart risk
(110)
(758)
(8 154)
(9 022)
Other risks
(337)
-
(3 241)
(3 578)
Other ordinary income
139
652
-
791
Other ordinary losses
(14)
-
-
(14)
1 384
-
-
1 384
Other operating income
Personnel expenses
Share of associates’ profits
Profit before tax
17 239
17 015
3 012
37 267
Income tax expense
(5 501)
(4 355)
(1 049)
(10 906)
Net profit for the year
11 738
12 660
1 963
26 361
Assets and liabilities
Operating assets
Tunisia
Algeria
Africa
Total
768 999
236 315
671 078
1 676 392
11 005
-
-
11 005
763
7 189
1 176
9 128
Total assets
780 767
243 504
672 254
1 696 525
Operating liabilities
635 424
137 921
580 604
1 353 949
7 218
7 150
6 610
20 977
642 642
145 070
587 214
1 374 926
Investment in associates
Unallocated assets
Unallocated liabilities
Total liabilities
IFRS Consolidated Financial Statements as of December 31st, 2015
33
TUNISIE LEASING GROUP
3.2 Geographic segments (Continued)
Financial year 2014
(KTND)
Tunisia
Algeria
Total
Income and expenses
Finance Lease
51 025
36 403
87 428
Factoring
12 432
-
12 432
(34 157)
(6 419)
(40 576)
Interest and similar expenses
Income of long term lease
10 247
-
10 247
Expenses of long term lease
(5 039)
(816)
(5 855)
24
-
24
Net gain on available-for- sale assets
262
-
262
Net gain on held to maturity assets
359
-
358
Net gain on financial assets designated at fair value through profit
or loss
Other operating income
839
-
839
(10 298)
(3 778)
(14 076)
Depreciation of property and equipment
(1 886)
(1 289)
(3 175)
Other operating expenses
(6 516)
(4 192)
(10 707)
Counterpart risk
(2 253)
(1 028)
(3 280)
(204)
-
(204)
88
346
434
Other ordinary losses
(489)
-
(489)
Share of associates’ profits
1 240
-
1 240
Personnel expenses
Other risks
Other ordinary income
Profit before tax
15 675
19 227
34 902
Income tax expense
(4 581)
(4 754)
(9 335)
Net profit for the year
11 094
14 473
25 568
Assets and liabilities
Operating assets
Tunisia
Algeria
Total
712 043
248 079
960 483
10 779
-
10 779
425
5 634
6 058
Total assets
723 607
253 712
977 320
Operating liabilities
593 206
110 476
703 682
7 382
7 822
15 204
600 587
118 299
718 886
Investment in associates
Unallocated assets
Unallocated liabilities
Total liabilities
IFRS Consolidated Financial Statements as of December 31st, 2015
34
TUNISIE LEASING GROUP
Note 4.
4.1
Notes to the consolidated income statement
Interest and similar income
Finance lease
(KTND)
Interest income from finance leases
2015
159 085
84 519
484
670
2 969
2 239
162 538
87 428
Interest before the beginning of the contract
Other interest and similar income
Total
2014
Factoring
(KTND)
2015
2014
Factoring commissions
4 664
4 481
Interest income of financing operations
8 694
7 951
13 358
12 432
Total
The commission of factoring remunerates the Group collection effort, the guarantee offered to the
customers and the management of their current account. This commission relates to all the period going
from the acquisition of the invoices until the date of their collection.
Being a short term activity, we concluded that the impact of the spreading out of factoring commissions
over the average period of collection is not material.
4.2
Interest and similar expenses
(KTND)
2015
2014
Interest on bonds
18 564
14 315
Interest on local banking loans
37 755
10 501
Interest on foreign banking loans
10 681
9 855
190
190
67 190
34 861
Interest on current accounts and deposits payable
5 727
974
Interest of bank loans and other financial transactions
3 339
3 349
Others
2 994
1 392
Total of other financial expenses
12 060
5 715
Total
79 250
40 576
Long-term commercial papers interest
Total Interest and expenses of loans
IFRS Consolidated Financial Statements as of December 31st, 2015
35
TUNISIE LEASING GROUP
4.3
Income of long term lease
(KTND)
2015
Services Income
15 915
9 751
496
496
16 410
10 247
Other accessory income
Total
4.4
2014
Counterpart risk
The cost of the risk includes the impairments due to inherent credit risk of the Group activities as well as
the impairments due to proven risk of counterpart on financial instruments.
(KTND)
2015
Provision for receivable accounts (finance lease activities)
Reversal of a provision from debts collection (finance lease activities)
41 890
7 092
(34 560)
(4 572)
3 541
13,95
10 872
2 534
2 643
1 072
(1 931)
196
653
-
1 365
1 268
(878)
(531)
(878)
(531)
(1 673)
-
(653)
-
(2 326)
-
4
31
(14)
(22)
Losses due to write off of receivable accounts
Subtotal (1)
Provision for receivable accounts (factoring activities)
Reversal of a provision from debts collection (factoring activities)
Losses due to write off of receivable accounts
Subtotal (2)
Reversal of non identified risks provision
Subtotal (3)
Change in provisions for penalty interest on receivables (finance lease activities)
Change in provisions for penalty interest on receivables (factoring activities)
Subtotal (4)
Provision on guarantees to compensate (factoring activities)
Reversal of a provision on guarantees to compensate (factoring activities)
Subtotal (5)
Counterpart risk (1)+(2)+(3)+(4)+(5)
4.5
2014
(10)
9
9 022
3 280
Other risks
(KTND)
Provision for held-to-maturity investment
2015
2014
152
8
(687)
(34)
Provision for the other assets
269
-
Reversal of a provision for the other assets
(14)
(14)
3 858
879
-
(635)
3 578
204
Reversal of a provision for held-to-maturity investment
Provision for contingencies
Reversal of provisions for contingencies
Total
IFRS Consolidated Financial Statements as of December 31st, 2015
36
TUNISIE LEASING GROUP
4.6
Other operating income
(KTND)
2015
Insurance commissions
2014
709
679
Various operating income
6 372
160
Total
7 081
839
4.7
Personnel expenses
(KTND)
Wages and salaries
2015
2014
20 517
10 382
Social security costs (*)
4 172
2 034
Bonuses
2 540
600
92
276
5 421
783
32 749
14 076
Pension costs
Other personnel expenses (*)
Total
(*) Adjustment for comparability purposes
TLG has subscribed to a group insurance. The insurance company will be in charge of the retirement
allowance. That’s why TLG is discharged from such expenses.
4.8
Depreciation of property and equipment
(KTND)
2015
2014
Operating properties and equipments Impairment
3 173
1 198
Operating intangible assets Impairment
3 661
1 977
Total
6 834
3 175
(*) Adjustment for comparability purposes (Cf. note 4)
4.9
Income tax expense
(KTND)
2015
2014
Current tax
9 902
9 805
Deferred tax
1 004
(471)
10 906
9 335
Income tax expense
IFRS Consolidated Financial Statements as of December 31st, 2015
37
TUNISIE LEASING GROUP
Note 5.
Notes to the consolidated balance sheet
5.1 Cash and due from banks
(KTND)
31/12/2015
Due from banks
31/12/2014
94 513
15 855
Cash
373
20
Total
94 886
15 875
5.2 Financial investments – available-for-sale
(KTND)
31/12/2015
31/12/2014
Shares and other variable yield securities
Listed securities
639
826
Unlisted securities
18 645
17 458
Total of financial investments – available-for-sale
19 284
18 284
(900)
(1 435)
18 384
16 849
Allowance of impairment
Shares and other variable yield securities
Total of net financial investments – available-for-sale
5.3 Loans and advances to customers
This heading relates to the receivables generated by finance lease and factoring activities.
31/12/2015
(KTND)
Gross amount
Gross risk of performing contracts
Gross risk of non performing contracts
Gross risk of bad contracts
Gross risk of Alios
Total gross risk
Advances to the suppliers
Prepaid income
Penalty interest to bill
Gross risk of finance lease contracts
Risk of performing contracts
Risk of non performing contracts
Risk of bad contracts
Gross total of factoring advances and loans
Total of loans and advances
IFRS Consolidated Financial Statements as of December 31st, 2015
Depreciation
Net amount
771 006
-
771 006
9 312
(4 903)
4 409
35 756
(14 612)
21 144
573 152
(64 653)
508 499
1 389 226
(84 167)
1 305 059
2 165
(44)
2 121
(5 500)
-
(5 500)
63
-
63
1 385 954
(84 211)
1 301 743
89 370
-
89 370
2
-
2
4 198
(4 131)
68
93 571
(4 131)
89 440
1 479 525
(88 342)
1 391 183
38
TUNISIE LEASING GROUP
5.3 Loans and advances to customers (Continued)
31/12/2014
(KTND)
Gross amount
Gross risk of performing contracts
Gross risk of non performing contracts
Gross risk of bad contracts
Total gross risk
Advances to the suppliers
Prepaid income
Penalty interest to bill
Gross risk of finance lease contracts
Risk of performing contracts
Risk of non performing contracts
Risk of bad contracts
Gross total of factoring advances and loans
Total of loans and advances
5.3.1
Depreciation
Net amount
758 871
-
758 871
7 450
(3 090)
4 360
33 989
(17 149)
16 840
800 311
(20 239)
780 072
1 546
(44)
1 502
(5 619)
-
(5 619)
86
-
86
796 324
(20 283)
776 042
89 445
-
89 445
506
(268)
238
4 316
(3 876)
440
94 267
(4 144)
90 122
890 591
(24 427)
866 164
Finance Lease
Gross investment in the lease is the aggregate of:
(a) the minimum lease payments receivable by TL under a finance lease, and
(b) any unguaranteed residual value accruing to TL.
Net investment in the lease is the gross investment in the lease discounted at the implicit interest rate in
the lease.
Unearned finance income is the difference between:
(a) the gross investment in the lease, and
(b) the net investment in the lease.
This heading relates to finance lease activity:
IFRS Consolidated Financial Statements as of December 31st, 2015
39
TUNISIE LEASING GROUP
( KTND)
31/12/2015
31/12/2014
Outstanding amount of performing contracts
771 006
758 871
Outstanding amount of active contracts
750 958
744 283
8 766
4 118
11 282
10 470
Outstanding amount of non performing contracts
9 312
7 450
Outstanding amount of non performing contracts
6 485
4 078
Arrears related to non performing contracts
2 827
3 372
Gross risk of bad contracts
35 756
33 989
Outstanding amount of bad contracts
19 323
19 797
Arrears related to bad contracts
16 433
14 192
573 152
-
1 389 226
800 311
Other outstanding amount of other performing contracts
Arrears related to active contracts
Gross risk of Alios
Gross risk of finance lease contracts
2 165
1 546
(5 500)
(5 619)
63
86
1 385 954
796 324
Depreciation of non performing and bad contracts
(19 515)
(20 239)
Depreciation of non performing and bad contracts
(64 653)
-
(44)
(44)
1 301 743
776 042
Advances for the suppliers
Prepaid income
Penalty interest to bill
Gross total
Other depreciation
Total net
IFRS Consolidated Financial Statements as of December 31st, 2015
40
TUNISIE LEASING GROUP
5.3.1 Finance Lease (Continued)
The following table presents the maturity profile of the receivables amounts:
(KTND)
Minimum lease payments of active contracts
31/12/2015
31/12/2014
679 301
633 812
To receive in less than 1 year
267 026
251 978
To receive in more than 1 year and less than 5 years
397 392
370 337
14 883
11 497
586 524
552 357
To receive in less than 1 year
222 571
211 534
To receive in more than 1 year and less than 5 years
351 116
330 376
12 837
10 447
Not acquired financial income
92 776
81 455
Minimum lease payments of bad contracts
21 736
19 473
13 017
10 641
8 657
8 764
62
67
21 144
16 840
35 756
33 989
(14 612)
(17 149)
592
2 633
To receive in more than 5 years
Outstanding amount of active contracts
To receive in more than 5 years
To receive in less than 1 year
To receive in more than 1 year and less than 5 years
To receive in more than 5 years
Net outstanding amount of bad contracts
Gross outstanding amount of bad contracts
Provision on gross outstanding amount
Not acquired financial income
5.3.2
Factoring advances and loans
(KTND)
31/12/2015
31/12/2014
Accounts of factored purchaser’s:
Local purchasers
115 003
118 301
Purchasers export
2 997
3 109
Purchasers importation
2 936
5 294
120 936
126 704
Guarantee fund
(13 377)
(15 740)
Available
(13 988)
(16 697)
Total of accounts of clients on factoring : Contracts with right of recourse
(27 365)
(32 437)
Gross outstanding amount of clients on factoring
93 571
94 267
Provisions
(4 131)
(4 144)
Net outstanding amount of clients on factoring
89 440
90 123
Gross total of factored purchasers
Accounts of clients on factoring: Contracts with right of recourse
IFRS Consolidated Financial Statements as of December 31st, 2015
41
TUNISIE LEASING GROUP
5.3.3
Loans and advances analysis by business segment
The table below details the depreciation of loans and receivables by branch of industry:
(KTND)
31/12/2015
31/12/2014
Agriculture
34 564
29 065
Real estate
138 274
135 673
Industry
211 692
204 960
Tourism
39 175
50 237
Trade and services
482 668
470 655
Gross total (Before Gross Risk of Alios)
906 373
890 591
Gross risk of Alios
573 152
-
Gross total
1 479 525
890 591
Dépreciation
(23 689)
(24 427)
Depreciation of Alios
(64 653)
-
1 391 183
866 164
Net total
The Following reconciliation details the provision of loans and advances by business segment without
provisions of Alios :
(KTND)
Agriculture
Real estate
Industry
Trade and
services
Tourism
Total
As of December 31st 2014
1 851
3 214
6 683
782
11 897
24 427
Net provision or reversal
(171)
284
610
(72)
87
738
As of December 31st 2015
2 023
2 930
6 073
854
11 810
23 689
Individual depreciation
1 502
2 234
5 693
796
10 600
20 825
Collective depreciation
520
696
380
58
1 210
2 864
(KTND)
Agriculture
Real estate
Industry
Trade and
services
Tourism
Total
As of December 31st 2013
1 742
2 410
6 785
826
9 410
21 172
Net provision or reversal
(110)
(805)
102
44
(2 487)
(3 255)
As of December 31st 2014
1 851
3 214
6 683
782
11 897
24 427
Individual depreciation
1 819
2 692
6 148
778
9 632
21 069
Collective depreciation
32
522
535
4
2 265
3 358
IFRS Consolidated Financial Statements as of December 31st, 2015
42
TUNISIE LEASING GROUP
5.3.3
Loans and advances analysis by business segment (Continued)
Hereafter a reconciliation of the individual and collective impairments of the loans and advances without
provisions of Alios :
Loans and
receivables –
Individual
depreciation
basis
(KTND)
As of December 31st, 2013
Individual
depreciation
Loans and
receivables –
Collective
depreciation
basis
Collective
depreciation
Total of
loans and
receivables
Total of
depreciation
18 123
821 759
3 049
862 891
21 172
41 132
Net Provision
2 946
st
As of December 31 , 2014
46 262
21 069
49 268
20 824
Net Provision
As of December 31st, 2015
309
844 329
3 358
1 430 256
2 865
(244)
3 255
890 591
24 427
1 479 525
23 689
(493)
(738)
5.4 Other loans and receivables
(KTND)
31/12/2015
Staff loans
31/12/2014
2 319
2 226
66
63
Gross total
2 385
2 289
Impairment
(24)
(2)
2 361
2 287
Others
Net total
5.5 Financial investments - held-to-maturity
31/12/2015
(En KDT)
Subscriptio
n date
Shares
number
Nominal
value
Gross
total
Provisio
n
Net book
value
Tourisme Balnéaire et Saharien
2000
4 291
0,010
43
(43)
-
Société BYZACENE
2006
1 005
0,100
101
(101)
-
Société PROMOTEL (TF)
2006
5 600
0,100
560
-
560
Société Golden Yasmine Loisirs
2008
10 000
0,010
100
-
100
M.B.G
2009
5 000
0,100
500
-
500
Marble & Limestone Blocks "M.L.B"
2009
3 330
0,019
62
-
62
Société Méhari Beach Tabarka
2009
6 667
0,100
667
-
667
Société YASMINE
2011
337 500
0,010
3 375
-
3 375
Société Agricole SIDI OTHMEN
2012
35 000
0,100
3 500
-
3 500
Société Tazoghane
2015
200 000
0,010
2 000
2 000
Société Almes
2014
150 000
0,010
1 500
1 500
329
329
Placement et autres actifs financiers ALIOS
Total
IFRS Consolidated Financial Statements as of December 31st, 2015
12 736
(144)
12 592
43
TUNISIE LEASING GROUP
5.5 Financial investments - held-to-maturity (Continued)
31/12/2014
Subscription
date
(KTND)
Shares
number
Nominal
value
Gross
total
Provision
Net book
value
Tourisme Balnéaire et Saharien
2000
4 291
0,01
43
(43)
-
Société BYZACENE
2006
1 005
0,1
101
(101)
-
Société PROMOTEL (TF)
2006
5 600
0,1
560
-
560
Société Golden Yasmine Loisirs
2008
10 000
0,01
100
-
100
M.B.G
2009
15 000
0,1
1 000
-
1 000
Marble & Limestone Blocks "M.L.B"
2009
3 330
0,0185
62
-
62
Société Méhari Beach Tabarka
2009
6 667
0,1
667
-
667
B.T.S
1997
500
0,01
5
-
5
Société YASMINE
2011
400 000
0,01
4 000
-
4 000
Serts
2011
40 000
0,01
400
-
400
Société Agricole SIDI OTHMEN
2012
35 000
0,1
3 500
-
3 500
Société Almes
2014
150 000
0,0
1 500
-
1500
Treasury Bills
2014
2 450
-
2 450
14 387
(144)
14 243
Total
5.6 Investment in associates
31/12/2015
(KTND)
Investment in
associate
Tunisie Sicar
31/12/2014
Investment in
associate
Participation rate
Participation rate
191
44,00%
66
44,00%
Tuninvest Sicar
1 902
36,51%
1 402
36,51%
Tunisie Valeurs
6 038
27,34%
5 783
28,77%
93
25,00%
395
25,75%
2 780
27,27%
3 132
27,27%
11 005
-
10 779
-
Tuninvest International Sicar
Tuninvest Innovations Sicar
Total
The following tables illustrate a summary of financial information related to the associated companies:
31/12/2015
Tunisie Sicar
Cost of
acquisition
Goodwill
220
Quotas in profit
345
Interest in
associate value
(374)
191
Tuninvest Sicar
521
816
590
1 902
Tunisie Valeurs
2 841
1 018
2 179
6 038
Tuninvest International Sicar
125
(293)
261
93
Tuninvest Innovations Sicar
136
(502)
3 146
2 780
1 384
5 802
11 005
Total
3 843
IFRS Consolidated Financial Statements as of December 31st, 2015
(24)
Quotas in
reserves
(24)
44
TUNISIE LEASING GROUP
5.6 Investment in associates (Continued)
31/12/2014
Cost of
acquisition
Goodwill
Quotas in
reserves
Quotas in profit
Interest in
associate value
Tunisie Sicar
220
-
17
(171)
66
Tuninvest Sicar
521
(30)
(694)
1 605
1 402
Tunisie Valeurs
2 914
-
1 067
1 802
5 783
Tuninvest International Sicar
129
-
(56)
322
395
Tuninvest Innovations Sicar
136
-
906
2 090
3 132
3 920
(30)
1 240
5 649
10 779
Total
5.7 Fair value hierarchy
To assess financial instruments fair value, TLG uses the following hierarchy :
Level 1 – Financial instruments traded in active markets
If quoted prices in an active market are available, they are used to determine fair value. This method is
used for quoted securities and shares of the Investment companies with floating capital (SICAV).
Level 2 – Financial instruments valued using a valuation model based on directly observable parameters
Some financial instruments, although not traded in an active market, are valued using methods based on
observable market data.
These models use market parameters calibrated on the basis of observable data such as yield curves,
default rates, and loss assumptions obtained from consensus data or from active over-the-counter
markets. Valuations derived from these models are adjusted for liquidity and credit risk.
Level 3 - Financial instruments valued using a valuation model based on parameters that are not
observable
In the absence of observable data, some instruments are measured on initial recognition in a way that
reflects the transaction price, regarded as the best indication of fair value. Valuations derived from these
models are adjusted for liquidity risk and credit risk.
The fair value of the financial instruments for the year 2014 are as follows:
(KTND)
Level 1
Level 2
Level 3
TOTAL
Financial assets designated at fair value through P&L
Equity Securities
144
-
-
144
-
-
2 782
2 782
144
-
2 782
2 925
Investments held by Investment funds evaluated at fair value
Equity Securities
Total
5.8 Current tax assets/liabilities
The current tax noted on the balance sheet is detailed as follows:
(KTND)
31/12/2015
31/12/2014
Tax instalment
9 128
6 058
Current tax asset
9 128
6 058
Deducted at source
921
992
Corporate income tax
11 762
9 903
Current tax liability
12 683
10 895
IFRS Consolidated Financial Statements as of December 31st, 2015
45
TUNISIE LEASING GROUP
5.9 Other assets
(KTND)
31/12/2015
Customer accounts of the other companies of the group
Operating suppliers advances
Other debtors accounts
31/12/2014
37 388
350
52
43
40 101
1 878
Income to receive accounts
5 058
2 578
Suspense account
4 037
1 873
17 682
978
104 318
7 700
Provision for customer accounts
(120)
(24)
Provision for income to receive
(191)
(188)
(3 839)
(304)
100 168
7 184
Other current assets
Gross total
Provision for other debtors accounts
Total Net
5.10 Property, equipment and intangible assets
The table below describes changes in property, equipment and intangible assets
(KTND)
Book value
as of
December
31st, 2014
Acquisitions
Inventory
adjustment
Sales
Effect of the
change of the
exchange rate
Book value
as of
December
31st, 2015
Intangible assets
14 102
13 335
-
(13)
(516)
26 907
Computer software
8 971
8 147
-
(13)
(516)
16 589
Computer software (outstanding)
4 889
9
-
-
-
4 898
242
5 179
-
-
-
5 420
48 574
34 520
5 482
(1 433)
(502)
75 677
Lands
1 143
1 046
-
-
-
2 189
Property
8 242
4 188
-
-
(197)
12 234
28 634
10 140
4 790
-
(31)
33 953
Office equipment
1 720
5 622
-
(357)
(26)
6 959
Computer hardware
3 575
5 309
692
(868)
(101)
7 223
General equipment
5 260
8 214
-
(208)
(147)
13 119
62 676
47 855
5 482
(1 445)
(1 018)
102 585
Goodwill
Property and equipment
Transport equipment
Total
IFRS Consolidated Financial Statements as of December 31st, 2015
46
TUNISIE LEASING GROUP
6.10 Property, equipment and intangible assets (Continued)
Amortisation and depreciation schedule of property, equipment and intangible assets
(KTND)
Gross
book value
31/12/2015
31/12/2015
Sum of
amortisation
and
depreciation
losses
Sum of
amortisation
and
depreciation
losses
Net book
value
Gross
book value
Net book
value
Intangible assets
26 907
17 838
9 070
14 102
9 595
4 507
Computer software
16 589
17 703
(1 114)
8 971
9 518
(547)
Computer software (outstanding)
4 898
0
4 898
4 889
-
4 889
Goodwill
5 420
135
5 285
242
76
166
75 677
34 115
41 562
48 574
16 704
31 870
2 189
1 143
-
1 143
Property and equipment
2 189
Lands
Property
12 234
5 776
6 458
8 242
2 050
6 192
Transport equipment
33 953
11 418
22 535
28 634
7 978
20 657
Office equipment
6 959
2 544
4 415
1 720
1 044
676
Computer hardware
7 223
5 163
2 060
3 575
2 660
915
General equipment
13 119
9 215
3 905
5 260
2 972
2 288
102 585
51 953
50 632
62 676
26 299
36 377
Total
5.11 Deferred tax assets/liabilities
The deferred tax noted on the balance sheet is detailed as follows:
(KTND)
31/12/2015
31/12/2014
Deferred tax assets – Tunisie Leasing
422
310
Deferred tax assets – MLA
480
460
Deferred tax assets – Tunisie Factoring
322
271
-
-
Deferred tax assets – Alios
4 818
-
Deferred tax assets
6 042
1 041
Deferred tax liabilities – Tunisie Leasing
4 024
2 908
Deferred tax liabilities – MLA
205
193
Deferred tax liabilities – Tunisie Factoring
313
353
Deferred tax liabilities – TLLD
986
856
Deferred tax liabilities – Alios
2 767
-
Deferred tax liabilities
8 294
4 309
Deferred tax assets – TLLD
IFRS Consolidated Financial Statements as of December 31st, 2015
47
TUNISIE LEASING GROUP
5.12 Financial liabilities
The following table summarizes the maturity of financial liabilities as of December 31 st, 2015:
Less than 1
year
Financial liabilities
Due to banks
From 1 to 5
years
More than
than 5 years
Total
282 669
504 349
-
787 018
Debts represented by securities
88 466
290 789
-
379 254
Due to customers
62 029
-
-
62 029
433 163
795 138
-
1 228 301
Total
The following table summarizes the maturity of financial liabilities as of December 31 st , 2014:
Less than 1
year
Financial liabilities
From 1 to 5
years
More than
than 5 years
Total
Due to banks
184 608
157 190
-
341 798
Debts represented by securities
105 461
180 942
5 750
292 153
30 340
-
-
30 340
320 409
338 132
5 570
664 291
Due to customers
Total
5.12.1
Due to banks
(KTND)
31/12/2015
Local banks (long and midterm credits)
31/12/2014
198 480
178 637
23 023
10 235
Foreign banks
114 362
127 039
Related debts
6 195
5 008
71 566
17 864
1 682
3 014
Alios Debts from banks
371 709
-
Total
787 018
341 798
Local banks (short term credits)
Overdrawn accounts
Amen Bank (Portage on MLA shares)
The following table summarizes the maturity of due to banks liabilities as of December 31 st, 2015 :
31/12/2015
(KTND)
Local banks (long and mid term credits)
Less than 1 year
(A)
Local banks (short term credits)
Foreign banks
Related debts
Overdrawn accounts
Amen Bank (Portage on MLA shares)
Alios Debts
Total
IFRS Consolidated Financial Statements as of December 31st, 2015
(B)
From 1 to 5
years
Total
111 295
87 186
198 480
23 023
-
23 023
28 669
85 693
114 362
6 195
-
6 195
71 566
-
71 566
976
706
1 682
40 945
330 764
371 709
282 669
504 349
787 018
48
TUNISIE LEASING GROUP
5.12.1 Due to banks (Continued)
The following table summarizes the maturity of due to banks liabilities as of December 31 st, 2014 :
31/12/2014
(KTND)
Local banks (long and mid term credits)
Less than 1 year
(A)
Local banks (short term credits)
Foreign banks
Related debts
Overdrawn accounts
Amen Bank (Portage on MLA shares)
Total
IFRS Consolidated Financial Statements as of December 31st, 2015
(B)
From 1 to 5
years
Total
116 320
62 317
178 637
10 235
-
10 235
33 959
93 080
127 039
5 008
-
5008
17 864
-
17 864
1 222
1 792
3 014
184 608
157 190
341 798
49
TUNISIE LEASING GROUP
5.12.1 Due to banks (Continued)
DESIGNATION
Balance at the
beginning of
the period
LOCAL BANKS (A)
Use
Effect of the change
of the exchange rate
Redemption
Maturity
Balance at the
end of the
period
More than 5
years
From 1 to 5
years
Less than 1
year
178 637
248 554
222 988
(5 723)
198 480
-
87 186
111 295
45 000
115 000
115 000
-
45 000
-
-
45 000
A.B.C TUNISIE 2014/1
4 000
-
4 000
-
-
-
-
-
A.B.C TUNISIE 2014/2
5 000
-
5 000
-
-
-
-
-
A.B.C TUNISIE 2015 I
-
6 000
-
-
6 000
-
-
6 000
A.B.C TUNISIE 2015 II
-
3 200
-
-
3 200
-
-
3 200
A.B.C TUNISIE 10 MD 2013
7 500
-
2 000
-
5 500
-
3 500
2 000
ATTIJARI BANK 2010
2 000
-
2 000
-
-
-
-
-
ATTIJARI BANK 2013
7 000
-
2 000
-
5 000
-
3 000
2 000
ATTIJARI BANK 2015
-
10 000
1 667
-
8 333
-
5 000
3 333
BIAT 2010
1 000
-
1 000
-
-
-
-
-
BIAT 2013 I
7 000
-
2 000
-
5 000
-
3 000
2 000
BIAT 2013 II
1 250
-
1 250
-
-
-
-
-
BIAT 2015 I
-
7 500
750
-
6 750
-
5 250
1 500
BIAT 2015 II
-
15 000
-
-
15 000
-
12 000
3 000
AMEN BANK 2013 II
10 313
-
3 750
-
6 563
-
2 813
3 750
AMEN BANK 2013 III
5 792
-
5 792
-
-
-
-
-
AMEN BANK 2015 I
-
5 000
106
-
4 894
-
3 617
1 277
AMEN BANK 2015 II
-
10 000
208
-
9 792
-
7 292
2 500
3 500
-
1 000
-
2 500
-
1 500
1 000
12 000
48 000
48 000
-
12 000
-
-
12 000
4 109
-
3 656
(453)
-
-
-
-
AL BARAKA BANK
BTK 2013
ZITOUNA BANK
BNP (MLA)
IFRS Consolidated Financial Statements as of December 31st, 2015
50
TUNISIE LEASING GROUP
DESIGNATION
Balance at the
beginning of
the period
CITIBANK (MLA)
Use
Effect of the change
of the exchange rate
Redemption
Maturity
Balance at the
end of the
period
More than 5
years
From 1 to 5
years
Less than 1
year
-
15 040
-
-
15 040
-
15 040
-
47 790
9 400
16 923
(5 270)
34 997
-
18 900
16 097
AMEN BANK ( factoring)
500
-
500
-
-
-
-
-
AMEN BANK ( factoring)
4 568
-
895
-
3 673
-
2 714
959
AMEN BANK ( factoring)
-
3 000
239
-
2 761
-
2 221
540
4 825
-
2 330
-
2 496
-
-
2 496
AMEN BANK 2012-I ( LLD)
90
-
90
-
-
-
-
-
AMEN BANK 2012-II ( LLD)
467
-
261
-
206
-
-
206
AMEN BANK 2013-III ( LLD)
1 232
-
504
-
728
-
188
539
AMEN BANK 2014-I ( LLD)
1 397
-
674
-
723
-
-
723
AMEN BANK 2014-II ( LLD)
1 792
-
676
-
1 116
-
387
730
-
1 325
246
-
1 079
-
764
315
A.T.B 2012-I (LLD)
148
-
148
-
-
-
-
-
A.T.B 2012-II (LLD)
191
-
176
-
15
-
-
15
A.T.B 2013-I (LLD)
173
-
148
-
25
-
-
25
-
89
-
-
89
-
-
89
FOREIGN BANKS (B)
127 039
24 800
33 692
(3 785)
114 362
-
85 693
28 669
BEI (credit participatif)
154
-
-
-
154
-
154
-
B.E.I LIGNE IV (Contrat 23283)
25 724
-
8 619
-
17 105
-
12 727
4 378
B.E.I LIGNE III (Contrat 22091)
196
-
196
-
-
-
-
-
B.E.I LIGNE VI (Contrat 82284)
22 577
-
1 613
-
20 965
-
17 739
3 225
BIRD 2012
9 500
-
571
-
8 929
-
7 788
1 141
BAD 2013
5 944
-
-
-
5 944
-
5 166
778
AL BARAKA BANK(MLA)
BTE ( factoring)
AMEN BANK 2015 ( LLD)
AFRIC INVST
IFRS Consolidated Financial Statements as of December 31st, 2015
51
TUNISIE LEASING GROUP
DESIGNATION
Balance at the
beginning of
the period
Use
Effect of the change
of the exchange rate
Redemption
Maturity
Balance at the
end of the
period
More than 5
years
BIRD 2014
11 601
-
-
-
11 601
BIRD 2015
-
6 000
-
-
6 000
17 016
-
1 891
-
15 126
HSBC
2 115
-
1 882
(233)
FRANSABANK
8 705
-
3 761
ABC
10 286
18 800
TRUST BANK
13 219
305 676
SANAD
Total of bank loans
IFRS Consolidated Financial Statements as of December 31st, 2015
From 1 to 5
years
-
Less than 1
year
9 943
1 657
6 000
-
-
11 344
3 781
-
-
-
-
(960)
3 984
-
1 778
2 206
8 651
(1 134)
19 301
-
13 053
6 248
-
6 508
(1 458)
5 253
-
-
5 253
273 354
256 680
(9 508)
312 842
-
172 879
139 963
52
TUNISIE LEASING GROUP
5.12.2
Debts represented by securities:
(KTND)
31/12/2015
Bonds
31/12/2014
282 242
241 550
32 500
44 000
8 805
8 222
Prepaid charges
(3 491)
(1 619)
Alios Debts – securities
59 198
-
379 254
292 153
Commercial papers
Related debts
Total
The book value by maturity of debt represented by securities (without Alios Debts) is presented in the
following table according to their contractual maturity dates.
31/12/2015
(KTND)
Less than 1 year
From 1 to 5 years
Total
Bonds
53 652
228 590
282 242
Commercial papers
29 500
3 000
32 500
Related debts
8 805
-
8 805
Prepaid charges
(3 491)
-
(3 491)
Total
88 466
231 590
320 056
31/12/2014
(KTND)
Less than 1
year
From 1 to 5
years
More than
than 5 years
Total
Bonds
57 858
177 942
5 750
241 550
Commercial papers
41 000
3 000
-
44 000
8 222
-
-
8 222
(1 619)
-
-
(1 619)
105 461
180 942
5 750
292 153
Related debts
Prepaid charges
Total
IFRS Consolidated Financial Statements as of December 31st, 2015
53
TUNISIE LEASING GROUP
5.12.2 Debts represented by securities (Continued)
DESIGNATION
Balance at the
beginning of
the period
Loan amount
Use
Balance
at the end
of the
period
Redemption
Maturity
More than 5
years
From 1 to
5 years
Less than 1
year
Emprunt obligataire 2009 II
15 000
3 000
-
3 000
-
-
-
-
Emprunt obligataire 2010 I
10 000
4 000
-
4 000
-
-
-
-
Emprunt obligataire 2010 II
15 000
6 000
-
6 000
-
-
-
-
Emprunt subordonné "Tunisie Leasing Subordonné2010"
15 000
8 000
-
4 000
4 000
-
-
4 000
Emprunt obligataire 2011 I
20 000
12 000
-
6 000
6 000
-
-
6 000
Emprunt obligataire 2011 II
35 000
12 000
-
6 000
6 000
-
-
6 000
Emprunt obligataire 2011 III
20 000
18 000
-
6 000
12 000
-
6 000
6 000
Emprunt obligataire 2012 I
30 000
22 964
-
6 000
16 964
-
10 964
6 000
Emprunt obligataire 2012 II
30 000
17 070
-
2 930
14 140
-
10 140
4 000
Emprunt subordonné "Tunisie Leasing Subordonné 2013-I"
30 000
16 000
-
4 000
12 000
-
8 000
4 000
Emprunt obligataire 2013 I
30 000
27 516
-
2 484
25 032
-
19 032
6 000
Emprunt subordonné "Tunisie Leasing Subordonné 2013-II"
20 000
20 000
-
1 766
18 234
-
16 468
1 766
Emprunt obligataire 2014 I
20 000
30 000
-
3 298
26 702
-
23 404
3 298
Emprunt obligataire 2014 II
30 000
30 000
-
2 380
27 620
-
25 240
2 380
Emprunt obligataire 2015 I
30 000
-
30 000
-
30 000
-
29 407
593
Emprunt subordonné "Tunisie Leasing Subordonné 2015-I"
20 000
-
20 000
-
20 000
-
19 385
615
Emprunt obligataire 2015 II
14 710
-
14 710
-
14 710
-
14 710
-
Emprunt obligataire 2014 (factoring)
15 000
15 000
-
-
15 000
-
12 000
3 000
-
-
37 600
3 760
33 840
-
33 840
-
399 710
241 550
102 310
61 618
282 242
-
228 590
53 652
Emprunt obligataire 2015 (MLA)
Total of debts represented by securities
IFRS Consolidated Financial Statements as of December 31st, 2015
54
TUNISIE LEASING GROUP
5.12.3
Due to customers
(KTND)
31/12/2015
31/12/2014
Deposits and guarantees from customers
40 801
6 766
Advances from customers
18 135
14 861
3 093
8 713
62 029
30 340
Clients of factoring accounts
Total
The clients of factoring accounts record the amounts due from clients of factoring and the guarantee funds
only for contracts without recourse. The details of this account are as follows:
(KTND)
31/12/2015
31/12/2014
Guarantee funds
1 618
2 170
Available amount
1 475
6 543
Total
3 093
8 713
5.13 Other liabilities
(KTND)
Remuneration due to employees
31/12/2015
31/12/2014
709
775
Employees, paid leave
1 068
970
Employees, other accrued expenses
1 207
810
312
257
1 546
32
Social funds
Shareholders, dividends to pay
Social security funds (C.N.S.S)
803
881
Other accrued expenses
4 175
1 785
Other creditor accounts
16 129
3 037
Suppliers of finance lease goods *
30 256
22 668
6 486
209
51 455
2 522
Deferred incomes
Other suppliers *
Advances on investments securities
Total
587
430
114 733
34 377
(*) Adjustment for comparability purposes
5.14 Provisions
Provisions for sundry contingencies and charges record mainly provisions made up to cover social and
tax commitments as well as the litigations related to the operating activities.
(KTND)
31/12/2015
31/12/2014
Provisions for sundry contingencies and charges, Tunisie Leasing
1 482
1 182
Provisions for sundry contingencies and charges, Tunisie Factoring
1 825
1 508
Provisions for sundry contingencies and charges, MLA
2 068
2 324
Provisions for sundry contingencies and charges, Alios
5 540
-
10 915
5 014
Total
IFRS Consolidated Financial Statements as of December 31st, 2015
55
TUNISIE LEASING GROUP
5.15 Equity
As of December 31st , 2015 the capital allocation and voting rights arise as follows :
Share’s number
Shareholders
Adress
As at
December
31st, 2015
As at
December
31st, 2014
% of
capital
held
% of
voting
rights
Amen Bank
Avenue Mohamed V, 1001 Tunis
2 923 043
2 793 129
32,48%
32,48%
Comar
Avenue Habib Bourguiba, 1001 Tunis
1 697 718
1 620 930
18,86%
18,86%
STUSID Bank
Avenue Hédi Karray, Centre Urbain Nord,
1082 Tunis
732 654
700 092
8,14%
8,14%
898 600
829 999
9,98%
9,98%
443 882
418 422
4,93%
4,93%
433 675
399 947
4,82%
4,82%
Others
1 870 428
1 837 481
20,78%
20,78%
Total
9 000 000
8 600 000
100%
100%
HORCHANI Rached
MENINX Holding
25 Avenue Louis Braille, 1002 Tunis
SSB P/C SQM FRONTIER
AFRICA MASTER FUND
Changes in capital stock are detailed within the consolidated statement of changes in equity.
(KTND)
31/12/2015
31/12/2014
Issued capital
45 000
43 000
Legal reserves
4 500
4 300
13 162
11 162
Special reinvestment reserve
Reserves assigned to capital increase
-
2 000
Share premium
39 500
39 500
Other reserves
5 729
4 889
Foreign currency translation reserve
1 002
3 970
Share of reserves of associates
5 802
5 649
Dividends received from subsidiaries
Retained earnings
Total equity before profit of the year (1)
Profit of the year from affiliates
Share of associates’ profits
Profit of the year attribuable to non controlling interest
Profit of the year attributable to equity holders of the parent (2)
Equity attributable to equity holders of parents (1) + (2)
Outstanding shares number (3)
Earnings per share (2) / (3) in TND
5 420
6 004
39 917
36 622
160 031
157 095
24 978
24 327
1 384
1 240
(10 598)
(11 638)
15 763
13 929
175 795
171 024
9 000 000
8 600 000
1,7
1,6
The Extraordinary General Meeting held on October 4 th, 2012 has decided to increase the share capital
from TND 35 million to TND 40 million by the issue of 1 000 000 new shares with a unit price equal to
TND 22 each composed of TND 5 par value and TND 17 share premium.The meeting has also decided
to increase the share capital by TND 5 000 000 through the incorporation of reserves. This measure will
be achieved through the allocation of the above amount to the creation of 1 000 000 new shares of TND
5 each representing a bonus issue to the holders of 8 000 000 shares distributed in three sets divided
into 300 000 shares for the first set, 300 000 shares for the second set and 400 000 shares for the third
set.
IFRS Consolidated Financial Statements as of December 31st, 2015
56
TUNISIE LEASING GROUP
The isued shares will carry dividend rights respectively on January 1st, 2013, January 1st, 2014 and
January 1st, 2015.
The exchange ratio is as follows:
- 3 new shares for each 80 old shares for the first set.
- 3 new shares for each 83 old shares for the second set.
- 2 new shares for each 43 old shares for the third set.
Thus, the share capital amounts to TND 45 000 000 as of December 31 st, 2015 divided into 9 000 000
shares of TND 5 each.
5.16 Earnings per share
Basic earnings per share shall be calculated by dividing profit or loss attributable to ordinary equity holders
of the parent entity by the weighted average number of ordinary shares outstanding during the period.
Following the issuance of shares, the calculation of earnings per share as of December 31 st ,2014 and
Decembre 31st, 2013 has been retraced as follows:
(KTND)
2015
Net profit for the year
Number of shares
Earnings per share
2014
15 763
13 929
9 000 000
8 600 000
1,75
1,62
For the purpose of calculating diluted earnings per share, the entity shall adjust profit or loss attributable
to ordinary equity holders of the parent entity, and the weighted average number of shares outstanding,
for the effects of all dilutive potential ordinary shares.
5.17 Non controlling interests
31/12/2015
Minority shares in
capital stock
Minority shares in
reserves
Profit for the year
attributable to
minority interests
666
727
134
1 528
43 879
17 317
8 501
69 697
17
9
9
35
TLG Finance
27 835
310
(100)
28 045
ALIOS
18 089
26 356
2 054
46 499
Total
90 486
44 720
10 598
145 804
Minority shares in
reserves
Profit for the year
attributable to
minority interests
Affiliates
Tunisie Factoring
Maghreb Leasing Algérie
TLLD
Total Non
Controlling
interests
31/12/2014
Affiliates
Minority shares in
capital stock
Tunisie Factoring
Maghreb Leasing Algérie
4 163
4 007
789
8 959
43 879
23 705
10 840
78 424
1
15
9
26
48 044
27 727
11 638
87 409
TLLD
Total
Total Non
Controlling
interests
IFRS Consolidated Financial Statements as of December 31st, 2015
57
TUNISIE LEASING GROUP
Note 6.
6.1
Credit risk management
Credit Risk
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party
by failing to discharge an obligation.
6.1.1
General Principles of credit risk management
-
Rules of risks division, of fixing the limits and those of specific commitments processes was defined
so that the commitments of Tunisie Leasing S.A. counterparts and of its subsidiaries do not reach an
excessive concentration of the portfolio, and, await the regulatory limits;
-
A process of framed commitment: the commitment decisions are made either by a Committee of
credit, or by a duly qualified delegated person;
-
The device of measurement and monitoring the risks rests on an inspecting device at the first and at
the second level (Internal audit and committee of commitments);
-
Periodic portfolio reviews are intended to identify the relationships which are degraded. The
identification of the incidents or the valuation of financial situation of debtors allow the update of the
counterparts rating;
-
Keeping a scoreboard of litigation risks (indicators, commitments, structure portfolios, estimated
collection);
-
A portfolio model is used to calculate the future losses on the risks other than compromised.
6.1.2
Risks diversification
Tunisie Leasing SA and its subsidiaries try to diversify their risks in order to limit their exposure
to the counterpart risk in particular when there is a crisis period on a business segment or a
country. TL S.A. and its subsidiaries supervise regularly the total amount of their commitments
by counterparts, groups, economic segments and countries.
The tables below present the exposure of the loans and credits on the customers according to various
concentrations of risks.
Hereafter, an analysis of credit risk of loans and advances (without Alios) by business segment:
31/12/2015
Business segment
AGRICULTURE
Provision
Non
Outstanding
on non
Bad
performing
investment
performing investment
investment
investment
Provision
on bad
investmen
Total non
performing
and bad
outstanding
amounts
Total
provision
on non
performing
and bad
investments
34 564
1 820
520
2 812
1 502
4 632
2 023
REAL ESTATE
138 274
2 016
696
5 039
2 234
7 056
2 930
INDUSTRY
211 692
1 110
380
11 308
5 693
12 418
6 073
39 175
177
58
1 650
796
1 827
854
TRADE AND SERVICES
482 668
3 814
1 210
19 521
10 600
23 335
11 810
TOTAL
906 373
8 938
2 865
40 331
20 825
49 268
23 689
TOURISM
IFRS Consolidated Financial Statements as of December 31st, 2015
58
TUNISIE LEASING GROUP
6.1.2 Risks diversification (Continued)
31/12/2014
Business segment
AGRICULTURE
Provision
on non
Bad
performing investment
investment
Non
Outstanding
performing
investment
investment
Provision
on bad
investmen
Total non
performing
and bad
outstanding
amounts
Total
provision
on non
performing
and bad
investments
29 065
139
32
2 867
1 819
3 006
1 851
REAL ESTATE
135 673
1 754
522
6 292
2 692
8 046
3 214
INDUSTRY
204 960
1 321
535
10 088
6 148
11 409
6 683
50 237
13
4
1 608
778
1 620
782
TRADE AND SERVICES
470 655
4 731
2 265
17 450
9 632
22 181
11 897
TOTAL
890 591
7 957
3 358
38 305
21 069
46 262
24 427
Total non
Provision
Non
Provision
performing
Outstanding
on non
Bad
performing
on bad
and bad
Investment
performing investment
investment
investment outstanding
investment
amounts
Total
provision
on non
performing
and bad
investments
TOURISM
Hereafter, an analysis of credit risk of loans and advances by area:
31/12/2015
Area
Tunisia
714 644
6 983
1 978
36 897
17 899
43 880
19 877
Algeria
191 730
1 955
886
3 434
2 926
5 388
3 812
Total
906 373
8 938
2 864
40 331
20 825
49 268
23 689
Total non
Provision
Non
Provision
performing
Outstanding
on non
Bad
performing
on bad
and bad
Investment
performing investment
investment
investment outstanding
investment
amounts
Total
provision
on non
performing
and bad
investments
31/12/2014
Area
Tunisia
679 630
6 113
1 903
36 799
19 692
42 912
21 595
Algeria
210 961
1 843
1 455
1 506
1 377
3 349
2 832
Total
890 591
7 957
3 358
38 305
21 069
46 262
24 427
Credit risk monitoring on financial assets of the Group is based on an internal classification. The following
table illustrates the different ratings used by the Group.
31/12/2015
(KTND)
Other than
past due or
impaired
financial
assets
Past due
financial
assets but
not
impaired
impaired
financial
assets
Gross
Total
Provision
Net Total
Financial investments - available-forsale
Factoring advances and loans
Finance leases
Other loans and receivables
Financial investments - held-tomaturity
13 596
-
5 687
19 284
(900)
18 384
87 169
703 700
2 319
2 202
64 034
-
4 200
45 068
66
93 571
812 802
2 385
(4 131)
(19 559)
(24)
89 440
793 244
2 361
12 592
-
143
12 736
(143)
12 592
Total
819 376
66 236
55 165
940 778
(24 757)
916 021
IFRS Consolidated Financial Statements as of December 31st, 2015
59
TUNISIE LEASING GROUP
31/12/2014
(KTND)
Other than
past due or
impaired
financial
assets
Past due
financial
assets but
not
impaired
impaired
financial
assets
Gross
Total
Provision
Net Total
Financial investments - available-forsale
Factoring advances and loans
Finance leases
Other loans and receivables
Financial investments - held-tomaturity
12 408
-
5 875
18 283
(1 435)
16 849
87 333
684 366
2 287
2 112
68 973
-
4 823
42 986
-
94 267
796 324
2 287
(4 144)
(20 283)
-
90 123
776 041
2 287
14 243
-
143
14 387
(143)
14 243
Total
800 638
71 084
53 826
925 548
(26 005)
899 543
The maturity of past due financial assets but not impaired at the reporting date is as follows:
31/12/2015
(KTND)
Less than 30 between 31
days
and 60 days
Factoring advances and loans
between 61
and 90 days
More than
91 days
Total
365
497
37
1 303
2 202
9 073
2 195
2 124
50 644
64 034
10 438
2 692
2 161
51 947
66 236
Less than 30 between 31
days
and 60 days
between 61
and 90 days
Finance leases
Total
31/12/2014
(KTND)
Factoring advances and loans
More than
91 days
Total
515
901
468
227
2 112
Finance leases
9 386
2 535
2 400
54 651
68 973
Total
9 901
3 436
2 868
54 878
71 083
6.2
Liquidity and financial risks
Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with
financial liabilities like a commitment to pay suppliers, to repay loans or to make investments.
The Group is exposed, like all credit institutions, to the risk of deficiency of liquidity to honor its
commitments at the maturity.
The liquidity risk management is:
-
-
The measurement of the risk through the analysis of employment and resources consumption
accordance with the contractual terms. That’s can give a general view of the commitment
maturities during the subsequent periods.
A policy of linking resources to liquid assets
The following table illustrates the Group’s assets and liabilities maturity as of December 31 st, 2015 :
IFRS Consolidated Financial Statements as of December 31st, 2015
60
TUNISIE LEASING GROUP
31/12/2015
(KTND)
Cash and due from banks
Less
than 1
year
From 1 to 5
years
More than
5 years
Indefinite
term
Total
94 886
-
-
-
94 886
Financial assets designated at fair value through profit or
loss
144
-
-
-
144
Financial investments –available-for-sale
221
-
18 163
-
18 384
242 336
351 116
12 837
695 454
1 301 743
89 440
-
-
-
89 440
380
1 981
-
-
2 361
3 138
7 521
1 933
-
12 592
Loans and advances to customers
Finance leases
Factoring advances and loans
Other loans and receivables
Financial investments –held-to-maturity
Investment in associates
Current tax assets
Other assets
-
2 186
8 819
-
11 005
9 128
-
-
-
9 128
46 223
53 945
-
-
100 168
Property and equipment
-
32 915
6 458
2 189
41 562
Intangible assets
-
3 785
-
5 285
9 070
Deferred tax assets
-
6 042
-
-
6 042
485 896
459 491
48 210
702 928
1 696 525
241 724
173 585
-
371 709
787 018
Debts represented by securities
88 466
231 590
-
59 198
379 254
Due to customers
62 029
-
-
-
62 029
12 683
-
-
-
12 683
-
8 294
-
-
8 294
114 733
-
-
-
114 733
-
-
-
10 915
10 915
TOTAL ASSETS
Financial liabilities
Due to banks
Current tax liabilities
Deferred tax liabilities
Other liabilities
Provisions
TOTAL LIABILITIES
519 634
413 469
-
441 823
1 374 926
TOTAL EQUITY
-
-
321 599
-
321 599
NET POSITION
(33 738)
46 022
(273 389)
261 105
-
IFRS Consolidated Financial Statements as of December 31st, 2015
61
TUNISIE LEASING GROUP
7.2 Liquidity and financial risks (Continued)
The following table illustrates the Group’s assets and liabilities maturity as of December 31 st, 2014 :
31/12/2014
(KTND)
Cash and due from banks
Less than 1
year
From 1 to 5
years
More than
5 years
Indefinite
term
Total
15 875
-
-
-
15 875
Financial assets designated at fair value through profit or
loss
463
-
-
-
463
Financial investments –available-for-sale
826
-
16 022
-
16 848
329 092
436 502
10 447
-
776
041
90 122
-
-
-
90 122
580
1 707
-
-
2 287
5 363
7 055
1 825
-
14 243
Loans and advances to customers
Finance leases
Factoring advances and loans
Other loans and receivables
Financial investments –held-to-maturity
Investment in associates
-
1 863
8 916
-
10 779
Current tax assets
6 058
-
-
-
6 058
Other assets
4 632
2 552
-
-
7 184
915
23 621
6 192
1 143
31 870
Intangible assets
-
166
-
4 342
4 507
Deferred tax assets
-
1 041
-
-
1 041
453 928
474 506
43 401
5 485
977
320
Due to banks
184 608
157 190
-
-
Debts represented by securities
105 461
168 298
18 394
-
30 340
-
-
-
30 340
10 895
-
-
-
10 895
Property and equipment
TOTAL ASSETS
Financial liabilities
Due to customers
Current tax liabilities
Deferred tax liabilities
341
798
292
153
-
4 309
-
-
4 309
34 377
-
-
-
34 377
-
-
-
5 014
5 014
365 680
329 797
18 394
5 014
TOTAL EQUITY
-
-
258 434
-
NET POSITION
88 247
144 709
(233 426)
470
Other liabilities
Provisions
TOTAL LIABILITIES
6.3
718
886
258
434
-
Currency risk
The currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates.
7.3.1
Structural currency risk
The structural currency risk of the Group results from long term loans and financials liabilities in foreign
currencies. The TLG's policy generally aims at being covered against the currency risk by insurance.
7.3.2
Operational currency risk
IFRS Consolidated Financial Statements as of December 31st, 2015
62
TUNISIE LEASING GROUP
The operational currency risk results from the operating transactions in foreign currencies. The Group
general policy is to minimize the operational foreign exchange and not cover in advance a contingent
profit or loss.
In accordance with standards, the operational balances in foreign currencies are discounted in each
reporting date.
6.4
Interest rate risk
The Group's exposure to risk of changes in interest rates is related to long term financial loans with
variable interest rate.
The Group's policy is to manage its interest expenses by using for loans a combination of fixed and
variable interest rate.
6.5
Operational Risk
The operational risk corresponds to the risk of loss resulting from the inadequacy or of the failure of the
internal processes, the people, the systems or external events and legal risks. Strategic risk and the risk
of reputation are excluded.
In 2008, Tunisie Leasing has begun a diagnosis of its management of credit and operational risks in order
to gradually comply with the requirements of BALE II.
The diagnosis was to detail the functional processes and supports businesses to achieve an operational
risk mapping and their current level of mastery of the core group (finance lease, factoring).
The risk mapping was prepared during 2008.
Note 7.
Commitment and contingencies
As of December 31st , 2015, the commitment and contingencies of TLG are detailed hereafter:
(KTND)
31/12/2015
31/12/2014
GIVEN COMMITMENTS
81 109
89 923
Financing commitments given to the customers
76 581
83 919
4 528
6 005
146 270
139 116
16 766
16 156
129 504
122 960
RECIPROCAL COMMITMENTS
12 533
75 898
External loans
12 533
75 898
Commitments on securities
RECEIVED COMMITMENTS
Received guarantees
Interest not yet matured on active contracts
IFRS Consolidated Financial Statements as of December 31st, 2015
63
TUNISIE LEASING GROUP
Note 8.
Related parties disclosures
The related parties of “Tunisie Leasing Group” are the consolidated companies, including the associates
as well as the Group's key-management leaders. The transactions operated between “Tunisie Leasing”
and the related parties are carried out in the market conditions prevailing at the time of the realization of
these transactions.
8.1 Relationship between Tunisie Leasing’s consolidated companies
The list of the consolidated companies of “Tunisie Leasing Group” is presented in the note "Scope of
consolidation".
The transactions carried out and the outstanding amount existing at the end of the period between the
companies consolidated by full consolidation are completely eliminated in consolidation.
Tunisie Leasing (TL) – Tunisie Factoring (TF)
Given Surety
The Board of Directors of TL met on July 31st, 2001 authorized the President to give any surety in favour
of TF in which it holds 93.34%; for its needs for financing from the banking system and other financial
institutions.
The given surety as of December 31st, 2015 granted to CITIBANK amounts to KTND 10 750.
Rent of the head office
Tunisie Leasing concluded with Tunisie Factoring a new rent contract of the headquarters. According to
this contract, Tunisie Leasing kept at its disposal a part of the ground floor, the 3 rd floor and a part of the
4 th Floor of its headquarters located in Centre Urbain Nord Avenue Hédi karray- Tunis for an annual
rent amount of TND 114 546 with an annual increase of 5%.
The contract extends over a period of one year beginning on May 2014, renewable by tacit agreement in
the same conditions.
Tunisie Factoring concluded with SIMT in 2003 a rent contract of the headquarters. In 2012, SIMT has
merged with Tunisie Leasing. The contract extends over a period of one year renewable by tacit
agreement in the same conditions with an annual increase of 5%.
Tunisie Leasing has invoiced to Tunisie Factoring the rent of the headquarters as well as the related
charges (guarding, cleaning, telecommunication, water and electricity) for an amount of TND 233 581 for
the financial year 2015.
Tunisie Leasing (TL) – Tunisie (TLLD)
Finance lease
During FY 2015, TL has signed 54 contracts of finance lease with TLLD, in which it holds directly 99.44%
of the capital for a total amount of KTND 3 069.
The gross margin realized in FY 2015 on finance lease activities with TLLD amounts to KTND 822.
As of December 31st 2015, the outstanding amount of TLLD’s contracts is KTND 11 986.
Given Surety
The Board of Directors of TL met on August 30 th, 2012 has authorized to give a surety in favour of TLLD
in order to guarantee a loan that amounts to KTND 1,000 borrowed from Amen Bank, for its needs for
financing cars purchasing.
IFRS Consolidated Financial Statements as of December 31st, 2015
64
TUNISIE LEASING GROUP
The Board of Directors of TL met on April 23rd 2013 has authorized to give a surety in favour of TLLD in
order to guarantee a loan that amounts to KTND 500 borrowed from Amen Bank.
The board of directors of TL met on April 23 rd 2013 has authorized to give a surety in favour of TLLD in
order to guarantee a loan that amounts to KTND 2 000 borrowed from Amen Bank for its needs for
financing cars purchasing.
The board of directors of TL met on Decembre 26 th, 2013 has authorized to give a surety in favour of
TLLD in order to guarantee a loan that amounts to KTND 2 000 borrowed from Amen Bank for its needs
for financing cars purchasing.
As of December 31st 2015, the outstanding surety given to Amen Bank amounts to KTND 1 657.
The Board of Directors of TL met on August 30 th, 2012 has authorized to give a surety in favour of TLLD
in order to guarantee a loan that amounts to KTND 500 borrowed from Arab Tunisian Bank for its needs
for financing the purchase of 25 cars.
The Board of Directors of TL met on April 23rd, 2013 has authorized to give a surety in favour of TLLD in
order to guarantee a loan that amounts to KTND 500 borrowed from Arab Tunisian bank.
The Board of Directors of TL met on April 22nd, 2014 has authorized to give a surety in favour of TLLD in
order to guarantee a loan that amounts to KTND 420 borrowed from Arab Tunisian bank.
As of December 31st, 2015, the outstanding surety given to Arab Tunisian Bank amounts to
40.
KTND
Rent of cars:
Tunisie Location Longue Durée has concluded with Tunisie Leasing a rent of cars contract. 20 cars have
been given to the disposal of Tunisie Leasing at the end of 2015. The related expenses have reached 251
KTND for FY 2015.
Commercial papers
During FY 2015, Tunisie Leasing has issued commercial papers which have been subscribed by TLLD:
-
A commercial paper of 1 500 KTND, issued on FY15. The interest expense incurred for the FY
2015 amounts to KTND 38. The outstanding amount as at December 31 st, 2015 is KTND 1 500.
A commercial paper of 1 000 KTND, issued on the December 29 th, 2014 maturing on August 29th,
2015. The interest expense incurred for the FY 2015 amounts to KTND 44.
Tunisie Leasing (TL) – Maghreb Leasing Algérie (MLA)
Current account:
The current account of MLA, whose 30% of the capital is held by TL ( including 11.28% through the
portage contract), is debtor and amounts to KTND 327.
On the 28th of June 2011 TL has concluded with MLA a third amendment to the technical assistance
contract signed on the 2nd of May 2006 and authorized by the Board of Directors on the 4 th of May, 2007,
under which the fees have been increased from € 150 000 to € 159 125 annually starting from the 1 st of
April 2011 and from € 159 125 to € 169 845 annually stating from the 1 st of April 2012.
A fourth amendment has been signed on the 8th of April 2013 and has increased Tunisie Leasing’s fees
up to € 187 920 for the period starting the 1st of April 2013 and ending the 31st of March 2014, and up to
€172 800 for the period starting the 1st of April 2014 and ending the 31st of March 2015.
A fifth amendement was signed on March 31st, 2015 wich raised Tunisie Leasing’s fees up to € 240 000.
The invoiced fees of FY 2015 have reached an amount of KTND 526.
IFRS Consolidated Financial Statements as of December 31st, 2015
65
TUNISIE LEASING GROUP
Tunisie Leasing (TL) - Tunisie Valeurs (TV)
Commissions
Tunisie Valeurs operates the establishment and the management of Bonds, issued by TL and
bookkeeping TL securities.
The fees invoiced by TV related to 2015 amount to KTND 335 (Tax free).
Finance Lease
The gross margin realized in FY 2015 on finance lease activities with TV amounts to KTND 71.
The outstanding contract’s as of December 31st, 2015 amounts to KTND 2 452 and the deposits and
guarantees amount to KTND 1 806.
Commercial papers
During FY 2015, Tunisie Leasing has made financing operations with commercial papers in favour of
Tunisie Valeurs :
-
Commercial papers issued in FY 2015 for a total amount of 11 000 KTND. The interest expense
incurred by TF for the FY 2015 amounts to KTND 75.
Commercial papers of KTND 3 500, issued in prior year’s period and matured in FY 2015. The
interest expense incurred for the FY 2015 amounts to KTND 52.
Deposit accounts for a total amount of 35 000 KTND. The interest expense incurred for the FY
2015 amounts to KTND 104. The outstanding amount of these financings as at December 31 st,
2015 amounts to KTND 3 000.
Tunisie Leasing (TL) - TUNINVEST FINANCE GROUP (TFG)
Finance lease
The gross margin realized in FY 2015 on finance lease activities with TFG amounts to KTND 28.
The financial outstanding as of December 31st, 2015 amounts to KTND 1 366 are being signed and the
guaranteed deposits amount to KTND 1 000.
Tunisie Leasing (TL) - TUNINVEST SICAV
Commercial papers
During FY 2015, Tunisie Leasing has issued several commercial papers in favour of Tunisie SICAV :
-
Commercial papers issued in FY 2015 for a total amount of 5 000 KTND. The interest expense
incurred by TF for the FY 2015 amounts to KTND 67.
Commercial papers of KTND 18 000, issued in prior year’s period and matured in FY 2015. The
interest expense incurred for the FY 2015 amounts to KTND 293.
Deposit accounts for a total amount of 77 000 KTND. The interest expense incurred for the FY
2015 amounts to KTND 772. The outstanding amount of these financings as at December 31 st,
2015 amounts to KTND 22 000.
Tunisie Leasing (TL) – Makateb El Horchani
During FY 2015, Tunisie leasing purchased three parking places from the company MAKETEB
HORCHANI for a total amount of KTND 45 (Tax Free).
IFRS Consolidated Financial Statements as of December 31st, 2015
66
TUNISIE LEASING GROUP
Tunisie Leasing (TL) - Société Dar El Jeld
Finance lease
The gross margin realized in FY 2015 on finance lease activities with Dar El JELD amounts to KTND 35.
The financial outstanding as of December 31st, 2015 amounts to KTND 798 and the guaranteed deposits
amount to KTND 500.
Tunisie Leasing (TL) - AMEN BANK
The operations realized between Amen Bank and Tunisie Leasing as of December 31 st, 2015 are detailed
as shown below:
-
The balance of the account held by Amen Bank amounts to KTND 14 815 (creditor);
-
The loans granted by Amen Bank in favour of Tunisie Leasing amount to KTND 21 248;
-
Tunisie Leasing has recorded in its off-balance sheet a debt of an amount of KTND 883
corresponding to the remaining of the contribution of Amen Bank on behalf of Tunisie Leasing to
the capital increase of Maghreb Leasing Algérie (MLA). This amount, considered as a loan, is
repayable during a period of five years.
Tunisie Leasing (TL) - PGI HOLDING
Headquarters expenses sharing agreement
In August 2011, Tunisie Leasing concluded with PGI Holding Company an agreement that provides
sharing costs related to the headquarters.
This agreement concerns the implementation of the material, human and computing means by PGI
Holding Company in order to assist Tunisie Leasing in the field of development, the IT and legal domains.
In return for these services, PGI Holding Company receives an annual remuneration equal to 0.5 per cent
of the company's turnover with a ceiling of KTND 150. The amount of the costs carried by Tunisie Leasing
during FY 2015 equals to KTND 150 tax free.
8.2 Relationship with the key-leaders
The key leaders of the Group include the Presidents of the Board of Directors, Executive Directors, and
the Deputy Managing Directors.
8.2.1
Remuneration Policy and benefits attribution to the key leaders
The remuneration of the key leaders is given according to the rules suggested by the Committee of
Remuneration and adopted by the Executive Board.
8.2.2
Amount of remuneration and benefits assigned to the key leaders
The following table presents the amount of remunerations and benefits assigned to the key leaders:
(KTND)
Salaries and wages
Bonus and premium
Total
IFRS Consolidated Financial Statements as of December 31st, 2015
2015
2014
2 518
2 067
12
39
2 530
2 106
67
TUNISIE LEASING GROUP
Note 9.
Events after the balance sheet date
These financial statements are approved by the executive board on April 26 th, 2016. Consequently, they
do not reflect the events that have occured after that date.
IFRS Consolidated Financial Statements as of December 31st, 2015
68
Annexe 1: Contribution to consolidated income statement
(KTND)
TL
MLA
TF
TLG
Finance
TLLD
Groupe
Alios
Equity
affiliates
Total
Interest and similar income
Finance lease
54 444
34 736
-
-
-
73 357
-
-
13 358
-
-
-
13 358
(33 036)
(8 560)
(4 075)
(386)
(2)
(33 191)
(79 250)
Income of long term lease
-
1 651
-
9 559
-
5 200
16 410
Expenses of long term lease
Net gain on financial assets designated at fair value through profit or
loss
Net gain on available-for- sale assets
-
(928)
-
(5 420)
-
-
(6 349)
7
-
-
11
-
-
18
340
-
-
-
-
-
340
Net gain on held to maturity assets
166
-
30
-
-
-
196
1 547
-
-
-
-
5 534
7 081
Personnel expenses
(8 438)
(4 284)
(2 710)
(476)
-
(16 841)
(32 749)
Depreciation of property and equipment
(1 295)
(1 104)
(666)
(139)
-
(3 630)
(6 834)
Other operating expenses
(4 617)
(4 390)
(1 565)
(460)
(67)
(15 952)
(27 052)
532
(758)
(642)
-
-
(8 154)
(9 022)
76
-
(317)
(96)
-
(3 241)
(3 578)
Other ordinary income
100
652
39
-
-
-
791
Other ordinary losses
(3)
-
(9)
(2)
-
-
Factoring
Interest and similar expense
Other operating income
Counterpart risk
Other risks
Share of associates’ profits
Profit before tax
162 538
(14)
1 384
1 384
9 823
17 015
3 442
2 590
(69)
3 081
1 384
37 267
(3 722)
(4 355)
(1 239)
(540)
-
(1 049)
-
(10 906)
Net profit for the year
6 101
12 660
2 203
2 050
(69)
2 032
1 384
26 361
Non controlling interest
-
(8 501)
(134)
(9)
100
(2 053)
-
(10 598)
Income tax expense
Net profit attributable to equity holders of the parent
Percentage of contribution
IFRS Consolidated Financial Statements as of December 31st, 2015
6 101
4 159
2 069
2 041
31
(21)
1 384
15 763
38,70%
26,38%
13,12%
12,95%
0,20%
-0,14%
8,78%
100,00%
69
Annexe 2 : Contribution to consolidated Financial Position
(KTND)
TL
MLA
TF
TLLD
TLG Finance Groupe Alios Equity affiliates
Total
Cash and due from banks
674
42 039
-
1 115
51 009
48
-
Financial assets designated at fair value through profit or loss
144
-
-
-
-
-
-
144
18 330
-
-
-
54
-
-
18 384
Financial assets - available-for-sale
Loans and advances to customers
Finance leases
Factoring advances and loans
Other loans and receivables
Financial investments held to maturity
Investment in associates
94 886
-
-
-
-
-
-
-
-
618 252
186 955
-
(11 963)
508 499
-
-
1 301 743
89 440
-
-
89 440
-
-
-
-
2 166
-
194
-
-
-
-
2 361
11 703
-
560
-
329
-
-
12 592
-
-
-
-
-
-
11 005
11 005
Current tax assets
487
7 189
110
166
1 176
-
-
9 128
Other assets
422
480
322
-
4 818
-
-
6 042
Property and equipment
2 577
1 200
70
1 073
95 248
-
-
100 170
Intangible assets
6 868
4 231
459
19 876
10 128
-
-
41 562
Deferred tax assets
1 548
1 409
823
58
998
4 234
-
9 070
663 172
243 504
91 977
10 325
672 259
4 283
11 005
1 696 525
Total Assets
Financial liabilities
Due to bank
240 194
81 416
45 583
3 924
415 812
89
-
787 018
Debts represented by securities
272 077
34 164
15 914
-
57 099
-
-
379 254
13 288
11 264
3 093
-
34 384
-
-
62 029
Current tax liabilities
1 301
6 945
482
113
3 843
-
-
12 684
Other liabilities
4 024
205
313
986
2 767
-
-
8 294
34 765
9 009
2 598
682
67 670
10
-
114 733
10 915
Due to customers
Provisions
Deferred tax liabilities
1 482
2 068
1 825
-
5 540
-
-
Issued capital
45 000
-
-
-
-
-
-
45 000
Retained earnings
89 358
7 088
10 478
4 599
751
(254)
3 011
115 032
Net profit of the year
6 101
4 159
2 069
2 041
31
(21)
1 384
15 763
-
69 697
1 528
35
46 498
28 045
-
145 804
Total liabilities and equity
707 590
226 015
83 883
12 380
634 395
27 869
4 395
1 696 525
Percentage of contribution
41,71%
13,32%
4,94%
0,73%
37,39%
1,64%
0,26%
100%
Non controlling interest
IFRS Consolidated Financial Statements as of December 31st, 2015
70