Financial Institutions

Financial Institutions
Financial Services / Tunisia
Tunisie Leasing
Fiche de Notation
Fondements des notes attribuées
Notes
Notes Nationales
Long terme
Court terme
BBB+(tun)
F2(tun)
Risque Souverain
a
NDE LT en monnaie étrangère
a
NDE LT en monnaie locale
Note de plafond souverain
BBBB
BB
Perspectives
Note nationale à long terme
Stable
NDEa LT en monnaie étrangère du Négative
souverain
NDEa LT en monnaie locale du
Négative
souverain
a
Des notes nationales basées sur les qualités intrinsèques : Les notes nationales de
Tunisie Leasing (TL) reflètent sa position de leader sur les marchés du crédit-bail et de
l’affacturage, une rentabilité soutenue, une qualité d’actifs satisfaisante, un dispositif de gestion
des risques perfectionné et un niveau de fonds propres adéquat. Les notes tiennent également
compte de la situation de liquidité fragile de la société.
Une position dominante : TL demeurait, à fin 2013, le leader du marché tunisien du créditbail et de l’affacturage (21,5% de parts de marché). A travers sa filiale Maghreb Leasing
Algérie (MLA), TL occupe également une position de premier plan en Algérie (21,1% de parts
de marché).
NDE – Note de Défaut Emetteur
Données financières
Tunisian Lease
30 juin 13 31 déc. 12
Total Bilan (Mio USD)
Total assets (Mio TND)
Fonds propres (Mio
TND)
Résultat d’exploitation
(Mio TND)
Résultat Net (Mio
TND)
562
930
138,1
526
873
118,2
12,9
27,2
10,9
20,8
ROAA d’exploitation :
Résultat d’exploitation/
Actifs moyens (%)
2,9
3,3
ROAE d’exploitation :
Résultat d’exploitation/
Fds propres moyens
(%)
12,5
14,5
Fonds propres durs
(Fitch)/ Actifs pondérés
24,5
22,4
Rapports Associés
Peer Review: Tunisian Leasing Companies
(mars 2014)
Une rentabilité soutenue : Bien que sous pression, la rentabilité de TL reste soutenue (ROAE
et ROAA d’exploitation de respectivement 12,5% et 2,9% au S1 2013), notamment de par ses
activités en Algérie, qui formaient environ 30% du résultat net au S1 2013. Troisième acteur du
secteur algérien en termes d’encours, MLA profite d’un marché peu mature et faiblement
concurrentiel pour générer de très fortes marges, tandis que le coût du risque demeure
minime.
Compte tenu de la conjoncture économique toujours difficile en Tunisie, Fitch s’attend à ce que
la rentabilité de TL soit en baisse à fin 2013 sous l’effet de l’accroissement de ses charges de
fonctionnement – notamment lié à l’augmentation des charges de personnel - et au
resserrement des marges nettes d’intérêts dû à la hausse continue du coût des ressources.
Une qualité d’actifs satisfaisante: Le taux de créances douteuses de TL s’est stabilisé et
demeure inférieur à la moyenne du secteur (5,3% à fin juin 2013), notamment grâce à la bonne
qualité de son portefeuille de créances en Algérie (1,6% à fin juin 2013). Les créances
classées nettes de provisions ne représentaient que 4,6% des fonds propres à fin juin 2013 et
le risque de concentration par emprunteur demeurait un des plus faibles du secteur.
Une liquidité précaire : La liquidité de TL est restreinte en raison de sa dépendance à un
marché obligataire toujours difficile (27% de ses ressources hors fonds propres à fin juin 2013).
En outre, ses lignes bancaires confirmées et non tirées ne couvraient qu’une part limitée de
ses besoins annuels à fin 2013. Toutefois, Fitch estime que TL pourrait solliciter son
actionnaire bancaire, Amen Bank (AB, 32,5% du capital), en cas de besoin.
Un niveau de fonds propres adéquat: Fitch estime que TL est mieux placée que ses pairs
pour faire face à une dégradation du risque de crédit compte tenu de son ratio de fonds
propres durs (selon la définition de Fitch).
Un soutien incertain : TL est détenue à 53,2% par le groupe privé Amen (dont AB fait partie).
Selon Fitch, la probabilité de soutien que ce dernier pourrait apporter à sa filiale apparaît
limitée étant donné l’absence d’une structure juridique fédérant les intérêts de ce groupe et les
incertitudes relatives à sa capacité à le faire.
Analystes
Sonia Trabelsi
+33 144 299 129
[email protected]
Solena Gloaguen
+44 203 530 1126
[email protected]
www.fitchratings.com
Sensibilité des Notes
Une dégradation de la qualité d’actifs ; des tensions sur la liquidité : Un abaissement de
la note de TL pourrait être décidé en cas de détérioration de la qualité de ses actifs ou d’un
resserrement durable de sa liquidité. Le relèvement des notes de TL est peu probable étant
donné la fragilité de sa liquidité.
14 March 2014
Banks
Source: Tunisie Leasing; Fitch. (A fin juin 2013, sauf mention contraire)
Marges
Rentabilité
Marge nette d'intérêts (droite)
Coefficient d'exploitation (droite)
25%
Dotations aux prov./Résultat d'exploitation avant
prov. (gauche)
7%
Résultat d'exploitation/Fonds propres moyens
(gauche)
Résultat d'exploitation/Actifs moyens (gauche)
50%
20%
6%
5%
15%
20%
48%
15%
46%
4%
10%
3%
5%
2%
0%
10%
44%
42%
5%
40%
1%
-5%
Déc-09
Déc-10
Déc-11
Déc-12
0%
Juin 13
Evolution des crédits
0%
Déc-09
Déc-10
Déc-11
Déc-12
38%
Juin 13
Qualité d'actifs
(% des encours bruts)
Croissance des encours - TL (gauche)
Croissance de la production - secteur (gauche)
Encours classés nets/Fonds propres - TL (gauche)
Créances classées (gauche)
Dotations pour dépréciations des encours (droite)
7
Total des provisions sur créances classées (droite)
5
25%
6
4
20%
5
15%
4
30%
3
2
3
10%
1
2
5%
0
1
0%
Déc-09
0
Déc-10
Déc-11
Déc-12
Juin 13
Portefeuille de crédits (fin juin 2013)
-1
Déc-09
Déc-10
Déc-11
Déc-12
Juin 13
Structure des ressources
(hors fonds propres)
Matériel de transport
Matériel de BTP
Autre matériel spécifique
Immobilier
Concours bancaires MT
Crédits de trésorerie et avances clients
Emissions obligataires
Billets de trésorerie
Dettes subordonnées 7%
13%
9%
11%
45%
52%
27%
24%
12%
Contribution par entité du groupe
(resultat net - Dec 12)
Capital et effet de levier
Tier 1 ratio
Fonds propres durs (Fitch)/Actifs ponderes
30%
Crédit-bail en Tunisie
Crédit-bail en Algérie
Affacturage en Tunisie
Location longue duree
Non operationnel
25%
10%
20%
4%
8%
15%
48%
10%
5%
Critères applicables
Global Financial Institutions Rating Criteria
(janvier 2014)
30%
0%
Déc-09
Déc-10
Déc-11
Déc-12
Juin 13
Finance and Leasing Companies Criteria
(décembre 2012)
National Scale Ratings Criteria (octobre 2013)
Tunisie Leasing
March 2014
2
Banks
Tunisie Leasing
Income Statement
30 Jun 2013
6 Months - Interim6 Months - Interim
USDm
TNDm
Unaudited
Unaudited
1. Interest Income on Loans
2. Other Interest Income
3. Dividend Income
4. Gross Interest and Dividend Income
5. Interest Expense on Customer Deposits
6. Other Interest Expense
7. Total Interest Expense
8. Net Interest Income
9. Net Gains (Losses) on Trading and Derivatives
10. Net Gains (Losses) on Other Securities
11. Net Gains (Losses) on Assets at FV through Income Statement
12. Net Insurance Income
13. Net Fees and Commissions
14. Other Operating Income
15. Total Non-Interest Operating Income
16. Personnel Expenses
17. Other Operating Expenses
18. Total Non-Interest Expenses
19. Equity-accounted Profit/ Loss - Operating
20. Pre-Impairment Operating Profit
21. Loan Impairment Charge
22. Securities and Other Credit Impairment Charges
23. Operating Profit
24. Equity-accounted Profit/ Loss - Non-operating
25. Non-recurring Income
26. Non-recurring Expense
27. Change in Fair Value of Own Debt
28. Other Non-operating Income and Expenses
29. Pre-tax Profit
30. Tax expense
31. Profit/Loss from Discontinued Operations
32. Net Income
33. Change in Value of AFS Investments
34. Revaluation of Fixed Assets
35. Currency Translation Differences
36. Remaining OCI Gains/(losses)
37. Fitch Comprehensive Income
38. Memo: Profit Allocation to Non-controlling Interests
39. Memo: Net Income after Allocation to Non-controlling Interests
40. Memo: Common Dividends Relating to the Period
41. Memo: Preferred Dividends Related to the Period
Exchange rate
Tunisie Leasing
March 2014
n.a.
24.9
n.a.
24.9
n.a.
9.8
9.8
15.1
n.a.
0.7
n.a.
n.a.
1.5
2.7
4.8
3.9
5.8
9.7
n.a.
10.2
0.8
1.6
7.8
1.2
n.a.
n.a.
n.a.
n.a.
9.0
2.4
n.a.
6.6
n.a.
n.a.
n.a.
n.a.
6.6
2.4
4.2
n.a.
n.a.
n.a.
41.2
n.a.
41.2
n.a.
16.2
16.2
25.0
n.a.
1.1
n.a.
n.a.
2.4
4.4
7.9
6.5
9.6
16.1
n.a.
16.8
1.3
2.6
12.9
2.0
n.a.
n.a.
n.a.
n.a.
14.9
4.0
n.a.
10.9
n.a.
n.a.
n.a.
n.a.
10.9
3.9
7.0
n.a.
n.a.
USD1 = TND1.65480
As % of
Earning Assets
9.59
9.59
3.77
3.77
5.82
0.26
0.56
1.02
1.84
1.51
2.23
3.75
3.91
0.30
0.61
3.00
0.47
3.47
0.93
2.54
2.54
0.91
1.63
-
31 Dec 2012
Year End
As % of
TNDm
Earning
Unqualified
Assets
n.a.
84.4
n.a.
84.4
n.a.
30.0
30.0
54.4
n.a.
0.4
n.a.
n.a.
4.4
1.0
5.8
11.6
16.0
27.6
n.a.
32.6
4.2
1.2
27.2
1.3
0.2
n.a.
n.a.
n.a.
28.7
7.9
n.a.
20.8
n.a.
n.a.
n.a.
n.a.
20.8
8.9
11.9
7.0
n.a.
10.42
10.42
3.70
3.70
6.72
0.05
0.54
0.12
0.72
1.43
1.98
3.41
4.03
0.52
0.15
3.36
0.16
0.02
3.54
0.98
2.57
2.57
1.10
1.47
0.86
-
USD1 = TND1.55060
31 Dec 2011
Year End
As % of
TNDm
Earning
Unqualified
Assets
5.2
69.2
n.a.
74.4
0.7
26.5
27.2
47.2
n.a.
0.7
n.a.
n.a.
3.6
1.0
5.3
10.1
13.6
23.7
n.a.
28.8
4.6
0.3
23.9
1.6
n.a.
0.0
n.a.
0.3
25.8
6.1
(2.2)
17.5
n.a.
n.a.
n.a.
n.a.
17.5
7.9
9.6
6.0
n.a.
0.71
9.47
10.18
0.10
3.63
3.72
6.46
0.10
0.49
0.14
0.73
1.38
1.86
3.24
3.94
0.63
0.04
3.27
0.22
0.00
0.04
3.53
0.83
(0.30)
2.39
2.39
1.08
1.31
0.82
-
USD1 = TND1.49930
31 Dec 2010
Year End
As % of
TNDm
Earning
Unqualified
Assets
n.a.
69.5
n.a.
69.5
n.a.
26.0
26.0
43.5
n.a.
0.6
n.a.
n.a.
3.5
1.4
5.5
8.8
12.0
20.8
n.a.
28.2
2.7
0.0
25.5
2.9
0.1
0.0
n.a.
n.a.
28.5
6.7
n.a.
21.8
n.a.
n.a.
n.a.
n.a.
21.8
6.3
15.5
n.a.
n.a.
10.39
10.39
3.89
3.89
6.50
0.09
0.52
0.21
0.82
1.32
1.79
3.11
4.22
0.40
0.00
3.81
0.43
0.01
0.00
4.26
1.00
3.26
3.26
0.94
2.32
-
USD1 = TND1.43790
3
Banks
Tunisie Leasing
Balance Sheet
30 Jun 2013
6 Months - Interim
6 Months - Interim
USDm
TNDm
As % of
Assets
31 Dec 2012
Year End
As % of
TNDm
Assets
31 Dec 2011
Year End
As % of
TNDm
Assets
31 Dec 2010
Year End
As % of
TNDm
Assets
Assets
A. Loans
1. Residential Mortgage Loans
2. Other Mortgage Loans
3. Other Consumer/ Retail Loans
4. Corporate & Commercial Loans
5. Other Loans
6. Less: Reserves for Impaired Loans/ NPLs
7. Net Loans
8. Gross Loans
9. Memo: Impaired Loans included above
10. Memo: Loans at Fair Value included above
B. Other Earning Assets
1. Loans and Advances to Banks
2. Reverse Repos and Cash Collateral
3. Trading Securities and at FV through Income
4. Derivatives
5. Available for Sale Securities
6. Held to Maturity Securities
7. At-equity Investments in Associates
8. Other Securities
9. Total Securities
10. Memo: Government Securities included Above
11. Memo: Total Securities Pledged
12. Investments in Property
13. Insurance Assets
14. Other Earning Assets
15. Total Earning Assets
C. Non-Earning Assets
1. Cash and Due From Banks
2. Memo: Mandatory Reserves included above
3. Foreclosed Real Estate
4. Fixed Assets
5. Goodwill
6. Other Intangibles
7. Current Tax Assets
8. Deferred Tax Assets
9. Discontinued Operations
10. Other Assets
11. Total Assets
Liabilities and Equity
D. Interest-Bearing Liabilities
1. Customer Deposits - Current
2. Customer Deposits - Savings
3. Customer Deposits - Term
4. Total Customer Deposits
5. Deposits from Banks
6. Repos and Cash Collateral
7. Other Deposits and Short-term Borrowings
8. Total Deposits, Money Market and Short-term Funding
9. Senior Debt Maturing after 1 Year
10. Subordinated Borrowing
11. Other Funding
12. Total Long Term Funding
13. Derivatives
14. Trading Liabilities
15. Total Funding
E. Non-Interest Bearing Liabilities
1. Fair Value Portion of Debt
2. Credit impairment reserves
3. Reserves for Pensions and Other
4. Current Tax Liabilities
5. Deferred Tax Liabilities
6. Other Deferred Liabilities
7. Discontinued Operations
8. Insurance Liabilities
9. Other Liabilities
10. Total Liabilities
F. Hybrid Capital
1. Pref. Shares and Hybrid Capital accounted for as Debt
2. Pref. Shares and Hybrid Capital accounted for as Equity
G. Equity
1. Common Equity
2. Non-controlling Interest
3. Securities Revaluation Reserves
4. Foreign Exchange Revaluation Reserves
5. Fixed Asset Revaluations and Other Accumulated OCI
6. Total Equity
7. Total Liabilities and Equity
8. Memo: Fitch Core Capital
9. Memo: Fitch Eligible Capital
Exchange rate
Tunisie Leasing
March 2014
n.a.
n.a.
n.a.
n.a.
522.2
21.7
500.5
522.2
27.8
n.a.
n.a.
n.a.
n.a.
n.a.
864.1
35.9
828.2
864.1
46.0
n.a.
92.95
3.86
89.09
92.95
4.95
-
n.a.
n.a.
n.a.
n.a.
808.8
34.3
774.5
808.8
40.6
n.a.
92.62
3.93
88.70
92.62
4.65
-
n.a.
n.a.
n.a.
n.a.
737.5
32.1
705.4
737.5
48.4
n.a.
94.41
4.11
90.30
94.41
6.20
-
n.a.
n.a.
n.a.
n.a.
672.8
26.3
646.5
672.8
33.2
n.a.
93.22
3.64
89.58
93.22
4.60
-
n.a.
n.a.
n.a.
n.a.
1.6
16.4
5.0
n.a.
23.0
n.a.
n.a.
n.a.
n.a.
n.a.
523.4
n.a.
n.a.
n.a.
n.a.
2.6
27.1
8.3
n.a.
38.0
n.a.
n.a.
n.a.
n.a.
n.a.
866.2
0.28
2.92
0.89
4.09
93.18
0.0
n.a.
0.0
n.a.
n.a.
n.a.
8.6
26.7
35.3
n.a.
n.a.
n.a.
n.a.
n.a.
809.8
0.00
0.00
0.98
3.06
4.04
92.74
0.0
n.a.
0.0
n.a.
4.6
20.9
n.a.
n.a.
25.5
n.a.
n.a.
n.a.
n.a.
n.a.
730.9
0.00
0.00
0.59
2.68
3.26
93.56
0.0
n.a.
0.0
n.a.
n.a.
n.a.
9.4
12.9
22.3
n.a.
n.a.
n.a.
n.a.
n.a.
668.8
0.00
0.00
1.30
1.79
3.09
92.67
6.0
n.a.
n.a.
16.7
n.a.
3.7
n.a.
0.7
n.a.
11.1
561.8
10.0
n.a.
n.a.
27.7
n.a.
6.2
n.a.
1.1
n.a.
18.4
929.6
1.08
2.98
0.67
0.12
1.98
100.00
18.0
n.a.
n.a.
24.8
n.a.
6.7
n.a.
1.2
n.a.
12.7
873.2
2.06
2.84
0.77
0.14
1.45
100.00
4.5
n.a.
n.a.
22.6
n.a.
5.3
n.a.
0.9
n.a.
17.0
781.2
0.58
2.89
0.68
0.12
2.18
100.00
13.8
n.a.
n.a.
18.9
n.a.
3.1
n.a.
0.8
n.a.
16.3
721.7
1.91
2.62
0.43
0.11
2.26
100.00
43.2
0.0
0.0
43.2
190.8
n.a.
n.a.
234.0
135.2
24.2
n.a.
159.4
n.a.
n.a.
393.4
71.5
0.0
0.0
71.5
315.8
n.a.
n.a.
387.3
223.7
40.0
n.a.
263.7
n.a.
n.a.
651.0
7.69
0.00
0.00
7.69
33.97
41.66
24.06
4.30
28.37
70.03
60.1
0.0
0.0
60.1
354.0
n.a.
n.a.
414.1
186.1
32.0
n.a.
218.1
n.a.
n.a.
632.2
6.88
0.00
0.00
6.88
40.54
47.42
21.31
3.66
24.98
72.40
47.8
n.a.
n.a.
47.8
25.8
n.a.
n.a.
73.6
437.6
36.0
n.a.
473.6
n.a.
n.a.
547.2
6.12
6.12
3.30
9.42
56.02
4.61
60.62
70.05
44.3
0.0
0.0
44.3
148.2
n.a.
n.a.
192.5
273.1
44.0
n.a.
317.1
n.a.
n.a.
509.6
6.14
0.00
0.00
6.14
20.53
26.67
37.84
6.10
43.94
70.61
n.a.
n.a.
2.7
n.a.
0.8
n.a.
n.a.
n.a.
31.8
428.7
n.a.
n.a.
4.5
n.a.
1.3
n.a.
n.a.
n.a.
52.6
709.4
0.48
0.14
5.66
76.31
n.a.
n.a.
2.1
n.a.
1.3
n.a.
n.a.
n.a.
42.8
678.4
0.24
0.15
4.90
77.69
n.a.
n.a.
1.9
n.a.
1.2
n.a.
n.a.
n.a.
46.9
597.2
0.24
0.15
6.00
76.45
n.a.
n.a.
1.4
n.a.
1.6
n.a.
n.a.
n.a.
34.5
547.1
0.19
0.22
4.78
75.81
0.0
0.0
0.0
0.0
0.00
0.00
0.0
0.0
0.00
0.00
n.a.
n.a.
-
0.0
0.0
0.00
0.00
83.5
47.9
n.a.
1.8
n.a.
133.1
561.8
129.3
n.a.
138.1
79.2
n.a.
2.9
n.a.
220.2
929.6
214.0
n.a.
14.86
8.52
0.31
23.69
100.00
23.02
-
118.2
76.6
n.a.
n.a.
n.a.
194.8
873.2
188.1
n.a.
13.54
8.77
22.31
100.00
21.54
-
110.4
71.9
n.a.
1.7
n.a.
184.0
781.2
178.7
n.a.
14.13
9.20
0.22
23.55
100.00
22.88
-
108.2
66.4
n.a.
n.a.
n.a.
174.6
721.7
171.5
n.a.
14.99
9.20
24.19
100.00
23.76
-
USD1 = TND1.65480
USD1 = TND1.55060
USD1 = TND1.49930
USD1 = TND1.43790
4
Banks
Tunisie Leasing
Summary Analytics
30 Jun 2013
6 Months - Interim
A. Interest Ratios
1. Interest Income on Loans/ Average Gross Loans
2. Interest Expense on Customer Deposits/ Average Customer Deposits
3. Interest Income/ Average Earning Assets
4. Interest Expense/ Average Interest-bearing Liabilities
5. Net Interest Income/ Average Earning Assets
6. Net Int. Inc Less Loan Impairment Charges/ Av. Earning Assets
7. Net Interest Inc Less Preferred Stock Dividend/ Average Earning Assets
B. Other Operating Profitability Ratios
1. Non-Interest Income/ Gross Revenues
2. Non-Interest Expense/ Gross Revenues
3. Non-Interest Expense/ Average Assets
4. Pre-impairment Op. Profit/ Average Equity
5. Pre-impairment Op. Profit/ Average Total Assets
6. Loans and securities impairment charges/ Pre-impairment Op. Profit
7. Operating Profit/ Average Equity
8. Operating Profit/ Average Total Assets
9. Taxes/ Pre-tax Profit
10. Pre-Impairment Operating Profit / Risk Weighted Assets
11. Operating Profit / Risk Weighted Assets
C. Other Profitability Ratios
1. Net Income/ Average Total Equity
2. Net Income/ Average Total Assets
3. Fitch Comprehensive Income/ Average Total Equity
4. Fitch Comprehensive Income/ Average Total Assets
5. Net Income/ Av. Total Assets plus Av. Managed Securitized Assets
6. Net Income/ Risk Weighted Assets
7. Fitch Comprehensive Income/ Risk Weighted Assets
D. Capitalization
1. Fitch Core Capital/Weighted Risks
2. Fitch Eligible Capital/ Weighted Risks
3. Tangible Common Equity/ Tangible Assets
4. Tier 1 Regulatory Capital Ratio
5. Total Regulatory Capital Ratio
6. Core Tier 1 Regulatory Capital Ratio
7. Equity/ Total Assets
8. Cash Dividends Paid & Declared/ Net Income
9. Cash Dividend Paid & Declared/ Fitch Comprehensive Income
10. Cash Dividends & Share Repurchase/Net Income
11. Net Income - Cash Dividends/ Total Equity
E. Loan Quality
1. Growth of Total Assets
2. Growth of Gross Loans
3. Impaired Loans(NPLs)/ Gross Loans
4. Reserves for Impaired Loans/ Gross loans
5. Reserves for Impaired Loans/ Impaired Loans
6. Impaired Loans less Reserves for Imp Loans/ Equity
7. Loan Impairment Charges/ Average Gross Loans
8. Net Charge-offs/ Average Gross Loans
9. Impaired Loans + Foreclosed Assets/ Gross Loans + Foreclosed Assets
F. Funding
1. Loans/ Customer Deposits
2. Interbank Assets/ Interbank Liabilities
3. Customer Deposits/ Total Funding excl Derivatives
Tunisie Leasing
March 2014
31 Dec 2012
Year End
31 Dec 2011
Year End
31 Dec 2010
Year End
n.a.
n.a.
9.91
5.09
6.02
5.70
6.02
n.a.
n.a.
10.83
5.01
6.98
6.44
6.98
0.74
1.50
10.69
5.20
6.78
6.12
6.78
n.a.
n.a.
11.10
5.44
6.95
6.52
6.95
24.01
48.94
3.60
16.33
3.76
23.21
12.54
2.89
26.85
3.88
2.98
9.63
45.85
3.29
17.34
3.89
16.56
14.47
3.25
27.53
3.88
3.23
10.10
45.14
3.19
16.28
3.87
17.01
13.51
3.21
23.64
3.83
3.18
11.22
42.45
3.03
16.96
4.11
9.57
15.33
3.72
23.51
4.09
3.70
10.59
2.44
10.59
2.44
n.a.
2.51
2.51
11.06
2.48
11.06
2.48
n.a.
2.47
2.47
9.89
2.35
9.89
2.35
n.a.
2.33
2.33
13.11
3.18
13.11
3.18
n.a.
3.16
3.16
24.48
n.a.
23.18
15.39
23.10
n.a.
23.69
n.a.
n.a.
n.a.
9.98
22.36
n.a.
21.60
12.99
19.48
n.a.
22.31
33.65
33.65
n.a.
7.08
23.78
n.a.
23.03
13.90
20.85
n.a.
23.55
34.29
34.29
n.a.
6.25
24.89
n.a.
23.87
14.69
22.03
n.a.
24.19
n.a.
n.a.
n.a.
12.49
6.46
6.84
5.32
4.15
78.04
4.59
0.31
n.a.
5.32
11.78
9.67
5.02
4.24
84.48
3.23
0.54
n.a.
5.02
8.24
9.62
6.56
4.35
66.32
8.86
0.66
n.a.
6.56
13.58
22.39
4.93
3.91
79.22
3.95
0.44
0.00
4.93
1,208.53
n.a.
10.98
1,345.76
0.00
9.51
1,542.89
0.00
8.74
1,518.74
0.00
8.69
5
Banks
Tunisie Leasing
Reference Data
30 Jun 2013
6 Months - Interim
6 Months - Interim
USDm
TNDm
A. Off-Balance Sheet Items
1. Managed Securitized Assets Reported Off-Balance Sheet
2. Other off-balance sheet exposure to securitizations
3. Guarantees
4. Acceptances and documentary credits reported off-balance sheet
5. Committed Credit Lines
6. Other Contingent Liabilities
7. Total Business Volume
8. Memo: Total Weighted Risks
9. Fitch Adjustments to Weighted Risks.
10. Fitch Adjusted Weighted Risks
B. Average Balance Sheet
Average Loans
Average Earning Assets
Average Assets
Average Managed Securitized Assets (OBS)
Average Interest-Bearing Liabilities
Average Common equity
Average Equity
Average Customer Deposits
As % of
Assets
31 Dec 2012
Year End
As % of
TNDm
Assets
31 Dec 2011
Year End
As % of
TNDm
Assets
31 Dec 2010
Year End
As % of
TNDm
Assets
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
561.8
528.2
n.a.
528.2
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
929.6
874.1
n.a.
874.1
100.00
94.03
94.03
n.a.
n.a.
n.a.
n.a.
54.9
n.a.
928.1
841.2
n.a.
841.2
6.29
106.29
96.34
96.34
n.a.
n.a.
n.a.
n.a.
41.5
n.a.
822.7
751.6
n.a.
751.6
5.31
105.31
96.21
96.21
n.a.
n.a.
0.0
n.a.
38.9
0.9
761.5
688.9
0.0
688.9
0.00
5.39
0.12
105.51
95.46
0.00
95.46
505.5
506.4
544.7
n.a.
387.7
77.5
125.4
39.8
836.5
838.0
901.4
n.a.
641.6
128.2
207.5
65.8
89.98
90.15
96.97
69.02
13.79
22.32
7.08
783.5
779.3
837.7
n.a.
599.1
113.7
188.0
54.6
89.73
89.25
95.93
68.61
13.02
21.53
6.25
699.3
696.1
744.1
n.a.
523.0
108.3
176.9
46.7
89.52
89.11
95.25
66.95
13.86
22.64
5.98
616.6
626.1
686.1
n.a.
478.2
102.1
166.3
45.5
85.44
86.75
95.07
66.26
14.15
23.04
6.30
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
Debt Securities < 3 Months
Debt Securities 3 - 12 Months
Debt Securities 1 - 5 Years
Debt Securities > 5 Years
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
Interbank < 3 Months
Interbank 3 - 12 Months
Interbank 1 - 5 Years
Interbank > 5 Years
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
Liability Maturities:
Retail Deposits < 3 months
Retail Deposits 3 - 12 Months
Retail Deposits 1 - 5 Years
Retail Deposits > 5 Years
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
Other Deposits < 3 Months
Other Deposits 3 - 12 Months
Other Deposits 1 - 5 Years
Other Deposits > 5 Years
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
Interbank < 3 Months
Interbank 3 - 12 Months
Interbank 1 - 5 Years
Interbank > 5 Years
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
n.a.
n.a.
n.a.
n.a.
-
Senior Debt Maturing < 3 months
Senior Debt Maturing 3-12 Months
Senior Debt Maturing 1- 5 Years
Senior Debt Maturing > 5 Years
Total Senior Debt on Balance Sheet
Fair Value Portion of Senior Debt
Covered Bonds
Subordinated Debt Maturing < 3 months
Subordinated Debt Maturing 3-12 Months
Subordinated Debt Maturing 1- 5 Year
Subordinated Debt Maturing > 5 Years
Total Subordinated Debt on Balance Sheet
Fair Value Portion of Subordinated Debt
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
24.2
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
40.0
n.a.
4.30
-
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
32.0
n.a.
3.66
-
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
36.0
n.a.
4.61
-
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
44.0
n.a.
6.10
-
133.1
0.0
n.a.
220.2
0.0
n.a.
23.69
0.00
-
194.8
0.0
n.a.
22.31
0.00
-
184.0
n.a.
n.a.
23.55
-
174.6
0.0
n.a.
24.19
0.00
-
133.1
220.2
23.69
194.8
22.31
184.0
23.55
n.a.
-
133.1
0.0
0.0
0.0
3.7
0.0
0.0
0.0
129.3
n.a.
0.0
n.a.
220.2
0.0
0.0
0.0
6.2
0.0
0.0
0.0
214.0
n.a.
0.0
n.a.
23.69
0.00
0.00
0.00
0.67
0.00
0.00
0.00
23.02
0.00
-
194.8
0.0
0.0
0.0
6.7
0.0
0.0
0.0
188.1
n.a.
0.0
n.a.
22.31
0.00
0.00
0.00
0.77
0.00
0.00
0.00
21.54
0.00
-
184.0
0.0
0.0
0.0
5.3
0.0
0.0
0.0
178.7
n.a.
0.0
n.a.
23.55
0.00
0.00
0.00
0.68
0.00
0.00
0.00
22.88
0.00
-
174.6
0.0
0.0
0.0
3.1
0.0
0.0
0.0
171.5
n.a.
0.0
n.a.
24.19
0.00
0.00
0.00
0.43
0.00
0.00
0.00
23.76
0.00
-
C. Maturities
Asset Maturities:
Loans & Advances < 3 months
Loans & Advances 3 - 12 Months
Loans and Advances 1 - 5 Years
Loans & Advances > 5 years
D. Equity Reconciliation
1. Equity
2. Add: Pref. Shares and Hybrid Capital accounted for as Equity
3. Add: Other Adjustments
4. Published Equity
E. Fitch Eligible Capital Reconciliation
1. Total Equity as reported (including non-controlling interests)
2. Fair value effect incl in own debt/borrowings at fv on the B/S- CC only
3. Non-loss-absorbing non-controlling interests
4. Goodwill
5. Other intangibles
6. Deferred tax assets deduction
7. Net asset value of insurance subsidiaries
8. First loss tranches of off-balance sheet securitizations
9. Fitch Core Capital
10. Eligible weighted Hybrid capital
11. Government held Hybrid Capital
12. Fitch Eligible Capital
Exchange Rate
Tunisie Leasing
March 2014
USD1 = TND1.65480
USD1 = TND1.55060
USD1 = TND1.49930
USD1 = TND1.43790
6
Banks
The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
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Tunisie Leasing
March 2014
7